Jakarta, CNBC Indonesia – Shares of BUMN Karya issuers collapsed simultaneously in the first trading session today, Monday (4/5/2021). Some of them even touched the lower limit of automatic deviation (ARB) this morning.
The decline in the share of this state-owned construction company was after Former DP Minister Dakhlan Iskan highlighted the unsatisfactory performance of a number of BUMN Karya among ongoing infrastructure projects.
The following shows the movement of state issuers of construction companies on 11.06 WIB.
Department of Housing (PTPP), share -6.91%, up to 1280 IDR, transaction 43 billion IDR
Wijaya Karya (WIKA), -6.84%, to 1430 IDR, IDR transaction 49 billion
Vaskita Karya (WSKT), -6.64%, to IDR 1055, transaction IDR 13 billion
Adhi Karya (ADHI), -5.80%, up to 1055 IDR, transaction 90 billion IDR
Wijaya Karya Beton (WTON), -5.62%, to IDR 302, IDR transaction 3 billion
Wijaya Karya Bangunan Gedung (WEGE), -2.91%, up to 200 IDR, IDR transaction 4B
Jasa Marga (JSMR), -1.21%, up to 4080 IDR, transaction 6 billion IDR
According to the Indonesian Stock Exchange (IDX), there were three state-owned construction funds that collapsed until they affected the ARB. There are three of them – PTPP, WIKA and WSKT.
Meanwhile, it was noted that two stocks fell to more than 5%, namely ADHI and WEGE.
It is recorded that PTPP shares fell the most among other shares, namely 6.91% to 1280 rupees per share. The value of the share transaction is IDR 43 billion.
The subsidence of PTPP shares was overshadowed by the net sale of foreigners in the amount of 869.82 million rupees.
With this weakening, PTPP shares turned green only once a week, namely on Thursday last week (1/4). As a result, this share fell by 14.38% in a week, while in a month – by 19.75%.
In second place, WIKA shares also affected ARB by 6.84% to IDR 1430 / share. The value of the share transaction is IDR 49 billion. Foreigners are reportedly selling WIKA for 4.40 billion rupees.
Meanwhile, in a week, WIKA shares never turned green, after being merged four times and once closed in stagnation.
Thus, for the last week this stock fell by 11.46%, and for the month – by 18.05%.
WSKT’s money also fell in the fourth quarter, with ARB up 6.64% to Rs 1,055 per share worth Rs 13 billion. Like the two shares listed above, foreigners made a net sale of Rs 658.38 million.
Along with this easing, WSKT shares were registered as falling in the red zone for 12 consecutive trading days.
During the week, WSKT shares fell 21.85%, while for the month they fell by 26.22%.
Earlier, Dahlan Iskan in his article “Haus Kerongkongan” believed that economists’ forecasts for the sustainability of BUMN Infrastructure are a matter of time. BUMN Karya’s position is described as difficult or very difficult.
The construction sector has indeed become one of the sectors hardest hit by the Covid-19 pandemic. Construction projects were forced to cease operations when Indonesia first received uninvited guests from Wuhan, China.
The suspension of this project has undoubtedly led to a capital-intensive construction sector, which has suffered serious losses due to poor cash flow. Meanwhile, the huge financial burden due to the large debt of the business still needs to be paid.
This, of course, is reflected in the financial statements of state-owned enterprises Karya (BUMN) for 2020, the results of which are very unsatisfactory. Several BUMN Karya had to reduce their net profit to 90%.
Of all the BUMN Karya, there is one company that loses very deeply compared to its siblings. It was PT Waskita Karya Tbk (WSKT) in 2020 was forced to reserve a net loss of 7.38 trillion.
These huge net losses have destroyed all of Vaskita’s retained earnings since the company was founded in 1973, leaving WSKT’s equity now at just $ 7.53 trillion. . 17.88 trillion
Unlike WSKT, its BUMN counterpart Karya PT Wijaya Karya Tbk (WIKA) can still earn a net profit in 2020 of IDR 50 billion. There are no losses, but this figure decreased by 92% from last year’s net profit.
Meanwhile, PTPP has the same share as WIKA, which can still make a net profit, although it has fallen sharply compared to last year, PTPP has managed to raise 128 billion rupees this year, which is 86% less than last year year.
(adf / adf)