Category: Market

Significant Correction of BRPT’s Financials

Shares of diversified group Barito Pacific (BRPT), controlled by the family of Prajogo Pangestu, gained 3.83% to Rp950 on Friday last week (June 21), to make a market capitalization of Rp89.06 trillion even when the company reported a significant corrections of its financial performance in the first quarter (Q1) of 2024.

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Revisiting Blibli

Shares of online shopping mall (PT Global Digital Niaga Tbk/BELI)), owned by Djarum Group, declined 0.43% to Rp460 on Friday last week (June 21), to make market capitalization of Rp56.68 trillion. The stock fell 4.17% so far this year, as some continue to ask about the Company’s earning prospect.

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May 2024 external trade brief

Five months have gone. It is increasingly difficult to expect export would support a higher economic growth this year. Despite improvements in May, overall export in the first five months declined 3.52% year-on-year. We’ve seen price improvement of some key export commodities in recent weeks, but unlikely enough to shore up growth for full year. 

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IPO of Soeharto grandson’s Intra Golflink

Golf course manager Intra GolfLink Resorts (GOLF), owned by Darma Mangkuluhur Hutomo, who is the son of Tommy Soeharto (youngest son of the late strongman Soeharto), plans to launch an initial public offering (IPO) by offering 3.1 billion shares, representing 15.02% of the company’s total issued and paid-up capital, priced at Rp200-230 per share, to raise total proceeds of maximum Rp713 billion.

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Coal Journal

Shares of coal miners were remain under correction so far this year along with the fluctuation of coal price which has rebounded from its lowest on February 21, 2024. Supply-demand balance, especially in China, remains an issue to watch in the coming months. 

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Banking: Concern on Bad Loans

The industrial banking nonperforming loan (NPL) ratio or bad loans continue to improve, however, the Financial Services Authority (OJK) has prepared measures as the bank NPLs could worsen. OJK said, as of March 2024, the NPL of industrial commercial banks reached 2.25% or Rp163.26 trillion, reduced from 2.49% as of March 2023. Meanwhile, net NPL reached 0.77% as of March 2024, up from 0.72% a previous year.

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Those continue to invest

Consumer goods giant Unilever Indonesia (UNVR) recorded the highest advertising and promotional spending in the last five years, and spending the most in the first quarter (Q1) of 2024. UNVR spent Rp912 billion for advertising and promotion costs in Q1 this year, up 7.79% year on year (y/y).

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Those Continue to Invest

Industrial estate and property developer Pakuwon Jati (PWON) has prepared a capital expenditure (capex) budget of Rp2.71 trillion for this year, used to accelerating development of superblock projects that are being built.

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FY/23 Results of Pertamina

Talks about state oil and gas firm Pertamina have been dominated by appointment of Simon Aloysius Mantiri, one of trusted aides of president elect Prabowo Subianto, as chairman to replace Basuki Tjahaja Purnama (Ahok), who resigned ahead of this year’s presidential election, where once the political ally of outgoing president Joko Widodo lent his support to Prabowo’s competitor Ganjar Pranowo.

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