Coal miner Indo Tambangraya Megah (ITMG), controlled by Banpu Pcl (Thailand), booked profit attributable to owners of US$307 million in the first half (H1) of 2023, declined 33.4% year on year (y/y), due to squeezed margins, particularly in the second quarter.

E-commerce players Bukalapak (BUKA) laid off 5% of its employees this month in a bid to optimizing its earning prospect. The Company opted to conduct a performance evaluation to better meet its user needs, as well as to improve operations. Per June 2023, BUKA business groups have 1,584 employees, reduced from 1,815 by end 2022. 

The Financial Services Authority (OJK) said in June that merger between NobuBank controlled by James Riady (Lippo Group) and MNC Bank owned by Hary Tanoesoedibjo should proceed even if both banks already met the minimum capital requirement in the first quarter. 

Wijaya Karya gained 1.62% to Rp376, to make market capitalization of Rp3.37 trillion, but the stock fell 53% year to date (ytd). PTPP gained 1.89% to Rp540 to make market capitalization of Rp3.34 trillion. It also fell 26% so far this year. Adhi Karya (ADHI) gained 0.93% to Rp434, to make market capitalization of Rp3.65 trillion, but declined 11% ytd. 

Major feed and poultry firms like Charoen Pokhand (CPIN) and Japfa Comfeed (JPFA) reported substantially lower net profit in the first half of 2023, while smaller player Malindo Feedmill (MAIN) suffered an expanded losses due to rising costs. 

The story about transformation into digital bank lifted the shares of Bank Neo Commerce (BBYB) from below Rp300 in early 2021 to as high as Rp2,800 in December 2021 to make a market capitalization of Rp34 trillion, more than 10 times of the bank’s equity back then. Abracadabra! Bank Neo Commerce joined the Unicorn Club.

Shares of Bayan Resources (BYAN) ended lower by 1.56% to Rp17,375 on Monday (Aug 7), reflecting market capitalization of Rp579 trillion. BYAN, one of the largest coal miners in Indonesia, is now valued 19 times equity, making it the most expensive stock in the coal sector. 

Retailer PT Sinar Eka Selaras Tbk (ERAL), a subsidiary of ICT retailer Erajaya Swasembada (ERAA), will list and trade its shares on the Indonesia Stock Exchange (IDX) today (August 8). The Company will list 5.18 billion shares and start trading at price of Rp390 per share, with market capitalization of Rp2.02 trillion.

The Central Statistic Bureau (BPS) reported on Monday (August 7) that Indonesia’s economy advanced by 5.17% year on year (y/y) in the second quarter (Q2) of 2023, after a marginally revised 5.04% growth in Q1. This was the 9th consecutive period of expansion and the strongest pace in three quarters, as household consumption accelerated during the fasting month of Ramadan and the Eid-ul Fitr festivals.

Non-listed SeaBank, controlled by tech giant Shopee, yet to release its financial report for the period ended June 30, 2023, but data in the 12 months to May 2023 pointed to ‘impressive’ growth of total assets by 73% to Rp31.1 trillion, way above BankJago, which is co-owned by GoTo Gojek Tokopedia.