Acrostics Asia: Proven Southeast Asia Intelligence
Scoops and forward-looking insights across the region.
What differentiates Acrostics Asia is consistency.
Anchored in Southeast Asia, Acrostics Asia breaks news and delivers forward-looking insights across sovereigns, private credit and restructurings over the years.
🔸 Prabowo’s Inner Circle
On 18 February 2026, Acrostics Asia wrote that Indonesia was entering a riskier chapter as President Prabowo Subianto appeared to be turning more insular.
The former general’s innermost circle is occupied by his younger brother Hashim Djojohadikusumo, his military schoolmate Sjafrie Sjamsoeddin, prominent politician Sufmi Dasco Ahmad, and Cabinet Secretary Teddy Indra Wijaya, according to people familiar with the matter.
On 17 June 2026, Bloomberg reported that all four figures were among Prabowo’s most influential advisers.
🔸 Danantara
Acrostics Asia wrote on 15 July 2025 that in order to finance the president’s large-scale initiatives, Indonesian sovereign fund Danantara would likely have to syndicate its loan to a wider group of banks and build a bridge to offshore bonds.
A day before Danantara launched its international bond roadshow, Acrostics Asia had already mapped out its internal structure and key officials on 2 June 2026, saving potential investors hours of research.
Acrostics Asia also identified on 9 June 2026 that investors largely viewed Danantara as a sovereign-linked credit, which was confirmed when the fund sold USD 1.5 billion of notes three days later.
🔸 Garuda Indonesia
Acrostics Asia reported on 24 April 2025 that Indonesian officials were discussing a potential capital injection into the national carrier via Danantara, which was confirmed two months later.
However, Acrostics Asia flagged that Garuda would still be burdened by costly leases and any renegotiation of these leases could be hamstrung by the airline’s earlier local in-court restructuring (PKPU) agreement.
On 26 March 2026, Acrostics Asia wrote that the spike in fuel costs, weaker rupiah and high aircraft maintenance costs risked turning Garuda’s equity negative again. In a filing dated 12 June 2026, Garuda’s subsidiary, Garuda Maintenance Facility Aero Asia, disclosed its plan for a “quasi reorganization” to eliminate its retained earnings deficit.
🔸 Bumi Resources
In 2022, Salim Group teamed up with another conglomerate, Bakrie Group, to buy out Indonesian coal miner Bumi Resources’ creditors. Acrostics Asia wrote on 30 May 2025 that Agoes Projosasmito, a long-time ally of Anthoni Salim, had turned around the operations and credit standing of Bumi’s key minerals unit.
Acrostics Asia also noted on 4 June 2025 that Bumi was resetting its balance sheet to pave the way for it to pay dividends to shareholders and raise more funding. Over the past year, Bumi has been scooping up assets in Australia, including Wolfram and Loyal Metals.
🔸 Sritex
Acrostics Asia has been ahead of the curve throughout the final chapter of Indonesian textile company Sri Rejeki Isman (Sritex)’s 59-year legacy – from the unravelling of its restructuring deal and bankruptcy ruling, to the political intervention to keep it alive and ultimately the closure of its factories.
Translated to Bahasa, the Acrostics Anatomy on Sritex’s Bankruptcy explored the deeper questions surrounding Indonesia’s restructuring framework, creditor protections and the limits of the “going concern” narrative.
🔸 Del Monte
Acrostics Asia wrote on 2 July 2025 that Del Monte Foods’ “trapdoor” trick set off the chain reaction that led to the 139-year-old US company’s bankruptcy filing.
On 9 July 2025, Acrostics Asia flagged that while the Campos family’s Del Monte Pacific would likely take a hit from the deconsolidation of Del Monte Foods, its cash-generating Philippine operating company had consistently outperformed the US subsidiary.
In early June 2026, Del Monte Pacific submitted a restructuring plan designed to rebuild its capital structure around Del Monte Philippines (DMPI). Acrostics Asia noted that the restructuring hinges on getting DMPI’s preference shares investor on board and selling the recovery story to the broader group of creditors.
🔸 Novaland
Acrostics Asia flagged on 9 June 2025 that Novaland would likely have to go for another restructuring barely a year after it completed a Singapore scheme of arrangement.
Acrostics Asia also wrote that the Vietnamese developer would likely follow the Chinese restructuring playbook of converting some debt into equity and prioritizing local creditors.
In August 2025, Novaland reportedly proposed to swap 320 million shares with shareholder loans and corporate bonds. Novaland’s offshore bondholders were structurally disadvantaged because the notes were issued at the holding company level, while Vietnam’s bankruptcy law was considered largely untested at the time.
🔸 Serba Dinamik
Acrostics Asia unpacked the toolkits used by Malaysian energy services company Serba Dinamik Holdings to deceive banks and bondholders before its auditor KPMG blew the whistle in May 2021.
Serba Dinamik’s modus operandi can be boiled down into four categories: working capital management, elevated margins, questionable transactions, and overseas foray.
In March 2026, local media reported that the Securities Commission Malaysia had obtained an arrest warrant for Serba Dinamik CEO Mohd Abdul Karim Abdullah over false reporting at another company, Sarawak Consolidated Industries.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.