Category: Market

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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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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Outstanding export in the first four months

Indonesia reported a record trade surplus of US$7.56 billion in April 2022, expanded by 67% from March due to 3.1% increase in export, while import declined by 10%. The country, accordingly, already booked trade surplus of nearly US$17 billion in the first four months, surged by 116% from the corresponding period last year.

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Ridwan Djamaluddin Respond

Ridwan Djamaludin, Director General of Minerals and Coal, has been made acting governor of Bangka Belitung. Many protested against the decision. Some see it as a conflict of interest as Djamaludin is known for being close to the Coordinating Minister for Maritime Affairs and Investment, Luhut B. Pandjaitan.

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