More Gerindra politicians in major state companies
Helvi Yuni Moraza, politician from President Prabowo’s Gerindra Party, has been appointed new commissioner of state bank BRI (BBRI), alongside two other names, who are also linked to Prabowo’s inner circle.
Danantara & Its Inconsistencies
The only consistency at the newly established sovereign wealth fund is its inconsistencies. It is unfortunate that the inconsistencies are shown by the country’s leaders on the fund’s leadership. While directors are not allowed to have positions in other companies, the CEO and two other chiefs (Chief Operating Officer/COO and Chief Investment Officer/CIO) are exempted.
Healthy corrections on Mitra Keluarga Hospital
Shares of Mitra Keluarga Karyasehat (MIKA), one of the largest operators of private hospitals, ended substantially lower by 6.6% to Rp2,140 on Monday (Mar 24) even when the company reported a healthy 25% growth in net profit last year.
Reality check on Barito Renewables
Shares of Barito Renewables (BREN) ended lower by 8.8% to Rp5,450 Monday (Mar 25) to make a market capitalisation of Rp729 trillion even when the company reported net profit growth of 13.7% last year. At the last quoted price, BREN was still among the most expensive stocks in the market.
Danantara leaders & potential conflict of interests (2)
So, some high-profile names have been appointed advisors and managing directors of the newly established sovereign wealth fund Danantara. Some of the names, including those in the board of advisors, are famous names in the world of investment, but could have a huge conflict of interests.
Another market crash
Composite index of Indonesia Stock Exchange (IDX) fell as much as 3.6% in the opening hour of trading Monday (Mar 24) just when other markets in the region moved in narrow range. The same stocks contributed significantly to the downfall and recovery of the composite index (IHSG).
Reality check on Hermina Hospital
Shares of Medikaloka Hermina (HEAL), operator of Hermina hospitals, opened substantially lower by 3.8% this morning despite announcement of strong financial performance last year. Hermina has lost 38% its value from peak two months ago.
IPO to watch: FORE Coffee
A coffee start-up, PT Fore Kopi Indonesia, known as its brand Fore Coffee, plans to conduct an Initial Public Offering (IPO) on the Indonesia Stock Exchange (IDX), seeking to raise as much as Rp379.8 billion.
Limited improvement at Indocement
Acquisition of PT Semen Grobogan in Central Java was not enough to boost financial performance of cement manufacturer Indocement Tunggal Prakarsa (INTP). The company, once fully controlled by Salim Group, came out with small growth in sales revenues and net profit last year, while outlook remains grim.
Bank Jago improved, but not enough
Shares of digital bank Jago (ARTO) ended lower by 1.69% to Rp1,450 Friday (Mar 21) even when the company reported an impressive net profit growth of 79% to Rp129 billion last year.