Shares of Cita Mineral Investindo (CITA), a bauxite miner with interest in Smelter Grade Alumina (SGA), ended flat at Rp2,270 on Wednesday (Jul 3) to make a market capitalisation of Rp9 trillion, less than twice its equity. 

Petrochemical firm Lotte Chemical Titan (FPNI) admitted that the market situation is not good, and that everybody in the industry suffered from it. The company, whose parent builds a new multi billion dollar petrochemical complex in Banten province, said sluggish global economy hurts the industry. 

Telco tower operator Dayamitra Telekomunikasi (MTEL) or Mitratel plans to issue bonds worth Rp2.5 trillion and sukuk (Islamic bonds) worth Rp500 billion. It will issue phase I of sustainable bonds in 2024 with a maximum principal amount of Rp240.22 billion, having an interest rate of 6.5% with a term of 370 calendar days. MTEL said all funds obtained from bond and sukuk offering will be used to repay part of the principal loan to Bank Mandiri (BMRI).

Rupiah has regained grounds to trade below Rp16,400 per USD on Monday (Jul 1), but still far away from the assumption used to compose the State Budget 2024 (Rp15,000 per USD). Movement of commodities, unfortunately, might only intensify concerns about the country’s fiscal sustainability.

Shares of market leader Siloam Hospital (SILO) ended higher by 3.33% to Rp2,790 on Monday (Jul 1) as Singapore-based Sight Investment, controlled by CVC Capital Partners, launched a voluntary tender offer on up to 45% shares. Sight had previously purchased 10.4% shares of Siloam at Rp2,850 per share.

Politically-connected coal miner Adaro Energy Indonesia (ADRO) said its subsidiary PT Alam Tri Abadi (ATA) and PT Indoprima Niaga Sejahtera (INS), a 65% indirectly owned entity, have signed a loan agreement under which ATA granted to INS a loan amounting to Rp136.17 billion. 

Pretty much like peers, nickel producer Vale Indonesia (INCO) suffered squeezed margins in the first quarter due to substantial correction of international prices. The company only booked net profit of US$6.2 million in the first quarter (Q1) of 2024, compared to US$168.7 million in the corresponding period of 2023, as operating profit dropped 86.8% year on year (y/y) and revenue fell 37% y/y to US$230 million. 

Pressure on state steel producer Krakatau Steel (KRAS) continues, as its loss expanded in the first quarter (Q1) of 2024 alongwith a significant correction on revenue. Its share price has also fallen 35.17% so far this year or year to date (ytd), last traded at Rp94 per share, valued at Rp1.8 trillion, far below its equity (Rp7.5 trillion).

PT Mineral Industri Indonesia (MIND ID), parent of Aneka Tambang (ANTM), Bukit Asam (PTBA), PT Timah Tbk (TINS), and PT Freeport Indonesia (PTFI), booked net profit of Rp9.94 trillion in the first quarter (Q1) of 2024, grew 59.16% year on year (y/y), thanks to substantial contribution from PTFI (Rp10.42 trillion). In Q1 of 2023, PTFI contributed Rp4.66 trillion.