Morning Chatter
KBVS MORNING CHATTER
Monday, 03 November 2025
Headline News:
• SCMA - 9M25 Above
• MNCN - 9M25 Above
• BIRD – 9M25 revenue grew 12.4% yoy due to resilient mobility demand
• MAPI – 9M25 net profit grew 5.8% yoy
• ACES – 9M25 net profit fell 16.2% yoy due to high operating costs
• BELI – 3Q25 Missed: Solid Revenue Growth Pressured by Margins
• DRMA – 9M25 profit grows 1.89% yoy, driven by diversification
• KAEF – A IDR179.73 bn net loss in 9M25
• BHMS – Performance supported by mother and child services
Market Commentary:
The commencement of November trading is defined by a distinct air of indecision in the equity sphere, as stock futures remain minimally changed. This quiet open belies a foundational nervousness, emphatically captured by the VIX Index, which registered a significant 3.13% surge. This move, often referred to as the 'fear gauge,' signals a pronounced rise in the market's expectation of volatility and potential turbulence ahead.
In Europe, the preceding Friday concluded with markets in a state of retrenchment, with key indices pressured by lukewarm corporate earnings reports. This equity weakness, however, coincided with a notable and encouraging deceleration in price pressures, as euro zone inflation settled at 2.1%. This metric, moving closer to central bank targets, offers a silver lining of macroeconomic stabilization that could ease the pressure on the European Central Bank.
The commodity complex reflects a cautious geopolitical strategy. OPEC+ has moved to pause its oil output hikes beyond December, a preemptive measure undertaken amidst burgeoning fears of a market glut. This calculated restraint aims to defend price stability by calibrating supply against a potentially softer demand outlook. In parallel, gold experienced a decline as investors dialed back expectations for imminent interest rate cuts by major central banks. The most dramatic movement was observed in the currency markets. The Japanese Yen suffered its worst monthly depreciation since July, a direct consequence of the Bank of Japan's (BoJ) policy stance.
Japan's Nikkei 225 index has decisively breached previous resistance to attain record high valuations, a performance heavily catalyzed by the perceived "truce" emerging from the recent trade dialogue between the US administration and China. The Jakarta Composite Index closed -0.25% lower to 8,163.8. Closest key economic metrics will come from PMI manufacturing, exports, imports and inflation.
Regards,
KBVS Research Team