Trump Announced 20% Tariff Deal with Vietnam, Below Initially Threatened 46% Rate

MACROECONOMY 
Trump Announced 20% Tariff Deal with Vietnam, Below Initially Threatened 46% 
Rate Donald Trump announced he has reached a trade agreement with Vietnam that will impose a 20% tariff on many Vietnamese exports, significantly lower than the previously threatened 46% rate set to take effect 09 Jul. Vietnamese goods will face the 20% levy while trans-shipments from 3rd countries through Vietnam will be hit with a 40% tariff, aimed at products largely made in China but labeled "Made in Vietnam." In exchange, Vietnam can import U.S. products with zero percent tariffs and has committed to providing preferential market access for American goods. (Reuters) 

China Central Bank (PBOC) Signals Easing Ahead Amid Stronger Outlook 
PBOC's Q2 policy meeting on 23 Jun-25 reaffirmed a moderately loose stance with stronger counter-cyclical support, though without directly mentioning further rate or RRR cuts. Analysts expect a Q3 stimulus package with potential 20–30 bps rate cuts and 50 bps reserve requirement ratio (RRR) easing. The tone was more upbeat than Q1, citing improved consumption, infrastructure, and exports, while policy focus remains on lowering financing costs to support growth. (中国财经)

COMPANY 
BCAS: TOWR - Rights Issue Schedule 
TOWR announces the rights issue details as follow: 
- Issuance of 8.1 billion new shares (16.1% of current outstanding shares) 
- Ratio of 619 old shares : 100 new shares 
- Exercise price IDR 680 
- Total issuance value IDR 5.5tn 
- Risk of dilution: max of 13.9% 
- Cum rights: 8 July 2025 
- Trading and exercises of rights : 14-18 July, 2025 
- Standby buyer – Dwimuria Investama Andalan 
- Usage of new funds: increase share ownership in Protelindo 
Our view: Equity fundraising is necessary as TOWR's debt service ratio has approached the covenant limit (net debt to Current EBITDA = not more than 5x). TOWR's net debt to EBITDA currently stands at 4.7x. Following the rights issue, TOWR's net debt to EBITDA is expected to decline to 4.2x. 

Total Bangun Persada (TOTL) Secured IDR 2.49 Tn New Contracts in 1H25 
TOTL secured IDR 2.49 tn worth of new contracts in 1H25, or 49.75% of its FY25 target of IDR 5 tn. The contracts span industrial buildings, education, offices, hotels, data centers, and others. As of early 2H25, TOTL is pursuing tenders in the pipeline totaling IDR 12.58 tn. (Kontan) 

Aneka Tambang (ANTM) to Benefit from Integrated EV Battery Ecosystem Project 
ANTM is set to gain from the development of the Integrated EV Battery Industry Ecosystem project in Karawang, West Java. The project, a collaboration between ANTM, Indonesia Battery Corporation (IBC), and China's Ningbo Contemporary Brunp Lygend (CBL), will source semi-finished nickel from ANTM's East Halmahera mine. The materials will be processed into EV battery cells at the Karawang plant, initially targeting 6.9 GWh capacity (Phase 1) and scaling to 15 GWh within five years. Targeted to operate by 2026, the facility will serve both domestic and export markets. (Emitennews)