Bank Indonesia Holds Benchmark Interest Rate at 4.75% to Support Rupiah Stability
Bank Indonesia decided to maintain its benchmark interest rate at 4.75% in the February 2026 policy meeting. The central bank also kept the deposit facility rate at 3.75% and the lending facility rate at 5.50%. The decision was taken to help stabilise the rupiah exchange rate and support inflation remaining within target amid ongoing global uncertainty and financial market pressures. (Kontan)

FTSE Russell Paused Implementation of Corporate Events for Indonesian Securities, Postponed Mar-26 Review
FTSE Russell paused implementation of several corporate events for domestically listed Indonesian securities in its equity indices effective 09-Feb-26 and postponed the Mar-26 index review, citing uncertainty in accurate free float determination following recent regulatory reforms by OJK and IDX. The decision aligns with Section 2.4 Exceptional Market Disruption policy, as proceeding with index changes under current conditions could lead to adverse turnover and disadvantage index users. Key implications of FTSE Russell’s decision:
- Mar-26 index review for Indonesia postponed until further notice
- IPO additions, deletions, size segment changes, shares in issue updates, investability weight adjustments, ICB, nationality, and WAF changes will not be implemented
- Rights issues assumed to be sold
- Capping, delisting-related deletions, stock splits, consolidations, bonus issues, mandatory spin-offs, and dividend distributions will continue
- ESG, Shariah, and other exclusion lists remain applicable
- Indonesia’s Secondary Emerging Market classification remains unchanged
FTSE Russell will provide the next update prior to the GEIS Jun-26 quarterly review announcement scheduled for 22-May-26, while continuing to monitor market reform developments and liaise with stakeholders. (FTSE)

BCAS - ACES IJ – Jan-26 SSSG Turned Positive; Early Sign of Demand Stabilization
- ACES recorded Jan-26 SSSG of +1.0% YoY (vs Dec-25: –9.9% YoY; Jan-25: +3.4% YoY), supported by stronger performance in Jakarta and Java, while Ex-Java remained under pressure at –3.3% YoY. The return to positive SSSG indicates early signs of stabilizing purchasing power following the rebranding transition.
- Jan-26 gross sales reached IDR775bn (–12.3% MoM; +6.6% YoY). The MoM decline was seasonal following year-end normalization, while the YoY improvement reflected a lower base post-AZKO rebranding and gradual recovery in store traffic.
We view Jan-26’s positive SSSG as an encouraging start to 2026, reflecting improving sales conversion. While recovery remains gradual, stronger online engagement and stabilizing traffic should support sequential improvement in the coming quarters.

Krakatau Steel (KRAS) Supplies IDR 3–4 tn Pipes for Dusem Gas PSN
KRAS, through subsidiary Krakatau Pipe Industries, has commenced deliveries of 83,000 tons of ERW and HSAW steel pipes for the Dumai–Sei Mangkei gas transmission project, a 541 km National Strategic Project that will connect Sumatra and Java gas networks and is targeted for completion in 2027. With total investment of IDR 6.3 tn and around 60–65% allocated to pipe materials, KRAS estimates its contract value at IDR 3–4 tn, supported by high local content of around 60% and accelerated shipment execution to meet the govt.'s timeline, while the co. expects the Dusem contract alongside PLN and Karian Dam projects to support 20–30% revenue growth at Krakatau Pipe this year. (Kontan)

Indospring (INDS) Fastener Expansion to Drive Export Growth in 2026
INDS is accelerating business expansion following the commercial production launch of its U-Bolt fastener line in 2025, targeting stronger domestic aftermarket penetration while preparing export expansion into the Middle East—particularly the UAE and Uzbekistan—and the United States in 2026. With its fastener plant now fully operational, the company aims to rank among the top three domestic fastener players and position the segment as a long-term growth engine, while also exploring non-automotive fastener diversification to broaden revenue streams, supported by solid automotive demand and projected industry sales recovery. (Investor.id)

Samudera Indonesia (SMDR) Expanded Shipyard Capacity and Fleet, Allocates IDR 3 tn Capex for Patimban
Terminal SMDR plans to strengthen its shipyard footprint in 2026 by adding facilities in strategic locations, in line with its broader port development strategy to enhance productivity and capture rising domestic and international shipping demand. The co. has earmarked around IDR 3 tn in capex this year, primarily for the construction of a major container terminal in Patimban, West Java, while also allocating funds for new vessel orders—including container ships and tankers from China as well as additional vessels from Japan to serve the domestic market—positioning SMDR to expand capacity amid supportive govt. sentiment toward the national shipbuilding industry and ongoing sector consolidation centered on PAL Indonesia. (Investor.id)

Pan Brothers (PBRX) Signed MoU with US Company Ravel for Shredded Worn Clothing Collaboration
PBRX signed a memorandum of understanding (MoU) with US-based company Ravel on 19-Feb-26, during the Indonesia-US Business Summit in Washington DC. This agreement focuses on collaboration in the shredded worn clothing sector, strengthening bilateral trade relations in the textile and garment industry. The MoU is part of a broader series of agreements between Indonesian and US co, aiming to boost exports and foster long-term trade partnerships. Although specific financial details were not disclosed, this partnership signals Pan Brothers' strategic move to expand its footprint in the US market. (Bisnis.com)

IDR 187 tn Needed as 267 Indonesian Listed Co's Work to Meet 15% Free Float Rule
On 19-Feb-26, the Indonesia Stock Exchange (IDX) revealed that 267 listed companies have yet to meet the planned 15% minimum free float requirement, although they already satisfy the current 7.5% threshold. To reach the new standard, the market must absorb an estimated IDR 187 tn worth of additional public shares, reflecting potential secondary offerings or divestments. Regulators will implement this change over a 3-year phased transition, with the first milestone set for 2026. The gradual adjustments will help ensure market stability while expanding the shareholding base, ultimately deepening the capital market. (Bisnis.com)

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Bank Tabungan Negara

23 April 2025 - 04.41pm

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bonds

Fixed Income Daily Notes 20 February 2026

stocks

FTSE Russell Paused Implementation of Corporate Events for Indonesian Securities

bonds

Fixed Income Daily Notes 19 February 2026