FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Telco: 1H25 OpenSignal Results: Two-Horse Race Intensifies, One Defends, One Advances (OVERWEIGHT)

·         IM3 narrows the download speed gap at 24.2 Mbps, closing in on XL and TSEL; progressively asserting network leadership in non-core regions.

·         TLKM’s lower capex reflects network maturity; XL’s network growth moderates amid merger process.

·         Maintain Overweight; Competitive intensity rising, with ISAT well-positioned through balanced data supply and network capacity.

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MARKET NEWS

  
       
         
             
                   
                       
                         
                         

MACROECONOMY

US NFP Rose 147K in Jun25

US NFP rose 147K in Jun25, mainly due to a jump in public education jobs. However, private sector hiring slowed sharply to 74K, the weakest since October, amid trade policy uncertainty and pending tax legislation. The unemployment rate dipped to 4.1%, as employers continued to avoid layoffs. (Bloomberg)

 

US House Passed Trump’s US$3.4tr Fiscal Package

US House passed Trump’s US$3.4tr fiscal package, extending 2017 tax cuts, cutting social spending, and reversing Biden’s green policies. Though it adds US$3.4tr to the deficit, it averts default by raising the debt ceiling by US$5tr. The cost rose after Senate Republicans made business tax breaks permanent. The bill also boosts defense and immigration spending. (Bloomberg)

 

SECTOR

Commodity Price Daily Update July 3, 2025

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Automotive: Government to Launch Electric Motorcycle Incentives

The government plans to roll out incentives for electric motorcycles starting in August 2025, with a budget allocation of around Rp250bn. The Ministry of Industry confirmed the program has been approved by Finance Minister Sri Mulyani, though details on the number of units or the incentive amount per unit have yet to be disclosed. (Kontan)

 

CORPORATE

AADI Provides US$26mn Loan to Subsidiary PT Pari Coal

AADI has provided a loan of US$26mn to its subsidiary, PT Pari Coal (PC). AADI and PC have signed the Fourth Amendment to the Loan Agreement, which becomes effective on June 30, 2025. The loan carries an interest rate based on the Secured Overnight Financing Rate (SOFR) of 1.9% per annum. (Bisnis)

 

ADMR Injects Rp947.49bn into PT Kalimantan Aluminium Industry

ADMR, through its subsidiary PT Alamtri Indo Aluminium (AIA), has initiated a capital injection of Rp947.49bn into PT Kalimantan Aluminium Industry (KAI). This capital injection is part of ADMR’s strategic plan to develop an aluminum smelter project with an annual production capacity of 500,000 tons of ingot in North Kalimantan. The capital was injected through the subscription of 947,497 new shares issued by KAI, out of a total capital increase of Rp1.45tr, represented by the issuance of 1.5mn new shares. (Emiten News)

 

TLKM Reviews Subsidiaries for Potential Streamlining

TLKM is currently evaluating its subsidiaries and sub-subsidiaries that have shown minimal contribution over the past five years. As part of its business transformation strategy, the company plans to streamline and consolidate underperforming entities to improve efficiency and align with its long-term digital vision. (Bisnis)