It has been over three years since we reported on the dispute between Budi Said and PT Aneka Tambang (Persero) Tbk (ANTM). Over the years, Budi had accused the State-owned company of committing tort and even sought to force the company to restructure its debt. This dispute is confusing, especially because it involves thousands of kilograms of gold and trillions in transactions. The public is especially fascinated that it turns out that the “crazy rich” really exist. Later, however, ANTM managed to reveal the existence of corruption behind this dispute, and in its development, Budi was made a suspect. Following that, Budi’s attempt to force ANTM to restructure its debt was denied by the court. Is this the end of this whole hullabaloo?

Consumer goods giant Unilever Indonesia (UNVR) reported a 9.4% fall in net profit to Rp4.8 trillion in 2023, manly due to substantial increase in trademark, technology and service fees charged by its parent. While payment of income tax declined significantly, payment to parent company and shareholders increased substantially last year.

Nickel producer Vale Indonesia (INCO) booked net profit of US$274.3 million in 2023, grew 37% year on year (y/y), supported by higher gain on recognition of fair value of derivative asset and finance income. Operating profit margins, however, were squeezed significantly in the last quarter of the year.

Manufacturer of bicycles and electric motorbikes for the United Bike brand, PT Terang Dunia Internusa Tbk (UNTD), will list and trade its shares in the Indonesia Stock Exchange (IDX) today, also Bakrie Group-owned PT Ancara Logistics Indonesia Tbk (ALII), engaging in sea freight, transshipment services, and intermediate stockpile for coal.

Cable manufacturer Voksel Electric (VOKS) announced that new controller of the Company–Hengtong Optic-Electric International Co. Ltd.–held on Tuesday (February 6) a Mandatory Tender Offer (tender offer) for 1.12 billion VOKS shares, representing 26.9% of the Company’s enlarged capital, at a price of Rp226 per share, or Rp252.10 billion in total.

Indonesian economy grew 5.05% in 2023, lower than 5.31% growth in 2022, inline with the global economic slowdown. It is better than some major developing economies, but below 5% average growth in the past ten years (Jokowi) plus 6% in the previous administration (SBY) clearly not good enough to achieve long-term goal, escaping the middle income trap.

Energy and chemical firm ESSA Industries Indonesia (ESSA), formerly Surya Esa Perkasa, reported revenue of US$345.0 million in 2023, a decrease of 53% year on year, primarily driven by lower commodity prices and a scheduled ammonia plant maintenance shutdown that was undertaken in the first quarter (Q1) of 2023.  ESSA’s EBITDA reached US$123.3 million, a decrease of 65% y/y.

Shares of gold mining firm Bumi Resources Minerals (BRMS), co-owned by Bakrie and Salim Group, fell 3.95% to Rp146 on Friday last week (February 2), to make market capitalization of Rp20.70 trillion. The stock fell further by 4.11% to Rp140 on Monday, way below target price by some brokerage firms, amid persistent concern over the geopolitic issue and high interest rate.

Hexindo Adiperkasa (HEXA), the sole distributor of Hitachi and John Deere heavy equipment, booked net profit of US$43.85 million in the first nine months (9M) to December of 2023, grew 25.7% year on year (y/y) as sales rose 16.6% y/y to US$478.27 million and operating profit grew 30.4% y/y to US$60.37 million. Sales of heavy equipment reached US$308 million, grew 19.4% y/y.

Shares of Allo Bank Indonesia (BBHI), a digital bank owned by Chairul Tanjung, the Salim group, and Bukalapak.com (BUKA), ended slightly higher Thursday (Feb 1) even when the bank booked net profit of Rp444.57 billion in 2023, jumped by 64.64% year on year (y/y).