Prabowo & Rothschild
We all know close relationship between Hashim Djojohadikusumo, brother of president elect Prabowo Subianto, and Nathaniel Rothschild as shown in Hashim’s support for Rothschild in the fight to control Bumi Resources (BUMI), the largest coal mining company in Indonesia, which is now co-owned by Bakrie and Salim groups.
From Arthaloka to Oasis Central Sudirman
Arthaloka was among the first high-rise properties in the famous Sudirman Street, Jakarta. Many years ago, Rudy Pamaputera as CEO of PT Mahkota Real Estate wrote a letter to President Joko ‘Jokowi’ Widodo regarding dispute over the land where Arthaloka was located.
Further expansion of Nippon Shokubai
Young population and growing senior citizens continue to support growth of diapers in the country. Competition in the industry has intensified, but Uni-Charm (Japanese-controlled player) recorded a decent Rp435 billion of net profit last year, jumped from Rp313 billion in 2022.
Recovery of tourism
Indonesia welcomed 1.17 million visits of foreigners in June, which increased by 2.06% compared to May 2024. It means that the country has welcomed 6.41 million visits in the six months of 2024, an increase of 21.02% from the corresponding period last year. The total number of foreign tourist visits during this period was the highest since the Covid-19 pandemic in 2020.
A laughingstock: Chandra Asri
Shares of Chandra Asri (TPIA), the largest petrochemical company in Indonesia, ended higher by 1.81% on Thursday (Aug 1) even when the company reported net loss of US$47.5 million in the first half of 2024, skyrocketed from loss of less than one million dollars in the corresponding period last year.
Steel industry update
Iron and steel (HS 72) has taken over palm oil as the second largest export commodity from Indonesia in the first half of 2024 with US$12.56 billion, down slightly by 2.82% from the corresponding period last year. If combined with nickel (HS 75) and gold (HS 71), basic metal processing has actually become the largest export, significantly bigger than coal.
More actions in healthcare industry
Shares of Mayapada Hospital (SRAJ) have skyrocketed from Rp218 last December to as high as Rp2,290 this week on speculations about the entry of strategic investor following what happened at Siloam Hospital (SILO).
New SEZs: Who’s who
Pretty much like in the past (during Soeharto years) in the development of industrial estates, the governments after the reform granted out more special economic zones (SEZs) to their cronies.
Salim Group’s moves in growing EV Ecosystem
Almost all major business groups in Indonesia have been rushing to enter nickel, but we haven’t seen Salim Group doing the same, at least directly. Thanks to the rise of lithium ferro phosphate (LFP), nickel is no longer seen as the crown jewel of electric vehicle (EV) battery industry. The recent withdrawal of Eramet/BASF from an HPAL project to produce nickel for EV in Halmahera Island might only reflecting concerns over nickel’s future oversupply.
Changing guards: INALUM
State aluminum firm PT Indonesia Asahan Aluminium or INALUM, subsidiary of MIND ID (holding company for state mining companies), has appointed Ilhamsyah Mahendra as the new President Director, replacing Danny Praditya, a suspect on corruption in PT Perusahaan Gas Negara (PGAS or PGN) where he served as Commercial Director before assuming duties as Managing Director of Inalum. Danny was appointed as President Director of INALUM in 2023. Ilhamsyah’s appointment as President Director of INALUM is a decision taken after the Annual General Meeting of Shareholders on Tuesday (July 16).