Latest update: 25-11-2025, 02:21
MACROECONOMY
Xi–Trump Summit Expected to Address Tariffs, Soybean Trade, and TikTok Deal
Chinese President Xi Jinping and U.S. President Donald Trump are set to meet in South Korea on Thursday, marking their first in-person meeting since Trump’s return to office in Jan-25. Analysts from ANZ Bank expect the summit to yield partial rollback of the 20% fentanyl-related U.S. tariff imposed in Mar-25, alongside a reciprocal tariff framework lowering duties to 10%. China is also expected to resume U.S. soybean imports, halted after its April retaliation, while both sides are likely to signal progress on the TikTok ownership deal reached in Madrid last month. (SCMP)
Indonesia Agro Industry Recorded IDR 85.05 tn Investment in 1H25
The govt. reported agro-industry investment reached IDR 85.05 tn in 1H25, accounting for 23% of total non-oil and gas manufacturing investment (IDR 366.6 tn), absorbing 9.8 mn workers. Exports from the sector totaled USD 37.4 bn, with imports at USD 10.4 bn, resulting in a USD 26.9 bn trade surplus. Agro industry contributed 52.1% to manufacturing GDP and 8.96% to national GDP, growing 4.99% YoY. (Emitennews)
COMPANY
BCAS: MTEL IJ - 3Q25 net profit slightly below ours and cons' at 71%
- MTEL 3Q25 net profit was -4.5% yoy; below ours and cons' estimate, accounted for 71% of FY25E; NPM was well maintained at 19.6% (flat yoy).
- 3Q25 Revenue declined 4.5% yoy where tower lease -4% yoy. Revenue from Telkomsel dropped 9.4% which usually due to delay on renewal administration process.
- 3Q25 EBITDA margin well maintained at 83.6%; showing excellence cost efficiency.
- Company has not published operational numbers; more details will be provided later after earnings call. Our view: 3Q net profit is typically lowest compared to other quarters; Historically, 9M net profit accounted for 69-72% of full year results. However, 2025 is a challenging year for telcos, directly impacting towers. We may revise down our 2025-26 projection.
