Global Market Highlights
DJIA fell -0.11% on Wednesday (12/04), followed by the S&P500 (-0.41%) and the Nasdaq (-0.85%). Wall Street weakened amid slowing Mar-2023 inflation rate to 5% YoY (vs 6% in Feb-2023), as investors paid close attention to the FOMC minutes in Mar-2023 which projected a mild recession in FY23E. Today, the market will be looking toward several data releases such as: 1) US PPI MoM Mar; 2) UK GDP YoY Feb; 3) Germany Inflation Rate YoY Final Mar.
Domestic Update
• Real Sales Index in Feb-2023 increased by 0.6% YoY to 201.2 and improved on a monthly basis (-3.4% MoM vs -4.4% MoM in Jan-2023) and is expected to grow 4.8% YoY/0.6% MoM to 215.2 in Mar-2023. MNCS Comment: The increase in Feb-2023 was driven by increased sales of the food, beverage and tobacco group and the upward trend is poised to continue in Mar-2023, in line with increased consumption during the month of Ramadan, followed by a decline in May-2023 post Eid al-Fitr celebrations.
Company News
1. AUTO IJ will distribute cash dividends of IDR530.17 billion or the equivalent of IDR110 per share (Emiten News). MNCS Comment: Thus, we estimate that AUTO will offer a dividend yield of 6.21%. Meanwhile, the payout ratio reached 40.0% of FY22 net profit, where AUTO recorded a net profit growth of +117.0% YoY to IDR1.3 trillion (vs IDR611.3 billion in FY21). Currently, AUTO is traded at the level of 6.43x/0.71x PER/PBV.
2. TMAS IJ will distribute the remaining cash dividend of IDR80 per share (Kontan). MNCS Comment: Therefore, we estimate TMAS will offer a dividend yield of 2.64%. With TMAS previously distributing an interim dividend of IDR 52.28 per share, the total amount of dividends for the FY22 fiscal year reached IDR 754.7 billion, or DPR 55.8%. Currently, TMAS is traded at the level of 12.67x/7.92x PER/PBV.
3. BNGA IJ will distribute cash dividends worth IDR2.87 trillion or the equivalent of IDR115.16 per share (Kontan). MNCS Comment: Thus, we estimate BNGA will offer a dividend yield of up to 8.8%. With net profit in FY22 reaching IDR5.04 trillion, the DPR's size reached ~57% or relatively the same as the FY21 financial year. Currently, BNGA is traded at the level of 0.73x PBV.
IHSG Updates
JCI weakened -0.18% to 6,798.96 on Wednesday (12/04), followed by net foreign buy reaching IDR1.8 trillion. The majority of sectors experienced weakness and weighed on the index, led by the energy sector (-1.62%) followed by the technology sector (-1.45%). On the other hand, the sector leading the strengthening was the industrial sector (+0.97%) followed by the transportation sector (+0.34%). The index weakened as investors tended to wait and see ahead of the release of US inflation data in Mar-2023. The rupiah closed higher at IDR14,880/USD. We estimate that the JCI will move in the price range of 6,772-6,811 pending the release of Car Sales YoY Mar-2023 data. Today's recommendation: INKP, MEDC, TBIG, UNVR.
Corporate Actions
Cum Dividend: ADMF (IDR803/share), BJBR (IDR104.55/share)
RUPS: BTPN
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