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MNCS Morning Navigator

24 November 2022

MNCS Morning Navigator November 24, 2022

Global Market Highlights
DJIA was up +0.28% on Wednesday (23/11), followed by the S&P500 (+0.59%) and the Nasdaq (+0.99%). Wall Street continued its strengthenin as the positive catalyst came from the release of Durable Goods Orders data in Oct-2022 which grew +1% MoM, or higher than the consensus estimate of +0.4% MoM. In addition, the decline in the yield on the cUS T-note 10Y to a level of 3.71% was triggered by an increase in the number of initial jobless claims as of 19-Nov'2022 to 240K (vs 225K on consensus), also underpinning the index's pace. Today, the market will be looking toward several data releases such as: 1) Germany Ifo Business Climates Nov; 2) France Business Confidence Nov; 3) Japan Leading Economic Index Final Sep.

Domestic Update
• Bank Indonesia (BI) reported money supply (M2) grew +9.8% YoY in Oct-2022 (vs +9.1% YoY in Sep-2022). MNCS Comment: Money supply growth was mainly influenced by credit distribution. BI reported that lending in Oct-2022 grew expansionary to +11.7% YoY (vs +10.8% YoY in Sep-2022).
• Furthermore, the national Covid-19 daily rate had increased by 7,221 active cases (23/11).

Company News
1. BBCA IJ will distribute an interim cash dividend of IDR4.13 trillion or equivalent to IDR35 per share for the FY22E financial year. Cum dividend date on the Regular and Negotiated market on December 1, 2022 (IQ Plus). MNCS Comment: Thus, BBCA offers a dividend yield of 0.39%. With a consolidated net profit of up to 9M22 reaching IDR28.95 trillion, the payout ratio is 14.26%. Currently, BBCA is traded at the level of 5.16x PBV.
2. TBIG IJ posted a +7.89% YoY revenue growth in 9M22 to IDR4.92 trillion (vs IDR4.56 trillion in 9M21). Meanwhile, net profit increased +13.13% YoY to IDR1.22 trillion (vs IDR1.08 trillion in 9M21) (IQ Plus). MNCS Comment: The increase in revenue was in line with the increase in telecommunication tower revenue (+7.44% YoY) supported by Indosat (+73.99% YoY). Meanwhile, the increase in net profit was supported by the reduced financial costs (-12.09% YoY). Currently, TBIG is traded at the level of 32.52x/4.19x PER/PBV.
3. ADHI IJ recorded a new contract value of up to 10M22 reaching IDR19.1 trillion. Meanwhile, the majority of the new contract value was contributed by: Engineering and construction businesses by 90%; property 9%; and others 1% (IQ Plus). MNCS Comment: Therefore, the acquisition of new contracts grew +50.39% YoY (vs IDR12.7 trillion in 10M21). With the target of acquiring new contracts in FY22E of IDR23 trillion, the realization up to 10M22 is 83.04%. ADHI is currently traded at the level of 0.79x PBV.

IHSG Updates
JCI strengthened +0.33% to 7,054.12 on Wednesday (23/11), followed by net foreign buy which reached IDR628.38 billion. A number of sectors strengthened and pushed up the index, led by the energy sector (+1.20%) and followed by the financial sector (+0.99%). On the other hand, the sectors that experienced weakness were the technology sector (-0.68%) followed by the industrial sector (-0.13%). The strengthening of the index was in line with the strengthening of Wall Street and Asian markets. We see investors tend to respond positively to the Fed's certainty to increase the FFR in Dec-2022 by +50 bps or in line with market participants' expectations. On the other hand, the Rupiah exchange rate closed higher at IDR15,688/USD. We estimate that the JCI will move in the price range of 7,030-7,080. Today's recommendation: BBRI, HRUM, INCO, RMKE.

Corporate Actions
RUPS: BEBS, RIGS
Public Expose: MTDL

Disclaimer On

BBCA TBIG ADHI BBRI HRUM INCO RMKE BEBS RIGS MTDL

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