Morning Chatter

KBVS MORNING CHATTER
Thursday, 11 December 2025

Headline News:
•    TAPG - Inaugurates World-First Palm Shell-Based Biocoke Facility
•    AGII – A IDR350 bn capex allocation for 2026
•    JSMR – Expects better performance in 4Q25F on Nataru traffic
•    SGRO – A IDR205 bn debt repayment in 2026
•    KRAS – Sold 26 ha of Industrial Land to WAMI
•    FAST - Targets a net profit in 2026 due to consumer spending recovery
•    DEPO – Targets IDR3 tn sales in 2026; plans 3 new stores
•    HERO – Accelerates divestment of ex-Giant assets; 8 properties remain
        
Market Commentary:
US equities rallied on Wednesday after The Fed delivered a third consecutive 25bps cut,reinforcing expectations of a more accommodative 2025. The Dow rose 1.1%, S&P500 gained 0.7% and Nasdaq added 0.3%. Markets interpreted the meeting as decisively dovish, The Fed will resume short-term treasury purchases, policymakers acknowledged labor-market softening for the first time, and Powell noted that a rate hike is ‘nobody’s base case,’ effectively removing tightening risk. Although The Fed projected only one cut for 2026, futures markets continue to price in two additional reductions next year with >77% probability, reflecting expectations of a cooler macro backdrop. Investors looked past the shallow rate-path guidance, with balance-sheet expansion and softer inflation forecasts offsetting concerns. Equity sentiment was also supported by firmer growth projections and neutral employment guidance. 

Oil prices inched higher as the US seized an unidentified tanker off Venezuela, adding to near-term supply risks. Brent closed up 0.4% to USD62.21/bbl and WTI rose 0.4% to USD58.46/bbl. While the action heightens geopolitical sensitivity around Venezuelan, Iranian and Russian flows, analysts note it does not materially alter fundamentals unless followed by further US enforcement steps. Asia-Pacific equities are poised for a positive open, supported by the Fed’s third rate-cut this year, reinforcing a supportive macro backdrop for risk assets. The ASX200 opened 0.6% higher, Nikkei225 futures signal a stronger start, with Chicago at 50,910 and Osaka at 50,860, both above the prior close of 50,603 and Hang Seng futures at 25,602 point to a modestly higher open versus the last close of 25,541. 

 Yesterday, the JCI rose 0.51% to 8,700.92 despite a net foreign outflow of IDR43.27 bn. Foreign selling was concentrated in RAJA, COIN, BBRI and EXCL, while net buying was led by BUMI, FILM, CBDK and BMRI

 

Regards, 
KBVS Research Team

 

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