MNCS Morning Navigator

21 Maret 2023

MNCS Morning Navigator March 21, 2023

Global Market Highlights
DJIA strengthened +1.20% on Monday (20/03), followed by the S&P500 (+0.89%) and the Nasdaq (+0.39%). Wall Street rebounded as investors' fears of a mini banking liquidity crisis subsided, in line with efforts by a number of global central banks to increase dollar funding through maturity operations on a daily basis. Today, the market will be looking toward several data releases such as: 1) US Existing Home Sales MoM Feb; 2) Germany ZEW Economic Sentiment Index Mar; 3) UK Public Sector Net Borrowing Feb.

Domestic Update
Indonesia's International Investment Position (IIP) net liability recorded a decline of 4% QoQ and 9% YoY in 4Q22 (USD252.2 billion vs USD262.6 billion in 3Q22 and USD277.4 billion in FY21). MNCS Comment: IIP's performance was supported by an increase in Overseas Financial Assets which grew 4.4% YoY to USD18.8 billion from increased placement of direct asset investment and portfolio investment which was supported by strong export performance during the commodity boom.

Company News
1. BBTN IJ will distribute cash dividends worth IDR609 billion or the equivalent of IDR43.39 per share (IQ Plus). MNCS Comment: Therefore, BBTN will offer a dividend yield of 3.6%. The payout ratio reached 20% of the total FY22 net profit of IDR3.0 trillion. Currently, BBTN is traded at the level of 0.65x PBV.
2. BMHS IJ targets a capex allocation of up to IDR200 billion in FY23E (Investor ID). MNCS Comment: The capex allocation target is relatively the same as FY22. However, we anticipate higher capex realization in line with continued expansion this year to improve infrastructure and other facilities, in order to support the company's business ecosystem. Currently, BMHS is traded at the level of 33.78x/2.07x PER/PBV.
3. MIKA IJ targets IDR800 billion capex allocation in FY23E (Investor ID). MNCS Comment: The capex allocation target has increased from FY22 which amounted to IDR750 billion, in line with the company's expansion to build 3 new hospitals this year, where as many as 2 new hospitals have been opened in 2M23. Thus, it is expected that the company will operate 30 hospitals on FY23E. Currently, MIKA is traded at the level of 44.51x/8.57x PER/PBV.

IHSG Updates
JCI weakened -0.98% to 6,612.49 on Monday (20/03), followed by net foreign sell reaching IDR583.11 billion. Almost all sectors experienced weakening and weighed on the index, led by the technology sector (-3.47%) followed by the energy sector (-1.87%). On the other hand, the sector that experienced strengthening was the raw materials sector (+0.38%). The weakening of the index was in line with Asian stock exchanges, where investors tended to wait and see ahead of the Fed's FOMC this week, as well as continuing sentiment on the mini liquidity crisis in US banking. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,360/USD. We estimate that the JCI will move in the price range of 6,572-6,629. Today's recommendation: ANTM, CSRA, DMAS, LSIP.

Corporate Actions
Cum Dividend: BBRI (IDR231.22/share)

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