All of a sudden 18 Mini Bank Stocks flew, what’s going on?

Jakarta, CNBC Indonesia – The majority of shares of mini-banks aka BUKU II banks (banks with core capital of Rp 2 trillion-Rp 5 trillion) closed in the green zone in today’s trading, Tuesday (3/8/2021), after Monday’s tendency to weaken.

The strengthening of 18 mini-bank shares occurred amid a 0.56% increase in the Composite Stock Price Index (JCI) at 6,130, with a transaction value of Rp 13.35 trillion.

The following is the performance of mini bank shares in today’s trading, referring to IDX data:

It was recorded that all mini bank shares were successfully closed in the green zone, even 6 of them managed to fly double digit.

Trade data noted that PT Bank QNB Indonesia Tbk (BKSW) became a mini banking stock with the fastest appreciation, rising 25% to the level of Rp 260/unit.

Furthermore, PT Bank Bisnis Internasional Tbk (BBSI) became a small banking stock with the second highest appreciation with an increase of 22.45% to Rp 5,400/share. This sudden price spike made BBSI shares soar 31.89% in a week and up 79.15% in a month.

The latest news is that the bank, which is supported by peer to peer lending Kredivo, will issue new shares under a rights issue scheme for the second time (Limited Public Offering/PUT II).

In the disclosure of information on the IDX, BBSI’s management represented by BBSI President Director Laniwati Tjandra said the company plans to conduct a PUT II with a maximum number of 434,782,609 shares with a nominal value of Rp 100/share. This amount is equivalent to 14.37% of the company’s paid-up capital.

The proceeds from this rights issue will entirely be used by the company to strengthen the capital structure to meet the OJK core capital requirements and as additional working capital in the context of providing loans to customers which will be realized in stages.

Just so you know, Kredivo or FinAccel Teknologi Indonesia currently has a share ownership of 24% until May 21, 2021. FinAccel is reportedly ready to take the floor on the Nasdaq exchange through a merger scheme with a cangkak company aka SPAC.

In the third and fourth positions were shares of PT Bank Capital Tbk (BACA) and PT Bank Neo Commerce Tbk (BBYB), which rose by 22.69% and 19.75%, respectively.

BBYB shares managed to rebound from the correction on Monday (2/8) yesterday by 3.57%. Before weakening on Monday, this stock had accelerated for 3 consecutive days last week. Practically, in a week BBYB shares jumped 74.77%, while in a month ‘flying’ 130.20%.

The strengthening of BBYB’s shares since last week occurred amid news that financial technology (fintech) company PT Akulaku Silvrr Indonesia alias Akulaku officially became the controlling shareholder of BBYB.

Previously, Akulaku officially became the controlling shareholder of BBYB, after receiving the blessing of the Financial Services Authority (OJK). This was revealed in the plan to take over Bank Neo Commerce by Akulaku which was published on Wednesday (28/7) on the BBYB official website.

The announcement of the summary of the proposed takeover relates to Akulaku’s ownership of 1,664,157,909 shares of BBYB or approximately 24.98% of BBYB as a result of the implementation of the Limited Public Offering III (PUT III) or rights issue.

Just so you know, Akulaku first entered BBYB in early 2019 by acquiring 8.9% shares of PT Bank Yudha Bhakti Tbk (the previous name of Bank Neo Commerce) from PT Gozco Capital at a price of IDR 338 per share with a total value of IDR 158 billion. .

The main positive sentiment that has contributed to the increase in mini-banks since a few years ago is related to the plan to release the Financial Services Authority Regulation (POJK) regarding digital banks in the middle of this year.

The latest news, the Financial Services Authority (OJK) stated that developments regarding the new OJK Regulation regarding Commercial Banks are still in harmonization with the Ministry of Law and Human Rights.

“Still harmonization with the Ministry of Law and Human Rights,” said OJK Spokesperson Sekar Putih Djarot to CNBC Indonesia, Monday (19/7).

The POJK, one of which will regulate the establishment of new banks, including banks that will operate fully digitally. The existence of this regulation is to accommodate the development of the banking industry which is currently starting to switch to a digital system.

Previously, investors speculated that the shares of the mini-banks above would be seized by strategic investors and transformed into digital banks.

CNBC INDONESIA RESEARCH TEAM

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