Danantara Planned to Issue Global Bond

MACROECONOMY
Danantara Planned to Issue Global Bond 
Danantara planned to issue a global bond and began preparations by pursuing ratings from international agencies, with management stating the plan is already in the pipeline while awaiting a more favorable US Treasury environment. The co. targeted 2026 for prerating, exploring USD or renminbi denomination, and noted that yield determination will depend on final ratings, following its earlier Patriot Bond issuance that raised IDR 50 tn and was oversubscribed to IDR 51.75 tn. (Kontan) 

Indonesia Manufacturing PMI Rose to 53.3 in Nov-25 
Indonesia's Manufacturing PMI strengthened to 53.3 in Nov-25 (vs 51.2 in Oct-25), marking a solid expansion above the long-term average of 50.11 and signaling improving factory activity. The reading approached post-pandemic highs, supported by stronger output, rising new orders, and improving business conditions, while remaining well above the record low of 27.5 in Apr-20. (Trading Economics)

INDUSTRY 
Indonesia's Palm Oil Output and Exports Declined Sharply in Sep-25 
Indonesia's palm oil industry posted a sharp downturn in Sep-25, with CPO output falling to 3.93 mn tons (-22.32% MoM) and PKO production dropping to 366k tons, while total exports slumped 36.65% MoM to 2.20 mn tons amid broad-based weakness across major product categories and destination markets. Despite the monthly contraction, combined CPO+PKO output for Jan-Sep reached 43.34 mn tons (+11.30% YoY), while domestic demand softened slightly to 2.05 mn tons driven by lower biodiesel and food consumption, and export value slipped to USD 2.53 bn (-33.80% MoM) although YTD export receipts rose 39.85% YoY supported by higher global CPO prices; industry stocks edged up to 2.59 mn tons at end-Sep. (Emitennews) 

COMPANY 
BCAS: BMRI IJ - 10M25 Earnings Down -9.7% YoY 

- BMRI Oct-25 net profit reached IDR 4.1 tn (-1.3% MoM; +0.8% YoY), bringing 10M25 net profit to IDR 38.9 tn (-9.7% YoY). 
- Net interest income stood at IDR 6.8 tn (+5.4% MoM; +4.8% YoY), totaling IDR 64.4 tn in 10M25 (+3.5% YoY). 
- Operating income came in at IDR 10.0 tn (+4.6% MoM; +8.9% YoY), bringing 10M25 operating income to IDR 93.4 tn (+5.7% YoY). 
- Provision expense declined to IDR 194 bn (-55.8% MoM; -79.6% YoY), resulting in 10M25 provisioning of IDR 5.0 tn (-25.1% YoY). 
- Loan growth moderated to +11.1% YoY (10M24: +22.5%), while deposit growth increased +15.2% YoY (10M24: +13.4%). 
- NIM compressed to 4.3% (10M24: 4.7%), while LDR slipped to 91.7% (10M24: 95.1%) and CASA ratio dropped to 71.6% (10M24: 78.4%).