Author: yosefardi.com

Semen Indonesia vs West China Cement

West China Cement Ltd sold 8 million tons of cement in the first half of 2014, about two-thirds of Semen Indonesia (SMGR). West China Cement’s sales revenue inched up 1.5% only in the period, while Semen Indonesia posted 12.8% growth. West China Cement has market cap of Rp6.07 trillion, while Semen Indonesia at Rp98.6 trillion. Why Indonesian cement companies are so profitable compared to their peers in China and that the new government should do something about it?

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Market Snapshots & Corporate Actions

Composite index of Indonesia Stock Exchange (IDX) opened flat this morning as peers move in narrow range in the region. Some investors might continue to watch movement of commodities, especially substantial drop of crude palm oil (CPO) prices in the past few trading days. Companies in this report: Semen Gresik, Mitra Adiperkasa, Sri Rejeki Isman, and Media Nusantara Citra.

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Cabinet 2014-2019: The Connector Part II

Chairul Tanjung is not the only “connector” between President Susilo Bambang Yudhoyono and President-elect Joko “Jokowi” Widodo’s Transition Team. There are others in SBY cabinet whose name has been mentioned as strong candidates in Jokowi’s list of potential ministers. Who are they?

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The Cabinet 2014-2019: The Connectors

Some members of President Susilo Bambang Yudhoyono’s current cabinet may become members of Joko “Jokowi” Widodo’s cabinet due to their close relationship with the President-elect. Said cabinet members are connectors or bridges between SBY’s administration and Jokowi’s current Transition Team, it is in this light that they are interesting for discussion.

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Junior Oil & Gas Players to Watch

Nido Petroleum Ltd gained almost 100% to become a company with market capitalization of A$106.5 million in the past two months. This company has attracted Canadian company MM Asset Management Inc as substantial shareholder. Also in this company: Interra Resources, Kris Energy, Ramba Energy, etc.

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Jokowi-Kalla With and Without Golkar

Vice president elect, who is former chairman of Golkar Party, Jusuf Kalla, supports the idea of replacing Aburizal Bakrie as chairman of the legislative election runner up. This is expected to pave the way for a possible entry of Golkar Party in ruling coalition of Jokowi-Kalla. But, should Jokowi relly on Golkar Party to establish a stable government?

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Performance of Brokerage Firms: Ironies of IDX

Indonesia Stock Exchange (IDX) is second best among major markets this year with gain of 20.47%, second to India’s S&P Sensex, which jumped 23.3%. Net buy of Indonesian stocks by foreign investors touched its record high of Rp57.8 trillion before net sell of Rp1.93 trillion Friday (August 15). Yet, most brokerage firms actively trading the shares reported significant drop of financial performance.

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2015 Budget: Tax & Non-Tax Revenues

The 2015 Budget expects to collect Rp1762.3 trillion of government revenues, an increase of 7.8% from 2014’s revised budget. Tax revenues are expected to grow 10% to Rp1370.9 trillion, while non-tax revenues would inch up 0.3% to Rp388 trillion. Implications for business sectors?

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2015 Budget: Key Highlights

The new president, pending rulings from the Constitutional Court scheduled next week, inherits some crucial issues from the State Budget 2015 proposed by outgoing president Susilo Bambang Yudhoyono. The 2015 Budget targets 7.8% growth in government revenues, mostly from 10% growth in tax revenues. Government expenditures, meanwhile, would grow 7.6% from 2014’s revised budget.

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