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Poultry (Overweight/Maintain) - Firm Prices Point to a Strong 3Q26

The average DOC price rose to IDR7,559/chick in September 2026 (+3.9% MoM, +13.9% YoY), the highest since July 2023, while broiler eased to IDR23,580/kg ( 3.2% MoM, +3.3% YoY) off its August record and corn edged up to IDR6,688/kg (+1.8% MoM, +21% YoY). In 3Q26, DOC averaged IDR6,707/chick (+34.8% QoQ) and broiler IDR22,197/kg (+18.8% QoQ), while corn averaged IDR6,584/kg (+1.3% QoQ). We expect strong 3Q26 results, though still below 1Q26.

StockAndreas Saragih
DownloadOct 19, 2026

MSCI Update - Six Months to Prove Reforms Work

OJK IDX Dialogue: More Cases Coming, MSCI Meeting Today We attended the latest dialogue between OJK, IDX and key domestic market participants on 18 October. Our main takeaway is that enforcement is under way, with more cases under investigation, but MSCI has not given explicit feedback on whether the reforms so far are sufficient. OJK and IDX meet MSCI today to seek clarification; the views below are our own. OJK's IDR2.1tr of sanctions on 16 October are the largest enforcement step since the January freeze: DSSA for trading manipulation, and BREN and CUAN for IPO share allocation breaches, with penalties imposed on the responsible parties rather than the listed companies. This is a meaningful start. We read its seven consultation questions as three tests: verifiable ownership and effective free float, consistent market wide enforcement, and reforms that hold once the freeze is lifted.

StockRully Arya Wisnubroto
DownloadOct 18, 2026

Indonesia Daily Focus October 19, 2026

MSCI Proposes a Standalone Downgrade MSCI launched a consultation on reclassifying Indonesia from Emerging Market to Standalone status, with a decision due by 30 June 2027 and the freeze kept until further notice. MSCI skipped the Frontier option and expects to proceed unless it sees clear evidence of material improvement, citing weak enforcement against coordinated trading. Our 2H27 unfreeze view no longer holds; the question is now whether Indonesia stays in EM at all.

Daily ReportResearch Team
DownloadOct 18, 2026

Fixed Income Daily Update - October 19, 2026

MSCI’s proposed downgrade of Indonesia from Emerging Market to Standalone status puts approximately USD3bn in passive equity outflows at risk ahead of Jun 27 , raising concerns over market transparency and regulatory enforcement. We see INDOGB facing a double edged impact, as domestic rotation from equities could support bond demand, while foreign selling and Rupiah depreciation could drive sovereign risk premiums higher.

Fixed Income Daily UpdateJessica Tasijawa
DownloadOct 18, 2026

Flash Focus: Indonesia Banks - MSCI Standalone Proposal: Pakistan 2008 Shows the Risk, and the Way Back

On 15 Oct 26, MSCI launched a consultation on reclassifying Indonesia from Emerging to Standalone Market status, skipping Frontier altogether, citing limited ownership transparency, continued suspected coordinated trading and no evidence of meaningful enforcement. Downgrade is now the default unless the consultation finds clear evidence of material improvement, with feedback open until 30 Apr 27 and a final decision by 30 Jun 27. OJK's same day response reiterated its commitment to reform but offered no new measures.

StockMuhammad Nurkholis Syafruddin
DownloadOct 16, 2026

MSCI Update - Standalone Risk: Rotate to Names Outside MSCI

MSCI Proposes a Standalone Downgrade MSCI launched a consultation on reclassifying Indonesia from Emerging Market to Standalone status, with a decision due by 30 June 2027 and the freeze kept until further notice. MSCI skipped the Frontier option and expects to proceed unless it sees clear evidence of material improvement, citing weak enforcement against coordinated trading. Our 2H27 unfreeze view no longer holds; the question is now whether Indonesia stays in EM at all.

StockRully Arya Wisnubroto
DownloadOct 16, 2026

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