Category: Market

M&A Update

Divestment of Vale Indonesia (INCO) shares might be the much anticipated acquisition this year because of its size and position in the global hunt for nickel assets. Some also anticipate the entry of strategic institutional investor into PT Pertamina Geothermal Energy (PGE), which will soon launch an initial public offering (IPO). 

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FY/22 Results of Bank Mandiri

State-owned Bank Mandiri (BMRI) booked profit after tax of Rp41.2 trillion in 2022, grew 46.9% year on year (y/y), bigger than Bank Central Asia (BBCA). Unfortunate for BMRI because it has consistently been valued way below BCA. At the last quoted price, Bank Mandiri was not even half of BCA’s market value.

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Vale Divestment (2)

The Ministry of Energy and Mineral Resources (ESDM) has started processing the extension of Vale Indonesia’s (INCO) contract of work (KK), to switch to a special mining business permit (IUPK) earlier this year.

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MAP Boga Adiperkasa

US-based equity firm General Atlantic plans to divest its shares ownership in MAP Boga Adiperkasa (MAPB). Through its Singapore-based entity GA Robusta F&B Company Ltd, General Atlantic will auction off part or all of its shares in the company that manages the Subway and Starbucks chains.

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Hospital Expansion: MIKA & HEAL

Hospital operators are optimistic with the prospect of the health industry this year, so they would start expansion after recovering from the COVID-19 pandemic. Mitra Keluarga (MIKA) sees a very positive impact on the recovery of patient visits to the hospital, along with the decline in Covid cases and the return to community activities.

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Revisiting Luhut’s TBS Energy

Shares of coal miner TBS Energi Utama (TOBA), linked to the family of Luhut Binsar Panjaitan, coordinating minister of maritime and investment affairs, gained 2.54% to Rp605 on Monday (January 30), to making market capitalization of Rp4.88 trillion. The stock gained 5.2% this month, but still valued way below equity (Rp6.3 trillion). 

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Revisiting Nusa Palapa Gemilang

Fertilizer producer Nusa Palapa Gemilang (NGPF) launched an initial public offering (IPO) in April 2021 at Rp100 per share. The stock, brought in by UOB Kay Hian as underwriter, briefly touched Rp138 before crashing to Rp50 or a Gocap stock. 

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TP Rachmat’s DSNG & TAPG

Palm plantation firms, Triputra Agro Persada (TAPG) and Dharma Satya Nusantara (DSNG), owned by tycoon TP Rachmat, projected crude palm oil (CPO) price to remain high until May this year, supporting their earning prospects.

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Strong results from BCA & the Hartonos

PT Bank Central Asia (BCA) Tbk (BBCA), the largest company listed on the Indonesia Stock Exchange (IDX) by market capitalization, booked net profit of Rp40.75 trillion in 2022, grew 29.6% year on year (y/y), as provision fell 51.5% y/y to Rp4.53 trillion. 

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Revisiting Indika Energy

Coal mining firm Indika Energy (INDY) has consistently been valued way below peers despite its effort to carry out a diversification program including in the development of renewable and EV ecosystem. Most recently, INDY has formed a joint venture in the health sector and is collaborating with a Canadian electric motorbike manufacturer.

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