MBG & the integrated poultry players (1)

Prabowo administration continues to claim ‘big success’ in the free ‘nutritious’ meal (MBG) program, which led to higher price of chicken and eggs. Minister of agriculture Andi Amran Sulaiman, meanwhile, said the government will boost domestic production with state company as off-taker. 

IGRS: Protection or Bureaucratic Burden?

Ministry of Communication and Digital (Komdigi) officially launched the Indonesia Game Rating System (IGRS) at the Indonesia Game Developer eXchange 2025 in Bali last month, the announcement was framed as a milestone — Indonesia, it claimed, is now the first country in ASEAN to establish its own national game classification system.

Workforce reduction in major companies (9): Tires, textiles, footwear

Sufmi Dasco Ahmad, deputy speaker of the House (DPR) and one of the strongest men in Prabowo regime, visited the factory of PT Multistrada Arah Sarana (MASA) Tbk, which produces Michelin tires, in Cikarang, West Java province Monday (Nov 3) to protest the company’s plan to dismiss hundreds of workers. 

CUAN vs ITMG

Minister of finance Purbaya Yudhi Sadewa believes composite index of Indonesia Stock Exchange (IDX) would surpass 36,000 by 2035 or more than four times the current index. He only needs to ask Prajogo Pangestu, Anthoni Salim, Sugianto Kusuma, Haji Isam, and Dato Tahir to cooking up their stocks. 

Taxes payables: Medco vs Bakrie

Medco Energi (MEDC) and Bakrie Group’s Energi Mega Persada (ENRG) are two of the largest Indonesian-owned oil and gas companies behind state company Pertamina. Medco, controlled by Panigoro Family, generated US$1.76 billion of revenues in the first nine months of 2025, while ENRG posted US$361.4 million.

Purbaya & BUMI Resources

Finance minister Purbaya Yudhi Sadewa gained more popularity recently because of his statements to fight the mafias in various sectors, which he believed had led to lower State revenues. He mentioned some sectors, including garment/textile and iron/steel, but yet to ‘touch’ mining industry.

External trade in nine months

Indonesia booked trade surplus of US$4.34 billion in September 2025, down from August, but far above the same month last year. Combined, the country enjoyed trade surplus of US$33.5 billion in the first nine months of 2025, surged by 50% from the corresponding period last year.

Mixed results of nickel producers

Trimegah Bangun Persada (NCKL) or Harita Nickel booked net profit of Rp6.45 trillion in Jan-Sep 2025, an increase of 33% from the corresponding period last year. Vale Indonesia (INCO), meanwhile, posted an increase of 8.4% in net profit, but mostly attributable to non-cash gain in derivative assets.

Correction in bauxite-alumina chain

Cita Mineral (CITA), the largest bauxite miner and co-owner of the country’s first smelter grade alumina (SGA), booked net profit of Rp2.03 trillion in Jan-Sep 20225, grew by 31% from the corresponding period last year. Third quarter, however, was significantly weaker than the first half. 

Workforce reduction in major companies (8); Retail & others

Astra International (ASII), one of the largest employers in the country, recorded total workforce of 197,867 people by September 30, 2025, down 2,207 from December 2024. Nothing compared to Gudang Garam, which dismissed 4,863 workers in the same period last year, but can’t be taken lightly.

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