Market

Shares of United Tractors (UNTR), a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, gold mining, power generation, and civil construction, ended higher by 1.47% to Rp27,700 on Friday (Sep 27) to make a market capitalization of Rp103.3 trillion.

Commercial Court of Central Jakarta District Court has on September 20 extended the Permanent PKPU (Suspension of Debt Payment Obligations) until November 4th, 2024 to  four companies under the so-called Bakrie’s Media Group—-Visi Media Asia (VIVA), Intermedia Capital (MDIA), Cakrawala Andalas Televisi (ANTV), and Lativi Mediakarya (TVone). This gives them time to restructure the debts. 

More than one year ago, we’re presented with legal battles between ‘philanthropy friends’ Ted Sioeng and Dato’ Tahir (owner of Mayapada Bank). The court granted a bankruptcy lawsuit filed by Bank Mayapada against Sioeng, while Ted, who was named a fugitive, accused Tahir, member of the President’s Advisory Council, of receiving kickbacks worth Rp525 billion for loan facilities provided to his group. 

Mayapada Group, controlled by Dato’ Tahir (member of the president’s advisory council), is one of the so-called ‘investors’ in the new capital city (IKN) Nusantara. The group builds one of three hospitals in Nusantara. But, that’s not the reason why shares of Mayapada Hospital (SRAJ) shot up to Rp2,760, more than ten times the quoted price late last year. 

Burhanuddin Abdullah, chief of the board of experts at Prabowo-Gibran campaign team, told media on Wednesday (Sep 25) that Prabowo will establish the State Revenue Agency (BPN), which actually spinning off ministry of finance’s director generals for taxation (DJP) and customs & excise (DJBC). 

Unlike FAP Agri (FAPA), Tunas Baru Lampung (TBLA), a producer of palm oil, biodiesel, and sugar controlled by Oey Family (Sungai Budi Group), is now valued way below equity. TBLA shares ended slightly higher by 0.8% to Rp655 on Wednesday (Sep 25) to make a market capitalisation of Rp3.99 trillion. 

Shares of PT FAP Agri Tbk (FAPA), a plantation firm controlled by Fangiono Family, ended flat at Rp5,300 on Wednesday (Sep 25) to make a market capitalisation of Rp19.24 trillion, substantially bigger than Astra Agro Lestari (Rp12.9 trillion) and Salim Group’s London Sumatra Plantation (Rp7 trillion).

Deputy finance minister II Tommy Djiwandono, nephew of president elect Prabowo Subianto, said on Tuesday (Sep 24) that the eight percent GDP growth target set by his uncle is not a dream, but a necessity to escape from the middle income trap. Tommy pointed out four main areas prioritised by Prabowo government in the coming years: education, health, food, and energy security.

Shares of property developer Summarecon Agung (SMRA) were last traded at Rp690 to make a market capitalisation of Rp11.4 trillion, only one-fifteenth of Pantai Indah Kapuk Dua (PIK-2/PANI). Summarecon has just published its first half 2024 financial results, which pointed to strong performance.

Shares of oil and gas company Rukun Raharja (RAJA), a company controlled by Hapsoro (Happy)—-husband of Puan Maharani (speaker of the House of Representatives/DPR, politician from PDIP), ended slightly lower by 0.8% to Rp1,270 on Monday (Sep 23) just when the company announced strong financial performance in the first half.