Category: Profiles

IPO to Watch: Tugu Pratama

Six years ago, then minister of state-owned enterprises Dahlan Iskan urged state oil and gas company Pertamina to sell its ownership in insurance firm PT Tugu Pratama Indonesia to existing partners or third party investors. Minister of SOEs Rini Soemarno under Jokowi-Kalla administration, however, decided to maintain Pertamina’s majority ownership, and opted an initial public offering (IPO) instead.

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Aga Bakrie & Ling Ling

Hotel Mulia, Jakarta was packed by over 6,000 people attending the wedding party of Aga Bakrie and Ling Ling Sunday (Feb 11) evening. Businessmen, cabinet members, and politicians were seen in the Grand Ballroom, highlighting broad network and connections of the parents of the bride and groom.

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Semen Baturaja: Years to Justify Current Valuation

Semen Baturaja (SMBR) is the smallest cement producer listed on Indonesia Stock Exchange (IDX) with sales revenue of Rp1.55 trillion only last year. Yet, it is now valued Rp31.36 trillion or US$2.35 billion, more than half of market leader Semen Indonesia (SMGR), whose annual sales revenue could be 18 times of SMBR.

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A Bigger Pertamina

It is now up to President Joko ‘Jokowi’ Widodo to make final decision on the proposed consolidation of Pertamina and Perusahaan Gas Negara (PGAS). If approved, Pertamina moves closer to match Malaysia’s Petronas in terms of total assets but could be bigger in terms of sales revenues.

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Ekatama Group & Karya Group

Abraham Kerta Wirya, founder of Ekatama and Karya Group, has passed away on January 21, 2018 at 91 years old. He leaves behind two business groups with dominant position in the hand tools and material handling equipment market.

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Sukanto & Domestic Politics

Sukanto Tanoto is still one of the richest men in Indonesia. His Royal Golden Eagle (RGE) Group is among the most aggressive investors with two major projects in pulp & paper industry with combined investment of above US$1.3 billion. The Group, however, at the same time seems at odd with the government.

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Those Continue to Invest: Nabati Group

Majalengka Regency in West Java province is a growing area, thanks to construction of Kertajati international airport, which is expected to be commercial this year. The airport will later on be connected to Cikampek-Palimanan section of trans-Java toll road. Looks like that the area attracted more investors recently.

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Ratu Prabu and the US$26 billion LRT Project

Sandiaga Uno, Vice Governor of Jakarta recently told the press that PT Ratu Prabu Energi Tbk (ARTI), a company with businesses in energy and property, will develop light rail transit (LRT) project in Greater Jakarta dan surrounding cities (200 KM) with investment of US$26 billion. Some, however, questioned credibility of the plan.

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Stronger Q3/17 for Medco

Medco Energi (MEDC) is among the best performing stocks with 188% gain since January 2017. Still, at the current price, MEDC is valued below its equity as at Sept 30, 2017, despite strong financial performance. In third quarter ended Sept 30, the Company booked net profit of US$83.65 million, bigger than the first six months of 2017.

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Big Groups in Financial & Technology Ventures (3): Astra

Astra International (ASII) is one of the largest business groups in Indonesia with diversified interest in agriculture, automotive, banking, micro and consumer financing, heavy equipment, property, construction, mining, toll road, water infrastructure, port, and information technology (ICT). Like other major business groups, Astra has actually invested significantly in e-commerce in the past few years.

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