Summarecon Agung (SMRA) Injected IDR 772.31 bn into Subsidiaries

MACROECONOMY 
China Retail Sales Rose 3.0% YoY in Sep-25 
China’s retail sales increased 3.0% YoY in Sep-25 (vs Aug-25; +3.4%), marking the slowest growth since Aug-24 as consumer spending weakened. The slowdown was led by household appliances (3.3% vs 14.3%), jewelry (9.7% vs 16.8%), and cultural goods (6.2% vs 14.2%). Auto sales rose 1.6% (vs 0.8%), while petroleum sales contracted at a slower pace (-7.1% vs -8%). On a MoM basis, retail trade fell 0.18%, with YTD growth at 4.5%. (Trading Economics)

China Industrial Production Rose 6.5% YoY in Sep-25
China’s industrial output expanded 6.5% YoY in Sep-25 (vs Aug-25; +5.2%), exceeding expectations of 5.0% and marking the fastest pace since Jun-25. Growth was driven by stronger manufacturing (7.3% vs 5.7%) and mining (6.4% vs 5.1%) ahead of the Golden Week, while utilities output slowed (0.6% vs 2.4%). Among 41 key manufacturing sectors, 36 posted gains, led by automotive (16.0%), computers & communications (11.3%), and chemicals (9.0%). For 9M25, industrial production rose 6.2% YoY, with monthly output up 0.64% — the strongest in seven months. (Trading Economics)

COMPANY 
Summarecon Agung (SMRA) Injected IDR 772.31 bn into Subsidiaries 
SMRA conducted an affiliated transaction involving capital injections totaling IDR 772.31 bn through its controlled entity PT Serpong Cahaya Harmoni on 17-Oct-25. The co. injected IDR 583.38 bn into PT Serpong Cipta Kreasi and IDR 388.92 bn into PT Variatata to strengthen capital structure and enhance business synergy in supporting property development in Serpong area. (Kontan) 

PT PP (PTPP) Reported to Become Surviving Entity After Merger with Adhi Karya (ADHI) 
ADHI confirmed that its merger process with PTPP remains under review, though sources from Danantara indicated PTPP is likely to become the surviving entity due to its stronger financial performance. Danantara has appointed Mandiri Sekuritas, KPMG, and Boston Consulting Group as advisors, all of whom reportedly agreed on PTPP as the post-merger entity. The merged BUMN karya will refocus on core construction business while eliminating non-construction segments to enhance efficiency and synergy. (Kontan)