MACROECONOMY
Indonesia Unblocked IDR 168.5 tn Budget for Priority Spending
The govt. unblocked IDR 168.5 tn of funds as of 20 Sep-25, equal to 65.7% of the total IDR 256.1 tn previously frozen, to accelerate the realization of priority programs. The funds will support operational costs, basic tasks, and key projects such as rice field expansion and education facilities. As of 31 Aug-25, ministry/institution spending reached IDR 686 tn. The Ministry of Finance will intensify monitoring and assign special teams to address slow budget absorption. (Investor.id)

MACROECONOMY
Otorita Ibu Kota Nusantara (OIKN) Tenders Legislative and Judicial Zone Construction Targeted for Completion in Dec-27
OIKN announced that construction of the legislative and judicial zones in IKN has entered the tender stage, with contracts expected by Oct-25. The project is planned to run for about 840 days (27–28 months) and complete by Dec-27, supporting President Prabowo’s goal of making IKN Indonesia’s political capital by 2028. (Kontan)

COMPANY
BCAS: ACES IJ – Aug-25 Sales Softened on External Disruptions
- ACES posted Aug-25 SSSG at -4.1% (vs -2.7% in Jul-25; 11.1% in Aug-24), mainly dragged by J akarta area (-5.9% vs -2.5% in Jul-25) as the area was hit hardest by mass demonstrations and riots. While Java ex-Jakarta also got effected, with ex-Java performance remained resilient. This brought 8M25 SSSG to -3.0% still below the Co.'s ≥1% full-year target.
- Aug-25 gross sales reached IDR 719bn (-2.2% MoM, +2.0% YoY), bringing 8M25 sales to IDR 5.7tn (+3.3% YoY). During Aug-25, the Co. opened three new stores in Tasikmalaya, Kolaka, and Cimahi. With these additions, ACES has opened 14 new stores in 8M25 .
- To support Sep-25 performance, the Co. launched “Lebih Istimewa untukmu yang setia” , a member-exclusive campaign highlighting private label brands with special offers and deals. The Co. expects these efforts, together with stronger seasonal demand in 4Q25, to reinforce sales momentum toward year-end

Barito Pacific (BRPT) Completed COD of Jawa 9&10 Power Plant JV with PLN
BRPT, through its subsidiary Barito Wahana Lestari, and PLN Indonesia Power achieved COD for Jawa 9&10 power plant (2×1,000 MW) — unit 1 on 05 Mar-25 and unit 2 on 02 May-25. The plant adopts OECD-made steam turbine generators and latest Ultra-Super Critical boilers with Selective Catalytic Reduction (SCR), making it Indonesia’s only plant with the most complete emission control equipment. This completion strengthens BRPT’s energy portfolio alongside Chandra Asri Pacific’s acquisition of Aster Chemicals and its subsidiary IPO, supporting BRPT’s continued business expansion. (Emitennews)

Timah (TINS) Targeted 30,000 Tons Tin Production in 2026
TINS projected tin ore production of 30,000 tons Sn in 2026 (vs 2025 RKAP target: 21,500 tons), supported by a recovery trend since May-25. Monthly production rose to 1,877 tons in Aug-25 (vs target: 1,800 tons). Strategies include mine area fencing, illegal mine control, and cooperative-based legalization, with 30 cooperatives already formed and a target of 200–300. TINS aimed to sustain production at 6,500 tons Sn/month during Sep–Dec 25 with Satgas Nanggala support. (Bisnis.com)

Wijaya Karya (WIKA) Secured IDR 5.24 Tn New Contracts as of Aug-25
WIKA secured IDR 5.24 tn new contracts as of Aug-25, dominated by construction-supporting industries (49.8%) and infrastructure & building sectors (33.8%). The projects include irrigation network rehabilitation in Jambi, groundwater irrigation network development in South Sumatra, and Belimbing irrigation construction near Soekarno-Hatta Airport to support 9,800 m² farmland, alongside small-scale reservoirs in Yogyakarta. (Kontan)

Barito Renewables (BREN) Free Float Increased After Green Era Share Sales
Green Era Pte Ltd sold 39.60 mn BREN shares (0.0296%) at an average price of IDR 8,300/sh on 15-Sep-25, valued at IDR 328.68 bn, to increase free float and market liquidity, according to BREN’s disclosure on 22-Sep-25. Earlier, Green Era sold 38.65 mn shares at IDR 8,500/sh worth IDR 328.52 bn on 3-Sep-25, 39.23 mn shares at IDR 8,350/sh worth IDR 327.60 bn on 8-Sep-25, and 9.79 mn shares at IDR 8,350/sh worth IDR 81.75 bn on 9-Sep-25. After these transactions, BREN’s public shareholders under 5% ownership reached 13.15% as of 31-Aug-25. (Emitennews)

Radiant Ruby Company to Acquire 80% Stake in Agung Menjangan Mas (AMMS)
Radiant Ruby Company Ltd plans to acquire 80% of AMMS shares from controlling shareholders PT Mandara Mas Semesta (77.54%) and Hartono Limmantoro (1.67%). Negotiations announced on 22 Sep-25 are ongoing regarding final value and completion timeline, after which Radiant will conduct a mandatory tender offer. (Kontan)

Agung Podomoro (APLN) Booked IDR 1.02 Tn Marketing Sales as of Aug-25
APLN booked IDR 1.02 tn marketing sales (excl. VAT) as of Aug-25, achieving 60% of its FY25 target of IDR 1.7 tn. The main contributors were Podomoro Park Bandung, Bukit Podomoro Jakarta, Podomoro Golf View, and Podomoro City Deli Medan. The co. stated it remained optimistic to meet the FY25 target and planned to strengthen fundamentals through asset divestment, debt reduction, and focusing on landed houses. (Kontan)

Matahari Department Store (LPPF) Opened First ZES Store at Plaza Blok M
LPPF opened its first ZES store at Plaza Blok M as part of its strategy to boost performance. ZES, an exclusive urban contemporary fashion brand launched in late 2024, recorded rapid growth and strong consumer enthusiasm. The Blok M location was chosen as it is known as Jakarta’s cultural and creative hub, aligning with ZES’ vision to represent Indonesia’s urban lifestyle. (Kontan)

Diamond Citra Propertindo (DADA) Net Profit Soared 206% in 1H25
In 1H25, DADA booked IDR 5.39 bn revenue (+41.38% YoY), with COGS ratio rising to 36.76% from 29.43%. Gross profit climbed 26.65% YoY to IDR 3.41 bn, while lower selling and marketing expenses pushed operating profit up 1,138.90% YoY to IDR 746.22 mn and net profit reached IDR 219.67 mn (+206.58% YoY). (Kontan)

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Bank Tabungan Negara

23 April 2025 - 04.41pm

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US Posted 3.8% GDP Growth in 2Q25

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US Officially Cut EU Car Import Tariffs to 15% Effective Aug-25

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Indonesia’s Money Supply (M2) Rose to IDR 9,657.1 tn in Aug-25