Jakarta, CNBC Indonesia – The holding company owned by national entrepreneur Eddy Kusnadi Sariaatmadja, PT Elang Mahkota Teknologi Tbk (EMTK), has again touched the limit auto rejection (ARB) in trading Tuesday (17/5) this morning.
Right after the trading bell opened, EMTK’s shares immediately dived sharply down 6.73% to the level of Rp 2,080/share. Today’s weakness is a long streak for six consecutive trading days ending in the red zone. The last time EMTK was recorded positive was on 27 April.
Worse yet, in the last few trading days, EMTK shares even closed touching the ARB limit, with five of the six days corrected by more than 6.5% each.
The slightest correction only occurred in the middle of last week’s trading, when the JCI gave a signal rebound in early and mid-trading, although it ended up in the red.
This means that since the stock exchange re-opened after the long Lebaran holiday, EMTK’s shares have depreciated more than 30%, with a market capitalization currently recorded at Rp 127.38 trillion.
Trading data noted that EMTK’s shares were depressed by more than 25% in the past month, and since the beginning of the year they were still down 8.77%.
Last week (12/5) Emtek announced that it had sold 74,480,000 treasury shares or share buybacks for the period from May 11, 2021 to May 11, 2022.
The number of treasury shares released was equivalent to 0.12% and from the sale, Emtek received Rp 206.13 billion in funds.
However, the recent bad condition of the company’s shares is inversely proportional to the company’s financial performance throughout 2021 which was only reported on April 26.
Last year EMTK recorded an increase in revenue and net profit. Top line the company experienced an expansion of 7.57% to Rp 12.84 trillion from Rp 11.93 trillion in 2020. Meanwhile, performance bottom line skyrocketed by 175% on an annual basis to Rp 5.65 trillion, from Rp 2.05 trillion.
INDONESIAN CNCB RESEARCH TEAM
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