Revisiting Bukit Asam & Resource Alam
State coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) booked net profit of Rp870.8 billion in the first quarter 2017, skyrocketed 162% from the corresponding period of 2016, thanks to improved margins. Bukit Asam’s sales revenue actually grew only by 28% to Rp4.55 trillion, but gross profit doubled to Rp1.69 trillion.
Revisiting KINO
Consumer goods player PT Kino Indonesia (KINO) Tbk launched initial public offering (IPO) in late 2015 at Rp3,800 per share. The stock rallied to as high as Rp7,175 in July 2016, but has since collapsed to Rp2,440 on Tuesday (April 25, 2017). Some investors responded negatively the Company’s performance last year.
TNI Leadership Change Rumors
Rumors are going around that the Indonesian Military (TNI) will undergo a leadership change. Suppose the rumor is true, is accelerating the appointment of a new TNI commander the right decision? Who would the President choose and from which military branch?
SinemArt’s Shareholding Dispute: Hary Tanoe v. Sariaatmadja
Two of the biggest television companies, PT Media Nusantara Citra Tbk (MNCN) belonging to Hary Tanoesoedibjo and PT Surya Citra Media Tbk (SCMA) controlled by the Sariaatmadja family, are having a dispute over shareholding in PT Sinemart Indonesia, one of the biggest entertainment and production house companies in Indonesia. The dispute occurred after a court decision stating that the sale of shares of PT Sinemart Indonesia to SCMA’s subsidiary, which was conducted in January 2017, is not valid. What’s interesting is that the decision was made in an in absentia trial and PT Sinemart Indonesia had no knowledge of the trial whatsoever. How is that possible?
Charoen & 7-Eleven Acquisition
Charoen Pokphand Indonesia (CPIN) is the largest integrated poultry player in Indonesia with sales revenue of Rp38.3 trillion last year, an increase of 27.9% from 2015. This Company booked net profit of Rp2.22 trillion, grew by 20.9% from 2015. At the current price, CPIN has market capitalization of Rp54.1 trillion or US$4.07 billion.
Anies-Sandi & Their Heavy Luggage (3): Alcohol Game
Anies Baswedan and Sandiaga Uno, winner of Jakarta election, plan to start their term in October 2017 with divestment of the city administration’s shares in beer producer PT Delta Djakarta Tbk (DLTA). This clearly an opportunity to those have long targeted ownership in Delta Djakarta, a very profitable company with net profit of Rp254 billion last year, jumped by 33.2% from 2015.
Anies-Sandi & Their Heavy Luggage (1): Conflict of Interests
It becomes clearer that VP Jusuf Kalla and Aksa Mahmud, whom Anies Baswedan consider as ‘parents and relatives’, are main supporters of the winning ticket in Jakarta election. It is disgusting how Erwin Aksa defended his chopper ride service for Anies. But, it won’t be a surprise to see inner circles of Anies-Sandi, including property business-linked politician Boy Sadikin would benefit directly and indirectly from new leaders in Jakarta. We’re not talking about the famous ‘down payment zero rupiah’ program here.
Further Pressures on Hary Tanoe’s Pay TV Business
PT MNC Sky Vision Tbk (MSKY), pay TV business unit of MNC Group controlled by businessman and politician Hary Tanoesoedibjo, booked net loss of Rp197 billion last year, down 74% from 2015. In the fourth quarter of 2016, however, net loss expanded almost 100% to Rp278 billion, while sales dropped significantly.
Pelindo III: FY16 Results & Outlook
State-owned port management company PT Pelindo III, which manages, among others, Tanjung Perak & Teluk Lamong (Surabaya), Tanjung Emas (Semarang), Benoa port (Bali), Kota Baru port (South Kalimantan), and Lembar port (NTB) has just released its full year 2016 financials. The company booked net profit attributable to equity of Rp1.5 trilion last year, jumped by 30.1% from 2015. The company recorded revenue growth of 16.8% to Rp7.58 trilion, thanks to stronger growth in the fourth quarter.
OK OCE Mart and GNPF-MUI?
One Kecamatan One Center for Entrepreneurship (OK OCE) is a program that gubernatorial candidate Anies Baswedan and his running mate Sandiaga Uno (Anies–Sandi) intend to implement if elected. This is a program for the empowerment of Small-Medium Enterprises. A part of the program is the opportunity to create OK OCE Mart, which will not only function as typical minimart, but also a place to market products produced by participants of OK OCE. But let’s not go into the rationale or the design of this idea, instead let’s focus on who’s who.