Author: yosefardi.com

The composite index of the Indonesia Stock Exchange (IDX) fell 0.14% to close at 5,864 on Thursday last week, but closed off its low of 5,845. Foreign investors kept selling local stocks, as they further booked a net sell of Rp234.2 billion, cutting year-to-date net buy to only Rp484.7 billion. The rupiah also weakened to Rp13,351 against the U.S. dollar on Thursday. The market closed on Friday last week in observance of the Muslim Day of Sacrifice, Idul Adha

ABM Investama (ABMM), coal mining and mining services company, booked net profit of US$26.5 million in the first half of 2017, surged from US$9.1 million in the corresponding period last year, thanks to strong sales revenue growth and lower selling, general & administrative expenses. The Company, unfortunately, reported bigger allowance for impairment losses in its trade receivables.

Intermedia Capital (MDIA), immediate parent of TV station ANTV, outperformed Surya Citra Media (parent of SCTV and Indosiar) and Media Nusantara Citra (parent of RCTI and MNC TV) in terms of sales revenues in the first half of 2017. Yet, MDIA, whose shares have recently been splitted (stock split), has collapsed nearly 30% from its recent peak.

Minority shareholders of Berau Coal Energy (BRAU) might continue to question market authorities’ ignorance related to Sinarmas Group’s tender offer proposal. Regardless of what will happen there, Sinarmas has grown into an energy powerhouse with combined coal production capacity of nearly 40 million tons per annum.