Prabowo expands the bureaucracy further
Amid economic pressures and concerns about fiscal sustainability, President Prabowo opted to expand the bureaucracy with the appointment of new vice coordinating minister position and special advisor for communication affairs on Monday (Apr 27).
Fiscal rescue—or fiscal control?
The Home Affairs Minister Tito Karnavian announced Rp1 trillion in incentives for high-performing regional governments. The policy was framed as a reward for innovation and discipline. But beneath the surface, is this really fiscal support—or a new mechanism of control?
Off-budget defense: Reform undone?
A recent draft of the Government Regulation on the Duties of the National Armed Forces (RPP Tugas TNI) has sparked concern among researchers, including those from National Research and Innovation Agency (BRIN). The controversy centers on a seemingly technical clause: military funding may come not only from the state budget (APBN), but also from “other legitimate sources.”
Squeezed margins at DSNG & STAA
Palm oil producer Dharma Satya Nusantara (DSNG) booked net profit of Rp430.4 billion in the first quarter of 2026, an increase of 17% from the corresponding period last year even when its operating margins were squeezed.
Market pressures update
Financial markets opened this week with fading hopes of immediate reopening of the Strait of Hormuz following the cancelled US-Iran talks in Islamabad. Iran, whose economy is on the brink, however, has stepped up diplomatic efforts which might lead to reopening of the strait.
Those continue to invest: TSH Resources
KLSE-listed TSH Resources Berhad is among Malaysian companies aggressively expanding plantation in Indonesia. The most recent is the company’s acquisition of PT Dinamika Alam Segar (DAS).
Stronger Q1 for AKRA
AKR Corporindo (AKRA), distributor of fuel and chemical products, posted net profit of Rp656.5 billion in the first quarter of 2026, an increase of 16.1% from the corresponding period last year despite difficulties in the retail distribution related to import restriction on fuel products.
Upstream weighs on Pertamina Gas
PT Perusahaan Gas Negara Tbk (PGAS), subsidiary of state oil and gas company Pertamina, booked net profit of US$90.5 million in the first quarter of 2026, jumped by 46% from the corresponding period last year despite lower sales revenues.
BankJago: Improved, but not exponential
Shares of digital bank Jago (ARTO) ended substantially lower by 4.1% to Rp1,300 on Friday (Apr 24) even when the bank reported a strong net profit growth of 43% in the first quarter of 2026.
Beyond oil
Market participants will certainly pay attention to the planned US-Iran talks in Islamabad Monday, April 27. There were concerns when Iran’s foreign affairs minister Araghchi left Islamabad, Pakistan over the weekend, but he was reportedly heading back to the city. It remains to be seen whether Trump will annul the cancellation of trip by Steve Witkoff and Jared Kushner for talks on the Iran war.