Property developer PP Properti (PPRO), subsidiary of state-owned EPC firm PT Pembangunan Perumahan Tbk (PTPP), is another company needing special attention from the new administration of Prabowo-Gibran.

Shares of fixed broadband operator Link Net (LINK), subsidiary of XL Axiata (EXCL), ended lower by 1.14% to Rp865 last Friday (May 17) to make a market capitalisation of Rp2.48 trillion. That means LINK, which is part of the so-called fixed-mobile convergence (FMC) program, has lost 82% its value paid by XL Group about two years ago.

Indonesian airlines continued their recovery post Covid-19 pandemic. Flag carrier Garuda Indonesia (GIAA) reported operating profit of US$10 million in the first quarter of 2024 against los of US$2 million in the corresponding period last year.

For many years, Jokowi administration has tried to convince Elon Musk about investing in Indonesia. Having manufacturing facility of his Tesla is considered ‘a musk’ (must). That’s not going to happen anytime soon, unfortunately. Hyundai (South Korea) and Wuling (China) have hit the ground, while Tesla has reportedly been in a more advanced stage of talks with Thailand government for the first factory in Southeast Asia.

Having Elon Musk in the country, in the eyes of Jokowi administration, is a must. So, the big guy was picked up at the Ngurah Rai international airport in Bali Island by the most powerful member of the cabinet, Luhut Binsar Pandjaitan. Luhut was accompanied by his trusted aide Edward Wanandi.

Elected president Prabowo Subianto loves number eight. He is known as 08 in the inner circle. So, when he set an ambitious economic growth target of eight percent by 2027, don’t ask where he got the number. It just popped up!

Industrial estate developer Surya Semesta Internusa (SSIA) divested its subsidiary PT Suryabuat Swadaya (SCS) to PT Anarawata Puspa Utama, affiliated with the Djarum Group, for Rp3.1 trillion value. SSIA and Anarawata Puspa Utama (APU) have signed a binding agreement for the sale and purchase of shares and the acquisition of new shares for SCS on May 13, 2024.

Bakrie & Brothers (BNBR) left the Gocap (Rp50, the lowest quoted price on IDX) status two years ago after more than decade in that position only to return to that level few weeks back despite efforts from Bakrie Family to grow some ‘new businesses’ including renewable and EV ecosystem. 

Metal processing, copper concentrates and gold might have prevented Indonesia from reporting deeper correction in export of non oil and gas in the first four months of 2024 as the dominant traditional commodities (thermal coal and palm oil) suffered substantial decline.