The impact of recording errors the financial statements of issuers Bakrie Group (Seven Brothers)

The impact of recording errors the financial statements of issuers Bakrie Group (Seven Brothers) : The impact of recording errors disease financial statements of issuers Bakrie Group (Seven Brothers), it does not go away. Since preached keganjalan financial statements of PT Bumi Resorces Tbk (BUMI) (Shown EARTH Beautiful Asset Sales Thanks to June 10, 2010), stock prices kept falling Seven Brothers.

When you view the movement of stock prices from June 1, 2010 until yesterday (12 / 8), shares of PT Darma Henwa Tbk (DEWA), led the biggest decline of 25.97% to the level of USD 57 per share. Then followed by PT Bakrie Sumatera Plantations (UNSP) to a price of Rp 300 per share, and PT Bumi Resources Tbk (BUMI) of 17.28% to USD 1580 per share.

In addition to recording errors due to the financial statements, capital markets analyst Willy Sanjaya rate, the weakening of the Seven Brothers' share price was also triggered by a variety of problems that were experienced by some issuers Bakrie. Starting from the alleged tax evasion, the mystery of deposits at the Bank Capital, until caught a case of corruption in the tax.

"It's just a situation that is ketidakesengajaan, and do not involve fundamental issues the company," said Willy. Dus, if management intends to fix the Bakrie group of good corporate governance, he urged investors to buy the remedy to take action when stock prices are low as seven brothers today.

Willy still recommend buying the stock for EARTH in the target price of Rp 3,300 per share, ELTY for Rp 350 per share and Btel Rp 250 per share. "This target is with a note, want to fix internal performance management," he added.

Bad Performance

The Vice President Valbury Asia Futures Nico Omer Jockenhere assess, in a historical, stocks Bakrie is a target for speculators to wash profits. Well, when speculators play, fundamentals firm also excluded.

"The fundamental Bakrie business group is not strong, I would not recommend to buy despite the price was cheap," said Nico. The action of the corporation and the issues surrounding debt companies belonging to one business tycoons Indonesia Bakrie firms expected financial burden.

Nico exemplifies the intent to acquire Sheep UNSP Mas Group. When acquisitions occur, potentially threatened because of financial UNSP have debts owned group of companies Sheep Mas. As information, Sheep Mas delinquent debts to Bank Mandiri around Rp 3.3 trillion. The debt consists of debt principal amounting to Rp 1.3 trillion, while the interest coupons to reach USD 2 trillion.

Meanwhile, if the view of financial statements of the first semester, UNSP performance was also not too encouraging. Although net sales increased 8.9% over the same period last year to USD 1.134 trillion, but its net profit declining 26.66% from Rp 135 billion to Rp 99 billion.

The decrease was due to expenses jumped by 535% from Rp 34.41 billion to Rp 218.55 billion. Triggers include interest and finance charges jumped sharply from Rp 11.51 billion to Rp 212.91 billion and goodwill amortization expense increased by more than 440% to Rp 57.45 billion.

GODS performance even worse. Although incised 1.2% growth to U.S. $ 104.12 million, DEWA experienced a loss of U.S. $ 3.28 million in the first half of 2010. The increase in operating expenses 12.26% to 107.31 million to its main causes. DEWA also affected the cost of tax payment of U.S. $ 1.2 million.