Category: Industries

M&A Update

Oil gas firm Medco Energi Internasional (MEDC) has completed the acquisition of Ophir Energy Plc in a recommended all-cash offer value of £408.4 million. This acquisition is considered to be a good step because the Company will obtain a portfolio of assets that complement each other, increase scale, diversify, and provide growth that is beneficial to stakeholders.

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Telco Towers in Q1

Telco tower operator Tower Bersama Infrastructure (TBIG) booked a net profit of Rp229.3 billion in the first quarter (Q1) of 2019, declined 3% year on year (y/y) while revenue rose 9% to Rp1.13 trillion. Operating profit also increased by 6.7% to Rp811 billion, but the Company recorded tax expenses of Rp74 billion in the said period, compared to Rp3.9 billion only in Q1 last year.

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Corporate Actions

Energy firm Barito Pacific (BRPT) allocates capital expenditure (capex) of US$560 million for 2019, used to fund its expansion of petrochemical (US$460 million) and energy (US$80 million). The Company target to complete the construction of a new factory, producing polypropylene, this year which has a production capacity of 400,000 tons per annum. 

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First Quarter Results: ITMG & HRUM

Coal miner Indo Tambangraya Megah (ITMG) reported a 32.7% drop in net profit for the first quarter (Q1) of 2019 period, due to growing costs of revenues. It booked a net profit of US$38.9 million in the said period, compared to US$58 million a previous year.

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First Quarter Results: PTPP, ADHI, CITA

State-owned construction firm PT PP (PTPP) booked profit attributable to owner of Rp176 billion in the first quarter (Q1) of 2019; it grew 12.5% from Rp156 billion in the corresponding period of 2018. Revenues rose 34.9% to Rp 4.97 trillion from previous Rp3.68 trillion. The Company booked gross profit of Rp659 billion, an 18% growth year on year (y/y), and operating profit grew 32.4% to Rp449 billion, a 32.4% growth y/y.

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HM Sampoerna Losing Out to Gudang Garam

Gudang Garam (GGRM) has taken over cigarette market leadership from HM Sampoerna (HMSP), thanks to its stronger performance in the first quarter of 2019. Unlike Sampoerna, whose sales revenues were flat at Rp23 trillion, Gudang Garam enjoyed strong growth of 19.2% to Rp26.2 trillion. 

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Corporate Q1 Results: PTBA, INDY, BUKK

State coal miner Bukit Asam (PTBA), subsidiary of state mining giant INALUM, booked a net profit of Rp1.15 trillion in the first quarter (Q1) of 2019, declined 21.9% from Rp1.47 trillion in the corresponding period of 2018, as revenues fell 7.1% to Rp5.3 trillion from previous Rp5.75 trillion. Cost of revenue also declined by 12.4% to Rp3.56 trillion from earlier Rp3.16 trillion.

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Banking Q1 Results

Bank Tabungan Negara (BBTN) booked a net profit of Rp723 billion in the first quarter (Q1) of 2019, grew 5.67% from Rp684 billion in the corresponding period of 2018, supported by the growth of interest income.

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Improved Infrastructure Outlook

The Toll Road Authority (BPJT) said President Joko ‘Jokowi’ Widodo has set a record of completing construction of 949 KM of toll road during his presidency (4.5 years), longer than his predecessors combined (784.7 KM in 1974-2014). It is a big disappointment, however, that Jokowi lost with big margin in South Sumatra and Riau, where two of the longest toll roads are being built.

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Improved Industries

Some listed firms engaging in mining claimed that they realized an improved business in the first quarter (Q1) of 2019 inline with the improving production and sales operations. State tin producer Timah (TINS) produced around 21,600 tons of stannum (sn) in Q1 this year, jumped 389% year on year (y/y) supported by the reduced illegal mining since last year.

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