Jakarta, CNBC Indonesia – In the midst of the Composite Stock Price Index (JCI) which was corrected quite deeply, namely 1.26% in the first trading session this Tuesday (15/9/2020), there was one stock with a large enough market capital that managed to shoot high.
Trade data recorded that the shares of PT Pollux Properti Indonesia Tbk (POLL) managed to fly high. POLL shares were recorded trading in the green zone with a 14.11% increase to a level of Rp 9,100 / unit.
The increase in POLL’s shares did not only happen today, it was noted that the shares of this property issuer have shot since Tuesday (8/9/20) or an increase for 6 consecutive days of 148.63% which raised its market capitalization to IDR 75.70 trillion. and make POLL the largest market cap property stock in Indonesia.
Compare this with property issuers PT Bumi Serpong Damai Tbk (BSDE) with a market capitalization of IDR 15.67 trillion and PT Lippo Karawaci Tbk (LPKR) IDR 8.72 trillion.
With this increase, many people think that the increase in POLL’s shares is due to the issuer’s ability to do so complete the Meisterstadt or Pollux Habibie superblock in the Batam Center area, Batam, Riau Islands.
This project was done together with kel family of the late 3rd President of the Republic of Indonesia, BJ Jusuf Habibie through Pollux Habibie International, together with PT Pollux Properti Indonesia Tbk and PT PP Tbk (PTPP).
However, if the answer to the question why POLL’s shares shot up is because they succeeded in completing the Superblock of the late BJ Habibie’s dream, new questions will arise.
If so, why did the shares of the POLL subsidiary not progress like its parent company?
It turned out that POLL’s subsidiary, PT Pollux Investasi Internasional Tbk (POLI), was focused on the business sector jhopes related to real estate such as the activities of real estate agents and brokers, and buying brokers Pollux Properties, its stock price even languished.
POLI’s shares are 23% owned by POLL and 56.95% owned by Po Sun Kok who is the Commissioner of POLL shares and the father of Nico Purnomo who controls POLL shares through PT Borneo Melawai Perkasa.
Of course, if POLL’s share price had shot up due to Pollux Habibie’s Superblock sentiment, then its subsidiary would also have shot up because of the same sentiment.
However, the opening flew to follow its parent, the POLI stock price even boncos. It was recorded that POLI’s shares fell 3.81% in today’s trading to the level of Rp. 1,010 / unit, even POLI shares fell to the level Auto Reject Down aka ARB.
Like the earth and sky with its parent POLL, POLI shares have even fallen badly since they first took the floor on the IDX on January 19, 2019.
POLI made an initial offering at a price of Rp. 1,635 / unit, which means that POLI’s shares have dropped 38.22% since the IPO or initial public offering (initial public offering/IPO).
Because of this, it is not surprising that many parties consider the increase in POLL shares to be in the inappropriate category and consider that there is market maker which raised POLL shares.
POLL’s shares were only owned by public investors as much as 0.279% of the total shares as of August 31, 2020, so the shares were vulnerable cornering where the majority shareholder of the outstanding shares can move the shares easily in a certain direction, in this case go up to touch the Upper Auto Reject (ARA) level. This is because These shares are not evenly distributed to the public and are owned by a handful of market players, aka the act of ‘frying’ shares.
The unfairness of POLL’s shares is also reflected in the financial performance of Pollux Properti, which is apparently not in line with the performance of its share price.
The property sector is one of the sectors most affected by the corona virus pandemic, because the decline in people’s purchasing power has made it difficult for property issuers to sell their property products, including the issuer POLL.
In the first quarter of 2020, Pollux Properti posted a net loss of IDR 14.47 billion. As of today (15/9/20), the company has not published its second quarter financial report.
So is it true that POLL’s shares managed to fly hundreds of percent due to the company’s success in completing the project, or were there some irresponsible people who fried POLL’s shares, who knows?
RESEARCH TEAM CNBC INDONESIA
(trp/trp)
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