JAKARTA - Seasoned investor Lo Kheng Hong said that there was one stock that he thought was the most memorable as long as he invested in the stock market.
"I think the stock that impressed me the most was Indika Energy. When I bought it, the price was only Rp100 in 2016. Even though at that time the book value per share was Rp1,600. Wow, that's very cheap!" said Lo Kheng Hong on Instagram Founder. Hungry Stocks Lukas Setiaatmaja @lukas_setiaatmaja, quoted on Saturday 21 August.
The man who is familiarly called Mr. Lo said PT Indika Energy Tbk (INDY) is the owner of the third largest coal mine in Indonesia. Indika Energy's position is under PT Bumi Resources Tbk. (BUMI) and PT Adaro Energy Tbk (ADRO).
Not only that, Lo Kheng Hong admitted that he was interested in buying INDY's shares at that time because the company had a coal production capacity of up to 30 million tons.
"The production is more than 30 million tons. The book value per share is Rp1,600, the share price can be Rp100. That's really the wrong price, undervalued. So I bought it," said Lo Kheng Hong.
The man nicknamed Warren Buffet Indonesia said that at that time he immediately ordered to buy INDY shares from a broker.
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Lo Kheng Hong said that the stockbroker was a director and graduated from the United States. Surprisingly, said Lo Kheng Hong, the broker advised him not to buy Indika Energy's shares.
"Don't, sir, don't buy coal mines. Coal's future is bleak. If a lay investor, the director says don't buy, definitely don't buy, the future is bleak," said Lo Kheng Hong, imitating the broker's words.
However, Mr. Lo admitted that the broker's attitude did not want to do anything bad to him. Rather, he said, the broker didn't want him to go bankrupt or lose because he bought shares of a coal issuer. Lo Kheng Hong still insists on buying INDY shares.
He continued to buy the shares until he became the largest shareholder in the company.
"I kept buying, I bought until I became the number 4 largest shareholder in Indika Energy," he said.
The English, Chinese, Japanese, Arabic, and French versions are automatically generated by the AI. So there may still be inaccuracies in translating, please always see Indonesian as our main language. (system supported by DigitalSiber.id)
