Category: Business

Reality check for Merdeka Battery

Revenues from nickel sales surged 192% to US$1.33 billion last year, but Merdeka Battery Materials (MBMA) posted gross profit of US$77.5 million only, an increase of 74.5% from 2022. The nickel producer suffered more in the fourth quarter due to falling prices in international market on oversupply from Indonesia and softened demand.

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MD Pictures: Trading manipulation?

Shares of MD Pictures (FILM), a production house, ended higher by 4.6% to Rp4,580 on Wednesday (Mar 27) even when the company reported 40% fall in net profit last year. At the last quoted price, MD Pictures was traded with PE multiple 458, one of the most overcooked stocks in the market.

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The overcooked Amman Mineral

Shares of Amman Mineral Internasional (AMMN), parent of gold and copper miner PT Amman Mineral Nusa Tenggara (AMNT), ended lower by 0.86% to Rp8,600 on Wednesday (March 27) as investors digesting financial results in 2023. We anticipate further correction to reflect fair value of this company.

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M&A Update: Forced consolidation of XL-Smartfren?

Shares of cellular operator XL Axiata (EXCL) lost 4.6% to Rp2,280 on Wednesday (March 27), valued at Rp31.1 trillion, with sentiment undermined by the development on the consolidation or merger with Smartfren Telecom (FREN) which was traded flat at Rp50 yesterday, valued at Rp16.77 trillion.

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Charoen Pokphand vs Japfa

Shares of Charoen Pokphand Indonesia (CPIN), the largest integrated poultry player, fell 1.42% to Rp5,225 on Tuesday (March 26), to make market capitalization of Rp85.68 trillion. The stock however has gained 17.7% from its lowest price this year, at Rp4440 early last month. Second largest Japfa Comfeed (JPFA) also fell 2.1% to Rp1165 yesterday, valued at Rp13.66 trillion. 

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FY/23 Results: Property

Property developer mostly reported positive growth in earnings for 2023, to continue this year, supported by the implementation of Government’s value added tax incentive policy. Property sector is then expected to have a 7-10% growth this year. That said, the residential sub-sector will remain the favourite in 2024 considering that currently the housing backlog has reached 12.7 million units. In addition, there is an increase in demand from end users by 800,000 units every year.

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Corporations to watch

So, everybody enters EV ecosystem. Elnusa, a subsidiary of PT Pertamina Hulu Energi which is part of the Upstream Subholding, signed a memorandum of understanding on electric vehicle (EV) ecosystem development cooperation with PT Industri Batteries Indonesia or as it is often called Indonesia Battery Corporation (IBC). 

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Higher margins at Alfamart

Shares of Sumber Alfaria Trijaya (AMRT), operator of convenience stores Alfamart, ended flat at Rp2,900 on Monday (Mar 25) to make a market capitalisation of Rp120.4 trillion, 7.7x equity, which is one of the most expensive stocks in the market. 

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Dairy weighs on Indofood CBP

Indofood CBP Sukses Makmur (ICBP), subsidiary of INDF, booked profit attributable to owners of Rp6.9 trillion in 2023, grew 50% y/y,  jumped 112%, due to improved margins and falling finance costs (from Rp6.18 trillion to Rp2.02 trillion). 

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Corporations to Watch: ASII & LPCK

Pretty much as anticipated, Astra International (ASII), the largest automotive firm, plans to add new business–electric vehicles battery industry, sale of electricity power, hazardous waste collection, and call center activity. The Company willl seek shareholders approval on said plan in 30 April 2024. Current shareholders are Jardine Cycle & Carriage Limited 50.11% and public investors 49.89%.

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