Author: yosefardi.com

The Problems surrounding Sritex 

The trials on the Suspension of Debt Payment (PKPU) lawsuits against the textile giant PT Sri Rejeki Isman Tbk (SRIL or Sritex) continue. On May 6, 2021, the Panel of Judges granted the lawsuit filed by CV Prima Karya, despite rejections from other parties. The other lawsuit filed by PT Bank QNB Indonesia Tbk (BKSW) is to be decided on May 10, 2021. The lawsuits and decision are unfortunate for Sritex, but the court examinations are not the only problems the Company has to face.  

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On the Social Assistance Graft Case: Verdicts for the Bribers

Five months ago, the Corruption Eradication Commission (KPK) uncovered corruption in the procurement of social assistance programs at the Ministry of Social Affairs. The KPK named several suspects, including then Minister Juliari Batubara. The trial of the two bribers began in February 2021. Within three months, the Panel of Judges declared them guilty as indicted. 

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The 2024 Race Comes Too Soon (4)

We are three years away from 2024, but political parties have already scrambled to endorse its potential presidential candidate and explore the formation of a coalition. Gerindra, for example, has asked its party chairman Prabowo Subianto to run for presidency once more in 2024. The Chairman of the Democratic Party Agus Harimurti Yudhoyono (AHY), meanwhile, met with the Governor of Jakarta Anies Baswedan.

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Megawati & the New BRIN

President Joko “Jokowi” Widodo expanded the authority and the organization of the National Research & Innovation Body (BRIN) with the signing of the Presidential Regulation (Perpres) No. 33/2o21. The Perpress also officiated the appointment of the Chairperson of the ruling party PDIP Megawati Soekarnoputri, in her capacity as the chairman of the State Agency for Pancasila Education’s (BPIP) advisory council, as the supervisor of BRIN. It has attracted a wave of criticisms.

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Market Snapshots

Global stock markets ended mostly higher on Thursday, with United States (US) stocks notching another record high buoyed by the current robust US economic growth. At the same time, strong earnings momentum and a successful vaccine rollout continued to feed risk appetite. Recent job figures reinforced such a view, with weekly jobless claims falling more than expected to a new year low, planned layoffs in April at their lowest level since 2000, and first-quarter labor productivity growth beating market consensus. 

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Corporations to Watch

Telco operator Indosat (ISAT) plans to sell 4247 units of its telco towers to PT EPID Menara Assetco for Rp10.47 trillion value. The sale is expected to complete in June. The sale is part of the Company’s turnaround strategy, which has refocused its business on digital products and services and strives to create optimal value from its infrastructure. Earning revenue from a portfolio of high-quality telecommunications towers is a key pillar of the Company’s current strategy. 

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Results: TINS, INTP, INDY 

State tin producer Timah (TINS) booked a net profit of Rp10.3 billion in the first quarter (Q1) of 2021, against a loss of Rp412.86 billion in the corresponding period of 2020 thanks to lower costs. Revenue dropped 45.45% year on year (y/y) to Rp2.4 trillion. TINS’ cost of revenues fell 54.34% to Rp2.1 trillion. Then Timah booked a gross profit of Rp323 billion in Q1 of 2021, against a loss of Rp196.4 million in Q1 of 2020. Export sales fell 47.6% to Rp2.2 trillion.  

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COVID-19 Situation Report: May 6, 2021

According to the Ministry of Health, as of noon of May 6, 2021, precisely 12,995,710 people had received the first shot of the coronavirus vaccine, of which 8,317,944 had received the full dose. Indonesia began its vaccination program on Jan. 13, targeting healthcare workers.

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