DSI: Transparency tool or margin-taking gatekeeper?

KBVS Update
Tuesday, 23 June 2026

DSI – Transparency tool or margin-taking gatekeeper?
(Policy Report)

■ PP No. 24/2026 grants DSI far broader powers than officials admit — beyond anti-transfer-pricing, the regulation explicitly allows DSI to act as sole export channel, set export prices, and retain a margin.

■ Market priced the tail risk immediately — the JCI fell ~8% WoW and the energy sector dropped ~13.7% in the week of DSI announcement.

■ Our sensitivity framework shows every 1% of margin taken by DSI compresses NPM of export-heavy companies in our sample by 0.27–0.61pp (1.4 – 5.7%).

■ Until authorities provide more granular guidance on DSI's mechanism, a blanket sector call looks premature.

Regards,
Adolf R B Setiadi – KBVS Research Team