INDUSTRY
IDX Released High Shareholding Concentration (HSC) List as of Mar-26
The Indonesia Stock Exchange (IDX) released a list of 9 stocks with ownership concentration above 95%, including LUCY (95.47%), AGII (97.75%), SOTS (98.35%), IFSH (99.77%), MGLV (95.94%), ROCK (99.85%), RLCO (95.35%), DSSA (95.76%), and BREN (97.31%), aiming to enhance market transparency and provide additional reference for investors; IDX emphasized that HSC status does not necessarily indicate a breach of free float requirements but encouraged issuers to increase public ownership to improve liquidity, while noting no special notation will be assigned for such stocks. (IDX)

Govt. Accelerates 3 mn Housing Program Using SOE Assets
The govt. is accelerating the 3 mn housing program by utilizing idle SOE land for subsidized flats (rusun), aiming to address the housing backlog while improving land efficiency, especially in urban areas; the initiative is expected to enhance affordable housing access for low-income communities and support faster project execution through stronger coordination between govt. and SOEs. (Kontan)

COMPANY
BCAS: MTEL IJ - 2025 net profit was inline ours at 101% and cons' at 99%
- MTEL 4Q25 net profit was flat +0.4% yoy; forming 2025 net profit of IDR 2.1 tn (+0.6% yoy) with 22% NPM (-40 bp yoy), accounted for 101% of ours and 99% of cons' FY25E;
- 4Q25 Revenue rose 9.8% yoy where tower lease +6.3% yoy. MTEL booked growing lease revenue from Telkomsel and IOH in 4Q25, despite declining contribution from XL Smart (-15% qoq) indicating effect of XL's network restructuring;
- 4Q25 EBITDA margin dropped 410 bp yoy to 77.9% due to a) higher construction service revenue that contribute lower margin; b) D&A exp and COGS grew at faster rate than revenue.
- Company has not published operational numbers; more details will be provided later after earnings call.

Danantara to Acquire Three SOE Asset Managers for IDR 2.3 tn Consolidation Plan
Indonesia’s sovereign wealth fund Danantara will acquire majority stakes in BRI Manajemen Investasi (IDR 975 bn), Mandiri Manajemen Investasi (IDR 1.02 tn), and BNI Aset Management (IDR 359.6 bn), with total transaction value of IDR 2.3 tn, following the signing of conditional sale and purchase agreements on 1-Apr-26; the move aims to create a more competitive, integrated asset management entity through potential merger, enhancing synergies, capabilities, and scale across Indonesia’s asset management industry. (IDNFinancial)

BCAS Insight Indonesia Fixed Income Market Daily Digest (id)

ergerger

Bank Tabungan Negara

14 March 2025 - 02.35pm

ergerger

AWAN

stocks

Indonesia Recorded Higher Fiscal Deficit in 1Q26 Amid Accelerated Spending

bonds

Fixed Income Daily Notes 7 April 2026

bonds

Fixed Income Daily Notes 6 April 2026