Indonesia Loan Growth Eased to 7.36% YoY in Oct-25

MACROECONOMY 
Indonesia Loan Growth Eased to 7.36% YoY in Oct-25 
Indonesia’s loan growth slowed to 7.36% YoY in Oct-25 (vs Sep-25; 7.7%), the lowest since Jul-25, reflecting weaker purchasing power, a shrinking middle class, and more cautious bank lending. Undisbursed loan facilities reached IDR 2,450.7 tn, or 22.97% oftotal approved credit limits, signaling subdued credit demand as businesses delay expansion, rely more on internal funding, and face relatively high lending rates. Full-year 2025 loan growth is expected at the lower end of the 8–11% target, with stronger recovery projected in 2026. (Trading Economics) 

COMPANY 
Astra International (ASII) Completed Management Reshuffle at 19-Nov EGM 
ASII finalized a major management reshuffle at its 19-Nov EGM, accepting the resignations of John Raymond Witt and Hsu Hai Yeh from the Board of Commissioners and Chiew Sin Cheok from the Board of Directors. The company appointed Lincoln Lin Feng Pan and Lee Liang Whye as Commissioners and reappointed Hsu Hai Yeh as Director, effective post-meeting, with management expressing appreciation for outgoing members. (Emitennews) 

Sampoerna Strategic Group Sold 65.7% Stake in Sampoerna Agro (SGRO) to POSCO Unit 
Twinwood, vehicle of Sampoerna Strategic Group, sold its entire 65.721% stake in SGRO to AGPA Pte Ltd, subsidiary of POSCO International, marking a full ownership transfer to the Korean conglomerate. Management said POSCO is the most suitable successor to sustain SGRO’s positive performance, while Sampoerna will refocus resources on existing businesses and explore new sectors. (Investor Daily) 

Alamtri Minerals (ADMR) Operated First-Phase Aluminium Smelter at End-2025 
ADMR’s subsidiary KAI began operating first-phase pots of its aluminium smelter at end-2025, targeting initial capacity up to 500,000 ton/year with staged ramp-up toward 1.5 mn ton/year by 2027 (ADMR). The project will supply domestic and export markets, but economics depend on green power availability and potential gas-price support (HGBT at USD 6–7/MMBTU vs commercial USD 12– 14/MMBTU). (Kontan)