Category: Market

Q1/20 Results: Matahari & Mitra Adiperkasa

Retailer Matahari Department Store (LPPF) suffered a loss of Rp94 billion in the first quarter (Q1) of 2020 against a profit of Rp143 billion in the corresponding period of 2019 as gross sales fell 18.1% to Rp2.72 trillion from previous Rp3.32 trillion. Same-store sales growth (SSSG) declined 18.2%, and net revenue fell 19.6% to Rp1.55 trillion.

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Q1/20 Results: Telkom, Waskita, Garuda

State-owned telecom firm Telekomunikasi Indonesia (TLKM), or Telkom, booked a net profit of Rp8.3 trillion in the first quarter (Q1) of 2020, declined 2.35% from Rp8.5 trillion in the corresponding period of 2019. Revenue declined 1.7% to Rp34.2 trillion from the previous Rp34.8 trillion.

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Companies’ Cash Development

During the first quarter (Q1) of 2020, some companies experienced a decline in their cash position due to lower cash generated from operation amid economic slowdown due to global factors and the COVID-19 outbreak. But some continue investing, funded by internal cash, instead of loans. Some companies opted to issue bonds or seek bank loans, helping them boost cash position amid weaker net cash generated from operations and lower profits.

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Economic recovery (7)

Indonesia reported additional 1.293 confirmed Covid-19 cases and a daily record of 71 deaths on Tuesday (June 30). That means in the past 90 days, Indonesia reported almost 2,700 deaths or 30 per day, nothing compared to Mexico (308) and Brazil (659). It is also smaller than Pakistan (48) and India (191).

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5M/20 Sales of United Tractors

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 drop in sales performance in Jan-May (5M) of 2020, compared to the corresponding period of 2019.

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Q1/20 Results: ANTM & LPCK

State miner Aneka Tambang (ANTM) suffered a loss of Rp281.8 billion in the first quarter (Q1) of 2020, against a profit of Rp176 billion in Q1 last year, due to a jump in finance cost. Its sales declined 16% to Rp5.2 trillion from previous Rp6.2 trillion, and operating profit dropped 51.5% to Rp137.5 billion from earlier Rp283.4 billion. Finance cost reached Rp1.19 trillion, compared to Rp17 billion only in Q1 of 2019, of which Rp1.06 trillion was a loss on foreign exchange from short-term bank loans and investment loans.

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Financial Difficulty of Bakrie Group

Some companies of Bakrie Group reported a jump in current liabilities in 2019, while some reported a jump in tax payables. Visi Media Asia (VIVA), the parent of TVOne, said its current liability jumped 110.3% to Rp7.1 trillion from Rp3.38 trillion in 2018. Intermedia Capital (MDIA), the immediate parent of ANTV and subsidiary of VIVA, and mining firm Bumi Resources Minerals (BRMS) also reported an 89.9% and 83.2% jump in current liabilities respectively, to Rp3.4 trillion and Rp1.63 trillion each. 

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Market This Week

Global stock markets are expected to be hit by the lingering effects of the pandemic this week. Wall Street closed deeply in the red on Friday last week (June 26) as rising COVID cases and hospitalizations in multiple US states...

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Corporations to Watch

Metal producer Bumi Resources Minerals (BRMS) prepares capital expenditure (capex) for building a factory to process lead and zinc in Dairi, North Sumatera. It is now in discussion with its partner, NFC China, for determining...

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Fund Raisings

State toll road operator Jasa Marga (JSMR) aims to raise Rp2 trillion from issuing bonds. It plans to use the proceeds to pay debts. This year, the operator has Rp5 trillion of maturing debts. The operator is in talks with local...

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Economic Recovery (6)

Indonesia reported 1.198 new infections of Covid-19 on Sunday (June 28) to make a total of 54,010, but discharged 1,027, the highest in a single day so far. As a result, a total of 22,936 patients have been discharged to represent recovery rate of 42.5%. It is still way below Malaysia and Thailand, both above 90%, but has shown steady improvement in the past few weeks.

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Market Snapshots

Global stock markets gained on Thursday (June 25) as investors focused on the prospects for economic recovery with businesses reopening following relaxed quarantine. Unprecedented measures by central banks have restored confidence and boosted investor risk appetite. The IMF warned that the ongoing disconnect between financial market optimism and the global economy could lead to a correction in asset prices.

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