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MNCS Morning Navigator

15 November 2021

MNCS Morning Navigator November 15, 2021

Global Market Highlights

DJIA rose by +0.50% on Friday (12/11), followed by S&P 500 (+0.72%) and Nasdaq (+1.00%). Wall Street ended higher with technology and communications companies leading the modest gains. Meanwhile, Europe’s Industrial Production rose by +5.2% YoY on September-21 from the previous month at +4.9% YoY due to a surge in output of non-durable consumer goods. On the other hand, US’s Michigan Consumer Sentiment Prel decreased to its lowest level in a decade to 66.8 in November-21 from the previous month at 71.7 due to escalating inflation. Today the market will be looking forward to several data releases such as: 1) Japan GDP Growth Annualized Prel; 2) China Industrial Production; 3) Eurozone Balance of Trade.

Domestic Update
• Indonesia’s Oct-21 international trade data is set to be announced today. MNCS Comment: We projected exports to jump +43.94% YoY and imports to rise +57.26% YoY translating into a surplus of USD3.71bn in trade balance supported by a remaining high commodity price and gradual recovery of domestic economy.
• Furthermore, the second dose of vaccination rate nationally reached 40.3% or equivalent to 83.82 million people.

Company News
1. ANTM IJ recorded IDR26,48 trillion revenue in 9M21 grew by +46.79% YoY (vs IDR18.04 trillion in 9M20). COGS increased from IDR15.13 trillion in 9M20 to IDR21.34 trillion in 9M21. ANTM recorded IDR1.71 trillion net profit in 9M21, or rose by +104.65% YoY (vs net profit of IDR835.78 billion in 9M20) (Kontan). MNCS Comment: : The main contributor of ANTM’s top line and bottom line was obtained by an increase in gold sales segmentation recorded at IDR17.67 trillion in 9M21 or grew by +36.10% YoY (vs IDR12.99 trillion in 9M20). ANTM successfully managed to reduce financial expenses from IDR734.51 billion in 9M20 to IDR292.28 billion in 9M21. ANTM is trading at the level of 24.85x/2.91x PER/PBV. ITMG is trading at the level of 24.85x/2.91x PER/PBV.
2. FREN IJ recorded IDR7.64 trillion revenue in 9M21 increased by +11.63% YoY (vs IDR6.85 trillion in 9M20). Operating expenses decreased from IDR7.89 trillion in 9M20 to IDR7.64 trillion in 9M21. FREN recorded IDR441.72 billion net loss in 9M21 (vs net loss of IDR1.75 trillion in 9M20) (Emitennews). MNCS Comment: The increase in top line was driven by data revenues of IDR7.01 trillion or grew +11.26% YoY (vs IDR6.30 trillion in 9M20). However, the increase in the top line and reduction in operating expenses has successfully decreased the company's net loss, which was caused by the growth in other expenses such as increased interest and other financial expenses (+13.69% YoY). Currently, FREN is trading at level 2,79x.
3. CTRA IJ through its subsidiary PT Ciputra Nusantara acquired 1.15 billion shares of PT Metropolitan Land Tbk (MTLA), or equivalent to 15% of the company's shares at a price of IDR320/share, with a nominal transaction of IDR367.44 billion (Kontan). MNCS Comment: We consider this corporate action will be positively impacted to the company, where MTLA has a quite prospective landbank, where it has the potential to increase CTRA return and future business growth. CTRA is trading at the level of 21.40x/1.31x PER/PBV.

IHSG Updates
JCI weakened by -0.60% to 6,651.05 on Friday (12/11) followed by net foreign buy reaching IDR53.36 billion. JCI closed lower, along with weakness in almost all sectors led by the financial sector (-1.17%), followed by the cyclical consumer sector (-1.10%). On the other hand, the transportation sector strengthened by +1.14%, followed by the basic material sector (+1.05%). The JCI weakening was driven by profit taking from a number of investors after 4 days of strengthening. Meanwhile, negative sentiment still came from the high inflation rate, which triggered stagflation in the US and China. On the other hand, the Rupiah strengthened at IDR14,236 level in the spot market. We estimate the JCI will move in the range of 6,632-6,680 while waiting for the release data Indonesia Trade Balance. Today's recommendations: WTON, BMRI, PGAS, POWR.

Disclaimer On

WTON BMRI PGAS POWR ANTM FREN CTRA

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