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MNCS Morning Navigator

08 Desember 2021

MNCS Morning Navigator December 08, 2021

DJIA rose by +1.40% on Tuesday (07/12) followed by S&P 500 (+2.07%) and Nasdaq (+3.03%). Wall Street ended higher as investors shook off some anxiety about the latest coronavirus variant and began piling on technology stocks. On the other hand, the Eurozone's GDP grew by +2.2% QoQ in 3Q21 driven by high domestic demand, especially in the household consumption. Meanwhile, Germany ZEW Economic Sentiment Index fell to 29.9 in December-21 from previous at 31.7 due to the Covid-19 infections wave and persistent supply bottlenecks in manufacturing. Today, the market will be looking toward several data releases such as: 1) Japan Final Annualized GDP Growth; 2) Japan Bank Lending YoY; 3) US Consumer Credit Change.

Domestic Update
• According to Bank Indonesia, Indonesia’s FX reserves position increased USD500 million and stood at USD145.9 Billion in Nov-21. MNCS Comment: The increase was attributable to tax and service receipt as well as government withdrawal of external debt. We expect the FX reserves position to remain above USD145 billion until the end of this year.
• Furthermore, the second dose of vaccination rate nationally has reached 47.7% or equivalent to 99.28 million people.

Company News
1. TOWR IJ will distribute an interim dividend of IDR6/share or IDR306.06 billion for the 2021 book year period. The cum dividend date is on December 15, 2021 (CNBC Indonesia). MNCS Comment: The payout ratio stood at 18.11% from the 1H21 profit of IDR1.69 trillion. Dividend yield reached 0.52%. TOWR is trading at the level of 16.83x/5.06x PER/PBV.
2. ACES IJ will close the outlets located in Emporium Pluit, Jakarta starting on December 8, 2021. The closure of the outlets at Emporium is due to the expiration of the lease period. The Ace Hardware outlet was opened on November 19, 2011 with an area of around 800 square meters (Emitennews). MNCS Comment: We see that the closing of the outlet will potentially reduce the company’s operating expenses and increase margin. In addition, the company is still opening 9 new outlets up to FY21E, which is less than FY20 with 14 new outlets. Currently, ACES is trading at level 51.59x/4.46x PER/PBV.
3. HEAL IJ targets revenue up to FY21E to grow IDR5.5 trillion or up +25% YoY (vs IDR4.4 trillion in FY20). On the other hand, HEAL has budgeted capital expenditure between IDR900 billion to IDR1 trillion in FY22E. The capex funds in FY22E will be used to increase the capability and ability to perform more complex health procedures (Bisnis Indonesia). MNCS Comment: Historically, the capex for FY21 and FY22E was higher than the previous year’s average (2018-2020) which was only IDR750 billion/year. We see the company’s optimism to increase the revenue target and FY22E capex is set by utilizing the opportunity of local patients who find it difficult to do medical tourism due to the Covid-19 pandemic. HEAL trading at the level of 14.30x/4.72x PER/PBV.

IHSG Updates
JCI strengthened by +0.85% to 6,602.57 on Tuesday (07/12) with net foreign sell reaching IDR54.23 billion. JCI closed higher, led by the transportation sector (+2.44%), followed by the industrial sector (+2.43%). On the other hand, the technology sector weakened by -0.56%, followed by the energy sector (-0.20%). The strengthening of the JCI was driven by market optimism regarding the development of the Omicron variant, which is considered non-lethal even though it is easily contagious. Another positive sentiment came from the cancellation of the implementation of PPKM level 3 during the Christmas and New Year periods. On the other hand, the Rupiah strengthened at IDR14,378 level in the spot market. We estimate the JCI will move in the range of 6,525-6,650. Today's recommendations: ADHI, ASII, BBRI, FREN.

Corporate Action
Cum right issue date: ALDO (IDR725/share), COCO (IDR304/share)
IPO: AVIA (IDR930/share)

Disclaimer On

ADHI ASII BBRI FREN TOWR ACES HEAL

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