Automotive: Car Sales Drop 15.1% YoY, Annual Target of 800,000 Units at Risk
Indonesia’s automotive industry experienced a significant decline through May 2025, with wholesale car sales dropping 15.1% YoY to 60,613 units and year-to-date sales falling 5.5% to 316,981
units, lower than the 2021 record low. This marks the third consecutive year of declining January–
May sales, driven by domestic and external pressures. Slowing economic growth (4.87% YoY
in Q1 2025) and weak consumer purchasing power (reflected in 0.37% deflation in May) are
dampening demand, while global trade tensions—especially China’s dominance over rare earth metal supplies critical for EVs—are further weighing on the auto sector. High interest rates
and inflation pressures have also contributed to declining automotive exports. With monthly sales averaging around 50,000 units, achieving the 800,000-unit annual target appears unlikely, possibly falling below 750,000 units by year-end.
Nickel: Two Indonesia Smelter Giants Slash Output
Two of Indonesia’s major nickel smelter operators, Tsingshan Holding Group (via PT Tsingshan Steel Indonesia) and PT Gunbuster Nickel Industry (GNI) under Jiangsu Delong Nickel, have sharply cut production. Tsingshan reduced its refined output of high-grade saprolite ore by 50% between January and June 2025, from around 150–160K tons to 80K tons. GNI saw a steeper decline, slashing production by up to 80% to just 10–20K tons over the same period. While management at GNI denied smelter shutdown rumors, operational changes were cited. Indonesia Nickel Mining Association (APNI) attribute the cuts to global oversupply, geopolitical-driven demand slowdown from China, falling nickel and stainless steel prices, and broader economic challenges. Nickel prices hit a five-year low at USD 15,078/ton in early 2025 and remain volatile, down 14.29% yoy. (Kontan)
BTPS Announced a Stock Buyback Plan up to IDR 927B
PT Bank BTPN Syariah Tbk (BTPS) announced a share buyback plan of up to IDR 927B, equivalent to no more than 10% of its paid-up capital, without requiring approval from a general shareholders’ meeting (RUPS). The buyback, prompted by high market volatility, will take place between June 11
and September 9, 2025, at a price deemed fair and reasonable. Funding will come entirely from the company’s internal cash reserves, including costs related to brokers and other transaction fees. The company stated that the buyback will not significantly affect its financial standing. (IDX Channel)
FAST obtained a credit facility from PT Bank Mandiri Tbk
PT Fast Food Indonesia Tbk (FAST) secured a credit facility worth hundreds of billions from PT Bank Mandiri Tbk (BMRI). FAST has signed three credit agreements with BMRI. First, a refinancing investment loan of IDR 200B. Second, a term loan of IDR 525B. Third, a working capital loan of IDR 150B. The total credit facility amounts to IDR 875B. The purpose of the fund utilization is to refinance the company’s existing assets in the form of outlets and the restaurant support center owned by the company. FAST obtained shareholders’ approval during the Extraordinary General Meeting of Shareholders (RUPSLB) held on May 16, 2025. One of the agendas was regarding the plan to mortgage land and building assets to obtain a credit facility from Bank Mandiri.
GTRA sets a revenue target of IDR 500B
The increasing familiarity of e-commerce business among the public has boosted the optimism of PT Grahaprima Suksesmandiri Tbk (GTRA) in welcoming business potential in 2025. One of the targets established is a revenue of at least IDR 500B by the end of the year, assuming a growth of 16.55% compared to the actual revenue in 2024. According to management’s statement, this target setting is based on the positive growth trend in the transportation and logistics sector,
alongside the continuously evolving needs of customers. One of the supports for GTRA’s positive achievements is the partnerships that the company has established with Shopee Express and other e-commerce platforms that have in-house transporters.
MYOR Launches IDR 1T Buyback to Address Undervalued Share Price
PT Mayora Indah Tbk. (MYOR) announced a IDR 1T share buyback program, funded entirely from internal cash reserves, in response to what management sees as an undervaluation driven by geopolitical instability. MYOR’s stock has declined 23.74% year to date, trading at IDR 2,120 per share. CFO Hendrik Polisar emphasized the company’s strong financial footing, citing a low debt-toequity
ratio of 0.4 and robust debt service capacity. The buyback will run from March 27 to June 27, 2025, with purchases capped at 20% of outstanding shares. As of Q1 2025, MYOR’s cash position stood at IDR 3.66T, down from IDR 4.6T at year-end 2024. (Bisnis Indonesia)
PTPP Won Contract for The Widening of The Tangerang – Merak Toll Road in The Cilegon Segment (West and East)
PTPP won the contract for the widening of the Tangerang – Merak toll road in the Cilegon segment (West and East).PT PP (Persero) Tbk (PTPP) secured the contract for the widening of the Tangerang-Merak toll road in the Cilegon East to Cilegon West segment with a value of IDR 134.7B. This project includes the addition of a third lane towards Jakarta. According to management’s statement, this project has its own challenges as it directly intersects with an active toll road, which necessitates the implementation of very careful and responsive traffic management to ensure safety and smooth traffic during the construction process.
SILO Presents Robotic Healthcare Facilities, Prepares IDR 2T Capex
PT Siloam International Hospitals Tbk. (SILO) is intensifying efforts to develop cutting-edge
healthcare facilities in 2025, recently deploying the Da Vinci XI surgical robot at its Siloam Kebon
Jeruk hospital. According to CEO Caroline Riady, the company aims to operate at least three types of robotic technologies by next year, including brain surgery robots, knee surgery robots, and a rehabilitation-assistive robot for stroke or accident recovery. These will be distributed across Siloam hospitals in Jakarta based on doctor specialization. Director Daniel Phua disclosed that SILO has allocated IDR 2T in capital expenditure (capex) to support this technology initiative and to expand operational hospital beds. IDR 400B of this capex was utilized in Q1 2025. SILO targets low to mid double-digit organic growth in 2025 despite a 25.5% YoY decline in net profit in 2024, though revenue grew 9.1% to IDR 12.2T, driven by a 14.4% rise in outpatient services and 5% growth in inpatient services. (Bisnis Indonesia)
TBIG Navigates Telecom Consolidation with Expansion & Financial Stability Strategy
PT Tower Bersama Infrastructure Tbk (TBIG) sees promising long-term growth in its telecommunication tower business following industry-wide consolidation. Despite short-term challenges from the XL Axiata and Smartfren merger, history suggests network efficiency gains lead to future expansion. TBIG expects increased demand for towers over the next two years as operators strengthen financial performance. The company is investing IDR 3-4T in 2025 for new tower construction and fiber optic network expansion, aiming to boost revenue contributions from fiber optics. Additionally, TBIG received shareholder approval to issue global bonds worth up to USD 900M, ensuring long-term financial stability while maintaining short-term funding flexibility from national banks. (Investor)
