MACROECONOMY
Denmark Deployed Additional Troops to Greenland Amid Trump’s Takeover Threats
Denmark deployed additional troops to Greenland on 20-Jan after U.S. President Donald Trump declined to rule out the use of military force to seize the autonomous Danish territory, citing its strategic and mineral importance. Danish media reported 58 soldiers landed in western Greenland, joining around 60 troops previously deployed for the multinational Operation Arctic Endurance exercise, as Copenhagen reiterated that Greenland is not for sale and warned any forced takeover would effectively end NATO. The development further strained transatlantic relations, prompting emergency discussions within the European Union on potential retaliatory trade measures, while NATO Secretary General Mark Rutte met Danish and Greenlandic officials to discuss proposals to strengthen Arctic security. (CNN)

INDUSTRY
Indonesia Targeted IDR 134 tn Minerba PNBP in 2026 amid Production Cuts
Indonesia set a 2026 PNBP target from the mineral and coal (minerba) sector at IDR 134 tn, up from IDR 124.7 tn in 2025, despite planned production cuts for key commodities, notably coal and nickel. Industry groups flagged the target as ambitious, given coal output is targeted to fall to 600 mn tons in 2026 (vs 790 mn tons realized in 2025) and nickel ore production is expected at only 250 260 mn tons, below smelter feedstock needs of >300 mn tons. While the govt. is optimistic that higher minerba prices could offset lower volumes, Perhapi and Pushep cautioned that reduced production would directly pressure royalties and production levies, especially if prices fail to rise sufficiently. (Kontan)

COMPANY
BCAS: ACES IJ - Softer Dec-25 SSSG, Despite Strong AZKO-led Expansion in FY25
- ACES recorded Dec-25 SSSG of –9.9% YoY (vs Nov-25; –5.2% YoY; Dec-24; +7.0% YoY), remaining subdued due to a high base last year. 11M25 SSSG stood at –4.4% YoY.
- Dec-25 gross sales reached IDR 884 bn (+22.1% MoM; –3.0% YoY), lifting 12M25 cumulative sales to IDR 8.7 tn (+1.9% YoY). The MoM improvement was primarily driven by year-end seasonal and travel-related categories, while YoY performance remained pressured by last year’s high base.
- In FY25, the Co successfully opened 27 AZKO stores, in line with its target, mostly concentrated in ex-Java and Java ex-Jakarta areas. Meanwhile, the Co also opened 10 NEKA stores in FY25, all located in the Greater Jakarta area. FY25 sales growth was mainly driven by new store openings, while the early Jan-26 run-rate shows an initial positive sign of SSSG and sales growth. This reinforces our view that AZKO’s expansion strategy should continue to support top-line growth going forward.

Fixed Income Daily Notes 22January 2026

Fixed Income Daily Notes 22January 2026

Fixed Income

22 January 2026 - 08.31am

Fixed Income Daily Notes 22January 2026

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Indonesia Held Policy Rate at 4.75% in Jan-26

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Indonesia Targeted IDR 134 tn Minerba PNBP in 2026 amid Production Cuts

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Fixed Income Daily Notes 21 January 2026