The retailers experienced a decline in sales for the first nine months (9M) to September of 2023 as a result of the economic slowdown and weakening purchasing power in the lower middle income group. The retailers posted less than encouraging performance due to a lack of stimulation during the last Eid holiday.

Fixed broadband operator Link Net (LINK), subsidiary of Axiata Group, where telco operator XL Axiata owns 20% shares, suffered loss of Rp274 billion in first 9M this year, against profit of Rp246.4 billion in the same period of 2022, due to lower revenues and higher expenses. 

Dian Swastatika Sentosa (DSSA), owned by Sinar Mas Group, booked net profit of US$749.57 million in the first nine months (9M) to September of 2023, declined 5.8% year on year (y/y) inline with lower revenues and higher selling expenses. DSSA’s revenues was down 1.5% to US$4.09 billion while selling expenses rose 13.7% to US$397.7 million.

AKR Corporindo (AKRA), the largest distributor of fuel in the private sector, has in December 4, 2023 entered into a joint development agreement with BP Gas & Power Investments Limited (bp) to jointly develop a LNG import project involving a regasification terminal in Java Integrated Industrial and Port Estate at Gresik, East Java, Indonesia (JIIPE).

The central bank (Bank Indonesia/BI) projects banking credit growth in 2024 in the range of 10% to 12%, expanding from this year’s projected 9-11%. Then credit is expected to grow higher at 11-13% in 2025. Negative outlook of China, however, might be the biggest external factor to watch. 

Considered a game changer for telecommunication sector, more operators push for fixed-mobile convergence (FMC). Telco firm XL Axiata (EXCL) is the latest to join the game. It plans to add new business, carrying out activities in telecommunication operations, computer programming and consultancy activities, information service activities, wholesale trade, management consultancy activities, and financial activities.

Shares of flag carrier Garuda Indonesia (GIAA) ended slightly higher by 1.2% on Monday (Dec 4) as investors responded positively the airline’s plans to repay portion of its notes and sukuk through a tender offer scheme.

Shares of Bakrie & Brothers (BNBR) ended flat at Rp51 on Monday (Dec 4) despite series of announcements issued by the company related to debt restructuring. One of them is Bakrie’s placement of shares worth Rp6.36 trillion. The Company had obtained shareholder approval to carry out said private placement through the issuance of mandatory convertible bonds and/or series E ordinary shares since 2018.

Asahimas Flat Glass (AMFG), market leader for glass in the country, booked net profit of Rp478.8 billion in the first nine months (9M) of 2023, declined 11.3% year on year (y/y) as the Company’s income tax charges reached Rp137.9 billion against in the first 9M of 2022.

State-owned Enterprises (SoE) Ministry led by Erick Thohir officially merged 13 companies under the Perkebunan Nusantara PTPN III (Persero) holding into two subholdings–PalmCo and SupportingCo. Indocement (INTP), meanwhile, acquired Grobogan Cement factory in Central Java.