Shares of oil and gas firm Medco Energi Internasional (MEDC) ended lower by 3.5% to Rp1515 on Thursday (September 21), but the stock has gained 50% in the past three weeks alone. At the last quoted price, MEDC was worth Rp40.25 trillion, substantially smaller than the ‘value’ of its minority ownership in gold and copper producer PT Amman Mineral Internasional Tbk (AMMN).
Read MoreHouse Speaker Puan Maharani, the daughter of the fifth President Megawati Soekarnoputri (who is also the chairperson of the ruling party PDIP), stated that PDIP is still open to any possibility in her response to a question about pairing Ganjar Pranowo with Prabowo Subianto. Puan also talked about the possibility of a meeting between her mother, Megawati, and Prabowo. In the meantime, Kaesang Pangarep, the youngest son of President Joko “Jokowi” Widodo is joining PSI, a small political party that is now getting closer to Prabowo’s coalition.
Read MoreBusinessman Surya Darmadi, owner of Duta Palma Group, returned to Indonesia and turned himself in to the Attorney General’s Office (AGO) mid last year. The AGO alleged Surya of committing corruption which caused State losses amounted to over Rp70 trillion and moved very quickly to complete the docket. Near the end of the inquisition stage, the AGO announced that the estimated State losses have reached over Rp100 trillion. That is unbelievable. Surya finally stands trial as a defendant in September 2022. Towards the end of February 2023, Surya was found guilty and sentenced to a historic punishment. The High Court upheld the decision on stage of appeal, however, a different approach was taken by the Supreme Court. On the stage of cassation, the Assembly decided to add Surya’s prison term but diminished his obligation to repay for the loss to the State’s economy. A disappointing decision.
Read MorePT Aneka Tambang Tbk (ANTM) is still on the roll, in a bad way. We know the Corruption Eradication Commission (KPK) and the Attorney General’s Office (AGO) are still carrying out investigations and inquisitions into alleged corruption cases involving the company and its officials, the cases supposedly happen in several different regions and received resistance from several parties. Recently, the company also lost their legal battle against a businessman. How perfect. Meanwhile, in an ongoing court examination, the KPK prosecutors just read their demands for defendant Dody Martimbang, former official of ANTM.
Read MoreWe posted three articles before the downfall of Pollux Properties (POLL). We started with an article titled ‘Pollux Property: Bigger than Ciputra?’ on August 16, 2019. Back then Pollux market capitalization already reached Rp32 trillion or US$2.3 billion from Rp4,820 per share, eight times the IPO price of Rp615 in July 2018. UOB Kay Hian Sekuritas was lead underwriter of POLL.
Read MoreIn late March 2023, brokerage firm Samuel Sekuritas recommended a buy on bukalapak.com (BUKA) with target price of Rp400. Two months later, CGS-CIMB Sekuritas recommended a buy with target price of Rp350. Both brokerage firms missed their target price. The last quoted price was Rp224.
Read MoreThe position of external debt in Indonesia remained manageable in July 2023. External debt maintained a 0.9% (y/y) contraction to reach US$396.4 billion in July 2023 after retreating 1.5% (y/y) the month earlier. The contraction...
Read MoreThe latest Bank Financing Supply and Demand Survey conducted by Bank Indonesia in August 2023 indicates an uptick of new loan disbursement by the banking industry, with the weighted net balance (WNB) increasing to 86.2% from...
Read MoreThe Federal Reserve kept the target range for the federal funds rate at a 22-year high of 5.25%-5.5% in its September 2023 meeting, following a 25bps hike in July, and in line with market expectations but signaled there could be...
Read MoreJazilul Fawaid, the deputy chairman of PKB, recently made an interesting statement regarding the next year’s presidential election. Jazilul believes that there’s still a possibility of 2024 race turning into a two-horse race, not three-horse race. Is it really possible?
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