Indonesia Signed Free Trade Deal with Eurasian Economic Union Amid US Tariffs

MACROECONOMY 

China Imposed Up to 42.7% Provisional Tariffs on EU Dairy Products 
China imposed provisional anti-subsidy import tariffs ranging from 21.9% to 42.7% on selected dairy products from the EU, effective 23-Dec-25, following the preliminary findings of its investigation, widely seen as retaliation against the bloc’s EV tariffs. Most exporters will face duties of around 30%, covering products such as milk and cheese, while the measures remain temporary pending a final ruling and follow earlier tariff actions on EU pork and brandy. The move comes as China seeks to shield domestic dairy producers amid oversupply and weak demand, with affected EU dairy imports valued at USD 589 mn in 2024. (Reuters)

Indonesia Signed Free Trade Deal with Eurasian Economic Union Amid US Tariffs 
Indonesia signed a free trade agreement with the Eurasian Economic Union on 22-Dec-25 in St. Petersburg, covering tariff elimination on over 90% of goods trade with members including Russia, Kazakhstan, Belarus, Armenia, and Kyrgyzstan, aimed at cushioning Indonesia against rising US protectionism under President Donald Trump. The pact is expected to improve market access, strengthen supply chains, and support cooperation in energy transition and digital economy, with total Indonesia–EAEU trade standing at c. USD 4.5 bn in 2024, dominated by palm oil exports. The agreement remains subject to ratification and is targeted to enter into force in 4Q26 or 2027. (Jakarta Globe)

Indonesia Priority Programs Reached 81.2% Budget Realization as of Nov-25

Realization of central govt. Priority Programs reached IDR 752.7 tn as of Nov-25, equivalent to 81.2% of the full-year budget ceiling of IDR 927.2 tn, reflecting accelerated execution of social spending, purchasing-power protection, and price-stabilization measures. The Free Nutritious Meal Program absorbed IDR 52.9 tn (74.6% of budget) benefiting 50.7 mn recipients, while free health checks, tuberculosis screening, and the revitalization of 32 hospitals reached IDR 6.0 tn (64%) covering 69.6 mn participants. Social protection programs recorded high utilization, including PKH at IDR 28.1 tn (98%), KIP and scholarships at IDR 25.3 tn (91%), BPNT at IDR 41.7 tn (95%), PBI JKN at IDR 44.8 tn (96%), and temporary cash assistance (BLTS Kesra) at IDR 25.3 tn (80%). On price and production stabilization, energy subsidies and compensation totaled IDR 345.1 tn (72.6%), non-energy subsidies reached IDR 72.4 tn (69%), and Bulog food reserves were fully realized at 100%, underscoring APBN’s role in sustaining household purchasing power and economic resilience toward year-end. (Bloomberg Technoz)

COMPANY 

Bank Mandiri (BMRI) Distributed IDR 100/sh Interim Dividend 

BMRI distributed interim cash dividend of c. IDR 9.0–9.33 tn, equivalent to IDR 100/sh for FY25, implying dividend yield of c. 1.9%. The schedule is as follows: 
- Cum Dividend (Regular & Negotiation Market): 05-Jan-26 
- Ex Dividend (Regular & Negotiation Market): 06-Jan-26 
- Cum Dividend (Cash Market): 07-Jan-26 - Ex Dividend (Cash Market): 08-Jan-26 
- Recording Date: 07-Jan-26 
- Payment Date: 14-Jan-26 
(Kontan) 

Semen Indonesia (SMGR) Adjusted Articles of Association at EGM 
SMGR’s Extraordinary General Meeting of Shareholders on 22-Dec-25 approved amendments to the articles of association and delegated authority to the Board of Commissioners, with written approval from Series B shareholders, to endorse the FY26 work plan and budget (RKAP), including future revisions. The decision strengthened flexibility in strategic decision-making, supporting SMGR’s ongoing transformation amid a challenging cement industry through cost efficiency and portfolio optimization across export and regional markets. The co. reiterated its focus on three priorities, micro-market management, cost efficiency, and expansion of green cement and sustainable solutions. (Kontan) 

Indofarma (INAF) Awaited Danantara Funding for Turnaround 
INAF is still awaiting funding approval from Danantara as part of its recovery plan and balance sheet strengthening, with the proposal coordinated through the holding and currently under review. Management stated all required submissions, including business plan, product portfolio, and market certainty, have been delivered to support the restructuring process under the homologation agreement. The potential funding is expected to accelerate operational recovery and support INAF’s 112% revenue growth target in 2026. (Kontan) 

Janu Putra Sejahtera (AYAM) Planned GPS Imports from the U.S. and New Zealand in 2026 
AYAM planned to increase Grandparent Stock (GPS) imports from the U.S. and New Zealand in 2026 to support rising poultry demand, driven by the govt.’s Makan Bergizi Gratis program and improved live bird price stability. Management targeted up to a threefold increase in GPS supply following two import rounds in 2025, supported by 60,000-head physical capacity with 30,000 head optimal operational limits under strict biosecurity and rotation standards. (Kontan) 

Perintis Triniti Properti (TRIN) Prepared Three New Growth Engines in 2026 
TRIN announced a strategic business transformation by expanding into three new sectors, logistic parks, data centers, and ultra luxury hospitality, starting in 2026 to strengthen long-term growth and lift recurring income contribution. The move is supported by the appointment of Rahayu Saraswati Djojohadikusumo as strategic partner and President Commissioner, with initial project execution targeted from 1Q26 following technical, commercial, and operational preparation. (Emitennews)

Cakra Buana Resources (CBRE) Approved Up to 48 bn Share Rights Issue 
CBRE secured shareholder approval at the EGM on 18-Dec-25 to conduct a rights issue of up to 48 bn new shares with a nominal value of IDR 25/sh, aimed at strengthening capital structure and funding debt repayment, working capital, and fleet expansion (capex). Proceeds will partly be used to convert debts into equity, covering promissory notes as of 31-Oct-25 with Hilong Shipping Holding Limited (USD 25 mn), Yafin Tandiono Tan (USD 11 mn), Saga Investama Sedaya (USD 12.5 mn), and Superkrane Mitra Utama (USD 6.5 mn), following conversion notices received on 10-Nov-25. (Emitennews) 

Pelayaran Nasional Ekalya Purnamasari (ELPI) Secured IDR 2.39 tn Long-Term Contract from Genting Group 
ELPI secured a long-term marine fleet charter contract worth up to IDR 2.39 tn to support the Genting FLNG project in Teluk Bintuni, Papua Barat, with a charter tenor of up to 18 years, following an estimated 18-month vessel preparation period. Under the contract, ELPI will deploy six vessels, including crew, pilot, OSV, and multi-purpose tug boats, with funding sourced from internal cash and bank loans. Management expects the contract to provide long-term revenue visibility and strengthen ELPI’s oil and gas shipping portfolio, subject to fulfillment of conditions precedent and fleet utilization. (Kontan) 

Venteny Fortuna International (VTNY) Secured USD 5 mn Capital Injection to Support Business Expansion 
VTNY received a USD 5 mn capital injection from Symbiotics to accelerate B2B financial services expansion, strengthen operational and technology capabilities, and broaden market reach, with a strategic focus on UMKM and corporate clients. Management stated the funding will support prudent growth in 2026, prioritizing efficiency, strong financial governance, and scalable digital financial solutions to deepen financial inclusion and deliver measurable economic impact. (Kontan)