Morning Chatter

KBVS MORNING CHATTER
Thursday, 18 September 2025

Headline News :
•    EMAS - IPO at IDR2,880/sh
•    MEDC - Expands in Sakakemang PSCs, lifts TGI stake to 40%
•    ADMR - Aluminium smelter COD in 4Q25
•    SSMS – Net profit grew 80.82% yoy in 1H25
•    CBUT – Net profit grew 89.1% yoy in 1H25
•    CHEK – Revenue target of IDR225 bn in 2025
•    UNTR – To acquire PSAB’s gold mining assets for USD549.30 mn
•    INKP – Allocates IDR27.7 tn to settle bond maturity
•    PTPP – To divest Celebes Railway stake

Market Commentary :
US stocks ended mixed on Wednesday after the Federal Reserve cut interest rates by 25bps. The Nasdaq (-0.33%) and S&P500 (-0.10%) slipped, while the Dow (+0.57%) closed higher. 
The Fed signaled two more quarter-point cuts this year, citing labor market weakness but emphasizing that inflation risks still require careful management. Chair Jerome Powell acknowledged rising downside risks to employment but said deeper cuts would only be considered if conditions worsen significantly. Market reaction was muted as the move was widely expected, and Powell’s cautious tone tempered hopes for faster easing. 
Nvidia shares fell 2.6% after reports that China’s internet regulator ordered tech firms to halt purchases of its chips, dragging the Nasdaq lower. 
Oil prices declined as rising US diesel stockpiles fueled demand concerns, despite a sharp drop in crude inventories. Brent settled at USD68.22/barrel (-0.76%) and WTI at USD64.05/barrel (-0.73%). 
Asia-Pacific markets opened mixed after the Fed’s expected rate cut, which Powell described as a ‘risk management cut’. Nikkei rose 0.31%, Kospi gained 0.43%, ASX200 fell 0.47% and Hang Seng was poised to open lower. The JCI rose 0.85% to 8,025.18 after Bank Indonesia cut its policy rate by 25bps, boosting optimism over economic growth prospects.

Regards, 
KBVS Research Team

 

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