Back to domestic issues
Foreign investors returned to net sell position on Monday (Jun 15), whilst small, but composite index of IDX (IHSG/JCI) advanced 4.12% on US-Iran peace deal. Rupiah also gained more grounds as US dollar weakened against most currencies.
Global pressures eased off, less incentive to change
Composite index of IDX (IHSG/JCI) opened higher by 3.8% Monday (Jun 15) morning, while rupiah appreciated further to Rp17,716 per US dollar on US-Iran peace deal. While details of the deal are not available, Brent crude oil futures dropped further by 4.7% to US$83.3 per barrel.
Behind Closed Doors at Kertanegara
President Prabowo Subianto’s recent closed-door meeting at his private residence in Kertanegara has raised important questions about the direction of policymaking in Indonesia. The gathering brought together several influential figures in the administration, including Investment and Downstreaming Minister Rosan Roeslani, Energy and Mineral Resources Minister Bahlil Lahadalia, Chairman of the National Economic Council Purbaya Yudhi Sadewa, Higher Education Minister Brian Yuliarto, Deputy Minister of State-Owned Enterprises Dony Oskaria, Cabinet Secretary Teddy Indra Wijaya, and State Secretary Prasetyo Hadi.
Anthropic Suspension Controversy
The sudden suspension of Anthropic’s newest AI models, Fable 5 and Mythos 5, marks a turning point in the global technology race. Only days after launch, the US government ordered Anthropic to block access to the models for foreign nationals, citing national security concerns. Anthropic responded by disabling the models globally, arguing that selective enforcement was practically impossible.
IPO to Watch: INACO
PT Niramas Utama Tbk (JELI), famous with its INACO brand, is currently launching an initial public offering (IPO) of 350 million shares to raise up to Rp392 billion. The company plans to use vast majority of proceeds to expand into gummy candy business.
Sujaka Lays & The absence of market authorities
Shares of Black Diamond Resources (COAL), a company controlled by Sujaka Lays, ended substantially lower by 8.1% to Rp34 on Friday (Jun 12), not even one-tenth of its peak (Rp525) after initial public offering (IPO) less than three years ago.
Week ahead
External factors might be favourable for Indonesian market in the new week. Brent crude oil futures dropped 3.37% to US$87.3 per barrel on Friday (Jun 12), while USD lost ground against most currencies on US-Iran peace deal optimism.
Revisiting Bakrie’s VIVA & tax liabilities
Visi Media Asia (VIVA), holding company for TVOne and ANTV controlled by Bakrie Group, has only published its full year 2025 financial statement two weeks ago. The report confirmed VIVA as the worst performer among major players in the TV media industry.
Prabowo’s national car program
President Prabowo Subianto said recently that he saw the country was heading to wrong direction in early 90s, and that he is now taking the country to a new direction. It is not clear, however, whether national car program from then President Soeharto, that time Prabowo’s father in law, was among indicators of ‘wrong direction’ he’s now revisiting.
Personal care industry: Old vs New
Mustika Ratu (MRAT) and Martina Berto (MBTO) used to be household names for cosmetics and personal care. They’re among pioneers of local brands. Their companies have also long listed on the Indonesia Stock Exchange (IDX). Their combined market value (Rp316 billion), however, is not even one tenth of Billy Hartono Salim’s Victoria Care (VICI).