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MNCS Morning Navigator

30 April 2021

MNCS Morning Navigator 30 April 2021

Global Market Highlight

DJIA rose by +0.71% on Thursday (29/04) followed by S&P 500 (+0.68%) and Nasdaq (+0.22%). Wall Street rebounded as Facebook led a rally in communication services which boost the tech stocks and  supported investor sentiment. Furthermore, US 1Q21 GDP rose 6.4%, better than expectations for a 6.1% rise, and growth is expected to pick up in the quarters ahead. Moreover, the market will look forward to several data releases today, such as: 1) US Core PCE Price Index; 2) Eurozone GDP Growth Rate; 3) Eurozone Core Inflation Rate.

 

Domestic Update

• The Finance Minister stated that the government is targeting economic growth in 2022 at 5.8% YoY. In 2022 household consumption is expected to grow 5.2% YoY, consumption of Non-Profit Institutions Serving Households (LNPRT) 7.2% YoY, government consumption 5.2% YoY, investment 6.6% YoY, export 6.8% YoY, and import 6.1% YoY. 

• Furthermore, there was an addition of 987 new Covid-19 cases in Jakarta yesterday.

 

Company News

1. SMBR IJ posted a net profit of IDR17.97 billion in 1Q21 which increased by 71.19% YoY (vs net loss of IDR64.16 billion in 1Q20) (Bisnis.com).MNCS Comment: Infrastructure development projects in Sumatra and the efficiency carried out by the company are the catalyst and driving the increase in its performance, besides that SMBR sales are dominated by bag type cement. Currently SMBR is trading at 112.58x/2.36x PE/PBV.

2. DSNG IJ posted revenue of IDR1.63 trillion in 1Q21, an increase of + 3.16% YoY (vs IDR1.58 trillion in 1Q20). Palm oil sales contributed 83% of the total revenue, which amounted to IDR1.35 trillion and the rest came from the wood product segment IDR 290 billion. However, COGS also increased +30.33% YoY to IDR1.24 trillion. DSNG posted a net profit of IDR99.3 billion in 1Q21 which increased by 21% YoY (vs IDR82.27 billion in 1Q20) (Kontan). MNCS Comment: Despite the slow top line growth, DSNG managed to increase it's bottom line due to the 311.53% YoY increase on gain of asset fair value. We believe the performance would gain from the price hike. DSNG is currently trading at 16.87x/1.08x PE/PBV.

3. INCO IJ will distribute FY20 cash dividends amounting to IDR4.81/share or reaching USD33 million of the total FY20 net profit of USD82.81 million (Emitennews). MNCS Comment:  INCO's dividend payout ratio of 40% of net income, while the dividend yield offered of 0.10% is better than in recent years which did not provide cash dividends to shareholders. INCO is trading at 23.60/1.55x PE/PBV.

 

IHSG Updates

JCI rose by +0.64% to 6,012.96 on Thursday (29/04) followed by net foreign sell reaching IDR476.61 billion. The rise in JCI was supported by the majority of sectors, led by mining and followed by miscellaneous industry and trade. However, basic industry and consumer sectors decline.Meanwhile, the Rupiah exchange rate was strengthening at Rp14,450. We estimate JCI will move in the range of 5,980-6,030 while waiting for the PMI Markit Manufacturing data release. Today's recommendation: EXCL, HMSP, HOKI, JPFA.

 

Corporate Action

Cum Dividend Date: ASII (IDR87/share), IRRA (IDR12/share)

RUPS: AKRA

 

Disclaimer On

EXCL, HMSP, HOKI, JPFA, SMBR, DSNG, INCO

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