Category: Business

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. 

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. 

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.  

Pharmaceutical firm Kalbe Farma (KLBF) booked a net profit of Rp716 billion in the first quarter (Q1) of 2021, grew 7.1% year on year (y/y), thanks to lower selling expenses. Revenues rose 3.8% to Rp6 trillion, and gross profit was flat at Rp2.6 trillion. Higher net profit growth compared to net sales growth was mainly due to increased efficiency in operating costs and lower tax rates. KLBF recorded selling expenses of Rp1.34 trillion, a 4.9% y/y decline. It also recorded a Rp28.4 billion share in the gain of the associates. 

Indonesia’s economy (gross domestic product/GDP) shrank by 0.74% in the first quarter (Q1) of 2021, after a 2.19% fall in the previous period. It was the fourth straight quarter of decline in the economy and the weakest...

Global stock markets gained on Wednesday (May 5). The Dow Jones finished its session at fresh record highs, as optimism about the reopening of the economy and strong earnings momentum sparked further demand for value-linked...

Petrochemical firm Chandra Asri Petrochemical (TPIA) booked a net profit of US$84.5 million in the first quarter (Q1) of 2021, against a loss of US$17.5 million in the corresponding period of 2020. Revenues grew 25.36% year on year (y/y) to US$598 million. The Company booked a gross profit of US$450.8 million in the said period, against a loss of US$16.59 million in Q1 of 2020.

Through its unit PT Alam Tri Abadi, coal miner Adaro Energy (ADRO) purchased 179 million shares of gold producer Merdeka Copper Gold (MDKA) from Garibaldi Thohir. Alam Tri Abadi purchased said shares at a price of Rp2420 per unit, or Rp433.18 billion in total.

Global stock markets mostly closed in red on Tuesday (May 4). The United States (US) Futures ticked higher in early Asian trade today, recovering after the Nasdaq Composite fell almost 2% for its worst day since March amid a broader market sell-off led by the technology sector. Tech stocks ended deep in negative territory.