Investing in BUMN Companies: Opportunities Arise as 2022 Performance Soars

Minggu, 12 Maret 2023 | 16:41 WIB
Investing in BUMN Companies: Opportunities Arise as 2022 Performance Soars

ILUSTRASI. From mining to telecommunications, key sectors are driving strong growth for BUMN companies, with many already seeing positive results. ANTARA FOTO/Muhammad Adimaja/aww.

Reporter: Sugeng Adji Soenarso, Yuliana Hema | Editor: Hasbi Maulana

KONTAN.CO.ID - JAKARTA. In 2022, the performance of state-owned enterprise (SOE) issuers was quite impressive. According to the claim made by Minister of SOEs, Erick Thohir, the consolidated profits of SOEs in 2022 reached IDR 303.7 trillion, a year-on-year increase of 142.4% from IDR 125 trillion in the previous year.

The majority of SOE issuers that have released their 2022 performance report showed positive growth in their performance. For example, PT PP Presisi Tbk (PPRE) recorded a revenue increase of 29.64% to IDR 3.63 trillion, and net profit rose by 30.98% to IDR 100.75 billion.

M. Arif Iswahyudi, Director of Finance, Manrisk & Legal at PPRE, explained that the achievement was the result of the company's focus on its mining service business line. PPRE was also diligent in cost-efficient production.

PPRE successfully issued bonds worth IDR 202.98 billion.

"We can expand asset capacity that stimulates the performance of mining and civil construction service projects," said Arif on Thursday (9/3).

This year, PPRE aims for contract growth of 20%-30% to IDR 7 trillion, with the majority of employers being mining companies in Indonesia. PPRE has allocated 40%-50% more capital expenditure this year than last year, amounting to IDR 350 billion.

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PT Elnusa Tbk (ELSA) also experienced a significant increase in performance, recording a year-on-year net profit increase of 228% to IDR 378 billion. In the mining sector, PT Bukit Asam Tbk (PTBA) earned a net profit of IDR 12.56 trillion, up 58.90% from IDR 7.9 trillion in 2021.

According to Head of Investment Information at Mirae Asset Sekuritas, Roger MM, among several SOE sectors, the telecommunications sector is still favored this year. This is reflected in the performance of PT Dayamitra Telekomunikasi Tbk (MTEL) in 2022.

MTEL recorded a year-on-year net profit increase of 29.25% to IDR 1.78 trillion in 2022.

"We are satisfied with MTEL's performance, it may be a choice for investment. Compared to TOWR and TBIG, MTEL's valuation is more attractive," he said on Thursday (9/3).

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Head of Research at Jasa Utama Capital Sekuritas, Cheril Tanuwijaya, also considers JSMR's performance to be good. She estimates that JSMR will receive fresh inflows from the Lebaran momentum in 2023.

Cheril sees that ADHI's stock price movement is still in a downtrend phase. Adhi Karya will only begin selling properties in the LRT area in July 2023. "In the second semester of 2023, Indonesia also begins to enter a political year that can create uncertainty," added Cheril.

Cheril recommends buying JSMR shares with a target price of IDR 3,450 and a stop loss at IDR 3,200. However, she recommends holding ADHI and MTEL shares with target prices of IDR 450 and IDR 725, respectively.