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MNCS Morning Navigator

05 September 2022

MNCS Morning Navigator September 5, 2022

Global Market Highlights
DJIA weakened by -1.07% on Friday (02/09), followed by S&P500 (-1.07%) and Nasdaq (-1.31%). Wall Street triggered releases by investors of the potential for aggressive FFR hikes, following Aug-22's non farm payrolls data of 315,000, or above its convention of 300,000. Meanwhile, the rate of movement on Aug-22 increased to 3.7% (vs 3.5% on Jul-22). Today, the market will be looking toward several data releases such as: 1) UK S&P Global/CIPS UK Services PMI Final Aug; 2) Germany S&P Global Services PMI Final Aug; 3) France S&P Global Services PMI Final Aug.

Domestic Update
• Government set to increase subsidized fuel price : Pertalite to IDR10,000/L (+31%) & Diesel to IDR6,800 (+32%) on Saturday (03/09). MNCS Comment: The increase in subsidized fuel price of 31-32% will provide additional inflation of 2.72 ppt thus pushing FY22E inflation to >6.4%. Despite the increase in subsidized fuel prices, the energy subsidy budget burden is still estimated to increase by IDR137-151 trillion by the end of the year.
• Furthermore, the national Covid-19 daily rate had increased by 2,764 active cases (04/09).

Company News
1. ANTM IJ posted a +8.67% YoY revenue growth in 1H22 to IDR18.77 trillion (vs IDR17.28 trillion in 1H21). Meanwhile, net profit increased by +31.50% YoY to IDR1.53 trillion (vs IDR1.16 trillion in 1H21) (Emiten News). MNCS Comment: Revenue increased as sales grew in the following segments: 1) nickel (+17.50% YoY); 2) precious metals (+3.70% YoY); 3) bauxite (+44.90% YoY). Net profit grew amidst lower operating profit (-4.09% YoY), supported by the increase in profits from associates (+129.68% YoY). ANTM is currently traded at the level of 14.96x/2.13x PER/PBV.
2. TINS IJ recorded a revenue growth in 1H22 of +27.40% YoY to IDR7.48 trillion (vs IDR5.87 trillion in 1H21). Meanwhile, net profit increased by +300.67% YoY to IDR1.08 trillion (vs IDR270.06 billion in 1H21) (Emiten News). MNCS Comment: The increase in revenue was supported by the increase in the tin mining segment (+18.16% YoY) followed by the industrial segment (+89.08% YoY). Net profit increased significantly in line with the company's widening margins, where GPM and OPM were recorded to be 26.44%/19.08%, respectively (vs 19.25%/10.73% in 1H21). Currently, TINS is traded at the level of 5.16x/1.58x PER/PBV.
3. WIIM IJ posted a +38.20% YoY revenue growth in 1H22 to IDR1.63 trillion (vs IDR1.18 trillion in 1H21). Meanwhile, net profit increased by +30.33% YoY to IDR82.16 billion (vs IDR63.04 billion in 1H21) (Emiten News). MNCS Comment: Revenue growth was supported by higher sales in the SKM segment (+53.32% YoY). The increase in net profit was in line with the efficiency of selling expenses (-10.91% YoY) and boosted operating profit (+48.04% YoY) and OPM to 5.87% (vs 5.48% in 1H21). WIIM is currently traded at the level of 6.77x/0.80x PER/PBV.

IHSG Updates
JCI rose +0.34% to 7,177.18 on Friday (02/09), followed by net foreign buy which reached IDR927.95 billion. The majority of sectors experienced strengthening and boosted the index rate, led by the energy sector (+1.21%) followed by the raw materials sector (+0.90%). On the other hand, the weakening sectors were led by the technology sector (-1.33%) followed by the non-cyclical sector (-0.20%). The index outperformed other Asian bourses. We see that the strengthening of coal prices driven by the increase in global natural gas prices supported the index's pace. On the other hand, the Rupiah exchange rate closed lower at IDR14,897/USD. We estimate that the JCI will move in the price range of 7,130-7,200. Today's recommendation: ESSA, HRUM, PGAS, SMGR.

Disclaimer On

ANTM TINS WIIM

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