MNCS Morning Navigator

22 Mei 2023

MNCS Morning Navigator May 22, 2023

Global Market Highlights
DJIA fell -0.33% on Friday (19/05), followed by the S&P500 (-0.14%) and the Nasdaq (-0.24%). Wall Street had to close lower again as the market paid close attention to the debt ceiling discussion. Meanwhile, the Fed gave a dovish signal to maintain its benchmark interest rate which will be discussed at the FOMC Jun-2023 in the range of 5.00%-5.25% (probability of 84%). Today, the market will be looking toward several data releases such as: 1) US 3-Month Bill Auction; 2) US 6-Month Bill Auction; 3) France 12-Month BTF Auction.

Domestic Update
Bank Indonesia noted, based on transaction data on May 15-17 2023, non-residents on the domestic financial market posted a net purchase of IDR8.33 trillion, with a net purchase of IDR8.47 trillion on the SBN market and a net sale of IDR0.14 trillion on the stock market. MNCS Comment: The net buying position on the SBN market, which has reached IDR60.65 trillion on a YTD basis, reflects a stable economic outlook and competitive coupons, supported by positive macroeconomic conditions and a sloping inflation rate.

Company News
1. PBID IJ will distribute cash dividends for the FY22 fiscal year of IDR187.5 billion, or the equivalent of IDR 100 per share (Kontan). MNCS Comment: Therefore, we estimate PBID will offer a dividend yield of 6.3%. The amount of DPS slightly decreased from the previous year at IDR110 per share, in line with the decrease in net profit -14.7% YoY. Currently, PBID is traded at the level of 7.48x/1.18x PER/PBV.
2. TBLA IJ will distribute the remaining IDR119.2 billion cash dividend or the equivalent of IDR20 per share. Cum date on the regular market and negotiations on May 23, 2023 (Emiten News). MNCS Comment: Thus, TBLA will offer a dividend yield for the final FY22 cash dividend of 3.1%. Meanwhile, the total DPS for the FY22 fiscal year was IDR60 per share, an increase from the previous year at IDR50 per share. Currently, TBLA is traded at the level of 4.44x/0.55x PER/PBV.
3. HRTA IJ realized an additional gold export volume of around 2 tons of gold to Bright Gold, India (Kontan). MNCS Comment: We view the market expansion positively as this can increase the company's profitability going forward, with an estimated commercial value of the export transaction reaching IDR1.82 trillion. Currently, HRTA is traded at the level of 6.53x/1.02x PER/PBV.

IHSG Updates
JCI strengthened +0.56% to 6,700.56 on Friday (19/05), followed by net foreign buys reaching IDR1.04 trillion. The majority of sectors experienced strengthening and drove the index, led by the financial sector (+1.14%) followed by the property sector (+0.97%). On the other hand, sectors that experienced weakness were led by the energy sector (-2.71%) followed by the raw materials sector (-2.13%). The strengthening of the index was in line with the majority of Asian bourses, where positive catalysts came from optimism regarding the progress of the US debt ceiling. The rupiah closed lower at IDR14,925/USD. We estimate that the JCI will move in the price range of 6,675-6,729. Today's recommendation: ANTM, EXCL, GJTL, TLKM.

Corporate Actions
Cum Stock Split: TMAS (1:10)
Cum Dividend: ADRO (USD0.016/share)

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