More actions from companies engaged directly or indirectly in the EV ecosystem. PT Trimegah Bangun Persada Tbk (NCKL) or Harita Nickel, one of the largest nickel players, has just established a new joint venture with PT Intim Mining Sentosa (IMS) and PT Banyu Bumi Makmur (BBM).

Shares of coal miner Petrindo Jaya Kreasi (CUAN) ended substantially lower by 7.66% to Rp2,050 on Monday (Sep 4) to make a market capitalization of Rp23 trillion, more than twice the value of more established and bigger coal player Indika Energy (INDY). Prajogo Pangestu, who is listed fourth richest man in Indonesia, might have been surprised to see CUAN valued hat much.

Profitability of state banks like BRI, Bank Mandiri, and BNI actually not too far from Bank Central Asia (BBCA), which is controlled by Hartono Brothers (Djarum Group), but they are valued substantially lower. Bank Mandiri, which is significantly bigger in assets and equity, for example, is now only half the value of BCA.

State gas distributor Perusahan Gas Negara (PGAS) booked profit attributable to owners of US$145.3 million in the first half (H1) of 2023, fell 39% year on year (y/y), due higher costs. Revenues was flat at US$1.78 billion, while cost of revenues increased 7.7% y/y to US$1.4 billion. Operating profit declined 16.5% y/y to US$283.5 million.

State miner Aneka Tambang (ANTM) is now worth Rp47.8 trillion, way below the newly listed nickel-to-EV players like Harita Nickel (Rp59 trillion) and Merdeka Battery Materials (Rp87.5 trillion) despite the fact that ANTM is a more established player, among pioneers of nickel processing business in the country.

The Minister of Investment/Head of the Investment Coordinating Board (BKPM) Bahlil Lahadalia reported that the materialized investment during the first half (H1) of 2023 reached Rp678.7 trillion, representing 48.5% of this year target of Rp1,400 trillion (higher than last year’s Rp1,200 trillion). 

Shares of Nusantara Sejahtera Raya (CNMA), the largest cinema network operator in Indonesia with its popular Cinema XXI brand, was traded flat at Rp274 on Wednesday (August 30) even though the Company reported positive growth in earnings for the first half (H1) of 2023. At current price, CNMA has market capitalization of Rp22.84 trillion.

Cita Mineral Investindo (CITA), producing bauxite (Smelter Grade Alumina (SGA) in collaboration with PT Well Harvest Winning Alumina Refinery (WHWAR) from China, booked net profit of Rp205 billion in the first half (H1) of 2023, fell 52% year on year (y/y), as sales declined 31% to Rp1.88 trillion. 

Shares of Bank Rakyat Indonesia (BBRI), the largest bank in Indonesia by total assets, declined slightly by 0.9% to Rp5,575 this morning even when it posted a strong net profit growth of 18.7% to Rp29.4 trillion in the first half of 2023.