The resignation of the Indonesia Stock Exchange’s chief executive marked the first tangible consequence of MSCI Inc.’s reform demands, as policymakers rushed to roll out measures aimed at averting a downgrade and restoring confidence.Within hours of Iman Rachman stepping down on Friday, officials said they were preparing additional steps to support the market, including changes to the exchange’s shareholding structure and higher caps on insurers’ capital-market allocations.The moves capped a volatile week f ...

Iman Rachman, chief executive officer of the Indonesia Stock Exchange (IDX), speaks to members of the media in Jakarta, Indonesia, on Friday, Jan 30, 2026. Rachman said he will step down following a two-day market rout sparked by MSCI Inc.'s warning of a possible downgrade.Indonesian stock exchange CEO Iman Rachman resigned on Friday, following a rout that saw the country's share market lose $84 billion over the past two days on concerns over a possible downgrade by index provider MSCI.In a release, the Ind ...

分组1 - The Federal Reserve held interest rates steady at a range of 3.5% to 3.75% during its January FOMC meeting, indicating the economy is expanding at a solid pace [4] - Investors are optimistic about potential future rate cuts as inflation eases, but the Fed has not provided a clear outlook on its rate cut path [2][4] - Wall Street's major indexes reached all-time highs earlier in the month but have since experienced volatility due to various factors, including a criminal investigation into Fed Chairman Jerome Powell and rising inflation [5] 分组2 - MSCI Inc. announced a dividend of $2.05 per share, with a dividend yield of 1.24% and a payout ratio of 43% [7][13] - First Horizon Corporation declared a dividend of $0.17 per share, offering a dividend yield of 2.47% and a payout ratio of 32% [9][13] - Stifel Financial Corp. announced a dividend of $0.51 per share, with a dividend yield of 1.46% and a payout ratio of 29% [10][13] - Trustmark Corporation declared a dividend of $0.25 per share, providing a dividend yield of 2.33% and a payout ratio of 26% [12][13]

格隆汇1月29日｜明晟公司(MSCI)：将继续监测印尼市场的最新发展，并与包括金融服务管理局和印尼 证券交易所在内的市场参与者和监管机构保持沟通；将根据需要进一步通报后续行动。 ...

Core Viewpoint - The Indonesian stock market is experiencing its worst two-day performance in 30 years, driven by concerns raised by MSCI regarding the market's investability and potential outflows of up to $13 billion [1][3][5]. Market Performance - On January 29, the Jakarta Composite Index fell by as much as 10%, triggering a 30-minute trading halt, following a previous drop of over 8% on January 28, which also led to a trading suspension [3][4]. - The significant sell-off has primarily affected state-owned banks and companies linked to large corporate groups, raising the risk of a technical bear market if the downward trend continues [3][4]. MSCI Concerns - MSCI has expressed serious concerns about the low free float of stocks in the Indonesian market, with over 200 components having a free float ratio below 15%, which distorts the index and poses manipulation risks [4][5]. - MSCI has announced a suspension of certain index adjustments and will freeze the addition of new constituents until issues related to concentrated ownership are addressed by Indonesian regulators [3][4]. Currency Impact - The Indonesian rupiah has depreciated against the US dollar, recording its largest drop since October of the previous year, as investor confidence wanes [5][6]. Analyst Ratings - Both Goldman Sachs and UBS have downgraded their ratings for the Jakarta Composite Index, with Goldman Sachs warning of potential outflows exceeding $13 billion under extreme scenarios [5][6]. Regulatory Response - The Indonesian Stock Exchange has acknowledged MSCI's feedback and is committed to enhancing market data transparency, with plans to publicly disclose free float data starting January 2, 2026 [6][7]. - The exchange aims to raise the minimum free float requirement from the current 7.5% to between 10% and 15%, with a long-term goal of 25%, although no specific timeline has been set [6][7]. Future Considerations - The Indonesian financial regulatory authority is preparing stricter rules for small business listings, while the stock exchange emphasizes the need for increased liquidity to absorb new stock supply [7].

1月29日，印尼股市再度暴跌，印尼综指盘中一度跌超8%，并触发熔断机制，市场交易暂停30分钟。 恢复交易后继续暴跌，一度跌超10%。截至发稿，跌超6%。 昨日， 印尼综指盘中一度跌超8%，并触发 熔断机制，截至收盘，跌7.35%。 编辑丨瑜见 明晟表示，将立即暂停部分指数调整，并冻结新增成分股，直到印尼监管机构解决上市公司股权过度集中等问题。 明晟警告称，若印尼在5月之前仍未能在信息透明度方面取得足够进展，将重新评估印尼市场的准入状况。 这可能导致所有印尼在MSCI新兴市场指数中的权重被下调，甚至面临降级的风险。 据央视财经报道，印尼股市此次暴跌的主要原因是指数编制公司明晟（MSCI）对印尼股市的可投资性提出担忧。 ...

格隆汇1月29日｜在明晟公司（MSCI）对印尼上市公司价值提出根本性质疑后，印尼多位顶级富豪的财 富在周三单日缩水逾110亿美元。损失最惨重的是印尼富豪彭云鹏（Prajogo Pangestu），其名下能源与 矿业公司股价大跌，导致其净资产单日蒸发约50亿美元。彭博亿万富豪指数显示，他目前的净资产约为 350亿美元，今年以来已累计缩水近110亿美元。此番抛售是对MSCI一份报告的回应。该报告质疑了印 尼的股东报告规则，称投资者认为这导致了不透明的所有权结构，可能引发不当交易。MSCI表示将暂 停部分预期的指数调整，并警告称如果问题在5月前得不到解决，可能带来更多后果。"MSCI的冻结措 施是一个警告信号，"新加坡马来亚银行证券主要经纪交易主管塔雷克·霍查尼表示。如果印尼监管机构 能展现出进展，"事态将迅速缓和。否则，风险溢价将持续存在。" ...

【导读】印尼股市再度触发熔断 MSCI表示，鉴于市场对印尼股票自由流通股数量和整体市场准入的持续担忧，将暂时冻结印尼股票指 数调整，并警告若5月前无改善，可能将其从新兴市场指数降级。 MSCI在声明中指出，印尼市场长期面临流通股比例过低、少数股东控制大量股份以及流动性不足等结 构性问题。该公司被警告，若5月前未能在市场透明度和监管方面取得显著进展，可能将其从新兴市场 指数降级。 印尼交易所上市部门主管I Gede Nyoman Yetna在周三表示，交易所承诺响应MSCI对提升市场透明度的 要求，并将与该公司协作以寻求共识。交易所还计划就合理的流通股比例水平征询市场参与者意见，并 将与KSEI合作，提供更为清晰的股东结构分类数据。 中国基金报记者 李智 印尼股市再度触发熔断。 1月29日，印尼股市开盘后延续昨日暴跌走势，印尼雅加达综合指数跌幅迅速扩大至8%，触发市场暂停 交易。 当地时间1月29日09:26:01，印尼证券交易所交易系统实施了临时交易暂停措施。交易将于印尼中部标 准时间09:56:01恢复，交易时间表不变。 恢复交易后，印尼股市继续下跌势头。截至发稿，印尼雅加达综合指数跌幅扩大至9.64%。 ...

Core Viewpoint - The analysis indicates an improved outlook for MSCI Inc. after a previously bearish stance, focusing on high-quality companies with competitive advantages and defensibility in the market [1]. Group 1: Company Analysis - MSCI Inc. is highlighted as a company that can outperform the market over the long term due to its economic moat and high levels of defensibility [1]. - The analysis emphasizes a focus on both European and North American companies, without constraints on market capitalization, ranging from large cap to small cap [1]. Group 2: Analyst Background - The analyst has a Master's Degree in Sociology with a focus on organizational and economic sociology, and a Bachelor's Degree in Sociology and History, providing a strong academic foundation for the analysis [1].

Core Insights - MSCI's fourth-quarter 2025 adjusted earnings per share (EPS) were $4.66, surpassing the Zacks Consensus Estimate by 0.86% and reflecting an 11.5% year-over-year increase [1][10] - Revenues for MSCI rose 10.6% year over year to $822.5 million, aligning with the Zacks Consensus Estimate, driven by strong growth in recurring subscription revenues and asset-based fees [1][10] Revenue Breakdown - Recurring subscriptions amounted to $584.2 million, a 7.5% increase year over year, contributing 71% to total revenues [2] - Asset-based fees reached $211.7 million, up 20.7% year over year, contributing 25.7% to total revenues [2] - Non-recurring revenues were $26.6 million, increasing 7.1% year over year, contributing 3.2% to total revenues [2] Segment Performance - Index revenues were $479.1 million, a 14% year-over-year increase, with recurring subscriptions and asset-based fees rising 7.8% and 20.7%, respectively [4] - Analytics operating revenues were $182.3 million, up 5.5% year over year, with recurring subscriptions increasing 7.1% [5] - The Sustainability and Climate segment generated $90.3 million in operating revenues, a 5.9% year-over-year increase [6] - All Other – Private Assets operating revenues were $70.9 million, reflecting an 8.4% year-over-year increase [7] Operating Metrics - Adjusted EBITDA increased 13.2% year over year to $512 million, with an adjusted EBITDA margin of 62.2% [8] - Total operating expenses rose 6.1% year over year to $358.9 million, driven by higher compensation costs [9] - Operating income improved 14.4% year over year to $463.6 million, with an operating margin expansion of 190 basis points to 56.4% [11] Balance Sheet and Cash Flow - Total cash and cash equivalents as of December 31, 2025, were $515.3 million, up from $400.1 million as of September 30, 2025 [12] - Total debt increased to $6.2 billion as of December 31, 2025, from $5.6 billion as of September 30, 2025 [12] - Free cash flow was $464.8 million, a 17.8% year-over-year increase from $423.3 million [13] 2026 Guidance - For 2026, MSCI anticipates total operating expenses between $1.490 billion and $1.530 billion [14] - Adjusted EBITDA expenses are expected to range from $1.305 billion to $1.335 billion [14] - Net cash provided by operating activities and free cash flow are projected to be between $1.64 billion and $1.69 billion, and $1.47 billion to $1.53 billion, respectively [14]