PBOC Maintains Loan Prime Rate

MACROECONOMY
PBOC Maintains Loan Prime Rate
PBOC is expected to keep its one-year and five-year loan prime rates unchanged this month, marking three consecutive months without change. Weakening economic momentum led the central bank to prioritize structural policies for specific sectors over broad monetary easing. The ongoing anti-involution campaign aims to curb industrial overcapacity and ease deflationary pressure. (Reuters)

INDUSTRY
Gas Supply Disruption Widens, Industry Warns of Impact
Gas supply cuts by PGN from 13–31 Aug-25 have reduced allocation to HGBT recipients by 48%, hitting ceramics, glass, and galvanizing industries. Rising LNG regasification surcharges and price hikes worsen the burden, with some plants forced to cut utilization to 50– 70%. The Industry Ministry formed an HGBT Crisis Center to address complaints and ensure gas supply stability. (Kontan)
Indonesia To Eye Shadow Economy to Lift 2026 Tax Revenue
The Finance Ministry targets IDR 2,357.7 tn in 2026, focusing on retail, F&B, gold, and fisheries. Measures include canvassing unregistered taxpayers, digital VAT collection, and strengthening data through CTAS and OSS BKPM. Minister Sri Mulyani stressed reforms and accurate enforcement over extreme measures. (Investor.id)

COMPANY
BCAS: SILO IJ - 2Q25 Earnings Below Ours/Cons

• 2Q25 Core Profit recorded at IDR211bn (-14.3% QoQ; -34.5% YoY), below ours/cons at 43%/33%. Profitability margin decreased with
  increased depreciation, drugs and salary cost.
• 2Q25 revenue recorded flattish at IDR3.0tn (+1.0% QoQ; +2.6% YoY). Negative growth observed for IP adm by -6.2% YoY, while OP
  visit slightly up by +1.1%. ASP increased for IP/OP by +0.4%/+8.7% YoY. Occupancy Rate flattish QoQ at 62.2%.

The top-line and bottom-line are below ours and cons, overall 1H were affected by seasonality and deliberate risk management for the transformation program. More information to follow post earnings call tomorrow.

Mitra Keluarga Karyasehat (MIKA) Targets Positive Profit Growth in 2025
As of Jun-25, MIKA booked net profit of IDR 683.63 bn (+5.98% YoY) supported by revenue growth of 4.52% YoY to IDR 2.66 tn. Expansion included opening its 31st hospital in Cirebon and plans for the 32nd in East Java by Nov-25, with two more set for 2026. MIKA allocated up to IDR 1 tn capex for 2025, with IDR 359 bn spent in 1H25. (Kontan)

Pakuwon Jati (PWON) Starts Construction of Pakuwon Mall Semarang
PWON, through PT Pakuwon Permai, began groundwork for Pakuwon Mall Semarang, the first phase of its superblock project, targeting operation in 2029. The IDR 5.6 tn project covers 12.7 ha, featuring a 134,000 m² NLA shopping mall, hotels, convention facilities, and large parking capacity, aiming to boost recurring income and local economic growth. (Kontan)

Indocement (INTP) & Modula Tiga Dimensi (Modula3D) Launched Collaboration
INTP partnered with Modula3D, a subsidiary of Bakrie & Brothers (BNBR), to establish the Indocement Collaborative Hub, a symbolic project marking Indocement’s 50th anniversary. This collaboration aims to usher in a new era of sustainable and innovative construction in Indonesia. (Investor.id)

Wijaya Karya (WIKA) Secured IDR 51.4 Bn Belimbing Irrigation Project
WIKA won a IDR 51.4 bn contract from Angkasa Pura Indonesia for the Belimbing Irrigation Project near Soekarno-Hatta Airport. The scope includes irrigation channels, inspection roads, drainage, box culverts, fencing, intake structures, and road lighting. The project will support local farmers and Indonesia’s food self-sufficiency goals. (CNBC)

Pertamina Geothermal (PGEO) and PLN Indonesia Power Formed Geothermal Consortium
GEO and PLN Indonesia Power agreed to form a consortium to develop geothermal power plants. The partnership covers the Ulubelu Binary Unit (30 MW) in Lampung and the Lahendong Binary Unit (15 MW) in North Sulawesi. Both companies also agreed to explore additional geothermal projects with an indicative capacity of up to 530 MW. (Kontan)

Triputra Agro Persada (TAPG) Reshuffled Board of Directors and Commissioners
In its EGM on 14-Aug-25, TAPG approved changes in its management structure, with shareholders representing 93.86% of voting rights attending. George Oetomo was appointed as President Director, while Budiarto Abadi became Vice President Director, and Toddy Mizaabianto Sugoto as Vice President Commissioner. Tjandra Karya Hermanto moved to Commissioner alongside other appointed members, effective until the 2030 AGM. (Emitennews)

Central Omega Resources (DKFT) to Sell 124.76 Mn Treasury Shares
DKFT will sell all 124,760,725 treasury shares from its past buyback, with Korea Investment and Sekuritas Indonesia appointed as the selling broker. The sale may start five working days after disclosure, limited to 20% of daily volume under POJK No. 29/2023. (Kontan)

MNC Tourism Indonesia (KPIG) Net Profit Fell 24.7% YoY in 1H25
KPIG booked net profit of IDR 108 bn in 2Q25 (+567.8% QoQ, -27.6% YoY), bringing 1H25 net profit to IDR 422 bn (-24.7% YoY). Revenue reached IDR 499 bn in 2Q25 (+7.4% QoQ, +20.1% YoY), lifting 1H25 revenue to IDR 964 bn (+25.6% YoY). Gross profit margin improved to 36.8% in 2Q25 (vs 31.2% in 1Q25 and 35.0% in 2Q24). (Company)

Soho Global Health (SOHO) Appointed Pandy Harianto as Director of Subsidiary Soho Industri Pharmasi (SIP)
SOHO, through a circular shareholders’ resolution dated 18 Aug-25, appointed Pandy Harianto as Director of SIP for a five-year term. The updated board composition now includes five directors and one commissioner, with the co. stating the change has no impact on operations, financials, or business continuity. (Emitennews)

Flip Partners with Bank Aladin Syariah (BANK) to Launch Super Flip
Flip and BANK launched Super Flip, enabling users to upgrade Flip Saldo accounts into sharia savings accounts integrated within the Flip app. The feature targets over 15 mn Flip users, aiming to expand sharia banking access. This marks a new phase in the collaboration announced earlier in 2025. (Kontan)

Sentra Investama Maksima Trimmed Stake in Lavender Bina Candika (BMBL) to 11.3%
Sentra Investama Maksima sold 3 mn BMBL shares at IDR 28–29 on 13-Aug-25, reducing its stake to 116.4 mn shares (11.3%) from 119.4 mn shares (11.59%). Earlier, it had sold 3.2 mn shares at IDR 16 on 9-Jul-25. The transaction was carried out for liquidity purposes.
(Emitennews)

RMK Energy (RMKE) Net Profit Dropped 31.7% YoY in 1H25
RMKE booked net profit of IDR 86.2 bn in 1H25, down 31.7% YoY from IDR 126.2 bn, following a 53.7% YoY decline in revenue to IDR 575.7 bn and weaker gross profit of IDR 146.5 bn. Operating performance was pressured by higher admin expenses, although lower COGS and finance costs partly cushioned the decline. (Emitennews)

Xiaomi (1810 HK) Net Profit Jumped 75.4% YoY in 2Q25
Xiaomi posted revenue of CNY 116 bn (USD 16.2 bn) in 2Q25, up 30.5% YoY and above consensus CNY 114.7 bn, supported by stronger smartphone shipments in Southeast Asia and rising EV sales. Adjusted net profit surged 75.4% YoY to CNY 10.8 bn, while EV unit losses narrowed to CNY 0.3 bn as deliveries reached 81,302 units. (Reuters)