Morning Chatter

KBVS MORNING CHATTER
Wednesday, 3 December 2025

Headline News :
•    BUMI – Targets 50% non-coal revenue by 2031
•    ARCI - 1.56% yield FY25 interim dividend
•    JSMR – Performance outlook improves due to new toll roads segment and lower rates
•    DEPO – Opens 17th store in Pekanbaru; targets 2026 expansion in Sumatra
•    PEHA – 9M25 revenue grows 19.5% yoy; EBITDA surges 2,748%
•    ACES – AZKO rebranding fuels expansion strategy, profit temporarily pressured
•    MDIY – 2026 growth strategy relies on aggressive store expansion
•    IMJS – To conduct a rights issue at IDR230 per share
•    HEXA – Targets USD609.8 mn revenue in FY26; expands outlet network
•    WINE – Business expansion in 2026

 

Market Commentary :
U.S. equities closed higher on Tuesday (Dow +0.39%, S&P 500 +0.25%, Nasdaq +0.59%) to record their sixth gain in seven sessions in muted trading, buoyed by gains in technology shares as expectations the Federal Reserve will cut interest rates next week remain elevated. The U.S. 10-year Treasury yield fell -0.1 bps (-0.02%) to 4.09%, and the USD Index edged -0.06% to 99.35.
Commodities closed mostly lower: coal -0.55% to USD107.8/ton on weakening volume demand despite the onset of winter and pressure after South Korea officially joined the Power Past Coal Alliance; CPO +1.56% to MYR4,157/ton driven by bargain buying as prices hit a nearly 5-month low; Brent oil -1.31% to USD62.43/bbl as markets weighed faltering Russia-Ukraine peace hopes against fears of oversupply; and gold -0.69% to USD4,210/oz as investors took profit following a six-week high in the previous session while awaiting key U.S. economic data ahead of the Federal Reserve's policy meeting next week.
Asian markets closed higher on Tuesday (Kospi +1.9%, Nikkei flat, Hang Seng +0.24%, Shanghai -0.42%) as expectations rose for a Fed rate cut next week, although Japanese equities lagged on potential Bank of Japan tightening. The JCI gained +0.8% to 8,617 as investors responded to strong domestic economic data, posting IDR749 bn in net foreign inflows, with ASSI, DSSA, and TPIA among the top contributors. Top net foreign buys included CDIA, BRMS, and ASSI.
Asian markets opened higher on Wednesday (Kospi +0.23%, Nikkei +0.85%). We expect the JCI to strengthen today, supported by gains in Wall Street and Asian markets, as well as rising expectations of a Fed rate cut next week and continued foreign investor buying, all of which are likely to provide positive sentiment for the JCI.

Regards,
KBVS Research Team

 

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