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MNCS Morning Navigator

31 Maret 2021

MNCS Morning Navigator 31 March 2021

Global Market Highlight

DJIA slipped by -0.31% on Tuesday (30/03) followed by the S&P 500 (-0.32%) and Nasdaq (-0.11). Wall Street slumped as tech stocks couldn't rise despite a slip in U.S. bond yields. Energy stocks stay defensive, as the risk premium in oil prices from supply disruptions linked to the Suez Canal saga faded after the container ship was freed. On the economic front, the U.S. consumer remains good as consumer confidence rose more than expected to 132.6, the highest since July 2019. Moreover, the market will look forward to several data releases today, such as: 1) US President Biden Speech on Recovery Package; 2) China NBS Manufacturing PMI; 3) UK Core Inflation Rate. 

 

Domestic Update

• The Minister of Health stated that the number of Covid-19 vaccination in Indonesia has reached 500,000 people per day. Currently, Indonesia has reached a total of 10 million people vaccinated in order to achieve communal immunity or herd immunity. This ranked Indonesia the fourth position amongst other countries with the most vaccinations. In addition, the number of Covid-19 vaccinations is targeted to reach 1 million per day in July (Kontan).

• Furthermore, there was an addition of 384 new Covid-19 cases in Jakarta yesterday.

 

Company News

1. SMGR IJ will distribute dividends with a 40% payout ratio amounting to IDR2.79 trillion from FY20 net profit. The dividends stood at IDR188.3/share with a 1.69% yield. (CNBC Indonesia). MNCS Comment: SMGR's dividend increased 3x compared to the previous year, even though SMGR's revenue decreased -12.8% YoY, but SMGR managed to make efficiency in selling expenses so that it could increase its profit by + 16.7% YoY. Currently SMGR is trading at 23.10x/1.89x PE/PBV.

2. JSMR IJ posted revenue of IDR13.70 trillion in FY20, which decreased by -47.98% YoY (vs IDR26.34 trillion in FY19). However, the cost of revenue also decreased from IDR19.90 trillion in FY19 to IDR8.34 trillion in FY20. JSMR posted net profit of IDR501.05 billion in FY20 or decreased by -77.3% YoY (vs IDR2.21 trillion in FY19). The significant decrease in JSMR's net profit was due to the absence of investment disposal gains recorded in 2020 (CNBC Indonesia). MNCS Comment: Along with the existence of PSBB and PPKM, the traffic volume of vehicles decreased on the JSMR toll road. In addition, JSMR also continues to make efforts to divest assets through SWF, to improve the company's balance sheet. JSMR is currently trading at 59.82x/1.57x PE/PBV.

3. AMRT IJ recorded revenue of IDR75.82 trillion in FY20 or increase +3.95% YoY (vs IDR72.94 trillion in FY19). Non-food sales increased by +8.25% YoY to IDR25.52 trillion in FY20 (vs IDR23.57 trillion in FY19). Meanwhile, food sales grew + 1.90% YoY to IDR50.26 trillion. On the other hand, revenue from services decreased -7.54% YoY to IDR33.96 billion. In FY20 AMRT recorded a net profit of IDR1.06 trillion or decreased -4.58% YoY (vs IDR1.11 trillion in FY19) this was due to increased corporate expenses in FY20 (Bisnis Indonesia). MNCS Comment: We see AMRT's performance is quite strong compared to other retail issuers in the midst of the pandemic. AMRT will still plan to open around 500-750 outlets in FY21E supported by the availability of capex worth IDR 2.5 trillion. AMRT is trading at 33.64x/4.81x PE/PBV.

 

IHSG Updates

JCI dropped by -1.55% to 6,071.44 on Tuesday (30/03) followed by net foreign sell reaching IDR365.63 billion. JCI fell significantly as the global market is still quite volatile due to the rise in yield. Property and agriculture led the deepest drop on JCI while others followed. The volatility of commodity prices also impacted the movement of JCI. Meanwhile, the Rupiah exchange rate was weakening at IDR14,480. We estimate JCI will move in the range of 6,000-6,240 while waiting for Markit Manufacturing PMI data release. Today's recommendation: ACES, ELSA, KLBF, BBRI.

 

Corporate Action

RUPS: SIDO, VRNA, BBYB

 

Disclaimer On

ACES, ELSA, KLBF, BBRI, SMGR, JSMR, AMRT

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