Category: Business

COVID-19 Situation Report: March 3, 2021

Indonesia’s COVID-19 Mitigation Task Force (Satgas Covid) reported 6,808 new daily cases on March 3, up from 5,712 a day earlier. With 9,053 reported cured and 203 dead, the tally of active cases is 147,197. The number of suspect cases nationwide is now 69,631, down from 73,977 reported on Tuesday.

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Corporations to Watch

Cigarette maker Gudang Garam (GGRM) plans to inject fresh capital of Rp1 trillion to its subsidiary, PT Surya Dhoho Investama (SDHI), to support the construction of Dhoho Kediri Airport in East Java. The capital injection will be made in stages, starting March 3 until the end of 2021. 

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Market & IPO

Global stock markets mostly retreated on Tuesday (March 2). United States (US) stocks giving up gains as investors looked to central banks for clues on monetary policy changes. Since the pandemic started, an easy monetary policy has fuelled a stock market rally but damped the interest in bonds. This has stopped in the last few weeks, with yields jumping and bond prices falling as expectations for economic recovery increased, fuelled by vaccination progress and fiscal stimulus. 

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FY20 Results: ELSA & FASW

Oil and gas services firm Elnusa (ELSA) booked a net profit of Rp249.1 billion in 2020, declined 30% from Rp356.47 billion in 2019, as finance cost jumped 230% to Rp132 billion from the previous Rp40.5 billion. Meanwhile, its revenue fell 8.3% to Rp7.7 trillion year on year (y/y).  

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All about vaccines

We noted busier activities in Jakarta’s roads, restaurants, and malls in the past few days. It is not entirely clear whether this is related to progress of Covid-19 vaccination, but more friends have gotten the shots. Some also noted traditional markets, including Tanah Abang, the largest textile market in Southeast Asia, have been busier recently.

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Outliers of 2020: Geo Energy Resources

Unlike other coal producers, SGX-listed Geo Energy Resources Ltd, which operates some coal mines in Kalimantan Island, recorded net profit of US$95.1 million last year against loss of US$47.7 million in 2019. The Company generated sales revenue of US$306.8 million last year, an increase of 23% from 2019, thanks to significantly higher production and sales volume.

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Industry Updates

Indonesian manufacturing growth lost momentum in February 2021 amid the disruption of the COVID-19 pandemic. On Monday (March 1), IHS Markit reported that Indonesia Manufacturing Purchasing Managers Index (PMI) fell to a three-month low of 50.9 in February 2021 from 52.2 a month earlier. Output grew the least in four months, and new orders expanded at the softest rate in three months. Meantime, export orders fell for the fifteenth month running, while employment shrank for the twelfth month in a row but at the slowest pace in the sequence.

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FY20 Results: Plantation

Plantations firms reported a jump in profits last year on the back of higher Crude Palm Oil (CPO) prices and lower costs and expenses. Astra Agro Lestari (AALI) earlier reported its net profit skyrocketed 268% year on year (y/y) to Rp894 billion in 2020, supported by an 11.7% rise in revenue and a 27.8% rise in its averaged CPO prices (Rp8,548 per kilogram).

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Market & Commodity

Global stock markets gained on Monday (March 1), with United States (US) stocks rallying as vaccine rollout optimism, and economic prospects nudged sentiment. On the policy side, the House passed early Saturday a $1.9 trillion coronavirus relief package, the American Rescue Plan Act of 2021, and the Senate will now consider the legislation. 

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COVID-19 Situation Report: March 1, 2021

Indonesia’s COVID-19 Mitigation Task Force (Satgas Covid) reported 6,680 new daily cases on March 1, up from 5,560 a day earlier. With 9,212 reported cured and 159 dead, the tally of active cases is 153,074. The number of suspect cases nationwide is now 75,822, down from 71,668 reported on Sunday.

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FY20 Results: SMGR, JPFA, TURI

State cement producer Semen Indonesia (SMGR) booked a net profit of Rp2.79 trillion in 2020, grew 16.7% from Rp2.39 trillion in 2019, thanks to lower financial costs. Its revenue declined 12.9% to Rp35.17 trillion, and gross profit fell 8.6% to Rp11.6 trillion. SMGR’s finance costs fell 28% to Rp2.32 trillion from the previous Rp3.2 trillion, helping the bottom line’s growth.  

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