The JBP Briefing — Team Edition — Wednesday, August 26, 2026 (Issue #84)

THE JBP BRIEFING

Intelligence · Advisory · M&A · Capital Markets · Jakarta

Wednesday, August 26, 2026 · Vol. 1, Issue #84

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Good morning. I have pulled the five stories most likely to come up in client conversations this week. Use them — they are pitch-ready.

— Akmal Adrianza, Founder, JBP Management Consulting

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MARKET SNAPSHOT

JCI: 6,502

BI Rate: N/A

USD/IDR: Rp17,715

S&P 500: 7,677.28

WTI Crude: USD 80.45/bbl

Gold: USD 4,699/oz

Bitcoin: USD 78,866

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,502

-0.37%

STI

Singapore

5,730

-0.09%

KLCI

Malaysia

1,742

+0.33%

Hang Seng

Hong Kong

25,511

-0.02%

Nikkei 225

Japan

65,565

-0.44%

S&P 500

US

7,677

+0.32%

FX Rates

PairRateChange

USD/IDR

17,715

+0.34%

USD/SGD

1.2693

-0.04%

USD/MYR

4.0330

-0.14%

USD/THB

32.70

+0.10%

USD/PHP

61.56

-0.15%

EUR/USD

1.1673

+0.04%

USD/JPY

159

-0.02%

USD/CNY

6.72

-0.03%

Commodities

CommodityPriceChange

Crude Oil (WTI)

80.45 USD/bbl

-5.36%

Brent Crude

85.30 USD/bbl

-7.45%

Gold

4,699 USD/oz

+1.26%

Data as of 26 Aug 2026, 08:42 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 98.94

US 10Y: 4.64%

S&P 500: 7,677.28

Gold: 4,698.20$/oz

WTI: 80.46$/bbl

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INDONESIA M&A: CHANDRA ASRI'S REGIONAL MOBILITY PLAY

CROSS-BORDER M&A

Chandra Asri Acquires Cycle & Carriage Automotive Business for US$207 Million

PT Chandra Asri Pacific Tbk (TPIA) has signed a conditional sales and purchase agreement to acquire the automotive business of Cycle & Carriage in Singapore and Malaysia for an estimated US$207 million (Rp3.68 trillion). The deal, fully financed by Mizuho Bank with Greenhill as exclusive financial adviser, marks a strategic expansion beyond its core energy and chemicals business into regional mobility.

This transaction signals a growing appetite among Indonesian conglomerates for cross-border acquisitions that diversify revenue streams and capture Southeast Asian growth. The deal's structure—financed by a Japanese bank and advised by a global boutique—highlights the increasing sophistication of Indonesian corporate dealmaking.

MY PERSPECTIVE

JBP Advisory Angle: This deal opens advisory mandates for Indonesian corporates seeking regional diversification, particularly in asset-heavy sectors like automotive and infrastructure, where cross-border M&A can unlock synergies and new markets.

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GLOBAL M&A TRENDS: PE AND CROSS-BORDER ACTIVITY RESHAPE MARKETS

PRIVATE EQUITY

Apollo Global's EasyJet Acquisition Signals PE Confidence in Regulated Industries

Apollo Global Management's acquisition of EasyJet, now targeting Q1 2027 completion after regulatory extensions, demonstrates private equity's willingness to take on capital-intensive, regulated businesses. The extended timeline reflects regulatory complexity rather than deal fatigue, indicating a strategic bet on aviation recovery and operational discipline.

This trend is echoed by BCG data showing global M&A deal value reached US$1.6 trillion in H1 2026, up 28% year-on-year, driven by large, thesis-driven transactions. For Indonesian and SEA markets, this suggests that PE firms are increasingly looking at infrastructure and regulated sectors, potentially opening opportunities for local partnerships and co-investments.

MY PERSPECTIVE

JBP Advisory Angle: For Indonesian asset owners in regulated sectors like aviation, energy, or telecom, this trend signals a window to engage PE buyers seeking operational turnarounds, creating sell-side advisory opportunities.

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PRIVATE CREDIT DISTRESS: IMPLICATIONS FOR INDONESIAN REFINANCING

CREDIT & RESTRUCTURING

Rising Distress in Private Credit Signals Refinancing Opportunities

Private credit markets are showing increasing signs of distress, with non-accrual debt rising and PIMCO reporting a hidden default problem since 2022. While headline default rates remain low, 'soft' distress like debt-to-equity conversions is becoming more common, indicating a turning credit cycle.

For Indonesian companies with private credit exposure, this could mean tighter refinancing conditions ahead. However, the weaker US dollar (DXY at 98.94) and lower US yields may encourage capital flows into emerging markets, potentially easing funding pressures for Indonesian issuers.

MY PERSPECTIVE

JBP Advisory Angle: Distressed private credit portfolios in SEA may generate restructuring and refinancing mandates for advisers, especially for mid-market sponsors facing 2027 maturities seeking non-dilutive capital solutions.

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INDONESIA'S COMMODITY EXCHANGE: NEW REGULATORY FRONTIER

COMMODITIES & POLICY

Indonesia Plans Commodity Exchange for Palm Oil, Nickel, and Coal

Indonesia is planning to launch a commodity exchange covering palm oil, nickel, and coal, leveraging its position as the world's largest exporter of these products. This initiative is part of President Prabowo's broader strategy to centralize commodity exports and boost economic growth.

The exchange could transform how Indonesian commodities are priced and traded, impacting exporters, miners, and plantation companies. For M&A advisers, this creates opportunities in exchange infrastructure, trading firms, and related services, as well as potential consolidation among market participants.

MY PERSPECTIVE

JBP Advisory Angle: The establishment of a commodity exchange could spur M&A among trading houses and logistics providers, as well as create advisory opportunities for companies seeking to position themselves within the new regulatory framework.

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CAPITAL RAISING: INDONESIAN LISTED COMPANIES SEEK FRESH FUNDS

CAPITAL RAISING

Indonesian Issuers Plan Rights Issues and Private Placements in H2 2026

Several Indonesian listed companies are preparing to raise fresh capital through rights issues and private placements in the second half of 2026. Notable examples include PT Folago Global Nusantara Tbk (IRSX) planning a jumbo rights issue of 12.39 billion shares, and PT Bhuwanatala Indah Permai Tbk (BIPP) issuing up to 10% new shares without preemptive rights.

These capital-raising activities come amid a JCI at 6,502 and a stable rupiah at Rp17,715/USD, suggesting manageable market conditions for equity issuance. The deals span various sectors, indicating broad-based appetite for growth capital.

MY PERSPECTIVE

JBP Advisory Angle: The wave of rights issues and private placements creates advisory mandates for structuring, pricing, and placement, particularly for companies seeking to fund expansions in a competitive market environment.

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That is all for today. If any of these stories opens a door for your business, I am happy to talk through the implications.

Warm regards,

Akmal Adrianza

Founder, JBP Management Consulting & Financial Advisory

The JBP Briefing · Issue #84 · Wednesday, August 26, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia