Indeks-indeks Wall Street menguat terbatas di Kamis (27/6) jelang rilis data U.S. Personal Consumption Expenditure (PCE) Price Index. PCE Price Index diperkirakan turun 10 bps mom ke 2.6% yoy di Mei 2024. Memang masih jauh dari target 2% yoy, tapi setidaknya perlambatan inflasi dapat memperkuat peluang pemangkasan sukubunga acuan. Bank sentral Swedia memutuskan menahan sukubunga acuan di bulan ini, namun membuka peluang pemangkasan hinga 3 (tiga) kali di 2H2024. Hasil stress test bank di AS menunjukan bahwa sektor perbankan di AS mampu bertahan dalam kondisi "severe recession". Hal tersebut mendorong penguatan signifikan harga saham bank, khususnya bank-bank besar di IDX pada perdagangan Kamis (27/6). Meski demikian, sebaiknya jangan terlalu agresif dalam mengakumulasi saham bank saat ini karena terindikasi overbought. Top picks (28/6) : INDF, UNVR, CTRA, PGEO dan MYOR. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

28 Juni 2024

TOWR recorded revenue up 6% YoY to IDR3.05 trillion in 1Q24, driven by the non-rental segment which jumped 7% YoY to IDR403 billion from FTTH services, with EBITDA of IDR2.4 trillion and net profit increasing 6% YoY to IDR797 billion. Despite stagnant tower and tenant growth, the company focuses on growth and development as the telecommunications industry shifts to the Fixed Mobile Convergence (FMC) segment, with demand increasing and connectivity reaching 13.534 million in 1Q24, up 22.40% YoY. Fiber to the Home (FTTH) demand jumped significantly, with 124,704 thousand home connections in 1Q24, growing 424.30% YoY, while Fiber to the Tower (FTTT) was supported by fiber optic length reaching 186,571 km in 1Q24, an increase of 14.90% YoY. We project TOWR's revenue in FY24 to be IDR3.4 trillion, reflecting a growth of 5.60% YoY. This growth is mainly driven by the non-rental segment Anticipating slower growth in the tower rental segment, TOWR focuses on expanding its fiber optic segment through the development of Fiber to the Tower (FTTT) and Fiber to the Home (FTTH), aiming to capitalize on the industry's shift towards Fixed Mobile Convergence (FMC) and projecting 7% YoY EBITDA growth to IDR10.44 trillion, supporting a net profit increase of IDR3.4 trillion in FY24. We assign a buy rating to TOWR with a potential upside of 26.20% or IDR860 per share. This valuation is based on Discounted Cash Flow with a WACC rate of 7.10% and terminal growth of 2.00%. TOWR has upside potential with an EV/EBITDA implication of 7.99x and EV/Tower of 2.48x for FY24F. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Nasdaq pimpin penguatan mayoritas indeks di Wall Street (26/6) bersamaan dengan penguatan lanjutan pada saham-saham teknologi (26/6). Pasar mengantisipasi data inflasi dan belanja masyarakat AS di Jumat (28/6). Data-data tersebut diyakini berperan besar dalam mempengaruhi arah keputusan kebijakan moneter the Fed. Fed Governor, Michelle Bowman menyatakan bahwa pemangkasan the Fed Rate baru layak dilakukan apabila inflasi stabil di 2% dalam suatu periode tertentu. IHSG diperkirakan sideways di rentang 6830-6960 dengan kecenderungan melemah di Kamis (27/6). Mayoritas indeks di Eropa ditutup melemah di Rabu (26/6). Peningkatan risiko politik dari pelaksanaan pemilu di beberapa negara di Eropa, termasuk Perancis menjadi salah satu faktor yang menekan Euro. Top picks (27/6) : BFIN, HRUM, ARTO, ICBP dan INDY. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

27 Juni 2024

MYOR's export share amounted to 36.12% of total sales in 3M24. MYOR's export sales amounted to Rp3.16 trillion or contributed 36.12% of MYOR's total sales in 3M24. When compared to its peers, MYOR's export portion is the largest, which shows that it has a strong positioning in the global market and has advantages over national fast-moving consumer goods (FMCG) companies. Net sales grew a limited 3.65% YoY in 3M24. MYOR's sales were recorded at IDR8.76 trillion in 3M24 or grew a limited 3.65% YoY from IDR8.45 trillion in 3M23. The sales growth was supported by a significant increase in the packaged processed food segment of 10.18% YoY. Meanwhile, the packaged processed beverages segment grew limitedly by 1.10% YoY. MYOR recorded a net profit of Rp1.13 trillion, growing significantly by 53.31% YoY during 3M24. The profit growth was driven by interest income, fixed asset sales, and foreign exchange gains that grew significantly. As a result, profit before tax earned by MYOR grew significantly by 53.76% YoY to Rp1.40 trillion in 3M24 from Rp915 billion in 3M23. MYOR is facing some high raw material prices. Some of MYOR's main raw materials for producing its products are Cocoa and Coffee, most of which are obtained domestically. During 2024, the prices of both raw materials have increased. We assess if the increase in raw material prices increases continuously and cannot be adequately addressed by MYOR, it will potentially erode the company's profit margin in the future. Using the Discounted Cash Flow method with Required Return of 7.21% and Terminal Growth of 4.55%, we estimate MYOR's fair value at IDR2,950 per share (Expected PE at 17.29x and EV/EBITDA at 10.59x in FY24). We give MYOR a Buy rating with potential upside of 25.53%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

26 Juni 2024

Nasdaq catat rebound lebih dari 1% (25/6) didorong oleh rebound harga saham Nvidia (+6.7%) di Selasa (25/6). U.S. CB Consumer Confidence melambat ke 100.4 di Juni 2024 dari 101.3 di Mei 2024. Peluang pemangkasan the Fed Rate di FOMC September 2024 bertahan di kisaran 59% (CME FedWatch Tools). Ekonom memperkirakan akan ada peningkatan likuiditas di kawasan Eropa untuk mengimbangi tren pemulihan aktivitas ekonomi di kawasan tersebut. Waspadai potensi konsolidasi lanjutan IHSG dalam rentang 6830-6960, terlebih IHSG ditutup di bawah pivot 6900 kemarin (25/6). Intervensi BI di Pasar Keuangan RI berpotensi mendorong penguatan lanjutan pada nilai tukar Rupiah (26/5). Net buy nyaris Rp8 triliun di Selas (25/6) disebabkan adanya transaksi atas satu saham spesisfik di pasar negosiasi pada perdagangan Selasa (25/6). Top picks (26/6) : AKRA, MEDC, MDKA, EMTK, dan TLKM. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

25 Juni 2024

DJIA menguat ditopang oleh sektor bank dan energi (24/6). Harga saham Nvidia mengalami pullback lanjutan hingga 6.7% di Senin (24/6). Penguatan sektor bank dan energi di AS (24/6) ditopang oleh terjaganya peluang pemangkasan the Fed Rate di kisaran 60% (CME FedWatch Tools). Kondisi tersebut didasari perkiraan penurunan U.S. CB Consumer Confidence di Juni 2024 dan perlambatan pertumbuhan ekonomi AS di 1Q24. IHSG diperkirakan bergerak fluktuatif dalam rentang support-resistance 6830-6960. Sentimen domestik membaik, terlihat dari penguatan nilai tukar Rupiah sebesar 0.33% ke Rp16,390/USD di Senin (24/6) sore. Rupiah berpeluang lanjutkan penguatan meski terbatas. Pemicunya adalah rencana intervensi pasar oleh BI dengan mengoptimalkan sejumlah instrumen investasi yang dapat menarik inflow. Top picks (20/6) : TLKM, INCO, ELSA, INTP dan ACES. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -