Publicly listed automotive group PT Indomobil Sukses International (IMAS) became one of the major losers in Monday’s trading, after its share price dropped by 7.5 percent to a level of Rp 6,100 apiece, on the same day it announced its financial report for the first half of this year.
IMAS, in its financial report submitted to the Indonesian Stock Exchange on Monday, declared that it booked Rp 544 billion in comprehensive income, slightly down from last year’s figure of Rp 551 billion.
Income per share, meanwhile, is valued at Rp 289 apiece, around a 10 percent decrease from Rp 328 apiece in the same period last year.
Indosurya Assets Management analyst Reza Priyambada said that the performance of IMAS in the first quarter this year was below the expectation of investors, as evidenced by the drop in the company’s share price.
“Indeed, the company saw a growth in revenue,” Reza said, pointing to the fact that IMAS booked Rp 9.8 trillion in revenue in the first half of the year, a significant increase from last year’s revenue of Rp 6.9 trillion.
“However, considering the bottom line, the company book figures are not as satisfying among investors. This perhaps is the issue that becomes an investors’ major concern,” he added.
Reza said that IMAS, whose shares were traded at Rp 6,600 apiece on Monday, is unlikely to see any quick rebound in its share price soon, as investors might have already been disappointed with the company’s figures in the first half. “We expect the bottom line of the IMAS share price at around Rp 5,900 to Rp 5,950.”
Indomobil has a market value worth approximately Rp 24 trillion, and is the second-largest automotive distributor in Indonesia after Astra International, which is the country’s largest publicly traded company on the Indonesian Stock Exchange.
Indomobil controls distribution of car brands such as Suzuki, Nissan, Volkswagen, Renault, Audi and Volvo in Indonesia. (sat)