Indonesia Manufacturing PMI Increased to 52.4 in Sep-26

Indonesia’s S&P Global Manufacturing PMI rose to 52.4 in Sep-26 from 49.8 in Aug-26, marking the highest reading since Feb-26. The latest reading also moved further above the 50.0 threshold separating expansion from contraction. (Trading Economics)

BCAS: JPFA IJ – Divested PT Vaksindo Satwa Nusantara to Parent Japfa Pte. Ltd. & Bionovus

JPFA and its subsidiary PT Ciomas Adisatwa divested 100% stake (31,000 shares) in PT Vaksindo Satwa Nusantara (VSN) including trademarks VAKSINDO, VAKSIMUNE & VITAKUR to Japfa Pte. Ltd. and Bionovus Pte. Ltd. (both affiliates) for IDR 1.81 tn, effective 29 Sep-26. Transaction value at 8.47% of consolidated equity per 30 Jun-26, classified as affiliated (not material) under POJK 42/2020, no independent GMS required. Independent appraiser KJPP RSR valued VSN at IDR 1.81 tn (DCF + GPTC, cut-off 30 Jun-26) and deemed the transaction fair. Net proceeds earmarked for JPFA's core segments: feed milling, integrated poultry & aquaculture, and downstream processing. (Company)

Comment: Net positive for JPFA. VSN stays within Japfa Group so vaccine supply to The Co. continues on substantially similar terms, only ownership changes. Going forward, VSN's expansion (primarily outside Indonesia) won't be funded by JPFA, freeing up capital for core segments while pocketing IDR 1.81 tn in fresh proceeds for capex.

Telkom Indonesia (TLKM) Completed InfraCo Spin-Off and Management Changes

TLKM’s independent shareholders approved the spin-off of its wholesale fiber connectivity business to InfraNexia at the 30 Sep-26 EGM. More than 90% of network infrastructure assets, covering 112,000 km of fiber optic networks including 26,000 km of domestic submarine cables, will be transferred, with a transaction value of IDR 85.7 tn. The EGM also approved management changes, with Nanang Hendarno appointed President Director, alongside new directors for Network, Wholesale & International Service, and IT Digital. (Company)

Dian Swastatika Sentosa (DSSA) Recorded USD 174.35 mn Net Profit, Up 79.5% YoY in 1H26

DSSA recorded revenue of USD 1.77 bn in 1H26, up 34% YoY from USD 1.32 bn, mainly driven by coal mining and trading revenue, which increased to USD 1.53 bn from USD 1.18 bn. Revenue from cable TV and internet services also increased to USD 170.49 mn from USD 87.15 mn. Gross profit rose 34% YoY to USD 641.23 mn, while net profit attributable to owners of the parent increased 79.5% YoY to USD 174.35 mn from USD 97.08 mn. As of 30 Jun-26, total assets stood at USD 6.07 bn, while liabilities increased to USD 3.02 bn from USD 2.15 bn as of 31 Dec-25, mainly due to long-term bank borrowings. (Investor.id)

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

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12 November 2025 - 07.56am

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

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Fixed Income Daily Notes 1 Oct 2026

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Indonesia Manufacturing PMI Increased to 52.4 in Sep-26

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