Will IPO, Analysts Call Humpuss Maritime Shares Have Good Prospects

JAKARTA - PT Humpuss Maritime International Tbk (HUMI) as an issuer engaged in distribution and energy infrastructure and running a port and maritime ecosystem plans to conduct an Initial Public Offering (IPO) by releasing a maximum of 15 percent of the issued and paid-up capital to the public or 2.7 billion shares. The price offered is IDR 100 per share.

Seeing the corporate action plan from the issuer, Research Analyst of PT Panin Sekuritas Aqil Triyadi explained that the prospects for the sea transportation service business undertaken by PT Humpuss Maritime International Tbk in the future have positive prospects even though the growth is not too significant compared to 2022.

This is driven by successfully controlled inflation and relatively non-aggressive Bank Indonesia interest rates in recent periods.

"So demand will be quite positive, however, we assess that growth will not be significant like in 2022 which was driven by the increase in several commodity prices," he said in a written statement, quoted Monday, July 24.

Aqil also gave recommendations to investors who want to transact on HUMI shares, to be able to do so in the short term by taking advantage of the momentum.

"PB, HUMI is still around 0.9x (peers: 1.91x), meaning that there is still room for HUMI to strengthen on the first day of trading," he added.

Meanwhile, based on the HUMI prospectus, the company's debt to equity ratio (DER) of the company as of December 31, 2022 is still 0.55x. Meanwhile, the maximum required DER reaches 2.5x of the company's equity.

And until the first quarter of 2023, HUMI's equity was US$143 million or equivalent to Rp2.14 trillion. This figure is up 3.61 percent when compared to the end of 2022 of US$137.93 million or around Rp2.07 trillion.

On the other hand, the total liabilities of HUMI are valued at 76.22 million US dollars and 70.13 million US dollars for the period 31 December 2022 and 31 March 2023, respectively.