FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Macro Strategy: Spotlight Returns To The Domestic Front

• The “Liberation Day Tariff” rolled off provide ST relief, but considerable anomaly in UST yield points to emerging risk factors.
• Narrowing the trade gap with the US could strengthen Indonesia’s position, though key US export still present notable challenges.
• Focus is expected to return to domestic growth trends, with both supply- and demand-side policies likely to provide continued support.

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MARKET NEWS

MACROECONOMY

Indonesia’s FX Reserves Rose by US$2.6bn in Mar25

Indonesia’s FX reserves rose by US$2.6bn to a record high of US$157.1bn in Mar25, despite ongoing pressure on the rupiah. The gain was supported by tax and service revenues and foreign loan withdrawals. (Bank Indonesia)

 

Trump Considers Auto Tariff Exemptions

President Trump is weighing temporary auto tariff exemptions to help carmakers shift production to the US, while his administration moves ahead with trade probes targeting semiconductor and pharmaceutical imports for potential new tariffs. (Bloomberg)

 

SECTOR

Commodity Price Daily Update Apr 14, 2025

Automotive: Indonesia Motorcycle Sales Fell 7.2% yoy in Mar25

Motorcycle sales in Indonesia fell 7.2% yoy to 541,684 units in Mar25 due to weak purchasing power and a new motorcycle tax. Monthly sales also declined 6.8%. AISI may revise its 2025 sales forecast, previously estimated at 6.4– 6.7mn units, to reflect the tax impact and economic conditions. (Trading Economics)

 

Automotive: Indonesia’s Car Sales Decline in 1Q25

Car sales in Indonesia continued to slow at the end of 1Q25, according to Gaikindo. Wholesale car sales fell 2% mom to 70,892 units in Mar25 and dropped 5.1% yoy from 74,720 units. Retail sales also declined 6.8% yoy to 76,582 units, although they rose 9.6% from February. Cumulatively, wholesale sales in the first three months of 2025 fell 4.7% yoy to 205,160 units, while retail sales dropped 8.9% to 210,483 units, reflecting the continued sluggish performance of the national automotive industry since late 2024. (Kompas)

 

CORPORATE

ANTM President Director Purchases Rp598mn in Shares

ANTM President Director purchased 376,500 ANTM shares on April 10, 2025, at Rp1,590/share, totaling Rp598.63mn. The transaction, intended for investment, gives him a 0.0015% stake in the company. (Bisnis)

 

BNGA to Distribute Rp3.91tr in Dividends

BNGA will distribute Rp3.91tr in cash dividends, or 60% of its 2024 net profit, with payment set for May 14, 2025. The recording date is April 25, with cum and ex-dividend dates on April 23–24 (regular/negotiation) and April 25–28 (cash market). (Emiten News)

 

ERAA Sets Rp50bn for Share Buyback

ERAA has allocated up to Rp50bn for a share buyback to address market volatility. The buyback will run from April 14 to July 13, 2025. The company stated it has sufficient funds, and the move will not impact its financial condition. (Emiten News)

 

PGAS Secures Gas Distribution Rights in Batam

PGAS has won the rights to develop the natural gas distribution network in Batam, supporting infrastructure expansion for households, industries, and MSMEs. The project aligns with national priorities and may source gas from Duyung, Anambas, and West Natuna. (Kontan)

 

PTBA Triples 2025 Capex to Rp7.2tr for Coal Transport Project

PTBA has allocated Rp7.2tr in capital expenditure for 2025, a threefold increase from Rp2.3tr in 2024, mainly to fund the Tanjung Enim–Kramasan coal transport project. Around 20% of the funding will come from internal cash and 80% from loans. (Bisnis)