Research & Stock Picks

Economic Reports

01 November 2024

By

Indonesia Manufacturing PMI: 1 November 2024

  • In line with our projection, the S&P Global Indonesia Manufacturing PMI for October 2024 held steady at 49.2 for the second month in a row, signaling prolonged contraction in Indonesia's manufacturing sector. This index level marks the fourth consecutive month of contraction, highlighting persistent challenges manufacturers face in increasingly subdued market environment. Both output and new orders fell, reflecting weakened demand and cautious approach within the market. These conditions align with generally sluggish economic landscape, as businesses grapple with both internal constraints and broader external pressures.
  • Geopolitical tensions have significantly impacted Indonesia's export sector, leading to an eighth consecutive month of declining foreign sales. This trend highlights the challenges posed by volatile geopolitical dynamics, which have reduced foreign investment and dampened demand for Indonesian exports. Domestically, the employment landscape has also deteriorated, marking its third contraction in four months. This reduction in the workforce reflects industry responses to tempered demand, as businesses adjust operating capacity to align with current market realities.
  • Backlogs of work continued to decrease, marking the fifth straight month of decline and the steepest drop since January 2021. This reflects reduced pressure on production, as incoming orders lag behind output levels. As a result, purchasing activities fell for the fourth month, with manufacturers scaling back on inputs due to lower production needs. On a positive note, vendor performance improved for the first time since May, likely due to better supply chain efficiency and increased input availability, driven by reduced overall demand.
  • On the pricing front, input costs saw the most modest increase since August 2023, although the inflation rate remains notable. In response, some manufacturers raised their output prices. Still, these adjustments were marginal, highlighting an industry cautious about passing costs onto consumers amid soft demand. This cautious pricing approach is in line with the sector’s subdued sentiment, as business confidence dropped to its lowest level in four months, signaling a decline in optimism about near-term recovery prospects and diverging further from historical norms.
  • ⁠The October PMI report paints a challenging picture for Indonesia's manufacturing sector, where subdued demand, geopolitical pressures, and tempered business sentiment continue to exert downward pressure on growth. With limited growth prospects both domestically and internationally, we anticipate Indonesia's PMI to hover around 49-51 until the endof 4Q, aligning with our sub 5% economic growth projection of 4.95%.

Share This:

Highlights

Download PDF

Download PDF

PMI - November 2024

Download PDF

PMI - November 2024

More Related

Company Reports

Nov 22, 2024

SMRA: BUY, TP at 800 – 9M24 Results

tren harga CPO

Company Reports

Nov 22, 2024

Palm Oil Weekly (22 November 2024): CPO MYR 4,986 (-2.2% WoW)

sawit

Company Reports

Nov 22, 2024

Palm Oil Weekly (15 November 2024): CPO MYR 5,099 (+3.4% WoW)

Company Reports

Nov 22, 2024

Coal Weekly (22 November 2024): USD 142.8/ton (-0.3% WoW)

pertumbuhan solid oil n gas

Company Reports

Nov 22, 2024

Oil Weekly (22 November 2024): USD 72.9/bbl (+0.6% WoW)

Technical Stock Analysis

Nov 22, 2024

Daily Stock Technical – 22 Nov, 2024

Morning Briefs

Nov 22, 2024

IHSG Diperkirakan Bergerak Menguat Hari Ini

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 21, 2024

ACES: 10M24 SSSG

Economic Reports

Nov 21, 2024

Current Account Balance 3Q24: 21 November 2024

laba bni

Company Reports

Nov 21, 2024

BBNI: BUY, TP at 6,500 – 10M24 Results

Morning Briefs

Nov 21, 2024

IHSG Diperkirakan Bergerak Melemah Hari Ini

Technical Stock Analysis

Nov 21, 2024

Daily Stock Technical – 21 Nov, 2024

Economic Reports

Nov 20, 2024

Samuel Daily Economic Insight 21 November 2024

Economic Reports

Nov 20, 2024

BI’s 7-Day Repo Rate: 20 November 2024

Morning Briefs

Nov 20, 2024

IHSG Diperkirakan Bergerak Menguat Hari Ini

Technical Stock Analysis

Nov 20, 2024

Daily Stock Technical – 20 Nov, 2024

Economic Reports

Nov 20, 2024

Samuel Daily Economic Insights 20 November 2024

Morning Briefs

Nov 19, 2024

JCi is Expected to Move Up Today (19/11)

Technical Stock Analysis

Nov 19, 2024

Daily Stock Technical – 19 Nov, 2024

Economic Reports

Nov 19, 2024

Samuel Daily Economic Insight 19 November 2024

Company Reports

Nov 18, 2024

Media Sector – Underweight – Media 3Q24 Round-Up

pertumbuhan bbca

Company Reports

Nov 18, 2024

BBCA: BUY, TP at 12,500 – 10M24 Results

Company Reports

Nov 18, 2024

Tech Sector – Neutral – Tech 3Q24 Round-Up

Company Reports

Nov 18, 2024

Cement Sector – Neutral – Cement 3Q24 Round-Up

Company Reports

Nov 18, 2024

ITMG: 3Q24 Results – BUY, SSI TP: IDR 30,000

PGAS bukukan laba bersih

Company Reports

Nov 18, 2024

PGAS: 3Q24 Results – BUY, SSI TP: IDR 1,700

kenaikan harga emas

Company Reports

Nov 18, 2024

Gold Weekly (18 November 2024): USD 2,584/oz (-4.5% WoW)

harga tembaga stabil

Company Reports

Nov 18, 2024

Copper Weekly (18 November 2024): USD 9,010/ton (-4.3% WoW)

harga nikel tertekan

Company Reports

Nov 18, 2024

Nickel Weekly (18 November 2024): USD 15,616/ton (-2.0% WoW)

laba bersih alfamart

Company Reports

Nov 18, 2024

AMRT: 3Q24 Results – BUY, SSI TP: IDR 4,300

Economic Reports

Nov 18, 2024

Samuel 2nd Weekly Economic of November 2024

Morning Briefs

Nov 18, 2024

IHSG Berpotensi Melemah Hari Ini

Technical Stock Analysis

Nov 18, 2024

Daily Stock Technical – 18 Nov, 2024

Economic Reports

Nov 15, 2024

Balance of Trade: 15 November 2024

penurunan harga batu bara

Company Reports

Nov 15, 2024

Coal Weekly (15 November 2024): USD 143.3/ton (-0.4% WoW)

pasar minyak tertekan

Company Reports

Nov 15, 2024

Oil Weekly (15 November 2024): USD 72.5/bbl (-3.2% WoW)

Technical Stock Analysis

Nov 15, 2024

Daily Stock Technical – 15 Nov, 2024

Morning Briefs

Nov 15, 2024

IHSG Diperkirakan Menguat Hari Ini

Economic Reports

Nov 15, 2024

Samuel Daily Economic Insight 15 November 2024

Company Reports

Nov 14, 2024

SSI Surveillance: Raw Materials (06 – 12 November 2024)

Company Reports

Nov 14, 2024

SSI Surveillance: Poultry Mid-Weekly (13 November 2024)

laba bersih era

Company Reports

Nov 14, 2024

ERAA: 3Q24 Results – BUY, SSI TP: IDR 560

Company Reports

Nov 14, 2024

ADARO ANDALAN INDONESIA (AADI) – IPO Report

Company Reports

Nov 14, 2024

Telecommunication Tower Sector – Overweight – Telecommunication Tower 3Q24 Round-Up

Company Reports

Nov 14, 2024

SMGR: SELL (From HOLD) – TP: IDR 3,200 (From 4,200) – 3Q24 Results

Technical Stock Analysis

Nov 14, 2024

Daily Stock Technical – 14 Nov, 2024

Morning Briefs

Nov 14, 2024

IHSG Diperkirakan Melemah Hari Ini

Economic Reports

Nov 13, 2024

Samuel Daily Economic Insight 13 November 2024

Technical Stock Analysis

Nov 13, 2024

Daily Stock Technical – 13 Nov, 2024

Morning Briefs

Nov 13, 2024

IHSG Diperkirakan Melemah Hari Ini

Economic Reports

Nov 12, 2024

Samuel Daily Economic Insight 13 November 2024

peluang aces ditengah gejolak ekonomi

Company Reports

Nov 12, 2024

ACES: 3Q24 Results – BUY, SSI TP: IDR 1,200

Company Reports

Nov 12, 2024

Telecommunications Sector – Overweight – Telecommunications 3Q24 Round-Up

Company Reports

Nov 12, 2024

Property Sector – Overweight – Property 3Q24 Round-Up

Company Reports

Nov 12, 2024

EXCL: 3Q24 Results – BUY, SSI TP: IDR 2,900

Technical Stock Analysis

Nov 12, 2024

Daily Stock Technical – 12 Nov, 2024

Economic Reports

Nov 11, 2024

Samuel Daily Economic Insight 11 November 2024

Company Reports

Nov 11, 2024

Nickel Weekly (11 November 2024): USD 15,931/ton (+1.3% WoW)

harga emas naik

Company Reports

Nov 11, 2024

Gold Weekly (11 November 2024): USD 2,706/oz (-1.8% WoW)

Company Reports

Nov 11, 2024

Copper Weekly (11 November 2024): USD 9,410/ton (+0.02% WoW)

Economic Reports

Nov 11, 2024

Indonesia Consumer Confidence Index: 11 November 2024

Company Reports

Nov 11, 2024

TOWR: 3Q24 Results – BUY, SSI TP: IDR 1,160

Company Reports

Nov 11, 2024

TBIG: 3Q24 Results – BUY, SSI TP: IDR 1,920

Economic Reports

Nov 11, 2024

Samuel Weekly Economic Insights

Morning Briefs

Nov 11, 2024

IHSG Berpotensi Melemah Hari Ini

Technical Stock Analysis

Nov 11, 2024

Daily Stock Technical – 11 Nov, 2024

sawit

Company Reports

Nov 8, 2024

Palm Oil Weekly (8 November 2024): CPO MYR 4,931 (+4.5% WoW)

Company Reports

Nov 8, 2024

Banking Sector – Overweight – Banking 3Q24 Round-Up

Economic Reports

Nov 8, 2024

Fed Rate Meeting: 8 November 2024

Technical Stock Analysis

Nov 8, 2024

Daily Stock Technical – 08 Nov, 2024

Morning Briefs

Nov 8, 2024

IHSG Berpotensi Melemah Hari Ini

Economic Reports

Nov 8, 2024

Samuel Daily Economic Insight 8 November 2024

Economic Reports

Nov 7, 2024

Indonesia Foreign Exchange Reserves: 7 November 2024

Company Reports

Nov 7, 2024

ASII: 3Q24 Results – BUY, SSI TP: IDR 5,900

Technical Stock Analysis

Nov 7, 2024

Daily Stock Technical – 07 Nov, 2024

Morning Briefs

Nov 7, 2024

IHSG Diperkirakan Melemah Hari Ini

Economic Reports

Nov 6, 2024

Samuel Daily Economic Insight 7 November 2024

Company Reports

Nov 6, 2024

SCMA: 3Q24 Results – SELL, SSI TP: IDR 110

Technical Stock Analysis

Nov 6, 2024

Daily Stock Technical – 06 Nov, 2024

Morning Briefs

Nov 6, 2024

IHSG Diperkirakan Bergerak Menguat Hari Ini

Economic Reports

Nov 5, 2024

Samuel Daily Economic Insight 5 November 2024

Company Reports

Nov 5, 2024

MEDC: 3Q24 Results – BUY, SSI TP: IDR 2,200

Economic Reports

Nov 5, 2024

HRUM: 3Q24 Results – SELL, SSI TP: IDR 1,100

laba antam

Company Reports

Nov 5, 2024

ANTM: 3Q24 Results – BUY, SSI TP: IDR 1,800

Economic Reports

Nov 5, 2024

Gross Domestic Product 3Q24: 5 November 2024

Technical Stock Analysis

Nov 5, 2024

Daily Stock Technical – 05 Nov, 2024

Company Reports

Nov 5, 2024

TLKM: 3Q24 Results – BUY, SSI TP: IDR 3,600

Company Reports

Nov 5, 2024

ISAT: 3Q24 Results – BUY, SSI TP: IDR 3,125

Economic Reports

Nov 4, 2024

Samuel Daily Economic Insight 5 November 2024

Company Reports

Nov 4, 2024

INTP: BUY (Upgrade) – TP: IDR 7,700 – 3Q24 Results

Company Reports

Nov 4, 2024

Nickel Weekly (04 November 2024): USD 15,722/ton (-2.8% WoW)

harga tembaga naik

Company Reports

Nov 4, 2024

Copper Weekly (04 November 2024): USD 9,408/ton (-0.4% WoW)

kenaikan harga emas

Company Reports

Nov 4, 2024

Gold Weekly (04 November 2024): USD 2,757/oz (+0.9% WoW)

Company Reports

Nov 4, 2024

ADRO: 3Q24 Results – BUY, SSI TP: IDR 4,200

kontribusi untr

Company Reports

Nov 4, 2024

UNTR: 3Q24 Results – BUY, SSI TP: IDR 29,600

Company Reports

Nov 4, 2024

INCO: 3Q24 Results – SELL, SSI TP: IDR 3,400

laba bersih bukit asam

Company Reports

Nov 4, 2024

PTBA: 3Q24 Results – BUY, SSI TP: IDR 3,200

Morning Briefs

Nov 4, 2024

IHSG Berpotensi Menguat Hari Ini

Technical Stock Analysis

Nov 4, 2024

Daily Stock Technical – 04 Nov, 2024