Author: yosefardi.com

Market Snapshots & Corporate Actions

Asian share markets rallied on Wednesday as a revival in risk appetite knocked back the yen and oil ran into only modest profit-taking after reaching a major chart milestone that augured well for further gains ahead, Reuters reported. Whether sentiment hangs together could depend on China trade data due later in the session. Forecasts favor some improvement in exports and imports in March after a dire February, which would likely underpin commodities.

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Coal: Bottoming Out?

Reference price of Indonesian thermal coal (6322 Kcal/Kg) for April 2016 is set at US$52.32 per ton (FOB Vessel). This is 18.86% below reference price in the same month last year, but represented 1.36% gain from March 2016. Has the commodity been bottoming out?

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Upcoming Cabinet Reshuffle Part 1

President Joko “Jokowi” Widodo finally admitted that he was still discussing a reshuffle of his cabinet line-up with Vice President Jusuf Kalla. The President said that he hadn’t reached a decision on the matter. So it’s clear, the cabinet line-up will change in the near future. But who will be replaced? Who will replace them?

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Sumber Waras Case (Part III)

In December 2015 the Supreme Audit Agency (BPK) submitted the result of their audit of the Provincial Government of Jakarta’s purchase of land owned by the Yayasan Kesehatan Sumber Waras (YKSW). BPK concluded that Governor Basuki Tjahaja “Ahok” Purnama had violated laws and regulations, causing Rp191 billion in losses to the State.

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Sumber Waras Case (Part II)

When the Jakarta Government, under the leadership of Governor Basuki Tjahaja “Ahok” Purnama, bought a piece of land from Yayasan Kesehatan Sumber Waras (YKSW), problems ensued. the Supreme Audit Agency (BPK) conducted an investigation of the purchase, which later wreaked a political havoc at the Regional Representatives Council (DPRD) of Jakarta. Allegations of corruption emerged, and Ahok became the prime target of smear campaigns. The case was eventually picked up by the Corruption Eradication Commission (KPK), but to date, details on the case remain blurred by the tsunami of political maneuvering. What really happened in that land purchase transaction?

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Sumber Waras Case (Part I)

The Corruption Eradication Commission (KPK) are questioning the Governor of Jakarta Basuki Tjahaja “Ahok” Purnama today as a witness in the allegation of corruption in the purchase of land owned by the Yayasan Kesehatan Sumber Waras (YKSW). There are those who believe that Ahok engineered the allegedly problematic purchase. But as of March 10, 2016 the KPK told the press that they were yet to find indication of corruption in this case. According to the Chairman of the KPK Agus Rahardjo, all 5 KPK leaders agreed on that assessment.

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Industry Outlook: Property & Ceramic

Property consulting firm Jones Lang LaSalle (JLL) said property business is growing in some areas around Jakarta such as Bogor, Tangerang, and Bekasi as the land area for property business segment in Jakarta is lacking. Companies engaging in e-commerce business apparently prefer to build their offices or to rent offices in the industrial estates such as Bekasi, Kerawang, and Cikarang.

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Trada Maritime & Its Creditors

Back in November 2014 we speculated that shares of Trada Maritime (TRAM) could return to Rp50, the lowest quotable price on IDX. On April 30, 2015, TRAM did touch Rp50 and stayed there since. Our concerns were mostly on settlement of the troubled shipping and marine services company to lenders.

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Lower Tax Rates

The government plans to cut corporate income tax rate from 25% to 20% in a bid to make the economy more competitive in attracting investments. Minister of finance Bambang Brodjonegoro said this is part of the proposal to amend the Law on Income Tax.

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Lower State Revenue & Positive Business Activity

Finance Minister Bambang Brodjonegoro told the press that realized state revenue reached Rp247.6 trillion in the first quarter of 2016, representing 13.6% of this year’s target of Rp1,822.5 trillion. This achievement is lower compared to Rp284 trillion revenue in the corresponding period of last year which represented 16.1% of last year’s target of Rp1,761.6 trillion.

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