MNCS Morning Navigator

10 Agustus 2022

MNCS Morning Navigator August 10, 2022

Global Market Highlights
The DJIA weakened by -0.18% on Tuesday (09/08), followed by the S&P 500 (-0.42%) and the Nasdaq (-1.19%). Wall Street is under pressure as investors tend to wait and see ahead of the release of inflation data on Jul-22 which is expected to grow slower by +8.7% YoY (vs +9,1% YoY di Jun-22). On the other hand, the rise in US T-note 10Y yield to 2.77% also weighed on Wall Street's pace. Today, the market will be looking toward several data releases such as: 1) US Core Inflation Rate YoY; 2) US Inflation Rate YoY; 3) US CPI.

Domestic Update
• Retail sales performance Jun-22 was at position 206.6, grew +4.1% YoY, expansive from May-22 which grew +2.9% YoY. MNCS Comment: The increase of retail sales was supported by the growth in sales of spare parts and accessories as well as food, beverages and tobacco. Respondents also predicted that inflationary pressures in Sep-22 and Dec-22 would increase, followed by sales performance.
• Furthermore, the national Covid-19 daily rate had increased by 6,276 active cases (09/08).

Company News
1. HEAL IJ posted a -24% YoY decline in revenue in 1H22 to IDR2.32 trillion (vs IDR3.09 trillion in 1H21). Meanwhile, net profit fell by -69% YoY to IDR164.38 billion (vs IDR544.65 billion in 1H21) (Emiten News). MNCS Comment: The decline in revenue was in line with the contraction in the inpatient revenue segment by -35.98% YoY, which contributed to total revenue of 61.02% (vs 71.65% in 1H21). The decrease in net profit in line with the decline in revenue was accompanied by a shrinking of the company's margins where GPM and OPM were recorded at 36.77% and 14.43%, respectively (vs 53.53% and 32.75% in 1H21). Currently, HEAL is traded at the level of 59.90/6.08x PER/PBV.
2. MAPA IJ recorded a revenue growth in 1H22 of +50% YoY to IDR4.29 trillion (vs IDR2.86 trillion in 1H21). Meanwhile, net profit grew by +354% YoY to IDR473 billion (vs IDR104 billion in 1H21) (Emiten News). MNCS Comment: The growth in revenue was supported by the increase in all segments of the company, where retail sales grew by +50.43% YoY while non-retail sales by +44.39% YoY. The increase in operating profit by +236.88% YoY was followed by improvement in the company's margin where OPM rose to 14.86% (vs 6.60% in 1H21), supporting the increase in net profit. NPM was recorded at 11.03% (vs 3.63% in 1H21). Currently, MAPA is traded at the level of 13.05x/2.59x PER/PBV.
3. BIRD IJ targets a revenue of IDR3.34 trillion in FY22E . Meanwhile, net profit is projected to be IDR296 billion (Business). MNCS Comment: Therefore, BIRD's top-bottom line has the potential to grow +50.39% YoY/+3.737.18% YoY. This target is supported by 1) allocation of capex of IDR900 billion for 2H22; 2) additional fleet of around 4,000-5,000 units; 3) maintained mobility during the post-pandemic. Currently, BIRD is traded at 14.25x/0.83x PER/PBV.

IHSG Updates
JCI strengthened by +0.23% to 7,102.88 on Tuesday (09/08), followed by net foreign buy which reached IDR1.32 trillion. The majority of sectors experienced strengthening and boosted the index rate, led by the energy sector (+2.47%) followed by the transportation sector (+0.77%). On the other hand, the weaker sectors were led by the health sector (-0.85%) followed by the non-cyclical sector (-0.53%). Investors were watching the release of retail sales data for Jun-22 at the level of 206.6 points, growing +4.1% YoY. In addition, Bank Indonesia estimates that retail sales performance will increase again in Jul-22 by +8.7% YoY, and become a positive catalyst for the index. On the other hand, the Rupiah exchange rate closed higher at IDR14,853/USD. We estimate that the JCI will move in the price range of 7,030-7,100. Today's recommendation: ANTM, ASII, INDF, PTPP.

Corporate Action
IPO: MEDS (IDR125/share), CRAB (IDR150/share)

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