Shares of Barito Renewables (BREN) opened lower by 0.32% to Rp7,800 this morning. Nothing to do with fundamentals of the company. That price was enough to maintain position as the largest company on Indonesia Stock Exchange (IDX) by market capitalization despite generating net profit of Rp1 trillion only, 1/29 x of Bank Central Asia (second largest, Rp29 trillion net profit in the first half). 

Indonesia’s manufacturing PMI for July 2025 improved to 49.2 from 46.9 in June, but that means four consecutive month of contraction. This was in line with growing layoffs in the sector.

On August 1, 2025, Indonesia implemented a sweeping overhaul of its crypto taxation regime. Gone is the hybrid mix of Value Added Tax (VAT) and low-rate income tax. A simplified, assertive structure—21 basis points (0.21%) of final income tax on every crypto transaction executed through local exchanges, and a hefty 1% for those conducted on foreign platforms.

Shares of Gudang Garam (GGRM), second largest cigarette maker in Indonesia controlled by Wonowidjojo Family, ended substantially lower by 4.6% to Rp8,825 on Thursday (Jul 31) as investors punished the company for poor financial result in the first half of 2025.

PT Sumber Alfaria Trijaya (AMRT) Tbk, operator of Alfamart—market leader in convenience store, cut slightly its investments to Rp2.49 trillion in the first half of 2025 from Rp2.52 trillion in the corresponding period of 2024. United Tractors (UNTR), market leader for heavy equipment and coal mining contracting, meanwhile, cut significantly its investments by 34% to Rp5.4 trillion in the period.

The arrest of Donald Wihardja, Director of MDI Ventures—Telkom Indonesia’s corporate venture capital arm—along with former executives of the agritech startup TaniHub, has thrown into sharp relief the governance crisis brewing in Indonesia’s digital economy. The suspects face charges of corruption and money laundering involving more than US$25 million in state-backed startup funds.

The government has launched an ambitious program called Koperasi Merah Putih, aiming to establish over 80,000 village and neighborhood cooperatives nationwide. This initiative is touted as a major leap toward grassroots digital transformation. One of its key components is the development of microsites—small, dedicated websites for each cooperative to create a public-facing digital presence.

Shares of PT Petrindo Jaya Kreasi Tbk (CUAN), controlled by Prajogo Pangestu, ended lower by 3.4% to Rp1,570 Wednesday (Jul 30) to make a market capitalization of Rp176.5 trillion. CUAN, a very small coal miner, is now valued more than three times Adaro Andalan (AADI), one of the largest coal miners in the country.

PT Fore Kopi Indonesia (FORE) Tbk, owner of the Fore coffee franchise, is among the best performing stocks in the past two months. It advanced 2.3% to Rp665 on Thursday (Jul 30), making 254% gain from its initial public offering (IPO) in mid April. Too much?

Shares of Bank Central Asia (BBCA) ended slightly lower by 0.3% Wednesday (Jul 30), while state bank BRI (BBRI) lost 3.6%. Investors priced in their contrasts of business performance in the first half 2025 and perceived outlook.