JAKARTA. A number of coal, crude palm oil (CPO), and metal and\nmineral sector stocks listed on the Indonesia Stock Exchange (BEI) may\nface negative sentiment due to the emergence of PT Danantara Sumberdaya\nIndonesia (DSI).<\/p>\n
The government has designated DSI as the single channel for exporting\ncoal, CPO, and certain metals and minerals. This policy is seen as\nintroducing new market uncertainty, particularly for companies with\nsignificant export exposure in these sectors.<\/p>\n
Muhammad Fatah Al Falah, Retail Analyst at RHB Sekuritas Indonesia,\nsaid market participants are currently adopting a wait-and-see approach\ndespite the government issuing the regulation.<\/p>\n
He noted that markets tend to react negatively to policy uncertainty,\nespecially regarding implementation and its impact on exporters\u2019 cash\nflows.<\/p>\n
\u2018Investors fear the role of the export management institution, which\nshould merely act as a verifier, could shift to becoming a trader or\nmarket participant,\u2019 Fatah said on Saturday (23 May 2026).<\/p>\n
Currently, the policy focuses on coal and CPO. However, market\nplayers believe the scheme could expand to other strategic commodities\nsuch as nickel, copper, bauxite, tin, and liquefied natural gas\n(LNG).<\/p>\n
Meanwhile, scrutiny from international rating agencies like S&P\nGlobal Ratings and Moody\u2019s has made foreign investors more cautious\nabout Indonesia\u2019s export policies.<\/p>\n
Investors view the policy as potentially reducing exporters\u2019\nflexibility and increasing government intervention in commodity trade\nmechanisms.<\/p>\n
Martha Christina, Head of Investment Information at Mirae Asset\nSekuritas, noted that managing exports through a single institution is\nnot new globally.<\/p>\n
China has the China Rare Earth Group for rare earth exports, Saudi\nArabia relies on Saudi Aramco for oil exports, and Malaysia uses\nPetronas for energy.<\/p>\n
However, Martha said Indonesia faces different challenges in\nimplementation as most major players in the commodity sector are private\ncompanies.<\/p>\n
\u2018In China, Saudi Arabia, and Malaysia, dominant players are\nstate-owned enterprises (SOEs), making implementation easier. In\nIndonesia, the majority are private companies,\u2019 Martha explained in a\nvirtual briefing.<\/p>\n
She added that the policy\u2019s impact would be minimal for companies\nwith dominant domestic sales, but those heavily reliant on exports are\nexpected to be most affected.<\/p>\n
For instance, in the coal sector, several companies have high export\nshares. Data from Mirae Asset Sekuritas shows PT Adaro Andalan Indonesia\nTbk (AADI) exports 77% of its production, PT Indo Tambangraya Megah Tbk\n(ITMG) 85%, and PT Dian Swastatika Sentosa Tbk (DSSA) 63%.<\/p>\n
In the CPO sector, PT Sinar Mas Agro Resources and Technology Tbk\n(SMAR), PT Sawit Sumbermas Sarana Tbk (SSMS), and PT Astra Agro Lestari\nTbk (AALI) have the highest export exposure.<\/p>\n
In the nickel sector, Martha noted PT Trimegah Bangun Persada Tbk\n(NCKL) is likely most affected due to its sales relationship with\nGlencore.<\/p>\n
PT Vale Indonesia Tbk (INCO) also has a high export share, though it\ncurrently sells nickel matte, which is not yet covered under the\nsingle-channel export scheme.<\/p>\n
Market participants are now awaiting clarity on the policy\u2019s\nimplementation, including the extent of Danantara Sumberdaya Indonesia\u2019s\nrole in the national commodity trade chain.<\/p>\n
Uncertainty over business mechanisms and potential expansion of\ncovered commodities is expected to continue influencing the short-term\nmovement of export-dependent stocks.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/beware-these-shares-could-face-pressure-from-danantaras-one-stop-export-policy-1780137898", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }