Indonesia Budget Financing Reached IDR 164.2 tn as of Feb-26
Indonesia’s APBN financing reached IDR 164.2 tn as of 28-Feb-26, declining 33.2% YoY from IDR 246 tn in the same period last
year. The figure represents 23.8% of the 2026 state budget deficit target of IDR 689.1 tn. Meanwhile, the APBN recorded a deficit
of IDR 135 tn or around 0.53% of GDP. The finance minister stated the fiscal position remains within the govt.’s budget design, with
spending distribution throughout the year expected to influence deficit dynamics. (Bloomberg Technoz)
US Core Inflation Rose 0.2% MoM in Feb-26
US core consumer prices, excluding food and energy, rose 0.2%
MoM in Feb-26, easing from 0.3% in the previous month and in line
with market expectations. The increase was mainly driven by
medical care services inflation at 0.6% (vs Jan-26; 0.3%), while
shelter inflation remained at 0.2% (vs 0.2%) and transportation
services rose 0.6% (vs 0.3%). Meanwhile, new vehicle prices
increased slightly by 0.1% (vs 0.0%), while used cars and trucks
declined by -0.4% (vs -1.8%). On an annual basis, core inflation
stood at 2.5%. (Trading Economics)
Friderica Widyasari Dewi Appointed as New Chair of OJK
Friderica Widyasari Dewi has been appointed as the new Chair of the Financial Services Authority (OJK), marking a leadership
change at Indonesia’s financial regulator. Previously serving as Chief Executive of Capital Market Supervision at OJK, Friderica is
known for her role in strengthening market governance and regulatory oversight in Indonesia’s capital markets. Her appointment
is expected to continue efforts to enhance financial sector stability, transparency, and investor protection under the regulator.
(Bloomberg Technoz)
Telekomunikasi Indonesia (TLKM) to Restate FY23–FY24 Financial Statements
TLKM announced that its FY23–FY24 consolidated financial statements will be restated following a review of accounting policies
related to telecom infrastructure assets, particularly misclassification of “last mile” network assets that should have shorter
depreciation periods. The adjustment is expected to lower pre-tax profit, assets, and equity for both years but will not affect cash
flow. Separately, an internal probe identified USD324 mn (IDR 5 tn) in questionable enterprise segment transactions during 2014–
2021, mostly in 2016–2019, suspected of lacking economic substance and potentially inflating reported revenue and receivables.
The case has also drawn investigations from the U.S. SEC and DOJ, while the co. is implementing governance improvements
including disciplinary actions, external accounting advisors, and strengthened compliance oversight. (Emitentrust)
Comment:
a) according to management, proper classification for FTTH should be on asset class with shorter use of life, therefore a higher
depreciation cost and lower net asset. The changes will only impact below EBITDA level, and no cash impact.
b) the questionable transaction stated in higher receivables had been noticed by TLKM internal audit, therefore the company has
expensed expected credit loss impairment in 2020.
Management affirm the devidend payout policy will not be impacted due to the financial restatement. The company target of a
higher (or at least the same) nominal of DPS this year.
Alamtri Resources Indonesia (ADRO) Announced Up to IDR 4 tn Share Buyback Plan
ADRO announced a plan to conduct a share buyback of up to IDR 4.0 tn, representing a maximum of 10% of issued and paid-up
capital, subject to shareholder approval at the Annual General Meeting scheduled on 17-Apr-26. The buyback period will run for up
to 12 months starting 20-Apr-26 if approved, with purchases executed through the Indonesia Stock Exchange. The action aims to
support share price stability and strengthen capital management flexibility. (Company)
Medco Energi Internasional (MEDC) Secured USD 100 mn Loan Facility from HSBC
MEDC signed a USD 100 mn loan facility agreement with The Hongkong and Shanghai Banking Corporation Limited, Singapore
Branch on 10-Mar-26. The facility will be used for general corporate purposes and may also support funding needs of subsidiary
Medco Energi Global Pte. Ltd. The loan has a maturity of 60 months from the signing date of the facility agreement. (Company)
Perusahaan Gas Negara (PGAS) Maintained ‘BBB-’ Credit Rating with Stable Outlook from Fitch
PGAS maintained its investment-grade credit rating of ‘BBB-’ with a Stable Outlook from Fitch Ratings for both foreign and local
currency debt. The rating reflects PGAS’s resilient business fundamentals, strong cash flow generation, and strategic role as the
operator of Indonesia’s national gas infrastructure network. (Company)
Dian Swastatika Sentosa (DSSA) Approved 1:25 Stock Split
DSSA obtained shareholder approval to conduct a 1:25 stock split, aiming to increase liquidity and broaden investor participation.
The corporate action will reduce the par value from IDR 250/sh to IDR 10/sh, increasing the number of outstanding shares
proportionally. Based on the schedule, the cum date in the regular and negotiated market is set for 19-Mar-26, followed by the exstock
date on 20-Mar-26, while trading with the new nominal value is expected to start on 21-Mar-26. The stock split is expected
to lower DSSA’s market price per share and improve trading accessibility for investors. (Kontan)
GoTo Gojek Tokopedia (GOTO) Reduced Net Loss by 77% in FY25
GOTO recorded net revenue of IDR 18.32 tn (+15.27% YoY) in FY25 from IDR 15.89 tn in FY24, supported by service fees of IDR 5.68
tn, delivery services of IDR 5.77 tn, lending services of IDR 3.78 tn, advertising revenue of IDR 533.26 bn, and other income of IDR
1.71 tn, while Tokopedia e-commerce service fees reached IDR 819.72 bn (+31.82% YoY). Meanwhile, total costs and expenses stood
at IDR 17.70 tn, leading to operating loss narrowing to IDR 378.25 bn (-83.12% YoY) from IDR 2.24 tn previously. As a result, net loss
attributable to the parent entity declined 77% YoY to IDR 1.18 tn from IDR 5.15 tn in FY24. (Kontan)
HM Sampoerna (HMSP) Posted 0.6% YoY Net Profit Decline in FY25
HMSP recorded net profit of IDR 6.6 tn (-0.60% YoY) in FY25 from IDR 6.64 tn in FY24, while earnings per share remained stable at
IDR 57/sh. Net sales declined to IDR 112.17 tn (-4.84% YoY) from IDR 117.88 tn, while cost of goods sold decreased to IDR 91.55 tn
from IDR 99.34 tn, resulting in gross profit increasing to IDR 20.61 tn from IDR 18.53 tn previously. Meanwhile, selling expenses
rose to IDR 7.96 tn and G&A expenses increased to IDR 3.36 tn, while financial income declined to IDR 346.71 bn from IDR 720.73
bn. On the balance sheet, total assets stood at IDR 51.56 tn, with liabilities at IDR 23.21 tn and equity at IDR 28.35 tn at end-2025.
(Emitennews)

Fixed Income Daily Notes 12 Maret 2026

Fixed Income Daily Notes 12 Maret 2026

Fixed Income

12 March 2026 - 07.50am

Fixed Income Daily Notes 12 Maret 2026

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

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