Category: Profiles

Depoliticization of KPK

President Joko ‘Jokowi’ Widodo has appointed nine scholars and leaders of NGOs as members of the Selection Committee for new leadership of the Corruption Eradication Commission (KPK). On Schedule! The Committee will select candidates for new commissioners of KPK to serve in the period of 2019-2023.

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Questions on Bakrie’s Visi Media (2)

TVOne is one of TV stations widely known as ‘Prabowo’s TV station’ because of tendency of its programs to support president candidate Prabowo Subianto. Prabowo’s supporters love the TV station because it ‘shared’ their views about president Joko ‘Jokowi’ Widodo. Visi Media Asia (VIVA), parent of TVOne, unfortunately, should be questioned about its compliance to the State.

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Questions on Bakrie’s Visi Media (1)

Visi Media Asia (VIVA), parent of TVOne and ANTV, booked net loss of Rp1.1 trillion last year against net profit of Rp151.66 billion in 2017. Higher interest and finance charges, which reached Rp460 billion, and loss on foreign exchange translation (Rp242.6 billion), might have contributed to the losses. But, there are more fundamental questions about the group’s operations.

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Cash-Rich People (2)

Some profitable business groups paid more cash dividends last year ahead of this year’s elections. Anthony Salim’s Indofood Sukses Makmur (INDF), for example, paid out Rp2.65 trillion of cash dividends, an increase of 28.6% from 2017. Prajogo Pangestu’s Barito Pacific (BRPT), meanwhile, paid out US$47.2 million of cash dividend against zero in 2017.

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Cash-Rich People

We’re only 12 days from the election day, considered one of the most complex elections in the world. The arrest of Bowo, lawmaker candidate from Golkar Party, and the seizure of billions of rupiah in cash provide us with nothing more than the fact that money politic is still at play in Indonesian elections. 

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Revisiting Indika Energy

Indika Energy (INDY) is now valued Rp9.43 trillion, way below its equity (Rp16 trillion) even though the stock has gained 14.2% year-to-date. Indika, one of the largest energy groups, is still 56% below its peak last year. Two listed subsidiaries, Petrosea (PTRO) and Mitrabahtera Segarasejati (MBSS), are also valued way below their respective equities. Why?

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Can Anyone Challenge ACE Hardware?

PT ACE Hardware Indonesia Tbk (ACES) is currently valued Rp31.4 trillion or 7.4 its equity (Rp4.23 trillion as at Dec 31, 2018). Without serious challenger in the market, ACE Hardware booked net profit of Rp964.55 billion last year, an increase of 24% from 2017. 

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Revisiting Bakrie (1): Bumi Resources

Bumi Resources (BUMI), the largest coal producing group, booked net profit of US$220.4 million last year, collapsed 41% from 2017. Strange, however, that the Company reported substantial weakening in the third and fourth quarter of 2018. Is the group deserved an extension of mining rights?

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Kalla’s Bukaka: Beyond 2019 (2)

VP Jusuf Kalla said recently that he respects the decision of his nephew Erwin Aksa, leader of Bosowa Group, to support Prabowo-Sandiaga in this year’s election, pointing to Erwin’s friendship with Sandiaga. “But, I won’t give a permit (to support Prabowo-Sandi), if he asked for my permission,” Kalla said.

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Tjokro Group

The Corruption Eradication Commission (KPK) has named Kurniawan Eddy Tjokro AKA Yudi Tjokro suspect in the bribery case of Wisnu Kuncoro, technology and production director of state steel manufacturer Krakatau Steel (KRAS). Wisnu has been arrested, while Kurniawan’s whereabouts is not clear.

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Kalla’s Bukaka: Beyond 2019

Bukaka Teknik Utama (BUKK) is among the best performing companies last year. The company, controlled by the family of vice president Jusuf Kalla, booked net profit of Rp562 billion, skyrocketed 211% from 2017, thanks to strong sales revenue growth of 90.6% toRp4.68 trillion. 

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Revisiting Hashim’s Assets (2)

Hashim Djojohadikusumo, brother of president candidate Prabowo Subianto, led the campaign team to log a complaint regarding what the team believed as potential fraud in the election to the Election Commission (KPU) yesterday. Prabowo’s supporters, meanwhile, continued to air Hashim’s statements about his contribution to Jokowi’s political career, and then labelled the incumbent a disrespectful man. Is it true that Jokowi didn’t ‘pay back’ to Hashim?

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