Market Commentary
Jakarta, CNBC Indonesia – The performance of several IPO stocks in early 2023 is still not encouraging to this day. Some of the 2023 IPO shares have never even printed auto reject above (ARA) even though it has been trading for more than the last seven days.
Out of around 17 shares for the 2023 IPO, there are at least five shares that have not scored an ARA at all. In fact, out of the five shares, there are two shares that have printed auto reject under (ARB) volumes.
It was observed that on the first trading day the five stocks failed to penetrate the ARA, starting from their share prices which shot below 10%, or on their first day they actually touched ARB.
The five shares are:
| Shares | Current Price | Change Today | Changes (Since IPO) | ARA (kali) | ARB (kali) |
| BMBL | 63 | -7,35% | -66,49% | 0 | 10 |
| NAYZ | 73 | 0,00% | -27,00% | 0 | 3 |
| DOG | 298 | 0,68% | -0,67% | 0 | 1 |
| BEER | 374 | 1,08% | 19,09% | 0 | 0 |
| SOUL | 38 | 2,70% | -65,45% | 0 | 10 |
Source: Refinitiv & RTI
Shares of issuers of tutoring, namely PT Lavender Bina Cendekia until trading session I, Thursday (9/2/2023) today, has not even scored an ARA. However, BMBL shares have touched ARB 10 times.
Just this morning, as of 10:22 WIB, BMBL shares were observed to have fallen by 4.41% to a position of Rp. 65/share. With this, BMBL’s shares are far below the initial offering price of IDR 188/share.
Apart from BMBL shares, there are also shares of PT Mitra Tirta Buwana Tbk (SOUL), which until now has not been able to print ARA and has instead printed many volumes of ARB.
SOUL shares themselves this morning were observed to have shot up 2.7% to the position of IDR 38/share. As with BMBL shares, SOUL’s current share price is far below its IPO price of Rp 110/share.
Next, there are PT Hassana Boga Sejahtera Tbk (NAYZ) shares, which also in the four trading days after the IPO have not printed ARA, but on the contrary, namely printed ARB three times.
On this day, NAYZ shares tend to be stagnant at the level of Rp. 73/share and are already below the IPO price of Rp. 100/share. In just four trading days, NAYZ shares have corrected 16.67%.
It has been observed that several IPO shares in early 2023 tend to have recorded poor performance. This is certainly contrary to the nature of IPO shares which usually tend to perform positively after taking the floor on the stock exchange.
In fact, it’s not uncommon for IPO shares to print volumes of ARA, at least in 2-5 consecutive days since the floor on the stock exchange.
The reason for the 2023 IPO shares is less enthusiastic, it seems that investors are only taking advantage of a temporary increase and after getting profits, they tend to immediately release them and not collect them for a longer time.
Some market participants may be inclined to implement the strategy trading short term, namely in just one day in IPO shares because these shares still do not have trade record and tend to be sensitive to various sentiments.
This also makes it difficult for 2023 IPO shares to print ARA for 2-3 consecutive days. Even on its first trade, some stocks find it difficult to print ARA.
CNBC INDONESIA RESEARCH
Disclaimer: This article is a journalistic product in the form of views from CNBC Indonesia Research. This analysis does not aim to persuade readers to buy, hold, or sell related investment products or sectors. The decision is entirely up to the reader, so we are not responsible for any losses or profits that arise from that decision.
(chd/chd)
