Aldira Sunrise 18 November 2024

• DSSA sold FREN shares worth IDR 562B
Dian Swastatika Sentosa (DSSA), a subsidiary of the Sinar Mas Group, has executed a
significant transaction totaling approximately IDR 9.18T (USD 559.23M) with PT Bali Media
Telekomunikasi (BMT). This transaction comprises two key components: the sale of 4.717% of
its shares in Smartfren Telecom (FREN) to BMT for IDR 562.15B (USD 34.23M) and the provision
of a loan facility to BMT amounting to IDR 8.62T (USD 525M). The share sale was conducted
on 15 Nov 24, through a negotiated market facilitated by Sinarmas Sekuritas, with the shares
priced at IDR 25 each. Both DSSA and BMT are affiliated entities under the Sinar Mas Group.
This strategic move is part of DSSA’s broader plan to streamline its investment portfolio,
focusing on renewable energy and digital ecosystem development. The loan agreement
includes provisions for repayment through debt-to-equity conversion or interest
compensation, offering DSSA flexibility in managing its financial assets. (Bisnis Indonesia)
• JPFA prepares a centralized kitchen to support the free meal program
Japfa Comfeed Indonesia (JPFA) plans to build a central kitchen to serve the surrounding
community, supporting the smooth running of the free nutritious meal program. However,
the company is skeptical about the absorption target of 1.2 million tons of chicken meat per
year cited in the narrative of this program. According to Japfa’s calculations, this figure is
considered too optimistic and expects the program to have a maximum impact of 400,000
tons. The company also highlighted the low level of animal protein consumption in Indonesia
as a major obstacle. Data from the Organization for Economic Cooperation and Development
(OECD) for 2022 shows that per capita consumption of chicken meat in Indonesia is only 7.15
kilograms per year. This figure is far behind Malaysia (50.1 kg), Vietnam (17.2 kg), the
Philippines (14.3 kg) and Thailand (8.7 kg). (Kontan)
• LINK booked a net loss of IDR 801.54B net loss in 9M24
Link Net (LINK) reported a significant net loss of IDR 801.54B in 9M24, a 100.09% increase from
its IDR 274.01B loss in the same period last year. Revenue declined by 14.58% to IDR 1.64T,
while key expenses surged, including depreciation at IDR 1.26T, network and direct costs at
IDR 592.35B, and general and administrative expenses at IDR 294.56B. Total liabilities rose to
IDR 9.93T from IDR 8.32T at the end of 2023, highlighting mounting financial pressures. The
company’s deteriorating financial metrics, driven by declining revenue and escalating costs,
pose significant challenges for its profitability and operational stability. (Emiten news)
• MBMA is ready to operate two HPAL projects in 2025
Merdeka Battery Materials (MBMA) is ready to operate two High-Pressure Acid Leach (HPAL)
projects, which will be fully operational in 2025. One of MBMA’s flagship projects is the HPAL
facility developed jointly with Zhejiang Huayou Cobalt and Merdeka Industri Anantha (MIA)
under the management of ESG New Energy Material. As of 3Q24, the construction progress
of this project has reached 85%. The HPAL project is designed with a production capacity of
30,000 tons of nickel per year in the form of Mixed Hydroxide Precipitate (MHP). In the initial
stage, this facility will produce 20,000 tons of MHP per year and is targeted to start
commissioning at the end of 2024. This capacity will be increased to 30,000 tons per year by
mid-2025. MBMA has 60% ownership of this project through MIA. Apart from that, MBMA has
acquired 12.5% shares in Meiming New Energy Material which is completing the construction
of an HPAL facility with a capacity of 25,000 tons MHP per year in the Indonesia Morowali
Industrial Park (IMIP) area. This project has entered the final commissioning stage, with a