Indonesia Manufacturing PMI Slipped to 50.4 in Sep-25

MACROECONOMY
Indonesia Manufacturing PMI Slipped to 50.4 in Sep-25 
Indonesia's Manufacturing PMI stood at 50.4 in Sep-25 (vs Aug-25; 51.5), marking a slowdown but still indicating expansion for the second consecutive month. The index averaged 50.08 since 2012, with an all-time high of 57.2 in Oct-21 and a record low of 27.5 in Apr-20. (Trading Economics)

COMPANY 
BCAS: ERAA IJ - Aug-25 SSSG Positive, ERAL Sustained Strong Momentum 

- ERAA booked Aug-25 SSSG at +3.0%, bringing 8M25 to -1.5% (vs -3.1% in 1H25). ERAL maintained strong momentum with +9.2% SSSG, lifting 8M25 to +14.8%. 
- ERAA's sales were supported by iBox 20th Anniversary and Festival Belanja Erafone, while ERAL momentum will be reinforced by the Urban Republic Festival in Sep-25. 
- As of Aug-25 the Co. expanded its retail footprint with 33 new stores across multiple segments — Digital (21), International Business (2), Active Lifestyle (6), and F&B (4), bringing total stores to 2,189 as of Aug-25. We believe the expansion is essential to support future growth.

Solusi Sinergi Digital (WIFI) Establishes New Subsidiary 
WIFI set up a new subsidiary, PT Solusi Sinergi Borneo (SSB), on 29 Sep-25, headquartered in Pontianak. SSB will operate as an Internet Service Provider and engage in telecom equipment and general trading. Ownership is split between WIFI (70%) and PT Sinergi Integrasi Borneo (30%). The co. said the move will support business expansion and group growth, with no material impact on operations. (Company) 

Darma Henwa (DEWA) Extends IDR 260 bn Syndicated Loan Tenor to 2027 
DEWA signed a second amendment on 29 Sep-25 with BCA, Bank Papua, Bank Sulteng, JTrust, OKE, Woori Saudara, BPD Sulselbar, Neo Commerce, and BPD Kaltimtara as creditors for its IDR 260 bn Time Loan Revolving facility. The co. extended the tenor from 24 months to 36 months, now maturing on 31 Jul-27, with no material impact on operations, legal matters, or business continuity. (Kontan)