MNCS Morning Navigator

22 April 2022

MNCS Morning Navigator April 22, 2022

Global Market Highlights
DJIA weakened -1.05% on Thursday (21/04), followed by the S&P 500 (-1.51%) and the Nasdaq (-2.07%). Wall Street was pressured by the increase in US T-note 10Y yield of +8.1 bps to 2.91% which was triggered by the hawkish tone of the Fed which plans to carry out more aggressive monetary tightening. Furthermore, Powell also gave an overview of the FOMC meeting that will be held in May-22. Today, the market will be looking toward several data releases such as: 1) UK S&P Global/CIPS Manufacturing PMI Flash; 2) Germany S&P Global/BME Manufacturing PMI Flash; 3) Japan Inflation Rate YoY.

Domestic Update
• Based on the Indonesian banking survey, outstanding loans are expected to grow by 9.3% in FY22F, higher than the previous estimate of 8.7% and 5.2% in FY21. MNCS Comment: We think credit disbursement will gradually pick up in line with solid economic conditions, accommodative monetary policy, adequate banking liquidity and maintained credit risk. We are optimistic that these four things will boost both supply and demand for bank's credit.
• Furthermore, the second dose of vaccination rate nationally has reached 78.4% or equivalent to 163.24 million people.

Company News
1. BBCA IJ recorded a net interest income of IDR14.42 trillion in 1Q22 or up +2.64% YoY (IDR14.05 trillion in 1Q21). Net profit rose +14.56% YoY to IDR8.06 trillion in 1Q22 (vs IDR7.04 trillion in 1Q21) (Emitennews). MNCS Comment: BBCA's impressive performance growth in 1Q22 was in line with the national economic recovery where the company managed to record a total loan growth of 8.6% YoY, followed by CASA and TPF which rose 21.7% YoY and 17.5% YoY, respectively. Meanwhile, NPL occurred at the level of 2.3%. BBCA is currently trading at 30.29x/5.02x PER/PBV.
2. SRTG IJ will distribute cash dividends for the financial year FY21 of IDR814 billion, an increase compared to last year's IDR298 billion (Bisnis Indonesia). MNCS Comment: This large nominal can not be separated from the contribution of the company's dividend income which increased 120% YoY to IDR1.65 trillion. With the FY21 net profit of IDR24.8 trillion, the payout ratio is around ~3.28%. SRTG is currently trading at 2.01x/0.89x PER/PBV levels.
3. DOID IJ posted revenue of USD910.54 million in FY21 or up +51.41% YoY. Net profit was recorded at USD280.54 thousand in FY21 or better than the previous year (vs net loss of USD23.43 million in FY20) (Emitennews). MNCS Comment: DOID's positive performance was driven by higher revenue from Berau Coal mining services which rose +45.03% YoY to USD409.19 million in FY21. Although COGS increased +41% YoY to USD775.68 million, DOID managed to record a gross profit which increased by +162% YoY to USD134.85 million in FY21. DOID is currently trading at 1,214.75x/1.18x PER/PBV levels.

IHSG Updates
JCI rose +0.68% to 7,276.19 on Thursday (21/04), followed by net foreign buys which reached IDR1.19 trillion. The majority of sectors experienced strengthening and supported the index's pace, led by the financial sector (+1.38%) followed by the technology sector (+1.08%). On the other hand, the weaker sector was led by the energy sector (-0.86%) followed by the raw materials sector (-0.79%). JCI appreciated in line with the continued strong inflow of foreign investors. In addition, the growing and maintained new credit disbursement per 1Q22 indicates a positive Indonesian economy. Furthermore, the Mar-22 inflation rate, which was still maintained at BI's target amidst the worrying rise in global inflation, also served as a positive catalyst for the index movement. On the other hand, the Rupiah exchange rate closed low at IDR14,344/USD. We estimate that the JCI will move in the price range of 7,200-7,300 while waiting for the release of M2 Money Supply YoY MAR data. Today’s recommendation: TBIG, BRPT, POWR, JSMR.

Corporate Action
Cum Dividend: ASGR (IDR19/share), AALI (IDR359/share)

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