The government will hold its first conventional bond auction of 3Q26 on 7-Jul, with an issuance target of Rp32tn and a maximum of Rp48tn, lower than the previous auction's Rp36tn target.

Higher inflation in June. Headline inflation increased to 3.3% y-o-y from 3.1% in May, below our forecast but above market expectations (Mansek: 3.4%; Consensus: 3.2%).

On 29 Jun 2026, MAPA, through its subsidiary Athletica International Holdings (AIH)

MEMR has announced an LNG price cap of ~USD13/MMBTU during a joint press conference, in response to concerns raised by industry and labor associations over rising gas prices.

MDKA reported a 1Q26 net profit of USD57.5mn (vs. 4Q25: -USD27.3mn and 1Q25: -USD3.7mn), above estimates, driven by improved profitability across all segments.

The government will hold its conventional bond auction on 12-May, with an issuance target of Rp36tn and a maximum issuance ceiling of Rp54tn, unchanged from the previous auction.

GDP growth accelerated. GDP growth rose further to a higher-than-expected 5.6% in 1Q after accelerating to 5.4% in 4Q from 5.0% in 3Q (Mansek: 5.5%; Consensus: 5.4%; Exhibit 1). Domestic demand contribution rose to 6.1 percentage points (pp) from 5.2pp.

We have lowered our FY26-27F net profit by 24-37% after imputing the new guidance from the management.

IOH saw the headline price increases of 6.7-46.7% MoM across its flagship product, though it was followed by quota additions that ultimately lowered the data yield.

4Q25 results delivered the strongest beat in over two years, but the forward picture is cloudier. Revenue re-accelerated, and operating leverage is finally releasing on the upside, confirming the trough is behind us.

Both Moody’s and Fitch have maintained Indonesia’s investment-grade ratings (BBB/Baa2), suggesting that core macro fundamentals—solid growth, manageable public debt, and overall macro stability—remain intact.

Geopolitical conflict escalation in the Middle East has lifted the geopolitical risk premium, with the Strait of Hormuz access as the key swing factor