Baramulti Group, so far
Shares of Mitrabara Adiperdana (MBAP), member of Baramulti Group, surged by 12.31% to Rp3,650 on Thursday (Aug 29) even when the company’s net profit crashed by 49%. Shares of Baramulti Suksessarana (BSSR), in the meantime, ended higher by 4.5% to Rp4,880.
The troubled NETV
Shares of PT Net Visi Media Tbk (NETV), owner of NET TV, ended at Rp89 on Wednesday (Aug 28) to make a market capitalisation of Rp2.09 trillion. NET TV launched initial public offering (IPO) at Rp196 per share in early 2022 with PT NH Korindo Sekuritas Indonesia as lead underwriter.
The MAJ Nusa Dua’s New Owner
There were media reports last year about PKPU lawsuit filed by EPC contractor PT Tatamulia Nusantara Indah against PT Narendra Interpacific Indonesia, developer of the Shangri-La Resorts and Hotel at Nusa Dua tourism complex, Bali Island. The lawsuit was filed due to Rp76.6 billion overdue receivables since December 2018.
The consistently undervalued United Tractors
Shares of United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, gold mining, power generation, and civil construction—gained 1.65% to Rp27,700 on Wednesday (August 28) to market capitalization Rp103.3 trillion.
Pantai Indah Kapuk = 4x BSD City?
Shares of Pantai Indah Kapuk Dua (PANI), developer of PIK-2 township in North Jakarta, jumped by 12.24% to Rp6,650 on Tuesday (Aug 27) to make a market capitalisation of Rp112.3 trillion, more than four times the value of Bumi Serpong Damai (BSDE), developer of BSD City in Tangerang, Banten Province.
Undervalued Adaro Group
Shares of Adaro Energy (ADRO) have gained more than 40% in the past six months to trade at Rp3,520 on Tuesday (Aug 27), but the company was still valued less than equity and traded with PE multiple 4.5 on annualised earnings in the first half.
Revisiting Vale Indonesia
Shares of state nickel firm Vale Indonesia (INCO) faces a 1.05% loss to Rp3,770 to make market capitalization of Rp39.73 trillion. Vale, an established nickel player in Indonesia, is valued smaller that Harita Nickel (Rp59.31 trillion) and new player Merdeka Battery Materials/MBMA (Rp58.31 trillion).
Revisiting Harum Energy
Shares of Harum Energy (HRUM), one of coal groups entering nickel, gained significantly in the past few days since the company announcing a stock buyback plan on August 9. The last quoted price, however, reflected market capitalisation of Rp18.4 trillion, still way below equity (Rp21.2 trillion).
Low margin of Berau Coal
PT Berau Coal Energy Tbk (BRAU), one of the largest coal miners in Indonesia controlled by Sinarmas Group (Widjaja Family), booked net profit of US$6.7 million only from sales revenue of US$1.27 billion in the first half of 2024.
Revisiting Jhonlin Agro
Shares of Jhonlin Agro Raya (JARR), engaged in plantation and CPO processing owned by South Kalimantan businessman Haji Isam, fell by 0.79% to Rp250 on Monday (August 19), moving further away from IPO price (Rp300), despite recent news about involvement of the group in food estate project in Papua.