JAKARTA. The performance of PT Astrindo Nusantara Infrastruktur Tbk (BIPI) within the first nine months (9M) of 2024 showed a slight decline, but its shares continue to be investors’ favourite.

According to IDNFinancials data, BIPI has consistently resided amidst stocks in the top foreign net buy since November 28, 2024. Last Thursday (5/12), BIPI was leading the top foreign net buy list, with net foreign buy of 216.3 million shares in volume.

There has been no plan of any corporate actions in the near future that could be linked to this net buy increase. However, last mid-November, BIPI, through its subsidiary, just received a significant amount of credit facility from PT Bank Mandiri (Persero) Tbk (BMRI).

There are 2 credit facilities obtained by PT Sinesa Bara Gemilang (SBG), BIPI’s subsidiary. They consist of credit facility A of IDR 3.66 trillion and investment credit facility of IDR 2.08 trillion. Both facilities will be allocated for refinancing purposes.

Based on IDNFinancials data, BIPI reported revenue in 9M 2024 plummeting 15.05% year-on-year (yoy) to USD 418.07 million. Meanwhile, its net profit dropped significantly by 89.7% yoy to USD 3.58 million.

BIPI has set quite an optimistic growth target this year, at 10%, following the projection of increased coal prices.

Monitoring the board, BIPI was closed 1.10% or 1 point lower to IDR 90 per share. However, within the past month, the price has skyrocketed 21.62% or 16 points. (KR/ZH)