Author: yosefardi.com

Mining Tax Mystery

In a conference on “Beneficial Ownership Transparency”, the Corruption Eradication Commission (KPK) said that 24 percent of the mining companies operating in Indonesia are unidentified and thus they never pay their taxes. The KPK said that these anonymous companies have incurred a combined tax debt of Rp23 trillion.

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Delta Dunia Reports 16.22% Drop in Coal Production

Coal miner Delta Dunia Makmur (DOID) reported a 16.22% drop in coal production in September after recording high record production in August. DOID, trough its unit Bukit Makmur Mandiri Utama (BUMA) produced 3.1 million tons of coal, declined 3.12% year-on-year (y/y). The production of overburden removal also slightly declined 3.26% to 29.7 million BCM, but increased 11.65% y/y compared to 26.6 million BCM in September 2016. During Jan-Sep 2017 period, BUMI’s overburden removal production increased 20% to 257.6 million BCM. Its coal production also rose 23% to 30.6 million tons for Jan-Sep...

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PP Presisi Sets IPO Price at Rp430-550 per Share

PT PP Presisi, unit of state-owned construction firm PT PP Tbk (PTPP), has set its IPO price at Rp430-550 billion. It plans to offer 4.24 billion shares, representing 35% of its total issued and paid-up capital. PP Presisi expects to raise total fund of Rp1.8-2.3 trillion. The company appointed PT Danareksa Sekuritas, PT Bahana Securities, PT Mandiri Sekuritas and PT CIMB Sekuritas as underwriters. PP Presisi booked new contracts of Rp2.5 trillion during Jan-Jul 2017...

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Govt Raises Rp8.9 Trillion from Retail Bond

The Government has raised additional Rp8.9 trillion from issuing retail bonds (series ORI014) used to support the budget financing for this year. The bond offered during Sept 29 to Oct 19, 2017. This bond offered annual coupon rate at 5.85%, relatively low rate inline with lower cost of borrowing following benchmark rate cut by the central bank (Bank...

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Anies and the Jakarta Bay Reclamation Project

Tempo Magazine’s special report this week is a meeting held in early August 2017 between the Governor of Jakarta Anies Baswedan and property tycoons in the private residence of Gerindra patron Prabowo Subianto. The tycoons present in said meeting are developers of reclamation islands off of the coast of Jakarta.

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Delisting of Berau Coal & Inovisi

The Indonesia Stock Exchange (IDX) has finally on Monday (Oct. 23) delisted shares of coal miner Berau Coal Energy (BRAU), along with Inovisi Infracom (INVS), Permata Prima Sakti Tbk (TKGA) and Citra Maharlika Nusantara Corpora (CPGT). BRAU skipped releasing financial informations in the past three years. Prolonged suspension of stock trading prevented investors from enjoying the strong coal price in the past 13 months.

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The Opposition’s Gamble

PAN and the opposition party Gerindra are continuing their alliance in East Java’s 2018 gubernatorial election. The two political parties reportedly wanted to nominate a third pair of governor and vice governor candidates to challenge Saefullah Yusuf and Khofifah Indar Parawansa.

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Jokowi, PAN, and the Muhammadiyah

The National Mandate Party (PAN) has again opposed President Joko “Jokowi” Widodo’s policy, despite their status as a member of the President’s ruling coalition. The Party joined forces with Prabowo Subianto’s Gerindra and PKS in the House of Representatives (DPR) to reject the Government regulation in lieu of law No. 2/2017 (otherwise known as Perppu Ormas).

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Stocks to Watch

Foreign investors booked a net buy of Rp372.24 billion on Monday (Oct 23), cutting year-to-date net sell to Rp17.94 trillion. But profit taking hit certain stocks so that the composite index of the Indonesia Stock Exchange (IDX) only gained 0.35% to close at 5,950. Investors were focused on buying mining stocks yesterday; the sector gained 1.64%. Coal miners Bayan Resources (BYAN) gained 12.5% and Bumi Resources (BUMI) hiked 11.3%. Perusahaan Gas Negara (PGAS) also gained 3.9%.

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Banking Results

The Indonesian Central Bank (Bank Indonesia/BI) expects the national economy in the third quarter (Q3) of 2017 to outpace that achieved last period. The economic gains will be supported by fiscal expansion and monetary policy easing. BI expects economic growth in 2017 to be within the 5.0-5.4% projection and then to accelerate to 5.1-5.5% in 2018.

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