Category: Business

Investment Update

The Indonesia Investment Coordinating Board (BKPM) reported that the investment realization increased by 8.9% to Rp209 trillion in the third quarter (Q3) of 2020, compared to the previous quarter (Rp191.9 trillion). Compared to Q3 of 2019 (Rp205.7 trillion), the figure increased 1.6%. For Jan-Sep (9M) of 2020, the investment realization increased 1.7% year on year (y/y) to Rp611.6 trillion.

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Corporate 9M Results

Bread maker Nippon Indosari Corpindo (ROTI), a unit of Salim Group, booked a net profit of Rp127.2 billion in the first nine months to September (9M) of 2020, jumped 153% from Rp70 billion in 9M last year, supported by Ebitda of Rp308.6 billion (Rp96.7 billion in Q3). Its sales was flat at Rp2.4 trillion. In 9M last year, ROTI recorded sales of Rp2.46 trillion. In Q3 of 2020, ROTI’s sales reached Rp766 billion.

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Market This Week

Global stock markets will continue trade in positive territory this week, along with the positive economic data, corporate earnings, though growing concern the COVID-19 pandemic will cap or prevent such a market gain. This week, the United States (US) Q3 GDP growth will be in the spotlight, alongside personal income and durable goods orders. 

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9M Results: Unilever, Matahari, Link Net

Unilever Indonesia (UNVR), the market leader for home and personal care, generated a net profit of Rp5.44 trillion in the 3.62 trillion in the first nine months to September (9M) of 2020, declined 1.3% year on year (y/y) as operating profit fell 5.7% y/y to Rp7.09 trillion. Revenue increased 0.1% to Rp32.4 trillion, with home and personal care contributing Rp22.79 trillion, while food and refreshment contributed Rp9.66 trillion.

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Update on Economy

The International Monetary Fund (IMF) said in its recent report that the global economy is beginning to recover after a sharp contraction in the second quarter (Q2) of 2020, as nationwide lockdowns are lifted and replaced with more targeted containment measures. 

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Market & Commodities

Global stock markets mostly ended lower on Thursday (Oct. 22) as rising COVID-19 cases across Europe and the lack of progress in the United States (US) stimulus negotiations undermined markets’ sentiment. European stocks ended at fresh one-month lows on Thursday, as rising COVID-19 cases across Europe and the lack of progress in US stimulus negotiations outweighed better than expected earnings. The number of infections rose at record rates in several countries, with Spain and France becoming the first Western European countries to exceed 1 million infections. 

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Market Snapshots

Global stock markets mostly ended lower on Wednesday (Oct. 21) as concerns about rising coronavirus cases offset hopes of further stimulus in the United States (US) and upbeat corporate results. Wall Street closed in the red yesterday as coronavirus stimulus talks continue amid rising US and Europe cases. 

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The merger of 3 State Syariah Banks

Three state syariah banks–PT Bank BRISyariah Tbk (BRIS), PT Bank Syariah Mandiri (BSM), PT Bank BNI Syariah–will merge and become the largest sharia bank in Indonesia. Bank Negara Indonesia (BBNI), Bank Rakyat Indonesia (BBRI), and Bank Mandiri (BMRI) have signed a conditional agreement that will merge their Islamic subsidiaries.

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9M Results: Sido Muncul & Mitra Keluarga

Herbal player Industri Jamu Dan Farmasi Sido Muncul (SIDO), producer of Tolak Angin, booked a net profit of Rp640 billion for the first nine months (9M) of 2020, grew 10.78% year on year (y/y) as sales rose 6.94% to Rp2.26 trillion. Due to the COVID-19 pandemic, people opted to consume herbal, and supplement products for maintaining their health, even the people’s purchasing power is weakening due to the global economic downturn. Sales of herbal and supplement products contributed 63.89% of total sales. Sales of food and beverages grew 18.78% to Rp722.19 billion.

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Infrastructure projects update

A consortium of CT Corp (Chairul Tanjung), Indika Group, PT U Connectivity Services, and PT Terminal Petikemas Surabaya might eventually be appointed operator of Patimban, which is set to become the largest port in Indonesia. A consortium of PT Samudera Indonesia Tbk (SMDR) and Kawasan Industri Jababeka (KIJA) is reportedly planning to challenge outcome of the public tender because CT Corp’s Consortium is the only one declared qualified. 

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Bright spot of the economy: Iron & Steel

For the first time in history, export of iron and steel surpassed thermal coal. In September 2020, Indonesia recorded US$1.08 billion export revenues from iron & steel (HS 72), bigger than thermal coal (US$1.06 billion). With more stainless steel and carbon steel factories entering commercial operation in Morowali (Central Sulawesi) and Konawe (South Sulawesi), Indonesia might generate more from the industry, while thermal coal loses steam due to global oversupply.

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The Nickel Country (8)

Nickel was settled at US$15,791 per ton in London Metal Exchange (LME) Tuesday (Oct 120) to represent 42.8% gain from its bottom this year. It is indeed a great news for Indonesia, which is currently the largest exporter. Nickel industry in Indonesia is increasingly attractive with more corporate actions, including initiatives to build an end-to-end electric battery solution from China’s CATL and South Korea’s LG Chemical. 

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