Having collapsed by 105%, Manoj Punjabi’s company shares have risen again


Jakarta, CNBC Indonesia – The share price of PT MD Pictures Tbk (FILM) skyrocketed by more than 20% in the early trading session II of the Indonesia Stock Exchange (IDX) after more than two weeks the company’s shares continued to record deep corrections.

At 13:50 WIB, the price of FILM’s shares flew 24.83% to a level of IDR 362/share unit with a total transaction value of IDR 8.94 billion and a trading volume of 27.08 million units.

For your information, from September 9 to yesterday (25/9/2019) the company’s share price has more than doubled or 105.63%. As a result, indirectly the strengthening of today’s stock price was also caused by a technical correction, because FILM’s share price was considered quite cheap.

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Previously, the significant price decline that occurred in FILM shares made the IDX take special care by including it in the category unusual market activity (UMA) or unusual market movements on September 19 2019.

Lidia M Panjaitan, Head of the IDX Transaction Supervision Division and Irvan Susandy, Head of the IDX Trading Operations and Regulations Division, said in their announcement that the IDX had asked for confirmation from the issuer concerned on September 19.

Therefore, he said, in connection with the occurrence of the UMA on the FILM shares, the IDX is currently observing the development of this stock transaction pattern.

“That’s why investors are expected to pay attention to the listed company’s response to the Exchange’s confirmation request, pay close attention to the issuer’s performance and information disclosure,” he said.

Furthermore, last week on September 18 2018 to be exact, the company’s management released an information disclosure which contained an explanation regarding the change in FILM’s share ownership portion.

The main director of PT MD Graha Utama, who is also the majority shareholder of FILM, Manoj Dhamoo Punjabi, again reduced his share ownership in the film production company.

The share sale transactions carried out on September 4 and 6 made MD Graha Utama pocket funds worth IDR 12.50 billion. This value was obtained from the disposal of 70.28 million units of FILM shares owned by Manoj at a price of Rp 210/share unit.

FILM was the first film company to take the floor on the IDX on August 7 2018. At the time of the initial offering (IPO) FILM’s share price was released at Rp 280/share. Then this stock went wild and rose up to 453% to a price level of IDR 1,550/share.

FILM is a company that produces a number of well-selling films and soap operas which are shown in local cinemas. Some of the films include Danur 3, Twivortiare, Ayat-Ayat Cinta 2, and Habibie & Ainun.

In the first half of this year, the company’s total revenue fell 35.59% on an annual basis to Rp 111.89 billion from the same period the previous year of Rp 173.7 billion.

The company’s net profit was even deeper corrected by dropping by 73.31% on an annual basis to IDR 21.09 billion, from the results in the first semester of 2018 which was IDR 79.02 billion.

The company’s financial performance was depressed due to a surge in losses due to exchange differences which reached Rp 1.42 billion. Not to mention the increase in cost of goods sold and general expenses sold.

CNBC INDONESIA RESEARCH TEAM

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