Missed opportunities at Freeport Indonesia
PT Freeport Indonesia (PTFI) is predicted to report substantial decline in sales revenues from gold and copper despite higher average price of both commodities. Operational data provided by Freeport McMoRan (FCX) pointed to 55% fall in sales revenues from copper and 47% decline in gold in the first half of 2026.
IKN Nusantara so far
Minister of State Secretary Prasetyo Hadi recently stated that the 81st Indonesian Independence Day commemoration will most likely still be centered in Jakarta, rather than in the new capital city (IKN) Nusantara as it was in 2024. This has once again raised questions about the development of IKN, which is targeted to become Indonesia’s political capital in 2028. How ready is it to become a truly functional city?
Vale Indonesia’s outlook
Shares of Vale Indonesia (INCO) ended higher by 1.21% to Rp5,000 on Wednesday (Jul 22) to make a market capitalization of Rp52.7 trillion. Vale Indonesia was worth smaller than Trimegah Bangun Persada (NCKL) or Harita Nickel (Rp54.6 trillion), but might soon surpassing it.
Sudaryono, Nanik and MBG’s challenge
The Free Nutritious Meals (MBG) programme has entered another turbulent chapter. Within weeks, the National Nutrition Agency (BGN) went from confronting corruption allegations surrounding the programme to witnessing the resignation of its newly appointed chief, Nanik S. Deyang, who cited a serious heart condition and extreme work-related stress as the reason for stepping down.
FORU’s Rp27 trillion rights issue & coking coal bet
Shares of PT Fortune Indonesia Tbk (FORU) jumped 6.03% on Wednesday (Jul 23) to make a market capitalization of Rp1.55 trillion. The company plans to issue 215 billion new shares at Rp126 per share to raise Rp27 trillion, way below the last quoted price (Rp3,340).
BI holds rates, foreign returned to net sell
Bank Indonesia opted to keep its key interest rate at 5.75% at its July 21-22, 2026 meeting as the central bank expects inflation to remain within the target range. Foreign investors, meanwhile, returned to net sell on Indonesian equities after four consecutive day of net buy.
External pressures resumed
Brent crude oil futures advanced to US$92 per barrel this morning on escalated tensions in the Middle East. The dollar index (DXY) also strengthened to 101.14 on inflation concerns and interest rate outlook.
Adhi Karya in H1/26: Improved, but not enough
State EPC firm Adhi Karya (ADHI) booked net profit of Rp8.5 billion in the first half of 2026, increased by 13.3% from the corresponding period last year, but clearly not enough to turn the company around.
BGN’s new officials
A series of efforts have been undertaken to improve the governance of the Free Nutritious Meals (MBG) program. Most recently, President Prabowo Subianto appointed five new echelon I officials to the National Nutrition Agency (BGN) through a presidential decree on Monday (20/07).
Cabinet evaluation without cabinet discipline
President Prabowo Subianto’s office has sought to put an end to growing speculation about a cabinet reshuffle, insisting that no such plan has been decided. Yet almost simultaneously, the Presidential Office acknowledged that the communication style of Public Works Minister Dody Hanggodo had become “a note” requiring improvement.