Category: Market

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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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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Reading United Tractors’ Operational Data

United Tractors (UNTR), a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction reported a lower sales performance in May 2022, compared to previous month due to shorter working days from Lebaran holidays.

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Actions to Watch: Small Banks

Bank KB Bukopin (BBKP), which almost collapsed few years back, is said to sell non performing loan (NPL) and loan at risk (LAR) worth Rp to IDMB United Pte Ltd. ‘Digital banks’ Aladin and Neo Commerce, meanwhile, both plan to offer new shares and private placement.

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Market & Rates

Global stock markets continued to be dragged down on Thurday by worries over potential economic recession and aggressive tightening. The composite index of the Indonesia Stock Exchange (IDX) rebounded as investors welcomed no rate hike by central bank (Bank Indonesia/BI).

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Private Placement of BUMI

Shares of coal miner Bumi Resources (BUMI), the largest coal group in Indonesia, lost 4.29% to Rp67 on Wednesday (June 22), trading at market capitalization of Rp8.63 trillion, while its peer Adaro Energy (ADRO), which is widely considered second largest, was traded flat at Rp3,030 with market capitalization of Rp94.5 trillion. Year to date ADRO gained 27.8%, because of high price environment for thermal coal. While BUMI, once the largest company on IDX by market capitalization, only gained.

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M&A Updates

Cellular phone provider XL Axiata (EXCL) has completed the acquisition over 66.03% shares in Link Net (LINK) for Rp8.72 trillion value. XL then will launch the mandatory tender offer for 33.97% LINK shares in the third quarter (Q3) of 2022.

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Entering the bear market

Some key commodities dropped significantly on Wednesday in Asia and Europe trading, due to growing concerns that US interest rate hikes aimed at curbing the soaring inflation would lead to a recession and slowdown in demand.

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People on the move

Shareholders of Vale Indonesia (INCO), one of the largest nickel producers in Indonesia, have promoted M Rachmat Kaimuddin, former CEO of bukalapak.com, as vice chairman to replace Hendi Prio Santoso. 

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