US Jobless Claims 4-Week Average Fell to 221k, Lowest Since 2023

MACROECONOMY
US Jobless Claims 4-Week Average Fell to 221k, Lowest Since 2023

Claims dropped 1.6% WoW to 221k in the week ended 26 Jul 25, the fourth straight decline and the lowest print since May 2023. The 4-week average is now 39% below its 1967–2025 mean of 362k and 96% below the pandemic peak of 5.29 mn set in Apr 2020. (Trading Economics)

 

COMPANY
BCAS: DEWA IJ - 2Q25 – Still in Drag Race, In-line with Ours at 51.9%

- DEWA's 2Q25 revenue remained solid at IDR 1.5 tn (-3.8% QoQ, +3.8% YoY) amid weak mining activities, resulting in 1H25 revenue that inched up to IDR 3.1 tn (+6.4% YoY; Ours: 47.8%, Cons: 48.7%).
- Amid lower contribution of sub-contractor costs to revenue at 25% (1H24: 40% of revenue), 1H25 gross profit jumped to IDR 476 bn (+119.1% YoY; Ours: 47.0%, Cons: 44.9%) and EBIT spiked to IDR 348 bn (+337.9% YoY) in-line with ours at 47.6% and slightly below Cons at 43.7%.
- In bottom-line, 2Q25 NPM rose to 6.5% (+220bps QoQ, +610bps YoY) coupled with 1H25 net profit that rocketed to IDR 168 bn (+1,080.0% YoY), in-line with our estimate at 51.9% and Cons at 45.8%.
- Looking ahead, given potential additional in-house contributions that could lead to operational cost efficiency, we maintain our BUY call on DEWA with a TP of IDR 450 , reflecting 91% upside potential. Weak coal prices and mining activities remain downside risks.