Global Market Highlights
DJIA gained +0.61% on Thursday (26/01), followed by the S&P500 (+1.10%) and the Nasdaq (+1.76%). Wall Street solidly strengthened supported by the release of US GDP data in 4Q22 which managed to grow +2.9% YoY exceeding the consensus estimate of 2.6% YoY. Today, the market will be looking toward several data releases such as: 1) US PCE Price Index YoY Dec; 2) US Core PCE Price Index YoY Dec; 3) US Michigan Consumer Sentiment Final Jan.
Domestic Update
• Government has successfully issued SBSN amounting IDR14.15 trillion slightly above the indicative target at IDR14 trillion. MNCS Comment: Investors appetite also improved reflected by higher incoming bids hitting IDR28.55 trillion in yesterday’s auction (vs IDR17.45 trillion on 10 January 2023).
Company News
1. BBCA IJ recorded a consolidated net profit of IDR40.7 trillion in FY22 or grew +29.6% YoY (Emiten News). MNCS Comment: Net profit growth was supported by: 1) increase in bank only NIM to 5.3% (vs 5.1% in FY21); 2) credit growth +11.7% YoY; 3) decrease in provision fees -51.5% YoY. Currently BBCA is traded at the level of 4.73x PBV.
2. IPCM IJ added three pilot ships equipped with the go green concept (Emiten News). MNCS Comment: Through these additions, the total fleet owned by the company will be 96 units. It is hoped that through this expansion can increase the volume of services and encourage the company's performance going forward. Currently, IPCM is traded at the level of 10.53x/1.22 PER/PBV.
3. ELSA IJ succeeded in exploring the contingent gas and condensate resources at the Kolibri Well (KOL-001) (Emiten News). MNCS Comment: We view that this achievement will support the company's performance in achieving a number of projects, as well as the potential to boost the company's profitability going forward along with the follow-up to the development and monetization stages of exploitation activities. Currently, ELSA is traded at the level of 5.84x/0.56x PER/PBV.
IHSG Updates
JCI strengthened +0.51% to 6,864.82 on Thursday (26/01), followed by net foreign buys reaching IDR853.61 billion. The majority of sectors experienced strengthening and drove the index rate, led by the transportation sector (+3.72%) followed by the financial sector (+1.58%). On the other hand, the sectors that experienced weakness were led by the energy sector (-1.89%) followed by the health sector (-0.79%). The strengthening of the index was still supported by the release of the issuer's financial report which is expected to increase. On the other hand, the Rupiah exchange rate closed higher at the level of IDR14,948/USD. We estimate that the JCI will move in the price range of 6,830-6,880. Today's recommendation: AGII, ERAA, PWON, TOWR.
Corporate Actions
Cum Rights: BKSL (IDR50/share)
IPO: LAJU (IDR100/share)
RUPS: ATIC
Disclaimer On
