Danantara leaders & potential conflict of interests (2)
So, some high-profile names have been appointed advisors and managing directors of the newly established sovereign wealth fund Danantara. Some of the names, including those in the board of advisors, are famous names in the world of investment, but could have a huge conflict of interests.
IPO to watch: FORE Coffee
A coffee start-up, PT Fore Kopi Indonesia, known as its brand Fore Coffee, plans to conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX), seeking to raise as much as Rp379.8 billion.
Squeezed margins of Alfamart
Shares of convenience store giant Alfamart (AMRT) ended substantially lower by 8.92% to Rp1,940 on Friday (Mar 21) as investors responded negatively the company’s financial performance in 2024.
Higher royalty for minerals and coal (2)
Looks likely that the government will implement a higher royalty for minerals (including coal) soon following a limited cabinet meeting led by President Prabowo Subianto. Amidst pressures on the revenue side of the State Budget due to downfall of tax collections, raising non-tax collections is the only available option.
Another market crash
Composite index of Indonesia Stock Exchange (IDX) fell as much as 3.6% in the opening hour of trading Monday (Mar 24) just when other markets in the region moved in narrow range. The same stocks contributed significantly to the downfall and recovery of the composite index (IHSG).
Limited improvement at Indocement
Acquisition of PT Semen Grobogan in Central Java was not enough to boost financial performance of cement manufacturer Indocement Tunggal Prakarsa (INTP). The company, once fully controlled by Salim Group, came out with small growth in sales revenues and net profit last year, while outlook remains grim.
Ramadan Ceremonies vs. Budget Efficiency
This year’s Ramadan serves as the first test for President Prabowo Subianto’s administration in balancing ceremonial traditions with the commitment to budget efficiency that has been emphasized since the beginning of his government. Across various ministries and institutions, events such as communal iftar gatherings, Ramadan safaris, and social aid distributions are still packaged as official ceremonies attended by high-ranking state officials.
Reality check on Hermina Hospital
Shares of Medikaloka Hermina (HEAL), operator of Hermina hospitals, opened substantially lower by 3.8% this morning despite announcement of strong financial performance last year. Hermina has lost 38% its value from peak two months ago.
Bank Jago improved, but not enough
Shares of digital bank Jago (ARTO) ended lower by 1.69% to Rp1,450 Friday (Mar 21) even when the company reported an impressive net profit growth of 79% to Rp129 billion last year.
Curious case of Mandom Indonesia
Personal care producer PT Mandom Indonesia Tbk (TCID) booked net loss of Rp124.7 billion last year against net profit of Rp38.12 billion in 2023. Unilever Indonesia (UNVR), a substantially bigger personal care player, recorded net profit of Rp3.37 trillion last year despite lower sales revenues like Mandom. What’s going on?