Wacana Merger Dibalik Penguatan PTPP dan WIKA
Telah diumumkan bahwa 3 saham yaitu AMMN, ARTO, dan EMTK, masuk dalam Indesk MSCI atau Morgan Stanley Capital International , yang efektif berlaku pekan ini, Jumat 1 Desember. Sentimen ini dinilai positif karena akan mudah masuk dalam kategori saham investor asing. Sementara 6 saham yang keluar adalah: INCO, WIKA, PTPP, BBYB, BUMI, dan TINS. Terbaru, WIKA dan PTPP diwacanakan akan merger, seiring dengan itu kedua saham kompak menguat diatas 4 persen dalam perdagangan Selasa.
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TVTranscript
00:00 Thank you, Mr. Mirza, for joining us in the marketbust segment.
00:04 Today, I will be talking with William Suryawijaya, CEO of UGAN Securities, Mr. Mirza.
00:09 I have discussed earlier about the stocks that are included in MSCI, Mr. Mirza.
00:15 And there are stocks that are not included in MSCI.
00:18 Let's get to know Mr. William. Good morning, sir.
00:21 Good morning, Ms. Prisca.
00:23 Thank you for your time, Mr. William.
00:25 Actually, I want to discuss the stocks that are included in MSCI.
00:28 But I think it's interesting to discuss the ones that are excluded.
00:31 The ones that are excluded from the small cap are WIKA, and then there's PTPP.
00:35 What's interesting is that WIKA and PTPP yesterday even strengthened by 5%.
00:39 PTPP by 5%, WIKA was closed and increased by 4%.
00:42 These are the ones that are effective from MSCI tomorrow.
00:46 Is it because there's a rumor that the two are a merger?
00:49 Even though we're still waiting for the decision from the stockholders,
00:53 but maybe that's the reason why the market is buying PTPP and WIKA.
00:59 What's your analysis?
01:01 If we look at the movement of the stock,
01:05 the potential of the stock movement in construction,
01:10 especially those that are still in the property,
01:13 so those that support the infrastructure,
01:16 it's still quite good for us to talk about the long-term gains.
01:20 Because we know that even though the Samsung is in MSCI or not,
01:27 usually if the financial contribution is good,
01:32 by producing good financials and continuing to have contracts,
01:42 of course it will give an implementation in the current movement.
01:49 So I think that's what happened in WIKA or PTPP.
01:53 Moreover, we know that if they are outside MSCI,
01:58 maybe they will be more likely to move up or down.
02:03 Even though we know that if they are in MSCI,
02:07 it will still be quite interesting to do the accumulation for several institutions.
02:13 Okay, let's see.
02:15 Fundamental indicator of PTPP, Mr. Mirsa.
02:18 You can see it on the screen.
02:20 This is the infrastructure sector, construction services,
02:23 with market cap of Rp 3.72 trillion,
02:26 the pair is 11.64 times,
02:28 then the transaction value on Tuesday yesterday reached 28.22 billion, Mr. Mirsa.
02:34 Meanwhile, if we look at WIKA,
02:38 the market cap is Rp 3.53 trillion,
02:42 the pair is -94 times,
02:45 the transaction value on Tuesday is Rp 13.36 billion.
02:49 From the fundamental point of view of PTPP,
02:51 and WIKA, Mr. William,
02:55 do you think it is worth collecting?
02:58 If it really welcomes the positive sentiment of the merger.
03:03 Yes, if you look at it from the fundamental point of view,
03:07 WIKA is more interesting,
03:10 because with a pair that is still lower,
03:14 it is possible to contribute better.
03:18 But if we talk about this,
03:20 the merger is still not fixed,
03:25 it is not a merger.
03:26 However, if we look at the strength of the merger,
03:29 with existing contracts,
03:31 especially we know all the construction,
03:33 even infrastructure construction such as toll roads in the region,
03:38 are also built by WIKA,
03:41 including the subsidiary of WIKA, Beton.
03:43 So I think it will contribute quite well
03:48 for these two emissions.
03:50 So later the energy will also be supported
03:54 and it will be implemented to the stock price.
03:58 So I think this increase is still just the beginning,
04:01 the potential of the increase is still quite large in the future.
04:06 So it means that PTPP and WIKA can still make a trade-off, right?
04:10 For now, maybe because yesterday there was an increase,
04:14 we wait for a while,
04:16 if there is no correction or if the purchase is already made,
04:21 we will also be at least halfway.
04:24 Okay, at least halfway.
04:25 So if you want to invest, it's interesting,
04:27 halfway and long, but buy it at a low price for WIKA and PTPP, right?
04:31 More or less like that.
04:33 Okay, I'll move from WIKA and PTPP,
04:36 to the MSCI index, including AMMN, Arto, and also MTK.
04:41 We know that for AMMN stock,
04:45 the market cap continues to grow to Rp560 trillion at the moment,
04:49 with a per-432.5 times.
04:51 What is the analysis for AMMN, Mr. William?
04:53 Actually, this is related to commodities.
04:57 So if we talk about commodities,
04:59 maybe it's a bit risky
05:01 for us to invest in commodities.
05:05 We know that the fluctuation is also too high.
05:08 So of course there are levels or risk of correction that will occur in the future.
05:14 However, the increase in the market cap is quite high
05:20 because we know that the AMMN is also quite high.
05:24 So of course there are levels of risk that must be taken into account by investors.
05:31 But if we move to banks like Arto,
05:37 I think it's still quite interesting,
05:40 but it's more likely to be short-term.
05:42 Oh, more?
05:44 Because the increase is quite high,
05:46 from the previous level which was down to around Rp2,000,
05:51 it's now up to Rp3,000.
05:55 It was also the highest level, around Rp3,300.
05:58 So I think it's now starting to be short-term,
06:03 it's more likely to be a correction.
06:05 That's what I think for Arto.
06:07 So Arto is more interesting, but it's more short-term
06:10 because the AMMN has already released quite a significant amount of power.
06:13 PBV Arto is 5.07 times.
06:15 What is your opinion?
06:17 If we look at the book value, it's still quite interesting if we talk about the long term.
06:23 But if we talk about the long term,
06:26 whether it will be reduced to Rp2,000,
06:29 the potential is still visible.
06:31 So that's what will contribute to the movement from Arto.
06:38 Maybe those risks need to be understood.
06:40 Okay, for EMTK, this is a fundamental indicator of the technology capital.
06:45 With a market cap of Rp39 trillion so far,
06:49 the PR is -180 times,
06:51 the transaction value was Rp25 billion yesterday.
06:54 Is it interesting to see EMTK?
06:56 EMTK is more to the media,
07:01 because we know that the media has technology.
07:04 So if we talk about interesting,
07:06 of course, if the media is long term, it will be interesting.
07:09 Because we know that the need for the media is still quite large,
07:14 even though there are many competitions like in other media.
07:19 So if we look at the condition of EMTK,
07:24 the movement may be more aggressive,
07:27 but it is not yet visible to increase the market again.
07:31 So I think maybe this is more to the long term.
07:34 Okay, more to the long term, but still tend to be one-way,
07:37 there are no signs to accumulate. Is that right, sir?
07:40 I think so.
07:42 Okay, so if from the index that entered MSCI,
07:44 which started to be effective on December 1st,
07:46 Mr. William's market cap is more to the art.
07:48 There is still a chance, but more to the short term,
07:50 because after a while,
07:52 one-way suddenly strengthened significantly,
07:54 maybe there will be a cooling down first.
07:56 But this is more to the short term investment.
07:58 AMMN is interesting to be discussed,
08:00 but the increase is also significant, right?
08:03 Yes, it is.
08:06 The risk of the most expensive companies like Tokuritas
08:09 is still much higher.
08:11 The risk is much higher.
08:13 Meanwhile, if we talk about the outbound stocks,
08:15 there are PTPP and Wika,
08:18 you are more inclined to say that this is worth considering,
08:21 but because of the increase of up to 5%,
08:23 for example PTPP yesterday,
08:25 it has to be cooled down first,
08:27 but for medium to long investment,
08:29 this is worth considering, right?
08:31 It is worth considering, even maybe
08:33 to make investment in stages,
08:36 it is still interesting to do.
08:38 Is there a target from UGAN for PTPP and Wika?
08:41 If we talk about PTPP,
08:46 actually for the time being,
08:48 I will try it.
08:50 Right now it is at level 600, right?
08:52 And it was tested at the highest level
08:54 in the last month at 640.
08:56 For PTPP, maybe I will try to test
09:04 around 680 for the time being.
09:12 680?
09:13 If we look at the closest one,
09:15 the potential for that direction is still visible,
09:18 although maybe it is more towards the short-term potential.
09:21 After that, maybe there will be a little cooling down for PTPP.
09:26 Okay, what is the level of the support for PTPP and Wika?
09:30 For the time being, Wika will try to test
09:34 at around 432.
09:38 432?
09:40 Yes, for the time being,
09:42 and the support for Wika is at level 370.
09:50 370, right?
09:51 As for PTPP,
09:54 the support that is most visible
09:59 is at level 555.
10:04 Okay, that is the recommendation from the PM for PTPP and Wika.
10:08 Thank you.
10:09 Thank you.
10:10 (bell ringing)
10:12 [BLANK_AUDIO]