JAKARTA. The shares of the new issuers have been growing in a moderate manner along this year. To date, there are 15 new issuers listed on Indonesia Stock Exchange (IDX), with the value of the issuance of Rp 12 trillion.

However, despite of the high price, the transaction volume of the new shares was not that high. The prices of some new shares have even declined.

Most of the new issuers are listed on the development board of the IDX with low transaction volume. There are three new issuers listed on the main board of IDX, namely Paramita Bangun Sarana (PBSA), Cikarang Listrindo (POWR), and Aneka Gas (AGII).

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Waskita Beton Precast (WSBP) recorded the most traded stocks and gained the amount of funds as much as Rp 5.16 trillion from the initial public offering (IPO).

The shares of some issuers on the development board have low trade volume, despite of the high growth. In fact, Jakarta Composite Index (JCI) grew in a proper manner.

Analyst at Recapital Securities Liga Maradona estimated that many companies hesitate with the conditions of stock market in this year and canceled the plan for IPO. Let alone, the interest rate has decreased significantly so that some companies preferred to obtain cheap funding from banking sector.

The condition had led the issuers to offer new shares with a small scale that generated low liquidity. Liga said that only a few of shares are perspective, such as the shares of AGII, POWR, and WSBP.

Meanwhile, Head of Research of Universal Broker Indonesia Satrio Utomo said that some issuers give discounts for the rights issue in this year. This has attracted many investors. This year, the issuers obtained a total of Rp 57.53 trillion funds from the rights issue.

Satrio also found that some shares are overvalued. “Some companies launched IPO with the overvalued condition. Therefore, this was not too attractive for the traders,” he said.

According to Satrio, to date the investors tend to collect the IPO shares with a large market capitalization and high liquidity. “To date, the IPOs with the PER of above of 30 are less attractive,” he added.

Satrio expects, the IPO will become more vibrant in the next year, on the grounds that the stock market will be under the bullish scenario, while the JCI may hit the level of 6,000.

In the next year, the prices of commodities will continue to increase so that the shares of mining companies will be attractive. Aside of the mining companies, the shares of construction issuers will likely be attractive. (Muhammad Farid/Translator)