Ilistration

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Since getting to know stock trading in 2016, I have almost never done a cut loss. Simply put, cut loss (CL) means selling shares below the purchase price which causes an investor to experience a loss. The amount depends on the value of the shares purchased and the value of the shares when reselling.

For example, I buy shares of a public company for IDR 100 per share or IDR 10,000 per lot (1 lot = 100 shares and this is the minimum purchase amount on the Indonesia Stock Exchange). When selling, the shares are falling due to various conditions. Let's say it drops by 50 percent or to IDR 50 so that when selling the price is IDR 5,000.

So, I experienced a loss of IDR 5,000 because I sold shares below the selling price. The numbers above are not exactly the same because there are taxes and fees for securities companies. However, the amount is not high.

For those who have traded, of course, they already understand about this cut loss. There are investors who usually do cut losses with various considerations. However, there are also those who avoid cut loss like me.

I remember, I once did CL and lost IDR 8 million. Maybe around 2022. I bought shares of PT Tiga Pilar Sejahtera or AISA. I once made a profit with shares engaged in food manufacturing. So, I often buy back when the shares fall.

Well, at that time I just sold at a price slightly above the highest price that day. I was sure that price would not be reached. Unexpectedly, the price reached so that I lost IDR 8 million.

After that I almost never did CL because I was actually a holder because I bought shares in installments and sold them in the long term. Occasionally I sell at a loss if I need money to buy shares of other issuers.

Unexpectedly, I had to experience another loss on Thursday, April 17, 2025, amounting to IDR 18.9 million. This is the largest amount I have ever experienced. But this was not because of the CL decision, but rather an external decision due to the merger of XL Axiata Tbk or EXCL with PT Smartfren Telecom Tbk or FREN.

I have been buying FREN shares for a long time and their value has continued to fall and then they were included in the special monitoring board. The value reached IDR 23 per share. Even though I bought it for IDR 62.32 per share. I lost up to 63 percent or IDR 18.9 million.

Shares of cellular operator Smartfren Telecom Tbk (FREN) were officially delisted from the Indonesia Stock Exchange starting Thursday, April 17, 2025, after merging with PT XL Axiata Tbk or EXCL. The merger, which was signed on April 15, had a broad impact on stock investors.

In the disclosure of information from the Indonesia Stock Exchange, it was stated that with the effective merger of FREN into EXCL and referring to the provisions of point A number 8 of Exchange Regulation Number I-G concerning Business Mergers or Business Amalgamations, the Exchange removed the listing of FREN securities as of April 17, 2025.

As a result of the merger, I now have EXCL shares in my portfolio. The number is dozens of lots because the EXCL share price converted from FREN is very different. If FREN shares are Rp23 per share, then EXCL is Rp2,180 per share.

This is the risk of investment. I do not regret and do not panic even though I am still sad because I lost Rp18.9 million which is almost twice my salary as a member of Bawaslu Lhokseumawe City.

Hopefully I can get a replacement on another occasion.[]

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Kehilangan Rp18,9 Juta Saat Merger Smartfren dengan XL Axiata

Sejak mengenal trading saham pada 2016 silam, saya hampir tidak pernah melakukan cut loss. Secara sederhana, cut loss (CL) artinya menjual saham di bawah harga beli yang membuat seorang investor mengalami kerugian. Jumlahnya, tergantung dengan nilai saham yang dibeli dan nilai saham saat menjual kembali.

Misalnya, saya membeli saham sebuah perusahaan terbuka seharga Rp100 per lembar atau Rp10.000 per lot (1 lot = 100 lembar saham dan ini jumlah minimum pembelian di Bursa Efek Indonesia). Ketika menjual, saham sedang turun karena berbagai kondisi. Katakanlah turun sampai 50 persen atau menjadi Rp50 sehingga ketika menjual harganya Rp5.000.

Jadi, saya mengalami kerugian Rp5.000 karena menjual saham di bawah harga jual. Angka di atas tidak persis sama karena ada pajak dan fee bagi perusahaan sekuritas. Namun, jumlahnya tidak tinggi.

Bagi yang sudah melakukan trading, tentunya sudah paham tentang cut loss ini. Ada investor yang biasa melakukan cut loss dengan berbagai pertimbangan. Namun, ada juga yang menghindari cut loss seperti saya.

Saya ingat, pernah melakukan CL dan kehilangan Rp8 juta. Mungkin sekitar tahun 2022. Saya membeli saham PT Tiga Pilar Sejahtera atau AISA. Saya pernah untung dengan saham yang bergerak di bidang manufaktur makanan. Jadi, sering membeli kembali ketika sahamnya turun.

Nah, waktu itu iseng saja saya menjual di harga sedikit di atas harga tertinggi pada hari itu. Saya yakin tidak akan tercapai harga tersebut. Di luar dugaan, harganya mencapai sehingga saya kehilangan Rp8 juta.

Setelah itu saya hampir tidak pernah melakukan CL karena sesungguhnya saya seorang holder karena membeli saham dengan cara menyicil dan menjualnya dalam jangka panjang. Sesekali saya menjual rugi kalau butuh uang untuk membeli saham emiten lain.

Di luar dugaan, saya harus mengalami kerugian lagi pada Kamis 17 April 2025 sejumlah Rp18,9 juta. Ini jumlah paling besar yang pernah saya alami. Tapi ini karena keputusan CL, melainkan keputusan eksternal karena merger perusahaan XL Axiata Tbk atau EXCL dengan PT Smartfren Telecom Tbk atau FREN.

Saya menyicil saham FREN sejak lama dan nilainya terus turun bahwa kemudian masuk dalam papan pemantauan khusus. Nilainya sampai Rp23 per lembar. Padahal saya membelinya Rp62.32 per lembar. Saya kehilangan sampai 63 persen atau Rp18,9 juta.

Saham operator selular Smartfren Telecom Tbk (FREN) resmi delisting dari Bursa Efek Indonesia mulai Kamis 17 April 2025, setelah bergabung dengan PT XL Axiata Tbk atau EXCL. Penggabungan yang mulai ditandatangani sejak15 April tersebut, memberikan dampak luas terhadap investor saham.

Dalam keterbukaan informasi Bursa Efek Indonesia disebutkan, dengan efektifnya penggabungan usaha FREN ke dalam EXCL dan merujuk pada ketentuan butir A angka 8 peraturan Bursa Nomor I-G tentang Penggabungan Usaha atau Peleburan Usaha, maka Bursa menghapus pencatatan efek (delisting) FREN terhitung sejak 17 April 2025.

Akibat merger tersebut, saya kini memiliki saham EXCL di portofolio. Jumlahnya puluhan lots karena harga saham EXCL yang dikonversikan dari FREN itu berbeda jauh. Jika saham FREN Rp23 per lembar, maka EXCL Rp2.180 per lembar.

Beginilah risiko investasi. Saya tidak menyesali dan tidak juga panik meski tetap sedih karena kehilangan Rp18,9 juta yang hampir dua kali gaji sebagai anggota Bawaslu Kota Lhokseumawe.

Semoga bisa mendapatkan gantinya dalam kesempatan lain.[]

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