Danantara Targets Whoosh Debt Restructuring Completion in 1H26

MACROECONOMY 
China Retail Sales Grew 2.8% YoY in 2M26 
China’s retail sales rose 2.8% YoY in the first two months of 2026, accelerating from 0.9% growth in Dec-25 and exceeding market expectations of 2.5%, supported partly by stronger consumption during the Lunar New Year holiday. Sales growth was driven by food products (10.2%) and clothing, footwear, and textiles (10.4%), while home appliances rebounded to 3.3% growth from a sharp decline previously. Meanwhile, petroleum sales remained negative (-9.7%) and automobile sales continued to contract (-7.3%), highlighting uneven recovery in consumer demand. (Trading Economics)

INDUSTRY 
Danantara Targets Whoosh Debt Restructuring Completion in 1H26 
Indonesia’s sovereign investment body Danantara targets the completion of the Whoosh high-speed rail project debt restructuring in 1H26 to prevent long-term financial pressure on PT Kereta Api Indonesia (KAI). Management stated the restructuring proposal has been submitted, with final approval pending from the relevant ministries. The initiative aims to improve the debt structure without changing the total debt, ensuring KAI maintains financial flexibility to support future railway expansion and electrification projects. (Kontan)

COMPANY 
BCAS: DKFT IJ – 12M25 results –earnings above ours and street estimates 
- 12M25 earnings increased by 56.6% YoY to IDR 573bn. Forming 152/106% of our forecast and consensus respectively. On the back of better-than-expected margin. 4Q25 earnings changed by -1/+71% QoQ/YoY to IDR 131bn. 
- 12M25 EBIT increased by 46.6% YoY to IDR 550bn. Forming 126/91% of our forecast and consensus respectively. 4Q25 EBIT declined by 16/46% QoQ/YoY to IDR 108bn 
- 12M25 revenue increased by 7.9% YoY to IDR 1.57tn. Forming 98/87% of our forecast and consensus respectively. 4Q25 Revenue changed by +13/-34% QoQ/YoY to IDR 332bn 
We will review our forecast and TP after company released its operational data.