Coal Export Duty & DHE SDA Rule – Indonesia Updates

Daily Market Performance 🚀

IHSG	Foreign Flow	Exchange rate USD/IDR	Gold
8.711 +0,90%	+Rp. 53.0 billion	16.690 +0,28%	4.239 -0,10%

Oil	Coal	CPO	Nickel
63,3 -0,64%	109,7 +0,46%	4.092 -1,45%	14.940 +0,29%

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The Minister of Finance, Purbaya Yudhi Sadewa, said on Monday (8/12) that government plans to impose coal export duties of 1–5%. Purbaya said that the implementation of coal export duties may depend on the quality of the coalbut he did not provide further details. The government will consider price trends in deciding coal export duties to ensure the sustainability of the sector.

In November 2025, Purbaya said that the government likely to implement coal export duties in 2026while the Minister of Energy and Mineral Resources, Bahlil Lahadalia, said that his party currently discussing the minimum reference price limit for coal that is eligible to be subject to export duties.

Apart from coal export duties, Purbaya also confirmed news regarding the government’s plans to revise foreign exchange regulations resulting from exports of natural resources (AND SDA) which will requires exporters to place funds in a collection of state-owned banks (Himbara) and limiting rupiah conversion to ensure more foreign exchange earnings stay within the country. Previously, this news was reported by happy on Monday (8/12) morning.

In his report, Kontan reported that the portion and duration of non-oil and gas DHE SDA placement will not change as much as 100% for 12 months, but new rules will reduce the conversion limit for foreign currency DHE to rupiah from 100% to a maximum of 50%. Besides that, happy reported that The DHE SDA placement instrument will be extended to state securities (SBN) foreign exchangecompared to regulations existing which only includes special accounts, banking instruments and Bank Indonesia instruments.

Meanwhile, CNBC Indonesia reported that the DHE SDA regulations were revised as well will expand the use of foreign currency for loan paymentswhich can increase exporters’ flexibility in utilizing foreign exchange. This expansion includes loans for working capital as well as the removal of restrictions related to the procurement of goodswhich was previously only allowed for goods that could not be produced domestically.

Previously, the Coordinating Minister for Economic Affairs, Airlangga Hartarto, said in October 2025 that the government planned to offer more facilities to natural resource exporters. However, it is not yet known whether the additional facilities referred to by Airlangga have been included in the revision reported by happy And CNBC Indonesia.

Key Takeaway

Application of export duties for coal commodities has the potential to suppress the net profit of coal issuers, with a greater impact for companies with a large portion of export sales and high-calorie coal. Based on our estimatesthe policy has the potential to reduce the net profit of coal issuers by -7% to -27% for 2026assuming other things being equal on the export portion variable and blended ASP based on performance annualized 9M25 currently owned by each company. For context, an estimated reduction of -7% is obtained in the smallest tariff scenario (1%) with the smallest export percentage (PTBA), while an estimated reduction of up to -27% is obtained in the largest tariff scenario (5%) with the largest export percentage (ITMG). However, this estimate may change depending on the details of the regulations that will be released as well as the portion of exports blended ASP each company in the future.

Relected the DHE rules revision, although restrictions on the conversion of DHE in foreign currency to rupiah have the potential to reduce exporters’ flexibility in managing capital flows, there is allowance for the use of foreign currency for loan payments. Meanwhile, reducing the conversion limit for DHE in foreign currency to rupiah has the potential to increase foreign exchange retention in the country, thereby maintaining the rupiah exchange rate. However, foreign exchange liquidity in private banks is at risk of pressure because the placement of DHE funds will focus on Himbara.

🫸 Government Temporarily Suspends Operations of UNTR Business Entities Post-Sumatra Floods

• $UNTR: Minister of the Environment, Hanif Faisol Nurofiq, said on Friday (5/12) that The government has temporarily suspended the operations of 3 companies in Sumatra — namely, the United Tractors business entity PT Agincourt Resourcesa state-owned plantation company PT Perkebunan Nusantara IIIand hydroelectric power plant developers PT North Sumatera Hydro Energy. Hanif said that this decision was taken after Aerial inspections revealed massive land clearing upstream of where these companies operatewhich may have increased the risk of flooding and landslides in the region. Hanif said that the three companies had been summoned to Jakarta on December 8 2025 for inspection, as well the government “does not rule out the possibility of criminal proceedings if violations are found that aggravate the disaster.”
• $NOT: happy reported that Merdeka Gold Resources through several of its subsidiaries — namely, PT Pani Bersama Tambang, PT Puncak Emas Tani Sejahtera, and PT Gorontalo Sejahtera Mining — obtain revolving credit facility worth 350 million US dollars from the consortium lender domestic and international. These facilities will be used for refinancing, working capital for commissioning and initial operations, as well as the continued development of the Pani gold mine.
• $TPAPA: President director Chandra Asri Pacific, Erwin Ciputra, bought 200,000 TPIA shares at average prices 7,400 rupiah per share on November 28, 2025. The total transaction value reached ~1.5 billion rupiah. After this transaction, Erwin Ciputra’s direct ownership portion in TPIA increased, but was still around 0.16%.
• $PTPP: PT PP announced that it has signed 3 contracts for state institutional building construction projects at IKN Nusantara worth a total of ~3.5 trillion rupiahwhich consists of the construction of OIKN support offices, Plenary session buildings and areas, as well as DPD buildings. Each of the three projects will be carried out by PTPP with a cooperation cooperation scheme, which also involved Adhi Karya ($ADHI), although the company does not specify the portion of each job. Based on the latest data, PTPP recorded a new contract value of 16.88 trillion rupiah during 9M25 (-18.8% YoY) or the equivalent of ~59% of the 2025 target at the level of 28.5 trillion rupiah, while ADHI recorded a new contract value of 14.1 trillion rupiah during 11M25 (-7% YoY) or the equivalent of 50–56% of the 2025 target in the range of 25–28 trillion rupiah.
• $LABA: Green Power Group and Bangun Karya Perkasa Jaya ($KRYA) announced currently processing the replacement of An Shaohong from his position in each company as main director and main commissionerwith further information to be provided at a later date. The statement by the two companies came after a number of mass media reported that An Shaohong has been deported from Indonesia. LABA and KRYA said that the news of An Shaohong’s deportation had no impact on the company’s operational activities, performance or business continuity. Apart from these two companies, An Shaohong is also listed as the main commissioner at Oscar Mitra Sukses Sejahtera ($OLIV), but the company has not provided any statement as of Monday (8/12) at 16.00 WIB.

Top Gainer 🔥

$ENRG	$ADMR	$DEWA	$GOTO
+18,67%	+12,02%	+11,17%	+9,38%

Top Loser 🤕

$UNTR	$DSNG	$UNVR	$SCMA
-4,86%	-4,37%	-3,32%	-3,00%

🔥 Another hot thing you need to know…

• The US Bureau of Economic Analysis notes that the personal consumption expenditure index (personal consumption expenditures/PCE) in the US experiencing inflation of 0.3% MoM in September 2025 (vs. August 2025: inflation 0.3% MoM), in line with expectations consensus. On an annual basis, PCE inflation increases to 2.8% YoY in September 2025 (vs. August 2025: inflation 2.7% YoY), in line with expectations consensus and marks the highest level since April 2024. Meanwhile index PCE inti — which is the Fed’s preference in measuring the US economy — was recorded as experiencing inflation of 0.2% MoM in September 2025 (vs. August 2025: inflation 0.2% MoM), in line with expectations consensus.
• The Minister of Finance, Purbaya Yudhi Sadewa, said on Monday (8/12) that The government has officially canceled plans to levy excise on packaged sweetened drinks (MBDK) in 2026. Purbaya said that levies MBDK excise will be implemented when economic growth is above +6%. Cancellation of the MBDK excise tax itself will result in the government potentially losing state revenue amounting to 7 trillion rupiah in the 2026 APBN. On the other hand, Purbaya said that implementation of gold export duties and coal export duties will respectively provide additional state revenues of 3 trillion rupiah and 20 trillion rupiah per year.
• Gaikindo noted that sales wholesalers National cars in November 2025 will reach ~74.3 thousand units (-0,8% YoY, +0,3% MoM), along with the implementation of the Gaikindo Jakarta Auto Week exhibition on 21–30 November 2025. This realization makes wholesalers National cars during 11M25 reached ~710 thousand units (-10% YoY). Following the release of this data, Gaikindo revises sales targets wholesalers national car by 2025 from the range of 750–900 thousand units to 780 thousand units.
• The Indonesian Motorcycle Industry Association (AISI) noted that Domestic motorbike sales in November 2025 will reach ~523.6 thousand units (+2,1% YoY, -11,3% MoM). These results increase domestic motorbike sales during 11M25 reached ~6 million units (+0,4% YoY), equivalent 89–93% target 2025 from AISI in the range of 6.4–6.7 million units (vs. 11M24: 94% realization 2024).
• Head of the National Disaster Management Agency, Lt. Gen. TNI Suharyanto, said on Sunday (7/12) that The government needs a budget of more than 51.81 trillion rupiah to restore damage caused by floods and landslides in Sumatra. Meanwhile, the Minister of Finance, Purbaya Yudhi Sadewa, said that the disaster would likely weigh on national economic growth in 4Q25, with losses in agriculture and infrastructure still being evaluated.
• Chairman of the Indonesian Palm Oil Entrepreneurs Association (Gapki), Eddy Martono, said that Floods and landslides in Sumatra are unlikely to have a significant impact on national palm oil production in 2025. So far, Gapki has only received reports about 1 palm oil company stopping production, namely a company in Aceh Tamiang, because it needed repairs to its storage tanks. Gapki also noted that So far there have been no disturbances on the plantation, although the road to the port of Aceh is currently being repaired after being damaged by flooding.
• Bloomberg reported that Robinhood Markets Inc. (Nasdaq: HOOD) has signed an agreement to acquire PT Buana Capital Sekuritas and PT Pedagang Aset Crypto with an undisclosed value. This transaction is expected to be completed in 1H26. Bloomberg reported that the majority owner of both companies, Pieter Tanuri, will remain as a strategic advisor.

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