Category: Business

Notes on PLN’s First Quarter Financials

State utility firm PT Perusahaan Listrik Negara (PLN) booked net profit of Rp5.36 trillion in the first quarter of 2022, increased from Rp4.9 trillion in the corresponding period last year. PLN’s financials reflected growing economic activities of the country in the first quarter.

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E-Cigarette Players (1): Smoore

The Indonesia government has already increased the excise tariff for e-cigarette with a minimum increase of 17.5% starting January 1, 2022. The official increase in excise rates was marked by the issuance of Minister of Finance Regulation (PMK) Number 193/PMK.010 of 2021 concerning Excise Tariffs for Tobacco Products in the Form of E – Cigarettes and Other Tobacco Processing Products. The rules were set on December 17, 2021 by the Minister of Finance Sri Mulyani Indrawati and promulgated on December 20, 2021.

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Q&A with Freeport CEO (1)

Freeport Indonesia’s concession will only expire in 2041, but the company has asked the government to start talks about extension of the world’s largest copper and gold mine. We recently interviewed Tony Wenas, president director of the company. 

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Infrastructure Journal

Last Saturday we went to Situ Gunung tourism park, Sukabumi Regency, West Java, where the longest suspension bridge in Indonesia is located. Started out 5AM, we took four hours to arrive. Leaving Situ Gunung 2PM, even worse, six hours to arrive in Jakarta. Distance? 111 KM only! 

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Coal mining contractors

Unlike coal concession holders, mining contractors suffered from squeezed margins in the first quarter of 2022. Darma Henwa (DEWA), linked to Bakrie Group’s coal concessions, for example, posted net loss of US$3.15 million in the quarter against net profit in the corresponding period last year.

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The gaming industry

The gaming industry has become a potential industry and has even become one of the world’s official sports known as e-sport. We wrote about the growth potential for the gaming industry two years ago (http://yosefardi.com/2019/04/a-gaming-potential ). By far, Indonesia is the largest game market in Southeast Asia and is ranked 16th in the world. People’s spending on games reached US$2 billion per year.

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The US$10 billion new toll road projects

The Toll Road Authority (BPJT) at ministry of public works and housing is ready to offer eight new toll road projects to investors, including foreign investments. BPJT recorded Rp9.9 trillion of foreign direct investment (FDI) in toll roads last year, and expected to double to Rp20 trillion this year. 

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Revisiting Cita Mineral

Aluminium retreated further to US$2,475 per ton in LME Monday (Jun 27) on concerns about global economy. The commodity has dropped from peak above US$3,000 per ton, affecting Cita Mineral (CITA), Indonesia’s largest bauxite miner. 

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IPO to Wacth: Arkora Hydro

We will likely see more renewable energy players entering the capital market, riding on global appetite in the sector. Early this year Salim Group’s Tamaris Hidro offered Rp750 billion bonds. Next week, Arkora Hydro, is scheduled to start trading of its shares on the Indonesia Stock Exchange (IDX). 

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IPO to Watch: Cerestar Indonesia

Wheat flour producer PT Cerestar Indonesia Tbk (TRGU) has kicked off its initial public offering (IPO) for 1.5 billion shares, representing 18.87% of its total issued and paid-up capital, priced at Rp200-210 per share, to raise total proceeds of maximum Rp315 billion.

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People on the move

Ariani Vidya Sofjan has tendered her resignation as director of PT Delta Dunia Makmur (DOID) Tbk, a coal mining contractor co-owned by TPG Capital and Northstar Pacific. Donny Indrasworo also resigned as director of oil and gas supporting services company Wintermar (WINS).

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