China Foreign direct investment (FDI) Fell 7.5% YoY in 11M25, But Nov Rebounded 26.1% MoM

MACROECONOMY 

China Foreign direct investment (FDI) Fell 7.5% YoY in 11M25, But Nov Rebounded 26.1% MoM 
FDI into China dropped 7.5% YoY to CNY 693.18 billion in 11M25, extending the decline streak since May-23, though marking the softest fall since Aug-23. In contrast, Nov-25 FDI rebounded sharply by 26.1% YoY, with tech-related sectors receiving CNY 221.26 billion, and Switzerland, UAE, and the UK leading investment growth. Manufacturing drew CNY 171.72 billion, while services remained dominant at CNY 506.29 billion. (Trading Economics)

COMPANY

BCAS: Cement - Nov-25 Cement Demand
- Nov-25 domestic cement demand softened to 5.88m tons (-3.2% MoM, -0.8% YoY) , bringing 11M25 volume to 56.57m tons (-2.9% YoY). 
- Cummulatively, bag demand was broadly flat (-0.1% YoY), while bulk demand declined (-9.3% YoY), mainly reflecting slower infrastructure execution and aggregate shortages. 
- INTP booked 1.77m tons (+10.2% MoM, -5.1% YoY), underperforming the industry due to bag price initiatives and aggregate shortage, with 11M25 volume at 16.46m tons (-4.6% YoY). 11M25 market share stood at 29.1% (vs. 29.6% in 11M24). 
- SMGR recorded 2.78m tons (-8.7% MoM, -2.1% YoY), bringing 11M25 volume to 27.19m tons (-5.4% YoY). 11M25 market share stood at 48.1% (vs. 49.3% in 11M24).

Sarana Menara (TOWR) Subsidiaries Extended IDR 2.5 tn Loan Facility 
TOWR disclosed that its subsidiaries extended an IDR 2.5 tn loan facility from MUFG Bank Jakarta, with the amendment agreement signed on 19-Dec-25 and maturity extended to 31-Dec-26. The facility is allocated to Protelindo, Iforte, SUPR, and IBST, and is classified as an affiliated transaction without conflict of interest. Management stated the extension has no material adverse impact on operations, legal standing, financial condition, or business continuity. (Kontan)

Avian Brands (AVIA) Halted Subsidiary Operations Effective 20-Dec-25 
AVIA permanently halted operations of its 67%-owned subsidiary MPI effective 20-Dec-25 following a comprehensive review, citing sustained operating losses and weakening prospects since 2024. The move allows AVIA to refocus on core businesses with stronger growth outlook and improve operational efficiency, with MPI contributing only 0.55% to consolidated revenue in 2024. Management stated the closure has no material impact on AVIA’s operations, legal standing, financial condition, or business continuity. (Emitennews)

Darma Henwa (DEWA) Signed IDR 1.0 tn Credit Facility with BCA 
DEWA signed a total IDR 1.0 tn credit facility with BCA on 19-Dec-25, comprising IDR 850 bn working capital (2-year tenor) and IDR 150 bn investment loan (5-year tenor), both carrying an effective interest rate of 7% p.a. The facilities will be used to support working capital needs and procurement of new heavy equipment to strengthen operations. (Kontan)

Energi Mega Persada (ENRG) Executed USD15 mn Credit Facility 
ENRG executed a USD15 mn credit facility for its subsidiary EMPI from ISO IV, with EMPPL, KEIL, and EEKL acting as guarantors and GLAS entities as security agents. The transaction includes share charges and corporate guarantees under Singapore and Indonesia law, supported by guarantees from subsidiaries with ≥99% ownership. Management stated the transaction has no material impact on ENRG’s operations, legal position, financial condition, or business continuity. (Emitennews)

Elang Mahkota Teknologi (EMTK) Executed MESOP, Raised IDR 38.06 bn 
EMTK executives exercised MESOP options on 17-Dec-25 through a PMTHMETD issuance of 34.7 mn new shares at IDR 1,097/sh, raising IDR 38.06 bn in fresh funds. Post-transaction, EMTK’s outstanding shares increased to 61.43 bn shares, with key directors, including Alvin W. Sariaatmadja and Sutanto Hartono, increasing their ownership stakes. (Kontan)

Pabrik Kertas Tjiwi Kimia (TKIM) Signed IDR 375 mn/Year Related-Party Asset Lease 
TKIM signed an addendum on 17-Dec-25 to extend a related-party asset lease with Sindopex for five years until 18-Dec-30, covering three land plots in Sidoarjo. The lease value amounts to IDR 375.06 mn per year, excluding VAT and income tax, with annual payments, and is classified as an affiliated transaction due to a common controlling shareholder. The transaction aims to optimize utilization and generate incremental economic benefits from TKIM’s land assets. (Emitennews)

Solusi Tunas Pratama (SUPR) Extended IDR 2.5 tn Bank Facility 
SUPR extended a IDR 2.5 tn credit facility from MUFG Bank, effective until 31-Dec-26, as disclosed on 19-Dec-25. The facility was signed jointly with group entities Protelindo, Iforte, and IBST, strengthening liquidity and cash flow flexibility. Management stated the extension supports operational needs and medium-term expansion plans. (Emitennews)

GTS Internasional (GTSI) Prepared USD 200 mn Capex 
GTSI prepared capex of up to USD 200 mn to strengthen LNG fleet, develop infrastructure, and support measured expansion across midstream and downstream segments under its “Rising the New GTSI” transformation. The capex will focus on stranded gas monetization, LNG logistics optimization, and downstream LNG solutions for power, industrial, and off-grid demand, while maintaining disciplined investment selection. GTSI positioned LNG as transition energy to support energy security and net-zero targets. (Emitennews)

Mayapada Healthcare (SRAJ) Appointed Chinese Contractor for Hospital Expansion 
SRAJ appointed China State Construction Engineering Corporation (CSCEC) as the main contractor to develop Tower 3 of Mayapada Hospital Jakarta Selatan, with operations targeted to commence in 2H27. The project will add a 24-floor, 110,209 sqm medical facility equipped with advanced services including nuclear medicine oncology, robotic orthopedics, and minimally invasive cardiac care, strengthening SRAJ’s center-of-excellence portfolio. (Kontan)