Shares of Bank Tabungan Negara (BBTN) recovered 2.6% on Wednesday (Mar 7) as some investors considered the country’s main mortgage bank undervalued. At the last quoted price, BTN was worth Rp19.2 trillion, way below equity (Rp30.5 trillion). BTN is not even half of Bank CIMB-Niaga (Rp49 trillion), which has substantially smaller assets.

Shares of Petrindo Jaya Kreasi (CUAN), one of the most expensive stocks in the market owned by Prajogo Pangestu, ended lower by 3.13% to Rp6,200 on Wednesday (Mar 6) even when it announced the signing of a memorandum of understanding (MoU) with Australia’s Cokal Limited on coal transport infrastructure in Murung Raya, Central Kalimantan.

Shares of state construction firm PT Pembangunan Perumahan (PTPP) Tbk, which also develops toll roads, ended substantially higher by 10.4% to Rp510 on Tuesday (Mar 6) as some investors responded positively the company’s performance last year.

Shares of state toll road operator Jasa Marga (JSMR) ended lower by 1.4% on Tuesday (Mar 5) even when it posted huge profit of Rp6.75 trillion last year, surged by 191% from 2022. Investors have anticipated the surge because most were derived from one-time accounting gain in fair value of investments in associates. 

Rajawali Group, controlled by tycoon Peter Sondakh, might continue divesting its assets. After selling controlling shareholding in coal mining company Golden Eagle (SMMT) and advertising company Fortune Indonesia (FORU), investors have long awaited divestment of gold mining company Arci Indonesia (ARCI).

Shares of state coal miner PT Bukit Asam Tbk (PTBA) ended substantially higher by 4.26% on Monday (March 4) to make a market capitalization of Rp31 trillion, less than 1/20 of Dato Low’s Bayan Resources (Rp648 trillion). It is also smaller than Sinarmas Group’s Golden Energy Mines (Rp33 trillion). 

Shares of United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—ended slightly higher by 0.9% to Rp23,725 on Friday (Mar 1) even when the company reported 24.4% year-on-year sales decline for heavy equipment (Komatsu) in January 2024.

Companies engaging in consumer business might see a weak earning outlook this year as the country’s economy tend to have a lower growth inline with the global development and supressed purchasing power in the low-middle income group due to substantial increase of food commodities. Strange, however, that Bank Indonesia (BI) recently indicated increasing consumer confidence in economic conditions in January 2024, compared to December 2023.

Plantation firm London Sumatra Plantations (LSIP), controllled by Salim Group, booked net profit of Rp762 billion in 2023, declined 26% year on year (y/y), due to lower revenue and operating income, also higher expenses.

Shares of coal miner Adaro Energy Indonesia (ADRO), owned by, among others, Garibaldi ‘Boy’ Thohir (brother of Erick Thohir, minister of state-owned enterprises), opened higher by 1.6% to Rp2,450 this morning to make a market capitalization of Rp78 trillion as investors responded positively the company’s performance last year.