Jul 12, 2011

SDMU, ALDO, PTIS gain on trading debut

Three newly listed companies dubbed PT Sidomulyo Selaras Tbk (SDMU), PT Alkindo Naratama Tbk, (ALDO) and PT Indo Straits Tbk (PTIS) today jumped 8.89%, 13.33%, and 6.32% on trading debut today. 
Sidomulyo rose 8.89% to Rp245 a share, Alkindo jumped 13.33% to Rp255, and Indo Straits increased 6.32% to Rp1,010.
According to Eddy Sugito, Director of Indonesia Stock Exchange, said three newly listed companies show current situation in the stock market. He said IDX expects to obtain more IPO filings in the second half of this year. 
"The market situation is positive, hence they experience gain during the trading debut," he said.
Erdikha Sekuritas Managing Director Tjiong Toni, underwriter of Alkindo, said the low price set during the IPO has spurred the stock after during the trading debut. Alkindo was set at the valuation of 9x P/E, lower than average P/E of the industry at 15-16x.
"I think the attractive valuation as well as unique business are the key," he said. Alkindo sold 150 million shares at Rp225 per share. About 70% of the stocks were bought by retail investors.
Corporate Finance Director at PT Makinta Securities Harry Kurniawan, the underwriter of Sidomulyo IPO, said local investor dominated the book building.
President Director Kokaryadi Chandra at PT Sinarmas Sekuritas, the underwriter of Indo Straits, said the company was focusing to foreign investors when it offered Indo Straits. "Indo Straits is familiar in Singapore rather than in Indonesia," he said.
Disclosure: No position at the stock mentioned above.

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