Waiting the EXCL-FREN merger
Shares of XL Axiata (EXCL), third largest player in the telco industry, ended slightly higher by 0.47% to Rp2,150 on Monday (Nov 18) to make a market capitalisation of Rp28.2 trillion, slightly above equity (Rp25.7 trillion). SmartFren Telecom (FREN), meanwhile, ended flat at Rp26 to make a market cap of Rp12.4 trillion.
The curious case of MNC Networks (IPTV)
MNC Group, controlled by businessman cum politician Hary Tanoesoedibjo, launched initial public offering (IPO) of MNC Networks (IPTV) five years ago at Rp240 per share to raise Rp845.3 billion. It was valued Rp8.4 trillion or so. On Monday (Nov 18), the stock was traded at Rp25 to make a market value of Rp1.1 trillion only, losing 90% from IPO.
LinkNet: From bad to worse
As if Rp282.3 billion losses in the first half was not bad enough, Link Net (LINK), a fixed broadband operator controlled by Axiata Group, reported net loss of Rp801.5 billion in the first nine months of 2024 from its continuing operations following internal restructuring.
Reality Check on Data Center
Shares of Data Center Indonesia (DCII) ended flat at Rp40,600 last Friday (Nov 15), maintaining its status as one of the most expensive stocks in the market. At the last quoted price, DCII was traded with PE multiple 161 on annualised earnings in the first nine months of 2024.
More political appointees in state companies
Nothing like this since the 1998 reform. The scale and pace of appointments of political appointees in state-owned companies are just ridiculous. Three out of seven major state companies have been in dominant control of inner circle of president Prabowo Subianto. Four more to come.
External trade: Indonesia vs Vietnam
When I landed at Ho Chi Minh City in 1996, one dollar was 15,000 Vietnam dong (VND). That time, rupiah was pegged at around Rp2,400. Eighteen years later, one dollar equals to 25,300 VND and Rp15,900. VND gained significantly on rupiah, a reflection of Vietnam’s strong economic performance.
Prabowo-Hashim’s Carbon Credit Talks: Reality Check
President Prabowo Subianto is criticised by civil society for practicing nepotism by appointing brother Hashim Djojohadikusumo as leader of Indonesian delegation at the COP29 in Baku, Azerbaijan. They’re probably not bothered by this, so let’s just talk about what they promised on the carbon credit issue.
Indosat’s AI Drive
Shares of telecommunication firm PT Indosat Ooredoo Hutchison Tbk (ISAT) ended 1.82% higher to Rp2,240 on Thursday (Nov 14) to make market capitalization Rp72.24 trillion as some responded positively the company’s drive to artificial intelligence (AI) sphere.
A discrepancy between Hashim & Sri Mulyani statements
Sri Mulyani Indrawati, minister of finance, admitted to lawmakers on Wednesday (Nov 13) that the country will unlikely achieve its full year target of tax collections due to slowdown of the global and domestic economy.
The National Economic Council
President Prabowo Subianto installed seven deputy chief and members of the National Economic Council (DEN) early last week. Post-reform governments established DEN in various forms. Gus Dur (Abdurrahman Wahid) had DEN, while SBY with the National Economic Committee (KEN) and Jokowi with the National Economic and Industry Committee (KEIN).