Market

Shares of retailer Ramayana Lestari Sentosa (RALS) gained 1.46% to Rp418 on Monday (June 24), to make market capitalization of Rp2.97 trillion. The stock, however, has fallen 20.3% so far this year in line with the declining industry performance. Its peer, Matahari Department Store (LPPF) fell 26.38% year to date (ytd) to Rp1,465, valued at Rp3.31 trillion, and Matahari Putra Prima fell 23.08% to Rp50, valued at Rp767.65 billion.

Troubled state construction firm Waskita Karya (WSKT) is said to need funding support from Government as market mechanism would not help. A State bailout is now seen the ultimate choice after the falling of initial plan to have fellow state EPC company Hutama Karya (PTHK) taking over Waskita.

Shares of diversified group Barito Pacific (BRPT), controlled by the family of Prajogo Pangestu, gained 3.83% to Rp950 on Friday last week (June 21), to make a market capitalization of Rp89.06 trillion even when the company reported a significant corrections of its financial performance in the first quarter (Q1) of 2024.

Shares of online shopping mall Blibli.com (PT Global Digital Niaga Tbk/BELI)), owned by Djarum Group, declined 0.43% to Rp460 on Friday last week (June 21), to make market capitalization of Rp56.68 trillion. The stock fell 4.17% so far this year, as some continue to ask about the Company’s earning prospect.

Five months have gone. It is increasingly difficult to expect export would support a higher economic growth this year. Despite improvements in May, overall export in the first five months declined 3.52% year-on-year. We’ve seen price improvement of some key export commodities in recent weeks, but unlikely enough to shore up growth for full year. 

Golf course manager Intra GolfLink Resorts (GOLF), owned by Darma Mangkuluhur Hutomo, who is the son of Tommy Soeharto (youngest son of the late strongman Soeharto), plans to launch an initial public offering (IPO) by offering 3.1 billion shares, representing 15.02% of the company’s total issued and paid-up capital, priced at Rp200-230 per share, to raise total proceeds of maximum Rp713 billion.

Pulp and paper industry is one of key pillars of Sinarmas Group (Widjaja Family). With dominant position in domestic market and strong overseas presence, two companies under the business unit came up with mixed results in the first quarter of the year.

Shares of coal miners were remain under correction so far this year along with the fluctuation of coal price which has rebounded from its lowest on February 21, 2024. Supply-demand balance, especially in China, remains an issue to watch in the coming months. 

Consumer goods giant Unilever Indonesia (UNVR) recorded the highest advertising and promotional spending in the last five years, and spending the most in the first quarter (Q1) of 2024. UNVR spent Rp912 billion for advertising and promotion costs in Q1 this year, up 7.79% year on year (y/y).