Market Commentary
Jakarta, CNBC Indonesia – Two big cap stocks, PT Bank Rakyat Indonesia Tbk (BBRI) and PT Bayan Resources Tbk (BYAN), closed in reverse as the Jakarta Composite Index (IHSG) rebounded on Monday (13/3/2023).
According to data from the Indonesia Stock Exchange (IDX), the JCI managed to close up 0.32% to 6,786.95, after having sunk in session I to 6,727.
The JCI transaction value was fairly low, reaching IDR 8.9 trillion with a trading volume of 17.19 billion shares.
A total of 367 stocks fell, 179 stocks rose, and 201 stocks were stagnant.
The success of the JCI reversed direction in session II, also supported by the strengthening of BBRI and BYAN ahead of the close of trading.
BBRI shares had reddened to 4,770 this morning, before finally heading north by closing up 0.21% to IDR 4,830/share.
This is in line with the state-owned bank announcing that it will distribute a jumbo dividend.
BBRI’s Annual General Meeting of Shareholders (AGMS) agreed to pay dividends of 85% of the 2022 net profit of Rp 51.2 trillion.
BBRI President Director Sunarso said that the total net profit distributed by BRI reached IDR 43.5 trillion or 85% of the total profit in 2022.
“From these dividends, the government as the majority shareholder will get 53.19% or the equivalent of Rp. 23.15 trillion,” said Sunarso in a press conference Monday (13/3/2023).
Sunarso said the remaining profit will be used as the company’s retained earnings.
In addition to distributing cash dividends, at the AGMS BRI also agreed on a plan to buy back shares (buyback) worth IDR 1.5 trillion.
“Buyback carried out to increase BBRI share ownership for workers. So that workers are more enthusiastic and perform more optimally,” said BRI Main Director Sunarso.
For your information, BRI is the bank with the largest net profit in the country with a value of IDR 51.17 trillion in 2022.
This figure shot up 64.71% on an annual basis (year-on-year/yoy) compared to 2021 which amounted to IDR 31.06 trillion.
This achievement made BRI record the highest profit in the history of Indonesian banking. The previous highest profit record was held by PT Bank Central Asia Tbk (BBCA) in 2021.
Meanwhile, BYAN coal shares, which were comfortable in the red zone at a price of IDR 18,400/share in session I today, finally rose to soar 4.83% to IDR 19,550/share at the close of trading.
There is no latest information regarding BYAN other than the submission of the 2022 full year financial report last Friday (10/3).
BYAN recorded US$4.70 billion in revenue last year. This figure jumped 64.91% from the previous year of USD $ 2.85 billion.
Along with that, BYAN posted a net profit increase of 79.63% on an annual basis (yoy) to a net profit of USD 2.17 billion in 2022.
Apart from BBRI and BYAN, a number of other big brands also supported the JCI earlier this week, such as PT Telkom Indonesia Tbk (TLKM) which rose 1.50%, PT Unilever Indonesia Tbk (UNVR) strengthened 1.22%, to PT Bank Central Asia Tbk (BBCA) appreciated 1.18%.
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