Jakarta, CNBC Indonesia – Shares of the e-commerce technology issuer PT Bukalapak.com Tbk (BUKA) resumed their correction after falling to the Lower Auto Reject (ARB) level for 2 consecutive days.
BUKA’s share price fell 6.52% to a price level of Rp 258/unit in yesterday’s trading (16/3/21), continuing its correction at the ARB level at 6.76% in yesterday’s trading the day after (15/3/21).
With this correction, it is currently OPEN at the lowest level in its history aka all time low. Currently, the market capitalization of BUkA is only IDR 26.6 trillion, compared to its market capitalization when it first took the floor at IDR 87.6 trillion.
This means that if an investor buys open shares at the IPO price, then the investor has lost 69.64%. Even if the investor buys OPEN shares at the highest price of Rp 1,325/unit on the second trading day, then the investor will boncos 80.52 million.
Imagine if you invest Rp. 1 billion in OPEN shares at that price, then the value of your investment is only Rp. 194.8 million
The severe correction in OPEN shares was caused by investors’ fear of opening the period lock up existing shareholders which will begin early next month.
Rumors among market participants are that these old shareholders obtained Bukalapak shares at very, very cheap prices, even some of them bought BUKA shares for under Rp 50/unit during the initial funding period. startup Bukalapak.
This is what causes the fear that the old shareholders will immediately sell all of their shares at any price because they have made profits many times over without paying attention to the valuation of BUKA’s shares.
After a severe correction, what is the direction of the next OPEN stock movement?
One of the analysts who was successful in predicting the decline in the price of BUKA was Richardson Raymond from Trimegah Sekuritas, who from a long time ago issued a research predicting the stock price of BUKA will fall below Rp. 298/unit.
After the stock price of BUKA is proven to have fallen to below Rp. 298/unit, it will be interesting to see if there will be any update then for the target price of OPEN shares.
Furthermore, research from Farras Farhan from Samuel Sekuritas on February 18, 2022 yesterday recommended holding Bukalapak shares with a target price of IDR 400/unit.
“We initiated coverage for BUKA with the recommendation of HOLD and IDR 400 TP, reflecting 7.6x EV/Sales in FY22F. We see that BUKA’s competitiveness in the marketplace sector will tend to decline, along with changes in the company’s strategy to focus on developing the Partner ecosystem.” Farhan said in the research.
“We also estimate that the change in Mitra’s business model to a storefront model planned by BUKA will take quite a long time before it can be optimally realized. So we project a decline in the trend of TPV growth in the coming years.” he added.
Although many have started to despair with the price of Bukalapak’s shares, Niko Margaronis of BRI Danareksa Sekuritas is still optimistic that Bukalapak’s share price will rise to the level of Rp. 1,400/unit and gives advice to buy BUKA shares.
The research states that BUKA’s Total Processing Value (TPV) has the potential to increase with the addition of a Joint Venture (JV) business with Transmart.
(trp/trp)
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