Seven EV Producers Committed IDR 15.4 tn Investment in Indonesia

INDUSTRY
Seven EV Producers Committed IDR 15.4 tn Investment in Indonesia
Seven global EV manufacturers BYD, Citroen, AION, Maxus, Geely, VinFast, and VW have committed to invest IDR 15.4 tn to build plants in Indonesia with a combined capacity of 281,000 units/year. The move is part of a broader Govt. push to strengthen Indonesia’s EV ecosystem, from nickel mining to battery recycling. EV production is expected to reach 2.5 mn units/year by 2030. Total auto investment from 2020–2024 reached IDR 157 tn. (Kontan)

MACROECONOMY
US Trade Deficit Hit Record USD 140.5bn in Mar-25 

The US trade deficit widened to a record USD 140.5 bn in Mar-25 (vs Feb-25; USD 137 bn forecast), as imports surged (+4.4% MoM) to an alltime high of USD 419 bn ahead of new tariff expectations. Import gains were led by pharmaceuticals, passenger cars, and computer accessories. Exports rose slightly (+0.2% MoM) to a record USD 278.5bn. The deficit widened with the EU (USD -48.3bn), Ireland, and Vietnam, but narrowed with China (USD -24.8bn), Switzerland, and Canada. (Trading Economic)

COMPANY
BCAS: EXCL IJ - 1Q25 results: below ours and cons' expectation

- EXCL's 1Q25 net profit declined 28.9% yoy due to higher expense and slow revenue growth; accounted only 18.5% of ours and 17.4% of cons' estimate. 
- EBITDA margin -250 bp yoy to 50.2%, operating expense (exclude D&A) rose 7.4%, especially on salaries expense due to integration of First Media employees 
- Revenue only inclined 1.9% yoy but dropped 4.8% normalized after high season in 4Q 
- ARPU dropped 9% yoy and 2.4% qoq to IDR 40k/month; while subscriber base stable qoq.