Global Market Highlights
DJIA rallied +1.00% on Wednesday (29/03), followed by S&P500 (+1.42%) and Nasdaq (+1.79%). Wall Street managed to rebound where investors responded positively to the release of pending home sales data in Feb-2023 which was able to grow +0.8% MoM, or exceeded consensus at -2.3% MoM. Today, the market will be looking toward several data releases such as: 1) US GDP Growth Rate QoQ Final Q4; 2) US Core PCE Prices QoQ Final Q4; 3) Germany Inflation Rate YoY Prel Mar.
Domestic Update
• The Indonesian Employers' Association stated that they are willing to change the production schedule due to the shift in the official Eid leave to 19-25 April 2023. MNCS Comment: It is anticipated that the postponement of production activities will have an impact on business operations, production achievements and export activities of companies.
Company News
1. MAPI IJ posted a net profit of IDR2.1 trillion in FY22, an increase of +402% YoY compared to FY21 of IDR420.2 billion (Kontan). MNCS Comment: The significant increase in net profit was supported by revenue which managed to grow +46.2% YoY to IDR26.9 trillion (vs IDR18.4 trillion in FY21). In addition, margins were recorded as expansive where GPM/OPM were 44.66%/11.40% (vs 41.75%/6.63% in FY21). Currently, MAPI is traded at the level of 12.79x/3.33x PER/PBV.
2. BUMI IJ posted a net profit of USD525.3 million in FY22, or grew +212.6% YoY (vs USD168.0 million in FY21) (Kontan). MNCS Comment: The growth in net profit was supported by an increase in revenue +81.5% YoY to USD1.8 billion (vs USD1.0 billion in FY21). This growth was in line with the increase in realized coal prices +80% YoY which offset the decrease in sales volume (-12 % YoY), as well as an increase in revenue from JV reaching +131.5% YoY. Currently, BUMI is traded at the level of 6.06x/2.01x PER/PBV.
3. SAMF IJ posted net profit growth of +102.1% YoY to IDR334.1 billion in FY22 (vs IDR165.3 billion in FY21) (Emiten News). MNCS Comment: The increase in net profit was in line with the increase in the company's revenue by +99.2% YoY to IDR3.7 trillion (vs IDR1.9 trillion in FY21). as well as the creation of efficiency, as evidenced by the expansive OPM to 15.1% (vs 13.4% in FY21). Currently, SAMF is traded at the level of 9.28x/2.86x PER/PBV.
IHSG Updates
JCI strengthened +1.17% to 6,839.44 on Wednesday (29/03), followed by net foreign buy of IDR1.14 trillion . The majority of sectors experienced strengthening and boosted the index, led by the energy sector (+2.30%) followed by the cyclical sector (+1.59%). On the other hand, sectors that experienced weakness were led by the technology sector (-0.54%) followed by the property sector (-0.40%). The strengthening of the index was in line with Asian bourses, where investors were watching the release of FY22 earnings and attractive dividend yields. In addition, fears of US & European banking turbulence have faded and become tailwinds for the JCI. On the other hand, the Rupiah exchange rate closed higher at the level of IDR15,065/USD. We estimate that the JCI will move in the price range of 6,790-6,869. Today's recommendation: ADMR, ELSA, HMSP, TOWR.
Corporate Actions
IPO: GTRA (IDR150/share)
Cum Dividend: FASW (IDR23/share)
RUPS: ITMG
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