Bayan Resources (BYAN), coal miner controlled by tycoon Low Tuck Kwong, paid out US$1.8 billion of cash dividends last year, surged by 80% from 2022, making Dato’ Low as among the cash richest persons in the country. Payments to the State (tax and royalties), unfortunately, increased only by 22.5% to US$1.15 billion.
Read MoreTrapped in debts from fintech services? Sky high rice and other staple food prices? Medium-term global economic slowdown? Well, these are not serious issues for the president. He cares only about completion of some buildings and related facilities in the new capital city (IKN) Nusantara. He seemed annoyed by questions from journalists on Monday (Mar 4) about sky high rice price. “Please don’t continue asking me that (rice price hike)….Do check (the market) by yourself,” President Joko Widodo basically responded to public outcry about the main staple food.
Read MoreChief of the National Police (Kapolri) General Listyo Sigit Prabowo recently instituted a job rotation affecting 11 high-rank and middle-rank police officers, including some regional police chiefs and deputy chiefs in two provinces. The rotation in the Police and the Military (TNI/POLRI) in the coming months is truly worth monitoring in relation to the dynamics between President Joko “Jokowi” Widodo and Prabowo Subianto, who based on quick count and real count will likely become the next President.
Read MoreShares of United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—ended slightly higher by 0.9% to Rp23,725 on Friday (Mar 1) even when the company reported 24.4% year-on-year sales decline for heavy equipment (Komatsu) in January 2024.
Read MoreCompanies engaging in consumer business might see a weak earning outlook this year as the country’s economy tend to have a lower growth inline with the global development and supressed purchasing power in the low-middle income group due to substantial increase of food commodities. Strange, however, that Bank Indonesia (BI) recently indicated increasing consumer confidence in economic conditions in January 2024, compared to December 2023.
Read More