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MNCS Morning Navigator

05 April 2022

MNCS Morning Navigator April 5, 2022

Global Market Highlights
DJIA rose +0.30% on Monday (04/04), followed by the S&P 500 (+0.81%) and the Nasdaq (+1.90%). Wall Street's appreciation was supported by rising technology stocks and the release of factory orders data on Feb-22 which matched market expectations of -0.5% MoM triggered by the constrained supply of raw materials due to geopolitical tensions. Today, the market will be looking toward several data releases such as: 1) US ISM Non-Manufacturing PMI; 2) US S&P Global Composite PMI Final; 3) Japan Household Spending YoY.

Domestic Update
• A total of 12 IPOs was recorded in 1Q22 with a total proceeds value of IDR3.11 trillion. MNCS Comment: The average proceeds for the IPO reached IDR260 billion in 1Q22 with all IPO sizes under IDR1 trillion. IDX noted that there are 32 companies planning for IPO with a total funding target of IDR29.13 trillion. We view that the prospect of an IPO is still bright at least until 1H22, on the back of JCI positive performance amidst high commodity prices and massive foreign inflows.
• Furthermore, the second dose of vaccination rate nationally has reached 76.8% or equivalent to 159.99 million people.

Company News
1. SMGR IJ will distribute cash dividends of IDR1.02 trillion or equivalent to IDR172.62 per share. Dividend Payout Ratio 50.66% of net profit of IDR2.02 trillion in FY21. Cum dividend date on April 8, 2022. (Bisnis Indonesia). MNCS Comment: That way, SMGR will offer a yield of 2.52% in FY21, or bigger than last year's yield of 1.69% in FY20. SMGR is trading at the level of 20.10x/1.12x PER/PBV.
2. GOOD IJ will distribute cash dividends of IDR219.19 billion or equivalent to IDR6 per share. Dividend Payout Ratio of 51.60% of net profit of IDR424.82 billion in FY21. Cum dividend date on April 8, 2022. (Bisnis Indonesia). MNCS Comment: GOOD will offer a yield of 1.06% in FY21, or less than last year's yield of 4.95% in FY20. GOOD is trading at the level of 49.07x/7.93x PER/PBV.
3. BACA IJ recorded a net interest income of minus -IDR515.69 billion in FY21 (vs net interest income of IDR47.36 billion in FY20). Meanwhile net profit was recorded at IDR34.79 billion in FY21 or down -43% YoY(vs IDR61.41 billion in FY20) (Emitennews). MNCS Comment: The decline in the company's performance was caused by interest expense which increased to IDR1.36 trillion, up +23.48% YoY. Meanwhile interest income was only recorded at IDR846.72 billion in FY21. However, BACA still recorded a net profit driven by other income and the sale of the company's assets. BACA is trading at the level of 40.70x/0.67x PER/PBV.

IHSG Updates
JCI rose +0.53% to 7,116.22 on Monday (04/04), followed by net foreign buys which reached IDR616.04 billion. Almost all sectors experienced strengthening, led by the raw materials sector (+2.11%) followed by the transportation sector (+2.05%). Meanwhile, only the financial sector experienced a weakening (-0.27%). The strengthening of the index was in line with the Asian stock exchanges and Wall Street, while positive catalysts came from: 1) the controlled development of the Covid-19 pandemic was marked by the easing of PPKM, 2) Indonesia who was ranked in the top place by Goldman Sachs and JPMorgan Asset Management for investment (this is believed to keep inflow coming in), 3) the strengthening of world oil prices. On the other hand, the Rupiah exchange rate closed lower at IDR14,369/USD. We estimate that the JCI will move in the price range of 7,040-7,140. Today’s recommendation: BBRI, EXCL, JPFA, INKP.

Corporate Action
RUPS: NISP, PTPP, LPPF

Disclaimer On

SMGR GOOD BACA BBRI EXCL JPFA INKP

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