tutuplapak.com (5) & Emtek
Shares of bukalapak.com (BUKA) recovered 2.6% to Rp120 Thursday (Jan 9) after losing 4% on Wednesday following the company’s decision to cease operation of marketplace for physical goods. Shares of Emtek (EMTK), the largest shareholder of BUKA, meanwhile, declined further by 1% to Rp520.
Free Meal: The Devil is in the detail! (3)
Kompas, the largest newspaper in the country, published a headline titled ‘Skema Makan Bergizi Gratis Sulitkan UMKM’, which basically confirming concerns raised by observers about lack of clarity in the program’s scheme, financing, and overall governance.
Salim Group’s Expansions in Renewables
PacificLight Power Ltd, a company co-owned by Salim Group, has kicked off construction of the first hydrogen power plant in the region with US$735 million of investment in Jurong Island, Singapore. This will add 600 MW to PacificLight’s existing 830 MW gas-fired power plant, also in Singapore.
Geothermal industry update
Shares of Barito Renewables (BREN), which seeks to double power generation capacity to 1.95 GW by 2030, ended slightly lower at Rp10,475 on Wednesday (Jaan 8) to make a market capitalization of Rp1,401 trillion or US$87 billion. BREN is now worth 10 times of Korea Electric Power Corporation (KEPCO), which was valued US$8.7 billion only.
Qatar’s Al-Qilaa & 3 Million Homes
President Prabowo Subianto and his brother Hashim Djojohadikusumo, who is chief of public housing task force, have on Wednesday (Jan 8) witnessed the signing of a memorandum of understanding between public housing minister Maruarar Sirait and Sheikh Abdul Aziz bin Abdulrahman al-Thani from Qatar for the development of one million homes.
A market lacking credibility
Composite index of Indonesia Stock Exchange (IDX) ended flat at 7,080 Wednesday (Jan 8). The index is hardly an indicator of whatever happened in the market or the economy because it has consistently been distorted by trading manipulation on certain stocks.
Apple: AirTag Factory in Batam
The American tech company Apple Inc and the Ministry of Investment and Downstreaming have reached an agreement to build an AirTag factory worth $1 billion, or approximately IDR 16 trillion, in Batam, Indonesia.
MR DIY = 3x AZKO?
Shares of PT Daya Intiguna Yasa Tbk (MDIY), operator of retailer MR.DIY, ended lower at Rp1,605 on Tuesday (Jan 7) to make a market capitalisation of Rp42.95 trillion, more than three times of established home improvement player PT Aspirasi Hidup Indonesia (ACES) Tbk, operator of AZKO (previously ACE Hardware).
Coal, how low?
Thermal coal ended lower by 1.21% to US$118.3 per ton on Tuesday (Jan 8). The commodity has lost 10% year-on-year, pretty much in contrast to crude oil and natural gas, due to ample supply and high coal inventories.
tutuplapak.com (4)
Shares of bukalapak.com (BUKA) ended higher to Rp122 on Tuesday (Jan 7), but have fallen around 40% year-on-year. The company announced the discontinuation of its marketplace for goods like electronics, gadget, fashion, etc in order to focus on virtual products (phone credits, electricity credits, etc).