Jakarta, CNBC Indonesia – The majority of construction issuers immediately rose in the green zone at the beginning of today’s trading, Friday (4/6/2021). This strengthening appears to be in response to news related to signals from the Minister of State-Owned Enterprises (BUMN) Erick Thohir regarding the divestment of toll roads owned by state-owned subsidiaries in the construction sector.
The following is the movement of construction stocks at 09.52 WIB
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Acset Indonusa (ACST), shares +2.38%, to Rp 258, transaction Rp 796 million
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Wijaya Karya (WIKA), +1.14%, to Rp. 1,330, transaction of Rp. 3 M
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Adhi Karya (ADHI), +0.99%, to Rp 1,025, transaction Rp 1 M
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PP (PTPP), +0.88%, to Rp. 1,150, transaction of Rp. 5 M
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Total Bangun Persada (TOTL), +0.62%, to Rp 322, transaction Rp 29 million
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Nusa Raya Cipta (NRCA), +0.62%, to Rp 326, transaction Rp 106 million
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Waskita Beton Precast (WSBP), +0.53%, to Rp. 189, transaction of Rp. 1 M
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Waskita Karya (WSKT), +0.46%, to Rp 1,090, transaction Rp 13 M
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Wijaya Karya Building (WEGE), 0.00%, to Rp 202, transaction Rp 515 million
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Wijaya Karya Beton (WTON), 0.00%, to IDR 294, transaction IDR 270 million
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Nusa Construction Engineering (DGIK) 0.00%, to Rp 71, transaction Rp 128 million
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Jasa Marga (JSMR), -0.50%, to IDR 4,010, transaction IDR 966 million
Referring to the list above, of the 12 construction stocks observed, 8 stocks rose, 3 stocks were stagnant and 1 stock fell into the red zone.
Shares of listed company Astra Group, ACST, became the most powerful with a 2.38% increase to Rp 258/share. This stock managed to rebound from a 0.79% correction to Rp 252/share on Thursday (3/6) trading yesterday.
In a week ACST shares rose 6.61%, while in a month fell 4.44%.
In the second to fourth positions there are a trio of BUMN Karya shares, namely WIKA, ADHI and PTPP. WIKA’s shares rose 1.14% to Rp 1,3030/share, ADHI appreciated 0.99% to Rp 1,025/share, while PTPP rose 0.88% to Rp 1,150/share.
The three stocks managed to bounce back into the green zone after yesterday both sinking into the red zone.
The three stocks are still not moving, namely WEGE is stagnant at Rp 202/share, WTON is still standing at Rp 294/share and DGIK is still not moving from Rp 71/share.
The only stock that turned red was the share of BUMN Karya JSMR which fell 0.50% to Rp 4,010/share.
JSMR shares continued their decline in trading last Thursday, when they fell 0.25% to Rp 4,030/share. Despite weakening, JSMR’s stock grew 3.90% in a week, while in a month it still fell 3.61%.
As reported by CNBC Indonesia earlier, Thursday (3/6), the Minister of SOEs Erick Thohir conveyed the news regarding the development of toll road divestment. The divestment will be carried out through the Indonesia Investment Authority (INA), which has received substantial funds from three foreign institutions.
“One more thing, with the establishment of SWF, like it or not, some state-owned companies will be invested, such as toll roads,” said Erick, during a working meeting with Commission VI of the House of Representatives (DPR), Thursday (3/5/2021).
Erick explained that SWF had received funding from Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG) and a subsidiary of the Abu Dhabi Investment Authority (ADIA). The investment value reached Rp 54 trillion.
“The Rp 54 trillion fund can be invested in toll roads, especially in Waskita (PT Waskita Karya Tbk/WSKT), Waskita is in restructuring mode,” added Erick.
Previously, INA had formed a consortium with Caisse de dépôt et placement du Québec (CDPQ), APG Asset Management (APG) and a subsidiary of the Abu Dhabi Investment Authority (ADIA). The investment of these four entities will be focused on toll road infrastructure projects in Indonesia.
Spokesperson for the Indonesia Investment Authority (INA), Masyita Crystallin said, in addition to the three entities, there are many investors who are interested in investing in Indonesian toll roads. Moreover, currently toll road infrastructure is the main focus of INA’s investment.
“There is quite a lot of interest. Many investors are asking not only these three. As we know there are many toll road constructions in Java and some outside Java such as Sumatra are on going. Especially now what global investors are seeing is toll roads in Java,” he said to CNBC Indonesia, Thursday (27/5/2021).
According to him, the large number of interests proves that investor confidence in the investment climate in Indonesia is growing. Moreover, at this time Indonesia is incessantly carrying out infrastructure development, especially on toll roads.
“The interest is there because global investors see that the toll road traffic in Java is very good. They do pay attention to the huge infrastructure potential in Indonesia,” he said.
He leaked that in the near future there will be three toll roads that INA will immediately invest in. However, he did not provide details on which toll roads INA will enter.
CNBC INDONESIA RESEARCH TEAM
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