Senior Vice President Program Management Lead

Jefferies has downgraded Apple stock to underperform, cutting its price target to $263.66 from $285.56, representing potential losses of around 16%. Analyst Edison Lee cited supply chain checks indicating Apple cancelled its planned all-glass iPhone, scheduled for September 2027, due to low production yield. Lee described the cancellation as "a major setback" for Apple's efforts to introduce higher-priced devices amid rising memory costs. The all-glass model was expected to mark the iPhone's 20th anniversary and eventually extend to Pro models. Lee now sees Apple's foldable iPhone, expected in September 2026, as the only near-term product capable of lifting average selling prices. However, he warned that growing AI demand could push memory costs higher, potentially sending the foldable's entry price above $2,000. Jefferies lowered its fiscal year 2028 earnings per share forecast by 2.1%. Apple shares closed down 1.5% on Monday.

TelkomMetra weighs MDI Ventures divestment amid Danantara overhaul. * Published on 03/08/2026 GMT+7 * Reading time 3 minutes * Author: Julian Isaac * Editor: Assistant Editor Possible sale reflects broader portfolio restructuring as Indonesia's state-owned telecom group reviews non-core assets amid funding slowdown and legal scrutiny. Telkom Indonesia's subsidiary, TelkomMetra is evaluating the potential sale of MDI Ventures, a move that signals the state-owned telecommunications group's restructuring under Danantara Indonesia is expanding beyond operational streamlining into portfolio rationalization. According to people familiar with the matter, the divestment remains at a preliminary stage and no final decision has been reached. TelkomMetra has reportedly appointed investment bank Jefferies to advise on the potential transaction, while MDI Ventures has informed portfolio stakeholders that it is assessing various strategic options, including a sale. Indonesia's largest venture capital platforms MDI Ventures manages approximately US$830 million (around Rp13.53 trillion) in committed assets under management, making it one of Indonesia's largest corporate venture capital firms. Beside backing from Telkom Group, its investment funds also manage capital from institutional investors in South Korea, Singapore, and Norway. The firm has invested in more than 80 technology companies, including six unicorns such as digital lending platform Kredivo and cross-border payments company Nium. However, Indonesia's startup ecosystem continues to face a prolonged funding downturn. Technology startups raised only US$213 million (around Rp3.47 trillion) in 2025, down 38% from the previous year and roughly 85% below 2023 levels, reflecting weaker investor appetite across the sector. Restructuring with legal challenges The possible divestment also comes after a Jakarta court convicted four former executives from MDI Ventures and BRI Ventures over a joint US$25 million (around Rp407.5 billion) investment in agritech startup TaniHub Group, which later collapsed. Prosecutors argued the executives failed to adequately validate information provided by the startup, resulting in financial losses to the state. The defendants received prison sentences ranging from two to five years, although at least three were reportedly preparing appeals. Their legal teams maintained that the investment followed proper governance procedures and reflected the inherent risks of venture capital investing. The case has intensified debate over Indonesia's state loss doctrine, under which investment losses incurred by state-controlled enterprises may be treated as criminal matters if prosecutors determine public funds were harmed. Danantara accelerates review The potential sale aligns with broader restructuring efforts within Telkom Group under Danantara Indonesia, the country's sovereign wealth fund overseeing state-owned enterprises. Local media previously reported that Danantara had instructed Telkom Indonesia to reduce the number of subsidiaries under its control as part of a wider efficiency, although the reports have not been independently verified and Danantara has not commented publicly. If completed, the divestment would represent one of the most significant portfolio reshuffles within Telkom backed corporate venture capital platform as the government pushes state enterprise to streamline operations and optimize capital allocation.

Truist Securities names Craig Mineard Co-Head of TMT Investment Banking. Wednesday, July 29th, 2026 Truist Securities today announced the appointment of Craig Mineard as Managing Director and Co-Head of Technology, Media, and Telecom (TMT) Investment Banking. Mineard joins Co-Head Thomas Wilson in leading the firm's industry coverage team, strengthening its position in the sector. "As infrastructure expansion, artificial intelligence integration, and cross-sector convergence continue to reshape the market, expanding our talent base is critical in scaling our platform to meet our clients' evolving needs," said Tom Hackett, Chairman & Chief Executive Officer, Truist Securities. "Craig and Tom bring deep sector expertise, strong relationships, and a proven record of advising companies through complex transactions. The addition of their leadership further strengthens and enhances our ability to deliver the insights, capabilities, and execution our clients need to succeed in a rapidly changing market." With more than 25 years of experience, Mineard joins Truist Securities from Jefferies, where he most recently served as Global Joint Head of Media, Communications, and Information Services Investment Banking. While at Jefferies, he helped build one of the leading franchises advising Data and Information Services companies in the U.S. and Europe. Based in New York, Mineard brings deep client relationships and a strong history of origination and execution in the Media and Technology sectors across middle market and large cap M&A advisory and capital markets. "Truist Securities has built a strong, client-centered investment banking platform with deep industry expertise and a clear commitment to growth," said Mineard. "I'm excited to join Tom Wilson and the broader team to help expand our TMT coverage, deepen client relationships, and deliver thoughtful strategic advice and execution to companies navigating a rapidly evolving market." Wilson, who joined the firm as Co-Head of TMT in May, has more than 25 years of experience. He held multiple leadership roles over the past eight years at Jefferies, most recently serving as Managing Director within the TMT Investment Banking group, helping to drive M&A and capital markets origination and execution across a variety of sectors. "The TMT landscape is rapidly evolving, so clients need differentiated advice and strong execution more than ever," said Wilson. "Truist Securities is well positioned to help clients evaluate opportunities and execute on their most important strategic priorities. Having worked with Craig for the past nine years, I'm excited to partner with him to accelerate the strong momentum we have across our TMT franchise." Truist Securities is the corporate and investment banking platform of Truist Financial Corporation (NYSE: TFC), a purpose-driven financial institution delivering advice and expertise to clients with care. Its TMT franchise focuses on key sectors including Artificial Intelligence, Infrastructure and Cyber Software, Application Software, FinTech, Information Services, IT/Tech Services, Internet and Digital Media, Local Media, Broadband and Fiber, Digital Infrastructure, and Music and Entertainment. Truist Securities is part of the Truist Wholesale Banking segment which provides comprehensive solutions to commercial, corporate, institutional, and high-net-worth clients through a combination of regional coverage and industry-focused teams serving clients across the U.S.