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Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) finally closed, slightly corrected by 0.18% to 5,933.69 levels in trading last Thursday (10/12/20) after Finance Minister Sri Mulyani , cigarette consumption will increase by an average of 12.5 percent starting this year. front.
IDX trading data shows that various stocks with huge market capitalization, capitalization exceeding Rs 100 trillion (large cap) led to a stock market crash, especially cigarette issuers stocks and state bank stocks.
The value of business transactions reached Rs 19.83 trillion, with a trading volume of 30.09 billion shares.
Foreign investors made a net sale of Rs 120.60 billion on the regular market. It was observed that 204 stocks rose, 268 fell and the remaining 154 stalled.
Foreigners posted a net sale in PT Bank Rakyat Indonesia Tbk (BBRI) shares worth IDR 143.3 billion and PT Bank Negara Indonesia Tbk (BBNI) IDR 140 billion.
Here are 10 actions that bring JCI down
1. Gudang Garam (GGRM), -6.99% IDR 44,275, IDR 450.5 billion transaction
2. HM Sampoerna (HMSP), -6.96% IDR 1,670, IDR transactions 1,1 billion
3. Kimia Farma (KAEF), -6.86% IDR 4,480, transaction IDR 178.1 billion
4. Smartfren Telecom (FREN), -3.85% IDR 75, transaction IDR 327.2 billion
5. Indika Energy (INDY), -3.11% IDR 1,870, IDR transactions 110.8 billion
6. Bank Rakyat Indonesia (BBRI), -1.59% IDR 4,330, IDR transactions 844.7 billion
7. PGN (PGAS), -1.18% IDR 1,670, IDR 685.3 billion transactions
8. Telkom (TLKM), -1.21% IDR 3260, transaction IDR 750.1 billion
9. Bank Negara Indonesia (BBNI), -0.75% IDR 6,600, IDR transactions 323.1 billion
10. Indofood Sukses Makmur (INDF), -0.36% IDR 6.975, transaction IDR 175.1 billion
One reason for JCI’s decline came from cigarette stocks, where HMSP shares were forced to fall to their lowest level of 6.96% at a price level of 1,670 IDR / share and contributed to a decrease of 13 index points.
Meanwhile, GGRM shares also fell to the ARB level (lower automatic rejection) 6.99% at a price level of IDR 44.275 / unit and contributed to a decrease of 5.7 index points, thus the two issuers contributed to corrections of 18.7 index points.
The increase in cigarette consumption has in fact caused cigarette stocks that were previously green to collapse in the red zone and even touched the ARB level, or the maximum daily decrease limit of 7% in one day.
Finance Minister Sri Mulyani Indrawati decided to increase excise tax rates on cigarettes in 2021. The increase in excise taxes on cigarettes in 2021 is an average of 12.5 percent. With this, the price of cigarettes may be more expensive in 2021 by up to 14%.
“We will increase the tax on cigarettes by 12.5% [rata-rata] in 2021, “said Sri Mulyani, Thursday (11/10/2020).
“Increased CHT [Cukai Hasil Tembakau] This will make cigarettes more expensive or increase to 13.7-14% so that they cannot be bought, ”said the minister.
Christine Natasya, an analyst at PT Mirae Asset Sekuritas Indonesia, said that the average increase in the cigarette excise tax for 2021, which is 12.5 percent, is higher than Mirae Asset’s assumed average of 10 percent.
For HMSP, Mirae Asset’s recommendation is Hold with a target price of IDR 1,700, while GGRM is recommended for Trading Buy, with a target price of IDR 52,000.
In the 2020 projection, SKM HMSP reaches 69% of total sales, while SKM GGRM represents 92% of total sales. HMSP also has SPM sales with an 11% contribution to the company’s total revenue.
“Of course, we see the increase in the cigarette excise tax as a negative catalyst for cigarette companies that are included in the scope of the investigation,” he said in an investigative journal on December 10. The reason is that cigarette prices will continue to rise in the 2021 projection, continuing the increase in excise duties this year.
[Gambas:Video CNBC]
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