Jakarta, CNBC Indonesia – The majority of shares in mini-banks aka BUKU II banks (banks with core capital of Rp 2 trillion-Rp 5 trillion) fell in early trading today, Wednesday (18/8/2021). Some of them sink to the bottom of the auto rejection limit (ARB) of 7% and become top losers.
Investors seem to continue to sell shares of these ‘short’ capital banks after about 2-3 weeks ago they were busy collecting these shares.
The following is the weakening of a number of mini bank shares, at 09.16 WIB:
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Bank Bumi Arta (BNBA), -6.99%shares, to Rp 1,065/share
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Bank Ganesha (BGTG), -6.98%, to Rp 240/share
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Bank Oke Indonesia (DNAR), -6.96%, to Rp 294/share
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International MNC Bank (BABP), -6.94%, to Rp 402/share
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Neo Commerce Bank (BBYB), -6.86%, to Rp 1,425/share
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Bank IBK Indonesia (AGRS), -6.80%, to Rp 274/share
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Bank Jtrust Indonesia (BCIC), -6.80%, to Rp 685/share
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Bank Victoria International (BVIC), -6.40%, to IDR 161/share
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Bank Ina Perdana (BINA), -6.00%, to IDR 3,760/share
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Allo Bank Indonesia (BBHI), -5.96%, to Rp 2,210/share
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Bank Capital Indonesia (BACA), -5.78%, to Rp 424/share
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Bank QNB Indonesia (BKSW), -4.03%, to Rp 238/share
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Bank Amar Indonesia (AMAR), -2,74%, at Rp 284 / share
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Bank Maspion Indonesia (BMAS), -1.93%, to Rp 1,270/share
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Aladin Syariah Bank (BANK), -0.80%, to IDR 3,700/share
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Bank Jago (ARTO), -0.79%, to Rp 15,625/share
According to the data above, of the 16 mini-bank stocks that fell, 7 of them touched the ARB limit, from BNBA to BCIC shares. Meanwhile, this morning, shares of BGTG, BABP, BBYB were ranked in the top 5 top losers.
BNBA shares fell the most with a 6.99% decline to Rp 1,065/share. This is the fifth time in a row BNBA shares have fallen in the red zone. As a result, within a week this stock fell 29.93%.
In the second position, there is BGTG shares which fell 6.98%, continuing the weakening trend of the previous 4 hours. Within a week, this stock eroded 24.05%.
Shares of DNAR and MNC BABP Group bank also slumped, falling 6.96% and 6.94%, respectively.
Bank MNC will carry out a limited public offering VIII (PUT VIII) with a pre-emptive rights mechanism (HMETD) or a rights issue starting on September 9.
In this corporate action, BABP will issue 14.23 billion new shares or 33.33 percent of the company’s issued and fully paid capital after the rights issue.
The price of one rights issue share is in the range of Rp 280-Rp 320 per share. Thus, the total funds that will be obtained by BABP from this rights issue are around Rp 4 trillion to Rp 4.5 trillion.
The entire proceeds from the rights issue will be used by BABP, among others, to strengthen the bank’s capital structure and develop MotionBanking products.
With this rights issue, BABP targets to become a commercial bank for business activities (BUKU) III (banks with core capital of Rp 5 trillion – Rp 30 trillion).
The main positive sentiment that has contributed to the increase in mini-banks since some time ago is related to the plan to release the Financial Services Authority Regulation (POJK) regarding digital banks in the middle of this year.
Currently, the Financial Services Authority (OJK) stated that developments regarding the new OJK Regulation regarding Commercial Banks are still in harmonization with the Ministry of Law and Human Rights.
“Still harmonization with the Ministry of Law and Human Rights,” said Sekar to CNBC Indonesia, Monday (19/7).
As for the POJK, one of which will regulate the establishment of new banks, including banks that will operate fully digitally. The existence of this regulation is to accommodate the development of the banking industry which is currently starting to switch to a digital system.
Previously, investors speculated that the shares of the mini-banks above would be annexed by strategic investors and transformed into digital banks.
CNBC INDONESIA RESEARCH TEAM
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