Indonesia Motorbike Sales Rose 2.1% YoY in Nov-25

INDUSTRY 
Indonesia Motorbike Sales Rose 2.1% YoY in Nov-25 
Indonesia’s motorbike sales grew 2.1% YoY in Nov-25 (vs Oct-25; +8.4%), marking a fourth consecutive monthly increase, although momentum softened despite cumulative 150 bps BI rate cuts since Sep-24. On a MoM basis, sales fell 11.3% (vs Oct-25; +4.1%), bringing 11M25 volumes to +0.4% YoY. AISI maintained its 2025 sales target of 6.4–6.7 mn units after achieving 6.3 mn units in 2024. (Trading Economics) 

COMPANY 
BCAS: EXCL IJ - Moratel (MORA) Divestment 
XL Smart Telecom (EXCL) divested 18.32% of its Moratel shares at a price of IDR 432 per share, for a total transaction of IDR 1.87 trillion. As of September 25, EXCL recorded its share ownership in MORA at fair value IDR 1.87 trillion (including an unrealized gain on fair value increases of IDR 112.6 billion). Our view: EXCL could realize a gain of IDR 112.6 billion in its 4Q25 resuts, slightly reducing its total net loss. The additional cash from the MORA divestment could support EXCL's capex. We maintain our BUY recommendation at the selling price of IDR 3,300. 

Sumber Alfaria Trijaya (AMRT) Announced Share Buyback Program Worth IDR 1.5 tn 
AMRT approved a share buyback program allocating up to IDR 1.5 tn, equal to a maximum of 650 mn shares, for a period spanning 08 Dec-25 to 06 Mar-26, fully funded by internal cash and capped below 20% of paid-up capital while maintaining minimum 7.5% free float. The co. stated the buyback aims to stabilize AMRT’s share price amid market volatility, strengthen investor confidence, and provide long-term capital management flexibility, with repurchased shares to be held as treasury shares under POJK 29/2023 and POJK 13/2023. (Kontan)