Behind the Rebellion of Maknyuss Rice Producer Shares
Thursday Night time, July 20, 2017 is every day that can't be neglected by the management of PT Indo Beras Utama (PT IBU), a subsidiary of PT Tiga Pilar Sejahtera Tbk (TPS). In those days, the authorities Food Satgas Team presented a grain warehouse raid procedure in Kedungwaringin, Bekasi, Western Java. The manufacturers of Maknyuss and Cover Chicken Jago grain producers suffer from regulations related to the situation of fraudulent grain production.
Furthermore to grain, TPS is a manufacturer of diverse brands of food, amongst others: Taro, Mie Kremezz, Bihunku, and Gulas. and many more. Because the legal circumstance rolls, the grain business that sustains the key TPS gets worse. Predicated on the financial claims of the 3rd one fourth of 2017, grain sales accounted for 56 percent of the full total sales of TPS. While staple foods such as vermicelli and dried noodles accounted for 20 percent, and use food accounted for 24 percent.
Lately among the administrative centre market players, there's been a poor sentiment towards TPS especially about the financial condition.
This brought on the company's talk about price to touch the cheapest figure within the last 11 years, at Rp256 per show on June 28, 2018. This body lowered 85 percent of the show price on June 26, 2017 amounting to Rp1.665 per show. Within the last week of June 2018, TPS stock price in the development continued to decrease."Actually [stock prices] TPS that plummeted is gathered from various negative sentiments. However, the largest factor is because of the troubled grain business, "said Alfred Nainggolan, Brain of Research for Capital Link with Tirto.
Following the legal case struck the TPS business, TPS's performance still placed income up to the 3rd 1 / 4 of 2017, TPS attained a net earnings of Rp176.74 billion, down 57 percent from the 3rd 1 / 4 of 2016 amounting to Rp410.37 billion. However, then it continues to be dark. As yet, TPS still hasn't reported the financial performance in the 4th one fourth of 2017 and the first one fourth of 2018.
The issue of the financial report is merely one negative sentiment for TPS. Furthermore, another worsening sentiment is the sentiment of the TPS's potential to repay debt. Associated with, in middle May 2018 Pefindo provided the ranking of TPS bonds at idCCC level (PDF) for Sukuk Ijarah II / 2016, Sukuk Ijarah I / 2013 and Connection I / 2013.
Companies gaining an idCCC ranking indicate the capability to pay the business in a susceptible condition, and rely on good financial and business conditions to meet its financial commitments.
Relating to Pefindo, TPS liquidity is quite weakened with cash appreciated at Rp30-40 billion per May 2018. Although gathered from EBITDA, chances are still insufficient to pay a coupon code worthwhile Rp109.3 billion in July 2018.
The TPS intend to divest the grain business product could significantly improve the capacity of TPS to cover maturing bonds and sukuks. Alas, the TPS work until now is not reported.
"After the grain business problem, the financial condition of TPS is much less interesting as it used to be. Your time and effort to market the grain business unit continues to be running though it is not working as fast as the management will, "said TPS Chief executive Director Joko Mogoginta.
Still in the state statement of the TPS official, as though there were inner conditions in the TPS which handcuffed them especially about the dedication of shareholders. Joko pressured that the founders' management and shareholders didn't leave TPS even in difficult conditions.
"For some facts made reference point that related to the Creator Stocks Owner, we present that it's related to sophisticated Legal issues which is solved independently," he said.
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