The JBP Briefing — Tuesday, September 01, 2026 (Issue #90)

THE JBP BRIEFING

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

Tuesday, September 01, 2026 · Vol. 1, Issue #90

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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

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MARKET SNAPSHOT

JCI: 6,576

BI Rate: N/A

USD/IDR: Rp17,720

S&P 500: 7,686.14

WTI Crude: USD 86.74/bbl

Gold: USD 4,479/oz

Bitcoin: USD 78,722

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SEA MARKET SNAPSHOT

📈 Market Snapshot

Equity Indices

IndexMarketLevelChange

IDX Composite

Indonesia

6,576

+0.77%

STI

Singapore

5,710

-0.79%

KLCI

Malaysia

1,708

-1.92%

Hang Seng

Hong Kong

25,311

-1.00%

Nikkei 225

Japan

66,339

+0.04%

S&P 500

US

7,686

-0.58%

FX Rates

PairRateChange

USD/IDR

17,720

-0.16%

USD/SGD

1.2719

-0.21%

USD/MYR

4.0330

+0.24%

USD/THB

33.20

+0.39%

USD/PHP

62.36

-0.01%

EUR/USD

1.1606

+0.15%

USD/JPY

160

-0.17%

USD/CNY

6.72

-0.09%

Commodities

CommodityPriceChange

Crude Oil (WTI)

86.74 USD/bbl

+1.14%

Brent Crude

88.90 USD/bbl

-1.76%

Gold

4,479 USD/oz

+1.09%

Data as of 01 Sep 2026, 11:38 WIB · Source: Yahoo Finance

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GLOBAL MACRO

Global Macro Snapshot

Live Market Indicators

DXY: 99.53

US 10Y: 4.76%

S&P 500: 7,686.14

Gold: 4,479.00$/oz

WTI: 86.74$/bbl

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GLOBAL M&A MOMENTUM

GLOBAL M&A

Global M&A Hits Record $3.2 Trillion in H1 2026

Global M&A activity reached a record $3.2 trillion in the first half of 2026, a 44% increase year-over-year, according to J.P. Morgan. North America accounted for over 65% of the total, with a clear shift from shareholder returns to reinvestment and M&A as key growth strategies. This signals a robust dealmaking environment worldwide.

For Indonesian businesses, this global momentum creates opportunities to attract foreign investment and partnerships. With the JCI at 6,576 and the rupiah at Rp17,720, local companies may find favorable conditions for cross-border transactions, especially in sectors aligned with global capital flows.

MY PERSPECTIVE

JBP Advisory Angle: The record global M&A pace opens doors for Indonesian firms seeking strategic buyers or investors, with advisory opportunities in cross-border deal structuring and valuation.

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LEGAL & ADVISORY

Latham & Watkins Expands Asia M&A Practice

Latham & Watkins has added prominent capital markets and M&A partners in Hong Kong, signaling increased focus on Asian transactions. Grace Huang and Edward Freeman join the firm, enhancing its capabilities in cross-border deals. This move reflects the growing demand for sophisticated legal counsel in the region.

For Indonesian companies, access to top-tier international legal expertise can facilitate complex M&A, joint ventures, and capital raising. As global firms expand in Asia, local businesses may benefit from improved advisory services and smoother execution of cross-border transactions.

MY PERSPECTIVE

JBP Advisory Angle: The influx of global legal talent in Asia presents opportunities for Indonesian firms to engage in more complex cross-border M&A, with advisory mandates for structuring and negotiation.

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INDONESIA DEAL ACTIVITY

INDONESIA M&A

Bank Maybank Indonesia Acquires 51% of Etiqa Indonesia

PT Bank Maybank Indonesia Tbk (BNII) has agreed to acquire a 51% stake in PT Asuransi Etiqa Internasional Indonesia for Rp21.59 billion. The transaction, signed on August 31, 2026, marks a strategic expansion into the insurance sector. This move aligns with the broader trend of financial institutions diversifying their offerings.

This acquisition highlights the ongoing consolidation in Indonesia's financial services industry. With the JCI at 6,576 and a stable rupiah, the market remains attractive for strategic buyers. The deal also underscores the potential for further M&A in the insurance and fintech space.

MY PERSPECTIVE

JBP Advisory Angle: This acquisition signals a window for similar consolidation in Indonesia's financial sector, with advisory opportunities for firms seeking to enter or expand in insurance and related services.

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PRIVATE EQUITY

Peregrine and Sinar Primera Build Cold Storage JV in Indonesia

Peregrine Cold Logistics has entered Indonesia through a joint venture with Sinar Primera to develop cold storage assets. The partnership includes acquiring an existing facility in Pluit and a greenfield development in Narogong. This move capitalizes on the growing demand for cold chain logistics in the archipelago.

The JV underscores the attractiveness of Indonesia's logistics sector to foreign investors. As the country's e-commerce and food industries expand, modern cold storage infrastructure becomes critical. This deal may pave the way for further foreign investment in Indonesia's supply chain and logistics.

MY PERSPECTIVE

JBP Advisory Angle: The cold storage JV highlights a growing niche for infrastructure investment, with advisory potential for logistics companies seeking partnerships or expansion in Indonesia's cold chain market.

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CAPITAL RAISING & PRIVATE CREDIT

CAPITAL MARKETS

Rights Issue Activity Surges on IDX, Over Rp15 Trillion Raised

Indonesian listed companies have raised Rp15.85 trillion through rights issues as of August 28, 2026, according to the Indonesia Stock Exchange. The wave of capital raising reflects improving market sentiment, with the JCI at 6,576. Companies are leveraging the momentum to fund expansion and reduce debt.

With the rupiah stable at Rp17,720, the equity market remains a viable avenue for growth capital. As rights issues become more common, investors are becoming more selective, emphasizing the need for strong fundamentals. This trend is likely to continue, offering opportunities for well-positioned firms.

MY PERSPECTIVE

JBP Advisory Angle: The surge in rights issues suggests a favorable window for Indonesian companies to raise equity capital, with advisory mandates for structuring and executing such transactions.

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PRIVATE CREDIT

Danantara Invests $1 Billion in Private Credit

Indonesia's sovereign wealth fund, Danantara, has allocated $1 billion to private credit, joining a global trend. The Indonesia Investment Authority (INA) has also shown interest, planning to co-fund transactions with regional and global managers. This move diversifies the country's investment portfolio.

Private credit is gaining traction as an asset class, with the global market projected to reach $5.7 trillion by 2035. For Indonesian businesses, this could mean increased access to alternative financing sources, especially for mid-market companies. The involvement of state funds may also attract more international private credit players.

MY PERSPECTIVE

JBP Advisory Angle: The Danantara mandate creates cross-border advisory openings for firms with networks in private credit, especially for structuring deals that align with sovereign fund investment criteria.

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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 #90 · Tuesday, September 01, 2026 · JBP Management Consulting & Financial Advisory · Jakarta, Indonesia