Indonesia Consumer Confidence Rose to 121.2 in Oct-25

MACROECONOMY 
Indonesia Consumer Confidence Rose to 121.2 in Oct-25 
Indonesia's consumer confidence index increased to 121.2 in Oct-25 (vs Sep-25; 115.0), marking the highest level since Apr-25. The economic outlook rose 6.2 pts to 133.4, while perceptions of current economic conditions climbed 6.4 pts to 109.1. Job availability improved sharply (+10.6 pts to 102.6), along with higher income perception (+4.2 pts to 117.1) and income expectations (+4.1 pts to 138.4). Meanwhile, durable goods purchasing rose 4.3 pts to 107.5, reflecting stronger household optimism amid stable inflation and improving labor sentiment. (Trading Economics)

INDUSTRY 
Indonesia Mulls New Excise on Diapers, Wet Wipes, and Single-Use Tableware 
The Ministry of Finance is reviewing plans to impose excise duties on diapers, wet wipes, and single-use tableware, as outlined in Ministerial Regulation No. 70/2025 on strategic customs and excise policies. The proposal aims to broaden state revenue sources, alongside potential adjustments to palm oil export levy caps. In the 2025-2029 medium-term fiscal plan, the govt. also proposed new excise categories on vehicle emissions and high-sodium processed foods (P2OB). (Kompas)

 COMPANY 
BCAS: ITMG - 9M25 results -Missed ours and street estimates

- 9M25 earnings decreased by 52.2% YoY to USD 131mn. Forming 62.1/52.3% of our forecast and consensus respectively. 
- 9M25 EBIT decreased by 44.9% YoY to USD 180mn. Forming 73.0/59.0% of our forecast and consensus respectively. 
- 9M25 revenue decreased by 17.4% YoY to USD 1.37bn. Forming 63.2/66.7% of our forecast and consensus respectively. Overall result was below owing to 21% YoY lower ASP this year to USD77/t, meanwhile production volume increased by 2% YoY to 15.4Mt and sales volume increased by 4% YoY to 17.9Mt. we will review our forecast and TP.