Pressures on coal-related industries
PT Hasnur International Shipping Tbk (HAIS), a coal logistic and transportation company, booked net profit of Rp87.1 billion last year, dropped significantly by 28% from 2024 on lower sales revenues and higher interest expenses.
Expanded losses at Matahari (MPPA) and LinkNet
Retailer Matahari Putra Prima (MPPA), controlled by Riady Family, booked net loss of Rp152 billion last year, expanded by 28.8% from 2024 due to lacklustre growth and squeezed margins. LinkNet (LINK), used to be controlled by Riady Family, also posted an expanded losses last year.
Coal production cut: Gain or pain?
Newcastle thermal coal inched up 0.52% to US$116.7 per ton last Friday (Feb 13), reflecting 13.6% gain year-on-year. Indonesian government’s plan to curt coal production, and, accordingly, export might have contributed to the recent rally, but mid-long term outlook of the commodity remains unchanged.
Nickel retreats
Nickel soared close to US$19,000 per ton in mid January to respond Indonesian government’s plan to cut work plan and budget (RKAB) of nickel miners, but has since retreated to as low as US$16,889 this morning.
Whoops! Purbaya sidelined?
Prasetyo Hadi, minister of State secretary, told the press on February 12 that President Prabowo Subianto had decided to use the State Budget to pay interest and principal of the loans of fast-train Whoosh!
When the world’s most popular mobile game changes hands
Media outlet reporterd that ByteDance is negotiating the sale of Moonton, the developer of Mobile Legends: Bang Bang, for between US$6 billion and US$7 billion. For Indonesia, this is not just another global tech deal. It is a reminder of how deeply the country’s digital entertainment economy depends on foreign intellectual property.
Compliance kills entrepreneurship
Indonesia has spent the past decade promoting formalization as the cure for its vast informal economy. From the Job Creation Law to the introduction of one-person limited liability companies, policymakers promised that starting a business would become cheaper, faster and easier. For micro, small and medium enterprises (MSMEs) and early-stage startups, the message was clear: formalize, and the state will support you.
When cooperatives meet the barracks
The Red and White Cooperative, is increasingly shaped by an unusual actor: the military. What began as a state-driven effort to accelerate rural logistics and food distribution has now openly enlisted the Indonesian Military (TNI), including its territorial apparatus, to help establish cooperatives across villages. The justification is efficiency. The consequence, however, may be far more political.
Bigger losses in fourth quarter for XLSmart Telecom
Shares of XLSmart Telecom (EXCL), a joint venture between Axiata Group and Sinarmas (Widjaja Family) opened lower by 2% to Rp2,950 this morning as investors responded to financial report for full year of 2025, where the company posted net loss of Rp4.43 trillion.
Inflated/Manipulated Stocks: Impack Pratama
Shares of plastic processor PT Impack Pratama Industri Tbk (IMPC) opened lower by 1.4% to Rp2,190 this morning. While the stock has lost nearly 50% from its peak, the last quoted price reflected PE multiple 190 on annualized earnings in Jan-Sep 2025, one of the most expensive stocks in the market.