Indonesia to End CBU EV Import Incentives in 2026

MACROECONOMY 
Foreign Investors Withdrew IDR 14.24 tn from Domestic Financial Market in 2nd Week of Sep-25 
BI recorded capital outflows of IDR 14.24 tn during 08–11 Sep-25, consisting of net sell of IDR 2.22 tn in equities, IDR 5.45 tn in govt. bonds, and IDR 6.57 tn in SRBI. Despite the outflow, Indonesia’s 5-year CDS premium eased to 69.04 bps, reflecting stable external resilience. Year-to-date, nonresidents booked net sell of IDR 54.33 tn in equities and IDR 117.72 tn in SRBI, offset by net buy of IDR 58.94 tn in govt. bonds. (Kontan) 

INDUSTRY 
Indonesia to End CBU EV Import Incentives in 2026 
The Ministry of Industry confirmed incentives for battery electric vehicles (BEV) imported under the Completely Built-Up (CBU) scheme will not be extended beyond Dec-25. Six automakers, including BYD, Geely, VinFast, Citroen, AION, Maxus, Xpeng, and GWM Ora, have committed IDR 15.52 tn in local investments with a combined production capacity of 305k units as part of the program. The govt. urges them to shift to domestic production starting 2026. (Emitennews) 

Indonesia Rice Output Projected to Reach 33 mn Tons in 2025 on Higher Rainfall 
Farmers estimate rice production to rise to 33 mn tons this year, supported by above-average rainfall and early rainy season as forecasted by BMKG. SPI noted harvest and post-harvest handling remain key challenges due to wet conditions, though farmers adapt with crop variety adjustments. Despite strong output, rice prices stay high at around IDR 7,500/kg, with potential downside if stocks remain abundant. (Kontan) 

Indonesia Faces Challenge in EU Market over Palm Oil Certification 
Indonesia is struggling to secure EU recognition for its ISPO palm oil certification after the bloc acknowledged Malaysia’s MSPO, leaving only about 1% of Indonesian smallholders certified. GAPKI urged faster ISPO rollout, noting Malaysia’s aggressive push for MSPO, while Perhepi called for ISPO standards to align with global norms. GAPKI remains confident EU market share will hold as most Indonesian exporters already carry RSPO certification recognized by the EU.(Sawit setara) 

COMPANY 
Indo Tambangraya Megah (ITMG) Set Production Target of 20.8–21.9 mn Tons in 2025 ITMG produced 10.4 mn tons of coal in 1H25 and targeted 20.8–21.9 mn tons for FY25, supported by higher production and expected stable coal prices in 2H25. Management noted demand growth from China, Japan, Korea, and Taiwan, although Indonesian supply remains abundant, keeping prices stable. Beyond coal, ITMG continues its transformation strategy, focusing on critical minerals (nickel, bauxite, copper, gold) and renewables (solar panel projects). (Bisnis.com) 

Medikaloka Hermina (HEAL) Recorded IDR 2.41 tn Block Trade in Negotiated Market HEAL saw a jumbo transaction on 12 Sep-25 involving 1.30 bn shares (~9% of total shares) in the negotiated market, valued at IDR 2.41 tn at an average price of IDR 1,850/sh, above its closing price of IDR 1,730/sh (12 Sep-25). (Bisnis.com) 

Comment: While there is no formal announcement yet, Djarum Group is said to be the investor. In Jun-25, Djarum Group acquired 559.2mn treasury shares (3.6% of total HEAL shares) for IDR1.04tn also at premium price of IDR1,875/sh. With this, now Djarum has 12.6% ownership in HEAL, which is higher than Astra at 7.23%