Pertamina Denies Rumors of Fuel Price Hike, Awaits Official Announcement

INDUSTRY 
Pertamina Denies Rumors of Fuel Price Hike, Awaits Official Announcement 
Pertamina clarified that circulating rumors of non-subsidized fuel price increases (e.g., Pertamax to IDR 17,850/liter) are unverified and not officially confirmed. The co. stated no official decision has been announced for Apr-26 pricing, urging the public to rely only on formal communication channels. Market speculation was driven by rising global oil prices and higher HIP assumptions (RON 92 +62.99%, gasoil +91.30%), but govt. will provide final updates on 1-Apr-26, while confirming that subsidized fuel prices will remain unchanged. (Tempo) 

COMPANY 
BCAS: ERAA IJ – 4Q25 Strong Rebound; Earnings Beats Ours and Cons at 109%/106%, respectively 
- ERAA booked 4Q25 net profit of IDR410bn (+88.9% QoQ; +70.0% YoY) , bringing 12M25 earnings to IDR1.2tn (+15.8% YoY) , above Ours/Cons at 109%/106% , respectively. Profitability improved sequentially , with OPM/NPM at 2.5%/1.7% (vs 1.4%/1.3% in 3Q25) , supported by stronger operating leverage from higher sales, although GPM slightly declined to 10.3% (vs 10.9% in 3Q25) due to product mix. 
- 4Q25 revenue reached IDR24.2tn (+40.0% QoQ; +45.4% YoY), bringing 12M25 revenue to IDR76.6tn (+17.4% YoY), above Ours/Cons at 107%/107% , respectively. QoQ Growth was mainly driven by cellphones and tablets (IDR19.2tn, +47.1% QoQ, +47.6% YoY) supported by succesful iPhone 17 launches , alongside strong performance in accessories related to ERAL stronger contribution booked IDR3.8tn (+22.9% QoQ; +47.4% YoY). 
Our view: FY25 marked a strong performance due to dual iPhone launches and improving performance related on active lifestyle segment in accessories categories both topline and earnings contribution. We expect momentum to remain solid into 2026, supported by continued product cycles and expansion across lifestyle and accessories segments. More color to follow post earnings call.