FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

MARKET NEWS

MACROECONOMY

Indonesia and U.S. Negotiating Tariff Exemptions for Seven Key Commodities Indonesia and the U.S. are still negotiating tariff exemptions for seven Indonesian commodities—including palm oil, coffee, cocoa, spices, nickel, and aircraft parts—despite the 19% reciprocal tariff imposed on Indonesian goods. An official said these products aren’t produced in the U.S., making Indonesia confident they will secure duty-free access. (Bisnis)

 

SECTOR

Commodity Price Daily Update July 18, 2025

Telco: Government Confirms No Plans to Restrict WhatsApp VoIP Calls

Indonesia’s Minister of Communication and Digital, Meutya Hafid, confirmed that the government has no plans to restrict internet-based voice and video call services (VoIP), including WhatsApp Call. The proposal has never been discussed in any policymaking forum, nor has it ever been part of the ministry’s official agenda. (CNBC)

 

CORPORATE

HRTA Targets Double-Digit Gold Sales Growth in 2H25

HRTA expects double-digit gold sales growth in 2H25, supported by rising global gold prices projected to reach US$3,700/oz amid geopolitical tensions and inflation. Although mass-market jewelry sales face pressure from weak purchasing power, HRTA remains optimistic as gold remains a trusted hedge and store of value. Bullion bars, contributing 90% of sales, are expected to sustain strong performance. HRTA continues to expand its retail network and strengthen partnerships to support its growth targets. (Kontan)

 

INCO Cuts 2025 Capex to US$540mn Amid Efficiency Drive

INCO has reduced its 2025 capital expenditure target from US$600mn to approximately US$540mn, driven by internal project improvements and efficiency efforts in response to declining nickel prices. The company has already spent US$150mn in 1H25 and continues to implement cost-saving measures initiated in late 2024 to maintain financial resilience. (Bisnis)

 

MTEL to Launch Rp1tr Share Buyback Pending Shareholders' Approval

MTEL plans to initiate a share buyback program worth up to Rp1tr, pending approval from its Extraordinary General Meeting of Shareholders (EGMS) scheduled for August 26, 2025. The buyback is expected to cover around 4.12% of the company’s total issued and fully paid-up capital. (Bisnis)

 

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