Author: yosefardi.com

Market Data

Foreign investors returned to buying local stocks on Wednesday (Nov 14), while domestic investors opted to lock in profits and so the composite index of the Indonesia Stock Exchange (IDX) closed off its high. IDX ended up 0.4% at 5858, cutting earlier gain of 1.06%. Foreign investors booked a net buy of Rp530.77 billion yesterday, cutting year-to-date net sell to Rp48.1 trillion.

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Eagle High & Peter-Felda (2)

Shares of Eagle High Plantation (BWPT), a company co-owned by Peter Sondakh’s Rajawali Corpora and Malaysia’s Felda Group, ended lower by 1.88% to Rp157. That means BWPT has market capitalization of Rp4.95 trillion, way below Rp7.5 trillion paid by FIC Properties Sdn Bhd (Felda unit) for 37% shares in the palm oil producer. 

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State Capitalism: Bukit Asam

PT Bukit Asam Tbk (PTBA), coal mining subsidiary of state mining company INALUM, booked net profit of Rp3.93 trillion in the first nine months of 2018, jumped by 49.7% from the corresponding period of 2017, thanks to higher average prices of thermal coal. PTBA shares are among best performing stocks on IDX with 98.4% gain year-to-date.

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Japan Q3 GDP Shrinks 0.3% QoQ

The Japanese economy contracted 0.3% qoq in Q3 2018, after an upwardly revised 0.8% growth in Q2, matching market consensus, preliminary estimates showed. Amid a drop in private consumption and a negative contribution from net...

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The Pulo Gadung Land Dispute

On November 13, 2018, Yohanes Prawira Searjaya a businessman from East Java, published a warning in Kompas—Yohanes is represented by his legal counsels from Yayat Riyanto & Partners law office. The warning is related to a dispute on an 8,511 square meters of land with the certificate of ownership (SHM) No. 01880/Rawamangun Pulo Gadung. The parties mentioned in the announcement are not high profile figures, but the dispute deserves attention because it has been going on for over a decade.

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Oil & Gas Mafia Slowing the Development of Pertamina’s Refineries?

The notion that there’s an oil and gas mafia controlling Indonesia has been around since the New Order. We’ve heard of the so-called oil and gas mafia nesting in the trading company of PT Pertamina (Petral). The Government Joko “Jokowi” Widodo established Oil and Gas Mafia Eradication Task Force and eventually got rid of Petral, confirming that there was indeed a mafia operating under the guise of Petral. The question that follows: have the oil and gas mafia really disappeared?

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Oesman Sapta Odang, the Supreme Court, and Legal Certainty

In July 2018, the Constitutional Court decided to prohibit political party from becoming members of the Regional Representative Council (DPD). In response, the General Election Commission (KPU) issued a KPU Regulation (PKPU) No. 26/2018 (which also revised PKPU No. 14/2018) and canceled the nomination of several individuals, including Oesman Sapta Odang (OSO), the current leader of the DPD who is also the Chairman of Hanura. OSO objected to the KPU decision and took the PKPU 26 to challenge in the Supreme Court. In the last week of October 2018, the Supreme Court surprisingly granted OSO’s lawsuit—the Supreme Court has just published the verdict on November 8, 2018.

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