MNCS Morning Navigator

28 Maret 2023

MNCS Morning Navigator March 28, 2023

Global Market Highlights
DJIA strengthened +0.60% on Monday (27/03), followed by the S&P500 (+0.16%) while the Nasdaq (-0.47%). Wall Street closed mixed, where a positive catalyst came from the US authorities which will add loan facilities for banks experiencing liquidity problems. Meanwhile, the rise in UST yield to 3.52% weighed on Nasdaq's performance. Today, the market will be looking toward several data releases such as: 1) US CB Consumer Confidence Mar; 2) US Goods Trade Balance Adv Feb; 3) US House Price Index MoM Jan.

Domestic Update
The implementation of the coal MIP channel collection scheme was postponed no later than 1H23 in line with the stipulation of the Minister of Energy and Mineral Resources Decree by eliminating 11% VAT. MNCS Comment: Bank Mandiri, BRI and BNI as the appointed compensation fund (DKB) administrator welcomes the scheme with a target of completing the E-DMO system in early Apr-2023, and coal issuers with large DMO portions are projected to be able to increase their margins.

Company News
1. INDF IJ posted a -17.0% YoY drop in net profit to IDR6.4 trillion (vs IDR7.7 trillion in FY21) (Investor ID). MNCS Comment: The decrease in net profit was caused by FX loss which increased almost 3x. NPM was recorded to have fallen to 5.7% (vs 7.7% in FY21). In addition, the increase in raw material costs also weighed on margins, where GPM fell to 30.7% (vs 32.7% in FY21). Meanwhile, OPM edged up to 17.8% (vs 17.0% in FY21), as other operating income rose to IDR2.1tn (vs IDR922.6bn in FY21). Currently, INDF is traded at the level of 8.80x/1.04x PER/PBV.
2. ANTM IJ posted a net profit of IDR3.8 trillion, or grew +105.2% YoY (vs IDR1.9 trillion in FY21) (Kontan). MNCS Comment: Net profit growth was supported by +19.5% YoY increase in revenue to IDR45.9 trillion (vs IDR38.4 trillion in FY21). Margins were also recorded expansive, where GPM/OPM rose to 17.9%/8.6% (vs 16.5%/7.1% in FY21). Currently, ANTM is traded at the level of 13.45x/2.09x PER/PBV.
3. TOWR IJ posted a net profit of IDR3.44 trillion, slightly up +0.4% YoY in FY22 (Emiten News). MNCS Comment: TOWR managed to record revenue growth of 27.8% YoY to IDR11.04 trillion and an increase in operating profit of +26.5% YoY to IDR6.83 trillion. However, the increase in financial expenses +74.5% YoY also hampered the company's profitability. Currently, TOWR is traded at the level of 13.49x/3.22x PER/PBV.

IHSG Updates
JCI weakened -0.79% to 6,708.93 on Monday (27/03), followed by net foreign buy of IDR115.77 billion. A number of sectors experienced weakening and weighed on the index, led by the financial sector (-1.04%) followed by the health sector (-0.32%). On the other hand, sectors that experienced strengthening were led by the energy sector (+0.97%) followed by the transportation sector (+0.81%). The index fell along with several other Asian bourses, where investors were still watching the latest conditions from the US banking liquidity mini crisis. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,160/USD. We estimate that the JCI will move in the price range of 6,660-6,740. Today's recommendation: ADRO, ITMG, SMGR, TKIM.

Corporate Actions
Cum Dividend: BBCA (IDR170/share), BBTN (IDR43.39/share)

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