A number of listed companies have completed the initial public offering (IPO) process on the Indonesia Stock Exchange (IDX) this July. It was noted that at the beginning of this week of July, there were 4 companies that completed the IPO process, namely PT Saraswanti Indoland Development Tbk (SWID), PT Arkora Hydro Tbk (ARKO), PT Cerestar Indonesia Tbk (TRGU), and PT Chemstar Indonesia (CHEM). The four companies operate in different sectors, where SWID is a property company, ARKO is an infrastructure company, TRGU is a primary consumer company, and CHEM is a raw material company.
So, how is the stock movement so far and the prospects for the four companies?
This property issuer was officially listed on the IDX on July 7, 2022. SWID conducted an IPO at a price of Rp 200 per share, in which the company released 340 million shares.
The movement of SWID since the floor on the IDX has been observed to be volatile and tends to weaken. After touching the level of IDR 216 per share on the first day of trading, SWID had dropped to the level of IDR 141 per share on July 18 yesterday.
Meanwhile, at the opening of the trading session on Monday (25/7/2022), SWID was traded at the level of Rp. 185 per share.
Professional trader Michael Yoh said, SWID is a property issuer, which focuses specifically on targeting the upper middle income segment.
With the economic condition gradually recovering, accompanied by increasing public consumption, the property sector is considered prospective in the future. Therefore, Michael said, SWID has positive prospects.
"As we know, office activities have started to recover, holidays are increasing, so SWID has good prospects," he said, in the Kompas.com video, Generation Cuan Episode 13, Monday (25/7/2022).
ARKO is an infrastructure issuer, which is specifically engaged in the hydropower sector. The company was officially listed on the IDX on July 8 yesterday.
This issuer conducted an IPO at a price of Rp 300 per share. Since taking the floor on the IDX, ARKO has been observed to continue to strengthen.
Even when compared to the IPO price, ARKO has strengthened around 40.6 percent up to today's trading session. It was recorded that ARKO opened at the level of Rp 422 per share in today's trading session.
Michael assesses that, with its focus on the new and renewable energy sector, ARKO is the most attractive issuer compared to the 4 listed companies on the IDX in early July.
The reason is that the NRE sector is becoming the prima donna of investors. This is because, as is well known, the issue of sustainability is currently in the spotlight of many parties. "ARKO is engaged in mining but ESG, so this prospect in the future is the best," said Michael.
The company was officially listed on the IDX on the same day as ARKO, namely on July 8, 2022. The final IPO price of TRGU is IDR 210 per share. Since officially taking the floor on the IDX, TRGU has fluctuated and tends to strengthen.
TRGU's share price has even touched the level of Rp 500 per share. As for today's trading session, TRGU was opened at the level of Rp 510 per share, or has strengthened by around 142 percent compared to the IPO price.
Michael said the movement of the issuer was very positive. The reason is, in the first trading session, TRGU had strengthened significantly, and even got hit by auto rejection or ARA.
According to him, as a wheat flour producer, TRGU is currently being overshadowed by fluctuations in global commodity prices. The high price of wheat in the global market will have an impact on national wheat flour producers.
"But once the (Russia-Ukraine) war subsides, the price will go down. Therefore I feel (TRGU) neutral tends to be bullish," he said.
This chemical trading and manufacturing company for the textile and other industries was also officially listed on the IDX on July 8 yesterday, with a final IPO price of Rp 150 per share.
Since officially trading on the IDX, CHEM has been observed to continue to move in the red zone. In fact, CHEM is currently trading at a price range of Rp 100 per share.
As for today's trading session, CHEM was opened at the level of Rp. 105, or a decline of about 30 percent compared to the IPO price.
Michael said that issuers engaged in the textile industry were struggling with their movements. This is in line with the weakening of the rupiah against the US dollar in recent times.
According to him, the textile industry is greatly affected by fluctuations in the rupiah. The textile company's operating costs have the potential to be depressed if the rupiah continues to weaken.
"If we talk about future prospects, for CHEM I am neutral. Is it Bearish? I don't think so," he said.