Category: Business

Biden’s calls on steel

Joe Biden, who seeks a second term, has asked US authorities to triple taxes (import tariffs) on Chinese steel. This might have significant impact to Indonesian iron and steel industry, which grew fast in recent years thanks to immense investment from Chinese companies.

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M&A Update

Elang Mahkota Teknologi (EMTK), or the Emtek Group, through its subsidiary PT Roket Cipta Sentosa (RCS) is carrying out the negotiation process for the takeover of Cardig Aero Services (CASS) for Rp872.76 billion value. 

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Playing catch-up with Vietnam on Apple?

So, Tim Cook, CEO of Apple, met president Joko ‘Jokowi’ Widodo and president elect Prabowo Subianto in Jakarta Wednesday (Apr 17) with fresh ‘commitment’ to look at ‘possible’ manufacturing investment. While Indonesia is the largest market in Southeast Asia for Apple, the country is seen by the tech giant only as a market. Cook visited Vietnam first, where he committed more investments. 

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Harum-Eternal Tsingshan Partnership

Coal miner Harum Energy (HRUM), owned by Kiki Barki Family, has on April 5 2024 signed a memorandum of understanding on strategic cooperation in the context of developing the company’s nickel portfolio. In recent years, HRUM has invested in the nickel sector as part of the company’s business diversification strategy.

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Freeport Earnings

PT Freeport Indonesia (PTFI), the world’s largest copper and gold mine, managed to record a net profit of US$3.16 billion, equivalent to Rp48.79 trillion in 2023, slightly above Bank Central Asia/BBCA (Rp48.3 trillion). This should boost financials of MIND ID, the largest shareholder of PTFI, which is parent of state mining companies like Aneka Tambang (ANTM), Bukit Asam (PTBA), Timah (TINS), and soon PT Vale Indonesia Tbk (INCO). 

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WIKA Divestment & Further State Capital Injection

State construction firm Wijaya Karya (WIKA) is another headache for the next administration. Big hole from huge loss of Rp5.84 trillion in the first nine months of 2023 has to be filled with Rp6 trillion of capital injection from the State Budget. Poor supervision from Jokowi administration has led to series of problems, including corruption. 

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Musk heats up competition

Satellite internet provider under SpaceX owned by Elon Musk, Starlink has started to fulfill its operating permit in Indonesia. The company is set to run its network operations in May with the initial trial phase in Nusantara new capital city (IKN). Starlink, in addition, is partnering with local internet providers.

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PIK-2 vs BSD City

Shares of BSD City (BSDE), controlled by Widjaja Family, ended significantly lower by 5.13% on Tuesday (Apr 16) to make a market capitalisation of Rp19.6 trillion. On the other hand, shares of Pantai Indah Kapuk Dua (PANI), developer of PIK-2 township co-owned by Agung Sedayu and Salim Group, edged higher by 1.35% to make a market cap of Rp87.9 trillion. 

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Manufacturing Update

Domestic car sales, both wholesale and retail, experienced a decline in the first quarter (Q1) of 2024 compared to the same period last year. This cannot be separated from macroeconomic indicators that are not yet supportive.

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Revisiting Nusantara Infrastructure

Toll operator Nusantara Infrastructure (META), co-owned by Salim Group, recorded a net loss of Rp233.74 billion in 2023, even though the company’s revenue increased significantly. This was mainly attributable to soaring costs and financial burden.

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South Korean Banks So Far

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.

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