Jakarta, CNBC Indonesia – The share price of the mining holding subsidiary of State-Owned Enterprises (BUMN) Mining Industry Indonesia (MIND ID) aka PT Indonesia Asahan Alumunium (Inalum) shot up again today.
The plan to form a holding company of PT Indonesia Battery to operate an electric vehicle battery factory with a factory investment value of US $ 12 billion or around Rp 176,7 trillion (assuming an exchange rate of Rp. 14.725 per US$) back to sentiment positive.
Spontaneously, the shares of companies that will be involved in this project, such as PT Aneka Tambang Tbk (ANTM), have shot up 12.23% after flying 35.26% in the past week.
Other MIND ID subsidiaries such as PT Timah Tbk (TINS) also managed to increase by 6.83% after a week of rallying 15.44%. Meanwhile, PT Vale Indonesia Tbk (INCO), which has just been divested to the government, also managed to green 4.04% after being appreciated by 4.57% for a week.
It was observed from the four MIND ID subsidiaries that took the floor on the IDX, only coal issuer PT Bukit Asam Tbk (PTBA) failed to go green because it was stagnant at the level of Rp. 2050 / unit for a week, PTBA was also ‘only’ able to increase 1.49%.
Seeing the rally in state-owned mining stocks this week certainly shows the optimism of market players about the plan to form this battery holding.
However, it should be noted that the Inalum Cs battery factory will only be operational in 2023 so that the positive impact of the formation of this battery holding on the financial statements of each issuer will not come in the near future.
However, what is the prospect and valuation of mining shares in the MIND ID subsidiary, especially ANTM, which is said to be the leader construction of the battery factory togethera with Pertamina and PLN. Consider the following table.
In fact, when using a price valuation compared to its net profit (PER), shares of MIND ID’s children can be classified as expensive. One of them can be seen that PER ANTM is at 150 times, even TINS failed to book a net profit this year.
The poor profit of this MIND ID subsidiary is, of course, inseparable from the Covid-19 virus disruption that has disrupted operations and commodity prices.
However, when using market price valuation compared to book value (PBV). MIND ID’s subsidiary can still be categorized as cheap because it is still below the mining sector PBV average of 2.7 times.
Technical Analysis
|
Photo: Tri Putra / CNBC Indonesia MIND-ID Technical- – |
Movement saham ANTM by using period daily (daily) of the Boillinger Band (BB) indicator via the upper bound area method (resistance) and lower limit (support). This time, ANTM is at upper boundary area, with widened BB then movement ANTM then tends to be appreciated alias bullish.
To change the bias to bullish or reinforcement, it is necessary to pass the level resistance which is in the area 1.150. Meanwhile, to continueutkan tren bearish or decline needs to pass the level support which is in the area 960.
The Relative Strength Index (RSI) indicator is a momentum indicator that compares the amount of increase and decrease in the current price in a period of time and serves to detect overbought conditions (overbought) above the 70-80 level and oversold (oversold) below level 30-20.
Currently the RSI is in the area 79, which shows an overbought indicator but if the momentum is strong, the RSI indicator can stay in the overbought area for a long time.
The strength of the momentum itself is indicated by , indikator Moving Average Converge Divergent (MACD) which uses a moving average to determine momentum, with indicator MACD in the region positive, then the tendency of movement ANTM to ride.
Besides that the indicator Moving Average (MA) short term has crossed up with the long term MA so that a pattern appears golden cross which indicates there will be appreciation.
Overall, through a technical approach with BB indicators located in the area upper limit, then the next ANTM movement is likely bullish. This is also confirmed by indicators MACD is still in positive territory and the pattern is emerging golden cross.
ANTM needs to pass (break) one of the levels resistance or support, to see the direction of further movement.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
– .
