Morning Chatter

KBVS MORNING CHATTER
Thursday, 25 June 2026

Headline News:
•    TPIA - Plans IDR2.25tn bond issuance
•    ACES - 5M26 sales increased 6.1% yoy
•    SMDR - Optimistic on strong demand
•    TALF - To disburse IDR10.82 bn in dividends
•    WSBP - To continue debt-to-equity swap via Phase VI private placement
•    DMND - To disburse IDR71.01 bn in dividends
•    IPCM - To disburse IDR125.51 bn in dividends
•    BSML - Targets a IDR159.84 bn in 2026F 
•    STRK - Launching new brands for export and domestic markets
•    KOTA - Expands recurring income through JORR 2 rest area project
•    PIPA - Undergoes financial correction and consolidation to strengthen long-term growth

Market Commentary:
US indices closed mixed on Wednesday (24/6); the DJIA rose +0.35%, while the S&P 500 slipped –0.10% and the Nasdaq declined –0.43%, as tech selling extended into a third consecutive session ahead of Micron Technology's after-hours earnings. Micron fell -0.4% during the regular session following a -13% plunge the prior day, amid lingering concerns that AI-linked capital expenditure has become excessive. The Dow outperformed on rotation into traditional sectors, adding 182 points, aided by its relatively limited exposure to speculative technology. AI-related capital activity remained elevated, with SK Hynix reportedly seeking to raise USD29bn through a US listing, following SpaceX's record IPO earlier this month

In commodities, Brent crude fell –4.24% to USD73.74/bbl and WTI declined –3.88% to USD70.34/bbl- the lowest level since before the US and Israel launched airstrikes against Iran at the end of February. President Trump stated that Iran had confirmed no tolls, insurance costs, or other charges would be levied on vessels transiting the Strait of Hormuz, accelerating expectations of restored energy supply

European markets closed mixed on Wednesday; the STOXX 600 ended just above the flatline, the FTSE 100 added +0.3%. Germany's DAX fell –0.6%, dragged by a sharp sell-off in defense giant Rheinmetall (–18.6%) following reports that Germany would abandon plans to build six warships, raising doubts over the durability of the European defense spending cycle

Across Asia, markets diverged sharply on Wednesday The KOSPI rebounded +3.26% and the Hang Seng rose +0.33%, recovering a portion of the prior session's losses. The Nikkei 225 extended its decline, slipping –0.88%. The JCI tumbled –3.56% to close at 5,883.88, as MSCI retained Indonesia's Emerging Market status but deferred any definitive rebalancing decision to its Nov ‘26 review, disappointing investors who had anticipated a cleaner resolution. The rupiah weakened -0.61% in the spot market to IDR17,954/USD, among the steepest intra-day declines across Asian currencies. Looking ahead, the JCI faces continued near-term pressure from the MSCI overhang and rupiah weakness.

Regards, 
KBVS Research Team

 

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