PT Tambang Batubara Bukit Asam will be the first of several more state-owned enterprises (SOEs) to go public, a decision that smacks of speculation. Although Bukit Asam, which operates vast coalmines in Tanjung Enim, South Sumatra, may be a good investment, investor reactions are lukewarm. There's concern that few takers will respond.

The government, badly in need of cash, has set a target of Rp3.95 trillion in proceeds from sales of SOEs for