Astra Graphia vs Multipolar Technology
Shares technology services companies Astra Graphia (ASGR) and Multipolar Technology (MPLT) advanced 5.4% and 12.8% respectively on Thursday (Mar 5) on unspecified reasons. While their business size is not much of a gap, Multipolar is now valued 20 times of Astra Graphia.
Bracing for more pressures (2)
Rupiah weakened closer to Rp17,000 per US dollar, while Brent crude oil advanced 4.2% to US$84.7 per barrel. Rupiah is way below exchange rate assumption used for the State Budget 2026 (Rp16,500), while crude oil is now 17% above the Indonesia Crude Price (ICP) assumption of US$72 per barrel.
Reality check on PIK-2
Shares of PIK-2 (PANI), co-owned by Agung Sedayu Group (Sugianto Kusuma) and Anthoni Salim, ended higher by 1.8% to Rp8,600 on Thursday (Mar 5) as investors responded positively the company’s financial performance last year.
When Wikipedia turns read-only
The Ministry of Communication and Digital (Komdigi) has restricted login access to Wikipedia since February 25, 2026, citing non-compliance with PSE regulations. Unlike a total ban, the restriction still allows users to read articles but prevents contributors from logging in and participating in the production of knowledge. What, then, is the likely outcome of this situation?
The fine line between tax compliance and financial surveillance
Indonesia’s effort to modernize its tax administration has entered a new stage. A recently issued regulation from the Finance Ministry requires credit card issuers and payment processors to submit transaction data to the Directorate General of Taxes (DJP). For the government, the policy is a logical extension of its ongoing push to strengthen compliance and expand the country’s limited tax base.
Haji Isam’s TEBE, Dato’s BYAN & Widjaja’s GEMS
Dana Brata Luhur (TEBE), a coal logistic company controlled by the family of Haji Isam, coal miner Bayan Resources (BYAN) controlled by Dato Low Tuck Kwong, and Widjaja Family’s Golden Energy Mines (GEMS) provided us with some interesting facts from their full year 2025 financial statements.
Reality check on Data Center Indonesia
Shares of PT Data Center Indonesia Tbk (DCII), co-owned by tycoon Anthoni Salim, ended lower by 6.5% Wednesday (Mar 4), contributing to 4.6% fall of the IDX composite index (IHSG). DCII, however, remains one of the most inflated stocks in the market.
Bracing for more pressures
Asian stock markets opened mostly lower ground this morning due to escalation of conflicts in the Middle East. Rally in oil price briefly halted by Trump’s pledge to escort oil tankers passing through the Straits of Hormuz, while Qatar’s decision to halt LNG production lifted thermal coal to its highest level since late 2024.
Prabowo’s geopolitical play
President Prabowo Subianto invited former presidents and vice presidents to the State Palace this week, the official explanation was to discuss “global geopolitical developments.” The wording was intentionally broad. But the timing—amid escalating tensions in the Middle East and shortly after Indonesia formalized the Agreement on Reciprocal Trade (ART) with the United States—makes the meeting far more consequential than routine consultation.
Uni-Charm turns to huge losses
PT Uni-Charm Indonesia Tbk (UCID), one of big players in diapers market, booked net loss of Rp1.19 trillion last year against net profit of Rp350 billion in 2024. What happened to the company?