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MNCS Morning Navigator

02 September 2022

MNCS Morning Navigator September 2, 2022

Global Market Highlights
DJIA strengthened by +0.46% on Thursday (01/09), followed by the S&P500 (+0.30%) while the Nasdaq (-0.26%). Wall Street rose as data on initial jobless claims fell 5,000 to 132,000 as of 27-Aug (vs consensus at 248,000). In addition, the ISM Manufacturing PMI Aug-22 was flat at 52.8 points (vs consensus at 52 points). Today, the market will be looking toward several data releases such as: 1) US ISM Non Farm Payrolls Aug; 2) US Unemployment Rate Aug; 3) Germany Balance of Trade Jul.

Domestic Update
Bank Indonesia (BI) has officially raised the statutory reserve requirement ratio for banks to 9% and is estimated to absorb IDR219 tn banking liquidity. MNCS Comment: The increase in Statutory Reserves is part of the normalization policy implemented by BI to absorb excess liquidity in the banking system. Going forward, we view that BI will focus on stabilizing the exchange rate and inflation through intervention policies and an increase in the benchmark interest rate amidst the threat of rising inflation.
Furthermore, the national Covid-19 daily rate had increased by 4,094 active cases (01/09).

Company News
1. INDF IJ recorded a revenue growth in 1H22 of +11.62% YoY to IDR52.79 trillion (vs IDR47.29 trillion in 1H21). Meanwhile, net profit fell by -15.51% YoY to IDR2.90 trillion (vs IDR3.43 trillion in 1H21) (Emiten News). MNCS Comment: Revenue growth was supported by the increase in the CBP (+15.85% YoY) and Bogasari (+25.70% YoY) revenue segments, amid the decline in the Agribusiness segment (-23.36% YoY). The decrease in net profit was in line with the increase in raw materials (+19.61% YoY) which led to an increase in COGS (+16.21% YoY) and a significant increase in financial expenses (+67.03% YoY). The company's entire margin decreased, where GPM, OPM and NPM were recorded at 30.89%/16.72%/5.50%, respectively (vs 33.62%/17.95%/7.26% in 1H21). Currently, INDF is traded at the level of 9.50x/1.07x PER /PBV.
2. KRAS IJ posted a +26.83% YoY revenue growth in 1H22 to USD1.34 billion (vs USD1.06 billion in 1H21). Meanwhile, net profit increased by +138.59% YoY to USD77.47 million (vs USD32.47 million in 1H21) (Emiten News). MNCS Comment: The increase in revenue was in line with the increase in revenue from the steel products segment (+28.97% YoY). The increase in net profit was in line with the growth in profit from JV (+100.06% YoY) and an effective tax rate of 15.22% (vs 24.59% in 1H21). Currently, KRAS is traded at the level of 3.74x/0.78x PER/ PBV.
3. BUMI IJ posted a revenue growth in 1H22 of +129.62% YoY to USD968.69 million (vs USD421.86 million in 1H21). Meanwhile, net profit increased significantly by +8,768.18% YoY to USD167.67 million (vs USD1.89 million in 1H21) (Kontan). MNCS Comment: The increase in revenue was supported by the increase in the coal revenue segment (+131.67% YoY). Net profit increased significantly as GPM and OPM widened to 22.06%/16.22% (vs 18.99%/11.77% in 1H21), as well as higher JV profit (+181.44% YoY). BUMI is currently traded at the level of 4.74x PER.

IHSG Updates
JCI weakened -0.36% to 7,153.10 on Thursday (01/09), followed by net foreign buy which reached IDR384.67 billion. The majority of sectors weakened and weighed on the index, led by the technology sector (-1.65%) followed by the raw materials sector (-1.47%). On the other hand, the strengthening sectors were led by the energy sector (+0.86%) followed by the non-cyclical sector (+0.50%). The index's decline was in line with Wall Street and Asian bourses. Investors were watching the release of core inflation data for RI Aug-22 which reached 3.04% YoY or exceeded Bank Indonesia's target of 3.0±1%. On the other hand, the S&P Global Manufacturing PMI Aug-22 rose to 51.7 points (vs 51.3 points in Jul-22). On the other hand, the Rupiah exchange rate closed lower at the level of IDR14,883/USD. We estimate that JCI will move in the price range of 7.130-7.180. Today's recommendation: ADMR, ANTM, WMPP, BMRI.

Corporate Actions
RUPS: BISI, PTRO, GMFI

Disclaimer On

INDF KRAS BUMI ADMR ANTM WMPP BMRI BISI PTRO GMFI

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