The sluggish performance of the textile and textile products (TPT) industry continues, reflected by layoff of workers since the third quarter (Q3) of 2022. While President of the Confederation of Indonesian Workers' Unions (KSPN), Ristadi, said the latest data shows...

Shares of Jhonlin Agro Raya (JARR), engaged in plantation and CPO processing owned by South Kalimantan businessman Haji Isam, fell by 4.71% to Rp182 on Thursday (October 5), moving further away from IPO price (Rp300) even though the Company announced its merger plan...

Shares of property developer Pratama Abadi Nusa Industri (PANI), a joint venture between Agung Sedayu Group and Salim Group, have retreated from peak to Rp4,890 on Thursday (Oct 5). Still, PANI is the most ‘valuable’ property stock in the market with 8x equity and PE multiple 153. 

Shares of gold and copper producer PT Amman Mineral Internasional Tbk (AMMN), controlled by Anthoni Salim, opened lower by 1.6% to Rp6,175. Still, with market capitalization of Rp458 trillion (US$30 billion), AMMN is one of most overvalued stocks in the market, eight times equity as at June 30, 2023.

Shares of oil and gas firm Medco Energi Internasional (MEDC), co-owned by Anthoni Salim and Panigoro Families, ended lower by 3.21% to Rp1,510 on Tuesday (Oct 3) as investors responded negatively the company’s performance in the first half.

Shares of technology firm GoTo Gojek Tokopedia (GOTO) declined 2.35% to Rp83 on Tuesday (October 3), to make market capitalization of Rp88.2 trillion just when the company announced the issuance of new shares and Notes to Bhinneka Holdings, which will then issue US$150 million debt instrument to the World Bank’s investment arm IFC and Franke & Company.

Hype, created by media (including social media), took digital banks like BankJago (ARTO) and AlloBank (BBHI) to unicorn status, briefly. ARTO lost 90% from its peak to make a market capitalization of Rp28.3 trillion only on Monday (Oct 2), while BBHI fell 82% from peak to make a market cap of Rp32.7 trillion.

Provident Investasi Bersama (PALM), owned by Provident Capital Group, has formally moved to new classification of companies listed on the Indonesia Stock Exchange (IDX), i.e. financial & investment sector. Provident entered the stock market as an agriculture company with palm oil as main product, but all plantation assets have been offloaded to third parties. 

Barito Renewables Energy (BREN), a holding company and part of the Barito Pacific Group owned by Prajogo Pangestu, has set its IPO price at Rp780 per share, to raise total proceeds of Rp3.51 trillion. This price is an upper limit as BREN earlier sets IPO price at range of Rp670-780 per share.

Delta Dunia Makmur (DOID), parent company of BUMA—-one of the largest coal mining contractors in Indonesia, has changed ownership and control. Value of the company, however, has not improved yet. The last quoted price reflected market value of Rp3.8 trillion, only on par DOID’s equity.