Indonesia Plans to Cut 2026 Coal Output to Stabilize Global Prices
Indonesia’s ESDM Ministry plans to reduce coal production in 2026 to support global price stability, following a sharp decline in coal prices. Output could fall below 700 mn tons, down from 750 mn tons projected in 2025 and 836 mn tons in 2024. The move comes as the coal reference price dropped to USD 103.75/ton in early Nov-25. In 2024, Indonesia exported 555 mn tons, making up 33–35% of global demand. The ministry sees the production cut as a step toward balancing high volumes with favorable pricing. (Tempo)

BCAS: EXCL is seeking approval for dividend in next week (21 Nov) AGMS
- During the earnings call, management states the plan to pay dividend (again) this year 2025, based on reporting earnings of 2024.
- However, EXCL will not distribute dividend next year (2026) due to negative net profit that will be booked in 2025.
- Currently (as of mid Nov 2025), the company cash balance stands at >IDR 4 tn, approaching IDR 5tn.
- Note: last month, the company just sold back to investor the 1.09 bn treasury shares at price IDR 2,500/shares.
- EXCL booked IDR1.8tn net profit in 2024; the company had distributed IDR 1.12 (60% payout ratio) from FY 2024. Retained earnings stood at IDR 9.46 tn as of Dec 2024.

Bumi Resources (BUMI) Issued IDR 780 bn Bonds to Fund Two New Acquisitions
BUMI launched its Sustainable Bonds I Phase III/2025 worth IDR 780 bn, offered on 02–05 Dec-25, with proceeds allocated for two acquisitions: Jubilee Metals (gold mining, Australia) and Laman Mining (bauxite, Ketapang). The co. earmarked IDR 340.88 bn for Jubilee and IDR 333.6 bn for Laman, while IDR 97.5 bn will be lent to WFL—its recently fully acquired Australian gold–copper unit—for 2026 capex and working capital. (Investor Daily)

Garuda Indonesia (GIAA) Secured IDR 23.67 tn Capital Injection from Danantara
GIAA received shareholder approval for an IDR 23.67 tn capital injection from Danantara Asset Management through PMTHMETD, consisting of IDR 17.02 tn cash and IDR 6.65 tn debt conversion. The co. said the funds—IDR 8.7 tn for Garuda’s working capital and IDR 14.9 tn for Citilink (including fuel-payable settlement)—will reinforce equity, strengthen operations, and accelerate its post-restructuring transformation. (Kontan)

Pertamina Geothermal (PGEO) Advanced Its Geothermal Well-Testing Innovation
PGEO introduced two new in-house technologies—Geoflowtest, a portable real-time geothermal well-testing tool, and GOVAST 2.0, a Non-Condensable Gas Reference Material that improves laboratory accuracy and quality assurance. The co. secured gold and silver medals at IENA 2025 in Nuremberg for these innovations, with management stating the advancements strengthen operational efficiency and support Indonesia’s geothermal innovation ecosystem. (Kontan)

GOTO and Grab Were Reported in Talks to Offer Golden Share to Danantara
GOTO and Grab were reported by Financial Times to be negotiating a golden-share proposal for Danantara to secure a potential USD 29 bn merger, which would create an entity controlling 90% of Indonesia’s online transport and food-delivery market. Discussions allegedly include giving Danantara minority ownership with special rights over the Indonesia division, while GOTO maintained in its disclosure that no agreement has been reached and its 17 Dec-25 EGM will only address governance matters. (Kontan)

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

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12 November 2025 - 07.56am

Indonesia Retail Sales Rose 3.7% YoY in Sep-25

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Fixed Income Daily Notes 14 November 2025

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Indonesia Plans to Cut 2026 Coal Output to Stabilize Global Prices

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Fixed Income Daily Notes 13 November 2025