FY/23 Results: Pertamina Group
State-owned oil and gas company Pertamina yet to release its financial results for full year 2023, but some of its business units came up with pretty strong results. Pertamina Geothermal Energy (PGEO) booked net profit of US$163.57 million in 2023, grew 28.3% year on year (y/y) as operating profit grew 26.8% to US$265.17 million.
Corporations to Watch: CUAN & AVIA
Shares of Petrindo Jaya Kreasi (CUAN), controlled by Prajogo Pangestu, gained 3.68% on Wednesday (Feb 28) to make a market capitalization of Rp79.3 trillion. While the stock has retreated nearly 50% from its peak, some anticipate further corrections.
FY/23 Results: Multi-Financing
Multi-financing firms reported a profit growth in 2023, along with the growing demand supported by optimal economic recovery. BFI Finance Indonesia (BFIN) or BFI Finance, owned by conglomerate Garibaldi ‘Boy’ Thohir and Jerry Ng, however, reported a lower profit, though its revenue grew strongly.
On Forza Land Bankruptcy
It has only been three years since PT Forza Land Indonesia Tbk (FORZ, formerly PT Megah Satu Properti) launched its plan to offer the company’s shares through initial public offering (IPO), and two years since the plan was realized in April 2017, the company are already facing issues. In 2019, the Commercial Court of the Central Jakarta District Court registered two lawsuits on Suspension of Debts Payment (PKPU) against the company. The dispute can be resolved with peace agreement, but not for long. By 2022, Forza Land had been declared bankrupt after the court decided to annul the previously agreed peace agreement. Legal problems continue to this day.
Banking Results: Irony of Indonesian Economy
In the past few days, Kompas, the largest newspaper in the country, run headlines about difficulties of low-to-middle income group to move up the ladder due to the so-called ‘income deficit’. Income growth was slower than cost of living, worsened by deindustrialization in the past few decades.
Consistently undervalued: Astra
Shares of Astra International (ASII), market leader for automotive products, ended higher by 1% to Rp5,175 on Tuesday (Feb 27) to make a market capitalization of Rp209.5 trillion, slightly above electric vehicle (EV) startup VinFast Auto Ltd (Rp203 trillion). Astra is 43% below its peak seven years ago.
Indorama turns to loss?
Textile and garment producer Indorama Synthetics (INDR), owned by Sri Prakash Lohia, suffered loss of US$40.8 million in 2023, against US$42.5 million profit a year earlier, as revenue fell 16% year on year (y/y), while costs down 5.6% only. Why?
Matahari Dept Store: Profit Drops 51%, Dividend Doubles
Retailer Matahari Department Store (LPPF) is probably the most antique company listed on the Indonesia Stock Exchange (IDX). While the company’s net profit fell 51.2% to Rp675.36 billion, it paid out Rp1.19 trillion dividends last year, nearly a 100% jump from 2022.
Vale divestment completed, next?
Shares of Vale Indonesia (INCO) ended lower by 3.04% to Rp3,830 on Monday (Feb 26) as MIND ID, holding company for state mining companies, completed acquisition of additional 14% shares with substantial discount at Rp3,050 per share. This marks a new chapter for Vale Indonesia, which sits over one of the largest nickel assets in the country.
Sinarmas digs deeper to keep SmartFren ringing
Share of Sinarmas Group telecommunication firm Smartfren Telecom (FREN) lost 1.92% to Rp51 on Friday last week (February 24), to make market capitalization of Rp17.1 trillion. FREN said it would increase capital with preemptive rights or a rights issue, targeting funds of up to Rp8.57 trillion.