In contrast to Salim Group’s iron sand smelting project in Taliabu Island, Maluku province, which is getting closer to commercial operation, construction of similar project in Kulon Progo regency, Yogyakarta province planned by ASX-listed Indo Mines Ltd has been delayed for almost five years now. The Company was granted contract of work eight years ago by SBY-Kalla administration with a plan to build an integrated iron-steel plant with US$1 billion of investment.

Salim Group is among the most aggressive investors in mining sector in the past five years. Other than acquisition of coal assets in Indonesia and Australia, the group has also expanded its portfolios in base metals in both countries. Salim, one of the largest business groups in Indonesia, has significant operations in Maluku province.

Matahari Department Stores (LPPF), which operates 146 stores, currently has market capitalization of Rp60.8 trillion. Ramayana Lestari (RALS), which operates 115 stores, meanwhile, has market value of Rp8.4 trillion only. LPPF generated sales revenue of Rp5.18 trillion in the first half, while Ramayana reported 2.77 trillion. Why LPPF is valued six times bigger than Ramayana? What makes the big gap of valuation?

Gajah Tunggal (GJTL), tire producer controlled by tycoon Sjamsul Nursalim, reported sales revenue growth of 12.2% in the first half of 2016, significantly better than Multistrada Arahsarana (MASA) and Goodyear Indonesia (GDYR), two other tire producers listed on Indonesia Stock Exchange (IDX). Multistrada reported 6.5% fall in sales revenue, while Goodyear Indonesia inched up 0.7% in the same period.

Upon reading financial statements of six cable manufacturers listed on Indonesia Stock Exchange (IDX), we can safely conclude that cable was the bright spot in manufacturing sector for the first half of 2016. They enjoyed strong growth, thanks to investments in telecommunication and, most importantly, power transmission projects from PT Perusahaan Listrik Negara (PLN).