US and Iranian Forces Exchanged Fire Near Kharg Island, Raising Oil Supply Risks
US and Iranian forces exchanged fire around Iran on 5 Sep-26, with the US striking three Iranian oil carriers, including one near Kharg Island, after Iran’s IRGC launched ballistic missiles at two US Navy ships. Iranian state media also reported that four US missiles hit a tanker near Kharg’s anchorage, although the report said there were no casualties and the crew was evacuated. The incident heightened concerns over Iran’s oil exports, as Kharg Island handled around 90% of the country’s crude exports before the war, while Brent crude settled at USD 96.28/bbl on 5 Sep-26, its highest level since Jul-26. (Reuters)

US Unemployment Rate Remained at 4.1% in Aug-26
The US unemployment rate remained unchanged at 4.1% in Aug 26, in line with market expectations, while the number of unemployed increased by 115k to 7.03 mn. Total employment rose by 569k to 162.75 mn, while the labor force expanded by 683k to 169.78 mn, lifting the labor force participation rate to 61.6% from 61.4% in Jul-26. Meanwhile, the broader U-6 unemployment rate eased to 7.7% from 7.9%, indicating a modest improvement in broader labor-market conditions. (Trading Economics)

US Added 162k Jobs in Aug-26, Above Market Expectations
The US economy added 162k nonfarm payroll jobs in Aug-26, the strongest increase in five months and well above market expectations of 56k, following a revised 23k gain in Jul-26. Employment growth was led by food services and drinking places (+59k) and local govt. education (+42k), while manufacturing added 16k and healthcare increased 13k. Meanwhile, information employment declined by 23k, while payroll growth for Jun–Jul was revised up by a combined 55k. (Trading Economics)

Lembaga Penjamin Simpanan (LPS) Urged Large Depositors to Follow Deposit Guarantee Rate
LPS urged large depositors, including corporations and govt. institutions, to stop requesting special deposit rates above the LPS guarantee rate, with the transition expected to take place gradually as existing contracts expire. LPS also welcomed the Finance Ministry’s policy requiring its Special Mission Vehicles (SMVs) to place funds at lower deposit rates, which could reduce banks’ cost of funds and support lower lending rates. The policy is expected to gradually increase the proportion of deposits covered by LPS guarantees and strengthen banking intermediation, with implementation for new deposits targeted toward 2027. (Bloomberg Technoz)

Deeper Cobalt Discounts Add to Squeeze on Indonesian Nickel Producers’ Margins
Chinese EV battery makers are demanding deeper discounts for cobalt contained in Indonesian MHP, with payable rates falling to 67% of cobalt metal prices from around 90% in early-Aug-26. The lower payables could further pressure margins for Indonesian HPAL operators already facing higher ore and sulphur costs, with the impact potentially spreading to producers as 4Q26 supply deals are negotiated. Sustained weakness in cobalt revenue could force higher-cost producers to reduce output, while improving cobalt hydroxide supply from the DRC is adding further pressure on payables. (Reuters)

Badan Urusan Logistik (BULOG) Planned to Distribute 110k Tons of Rice Through Modern Retailers Perum
BULOG coordinated with modern retail networks nationwide to distribute 110k tons of rice over the next month, comprising 75k tons of premium rice and 35k tons of medium rice, to strengthen supply and maintain consumer prices within the govt.-set HET. As of 5 Sep-26, BULOG had distributed around 756k tons of SPHP rice, while govt. rice reserves stood at around 4.9 mn tons. The distribution comes amid tighter premium rice supply at several modern retailers, while prices of super I, super II, and medium II rice increased 0.26%, 0.29%, and 0.31% DoD, respectively, on 4 Sep-26. (Bloomberg Technoz)

Eight Indonesian Airports Temporarily Closed Due to Anak Krakatau Volcanic Ash
The Transportation Ministry reported that eight airports were temporarily closed on 6 Sep-26 due to volcanic ash from the Anak Krakatau eruption, including Soekarno-Hatta, Halim Perdanakusuma, Radin Inten II, Husein Sastranegara, Budiarto Curug, Pondok Cabe, Taufik Kiemas, and Atung Bungsu. As of 10:35 WIB, 373 flights were affected, including 202 at Soekarno-Hatta, comprising 172 cancellations, 18 delays, 7 postponements, 4 diversions, and 1 return to base, while Radin Inten II and Halim Perdanakusuma recorded 8 and 29 cancellations, respectively. The remaining 277 affected flights involved arrivals and departures to or from the affected airports. (Bloomberg Technoz)

BCAS: BULL IJ - 2Q26 – Charter Rate Surge Drives Strong Earnings Beat; Above Ours and Street
- In 2Q26, BULL’s revenue jumped to USD 85mn (+92.9% QoQ; +176.8% YoY), supported by a sharp increase in charter rates amid favorable tanker market conditions. This brought 6M26 revenue to USD 129mn (+84.0% YoY), representing 37.8% of our estimate and 43.6% of consensus, indicating revenue remained below expectations despite strong sequential growth.
- Higher TCE translated into significant margin expansion, with 2Q26 gross profit surging to USD 48mn (+157.0% QoQ; +484.4% YoY), while EBIT reached USD 45mn (+172.2% QoQ; +573.7% YoY). Gross margin expanded to 56.1% (+14.0ppt QoQ; +29.5ppt YoY), while EBIT margin increased to 52.6% (+15.3ppt QoQ; +31.0ppt YoY). Consequently, 6M26 EBIT reached USD 61mn (+285.7% YoY), equivalent to 54.2% of our estimate and 55.0% of consensus, indicating stronger-than-expected profitability.
- At the bottom line, 2Q26 net profit reached USD 44mn (+210.1% QoQ; +40x YoY), supported by stronger operating profitability amid the favorable charter rate environment. This brought 6M26 net profit to USD 58mn (+739.5% YoY), reaching 61.8% of our estimate and 67.1% of consensus, indicating strong earnings delivery.
- Overall, 2Q26 results highlight a sharp earnings acceleration driven by favorable charter rates, with geopolitical tensions supporting tanker market conditions. We maintain our BUY rating with a target price of IDR 700/share.

Bumi Resources (BUMI) Acquired Loyal Metals, Adding Australian Copper-Gold Exposure
BUMI completed the acquisition of 100% of Loyal Metals Ltd, an ASX-listed critical-minerals exploration company, for AUD 79.1m, equivalent to around IDR 1.00tn. Loyal’s key asset is the Highway Reward Copper-Gold Project in Queensland, a historical high-grade mine that produced 3.65Mt at 5.7% Cu and 4.5 g/t Au, with recent drilling identifying a broader mineralised system, including 179m at 1.47% CuEq. The acquisition provides BUMI with exposure to a potentially large-scale copper-gold development asset in Australia, although the project remains at the exploration/development stage. (Company) Petrindo Jaya Kreasi (CUAN) Negotiated to Acquire Control of Singaraja Putra (SINI) CUAN, through its subsidiaries PT Kreasi Jasa Persada and Petrosea (PTRO), is negotiating with SINI shareholders on the mechanism, price, and expected completion timeline of the planned acquisition. CUAN currently holds a direct and indirect 27.78% stake in SINI and targets becoming its largest shareholder with control over the company’s direction, policies, and management, subject to negotiations and required approvals. Following completion, CUAN will conduct a mandatory tender offer in accordance with applicable regulations, with the acquisition aimed at expanding the group’s assets and business network as part of its long term integrated mining and mining services strategy. (CNBC Indonesia)

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