MNCS Morning Navigator

17 Maret 2023

MNCS Morning Navigator March 17, 2023

Global Market Highlights
DJIA strengthened +1.17% on Thursday (16/03), followed by the S&P500 (+1.76%) and the Nasdaq (+2.48%). Wall Street managed to rebound supported by a policy of planting liquidity for banks that were experiencing problems, which succeeded in allaying market worries. Today, the market will be looking toward several data releases such as: 1) US Michigan Consumer Sentiment Prel Mar; 2) US CB Leading Index MoM Feb; 3) US Industrial Production YoY Feb.

Domestic Update
BI will provide IDR 195 trillion in cash in preparation for Ramadan and Eid al Fitr 2023 which will be available at 5,066 money exchange points throughout Indonesia to ensure sufficient cash is suitable for circulation. MNCS Comment: The value of cash disbursed by BI increased by 8.2% YoY which further indicates the pace of Indonesia's economic development is heading in a positive direction after the Covid-19- restrictions were removed.

Company News
1. BBCA IJ will distribute cash dividends of IDR205 per share from FY22 net profit of IDR40.7 trillion (Emiten News). MNCS Comment: By subtracting the total annual dividend from the interim dividend previously paid of IDR35 per share, then the amount of dividend to be distributed is IDR 170 per share, or a dividend yield of up to 2%. Currently, BBCA is trading at 4.63x PBV.
2. TINS IJ posted a -20.1% YoY drop in net profit to IDR1.0 trillion (vs IDR1.3 trillion in FY21) (Emiten News). MNCS Comment: The decrease in net profit was due to a decrease in revenue -14.4% YoY to IDR12.5 trillion (vs IDR14.6 trillion in FY21) and a decrease in margins, where GPM became 20.2% (vs 23.5% in FY21). Currently, TINS is traded at the level of 6.94x/1.03x PBV.
3. PRDA IJ recorded a decrease in net profit -40.4% YoY to IDR371.6 billion (vs IDR623.2 billion in FY21) (Emiten News). MNCS Comment: The contraction in the company's net profit was caused by a decrease in revenue -17.7% YoY to IDR2.2 trillion (vs IDR2.7 trillion in FY21), accompanied by a decrease in margins, where GPM/OPM became 60.8 %/20.5% (vs 61.6%/28.6% in FY21). Currently, PRDA is traded at the level of 13.05x/2.17x PER/PBV.

IHSG Updates
JCI weakened -0.94% to 6,565.73 on Thursday (16/03), followed by net foreign sell reaching IDR732.30 billion. Almost all sectors experienced weakening and suppressed the index, led by the energy sector (-2.85%) followed by the raw materials sector (-2.55%). On the other hand, the sector that experienced strengthening was the health sector (+0.57%). The weakening of the index was in line with Asian bourses, where investors were still watching developments from the liquidity crisis in US banking. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,380/USD. We estimate that the JCI will move in the price range of 6,532-6,600. Today's recommendation: HRUM, ICBP, MYOR, SIDO.

Corporate Actions
Cum Dividend: ARNA (IDR55/share)

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