Author: yosefardi.com

New Constitutional Court Justices: Wahiduddin Adams

The House of Representatives (DPR) has confirmed Wahiduddin Adams and Aswanto as new Justices of the Constitutional Court. So, who are they? We’ve mentioned the background of both men briefly in our previous article on the list of justice candidates. In this occassion we’ll focus on providing you with a little more detail on the two confirmed justice candidates. Herein is a profile of Wahiduddin Adams.

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Market Snapshots & Corporate Actions

Asian stocks opened mostly in green, but in narrow range, this morning as Wall Street continues to reach new records. Commodities were mixed as Nymex crude oil stays below US$102 per barrel, while crude palm oil (CPO) ended higher Thursday, despite corrections midday. At home, rupiah continued to strengthen significantly, but might endanger the country’s effort to tame the current account deficit.

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Jordan Phosphate & Indonesian Ventures

Jordan Phosphate Mines Co Plc has just signed joint venture agreement with state-owned urea and ammonia producer PT Pupuk Kaltim Tbk for the construction of US$295 million factory in Bontang, East Kalimantan. Pupuk Kaltim, the largest producer of fertilizers in Indonesia, will be the main off-taker for products from the joint venture.

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Nursalim Family & Political Changes

The family of Sjamsul Nursalim controls some of Indonesian major companies including Gajah Tunggal (tire), Polychem Indonesia (petrochemicals), Mitra Adiperkasa (retail), KMI Wire (cable), and Equity Development (finance). The family, which controls Tuan Sing Holdings—a big property developer in Singapore, also owns some properties in Jakarta, Bali, and other areas in the country. What a political change means to the family’s business in Indonesia?

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Growing Interests in Manufacturing Sector (4): PBRX

Textile used to be Indonesia’s largest earner of hard currency. Higher labor costs and competition from China, Vietnam, Sri Lanka, etc, however, forced some Indonesian producers to give up export market. Some companies listed on Indonesia Stock Exchange (IDX) have even changed their business to palm oil or mining. Pan Brothers (PBRX) is one of few players staying in the business.

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Telkom Performance & Factors to Watch

Telkom (TLKM), the largest telecommunication carrier, booked net profit of Rp14.2 trillion last year, grew by 10.5% from 2012 on improved net profit margin. Like other telcos, Telkom reported significant slowdown in the last quarter of 2013, but managed to maintain a healthy profit margin. Going forward, there are lots of factors to watch!

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Rosan vs Berau & Recapital Assets

Berau Coal Energy (BRAU) and Asia Resource Minerals Plc, soon to be controlled by Samin Tan (Borneo Lumbung), have filed formal statement of claim against Mr Rosan Roeslani related to Rosan’s alleged default in settlement of US$173 million liabilities due December 26, 2013. BRAU has rejected the transfer of PT Asian Bulk Logistic shares and decided to move on with arbitration lawsuit in Singapore, court process in France, Luxembourg, and Cayman Islands. How about Indonesian assets?

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Palm Oil Journal No 12/2014: Higher Output

Profit taking hits Astra AGro Lestari (AALI) this morning, but peers continue the rally. Wilmar Cahaya (CEKA) advanced 7.4% to make a total 75% gain since early this year. In Singapore, First Resources gained 2.7% in the opening hour, while in Kuala Lumpur Sime Darby slipped 0.54%. Our research, meanwhile, point to significant CPO output growth in February.

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