Mining contractor Delta Dunia Makmur (DOID), through American Anthracite SPV I, LLC, which is a subsidiary of PT Bukit Makmur Internasional (BUMA International), has signed a Share Purchase Agreement for the strategic acquisition of Atlantic Carbon Group, Inc. (ACG), the second largest producer of UHG anthracite in the United States.

The rupiah exchange rate against the US dollar touched a new low in the last four years, in line with investors’ steps to restrain carry trade in emerging markets, thus prompting the central bank to intervene in the market. Rupiah, by far, is the worst performing currency in the emerging economies. Will it depreciate further?

It’s been long overdue! The composite index of Indonesia Stock Exchange (IDX) ended lower by 2.1% on Wednesday (Jun 5), dragged down by correction of Barito Renewables (BREN), Chandra Asri Petrochemical (TPIA), and Amman Mineral (AMMN). These stocks have been overcooked for so long.

Sarana Menara (TOWR), a telco infrastructure company controlled by Djarum Group, has officially acquired 90% shares in PT Inti Bangun Sejahtera Tbk (IBST). This comes after XL Axiata (EXCL) and SmartFren (FREN) announced their merger. 

What a waste! While Indonesia, thanks to aggressive investment from China, has grown into a major producing base, state steel manufacturer Krakatau Steel (KRAS) expresses doubts over business continuity due to poor financial performance. KRAS management stated that KRAS’s comprehensive loss, accumulated losses and total short-term liabilities that exceeded assets raised significant doubts. 

Past studies suggested that the effect of the La Niña event on CPO prices is greater than that of the El Niño event. According to a new update from the World Meteorological Organisation (WMO), there is likely to be a swing back to La Niña conditions later this year. Unfortunately, shares of palm oil producers listed on the Indonesia Stock Exchange (IDX) haven’t gained ground this year.

PT Merdeka Battery Materials (MBMA), a nickel-to-EV battery company co-owned by Boy Thohir (older brother of Erick Thohir, minister of state-owned enterprises), booked net profit of US$3.7 million in the first quarter of 2024 against loss of US$7 million in the corresponding period last year.

Shares of Barito Renewables (BREN) and Pertamina Geothermal (PGEO) ended substantially lower by 10% and 4.1% respectively Friday (May 31), whilst on different reasons. BREN was on correction mode, which should have taken place many months ago, while PGEO suffered from broad market sentiment.

An event on Friday (May 31) at ministry of finance is interesting in the context of who are key persons in Prabowo-Gibran administration. The so-called Task Force for Synchronisation of  Prabowo-Gibran met minister of finance Sri Mulyani Indrawati. 

Coal miner Indika Energy (INDY), co-owned by Lasmono Sudwikatmono family and Wiwoho Basuki family, booked profit attributable to owners of US$20.2 million in the first quarter (Q1) of 2024, fell 65.5% y/y, as revenue fell 37.4% y/y to US$567.3 million.