Day: March 14, 2017

Wexler Capital vs Bumi Resources Minerals

South Jakarta District Court has on Wednesday (March 13) started the trial of a tort lawsuit filed by Wexler Capital Pte Ltd against PT Bumi Resources Minerals (BRMS) Tbk, a company indirectly controlled by Bakrie Group. Wexler, a creditor, seeks a court ruling to order BRMS paying for US$200 million.

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Bakrie Telecom & Huawei

So, Bakrie Telecom (BTEL) has on March 1st, 2017 issued 6.19 billion new shares at Rp200 per share to PT Huawei Tech Indonesia. The Shenzhen-based telecommunication giant, accordingly, controls 16.83% shares of BTEL. This is part of debt restructuring program of Bakrie Telecom, wherein it issued Rp7.6 trillion worth of convertible bonds to settle the Rp11.6 trillion debts.

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Sritex (SRIL): FY16 Results & Outlook

Shares of textile and garment producer PT Sri Rejeki Isman Tbk (SRIL), popular as Sritex, ended lower by 2.91% to Rp334 Tuesday (March 14) with 1.07 billion shares exchanged hands. SRIL is among the best performing stocks with 45% gain year-to-date, so some might have realized gains upon learning its performance in the fourth quarter and full year 2016.

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Corruption in Bakamla : The Trials

It has been only three months since the Corruption Eradication Commission (KPK) cracked down on the bribery in the Maritime Security Agency (Bakamla) but the trials of the suspects have begun. On March 9, 2017, the Corruption Court of the Central Jakarta District Court heard the indictment that the prosecutors had prepared against Muhammad Adami Okta and Hardy Stefanus. A few days later, on March 13, 2017, the trial of Fahmi Darmawansyah began.

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Jakarta Election Runoff: Political Constellation (Part 2)

PKB and tge Democratic Party have not yet announced their decision on who the endorse in the runoff stage of Jakarta’s gubernatorial election. Jakarta Governor Basuki “Ahok” Tjahaja Purnama and his running mate Djarot Saiful Hidayat (Ahok-Djarot) are still competing with contender Anies Baswedan and running mate Sandiaga Uno (Anies-Sandi) for the Parties’ endorsement.

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Jakarta Election Runoff: Political Constellation

The National Mandate Party (PAN), led by the speaker of the People’s Consultative Assembly (MPR) Zulkifli Hasan, decided to endorse Anies Baswedan and his running mate Sandiaga Uno (Anies-Sandi). Djan Faridz’s United Development Party (PPP), meanwhile, continues to support the incumbent Jakarta Governor Basuki “Ahok” Tjahaja Purnama and his running mate Djarot Saiful Hidayat (Ahok-Djarot) by dismissing 10 PPP cadres that refused to adopt the Party’s stance,

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Market Snapshots & Corporate Actions

Foreign investors bought local stocks on Monday (March 13) as they booked a net buy of Rp406.8 billion yesterday, cutting their year-to-date net sell to Rp727 billion. Trade, however, was relatively light, only valuing at Rp5.43 trillion, lower than its daily average trading value of Rp6.55 trillion. Most investors opted to make no position in market yesterday. They’re waiting for news State-side regarding the decision on the Fed rate scheduled to come tomorrow (March 15).

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BCA: FY16 Results & Outlook

While most banks only reported a flat growth and some posted lower growth, PT Bank Central Asia (BCA) Tbk (BBCA) experienced a 14.4% increase in profit after tax, to Rp20.6 trillion in 2016, from Rp18 trillion in 2015. The Bank also reported a 12% growth in net interest income and a 12.3% growth in operating income.

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