Day: March 10, 2017

Samindo Resources (MYOH): FY16 Results & Outlook

Shares of Samindo Resources (MYOH), coal mining contractor controlled by South Korean Samtan Co Ltd, ended up slightly by 0.72% Friday (March 10) with thin trading volume despite stronger performance reported in the fourth quarter of 2016. In contrast to the first nine months of 2016, Samindo reported almost 23% increase in net profit in the quarter.

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Jokowi’s meeting with SBY

President Joko “Jokowi” Widodo and his predecessor Susilo Bambang Yudhoyono (SBY) finally met at the State Palace Jakarta yesterday (Mar. 9). The President’s Spokesperson Johan Budi told the press that the meeting was held per SBY’s request. The request, Johan said, came via the Secretary General of the Democratic Party Hinca Panjaitan, and it was delivered to the Minister of State Secretary Pratikno. What bearing does this meeting have on politics?

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The E-KTP Graft Case: The Indictment (Part II)

In the first trial of the two defendants in the E-KTP graft case—Sugiharto and Irman—the prosecutors laid out the chronology of the case and other details, such as information on the compensation scheme promised. The discussion between Irman, Sugiharto, Diah Anggraini, Golkar, and the Democratic Party faction supposedly produced the following agreement:

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Market Snapshots & Corporate Actions

Foreign investors continued buying local stocks on Thursday (Mar 9) as they booked net buy of Rp156.6 billion, cutting year-to-date net sell to Rp1.14 trillion. The composite index of the Indonesia Stock Exchange (IDX) gained 0.16% to close at 5,402 yesterday. Foreign investors’ investment in Indonesian bonds added Rp27.47 trillion year to date. The improving macroeconomic data this year would attract more capital inflow. Meanwhile the rupiah weakened back to Rp13,373 against the U.S. dollar on Thursday.

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The E-KTP Graft Case: The Indictment (Part I)

On March 9, 2017, the Corruption Court of the Central Jakarta District Court held the first hearing on the trial of the two defendants in the electronic identity card (E-KTP) procurement graft case, i.e., Sugiharto and Irman. The prosecutors of the Corruption Eradication Commission (KPK) read the indictment of the two defendants. And here’s summary of what it contains.

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Banking Results: Mega & J Trust

Bank Mega (MEGA), controlled by businessman Chairul Tandjung (who is known for having a close relationship with the Sixth President Susilo Bambang Yudhoyono), booked profit after tax of Rp1.16 trillion in 2016, a 10% growth from Rp1.05 trillion in 2015 supported by net interest income and other operating income.

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Those Continue to Invest in Indonesia: Coca-Cola

PT Coca-Cola Amatil Indonesia, subsidiary of ASX-listed Coca Cola Amatil, has just inaugurated its new distribution center in Pandaan, Pasuruan, East Java, which was built with US$60 million. The distribution center will likely be benefited from new toll roads being built connecting Pasuruan and other areas in the province.

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The E-KTP Graft Case: State Budget Credibility?

The first trial of the corruption case related to the Rp5.9 trillion procurement of electronic IDs (e-KTP) has revealed possible involvement of the country’s politicians and high-ranking government officers. The Corruption Eradication Commission (KPK), in their indictment, found nearly 41% (Rp2.3 trillion) of the budget allocated for the project was embezzled.

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