MNCS Morning Navigator

13 April 2022

MNCS Morning Navigator - April 13, 2022

Global Market Highlights
DJIA weakened -0.29% on Monday (12/04), followed by the S&P 500 (-0.34%) and the Nasdaq (-0.30%). Wall Street depreciated in line with the release of Mar-22 inflation data which reached +8.5% YoY, as well as news of the Russia-Ukraine geopolitical tension in which Russian President Putin stated that peace talks had stalled and were prepared to resume military aggression. Today, the market will be looking toward several data releases such as: 1) US PPI MoM; 2) US MBA Mortgage Applications; 3) UK Inflation Rate YoY.

Domestic Update
• The Government of Indonesia has issued IDR11.05 trillion of 7 series of SUN (2 bills and 5 bonds) in an auction held on Tuesday (04/12/22). MNCS Comment: The total incoming bids reached IDR40.28 trillion in yesterday's auction, lower than in previous auction at IDR41.62 trillion and strong investors' appetite for shorter maturity securities. Given the recent spike in the UST yield due to aggressive possibility of US monetary policy, the yield of 10-year Indo GB also rose.
• Furthermore, the second dose of vaccination rate nationally has reached 77.6% or equivalent to 161.65 million people.

Company News
1. CPIN IJ recorded net sales of IDR51.69 trillion in FY21 or an increase of +21.59% YoY (vs IDR42.52 trillion in FY20). Net profit decreased by -5.78% YoY to ID3.62 trillion in FY21 (vs IDR3.84 trillion in FY20) (IQ Plus). MNCS Comment: The decline in the company's performance was driven by the COGS which increased +27.13% YoY to IDR43.56 trillion in FY21 where there was an increase in the price of raw materials used by +34.46% YoY. CPIN is trading at the level of 24.11x/3.47x PER/PBV.
2. MAPA IJ recorded revenue of IDR6.04 trillion in FY21 or an increase of +26.36% YoY (vs. IDR4.78 trillion in FY20). Net profit recorded a significant increase to IDR257.39 billion in FY21 (vs IDR2.08 billion in FY20) (Bisnis Indonesia). MNCS Comment: The company's performance growth was in line with the increase in the top line, followed by the sales expenses which were maintained at the level of IDR1.78 trillion (+13.21% YoY) and financial expenses which fell -15.99% YoY. MAPA is trading at the level of 35.33x/2.81x PER/PBV.
3. BNGA IJ will distribute cash dividends of IDR2.34 trillion or IDR94.07/share for the FY21 financial year with the Dividend Payout Ratio of 60% of FY21's net profit of IDR 3.90 trillion. Cum dividend date on April 19, 2022 (Emitennews). MNCS Comment: Therefore, BNGA will offer a dividend yield of 8.40% in FY21, or higher than the previous year's 4.06% in FY20. BNGA is trading at the level of 6.86x/0.65x PE/PBV.

IHSG Updates
JCI rose +0.15% to 7,214.78 on Tuesday (12/04), followed by net foreign buys which reached IDR1.51 trillion. The majority of sectors strengthened and supported the index, led by the raw materials sector (+0.86%) followed by the cyclical sector (+0.75%). On the other hand, the sector that experienced weakness was led by the transportation sector (-2.31%) followed by the energy sector (-1.25%). The index gains ahead of the release of data on the US inflation rate for Mar-22. On the other hand, the Rupiah exchange rate closed low at IDR14,363/USD. We estimate that the JCI will move in the price range of 7,130-7,240. Today’s recommendation: JSMR, CENT, MAPA, TINS.

Corporate Action
Cum Dividend: LPPF (IDR250/share), NISP(IDR22/share)
Cum Rights: MDKA (IDR2,830/share)

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