Category: Market

Reality Check on Barito Renewables

Shares of Barito Renewables (BREN), controlled by tycoon Prajogo Pangestu, opened lower by 1% to Rp5,100 this morning as investors digesting bottomline performance of the company last year. Minutes into trading, however, the stock regained grounds 2% to make a market capitalisation of Rp705.7 trillion, third largest on IDX behind BCA and BRI.

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Huge Loss of Saratoga

Investment firm Saratoga Investama Sedaya (SRTG), co-owned by Sandiaga Salahuddin Uno (minister of tourism and politician from Islamic party PPP) and Edwin Soeryadjaya, suffered loss of Rp10.1 trillion in 2023, against profit of Rp4.6 trillion in 2022, as it recorded Rp13.8 trillion loss on investment in shares and other securities. 

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Bracing for further slowdown in export

Indonesia booked trade surplus of US$867 million last month, a free fall from US$5.4 billion in February 2023 as export declined 9.45%, while import surged by 15.8%. The import side might be one-off due to substantial increase in import of cereals (rice) by 54% in the month, but there were alarming signs in the export side.

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Squeezed margins at BSD City

Shares of BSD City (BSDE), one of the largest property developers in Indonesia controlled by Sinarmas Group (Widjaja Family), ended slightly lower by 0.5% to Rp1,015 on Thursday (Mar 14) as some investors responded negatively the company’s financial performance last year.

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M&A Update

Multifinance firm Adira Dinamika Multi Finance (ADMF) or Adira Finance, a subsidiary of Bank Danamon (BDMN) announced that it had purchased 10% of the shares in Mandala Multifinance (MFIN) or Mandala Finance for Rp873.7 billion value.

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Bakrie’s operations improved, but…

Bakrie & Brothers (BNBR) booked profit attributable to owners of Rp264.46 billion in 2023, declined 10.9% year on year (y/y) due to a drop in gain on divestment of shares and investments. In general, operations of the company improved with revenue growth of 3.87% y/y to Rp3.75 trillion, while operating profit also grew 50% y/y to Rp348.3 billion in 2023. 

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Mixed results from DOID and PGAS

Mining contractor Delta Dunia Makmur (DOID) booked net profit of US$36 million in 2023, grew 28.6% year on year (y/y), as revenue rose 20% y/y to US$1.83 billion. The Company however reported higher cost of revenue and higher operating expenses and finance cost, limiting the growth in the bottom line.

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Revisiting Cinema XXI

Shares of Nusantara Sejahtera Raya (CNMA), the largest cinema network operator in Indonesia with its popular Cinema XXI brand, fell 3.25% to Rp238 on Friday last week (March 8), even though the Company reported a 47% rise year on year (y/y) in profit, also a 19% rise in revenue for 2023. At the last quoted price, CNMA was valued at Rp19.83 trillion, reflecting PE multiple 39.93.

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A weaker 2023 from Triputra Agro

Like peers, plantation firm Triputra Agro Persada (TAPG), controlled by the family of tycoon TP Rachmat (shareholder of Adaro Energy/ADRO), booked profit attributable to owners of Rp1.61 trillion in 2023, fell 46% year on year (y/y) as operating profit dropped 54.8% y/y to Rp1.37 trillion. 

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Weaker FY/23 Results of Semen Indonesia

Shares of state cement maker Semen Indonesia (SMGR) ended lower 0.42% to Rp5,900 as investors responded negatively the company’s performance in 2023. At the latest quoted price, SMGR was valued at Rp39.9 trillion, way below equity (Rp47.8 trillion as of December 30, 2023) and traded with PE multiple 15.82. 

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