Market

Shares of PT Pantai Indah Kapuh Dua Tbk (PANI) surged to Rp18,000 on Monday (Dec 9) to make a market capitalisation of Rp303.9 trillion, nearly 15 times BSD City (BSDE). Forget about this. Nothing to do with rare interview of Sugianto Kusuma (Aguan), controlling shareholder of PANI, by Tempo magazine. 

Harita Group is main partner of Thailand-listed Lanna Resources Ltd in thermal coal business through two companies operating under the Coal Contract of Work (CCOW). Outside these companies, Harita Group also controls one other coal mining company, making it one of substantial player in the sector.

Harita Group, controlled by the family of Lim Gunawan Hariyanto, is a diversified business group with interest in bauxite-alumina-aluminium, nickel, thermal coal, palm oil, plywood, finance, etc. It controls some companies listed on the Indonesia Stock Exchange (IDX), Singapore Exchange (SGX), and Hong Kong Stock Exchange (HKSE). 

Shares of fashion retailer for mid-low income group Ramayana Lestari (RALS) opened slightly higher by 0.52% to Rp384 this morning to make a market capitalisation of Rp2.7 trillion, way below equity (Rp3.5 trillion by Sept 30, 2024).

“We might be only one of few countries that can reach 100% renewable energy in the next few years. We can change fossil fuel with biofuel,” said president Prabowo Subianto in last month’s APEC Summit. He didn’t provide details of when the 100% renewable will be achieved, but during this year’s presidential campaign Prabowo confidently talked about bioethanol from corn and sugar.

President Prabowo said on Wednesday (Dec 4) that he’s not bothered by warnings about implication of his free meal program to the stock market ‘because I don’t have stocks….and that small people don’t have stocks, only stock players will be affected’. The problem is not with his intention, but how the program is implemented and the growing power struggle within inner circle on a lot of issues affecting market perception about the country. 

Euphoria on the development of downstream industries for minerals (particularly nickel, bauxite, and copper) led to President Prabowo’s decision to add one specific nomenclature in his cabinet: ministry of investment and downstream industry. It is actually redundant, because we have for many decades ministry of industry, which basically handles processing or downstream of all kinds of commodities. 

President Prabowo praised solidity of his cabinet early this week saying ‘this might be the fruit of a three-day retreat (in Magelang, Central Java)…We need a consensus to have longer, five-day retreat next’, which received thunderous response from the ministers/vice ministers. Reality?

Shares of Bumi Resources (BUMI), the largest coal miner co-owned by two politically connected groups of Salim and Bakrie, gained 1.5% to Rp139 this morning to make a market capitalisation of Rp51.6 trillion, slightly above equity (Rp45.9 trillion as at Sept 30, 2024). 

Indonesia has tried to get Foxconn investments since 2013 or so. Until now, zero! Vietnam, on the other hand, has secured US$3.2 billion since early 2000s and will get US$550 million more from the giant contract manufacturer, which serves global brands like Apple. Indonesian government has reportedly given one week to Apple Inc to make a written investment commitment worth US$1 billion. What a contrast!