MNCS Morning Navigator

16 Maret 2023

MNCS Morning Navigator March 16, 2023

Global Market Highlights
DJIA weakened -0.87% on Wednesday (15/03), followed by S&P500 (-0.70%) while Nasdaq (+0.05%). Wall Street closed mixed, as investors eyed the release of retail sales data for Feb-2023 which fell -0.4% MoM (vs -0.3% MoM on consensus), while the drop in UST yield to 3.47% served as catalyst for the Nasdaq. Today, the market will be looking toward several data releases such as: 1) US Building Permits Prel Feb; 2) US Initial Jobless Claims Mar 11; 3) US Philadelphia Fed Manufacturing Index Mar.

Domestic Update
The government caps the price of rice at IDR10,900/kg for medium rice and IDR13,900/kg for premium rice for zone I (Java, Lampung, South Sumatra, Bali, NTB and Sulawesi) and for other zones in the range of IDR9,950/kg-IDR14,800/kg. MNCS Comment: The government continues to make efforts to reduce inflation of staple foods ahead of Ramadan, accompanied by social assistance through Bulog of 600,000 tons of rice over the next 3 months, or 200,000 tons per month.

Company News
1. BBNI IJ will distribute cash dividends of IDR7.3 trillion or equivalent to IDR392.78 per share from net profit for the FY22 fiscal year of IDR18.3 trillion (Emiten News). MNCS Comment: Therefore, BBNI will offer a dividend yield of 4.5%. DPS increased 2.7x compared to FY21 of IDR146.3 per share. Payout ratio reached 40% (vs. 25.1% in FY21). Currently, BBNI is being traded at the level of 1.21x PBV.
2. ESSA IJ will distribute a cash dividend of IDR775.2 billion or equivalent to IDR45 per share for the FY22 financial year (Emiten News). MNCS Comment: Thus, ESSA will offer a dividend yield of 4.6%. DPS increased 9x compared to FY21 of IDR5 per share. Currently, ESSA is traded at the level of 7.73x/3.05x PBV.
3. ASII IJ recorded car sales volume reaching 97,319 units by 2M23 (Market Bisnis). MNCS Comment: ASII car sales increased +11.4% YoY (vs 87,331 units in 2M22). With national car sales reaching 181,077 units by 2M23, ASII held a market share of 53.7% (53.9% in 1M23). Currently, ASII is traded at the level of 8.08x/1.22x PER/PBV.

IHSG Updates
JCI weakened -0.21% to 6,628.14 on Wednesday (15/03), despite net foreign buy reached IDR1.31 trillion. The majority of sectors experienced weakening and suppressed the index, led by the infrastructure sector (-0.95%) followed by the technology sector (-0.92%). On the other hand, the sectors that experienced strengthening were led by the transportation sector (+1.02%) followed by the property sector (+0.33%). The index movement underperformed Asian stock exchanges and Wall Street, where investors tended to wait and see ahead of the decision on the benchmark interest rate (BI7DRR) after Bank Indonesia's RDG March 15-16, 2023. On the other hand, the Rupiah exchange rate closed higher at the level of IDR15,365/USD. We estimate that the JCI will move in the price range of 6,600-6,637 pending the BI’s interest rate decision and the release of Loan Growth YoY Feb, Lending Facility Rate Mar, and Deposit Facility Rate Mar data. Today's recommendation: BRIS, ERAA, MDKA, MTEL.

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