Rukun Raharja (RAJA) Exploring Multiple Acquisitions in Gas, Shipping, and Renewable Energy

MACROECONOMY 
BI Kept Benchmark Rate Unchanged at 4.75% in Oct-25
BI kept its benchmark interest rate steady at 4.75% during its Oct-25 policy meeting, defying expectations of a 25 bps cut after three consecutive reductions. The decision reflects BI’s view that inflation for 2025–2026 will stay within the 2.5% ± 1% target range, supported by a stable rupiah and ongoing measures to sustain economic growth. Indonesia’s GDP grew 5.12% YoY in 2Q25 —the fastest pace in two years — while inflation accelerated to 2.65% in Sep-25, the highest since May-24 but still within target. BI also held the deposit facility and lending facility rates at 3.75% and 5.50%, respectively. (Trading Economics)

COMPANY 
Adhi Karya (ADHI) Secured IDR 6.5 tn New Contracts in 9M25 
ADHI obtained new contracts worth IDR 6.5 tn in 9M25, with 88% from Engineering & Construction, 7% Property & Hospitality, 3% Investment & Concession, and 2% Manufacturing. By ownership, 50% came from govt. projects, 38% from SOEs, and 12% from private clients, bringing total orderbook to IDR 36 tn. Key contributors include Jakarta–Cikampek Selatan, Solo– Yogyakarta–Kulon Progo, and Yogyakarta–Bawen toll roads, while the co. focuses on strengthening core construction capabilities ahead of continued infrastructure expansion in 2026. (Kontan) 

Rukun Raharja (RAJA) Exploring Multiple Acquisitions in Gas, Shipping, and Renewable Energy 
RAJA announced that its subsidiary has signed an agreement to acquire a gas trading company operating in Banten, though details remain undisclosed. The co. is also conducting due diligence to acquire two shipping companies owning 2 LNG carriers and 1 very large gas carrier (VLGC). Additionally, RAJA is assessing potential acquisitions in renewable energy assets, including hydro and biomass power plants, as well as a water supply system facility in the Greater Jakarta area. (Company)