Trump Initiated Chip and Pharma Probes Ahead of Tariffs

INDUSTRY
Trump Initiated Chip and Pharma Probes Ahead of Tariffs 
US Govt. launched trade investigations under Section 232 into imports of semiconductors and pharmaceuticals, a key step toward new tariffs. The chip probe includes both legacy and advanced semiconductors, manufacturing equipment, and electronics containing chips. Pharma tariffs may impact finished drugs and ingredients. Trump had recently excluded electronics from 145% duties on China, but these probes signal separate, targeted tariffs ahead. (Bloomberg)

China's Mar-25 Soybean Imports Hit 17-Year Low on Tariffs and Brazil Delays 
China imported 3.5 mn tons (-36.8% YoY) of soybeans in Mar-25, and the lowest for the month since 2008. Jan-Mar 25 imports reached 17.11 mn tons (vs 1Q24: 18.58 mn tons; -7.9%), below expectations. Delays in Brazil's harvest and fears over US tariffs (now at 135%) curbed US-bound shipments, accelerating China's pivot to Brazilian supply. However, 2Q25 imports are expected to rebound to 31.3 mn tons on strong Brazilian harvests. (Brecorder)

BCAS: Poultry - Prices Dipped in Mar-25

- Broiler prices slipped to IDR18.6k/kg in Mar-25 (-2.6% MoM, -16.9% YoY), slightly below COGS at IDR19k/kg, and have stayed at similar 
levels into mid-April. DOC prices also fell sharply to IDR4.5k/bird (-28.3% MoM, -35.4% YoY).
- The price weakness—unusual during the typically strong Ramadhan period—highlights softer-than-expected demand. As a result, 1Q25 
may come in weaker YoY, with broiler prices not breaking above IDR20k/kg during the peak season.
- We view this softness as temporary. The significant FY24 GPS cuts should start tightening supply, and Bappenas' push for individual 
culling may further support market balance.
- While we remain positive on the sector, we expect growth to moderate in FY25.

COMPANY
Bukit Asam (PTBA) Set IDR 7.2 tn Capex for 2025
PTBA allocated IDR 7.2 tn in capex for 2025, mostly to fund the Tanjung Enim–Kramasan coal transport expansion project targeted for completion in 3Q26. The project aims to raise coal transport capacity to 20 mn tons/year. Funding will mainly come from external financing, with the remainder supported by internal cash. With a DER of 0.6x, PTBA sees ample room to raise debt if needed. (Bloomberg Technoz)