Irvin Avriano & Wisnu Wijaya
3 Garuda underwriters' capital dropped
SOE Ministry asked for help
JAKARTA: Adjusted net working capital (modal kerja bersih disesuaikan/MKBD) from three PT Garuda Indonesia Tbk lead underwriters shrunk after one of the SOE's shares corrected after listed in the stock market.
The declining also indicated there are many of Garuda shares that been kept by the underwriters, namely PT Bahana Securities, PT Danareksa Sekuritas, and PT Mandiri Sekuritas, because they can not sold at the offering period.
Based on MKBD data from each underwriters that been recorded by Indonesia Stock Exchange (IDX/Bursa Efek Indonesia/BEI) website, Bahana Securities MKBD decline 59.3% to IDR82.05 billion when GIAA coded shares weakened to IDR570. The decline occur from previous position IDR201.64 billion.
The condition is still ongoing when the shares of the national fleet hit at IDR530 level this week. MKBD from one of the PT Bahana Pembangunan Usaha Indonesia (BPUI) subsidiary is still declining to IDR54.15 bio level.
The similar condition also occur on Danareksa Sekuritas MKBD, which shrunk 46.78% from IDR473.57 bio before Garuda listed its shares on the trading floor become IDR252.03 bio on February 17th.
MKBD from the PT Danareksa (Persero) subsidiary is also slipped to IDR223.34 bio level on February 23th.
Meanwhile, Mandiri Sekuritas MKBD only decreased 13.98% from IDR166.07 bio to IDR142.84 bio on February 17th. The PT Bank Mandiri Tbk subsidiary is also experiencing an anomaly because it was recorded at IDR72.06 bio on February 18th, but increased again to IDR144.48 bio on February 22th.
PT MNC Securities Head of Research Edwin Sebayang said the government should help the MKBD of the three Garuda underwriters as the decline still occur.
According to him, the company assess might still be able to pump the falling MKBD by injected new bank loans, inject funds in treasury stock, or put the stock on mutual funds.
But, he added, the three underwriters still have to think about how to return the funds. And if they are can not fulfill enough capital at IDR25 bio level, automatically their MKBD will drag downed. Therefore, Edwin assess the need for additional capital from the government.