Category: Business

Banking Results

Bank Pembangunan Daerah Jawa Barat Dan Banten (BJBR) booked a net profit of Rp924.4 billion in the first half (H1) of 2021, growing 14.3% from Rp808 billion in the corresponding period of 2020. Net interest income rose 19.35% to Rp3.69 trillion, and operating profit grew 22.6% to Rp704 billion. Its other operating expenses also rose 23% to Rp3.2 trillion from the previous Rp2.6 trillion. BJBR’s net interest margin (NIM) increased 6.5% to Rp6.49 trillion. Credit only increased 2.2% to Rp91.6 trillion, while assets reached Rp150.4 trillion. Third-party funds rose 10% to Rp109.56 trillion. The non-performing loan (NPL) ratio was 1.34%.

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The Push to Finalize Smelter Construction

The Ministry of Energy and Mineral Resources (ESDM) continues to push smelter developers toward completing their construction projects. “As mandated by the Law (No. 3/2020), we continue to push mining companies to finish the construction of their respective smelter … there is a cap on how many smelters can be built due to the nickel sulphate supply constraint. The target for 2021 is four new smelters, bringing the total of operating smelters to 23, 16 of which are nickel smelters, two copper smelters, two bauxite smelters, one iron ore smelter, one manganese smelter and one zinc smelter. The target is to have 53 smelters by 2024,” The Directorate General for Minerals and Coal Ridwan Jamaludin told us on Aug. 26 via text message. 

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Corporate FY21 Results

IT service provider Metrodata Electronics (MTDL) booked a net profit of Rp243 billion in the first half (H1) of 2021, growing 55.6% year on year (y/y), as revenue rose 23.5% to Rp7.66 trillion and operating profit grew 35.6% to Rp426 billion. In the second quarter (Q2) of 2021, Metrodata booked a net profit of Rp121.19 billion, which jumped 96.2% y/y, with revenue growing 35% to Rp3.79 trillion.

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Market Snapshots

Global stock markets mostly ended lower on Tuesday, with United States (US) stock indexes retreating from record highs, led by tech-related stocks. Another rout in Asia triggered by regulatory fears sent shockwaves into Wall Street. Investors also remained cautious as the Federal Reserve (Fed) kicked off its two-day policy meeting, while concerns about the spread of the contagious Delta variant continued to weigh on sentiment. 

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EV Disruption Continues at Faster Pace

Strong sales of electric vehicles (EVs) worldwide in the first half of 2021 might have contributed to significantly higher price in some metals, particularly copper and nickel. PT Freeport Indonesia, one of the world’s largest producers of copper, for example, reported around US$3.4 billion of sales revenues from copper alone in the first half, jumped by 221% from the corresponding period last year.

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Higher Sales of United Tractors

United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—reported a higher sales performance in June 2021, compared to May 2021, led by construction. The mining, forestry, and agriculture segment weakened.

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Market & Commodities

Global stock markets ended mixed on Monday (July 26), with United States (US) stocks finishing in record territory. Investors are bullish about the global economic recovery. They look ahead to a busy week of economic data, earnings reports, and a Federal Reserve (Fed) policy meeting on Wednesday. 

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Corporations to Watch

AKR Corporindo (AKRA), the largest distributor of fuel in the private sector, booked a net profit of Rp610 billion in the first half (H1) of 2021, grew 34.9% year on year (y/y), helped by higher sales and revenue, higher operating profit, and lower finance cost, and foreign exchange (forex) gain.

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Monday Covid Brief: July 26, 2021

The situation continues to improve in Jakarta. Bed Occupancy Rate has fallen to 73 percent overall, and the positivity rate dropped to 21 percent based on tests conducted on July 24. The July 25 figure is not worthy of consideration given that only 15 thousand people were tested. It’s also encouraging that over 7 million Jakartans have received the first dose of the COVID-19 vaccine.

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Corporations to Watch

Food and beverages firm Mayora Indah (MYOR) expects to book a net profit of Rp2.14 trillion this year, a 1.9% rise compared to Rp2.09 trillion last year, with sales expected to grow 10.3% year on year (y/y) to Rp26.98 trillion....

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Update on IPO

E-commerce provider PT Bukalapak.com Tbk (BUKA) has conducted pre offering or book building for its 25.76 billion shares. Said offering was oversubscribed by more than four times or Rp87.6 trillion, reflecting the good appetite...

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Market This Week

Global markets gained last week as investors shrugged off concerns about the spread of the contagious Delta variant of the coronavirus to focus instead on prospects of a solid global economic recovery and continued support from...

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