MNCS Morning Navigator

08 April 2021

MNCS Morning Navigator 08 April 2021

Global Market Highlight

DJIA rose by +0.05% on Wednesday (07/04) followed by the S&P 500 (+0.15%) while Nasdaq weakened -0.07%. Wall Street closed varied but the majority still increased as the increase in tech was limited by an uptick in US bond yields after the Fed's March meeting minutes continued to signal easy monetary policy. On the other hand, Biden did signal that he was willing to negotiate on a proposed increase in taxes. Moreover, the market will look forward to several data releases today, such as: 1) US FOMC Minutes; 2) US Initial Jobless Claims; 3) Eurozone ECB Monetary Policy Meeting Accounts.


Domestic Update

• BI released the position of Indonesia's foreign exchange reserves at the end of March 2021 which was recorded at USD137.1 billion. The position of foreign exchange reserves is equivalent to financing 10.1 months of imports or 9.7 months of imports and servicing of government external debt, and is above the international adequacy standard of around 3 months of imports. In addition the decline in foreign exchange reserves in March 2021 was influenced by the payment of government external debt according to the pattern of maturity of the payment.

• Furthermore, there was an addition of 862 new Covid-19 cases in Jakarta yesterday.


Company News

1. BJBR IJ will distribute FY20 cash dividends amounting to IDR95.74/share or reaching IDR941.97 billion of the total FY20 net profit worth IDR1.7 trillion (CNBC Indonesia). MNCS Comment: BJBR's dividend payout ratio of 56% of net profit FY20 decreased compared to FY19 which reached 59.51% while the dividend yield offered was 6.05% or lower than FY19's yield of 10.27%. Currently BJBR is trading at 9.21x/1.30x PE/PBV.

2. ITMG IJ will distribute an FY20 cash dividend of IDR167/share after previously distributing an interim dividend of IDR307/share in Nov-2020. Thus, the total dividend per share distributed to shareholders from the financial year FY20 was Rp474/share or reached USD35.5 million. The date for Cum dividend is April 29, 2021 ( MNCS Comment:  ITMG's dividend payout ratio reaches 90% of FY20 net profit with the total dividend yield offered of 3.76% or is still below the average yield above the 5% level. ITMG is currently trading at 22.57x/1.18x PE/PBV.

3. ANTM IJ will distribute FY20 cash dividends of IDR14.37/share or IDR402 billion of the total FY20 net profit of IDR1.15 trillion (Kontan). MNCS Comment: ANTM's dividend payout ratio of 35% of FY20's net profit fell slightly compared to FY19 which reached 35.25% while the dividend yield offered was 0.61% or an increase compared to FY19's yield of 0.46%. ANTM is trading at 49.34x/2.98x PE/PBV.


IHSG Updates

JCI rose by +0.56% to 6,036.62 on Wednesday (07/04) followed by net foreign sell reaching IDR588.20 billion. This time, JCI maintain to increase despite the drop on the global indices. The rise was supported strongly by trade sector, followed by infra and finance, while agri slightly weakened as well as property and miscellaneous industry. Meanwhile, the Rupiah exchange rate was strengthening at Rp14,495. We estimate JCI will move in the range of5,900-6,100 while waiting for Retail Sales data release. Today's recommendation: BBTN, ITMG, INDF, WSKT.


Corporate Action

Cum Dividend: SMCB (IDR25.49/share), SDRA (IDR10/share), TBIG (IDR32/share)


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