Market

Pretty much like peers, nickel producer Vale Indonesia (INCO) suffered squeezed margins in the first quarter due to substantial correction of international prices. The company only booked net profit of US$6.2 million in the first quarter (Q1) of 2024, compared to US$168.7 million in the corresponding period of 2023, as operating profit dropped 86.8% year on year (y/y) and revenue fell 37% y/y to US$230 million. 

Pressure on state steel producer Krakatau Steel (KRAS) continues, as its loss expanded in the first quarter (Q1) of 2024 alongwith a significant correction on revenue. Its share price has also fallen 35.17% so far this year or year to date (ytd), last traded at Rp94 per share, valued at Rp1.8 trillion, far below its equity (Rp7.5 trillion).

PT Mineral Industri Indonesia (MIND ID), parent of Aneka Tambang (ANTM), Bukit Asam (PTBA), PT Timah Tbk (TINS), and PT Freeport Indonesia (PTFI), booked net profit of Rp9.94 trillion in the first quarter (Q1) of 2024, grew 59.16% year on year (y/y), thanks to substantial contribution from PTFI (Rp10.42 trillion). In Q1 of 2023, PTFI contributed Rp4.66 trillion.

State-owned pharmaceutical firm Kimia Farma (KAEF) suffered loss attributable to owners of Rp102.7 billion in the first quarter (Q1) of 2024, against Rp0.38 billion in the corresponding period of 2023, due to higher costs. Sales grew 8.7% year on year (y/y) to Rp2.53...

Shares of Trimegah Bangun Persada (NCKL), or Harita Nickel, gained 10% to Rp1.010 per share on Thursday (June 27), to make market capitalization of Rp63.73 trillion. But stock was relatively traded flat year to date (ytd), only down 0.5%, with P/E ratio of 11.99,...

There are three main concerns from global investors on Indonesia. The sliding of democracy (growing conflict of interest, nepotism, corruption, and cronyism), lack of integrity in the market (particularly stock market), and questions about sustainability of prudent fiscal management. If we don’t take seriously these issues, rupiah might depreciate further.

Shares of frozen food and animal feed producer Central Proteina (CP) Prima (CPRO) was traded at Rp50 per share since April 5, 2024, value at Rp2.98 trillion, trading with P/E ratio of 7.77. The Company reported a 7.07% growth in revenue in the first quarter (Q1) of 2024, but net profit fell 14.15% year on year (y/y) to Rp98.89 billion and net profit margin fell 19.85% to 4.32%.

Market capitalisation of companies listed on the Indonesia Stock Exchange (IDX) have been concentrated at four stocks directly or indirectly controlled by Prajogo Pangestu (Barito Pacific Group). Their combined ‘market capitalization’ on Wednesday (June 27) were Rp2,271 trillion, smaller than the total market value of four big and profitable companies (BCA, BRI, Telkom, and Unilever).

After series of transactions related to the acquisition of controversial Jakarta-Cikampek elevated toll road, Metro Pacific Tollways Corp (MPTC), an entity co-owned by Salim Group and Philippines’ Manuel Pangilinan, entered into the final stage of acquisition of 35% shares in PT Java Marga Transjawa Tol (JTT), which controls some sections of trans-Java toll road.

PT Alpha Investasi Mandiri (AIM) is reported on Tuesday (June 25) to have transferred shares in metal mining firm Amman Mineral Internasional (AMMN) worth Rp17.44 trillion to AMMN President Director Alexander Ramlie, also Thomas Ramlie and Charles Daniel Gobel who is the Chief Financial Officer of PT Citra Palu Minerals and the Director of Bumi Resources Minerals (BRMS).