FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

MARKET NEWS

MACROECONOMY

China’s Trade Surplus Narrowed Sharply to US$51bn in Mar26

China’s trade surplus narrowed sharply to US$51bn in March 2026, the smallest in over a year, as imports surged and export growth slowed. Exports rose just 2.5% yoy, missing expectations after February’s spike, largely due to seasonal distortions and a high base. Meanwhile, imports jumped nearly 28%, the fastest pace since late 2021, driven by stronger demand for resources and high-tech goods such as semiconductors. The data reflects disruptions from the Iran conflict, which has rattled global energy markets and added volatility to trade flows. (Bloomberg)

 

SECTOR

Commodity Price Daily Update Apr 14, 2026

 

 

Indonesian Government Revises HPM Guidelines for Nickel and Bauxite

The government has officially revised the guidelines for determining Mineral Benchmark Prices (HPM) for nickel and bauxite as part of efforts to adjust to global market dynamics and optimize state revenue. The policy is stipulated in Ministerial Decree of ESDM No. 144/2026, amending the previous regulation on HPM calculation. The new rules, effective 15 April 2026, include changes to the pricing formula and unit of measurement used in HPM calculations. The Director General of Mineral and Coal stated that the revision was implemented in response to global commodity price volatility. (Kontan)

 

CORPORATE

AADI to Divest 47.99% Stake in Kestrel for US$2.4bn

AADI, through Adaro Capital Limited (ACL), plans to divest 720,000 shares representing 47.99% ownership in Kestrel Coal Group Pty Ltd, a metallurgical coal mining company in Queensland, Australia, to a third party for a total transaction value of US$2.4bn (approximately Rp41.14tr). Based on the sale and purchase agreement signed on 14 April 2026, ACL will also sell its warrants in Kestrel as part of the transaction. (Kontan)

 

INTP Plans Rp750bn Share Buyback

INTP plans to conduct a share buyback of up to Rp750bn, subject to shareholder approval at an EGMS scheduled on 21 May 2026. The buyback period is set to run from 22 May 2026 to 21 May 2027. Management stated that the buyback is intended to address current market conditions, noting that the company’s shares are considered undervalued and that the company is in a net-cash position. (Emiten News)

 

PGEO Secures Tariff Agreement for Lahendong Bottoming Unit Project

PGEO has agreed with PT PLN Indonesia Power and PT PLN (Persero) on tariffs for the 15 MW Lahendong Bottoming Unit geothermal project, enabling it to advance under the IPP scheme. The project uses bottoming cycle technology to convert residual heat into electricity and is targeted to begin operations by 2028, supporting Indonesia’s clean energy expansion. (Emiten News)

 

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