The rise of Mova and gray-zone digital economy
Digital economy is often defined by unicorns and venture capital. Names like Gojek, Tokopedia and Traveloka dominate the narrative of innovation, backed by billions of dollars from global investors. Yet a new generation of platforms is emerging outside this familiar ecosystem. One of the most notable examples is Mova, a cashback and affiliate platform that recently reported around 350,000 monthly users and announced plans to expand into other ASEAN markets.
Bracing for more pressures (3)
Brent crude oil surged 17% to US$108 per barrel in Asian trading this morning due to escalated conflicts in the Middle East. Naphtha, key raw material for olefin centers operated by Chandra Asri (TPIA), will likely follow after 43% jump year-to-date.
Barito Renewables vs Pertamina Geothermal
Composite index of Indonesia Stock Exchange (IHSG) should have dropped deeper than 1.62% last Friday (Mar 6) if Barito Renewables (BREN) didn’t gain 5.8%. Sister company Chandra Asri (TPIA), which declared force majeure related to the Middle East conflicts, even surged by 17.7% that day.
Petrosea vs Adaro
Shares of coal mining contractor Petrosea (PTRO) ended substantially lower by 5.1% to Rp4,960 on Friday (Mar 6), while coal miner Adaro Andalan Indonesia (AADI), second largest behind Bumi Resources (BUMI) in terms of sales volume, slipped 0.24%.
Outliers of 2025 (3): Watsons
Retailers were mostly under pressures last year due to weakening purchasing power in the middle class. Some opted to close down outlets and reduce workforce. PT Duta Intidaya Tbk (DAYA), operator of Watsons outlets, however, was among the exceptions.
Subdued performance of Cinema XXI
PT Nusantara Sejahtera Raya Tbk (CNMA), operator of Cinema XXI—-market leader, was one major companies quietly reduced workforce last year as sales inched up only 2.6%, while operating profit slipped 0.5%.
AI geopolitics: The rivalry shaping the future of technology
Artificial intelligence is no longer merely a technological competition among Silicon Valley companies. It has evolved into a geopolitical arena where economic power, national security and digital influence intersect. At the center of this emerging contest stand three American technology players: OpenAI, Anthropic and Google.
Who owns the IP?
Indonesia’s digital economy is expanding at a remarkable pace. With more than 190 million internet users and one of the largest populations of gamers in the world, the country has become one of Southeast Asia’s most valuable digital markets. The problem, however, is increasingly obvious: while Indonesians generate enormous digital consumption, much of the economic value flows abroad. The key question is no longer whether Indonesia’s digital market is large. It is whether Indonesians actually own the intellectual property behind the content they consume.
Astra Graphia vs Multipolar Technology
Shares technology services companies Astra Graphia (ASGR) and Multipolar Technology (MPLT) advanced 5.4% and 12.8% respectively on Thursday (Mar 5) on unspecified reasons. While their business size is not much of a gap, Multipolar is now valued 20 times of Astra Graphia.
Bracing for more pressures (2)
Rupiah weakened closer to Rp17,000 per US dollar, while Brent crude oil advanced 4.2% to US$84.7 per barrel. Rupiah is way below exchange rate assumption used for the State Budget 2026 (Rp16,500), while crude oil is now 17% above the Indonesia Crude Price (ICP) assumption of US$72 per barrel.