FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
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Telco: 3Q25 Preview: Weak Pricing Signals Point to Potential Earnings Downside Risk (OVERWEIGHT) · Our price tracker suggests limited yield recovery, led by ISAT’s weakness, flattish in TLKM, and mixed across EXCL’s three brands. · We see potential downside to EBITDA, with ISAT facing the highest risk, while TLKM’s muted 3Q25 outlook appears largely anticipated. · We maintain Overweight on Telco, expecting pricing recovery to follow improving consumer spending and a softer competitive landscape. To see the full version of this report, please click here
To see the full version of this snapshoot, please click here
MARKET NEWS |
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MACROECONOMY
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Bank Indonesia Kept the Policy Rate Unchanged at 4.75% in Oct25 Bank Indonesia kept the policy rate unchanged at 4.75% in Oct25, against market expectations of a 25bps cut, after five reductions totaling 125bps this year. The decision aims to maintain rupiah stability and keep inflation within the 2.5% ± 1% target amid global uncertainty. BI continued liquidity expansion through lower SRBI holdings and secondary bond purchases worth Rp268.36tr Ytd, while projecting 2025 GDP growth slightly above the mid-point of the 4.6–5.4% range and improving further in 2026. (Bank Indonesia)
Bank Indonesia Introduces New Liquidity Incentive Scheme to Boost Lending Bank Indonesia launched a new forward-looking Macro-prudential Liquidity Incentive (KLM), effective per Dec25, to accelerate rate transmission and stimulate lending. The scheme provides banks with up to 5% of deposits in incentives for expanding credit to priority sectors (lending channel) and an additional 0.5% for promptly aligning lending rates with BI’s policy rate (interest rate channel). Bank credit grew 7.7% yoy in September, driven by investment loans (+15.2%) but weighed by sluggish working capital and MSME credit amid weak corporate demand and relatively high lending rates. BI projects 2025 credit growth near the lower end of its 8–11% range. (Bank Indonesia) |
SECTOR
Commodity Price Daily Update October 22, 2025
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Indonesian Government Allocates Rp20tr for National Health Insurance Premium Amnesty
The government has allocated around Rp20tr to fund the amnesty program for unpaid premiums under the National Health Insurance (BPJS Kesehatan). According to BPJS, the amnesty will target low-income and vulnerable groups listed in the National Socioeconomic Data Registry. The coverage will include arrears of up to 24 months. (Kontan)
CORPORATE
AUTO Appoints New Independent Commissioner
AUTO announced that its EGMS on October 20, 2025, approved the appointment of Djangkep Budhi Santoso as Independent Commissioner, serving until the 2027 AGM. The meeting resulted in an updated Board of Commissioners composition without any changes to the Board of Directors, with Hamdani Dzulkarnaen Salim remaining as President Director. (Emiten News)
DOID to Issue Up to US$500mn Global Bonds
DOID, via its subsidiary BUMA, plans to issue up to US$500mn in global bonds listed on the SGX-ST. The material transaction, equal to 495.66% of total equity, requires shareholder approval at the November 27, 2025 meeting and aims to strengthen capital structure and support BUMA’s expansion. (Emiten News)
MEDC Signs Rp3tr Intercompany Loan Agreements
MEDC signed two interest-free intercompany loan agreements totaling Rp3tr with its subsidiaries on October 20, 2025. The loans—Rp1.5tr each—were granted by MEDC to PT Medco LNG Indonesia (MLI) and by MLI to PT Satria Raksa Buminusa (SRB), both valid until October 27, 2032. (IDX)
WIFI Partners with Qualcomm for Affordable Broadband Project
WIFI signed a multi-year deal with Qualcomm to use the Dragonwing™ FWA platform for its Affordable Broadband Project, aiming to reach 25mn households in five years and expand broadband access across underserved areas in Indonesia. (Emiten News)
