Daily Report

Saham bank berpotensi kembali menopang IHSG (19/7)

19 Jul 2024
Mayoritas indeks-indeks Wall Street lanjutkan pelemahan di Kamis (18/7). Pelemahan ini diperkirakan lebih sebagai profit taking normal. Hal ini diindikasikan dari penguatan indeks saham berkapitalisasi kecil, Russell 2000 sampai dengan 3.5% di Kamis (18/7). Pelemahan juga dialami oleh mayoritas indeks di Eropa (18/7). Pelemahan ini dipicu oleh keputusan ECB menahan sukubunga acuan di 4.25% (18/7). IHSG berpeluang uji resistance level 7350-7380 di Jumat (19/7). Secara teknikal, IHSG Kembali menguat di Kamis (18/7) pasca coba tutup gap ke 7200 di Rabu (17/7). Saham-saham bank, khususnya bank berkapitalisasi besar menjadi movers utama IHSG di Kamis (18/7) seiring stabilisasi nilai tukar Rupiah di Bawah Rp16,200/USD sampai Kamis (18/7) sore. Kondisi ini diperkirakan masih berlanjut di Jumat (19/7). Top picks (19/7) : BBCA, ITMG, ADRO, UNTR dan PTBA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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Rotasi dari saham teknologi berlanjut di AS

18 Jul 2024
Nasdaq (-2.77%) mengalami pelemahan harian terburuk dalam beberapa tahun terakhir. Pemerintah AS menyampaikan potensi trade restrictions yang lebih ketat kepada perusahaan teknologi di AS apabila tetap membuka akses U.S.-made technology ke produsen Tiongkok. Inflasi total di Euro Area turun ke 2.5% yoy di Juni 2024 dari 2.6% yoy di Mei 2024. U.S. 10-year Treasury Bond Yield cenderung sideways di bawah 4.2% di Rabu (17/7). Harga brent dan crude menguat sekitar 2% di Rabu (17/7) menyusul penurunan EIA crude oil stock sebesar 4.78 juta barel di pekan lalu. IHSG diperkirakan kembali bergerak sideways di kisaran 7200 pada perdagangan Kamis (18/7). Pasar masih mencerna keputusan RDG BI menahan sukubunga acuan di 6.5% (17/7). Top picks (18/7) : BBRI, BTPS, TLKM, ASII, ACES dan INDF. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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IHSG masih rawan pullback lanjutan

16 Jul 2024
Indeks-indeks Wall Street menguat di Senin (15/7). Pasar mulai mencerna peningkatan peluang kemenangan Donald Trump dalam Pemilu Presiden AS di November 2024 pasca penembakan pada akhir pekan lalu. Pasar juga dipengaruhi spekulasi bahwa Trump akan menerapkan kebijakan inward looking dan anti-immigration yang jauh lebih ekstrim dibanding periode kepemimpinan pertamanya dulu, jika terpilih. U.S. 10-year Treasury Yield konsolidatif di kisaran 4.2% hingga Senin (15/7). Tiongkok mencatat perlambatan pertumbuhan ekonomi ke 4.7% yoy di 2Q24 dari 5.3% yoy di 1Q24. Realisasi di bawah ekspektasi (5% yoy) ini memicu kekhawatiran terhadap outlook ekonomi Tiongkok. IHSG masih rawan pullback lanjutan ke kisaran 7250-7230 di Selasa (16/7). Dari domestik, nilai ekspor tumbuh 1.17% yoy di Juni 2024, jauh lebih rendah dari ekspektasi (5.13 yoy). Top picks (16/7) : ICBP, INKP, BBYB, MNCN dan JPFA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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Daily Stock Review

Today’s Selective Shares by Phintraco Sekuritas

19 Jul 2024
19 Juli 2024
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Today’s Selective Shares by Phintraco Sekuritas

18 Jul 2024
18 Juli 2024
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Antisipasi pemangkasan the Fed Rate di September 2024

17 Jul 2024
Ekspektasi pemangkasan sukubunga acuan the Fed di September 2024 kembali mendorong penguatan indeks-indeks Wall Street di Selasa (16/7). CME FedWatch Tools mencatat peluang pemangkasan sukubunga acuan sebesar 87.6% di September 2024. Kepala the Fed, Jerome Powell menyatakan bahwa the Fed tidak akan menunggu inflasi AS turun ke 2% yoy sebelum memangkas sukubunga acuan. U.S. 10-year Treasury Yield turun ke 4.158 di Selasa (16/7). ZEW Economic Sentiment Index di Euro Area turun ke 43.7 di Juli 2024 (vs 51.3 di Juni 2024) dan Jerman ke 41.8% di Juli 2024 (vs 47.5 di Juni 2024). Harga brent melemah 0.8%, sementara harga crude melemah 0.9% merespon ekspektasi penurunan permintaan dari Tiongkok. Pelemahan IHSG diperkirakan terbatas pada kisaran support 7200 di Rabu (17/7). Top picks (17/7) : ESSA, MDKA, BMRI, ASSA, TINS dan MAPI. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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Weekly Report

The Fed hampir dipastikan pangkas sukubunga di September 2024

15 Jul 2024
DJIA tutup di atas 40,000 untuk pertama kalinya dalam sejarah (12/7). CME FedWatch Tools mencatat peluang pemangkasan sebesar 90.3% di September 2024. Hal ini turut memicu ekspektasi pemangkasan lanjutan ECB yang direspon positif oleh indeks-indeks di Eropa. Pertumbuhan ekonomi Tiongkok diperkirakan melambat ke 5% yoy di 2Q24 dari 5.3% yoy di 1Q24. Pekan ini pasar mengantisipasi data Neraca Perdagangan Indonesia (NPI) dan keputusan RDG BI. Pasar menantikan pandangan dari BI terkait peluang pemangkasan di 2024, seiring perkembangan kondisi terkini di eksternal. IHSG mungkin ditopang euforia the Fed di awal pekan, tapi waspadai potensi profit taking di tengah-akhir pekan ini. Top picks : ADMR, INTP, ICBP, MAPI dan MYOR. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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IHSG ditopang euforia the Fed

08 Jul 2024
Pasar merespon positif kenaikan U.S. Unemployment Rate ke 4.1% di Juni 2024 dari 4% di Mei 2024. Data tersebut meningkatkan peluang pemangkasan sukubunga acuan the Fed secara signifikan ke 72% di September 2024 (CME FedWatch Tools). Partai oposisi, Labor Party mencatatkan kemenangan telak dalam Pemilu Parlemen di Inggris. Nilai tukar Rupiah berpotensi lanjutkan penguatan pada pekan ini seiring dengan mulai berbaliknya capital flow ke pasar modal Indonesia dalam sepekan terakhir. IHSG berpeluang lanjutkan penguatan di awal pekan (kondisi losing momentum untuk pullback). Waspadai potensi pullback di tengah sampai dengan akhir pekan ini. Top picks : INCO, MEDC, AMRT, ICBP, TLKM dan EXCL. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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IHSG berpeluang uji resistance 7130-7150

01 Jul 2024
Perlambatan kenaikan U.S. Personal Core Expenditure (PCE) Price index di Mei 2024 menjaga ekspektasi pasar terhadap pemangkasan the Fed Rate di FOMC September 2024. Peluang pemangkasan masih di atas 50% (CME FedWatch Tools). IHSG berpeluang lanjutkan penguatan uji resistance area 7130-7150 di awal pekan. Waspadai potensi pullback jelang akhir pekan bersamaan dengan jadwal pidato Kepala the Fed, Jerome Powell (3/7). Inflasi Indonesia diperkirakan turun ke 2.70% yoy di Juni 2024 dari 2.84% yoy di Mei 2024. Inflasi yang relatif stabil di level rendah memberikan ruang bagi BI untuk berbagai upaya stabilisasi nilai tukar Rupiah. Kondisi ini diharapkan dapat menjaga Rupiah di bawah Rp16,400/USD. Top picks : ADMR, ANTM, PTBA, UNVR, dan CTRA. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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Weekly Swing Trading Ideas

PHINTAS Weekly Swing Trading Ideas

22 Jul 2024
22 Juli 2024
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Pasar antisipasi data investasi riil 2Q24

22 Jul 2024
Indeks-indeks global, di AS dan Eropa melemah di Jumat (19/7). Terjadi global IT blackout yang sempat mengganggu operasional sejumlah bidang usaha dan pelayanan umum di Jumat (19/7). Pelemahan indeks-indeks utama di Wall Street (19/7) juga masih dipicu oleh rotasi ke saham-saham berkapitalisasi kecil yang diyakini pasar memperoleh keuntungan signifikan dari pemangkasan sukubunga acuan oleh the Fed. Pasar juga terpengaruh keputusan ECB untuk menahan sukubunga acuan (18/7) dan nada hawkish dari petinggi ECB terkait peluang pemangkasan lanjutan kedepan. Dari dalam negeri, pasar menantikan data investasi riil oleh BKPM. Pasar nampaknya sudah mengantisipasi kemungkinan perlambatan pertumbuhan investasi riil. IHSG diperkirakan kembali fluktuatif di kisaran 7250-7330 di Senin (22/7). Top picks : ADMR, AKRA, AVIA, BRIS, INDF, SIDO, dan INCO. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -
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PHINTAS Weekly Swing Trading Ideas

15 Jul 2024
15 Juli 2024
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IPO Summary

PT Intra GolfLink Resorts Tbk (GOLF)

24 Jun 2024
PT Intra GolfLink Resorts Tbk Code : GOLF Sector : Consumer Cyclicals Sub-Sector : Recreational & Sports Facilities --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 28 Juni 2024 Perkiraan Masa Penawaran Umum : 02 Juli - 04 Juli 2024 Perkiraan Tanggal Penjatahan : 04 Juli 2024 Perkiraan Tanggal Distribusi Saham : 05 Juli 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 08 Juli 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 3,100,000,000 saham atau sebanyak-banyaknya 15.02% dari total modal ditempatkan dan disetor setelah Penawaran Umum Perdana Saham yang merupakan Saham Baru dengan nilai nominal Rp25 setiap saham. Nilai Nominal : Rp25 per lembar saham Harga Penawaran : Rp200 - Rp230per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp713,000,000,000 Penjamin Emisi : PT KB Valbury Sekuritas PT Samuel Sekuritas Indonesia PT Semesta Indovest Sekuritas PT Trimegah Sekuritas Indonesia Tbk --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -
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PT Superior Prima Sukses Tbk (BLES)

14 Jun 2024
PT Superior Prima Sukses Tbk Code : BLES Sector : Basic Materials Sub-Sector : Construction Materials --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 26 Juni 2024 Perkiraan Masa Penawaran Umum : 28 Juni - 02 Juli 2024 Perkiraan Tanggal Penjatahan : 02 Juli 2024 Perkiraan Tanggal Distribusi Saham : 03 Juli 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 04 Juli 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1,318,979,000 saham atau sebanyak-banyaknya 15.05% dari total modal ditempatkan dan disetor setelah Penawaran Umum Perdana Saham yang merupakan Saham Baru dengan nilai nominal Rp50 setiap saham. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp175 - Rp185 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp244,011,115,000 Penjamin Emisi : PT Lotus Andalan Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id
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PT Multi Hanna Kreasindo Tbk

22 Mar 2024
Code : MHKI Sector : Industrials Sub-Sector : Environmental & Facilities Services --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 28 Maret 2024 Perkiraan Masa Penawaran Umum : 02 - 04 April 2024 Perkiraan Tanggal Penjatahan : 04 April 2024 Perkiraan Tanggal Distribusi Saham : 05 April 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 08 April 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 750,000,000 saham biasa dengan nilai nominal Rp50 setiap saham atau sebanyak-banyaknya 20.00% dari modal ditempatkan dan disetor penuh dalam Perseroan setelah Penawaran Umum Perdana Saham. Nilai Nominal : Rp50 per lembar saham Harga Penawaran : Rp160 - Rp200 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp150,000,000,000. Penjamin Emisi : PT NH Korindo Sekuritas Indonesia Tbk (100%) --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -
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Company Update

INDF : Operational Efficiency Drives EBITDA Improvement

18 Jul 2024
INDF's revenue grew limited 0.81% YoY to IDR30.7 trillion in 3M24.  Despite the limited revenue growth, INDF recorded a Cost of Goods Sold (COGS) decline by 3.87% YoY to IDR19.5 trillion in 3M24. As a result, the gross profit grew significantly by 10.19% YoY to IDR11.2 trillion in 3M24. EBITDA grew significantly in line with efficient operating activities. INDF recorded EBITDA grew significantly by 25.18% YoY to Rp7.2 trillion in 3M24 from Rp5.7 trillion in 3M23. This growth aligned with a significant decrease in operating expenses by 9.42% YoY to Rp3.9 trillion in 3M24 from Rp4.4 trillion in 3M23. This condition shows that INDF can increase efficiency in its operating activities, reflected in significant EBITDA growth. Raw material prices flatten, INDF's profitability has the potential to stabilize. In producing its products, INDF utilizes critical raw materials such as CPO and Wheat, so its profitability depends on fluctuations in raw material prices. If CPO and Wheat prices are more stable in the future, INDF's profitability will potentially stabilize. The Company's subsidiaries have a global bond burden in USD. PT Indofood CBP Sukses Makmur Tbk (ICBP), as a subsidiary of INDF restructured its debt to finance the acquisition of Pinehill Company Ltd. (PCL) by issuing four global bonds in USD. This action increased ICBP's total debt in FY21, and its interest expenses also increased significantly. ICBP's average sales growth post-PCL acquisition from 2020 to 2023 was 12.73%. Then, ICBP's average net profit margin (NPM) from 2020 to 2023 is 12.78%, so we believe ICBP's NPM will stabilize at a 2-digit level in the next few years. We estimate that this condition can cover high-interest expenses and minimize liquidity risk. Using the Discounted Cash Flow method with Required Return of 8.05% and Terminal Growth of 2.75%, we estimate INDF's fair value at IDR7,842 per share (Expected PE at 6.48x and EV/EBITDA at 3.91x in FY24). We give INDF a Buy rating with potential upside 31.80%. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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MBMA: Enhanced Earnings Momentum with an Integrated Nickel Supply Chain

01 Jul 2024
In 1Q24, MBMA's revenue fell 2.25% to US$444.23 mn, and net profit dropped 41.3% QoQ to US$3.67 million. This was due to significant declines in Nickel Pig Iron (NPI) and Limonite Ore sales, impacted by adverse weather and equipment shortages. NPI production and sales also decreased, with an 8.6% QoQ drop in Average Selling Price (ASP) amid fluctuating nickel prices. High-Grade Nickel Matte (HGNM) sales increased 18.4% QoQ to US$196.94 mn, despite lower production and a 3.82% drop in ASP to US$13,673/tonne. The revenue growth was driven by reduced purchasing costs for Low-Grade Nickel Matte (LGNM) and a 7.30% QoQ decline in All-In-Sustaining Cost (AISC), leading to a significant rise in cash margin by 2,905% QoQ to US$511/tonne. MBMA is set for growth in 2024F with advancements in its High Pressure Acid Leach (HPAL) and Acid Iron Metal (AIM) projects. The AIM acid plant successfully delivered its first acid post-1Q24, with further developments expected by 2Q24 and 2H24. The PT ESG HPAL plant is targeting late 2024 for commissioning and subsequent nickel production. These projects are anticipated to enhance MBMA's market position, diversify and increase revenue, and support long-term growth. We assign a BUY rating to MBMA with a potential upside of 20.58% or IDR760 per share. This valuation is based on the Sum-of-the-Parts (SOTP) valuation method with a WACC rate of 11.43% and terminal growth of 5%. The positive outlook is driven by growth projects, AIM plant production, and the planned HPAL plant commissioning. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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TOWR : Unlocking Hidden Revenue Streams

27 Jun 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 -
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Market Outlook

Telco Infrastructure : Tower Infrastructure is Evolving to Support Next-Generation Connectivity

19 Jul 2024
Interest rate hikes by the Fed and Bank Indonesia since 2022 increased interest costs for tower companies, expecting a rate cut in September 2024 that could reduce the company's interest expenses. TOWR benefits more than MTEL as its interest-bearing debt/total liabilities ratio is lower, so the expected rate cut this year could boost its profit margins. Indonesia's Digital Transformation 2030 aims to become the world's fifth-largest economy. Its focus is on developing and expanding digital infrastructure, particularly in remote areas. Telecommunications companies are expanding into Eastern Indonesia with great potential and low penetration, with government support in constructing broadband networks. We recommend overweight on the tower sector due to continued demand growth driven by government focus on infrastructure for Indonesia Emas 2045, with Top Picks TOWR (target price IDR850) and MTEL (target price IDR720), as well as upside risk from demand growth and realization of interest rate cAut. By PHINTRACO SEKURITAS | Research - Disclaimer On -
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IT Services & Consulting: Unveiling Indonesia’s Burgeoning Tech Ecosystem

04 Mar 2024
Geopolitical tensions raise the risk of cyberattacks, and the average cost per breach continues to rise, highlighting the ongoing need for robust cybersecurity measures for businesses. 51% of companies increase cybersecurity costs and investments due to the escalating cost of data breaches and cyberattacks. Indonesia faces a critical challenge in data protection; this vulnerability underscores the need for robust cybersecurity through IT Consultants & Services companies. Indonesia's tech sector receives support from the government: Law No. 27 of 2022 on Personal Data Protection and Circular Letter No. 29/SEOJK.03/2022 related to robust data security protocols for individuals and financial institutions. There is no sector rating yet, but we foresee Indonesia's tech sub-sector IT Consultant & Services' prosperous future, propelled by a potent combination of supportive regulations, surging demand for security solutions, and the transformative potential of emerging technologies.
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2024 Economic & Market Outlook: Searching for Opportunities in a Political Year

02 Jan 2024
**REVIEW : Global Economic & Capital Market in 2023** >The acceleration of economic activity recovery cannot be matched by an increase in supply. >Russia-Ukraine war worsening supply chain disruption, especially in energy commodities. >Surge of inflation, especially in the USA and Europe, affected by energy commodities prices. >Tightening of monetary policy by the majority to reduce inflationary pressures. >This policy increased concerns about inflation, which had a negative impact on capital market index movements. **REVIEW : Indonesian Economy and Capital Market in 2023** >Public mobility increased after lifting Large-Scale Social Restrictions (PSBB) and implementing Community Activity Restrictions (PPKM) in early 2023. >Indonesia's economy grew above 5% yoy for two consecutive quarters in 1H-2023. >Economic growth followed by improvement in quality of life index. >Export performance experienced a significant decline throughout 1H-2023 in line with the more profound than expected moderation in commodity prices. >Inflation is relatively controlled and stable within the 2023 State Revenue and Expenditure Budget (APBN) assumed range. >BI tends to implement accommodative monetary policy throughout most of 2023. >The Indonesian banking sector is relatively solid, as indicated by optimizing the Loan to Funding Rate (LFR) ratio and the decline in Non-Performing Loans (NPL). >The Rupiah exchange rate tends to depreciate as capital outflow increases in Q3-2023.IHSG is more volatile in 2023 and is still stuck below 7000. >The transportation & logistics sector leads sector performance on the IHSG in 9M2023.PHINTRACO SEKURITAS (AT) *"2024 Economic & Market Outlook: Searching for Opportunities in a Political Year."* -December 2023- --------------- *REVIEW : Global Economic & Capital Market in 2023* >The acceleration of economic activity recovery cannot be matched by an increase in supply. >Russia-Ukraine war worsening supply chain disruption, especially in energy commodities. >Surge of inflation, especially in the USA and Europe, affected by energy commodities prices. >Tightening of monetary policy by the majority to reduce inflationary pressures. >This policy increased concerns about inflation, which had a negative impact on capital market index movements. *REVIEW : Indonesian Economy and Capital Market in 2023* >Public mobility increased after lifting Large-Scale Social Restrictions (PSBB) and implementing Community Activity Restrictions (PPKM) in early 2023. >Indonesia's economy grew above 5% yoy for two consecutive quarters in 1H-2023. >Economic growth followed by improvement in quality of life index. >Export performance experienced a significant decline throughout 1H-2023 in line with the more profound than expected moderation in commodity prices. >Inflation is relatively controlled and stable within the 2023 State Revenue and Expenditure Budget (APBN) assumed range. >BI tends to implement accommodative monetary policy throughout most of 2023. >The Indonesian banking sector is relatively solid, as indicated by optimizing the Loan to Funding Rate (LFR) ratio and the decline in Non-Performing Loans (NPL). >The Rupiah exchange rate tends to depreciate as capital outflow increases in Q3-2023.IHSG is more volatile in 2023 and is still stuck below 7000. >The transportation & logistics sector leads sector performance on the IHSG in 9M2023. --------------- *OUTLOOK : Global Economic & Capital Market in 2024* >Global economic problems are expected to continue in 2024. >Supply disruption potential if the intensity of geopolitical conflicts increases. >Several central banks are expected to maintain tight policies in 2024. >Risky investment instruments are expected to remain disrupted amidst risk uncertainty. *OUTLOOK : Indonesian Economic & Capital Market in 2024* >Economic growth is estimated at 5.2% yoy in the 2024 APBN. >The quality of life index is expected to improve in 2024. >The budget condition has returned to stability to pre-pandemic. >The Rupiah exchange rate is expected to be more volatile in 2024. >The 2024 simultaneous national and local elections will have limited influence on investment realization in Indonesia. >A more active Monetary and Fiscal policy mix is ​​needed to reduce capital outflows, which trigger a descending of the Rupiah exchange rate. >IHSG is targeted at 7711 in 2024. --------------- By PHINTRACO SEKURITAS | Research - Disclaimer On - Visit our website : www.phintracosekuritas.com www.profits.co.id www.taspro.co.id --------------- **OUTLOOK : Global Economic & Capital Market in 2024** >Global economic problems are expected to continue in 2024. >Supply disruption potential if the intensity of geopolitical conflicts increases. >Several central banks are expected to maintain tight policies in 2024. >Risky investment instruments are expected to remain disrupted amidst risk uncertainty. **OUTLOOK : Indonesian Economic & Capital Market in 2024** >Economic growth is estimated at 5.2% yoy in the 2024 APBN. >The quality of life index is expected to improve in 2024. >The budget condition has returned to stability to pre-pandemic. >The Rupiah exchange rate is expected to be more volatile in 2024. >The 2024 simultaneous national and local elections will have limited influence on investment realization in Indonesia. >A more active Monetary and Fiscal policy mix is ​​needed to reduce capital outflows, which trigger a descending of the Rupiah exchange rate. >IHSG is targeted at 7711 in 2024. --------------- By PHINTRACO SEKURITAS | Research - Disclaimer On -
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