MNCS Morning Navigator

09 Maret 2023

MNCS Morning Navigator March 9, 2023

Global Market Highlights
DJIA fell -0.18% on Wednesday (08/03), while the S&P500 (+0.14%) and Nasdaq (+0.40%). Wall Street closed mixed after The Fed emphasized that it has not planned to increase its benchmark interest rate at the FOMC Mar-2023. This succeeded in allaying investor concerns and growing speculation, after the Fed's hawkish statement before congress yesterday. Today, the market will be looking toward several data releases such as: 1) US Initial Jobless Claims Mar 4; 2) US Fed Barr Speech; 3) US EIA Natural Gas Stocks Change Mar 3.

Domestic Update
• The government officially decreed a 100% tax holiday from income tax for infrastructure companies working on IKN projects. MNCS Comment: This provides good sentiment for construction companies participating in IKN project tenders such as PTPP, WIKA, ADHI and WSKT because their net profit will uplift during the span of IKN project development.

Company News
1. PTPP IJ posted net profit growth of +2.2% YoY to IDR271.7 billion in FY22 (vs IDR266.0 billion in FY21) (Market Bisnis). MNCS Comment: Net profit growth was supported by revenue increase +12.9% YoY to IDR18.9 trillion (vs IDR16.8 trillion in FY21), followed by lower other expenses (-46.6% YoY) and lower expenses final tax (-18.0% YoY). Currently, PTPP is trading at the level of 19.78x/0.34x PER/PBV.
2. MIDI IJ posted a net profit in FY22 of IDR398.9 billion, or grew +47.9% YoY (vs IDR269.7 billion in FY21) (Emiten News). MNCS Comment: The increase in net profit was supported by a +15.0% YoY increase in revenue to IDR15.6 trillion (vs IDR13.6 trillion in FY21). In addition, all of the company's margins were expansive, where GPM/OPM/NPM in FY22 reached 25.3%/4.1%2.6% respectively (vs. 25.2%/3.6%/2.0 % in FY21). Currently, MIDI is traded at 28.18x/5.66x PBV.
3. EXCL IJ will focus on network expansion outside Java, especially in Kalimantan and Sulawesi in FY23-FY24 (Kontan). MNCS Comment: We view positively the company's efforts to focus more on expansion outside of Java, where this can increase the company's ARPU and broader market penetration, so it is expected to restore performance this year. Currently, EXCL is traded at the level of 24.38x/1.05x PER/PBV.

IHSG Updates
JCI strengthened +0.14% to 6,776.37 on Wednesday (08/03), followed by net foreign buys reaching IDR385.93 billion. A number of sectors experienced strengthening and boosted the index rate, led by the transportation sector (+0.64%) followed by the infrastructure sector (+0.31%). On the other hand, sectors that experienced weakness were led by the raw materials sector (-1.28%) followed by the cyclical sector -0.99%. The index strengthened as investors paid attention to the release of Consumer Confidence Index (IKK) data in Feb-2023 which remained optimistic at 122.4. On the other hand, the Rupiah exchange rate closed lower at the level of IDR15,435/USD. We estimate that the JCI will move in the price range of 6,760-6,817. Today's recommendation: AKRA, ANJT, BBCA, GZCO.

Corporate Actions
Public Expose: ARNA

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