Global Market Highlights
DJIA weakened by -0.82% on Thursday (30/06), followed by S&P 500 (-0.88%) and Nasdaq (-1.33%). Wall Street was pressured along with the release of personal spending data on May-22 which only grew +0.2% MoM and was below consensus at +0.04% MoM, making market fears of a potential recession intensify. Today, the market will be looking toward several data releases such as: 1) US ISM Manufacturing PMI; 2) UK S&P Global/CIPS Manufacturing PMI Final; 3) Germany S&P Global Manufacturing PMI Final.
Domestic Update
• Statistics Indonesia will release inflation data today and consensus estimate CPI will rise at an annual rate of 4,15% YoY. MNCS Comment: We projected inflation to rise at 4,24% YoY in Jun-22 and the end year inflation rate at 4,44% YoY.
• Furthermore, the national Covid-19 daily rate had increased by 2,248 active cases (30/06).
Company News
1. BFIN IJ planned to distribute a total cash dividend of IDR254 billion or IDR10 per share after previously distributing an interim cash dividend of IDR7 per share (IQ plus). MNCS Comment: Thus, BFIN offers a dividend yield of 0.91% with the payout ratio recorded at 22.5% of FY21's net profit, while the total accumulated dividend is IDR17 per share for FY21's financial year. This figure was lower when compared to the payout ratio for the FY20 fiscal year of 38.3% with dividends distributed of IDR18 per share. BFIN is currently traded at 2.91x PBV.
2. DOID IJ recorded a +108% YoY revenue growth in 1Q22 to USD332 million, while EBITDA increased +122% YoY to USD70 million (IQ plus). MNCS Comment: The increase in revenue was in line with the increase in production volume by +44.09% YoY in 1Q22. Overburden removal also recorded an increase of +90.00% YoY. The contract extension to the subsidiary BUMA worth USD870 million would be a positive catalyst for the company this year, where the company projected revenues in FY22E to range from USD1.3-1.5 billion. Currently, DOID is traded at 11.04x/2.23x PER/PBV.
3. ANTM IJ recorded an (unaudited) gold sales volume in 5M22 of 11.05 tons, decreased by -0.62% YoY (vs 11.12 tons in 5M21). Meanwhile, gold production volume at the Pongkor mine rose 2.5% YoY to 576 Kg (Bisnis). MNCS Comment: We see the decline was in line with the decline in public investment choices in gold instruments in the release of BI consumer survey data, where in May-22 gold preferred investment decreased -3.07% MoM to 19.8 levels. However, we remain optimistic that the company's performance could be supported by the growth in other segments in FY22E. ANTM is currently traded at 7.38x/1.94x PER/PBV.
IHSG Updates
JCI weakened by -0.44% to 6,911.58 on Thursday (30/06), followed by net foreign sell which reached IDR74.29 billion. The majority of sectors weakened and weighed on the index, led by the raw materials sector (-1.71%) followed by the transportation sector (-1.70%). On the other hand, the sector that experienced strengthening was led by the health sector (+1.12%) followed by the technology sector (+1.07%). The index's decline was in line with other Asian bourses. Investors took action to sell off and wait and see ahead of the release of inflation data for Jun-22 which is expected to soar to the range of +4% YoY. On the other hand, the Rupiah exchange rate closed lower at IDR14,898/USD. We estimate that the JCI will move in the price range of 6,860-7,000 pending the release of S&P Global Manufacturing PMI JUN, Inflation Rate YoY JUN, Inflation Rate MoM JUN, Tourist Arrivals YoY MAY and Core Inflation Rate YoY JUN data. Today's recommendation: CPIN, MDKA, MYOR, MIKA.
Corporate Action
Cum Dividend: BIRD (IDR60/share), ERAA (IDR22.8/share), AKPI (IDR49/share)
Disclaimer On
