EV Financing Hit IDR 16.6 Tn in Mar-25

MACROECONOMY

China's Retail Sales Up 5.1% YoY in Apr-25 
China's retail sales grew 5.1% YoY in Apr-25, (vs Mar-25; +5.9% YoY). The slowdown was due to cautious consumers amid economic uncertainty and rising U.S. tariffs. Sales eased in categories like tobacco, beverages, clothing, and cars, while grain, appliances, jewelry, and building materials saw stronger growth. Retail turnover rose 4.7% in the 4M25. (Trading Economics) 

INDUSTRY 
EV Financing Hit IDR 16.6 Tn in Mar-25 
OJK reported EV financing via multifinance firms reached IDR 16.6 tn in Mar-25 (+5.65% MoM), accounting for 3.08% of total financing. Seven EV makers including VinFast, VW, and BYD had invested IDR 15.4 tn in local plants with 281k units/year capacity. The Govt. allowed third-party charging station development and offered up to 300% R&D incentives. VinFast planned to build up to 100k stations across Indonesia with a USD 1 bn investment. (Emitennews)

COMPANY 
United Tractors (UNTR) Injected IDR 500 bn Capital into Acset (ACST) 
UNTR injected IDR 500 bn into ACST through PMTHMETD, executed via its wholly owned subsidiary PT Karya Supra Perkasa (KSP). As of the transaction, KSP increased its ownership in ACST from 87.7% to 91.2%. The move aimed to support ACST's urgent capital needs due to its negative equity, with a negative working capital of IDR 420.13 bn and a liability-to-asset ratio of 105% in 2024. (Bisnis.com) 

Pertamina Geothermal (PGEO) Targeted International Market Through New Business Expansion 
PGEO announced plans to expand into two new business lines. First, the Co will commercialize its geothermal lab testing services using internal funds, with projected sales growth of +141.5% YoY in 2027 and ROI at 53.41%. Second, PGEO will introduce a geothermalspecific two-phase flowmeter under the brand Flow2Max, targeting global geothermal markets like NZ, the Philippines, US, Turkey, and Iceland. The Co will invest IDR 2.9 bn in development and aims to sell 100 units over 5 years with average net margin and ROI at 53.33% and 88.1%, respectively. (Bisnis.com)