Category: Business

Domestic credit card

Visa and Mastercard are furious with Bank Indonesia’s plan to introduce a domestic credit card system following President Joko ‘Jokowi’ Widodo’s calling for the use of homegrown cards to boost the country’s independence in financial transactions. Details yet to be provided, but with the growing mobile wallets in in-store payments, the plan deserved attention.

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Corporations to Watch

State construction firm PT PP Tbk (PTPP) divested some business activities–wholesale trading of cement, lime, sand and stone. In addition, PTPP also traded solid, liquid and gas fuels and related products.

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FY/22 Results: Multipolar & Hero

Lippo is not out of the woods yet. Lippo’s investment firm Multipolar (MLPL) suffered net loss of Rp60.6 billion in 2022, against profit of Rp26 billion in 2021, as investment income dropped 81.7% year on year (y/y) to Rp169.4 billion. 

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GOTO: Improved, but still in red

Shares of technology firm Goto Gojek Tokopedia (GOTO) opened flat this morning as investors were digesting full year 2022 unaudited financial results, where the company suffered loss of Rp40.4 trillion in 2022, widened from Rp25.9 trillion loss in 2021, as the goodwill (for impairment) contributed Rp11 trillion loss.

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FY/22 Results: BRMS & IFSH

Shares of mining firm Bumi Resources Minerals (BRMS), co-owned by Bakrie Group and Salim Group, have dropped almost 50% from peak to Rp153. Still, at this price, BRMS is among the most expensive stocks in the market, traded with PE multiple 100 on 2022 earnings. 

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IPO to Watch: Harita Nickel (2)

PT Trimegah Bangun Persada Tbk (NCKL), member of Harita Nickel, has kicked off its initial public offering (IPO) for 12.09 billion shares, representing 18% of its total issued and paid-up capital, priced at Rp1220-1250 per share, to raise total proceeds of between Rp14.75 trillion to Rp15.12 trillion. This implies to a bigger market capitalization than established nickel producers Aneka Tambang (ANTM) and Vale Indonesia (INCO).

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BI7DayRR Rate Policy

The central bank, Bank of Indonesia (BI) held the key 7-day reverse repurchase rate (BI7DayRR Rate) unchanged for the second straight month, at the over-three-year high of 5.75% during its March meeting in 2023. 

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FY/22: A Profitable Year for Consumer Financing

Pretty much like banks, consumer financing firms reported a profitable year in 2022 along with the growing demand supported by optimal economic recovery. Some focused in reducing costs, helping to lift profit. Six firms have reported profits for last year, with combined profit growing 54.91% year on year (y/y) to Rp4.8 trillion.

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Second Half Hurt Timah

State tin producer Timah (TINS) started 2022 really well with net profit of Rp1.08 trillion in the first half, but suffered loss in the second half to end the year with profit attributable to owners of Rp1.04 trillion in 2022, declined 20% year on year (y/y).

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FY/22 Results: DOID & DSSA

Shares of mining contractor Delta Dunia Makmur (DOID) opened substantially lower by 3.42% this morning on broad market sentiment even when the company announced a profitable year in 2022. DOID, co-owned by Northstar Pacific and TPG Capital, is now worth Rp2.43 trillion, nothing compared to the acquisition price more than a decade ago.

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Corporations to Watch

The State-owned Enterprises (SoE) ministry expects the merger of Indihome business line owned by Telkom Indonesia (TLKM) with PT Telkomsel, also subsidiary of TLKM, to complete in June-July this year.

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