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MNCS Morning Navigator

09 Desember 2021

MNCS Morning Navigator December 09, 2021

Global Market Highlights

DJIA rose by +0.10% on Wednesday (08/12) followed by S&P 500 (+0.31%) and Nasdaq (+0.64%). Wall Street ended higher as Pfizer and BioNTech said their three-shot vaccine course was able to neutralize the Omicron variant. On the other hand, Japan’s Final Annualized GDP contracted by -3.6% in 3Q21 due to the surge of Covid-19 cases and a significant drop in consumer spending. Subsequently, Japan’s Bank Lending in November rose by +0.6% YoY from previous at +0.9% YoY, indicating the easing of funding strains as the economy emerges from the Covid-19 pandemic's hit. Today, the market will be looking toward several data releases such as: 1) China Inflation Rate YoY; 2) US Continuing and Initial Jobless Claims; 3) Japan BSI Large Manufacturing QoQ.

Domestic Update
• Bank Indonesia (BI) reported the Indonesia Consumer Confidence Index (CCI) rose 5.1 points from 113.4 to 118.5 on Nov-21. MNCS Comment: Domestic consumers are increasingly optimistic about the economy and are driven by the improved consumer perceptions of current economic conditions, especially perceptions of the availability of jobs and current income. As a leading indicator, the upward trend in consumer confidence since Sep-21 is evidence that the economy is in a recovery phase.
• Furthermore, the second dose of vaccination rate nationally has reached 48.0% or equivalent to 100.03 million people.

Company News
1. TBIG IJ recorded IDR4.56 trillion net sales in 9M21 increased by +15.86% YoY (vs IDR3.94 trillion in 9M20). COGS increased from IDR738.76 billion in 9M20 to IDR1.14 trillion in 9M21. TBIG recorded IDR1.08 trillion net profit or rose by +44.62% YoY (vs net profit of IDR747.47 billion in 9M20) (CNBC Indonesia). MNCS Comment: We see an increase in top line and bottom line was driven by an increase from tenant lease to PT Telekomunikasi Selular (Telkomsel) as the largest contribution recorded at IDR1.64 trillion in 9M21 or grew by +5.77% YoY (IDR1.55 trillion in 9M20), followed by an increase in revenue from PT Indosat was IDR980.07 billion or rose +15.88% YoY. The company’s positive performance was driven by the organic growth of telecommunication operators strengthening their network across Indonesia. TBIG is trading at the level of 48.42x/7.67x PER/PBV.
2. KAEF IJ recorded IDR9.49 trillion net sales in 9M21 increased by +34.74% YoY (vs IDR7.05 trillion in 9M20). COGS increased from IDR4.41 trillion in 9M20 to IDR6.17 trillion in 9M21. KAEF recorded IDR301.93 billion net profit or rose by +711.71% YoY (vs net profit of IDR37.20 billion in 9M20) (Trenasia). MNCS Comment: The increased performance of KAEF’s was largely contributed from the local sales to third parties, which rose by +43.36% YoY or worth IDR8.49 trillion and contributed 89.42% of total revenue. We see that the high demand for medicines and vitamins during the Covid-19 pandemic has boosted the company’s performance growth and is projected to grow along with the new variant of the Covid-19 Omicron and public awareness of health. Currently, KAEF is trading at level 35.18x/1.98xPER/PBV.
3. BFIN IJ will distribute an interim dividend of IDR7/share or IDR104.75 billion for the 2021 book year period. The cum dividend date is on December 16, 2021 (Emitennews). MNCS Comment: The payout ratio stood at 13.15% from the 1H21 profit of IDR796.13 billion. Dividend yield reached 0.69%. BFIN trading at the level of 15.19x/2.24x PER/PBV.

IHSG Updates
JCI strengthened by +0.02% to 6,603.80 on Wednesday (08/12) followed by net foreign buys reaching IDR2.53 trillion. JCI closed higher, led by the technology sector (+3.44%), followed by the property sector (+0.53%). On the other hand, the industrial sector weakened by -1.79%, followed by the infrastructure sector (-0.88%). The strengthening of the JCI was driven by market optimism regarding the improvement of handling Covid-19 cases in Indonesia, which was maintained at below 400 cases per day. Another positive sentiment came from the release of Consumer Confidence Index (IIK) data on November-21 which rose to 118.5 (vs 113.4 on October-21). On the other hand, the Rupiah strengthened at IDR14,358 level in the spot market. We estimate the JCI will move in the range of 6,525-6,650. Today's recommendations: IRRA, CTRA, MYOR, SRTG.

Corporate Action
Cum dividend date: DMAS (IDR12/share)
Cum right issue date: BNBA (IDR1,345/share)
IPO: IPPE (IDR100/share)

Disclaimer On

IRRA CTRA MYOR SRTG TBIG KAEF BFIN

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