How about Pan Brothers?
Forget about Sritex (SRIL) for a while. The company is on the brink of sending more workers home because of uncertainties surrounding management following the court’s decision to declare Sritex bankrupt. Some business groups have turned down offers to acquire portion of Sritex assets.
Telkom + FlexTV
Shares of Telkom Indonesia (TLKM) ended further down by 0.8% to Rp2,580 on Wednesday (Nov 13) to make a market capitalization of Rp255.6 trillion. That means the stock already lost 9% this month despite news about initiatives to grow the content business.
‘Bailing out’ Sritex tests Prabowo
Emanuel Ebenezer Gerungan, leader of Prabowo’s volunteer group who is vice minister of manpower, summoned Iwan Lukminto, chairman of Sritex Group, to Jakarta this morning demanding clarification of reports about mass layoffs. Ebenezer was the one visiting Sritex facilities in Solo, Central Java before Prabowo ordered some cabinet members to ‘save’ Sritex.
Downfall of F&B retailers (4): MAP Boga (Starbucks)
Boycott by some consumers because Starbucks is linked to Israel might only be one factors behind downfall of MAP Boga Adiperkasa (MAPB), subsidiary of retailer giant PT Mitra Adiperkasa Tbk (MAPI). Shares of MAPB were last traded at Rp1,430, already way below initial public offering (IPO) price in June 2017 (Rp1,680 per share).
Downfall of F&B Retailers (3): The Duck King
PT Jaya Bersama Indo Tbk (DUCK), owner of the Duck King restaurant chain, launched initial public offering (IPO) in October 2018, the same year with Pizza Hut (Sarimelati Kencana). Underwriters of the IPO claimed an oversubscription of 80 times, but trading in the stock has been suspended in the past few years.
Downfall of F&B Retailers (2): Kentucky Fried Chicken
Shares of PT Fast Food Indonesia Tbk (FAST), owner and operator of Kentucky Fried Chicken (KFC) outlets, ended substantially lower by 6.5% to Rp316 on Monday (Nov 11) to make a market capitalisation of Rp1.26 trillion.
Downfall of F&B Retailers (1): Pizza Hut
Shares of PT Sarimelati Kencana Tbk (PZZA), owner of Pizza Hut chain in Indonesia, ended slightly lower by 0.58% to Rp171 on Monday (Nov 12) to make a market capitalisation of Rp517 billion, way below equity (Rp980 billion by Sept 30, 2024).
Trump 2.0 and Indonesian economy
WTI crude oil declined by 2% in the past few days to US$70 per barrel this morning. Natural gas, on the other hand, gained 1.6%. Gold and copper lost 2.3% and 2.6% respectively, while soybeans gained 3.66%. Mixed reactions to Trump’s return to the White House.
Key Takeaways from Prabowo’s China Visit
President Prabowo Subianto has on Sunday (Nov 10) concluded a three-day working visit to China. During the visit, Prabowo held meetings with Chinese leaders, including President Xi Jinping and Prime Minister Li Qiang, and business people.
Taxing Digital Transactions
Nearly five years after the Ministry of Finance expanded the tax base by collecting Value Added Tax (VAT/PPN) for digital products traded through the electronic system (PMSE), the number of collectors continues to increase. There are now 176 companies that have the same set of responsibilities and of this number, 166 companies have carried out their obligations. The value of tax revenue also continues to increase.