Ten years ago, Indonesia had only two nickel processing companies: Aneka Tambang (ANTM) and Vale Indonesia (INCO). Now, according to our research, there are over 50 companies in nickel processing, or still in construction phase of their RKEF and HPAL smelters.

Shares of paint manufacturer Avia Avian (AVIA) ended flat at Rp575 on Tuesday (Sep 20) to make a market capitalization of Rp35.6 trillion. Few months back, Sinarmas Sekuritas, one of stockbrokers controlled by Widjaja Family, recommended a buy with target price of Rp850. The last quoted price is clearly a far cry from what Sinarmas predicted.

Shares of Jhonlin Agro Raya (JARR), engaged in plantation and CPO processing owned by South Kalimantan businessman Haji Isam, gained 1.3% to Rp236 on Monday (September 18), to make market capitalization of Rp1.25 trillion. The stock, however, has fallen 47% so far this year, inline with the correction in earnings. 

The troubled property developer Cowell Development (COWL) is among companies potentially kicked out from the Indonesia Stock Exchange (IDX). Once a company with market value of Rp6 trillion (July 2017), COWL is now worth Rp243 billion.

Shares of cellular firm Smartfren Telecom (FREN), owned by Sinarmas Group, lost 3.23% to Rp60 per share on Friday last week (September 15), to make market capitalization of Rp20 trillion. While, it is reported that a crossing transaction through negotiated market occurred in FREN on Friday at value of Rp1.32 trillion or Rp79 per share, above its regular market price.

Barito Renewables Energy (BREN), a holding company for geothermal operations and part of the Barito Pacific Group owned by Prajogo Pangestu, has kicked off its initial public offering (IPO) for 4.5 billion shares, representing 3.35% of total issued and paid-up capital, priced at Rp670-780 per share, to raise total proceeds of maximum Rp3.51 trillion.

Indonesia booked trade surplus of US$3.12 billion last month, dropped substantially from US$5.78 billion in the corresponding month of 2022, mainly due to significant correction in thermal coal and palm oil/derivatives, two of the largest export commodities. 

ACEN Corp., the listed energy platform of the Ayala Group (the Philippines), through its subsidiary ACEN Indonesia Investment Holdings Pte Ltd. has signed a shareholders’ agreement with renewable energy firm PT Dewata Megaenergi in order to develop renewable energy projects in Indonesia. 

Shares of property developer Pratama Abadi Nusa Industri (PANI), a township and property company venture of Agung Sedayu Group (Aguan/Sugianto Kusuma) and Salim Group, gained 9.84% to Rp4,130 per share on Thursday (September 14), to make market capitalization of Rp55.9 trillion. The stock has gained 332% so far this year, mainly related to the planned acquisitions.

Shares of coal miner Petrindo Jaya Kreasi (CUAN), which is 85% owned by tycoon Prajogo Pangestu (Barito Pacific/BRPT and Chandra Asri/TPIA), gained 8.3% to Rp2,610 per share on Wednesday (September 13), following news that CUAN, through its subsidiary PT Prima Mineral Investindo (PMI), acquired 85% shares in PT Silika Salut Jaya (SSJ).