The Rupiah was traded at Rp15,890 against the US Dollar on Thursday (April 11), but it has ever touched the Rp16,000 psychological level. The last time the Indonesian currency broke this level was in March 20, 2020 (Rp16,273), then prompting President Joko Widodo to intervene. That said, at that time, the sentiment of the Covid-19 pandemic caused financial sectors around the world to experience shock and panic.

Shares of herbal medicine producer PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) gained 2.27% to Rp675 on Friday last week (April 5), to make a market capitalization of Rp20.25 trillion, a 5.39 times of its equity (Rp3.38 trillion by end December 2023. SIDO was traded with PE multiple of 21.30 on historical 2023 results.

Trimegah Bangun Persada (NCKL) or Harita Nickel, recorded a significant increase in production and sales of nickel and ferronickel ore throughout 2023. Its realized nickel ore production last year was 20.75 million wet metric tons (wmt), an increase of 93.7% year on year (y/y). Bigger than state-owned Aneka Tambang (ANTM), but way below Weda Bay Nickel (WBN), the largest nickel miner in the country. 

ACE Hardware Indonesia (ACES) is currently valued Rp16.55 trillion or 2.6 its equity (Rp6.18 trillion as at Dec 31, 2023). The stock gained 1.05% to Rp965 on Thursday (April 4), as investors responded positively the Company earnings in 2023.

Shares of Online shopping mall Blibli.com (PT Global Digital Niaga Tbk/BELI), owned by Djarum Group, ended flat at Rp474 to make a market capitalisation of Rp58.4 trillion. This is the only online marketplace valued above equity, in fact five times equity. 

Gold and silver company Bumi Resources Minerals (BRMS), co-owned by Bakrie Group and Salim Group, booked profit attributable to owners of US$13.9 million in 2023, up 2.2% y/y. Revenue soared 318% y/y to US$46.6 million, but cost of revenue also soared 300% y/y to US$20.4 million.

Shares of coal miner Indika Energy (INDY), co-owned by Lasmono Sudwikatmono family and Wiwoho Basuki family, declined by nearly 2% to Rp1,505 this morning to make a market capitalisation of Rp7.84 trillion, way below equity (Rp21 trillion by Dec 31, 2023). 

Coal miner Harum Energy (HRUM), owned by Kiki Barki Family, booked profit attributable to owners of US$151 million in 2023, dropped 50% year on year (y/y), mainly due to a 49.6% y/y increase in cost of revenues and direct costs, to US$543 million. HRUM has aggressively invested in nickel in recent years, but investors might have to tone down expectations.

Cellular operator SmartFren Telecom (FREN), controlled by the family of Widjaja (Sinarmas Group), still until now struggles with years of losses. In 2023, FREN suffered net loss of Rp108.9 billion, against profit of Rp1.06 trillion in 2022, mainly due to Rp467.8 billion loss on investment in shares. In 2022, FREN recorded Rp1.64 trillion income on investment in shares. 

Flag carrier Garuda Indonesia (GIAA) reported a 38% growth in revenue to US$2.93 billion for 2023, but it only recorded net profit of US$252 million (vs 2022: US$3.73 billion), due to absence of income from debt restructuring and significant drop in gain on payment term restructuring. The airline’s operations actually improved.