Day: August 3, 2016

A More Aggressive PTPP

We attended public expose of PT Pembangunan Perumahan Tbk (PTPP) Wednesday (Aug 3) to get better understanding about the company’s future plans. The Company has yet to release its first half 2016 financial results, pending limited review for the issuance of new shares. First quarter results were quite promising to achieve its full year target.

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Revisiting Semen Baturaja

Shares of Semen Baturaja (SMBR), the smallest cement producer listed on IDX, closed flat at Rp1125 Wednesday (Aug 3) after soaring to its historic high of Rp1225 in the morning session. Some investors decided to realise their gains because the stock has surged by 365% from its bottom. At the current price, SMBR is valued significantly higher than Semen Indonesia (SMGR) and Indocement (INTP), two of the largest cement producers in the country.

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2017 Jakarta Election: Ahok vs Sandi

Prabowo Subianto’s Gerindra Party, as we all know, has named businessman-cum-politician Sandiaga “Sandi” Salahuddin Uno, who is also Prabowo’s second man-in-command at the Gerindra’s Advisory Council, as the Party’s governor candidate. Gerindra, however, does not have enough seats to nominate a pair of gubernatorial candidates on their own. So Gerindra will have to form a coalition. Will this happen? If yes, and Sandi gets the ticket, how will a head-to-head between Sandi Uno and incumbent Basuki “Ahok” Tjahaja Purnama play out? Or will a third contestant from, perhaps, the ruling party PDI-P emerge?

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Revisiting Sido Muncul & Ultrajaya

Shares of Sido Muncul (SIDO), the largest consumer herbal producer, gained more than 3% Wednesday (Aug 3) as investors responded positively the group’s growth and expansion plans. At the current price, Sido Muncul has market capitalization of Rp9 trillion, way below milk producer Ultra Jaya (ULTJ), which has Rp12 trillion of market value.

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Investment Update

The Coordinating Investment Board (BKPM) reported that direct investment in Indonesia (both domestic and foreign) reached Rp298.1 trillion in the first half (H1) of 2016, up 14.8% from investment realization in the same period one year before. Foreign direct investment (FDI) was recorded at Rp195.5 trillion, up 12.3%, accounting for 65.6 percent of the total investment.

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Peace for Geo Cepu (Part II)

The Panel of Judges of the Commercial Court of the Central Jakarta District Court has decided to endorse the peace agreement between PT Geo Cepu Indonesia (Geo Cepu, which is the partner of PT Pertamina EP) and its creditors. And so Geo Cepu manages to escape the period of Suspension of Debts Payment (PKPU) in just three months. One creditor, however, rejected the peace proposal and planned to file for an appeal.

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Pertamina EP v. IKPT Adhi Karya

PT Pertamina EP (PEP), a subsidiary of PT Pertamina (Persero), and PT Bank Mandiri (Persero) Tbk filed for a lawsuit at the Central Jakarta District Court to cancel the decision of the Indonesian National Arbitration Board (BANI). The BANI decision that’s the subject of this dispute is the decision that punished the two plaintiffs with the order to compensate their partners in the amount of US$19.3 million and the order to restore performance bond worth US$12.7 million. The two plaintiffs has since argued that the BANI decision does not have binding legal force because the partners are the ones who are in default.

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Market & Corporate Results

The composite index of the Indonesia Stock Exchange (IDX) gained further 0.22% to close at 5373 Tuesday (August 2), but trade was volatile. Investors opted to lock in profits in certain stocks mainly property and infrastructure, after recent market rally, leading the IDX to close off its high.

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