Indonesia Strategy

Research evidence excerpt

Indonesia Strategy

Flashnote

17 June 2026

Equity Strategy

Indonesia Strategy ASEAN

DSI clarification: Oversight focus eases trade

disruption concern Ari

Jahja

What's new

Figure 1 - Highlights: Danantara

• We have received questions on the government’s newly established Sumberdaya Indonesia (DSI)

enterprise, Danantara Sumberdaya Indonesia (DSI). We observe that Entity Name PT Danantara Sumberdaya Indonesia

policy concerns are moderating as DSI shifts toward a governance-led Background EradicateEndingunder-invoicingillegal revenueand leakagetransfer pricing

role; however, we believe execution and transparency remain the key swing Minimize capital flight (i.e. export proceeds) to abroad

factors for investor confidence. DSI, which is Danantara’s export unit, has Palm Oil (CPO)

clarified that it will not take over existing contracts or buyer relationships, Targeted Commodities FerroCoalAlloy

which addresses earlier concerns about potential disruption to trade flows.

Timeline DSI positions itself around oversight and data-based supervision, with a DSI rollout is phased—2026 focused on reporting and oversight, with full centralisation targeted from Jan-2027.

focus on helping the government curb underinvoicing and transfer pricing.

• Overall, these points indicate a shift away from a potentially disruptive Source: Media reports, Macquarie Research, June 2026

“centralised trader” model toward a more pragmatic intermediary Figure 2 - Possible tweaks to DSI’s

and monitoring framework. We believe the goal is to preserve market scope point to a more pragmatic,

functioning and commercial relationships, while gradually strengthening oversight-led approach

Original Proposed Model (May Revised Model Consideration transparency and governance across Indonesia’s commodity exports.