JAKARTA. The share prices of Bakrie Group issuers have left the floor price of Rp 50 per share. This type of share is also known as 'saham gocap' among market participants. The share prices of PT Bumi Resources Tbk (BUMI), PT Bumi Resources Minerals Tbk (BRMS), PT Darma Henwa Tbk (DEWA), PT Bakrie Plantations Tbk (UNSP), and PT Energi Mega Persada Tbk (ENRG) have increased from Rp 50 for a share since the early of 2017. Previously, PT Berau Coal Energy Tbk (BRAU) and PT Visi Media Asia Tbk (VIVA) had booked the similar achievement since some time ago.
Recently, two other Bakrie Group’s issuers, namely PT Bakrie & Brothers Tbk (BNBR) dan PT Bakrie Telecom Tbk (BTEL) remain staying in the floor price zone at Rp 50 per share. “This (the share price rise) was caused by the inter-group sentiment,” said analyst at First Asia Capital David Sutyanto. The price rise was triggered by BUMI’s corporate actions.
However, David suggests the investors to remain alert and not to be rush to invest in those shares, as some shares have increased without being supported with the fundamentals sentiment.
The investors also need to consider the valuation history of the issuers, as well as the issuers’ fundamental history. Some of Bakrie Group issuers, such as UNSP, have a lower price to book value (PBV). “But we cannot put aside the track record of the issuer’s fundamental,” David added.
Aside of Bakrie Group’s shares, dozens of shares also recorded fantastic price rise. The number of shares in the price of Rp 50 per share has decreased from 40 at the end of January 2016 to only about 11.
For an example, the price of PT Nusa Konstruksi Enjiniring Tbk (DGIK) has increased by around 9% to the level of Rp 123 per a share. However, the price of PT Zebra Nusantara Tbk (ZBRA) has decreased from Rp 60 per a share to Rp 50 during the last week.
David said, the shares at a price of Rp 50 per share sold well in the market as the respond of the stock exchange authority’s plan to remove the regulation on the floor price. In other words, there will be no negotiation market for a share price of Rp 50. Therefore, this kind of share would be directly traded in the regular market.
However, some of the shares do not have solid fundamentals. Hence, they are potentially to drop, even to the level of Rp 0 per share if the floor price regulation is removed. In order to anticipate this condition, the market created a new price level for those shares. “Therefore, the shares’ prices would not directly fall when the floor price is removed,” David added.
The market’s strategy has increased the transaction volume at the early of this year compared with the same period in 2016. As of the early of 2017, the average volume of daily transactions in the Indonesia Stock Exchange (IDX) has increased by 254% from 3.96 billion shares per day to 15.58 billion shares per day.
Analyst at Binaartha Parama Sekuritas Reza Priyambada said, the market acceleration along the last year has driven some shares to leave the zone of a share price of Rp 50. Consequently, this has limited the increase in the price of big caps shares. In other words, the small caps shares have more opportunities to book higher gains, Reza added. (Muhammad Farid/Translator)
