Day: February 17, 2017

Alfamart in 2016

PT Sumber Alfaria Trijaya (AMRT) Tbk, operator of Alfamart convenience stores, booked net profit of Rp602 billion last year, an increase of 33.4% from 2015 despite slower year-on-year growth in the last quarter of 2016. The Company, interestingly, reported 16.2% growth in sales revenue even though number of new outlets grew only 11%.

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Trans-Java Toll Road Project Update

Finance minister Sri Mulyani Indrawati, minister of public works & housing Basuki Hadimuljono, and chief of the Toll Road Authority (BPJT) inspected construction of Bawen-Salatiga section of Semarang-Solo toll road Friday (Feb 17). At the same time, in Jakarta, President Joko ‘Jokowi’ Widodo witnessed financial closing of the so-called Non-State Budget Investment Financing (PINA) to accelerate the trans-Java toll road project.

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Corporate Actions & Results

Pakuwon Jati (PWON), through its subsidiary Pakuwon Prima, has issued new notes worth US$250 million, equivalent Rp3.25 trillion, to refinance old notes scheduled to mature in 2019. The new notes carries annual coupon rate of 5% and will mature on February 14, 2024. Pakuwon Prima will distribute notes proceeds to Artius Grandis Pte Ltd, and then Artius will distribute to Pakuwon Jati as loan.

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More on LuLu Group’s Tax Case

Three days ago the trial of Rajesh Rajmohanan Nair, the Managing Director PT EK Prima Ekspor (EKP), which is a subsidiary of Lulu Group International began. We reported on the content of the indictment read on February 13, 2017 in the Corruption Court of the Central Jakarta District Court. But we didn’t elaborate on the role of a suspected intermediary and the Director General of Taxation. News later emerged that the intermediary in question was President Joko “Jokowi” Widodo’s brother in-law.

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PKPU for Humpuss Pengolahan Minyak

PT Humpuss Pengolahan Minyak (HPM), a subsidiary of PT Humpuss belonging to Hutomo Mandala Putra was sued by one of its creditor PT Niman Internusa for Suspension of Debts Payment (PKPU) over debts dispute amounting to US$2.5 million. In the first hearing held on February 16, 2017, HPM was prepared to answer the lawsuit, and the Company was also prepared with a draft of their peace proposal.

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Simultaneous Regional Elections: Quickcount Results (Part II)

We have listed the quickcount results in Banten, Aceh, Bangka Belitung (Babel), and West Papua in the previous instalment of this series. In this article, we briefly look into the result of other regional elections, particularly the gubernatorial election in Gorontalo and West Sulawesi, plus other regional elections in Bekasi, Maluku Tenggara Barat, Buton, Bombana, Landak, and Musi Banyuasin regencies.

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Infrastructure Funding Mismatch

Waskita Karya (WKST) recorded total assets of Rp61.43 trillion by Dec 31, 2016, jumped more than 100% from December 2015. The company, assigned by the government to build trans-Java toll road and light-rail transit (LRT) in Palembang, South Sumatra, however, saw its liabilities growing 117% to Rp44.65 trillion. That means, WSKT’s liabilities to equity ratio already reached 266%.

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Economic Update

On Thursday (Feb 16), the Central Bank (Bank Indonesia/BI) decided to hold the BI 7-day (Reverse) Repo Rate (BI-7 day RR Rate) at 4.75%, while maintaining the Deposit Facility and Lending Facility rates at 4% and 5.5% respectively. BI wants to maintain macroeconomic and financial system stability, while preserving domestic economic recovery momentum.

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Who’s Entering Antangin (Deltomed)?

Tolak Angin and Antangin JRG are the most popular herbal remedy for the common cold in Indonesia. Tolak Angin is product from Sido Muncul (SIDO), which is listed on Indonesia Stock Exchange (IDX) with market capitalization of Rp8.55 trillion (US$643 million), about 3.3 x equity as at Sept 30, 2016.

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