MNCS Morning Navigator

07 September 2022

MNCS Morning Navigator September 7, 2022

Global Market Highlights
DJIA weakened by -0.55% on Tuesday (06/09), followed by the S&P500 (-0.41%) and the Nasdaq (-0.74%), The sell-off action again occurred on Wall Street, where investors were worried about the potential for aggressive monetary tightening of the Fed. It was reported that the release of the ISM-Non Manufacturing data PMI Aug-22 unexpectedly rose +0.02 points MoM to 56.9 points, or was above consensus at 55.1 points. Furthermore, the increase in the yield of US T-note 10Y to the level of 3.33% also put pressure on Wall Street's pace. Today, the market will be looking toward several data releases such as: 1) US Balance of Trade Jul; 2) US Exports Jul; 3) US Imports Jul.

Domestic Update
OJK has signaled that the Covid-19 credit restructuring which ends on Mar-23 will be extended, but selectively towards certain sectors and debtors. MNCS Comment: The extension of the Covid-19 credit restructuring that is sector & debtor selective will be more targeted and will not disrupt economic stability or the financial system.
Furthermore, the national Covid-19 daily rate had increased by 3,607 active cases (06/09).

Company News
1. ANTM IJ reported that its bauxite production volume in 1H22 reached 881 thousand wmt, while sales volume reached 661 thousand wmt (Emiten News). MNCS Comment: In 1H22, bauxite ore segment revenue reached IDR276.20 billion, increased by +29.67% YoY as sales volume increased by +12.60% YoY. We see potential sales in the Bauxite segment as the company targets a production volume of 1.80 million wmt, or realization in 1H22 of 48.92%. ANTM is currently traded at the level of 15.67x/2.23x PER/PBV.
2. TOWR IJ recorded a revenue growth in 1H22 of +33.85% YoY to IDR5.32 trillion (vs IDR3.97 trillion in 1H21). Meanwhile, net profit increased slightly by +0.08% YoY to IDR1.69 trillion (Emiten News). MNCS Comment: The increase in revenue was supported by increases in all sales segments, where tower rental (+30.67% YoY) and wireline & VSAT services (+48.81% YoY). Net profit rose slightly as operating expenses increased (+85.52% YoY) followed by finance expenses (+131.31% YoY). TOWR is currently traded at the level of 19.38x/5.08x PER/PBV.
3. KLBF IJ established a joint venture namely Kalbe Ecossential International in the Philippines worth IDR33.8 billion through the entity Kalbe International Pte. Ltd. (News Issuer). MNCS Comment: It is hoped that through the establishment of the JV, it can increase the company's expansion which can encourage better company performance. In 1H22, the company's revenue and net profit rose +12.16% YoY/+9.33% YoY, respectively. Currently, KLBF is traded at the level of 23.77x/4.08x PER/PBV.

IHSG Updates
JCI closed flat by +0.02% to 7,233.15 on Tuesday (06/09), followed by net foreign buy which reached IDR550.71 billion. A number of sectors experienced strengthening and boosted the index rate, led by the energy sector (+2.91%) followed by the property sector (+1.45%). On the other hand, the weakening sector was led by the infrastructure sector (-0.46%) followed by the financial sector (-0.43%). The strengthening of the index was still supported by a catalyst from the strengthening of global coal prices. In addition, investors seem optimistic ahead of the release of data on Indonesia's foreign exchange reserves in Aug-22, which is expected to remain solid, where in Jul-22 reached USD132.2 billion. On the other hand, the Rupiah exchange rate closed higher at IDR14,887/USD. We estimate that the JCI will move in the price range of 7,200-7,250 pending the release of Foreign Exchange Reserves Aug data. Today's recommendation: AGII, GOTO, SRTG, MDKA.

Corporate Actions
IPO: COAL (IDR100/share)

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