Indonesia FX Reserves Fell to USD 146.2 bn in Apr-26

Indonesia’s foreign exchange reserves declined to USD 146.2 bn in Apr-26 from USD 148.2 bn in Mar-26, marking the lowest level since Jul-24. Bank Indonesia attributed the decline to tax- and service-related outflows, govt. external debt repayments, and rupiah stabilization measures amid heightened global financial market uncertainty. Despite the decline, reserve levels remain adequate at equivalent to 5.8 months of imports or 5.6 months of imports and external debt servicing, still well above the international adequacy benchmark of around three months. Going forward, BI expects Indonesia’s external resilience to remain supported by sufficient reserves, continued foreign capital inflows, positive investor sentiment toward the domestic economy, and relatively attractive investment returns. (Trading Economics)

Govt. Preparing E-Commerce Regulation Revision to Support UMKM

The govt. is preparing revision of Permendag No. 31/2023 covering Indonesia’s e-commerce ecosystem, focusing on reducing burdens on UMKM sellers through better platform regulation, stronger protection for local products, consumer protection, and improved support for domestic sellers. Trade Minister Budi Santoso stated the revision aims to create a healthier and more mutually beneficial relationship between e-commerce platforms and sellers amid complaints over high administrative and logistics costs. (Investor Daily)

Industri Jamu dan Farmasi Sido Muncul (SIDO) Revises FY26 Guidance to Flat Amid Channel Normalization

SIDO revised down FY26 guidance to flat revenue and net profit growth YoY from previous +5-8% growth target, citing ongoing distributor inventory normalization, rupiah weakness, and higher oil-linked packaging costs. Management emphasized the weakness was driven by sell-in normalization rather than demand deterioration, with Jan-Apr 2026 sell-out remaining flat and Tolak Angin market share stable at ~72%. Management expects channel normalization to complete by May with recovery starting from Jun-26 onward, while fixed-price contracts for key raw materials and packaging have been secured through Dec-26 to mitigate cost pressures. (Company)

Mitra Adiperkasa (MAPI) Acquired by PUI; MTO at IDR 1,550/sh

Pacific Universal Investments Pte. Ltd. (“PUI”) officially acquired 51% stake in MAPI from PT Satya Mulia Gema Gemilang through purchase of 8.47bn shares at IDR 1,395/sh, implying total transaction value of IDR 11.81tn, making PUI the new controlling shareholder of MAPI. Following the acquisition, PUI together with Samudra (Investment) Pte. Ltd. and Ocean Continuum Pte. Ltd., affiliated with CVC Capital Partners plc, will conduct a mandatory tender offer (“MTO”) for remaining public shares at IDR 1,550/sh, representing ~22% premium to MAPI’s 90-day average trading price prior to 7 May 2026. (Company)

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Bank Tabungan Negara

15 April 2025 - 02.19pm

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BDKR

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INDONESIA MSCI MAY-26 INDEX REVIEW

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Fixed Income Daily Notes 12 May 2026

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