MNCS Morning Navigator

12 April 2022

MNCS Morning Navigator April 12, 2022

Global Market Highlights
DJIA weakened -1.19% on Monday (11/04), followed by S&P 500 (-1.69%) and Nasdaq (-2.18%). Wall Street was under pressure triggered by the rise in US 10Y T-note yield to 2.79% in line with the release of consensus Mar-22 inflation at +8.4% YoY which was the highest level for nearly 40 years. Today, the market will be looking toward several data releases such as: 1) US Inflation Rate YoY; 2) UK Unemployment Rate; 3) Germany Inflation Rate YoY Final.

Domestic Update
• Bank Indonesia reported that Indonesia's retail sales grew 12.9% YoY in Feb-22 and is estimated to continue to grow 8.6% YoY in Mar-22. MNCS Comment: The increase in the retail sales occurred in most sectors, especially the Clothing, Spare Parts and Accessories, Cultural and Recreational Goods and Food, Beverage and Tobacco groups. This is in line with the increasing public demand during the easing of the PPKM, the sloping Covid-19 cases, and the start of preparations for Ramadan.
• Furthermore, the second dose of vaccination rate nationally has reached 77.5% or equivalent to 161.46 million people.

Company News
1. AGII IJ recorded net sales of IDR2.74 trillion in FY21 or an increase of +25.14% YoY (vs IDR2.19 trillion in FY20). Net profit increased by +111.78% YoY to IDR204.18 billion in FY21 (vs IDR96.41 billion in FY20) (IQ Plus). MNCS Comment: The Company managed to record a brilliant performance in FY21 due to an increase in sales of gas products by +27.87% YoY to IDR2.49 trillion. On the other hand, general expenses and financing expenses were maintained at IDR250.98 billion (-1.57% YoY) and IDR360.22 billion (+1.26% YoY) respectively. AGII is trading at the level of 29.59x/1.71x PER/PBV.
2. MAPI IJ recorded revenue of IDR18.42 trillion in FY21 or an increase of +24.09% YoY (vs. IDR14.85 trillion in FY20). Net profit also increased to IDR438.92 billion in FY21 (vs net loss of IDR553.72 billion in FY20) (Bisnis Indonesia). MNCS Comment: Performance growth was driven by increased retail and wholesale income which rose +24.37% YoY to IDR17.50 trillion. Meanwhile, selling expenses were maintained at IDR5.42 trillion or up +4.15% YoY. MAPI is trading at the level of 6.16x/0.87x PER/PBV.
3. INDY IJ has carried out exploration activities in several areas of Samu Biu through its subsidiaries PT Kideco Jaya and PT Multi Tambangjaya, with the use of funds reaching IDR18.07 billion on Mar-22 (Emitennews). MNCS Comment: It is hoped that these exploration activities could increase INDY's coal production this year, where its production target is 35.8 million tons in FY22E. INDY is trading at the level of 17.20x/2.05x PER/PBV.

IHSG Updates
JCI weakened -0.10% to 7,203.79 on Monday (11/04), followed by net foreign buys which reached IDR1.12 trillion. The majority of sectors weakened, led by the raw materials sector (-3.11%) followed by the energy sector (-1.95%). On the other hand, the sector that experienced strengthening was led by the transportation sector (+5.51%) followed by the technology sector (+0.97%). The index depreciated in line with the release of data on retail sales forecast for Feb-22 by Bank Indonesia (BI) which grew but slowed to 12.9% YoY (vs 15.2% YoY in Jan-22). This is in line with the consumer confidence index Mar-22 which dropped to the level of 111 (vs 113.1 in Feb-22). On the other hand, the Rupiah exchange rate closed low at IDR14,366/USD. We estimate that the JCI will move in the price range of 7,130-7,240. Today’s recommendation: BBRI, PWON, KLBF, BRPT.

Corporate Action
IPO: TLDN (IDR580/share)

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