Indonesia Commodity and Mining: Key takeaways from meeting with Indonesia‘s new SOE export entity, PT Danantara Sumberdaya Indonesia (DSI)

Research evidence excerpt

Indonesia Commodity and Mining: Key takeaways from meeting with Indonesia‘s new SOE export entity, PT Danantara Sumberdaya Indonesia (DSI)

J P M O R G A N Asia Pacific Equity Research

17 June 2026

Indonesia Commodity and Mining

Key takeaways from meeting with Indonesia’s new SOE

export entity, PT Danantara Sumberdaya Indonesia

(DSI)

We met with PT Danantara Sumberdaya Indonesia (DSI)’s management team. DSI Indonesia Commodity and Mining

ACis a newly formed centralized entity that will oversee exports of strategic natural Arnanto Januri

resources, starting with coal, CPO, and ferroalloys. Management reiterated that (622-1) 5291 8047

DSI will remain as a “facilitator” and will allow existing commercial relationships arnanto.januri@jpmorgan.com

among producers, trading partners, and buyers to continue after the final Benny Kurniawan, CFA AC

implementation period begins on 1 January 2027. Management emphasized that (62-21) 5291 8024

DSI is not ready to operate as a full trading company due to the complexities, which benny.kurniawan@jpmorgan.com

PT J.P. Morgan Sekuritas Indonesia

eases our initial concern. We think this is well known by investors, as Danantara

and the media have highlighted it over the past few weeks. However, management

acknowledged that PP No. 24 of 2026 allows DSI to set prices and take ownership

of products (acting as a trader) — which we think provides DSI the legal ground

to expand beyond a “facilitator” role in the future.

• DSI as a facilitator. DSI emphasized that it will not take over any contracts,

so producers, trading partners, and buyers can continue business-as-usual even

after the post-transition period begins on 1 January 2027. However, export

contracts must name DSI as the “qualitate qua” (QQ). This designation lets DSI