Market

Crude palm oil (CPO) has retreated from its peak this year (RM4500/ton) to trade below RM4,000 this week on plans from India, one of the largest importers of vegetable oil, to introduce higher import tariffs. In the past two years, the commodity has relatively been stagnant around RM4,000.

Shares of Mayora Indah (MYOR), one of the largest F&B players in the country, ended at Rp2,660 to make a market capitalisation of Rp59.47 trillion last Friday (Aug 29), slightly below F&B giant Indofood Sukses Makmur (INDF, Rp60 trillion). 

Composite index of Indonesia Stock Exchange (ISHG) ended higher by 0.57% to a new record high last Friday (Aug 30) thanks to ridiculous valuation of companies controlled by tycoon Prajogo Pangestu. 

Shares of Steel Pipe Industry Indonesia (ISSP), popular as Spindo, ended slightly higher at Rp306 on Friday (Aug 30) to make a market capitalisation of Rp2.2 trillion, not even half of the company’s equity as at June 30, 2024 (Rp4.72 trillion). 

Shares of MNC Coal (IATA) and Resources Alam (KKGI), both are small coal miners, ended substantially higher by 9.8% and 8.1% respectively on Thursday (Aug 30) as some investors bet on low valuation of coal stocks amidst a relatively strong coal price. 

Shares of Mitrabara Adiperdana (MBAP), member of Baramulti Group, surged by 12.31% to Rp3,650 on Thursday (Aug 29) even when the company’s net profit crashed by 49%. Shares of Baramulti Suksessarana (BSSR), in the meantime, ended higher by 4.5% to Rp4,880. 

Shares of PT Net Visi Media Tbk (NETV), owner of NET TV, ended at Rp89 on Wednesday (Aug 28) to make a market capitalisation of Rp2.09 trillion. NET TV launched initial public offering (IPO) at Rp196 per share in early 2022 with PT NH Korindo Sekuritas Indonesia as lead underwriter. 

There were media reports last year about PKPU lawsuit filed by EPC contractor PT Tatamulia Nusantara Indah against PT Narendra Interpacific Indonesia, developer of the Shangri-La Resorts and Hotel at Nusa Dua tourism complex, Bali Island. The lawsuit was filed due to Rp76.6 billion overdue receivables since December 2018.

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—gained 1.65% to Rp27,700 on Wednesday (August 28) to market capitalization Rp103.3 trillion.

Shares of Pantai Indah Kapuk Dua (PANI), developer of PIK-2 township in North Jakarta, jumped by 12.24% to Rp6,650 on Tuesday (Aug 27) to make a market capitalisation of Rp112.3 trillion, more than four times the value of Bumi Serpong Damai (BSDE), developer of BSD City in Tangerang, Banten Province.