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Home arrow Latest News arrow Sritex can be efficient after the acquisition of 2 companies

Sritex can be efficient after the acquisition of 2 companies PDF Print E-mail
Written by Maizer   
Monday, 18 December 2017

PT Sri Rejeki Isman Tbk (SRIL) plan to acquire two textile companies was greeted positively by the market. The proof, after announcing the plan, the share price of SRIL immediately increased.


The share price of SRIL jumped 5.65 percent to Rp 374 per share at the close of trading on Friday (15/12). Throughout this year, the price of SRIL has climbed 15.53%.

The two companies to be acquired by SRIL are PT Primayudha Mandirijaya and PT Bitratex Industries. SRIL and its subsidiary, PT Sinar Pantja Djaja, have entered into a conditional sale and purchase agreement.


The takeover of these two companies will increase the number of subsidiaries of SRIL engaged in yarn spinning business. Previously, SRIL only has Sinar Pantja Djaja acquired in 2013 ago with a value of Rp 723 billion. Two other subsidiaries of SRIL, Golden Legacy Pte Ltd and Golden Mountain Textile & Trading Pte Ltd are engaged in investment.


SRIL Managing Director Iwan Setiawan earlier said the acquisition was to strengthen sales to export markets. After the acquisition, SRIL sales are targeted to grow around 20% to 30%.


He has not mentioned how much funding is needed for the acquisition. However, SRIL is considering seeking funding from debt or equity.


Director of Investa Saran Mandiri Hans Kwee said the acquisition of two textile companies could make SRIL more efficient. "SRIL can reduce the cost of raw materials needed for yarn production," said Hans, Sunday (17/12).


Next year, SRIL has an exciting prospect. The reason is, with the acquisition, SRIL export market will be stronger. "SRIL imports a lot of military uniforms, with geopolitical conditions that may be heating up, military spending will increase and make SRIL more profitable," said Hans.


On the other hand, this company has a considerable debt burden. Currently, the debt to equity ratio (DER) of SRIL reaches 178%. Although still relatively safe, companies still have to be careful because it can add pressure in the long run.


Because the performance of SRIL is still potential to grow, Hans also recommends buying the shares of SRIL with a target price of Rp 450 per share.


Sritex bisa efisien setelah akuisisi 2 perusahaan


Rencana PT Sri Rejeki Isman Tbk (SRIL) mengakuisisi dua perusahaan tekstil disambut positif oleh pasar. Buktinya, usai mengumumkan rencana tersebut, harga saham SRIL langsung meningkat.


Harga saham SRIL melonjak 5,65% ke level Rp 374 per saham pada penutupan perdagangan Jumat (15/12) lalu. Sepanjang tahun ini, harga SRIL sudah naik 15,53%.

Dua perusahaan yang akan diakuisisi SRIL adalah PT Primayudha Mandirijaya dan PT Bitratex Industries. SRIL dan anak usahanya, PT Sinar Pantja Djaja, telah menandatangani perjanjian jual beli saham bersyarat.


Pengambilalihan kedua perusahaan ini akan menambah jumlah anak usaha SRIL yang bergerak di usaha pemintalan benang. Sebelumnya, SRIL hanya memiliki Sinar Pantja Djaja yang diakuisisi pada 2013 silam dengan nilai Rp 723 miliar. Dua anak usaha SRIL lainnya, Golden Legacy Pte Ltd dan Golden Mountain Textile & Trading Pte Ltd bergerak di bidang investasi.


Direktur Utama SRIL Iwan Setiawan sebelumnya mengatakan, akuisisi ini dilakukan untuk memperkuat penjualan ke pasar ekspor. Usai akuisisi, penjualan SRIL ditarget tumbuh sekitar 20% sampai 30%.


Ia belum menyebutkan berapa besar dana yang dibutuhkan untuk akuisisi itu. Tapi, SRIL tengah mempertimbangkan untuk mencari pendanaan dari utang ataupun ekuitas.


Direktur Investa Saran Mandiri Hans Kwee menyatakan, akuisisi dua perusahaan tekstil tersebut dapat membuat SRIL semakin efisien. "SRIL bisa menekan biaya bahan baku benang yang dibutuhkan untuk produksi," ujar Hans, Minggu (17/12).


Tahun depan, SRIL punya prospek yang menarik. Pasalnya, dengan akuisisi, pasar ekspor SRIL akan makin kuat. "SRIL banyak mengekspor seragam militer. Dengan kondisi geopolitik yang mungkin semakin memanas, dana belanja militer akan meningkat dan membuat SRIL semakin diuntungkan," papar Hans.


Di sisi lain, perusahaan ini punya beban utang yang cukup besar. Saat ini, debt to equity ratio (DER) SRIL mencapai 178%. Walau masih relatif aman, perusahaan tetap harus berhati-hati karena hal tersebut bisa menambah tekanan dalam jangka panjang.


Karena kinerja SRIL masih berpotensi tumbuh, Hans pun merekomendasikan buy saham SRIL dengan target harga Rp 450 per saham.


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