Jouska's 'behavior' Is Considered Damaging The Financial Planning Industry

JAKARTA - PT Jouska Finansial Indonesia is a topic of conversation in the social media world because there are a number of accounts claiming to have been harmed by the financial planning company. Not just accusing, the accounts uploaded some evidence that Jouska deliberately plunged clients into shares of PT Sentral Mitra Informatika Tbk (LUCK) which resulted in tens to hundreds of millions of losses.

Institute for Development of Economics and Finance economist Bhima Yudhistira said the initial problem with Jouska's case as a financial planner was that he was not registered as an investment manager and financial institution that has the right to collect customer funds.

"This means that there is an unclear licensing problem. The effect will make the public more skeptical of financial planning services," Bhima told VOI, Thursday, July 23.

According to Bhima, Jouska's authority should only be limited to providing advice, not managing customer funds. Moreover, said Bhima, the capital market is very volatile and has high risks.

"In the future, this can be a lesson for the community, especially millennials, to study the contents of contracts with financial planners. Then is there a conflict of interest with certain businesses, and also their integrity," said Bhima.

Furthermore, according to Bhima, the Investment Alert Task Force must move quickly to handle the Jouska case, because it is feared that it will affect other financial planners. What Jouska did, according to Bhima, would erode the trust of the public who wanted to learn about financial planners.

"The Investment Alert Task Force must be pro-active, not just waiting for victim reports. Then there are strict sanctions, up to the revocation of business licenses. If the permit is a financial planner, don't go to fintech, for example. The rules are clear, but there are still many who run illegally," he concluded. Bhima.

Quoting CNBC, LUCK took the first floor on the IDX at a price of IDR286 per share and at that time managed to raise IDR 44 billion. On the day of the initial offering, LUCK's shares managed to jump 49.65 percent to touch the Upper Auto Reject (ARA) level.

The next day LUCK shares still rose to reach the ARA level, on the third and fourth day of listing LUCK also still posted significant increases. Recorded in 4 days luck shares rose 272 percent to Rp760 per share.

After that, LUCK stocks seemed to take a break before April 2019, these stocks moved wild again. It was recorded that on March 26, 2019, LUCK shares were traded at a price of Rp. 610 per share, but then shot up rapidly in the following months.

LUCK shares even touched their highest point on July 26, 2019 at IDR 2,050 per share or flew 716 percent from the price at the time of the IPO. If the valuation of LUCK's shares is calculated at the highest price, it is arguably expensive with a Price Earning Ratio (PER) of 205 times, because it took a long time for this stock valuation to reach its current price level.

CSA Research Institute Senior Analyst Reza Priyambada told VOI that from a fundamental point of view, LUCK's performance is not a problem. The company's performance in the last three years can still survive with an increase in revenue and net profit.

"However, the real problem is not the fundamental performance, but the parties that caused the share price to soar beyond its valuation," said Reza.

Reza thinks there is something strange because LUCK shares can fly so high in just less than one year on the IDX floor.

Founder and Chief Executive Officer (CEO) of PT Jouska Finansial Indonesia, Aakar Abyasa Fidzuno explained to CNBC why it is proposing to collect LUCK shares to be the choice of an investment portfolio.

Aakar explained, in providing stock recommendations for investment, Jouska always provides several stocks to choose from.

"Why LUCK? We chose to buy, for example LUCK was in an uptrend or strengthened at that time in 2019. Why not recommend stocks that are in an uptrend, then until May (2019) they still pay dividends. And we do not recommend fraudulent investments. being on the IDX is legal to sell and buy, "said Aakar.