Who’s benefited from Agrinas’ automotive deals?
The agreements with PT Agrinas Pangan Nusantara were initially signed last November, but only on Tuesday (Apr 7) shares of PT Putra Mandiri Jembar Tbk (PMJS) surged by 34.82% to Rp151 immediately after PMJS announced that Agrinas had made down payment of Rp2.84 trillion for the Rp10.83 trillion contract to supply trucks for Prabowo’s signature village cooperative (KDMP) program.
The two-week ceasefire
The two-week ceasefire agreed by US and Iran has been positively responded by market participants. Brent crude oil futures retreated as much as 14% to US$94.6 per barrel, while gold advanced 3.6% to US$4,818 per troy ounce this morning.
Purbaya may start with Bakrie’s coal units
Bumi Resources (BUMI), the largest coal producer listed on the Indonesia Stock Exchange (IDX), booked net profit of US$50 million only last year, not even one-tenth of second largest Adaro Andalan Indonesia (AADI), which posted net profit of US$760.2 million. Minister of finance Purbaya Yudhi Sadewa should start seriously investigating why the gap was so big.
Coretax and the illusion of digital reform
Finance Minister Purbaya Yudhi Sadewa acknowledged that Coretax system is difficult to access—so much so that it has spawned a market for “tax jockeys” (joki SPT)—he did more than admit a technical flaw.
Audit or reckoning?
The latest move to audit tax restitution in the natural resources sector is being framed as a technical correction. It is anything but. By involving BPKP and threatening criminal sanctions, the government is signaling a deeper concern: that restitution has quietly become one of the largest—and least scrutinized—fiscal leakages in the system.
Public health vs corporate interest in food labeling push
Government’s plan to mandate front-of-pack labeling for sugar, salt and fat is not merely a technical regulatory step. It marks a deeper shift in how the state positions itself between consumers and corporations—one that is likely to test both political resolve and industry influence.
Adhi Karya’s huge loss
State EPC firm Adhi Karya (ADHI) suffered net loss of Rp5.4 trillion last year, skyrocketed from Rp87 billion only in 2024 on falling sales revenues, squeezed margins, and huge impairment on inventories.
Judgement day
Trump reiterated his threats to Iran on Monday (Apr 6) that that US would bomb Iran’s civilian infrastructure facilities unless the Strait of Hormuz is reopened Wednesday (Apr 8). Tuesday, accordingly, is the judgement day as to whether the war will end or escalate. Till this morning, Iran refused a 45-day ceasefire proposal, which lifted the Dated Brent (physical marker price of oil) to above US$140 per barrel.
Rupiah’s new normal
Rupiah is traded at Rp17,019 per USD this morning, while composite index of Indonesia Stock Exchange/IDX (IHSG) opened lower by 0.73% to 6,975. Compared to Japan’s Yen or India’s Rupee, which depreciated 8% each against the greenback, Rupiah actually lost only 0.86% year-on-year.
IT sector financial performance
Listed IT companies posted broadly positive earnings in 2025. But a closer reading of their financial statements suggests a more complicated story: growth is no longer about selling more—it is about selling differently.