MACROECONOMY Thai Vessel Hit by Missile in Strait of Hormuz, Thailand Summoned Iran’s Ambassador

Thailand strongly protested after its bulk carrier Mayuree Naree was struck by a projectile while passing through the Strait of Hormuz on 11-Mar-26. Of the 23 crew members, 20 were rescued by the Omani navy after abandoning the ship, while three remain missing and are believed trapped in the engine room where the fire started. The Thai govt. summoned Iran’s ambassador to seek clarification as rescue efforts continue with assistance from Omani authorities. (Bloomberg Technoz) INDUSTRY Danantara Return Rose 300%, President Prabowo Called for Data Transparency Indonesia’s sovereign wealth fund Danantara reported that its investment return increased around 300%, prompting President Prabowo Subianto to emphasize the importance of transparency and data credibility. Prabowo expressed hope that the performance figures were accurate and not based on misleading or false reporting, highlighting the need for proper governance and accountability in managing state investment funds. The govt. expects Danantara to continue improving performance while maintaining transparency and strengthening investor confidence in Indonesia’s sovereign investment management. (Bloomberg Technoz)

Indonesia Seized 369 mn Illegal Cigarettes as of Feb-26, Up 106.8% YoY

The Ministry of Finance reported confiscation of 369 mn illegal cigarette sticks as of Feb-26, surging 106.8% YoY from 179 mn sticks in the same period last year. Enforcement actions also increased to 2,872 cases compared with 1,993 cases previously, reflecting intensified efforts by Directorate General of Customs and Excise (DJBC) together with law enforcement agencies to curb illegal cigarette circulation. Meanwhile, customs and excise revenue reached IDR 44.9 tn by Feb-26 (13.4% of the FY26 target), declining 14.7% YoY, with excise revenue at IDR 34.4 tn (-13.3% YoY) partly due to lower cigarette production at end-2025. Export duties fell 48.4% YoY to IDR 2.8 tn amid lower CPO prices (USD 917/MT vs USD 1,007/MT), while import duties rose 1.7% YoY to IDR 7.8 tn, supported by 16% growth in imports. (Bloomberg Technoz)

Dayamitra Telekomunikasi (MTEL) Partnered with ZTE to Develop Network Efficiency Solutions

MTEL partnered with ZTE Corporation to develop telecommunication network efficiency solutions aimed at improving infrastructure utilization and operational performance. The collaboration will focus on optimizing energy efficiency, network management systems, and digital infrastructure solutions to support the growing demand for connectivity in Indonesia. The initiative is expected to enhance operational efficiency while strengthening MTEL’s role in supporting the development of national telecom infrastructure. (Kontan)

Bank Central Asia (BBCA) Declared IDR 336/sh Final Dividend from FY25 Profit

BBCA approved a final dividend of IDR 336/sh (Div. yield 4.86%), bringing total FY25 dividend distribution to IDR 41.4 tn, including interim dividend of IDR 55/sh paid in Dec-25. The payout represents 72% DPR from FY25 net profit of IDR 57.5 tn (+4.9% YoY). The decision was approved at the Annual General Meeting of Shareholders (AGM) held on 12-Mar-26. Management also indicated the possibility of three interim dividend payments in FY26, potentially distributed quarterly, subject to financial conditions. (Kontan)

Bank Tabungan Negara (BBTN) Posted IDR 503 bn Net Profit as of Feb-26

BBTN recorded net profit of IDR 503 bn (bank only) as of Feb-26, surging 281.9% YoY supported by stronger interest income and lower funding costs. Interest income rose to IDR 4.59 tn (+11.7% YoY) while interest expense declined to IDR 2.19 tn (-14.4% YoY), lifting net interest income (NII) to IDR 2.39 tn (+54.7% YoY). Meanwhile, operating profit reached IDR 636 bn (+219.3% YoY), with loan disbursement increasing to IDR 341.16 tn (+8.6% YoY) and third-party funds (DPK) rising to IDR 375.28 tn (+13.2% YoY). On the balance sheet, total assets stood at IDR 459.29 tn (+12.2% YoY) as of Feb-26. (Investor.id)

Bank Jago (ARTO) Posted 115% YoY Net Profit Growth in FY25

ARTO recorded net profit of IDR 276 bn in FY25 (+115% YoY), supported by strong credit expansion and digital banking growth. Loan disbursement increased to IDR 24.3 tn (+38% YoY), while total assets rose to IDR 36.5 tn (+28% YoY) as of Dec-25. Asset quality remained solid with gross NPL at 0.6%, while third-party funds (DPK) reached IDR 25.9 tn (+38% YoY). Meanwhile, the co. served 18.2 mn customers, including 14.2 mn funding users of the Jago and Jago Syariah applications. (Investor.id)

Total Bangun Persada (TOTL) Posted 56.09% YoY Net Profit Growth in FY25

TOTL recorded revenue of IDR 3.90 tn (+26.35% YoY) in FY25 from IDR 3.08 tn in FY24, mainly contributed by construction services revenue of IDR 3.88 tn and other income of IDR 16.92 bn. Meanwhile, cost of revenue increased to IDR 3.15 tn from IDR 2.54 tn, resulting in gross profit rising to IDR 751.16 bn (+37.34% YoY) from IDR 546.92 bn. As a result, net profit attributable to the parent entity reached IDR 414.39 bn (+56.09% YoY) from IDR 265.42 bn, while EPS increased to IDR 121.5/sh from IDR 77.84/sh. On the balance sheet, total assets stood at IDR 4.04 tn, with liabilities at IDR 2.71 tn and equity at IDR 1.32 tn at end-2025. (Kontan)

HM Sampoerna (HMSP) Posted 0.55% YoY Net Profit Decline in FY25

HMSP recorded net profit of IDR 6.60 tn in FY25 (-0.55% YoY) from IDR 6.64 tn in FY24 amid weaker sales performance. Net sales declined to IDR 112.17 tn (-4.84% YoY) from IDR 117.88 tn, while cost of goods sold fell to IDR 91.55 tn (-7.84% YoY) from IDR 99.35 tn, lifting gross profit to IDR 20.62 tn (+11.25% YoY). However, higher G&A expenses of IDR 3.37 tn and income tax expense of IDR 2.82 tn pressured bottom-line performance. On the balance sheet, total assets stood at IDR 51.56 tn (-5.03% YoY), liabilities declined to IDR 23.21 tn (-10.49% YoY), while equity remained stable at IDR 28.35 tn at end-2025. (Bloomberg Technoz)

Teladan Prima Agro (TLDN) Signed Solar Power Plant (PLTS) Lease Agreement Worth Up to IDR 1.25 tn

TLDN signed a master agreement with PT Akartha Energi Baru (AEB) to lease solar power plants (PLTS) with a total transaction value ranging from IDR 750 bn to IDR 1.25 tn. The agreement, effective 09-Mar-26, covers the installation, operation, and maintenance of PLTS across the co.’s subsidiary plantation areas to support electricity supply and improve operational efficiency. The cooperation will run for 10 years from the start of full PLTS operations, with lease tariffs set at IDR 1,500–2,500 per kVA/hour. The transaction is classified as an affiliated transaction as both TLDN and AEB are indirectly controlled by Wishnu Wardhana and family. (Kontan)

Prodia Widyahusada (PRDA) Posted Revenue of IDR 2.28 tn in FY25

PRDA recorded revenue of IDR 2.28 tn (+1.31% YoY) in FY25, supported by stronger demand for routine diagnostic tests and highervalue esoteric services. Meanwhile, net profit reached IDR 207 bn, with operating profit at IDR 225 bn and pre-tax profit at IDR 264 bn. On the balance sheet, total assets stood at IDR 2.70 tn, with liabilities at IDR 302 bn and equity at IDR 2.39 tn. PRDA also generated operating cash flow of IDR 424 bn and allocated capex of more than IDR 165 bn in 2025 to support infrastructure development, laboratory equipment modernization, and digital service innovation. (Kontan)

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15 April 2025 - 02.19pm

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Thai Vessel Hit by Missile in Strait of Hormuz, Thailand Summoned Iran’s Ambassador

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Fixed Income Daily Notes 13 Maret 2026

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Indonesia Budget Financing Reached IDR 164.2 tn as of Feb-26