Eight years ago, the British American Tobacco (BAT) acquired majority shares of PT Bentoel International Investama Tbk (RMBA) from Peter Sondakh’s Rajawali Group at enterprise value of Rp5.88 trillion. Peter walked away with Rp3.35 trillion for his portion of the shares. BAT then merged RMBA with PT BAT Indonesia.

Media outlets have generally pointed to Salim Group as owner of Bank INA Perdana (BINA), a small bank with total assets of Rp2.9 trillion only. Salim’s name contributed to around 600% gain in BINA shares year-to-date. At the current price, Bank INA already has market ‘value’ of Rp6.8 trillion or 5.7 x equity as at June 30.

Bumi Resources (BUMI), the largest coal producer in Indonesia, booked net profit of US$162.25 million in the first half of 2017 against loss of US$20.8 million in the same period of 2016. But, this is not exceptional, because most of the profit was attributable to ‘other income’ of US$126 million.

Kuta, Nusa Dua, Jimbaran, Uluwatu, Sanur, Petitenget, Ubud, and Tanah Lot are famous tourist destination located in southern part of Bali Island. Menjangan, Pemuteran, and Lovina beach in northern part of the resort island, are also famous worldwide, but difficult access resulted in big gap with south part of the island.

Bank Mayapada (MAYA), co-owned by Dr Tahir (owner of Mayapada Group) and Taiwanese company Cathay Life Insurance Co Ltd, is the fastest growing bank in the country. In the first six months of this year, the bank’s total assets expanded by 16.6% to Rp70.9 trillion. This, however, forced shareholders to inject more to grow the equity because capital adequacy ratio (CAR) declined significantly.

Telkom (TLKM), the state-owned ICT company, which is now the largest company on Indonesia Stock Exchange (IDX) by market capitalization, booked net profit of Rp12.1 trillion in the first half of 2017, an increase of 21.9% from the corresponding period 2016. While sales revenue grew higher in the second quarter, profit margins were substantially smaller. In fact, Telkom’s net profit in the second quarter inched up 1.4% only year-on-year.

Beer and beverage producer PT Multi Bintang Indonesia Tbk (MLBI) booked net profit of Rp645.7 billion in the first half of 2017, jumped by 45% from the corresponding period last year, but its sales revenue actually slipped 1.9% to Rp1.5 trillion. Cost of sales, general & administrative expenses, and financial cost were all lower than first half of 2016, but other income of Rp217.5 billion contributed to significant increase in net profit.

Napan (Nawa Panduta) Group was among major business groups during Soeharto years. The group is owned by Pribadi brothers (Henry, Andry, and Wilson). Financial reports of Argha Karya Prima Industry (AKPI), one of the largest plastic film producers in the country, however, pointed to only Andry and Wilson as shareholders of PT Nawa Panduta, owner of 15.06% shares in AKPI.