Market

So, Fore Coffee (FORE) will start trading of its stocks on the Indonesia Stock Exchange (IDX) next week. The coffee outlet will start with market capitalisation of around Rp1.9 trillion, slightly below MAP Boga (MAPB), which operates Starbucks, Pizza Marzano, Krispy Kreme, Genki Sushi, etc.

Flag carrier Garuda Indonesia (GIAA) booked net loss of US$72.7 million last year despite a relatively strong performance in the fourth quarter and growth of sales revenues by 16.3% to US$3.42 billion for full year. 

Shares of oil and gas services firm Energi Mega Persada (ENRG), a member of Bakrie Group, up by 1.19% last Wednesday (March 26), while Medco Energi (MEDC), an oil and gas company co-owned by Panigoro and Salim families ended higher by 5.1%.

Composite index of Indonesia Stock Exchange (IDX) surged by 3.56% this morning, lifted by stock buyback program by state companies. This, however, might only provide temporary relief. Growing fascism, anti-criticism, and authoritarianism shown by the current regime combined with global pressures on the market (financial and commodities) do not bode well for the country’s long-term outlook. 

Shares of Sarimelati Kencana (PZZA), operator of Pizza Hut outlets in Indonesia, closed higher by 3.57% to Rp116 last Thursday (Mar 27). The stock, however, is now worth only one-tenth of the valuation set by underwriters (CLSA, CGS-CIMB and Mandiri Sekuritas) in the initial public offering (IPO) seven years ago.

Behind the success of Mobile Legends and the dominance of gaming content on TikTok lies a powerful common denominator: ByteDance. The Chinese tech giant is not only the owner of TikTok but also the parent company of Moonton, the developer behind the immensely popular game Mobile Legends: Bang Bang (MLBB). ByteDance’s acquisition of Moonton in 2021 marked a strategic expansion beyond social media into gaming and interactive entertainment—two sectors with immense growth potential in Southeast Asia, particularly Indonesia.

The government as controlling shareholder has dismissed brother-in-law of the previous president Jokowi as commissioner of the state bank BNI, but replaced by Democratic Party politician Vera Febyanthy. Didik J Rachbini, economist linked to the National Mandate Party (PAN), has also been appointed commissioner. 

Shares of Kalbe Farma (KLBF), the largest pharmaceutical group in Indonesia, ended higher by 3.128% to Rp1,135 last Thursday (Mar 27) as investors anticipated improved financials of the company. It indeed reported an unprecedented 17% growth in net profit to Rp3.24 trillion last year on improved operational margins and strong balance sheet.

Shares of Siloam Hospitals (SILO), the largest operator of hospitals in private sector, opened higher by 2.9% to Rp2,480 this morning even when it recorded 25% drop in net profit last year. Peers were mixed with Hermina Hospitals (HEAL) gained slightly by 0.46%, while Mitra Keluarga (MIKA) down 2.6%.

The newly established sovereign wealth fund Danantara has announced its organisation, consisting of board of supervisors, board of advisors, managing directors, and some specific committees. We’re interested in the so-called ‘committee for supervising and accountability’ with chief/head of all law enforcement agencies as members. Who’s supervising who?