Author: yosefardi.com

South Sulawesi Election: A Gamblers’ Game

The Former Regent of Gowa Ichsan Yasin Limpo, who is also the younger brother of South Sulawesi Governor Syahrul Yasin Limpo, finally has a ticket to enter the 2018 gubernatorial election of the resource-rich province of South Sulawesi. Ichsan, who is the last hope of the Yasin Limpo family to continue their domination of the province, secured the last gubernatorial ticket after officially accepting the endorsement of Susilo Bambang Yudhoyono (SBY)’s Democratic Party. This is a gamble for the Democratic Party, but they are not the only ones taking risks.

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Recovery Momentum & Its Challenges

As expected the Indonesian Central Bank (Bank Indonesia/BI) decided on Thursday (Nov 16) to keep its benchmark BI 7-day reverse repo rate at 4.25% (unchanged for the past three consecutive months) as as the country’s economy has maintained its stable growth, with stable macroeconomic indicators, and stable financial system.

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Market Update

Domestic investors returned to buying local stocks on Thursday (Nov 16), lifting the composite index of the Indonesia Stock Exchange (IDX) to gain 1.1% and close at 6,038. Foreign investors, meanwhile, kept selling as they booked a net sell of Rp698.76 billion, bringing year-to-date net sell to Rp27.74 trillion.

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Kencana Agri Turns to Profit

SGX-listed plantation firm Kencana Agri Limited booked net profit of US$9.99 million in Jan-Sep 2017 period (9M), against loss US$11.88 million in the same period last year. Revenue grew 23.3% to US$110.15 million and operating profit was US$20.31 million (vs loss US$5.76 million in 9M of 2016). Ebitda jumped 201% to US$31.54 million from previous US$10.16 million. The increase in revenues was mainly due to higher CPO sales volume and CPO average selling prices. Sales volume of CPO increased 7% to 137,782 MT, and CPO average selling price rose 9% to US$622. Kencana Agri’s plantation areas are located in the Sumatra, Kalimantan and Sulawesi regions. As at 30September 2017, Kencana’s total land bank and planted are (including Plasma Program) were 187,291 ha and 68,470 ha...

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Kresna Graha Profit Jumps 181%

Securities firm Kresna Graha Investama (KREN) booked net profit of Rp290 billion in Jan-Sep of 2017 (9M), jumped 181% from Rp103.5 billion in the corresponding period last year. Revenues surged 203% to Rp597.3 billion from previous Rp197.3 billion. Gain on trading of marketable securities reached Rp342 billion, surged 123% from earlier Rp153.5 billion. The Company also booked sales of Rp182 billion in the period, compared zero in previous year. KREN’s assets reached Rp1.86 trillion while liability amounted Rp817.5 billion. It has cash and cash equivalent of Rp158...

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Prudential Posts 24% Profit Growth in 9M

Prudential reported its new business profit increased 15% to £1,616 million in the first nine months (9M) this year in Asia, as a result of higher sales volumes, a richer health and protection mix and the overall beneficial effect of higher interest rates. The performance remains broad-based, with at least double-digit growth in seven countries, including China, Hong Kong and Singapore, highlighting the strength of the regional portfolio. In 9M, APE sales increased by 5% overall and by 13% excluding the Company’s reduced participation in the Hong Kong broker...

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Monopoly and State-Owned Enterprises

After a year of examinations and trial, the Commission for the Supervision of Business Competition (KPPU) finally concluded that PT Perusahaan Gas Negara (PGN) had engaged in monopolistic practices in North Sumatera related to industrial gas supply and prices. The KPPU slapped PGN with a fine, but the Company objected to the conclusion and said that the assembly did not consider a lot of things in this case. Debates on the role State-Owned Enterprises follow.

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CTC Global Announces New ACCC® Conductor Core Production Facility in Indonesia

On Wednesday (Nov 15), CTC Global Corporation announced that its joint venture, PT Composite Core Indonesia “CCI” has opened a new ACCC® conductor core manufacturing plant located in Bekasi, Jawa Barat, just outside of Jakarta, Indonesia. The new facility is ISO 9001-2008 certified, manufactures under license from CTC Global Corporation and serves authorized ACCC conductor manufacturing partners in Southeast Asia. CTC Global is located in Irvine,...

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Visteon, Astra Otoparts Expand Supply of Instrument Clusters to Vietnam

Visteon Corporation, a leading automotive electronics technology supplier, and Astra Otoparts (AUTO) are expanding the production and supply of instrument clusters and multi-function displays to major vehicle and motorcycle manufacturers in Vietnam. As a fully owned subsidiary of the PT Astra Visteon Indonesia, a joint venture between Visteon and Astra Otoparts, the new Vietnam facility will initially manage pre-delivery, quality inspection and just-in-time delivery of instrument clusters and information displays for Honda’s manufacturing facility in Hanoi. PT Astra Visteon Vietnam is located in Phuc Yen Town Vĩnh Phúc in Hanoi, and will start operations in January 2018. The facility is established as a fully owned subsidiary of PT Astra Visteon Indonesia which was established in 2011 as a 50-50 joint venture between Visteon and Astra...

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Kalla vs Novanto

The Speaker of the House of Representatives (DPR) Setya Novanto is nowhere to be found. Earlier this week, the Corruption Eradication Commission (KPK) again named Novanto, who is also the Chairman of the Golkar Party, a suspect in the E-KTP graft case, after they were forced to let go of him as result of Novanto’s pre-trial victory. This time the KPK is going after him at full speed. They went to arrest the Speaker earlier today, but he was not in his residence, and is still missing-in-action. In the process leading to this showdown, one person in particular has been very vocal in criticizing Novanto: Jusuf Kalla.

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