United Tractors (UNTR)—a subsidiary of Astra International engaged in construction machinery supply, coal mining contracting, own coal business, power generation, and civil construction—has acquired PT Anugerah Surya Pacific Resources (ASPR) at value of US$104.9 million, equivalent to Rp1.65 trillion.

Shares of geothermal player PT Barito Renewables Energy Tbk (BREN) gained another 24.73% to Rp3,430 on Tuesday (Oct 18) to make a market capitalization of US$30 billion, 44 times of enlarged equity after the initial public offering (IPO) last week. It is difficult to digest the 340% gain in its only first week of trading on the Indonesia Stock Exchange (IDX).

Shares of cellular firm Smartfren Telecom (FREN), owned by Sinarmas Group, gained 1.89% to Rp54 per share on Tuesday (October 17), to make market capitalization of Rp18.1 trillion. The stock, however, has fallen 98.7% so far this year, due to poor earnings, also concern on reported merger with XL Axiata (EXCL). EXCL was traded flat at Rp2,380, valued at Rp31.1 trillion.

Shares of nickel miner Vale Indonesia (INCO) advanced 2.26% to Rp5,650 on Tuesday (Oct 17) as investors responded positively the company’s operational performance in the third quarter, where it produced 17,953 metric tons of nickel in matte in the third quarter (Q3) of 2023, grew 6% from previous quarter, attributed to the maintenance strategy implemented.

Shares of gold miner Archi Indonesia (ARCI) soared 17.22% on Monday (Oct 17) after gaining 6.5% last Friday as investors continue to speculate on possible divestment of majority control by tycoon Peter Sondakh’s Rajawali Corpora. 

Shares of e-commerce players Bukalapak (BUKA) lost further by 0.97% to Rp204 on Monday (Oct 16) after falling 3.74% on Friday last week (October 13). Bukalapak, once a decacorn, is now worth Rp21 trillion only, way below equity (Rp26.3 trillion). The stock has fallen 20% so far this year, and lost 32% from its recent peak (Rp304) in January 30, 2023.

Shares of gold miner Archi Indonesia (ARCI), controlled by tycoon Peter Sondakh, gained 6.51% to Rp360 on Friday (Oct 13) as investors were upbeat with a report from Bloomberg that Sondakh seeks to let go majority control for US$1 billion, substantially bigger than the last quoted market value (US$570 million). 

Shares of online shopping mall Blibli.com (PT Global Digital Niaga Tbk/BELI), owned by Djarum Group, ended flat at Rp452 on Friday (Oct 13) to make a market capitalization of Rp53.5 trillion. Compare to peers—Bukalapak.com and GOTO Gojek Tokopedia, BELI can be said ‘stable’.

Wow, shares of Barito Renewables Energy (BREN), the largest geothermal player in Indonesia, gained another 24.9% to Rp2,360 this morning to make a market capitalization of Rp315.7 trillion, more than US$20 billion. BREN is now worth more than five times Pertamina Geothermal (PGEO), the close second largest geothermal player. 

Seven years ago, Malaysia’s Felda Global Ventures (FGV), one of the world’s largest palm oil producer, acquired 37% shares in PT Eagle High Plantation (BWPT) for US$504.4 million or an enterprise value of US$1.36 billion. BWPT is currently worth Rp1.84 trillion or US$117 million, not even one-tenth of the valuation paid by Felda to Peter Sondakh’s Rajawali Corporation.