Lo Kheng Hong Sells Favorite Stocks at High Prices, Including PT Clipan Finance & PT Gajah Tunggal

Tri Putra, CNBC Indonesia

Market

Friday, 14/07/2023 20:50 WIB

Photo: Lo Kheng Hong (CNBC Indonesia/Houtmand P. Saragih)

Jakarta, CNBC Indonesia – Well-known Indonesian investor Lo Kheng Hong (LKH) was recorded as releasing part of his ownership in a number of issuer shares. The lego man’s action, which is often called Warrant Buffett Indonesia, is in line with the rising trend of his stock price.

Shares of financing issuer PT Clipan Finance Indonesia Tbk (CFIN), for example, jumped 37.55% in a month. On Friday (14/7), the shares of the Panin Group rose 4.13% daily.

Another share, PT Gajah Tunggal Tbk (GJTL) flew 30.36% in the last month. In fact, on July 3-6, the tire manufacturer’s shares shot for 4 consecutive days with an increase of 65.43%.

After this high rise, GJTL shares tend to be hit by profit taking this week.

On Monday (10/7), these shares fell 5.10%, then on Wednesday (12/7) they fell 8.61%. Meanwhile on Friday (14/7), it was minus 2.67%.

Other shares of Lo Kheng Hong’s collection were also affected by the increase. PT ABM Investama Tbk (ABMM)’s coal shares shot up 11.40% in a month and palm oil plantation issuer PT Austindo Nusantara Jaya Tbk (ANJT) jumped 26.06%.

Sell Stocks at High Prices

In the midst of the rally in a number of shares owned by the public that are known to the public above, LKH has been quietly cashing in cash.

On June 16, 2023, according to data from the Indonesian Central Securities Depository (KSEI), LKH sold 573 thousand shares of CFIN. At that time Pak Lo, another nickname, still held 203.37 million shares or the equivalent of 5.10%.

Then, on June 19, 2023, Lo Kheng Hong again released CFIN shares. This time, he sold 4.04 million shares of the company, bringing his ownership down to 5% or 199.33 million shares.

A day later, on June 20, 2023, Lo Kheng Hong was no longer on the list of shareholders above 5%. Pak Lo, as he is affectionately known, also admitted that he had sold around 4 million CFIN shares in mid-June. He has also revealed the reason behind selling CFIN shares.

“Why did I sell Clipan Finance shares? I have more than 200 million shares, I only sold 4 million shares, not many,” opened the 64-year-old investor. Mr. Lo stated that he bought CFIN shares when the price was around Rp. 200. And recently the price has been around Rp. 500.
“I bought the shares for Rp. 200, it went up to Rp. 500 more. Sell a little bit,” he explained.

Similar to CFIN, LKH also sold its other favorite stock, GJTL. According to KSEI data, as of Monday (10/7), Lo Kheng Hong’s share ownership in GJTL decreased by 4.87 million shares.

After the sale, LKH held 175,127,400 shares or equivalent to 5.03% of the total GJTL shares. In fact, on July 7, Lo Kheng Hong still owned 180,001,000 or 5.17% of the shares.

However, as of Tuesday (11/7), LKH’s name is no longer on the list of shareholders above 5% GJTL. Until now, there has been no further explanation regarding the Lo Kheng Hong divestment action.

CNBC INDONESIA RESEARCH

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