Author: yosefardi.com

Positive Outlook on the Financial Industry

Indonesia’s central bank (Bank Indonesia/BI) kept its benchmark 7-day Reverse Repo Rate at 4.25% on Thursday (Jan 18), while maintaining the Deposit Facility (DF) and Lending Facility (LF) rates at 3.50% and 5.00% respectively. This policy, it said, is consistent with the well-maintained macroeconomic and financial system stability, while also building domestic economic recovery momentum.

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Investigation into the Collapse of the IDX Mezzanine Floor

On January 15, 2018, the mezzanine floor of the Indonesia Stock Exchange’s Tower II building collapsed, injuring over 70 people, most of them are students from South Sumatera who were visiting the site. The police has mentioned the possibility of conducting a criminal investigation, pending a report from the Forensic Laboratory Center (Puslabfor). If that’s where this is going towards, who should be held accountable, the construction company, the manager of the building, or the owner of the building?

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Govt to Set Up Infrastructure Holding 

The Government will set up a holding firm in infrastructure (Infrastructure Holding), whose members will be all state-owned construction companies. Under the proposed plan, PT Hutama Karya will become the holding firm, while the government’s shares in PT Waskita Karya (66%), PT Wijaya Karya Tbk (65%), and PT Jasa Marga Tbk (70%) will be handed to Hutama Karya.Meanwhile, state-owned companies engaging in housing will be grouped under Housing Holding. Perum Perumnas will become a holding firm, while its members will be PT Virama Karya, PT Amarta Karya, PT Indah Karya, PT PP Tbk and PT Adhi Karya...

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Halcyon Acquires Two Rubber Firms

Halcyon Agri Corp. Ltd has acquired two rubber firms, PT Sumber Djantin and PT Sumber Alam, for S$105.3 million value (US$79.5 million). Upon completion, the acquisition will add four factories, located in Pontianak, Kalimanta, with a combined licensed annual capacity of 132,000 tons to Halcyon Agri’s operations. Halcyon Agri earlier acquired PT Pulau Bintan Djaya in Dec 8,...

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Property Lending Grows 10.28%

The central bank (Bank Indonesia/BI) said lending for property sector grew 10.28% in Jan-Sep 2017 period, higher than lending to banking industry which rose 7.24%. The lending to property sector is expected to grow further this year inline with the economic growth, mainly improving commodity prices such as coal and crude palm oil (CPO). The important events such as the simultaneous election of regional leaders would support sentiment of lending to property...

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Improved Infrastructure Outlook: Show Me The Money! (6)

Nippon Indosari Corporindo (ROTI), market leader for bread, plans to start construction of new factory in Lampung province this quarter. The Company, famous with its Sari Roti brand, expects full commercial operation of the factory in early 2019, anticipating growing demand in southern part of Sumatra, as some sections of the trans-Sumatra toll road will enter commercial operation this year.

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Market Snapshots

Foreign investors kept buying local stocks on Wednesday as they booked a net buy of Rp111.8 billion, bringing year-to-date net buy to Rp4.82 trillion. Domestic investors also followed suit. Gains in the global markets yesterday also amplified the positive sentiment in local market. The composite index of the Indonesia Stock Exchange (IDX) gained 0.23% to close at 6,452 yesterday.

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Matahari v. Pasaraya: The Trials

On September last year, PT Matahari Department Store Tbk (LPPF), a retail giant controlled by the Lippo Group, announced the closure of their outlets at Pasaraya Blok M and Pasaraya Indonesia (previously Pasaraya Manggarai) belonging to PT Pasaraya Tosersajaya, a mall developer owned by businessman and politician Abdul Latief. In the same month, LPPF filed a default lawsuit against Pasaraya. Later in December 2017, Pasaraya filed their own default lawsuit against LPPF. The trial on LPPF’s lawsuit entered the stage of verification of evidence, while the trial on Pasaraya’s lawsuit began on January 17, 2018. On the same day, LPPF published an information disclosure in the official website of the Indonesia Stock Exchange.

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Makassar Election

Munafri Arifuddin, the nephew of Vice President Jusuf Kalla, will challenge the incumbent Mayor of Makassar Mohammad Ramdhan “Danny” Pomanto in a head-to-head mayoral race this year. Makassar, the capital city of South Sulawesi, is the largest municipality out of the 24 municipalities/regencies in the province.

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2017 Result: BNI

PT Bank Negara Indonesia (BNI) Tbk (BBNI) booked profit after tax of Rp13.62 trillion in 2017. It grew 20.1% from Rp11.34 trillion in 2016, supported by 6.5% growth in net interest income and 13.9% growth in non interest income. Provision of loan also declined 9.3% to Rp7.13 trillion.

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