Shares of Suparma (SPMA), paper manufacturer, opened lower by 5% Monday (Oct 31) despite strong performance in the third quarter. At the current price, Suparma has market capitalization of Rp273 billion, not even half of its equity. Fajar Surya Wisesa (FASW), another paper manufacturer, meanwhile, is now valued 2.3 x equity.

State-owned pharmaceutical company PT Kimia Farma (KAEF) Tbk is among the best performing stocks year-to-date with 146% gain. Looks like that investors were betting on the Company’s strong performance in the first half. We noticed slower growth year-on-year in the third quarter, but substantially better than the first half.

State EPC and toll road developer PT Waskita Karya Tbk (WSKT) is among the best performing stocks with 57% gain year-to-date. Semen Indonesia (SMGR), the largest cement producer in the country, on the other hand lost 12.5% this year on continuous margin pressures. How they performed in the third quarter?

Jokowi-Kalla Administration is determined to boost infrastructure project, especially toll road development. The government managed to secure approval from the House of Representatives (DPR) to inject Rp20 trillion funds into the State Assets Management Agency (LMAN) to funding of land acquisition, mostly for toll road projects.

Bread maker PT Nippon Indosari Corpindo (ROTI) Tbk booked net profit of Rp204 billion in Jan-Sep 2016, an increase of 5.7% from the corresponding period of 2015. The Company enjoyed strong sales revenue of 17.1% to Rp1.84 trillion in the period.

Pressures on the largest conventional taxi operator Blue Bird (BIRD) might have continued. The Company did report net profit of Rp132 billion in the third quarter, significantly better than average profit in the first two quarters of the year, but it dropped 27.3% year-on-year.

XL Axiata (EXCL), the third largest telco operator in Indonesia, reported net profit of Rp160 billion in Jan-Sep 2016 against loss of Rp507 billion in the corresponding period of 2015. Better? Well, the company’s operating profit crashed 52.6% to Rp1.19 trillion in the period.

Mining sector is top performer in the stock market year-to-date as investors bet on further recovery. Sales data of Komatsu, market leader in heavy equipment and construction machinery industry, for September 2016 might give them another boost.

Retailer Hero Supermarket (HERO) booked net profit of Rp45 billion in Jan-Sep 2016 against loss of Rp31 billion in the corresponding period of 2015. In the third quarter, HERO posted net profit of Rp25 billion against Rp1 billion only in Q3/15. But, the Company’s sales revenues dropped significantly in the quarter.