Shipping company Pelita Samudera Shipping became the 31st company to have completed its initial public offering (IPO) on the Indonesia Stock Exchange in 2017. On Tuesday (05/12) the company made its trading debut and saw its shares rise 11.1 percent from IDR 135 a share to IDR 150 a piece (although earlier during the trading day its shares had peaked at nearly +70 percent).
Pelita Samudera Shipping offered 1 billion shares to the public, equivalent to 20 percent of the company's enlarged capital. This corporate move led to IDR 135.8 billion (approx. USD $10 million) worth of fresh funds. Securities firms Phillip Sekuritas Indonesia, Erdikha Elit Sekuritas, Shinhan Sekuritas Indonesia and KGI Sekuritas Indonesia were appointed as underwriters.
Sixty percent of these funds - obtained through the IPO - is to be used by Pelita Samudera Shipping for capital expenditure purposes (particularly for the purchase of new ships), while 20 percent is to be used for working capital. The remaining 20 percent will be used to settle the company's debt obligations.
Alex Iriawan Ibarat, President Director of Pelita Samudera Shipping, said the IPO is part of the company's strategy for sustainable growth in the provision of integrated logistics and transportation solutions for (coal) miners.
Pelita Samudera Shipping will use part of the IPO proceeds to buy tugs, barges, floating cargo facilities as well as vessels and tankers. Meanwhile, the company indicated that it wants to diversify its business. So far, it has been mainly focused on coal transportation. However, it now wants to add other business lines, such as crude palm oil (CPO) and crude oil transportation. Currently the company owns 33 tugs units, 29 300-ft barges, five 330-ft barges, four floating loading facility units, one floating bulk unloader, and one floating crane straits phoenix.
Considering Pelita Samudera Shipping is - so far - primarily focused on coal transportation, the direction of the coal price and other developments in coal mining are crucial for the company. Ibarat said he expects to see full utilization of the company's fleet in 2018 because the coal mining industry has been improving in recent years (especially since the second half of 2016). Moreover, the government's 35,000 MW power program, which includes the construction of many new coal-fired power plants, will impact positively on the company's performance.
Last Update: 20 Mar 2018
IPOs on the Indonesia Stock Exchange up to 5 December 2017
|Company||P: 20 Mar 2018||P: 19 Mar 2018||Gain/Loss||P/E ttm||Yield %||Gain/Loss YTD|
|Forza Land IndonesiaFORZ||835||835||0.00%||N/A||0.00%||8.44%|
|Industri dan Perdagangan Bintraco DharmaCARS||1,690||1,660||1.81%||N/A||0.00%||23.36%|
|Nusantara Pelabuhan HandalPORT||640||635||0.79%||N/A||0.00%||81.82%|
|Pelayaran Tamarin SamudraTAMU||3,720||3,720||0.00%||N/A||0.00%||2.20%|
|Cahayasakti Investindo SuksesCSIS||925||1,230||-24.80%||N/A||0.00%||-38.13%|
|Terregra Asia EnergyTGRA||530||530||0.00%||N/A||0.00%||-2.75%|
|First Indo American Leasing Tbk.FINN||150||142||5.63%||N/A||0.00%||40.19%|
|Alfa Energi Investama Tbk.FIRE||1,425||1,425||0.00%||N/A||0.00%||6.34%|
|Totalindo Eka Persada Tbk.TOPS||4,180||4,180||0.00%||N/A||0.00%||17.09%|
|Kirana Megatara Tbk.KMTR||720||725||-0.69%||N/A||0.00%||53.85%|
|Hartadinata Abadi Tbk.HRTA||280||280||0.00%||N/A||0.00%||-2.78%|
|MAP Boga AdiperkasaMAPB||1,820||1,830||-0.55%||N/A||0.00%||-3.96%|
|Armidian Karyatama Tbk.ARMY||342||348||-1.72%||N/A||0.00%||14.00%|
|Buyung Poetra Sembada Tbk.HOKI||525||530||-0.94%||N/A||0.00%||51.73%|
|Marga Abhinaya Abadi Tbk.MABA||755||780||-3.21%||N/A||0.00%||-27.40%|
|Megapower Makmur Tbk.MPOW||228||226||0.88%||N/A||0.00%||-22.97%|
|Mark Dynamics Indonesia Tbk.MARK||1,775||1,825||-2.74%||N/A||0.00%||10.94%|
|Ayana Land International Tbk.NASA||354||360||-1.67%||N/A||0.00%||-15.31%|
|Emdeki Utama Tbk.MDKI||352||344||2.33%||N/A||0.00%||25.71%|
|Trisula Textile IndustriesBELL||216||218||-0.92%||N/A||0.00%||2.86%|
|Kioson Komersial IndonesiaKIOS||2,980||2,980||0.00%||N/A||0.00%||2.41%|
|Garuda Maintenance Facility AeroAsiaGMFI||370||380||-2.63%||N/A||0.00%||15.62%|
|Malacca Trust Wuwungan Insurance Tbk.MTWI||139||143||-2.80%||N/A||0.00%||-14.72%|
|Kapuas Prima Coal Tbk.ZINC||1,715||1,715||0.00%||N/A||0.00%||15.49%|
|M Cash Integrasi Tbk.MCAS||2,610||2,600||0.38%||N/A||0.00%||34.54%|
|PP Presisi Tbk.PPRE||362||366||-1.09%||N/A||0.00%||-10.40%|
|Wijaya Karya Bangunan Gedung Tbk.WEGE||262||268||-2.24%||N/A||0.00%||1.55%|
|Pelita Samudera Shipping Tbk.PSSI||212||222||-4.50%||N/A||0.00%||43.24%|
Green colour indicates upward movement
Red colour indicates downward movement
P = price; E = earnings; D = dividend; Yield = D/P
"N/A" indicates P/E < 0 (negative earnings)
"-" indicates E,D,P or YTD is not available