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Indonesian e-commerce platform Bukalapak reported a 37% revenue growth in Q1 2025, reaching 1.5 trillion rupiah (US$89.74 million), driven by strong performance in gaming and retail segments. The company achieved a net profit of 112 billion rupiah (US$6.7 million), recovering from a significant loss in the previous quarter, and ended with 18.8 trillion rupiah (US$1.12 billion) in cash and liquid investments, indicating robust financial stability. This turnaround follows a strategic pivot towards higher-margin virtual products, reflecting a response to the competitive e-commerce landscape in Indonesia.
Cove, an Indonesian co-living startup, has expanded its operations to Surabaya and Yogyakarta, aiming to add 2,400 new rooms by 2025 amid rising housing demand. The company achieved an 80% occupancy rate at its first Surabaya property within a month and is offering consulting services in Yogyakarta to help property owners convert spaces into co-living units. This expansion aligns with Indonesia's housing affordability crisis and emphasizes the importance of transit-oriented development in urban areas.
South Korea's LG Group is increasing its investment in a battery cell factory in Indonesia by $1.7 billion, bringing the total to $2.8 billion. This move supports the HLI Green Power joint venture with Hyundai, following LGES's withdrawal from a larger $8.46 billion EV battery supply chain project due to market conditions. Despite this, Indonesia's government remains committed to its EV development strategy, leveraging its significant nickel reserves to attract manufacturing investments.
Indonesia's Quick Response Code Indonesian Standard (QRIS) payment system is expanding regionally, now compatible with systems in Singapore, Malaysia, and Thailand, despite US criticisms regarding trade barriers. With over 56 million users and 2.6 billion transactions, QRIS is a key part of Indonesia's digital transformation strategy, projected to boost the digital economy to $146 billion by 2025. The introduction of QRIS Tap, utilizing NFC technology, further enhances its appeal, positioning Indonesia as a leader in the growing global QR payments market.
Indonesia's central bank, Bank Indonesia, has defended its Quick Response Code Indonesia Standard (QRIS) against U.S. criticism, asserting it aligns with global standards and promotes financial inclusion. Despite concerns raised in the U.S. National Trade Estimate Report, QRIS has become integral to regional payment integration, facilitating cross-border transactions and reflecting a shift towards digital payment systems in Southeast Asia. With significant user adoption and merchant participation, QRIS aims to enhance Indonesia's role in international payment networks while navigating pressures from established global payment providers.
Two foreign investors are interested in Indonesia's wealth fund, Danantara, as announced by CEO Rosan Perkasa Roeslani during a virtual press conference. This interest follows President Prabowo Subianto's visit to Qatar, where a commitment of US$2 billion was made for the fund, primarily targeting infrastructure investments. The growing confidence in Indonesia's economic outlook is driving this investment momentum, reflecting a significant shift in the country's investment landscape.
Indonesia's senior economic minister, Airlangga Hartarto, emphasized the nation's commitment to fair trade during tariff negotiations with the U.S., proposing to increase imports by up to $19 billion in goods like wheat and liquefied petroleum gas. This cooperative approach contrasts with other nations' retaliatory measures, as Indonesia aims to mitigate potential economic growth losses of 0.3-0.5 percentage points due to U.S. tariffs. The discussions encompass energy supply, market access, and regulatory harmonization, reflecting Indonesia's strategic focus on diplomacy and economic opportunity amidst tariff pressures.
UBS has upgraded India to 'Neutral' but prefers China due to better risk-reward dynamics, citing China's defensiveness, lower valuations, and potential stimulus benefits. While India shows positives like high domestic focus and EPS resilience, concerns over stock market fundamentals and high valuations persist. UBS is shifting its portfolio towards domestic and defensive markets, emphasizing sectors that historically withstand economic downturns.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
Bukalapak reports strong revenue growth and positive net profit in Q1 2025
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