Unlike most nickel smelters, HKSE-listed Lygend Resources Ltd, where Indonesian Harita Group is a minority partner, reported 68.7% jump in net profit to RMB1.77 billion last year, thanks to ‘generosity’ of Indonesian government in providing 10 to 15 years to tax holidays. 

Shares of Aneka Tambang (ANTM) advanced 5.4% to Rp1,475 on Wednesday (Apr 9) on broad market recovery and release of the company’s financial report for full year 2024, where it posted 18.5% increase in net profit to Rp3.65 trillion.

Asian stock markets opened substantially higher Thursday (Apr 10) to tracking Wall Street. All Ordinaries gained 5.2% in Sydney, while Nikkei 225 surged by 8.3% in Tokyo. Kospi index also gained 5.1% in Seoul as Trump paused tariff hike except for China.

PT Pertamina (Persero) is under constant pressure. Not long ago we all know that the Attorney General’s Office (AGO) named seven suspects in a case of alleged corruption in the procurement of crude oil and Pertamina’s refinery products. Several suspects named are high-ranking officials at Pertamina’s Subholding, including PT Pertamina Patra Niaga (PT PPN), PT Kilang Pertamina Internasional (PT KPI) and PT Pertamina International Shipping (PT PIS) with a total State loss estimated at a whopping Rp197 trillion. But even before this problem is resolved, PT PPN again has to face allegations of other fraud after the Business Competition Supervisory Commission (KPPU) took the initiative to start a preliminary investigation into alleged monopolistic practices in the sale of Non-Subsidized Liquefied Petroleum Gas (LPG) in the midstream market. What a mess. 

PT Fast Food Indonesia Tbk (FAST), operator of Kentucky Fried Chicken (KFC) outlets, yet to publish financial report for 2024, but Indoritel (DNET), which has substantial shareholding in FAST, pointed to significant worsening of the fast-food chain’s financial performance.

Shares of convenience store giant Alfamart (AMRT) ended slightly lower by 1% to Rp2,030 on Tuesday (Apr 8) to make a market capitalisation of Rp84.3 trillion. Pretty much not affected by the broad market correction on Trump’s sweeping tariffs. 

Association of hotels and restaurants (PHRI) has warned the government about substantial correction in occupancy rates of hotels nationwide in the first quarter, which could force them to lay off more workers.

Asian stock markets returned to negative territory Wednesday (Apr 9) on concerns surrounding US-China showdown in tariffs. Nikkei 225, which gained more than 6% on Tuesday, opened lower by 2.9% in Tokyo, while All Ordinaries down 1% in Sydney. Pressures on commodities, meanwhile, returned with Brent crude losing 5% in Asian trading.

Composite index of Indonesia Stock Exchange (IDX) ended lower by 7.9% on Tuesday (Apr 8), the first trading day after the long Lebaran holidays. It was a broad market correction, reflecting overall concerns about economic slowdown from Trump’s sweeping tariffs. Indonesian government tried to calm market participants by saying ‘everything is OK, under control’, but not enough.