Reality check on Hapsoro’s Bukit Uluwatu
Hospitality player Bukit Uluwatu (BUVA), controlled by Hapsoro (husband of Puan Maharani, speaker of the House of Representatives/DPR, daughter of PDIP matriarch Megawati Soekarnoputri, recorded net profit of Rp128 billion last year, skyrocketed 1400% from 2024.
Super Bank: Far from super
Shares of Super Bank (SUPA), a digital bank controlled by Emtek Group, ended higher by 2.37% Tuesday (Mar 10) to Rp865 on broad market sentiment. At the last quoted price, SUPA was traded with PE multiple 262, among the most expensive stocks in the market.
E20: Energy security or the birth of a bioethanol oligarchy?
Indonesia’s plan to introduce E20 — gasoline blended with 20 percent bioethanol — is emerging as the next chapter in the country’s quest for energy independence. For policymakers at the Energy and Mineral Resources Ministry, the logic appears straightforward: reduce dependence on imported gasoline, promote domestic biofuel industries and create a new market for agricultural commodities.
Health infrastructure quietly moves offshore
Digital health sector has received a new jolt following the decision by Telkom Indonesia to divest AdMedika to Singapore-based Fullerton Health. At first glance, the transaction appears to be a routine corporate restructuring. Telkom has repeatedly said it wants to streamline its portfolio and focus on its core telecommunications and digital infrastructure business. Yet beneath this explanation lies a more significant question: what happens when a critical layer of a nation’s health infrastructure quietly moves offshore?
Quiet (mass) layoffs (10)
Some Indonesian manufacturers opted to reduce significantly their workforce due to steady increase of minimum wage and allowances. Others avoided adding workers due to higher portion of direct labour costs in manufacturing activities.
Undervalued STA Resources
Shares of PT Sumber Tani Agung Resources (STAA) Tbk or STA Resources ended higher by 2.9% to Rp1,255 on Monday (Mar 9) as investors responded positively the company’s financial performance in 2025.
Market rout
Asian stock markets fell significantly this morning to respond 17% hike of crude oil to US4108 per barrel. Escalating tensions in the Middle East led to nearly 6% fall of Nikkei 225 in Tokyo and 6.6% drop of KOSPI composite index in Seoul Monday morning, while All Ordinaries down almost 4% in Sydney.
Siaga 1 and politics of geopolitical anxiety
The Military’s decision to raise its readiness status to Siaga 1, the highest operational alert, was officially framed as a precautionary measure in response to escalating tensions in the Middle East. Yet such decisions are rarely purely technical. In Indonesia’s political context, military readiness often reflects deeper concerns about domestic stability as much as external threats.
Another education super-app: innovation or repeating the digitalization trap?
The Ministry of Education’s new “Super Rumah Pendidikan” application is being promoted as a unified ecosystem to improve digital literacy, especially for students in remote and underdeveloped regions. Officials describe it as a “super-app” that integrates hundreds of educational services into a single platform, promising easier access to learning materials, teacher training and student resources.
The rise of Mova and gray-zone digital economy
Digital economy is often defined by unicorns and venture capital. Names like Gojek, Tokopedia and Traveloka dominate the narrative of innovation, backed by billions of dollars from global investors. Yet a new generation of platforms is emerging outside this familiar ecosystem. One of the most notable examples is Mova, a cashback and affiliate platform that recently reported around 350,000 monthly users and announced plans to expand into other ASEAN markets.