Jokowi’s State Capitalism: Angkasa Pura I

PT Angkasa Pura I, the state airport management company, booked net profit of Rp1.045 trillion in the first half ended June 30, 2018, an increase of 18% from the corresponding period last year, thanks to strong revenues growth of 18%. The Company also continued its investments, which can be seen in higher cash used in investing activities in the first half.

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Jokowi’s State Capitalism

Ministry of state-owned enterprises proposed capital injection worth Rp27.5 trillion (around US$2 billion) for two strategic state companies in the 2019 State Budget. State EPC firm PT Hutama Karya, assigned to develop trans-Sumatra toll road, is proposed to get Rp12.5 trillion, while state electricity provider PT Perusahaan Listrik Negara (PLN) is set to get Rp15 trillion.

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Fund Raising & Corporate Actions

State-owned electricity firm Perusahaan Listrik Negara (PLN) has on May 16, 2018 issued global bonds worth US$2 billion and the offering was oversubscribed by 3.65 times. The bonds has tenor of 10 years and 30 years carrying annual coupon rates at 5.45% and 6.15%. The bonds aim for reducing refinancing risk (liquidity management) and for debt re-profiling, to buy back PLN’s global bonds issued in 2007 and 2009 which will be due in August 2019 (with 8% coupon rate), January 2020 (7.75%), and June 2037 (7.87%). PLN global bonds is listed on Singapore Stock Exchange (SGX).

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Corporate Actions to Watch

Bank Negara Indonesia (BBNI) plans to issue subordinated bonds (subdebt) this year for complying with regulation on capital as a systemic bank. Some banks have planned for offering the convertible bonds for the said interest ruled by the Financial Services Authority (OJK) through (POJK) Number 14/POJK.03/2017.

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Infrastructure Outlook Improved, Investments? (2)

Eight small investors have recently applied for license to build hotels in Kulon Progo, Yogyakarta. They are among those anticipating commercial operation of the New Yogyakarta International Airport, whose development progressed well with completion of land acquisition this week. Dafam Hotel Group, meanwhile, has kicked off construction of an airport hotel with 200 rooms nearby.

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FY17 Results: PTPP & Bukit Asam

State-owned construction firm PT PP (PTPP) booked a net profit of Rp1.72 trillion in 2017, grew 50% from Rp1.15 trillion in 2016 as revenues rose 31% to Rp21.5 trillion from Rp16.46 trillion. PTPP also booked other income of Rp437.8 billion last year and its venture entities contributed Rp361 billion profit. In 2016, PTPP only booked other income of Rp107 billion and got Rp155 billion profit for ventures entities.

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Robust Investment Outlook

Lotte Chemical might eventually start construction of its US$3.5 billion petrochemical complex in Banten province this year. Lotte has quietly conducted public consultation for the submission of environmental impact analysis (AMDAL) of the long-delayed project. Achmad Sigit Dwiwahjono, director general of chemical, textile, and misc industries at ministry of industry, told us recently that Lotte is now waiting final recommendation for the port facilities.

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PP Presisi Downsizes IPO

PT PP Presisi, subsidiary of state construction firm PT PP (PTPP), downsized its IPO, to 2.35 billion shares, representing 25% of total issued and paid-up capital, from initial plan of 4.24 billion (35%) and set its price at...

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