Initial Listing, SEMA Directly Reaches Upper Auto Rejection

Illustration. (Photo: Doc. Semacom Integrated)

JAKARTA - PT Semacom Integrated Tbk (SEMA) rose 35 percent or experienced an upper auto rejection (ARA) to Rp242 per share when it was first listed on the Indonesia Stock Exchange (IDX), on Monday, January 10, 2022.

Previously, SEMA released 347 million new shares, or equivalent to 25.76 percent of the paid-up capital after the IPO (Initial Public Offering). During the offering period, investors hunted for shares from manufacturers of electrical panels, electric battery assembling, and new and renewable energy infrastructure (EBT), as evidenced by investor demand that exceeded orders (oversubscribes) 40X from the pooling portion.

In addition to conducting the IPO, the company will also issue Series I Warrants with a maximum value of 173.50 million Warrants I as a sweetener.

All of the proceeds from the IPO will be used for the company's working capital. Among them are for the Purchase of Supplies, Research & Development Costs, and Marketing and Promotional Costs. The use of IPO funds is of course after deducting securities issuance costs.

Meanwhile, the funds obtained by the Company from the exercise of the Series I Warrants, if executed by the warrant holders, will be used for the company's working capital, namely for the purchase of supplies as well as marketing and promotion costs. The President Director of SEMA, Rudi Hartono Intan, said that this initial public offering was a major milestone. The company will be the driving force for the Company to improve its performance in the future.

Rudi is optimistic that in the future SEMA's business will be more prosperous in line with the government's commitment to optimizing new and renewable energy sources (EBT) as an alternative energy source. Moreover, Indonesia is one of the countries with very abundant potential sources of EBT.

Previously, the Ministry of Energy and Mineral Resources (ESDM) targeted an increase in the national energy mix from NRE sources in 2025 by 23 percent and a commitment to zero emissions by 2060.

The current position of the use of renewable energy in Indonesia has only reached the range of 13 percent in the composition of the overall energy mix. To increase the efficiency of achieving the 23 percent mix target in 2025, PLN has declared the need for an additional 3,200 Mw of solar modules.

"Taking into account the existing business potential, and government policies that support the development of solar modules as part of renewable energy, we have considered and reviewed business development for the work of Solar Module Inverters and Solar Module BOS (Balance of System)," he continued.

In addition, SEMA is also targeting the electric car market by providing support in building Public Electric Vehicle Charging Stations (SPKLU) and General Electric Vehicle Battery Exchange Stations (SPBKLU). This is in line with the government's mission to develop Battery-Based Electric Motorized Vehicles (KBLBB) or Battery Electric Vehicles for Road Transportation, as stated in Presidential Regulation (Perpres) of the Republic of Indonesia Number 55 of 2019.

"We are also targeting the energy supply market through battery production for telecommunication companies and SPKLU," concluded Rudi.

With regard to last year's business performance (as of June 2021), SEMA was able to print revenue of Rp60.9 billion, up 33.76 percent from Rp45.53 billion in June 2020. The company's gross profit was recorded at Rp19.36 billion, an increase compared to the previous period in 2020 amounting to Rp13.82 billion. Meanwhile, earnings per share is Rp5.93 per share.

Meanwhile, gross profit on sales in that period increased by 31.79 percent or higher than the increase in the previous year of 29.68 percent.

Furthermore, total EBITDA to sales rose 11.94 percent. Then the company's total assets as of June 2021 were recorded at Rp146.95 billion.

This amount consists of current assets of Rp118.47 billion and non-current assets of Rp28.48 billion. This achievement increased from 2020 in the same period which was recorded at only Rp141.03 billion.