Author: yosefardi.com

Corporate Actions

Plantation firm Astra Agro Lestari (AALI) allocates capital expenditure (capex) of Rp1.7 trillion for this year, equal to last year’s capex, used for its planting, expanding plant’s capacity, and infrastructure (roads and bridges). The Company’s internal cash will fund the capex.

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Corporate Results: Garuda & Intermedia

Flag carrier Garuda Indonesia (GIAA) booked a net profit of US$19.74 million in the first quarter (Q1) of 2019, against loss of US$64.27 million in the corresponding period of 2018, as revenues grew 11.8% to US$1.09 billion from previous US$983 million. Garuda also cut its total expenses by 0.8% to US$1.05 billion, then it booked positive operating profit (US$49.47 million), compared to loss US$66.08 million in Q1 last year.

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Market & Jokowi Effect

The market welcomed the Indonesian general election results, mainly the presidential election result. The rupiah appreciated over the United States (U.S.) dollar on Wednesday, strengthening to over Rp13,900 level, as it did in 2014 when Jokowi was said to win the presidential election over Prabowo.

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QC: Legislative Election Outcome

Apart from the presidential race, the quick counts of various polling agencies have shown the outcome of the 2019 legislative election. PDIP has come out as the winner of the legislative election with Gerindra, Golkar, and PKB in the Big Four. But unlike the findings of previous surveys, per the quick counts we may still see plenty of political parties seated in the House of Representatives (DPR).

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QC: Jokowi Wins Reelection

The quick count of various polling agencies, including even those with crystal clear connection to Prabowo Subianto’s opposition group, have pointed to the victory of incumbent President Joko “Jokowi” Widodo in the 2019 presidential election. Prabowo, however, has refused to admit defeat.

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A Stronger Mandate, but…

Quick count from 11 agencies (pollsters) suggested a second term for President Joko ‘Jokowi’ Widodo. Data collected from thousands of samples taken by each of the agency pointed to a margin of between 7% and 11.56% for Jokowi’s comfortable lead. Formal and actual counting by the General Election Commission (KPU) might eventually lead to 9-10% gap between Jokowi and Prabowo.

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Credit Growth to Accelerate in Q2

The central bank (Bank Indonesia/BI) said, based on its survey, the credit growth slowed in the first quarter (Q1) of 2019, but to accelerate in Q2. Credits for working capital and investment slowed in Q1, while the economic...

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Quick Count Rule

The General Election Law No. 7/2017, specifically article 449 section 5 notes that quick counts can only be done 2 hours after the polling stations close on Western Indonesia. It’s a rule that several television stations grouped in the Asosiasi Televisi Swasta Indonesia (ATVSI) and the Asosiasi Riset Opini Publik Indonesia (AROPI) challenge at the Constitutional Court (MK) with a Judicial Review (JR). The MK is going to release the result of their deliberation today.

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