Jakarta, CNBC Indonesia – The shares of the state-owned airline issuer, namely PT Garuda Indonesia (Persero) Tbk (GIAA) on Friday trading (19/5/2023) closed yesterday and touched auto reject bottom (ARB). In fact, GIAA’s shares almost touched the psychological level of IDR 50/share or ‘gocap’.
GIAA shares closed down 5.56% to Rp 51/share. If on the upcoming Monday’s trading, GIAA’s shares are corrected again, it will automatically touch the ‘gocap’ level.
In trading this weekend, shares of GIAA transacted 4,723 times with a volume of 334.39 million shares and the transaction value has reached IDR 17.09 billion. The market capitalization currently reaches IDR 4.67 trillion.
Until the close of yesterday’s trade, there were still queues to sell up to 26,342 lots on offer orders or selling at Rp. 51/share, or around Rp. 134,344.
The financial performance that has not improved is the reason why GIAA’s shares are still not much sought after by investors. In the first quarter of 2023, GIAA still posted a net loss of US$ 110.13 million or the equivalent of Rp. 1.61 trillion (assuming an exchange rate of Rp. 14,685/US$). However, the company’s revenue rose significantly.
GIAA’s revenue was observed to increase by 72.2% (year-on-year/yoy) to US$ 602.99 million or around IDR 8.85 trillion, from the previous quarter I-2022 of US$ 350.15 million.
The increase in GIAA’s revenue was supported by scheduled flight revenue of US$ 506.82 million, an increase of 87% and the composition of other revenues which grew by 50% to US$ 83.35 million in the first quarter of 2023.
However, the increase in revenue made the company’s operating expenses also increase by 14.98% to US$ 605.18 million, from the previous quarter of 2022 of US$ 526.33 million. These operating expenses include airport expenses, ticket expenses, sales and promotions, passenger service expenses, and others.
President Director of GIAA, Irfan Setiaputra, revealed that Garuda Indonesia’s business revenue growth in the first quarter of 2023 has increased outlook positive for business performance throughout 2023.
“This is also a follow-up to the completion of the company’s restructuring stage in 2022, where for the restructuring achievement Garuda Indonesia also posted positive performance in terms of operating profit which was also contributed by the recording of restructuring book profit,” said Irfan in official statement last Thursday (4/5/2023).
Irfan further explained, the recording of the company’s net loss in the current year was influenced by the application of the accounting standard PSAK 73 which regulates the bookkeeping of lease transactions in operating expenses.
“Despite the implementation of the PSAK, Garuda Indonesia, fundamentally, operational performance continues to record positive performance. This can be seen from a number of important indicators on business performance, both in terms of EBITDA, cash flow to the increase in passenger traffic,” he explained.
In fact, GIAA shares are the only BUMN shares that have touched the gocap level. However, there are several subsidiary shares of its parent which are state-owned companies, where the shares are issuers of BUMN Karya.
The shares are PT PP Properti Tbk (PPRO), a subsidiary of PT PP (Persero) Tbk (PTPP) and shares of PT Waskita Beton Precast Tbk (WSBP), a subsidiary of PT Waskita Karya (Persero) Tbk (WSKT).
PPRO shares have indeed been languishing at the ‘gocap’ level for a long time, namely since October 2022. However, WSBP shares are still relatively new, namely since May 5.
CNBC INDONESIA RESEARCH
2023-05-20 14:15:00
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