Pouring Almost IDR 1 Billion, Conglomerate Irwan Hidayat Buys Sido Muncul Shares

Director of Sido Muncul, Irwan Hidayat. (Photo: Doc. Sido Appears)

JAKARTA - Director of PT Industri Jamu and Pharmacy Sido Muncul Tbk Irwan Hidayat has just bought the shares of the issuer with ticker SIDO on the transaction on August 3, 2022. He bought 1,279,400 shares, or his share ownership is 0 percent to 0.0004 percent.

"The purpose of this transaction is to increase share ownership with a direct share ownership certificate. The purchase price of shares is IDR 780 per share," he explained in information disclosure on the Indonesia Stock Exchange website, quoted Tuesday, August 9.

With a price of IDR 780 per share and a total of 1.27 million shares, the funds reached almost IDR 1 billion, or IDR 997.93 million.

For information, at the close of trading on Monday, August 8, SIDO's share price fell 1.32 percent or 10 points to the level of 750. Its market capitalization reached IDR 22.5 trillion.

Previously, it was reported that Sido Muncul recorded a decline in performance in the first semester of 2022. However, for the rest of this year, SIDO's performance is projected to be still prospective.

An analyst from PT Kanaka Hita Solvera (KHS), Daniel Agustinus said that although Sido Muncul's profit fell from IDR 502 billion in the first semester of 2021 to IDR 445 billion in the first six months of 2022, the various efforts of the Tolak Angin producer in boosting performance are considered to provide positive growth for SIDO's performance.

"SIDO's growth prospects are quite good because it plans to expand its export market, with one of its main targets being the African continent," Daniel told VOI, Friday, August 5.

As an illustration, Sido Muncul recorded sales of IDR 1.61 trillion as of June 2022. This achievement decreased by 2.58 percent on an annual basis from IDR 1.65 trillion as of June 2021.

However, export sales, which contribute 6 percent to sales, have the potential to boost SIDO's performance. Sido Muncul's exports have grown 80 percent and there is still potential for growth.

In addition, continued Daniel, Sido Muncul's sales growth in the Southeast Asia region is also quite good.

"165 percent in the Philippines, and 43 percent in Malaysia," said Daniel.

Kanaka Hita Solvera pinned a buy on weakness recommendation for SIDO in the IDR 700-750 area with a target price of IDR 900 per share.