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

Renewed geopolitical tensions. On 28 February, Israel and the US launched a massive, coordinated strike on Iran.

CMRY’s FY25 result was in line with Mansek and Consensus FY25F across all accounts, with <2% deviation, with sales and core profit YoY growth of +19% and +34%, respectively.

ASII’s 12M25 net profit came at Rp32.8tn (-3% YoY), in line with our/consensus forecasts.

Higher inflation in December. Headline inflation rose to 2.9% y-o-y in December from 2.7% in November, slightly above both our and consensus forecasts (Mansek and consensus: 2.8%)

Through Regulation (PP) No. 49/2025, the central government mandated provincial governments to announce their provincial minimum wage (UMP) increases by considering three variables