Amman’s Copper Smelter
Shares of PT Amman Mineral International Tbk (AMMN), the second largest gold and copper mine in Indonesia behind Freeport, ended at Rp10,175, slipped by 1.45% on Monday (Sept 23) when President Joko ‘Jokowi’ Widodo inaugurated Amman Mineral copper smelter in West Nusa Tenggara province yesterday.
The Overcooked Pantai Indah Kapuk Dua
Shares of Pantai Indah Kapuk Dua (PANI), developer of PIK-2 township in north Jakarta co-owned by Agung Sedayu Group and Salim Group, ended lower by 4.5% to Rp10,100 on Friday (Sep 20) to make a market capitalisation of Rp170.5 trillion. In the past four weeks alone, PANI already gained 100% to become the first property company in Indonesia ‘valued’ more than US$10 billion.
Prajogo Composite Index
It needed FTS Russell to kick out Barito Renewables (BREN) before seeing substantial correction in the stock price. BREN fell nearly 20% on Friday (Sep 20) following FTSE Russell’s assessment, which we didn’t understand why BREN was included in the index in the first place (given trading manipulation allegation of the low free float stock).
Recovery of tourism, beer companies?
Tourism industry has recovered to the pre-Covid-19 pandemic level, which can be seen in the arrival of foreign tourists. Local beer producers have also regained grounds, but steadily hurt by rising alcohol excise.
KMDS & Dima Group
Shares of food and beverage company Kurniamitra Duta Sentosa (KMDS) jumped by 12.93% to Rp830 on Wednesday (Sept 18), after the acquisition announcement of KMDS by Dima Group. The company was worth Rp664 billion, 3.2 times equity.
Kaesang-Ye Gang-Sitorus: Conflict of Interests
Kaesang Pangarep, youngest son of outgoing president Jokowi, has on Tuesday told his version of the private jet saga to the Corruption Eradication Commission (KPK). Kaesang basically said that he just hitched a ride on a friend’s plane. He told KPK about who owns the private jet, whom KPK identified publicly only as Mr Y.
Intensified competition in bread market
Shares of Nippon Indosari (ROTI), market leader in the bread market, opened flat at Rp1,020 this morning to make a market capitalisation of Rp6.31 trillion. Rumors about KKR’s acquisition of more shares from Salim Group haven’t moved the stock much in the past few months.
Key takeaways from export-import data
Indonesia recorded trade surplus of US$2.9 billion last month, down slightly by 0.7% from August 2023 because import grew 9.46% year-on-year, while export expanded by 7.13%. A consistent trade surplus could support rupiah amidst global economic uncertainties.
Free milk program: An update
Unlike other heavily imported food materials, particularly soybean and wheat, which suffered substantial price correction, milk has been among the best performing agricultural products this year. Since Prabowo-Gibran revealed the free milk program for schools, the commodity has jumped 55%.
Tale of digital banks
Shares of Bank Jago (ARTO), member of GOTO, ended lower by 0.35% to Rp2,810 last Friday (Sept 13). The market capitalization of Rp38.55 trillion was 4.5 times equity, lot more expensive than profitable conventional banks. Bank Jago is also way below Seabank (sister of Shopee) in terms of profitability.