Unlike FAP Agri (FAPA), Tunas Baru Lampung (TBLA), a producer of palm oil, biodiesel, and sugar controlled by Oey Family (Sungai Budi Group), is now valued way below equity. TBLA shares ended slightly higher by 0.8% to Rp655 on Wednesday (Sep 25) to make a market capitalisation of Rp3.99 trillion. 

Shares of PT FAP Agri Tbk (FAPA), a plantation firm controlled by Fangiono Family, ended flat at Rp5,300 on Wednesday (Sep 25) to make a market capitalisation of Rp19.24 trillion, substantially bigger than Astra Agro Lestari (Rp12.9 trillion) and Salim Group’s London Sumatra Plantation (Rp7 trillion).

Deputy finance minister II Tommy Djiwandono, nephew of president elect Prabowo Subianto, said on Tuesday (Sep 24) that the eight percent GDP growth target set by his uncle is not a dream, but a necessity to escape from the middle income trap. Tommy pointed out four main areas prioritised by Prabowo government in the coming years: education, health, food, and energy security.

Shares of property developer Summarecon Agung (SMRA) were last traded at Rp690 to make a market capitalisation of Rp11.4 trillion, only one-fifteenth of Pantai Indah Kapuk Dua (PIK-2/PANI). Summarecon has just published its first half 2024 financial results, which pointed to strong performance.

Shares of oil and gas company Rukun Raharja (RAJA), a company controlled by Hapsoro (Happy)—-husband of Puan Maharani (speaker of the House of Representatives/DPR, politician from PDIP), ended slightly lower by 0.8% to Rp1,270 on Monday (Sep 23) just when the company announced strong financial performance in the first half.

Shares of PT Amman Mineral International Tbk (AMMN), the second largest gold and copper mine in Indonesia behind Freeport, ended at Rp10,175, slipped by 1.45% on Monday (Sept 23) when President Joko ‘Jokowi’ Widodo inaugurated Amman Mineral copper smelter in West Nusa Tenggara province yesterday.

Shares of Pantai Indah Kapuk Dua (PANI), developer of PIK-2 township in north Jakarta co-owned by Agung Sedayu Group and Salim Group, ended lower by 4.5% to Rp10,100 on Friday (Sep 20) to make a market capitalisation of Rp170.5 trillion. In the past four weeks alone, PANI already gained 100% to become the first property company in Indonesia ‘valued’ more than US$10 billion. 

It needed FTS Russell to kick out Barito Renewables (BREN) before seeing substantial correction in the stock price. BREN fell nearly 20% on Friday (Sep 20) following FTSE Russell’s assessment, which we didn’t understand why BREN was included in the index in the first place (given trading manipulation allegation of the low free float stock).

Tourism industry has recovered to the pre-Covid-19 pandemic level, which can be seen in the arrival of foreign tourists. Local beer producers have also regained grounds, but steadily hurt by rising alcohol excise.

Shares of food and beverage company Kurniamitra Duta Sentosa (KMDS) jumped by 12.93% to Rp830 on Wednesday (Sept 18), after the acquisition announcement of KMDS by Dima Group. The company was worth Rp664 billion, 3.2 times equity.