The JBP Briefing — Thursday, October 08, 2026 (Issue #123)
THE JBP BRIEFING
Intelligence · Advisory · M&A · Capital Markets · Jakarta
Thursday, October 08, 2026 · Vol. 1, Issue #123
Good morning. Here is my take on what matters most for your business and portfolio today. I write this every morning so you do not have to read everything.
— Akmal Adrianza, Founder, JBP Management Consulting
MARKET SNAPSHOT
JCI: 6,193
BI Rate: N/A
USD/IDR: Rp17,875
S&P 500: 7,801.77
WTI Crude: USD 89.42/bbl
Gold: USD 4,157/oz
Bitcoin: USD 83,330
SEA MARKET SNAPSHOT
📈 Market Snapshot
Equity Indices
IndexMarketLevelChange
IDX Composite
Indonesia
6,193
+1.21%
STI
Singapore
5,557
-2.54%
KLCI
Malaysia
1,612
-1.32%
Hang Seng
Hong Kong
24,281
+1.00%
Nikkei 225
Japan
69,351
-1.89%
S&P 500
US
7,802
-0.22%
FX Rates
PairRateChange
USD/IDR
17,875
+0.26%
USD/SGD
1.2796
+0.17%
USD/MYR
4.0830
-0.02%
USD/THB
33.62
+0.17%
USD/PHP
62.69
+0.05%
EUR/USD
1.1203
-0.45%
USD/JPY
158
-0.32%
USD/CNY
6.69
-0.14%
Commodities
CommodityPriceChange
Crude Oil (WTI)
89.42 USD/bbl
-0.02%
Brent Crude
101.50 USD/bbl
+0.91%
Gold
4,157 USD/oz
-0.72%
Data as of 08 Oct 2026, 08:16 WIB · Source: Yahoo Finance
GLOBAL MACRO
Global Macro Snapshot
Live Market Indicators
DXY: 102.25
US 10Y: 5.28%
S&P 500: 7,801.77
Gold: 4,157.20$/oz
WTI: 89.44$/bbl
GLOBAL M&A AND CAPITAL MARKETS
GLOBAL M&A
Global M&A Momentum Cools in Q3 as Borrowing Costs Rise
Global M&A activity slowed sharply in the third quarter of 2026, with deal value falling 41 percent from the prior quarter to USD 993 billion, according to LSEG data. The quarterly total dropped below USD 1 trillion for the first time since Q2 2025, following a record USD 2.85 trillion first half. Only 10 deals worth more than USD 10 billion were announced in Q3, the fewest quarterly megadeals since Q4 2024.
Despite the quarterly pullback, worldwide M&A so far this year is up 28 percent to USD 3.9 trillion, the highest level in the period since 2001, while the number of deals fell 8 percent. Rising borrowing costs are reshaping deal financing and timelines across developed and emerging markets.
MY PERSPECTIVE
JBP Advisory Angle: With financing conditions tightening, mid-market Indonesian sellers and sponsors may find strategic buyers with strong balance sheets increasingly attractive counterparties, creating a window for sell-side advisory mandates.
INDONESIA DEAL ACTIVITY
PRIVATE EQUITY
CIMB Private Equity Acquires 10 Percent Stake in 7-Eleven Indonesia Operator
CIMB Private Equity has acquired a 10 percent stake in PT Modern Internasional Tbk (MDRN), the listed retail operator of the 7-Eleven convenience store franchise in Indonesia, for approximately USD 25 million. The investment was made through a subscription of newly issued shares in the company's existing share capital.
The transaction signals continued private equity interest in Indonesian consumer and retail assets despite global market volatility. Proceeds from the subscription are earmarked for business purposes, strengthening MDRN's capital base as it pursues growth in the convenience retail segment.
MY PERSPECTIVE
JBP Advisory Angle: This deal highlights a live pipeline for minority-growth and PIPE-style transactions in Indonesian consumer retail, where sponsors seek listed platforms with franchise scale and expansion capital needs.
PRIVATE EQUITY EXIT
KV Asia Exits Victoria Care Indonesia in USD 70 Million Stake Sale
Singapore-based private equity firm KV Asia Capital has exited Indonesian beauty and personal care company PT Victoria Care Indonesia Tbk after five years, selling its entire 25 percent stake back to the listed company's controlling shareholder for about IDR 1.25 trillion (USD 69.9 million). PT Sukses Sejati Sejahtera, Victoria Care's controlling shareholder, purchased 1.677 billion shares from Beauty Brands International.
The exit demonstrates continued appetite for Indonesian consumer health and beauty assets, even as regional private equity firms recalibrate holding periods and liquidity strategies amid higher financing costs.
MY PERSPECTIVE
JBP Advisory Angle: Buyback exits to controlling families are becoming a viable liquidity route for sponsors in Indonesia, opening advisory opportunities for structuring shareholder buyouts and pre-negotiated exit mechanisms.
SOUTHEAST ASIA HEALTHCARE AND REGIONAL CONSOLIDATION
REGIONAL HEALTHCARE M&A
Hong Leong Acquires Columbia Asia Hospitals in USD 1.2 Billion Deal
Hong Leong Group, controlled by billionaire Tan Sri Quek Leng Chan, has acquired Columbia Asia hospitals in Southeast Asia from US investment firm Columbia Pacific Management for USD 1.2 billion, in partnership with global alternative asset firm TPG. The transaction positions healthcare as a core business for Hong Leong and marks one of the region's largest healthcare deals this year.
The acquisition covers Columbia Asia's hospital network across Southeast Asia, reflecting sustained investor interest in regional healthcare platforms despite broader M&A slowdown. The deal is expected to close subject to customary conditions.
MY PERSPECTIVE
JBP Advisory Angle: This transaction underscores growing strategic and sponsor interest in Southeast Asian healthcare platforms, creating cross-border advisory openings for Indonesian hospital groups and clinic networks seeking regional partners or capital. To discuss the implications for your business, contact JBP at contact@jbp.co.id
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 #123 · Thursday, October 08, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia
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