Market

Flag carrier Garuda Indonesia (GIAA) booked net loss of US$72.7 million last year despite a relatively strong performance in the fourth quarter and growth of sales revenues by 16.3% to US$3.42 billion for full year. 

Shares of oil and gas services firm Energi Mega Persada (ENRG), a member of Bakrie Group, up by 1.19% last Wednesday (March 26), while Medco Energi (MEDC), an oil and gas company co-owned by Panigoro and Salim families ended higher by 5.1%.

Composite index of Indonesia Stock Exchange (IDX) surged by 3.56% this morning, lifted by stock buyback program by state companies. This, however, might only provide temporary relief. Growing fascism, anti-criticism, and authoritarianism shown by the current regime combined with global pressures on the market (financial and commodities) do not bode well for the country’s long-term outlook. 

Behind the success of Mobile Legends and the dominance of gaming content on TikTok lies a powerful common denominator: ByteDance. The Chinese tech giant is not only the owner of TikTok but also the parent company of Moonton, the developer behind the immensely popular game Mobile Legends: Bang Bang (MLBB). ByteDance’s acquisition of Moonton in 2021 marked a strategic expansion beyond social media into gaming and interactive entertainment—two sectors with immense growth potential in Southeast Asia, particularly Indonesia.

The government as controlling shareholder has dismissed brother-in-law of the previous president Jokowi as commissioner of the state bank BNI, but replaced by Democratic Party politician Vera Febyanthy. Didik J Rachbini, economist linked to the National Mandate Party (PAN), has also been appointed commissioner. 

HM Sampoerna (HMSP), controlled by Philip Morris International (PMI), booked net profit of Rp6.6 trillion last year, down 18.5% from 2023 due to squeezed margins from higher tobacco excise imposed by Indonesian government.

Shares of Siloam Hospitals (SILO), the largest operator of hospitals in private sector, opened higher by 2.9% to Rp2,480 this morning even when it recorded 25% drop in net profit last year. Peers were mixed with Hermina Hospitals (HEAL) gained slightly by 0.46%, while Mitra Keluarga (MIKA) down 2.6%.

The newly established sovereign wealth fund Danantara has announced its organisation, consisting of board of supervisors, board of advisors, managing directors, and some specific committees. We’re interested in the so-called ‘committee for supervising and accountability’ with chief/head of all law enforcement agencies as members. Who’s supervising who?

Shares of Bumi Serpong Damai (BSDE), developer of BSD City , ended higher by 3.23% to Rp800 on Tuesday (Mar 26) to make a market capitalisation of Rp16.9 trillion, nothing compared to PIK-2 (Rp143 trillion) despite bigger business size and profitability.