Recent Articles

The 2019 Race: Political Breakups

The Chairwoman of Gerindra Party’s North Sulawesi chapter Vonnie Anneke Panambunan, who is also the regent of Minahasa Utara, resigned from her party and joined the Nasdem Party. Since Nasdem is a member of President Joko “Jokowi” Widodo’s ruling coalition and the Party has pledged their support to the President, Vonnie will therefore support Jokowi instead of Prabowo Subianto in the 2019 presidential race. There might be more political breakups ahead of us, for there’s no guarantee that members of Jokowi’s camp would not to jump ship to Prabowo or other rivals of Jokowi.


Corporate Actions & Results

Gold producer Merdeka Copper Gold (MDKA) plans to launch a rights issue offering 933.33 million shares. The shares represent 20.73% of its enlarged capital. MDKA is aiming to raise US$150 million, equivalent Rp210 billion. The exercise price of rights issue is set at Rp2250 per unit.


Bank Muamalat’s Profit Drops 67.5%

Bank Muamalat, pioneer of sharia banking in Indonesia, booked net profit of Rp26 billion in 2017, dropped 67.5% from Rp80.5 billion in 2016. While comprehensive profit surged 149% to Rp249.4 billion from previous Rp100 billion....

Waskita Realty’s Profit Jumps 188%

Property developer PT Waskita Karya Realty booked net profit of Rp127.42 billion in 2017, jumped 188% from Rp44 billion in 2016. Its assets rose 34.9% to Rp3.09 trillion from previous Rp2.29 trillion. The Company will develop...



Maybank-BII Ten Years Later

Malaysia’s Maybank surprised many in March 2008 with its decision to acquire then Bank International Indonesia (BNII) at 4.7x book value. Back then, BNII was valued at US$2.7 billion. Ten years later the bank is valued US$1.38 billion. Not only half its initial value, it is now worth less than book value (Rp20.8 trillion of equity by Dec 31, 2017).

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