Author: yosefardi.com

Adaro Energy vs Peabody Energy

Peabody Energy Ltd sold 249.8 million tons of coal last year, down slightly from 251.7 million tons in 2013. Adaro Energy (ADRO), meanwhile, sold 57 million tons of coal last year, grew 6.6% from 2013. Peabody currently has market capitalisation of US$1.7 billion, while Adaro at around US$2.5 billion.

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Jokowi’s 100 Days: Stock Market At Its Worst

The Composite index of the Indonesia Stock Exchange (IDX) fell 0.1% to close at 5262 on Thursday (Jan 29), but closed off its low. Trade was volatile with the index moving at range of 5253-5267 during the day trading. Indonesia’s IDX ranks 12 among the world benchmark indices, only gaining 0.68% this month. While India takes the first place with 8.15%, followed by Thailand 5.9%, Philippines 5.35%, and Hong Kong 4.2%.

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In GOLD They Trust

Unlike crude oil and other commodities, gold gained slightly to US$1260 per ounce Thursday. It is below average realized price of gold in third quarter of 2014, but significantly better than fourth quarter (US$1203/Oz). Companies with operations in Indonesia in this report: Newcrest Mining, Freeport, Sumatra Copper, Finders Resources, etc.

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KPK Politics & Nazaruddin Case

Deputy chief of the Corruption Eradication Commission (KPK) Bambang Widjojanto, who is named crime suspect by national police, issued an important statement about cases surrounding M Nazaruddin, former treasurer of Democratic Party (led by sixth President SBY), which might only confirm political motivation of cases handled by the anti-graft agency.

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Conflicts Surrounding Freeport Smelter

Pretty much as predicted, Papua governor Lukas Enembe went straight to President Joko ‘Jokowi’ Widodo yesterday to express Papuans’ rejection on PT Freeport Indonesia’s plan in building the US$1.5 billion copper smelter in Gresik, East Java province. Lukas asked for support from the President so that Freeport would build the smelter in Papua instead.

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Richard Li & Indonesian Insurance Ventures

Two years ago Pacific Century Premium Developments Ltd (PCPD), controlled by Richard Li (son of Asia’s richest man Li Ka Shing), acquired 9,277 square meters land at Sudirman Central Business District (SCBD) from Tommy Winata’s Danayasa Arthatama for US$184 million (Rp2.3 trillion), valuing the land Rp248 million/m2.

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Oil & Gas Journal No 05/2015

Shares of oil & gas companies were mostly under pressure all over the world Thursday (Jan 29) as Nymex crude oil declined further to US$44 per barrel. More companies responded with significant cut in capital expenditures this year, including in their Indonesian operations.

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Jokowi, the Oligarchs, and Feudal Lords

We have seen the last four Indonesian presidents trapped in a their own bizarre presidential system. Abdurrahman Wahid a.k.a. Gus Dur was elected by the People’s Consultative Assembly (MPR) but he was eventually toppled by the same forum that then elected Megawati Soekarnoputri. Susilo Bambang Yudhoyono (SBY) was the first president elected directly by the people, but he was trapped in a “coalition” akin to those of the parliamentary system. Today, Joko “Jokowi” Widodo is facing a similar problem with the oligarchs from both the opposition and his own ruling coalition. Is this the time for us to change our political system?

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Pressures on Gita Wirjawan’s Ancora

Must be painful for Gita Wirjawan (owner of Ancora Group) to read financial report of ASX-listed Orica Limited, which posted net profit after tax of $602.5 million, a small increase of 2% from the previous year, but good enough, given the collapse of mining sector. Orica’s subsidiary in Bontang, East Kalimantan is the largest player of ammonium nitrate (raw materials for explosives) in Indonesia.

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Jasuindo & Its Security (but Risky) Printing Business

PT Jasuindo Tiga Perkasa (JTPE) Tbk is a medium company with total assets of Rp800 billion and market value of Rp614 billion only. This Company is one of ‘the selected few’ to get business from our ‘beloved but considered corrupt’ national police. What is the Company’s relationship with Budi Gunawan, the controversial police chief candidate, who has been named corruption suspect by anti-graft agency KPK?

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