Adaro Minerals Indonesia (ADMR), subsidiary of coal miner Adaro Energy Indonesia (ADRO), plans to open three more mines to meet demand from the coking coal market. So far, the company, through its subsidiary companies, has operated two coal mines under the coal contract of work (PKP2B)—through PT Lahai Coal (LC) and PT Maruwai Coal (MC).

Shares of Adaro Minerals (ADMR) ended lower by 0.84% to Rp1,180 on Friday (Nov 24) to make a market capitalization of Rp48.2 trillion. While the stock has collapsed 60% from its peak in April 2022, Adaro Minerals—controlled by Adaro Energy—-is valued significantly better than its parent company. 

Shares of mining contractor PT Hillcon Tbk (HILL) ended substantially higher by 7.8% to Rp2,640 last Friday (Nov 24) as investors responded positively the company’s performance in the first nine months of 2023.

Shares of United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—ended slightly higher by 0.44% to Rp22,625 last Friday (Nov 24). That means UNTR, which recently expanded heavily into nickel business, was worth (Rp82 trillion) little bit higher than equity. 

The central bank (Bank Indonesia/BI) kept its key 7-day reverse repurchase rate steady at 6%, after a surprise 25bps hike in the previous meeting, consistent with maintaining the rupiah’s stability and mitigating imported inflation. Policymakers expect the inflation to stay within the target range of 3±1% this year and 2.5±1% in 2024. 

Shares of cigarette maker HM Sampoerna (HMSP) gained 3.16% to Rp980 on Thursday (November 23), to make market capitalization of Rp114 trillion, four times equity. HMSP is now traded with PE multiple 13.8 only on annualized earnings in the first nine months of 2023. 

China Merchants Port Holdings Co Ltd (CM Port) is set to acquire 51% of the shares in Nusantara Pelabuhan Handal (PORT) from PT Episenta Utama Investasi (EUI), a company controlled by Garibaldi ‘Boy’ Thohir, older brother of Erick Thohir (minister of state-owned enterprises, who supports Prabowo-Gibran campaign in 2024 election). The transaction is valued at US$61.2 million, equivalent to Rp954 billion.

PT SmartFren Telecommunication Tbk (FREN), a company controlled by Widjaja Family (Sinarmas Group), expects shareholders approval tomorrow (Nov 24) for the issuance of 234 billion new series D shares (with preemptive rights) worth Rp11.7 trillion. 

Shares of Merdeka Battery Materials (MBMA), a company co-owned by Provident Capital, Saratoga Group, and Garibaldi ‘Boy’ Thohir, ended higher by 1.64% to Rp620 on Tuesday (Nov 21). The stock is now traded way below initial public offering (IPO) price (Rp795) and a far cry from target price set by some brokerage firms (Rp990).