It has been quite a while since the last time we reported on PT Visi Asia Media Tbk (VIVA), the parent of TVOne and part of Bakrie Group. Back then, we already knew that the company suffered too many losses already and since then nothing special happened, until the beginning of this year. One of VIVA creditors filed a lawsuit for Suspension of Debts Payment (PKPU) to the Commercial Court at the Central Jakarta District Court and requested that VIVA and several of its subsidiaries restructure their debts. This application was accepted and now the company is in the PKPU period, far from the media coverage. In the midst of this process, VIVA recently filed another lawsuit against 14 parties, most of them are investment managers. What is going on?

Shares of gold and copper producer Amman Mineral International (AMMN) gained further by 2.65% on Tuesday (Apr 30) to make a market capitalisation of Rp703.4 trillion or nine times equity, one of the most expensive stocks in the market.

Coal miners reported a lower earnings in the first quarter (Q1) of 2024, inline with the correction in coal prices. Coal miner Adaro Energy (ADRO) booked profit attributable to owners of US$374.3 million in the first quarter (Q1) of 2024, declined 18.3% year on year (y/y), as revenue fell 22% y/y to US$1.44 billion. Operating income declined 18% y/y to US$514 million, with operating margin of 36%, up from 34% in Q1 of 2023.

Cellular providers XL Axiata (EXCL) and Indossat (ISAT) make a strong start to the 2024 financial year with a stellar set of first quarter (Q1) numbers continuing their growth momentum. EXCL recorded a 168.34% year on year (y/y) surge in net profit, at Rp539 billion, while Indosat soared by 39.4% to Rp1.29 trillion.

Astra International (ASII) has tried almost everything. Entering tech startups, growing infrastructure (including toll roads), renewable energy, gold-copper, and nickel-to-EV ecosystem. Yet, Astra, once one of the most valuable stocks on the Indonesia Stock Exchange (IDX), is now valued way below equity.

Shares of e-commerce player bukalapak.com (BUKA) gained 0.83% to Rp121 on Monday, to make market capitalization of Rp12.48 trillion. Once a decacorn, bukalapak.com is now worth not even half of its equity.

Shares of technology firm GoTo Gojek Tokopedia (GOTO) gained 3.28% to Rp63 per share on Monday (April 29), to make market capitalization of Rp75.69 trillion, as the Company reported improved earnings in the first quarter of 2024. The stock has fallen 27.6% so far this year (year to date).

Astra Agro Lestari (AALI), subsidiary of Astra International (ASII) engaged in plantation business, and Astra Otoparts (AUTO), ASII’s subsidiary involved in production of automotive components, came up with mixed results in the first quarter (Q1) of 2024. AALI reported a flat revenue and higher net profit inline with improving prices of agriculture commodities, while AUTO enjoyed a mild profit growth whilst with a lower growth in sales revenues.

Shares of sass-bread producer Nippon Indosari Corporindo (ROTI), famous with its Sari Roti brands, ended slightly lower by 0.87% to Rp1,140 last Friday (Apr 26) even when the company reported 50% jump in net profit in the first quarter of 2024.

Shares of dairy producer Cisarua Mountain Dairy (CMRY) ended flat at Rp4,990 last Friday (Apr 26) even when the company reported a strong performance in the first quarter, where its net profit soared by 30% to Rp386 billion as sales rose 16.6% y/y to Rp2.17 trillion.