MNCS Morning Navigator

25 Maret 2024

MNCS Morning Navigator March 25, 2024

Global Market Highlights
The DJIA weakened by -0.77% on Friday (22/03), followed by S&P 500 (-0.14%), while Nasdaq strengthened (+0.16%). Wall Street closed mixed, as investors wait-and-see ahead of the release of macroeconomic data this week. The release of New Home Sales data in Feb-2024 is estimated to experience a slight increase to 680k amid reduced pressure on the property market. Meanwhile, the decline in UST yield to 4.21% acted as a catalyst for Nasdaq. Today, the market will await several data releases, including: 1) US Fed Bostic Speech; 2) US New Home Sales Feb-2024; 3) US Dallas Fed Manufacturing Index Mar-2024.

Domestic Update
Bank Indonesia reported a +5.3% YoY growth in money supply in a broad sense (M2) position, reaching IDR8,739.6 trillion in Feb-2024. MNCS Comment: This growth rate remains relatively stable compared to the previous month at +5.4% YoY, suggesting that Indonesia is in a steady economic liquidity position. This figure is primarily influenced by the development of credit distribution +11.0% YoY (vs +11.5% YoY in Jan-2024) and the net foreign assets at +2.3% YoY or declining from +4.8% YoY in Jan-2024. Meanwhile the net bill to the Central Government contracted by -1.0% (vs +1.9% YoY in Jan-2024).

Company News
1. BDMN IJ through the AGMS held last Friday (March 22, 2024) agreed to distribute dividends with the DPR of 35% of FY23 net profit or the equivalent of IDR125.48/share (Emiten News). MNCS Comment: This dividend implies a dividend yield of 4.2% per share price March 22, 2024. It is recorded that the company's net profit performance grew +6.0% YoY in FY23 to reach IDR3.5 trillion. BDMN is currently trading at 0.60x PBV.
2. INTP IJ recorded a net profit growth of +5.9% YoY to IDR2.0 trillion in FY23 (vs IDR1.8 trillion in FY22) (Kontan). MNCS Comment: The increase in net profit was supported by a revenue increase of +9.9% YoY to IDR17.9 trillion (vs IDR16.3 trillion in FY22). The revenue increase was driven by a +10.2% YoY rise in cement sales. Efficiency was achieved as GPM/OPM increased to 32.6%/12.4% in FY23 (vs 31.5%/11.1% in FY22). Meanwhile, NPM slightly decreased to 10.9% (vs 11.3% in FY22) due to declining other income. INTP is currently trading at 16.23x/1.51x PER/PBV.
3. MIDI IJ reached IDR516 billion of net income, reflecting a +29.51% YoY growth in FY23 (Emiten News). MNCS Comment: The growth is in line with the increase in revenue at +11.06% YoY, with income from food, fresh food, and non-food segments respectively grow at 14.35%/12.95%/3.12% YoY in FY23. The company improved its NPM from 2.55% in FY22 to 2.98% in FY23. MIDI is currently trading at 25.34x/3.35x PER/PBV.

IHSG Updates
The JCI closed +0.16% higher to 7,350.15 on Friday (22/03), followed by foreign net buy of IDR 372.9 billion. Most sectors experienced strengthening, led by the health sector (+1.53%) and the technology sector (+1.32%). On the other hand, sectors that hindered the index include the energy sector (-0.46%) and the property sector (-0.33%). The index was still able to strengthen slightly amidst a mixed Asian market, ahead of the release of inflation data, perceived as the harbinger of the Fed's future policy direction. As the market views the possibility of a pivoting movement by the global central bank in line with the Fed, the DXY is strong again and the Rupiah closes corrected at IDR15,780/USD. We estimate that the JCI will move in the price range of 7,316-7,400. Today's recommendations: DEWA, ERAA, IMAS, INKP.

Corporate Actions
Cash Dividend: HATM (IDR5.66/Share)

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