Victoria Securities v. Adyaesta Ciptatama: More Obstacles

In September 2016, the Attorney General’s Office (AGO) named several suspects of corruption in the sale of right to collect debts (cessie) of the Indonesian Bank Restructuring Agency (BPPN) involving PT Victoria Securities Indonesia (VSI) and PT Adyaesta...

Corporate Actions & Results

State-owned construction firm Wijaya Karya (WIKA) expands into industrial estate, allocating Rp3.6 trillion for funding construction in the said segment. It allocates capital expenditure (capex) of Rp12 trillion for this year, with 30% portion aiming for construction...

Taxation Journal: PMK No. 39/PMK.03/2017

By the end of March 2017, the Tax Amnesty Program will come to an end. The Ministry of Finance already have plans to further regulate on taxation issues. One of the regulatory products to be published is the Law on Tax Information Exchange Agreement or Automatic...

Semen Baturaja (SMBR): FY16 Results & Outlook

PT Semen Baturaja Tbk (SMBR) has dropped 11.7% from its peak, but still considered the most expensive cement stock in the market. It is now traded with PE multiple 101.2 on its historical 2016 earnings, while market leader PT Semen Indonesia Tbk (SMGR) is traded with...

Jokowi’s Consolidation of Power: Regeneration in the TNI

President Joko “Jokowi” Widodo continues to consolidate his power in the Indonesian Military (TNI). Recently, Maj. Gen. Bambang Suswantono, a familiar figure within the State Palace circles, was named the new chief of the Navy’s Marine Corps to replace Maj. Gen. RM...

E-KTP Graft Case: Those Linked to Riza Chalid & Hatta Rajasa

The Rp5.9 trillion electronic identity card (E-KTP) project is estimated to have cost the State Rp2.3 trillion in financial loss due to graft. The Corruption Eradication Commission (KPK) has built a case on the two individuals suspected of graft in relation to the...

Delta Dunia (DOID): FY16 Results & Outlook

Delta Dunia Makmur (DOID), parent company of coal mining contractor BUMA, booked net profit of US$37 million last year against loss of US$8.31 million in 2015, thanks to significant improvement in the fourth quarter of 2016. In the quarter, DOID’s sales revenues...

Aggresive Foreign Buying

Foreign investors made a heavy buying in local stocks on Thursday and Friday last week, with combined net buy reaching Rp4.33 trillion. Foreign investors have now booked net buy of Rp4.29 trillion in local stocks year-to-date. The composite index of the Indonesia...

Unilever Indonesia & The Ballooning Tax-Trademark Gap

PT Unilever Indonesia Tbk (UNVR) is among the most profitable units of worldwide consumer giant Unilever. With equity of Rp4.7 trillion only, UNVR generated net profit of Rp6.39 trillion last year, an increase of 9.2% from 2015. Other than huge dividend payments every...

Oil & Gas Investments Update (2)

President Joko ‘Jokowi’ Widodo has late last week inaugurated commercial operation of eight mobile gas-fired power plants with combined capacity of 500 MW. This will grow domestic consumption of natural gas. Without new gas fields, Indonesia’s import of natural gas...
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