Jakarta, CNBC Indonesia – The shares of BUMN Karya issuers collapsed simultaneously in the first trading session today, Monday (5/4/2021). Some of them even touched the lower limit of auto rejection (ARB) this morning.
The decline in shares of this state-owned construction company was after Former SOE Minister Dahlan Iskan highlighted the unsatisfactory performance of a number of BUMN Karya, amidst the incessant infrastructure projects.
The following shows the movements of state-owned construction issuers at 11.06 WIB.
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Housing Development (PTPP), share -6.91%, to IDR 1,280, transaction of IDR 43 billion
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Wijaya Karya (WIKA), -6.84%, to IDR 1,430, transaction IDR 49 Billion
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Waskita Karya (WSKT), -6.64%, to IDR 1,055, transaction of IDR 13 billion
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Adhi Karya (ADHI), -5.80%, to IDR 1,055, transaction of IDR 90 billion
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Wijaya Karya Beton (WTON), -5.62%, to IDR 302, transaction IDR 3 Billion
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Wijaya Karya Bangunan Gedung (WEGE), -2.91%, to IDR 200, transaction IDR 4B
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Jasa Marga (JSMR), -1.21%, to IDR 4,080, transactions IDR 6 Billion
According to data from the Indonesia Stock Exchange (IDX), there were three state-owned construction stocks that collapsed until they touched the ARB. The three of them are PTPP, WIKA and WSKT.
Meanwhile, two stocks were listed to have collapsed to more than 5%, namely ADHI and WEGE.
PTPP’s shares were recorded to have dropped the most among other shares, namely 6.91% to Rp 1,280 / share. The share transaction value is IDR 43 billion.
The subsidence of PTPP’s shares was overshadowed by the net selling action by foreigners of Rp. 869.82 million.
With this weakening, PTPP’s shares only turned green once a week, namely on Thursday last week (1/4). As a result, in a week this share has dropped 14.38%, while a month has dropped 19.75%.
In second place, WIKA’s shares also touched ARB by 6.84% to the position of IDR 1,430 / share. The share transaction value is IDR 49 billion. Foreigners are reportedly selling WIKA for Rp. 4.40 billion.
Meanwhile, in a week, WIKA’s shares have never gone green, after having flushed four times and once closed stagnant.
Thus, in the last week this stock fell 11.46% and a month fell 18.05%.
Quarter three money, WSKT also fell and ARB 6.64% to Rp 1,055 / share with a transaction value of Rp 13 billion. Just like the two stocks above, foreigners made a net sale of Rp 658.38 million.
Along with this weakening, WSKT shares were listed as having fallen in the red zone for 12 consecutive trading days.
Within a week WSKT shares had fallen by 21.85%, while within a month it had plunged 26.22%.
Previously, Dahlan Iskan, in his article “Haus Kerongkongan,” believed that economists’ predictions regarding the resilience of BUMN Infrastructure were a matter of time. The position of BUMN Karya is described as being difficult or very difficult.
The construction sector has indeed become one of the sectors most affected by the Covid-19 pandemic. Construction projects were forced to stall when Indonesia first received uninvited guests from Wuhan, China.
The stalling of this project has certainly caused the capital-intensive construction sector to suffer severe losses due to bad cash flow. Meanwhile, the huge financial burden due to large business debts must still be paid.
This is of course reflected in the financial statements of Karya State Owned Enterprises (BUMN) in 2020 whose performance is very unsatisfactory. Several BUMN Karya have had to cut their net profit by 90%.
Of all BUMN Karya, there is one company that loses very deeply, when compared to its siblings. It is PT Waskita Karya Tbk (WSKT) which in 2020 was forced to book a net loss of Rp. 7.38 trillion.
This massive net loss wiped out all of Waskita’s retained earnings that have been collected since the company was first established in 1973 so that WSKT’s current equity is only Rp 7.53 trillion, more than half, to be exact, 57.88% from last year’s position of Rp. 17.88 trillion.
Unlike WSKT, its fellow BUMN Karya PT Wijaya Karya Tbk (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.
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