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MNCS Morning Navigator

29 September 2022

MNCS Morning Navigator September 29, 2022

Global Market Highlights
DJIA strengthened by +1.88% on Wednesday (28/09), followed by the S&P500 (+1.97%) and the Nasdaq (+2.05%). Wall Street managed to rebound as the US T-note yield declined by 25.2 bps to 3.69% which was triggered by the British central bank (BoE) increasing its QE rate. Today, the market will be looking toward several data releases such as: 1) US GDP Growth Rate QoQ Final Q2; 2) US Core PCE Prices QoQ Final Q2; 3) Germany Inflation Rate YoY Prel Sep.

Domestic Update
• Foreign investors booked a net sell in the domestic equity market amounting to IDR2.51tn in the period 26-28 September 2022. MNCS Comment: Foreign net sell triggered JCI to weaken -1.41% WTD. We believe recent foreign net sell was driven by: 1) Fed's projection to increase FFR to FY23F; 2) strengthening the DXY index & 3) profit taking after JCI hitting ATH level.
• Furthermore, the national Covid-19 daily rate had increased by 1,915 active cases (28/09).

Company News
1. EXCL IJ collaborated with Huawei in establishing the FDD Smart 8T8R network on its 700 4G BTS. This technology serves to improve data quality and network (Emiten News). MNCS Comment: It is hoped that this collaboration will open up opportunities for user growth and data traffic in the future. As of 1Q22, the total number of subscribers reached 57.23 million (vs 56.77 million in 2Q21), while total traffic increased by +30% YoY in 1H22. Currently, EXCL is traded at the level of 21.80x/1.33x PER/PBV.
2. SMGR IJ collaborated with Amazon Web Services (AWS) to implement cloud transformation to complement its business operational needs (IDX Channel). MNCS Comment: We see positively for the company's efforts on the extensive operational network, and we expect for improved efficiency and integration of 8 factory locations and other company facilities. SMGR is currently traded at the level of 26.48x/1.21x PER/PBV.
3. SMRA IJ stated that the average occupancy rate for hotel occupancy had increased above 60% in line with the post-pandemic (Market Bisnis). MNCS Comment: It is hoped that the recovery in the occupancy rate will boost the company's performance, especially in the recurring revenue segment. It was noted that in 1H22, the revenue of the hospitality segment increased by +54,28% YoY. SMRA is currently traded at the level of 20.42x/1.17x PER/PBV.

IHSG Updates
JCI weakened by -0.50% to 7,077.03 on Wednesday (28/09), followed by net foreign sell which reached IDR116.50 billion. All sectors weakened and weighed on the index, led by the raw materials sector (-1.88%) followed by the transportation sector (-1.77%). The index's decline was in line with other Asian bourses. Investors were watching the hawkish comments from the Fed and the World Bank which revised China's economic growth in FY22E to 2.8% YoY, from +5% YoY in Apr-22. On the other hand, the Rupiah exchange rate closed lower at IDR15,263/USD. We estimate that the JCI will move in the price range of 7,000-7,130. Today's recommendation: MTDL, SRTG, TINS, TLKM.

Corporate Actions
Cum Dividend: HEXA (IDR0.05/share)
RUPS: AGRO, BTPN

Disclaimer On

EXCL SMGR SMRA MTDL SRTG TINS TLKM

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