Mayapada Hospital = 10 x Hermina?
Other junk stocks listed on Indonesia Stock Exchange (IDX) have fallen significantly after MSCI’s shocking announcement in late January, some by more than 70%. Mayapada Hospital (SRAJ), however, has retreated slightly. The last quoted price (Rp15,025) translated into market capitalization of Rp184 trillion or nearly ten times of Hermina Hospital (HEAL).
Indonesia’s Acquisition of Giuseppe Garibaldi
The Italian Senate has recently given the green light for Indonesia’s acquisition of the retired carrier Giuseppe Garibaldi. Classified as a grant, the Indonesian government has framed the move as a cost-effective way to support the national armed forces’ military operations other than war (OMSP). However, the long-term maintenance costs may be far less economical than initially anticipated.
Revoked, then restored: Is Indonesia serious about mining reform?
PT Agincourt Resources, subsidiary of IDX-listed United Tractors (UNTR, member of Astra Group), was allowed to resume operations at the Martabe gold mine, the government framed it as a pragmatic decision—one that balanced enforcement with economic reality. What does this reversal say about the credibility of mining reform agenda?
Fighting economic crime, or centralizing power?
The latest draft regulation on economic crimes, reportedly being prepared in the form of a government regulation in lieu of law (Perppu), arrives with a familiar justification: the need for speed, strength and coordination in tackling increasingly complex financial offenses. In a country long plagued by corruption, illicit financial flows and regulatory fragmentation, the argument may sound compelling. But beneath the urgency lies a far more consequential question—whether this policy is truly about strengthening law enforcement, or quietly concentrating power.
Termination of K-Water’s Contract (2)
President Prabowo Subianto is scheduled for an official visit to Seoul, South Korea next week (March 31-April 2nd) to strengthen bilateral relations. Yonhap news agency reported that Prabowo and his counterpart Lee Jae Myung will discuss trade, investment, defence, infrastructure, energy transition, and artificial intelligence (AI).
Bracing for more pressures
Composite index of Indonesia Stock Exchange/IDX (IHSG) dropped 1.9% Thursday (Mar 26), dragged down by correction in a lot of inflated stocks and global uncertainties. Dow Jones Industrial Average (DJIA), meanwhile, ended lower by 1% Thursday as Brent crude oil rallied 4.5% to US$107 per barrel.
Termination of K-Water’s Contract
Ministry of public works has on March 11, 2026 sent a letter for termination of cooperation agreement with PT Karian Water Services (KWS), a joint venture between South Korea’s K-Water and state-owned EPC firm Adhi Karya (ADHI), regarding the Karian-Serpong regional drinking water supply system (WSS) project.
Everybody falls, except Dato Tahir
Two months have gone since MSCI shocked Indonesian stock market. Most inflated stocks have fallen. Some lost more than 70%. Mayapada Hospital (SRAJ) and Maha Properti (MPRO), two companies controlled by Dato Tahir, however, lost only 8.9% and 18.5% in the period.
Amman Mineral’s missed opportunity
Amman Mineral International (AMMN), the second largest gold and copper producer in the country, missed the opportunity to report a record net profit last year. While others reported strong financial performance from higher price of gold and copper, AMMN suffered 61% fall in net profit instead.
Prabowo wants more from minerals
Mining companies should brace for some policy changes going forward because President Prabowo Subianto has ordered energy & mineral resources minister Bahlil Lahadalia to get fairer shares from the country’s mineral resources.