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MNCS Morning Navigator

07 April 2021

MNCS Morning Navigator 07 April 2021

Global Market Highlight

DJIA slipped by -0.29% on Tuesday (06/04) followed by the S&P 500 (-0.10%) and Nasdaq (-0.05%). Wall Street paused the rally as technology and energy stocks slipped with investors weighing optimism on the global recovery. Meanwhile, the International Monetary Fund lifted its global growth forecast to 6% in 2021, from its prior forecast of 5.5%. Supported by the faster rollout of vaccines in the US continues to spur the reopening process. Moreover, the market will look forward to several data releases today, such as: 1) US Balance of Trade; 2) US MBA Mortgage Applications; 3) Eurozone Markit Composite PMI Final. 

 

Domestic Update

• The Minister of Finance issued a policy in the form of a stimulus to guarantee working capital loans for corporate debtors with loans ranging from IDR5 billion to IDR1 trillion. Previously, loans provided under guarantees started from IDR10 billion. This policy is contained in the Minister of Finance Regulation (PMK) Number 32/PMK.08/2021 & Finance Number 98/PMK.08/2020. In addition, the regulation will take effect as of April 1, 2021 (Kontan).

• Furthermore, there was an addition of 487 new Covid-19 cases in Jakarta yesterday.

 

Company News

1. ADHI IJ posted revenue of IDR10.8 trillion in FY20, which decreased -29.27% YoY (vs IDR15.3 trillion in FY19). However, COGS also decreased from IDR12.97 trillion in FY19 to IDR9.09 trillion in FY20. ADHI posted a net profit of IDR23.98 billion in FY20 which decreased -96% YoY (vs IDR663.8 billion in FY19) (CNBC Indonesia). MNCS Comment: Along with the covid-19 construction sector affected by the lack of new contracts and tenders. In addition, delays in several projects have also resulted in minimal income. Currently ADHI is trading at 164.85x/0.71x PE/PBV.

2. HRUM IJ posted revenue of USD157.82 million in FY20, which decreased -39.9% YoY (vs USD262.59 million in FY19). However, COGS also decreased from USD195.06 million in FY19 to USD114.58 million in FY20. HRUM posted a net profit of USD59 million in FY20 which increased +218.92% YoY (vs USD18.5 million in FY19)(CNBC Indonesia). MNCS Comment: HRUM managed to record an increase on bottom line despite the drop on the top line, this is due to a significant change in financial asset fair value to USD46.51 mn followed by gain on forex. We see that the gain is not fully operational in FY20, nevertheless HRUM will still gain advantage from this year's coal price hike. HRUM is currently trading at 17.38x/2.77x PE/PBV.

3. SMRA IJ posted revenue of IDR5.02 trillion in FY20, which decreased 15.34%YoY (vs IDR5.94 trillion in FY19). SMRA posted a net profit of IDR179.83 billion in FY20 which decreased 65.08% YoY (vs IDR514.98 billion in FY19)(Bisnis.com). MNCS Comment: The decline in SMRA's performance was due to the presence of Covid-19 in 1Q20-2Q20. However, performance started to recover in 2H20 as demand for SMRA housing improved. SMRA is trading at 77.82x/2.04x PE/PBV.

 

IHSG Updates

JCI rose by +0.54% to 6,002.77 on Tuesday (06/04) followed by net foreign sell reaching IDR98.83 billion. JCI followed the steps of the rise in global indices. Furthermore, the increase was supported by most of the sectors especially mining but the consumer sector still slightly weakened. Meanwhile, the Rupiah exchange rate was strengthening at Rp14,505. We estimate JCI will move in the range of 5,900-6,100 while waiting for Foreign Exchange Reserve data release. Today's recommendation: BBRI, PGAS, LSIP, WIKA.

 

Corporate Action

Cum Dividend: BBCA (IDR432/share), BBNI (IDR44.02/share), SMGR (IDR188.30/share)

 

Disclaimer On

BBRI, PGAS, LSIP, WIKA, ADHI, HRUM , SMRA

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