US ISM Manufacturing PMI Rose to 48.7 in Aug-25

 

MACROECONOMY
US ISM Manufacturing PMI Rose to 48.7 in Aug-25

US ISM manufacturing PMI rose to 48.7 in Aug-25 (vs Jul-25; 48.0), but remained below the 49.0 consensus, marking a sixth straight month of contraction. The rise was supported by a rebound in new orders (51.4 vs 47.1), though production fell (47.8 vs 51.4) and employment continued to contract (43.8 vs 43.4). Input price inflation eased slightly to 63.7 (vs 64.8), while respondents cited tariffs as a key drag on costs, supply chains, and competitiveness. (Trading Economics)

INDUSTRY
The Government Removed Tipping Fee Scheme for Waste-to-Energy (PLTSa) Projects
The Govt. removed the tipping fee scheme in revised regulations for PLTSa, which PLN Indonesia Power said will raise feed-in tariffs and potentially increase electricity subsidies and compensation. Existing contracted PLTSa projects, such as Legok Nangka, will still receive tipping fees under transitional provisions. (Kontan)

COMPANY
BCAS: PANI IJ - Another Right Issuance Is Coming
Pantai Indah Kapuk Dua (PANI) is raising IDR 16.7trn via PMHMETD III by issuing up to 1.21bn new shares. The fund will be used to increase stake at CBDK to above 90%, which expands PANI effective landbank by c.265 ha with estimate price IDR6m per sqm. Our View: Very positive on PANI, it will change the NAV calculation and unlock new value.

Jasa Marga (JSMR) Accelerated Probowangi Toll Road to 87.4% Construction Progress
By 17 Aug-25, JSMR had reached 87.4 % overall completion for the IDR 10.8 tn Probolinggo–Banyuwangi (Probowangi) toll road. Stage- 1 Gending–Besuki section is 100 % complete, Gending–Kraksan at 90.6 %, and Paiton–Besuki at 81.0 %. The project is expected to unlock connectivity to industrial hubs, ports, and tourist destinations in East Java while absorbing up to 30 % local labor. (Kontan)