MNCS Morning Navigator

29 Desember 2022

MNCS Morning Navigator December 29, 2022

Global Market Highlights
DJIA fell -1.10% on Wednesday (28/12), followed by the S&P500 (-1.20%) and the Nasdaq (-1.35%). Wall Street weakened amidst the release of Pending Home Sales data for Nov-2022 which fell -4% MoM, or below the consensus estimate of -0.8% MoM. Today, the market will be looking toward several data releases such as: 1) US Continuing Jobless Claims Dec 17; 2) US Initial Jobless Claims Dec 24; 3) UK Mortgage Approvals Nov.

Domestic Update
• Bank Indonesia reported that RI's international investment position (PII) in net liabilities in 3Q22 decreased from USD270.5 billion to USD262.0 billion. MNCS Comment: PII net liabilities in 3Q22 was equivalent to 20.0% of GDP. The decline occurred as the position of foreign financial liabilities decreased amid relatively stable foreign financial assets of USD434.7 billion.
• Furthermore, the national Covid-19 daily rate had increased by 695 active cases (28/12).

Company News
1. BRMS IJ will potentially produce 80k ounces of gold per year in FY25F (Market Bisnis). MNCS Comment: The increase in production occurred due to the operations of the 2nd factory (4k tons/day), the 3rd factory (4k tons/day) and the 4th factory (2k tons/day), alongside the 1st factory which can produce gold 500 tons/day. Thus, the total production capacity in FY25F will potentially reach 10.5k tonnes/day. Currently, BRMS is traded at the level of 1.33x PBV.
2. GTSI IJ has the potential to turn a net loss in FY21 into a net profit in FY22E (Market Bisnis). MNCS Comment: We see this will be supported by the increase in revenue and efficiency made by the company, where the company projects revenue in FY22E of USD41.65 million, or has the potential to grow 35.4% YoY. With revenue in 9M22 reaching USD31.1 million, realization reached 74.7%. In addition, net profit in 9M22 was USD 2.93 million (vs net loss of USD 3.2 million in 9M21). Currently, GTSI is traded at the level of 13.65x/1.24x PER/PBV.
3. MTDL IJ projects that the amount of dividends for the FY22E financial year can exceed the realization in FY21 (Market Bisnis). MNCS Comment: It is assumed that if the company's annualized net profit in FY22E reaches IDR495.2 billion with a payout ratio of 30%, then the dividend amount has the potential to reach IDR148.6 billion or reach IDR12.1 per share (vs IDR 10.5 per share in FY21). Currently, MTDL is traded at the level of 13.76x/2.27x PER/PBV.

IHSG Updates
JCI weakened -1.05% to 6,850.52 on Wednesday (28/12), followed by net foreign sell which reached IDR462.18 billion. The majority of sectors experienced weakening and weighed on the index, led by the energy sector (-2.05%) and followed by the technology sector (-1.24%). On the other hand, the sector that experienced strengthening was the property sector (+0.29%). The weakening of the index was in line with the weakening of Wall Street. We see that investors were concerned regarding the massive spread of Covid-19 cases in China which could hinder the reopening process and easing restrictions. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,703/USD. We estimate that the JCI will move in the price range of 6,800-6,900. Today's recommendation: AKRA, BRMS, EXCL, HRUM.

Corporate Actions
Public Expose: JSKY, PSAB

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