Shares of Nippon Indosari (ROTI), market leader in the bread market, opened flat at Rp1,020 this morning to make a market capitalisation of Rp6.31 trillion. Rumors about KKR’s acquisition of more shares from Salim Group haven’t moved the stock much in the past few months.

Indonesia recorded trade surplus of US$2.9 billion last month, down slightly by 0.7% from August 2023 because import grew 9.46% year-on-year, while export expanded by 7.13%. A consistent trade surplus could support rupiah amidst global economic uncertainties. 

Unlike other heavily imported food materials, particularly soybean and wheat, which suffered substantial price correction, milk has been among the best performing agricultural products this year. Since Prabowo-Gibran revealed the free milk program for schools, the commodity has jumped 55%.

Shares of Bank Jago (ARTO), member of GOTO, ended lower by 0.35% to Rp2,810 last Friday (Sept 13). The market capitalization of Rp38.55 trillion was 4.5 times equity, lot more expensive than profitable conventional banks. Bank Jago is also way below Seabank (sister of Shopee) in terms of profitability.

One MW of data center at PT DCI Indonesia Tbk (DCII) is now valued 1.5 trillion, nearly US$100 million. PT Telkom Data Ekosistem (Neutra DC), subsidiary of telco giant Telkom Indonesia (TLKM), is now building a hyperscale data center with 50 MW capacity in the Kabil Integrated Industrial Estate, Batam Island with investment of up to US$500 million.

Unbelievably high valuation of data center has led to the entry of other major business groups into the sector. Pretty much like mining, plantation, renewable or nickel, as of today, almost all major business groups have ventured into data center.

Shares of DCI Indonesia (DCII), a data center service provider or data center, jumped 20% to Rp52,200 on Thursday (Sept 12). At this price, DCI Indonesia was worth Rp124.4 trillion (US$8.7 billion) or 50 times equity, one of the most expensive stocks in the market.

Shares of Unggul Indah Cahaya (UNIC), a petrochemical company co-owned by Salim Group and Wings Group, two of the largest business groups in Indonesia, ended slightly lower by 0.3% to Rp8,950 on Wednesday (Sep 11) to make a market capitalisation of Rp3.13 trillion.

Oil regained grounds slightly this morning after falling 4% to its lowest in three years Tuesday (Sep 10) on concerns surrounding weakening demand in China. Oil has fallen 24% year-on-year, which is a good news for a country heavily relying on import for domestic consumption.