MNCS Morning Navigator

19 Januari 2023

MNCS Morning Navigator January 19, 2023

Global Market Highlights
DJIA fell -1.81% on Wednesday (18/01), followed by the S&P500 (-1.56%) and the Nasdaq (-1.24%). Wall Street closed lower after the release of retail sales data in Dec-2022 which fell -1.1% MoM followed by -0.7% MoM industrial production output. This has increased market players' concerns about the potential for a recession. Today, the market will be looking toward several data releases such as: 1) US Building Permits Prel Dec; 2) US Philadelphia Fed Manufacturing Index Jan; 3) US Continuing Jobless Claims Jan 7.

Domestic Update
The offering period for SBR012-T2 and SBR012-T4 officially opens today on 19th January 2023 and ends on 9th February 2023. MNCS Comment: We are positive that the government's SBR offer this time is supported by: 1) attractive coupons (>6%) and 2) increasing interest from domestic retail investors to invest in SBN.

Company News
1. SILO IJ targets IDR1 trillion capex allocation to build 1-2 new hospitals (Emiten News). MNCS Comment: Currently, SILO has 41 hospitals consisting of 3,747 beds. With the hospital development plan, the total number of operational hospitals will be 42-43 units. It is hoped that through this expansion it can encourage the company's performance going forward. Currently SILO is traded at the level of 28.12x/2.51x PER/PBV.
2. MTDL IJ targets revenue from the public sector to reach IDR1 trillion (Emiten News). MNCS Comment: In FY21, the company managed to record revenue from the public sector of IDR232 billion and in FY22, it is estimated to reach IDR700 billion. We see digital transformation that continues to be improved in the government sector, especially the making Indonesian 4.0 program, which will be a driver going forward. Currently, MTDL is traded at the level of 13.26x/2.19x PER/PBV.
3. SMRA IJ reported the acquisition of marketing sales of IDR4.9 trillion in FY22 (Market Bisnis). MNCS Comment: This achievement is down from the realization in FY21 of IDR5.2 trillion (-5.8% YoY) and the target in FY22 of IDR5 trillion. We see the achievement of marketing sales going forward to be quite challenging in line with the increase in mortgage rates in line with BI7DRR. Currently, SMRA is traded at the level of 23.19x/1.08x PER/PBV.

IHSG Updates
JCI weakened -0.02% to 6,765.79 on Wednesday (18/01), followed by net foreign sell which reached IDR89.15 billion. The majority of sectors experienced weakening and weighed on the index, led by the raw material sector (-1.11%) and followed by the cyclical sector (-0.34%). On the other hand, the sectors that experienced strengthening were the industrial sector (+0.55%) followed by the health sector (+0.54%). We see that investors tend to wait and see ahead of the release of the benchmark interest rate announcement (BI7DRR) by Bank Indonesia. On the other hand, the Rupiah exchange rate closed higher at the level of IDR15,089/USD. We estimate that the JCI will move in the price range of 6,738-6,810 pending the interest rate decision and the release of Deposit Facility Rate Jan, Lending Facility Rate Jan and Loan Growth YoY Dec data. Today's recommendation: AUTO, BBKP, ESSA, GOTO.

Corporate Actions
Public Expose: FIMP

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