MNCS Morning Navigator

28 Desember 2022

MNCS Morning Navigator December 28, 2022

Global Market Highlights
DJIA strengthened +0.11% on Tuesday (27/12), while the S&P500 (-0.41%) and the Nasdaq (-1.38%). Wall Street closed mixed after the increase in UST yield to 3.85%. In addition, investors also paid close attention to the release of Wholesale Inventories data in Nov-2022 which rose +1.0% MoM or exceeded the realization in Oct-2022 which grew +0.6% MoM. Today, the market will be looking toward several data releases such as: 1) US MBA 30-Year Mortgage Rate Dec 23; 2) US MBA Mortgage Applications Dec 23; 3) US Pending Home Sales YoY Nov.

Domestic Update
• There have been 59 companies that carried out IPOs YTD and raised funding of up to IDR33 trillion. MNCS Comment: We view that liquidity in the domestic market is still sufficient with the domestic investor base getting stronger and the JCI is relatively resilient from external pressures.
• Furthermore, the national Covid-19 daily rate had increased by 803 active cases (27/12).

Company News
1. INDY IJ targets coal production of 34 million tonnes in FY23F (Market Bisnis). MNCS Comment: Therefore, the company's target in FY23F remains the same where the company is also targeting 34 million tons of coal production in FY22E. Meanwhile, until 9M22, the company's coal production had reached 26.1 million tonnes, or the realization of the target of 76.8%. Currently, INDY is traded at the level of 2.14x/0.89x PER/PBV.
2. ANJT IJ announced a capex allocation of IDR703.89 billion or USD45 million in FY23F (Market Bisnis). MNCS Comment: This allocation is lower than the FY22E target of USD47 million. The allocated capex is going to be used for replanting activities, construction of a compost factory and other company expansions. We see the company will pursue its CPO production target of 319k tonnes in FY23F. Currently, ANJT is traded at the level of 5.06x/0.34x PER/PBV.
3. BELI IJ posted net revenue of IDR10.5 trillion in 9M22 (Market Bisnis). MNCS Comment: Revenue growth in 9M22 was +98.1% YoY, supported by an increase in TPV of +105.1% YoY to IDR40.5 trillion (vs IDR19.8 trillion in 9M21). Currently, BELI is traded at 6.74x PBV.

IHSG Updates
JCI strengthened +1.28% to 6,923.03 on Tuesday (27/12), followed by net foreign sell which reached IDR284.32 billion. The majority of sectors experienced strengthening and pushed the index forward, led by the energy sector (+2.73%) and followed by the technology sector (+2.16%). On the other hand, the sector that experienced weakness was the industrial sector (-0.01%). We see that investors have responded positively to the Chinese government, which has begun to ease its Covid-19 restrictions, marked by the abolition of the quarantine policy for incoming tourists starting January 8, 2023. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,663/USD. We estimate that the JCI will move in the price range of 6,876-6,967. Today's recommendation: ICBP, INDY, SRTG, PTBA.

Corporate Actions
Public Expose: BBKP

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