We feel sorry for ANZ Bank, co-owner of Bank Panin (PNBN), one of the largest banks in Indonesia with total assets of Rp222 trillion. The bank, majority controlled by the family of Mu’min Ali Gunawan, is now worth around half of its equity only, nothing compared to other major banks in the country.

Shares of fixed broadband operator Link Net (LINK), subsidiary of XL Axiata (EXCL), gained 1.9% to Rp1.070 on Thursday (February 22), to make market capitalization of Rp3.06 trillion. The stock, however, has fallen 19% so far this year, as investors were not happy with LINK’s earnings development.

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 last year. AALI saw further decline in net profit because of falling prices of agriculture commodities, while AUTO enjoyed a rather strong profit whilst with almost zero growth in sales revenues.

Indonesia’s coal production target this year is set at 710 million tons, way below the realized output last year (767 million tons). Sinarmas Group’s coal miner Golden Energy Mines (GEMS), however, targets to produce 50 million tons of coal this year, up substantially from 40 million tons targeted for 2023.

Coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), booked profit attributable to owners of US$500.3 million in 2023, declined 58.3% year on year (y/y), due to squeezed margins from substantial correction of coal prices.

PT Trimegah Bangun Persada Tbk (NCKL), popular as Harita Nickel, has kicked off placement of up to 6.3 billion new shares to potential investor, proceeds of which will be used to finance expansion programs.

Minister of Finance Sri Mulyani Indrawati is said to start discussing and compiling the macroeconomic framework and fiscal policy principles as the basis for the 2025 state budget (APBN). This is part of the transition from the government of President Joko Widodo (Jokowi) to the elected president who won the 2024 presidential election. As of today, Prabowo Subianto will likely be sworn in as the new president in October 2024.

Uni-Charm (UCID), engaged in the sanitary napkin industry, which includes manufacturing of night wing, panty liners, and baby diapers, is now worth Rp3.87 trillion, way below equity (Rp5.56 trillion). The stock was last traded at Rp930, way below the initial public offering (IPO) price in December 2019 at Rp1,500.

Herbal medicine producer Industri Jamu and Pharmacy Sido Muncul (SIDO) is among the most valuable companies listed on Indonesia Stock Exchange (IDX). Traded with PE multiple 17.61 on historical 2023 results, Sido Muncul is now a company with Rp17.10 trillion of market capitalization, nearly six times equity.