Government Extends 0.5% Final Income Tax for MSMEs until 2029
Coordinating Minister for Economic Affairs Airlangga Hartarto said the govt. is expediting a regulation to extend the 0.5% final income tax (PPh Final) for MSMEs through 2029 via a revision of PP 55/2022. The facility—originally set to expire in 2024—applies to individual or domestic business taxpayers with annual gross turnover below IDR 4.8 bn. (Kontan)

Government Expands PPh 21 Incentive to Tourism Sector Workers
The govt. extended the PPh 21 DTP tax incentive to the hotel, restaurant, and café (Horeka) sector, benefiting 482,000 workers with extra take-home pay of IDR 60,000–400,000 per month. Airlangga Hartarto said IDR 120 bn was allocated for 2025 for 552,000 workers earning up to IDR 10 mn/month for three months, followed by IDR 480 bn in 2026 for a full year. (Kontan)

China Posted 3.4% Retail Sales Growth in Aug-25
China recorded retail sales growth of 3.4% YoY in Aug-25 (vs Jul-25: +3.7%; vs consensus: +3.8%), marking the slowest pace since Nov-24 and the third straight month of deceleration as the boost from the consumer trade-in program faded. Sales growth weakened for grain, oil, and food (+5.8% vs +8.6%), household appliances (+14.3% vs +28.7%), and furniture (+18.6% vs +20.6%). In contrast, clothing (+3.1% vs +1.8%), cultural and office supplies (+14.2% vs +13.8%), and autos (+0.8% vs - 1.5%) showed improvement. For Jan–Aug 25, retail sales rose +4.6% YoY. (Trading Economics)

US Imposed 15% Tariff on Japanese Auto Exports Effective 16 Sep-25
The US began implementing a 15% tariff on automobiles and auto parts from Japan on 16 Sep-25 (vs previous 27.5%), following a trade deal between the two countries. The lower tariff, signed through an executive order by President Donald Trump, applies to passenger vehicles, light trucks, and auto parts imported from Japan. The deal also included Japan’s pledge to create a USD 550 bn investment fund, a key concession that secured the tariff cut, although concerns remain on funding clarity. (Bloomberg)

India’s CPO Imports in Aug-25 Reached Highest Level Since Jul-24
India’s crude palm oil imports surged 15.76% MoM to 990,528 tons in Aug-25, the highest since Jul-24, driven by more competitive prices compared to soybean oil ahead of the festive season. SEA reported total vegetable oil imports rose 4.7% MoM to 1.62 mn tons, while soybean oil imports fell 25.27% to 367,917 tons and sunflower oil imports jumped 28.53% to 257,080 tons. India mainly imports palm oil from Indonesia and Malaysia, while soyoil and sunflower oil are sourced from Argentina, Brazil, Russia, and Ukraine. (Kontan)

BCAS: BBCA IJ - 8M25 Earnings Grew +8.5% YoY
- BBCA Aug-25 net profit reached IDR 4.4 tn (-9.7% MoM; -5.3% YoY), bringing 8M25 net profit to IDR 39.1 tn (+8.5% YoY).
- Net interest income came in at IDR 6.6 tn (-3.5% MoM; -0.4% YoY), totaling IDR 53.1 tn in 8M25 (+5.1% YoY).
- Operating income stood at IDR 8.9 tn in Aug-25 (+1.7% MoM; +5.1% YoY), bringing 8M25 operating income to IDR 71.3 tn (+8.8% YoY).
- PPOP reached IDR 6.1 tn in Aug-25 (-4.0% MoM; +4.2% YoY), translating to IDR 50.7 tn in 8M25 (+11.9% YoY).
- Provision expense surged to IDR 750 bn in Aug-25 (+130.5% MoM; +496.4% YoY), lifting 8M25 provisioning to IDR 2.7 tn (+106.8% YoY).
- Loan growth slowed to +9.3% YoY (Aug-24: +15.6%), while deposit growth accelerated to +5.2% YoY (Aug-24: +4.0%).
- LDR improved to 79.4% (Aug-24: 76.5%), with CASA ratio rising to 83.6% (Aug-24: 82.0%) and NIM stable at 5.8%.

BCAS: Poultry – Aug-25 Prices Rebounded
- In Aug-25, broiler prices rose to IDR18.7k/kg (+2.8% MoM, +5.3% YoY), with continued momentum into mid-Sep-25 reaching ~IDR23k/kg, supported by seasonal demand from Maulid Nabi.
- DOC prices also increased to IDR5.9k/bird (+12.2% MoM, +44.4% YoY), driven by stronger downstream demand and tighter supply.
- The price rebound reflects improving demand (seasonal events, MBG program) and a more balanced supply environment following the reduction in GPS import quotas. We view this as a positive recovery and expect broiler prices to stay above the IDR20k/kg level for the remainder of the year.
- We maintain OW on the poultry sector, with a preference for JPFA > CPIN given JPFA’s more attractive valuation and stronger leverage to rising broiler and DOC prices. Our TP for JPFA is IDR2,270/sh, while CPIN is at IDR6,100/sh.

BCAS: Cement - Demand Weakened Further in Aug-25
- Aug-25 domestic cement demand stayed sluggish at 5.79m tons (-0.1% MoM, -3.8% YoY) as weak macro conditions and demonstrations weighed on activity. Cumulatively, 8M25 volume booked 38.75m tons (-3.3% YoY).
- Bag demand was mixed: Java fell -6.6% YoY while ex-Java grew +3.5% YoY, supported by Bali and Nusa Tenggara. Bulk demand weakened across regions (Java -5.7%, ex-Java -15.5%) on slower infrastructure works.
- INTP sales volume came in at 1.68m tons (-1.1% MoM, -8.2% YoY), bringing 8M25 sales to 11.36m tons (-4.6% YoY), a steeper drop compared to -3.8% YoY in 7M25. Bag volume declined -6.0% YoY amid stiffer competition in West & Central Java, while bulk dropped -13.1% YoY. Sumatra remained a bright spot, aided by Kuala Tanjung supply and demand from the Jambi–Palembang toll road.
- With 2H25 facing continued headwinds: wet weather, muted economic condition, and political noise, cement demand recovery may stay limited despite potential support from the Govt.

XL Axiata (EXCL) BTS Network Expanded 28% YoY to 209,820 Units in 1H25
EXCL’s BTS network grew 28% YoY to more than 209,820 units by 2Q25 from 163,884 units in 2Q24, driven by massive 4G rollout which lifted 4G BTS to 160,341 units while 2G fell to 49,471 and 3G to eight. EXCL booked 2Q25 revenue of IDR 10.50 tn (+22% YoY), EBITDA of IDR 4.97 tn and net profit of IDR 313 bn as traffic jumped 43% YoY to 3,817 PB and subscribers climbed 41% YoY to 82.6 mn with stable ARPU. EXCL allocated IDR 20–25 tn capex for network integration and modernization in 2025, with IDR 2.3 tn realized by 2Q25. (Kontan)

PT Gag Nikel, ANTM's Subsidiary, Resumes Operations in Raja Ampat with KLHK Restrictions
ANTM’s unit PT Gag Nikel restarted operations on 3 Sep-25 in Raja Ampat under KLHK rules requiring layered settling ponds and airquality monitoring to prevent runoff and emissions. A four-year audit rated the company green and blue in Proper, leading to a temporary halt only and tighter inspections every two months. Authorities stressed balancing mining activity with biodiversity protection. (Kontan)

Chandra Daya Investasi (CDIA) Posted USD 67.8 mn Net Profit in 1H25
CDIA recorded a net profit of USD 67.8 mn in 1H25 (vs 1H24: USD 15.8 mn; +330% YoY), mainly supported by USD 46.6 mn gain from changes in fair value of investments (vs 1H24: none). Revenue grew to USD 66.9 mn (+42% YoY), mainly driven by the logistics segment at USD 15 mn (vs 1H24: USD 0.1 mn). CDIA’s other financial assets consist of 4.99% stake in Raharja Energi Cepu (RATU), 0.33% in Nippon Shokubai Co., Ltd., and 0.45% in Keppel Infrastructure Trust. (Company)

Elnusa (ELSA) Expanded New Business Development to Strengthen Revenue Stream
ELSA explored new business segments to strengthen its revenue stream alongside core expansion. The Co is currently piloting three projects, including carbon capture utilization and storage (CCUS), a technology to capture industrial CO₂ emissions for reuse or long-term underground storage, fabrication for binary heat exchanger geothermal and inflow control, and battery charging stations for the EV ecosystem. Management targets these initiatives to contribute to revenue within the next 2–3 years. (Kontan)

Arwana Citramulia (ARNA) Boosted by Higher Volume and Selling Price in 1H25
ARNA’s net sales rose 16.4% YoY to IDR 1.42 tn from IDR 1.22 tn in 1H25, supported by an 8.5% increase in volume and a 7.4% rise in average selling price. The co.’s net profit edged up 0.5% YoY to IDR 204.2 bn from IDR 203.2 bn, driven by new ceramic products and resilient demand despite weaker consumer purchasing power. The co. focuses on porcelain product innovation and capacity expansion, including the 6.5 mn m² tpa Plant 4D in Ogan Ilir scheduled for end-2025, while its five existing plants have capacities of 3.8 mn m² (Tangerang), 19.5 mn m² (Serang), 18.1 mn m² (Gresik), 12 mn m² (Ogan Ilir) and 15.4 mn m² (Mojokerto). (Kontan)

MNC Digital Entertainment (MSIN) Secured Shareholders’ Approval for Private Placement and Appointed Angela Tanoesoedibjo as CEO
MSIN obtained EGM approval on 15 Sep-25 to conduct a private placement of up to 6.07 bn new shares (10% of issued capital) at IDR10 par value to fund growth initiatives. The meeting also appointed Angela Tanoesoedibjo as CEO replacing Noersing, who became President Commissioner, with management focusing on global partnerships, AI adoption, and high-performance culture. MSIN named Los Angeles–based Smash Capital, led by Kevin Mayer, as its strategic advisor. (Kontan)

Freeport Indonesia (PTFI) Output Slumps 70% After Grasberg Landslide
PTFI’s production dropped 70% after a landslide at the Grasberg Block Cave (GBC) underground mine in Papua forced operations to halt, leaving only 30% capacity running. GBC, which contributes 133,800 tons/day or 64% of Freeport’s total ore output, was blocked by wet material flow that also trapped seven workers still under rescue efforts. PTFI is coordinating with ESDM’s mining inspectors, MIND ID and Freeport-McMoRan to expedite recovery and restore access. (Kontan)

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Indonesia Unblocked IDR 168.5 tn Budget for Priority Spending

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