Global Market Highlights
DJIA strengthened +0.30% on Monday (17/04), followed by the S&P500 (+0.33%) and the Nasdaq (+0.28%). Wall Street strengthened as investor optimism increased after the release of NY Empire State Manufacturing Index data in Apr-2023 which rebounded to 10.8 (vs -24.6 in Mar-2023). Moreover, the expectation of the issuer's earnings release in positive 1Q was also a catalyst for the market. Today, the market will be looking toward several data releases such as: 1) US Building Permits Prel Mar; 2) Germany ZEW Economic Sentiment Index Apr; 3) UK Unemployment Rate Feb.
Domestic Update
• Indonesia's state budget and income (APBN) per month Mar-2023 recorded a surplus of IDR128.5 trillion, equivalent to 0.61% of gross domestic product (GDP). MNCS Comment: The surplus came from the difference between state revenue of IDR647.2 trillion (+29% YoY) and state spending of IDR518.7 trillion (+5.7% YoY), with the largest revenue coming from state revenue from taxes of IDR432.3 trillion (+33.8% YoY) followed by non-tax state revenue of IDR142.7 trillion (+43.7% YoY).
Company News
1. ASII IJ recorded car sales volume reaching 150,006 units in 1Q23 (Investor ID). MNCS Comment: ASII car sales increased +5.6% YoY (vs 142,043 units in 1Q22). With domestic car sales reaching 282,125 units as of 1Q23, ASII held a market share of 53.2% (vs 53.7% in 2M23). Currently, ASII is traded at the level of 8.71x/1.31x PER/PBV.
2. SMGR IJ will distribute cash dividends of IDR1.65 trillion or equivalent to IDR244.38 per share (Market Bisnis). MNCS Comment: Thus, SMGR will offer a dividend yield of around 4.04%. DPR in FY22 reached 69.8%, or higher than FY21 of 50.6%. In FY22, SMGR posted a net profit of IDR2.4 trillion (vs IDR2.0 trillion in FY21). Currently, SMGR is traded at the level of 17.27x/0.96x PER/PBV.
3. DMAS IJ recorded marketing sales of IDR598 billion in 1Q23 (Market Bisnis). MNCS Comment: Hence, the marketing sales in 1Q23 decreased -2.8% YoY (vs IDR615 billion in 1Q22). Meanwhile, with a marketing sales target of IDR1.8 trillion, realization up to 1Q23 was 33.2%. Currently, DMAS is traded at the level of 6.69x/1.42x PER/PBV.
IHSG Updates
JCI weakened -0.45% to 6,787.58 on Monday (17/04), followed by net foreign buy reaching IDR416.33 billion. Almost all sectors experienced weakening and weighed on the index, led by the transportation sector (-0.69%) followed by the financial sector (-0.67%). On the other hand, the sector that experienced strengthening was the health sector (+0.31%). The movement of the index underperformed Asian stock exchanges, where investors were watching the release of trade balance data in Mar-2023 of USD2.91 billion (vs USD5.46 billion in Feb-2023). The rupiah closed lower at IDR14,790/USD. We estimate that the JCI will move in the price range of 6,770-6,810 pending the interest rate decision and the release of Deposit Facility Rate Mar and Lending Facility Rate Mar data. Today's recommendation: AGII, BRPT, HILL, JPFA.
Corporate Actions
IPO: MBMA (IDR795/share), AWAN (IDR100/share), MENN (IDR78/share)
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