Category: Market

Shares of Darma Henwa (DEWA), owned by Bakrie Group, dropped 7.8% to Rp71 per share on Tuesday (September 26) as the company dismissed speculation on an acquisition by Anthoni Salim. DEWA has gained 34% year to date, inline with its improvement on earnings. At current price, DEWA is valued at Rp1.5 trillion.

Shares of shipping firm Berlian Laju Tanker (BLTA) was traded flat at Rp50 per share on Tuesday (September 26), to make market capitalization of Rp1.17 trillion. BLTA, once one of the largest shipping firms in the country, has been priced Rp50 since April 1, 2019, making no gain this year even though the Company recorded a jump in revenue and profit for the first half (H1) of 2023.

Shares of Harum Energy (HRUM), a coal miner investing more in nickel industry in the past few years, ended substantially lower by 4.67% on Tuesday (Sep 26) just when the company announced the acquisition of remaining shares in PT Infei Metal Industry (IMI) for US$70.38 million.

Telco tower operator Centratama Telekomunikasi Indonesia (CENT) reported that PT Epid Menara Assetco (EMA) provided Rp5 trillion loan to its subsidiary PT Centratama Menara Indonesia (CMI), while PT Mac Sarana Djaya (MAC) provided Rp2 trillion to CMI. 

Shares of e-commerce platforms GOTO (parent of Tokopedia), BUKA (bukalapak.com), and BELI (parent of blibli.com) listed on the Indonesia Stock Exchange (IDX) were mixed on Monday (Sep 25) as investors were digesting implication of the new e-commerce regulation, which basically requires separation of social media and e-commerce.

Shares of coal miner Petrindo Jaya Kreasi (CUAN) ended substantially higher by 9.82% to Rp3,020 last Friday (Sep 22) following rumors about a major corporate action. This morning, Indika Energy (INDY) announced the sale of its MTU Coal to CUAN for US$218 million. 

Shares of Perusahaan Gas Negara (PGAS), subsidiary of oil and gas company Pertamina, gained slightly by 0.36% to Rp1,380 last Friday (Sep 22) to make a market capitalization of Rp33.5 trillion, way below equity (Rp51.3 trillion) despite news about the company’s plan to develop LNG supply chain infrastructure.

It is now a matter of days when the revised regulation on e-commerce will be issued and implemented. President Joko ‘Jokowi’ Widodo addressed the issue on Saturday (Sep 23), indirectly blaming social commerce like TikTok behind the downfall of conventional markets.

Shares of oil and gas firm Medco Energi Internasional (MEDC) ended lower by 3.5% to Rp1515 on Thursday (September 21), but the stock has gained 50% in the past three weeks alone. At the last quoted price, MEDC was worth Rp40.25 trillion, substantially smaller than the ‘value’ of its minority ownership in gold and copper producer PT Amman Mineral Internasional Tbk (AMMN).

We posted three articles before the downfall of Pollux Properties (POLL). We started with an article titled ‘Pollux Property: Bigger than Ciputra?’ on August 16, 2019. Back then Pollux market capitalization already reached Rp32 trillion or US$2.3 billion from Rp4,820 per share, eight times the IPO price of Rp615 in July 2018. UOB Kay Hian Sekuritas was lead underwriter of POLL.