FROM EQUITY RESEARCH DESK

IDEA OF THE DAY

Poultry: There is such a thing as a free lunch (OVERWEIGHT)

• We expect additional 3-5% chicken absorption from MBG in Sep25 to support for LB prices.
• We foresee margin expansion in 3Q25 to be led by higher LB prices, offsetting the higher raw feed material costs.
• Maintain Overweight, with better 2H25 supply-demand outlook, better margins, and higher LB prices as positive catalysts.

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MARKET NEWS

SECTOR

Commodity Price Daily Update September 9, 2025

Indonesia Car Wholesales Down 19% yoy in Aug25

Indonesia’s automotive wholesale car sales reported -19% yoy/+1.5% mom to 61,780 units and retail sales recorded -13.4% yoy/+5.7% mom to 66,478 units, according to Gaikindo.  Cumulatively, 8M25 wholesales fell 10.6% yoy to 500,951 units, while retail sales slipped 10.7% to 522,162 units. Toyota led sales with 161,079 units, followed by Daihatsu (84,702), Mitsubishi Motors (42,873), Honda (42,291), and Suzuki (39,101). Despite the downturn, Gaikindo expressed optimism that economic recovery and upcoming auto exhibitions, including GIIAS in several cities and Gaikindo Jakarta Auto Week (GJAW), will help boost market demand through year-end. (Bisnis)

 

Indonesian Government Reviews EV Motorbike Incentive in 3Q25 Stimulus Package

The Coordinating Ministry for Economic Affairs is reviewing incentives for electric motorbike purchases, with potential inclusion in the 3Q25 economic stimulus package. Technical details and implementation are still under study, alongside preparations for 2026 programs. (Bloomberg)

 

CORPORATE

AKRA Expands Fuel and Chemical Infrastructure to Eastern Indonesia

AKRA is expanding its fuel and chemical infrastructure to reach Eastern Indonesia in 2025, supported by 19 terminals with 904,400 KL capacity, 14 vessels, over 250 tank trucks, and 24/7 digital control systems. The company operates 100 AKR-branded fuel stations. (Investor Daily)

 

DATA Targets 5 million Homepasses

DATA aims to roll out 5mn homepasses within the next two years, with a long-term ambition of reaching 25mn over the next decade. As of August 2025, the company has served around 80k subscribers across 350k homepasses and is targeting 500k subscribers by year-end. (Bisnis)

 

WTON Secures Rp2.53tr in New Contracts by Aug25

WTON secured Rp2.53tr in new contracts by Aug25, dominated by infrastructure (51.8%), followed by industry, power, property, mining, and energy. Most contracts came from the private sector (68.5%), with no government contracts due to spending efficiency. The top 10 clients contributed 42.5% of the total, led by PLN at 11.8%, while others such as Indah Kiat Pulp & Paper and Hutama Karya each contributed single-digit shares, reflecting a well-diversified customer base and reduced reliance on any single project. (Kontan)