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Tommy Soeharto & His Political Ambition

Hutomo Mandala Putra aka Tommy Soeharto, the youngest son of the late President Soeharto, has been seen in many public events. Recently, Tommy was present in the National Leadership Meeting (Rapimas) of the Muslimat Nadhlatul Ulama (NU), the female-wing organization of the largest Muslim organization in the country the NU. The Rapimnas was held at the Crowne Plaza Hotel in South Jakarta on Monday (Mar. 27). As we all know, the chairwoman of the Muslimat NU is the Minister of Social Affairs Khofifah Indar Parawansa.

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Corporate Results

Whereas in 2015 Indonesia’s gross domestic product (GDP) expanded 4.8% (y/y), implying the continuation of the nation’s GDP growth slowdown, the nation’s economic growth accelerated to 5.02% (y/y) in 2016 (effectively ending the macroeconomic slowdown that occurred between 2011 and 2015). Accelerating economic growth is expected to continue in 2017. Last week the World Bank released a report in which it puts its forecast for Indonesia’s 2017 GDP growth at 5.2% (y/y).

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Update on LuLu Group’s Tax Case: More Names

The trial of Rajesh “Mohan” Rajamohanan Nair, the Managing Director of a subsidiary of Lulu Group International PT EK Prima Ekspor (EKP) who was caught bribing the officials of the Directorate General of Taxation, continues. On March 27, 2017, the Court heard Mohan’s testimony and that of other parties related to the case, including the Head of the Jakarta Special Regional Office for the Directorate General of Taxation Muhammad Haniv. More names were mentioned in the hearing.

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Regulatory Journal: Permenaker No. 1/2017

The Ministry of Manpower issued the Regulation of the Minister of Manpower (Permenaker) No. 1/2017 on the structure and scale of wages as per the mandate of Government Regulation (PP) No. 78/2015 on Wage System. Some workers organizations quickly voiced their dissatisfaction upon learning the new regulation. They believe that the structure prescribed do not meet the needs of workers.

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Khofifah, East Java’s 2018 Election, and Cabinet Reshuffle

The Nasdem Party, the Golkar Party, and PAN made news for openly considering to endorse the Minister of Social Affairs Khofifah Indar Parawansa in East Java’s 2018 gubernatorial race. On the one hand, one can see this as a good thing; Khofifah’s ability being acknowledged. But this is politics. It is also fitting for one to wonder whether said parties are actually trying to drive Khofifah out of the cabinet for the sake of taking over her portfolio.

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Greentown China Heats Up Indonesian Property

Greentown China Holdings Limited is one of the largest property developers in China with net sales revenue of RMB29 billion (US$4.2 billion) and net profit of RMB1.9 billion last year. With cash in hands of RMB22.7 billion (US$3.3 billion), the Company has recently joined other Chinese companies in property projects in Indonesia.

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Revisiting Medco Energy

Shares of Medco Energy (MEDC) advanced 3.68% to Rp3100 on Monday (March 27) as investors responding positively the Company’s acquisition of additional 35% shares in South Natuna Sea Block B from Inpex Corp. MEDC, accordingly, has gained 152% since December to become a company with market value of Rp10.3 trillion, slightly above its equity as at Sept 30, 2016.

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Skittish Foreign Trading

Trading in stocks will resume today after closing on Tuesday (March 28) for public holiday as Indonesia celebrated Nyepi, the Day of Silence that marks the Balinese Hindu’s new year of Saka. On Monday (Mar 27), foreign investors kept buying local stocks while the the rupiah strengthened to Rp13,314 against the U.S. dollar.

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Mitra Keluarga vs Siloam Hospitals

Siloam Hospitals (SILO) is among the best performing stocks with 28.4% gain year-to-date. Mitra Keluarga Hospital (MIKA), meanwhile, inched up 1.2% only. Mitra Keluarga, however, currently has market value of Rp37.8 trillion or nearly 11 x equity, while Siloam Hospitals has market value of Rp18.2 trillion or 5.8 x equity only.

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Gajah Tunggal: FY16 Results & Outlook

Tyre producer Gajah Tunggal (GJTL) booked net profit of Rp627 billion last year against loss of Rp313 billion in 2015 on improved margins. The Company, however, reported significantly weaker performance in the fourth quarter of 2016, when sales revenues inched up 1.3% only, while operating profit declined by 15.5%.

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