Bisnis, JAKARTA —PT Dayamitra Telekomunikasi Tbk., or Mitratel (MTEL), remains an attractive choice for analysts this year, primarily supported by its promising financial reports and business fundamentals. Referring to Bloomberg analyst consensus data, out of 25 securities or analysts monitoring MTEL shares, 24 recommend buying. Only one securities firm recommends holding, and none suggest selling.
However, in the stock market, the performance of MTEL shares seems lackluster. On Wednesday (11/22/2023), MTEL closed stagnant at IDR690. With this price position, MTEL shares are still down by 13.75% year-to-date (YtD).
MTEL’s sluggish stock performance seemingly relates to significant selling actions among foreign investors. On Wednesday, net sell in MTEL shares reached IDR13.18 billion across the market. Year-to-date, the net sell for MTEL reached IDR991.9 billion, compared to last year’s IDR 1.27 trillion.
Maximilianus Nico Demus, director of research and investment at Pilarmas Investindo Sekuritas, said the contributing factor to the large net foreign sell of MTEL is sector rotation. Meanwhile, from a fundamental perspective, MTEL has reported a year-on-year (YoY) revenue growth. This condition indicates that its current stock dynamics do not align with its fundamentals.
