Category: Business

Corporations to Watch

Sinar Mas Group unit, Indah Kiat Pulp & Paper (INKP), has prepared funds of Rp4.3 trillion to buyback five series of medium-term notes (MTN) issued in 2017-2018. The company offers buyback on Nov. 8–22, and the repurchase date will be held on Dec. 9.

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9-Month Results of Plastic Processors

Upstream plastic producer Chandra Asri (TPIA) has not released yet its financial report for the first nine months to September (9M) of 2019, while its peer Lotte Chemical Titan (FPNI) suffered a 73.8% drop in net profit for said period, to US$.67 million, as revenues fell 16.8% to US$268.6 million. In 9M of 2018, FPNI booked a net profit of US$2.57 million on revenues of US$322 million. Titan suffered from higher costs of raw materials, mostly linked to crude oil prices. Chandra Asri and Titan are market leaders in polyethylene (PE), polypropylene (PP), styrene monomer, etc.

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Market Snapshots

Global markets fU.S.on Monday (Nov. 11) after the United States President Donald Trump’s remarks over the weekend dashed investor optimism that Washington and Beijing would soon reach a deal to end their debilitating trade war, Reuters reported.

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Investigation into Kalbe & Doctors-Pharmas Relationships

We have long talked about ‘fishy relationship’ between doctors and pharmaceutical companies, which might have contributed to high medical costs in the country. This week, Tempo magazine published its so-called ‘investigation’ into such practice by Kalbe Farma (KLBF), the largest pharmaceutical company listed on Indonesia Stock Exchange (IDX) with market capitalization of slightly above US$5 billion.

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Revisiting plantation shares

The benchmark January 2020 contracts of crude palm oil (CPO) advanced RM22 to RM2,606 per ton on the Bursa Malaysia Derivatives Monday (Nov 11), while February and March contracts were traded at RM2,635 and RM2,642 per ton respectively. Reduction of fertilizer application by planters, prolonged dry weather, and biological tree stress are seen supporting factors.

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Market This Week

Global mU.S.ts this week are expected to remain concerned over trade tension between the United States (U.S.) and China. Investors continued to see developments in the trade conflict. President Donald Trump said trade talks with China are moving along “very nicely” and Beijing wants a trade deal “much more than I do,” Bloomberg reported.

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Update on Garuda-Sriwijaya Cooperation

Flag carrier Garuda Indonesia (GIAA) and PT Sriwijaya Air agreed to extend the interim agreement for the next three months. The decision has been taken after the chaos between the two parties. “A temporary agreement was extended for three months, but revisions were immediately undertaken if needed,” coordinating minister for maritime and investment Luhut Binsar Panjaitan told reporters on Friday (Nov. 8).

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9-Month Results

Retailer Hero Supermarket (HERO) suffered a loss of Rp7 billion in the first nine months to September (9M) of 2019, against a profit of Rp86 billion in the corresponding period of 2018, due to a significant investment on IKEA.

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Stable growth of cable manufacturers

With the exception of Jembo Cable (JECC), four other cable manufacturers listed on Indonesia Stock Exchange (IDX) reported stable growth in the first nine months of 2019. Jembo Cable suffered 9.7% decline, while Kabelindo Murni (KBLM) posted 15.4% growth in sales revenues. Sucaco, the largest player, enjoyed a strong sales revenue growth of 9.4% in Jan-Sep 2019.

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Corporations to Watch

Indosat (ISAT) offered a loss of Rp256 billion in the first nine months to September (9M) of 2019 but narrowed from loss Rp1.25 trillion in the corresponding period of 2018, as revenues rose 12.5% to Rp18.85 trillion from previous Rp16.77 trillion. 

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Market Rally

Global“stoNov. 7kets rallied on Thursday (Nov. 7) after China said it had agreed with the United States (U.S.) to cancel tariffs in phases, a key consideration in reaching a deal to end a trade war that has crimped economic growth and roiled markets, Reuters reported. 

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Revisiting Industrial Estates

Lippo Cikarang (LPCK) reported the highest sales growth for land for industrial estates in the period of January-September (9M) of 2019, followed by Puradelta Lestari (DMAS). LPCK reported a 253% jump in, to Rp66 billion, while DMAS’ sales surged 10.7.3% to Rp649 billion.

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