Market

Tired of optics from the previous president Jokowi? Well, be ready for more optics from his successor. Around 20,000 ‘volunteers’ attended the declaration of ‘National Solidarity Movement’ (GSN), a new mass organization rooted in the National Campaign Team (TKN) of Prabowo-Gibran, over the weekend. Prabowo is chief patron of GSN, while Rosan P Roeslani, chairman of TKN who is minister of investment & down-streaming, is executive chairman. 

One year ago, three brokerage firms—-RHB Securities, Samuel Sekuritas, and Mirae Asset—-recommended everybody to buy bukalapak.com (BUKA) with target price between Rp330 and Rp268 simply because the stock recovered to above Rp200. On Thursday (Oct 31), Bukalapak ended lower by 1.54% to Rp128. So, whoever followed recommendations from these brokers already booked huge losses.

We have long considered 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, an undervalued stock.

Continuation was the theme that helped Prabowo winning February election. Tacit support from Jokowi was seen a big factor. Prabowo turned the favour with accommodation of some people recommended by Jokowi in his cabinet. At least 17 ministers or half of Jokowi’s cabinet are maintained, including strategic portfolios like the National Police Chief and Attorney General’s Office (AGO). 

Shares of Barito Renewables (BREN) ended lower by 1.7% to Rp6,675 on Wednesday (Oct 30) to make a market capitalisation of Rp893 trillion. While the company’s value already eroded 50% from peak, Barito Renewables is still 20 times of Pertamina Geothermal (PGEO), which actually reported substantially higher profit.

How many times we heard the names of Aguan/Sugianto Kusuma (co-owner of Pantai Indah Kapuk-2/PANI) and Franky Widjaja (Sinamas Group, owner of BSD City/BSDE) in the briefings of public housing minister Maruarar Sirait, a politician from President Prabowo’s Gerindra Party?

No exponential growth as promised. Digital banks listed on the Indonesia Stock Exchange (IDX) came up with rather slow growth in the first nine months of 2024 despite improvements in their bottomline.

Shares of GOTO Gojek Tokopedia ended higher by 1.43% on Wednesday (Oct 30) to make a market capitalisation of Rp85.3 trillion as some investors responded positively the company’s financial results for the first nine months of 2024. Operations looked improved, but the company recorded net loss of Rp4.3 trillion. 

Todo Tua Pasaribu has been appointed by President Prabowo Subianto as Vice Minister of Investment & Downstreaming to assist Minister Rosan Roeslani. So, who is Todo Tua Pasaribu?

President Prabowo Subianto appointed three vice ministers to assist the Minister of State-Owned Enterprises (SOEs) Erick Thohir. One of them is Kartika Wirjoatmodjo, an incumbent, while two others are new figures; Aminuddin Maruf and Donny Oskaria.