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Accounting Scandal, 10 Years Jail & Bakrie Stocks
The Capital Market Supervisory Agency (Bapepam) is currently investigating "recording errors" committed by Bakrie-related companies and Benakat Petroleum Energy (BIPI). By law, executives of these companies could be jailed for 10 years and fined up to Rp15 billion. The question, will they be punished to that level? ,Last Updated ( Sat, 31 Jul 2010)
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| H1 Results: Gudang Garam
Djarum and Gudang Garam are the only Indonesian business families in the Top 10 of companies by market capitalization on the Indonesia Stock Exchange (IDX). Gudang Garam (GGRM) is the second best performer with 62.4% gain year-to-date, right below PT HM Sampoerna (HMSP) Tbk. (Sat, 31 Jul 2010)
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| H1 Results: Unilever
Consumer goods giant PT Unilever Indonesia (UNVR) Tbk has returned to the fourth largest company on Indonesia Stock Exchange (IDX) by market cap, bigger than Bank Mandiri and Bank Rakyat Indonesia. Unilever also has the highest equity valuation in the market, traded 27 x equity. (Sat, 31 Jul 2010)
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| • H1 Results: INCO | Mining | PT International Nickel Indonesia (INCO) Tbk posted net profit of US$218.8 million in the first half of 2010, seven-fold from the same period last year on higher nickel prices and improved margins. Will INCO entering Top 10 anytime soon? | |
| • Bakrieland & The Profitability Equation | Property | PT Bakrieland Development (ELTY) Tbk currently has assets three times of Bumi Serpong Damai (BSDE), but generated net profit of one-third of BSDE. Will the company spend more energy in improving profitability of the existing assets and stop acquiring dubious assets? | |
| • COAL JOURNAL | Coal | Thermal coal spot prices declined slightly in Europe, Australia, and South Africa for the week ended July 30. This is the fourth consecutive week of correction in the commodity. In this report: (1) Coal Spot Prices, (2) Coal Stocks Review, (3) Corporates in Brief (Indo Tambangraya, Hanson Energy, Bukit Asam). | |
| • H1 Results: Telkom | ICT | PT Telkom Indonesia (TLKM) Tbk is still the top loser in Top 20 stocks by market cap on Indonesia Stock Exchange (IDX). But rallies in the past few days managed to cut 50% of the stock's losses to 10.6% this year even though its first half results were far from convincing. | |
| • H1 Results: Bank Central Asia | Banking | Should the government keep its majority ownership in Bank Central Asia (BCA), the US$6 billion bailout funded by the State may have been paid back, a fool says. Djarum Group & Farallon are the luckiest investors on planet earth to get the majority control of the bank. They spent US$650 million to get the bank, but now the bank generates more than US$700 million per annum. | |
| • H1 Results: Astra International | Stock Market | Astra Agro Lestari (AALI) reported unconvincing results in the first half of 2010. United Tractors (UNTR) also reported below expectations' net profit. But their parent, Astra International (ASII), reported a 51.8% net profit growth in the period. But mindful of what you're seeing. | |
| • Garda Tujuh Buana & The Promises | Coal | When you publish a prospectus of an initial public offering (IPO), you agree to take the so-called fiduciary responsibility about the opportunity and the risks. Garda Tujuh Buana (GTBO) raised Rp210 billion from an IPO about a year ago. Have the company failed on its promises? | |
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