PT Optima Prima Metal Sinergi Tbk (IDX:OPMS) - 2023-Q2
Milestone
1. Established in 2012 under the name of PT Asia Prima Indosteel, initially engaged in billet sales activities.
2. In October 2018, the company switched its business focus to the sale of scrap iron obtained from ship cutting activities.
3. In January 2019, the company underwent synergy and changed its name to Optima Prima Metal Sinergi.
4. In September 2019, the company conducted its initial public offering (IPO) with the stock code OPMS.
5. In 2020, there was a distribution channel development through online sales.
6. In 2021, strategic investments were made in the construction of warehouses and offices near ship cutting areas.
7. In 2022, the company acquired and cut ships in Bali, Bitung, and Central Java. It also engaged in the delivery of scrap iron in the areas of Surabaya, Gresik, Sidoarjo, and Semarang.
Management
1. The President Director, Meilyna Widjaja, also serves as the President Director of PT Asian Perkasa Indosteel (which holds 59.70%), the controlling entity of the issuer.
Balance Sheet:
1. The issuer has no bank debt.
2. Total liabilities amount to 1.8 billion.
3. Cash and cash equivalents are 13 billion.
4. Equity decreased from 91.8 billion to 89.9 billion.
Income Statement:
1. Sales amounted to only 330 million rupiah compared to the previous year's 14.4 billion rupiah.
2. Gross (Loss) Profit for 2023-Q2 is recorded at a negative 884.7 billion.
3. Operating loss is 3.8 billion.
Cash Flow Statement:
1. Net cash obtained from operating activities is recorded at a negative 486.3 million rupiah.
2. There is a 2.7 billion rupiah sale of assets.
Business Activities:
1. In accordance with Article 3 of the Company's Articles of Association, the scope of the Company's activities is in the fields of services, trade, construction, industry, land transportation, printing, workshops, metal material recovery, and leasing. Currently, the Company operates in the trading of materials made of iron, steel, stainless steel, and leasing.
2. Sales of scrap iron amounted to 330 million rupiah, but sales of Processed Scrap Iron are zero. Whereas in the previous year, the company managed to sell processed scrap iron worth 13 billion. Has the company ceased operations?
3. In the previous year, the company had only two buyers, namely PT Prima Beton Bangun Persada and PT Jatim Taman Steel. Each accounted for 50% and 43% of sales, respectively. This becomes a negative point as it heavily depends on purchasing.
4. The company is engaged in the scrap iron business.
2023 Targets:
1. Expanding the ship-cutting reach in Indonesia
The company views the economic conditions in 2023 optimistically. Despite ongoing geopolitical tensions and inflation, economic growth, especially in Indonesia, is showing a more positive trend than in 2022. In terms of the supply of used ships, competition is increasing due to the dynamics of the existing used ship supply chain. The company's strategy for 2023 is to expand the ship-cutting reach throughout Indonesia.
2. Adding a new business line
By opening a new branch in Batam, the company is committed to adding a new business line involving heavy equipment rental. The benefits of adding this new business line include income diversification, increased revenue, a broader market reach, and enhanced competitiveness.
Overview:
1. The company's market capitalization is 50 billion rupiah.
2. Equity amounts to 89.9 billion rupiah.
3. Nett profit margin is -729%.
4. The IPO took place on September 23, 2019. It's only 3.9 years old.
5. The company has a website for Buying and Selling Ship Spare Parts & Equipment: [optimapart.com]. Prices are also transparently displayed. However, I haven't verified whether these prices are competitive.
In my opinion, OPMS is not suitable for investment.
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