China M2 Money Supply Rose 9.0% YoY in Jan-26
China’s M2 money supply rose 9.0% YoY to CNY 347.19 tn in Jan-26, exceeding market expectations of 8.4% and increasing from CNY 340.29 tn in Dec-25. The figure marked a new record high for
China’s money supply, reflecting continued liquidity expansion in the financial system. Historically, China’s M2 has averaged CNY 99.9 tn since 1996, with a record low of CNY 5.84 tn recorded in Jan-96. (Trading Economics)
Financial Services Authority (OJK) to Evaluate Special Monitoring Board (FCA) Policy After DPR Criticism
Indonesia’s House of Representatives (DPR) urged the OJK to remove the special monitoring board using the Full Call Auction (FCA) mechanism, arguing it could limit market dynamics. OJK stated it will evaluate the policy together with the Indonesia Stock Exchange (IDX) and other SROs, noting the FCA board was initially designed to revive inactive stocks and improve market supervision. The regulator also highlighted that the mechanism uses periodic call auctions, allowing buy and sell orders to be accumulated before matching transactions, while future evaluations may include improving transparency such as indicative best
bid and best offer disclosures. (Bisnis.com)
Pantai Indah Kapuk Dua (PANI) Injected IDR 700 bn Capital into Three Subsidiaries
PANI injected additional capital totaling IDR 700 bn into three subsidiaries as part of efforts to strengthen business development and support project expansion. The capital increase is expected to enhance the subsidiaries’ financial capacity, particularly in supporting property development activities within the PIK2 area. Management stated the move aligns with the co.’s strategy to accelerate project execution and maintain growth momentum in its property portfolio. (Kontan)
Cakra Buana Resources Energi (CBRE) Planned Rights Issue of Up to IDR 1.9 tn
CBRE plans to raise up to IDR 1.9 tn through a rights issue by issuing a maximum of 12.76 bn new shares at an exercise price range of IDR 100–150/sh. Shareholders holding 90 existing shares as of 02-Jun-26 will be entitled to 253 rights, with rights trading and exercise scheduled for 04 to 10 Jun-26. Several investors are expected to participate through debt-to-equity conversion. The action may cause potential dilution of up to 73.76% for shareholders who do not exercise their rights, while supporting CBRE’s expansion into offshore support services for the energy and mining sectors. (Kontan)
Bukalapak (BUKA) Posted IDR 6.51 tn Revenue in FY25
BUKA posted revenue of IDR 6.51 tn in FY25

(+45.96% YoY) from IDR 4.46 tn in FY24, mainly driven by strong growth in its gamingsegment following the divestment of its physical marketplace business. The gaming segment generated IDR 5.34 tn revenue
(+205.09% YoY) through Itemku and Lapakgaming platforms, while online-to-offline (Mitra Bukalapak) revenue declined to IDR794.47 bn (-61.74% YoY) and retail segment revenue fell to IDR 301.77 bn (-48.12% YoY). Meanwhile, the co. recorded net profitattributable to shareholders of IDR 3.14 bn, supported by net investment gains of IDR 2.37 tn, while adjusted EBITDA improved to-IDR 62 bn from -IDR 340 bn previously.(Kontan)
Dharma Polimetal (DRMA) Posted 12.6% YoY Net Profit Growth in FY25
DRMA posted net profit of IDR 652.6 bn in FY25 (+12.6% YoY) from IDR 579.3 bn in FY24, supported by higher sales performance. Net sales increased to IDR 5.93 tn (+7.8% YoY) from IDR 5.51 tn, while cost of goods sold rose to IDR 4.86 tn (+6.6% YoY) from IDR 4.50 tn previously. On the balance sheet, total assets stood at IDR 4.28 tn compared with IDR 3.84 tn in FY24. Management noted the co. faced challenges from weaker national automotive sales, with Indonesia’s car wholesales declining 7.2% YoY to 803,687
units in 2025, while DRMA targets revenue of at least IDR 6.5 tn in 2026. (Bisnis.com)
Selamat Sempurna (SMSM) Posted 9.81% YoY Net Profit Growth in FY25
SMSM posted net profit attributable to shareholders of IDR 1.12 tn in FY25 (+9.81% YoY) from IDR 1.02 tn in FY24. Net sales increased to IDR 5.33 tn (+3.36% YoY) from IDR 5.16 tn, while cost of goods sold rose to IDR 3.36 tn (+3.37% YoY) from IDR 3.25 tn, resulting in gross profit of IDR 1.97 tn (+3.35% YoY). On the balance sheet, total assets stood at IDR 5.16 tn (+4.01% YoY), with equity rising to IDR 4.30 tn (+9.69% YoY) while liabilities declined to IDR 856.41 bn (-17.48% YoY) at end-2025. (Bisnis.com)
TBS Energi Utama (TOBA) Allocated USD 200 mn for Waste Management Expansion
TOBA prepared capex of up to USD 200 mn (around IDR 2.4 tn) to expand its waste management business, as part of the co.’s strategy to diversify beyond coal and strengthen its green business portfolio. The funds will be used to evaluate organic and inorganic growth opportunities in the regional waste management sector, with financing potentially sourced from internal cash, bank loans, debt issuance, sukuk, or other corporate actions. The expansion follows TOBA’s acquisition of Sembcorp Environment in 2025, now operating as Cora Environment, strengthening its waste management presence in Singapore. Meanwhile, the co. also targets completion of the 46 MWp floating solar project in Batam by 4Q26 and expansion of its Electrum electric vehicle ecosystem, including battery swap infrastructure. (Kontan)
Daya Intiguna Yasa (MDIY) Recorded IDR 1.1 tn Net Profit in FY25
MDIY recorded net profit of IDR 1.1 tn in FY25 (+3% YoY) from IDR 1.07 tn in FY24, supported by revenue growth of 16.7% YoY to IDR 7.9 tn. The performance was driven by strong product demand and disciplined operational execution across its expanding store network. During 2025, the co. opened 272 new stores, while operating cash flow rose 70.2% YoY to IDR 1.3 tn, supported by a healthy gearing ratio of 0.4x. (Bisnis.com)
Golden Eagle Energy (SMMT) Posted 81% YoY Net Profit Growth in FY25
SMMT recorded revenue of USD 103.61 mn in FY25 (+101.73% YoY) from USD 51.36 mn in FY24, supported by higher coal production and sales. Coal production increased to 3.17 mn tons (+39% YoY) from 2.28 mn tons, while coal sales reached 2.8 mn tons, consisting of 71% export and 29% domestic sales. As a result, the co. posted net profit of USD 4.06 mn (+81% YoY) from USD 2.13 mn previously. The production was mainly contributed by PT Triaryani (79%) and PT Internasional Prima Coal (21%), following operational
optimization to meet the 2025 RKAB target. (Bisnis.com)
Mulia Boga Raya (KEJU) Planned IDR 28.12 bn Share Buyback
KEJU plans to conduct a share buyback of up to IDR 28.12 bn, equivalent to around 50.68 mn shares or 0.90% of total outstanding shares, aimed at supporting share price stability. The buyback will be funded from internal cash and will be proposed for approval at the Extraordinary General Meeting of Shareholders on 21-Apr-26, with execution scheduled for up to 12 months after approval. Following the buyback, free float is expected to decline from 10.22% to around 9.32%, while treasury shares may increase to 0.98%.
Management stated the program is not expected to materially impact the co.’s revenue or profitability. (Bisnis.com)
DFI Retail Nusantara (HERO) Recorded IDR 160.33 bn Net Profit in FY25
HERO recorded revenue of IDR 4.84 tn in FY25 (+6.69% YoY) from IDR 4.54 tn in FY24. The co. posted net profit of IDR 160.33 bn, reversing from net loss of IDR 5.58 bn in the previous year. Meanwhile, cost of revenue stood at IDR 2.65 tn, operating expenses reached IDR 2.10 tn, finance costs totaled IDR 120.65 bn, and income tax expense was IDR 12.73 bn. On the balance sheet, total assets stood at IDR 4.42 tn, with liabilities of IDR 2.76 tn and equity of IDR 1.65 tn at end-2025. (Bisnis.com)
Pembangunan Jaya Ancol (PJAA) Targets 80–90% Hotel Occupancy During Eid Holiday 2026
PJAA targets hotel occupancy of 80–90% during the 2026 Eid holiday period, supported by an expected 600,000 visitors between 19-Mar–15-Apr-26, with peak arrivals projected on 20–21 Mar-26. The co. also expects the holiday momentum to contribute around 6% to total revenue, reflecting stronger tourism activity during long holidays compared with regular periods. (Bisnis.com)
Repower Asia Indonesia (REAL) Partnered with Riscon Group to Develop Affordable Housing Project in Bogor
REAL partnered with Riscon Group to develop an affordable housing (MBR) project in Bogor, targeting the lower-income housing segment. The collaboration aims to support the govt.’s housing program while expanding REAL’s property development portfolio. Management noted the project is expected to contribute to future revenue growth as demand for affordable housing in the Bogor
area remains strong. (Bisnis.com)
Dwi Guna Laksana (DWGL) Recorded IDR 224.67 bn Net Profit in FY25
DWGL recorded net profit of IDR 224.67 bn in FY25 (+89.74% YoY) from IDR 118.41 bn in FY24, with EPS rising to IDR 24.28 from IDR 12.8. The co. posted revenue of IDR 3.49 tn (+4.80% YoY) from IDR 3.33 tn, while cost of revenue increased to IDR 3.08 tn from IDR 3.01 tn. Despite higher costs, gross profit rose to IDR 406.99 bn (+26.09% YoY) and operating profit increased to IDR 348.06 bn (+29.00% YoY). On the balance sheet, total assets reached IDR 1.99 tn, with liabilities of IDR 1.49 tn and equity of IDR 500 bn at end-
2025. (EmitenNews)
Perma Plasindo (BINO) Secured CNY 1.5 mn Sales Contract with Deli
BINO, through its subsidiary PT Batara Indah, signed a sales contract with Deli Development (Thailand) Co., Ltd for the supply of custom Bantex-branded notebooks. The agreement is valid for two years from 1-Mar-26 to 1-Mar-28 with a contract value of CNY 1.5 mn, while payment terms are set at 120 days after shipment departure. Management stated the transaction does not involve conflict of interest and is not expected to materially impact the co.’s financial condition, while supporting BINO’s international market expansion. (EmitenNews)

Fixed Income Daily Notes 17 Maret 2026

Fixed Income Daily Notes 17 Maret 2026

Fixed Income

17 March 2026 - 07.46am

Fixed Income Daily Notes 17 Maret 2026

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Fixed Income Daily Notes 16 Maret 2026