Jakarta, CNBC Indonesia – The shares of BUMN Karya issuers were closed in a compact slump until they touched the lower auto rejection (ARB) limit on today’s trade, Monday (5/4/2021). The subsidence of these shares was also overshadowed by foreign net sells.
There are at least two main sentiments that influenced the collapse of state-owned construction issuers today.
First, financial performance over the past year, which was down. Second, related to comments former BUMN Minister Dahlan Iskan regarding the unsatisfactory performance of a number of BUMN Karya, amidst the incessant infrastructure projects.
The following is the movement of BUMN Karya shares today:
-
Housing Development (PTPP), shares -6.91%, to IDR 1,280, net buy IDR 4.34 Billion
-
Wijaya Karya Beton (WTON), -6.88%, to IDR 298, net sell IDR 561.52 million
-
Wijaya Karya (WIKA), -6.84%, to IDR 1,430, net buy IDR 1.15 billion
-
Adhi Karya (ADHI), -6.70%, to Rp. 1,045, net sell of Rp. 1.06 billion
-
Waskita Karya (WSKT), -6.64%, to IDR 1,055, net sell IDR 609.85 million
-
Waskita Beton Prekast (WSBP), -6.60% to IDR 198, net sell IDR 560.47 million
-
Wijaya Karya Bangunan Gedung (WEGE), -4.85%, to IDR 196, net sell IDR 70.21 million
-
Jasa Marga (JSMR), -0.48%, to IDR 4,100, net sell IDR 429.52 million
According to data from the Indonesia Stock Exchange (IDX), there are six state-owned construction companies that touch ARB, namely PTPP, WTON, WIKA, ADHI, WSKT and WSBP.
Meanwhile, 6 out of 8 BUMN Karya shares were sold by foreigners in trading earlier this week.
From the list above, PTPP’s shares were the most subsided among other shares, namely by 6.91% to Rp 1,280 / share with a transaction value of Rp 52 billion.
With this weakening, as a result, PTPP only recorded one gain in a week, namely on Thursday last week (1/4) when it closed up 0.36% to Rp 1,375 / share.
Practically, within a week PTPP’s shares had dropped 14.38%, while within a month it had dropped 19.75%.
Meanwhile, in second and third place there is a subsidiary of WIKA, WTON, and its parent who both touch ARB.
WTON dropped 6.88% to Rp 298 / share, while WIKA dropped 6.84% to Rp 1,430 / share.
With this weakening, WIKA’s shares have never strengthened in the green zone, or only once stagnated on Thursday (1/4) and four times in the red zone.
Within a week, WIKA’s shares have dropped 11.46% and dropped 18.05% in a month.
Meanwhile, the shares that were mostly sold by foreigners were ADHI. ADHI recorded a net sell of Rp 1.06 billion. Practically, this makes the shares of the Jabodebek LRT train project contractor issuer become one of the most traded shares by foreigners today.
WSKT also subsided again today, after touching ARB 6.64% to IDR 1,005 / share. The stock decline was characterized by net selling by foreigners of Rp 609.85 million.
Thus, WSKT has continued its weakening trend since 11 days ago. As a result, WSKT’s shares have plunged 21.85% in a week, while in a month it has plunged 26.22%.
The fundamental performance of state-owned construction companies has indeed been depressed over the past year. One company even posted a very deep net loss among others.
The issuer is PT Waskita Karya Tbk (WSKT) which in 2020 was forced to book a net loss of Rp. 7.38 trillion.
Unlike WSKT, its fellow BUMN Karya WIKA is still able to book a net profit in 2020 of IDR 50 billion. There is no loss, but this figure is down 92% from last year’s net profit.
Meanwhile, PTPP, has the same fate as WIKA which is still able to book a net profit even though it has fallen badly from last year, PTPP has managed to reap Rp 128 billion this year, down 86% from last year’s position.
Another example, JSMR also recorded a significant decrease in net profit in the period throughout 2020.
The company posted a net profit of Rp. 501.05 billion as of December 31, 2020 or decreased by 77.3% from the previous year of Rp. 2.20 trillion.
Apart from that, investors seem to have responded to the writing of former BUMN Minister for the 2011-2014 era Dahlan Iskan entitled Thirsty throat. The excitement of building infrastructure projects seems to be a heavy burden for construction issuers.
“Infrastructure work has been in a rush in recent years. But business is still a business: it has its own behavior. And that behavior comes from one breath: money,” Dahlan said as quoted on Friday (2/4/2021) from his official blog. Disway.id.
According to Dahlan, as strong as possible the construction SOEs in Indonesia must still rely on sources of funds from third parties. Whether it’s from banking, bonds, or right issues in the capital market.
“Several times I hoped to pass through Disway in the past months: I hope the SWF will run soon. And the funds from the United States, United Arab Emirates, Japan and Canada will immediately go to SWF. There are those who are thirsty to their throat,” said Dahlan.
(adf / adf)
– .
