Business, JAKARTA – Optimism about the speed of the transition to electric vehicles is estimated by JP Morgan to be faster in 2024 in Asia. Indonesia is no exception. PT Astra International Tbk. (ASII) is expected to be affected.
In his latest research, JPMorgan analyst Benny Kurniawan said that 2024 will be a turning point in the vehicle electrification process in Indonesia. The growth in demand for electric vehicles will be driven by people’s interest in switching from conventional vehicles.
Growth in the volume of demand for electric vehicles for cars or automotives, in 2024 will reach 3% year on year (YoY). Meanwhile, electric motorbikes are predicted to grow 7% YoY.
“We believe that 2024 can be a turning point period for electric vehicles (EV) in Indonesia. More than 10 new EV models will arrive in 2023 in Indonesia. “And we project that there will be more new models available in 2024 for four-wheeled vehicles and two-wheeled vehicles,” wrote JP Morgan in its latest research quoted on Monday (18/12/2023).
On the other hand, JPMorgan projects that BYD’s entry into Indonesia will encourage automotive manufacturers such as Honda Motor, Mitsubishi Motors and other Japanese automotive manufacturers to boost their electric vehicle business. Moreover, several Japanese manufacturers have announced plans to launch new models of electric vehicles at affordable prices.
A separate issue, Perum Golf Estate Bogor Raya or known as Ibis Style Bogor Raya is known to be going up for auction. PT Bank Ina Perdana, Tbk. through his attorney, he confirmed that he was still the holder of the mortgage rights on the collateral assets in the form of a plot of land and a building.
The auction plan is known based on Announcement No. PENG-13/KNL.0803/2023 dated 28 November 2023 concerning the First Announcement of the Execution Auction for the State Receivables Affairs Committee and Announcement No. PENG-20/KNL.0803/2023 dated 13 December 2023 concerning the Second Announcement of the Execution Auction for the State Receivables Affairs Committee.
Referring to this, Nur Asiah, SH, Mochamad Ridha Avisena, SH, Adil Supatra Akbar, SH, M.Kn. And Rando Perdana Uoli, SH, Advocates at the Law Firm Lucas, SH & Partners, as legal counsel for PT Bank Ina Perdana, Tbk. convey the following:
First, PT Bank Ina Perdana, Tbk. is the holder of collateral assets in the form of a plot of land and the building standing on it, covering an area of 11,115 m2, located at Kel. Sukaraja, District. Sukaraja, Bogor Regency, known as Perum Golf Estate Bogor Raya or Ibis Style Bogor Raya.
Both news items are excerpts from writings from Bisnisindonesia.id presented in depth and analytically. Here are a number of other selected news.
1. Astra (ASII) and the proliferation of Chinese electric vehicles
JPMorgan sees that Indonesia’s speed in transitioning to electric vehicles will pose a risk to Astra International aka ASII. This is because automotive manufacturers under the auspices of ASII in Indonesia have not shown any enthusiasm to boost their electric vehicle business.
“We note the risk of Astra losing domestic market share. “But we do not see Astra’s utilization rate decreasing, due to the trend of the automotive market shifting to electric vehicles, because export volumes are increasing in the short term,” continued JPMorgan.
Meanwhile, the slow transition to the electric motorbike sector from Japanese manufacturers is also considered to be a risk for ASII. For information, the motorbike market in Indonesia is controlled by Honda, with a market share of 75%. Meanwhile, the distributor of Honda motorbikes in Indonesia, namely PT Astra Honda Motor, is under the auspices of ASII.
In fact, a number of new electric motorbike manufacturers continue to intensify marketing of their products in Indonesia.
2. Toll Manager Strategies to Overcome Vehicle Density During the Christmas Holidays
Various preparations have been made to deal with the flow of vehicle traffic for the Christmas 2023 and New Year 2024 (Nataru) holidays. The Ministry of Transportation predicts the potential for community movement to reach 39.8 percent or 107.63 million people during the Christmas holiday. The movement of people experienced an increase of 143.7% compared to last year’s 44.17 million people.
The highest reasons for people traveling during the Christmas and New Year holidays were holidays to tourist locations at 45.29%, holidays back home at 30.15%, and celebrating Christmas and New Year at home at 18.98%.
Private vehicles are still the favorite mode of transportation. The number reached 35.6%, followed by motorbikes at 17.9%. Then, public transportation follows with trains at 13.2%, planes at 11.9%, buses at 10.9%, ferries at 6% and ships at 3.4%.
The choice of route for four-wheeled vehicle users traveling during the Christmas and New Year holidays is the Trans-Java Toll Road at 31.66%. Followed by the Cipularang toll road at 19.12%, the Jagorawi toll road at 15%, and the Jakarta – Merak toll road at 7.35%.
Astra Infra Group CEO Firman Yosafat Siregar said the company had prepared infrastructure and services and continued to coordinate with stakeholders such as the Ministry of Transportation, Ministry of PUPR, and Korlantas Polri, to be able to provide the best service for toll road users.
3. Blackrock Fiddles with Shares of Prajogo Pangestu Cuan, TPIA Cs
The largest asset management company in the world, BlackRock Inc., was observed tampering with share ownership in a number of issuers belonging to Prajogo Pangestu CUAN to TPIA.
BlackRock secretly collected a series of shares affiliated with one of the richest people in Indonesia Prajogo Pangestu.
Based on Business search results on Tuesday (19/12/2023), BlackRock has just increased its ownership in the Prajogo Pangestu coal issuer PT Petrindo Jaya Kreasi Tbk. (CUAN).
Bloomberg reported that BlackRock bought up 67,308 CUAN shares on Friday (15/12/2023). After the transaction, ownership increased to 15.00 million shares.
BlackRock was recorded as being on the list of CUAN shareholders for the first time on September 29 2023. The average cost basis per share is IDR 6,190.46.
Apart from CUAN shares, BlackRock also added ownership of 565,732 shares in PT Barito Pacific Tbk. (BRPT). Thus, the number of BRPT shares held increased to 969.70 million shares.
4. Positive Trends in Rokan Block Oil Production in the Hands of Pertamina
Oil production in the Rokan Block, Riau continues to show a positive trend in line with the efforts of PT Pertamina Hulu Rokan (PHR) which continues to intensively carry out exploration activities, both conventional and non-conventional in one of the legendary oil and gas working areas.
Since the transfer of management in August 2021, the company which is part of PT Pertamina Hulu Energi Subholding Upstream PT Pertamina (Persero) has finally succeeded in recording average oil production currently in the range of 160,000-162,000 barrels per day (bpd).
This oil production achievement is much better than when it was first taken over from PT Chevron Pacific Indonesia, which at that time was around 158,700 bpd. In addition, the volume of reserves in the old block increased from 320.1 million barrels of oil equivalent (Mmboe) at the start of the transition to 370.2 Mmboe.
Not wanting to be complacent, for next year PHR is even targeting oil production from the Rokan Working Area to be even higher, namely 167,000 bpd. To support the oil production target, the company is preparing capital expenditure (capex) of up to US$ 1 billion and operating expenditure (opex) of US$ 2 billion.
5. Ibis Style Bogor Auctioned, Bank INA Still Holds Mortgage Rights
Perum Golf Estate Bogor Raya or known as Ibis Style Bogor Raya is known to be up for auction. PT Bank Ina Perdana, Tbk. through his attorney, he confirmed that he was still the holder of the mortgage rights on the collateral assets in the form of a plot of land and a building.
The auction plan is known based on Announcement No. PENG-13/KNL.0803/2023 dated 28 November 2023 concerning the First Announcement of the Execution Auction for the State Receivables Affairs Committee and Announcement No. PENG-20/KNL.0803/2023 dated 13 December 2023 concerning the Second Announcement of the Execution Auction for the State Receivables Affairs Committee.
Referring to this, Nur Asiah, SH, Mochamad Ridha Avisena, SH, Adil Supatra Akbar, SH, M.Kn. And Rando Perdana Uoli, SH, Advocates at the Law Firm Lucas, SH & Partners, as legal counsel for PT Bank Ina Perdana, Tbk. convey the following:
First, PT Bank Ina Perdana, Tbk. is the holder of collateral assets in the form of a plot of land and the building standing on it, covering an area of 11,115 m2, located at Kel. Sukaraja, District. Sukaraja, Bogor Regency, known as Perum Golf Estate Bogor Raya or Ibis Style Bogor Raya.
This is the same as Building Use Rights Certificate No. 1246/Sukaraja Subdistrict dated 30 May 2011 (SHGB No. 1246) which was given by PT Bogor Raya Estatindo to PT Bank Ina Perdana, Tbk. based on Mortgage Rights Certificate No. 17548/2019 Rank I with a mortgage value of IDR 132 billion (SHT No. 17548/2019), issued by the Bogor Regency Land Office on 29 October 2019 jo. Deed of Granting Mortgage Rights (APHT) No. 151/2019 dated 17 October 2019 made by Lasmiati Sadikin, SH, PPAT in Bogor Regency.
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