Kuartaly Magazine Issue No. 1 – New Year New Fear

Kuartaly Magazine Issue No. 1 / January 2026

The first issue of Kuartaly opens the year with a question that has haunted markets since January began: what happens when optimism collides with reality? After a euphoric start to the year, Indonesia’s financial markets were quickly reminded that momentum can be fragile. Volatility returned, valuations were questioned, and several of the country’s biggest economic bets suddenly looked far less certain.

New Year, New Fear explores the forces shaping this moment in Indonesian business, finance, and policy. From the dramatic boom-and-bust movement of the IDX in January, to the government’s ambitious economic targets, and from tech unicorns searching for profitability to the uncertain future of mega-developments, this issue examines the risks, opportunities, and structural shifts defining the year ahead.

Inside this issue:

📉 New Year, New Fear
A deep dive into the January rally and sudden correction in the Indonesian stock market. What drove the surge, what triggered the pullback, and what it tells us about investor sentiment heading into the year.

📈 Prabowo’s 8% Gamble
Indonesia’s new economic ambition is bold: achieving 8% growth. But can the policy mix, fiscal discipline, and industrial strategy deliver it? We examine the political economy behind the promise.

📊 GoTo’s Profitability Pivot
After years of prioritizing growth, Indonesia’s largest tech ecosystem is shifting its focus toward sustainable profit. Can GoTo finally prove the path to profitability in Southeast Asia’s toughest digital market?

🏙 The Uncertain Future of PIK
Pantai Indah Kapuk has become one of Indonesia’s most talked-about property booms. But as expansion continues and regulatory scrutiny grows, the long-term outlook for the development is far from guaranteed.

💰 Waskita’s Looming Debt Ghost
Once the symbol of Indonesia’s infrastructure push, Waskita now faces a massive debt overhang. What went wrong, and what does its restructuring mean for the future of state-owned infrastructure giants?

₿ INDODAX vs The World
Indonesia’s crypto ecosystem is evolving rapidly. As global exchanges compete for dominance, can INDODAX maintain its leadership at home while navigating regulation and global competition?

🏭 Downstreaming 2.0: Beyond the Smelter
Indonesia’s resource nationalism transformed the nickel industry. Now the question is whether downstreaming can move beyond smelters toward higher-value manufacturing, technology, and global supply chain leadership.

Together, these stories capture a single theme: the Indonesian economy is entering a new phase where ambition is high, but the margin for error is shrinking.

Welcome to the first issue of Kuartaly.
The year has just begun. The stakes have never been higher. 📊📉