Bank Woori Saudara (SDRA), controlled by South Korean Woori Bank, is issuing 6.4 billion shares at Rp500 per share to raise Rp3.2 trillion to strengthen its capital structure. This is the second major fund raising by South Korean banks in Indonesia after Kookmin Bank (KB) did so for KB Bukopin last year.
Read MoreBanks continue to lend support to nickel industry despite recent correction of prices. PT ESG New Energy Material, a joint venture between IDX-listed Merdeka Battery Materials (MBMA) and GEM (China), has just secured US$490 million loan facility from a syndication of state banks Mandiri (BMRI) and BNI (BBNI) with the Bangkok Bank PCL.
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Fights between political parties within the coalition of Prabowo-Gibran for power sharing in the new administration might intensify soon after the Constitutional Court wrapping up their rulings on election disputes in the coming days.
Read MoreThe Central Bureau of Statistics (BPS) is scheduled to release export-import data for the first quarter of 2024. We don’t expect surprises with slowdown in both export and import due to changes of commodity prices.
Read MorePaper producers reported weaker earnings in 2023, while some suffered losses including Fajar Surya Wisesa (FASW) controlled by Siam Cement Group (SCG) and Toba Pulp Lestari (INRU) linked to Sukanto Tanoto, main competitor of Sinarmas Group in pulp and paper business.
Read MoreThe chance is there for Jokowi to end his last year in office with lower economic growth if tension between Iran and Israel escalates. Brent crude, benchmark for Indonesian Crude Price (ICP), has hovered above US$90 per barrel, and a further rally to above US$100 would force the government to make some substantial adjustment to the State Budget 2024.
Read MoreTrials of the defendants in the case of alleged corruption related to PT Aneka Tambang Tbk (ANTM) are ongoing. Recently, the prosecutors read their demands for one of the most important defendants, namely the former Director General of Mineral and Coal at the Ministry of Energy and Mineral Resources, Ridwan Djamaluddin.
Read MoreState pharmaceutical firm PT Indofarma Tbk (INAF) is having a rough time. In addition to a series of losses over the years, the company also faces legal issues. Within less than a year, Indofarma has faced three lawsuits demanding the company to restructure its debts (PKPU); the latest lawsuit was submitted last week by PT Foresight Global, a labor distribution/supply company.
Read MoreThe Asian Development Bank (ADB) estimates that Indonesia’s economic to grow by 5% this year and next year, with domestic demand continuing to drive growth and offset weaker contributions from net exports. Domestic consumption is projected to remain strong, while investment is likely to remain stable. This is reflected in consumer confidence trends and retail sales which are generally at pre-pandemic levels.
Read MoreShares of industrial estate developer Pakuwon Jati (PWON) gained 0.93% to Rp432 in April 5, 2024, to make market capitalization of Rp20.8 trillion. The stock, however, fell 2.26% this year. Investors seem to remain concern on earning prospect, as PWON only reported a 4.38% growth in revenue (Rp6.2 trillion) for 2023.
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