Category: Profiles

Budi Waseso

Budi Waseso, former chief of the National Narcotics Agency (BNN) and chief detective of the national police, is reportedly appointed new CEO of the state food security company BULOG. This is an interesting development to watch.

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Revisiting Bakrie Group – China

Bumi Resources Minerals (BRMS), controlled by Bakrie Group, claimed that it has on April 13, 2018 been informed by the board of Nonferrous Metal Industry’s Foreign Engineering and Construction Co Ltd (NFC) that NFC agreed to acquire 51% shares of PT Dairi Prima Mineral (DPM), which develops zinc/lead mine in North Sumatra, for US$198.9 million or an enterprise value of US$390 million.

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Karen Agustiawan

She was president director of state oil and gas company Pertamina in the period of February 2009-October 2014. She holds record as the longest serving CEO of Pertamina since the downfall of Soeharto regime. Once considered potential cabinet member, Galaila Karen Agustiawan has just been named a corruption suspect by Attorney General’s Office (AGO) alongside GP (former chief legal counsel and compliance of Pertamina) and FS (former CFO of Pertamina).

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Hary Tanoe’s Financials & Politics

Entering political years of 2018 and 2019, some might pay more attention to companies controlled by Hary Tanoesoedibjo, chairman of Perindo Party. Perindo is among new political parties participating in next year’s legislative election. The party has formally supported reelection of President Joko ‘Jokowi’ Widodo.

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PLN’s Financials

PT Perusahaan Listrik Negara (PLN), the state electricity provider, is the largest company in Indonesia by total assets and revenues. The Company booked net profit of Rp4.41 trillion last year, dropped 45.6% from 2016 despite falling operating loss before electricity subsidy from the State. That has prompted the government to cap thermal coal price under the domestic market obligation (DMO), even though this might not be enough.

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The One Trying to Fly Merpati Again

Creditors, including minister of finance as the State Treasurer, have submitted their respective list of overdue receivables related to PKPU against the troubled state airline PT Merpati Nusantara Airlines (MNA). One Indonesian businessman, meanwhile, has been trying to convince creditors and the government that Merpati can fly again.

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Maybank-BII Ten Years Later

Malaysia’s Maybank surprised many in March 2008 with its decision to acquire then Bank International Indonesia (BNII) at 4.7x book value. Back then, BNII was valued at US$2.7 billion. Ten years later the bank is valued US$1.38 billion. Not only half its initial value, it is now worth less than book value (Rp20.8 trillion of equity by Dec 31, 2017).

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Soerjadjaya-Thohir Mining Partnership: Next?

Shares of PT Merdeka Copper Gold Tbk (MDKA) advanced further by 6.58% this morning as investors responded positively the Company’s performance last year. MDKA, co-owned by some Indonesian businessmen, including Edwin Soeryadjaya and Garibaldi ‘Boy’ Thohir, is now a company with market capitalization of Rp8.67 trillion or around US$633 million.

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Mining Giant Sinarmas: Results & Outlook

SGX-listed Golden Energy Resources Ltd (GEAR), controlled by Sinarmas Group, booked net profit of US$62.95 million last year, skyrocketed 186% from 2016, thanks to stronger price of thermal coal. Combined with its ownership in Berau Coal Energy (BRAU), Sinarmas Group is currently third largest coal producer in Indonesia behind Bumi Resources (BUMI) and Adaro Energy (ADRO), and ahead of Indika Energy (INDY).

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Revisiting Sawit Sumbermas & Citra Borneo Indah

Downfall of crude palm oil (CPO) prices might have contributed to 18% correction of Sawit Sumbermas Sarana (SSMS) in the past 10 months or so. While financial statements pointed to SSMS as one of the most profitable palm producers listed on Indonesia Stock Exchange (IDX), market value of the company eroded by more than 40% in the past three years.

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Coal Player: TRAM, Another TRAP?

Trada Alam Minera (TRAM), new name for Trada Maritime, is among the best performing stocks with 100% gain year-to-date. At the last quoted price, TRAM has market capitalization of Rp19.85 trillion or US$1.5 billion, more than twice of the established coal producer PT Harum Energy Tbk (HRUM)—-Rp8.9 trillion.

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Trakindo on ABM Investama: No Mercy?

Unlike peers, ABM investama (ABMM), a company engaged in coal mining, contracting, rental of diesel generators, and other services, posted significantly lower net profit in the first nine months of 2017. In the period, net profit dropped 36% to US$9.54 million, even though sales revenues increased by 17.8% to US$500.9 million. Why?

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