3Q26 Top-line
3Q26 net gain on investments swung to IDR8,056bn from a IDR11,750bn loss in 2Q26 (3Q25: IDR2,486bn loss), led by blue chip holdings (+IDR7,500bn). Dividend and interest income was IDR70bn (-95.9% QoQ, -38.8% YoY) as dividends are booked mostly in 2Q26 (IDR1,686bn). 9M26 dividend and interest income: IDR1,769bn (+25.8% YoY).
3Q26 Bottom-line
3Q26 net profit to owners reached IDR7,340bn, a turnaround from a IDR9,195bn loss in 2Q26 and a IDR2,533bn loss in 3Q25, taking 9M26 to IDR3,466bn (9M25: IDR2,431bn loss). Pre-tax profit was IDR8,068bn; tax of IDR726bn is almost all deferred. Operating expenses eased 3.2% QoQ to IDR47bn (-35.2% YoY).
9M26 Portfolio & NAV
NAV gained 14.5% QoQ to IDR64.4tn (+6.8% YTD). Adaro group is 41.6% of share investments (+22.7% QoQ), MDKA 22.9% (+19.0% QoQ), TBIG 17.1% (+4.2% QoQ, -45.5% YTD). Net cash IDR988bn (1H26: IDR639bn); 9M26 asset sales IDR790bn against purchases of IDR178bn.
Important Ratios
9M26 NAV IDR64.4tn (FY25: IDR60.3tn, 1H26: IDR56.2tn), NAV per share IDR4,748. Discount to NAV 66.0% at IDR1,615 (30 Sep 2026 close of IDR1,780: 62.5%). Opex-to-NAV 0.3% (1H26: 0.4%). Borrowings IDR548bn, 0.9% of NAV. P/BV 0.36x. Effective tax rate 27.1% in 9M26.
Samuel Sekuritas Indonesia is a leading Indonesian securities brokerage firm. Established in 1997, the firm has grown to become one of the most respected and trusted financial services companies in the country. With a wide range of services and products, Samuel Sekuritas Indonesia has become a trusted partner to many investors, both institutional and individual.
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