Eleven members of customary society in Maba Village, Maba Kota sub-district, Halmahera Timur regency, North Maluku province have been named suspects related to their protests against nickel mining operation of PT Position, subsidiary of IDX-listed PT Harum Energy Tbk (HRUM). 

The Attorney General’s Office (AGO) has named former Minister of Education and Culture for the 2019-2021 period, Nadiem Makarim, a suspect in the Chromebook corruption case which, according to prosecutors, caused state losses of Rp 1.98 trillion. Nadiem will be detained at the Salemba detention center for 20 days until September 24.

“We’re indeed in crisis. The US$12 billion burden-sharing between the government and Bank Indonesia (BI) confirmed our limited fiscal capacity to finance Prabowo’s ambitious programs,” one economist said. 

Composite index of IDX (IHSG) advanced 1.1% on Wednesday (Sep 3), thanks to, among others, 10.24% gain in Dian Swastatika Sentosa (DSSA), 1.4% in Data Center Indonesia (DCII), and 1.2% in Chandra Asri (TPIA). DSSA is now worth Rp846 trillion or 25 times equity and traded with PE multiple 167.

Shares of plastic processor PT Impack Pratama Tbk (IMPC) ended higher by 9.92% to Rp1,440 on Wednesday (Sep 3), placing itself in a club of highly inflated stocks listed on the Indonesia Stock Exchange (IDX). 

Shares of Aneka Tambang (ANTM), state mining company, opened higher by 3.2% to Rp3,580 this morning to make a market capitalization of Rp81.5 trillion as investors responded positively the company’s financial performance in the first half ended June 30, where it posted 203% jump in net profit to Rp4.7 trillion.

The recent suggestion by Energy and Mineral Resources Minister Bahlil Lahadalia that private fuel stations should secure their supply directly from Pertamina through a business-to-business (B2B) arrangement reveals a troubling shortcut in Indonesia’s energy policy.

Shares of oil and gas company PT Perusahaan Gas Negara Tbk (PGAS), subsidiary of state oil and gas company Pertamina, ended higher by 2% to Rp1,700 on Tuesday, but still traded way below market average. At the last quoted price, PGAS was worth Rp41.3 trillion, also way below equity (Rp56.8 trillion). Why?

Shares of Vale Indonesia (INCO), pioneer of nickel processing in the country, ended slightly lower by 0.8% to Rp3,710 Monday (Sep 1) to make a market capitalization of Rp40 trillion. Vale was significantly smaller than fellow nickel miner and processor Trimegah Bangun (NCKL)/Harita Nickel (Rp67 trillion) and sister company Aneka Tambang/ANTM (Rp75 trillion).

President Prabowo Subianto made an interesting statement on Monday (Sep 1) after visiting police officers hospitalized from unrest over the weekend. Prabowo said law enforcement agencies are investigating perpetrators of the unrest and looting.