External trade: Indonesia vs Vietnam
Indonesia’s total external trade (export plus import) reached US$453.65 billion in the first eleven months of 2024, increased by 3.3% from the corresponding period last year. Vietnam, meanwhile, enjoyed 15.4% growth to US$715.6 billion in the same period.
More Gerindra politicians in state companies
Minister of state-owned enterprises Erick Thohir has appointed Gerindra party politician as ‘independent’ commissioner of the troubled state steel manufacturing company Krakatau Steel (KRAS). The country’s leaders continue to fool people with the ‘independent’ label.
The Ballooning Taxes Payables of Bakrie’s Media Group
Visi Media Asia (VIVA), media company controlled by Bakrie Group, has just released its financial statement for the period ended June 30, 2024. While operations seemed better, the company, which is parent of TVOne and ANTV, recorded taxes payable of Rp763 billion, ballooned from Rp452 billion in December 2022.
Stricter waste paper trade
Most countries, including members of European Union and Australia, have introduced stricter measures on export of waste paper. Indonesia, one of the main importers, also plans to introduce a stricter rule on impurities of waste paper. Combined, they might have far-reaching implications to paper producers listed on the Indonesia Stock Exchange (IDX).
Hapsoro’s KING & QUEEN
Shares of Rukun Raharja (RAJA), an oil and gas company controlled by Hapsoro (Happy) Sukmonohadi, husband of the House Speaker Puan Maharani (daughter of PDIP matriarch Megawati Soekarnoputri), ended lower by 2.46% to Rp2,770 last Friday (Dec 13). RAJA’s subsidiary PT Raharja Energi Cepu Tbk (RATU), meanwhile, kicks off an initial public offering (IPO), seeking up to Rp624.5 billion proceeds.
Valuation Gap: Charoen Pokphand vs Japfa (2)
Charoen Pokphand (CPIN), the largest integrated poultry player in Indonesia, is now worth Rp81.17 trillion, more than three times Japfa Comfeed (JPFA), the second largest player. In the first nine months of 2024, Japfa came out stronger than Charoen in terms of profit margins.
Investments in EV Charging Infrastructure
V-Green and Prime Group have signed a memorandum of understanding (MoU) to develop 100,0000 VinFast electric vehicle (EV) charging infrastructure in Indonesia over the next three years with a projected total investment of US$1.2 billion. The construction and development of the charging stations will begin in January 2025, with some stations expected to be operational next year.
The fall of Gudang Garam (2)
In theory, the unappropriated retained earnings can be passed on to the shareholders in the form of dividend payments. Cigarette maker Gudang Garam (GGRM) recorded unappropriated retained earnings of Rp60.7 trillion by Sept 30, 2024, more than twice the company’s market value (Rp26.2 trillion), which already lost more than 80% in the past two years.
The Three Million Homes: Get Real!
Qatar and United Arab Emirates (UAE) are committed to build one million homes per annum under President Prabowo’s ambitious three million homes per annum program. One Chinese company has also expressed willingness to build one million homes per annum. Without details, however, most shared doubts.
Jhonlin Group: Here, there, and everywhere (2)
On July 25, 2022, Haji Isam kicked off construction of nickel smelter in the special economic zone in Batulicin, South Kalimantan. Attending the ceremony were Uncle Birin (then governor of South Kalimantan, now a wanted person in corruption case, who is uncle of Haji Isam) and some high profile persons.