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MNCS Morning Navigator

27 April 2022

MNCS Morning Navigator April 27, 2022

Global Market Highlights
DJIA weakened -2.38% on Tuesday (26/04), followed by S&P 500 (-2.81%) and Nasdaq (-3.95%). Wall Street weakened in line with negative sentiments in the form of: 1) rising geopolitical tensions between Russia and Ukraine regarding the warning of the use of nuclear weapons by Russia; 2) Mar-22 new home sales data release which fell -8.6% MoM. Today, the market will be looking toward several data releases such as: 1) US Goods Trade Balance Adv; 2) Germany GfK Consumer Confidence; 3) France Consumer Confidence.

Domestic Update
• The government asserts that it only bans export on palm oil derivative products that are used as raw materials for cooking oil (HS: 15119036, 15119037, and 15119039) and CPO is still allowed to be exported. MNCS Comment: After considering a clearer policy from the government regarding palm oil export ban, we estimate that Indonesia's export value is likely to decrease by USD0.85-1.12 billion per month.
• Furthermore, the second dose of vaccination rate nationally has reached 78.8% or equivalent to 164.06 million people.

Company News
1. BBNI IJ posted a net interest income of IDR9.23 trillion in 1Q22, down -4.63% YoY (vs IDR9.68 trillion in 1Q21). Net profit rose +63.11% YoY to IDR3.96 trillion in 1Q22 (vs IDR2.43 trillion in 1Q21) (Emitennews). MNCS Comment: BBNI's significant net profit increase was supported by Operational Income Before Reserves (PPOP) which grew +7.28% YoY to IDR8.54 trillion. Meanwhile, the company managed to make credit repairs, by making the cost of credit provision decreased -26.08% YoY to IDR3.60 trillion in FY21. Currently, BBNI is trading at the level of 16.43x/1.45x PER/PBV.
2. AKRA IJ recorded revenue of IDR10.13 trillion in 1Q22 or up +98.27% YoY (vs IDR5.11 trillion in 1Q21). Net profit increased by +40.18% YoY to IDR427.98 billion in 1Q22 (vs IDR305.31 billion in 1Q21) (Bisnis Indonesia). MNCS Comment: The increase in AKRA's performance was driven by revenue from the BBM segment to IDR7.53 trillion or up +119% YoY. This was followed by basic chemical and other revenues of +111% YoY. Meanwhile, COGS also increased +109% YoY to IDR9.39 trillion in FY21. Currently, AKRA is trading at 11.96x/2.09x PER/PBV.
3. SRTG IJ recorded a Net Asset Value (NAV) of IDR60.9 trillion in 1Q22 or up 89% YoY (vs IDR32.2 trillion in 1Q21). Net profit increased by +308% YoY to IDR3.6 trillion in 1Q22 (vs IDR1.2 trillion in 1Q21) (Bisnis Indonesia). MNCS Comment: SRTG's performance was driven by an increase in a number of the company's investment portfolio which continued to strengthen, such as the share price of ADRO and MDKA. In FY22E, the company seeks to maintain an operating expense ratio of 0.3% and a net loan value of 4.7% of NAV. SRTG prepares capex of USD100-150 million for new investments and on existing portfolios. Currently, SRTG is trading at 3.43x/0.82x PER/PBV levels.

IHSG Updates
JCI rose +0.22% to 7,232.15 on Tuesday (26/04), followed by net foreign buys which reached IDR19.42 trillion. The majority of sectors experienced strengthening and supported the index's pace, led by the non-cyclical sector (+1.80%) followed by the industrial sector (+1.40%). On the other hand, the weakening sector was led by the technology sector (-1.26%) followed by the raw materials sector (-1.12%). The movement of the index is in line with the strengthening of the majority of Asian bourses. The driving catalyst came from the government, which provided clarity on regulations related to the ban on CPO exports and eased speculation in the market. Furthermore, the weakening US T-note 10Y yield also supported the index. On the other hand, the Rupiah exchange rate closed low at IDR14,411/USD. We estimate that the JCI will move in the price range of 7,200-7,260 while waiting for the release of Foreign Direct Investment YoY Q1 data. Today’s recommendation: HMSP, BIRD, AGII, IMJS.

Corporate Action
Cum Dividend: WEGE (IDR4.47/share)
RUPS: JSMR, ADRO

Disclaimer On

BBNI AKRA SRTG HMSP BIRD AGII IMJS

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