Jakarta, December 1, 2022 – The Indonesian Stock Exchange (BEI) conducted an evaluation of Jakarta Islamic Index (JII) constituents on November 29, 2022. Shares of PT Dayamitra Telekomunikasi Tbk. (MTEL), commonly known as “Mitratel”, were officially included in the ranks of index constituents, commonly referred to as JII 30. This index comprises the top 30 issuers that adhere to Sharia principles, demonstrating strong fundamental business performance and exemplary governance and liquidity.
Apart from JlI, according to BEI announcement No. Peng-00302/BEI.POP/11-2022, MTEL shares were also listed as a new member of the Indonesian Sharia Stock Index (ISSI) and the Jakarta Islamic Index 70 (JIl 70). BEl stated that the effective tenure for the constituents’ share of JII, ISSI and JII 70 is from December 2022 to May 2023.
Mitratel’s President Director Theodorus Ardi Hartoko, commonly called Teddy, genuinely appreciated the inclusion of MTEL shares as a member of the Sharia Stock Index. According to him, this inclusion signifies the company’s commitment to prioritizing corporate governance in accordance with sharia principles.
“We express our gratitude for BEI’s trust in welcoming MTEL as a new constituent of JII30. We hope that this inclusion can bolster MTEL’s share performance in the future; thereby providing the utmost value for shareholders,” stated Teddy during his statement in Jakarta, Thursday (1/12/2022).
Previously on September 21, IDX also incorporated MTEL shares as a new member of the IDX ESG Leaders index. Apart from that, MTEL shares were previously enlisted in the FTSE Global Index for the Mid-Cap, FTSE All-World, FTSE All-Cap and FTSE Total Cap series. As of June 20, 2022, MTEL stands as the sole stock on the Indonesian stock exchange that falls into these 4 categories.
Teddy underscored the significance of JII, which comprises 30 shares assessed according to Sharia principles, as a benchmark for all Sharia Mutual Funds in Indonesia. Based on data from the Financial Services Authority (OJK), as of October 2022, the value of managed funds from Sharia Mutual Funds in the country reached IDR 40.33 trillion with 271 Sharia Mutual Fund products.
The market share of Sharia Mutual Funds reached 7.78% compared to conventional mutual funds. Additionally, as Sharia investment products show positive prospects in Indonesia, given its status as the largest Muslim population in the world, the prospects for Sharia Mutual Funds seems promising. For this reason, shares that are the underlying Sharia Mutual Fund products, such as MTEL, are also anticipated to have bright prospects.
At the close of trading, Wednesday (11/30/2022), MTEL shares were recorded to have risen 2.07%, reaching IDR 740 per share. Over the past week, MTEL shares were also recorded to have jumped 4.23%. It has only been a year since this subsidiary of PT Telkom Indonesia Tbk. (TLKM), which operates within the field of telecommunications infrastructure provision, listed its shares on the IDX on November 22, 2021. However, MTEL has swiftly evolved into the largest tower company (towerco) in Southeast Asia, possessing a remarkable portfolio of 35,051 telecommunications towers.
Until the third quarter of 2022, Mitratel managed to record revenue that rose 11.5%, reaching IDR 5.6 trillion compared to the same period last year, which stood at IDR 5.02 trillion. The company’s business growth has consistently outpaced industry standards. As a result, Mitratel’s profitability significantly rose with Net Profit growing 18.1% compared to last year.
“Mitratel continues to prepare a roadmap towards Digital Infraco for portfolio development that focuses on providing fiber optic/tower fiberization-based infrastructure to cater to the needs of telecommunications operators,” Teddy explained.
