Paper producers reported weaker earnings in 2023, while some suffered losses including Fajar Surya Wisesa (FASW) controlled by Siam Cement Group (SCG) and Toba Pulp Lestari (INRU) linked to Sukanto Tanoto, main competitor of Sinarmas Group in pulp and paper business.

Pharmaceutical firm Pyridam Farma (PYFA) plans to launch the rights issue, offering 10.7 billion new shares, representing 95.24% of its enlarged capital, priced at Rp100 per share, to raise total proceeds of Rp1.07 trillion. 

Not only Petrindo Jaya (CUAN) and Barito Renewables (BREN). Petrochemical giant Chandra Asri (TPIA) is member of Barito Pacific Group (Prajogo Pangestu) valued overtly in the market. The stock was last worth Rp504 trillion, more than 10 times equity as at December 31, 2023. 

Steel has increasingly become an export commodity to watch for Indonesia because it emerged as third largest behind coal and palm oil. HRC steel, one of key indicators, has gained nearly 19% in the past 30 days whilst still 17% below the same period last year.

The Ministry of Energy and Mineral Resources (ESDM) is targeting the construction of 16 smelters in integrated mineral refining facilities this year, including seven nickel smelters, where five units have been completed and two units under construction, with a total investment value of US$2.67 billion.

Mixed news came from various parts of the world. Sales of EV in China, the world’s largest market, were slowed down in the first two months of 2024 due to economic slowdown in the world’s second largest economy. Marke share of EV in the US, the largest automobile market, meanwhile, is predicted to grow significantly this year.

Minister of Health Budi Gunadi Sadikin inaugurated the IVD (In Vitro Diagnostic) medical device factory owned by Chinese medical manufacturer PT Virtue Diagnostics Indonesia in Cikarang, West Java province with US$10 million of investment. Sitting in the 12,200 square meters area, the factory is claimed as the largest IVD medical device in Southeast Asia.

PT Pupuk Kalimantan Timur (Pupuk Kaltim), a subsidiary of state-owned fertilizer holding company PT Pupuk Indonesia continues to expand its production capacity. Interesting to see whether the government will eventually allow the company to launch an initial public offering (IPO).

World crude steel production for the 71 countries reporting to the World Steel Association was 148.1 Mt in January 2024, a 1.6% decrease compared to January 2023. China is estimated to have crude steel production of 77.2 Mt in January 2024, down 6.9% on January 2023. 

For two days, President Joko ‘Jokowi’ Widodo visited South Sulawesi province for reviewing and inaugurating a number of infrastructure projects. The President inaugurated the Centralized Domestic Waste Water Management System (SPAL-DT) in Losari, Makassar with Rp1.2 trillion of investment. Sitting on 2.37 hectares of land, the SPAL-DT has 16,000 cubic meters per day of capacity with 9.6 kilometers length wastewater pipe network, serving 41,000 households. The implementation of SPAL-DT project, which began in November 2020, completed this month.