Shares of PT Steel Pipe Industry of Indonesia Tbk (ISSP) ended slightly higher by 0.5% to Rp394 last Friday (Aug 22). It is among the best performing stocks in the past five months or so with over 60% gain, thanks to favourable valuation.

China’s Yingfa Ruineng Technology Co Ltd, through its subsidiary PT Bintan Cellular Indonesia, plans to expand its solar cell manufacturing facility in overseas market by expanding the construction of its phase II of its production base in Indonesia. The company plans to construct an additional five production lines with additional production capacity of 3GW per annum in Riau Islands. 

Indonesia’s government has entered a new phase in public procurement policy with the issuance of Presidential Regulation No. 46/2025, a revision that strengthens the mandate to prioritize domestically made goods in all government procurement, from central ministries to the most remote village administrations. While the regulation is primarily aimed at boosting local industry, its impact will be felt equally by the private sector and the bureaucracy tasked with implementing it.

Amman Mineral (AMMN), second largest gold and copper producer in the country, cut its investments (cash-basis) from US$867 million in the first half of 2024 to US$711.8 million in the corresponding period this year. Other companies, however, spent significantly higher to make metal processing as, still, main driver of investments.

Continuation (of policies) was just a campaign tagline to attract ‘loyalists’ of then president Jokowi because nearly one year into office, the government of Prabowo Subianto has significantly reduced commitment for infrastructure development, including the new capital city (IKN) Nusantara.

China’s solar energy companies, as reported on Reuters, cut nearly one-third of their workforces last year due to overcapacity, declining demand, and price wars. The world produces twice as many solar panels each year as it uses, with most of them manufactured in China, the world’s largest producer of solar panels. 

Indonesian PMI for manufacturing has not been in expansion mode in the past few months, among others due to global economic uncertainty and policy changes at home. Some, however, opted to proceed with expansion plans, which can be seen in their cash spending for new investments in the first half of 2025.

Cable manufacturers listed on Indonesia Stock Exchange (IDX) generated a combined sales revenue of Rp9.45 trillion in the first half of 2025, an increase of 14% from the corresponding period last year, relatively insulated from economic slowdown. 

If Chandra Asri (TPIA), the country’s largest petrochemical company, is truly worth Rp837 trillion or US$51.3 billion, Indonesia shouldn’t be difficult in boosting domestic processing of oil and gas into chemicals. Simply issuing new shares, 10% of the enlarged share capital, Chandra Asri should easily get US$5 billion to double its olefin center capacity.