Category: Industries

Revisiting META

Shares of Nusantara Infrastructure (META) was traded flat at Rp246 on Monday (Sep. 24), but it has gained 12.8% year to date. Investors view this stock positively on expectation of positive revenue outlook along with the expectation that the Indonesian Government will continue to develop infrastructure projects.

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Nursalim’s Expansion in Hainan

Court has on Monday (Sep 24) sentenced Syafruddin Arsyad Temenggung, former chairman of Indonesia Bank Restructuring Agency (IBRA), 13 years prison for his decision related to liabilities of tycoon Sjamsul Nursalim more than a decade ago. The same day, Tuan Sing Holdings Ltd, a company controlled by Nursalim family, announced a major expansion in Hainan Island, China with gross development value of RMB5 billion (US$730 million).

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Trans-Sumatra & Hutama Karya’s Financials

The government initially proposed capital injection of Rp12.5 trillion to state EPC firm Hutama Karya in the State Budget 2019. The House of Representatives (DPR), however, might agree on a lower amount with some implications to the trans-Sumatra toll road program, especially those in early stage of development.

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The Case for EVs in Indonesia

Jakarta city administration pledged to start using electric bus for public transportation this year pursuant to the suggestion from President Joko ‘Jokowi’ Widodo. Then vice governor Sandiaga Uno, who is now running mate for Jokowi’s competitor Prabowo Subianto, said the program will be started for trial operations in some routes of trans-Jakarta. The program was responded with a plan from PT Mobil Anak Bangsa (MAB) to supply 10 units of electric bus to PT Trans Jakarta.

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Improved Banking Sector

The Financial Services Authority (OJK) reported on Thursday (Sept 20) that the banking industry booked a net profit of Rp83.69 trillion in July 2018. It grew 8.36% year on year (y/y), higher than 7.95% growth in the previous month.

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Corporate Actions to Watch

Feeds producer Central Proteina Prima (CPRO) will boost its sales of processed shrimp to reach 9000 tons this year valued at US$100 million. The rupiah fluctuation affects costs of import of raw materials for feeds. Higher export would offset pressures on import cost due to falling rupiah.

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Walk The Talk: Coal-to-Chemical

China Coal Energy Co Ltd, one of the largest coal producers in China, produced 49.5 million tons of coal in the first eight months of 2018, down 4.1% from the corresponding period last year. The company’s coal-to-chemical business, however, pointed to 100% growth in production for polyolefins. 

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Oil & Gas Journal

The Budget Commission of the House Representative (DPR) and the Indonesian Government have agreed on the cost recovery set at US$10.21 billion in the State Budget (APBN) for 2019, lower than US$11.39 billion set on State Notes 2019. The decline in production cost, to less than US$5.13 billion from US$5.95 billion, is the main reason for setting lower cost recovery.

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IPO to Watch: HK Metals Utama

PT HK Metals Utama, member of Hyamn Group, engaging in metal and steel manufacturing, has on Wednesday (Sep. 19) kicked of its initial public offering (IPO) for 1.46 billion shares, representing 40% of total issued and paid-up capital.

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Will Wuling Make a Difference? (2)

A year ago, when Wuling started local production of its cars, we raised question about the Chinese car manufacturer’s ability to compete in the market long dominated by Japanese manufacturers. Data from Indonesian Automotive Industry Association (Gaikindo) pointed to strong first year for Wuling. 

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Corporate Actions

Property developer Lippo Karawaci (LPKR) said that its Singapore unit, OUE Limited, had sold 17.6% of first real estate investment trust (REIT) for S$202 million value (US$276.74 million). OUE Limited has signed a conditional sales and purchase agreement to take over 60% stake in Bowsprit Capital Ltd, while OUE Lippo Healthcare Ltd. (OUELH) will take over the remaining 40% stake. Bowsprit is the First REIT manager that owns 7% of the first REIT for total S$99 million.

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