Market Performance:

• Major Indices: The Israel-Iran attack pulled the market down last week.
• Domestic Indices: Domestic bond and equity market were relative stagnant because of the geopolitical issue.

 

Key drivers of the week:

• Macroeconomic Data:

1.The World Bank cut its estimate of global growth this year  to 2.5% (prev: 2.7%) because of “trade-related headwinds”

2.US CPI rose to 2.4% yoy (Prev: 2.3%) mainly driven by increase in food prices. Meanwhile, the US core inflation was flat at 2.8% yoy.

3.China recorded deflation of 0.1% yoy in May25, same as previous month. Meanwhile, the PPI was down 3.3% yoy, lower than previous -2.7% yoy.

4.Indonesia FX Reserve stable at USD 152.5bn in May25, same as previous.

5.Indonesia Consumer Confidence printed 117.5 in May25, lower than 121.1 in Apr25, with sentiment of weaker purchasing power and limited job market.

 

• Geopolitical Events:

1.Israel carried out military strikes into Iran, claiming to target nuclear facilities. This would mark the first time a direct happened and increase regional tensions. Oil reacted by up 7% and gold increased 1%.

2.Trump said a framework with China has been completed and Beijing will supply rare earths and magnets “up front.”

3.Violent protests were triggered in by an attempt to arrest illegal migrants. Donald Trump’s decision to deploy the National Guard to the city, backed by US marines, to support immigration agents was condemned as a provocation by Democrats.

 

• Sector/Corporate Highlights:

1.Indonesia Equity Market – BPJS-TK increased its equity holding by IDR 4tr in April 2025, providing depth in the market.

2.Indonesia car sales – May 2025 4W wholesales came at 61k units (-15% yoy) bringing 5M25 sales to 317k units (-7% yoy), we see stronger Chinese car brand sales shown by increasing market share in May 2025.

3.Indonesia Hospitals – OJK, through SEOJK 7/2025, regulates a co-payment scheme under which health insurance policyholders must pay at least 10% of each claim, capped at Rp300k for outpatient care and Rp 3mn for inpatient care per claim.

4.On 3 Million Housing, Vice Minister of Housing, Fahri Hamzah stated that construction SOE would be mandated to build free housing without taking any profit.

5.On Indonesia Mining, the controversy regarding Gag Island was resolved with 4 mining permit being rescinded by the government.

6.ANTM held AGM with the following decisions: 1) Dividend payout of 152/sh (100% payout, ~5% yield). 2) CEO change from Bpk Nicholas D Kanter to Bpk Achmad Ardianto (Previously HR Director of ANTM, CEO of TINS)

7.PTBA held AGM with the following decisions: 1) Dividend payout of 332/sh (70% payout, ~11% yield). 2) Overhaul in managemnet (all positions except the CEO replaced), replacement comes from professional background from private and SOE.

 

Market Sentiment:

• Bond Market: UST yield was at 4.4%, IndoGB yield stable at 6.7%.
• DXY: stable at 98.1. Rupiah hovers around Rp 16,290/USD.

 

Looking Ahead:

1.A ratification of US-China deal

2.Ongoing talks between US and Indonesia

 

Summary & recommendation:

The Israel-Iran attack will definitely cause a pressure to market next week. However, this can be an interesting time to collect more equity as commodity price will be on the radar. Investors can be more aggressive as the foreign flow can make a surprise as happened in recent weeks.

 

Product recommendation:

RD MICB, RD Index FTSE ESG, RD MGSED, RD MIDU, RD MIDO2.

 

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PRODUCT	3M PERFORMANCE	YTD PERFORMANCE
JCI	+7.80%	+1.22%
LQ45	+8.61%	-3.00%
EQUITY
MITRA A	+10.42%	-2.41%
MICB A	+9.34%	-2.48%
ASEAN5	+8.75%	-4.46%
MGSED	+8.37%	+2.41%
INDEX
FTSE ESG A	+9.78%	+0.27%
ETF
XMLF	+12.51%	+0.45%
BALANCED
MISB	+5.44%	+3.88%
MIA	+6.66%	-0.64%
FIXED INCOME
MIDU A	+2.06%	+4.20%
MIDO2	+1.87%	+3.59%
IDAMAN	+1.21%	+2.96%
MONEY MARKET
MIPU A	+1.11%	+2.03%
MMUSD	+0.76%	+1.39%

*The data above is as of June 13th, 2025

 

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For More Information

Contact Mandiri Investasi – (021) 526 3505
WhatsApp Mandiri Investasi – 0816 86 0003
Email Mandiri Investasi – [email protected]
Mandiri Investasi – www.mandiri-investasi.co.id

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DISCLAIMER‌
‌‌

The information and opinions expressed in this article are for general informational purposes only and are not intended as specific advice or recommendations for any individual, security, or investment product. The content is meant to provide education about the financial industry. Opinions and views presented may change without prior notice. All performance data and investment returns mentioned in this article should not be used as a guarantee or basis for decisions to buy or sell any securities. The data reflects historical performance and does not guarantee future results. Investing in mutual funds carries risks. Investors are advised to carefully read and understand the prospectus before making any investment decisions.

 

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