Global Market Highlights
DJIA gained +0.08% on Friday (27/01), followed by the S&P500 (+0.25%) and the Nasdaq (+0.95%). Wall Street rallied as inflation expectations eased in Jan-2023 to 3.9% (vs. 4.4%). Today, the market will be looking toward several data releases such as: 1) US Dallas Fed Manufacturing Index Dec; 2) US 3-Month Bill Auction; 3) Germany GDP Growth Rate YoY Flash Q4.
Domestic Update
• Based on transaction data January 24-26, 2023, non-residents on the domestic financial market bought IDR4.42 trillion net (net buy IDR3.63 trillion on the SBN market and net buy IDR0.79 trillion on the stock market). MNCS Comment: We see inflow in the stock market starting to increase (vs IDR0.30 trillion previously) as investors are starting to pay close attention to the release of the FY22 Financial Report performance. However, SBN still has a large portion of inflows in line with the attractive trend of low yields.
Company News
1. BSDE IJ posted a marketing sales value of IDR8.8 trillion in FY22 (Emiten News). MNCS Comment: Marketing sales achievement grew +14.3% YoY and exceeded the target of IDR7.7 trillion. In line with the increase in the mortage rate close to 8% and inflationary pressures that drive up living costs, we anticipate conservative marketing sales growth going forward. Currently, BSDE is traded at the level of 16.34x/0.62x PER/PBV.
2. LPPF IJ realized the expansion by opening a new outlet at REVO Town Mall Bekasi (Emiten News). MNCS Comment: As a result, the company's total outlets have reached 149 outlets. In addition, the company is also targeting a total outlet operation of 160 units in FY23E, thus there will be an additional 12 outlets this year (vs 10 in FY22). It is hoped that through the expansion of these outlets, it can boost the company's performance going forward. Currently, LPPF is traded at the level of 7.20x/23.58x PER/PBV.
3. MAPB IJ opened a PAUL outlet at Terminal 3 of Soekarno-Hatta Airport, Tangerang (Emiten News). MNCS Comment: This expansion brings the total number of PAUL outlets to 12. We view this expansion as a positive thing, where the performance of retail sales for food and beverages has outperformed pre-pandemic levels. It is hoped that the expansion of these outlets can improve the company's performance in the future. Currently, MAPB is traded at the level of 40.70x/5.16x PER/PBV.
IHSG Updates
JCI strengthened +0.50% to 6,898.98 on Friday (27/01), followed by net foreign buy reaching IDR919.03 billion. The majority of sectors experienced strengthening and drove the index rate, led by the property sector (+1.16%) followed by the infrastructure sector (+0.74%). On the other hand, sectors that experienced weakness were led by the raw materials sector (-0.62%) followed by the non-cyclical sector (-0.54%). We see investors responding positively to US GDP growth in 4Q22 reaching +2.9% YoY, or exceeding the consensus estimate of +2.6% YoY. On the other hand, the Rupiah exchange rate closed lower at the level of IDR14,985/USD. We estimate that the JCI will move in the price range of 6,870-6,970. Today's recommendation: CTRA, PGAS, SRTG, BIRD.
Corporate Actions
Cum Stock Split: SMDR (1:5)
RUPS: INAF, DGNS
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