Category: Business

FY/23 Results: Plantations

Plantation firm London Sumatra Plantations (LSIP), controllled by Salim Group, booked net profit of Rp762 billion in 2023, declined 26% year on year (y/y), due to lower revenue and operating income, also higher expenses.

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FY/23 Results: Adaro Group

Shares of coal miner Adaro Energy Indonesia (ADRO), owned by, among others, Garibaldi ‘Boy’ Thohir (brother of Erick Thohir, minister of state-owned enterprises), opened higher by 1.6% to Rp2,450 this morning to make a market capitalization of Rp78 trillion as investors responded positively the company’s performance last year.

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FY/23 Results: Pertamina Group

State-owned oil and gas company Pertamina yet to release its financial results for full year 2023, but some of its business units came up with pretty strong results. Pertamina Geothermal Energy (PGEO) booked net profit of US$163.57 million in 2023, grew 28.3% year on year (y/y) as operating profit grew 26.8% to US$265.17 million.

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Revisiting Pupuk Kaltim

PT Pupuk Kalimantan Timur (Pupuk Kaltim), a subsidiary of state-owned fertilizer holding company PT Pupuk Indonesia continues to expand its production capacity. Interesting to see whether the government will eventually allow the company to launch an initial public offering (IPO).

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Corporations to Watch: CUAN & AVIA

Shares of Petrindo Jaya Kreasi (CUAN), controlled by Prajogo Pangestu, gained 3.68% on Wednesday (Feb 28) to make a market capitalization of Rp79.3 trillion. While the stock has retreated nearly 50% from its peak, some anticipate further corrections.

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FY/23 Results: Multi-Financing

Multi-financing firms reported a profit growth in 2023, along with the growing demand supported by optimal economic recovery. BFI Finance Indonesia (BFIN) or BFI Finance, owned by conglomerate Garibaldi ‘Boy’ Thohir and Jerry Ng, however, reported a lower profit, though its revenue grew strongly.

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On Forza Land Bankruptcy

It has only been three years since PT Forza Land Indonesia Tbk (FORZ, formerly PT Megah Satu Properti) launched its plan to offer the company’s shares through initial public offering (IPO), and two years since the plan was realized in April 2017, the company are already facing issues. In 2019, the Commercial Court of the Central Jakarta District Court registered two lawsuits on Suspension of Debts Payment (PKPU) against the company. The dispute can be resolved with peace agreement, but not for long. By 2022, Forza Land had been declared bankrupt after the court decided to annul the previously agreed peace agreement. Legal problems continue to this day.

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Banking Results: Irony of Indonesian Economy

In the past few days, Kompas, the largest newspaper in the country, run headlines about difficulties of low-to-middle income group to move up the ladder due to the so-called ‘income deficit’. Income growth was slower than cost of living, worsened by deindustrialization in the past few decades. 

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Consistently undervalued: Astra

Shares of Astra International (ASII), market leader for automotive products, ended higher by 1% to Rp5,175 on Tuesday (Feb 27) to make a market capitalization of Rp209.5 trillion, slightly above electric vehicle (EV) startup VinFast Auto Ltd (Rp203 trillion). Astra is 43% below its peak seven years ago.

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Steel industry update

World crude steel production for the 71 countries reporting to the World Steel Association was 148.1 Mt in January 2024, a 1.6% decrease compared to January 2023. China is estimated to have crude steel production of 77.2 Mt in January 2024, down 6.9% on January 2023. 

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Indorama turns to loss?

Textile and garment producer Indorama Synthetics (INDR), owned by Sri Prakash Lohia, suffered loss of US$40.8 million in 2023, against US$42.5 million profit a year earlier, as revenue fell 16% year on year (y/y), while costs down 5.6% only. Why?

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