Shares of PT Indonesia Kendaraan Terminal (IPCC) Tbk, unit of state port operator Pelindo Multi Terminal, ended flat at Rp720 on Wednesday (Sep 13) to make a market capitalization of Rp1.3 trillion, only slightly bigger than equity (Rp1.24 trillion). 

Growing popularity of TikTok might have weighed on recovery of ‘local’ e-commerce giants listed on the Indonesia Stock Exchange (IDX). Shares of GOTO, parent of Tokopedia, were last traded at Rp88 to make a market capitalization of Rp94.6 trillion. bukalapak.com also traded at market capitalization of Rp27.4 trillion only. GOTO has long lost its decacorn status as investors demand improvement in bottom lines.

Automotive component manufacturer issuer owned by conglomerate TP Rachmat, Dharma Polimetal (DRMA), plans to build two new factories, under its subsidiary PT Dharma Precision Parts and PT Dharma Controlcable Indonesia, in line with the development of the national automotive industry. The two factories will be located in Cikarang and Cirebon. 

Global sales of electric vehicles (EVs) might have reached a point of no return with market share more than 30% in China, the world’s second largest auto market. Nickel, key component of EV battery, interestingly, has fallen nearly 14% year-on-year, which dragged down stock price of Indonesian nickel producers.

PT Bank Muamalat Indonesia, the pioneer of sharia banking in Indonesia, has confirmed to launch the initial public offering (IPO) this year, part of its restructuring proposal, and after turning around its financial performance. Bank Muamalat said it aims to boost its assets to Rp73 trillion by the end of this year. Per June 2023, bank’s assets reached Rp63.9 trillion.

Shares of gold producer Merdeka Copper Gold (MDKA), owned by Saratoga Group, lost 5.31% to Rp3210 per share on Friday last week (September 8), to market capitalization of Rp77.2 trillion. The stock has fallen 22.3% year to date (ytd), due to poor earnings in the first quarter. The Company has not reported its financial statement for the first half (H1) of 2023, while in the first quarter (Q1) MDKA suffered a significant drop in profit due to higher cost of revenue.

Most shares of marine transportation and logistic companies gained this year as the recovery in shipping industry boosted the buying sentiment. Silo Marine Perdana (SHIP), by far, is the top gainer in the sector with 43% gain, thanks to stronger fundamentals.

Shares of state toll road developer and operator Jasa Marga (JSMR) ended slightly higher by 0.45% to Rp4,430 on Thursday (Sep 7), but still traded way below its peak eight years ago despite the fact that total length of toll roads under management has grown (by more than 100%) substantially since.

Early retirement of coal-fired power plants in Java Island as part of energy transition program and global appetite in clean energy might have contributed to substantial gain in shares of Pertamina Geothermal Energy (PGEO), the largest in Indonesia. The stock went up to Rp1,345 on Wednesday (Sept 6) before closing lower by 0.4% to Rp1,285 to make a market capitalization of Rp53.2 trillion.