Three weeks straight, Marina Budiman has become approximately $ 350 million every day.
In mid -March, the chairman of the largest data operator of Indonesia sat at the top of a wealth of $ 7.5 billion after her companies have repeatedly increased from the Daily Limit, making her the richest woman in the country, according to the Bloomberg billionaire Index.
Then the stock of Indonesia DCI collapsed. In just three days, Buddha’s net value fell in half, adding another part of the BUM supplies and a rollover to a significant number of Indonesia.
All in all, Buddan and fellow billionaires and DCI who controls shareholders – Otto Toto Sugiri and Han, arming Hanafi – they saw that their combined wealth exclaim from over $ 17 billion before they fell. On Tuesday, the shares gave up more than half of the gains since the rally started in mid -February.
Wild price changes in stocks are more common and more problematic features Indonesian capital market. Dozens of companies have moved to 1,000% or more in recent years, and their shares seemed to be removed from fundamental financial resources. DCI closed on Tuesday with a market value of close to $ 17 billion, compared to last year’s $ 112 million revenue and $ 49 million in profit. The company trades with 416 times with the profit, which is most compared to the peer group accompanied by Bloomberg.
A large number of companies who are shaking the shares are traded in part. Budiman, Sugiri, Hanafia and the fourth large owner, billionaire Tycoon Anthoni Salim, hold 78% of DCI shares. Of the 2.4 billion extraordinary, 80,400 shares changed their hands by noon on Wednesday in Jakarta compared to millions in companies in Indonesia of a similar size.
DCI did not immediately respond to the commentary request.
DCI prices “are mostly a function of his tight free float,” said Mohit Mirpuri, a fund manager at SGMC Capital PTE in Singapore. “Expand bids are narrow, so any significant positioning can significantly move supplies,” Mirpuri said.
DCI was the worst performer because the Indonesian reference index of shares fell on Tuesday on Tuesday and launched a 30-minute suspension.Traders attributedTotal decline in factors, including concern about the populist measures of President Prabowo Subianto, forced liquidation and insecurity over the leadership of the Ministry of Finance.
“Seluff has been a blond bolt in many ways – a surprise surprised the market,” said Nirgunan Tiruchelum, analyst from Aletheia Capital in Singapore.
Before the turnaround in recent days, DCI may have benefited from investors who are betting that demand for data centers will continue to grow and help initiate foreign investments. For example, Oracle Corp.in discussionsBloomberg News reported on Friday with the Government of Indonesia to establish a cloud services in the country.
Budiman, 63, helped DCI co -founder more than a decade ago. Sugiri, 71 and Hanafia are also co -founders.
This story is originally shown on Fortune.com
