Key View

• A recent nickel matte supply deal between Tsingshan Holding Group, Huayou Cobalt and CNGR Advanced Material will likely alleviate near-term supply concerns, with the scope of Class 1 nickel supply risk depending on the technology behind the company's nickel matte processing.
• Within the context of the Tsingshan supply deal, we

Key View

• Demand for new vehicles in Indonesia will improve in 2021 following the introduction of a luxury vehicle tax suspension.
• Passenger vehicles with an engine capacity of below 1,500c are set to benefit from the luxury vehicle tax suspension and given the large market share of this segment relative to total vehicle sales, overall vehicle

Key View

• There remains strong growth potential for Indonesia’s independent towercos through 2021.
• Organic growth opportunities outside of the main island of Java are still present, but towercos will also look to acquire more operator-captive tower infrastructure, and buy out smaller towercos to boost their footprints.
• Consolidation among

Key View

• We at Fitch Solutions forecast loan growth in Indonesia to recover by 5.0% in 2021, which is still significantly weaker than the pre-Covid 19 average of 14.5% recorded in 2009-19.
• While we believe that the Indonesian economy will recover by 6.1% in 2021, we remain cautious of the quality of growth and therefore have attached a

Key View

• The economic impact of Covid-19 is weighing on the Indonesian consumer, with growth in household disposable incomes projected to slow down over 2020-2024 period, compared to the pre-Covid-19 period (2015-2019).
• This will be driven by a muted recovery and relatively high levels of unemployment over 2020-2022. As a result, we believe

Key View

• We at Fitch Solutions expect Indonesia to record a fiscal deficit of 6.4% of GDP in 2020 and a deficit of 5.8% in 2021.
• The government approved the 2021 budget in October – the outlay for next year is around 0.4% higher than the estimated spending for 2020 as the administration has also factored in a return to organic growth for the

Key View

• We at Fitch Solutions retain our view for a 1.3% contraction in Indonesia’s economy in 2020 as a whole. This is followed by a revised 6.1% recovery in 2021, from 3.3% forecast previously.
• Indonesia’s economy contracted by 3.5% y-o-y in Q320 plunging it into a technical recession for the first time since the Asian financial crisis of

Key View

• We maintain that the Covid-19 pandemic will boost Indonesia's consumables market in 2020, as the government relaxes policies for licencing and trading of relevant medical devices.
• A relaxation in market access will benefit medical device manufacturers, while an increase in demand for PPE will support double-digit growth in the

Key View

• We see an upside risk to our generation growth forecasts for Indonesia’s biomass sector, as the market looks toward co-firing technologies and increasing the use of renewable energy.
• We believe that coal and biomass co-firing holds long-term potential due to increasing environmental pressures and cost advantages, particularly as