[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-id-113":3,"doc-seo-229018-113":53,"doc-detail-229018-id":127},{"code":4,"msg":5,"data":6},0,"success",[7,13,17,21,25,29,33,37,41,45,49],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},55,"Document","Agama & Spiritualitas",60,"religion-spirituality",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":11,"slug":16},48,"Cerita & Novel","story-novel",{"id":18,"doc_module":4,"doc_module_name":9,"category_name":19,"show_sort_weight":11,"slug":20},56,"Gaya Hidup","lifestyle",{"id":22,"doc_module":4,"doc_module_name":9,"category_name":23,"show_sort_weight":11,"slug":24},51,"Komik","comic",{"id":26,"doc_module":4,"doc_module_name":9,"category_name":27,"show_sort_weight":11,"slug":28},53,"Layanan Kesehatan","healthcare",{"id":30,"doc_module":4,"doc_module_name":9,"category_name":31,"show_sort_weight":11,"slug":32},54,"Penelitian & Laporan","research-report",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":11,"slug":36},49,"Sastra","literature",{"id":38,"doc_module":4,"doc_module_name":9,"category_name":39,"show_sort_weight":11,"slug":40},52,"Teknologi","technology",{"id":42,"doc_module":4,"doc_module_name":9,"category_name":43,"show_sort_weight":11,"slug":44},50,"Ujian","exam",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":47,"show_sort_weight":11,"slug":48},57,"Umum","general",{"id":50,"doc_module":4,"doc_module_name":9,"category_name":51,"show_sort_weight":4,"slug":52},181,"Formulir","formulir",{"code":4,"msg":54,"data":55},"ok",{"site_id":56,"language":57,"slug":58,"title":59,"keywords":60,"description":61,"schema_data":62,"social_meta":120,"head_meta":122,"extra_data":124,"updated_unix":126},113,"id","bca-house-view-report-wealth-management-division-topics-of-the-month","BCA House View Report - Wealth Management Division - Topics of The Month","","BCA House View Report Wealth Management Division memuat ringkasan dinamika makroekonomi dan implikasinya bagi pasar pada periode Mei hingga Juni 2026. Laporan menyoroti pelebaran selisih CPI vs core CPI AS akibat kenaikan harga minyak di tengah konflik AS–Iran, risiko konsumsi dan daya beli, serta sinyal kebijakan The Fed. Untuk China, fokus pada kontraksi ritel dan fixed asset investment namun pergeseran pertumbuhan ke teknologi dan infrastruktur berbasis AI. Bagian TAA menyajikan Tactical Asset Allocation lintas cash, fixed income, dan equity (USD/IDR) dengan rekomendasi overweight/neutral/underweight berdasarkan fundamental, valuasi, dan sentimen.",{"@graph":63,"@context":119},[64,81,102],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,72,75,78],{"item":68,"name":69,"@type":70,"position":71},"https://docshare.wps.com","Home","ListItem",1,{"item":73,"name":9,"@type":70,"position":74},"https://docshare.wps.com/id/document/",2,{"item":76,"name":31,"@type":70,"position":77},"https://docshare.wps.com/id/document/penelitian-laporan/",3,{"item":79,"name":59,"@type":70,"position":80},"https://docshare.wps.com/id/document/bca-house-view-report-wealth-management-division-topics-of-the-month/229018/",4,{"url":79,"name":59,"@type":82,"image":83,"author":88,"headline":59,"publisher":91,"fileFormat":94,"inLanguage":57,"description":61,"dateModified":95,"datePublished":96,"encodingFormat":94,"isAccessibleForFree":97,"interactionStatistic":98},"DigitalDocument",{"url":84,"@type":85,"width":86,"height":87},"https://docshare.wps.com/thumbnails/bca-house-view-report-wealth-management-division-topics-of-the-month/229018.png","ImageObject",300,407,{"name":89,"@type":90},"Cart","Person",{"url":68,"name":92,"@type":93},"DocShare","Organization","application/pdf","2026-10-10","2026-09-10",true,{"@type":99,"interactionType":100,"userInteractionCount":80},"InteractionCounter",{"@type":101},"ViewAction",{"@type":103,"mainEntity":104},"FAQPage",[105,111,115],{"name":106,"@type":107,"acceptedAnswer":108},"Mengapa selisih CPI dan core CPI AS melebar pada Mei 2026?","Question",{"text":109,"@type":110},"Selisih melebar karena kenaikan harga minyak di tengah perang AS–Iran. Kondisi ini berpotensi mendorong kenaikan suku bunga The Fed.","Answer",{"name":112,"@type":107,"acceptedAnswer":113},"Apa sumber pertumbuhan baru yang disebut untuk Tiongkok?",{"text":114,"@type":110},"Tiongkok dinilai mengaktifkan mesin pertumbuhan baru berbasis teknologi. Pemerintah juga menyiapkan wacana anggaran infrastruktur AI sebesar CNY 2,00 Tn.",{"name":116,"@type":107,"acceptedAnswer":117},"Bagaimana kesimpulan Tactical Asset Allocation untuk cash dan fixed income IDR?",{"text":118,"@type":110},"Cash/Deposit IDR direkomendasikan sedikit overweight karena fundamental BI mengatur suku bunga dan yield, valuasi berada di bawah rata-rata 5 tahun, serta sentimen kenaikan yield SRBI berpotensi mengangkat yield RD pasar uang. Fixed Income IDR juga netral dengan kenaikan yield yang relatif terbatas karena demand domestik kuat dan upaya menjaga defisit fiskal.","https://schema.org",{"og:url":79,"og:type":121,"og:title":59,"og:site_name":92,"og:description":61},"article",{"robots":123,"canonical":79},"index,follow",{"doc_id":125,"site_id":56},229018,1789034722,{"code":4,"msg":5,"data":128},{"doc_id":125,"user_id":129,"nickname":89,"user_avatar":130,"doc_module":4,"category_id":30,"category_name":31,"doc_title":59,"doc_description":61,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":80,"is_deleted":4,"is_public":71,"is_downloadable":71,"audit_status":71,"page_count":136,"language":137,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":138,"faqs":139,"seo_title":140,"seo_description":61,"update_tm":126,"read_time":141},18829141979164,"https://eur-avatar.wpscdn.com/davatar_6f874abed73319feea01a86fa6f0fab8","BCA House View Report Wealth Management Division  \nPublished on: 29 June 2026  \nTopics of The Month  \nUS: Rising Prices, Thinner Cushions  \n• Di bulan Mei 2026, selisih CPI & core CPI AS melebar akibat kenaikan harga minyak di tengah perang AS – Iran. Hal ini berpotensi memicu kenaikan suku bunga The Fed.  \n• Lonjakan inflasi, penurunan pendapatan masyarakat, serta tingkat tabungan yang semakin menurun dikhawatirkan menekan konsumsi dan daya beli ke depannya.  \n• Namun, perlambatan konsumsi tidak langsung tercermin di pertumbuhan PDB melihat komponen investasi masih menopang pertumbuhan.  \nChina: New Growth Engine Activated  \n• Kondisi ekonomi Tiongkok belum menunjukkan tanda-tanda pemulihan yang substansial di mana penjualan ritel & fixed asset investment masih terkontraksi di Mei 2026.  \n• Namun, Tiongkok memiliki sumber pertumbuhan ekonomi baru yakni teknologi. Pemerintah turutmewacanakan anggaran pembangunan infrastrukturAI sebesar CNY 2,00 Tn.  \n• Komoditas ekspor Tiongkok turut mengalami pergeseran dari labor intensive goods seperti tekstil & pakaian menjadi tech-related goods dalam 5 tahun terakhir.  \nIndonesia: Slowly Building  \n• Inflasi Indonesia di Mei 2026 tumbuh 3,08% YoY akibat kenaikan harga avtur dan LPG non-subsidi. Namun, kenaikan inflasi relatif terbatas dibanding negara Asia Tenggara lainnya.  \n• Namun, perang AS – Iran yang berkepanjangan & harga minyak yang bertahan tinggi dapat memicu kenaikan inflasi ke depannya sehingga kembali mendorong kenaikan suku bunga BI.  \n• Tantangan terhadap inflasi juga datang dari segi pangan. Fenomena super el-nino yang mungkin terjadi di H2 2026 akan mempengaruhi hasil panen beras Indonesia.  \nTAA (Tactical Asset Allocation)  \n\n| Tactical Asset Allocation | | Cash/Deposit IDR – Slightly Overweight\u003Cbr>• Fundamental: BI menaikkan suku bunga ke 5,75% dan yield SRBI 12M ke 7,74% untuk menjaga kestabilan IDR.\u003Cbr>• Valuasi: selisih bunga deposito 12 bulan & inflasi berada di bawah rata-rata 5 tahun.\u003Cbr>• Sentimen: kenaikan yield SRBI berpotensi mendorong kenaikan yield RD pasar uang. |\n| --- | --- | --- |\n|  | \u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr>| Fixed Income USD – Neutral\u003Cbr>• Fundamental: yield UST tenor pendek naik akibat inflasi & The Fed yang hawkish sementara yield tenor menengah – panjang turun akibat de-eskalasi tensi AS- Iran.\u003Cbr>• Valuasi: yield INDON 10YR di atas avg. 3YR dan yield spread dengan UST melebar.\u003Cbr>• Sentimen: pasar mulai berekspektasi The Fed dapat menaikkan suku bunga 2x FY2026 . |\n|  | \u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr>| Fixed Income IDR – Neutral\u003Cbr>• Fundamental: yield FR naik di seluruh tenor secara MTD 23 Juni 2026. Ke depannya, demand domestik yang solid dan upaya pemerintah menjaga defisit fiskal membuat kenaikan yield FR berpotensi lebih terbatas.\u003Cbr>• Valuasi: kenaikan yield khususnya di tenor pendek membuat valuasi relatif menarik.\u003Cbr>• Sentimen: yield spread FR & UST yang bertahan rendah membatasi demand investor asing sehingga membuat kepemilikan asing turun ke 12,59% . |\n|  | | Equity USD: DM – Neutral\u003Cbr>• Fundamental: ekspektasi laba emiten di AS FY2026 masih solid di 25,80% YoY. AI capex dari hyperscalers diperkirakan masih naik sementara shares buyback mulai turun.\u003Cbr>• Valuasi: forward P/E dari Nasdaq naik ke 28,42x namun masih di bawah avg. 10YR.\u003Cbr>• Sentimen: narasi AI di AS masih solid melihat adanya kolaborasi Intel – Apple, rencana IPO berbagai perusahaan teknologi, dan tingginya AI capex. |\n|  | \u003Cbr>\u003Cbr>\u003Cbr>\u003Cbr>| Equity USD: EM – Slightly Overweight\u003Cbr>• Fundamental: kenaikan AI capex di AS menguntungkan perusahaan teknologi Asia karena kontribusi pendapatan dari AS yang tinggi.\u003Cbr>• Valuasi: valuasi pasar saham Korea Selatan, India, dan Tiongkok berada di bawah avg. 10YR sementara Taiwan sudah di atas avg. 10YR.\u003Cbr>• Sentimen: dominasi perusahaan Asia pada AI supply chain membuat euforia dan rally di saham teknologi AS turut memberi spillover ke saham teknologi Asia. |\n|  | | Equity IDR – Slightly Underweight\u003Cbr>• Fundamental: rilis earnings Q1 2026 LQ45 masih rel","cbCaidArfTnSpHAe","https://ap.wps.com/l/cbCaidArfTnSpHAe","pdf",2046017,18,"Indonesian","# Topics of The Month\n## US: Rising Prices, Thinner Cushions\n## China: New Growth Engine Activated\n## Indonesia: Slowly Building\n# TAA (Tactical Asset Allocation)\n## Cash/Deposit IDR\n## Fixed Income USD\n## Fixed Income IDR\n## Equity USD: DM\n## Equity USD: EM\n## Equity IDR: LQ45","[{\"question\":\"Mengapa selisih CPI dan core CPI AS melebar pada Mei 2026?\",\"answer\":\"Selisih melebar karena kenaikan harga minyak di tengah perang AS–Iran. Kondisi ini berpotensi mendorong kenaikan suku bunga The Fed.\"},{\"question\":\"Apa sumber pertumbuhan baru yang disebut untuk Tiongkok?\",\"answer\":\"Tiongkok dinilai mengaktifkan mesin pertumbuhan baru berbasis teknologi. Pemerintah juga menyiapkan wacana anggaran infrastruktur AI sebesar CNY 2,00 Tn.\"},{\"question\":\"Bagaimana kesimpulan Tactical Asset Allocation untuk cash dan fixed income IDR?\",\"answer\":\"Cash/Deposit IDR direkomendasikan sedikit overweight karena fundamental BI mengatur suku bunga dan yield, valuasi berada di bawah rata-rata 5 tahun, serta sentimen kenaikan yield SRBI berpotensi mengangkat yield RD pasar uang. Fixed Income IDR juga netral dengan kenaikan yield yang relatif terbatas karena demand domestik kuat dan upaya menjaga defisit fiskal.\"}]","BCA House View Report - Wealth Management Division - Topics of The Month | PDF",28]