Indonesia M0 Grew 16.8% YoY in Mar-26, Slightly Slower vs Feb

MACROECONOMY 
Indonesia M0 Grew 16.8% YoY in Mar-26, Slightly Slower vs Feb 
BI reported primary money (M0) reached IDR 2,396.5 tn in Mar-26 (+16.8% YoY), indicating still-strong liquidity growth albeit moderating from 18.3% YoY in Feb-26; the expansion was mainly driven by growth in bank reserves at BI (+41.8% YoY) and currency in circulation (+8.6% YoY), with M0 adjusted reflecting the impact of liquidity incentives, suggesting ample system liquidity remains despite early signs of deceleration. (Bloomberg Technoz)

COMPANY 
BCAS: PANI IJ - Backlog Delivers, but Demand Fades 
- PANI 4Q25 revenue reached IDR1,217bn (–16.3% QoQ; +64.7% YoY), bringing 12M25 revenue to IDR4,316bn (+52.4% YoY), beating our and consensus forecast at 136%/130%, driven by higher commercial product (shophouses, SOHO, warehouses) and residential deliveries. FY25 marketing sales declined 28.5% YoY to IDR 4,302bn, largely on lower commercial land-plot sales (-57.9% YoY), while residential and commercial products held relatively steady. 

- 12M25 GPM expanded ~420bp YoY to 60.1% on a favorable mix shift toward higher-margin commercial segments, while OPM improved to 50.0% (vs 43.9%) on operating scale. These translated into 4Q25 net profit of IDR356bn (+159.3% YoY) and 12M25 earnings of IDR1,147bn (+83.9% YoY), well above our/consensus at 183%/111%.