Category: Business

Corporate Actions to Watch

Oil and gas firm Medco Energi Internasional (MEDC) reached a deal to acquire all shares in Ophir Energy Plc, both issued and to-be-issued shares at price of 57.5 pence per share in cash, up from the previously agreed 55 pence per share, or around a total value of 408.4 million pound sterling, equivalent US$539 million, higher than previously agreed value of US$390.6 pound sterling.

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FY18 Results: HMSP, CMNP, MYOH

Cigarette maker HM Sampoerna (HMSP) booked a net profit of Rp13.5 trillion in 2018, grew 8.3% from Rp12.67 trillion in 2017 inline with 8% growth in sales. It booked net sales of Rp106.74 trillion last year, compared to Rp99.1 trillion in the previous year.

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Market & Economic Update

Global markets gained on Thursday (March 21) following the United States (U.S.) Federal Reserve (the Fed)’s abandonment of all plans to raise rates this year. Federal Reserve policymakers expect rates to remain at current levels this year, compared to December’s projection of two hikes.

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Indofood CBP: 2018 Results & Outlook

Indofood CBP Sukses Makmur (ICBP), subsidiary of Salim Group’s Indofood Sukses Makmur (INDF), is currently among the largest companies listed on Indonesia Stock Exchange (IDX) with market value of Rp121 trillion or around US$8.6 billion. This Company, market leader for instant noodles, booked net profit of Rp4.58 trillion last year, an increase of 20.5% from 2017. 

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Growing Durian

Responding to downfall of crude palm oil (CPO), among others due to Europe’s campaign against the commodity and competition from soybean oil, President Joko ‘Jokowi’ Widodo encouraged some to grow tropical fruit Durian instead. As usual, the opposition immediately criticized Jokowi for the plan. Jokowi, however, might have the point. 

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Corporate Actions

MNC Investama (BHIT), controlled by Hary Tanoesoedibjo, plans to launch the rights issue, offering 17.58 billion new shares through preemptive rights scheme, targeting to raise Rp1.58 trillion fund.  

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FY18 Results: Mandom Indonesia & Jaya Ancol

Mandom Indonesia (TCID), the producer of personal care products, booked a net profit of Rp173 billion in 2018, declined 3.35% from Rp179 billion in 2017 along with the lower sales. The Company reported a 2.1% decline in revenues, to Rp2.65 trillion from previous Rp2.7 trillion. Operating profit fell 17.8% to Rp185 billion from earlier Rp225 billion.

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Further Consolidation of Cement Industry

PT Indocement Tunggal Prakarsa (INTP) Tbk, the second largest cement player, booked net profit of Rp1.15 trillion last year, dropped 38% from 2017 due to squeezed margins. The Company generated sales revenues of Rp15.2 trillion last year, an increase of 5.26% from 2017, while operating profit declined by nearly 43% to Rp1.07 trillion.

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Bright Spot of the Economy: Mineral Processing

In a relatively short period of time, Hengjaya Nickel Project, co-owned by ASX-listed Nickel Mines Ltd and Shanghai Decent (member of Tsingshan Steel Group), has started production of nickel pig iron (NPI) in the Indonesia Morowali Industrial Park (IMIP), Central Sulawesi province. Nickel Mines Ltd informed ASX this week that the second kiln has been commissioned and has produced its first NPI.

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Policy Issues to Watch

The Indonesian Government strongly opposes the European Union (E.U.)’s decision to adopt the Draft Delegated Regulation. Indonesia considers the regulation as outright discrimination and a disguised protectionist measure against palm oil.

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Current Economic Dynamic

Finance Minister Srimulyani Indrawati said that the budget spending per February 2019 (Jan-Feb) reached Rp271.83 trillion or 11% of this year’s spending target. It grew 9.15% from the same period of 2018.

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