US Factory Orders Tumbled 4.8% in Jun-25

RESEARCH REPORT
INKP – Not this time
• 2Q25 Results: Performance Pressured, Below Ours and Cons
• Pulp and Paper Market Loses Grip, Amid Weak Global Demand
• Pulp Pressure, Forecasts Trimmed
• Maintain BUY with Lowered TP of IDR 8,700/sh
(Please refer to our report here)


MACROECONOMY
US Factory Orders Tumbled 4.8% in Jun-25

New orders for US manufactured goods fell 4.8 % MoM in Jun-25, the sharpest drop since the 14 % collapse in Apr-20 and in line with the 4.9 % decline expected. The pullback was driven by a 22.4 % plunge in transportation equipment that reversed May’s 48.5 % surge, as civilian aircraft orders sank 51.8 % after rocketing 231.6 %. Orders for ships and boats slid 20.0 %. Outside transport, modest gains were seen in primary metals (+0.6 %), fabricated metals (+0.1 %), machinery (+0.3 %), computers & electronics (+0.6 %), and electrical equipment (+0.1 %). (Trading Economics)


INDUSTRY
Govt. Starts Second Phase of IKN Project Tender
The Govt. is set to begin the second phase of construction tenders for the IKN project starting Aug-25, focusing on the Legislative and Judicial zones with a budget of IDR 48.8 tn through 2028. This phase includes building offices, housing, roads, and supporting ecosystems. In 2025 alone, IDR 14.4 tn is allocated, with additional funds planned for the following years. (Kontan)



COMPANY
Bank Mandiri (BMRI) Reshuffled BOD and BOC to Support Long-Term Transformation
BMRI held an EGM on 04 Aug-25 approving changes to its board of directors and commissioners as part of its strategic governance reinforcement. Riduan appointed as President Director, Henry Panjaitan as Deputy President Director, and Kuswiyoto as President Commissioner. (Emitennews)