The shares of PT Chemstar Indonesia Tbk (CHEM) closed down to a lower auto reject (ARB) with a weakening of IDR 14 (6.42%) to IDR 204. Based on stock trading data on the Indonesia Stock Exchange (IDX), CHEM shares move in the range of IDR 204-230 with a transaction value of IDR 30.30 billion. The decline in this stock was triggered by a price spike in recent days that has outpaced its fundamentals.

Regarding financial performance, Chemstar did show improvement. However, the company's basic earnings per share actually fell from IDR 23.21 to IDR 5.79 per share until the third quarter of 2022.

Based on the data, the company's net profit only increased slightly from Rp 5.57 billion to Rp 6.95 billion. Meanwhile, revenue increased from Rp 59.72 billion to Rp 95.13 billion.

Previously, ChemStar stated that its sales target in 2023 would double the estimated sales in 2022. The sales of the textile chemical producing company will be supported by the realization of the company's business expansion in the energy and agro-chemical industries to plans to acquire similar companies with the aim of business development.