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IHSG Drops 1.81% in a Week, Market Cap Shrinks to Rp 11,235 T
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Sido Muncul (SIDO) Announces Dividend, Shares Plummet, Foreign Investors Exit
Saham News - Posted on 28 October 2024 Reading time 5 minutes
DIGIVESTASI - Shares of PT Industri Jamu dan Farmasi Sido Muncul Tbk (SIDO) fell by 1.60% to IDR 615 during trading on Friday, October 25, 2024. A total of 94.48 million Sido Muncul shares were traded, with a total frequency of 12,590 transactions and a transaction value reaching IDR 57.99 billion. Previously, on October 24, 2024, SIDO shares had also dropped by 6.02%.
On October 25, Sido Muncul shares were heavily distributed by major brokers. JP Morgan Sekuritas Indonesia recorded a net sell of IDR 11.4 billion, Verdhana Sekuritas sold IDR 8.9 billion, and UBS Sekuritas sold IDR 3.7 billion. SIDO shares were also widely sold by foreign investors, with a net foreign sell of IDR 30.5 billion on the same day.
The decline in SIDO's stock price occurred after the company released its third-quarter 2024 performance. Although Sido Muncul's net profit for the first nine months of 2024 increased by 33% year-on-year to IDR 778 billion, driven by higher sales, cost efficiency, and strong risk management amid global economic uncertainty, the net profit recorded in Q3 2024 reached only IDR 170 billion. This was lower compared to Q2's IDR 218 billion and Q1's IDR 390 billion.
Despite the company announcing an interim dividend for the 2024 fiscal year amounting to IDR 540 billion, or IDR 18 per share, SIDO shares remained under pressure. The dividend is scheduled to be paid on November 20, 2024, to shareholders registered as of November 6, 2024, with the cum-dividend date on the regular and negotiated markets on November 4, 2024, and the ex-dividend date on November 5, 2024.
The dividend was based on financial data as of June 30, 2024, where the net profit attributable to the parent entity was recorded at IDR 608.48 billion.
Meanwhile, Mandiri Sekuritas, in its technical analysis for trading on October 28, 2024, recommended SIDO shares for swing trading. The suggested entry price is IDR 625 with a target price of IDR 670 and a stop loss at IDR 600. Mandiri Sekuritas noted that SIDO shares were at the lower band level on October 24, 2024, marking the second consecutive day.
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Source: investor.id
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