Category: Business

Palm Journal

Malaysian palm oil futures rose for a third straight session on Monday (Aug. 20), touching a one-week high on support from U.S. soyoil although a stronger ringgit weighed on the market. The benchmark palm oil contract for November delivery on the Bursa Malaysia Derivatives Exchange was up 0.7% at RM2,254 a tonne at the close of trade. Media report that China wants to boost its CPO import from Malaysia also lift CPO price on Monday.

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The Government to Take Over TPPI?

In the period of June to July 2018, Indonesia saw a deficit in trade. Statistics Indonesia (BPS) notes that in July 2018 Indonesia saw a USD2.03 billion due to the 49 percent increase of oil and gas import in the preceding month. The Government has been trying to avoid this sort of situation by accelerating the development of refineries by Pertamina. A part of the plan is supposedly Pertamina’s acquisition of PT Trans Pacific Petrochemical Indotama (TPPI).

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Jokowi’s State Capitalism: 2019 Budget (1)

President Joko ‘Jokowi’ Widodo shows his consistency in accelerating infrastructure development with Rp420.5 trillion of budget for infrastructure next year, an increase of 2.46% from this year. Budget for viability gap fund (VGF) for infrastructure projects, meanwhile, jumped by 50% to Rp4.5 trillion. 

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Impressive Gain

After falling 4.3% last week, the composite index of the Indonesia Stock Exchange (IDX) made an impressive rebound or gain on Monday (Aug. 20) along with improving rist appetite ahead of China-U.S. trade talks due later this week.

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Revisiting Transcoal Pacific

Trading in shares of Transcoal Pacific (TCPI), engaging in marine transportation services, remains suspended since August 7, 2018. Earlier in July 23, the Indonesia Stock Exchange (IDX) management also halted trading in TCPI as the stock jumped over 3,077%, to Rp4,330 per share, from its IPO price of Rp138.

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Oil & Gas Journal

The Government has set lower oil lifting for 2019, at 750,000 barrels per day (bpd), compared to 800,000 bpd set on budget (APBN) for this year. Gas lifting is set at around 1.25 million barrels oil equivalent per day (boepd), slightly up from 1.2 million boepd set for this year. The natural decline of production for existing oil and gas fields is a factor for lower lifting of oil for next year.

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More Promising Cement Data in July, but…

Domestic cement sales volume reached 6.34 million tons last month, an increase of 12.6% year-on-year. PT Semen Indonesia Tbk (SMGR), the market leader, also reported 11.4% growth year-on-year in the month. President Joko ‘Jokowi’ Widodo’s decision to expand 2019 Budget for Infrastructure, including public housing, might prevent deeper correction of margins.

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Market This Week

Another steep decline (8.5%) in the Turkish lira on Friday (August 16) pushed emerging market equities lower and kept other world markets cautious, overshadowing hopes that an upcoming U.S.-China meeting would resolve concerns over trade tariffs, Reuters reported.

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Supports for Nickel

The world’s largest nickel producer Nornickel expects nickel pig iron (NPI) production in Indonesia and China will remain the main drivers of global output growth of nickel, but at slower pace because environmental inspections from Beijing restrained some NPI operations in Inner Mongolia, Shandong, and Jiangsu provinces.

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The Collapse of Electronic Solution

Indonesian Court had on August 16, 2018 granted the Suspension and Debt Payment Obligations (PKPU) Petition filed by Bank Resona Perdana against PT Sumber Electrindo Makmur, operator of Electronic Solutions outlet. Under PKPU, PT Sumber is given a temporary moratorium of 45 days, which can be extended to a fixed moratorium not exceeding 270 days, during which period a composition plan will have to be submitted for approval by PT Sumber’s creditors.

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Coal Swaps Hit Indo Tambangraya

Unlike peers, which reported higher net profit from strong average price, coal miner Indo Tambangraya Megah (ITMG), controlled by Thailand-based Banpu Pcl, booked net profit of US$103 million in the first half of 2018, down slightly by 2.2% from the corresponding period last year. 

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Those Continue to Grow: Sinarmas Coal

Pretty much as predicted, Sinarmas Group has become third largest coal player in Indonesia behind Bumi Resources/Bakrie and Adaro Group at the moment. In the first half of 2018, Golden Energy Resources (GEAR) Ltd, parent of PT Golden Energy Mines Tbk (GEMS), produced 9.1 million tons of coal, jumped 51% from the corresponding period last year.

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