China Imposed Antidumping Tariffs up to 74.9% on POM Plastic Imports

MACROECONOMY 
Moody's Downgrade Heightened Investor Concerns Over US Fiscal Path 

Moody's downgraded the US sovereign credit rating by one notch, citing concerns over the nation's USD 36 tn debt and lack of meaningful fiscal reform. The downgrade following earlier moves by Fitch and S&P comes amid congressional debate on a major tax-and-spending package that could add up to USD 5.2 tn to deficits by 2034. While the White House dismissed the move as political, markets are pricing in growing fiscal risk, when the Govt. may run out of cash without a debt ceiling hike. (Reuters)

INDUSTRY 
China Imposed Antidumping Tariffs up to 74.9% on POM Plastic Imports
China announced antidumping duties of up to 74.9% on imports of POM copolymer plastic from the US, EU, Japan, and Taiwan. The highest tariff of 74.9% was applied to US imports, while EU and Japan face 34.5% and 35.5%, respectively. Taiwan faces a general tariff of 32.6%. The move follows a year-long probe initiated in May 2024, shortly after the US raised tariffs on Chinese EVs and semiconductors. (Bisnis.com) 

Poultry Sector Outlook Improved Despite Limited Impact from MBG Program 
Poultry companies are expected to post better performance in 2H25, supported by improving supply-demand balance and rising live bird prices. After falling -10.8% MoM in Mar-25, live bird prices rebounded by 17.6% MoM to IDR 15,366/kg in Apr-25. However, the impact of MBG program is seen as minimal, absorbing only 3.4% of total national chicken production. Margin pressure also persists due to higher corn prices, which may cap earnings recovery. (Kontan)

COMPANY 
BCAS: BBCA - 4M25 Earnings Grew +17.4% YoY 

- BBCA interest income grew to IDR 30.3 tn in 4M25 (+6.1% YoY). In Apr-25, it declined to IDR 7.6 tn (-2.8% MoM; +7.2% YoY). Interest expense rose to IDR 4.1 tn (+3.3% YoY), with Apr-25 increased to IDR 1.1 tn (+8.8% MoM; +14.5% YoY). NII reached IDR 26.3 tn in 4M25 (+6.6% YoY). In Apr-25, it declined to IDR 6.5 tn (-4.4% MoM; +6.0% YoY). 
- Non-interest income surged to IDR 9.8 tn in 4M25 (+32.8% YoY), while Apr-25 contribution declined to IDR 1.9 tn (-53.1% MoM; -21.5% YoY). - Provisioning dropped to IDR 1.3 tn (-8.7% YoY), though it doubled in Apr-25 to IDR 448 bn (+101.9% MoM; -29.5% YoY). PPOP came at IDR 25.7 tn in 4M25 (+16.4% YoY), with Apr-25 slowing to IDR 6.0 tn (-25.5% MoM; -4.7% YoY). 
- Net profit in 4M25 rose to IDR 20.2 tn (+17.4% YoY), with Apr-25 contributing IDR 4.5 tn (-32.8% MoM; -8.2% YoY). 
- NIM remained flat at 5.8%. LDR improved to 80.4% (vs 4M24; 74.4%), while CASA increased to 82.9% (vs 4M24; 81.6%). Loan growth decelerated to 12.8% (vs 4M24; 16.5%), while deposit growth slowed to 4.4% (vs 4M24; 5.4%)