The government’s plan to impose a moratorium on nickel smelter permits, as well as on existing permits that have not yet begun construction, should help ease the supply glut from Indonesia, which currently accounts for up to 70% of global nickel supply

All telcos booked solid core business recovery as indicated by the sequential ARPU improvements, solid data traffic growth, and an inflection point in the mobile service revenue trend.

We held a local NDR for INDF and ICBP. ICBP shared that it saw a similar sales trend across its segments in Oct-2025 as in 3Q25.