Shares of retailer Matahari Department Store (LPPF) eroded 2% to Rp2,400 on Thursday (Oct 26) as investors responded negatively the company’s performance. LPPF booked net profit of Rp630.5 billion in the first nine months (9M) to September of 2023, dropped by 40% year on year (y/y), mainly due to the squeezed operating margins, while revenue was flat at Rp4.98 trillion.

Shares of digital solution provider and technology innovator Metrodata Electronics (MTDL) ended flat at Rp486 on Wednesday (October 25) as the company reported flat growth in sales revenues and profitability. The last quoted price translated into market capitalization of Rp5.97 trillion, above equity (Rp4.67 trillion as at September 30, 2023). 

Shares of DCI Indonesia (DCII), a data center service provider or data center, fell 1.76% to Rp33,400 yesterday. Still, DCII is among the most overvalued stocks in the market, traded with PE multiple 161 on annualized earnings in the first nine months of 2023.

Consumer goods giant Unilever Indonesia (UNVR) reported a 8.7% fall in net profit to Rp4.2 trillion in the first nine months (9M) to September of 2023, manly due to substantial increase in trademark, technology and service fees charged by its parent. 

Shares of Bank Rakyat Indonesia (BBRI), the largest bank in Indonesia by total assets, ended higher by 2% to Rp5,100 on Tuesday (Oct 25) as market participants responding positively the company’s performance in the first nine months of 2023, where it posted net profit of Rp43.99 trillion, an increase of 12.4% from the corresponding period last year.

Coal miner Golden Energy Mines (GEMS), owned by Sinar Mas Group, said its subsidiaries–PT Borneo Indobara (BIB) and PT Barasentosa Lestari (BSL)–obtained a loan facility of Rp2.4 trillion from Bank Mandiri (BMRI) for 12 months period. Most wonder why the cash-rich company needed short-term loan.

Paper producer Fajar Surya Wisesa (FASW), which was linked to the family of Airlangga Hartarto (coordinating minister for the economy, chairman of Golkar Party), but then majority acquired by Siam Cement Group (Thailand), suffered loss of Rp436 billion in the first nine months (9M) to September of 2023, against profit of Rp352 billion in the corresponding period of 2022, as sales fell 35% year on year (y/y) to Rp5.74 trillion.

The rupiah weakened to Rp15,953 against the US Dollar on Monday (October 24), almost touching the Rp16,000, along with regional currencies eroded by the increasingly aggressive US dollar. The rupiah correction against the US Dollar was deeper than the other Asian currencies.

Flag carrier Garuda Indonesia (GIAA) said it is optimistic on earning performance this year, with a projected net profit of US$399 million, equivalent to Rp6.36 trillion, after experiencing a series of losses in past years.

Market’s attention might be on rumor about divestment of gold miner Archi Indonesia (ARCI) by tycoon Peter Sondakh. Little attention might have been paid to coal miner Golden Eagle Energy (SMMT), which was also controlled by Peter, but recently sold to PT Geo Energy Investama (GEI).