Shares of ICT company PT Solusi Synergy Digital Tbk (WIFI), popular as Surge, ended higher by 2.8% to Rp440 on Thursday (Nov 21). That means the stock already gained 50% since Hashim Djojohadikusumo, brother of president Prabowo Subianto, entered into partnership with WIFI’s subsidiary.

Shares of Trimegah Bangun Persada (NCKL), popular as Harita Nickel, ended flat at Rp810 on Thursday (Nov 21) despite reports about strong bottom line in the first nine months of 2024. NCKL is now traded way below initial public offering (IPO) price or buy recommendations from some brokerage firms. 

Shares of PT Erajaya Swasembada Tbk (ERAA), the largest distributor of Apple products, ended lower by 1.38% on Thursday (Nov 21) amidst no approval for iPhone 16 to enter the market yet.

In mid-May 2024, PT Pan Brothers Tbk (PBRX) and its two subsidiaries faced a PKPU lawsuit from PT Januardi Putera Logistik (PT JPL). This lawsuit was granted less than a month later and the three companies officially faced the debt restructuring process in mid-June 2024. This process took place far from media coverage, simply because the public is not interested in this industry, even so, we know that the textile industry in Indonesia has an important role.

President Prabowo Subianto is expected to return home in the coming days after more than two weeks of overseas travel to, among others, attending APEC and G20 summits. Let’s see whether Prabowo will immediately launch the new super agency called BP Danantara, which will initially manage seven big state companies. 

So, the central bank (Bank Indonesia) has decided to keep its benchmark rate unchanged arguably to support rupiah, which depreciated against the greenback. At the current state of commodities (export and import), actually a weaker rupiah is good news for most. 

Shares of Archi Indonesia (ARCI), a gold miner controlled by Peter Sondakh’s Rajawali Corpora, ended flat at Rp268 to make a market capitalisation of Rp6.66 trillion. The stock moved away from prediction of some analysts early this year, who were mostly bullish on high gold price environment. 

Peer-to-peer lending platform (P2P lender), Investree, was ambitious to help strengthen the Indonesian economy by providing financial assistance to SMEs, especially those affected by COVID-19. This ambition is what makes them get a series of funding even in the midst of a pandemic. However, the impact of COVID-19 lasted longer than the prediction and the condition of the company was also affected although not completely. Throughout 2023, there were two lawsuits filed against the company and entering the third month of 2024, three lawsuits have been filed and the lawsuits and similar lawsuits against the company are growing in number. Too bad, nothing seems to be improving that the company’s license was finally revoked in October 2024. Within less than two years, there were 15 tort and default lawsuits filed to the South Jakarta District Court against Investree and the latest was registered in Nov. 4, 2024.

Shares of Chandra Asri (TPIA), the largest petrochemical company in Indonesia, ended further down by 2.2% to Rp6,575 on Tuesday (Nov 19) despite reports that acquisition of Shell Energy and Chemicals Park (SECP) is getting closer to completion.