TERGANJAL UTANG, ACE HARDWARE INDONESIA DIGUGAT PAILIT - EMITEN UPDATE

Summary

The transcript discusses several key updates on the Indonesian market, focusing on notable companies and their financial situations. One of the main topics is F Hardware, which is facing a legal challenge regarding its debt repayment obligations, involving a request for a delay in its payment obligations (PKPU). The discussion also highlights Vale Indonesia’s share transfer to Inalum, a 13% year-on-year increase in BBCA's third-party funds, and S-Hardware's overall performance. Despite the financial difficulties of F Hardware, experts suggest that the retail sector remains positive, and the company’s overall debt is manageable compared to its assets.

Takeaways

• 😀 F Hardware (Aceh) is currently facing a legal case regarding a delay in debt payments (PKPU) in the Jakarta Central Commercial Court.
• 😀 Vale Indonesia is transferring 20% of its shares to PT Indonesia Asahan Aluminium (Inalum).
• 😀 BBCA (Bank Central Asia) reported a 13% year-on-year increase in third-party funds as of August 2020.
• 😀 The PKPU lawsuit involves a request for the postponement of debt payments by Wibowo & Partners, not a bankruptcy filing.
• 😀 The debt involved in the PKPU case is relatively small (Rp 10 million per month) compared to F Hardware’s total assets of Rp 7.09 trillion.
• 😀 The confusion around Aceh’s financial situation is due to media headlines that mistakenly imply bankruptcy, while the issue is simply related to a debt payment delay.
• 😀 Aceh’s debt-to-equity ratio is 0.42, suggesting that the company’s financial obligations are still manageable.
• 😀 Aceh’s long-term debt is Rp 8.8 billion, which is considered modest in relation to its large asset base.
• 😀 Despite the PKPU case, Aceh’s year-to-date performance is positive, with a 3.3% increase, indicating stability in its operations.
• 😀 The discussion clarified the difference between PKPU (debt restructuring) and bankruptcy, addressing concerns from investors about the company’s financial health.
• 😀 The fundamental performance of F Hardware (Aceh) remains positive, and there is still strong investor interest despite the ongoing legal case.

Q & A

What is the main issue regarding F Hardware Indonesia (Acess) in the script?

The main issue with F Hardware Indonesia (Acess) is that it is being sued for the delay in fulfilling its debt repayment obligations, specifically through a suspension of debt payment (PKPU) request filed by Wibowo and Partners in the Central Jakarta Commercial Court.

What is the difference between a PKPU and a bankruptcy declaration for Acess?

A PKPU (Suspension of Debt Payment Obligation) is a request to temporarily delay debt repayments, whereas a bankruptcy declaration suggests the company is unable to meet its obligations and is in financial failure. In Acess' case, the issue is a temporary suspension, not bankruptcy.

How much is Acess' outstanding debt in the PKPU case?

The outstanding debt in the PKPU case amounts to 10 million IDR per month, which is relatively small compared to Acess' total assets of 7.09 trillion IDR.

What financial ratios are mentioned for Acess in the script?

The financial ratios mentioned include a debt-to-equity ratio of 0.42 and a long-term debt of 8.8 billion IDR. These figures suggest Acess has a manageable level of debt relative to its equity.

What is the status of Acess' performance and stock price in the script?

Acess' stock performance has remained relatively stable, with a year-to-date increase of 3.3%. However, its stock price stagnated at 15,450 IDR as of October 7th.

What are the key sectors mentioned that support Acess' business?

The script mentions that Acess operates in the retail sector, particularly selling household appliances. This sector remains positive due to the ongoing demand for such products.

How does Acess' debt load compare to its total assets?

Acess' debt load is relatively low compared to its total assets, with the debt-to-equity ratio at just 0.42, indicating the company has sufficient assets to cover its liabilities.

What is the broader impact of the PKPU case on Acess’ investors?

For investors, the PKPU case represents a temporary issue rather than a signal of financial failure. The company still shows positive growth in stock performance, which may reassure investors, although caution is advised due to the ongoing legal proceedings.

Why does the script emphasize that Acess is not bankrupt despite the PKPU request?

The script emphasizes that Acess is not bankrupt because the PKPU request is for a temporary delay in debt repayments, not a declaration of bankruptcy. Acess has enough assets to cover its debts, and the request is more about managing cash flow rather than insolvency.

What is the suggested course of action for investors holding Acess stock?

Investors holding Acess stock are advised to closely monitor the PKPU case, as it could have an impact on the company's financial stability in the short term. However, since the company's overall performance is still positive, a wait-and-see approach may be reasonable.