Strong FY24 results from Freeport Indonesia
Freeport McMoRan (FCX) has just released financial and operational data for full year 2024. The NYSE-listed company posted net profit of US$1.89 billion last year, inched up from US$1.84 billion in 2023. How about PT Freeport Indonesia, where it has 48.76% interest?
Economic slowdown? Not for the Hartono’s BCA (2)
Indonesian economy grew slower than projection, but domestic banks reported stronger profitability last year. Bank Central Asia (BBCA), the largest bank in private sector controlled by Hartono brothers (Djarum Group), booked net profit of Rp54.84 trillion last year, an increase of 12.7% from 2023.
Hary Tanoe & Trump
Shares of MNC Land (KPIG), a company controlled by Hary Tanoesoedibjo’s MNC Group, surged to its recent peak at Rp156 on the day Donald Trump was sworn in as America’s 47th president, but has retreated to Rp144 on Wednesday (Jan 22). At the last quoted price, MNC Land was worth Rp14.05 trillion.
Reality check on IKN Nusantara
Maruarar Sirait, minister of public housing and settlements, finally admitted that there were so many groundbreaking of projects in the ‘political capital city’ Nusantara (IKN), but only few have really invested there. Maruarar, a long-time supporter of the previous president Jokowi, was seen in some events in IKN Nusantara accompanying richest persons to launch the projects.
Google fined, challenged
The Business Competition Supervisory Commission (KPPU) declared Google LLC had committed monopoly and abused dominant position to prevent competition and development of technology. The tech giant, accordingly, is ordered to pay Rp202.5 billion of fines. Google immediately announced plans to appeal the ruling.
3 Million Homes yet to lift construction materials
Shares of construction material and EPC companies listed on the Indonesia Stock Exchange (IDX) yet to benefit from President Prabowo Subianto’s ambitious three million homes per annum program. Investors await clarity on how the program would be implemented.
Food self-sufficiency within two years?
President Prabowo Subianto praised his cabinet for what he claimed as ‘earlier than expected’ food self-sufficiency. Prabowo said Indonesia will achieve the food self-sufficiency by the end of this year or early 2026 the latest. Really?
Acquisition fails to lift BTN
Shares of state-owned mortgage bank PT Bank Tabungan Negara/ BTN (BBTN) ended flat at Rp1,095 on Tuesday (Jan 21) as investors responded to the Company’s acquisition plan of PT Bank Victoria Syariah, unit of Bank Victoria International (BVIC), as part of BTN’s strategy to form its own sharia business unit.
The mysterious fence: Prabowo vs Aguan? (4)
Shares of PT Pantai Indah Kapuk Dua Tbk (PANI) ended lower by 9.03% to Rp14,100 on Tuesday (Jan 21) as more data came out linking the mysterious fence in the Tangerang coastal area with the company’s Tropical Coastland, which carries the status as National Strategic Project (PSN) by Jokowi administration.
Market’s cautious response
Hours into trading, stock markets in the region gave up early gains as investors cautiously responded Trump’s policy directions. Composite index of Indonesia Stock Exchange (IDX) edged up 0.33% only in the morning session, while Nikkei 225 briefly returned to negative territory.