Morning Chatter

KBVS MORNING CHATTER
Thursday, 05 February 2026

Headline News :
•    BREN - Plans IDR2 tn share buyback
•    BBTN - Targets NPL below 3% by 2026
•    BBCA - Syariah gold financing surges 238.1% yoy
•    UNVR - A possibility for a jumbo dividend payout on strategic divestments
•    KRAS – Equity rises 99.4% yoy in 2025
•    VKTR – Supplying electric buses for TransJakarta and across industrial sectors
•    ADMF – Targets 15% yoy financing growth at IIMS 2026

Market Commentary :
US equities ended lower on Wednesday as investors pared back exposure to high-multiple AI and technology stocks amid valuation concerns and mixed earnings signals. The Nasdaq fell 1.5%, underperforming S&P500 (-0.5%), while Dow rose 0.5% as flows rotated into cheaper, value-oriented names. Weak guidance from AMD (-17%) intensified concerns over competitive pressure in AI chips, dragging Nvidia (-3.4%) and PHLX Semiconductor Index (-4.4%) lower. 

Alphabet fell nearly 2% ahead of earnings but rebounded post-close after flagging aggressive AI-related investment, highlighting continued sensitivity to capex signals across the AI value chain. Style rotation remained pronounced, with the S&P500 Value Index rising for a fifth straight session while the Growth Index declined, reinforcing near-term leadership shifts. 

On the macro front, ADP private payrolls rose less than expected in January, adding to caution ahead of the delayed US jobs report. Oil rallied ~3% as President Trump warned Iran’s Supreme Leader amid heightened US–Iran tensions. WTI settled at USD65.1/bbl (+3.1%) and Brent at USD69.5/bbl (+3.2%). Markets are pricing higher Middle East supply risk given Iran’s OPEC role and recent military incidents near Hormuz. That said, scheduled US–Iran nuclear talks on Friday remain a near-term de-escalation catalyst, keeping risk skewed but two-sided. 
Asia-Pacific markets are set to open mostly lower on Thursday, as the Wall Street tech sell-off deepened, spilling over into cryptocurrencies, with Bitcoin down more than 3%. Australia’s ASX200 slipped 0.1%, while Hang Seng Index futures point to a weaker open. Japan is set to outperform, with Nikkei futures indicating a firmer open versus the prior close. 

Indonesia’s JCI closed modestly higher at 8,146.72 (+0.30%), supported by gains in AMMN, BBCA, and BMRI, offset by weakness in TLKM, FILM, and MORA. Foreign investors recorded a net sell of IDR1.43 tn, led by BUMI, ANTM, and ASII.

 

Regards, 
KBVS Research Team
 

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