MNCS Morning Navigator

29 Maret 2023

MNCS Morning Navigator March 29, 2023

Global Market Highlights
DJIA fell -0.12% on Tuesday (28/03), followed by S&P500 -0.16%) and Nasdaq (-0.45%). Wall Street closed lower, due to pressure from rising UST yields, as well as hawkish comments from The Fed which expressed financial stress on macroprudential policy going forward. Today, the market will be looking toward several data releases such as: 1) US MBA 30-Year Mortgage Rate March 24; 2) Germany Gfk Consumer Confidence Apr; 3) France Consumer Confidence Mar.

Domestic Update
Indonesia Battery Corporation (IBC) consisting of ANTM, PLN, MIND ID and Pertamina agreed to work together on standardization of electric motorbike batteries with Gesits, Volta and Alva. MNCS Comment: This standardization was carried out in order to ensure consumers’ interest in electric motorbikes amid a shower of incentives from the government and boost the adoption and sales of Indonesian electric vehicles.

Company News
1. ICBP IJ posted a -28.3% YoY decrease in net profit to IDR4.6 trillion (vs IDR6.4 trillion in FY21) (Emiten News). MNCS Comment: The decrease in net profit was in line with the increase in FX loss which tripled ICBP's financial burden and hampered profitability. However, core profit was able to grow +6.6% YoY to IDR7.3 trillion (vs IDR6.9 trillion in FY21). Currently, ICBP is traded at the level of 25.68x/3.23x PER/PBV.
2. PWON IJ posted a net profit of IDR1.5 trillion, or grew +11.3% YoY (vs IDR1.4 trillion in FY21) (Emiten News). MNCS Comment: The growth in net profit was supported by an increase in revenue +4.8% YoY to IDR6.0 trillion (vs IDR5.7 trillion in FY21), supported by the office, shopping center and service apartment segments (+33.8% YoY). In FY22, PWON also recorded marketing sales growth of +4.6% YoY. Margins were expansive, with GPM/NPM rising to 53.8%/25.7% (vs 48.4%/24.2% in FY21). Currently, PWON is traded at the level of 13.90x/1.24x PER/PBV.
3. TLKM IJ posted a net profit in FY22 of IDR20.8 trillion, down -16.2% YoY (vs IDR24.8 trillion in FY21) (Investor ID). MNCS Comment: Decreased net profit amid increased revenue (+2.9% YoY) in line with unrealized investment loss in GOTO worth IDR6.4 trillion, and reduced NPM to 14.1% (vs 17.3% in FY21). Currently, TLKM is traded at the level of 19.33x/3.10x PER/PBV.

IHSG Updates
JCI strengthened +0.77% to 6,760.33 on Tuesday (28/03), followed by IDR144.97 billion net foreign buy. Almost all sectors experienced strengthening and boosted the index rate, led by the technology sector (+4.49%) followed by the energy sector (+2.49%). On the other hand, the sector that experienced weakness was the financial sector (-0.39%). The strengthening of the index was in line with the majority of Asian exchanges, where investors were watching the revision of Indonesia's GDP growth projection by the IMF in FY23E to +5.0% YoY (vs +4.8% YoY previously). On the other hand, the Rupiah exchange rate closed higher at the level of IDR15,087/USD. We estimate that the JCI will move in the price range of 6,730-6,800. Today's recommendation: ANTM, HRUM, PTBA, UNTR.

Corporate Actions

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