Category: Business

From Coal to Nickel (2)

In November last year, TOBA formed a joint venture with ride-hailing giant Gojek. They aim to capitalize on the development of the electric motorcycle business in Indonesia. Through its subsidiary, PT Karya Baru TBS, TOBA signed the deed of establishment of PT Energi Kreasi Bersama, a joint venture company in the form of a limited liability company established by PT Rekan Anak Bangsa. The paid-up capital at PT Energi Kreasi Bersama is Rp. 71.75 billion.

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Budget Revised

The Government proposed revising the state budget and spending (APBN) for 2022. The Budget Body of House Representatives (DPR) approved the said proposal. The Government needs to revise, especially on the spending side, as higher crude oil prices will impact higher subsidies for energy.

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Merdeka Copper getting closer to the Nickel-EV Ecosystem

Merdeka Copper Gold (MDKA) announced the entry of Brunp, an entity controlled by China’s Contemporary Amperex Technology Co Ltd (CATL), as owner of 5% shares in the gold and copper producer, which currently has market capitalization of Rp120 trillion. This is the second major investment from CATL, the world’s largest lithium ion battery manufacturer, in Indonesia.

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Q1/22 Results: PTBA & TINS

State coal miner Bukit Asam (PTBA) booked profit attributable to owners of Rp2.24 trillion in the first quarter (Q1) of 2022, surged 355% year on year (y/y), as revenues jumped 110% y/y to Rp8.2 trillion and operating profit surged 457% y/y to Rp2.86 trillion. PTBA also recorded a finance income of Rp103.7 billion in Q1 this year, which doubled from Q1 last year.

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State-owned telco firm Telekomunikasi Indonesia (TLKM), or Telkom, opted to maintain its investment in PT GoTo Gojek Tokopedia Tbk (GOTO) for developing a larger digital ecosystem. The current drop in GOTO shares prices is considered normal in line with the market dynamic.

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Coal Journal

Newcastle coal futures, the benchmark for top consuming region Asia, consolidated above the US$400-per-ton mark and just 20 dollars shy of its record peak, supported by continued robust demand against a tightening market backdrop.

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