Integrated Poultry Players: Wonokoyo Group
Shares of four integrated poultry players listed on Indonesia Stock Exchange (IDX) have dropped significantly from their recent peak due to depreciation of rupiah and rally in raw materials, corn and soybeans. Still, this is an interesting industry to watch, given its role in feeding the world’s fourth largest population. In this issue, we discuss Wonokoyo Jaya Corporindo, one of the largest players not listed on IDX.
Sinarmas’ Cable TV & Internet
Sinarmas Group (Widjaja Family) is relatively new player in pay TV business. The group, however, has been aggressively investing in the cable TV and Internet business and recorded among the strongest growth this year. It is still very small compared to MNC Group or Lippo Group, but deserved serious attention.
Tower Industry: TBIG (Saratoga) vs TOWR (Djarum)
PT Tower Bersama Infrastructure (TBIG) Tbk, tower operator controlled by Saratoga Group (Edwin Soeryadjaya), has just released its financial statement for the period ended Sept 30, 2016. The Company’s total asset was slightly smaller than Sarana Menara Nusantara (TOWR), controlled by Djarum Group (Hartono family), but TOWR is valued significantly higher than TBIG.
Revisiting Saratoga’s Mitra Pinasthika
Mitra Pinasthika Mustika (MPMX), distributor of Honda motorcycle, which is controlled by Saratoga Investama Sedaya (SRTG), is among stocks yet to gain since initial public offering (IPO). MPMX offered 970 million shares at Rp1500 per share in May 2013, but has since...
Trans-Java Toll Roads Update
The long-delayed toll road connecting Tanjung Priok, the largest port in Indonesia, will soon enter commercial operation. This will significantly boost Indonesia’s logistic profile. Some sections of trans-Java toll road project will also enter commercial operation next year and 2018, increasing competitiveness of Indonesian logistics to investors and tourism industry.
Trans-Sumatra Toll Road Update
Land acquisition for Bakeuheni-Terbanggi Besar (141 KM) toll road in Sumatra has been faster recently. On November 25, for example, the government paid out compensation for 199 parcels of land in Serdang village. Earlier on November 17, the government also paid out compensation for 10 parcels in Gali Village, Lampung province, paving the way for faster construction of Section II of the toll road.
Speculations on Trada Maritime
Shares of Trada Maritime (TRAM), the troubled shipping company, retreated by 6% to Rp181 Monday (Nov 28). Still, Trada is among the best performing stocks with 262% gain year-to-date. At the current price, Trada has market capitalization of US$130 million, more than ten times its equity. Seriously?
Revisiting Gita’s Ancora
PT Ancora Indonesia Resources Tbk (OKAS) booked net loss of US$3.86 million in the first nine months of 2016, expanded 35% from the corresponding period of 2015 due to falling sales revenues and squeezed margins. This is one of portfolios of Ancora Group, a private equity firm established and owned by Gita Wirjawan, former banker and cabinet member.
Property Player to Watch: Asiana Group
Some said that middle-up market of property has slowed down significantly in the past few years. But, Asiana Group seems undeterred. kompas.com reported last week that the group plans to launch three premium apartment projects with expected sales revenue of Rp4 trillion next year.
Go East: Jateng Land & People Behind
Progress of trans-Java toll road connecting west, central, and east Java has attracted some to develop industrial estates in Central Java province. We’ve discussed extensively about Sembawang Corp-Jababeka’s Kendal Industrial Park. This time, let’s talk about Demak Industrial Park developed by PT Jawa Tengah Lahan Andalan (Jateng Land).