The One Trying to Fly Merpati Again
Creditors, including minister of finance as the State Treasurer, have submitted their respective list of overdue receivables related to PKPU against the troubled state airline PT Merpati Nusantara Airlines (MNA). One Indonesian businessman, meanwhile, has been trying to convince creditors and the government that Merpati can fly again.
Maybank-BII Ten Years Later
Malaysia’s Maybank surprised many in March 2008 with its decision to acquire then Bank International Indonesia (BNII) at 4.7x book value. Back then, BNII was valued at US$2.7 billion. Ten years later the bank is valued US$1.38 billion. Not only half its initial value, it is now worth less than book value (Rp20.8 trillion of equity by Dec 31, 2017).
Soerjadjaya-Thohir Mining Partnership: Next?
Shares of PT Merdeka Copper Gold Tbk (MDKA) advanced further by 6.58% this morning as investors responded positively the Company’s performance last year. MDKA, co-owned by some Indonesian businessmen, including Edwin Soeryadjaya and Garibaldi ‘Boy’ Thohir, is now a company with market capitalization of Rp8.67 trillion or around US$633 million.
Mining Giant Sinarmas: Results & Outlook
SGX-listed Golden Energy Resources Ltd (GEAR), controlled by Sinarmas Group, booked net profit of US$62.95 million last year, skyrocketed 186% from 2016, thanks to stronger price of thermal coal. Combined with its ownership in Berau Coal Energy (BRAU), Sinarmas Group is currently third largest coal producer in Indonesia behind Bumi Resources (BUMI) and Adaro Energy (ADRO), and ahead of Indika Energy (INDY).
Revisiting Sawit Sumbermas & Citra Borneo Indah
Downfall of crude palm oil (CPO) prices might have contributed to 18% correction of Sawit Sumbermas Sarana (SSMS) in the past 10 months or so. While financial statements pointed to SSMS as one of the most profitable palm producers listed on Indonesia Stock Exchange (IDX), market value of the company eroded by more than 40% in the past three years.
Coal Player: TRAM, Another TRAP?
Trada Alam Minera (TRAM), new name for Trada Maritime, is among the best performing stocks with 100% gain year-to-date. At the last quoted price, TRAM has market capitalization of Rp19.85 trillion or US$1.5 billion, more than twice of the established coal producer PT Harum Energy Tbk (HRUM)—-Rp8.9 trillion.
Trakindo on ABM Investama: No Mercy?
Unlike peers, ABM investama (ABMM), a company engaged in coal mining, contracting, rental of diesel generators, and other services, posted significantly lower net profit in the first nine months of 2017. In the period, net profit dropped 36% to US$9.54 million, even though sales revenues increased by 17.8% to US$500.9 million. Why?
BRMS: A More Aggressive Bakrie Group
PT Bumi Resources Minerals (BRMS) Tbk has acquired 20% shares of PT Dairi Prima Minerals (DPM) from state miner Aneka Tambang (ANTM) for US$57.3 million. That means BRMS will control 100% shares in DPM, which has lead and zinc mining concession in Dairi, North Sumatra province.
2017, A Prosperous Year for Sinarmas
Golden Agri-Resources Ltd, plantation arm of Sinarmas Group, booked net profit of US$254 million last year, jumped by 36% from 2016 despite pressures in the fourth quarter following correction of palm oil prices. The SGX-listed company produced 2.72 million tons of palm oil products in the year, an increase of 9% from 2016.
Coca-Cola Amatil in Indonesia: Results & Outlook
Coca-Cola Amatil has just released its full year 2017 results to Australia Stock Exchange (ASX) this morning. The Company reported underlying earning before income tax of $678.7 million last year, down slightly by 0.7% from 2017. Indonesia and Papua New Guinea operations, however, jumped 30.6%.