Tax Amnesty in Action (6)
Friday, August 12, was a promising day for tax amnesty program. Tax Office reported additional Rp6.8 trillion of asses declared by taxpayers, the highest daily performance since the program was launched last month. That particular day, the State collected Rp128 billion of revenues. Vice President Jusuf Kalla was upbeat with the performance, dismissing doubts over Rp165 trillion revenue target from the program. Really?
TPS Food: First Half Results & Outlook
Next year, TPS Food (AISA) will commemorate 20 years of listing on Indonesia Stock Exchange (IDX). This is one of companies entering the market prior to Asian financial crisis in 1997. After series of debt restructuring, the Company started to be more aggressive in getting more public funds in the past eight years or so.
Integrated Poultry Players in First Half
Japfa Comfeed (JPFA) and Charoen Pokphand Indonesia (CPIN) booked net profit of Rp964 billion and Rp1.74 trillion respectively in the first half. Japfa reported lower sales revenue growth of 11.5%, but its operating profit skyrocketed almost 300% in the period.
Tax Amnesty in Action (5)
As of this morning, Tax Office has received 2992 assets declaration letter and collecting Rp388 billion of ransom under the tax amnesty program. It is only 0.2% from the government’s target of Rp165 trillion. The growth looks promising in the past two weeks. Last month, the first month of the program, Tax Office recived only 244 letters with total assets declared of Rp3.77 trillion. In the past two weeks, Tax Office received 2,648 letters with total assets declared of Rp15.18 trillion.
People Behind Assa Land
Classified as new property player, PT Assa Land has already gained public attention, especially with its activities in Surabaya, the second largest city in Indonesia. The name came to surface four years ago when it acquired Adistana Apartment project in Ngagel, Surabaya, whose construction was stopped for almost a decade.
KMI Wire & Cable: Further Rally?
Electric cable manufacturer PT KMI Wire and Cable (KBLI) Tbk is among the best performing stocks year-to-date with 144% gain. Trading volume in this stock has also increased significantly in the past few trading days as investors were upbeat with its strong performance in the first half. Further rally?
Go-Jek after Grab-Didi+SoftBank Deal
Bloomberg reported recently that China’s largest ride-sharing service Didi Chuxing and SoftBank were set to invest in around that could top US$600 million in Grab, a growing competitor for Go-Jek in Indonesia. This was shortly after Didi Chuxing and Uber China agreed to merge their operations. Didi and Uber, however, agreed to continue competing in Southeast Asia market, including Indonesia.
Toll Road Projects Update
The government has disbursed Rp2.1 trillion of bridge financing for land acquisition of some toll road projects, jumped 40% from Rp1.5 trillion in late July. Land acquisition for toll road projects is set to move faster with the growing amount of bridge financing from concession holders to Rp22.6 trillion. The government has by far secured Rp16 trillion from State Budget 2016 (revised) to repay the concession holders, while the balance is expected from the 2017 State Budget.
Freeport’s Decision
PT Freeport Indonesia’s plan to build a smelter in Gresik, East Java is facing land procurement issues. Freeport had wanted to build the smelter on PT Petro Kimia Gresik’s plot, but the Company reportedly changed its mind. Freeport is reportedly considering to build their smelter on the plot of land belonging to PT AKR Corporindo (AKR). And yet in January 2015, Freeport claimed to have signed an Memorandum of Understanding with PT Petrokimia Gresik to rent an 80-hectare plot valued at US$ 20 juta.
Property Player to Watch: Gunas Land
Gunas Land, as described in its website, is an emerging property player with projects in Indonesia and China. It is also member of a consortium engaged by Jakarta city administration to revitalize the Old Batavia. Who’s behind the group?