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MNCS Morning Navigator

20 Juni 2022

MNCS Morning Navigator June 20, 2022

Global Market Highlights
DJIA weakened -0.13% on Friday (17/06), while S&P500 (+0.22%) and Nasdaq (+1.43%). Wall Street closed mixed as investors watched the release of industrial production data in May-22 which grew slower by +5.8% YoY (vs +6.3% YoY in Apr-22). Meanwhile, manufacturing production in May-22 was recorded at -0.1% MoM (vs +0.8% MoM in Apr-22). Today, the market will be looking toward several data releases such as: 1) UK BoE L Mann Speech; 2) Germany PPI YoY; 3) Germany 12-month Bubill Auction.

Domestic Update
The Ministry of Finance said that the increase in the Fed's benchmark interest rate could affect the performance of exports and imports. MNCS Comment: An aggressive increase in interest rates can suppress demand for goods and services so that it will also have an impact on global trade performance.
Furthermore, the national Covid-19 daily rate had increased by 1,167 active cases (19/06).

Company News
1. WIKA IJ recorded a new contract value of up to 5M22 of IDR12.4 trillion or grew +56.76% YoY. This represents 29.12% of the realization of the FY22E new contract target of IDR42.57 trillion (Investor ID). MNCS Comment: The company's contract acquisition target in FY22E grew +58,81% YoY from the realization of new contracts in FY21. Meanwhile, the acquisition of new contracts from the Government increased when compared to the FY21 achievement of 16.2% YoY of the total new contract value. WIKA is currently trading at the level of 69.75x/0.63x PER/PBV.
2. BSDE IJ did not distribute any dividend in FY21. This is in line with the company's focus on strengthening the capital structure in developing superior property projects in FY22E (Market Bisnis). MNCS Comment: We positively assess the company's efforts to focus on developing ongoing projects. As of FY21, the company was developing land worth IDR11.85 trillion with the majority in BSD City, which is currently in phase III development worth IDR4.61 trillion. BSDE is currently trading at 0.60x PBV.
3. WMUU IJ will distribute cash dividends of IDR20.96 billion or equivalent to IDR1.62 per share, with payout ratio of 10.02% of the FY21 net profit of IDR209.26 billion. Cum dividend for regular and negotiation market on 24-Jun (Emiten news). MNCS Comment: Thus, WMUU will offer a dividend yield of 1.2%. We assess this dividend distribution amid the company's major expansion plan, as well as the company's IPO on 2-Feb 21. WMUU is currently trading at 10.90x/1.40x PER/PBV.

IHSG Updates
JCI weakened -1.61% to 6,936.97 on Friday (17/06), followed by net foreign sell which reached IDR782.42 billion. Almost all sectors weakened and weighed on the index, led by the raw materials sector (-2.49%) followed by the industrial sector (-1.77%). On the other hand, the sector that experienced strengthening was the health sector (+1.18%). The weakening of the index was influenced by growing concerns about a potential US economic recession, where the housing construction data for May-22 fell -14.4% MoM. Investors were also watching the plan to normalize stock exchange hours and implement symmetric ARB. On the other hand, the Rupiah exchange rate closed lower at IDR14,823/USD. We estimate that the JCI will move in the price range of 6,850-7,100 pending the release of Motorbike Sales YoY MAY data. Today's recommendation: ASRI, MIKA, SMGR, TOWR.

Corporate Action
Cum Dividend: INKP (IDR50/share), TKIM (IDR25/share), VINS (IDR3.4/share)

Disclaimer On

WIKA BSDE WMUU AGII BBCA ELSA INDF INKP TKIM VINS

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