Winner Group is not as popular as Ciputra, Agung Podomoro, Lippo, Salim, or Pollux Development when it comes to property development in Batam Island, Riau Islands province. Ciputra, for example, mulls Rp5 trillion of investment to revitalize Nagoya Batam complex. Pollux Group, meanwhile, kicked off Rp1.5 trillion property project in the island last year. Agung Podomoro started out Rp4.5 trillion of projects four years ago. Winner Group also looks aggressive in the past few years, betting on the government’s efforts to revitalize investments in Batam, Bintan, and Karimum (BBK).

Greentown China Holdings Limited is one of the largest property developers in China with net sales revenue of RMB29 billion (US$4.2 billion) and net profit of RMB1.9 billion last year. With cash in hands of RMB22.7 billion (US$3.3 billion), the Company has recently joined other Chinese companies in property projects in Indonesia.

Siloam Hospitals (SILO) is among the best performing stocks with 28.4% gain year-to-date. Mitra Keluarga Hospital (MIKA), meanwhile, inched up 1.2% only. Mitra Keluarga, however, currently has market value of Rp37.8 trillion or nearly 11 x equity, while Siloam Hospitals has market value of Rp18.2 trillion or 5.8 x equity only.

Tyre producer Gajah Tunggal (GJTL) booked net profit of Rp627 billion last year against loss of Rp313 billion in 2015 on improved margins. The Company, however, reported significantly weaker performance in the fourth quarter of 2016, when sales revenues inched up 1.3% only, while operating profit declined by 15.5%.

On February 17, 2017, we published an article titled ‘Who’s entering Antangin (Deltomed)?’. In the article, we speculated on an investment company. Yesterday, Saratoga Investama Sedaya (SRTG), investment company controlled by tycoon Edwin Soeryadjaya, informed market participants that its subsidiary PT Saratoga Sentra Business (SSB) has acquired minority shareholding in PT Deltomed Laboratories, producer of Antangin JRG, a herbal remedy for the common cold, for Rp85.7 billion.

Shares of independent power producer Cikarang Listrindo (POWR) advanced 0.81% to Rp1240 this morning to respond the Company’s full year 2016 results. The price, however, represents 17.3% correction from initial public offering (IPO) price less than one year ago, confirming views from some people about valuation of POWR.

One of the biggest criticism towards President Joko ‘Jokowi’ Widodo in his infrastructure development agenda is ‘domination of state enterprises’. Responding to this, minister of transportation Budi Karya Sumadi has since last year offered the opportunity to private sector in the management of airports. In this context, it is important to understand financials of existing operators.

Matahari Department Stores (LPPF) booked net profit of Rp2.02 trillion last year, an increase of 13.4% from 2016. Matahari Putra Prima (MPPA), on the other hand, reported net profit of Rp7 billion only, crashed 83% from 2015. MPPA’s sales revenue slipped 2% to Rp13.5 trillion last year, while LPPF posted 9.9% growth to Rp9.9 trillion.

Indonesian Automotive Industry Association (Gaikindo) was upbeat with sales of cars in the first two months of 2017, which grew 5.8% from the corresponding period of 2016. Time will tell as to whether this year’s sales would beat the association’s growth projection of 3-4%. Sales of heavy equipment/construction machinery also jumped significantly in the first two months of 2017, lifted by demand from mining sector.

PT Fast Food Indonesia (FAST) Tbk, operator of Kentucky Fried Chicken outlets, booked net profit of Rp173 billion last year, jumped 64% from 2015. The Company was more aggressive last year with 32% increase in acquisition of fixed assets to grow its outlets.