MACROECONOMY

US GDP Accelerated to 4.3% in 3Q25
US GDP expanded at an annualized 4.3% in 3Q25 (vs 2Q25; 3.8%), the fastest pace in two years and above consensus of 3.3%, driven by stronger consumer spending, export rebound, and recovery in govt. spending. Household consumption rose 3.5% (vs 2.5%), supported by both goods (+3.1%) and services (+3.7%), particularly healthcare, international travel, IT equipment, and pharmaceuticals. Exports rebounded sharply (+8.8% vs –1.8%), imports declined further (–4.7%), govt. spending recovered (+2.2% vs –0.1%), and the drag from private inventories narrowed significantly, collectively lifting headline growth momentum. (Trading Economics)

COMPANY

BCAS : ACES IJ– Nov-25 SSSG Improved on Year-End Demand Despite Ex-Java Disruption
- ACES recorded Nov-25 SSSG of –5.2%, improving from –5.9% in Oct-25 (vs +6.0% in Nov-24) , supported by year-end seasonal demand and a gradual recovery in spending across Jakarta and Java (ex-Jakarta). Meanwhile, Ex-Java remained weaker, mainly due to flooding in Aceh that disrupted economic activity toward end-Nov. 11M25 SSSG stood at –3.6% YoY, broadly stable.
- Nov-25 gross sales reached IDR 724bn (+6.3% MoM; +0.6% YoY) , lifting 11M25 cumulative sales to IDR 7.8tn (+2.5% YoY). The MoM improvement was primarily driven by travel-related and seasonal categories.
- Store expansion remains on track , as of 11M25, the co. has opened 19 AZKO stores, on track to meet its 25 store FY25 guidance, alongside continued rollout of the NEKA format with 8 stores in Greater Jakarta. We view this measured expansion into underpenetrated areas as supportive of medium-term revenue growth, while near-term performance remains exposed to macro and gradual improvement in purchasing power.

Indosat (ISAT) Spun Off Fiber Optic Assets, Partnered with Arsari Group and Northstar
ISAT plans to spin off its domestic fiber optic assets into FiberCo with enterprise value of IDR 14.6 tn, retaining a 45% stake, while Arsari Group and Northstar will jointly hold around 45% with the remainder as free float. FiberCo will operate over 86,000 km of fiber network as an open-access, AI-ready infrastructure platform to unlock asset monetization and allow ISAT to refocus on its core cellular business. (Kontan)

Sinergi Inti Andalan Prima (INET) Secured OJK Approval for IDR 3.2 tn Rights Issue
INET obtained OJK’s effective statement on 22-Dec-25 to proceed with a rights issue of 12.8 bn new shares with an exercise price of IDR 250/sh, potentially raising up to IDR 3.2 tn, alongside 3.2 bn Series II warrants, with a rights ratio of 3:4. The proceeds will mainly be injected into subsidiaries to develop Wi-Fi 7 infrastructure and repay submarine cable IRU costs, with the remainder allocated for working capital. Non-participating shareholders face potential dilution of up to 57.14%, while the controlling shareholder has been appointed as a standby buyer. (Kontan)

MNC Energy Investment (IATA) Signed IDR 5 tn Mining Services Contract with United Tractors (UNTR)
MNC Energy Investment, through its subsidiary PT Arthaco Prima Energy (APE), signed a five-year coal mining services agreement with Kalimantan Prima Persada, a subsidiary of United Tractors, effective Jan-26 with a total contract value of IDR 5 tn. The contract covers coal mining and overburden removal at APE’s IUP-OP area in Musi Banyuasin, South Sumatra, targeting total coal production of 33.6 mn tons and overburden volume of 140.9 mn BCM over the contract period. Management said the collaboration is expected to enhance operational efficiency and scale as APE enters the commercial production phase. (IDX Channel)

KSEI Prepared to Supply Ownership Data to BEI Following MSCI Methodology Change in 2026
KSEI stated it is ready to channel share ownership data to BEI in response to MSCI’s proposed methodology change in 2026, particularly regarding the potential use of KSEI’s Monthly Holding Composition Report as an additional reference for free float calculation. KSEI emphasized it will only provide data, while free float calculation authority remains fully with BEI, which has communicated market concerns to MSCI and requested non-discriminatory, globally consistent application of the methodology. The proposal could affect how Indonesian stocks’ free float is assessed, with MSCI considering using the lower result between issuer disclosures and estimates derived from KSEI data. (Kontan)

Soho Global Health (SOHO) Distributed IDR 420.1 bn Interim Dividend
SOHO will distribute an interim cash dividend of IDR 420.1 bn, equivalent to IDR 33.1/sh for FY25, representing 2.6% Div.yield. The schedule is as follows:
- Cum Dividend (Regular & Negotiation Market): 07-Jan-26
- Ex Dividend (Regular & Negotiation Market): 08-Jan-26
- Cum Dividend (Cash Market): 09-Jan-26 - Ex Dividend (Cash Market): 12-Jan-26
- Recording Date: 09-Jan-26 (16:00 WIB)
- Payment Date: 22-Jan-26
(Emitennews)

Agung Podomoro Land (APLN) Sold Deli Park Mall to Optimize Asset Portfolio
APLN agreed to divest Deli Park Mall in Medan through its controlled subsidiary SMD, which signed a conditional sale and purchase agreement with DPMAI on 22-Dec-25, as part of asset optimization efforts. Proceeds received by SMD will largely be distributed to APLN via dividends, with management stating the transaction will not negatively affect operations, legal standing, or financial condition. Separately, APLN also completed the sale of an 8-ha land bank in Bali earlier in Dec-25, amid continued financial pressure with 9M25 net loss widening to IDR 57.95 bn. (Kontan)

J Resources Asia Pasifik (PSAB) Targeted USD 286 mn Gold Sales in 2025
PSAB guided FY25 gold sales of 86,000 oz with average selling price of around USD 3,300/oz, implying total revenue of c.USD 286 mn, supported by strong gold prices and stable production from Bakan mine. The co. is also preparing underground development at Penjom mine, Malaysia, to extend mine life and production visibility. Balance sheet strength improved following full repayment of USD 32.5 mn rupiah bonds, lowering FY25 net debt to an estimated USD 248.9 mn. (Kontan)

Cisadane Sawit Raya (CSRA) Focused on South Sumatra Expansion to Lift 2026 Performance
CSRA expects stronger growth in 2026, driven by production optimization and contribution from its newly operated palm oil mill in Banyuasin, South Sumatra, which enables direct CPO sales and margin uplift. The co. will prioritize plantation expansion in South Sumatra, citing ample land availability and favorable soil conditions, while maintaining a domestic market focus. In 9M25, CSRA posted solid results with revenue up 75.9% YoY to IDR 1.33 tn and net profit rising 70.6% YoY to IDR 213.9 bn, supported by higher CPO prices and improved yields. (Kontan)

Jasnita Telekomindo (JAST) Secured BPJS Ketenagakerjaan Contact Center 175 Project
JAST was appointed as the winner of BPJS Ketenagakerjaan’s Contact Center 175 tender, covering end-to-end services including agents, systems, cloud-based infrastructure, and operational facilities. The project reinforces JAST’s track record in delivering large-scale, integrated contact center solutions for national public institutions. Implementation will commence in 2026, strengthening JAST’s business foundation heading into next year. (Kontan)

Trimitra Prawara (ATAP) Accelerated Cibungbulang Townhill Expansion for 2026
ATAP will focus on Cibungbulang Townhill as a key revenue driver in 2026, with plans to launch the 95-unit Cluster Salak by mid 2026 at prices starting around IDR 500 mn per unit. The co. said the project remains on track as required permits are already secured, despite a housing permit moratorium in West Java. ATAP booked sales of IDR 18.41 bn in 9M25, up 9.9% YoY, mainly supported by residential segment performance. (Kontan)

Metrodata Electronics (MTDL) Expanded AI Solutions Business with AWS Collaboration
MTDL launched Megarock, an end-to-end AI solution developed by its subsidiary in collaboration with AWS, aimed at accelerating AI adoption across sectors including finance, manufacturing, energy, and services. The launch aligns with MTDL’s solid 9.0% YoY sales growth to IDR 18.8 tn in 9M25, with the Solutions & Consulting unit posting stronger 20.5% YoY growth, driven by rising demand for cloud, cybersecurity, and AI solutions. Megarock leverages Amazon Bedrock and SageMaker to support structured, scalable, and practical AI implementation for enterprise clients. (Kontan)

BCA Vista Research

Indonesia Withdrew IDR 75 tn Govt. Funds From Banks for Routine Spending

Indonesia Raised Copper Concentrate Export Reference Price by 4.54% for Early Jan-26

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