Shares of PT Jaya Sukses Makmur Sentosa Tbk (RISE), a small property developer controlled by Hermanto Tanoko (whose family also controls Aviant paint), opened lower by 6.25% this morning after substantial gain on Tuesday. At the last quoted price, RISE was worth Rp108 trillion, six times of Pakuwon Jati (PWON).

Indonesia’s financial markets are increasingly shaped not by disclosures or fundamentals, but by social media narratives. Financial influencers now command audiences large enough to move sentiment, mobilize capital and shape retail behavior at scale. Yet when controversies erupt, the recurring question remains unresolved: who is responsible for supervising them?

Over the past week, citizens across Indonesia have reported difficulty finding UHT milk in local retail stores. Shelves that once stocked milk were empty, while some retailers began limiting purchases. Although the government insists that national supply remains sufficient, these local shortages point to a deeper issue: growing pressure on food supply chains following the rollout of the free nutritious meals (MBG) program. What appears as a daily inconvenience for citizens may in fact be an early symptom of food inflation.

We have talked about the reduced beef import quota for private companies since last year. When we discussed about Cimory (CMRY) and Diamond (DMND) stock prices last October, one executive of food processing company warned about growing State control in beef/and buffalo. 

Shares of VKTR Teknologi Mobilitas (VKTR), a small company with net profit of a tiny Rp1.17 billion in Jan-Sep 2025, advanced 0.51% to Rp980 this morning to make a market capitalization of Rp42.9 trillion. The last quoted price reflected PE multiple 24,500, the most expensive stock in the market.

President Prabowo Subianto’s public rebuke of state-owned enterprise (SOE) executives demanding bonuses despite losses was striking not for its tone, but for what it revealed. Economically, the criticism is justified. Politically, it exposes a deeper contradiction at the heart of Indonesia’s state capitalism.

The government is once again celebrating numbers. As of mid-January 2026, more than 11.8 million taxpayers have reportedly activated their accounts on Coretax, the new integrated tax administration system. Around 126,000 taxpayers have submitted their annual tax returns through the platform. On the surface, this looks like progress. In reality, it exposes a deeper illusion at the heart of Indonesia’s tax reform narrative.

Indonesia’s financial markets are increasingly shaped not by balance sheets or disclosures, but by social media narratives. Over the past decade, a new class of market actors has emerged: financial influencers whose reach rivals — and sometimes exceeds — that of licensed analysts or brokers. When controversies surface, the recurring question is not only about individual wrongdoing, but about systemic failure. Who is actually responsible for supervising them?