Morning Chatter

KBVS MORNING CHATTER
Thursday, 23 July 2026

Headline News:
•    AMMN – Commissioner accumulates 1.47 mn shares
•    SILO – Expands robotic surgery and digital healthcare services
•    ADHI – Booked a 12.5% yoy net profit growth in 1H26 on improved efficiency
•    DSSA – Injects IDR8,54 tn into subsidiary
•    BELL – Targets 8% revenue growth in 2026 through export expansion and innovation
•    MEJA – Prepares rights issue to support TCP coal acquisition
•    DEPO - Targets positive FY26 growth
•    HERO - Announces resignation of Commissioner and Director
•    TAXI - Explores Xanh SM partnership following GOTO exit
•    WOOD – Expanding marketing to Europe

Market Commentary:
US equities closed lower as investors turned cautious ahead of Alphabet and Tesla earnings, seeking confirmation that AI-driven investment continues to justify elevated valuations. The Nasdaq led declines (-0.57%), while the S&P500 eased (-0.14%) and the Dow Jones was broadly flat (-0.01%). Alphabet fell 1.5% amid concerns over AI execution, while Tesla lost 1.3% and extended declines in after-hours trading after reporting its first negative free cash flow in more than two years.

Beyond earnings, geopolitical developments remained in focus as renewed US threats toward Iran and signs of stalled diplomacy kept supply risks elevated. Secretary of State Marco Rubio stated that Tehran was not serious about negotiations while reaffirming the US commitment to safeguarding shipping through the Strait of Hormuz. As a result, Brent crude rose more than 3% to USD94.07/bbl, while WTI gained around 3% to USD86.83/bbl, extending monthly gains to over 20% amid escalating regional tensions.
European markets closed broadly higher, with the STOXX600 (+0.60%), FTSE100 (+1.23%), DAX (+0.58%) and CAC40 (+0.89%) all advancing. Sentiment improved after the UK’s June CPI eased to 2.6% YoY, below market expectations, reinforcing hopes for further monetary policy easing.

Asian markets traded mixed as investors weighed escalating geopolitical tensions. The JCI slipped 0.09% to 6,334.48, while foreign investors recorded net outflows of IDR920.2 bn, reversing the combined IDR127.5 bn of net inflows seen on Monday and Tuesday. This brought cumulative YtD foreign net selling to IDR76.5 tn. Meanwhile, Bank Indonesia left its benchmark BI Rate unchanged at 5.75%, in line with expectations. We expect the JCI to remain under pressure in the near term as deteriorating global risk sentiment, driven by higher oil prices and escalating geopolitical tensions, could weigh on investor appetite. A stronger USD/IDR outlook may also limit foreign inflows and keep market sentiment cautious.

Regards, 
KBVS Research Team

 

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