Author: yosefardi.com

M&A Update: Forced consolidation of XL-Smartfren?

Shares of cellular operator XL Axiata (EXCL) lost 4.6% to Rp2,280 on Wednesday (March 27), valued at Rp31.1 trillion, with sentiment undermined by the development on the consolidation or merger with Smartfren Telecom (FREN) which was traded flat at Rp50 yesterday, valued at Rp16.77 trillion.

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Latest on the Cooking Oil Hullabaloo

In mid 2023, the investigation into allegations of corruption at the root of the problem which caused the cooking oil shortage and price surcharge developed after the Attorney General’s Office (AGO) announced that it had named three groups of companies as suspects. However, until now there are still many questions remaining, especially regarding the Government’s responsibility. The companies tried to file a State Administrative lawsuit against the Minister of Trade soon after and received interesting decisions, but despite the decision, today, trial on the case of alleged corruption will commence.

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Satgas BLBI Latest Summons

The Satuan Tugas Penanganan Hak Tagih Negara Dana Bantuan Likuiditas Bank Indonesia (Satgas BLBI) continues to work in summoning obligors who can be traced. In the last few announcements we know that the parties summoned are small debtors, those who were able to ignore their obligations after various creditors (who were BLBI obligors) experienced problems. As the financial institutions that gave them loans collapsed, there was no one left to supervise the settlement of these debtors’ obligations, therefore after two years of work and focusing on big BLBI obligors, now the Satgas has started summoning these small debtors, although some of them still have large amounts of obligations.

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A Nation without Opposition?

The upcoming meeting between the fifth President Megawati Soekarnoputri, the matriarch of PDIP, and President-elect Prabowo Subianto, who is the chairman of Gerindra Party, could be determining for Indonesia’s political landscape in the next five years. If PDIP joins Prabowo’s administration, we may see the retired General rules the country without opposition.

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Military Job Rotation: The Shift of Power

The outgoing President Joko “Jokowi” Widodo will end his term in October 2024, so it is still seven months away before the President-elect Prabowo Subianto takes over the office. However, the shift of power from Jokowi to Prabowo may be starting from now. In that regard, it is worth to highlight, among others, the recent job rotation instituted in the Indonesian Military (TNI).

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Charoen Pokphand vs Japfa

Shares of Charoen Pokphand Indonesia (CPIN), the largest integrated poultry player, fell 1.42% to Rp5,225 on Tuesday (March 26), to make market capitalization of Rp85.68 trillion. The stock however has gained 17.7% from its lowest price this year, at Rp4440 early last month. Second largest Japfa Comfeed (JPFA) also fell 2.1% to Rp1165 yesterday, valued at Rp13.66 trillion. 

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FY/23 Results: Property

Property developer mostly reported positive growth in earnings for 2023, to continue this year, supported by the implementation of Government’s value added tax incentive policy. Property sector is then expected to have a 7-10% growth this year. That said, the residential sub-sector will remain the favourite in 2024 considering that currently the housing backlog has reached 12.7 million units. In addition, there is an increase in demand from end users by 800,000 units every year.

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Corporations to watch

So, everybody enters EV ecosystem. Elnusa, a subsidiary of PT Pertamina Hulu Energi which is part of the Upstream Subholding, signed a memorandum of understanding on electric vehicle (EV) ecosystem development cooperation with PT Industri Batteries Indonesia or as it is often called Indonesia Battery Corporation (IBC). 

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prabowo-gibran-jokowi: Payback to Aguan-Salim and Sinarmas?

It is hard to belief that Pantai Indah Kapuk Due (PIK-2) and Bumi Serpong Damai (BSD City) are granted the national strategic project (PSN) status simply because of their ‘future economic impact’. Timing of the granting of PSN status after the victory of Prabowo-Gibran in last month’s election, thanks to immense support from outgoing president Jokowi (Gibran’s father), can’t be more perfect to be suspicious about.

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Latest on the BAKTI Case

Windi Purnama, one of the many suspects in the BAKTI case, the case of alleged corruption related to a project at the Ministry of Communication and Informatics, has been found guilty. Although a lot of interesting things emerged in the investigation process, we know that in the case all eyes were on former Minister Johnny Plate (NasDem). The public does not discuss Windi’s role much. This is unfortunate, especially because Windi was named suspect on allegations of money laundering and the case caused over Rp8 trillion of State losses. In the last hearing, Windi was sentenced to a fairly light punishment.

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