Telco tower operator Centratama Telekomunikasi Indonesia (CENT) reported that PT Epid Menara Assetco (EMA) provided Rp5 trillion loan to its subsidiary PT Centratama Menara Indonesia (CMI), while PT Mac Sarana Djaya (MAC) provided Rp2 trillion to CMI. 

Shares of e-commerce platforms GOTO (parent of Tokopedia), BUKA (bukalapak.com), and BELI (parent of blibli.com) listed on the Indonesia Stock Exchange (IDX) were mixed on Monday (Sep 25) as investors were digesting implication of the new e-commerce regulation, which basically requires separation of social media and e-commerce.

Shares of coal miner Petrindo Jaya Kreasi (CUAN) ended substantially higher by 9.82% to Rp3,020 last Friday (Sep 22) following rumors about a major corporate action. This morning, Indika Energy (INDY) announced the sale of its MTU Coal to CUAN for US$218 million. 

Shares of Perusahaan Gas Negara (PGAS), subsidiary of oil and gas company Pertamina, gained slightly by 0.36% to Rp1,380 last Friday (Sep 22) to make a market capitalization of Rp33.5 trillion, way below equity (Rp51.3 trillion) despite news about the company’s plan to develop LNG supply chain infrastructure.

It is now a matter of days when the revised regulation on e-commerce will be issued and implemented. President Joko ‘Jokowi’ Widodo addressed the issue on Saturday (Sep 23), indirectly blaming social commerce like TikTok behind the downfall of conventional markets.

Shares of oil and gas firm Medco Energi Internasional (MEDC) ended lower by 3.5% to Rp1515 on Thursday (September 21), but the stock has gained 50% in the past three weeks alone. At the last quoted price, MEDC was worth Rp40.25 trillion, substantially smaller than the ‘value’ of its minority ownership in gold and copper producer PT Amman Mineral Internasional Tbk (AMMN).

We posted three articles before the downfall of Pollux Properties (POLL). We started with an article titled ‘Pollux Property: Bigger than Ciputra?’ on August 16, 2019. Back then Pollux market capitalization already reached Rp32 trillion or US$2.3 billion from Rp4,820 per share, eight times the IPO price of Rp615 in July 2018. UOB Kay Hian Sekuritas was lead underwriter of POLL. 

In late March 2023, brokerage firm Samuel Sekuritas recommended a buy on bukalapak.com (BUKA) with target price of Rp400. Two months later, CGS-CIMB Sekuritas recommended a buy with target price of Rp350. Both brokerage firms missed their target price. The last quoted price was Rp224.

Shares of small coal firm Garda Tujuh Buana (GTBO) was traded flat at Rp795 per share on Wednesday (September 20) to make a market capitalization of Rp1.98 trillion, more than twice its equity (Rp863 billion) even when bigger players, except Bayan Resources (BYAN), are traded below their respective equity. The stock soared 452% in past three months. 

After nickel and nickel mining contractors, we might see listing of more companies involved in electric vehicle (EV) ecosystem in the coming years. Coal and energy producer Indika Energy (INDY), which is now valued way below equity, is considering the opportunity for its subsidiary, PT Ilectra Motor Group (IMG), the manufacturer of the Alva electric motorbike, to list on the Indonesia Stock Exchange (IDX) through an initial public offering (IPO) of shares.