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Wednesday, Dec-11 2019 09:01 WIB
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Melihat Strategi Erajaya Tingkatkan Keuntungan
Published: 12 Nov 2019 09:27 WIB


IMQ, Jakarta —  Prospek saham emiten ritel gadget PT Erajaya Swasembada Tbk (ERAA) makin membaik seiring berlakunya kebijakan International Mobile Equipment Identity (IMEI) tahun depan.

Lewat beleid wajib IMEI, pemerintah berniat menangkal maraknya peredaran ponsel ilegal. Ini menjadi sentimen positif bagi perusahaan ritel yang menjual ponsel, termasuk Erajaya.

Analis Ciptadana Sekuritas, Robert Sebastian, mengatakan bisnis distributor ponsel pintar masih lesu tahun ini. Oleh karena itu, penurunan kinerja ERAA sudah diprediksi.

"Perbaikan kinerja ERAA baru akan terlihat tahun depan, menyusul penerapan beleid IMEI," katanya dalam risetnya.

Menurut Robert, perlu waktu sekitar enam bulan untuk melihat efek kebijakan IMEI. Artinya, dampaknya baru terlihat pada kinerja ERAA setelah kuartal I tahun depan.

Sedangkan ekspansi ERAA ke sektor penyewaan modem mini di Indonesia dan Singapura sejak Oktober lalu belum memberi dampak signifikan. Pendapatan utama masih dari penjualan ponsel.

Meskipun kinerja pendapatan belum baik, keberhasilan ERAA meringankan aset, memperbaiki manajemen dan permodalan patut diapresiasi. Dalam sembilan bulan, aset ERAA tercatat turun 23% per akhir September lalu karena penurunan persediaan perangkat telekomunikasi (inventori). Selain itu, perusahaan ini memangkas utang bank jangka pendek, sehingga total liabilitas turun 37%.

Perbaikan internal ini berujung pada membaiknya kinerja kuartal tiga ketimbang kinerja di semester I.

"Meskipun sales kurang bagus, setidaknya ERAA melakukan perbaikan," papar Robert.

Robert melihat, momentum natal dan tahun baru bisa mendongkrak kinerja ERAA. Apalagi, kebiaasan konsumen, membeli ponsel baru di akhir tahun seiring rilisnya produk-produk seluler baru.

Robert mematok target harga saham ERAA pada Rp 2.130 per saham.
Author: Indra BP
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