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Bintang Oto Global, Sillo Maritime Perdana show strong performance as IDX newcomers
Newly listed firms Bintang Oto Global and Sillo Maritime Perdana have stood out among 15 companies that launched initial public offerings (IPO) this year, as they have seen their respective share price double in a relatively short time.
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Indonesia Stock Exchange (IDX) president director Tito Sulistio delivers his remarks during the initial listing of Sillo Maritime Perdana in Jakarta on June 16. (kompas.com/Iwan Supriatna)
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ewly listed firms Bintang Oto Global and Sillo Maritime Perdana have stood out among 15 companies that launched initial public offerings (IPO) this year, as they have seen their respective share price double in a relatively short time.
Bintang Oto Global listed on the Indonesia Stock Exchange (IDX) on Dec. 19 with an initial share price of Rp 100 (7 US cents) a piece and saw this jump 250 percent to Rp 354 a piece during Tuesday’s trade opening.
According to company's financial report, 90 percent of its revenue is derived from car dealerships that sell the Honda brand, while the remaining 10 percent is from auto services and car rental. As of June, the company had seen its revenue increase by 25.5 percent year-on-year (yoy) to Rp 224.48 billion, while net income skyrocketed 2.8 fold to Rp 4.69 billion.
(Read also: Firms defer IPOs amid uncertainties)
Oil and gas shipping company Sillo Maritime Perdana, meanwhile, saw its share price increase by 245.71 percent to Rp 484 at the opening of Tuesday’s trade, compared to Rp 140 during the opening of its first trading day on June 16. As of September, the company's net income had increased 2.75 percent to $4.8 million compared to the same period last year.
After the IPO, the company immediately acquired 50.84 percent of PT Suasa Benua Sukses, a shipping company based in Jakarta. On Dec. 7, according to the corporate disclosure, Suasa Benua Sukses secured a new contract worth $9.04 million from PetroChina, which will rent Sillo's fleet for three years. (hwa)
