Author: yosefardi.com

KPK’s Internal Dispute

In September 2018 we reported that the employees of the Corruption Eradication Commission (KPK) had filed a lawsuit against their leaders. The lawsuit was filed after the employees held a protest on August 2018. Two days after the lawsuit was filed, another similar lawsuit was filed. The employees asked the KPK leaders to make decisions in accordance with the applicable regulations. Recently, we learned more about the issue.

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Luhut’s Bravo 5 Team & Prabowo’s PPIR Team

The Bravo 5 is one of two teams that General (ret.) Luhut Binsar Pandjaitan founded for the purpose of assisting President Joko “Jokowi” Widodo and his running mate K.H. Ma’ruf Amin (Jokowi-Amin) in the 2019 presidential election. It appears that the campaign team of Prabowo Subianto and his running mate Sandiaga Uno (Prabowo-Sandi) has seriously looked into the Bravo 5. They claimed to also have a team of retired military generals to counter the Bravo 5’s movement.

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Corporate Actions: Garuda-Sriwijaya Alliance

Flag carrier Garuda Indonesia (GIAA), through its subsidiary Citilink Indonesia, takes a strategic step by taking over the operational management in Sriwijaya Air and NAM Air. GIAA, Sriwijaya, and Nam Air have on November 9, 2018, signed operation cooperation agreement (KSO).

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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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