Daily Report

04 November 2022

Research Department - email : valburyriset@bloomberg.net

NEWS HEADLINES JAKARTA COMPOSITE INDEX CHART

.

 PWON - 9M22 Net profit jumped 65%yoy

 Cigarette Industry- Cigarette excise tax will increase 10%
 BRPT - place stakes in Star Energy in inbreng transaction
 MYOR - spent 45.7% of planned capex
 SGRO - To distribute an interim dividend of IDR90 per
share Support Level 6981/6928/6894
7069/7103/7157
 INTA - Restructures IDR2.3 tn loans on its three Resistance Level
Major / MinorTrend Up / Down
subsidiaries
JCI Statistics
 HDIT - Obtained license to issue its own e-money Last Closing 7034.57
 TOTL - Bagged IDR1.9 tn new contract with IDR10 tn % Chg 1D 0.27
% Chg YTD 6.88
pipeline projects Val (IDR Bn) 12,213.08
Vol (Mn shares) 21,162.86
Foreign Net Buy (IDR bn) (366.86)
Mkt. Cap (IDR tn) 2,753.60
MARKET COMMENTARY
US stocks tumbled as investors look for jobs report as Global Indices Last Prev Chg
a measure for the next fed rate hikes and anticipates Dow Jones Indus 32,001.25 32,147.76 -146.51
Nasdaq Composite 10,342.94 10,524.80 -181.86
trade balance data. European stocks mostly closed
FTSE 100 7,188.63 7,144.14 44.49
lower as market reacted negatively to Fed’s latest Shanghai SE 2,997.81 3,003.37 -5.56
decision and UK central bank which agressively rising Hang Seng 15,339.49 15,827.17 -487.68
policy rates by 75bp, or the biggest hike in 33years. Nikkei 225 27,663.39 27,678.92 -15.53

Asia markets benchmark index weaken adopting the Commodities Last Prev Chg
possible fed rate hikes ahead. Brent Oil (USD/Barrel) 87.92 88.17 -0.25
Natural Gas (USD/mmbtu) 5.92 5.98 -0.05
Coal NEWC (USD/MT) 351.00 385.60 -34.60
From commodity market, oil traded lower post CPO (MYR/MT) 4,178.00 4,207.00 -29.00
Chinese weak economic data hints for slowing Nickel LME (USD/MT) 22,803.00 24,145.00 -1342.00
demand growth from the world's largest crude Tin LME (USD/MT) 17,762.00 18,010.00 -248.00
importer. Gold also traded lower on stronger dollar Gold (USD/ounce) 1,631.53 1,629.50 2.04
and worries on market that the Fed now has signaling
Currency Last Prev Chg
to be more hawkish.
USD/IDR 15,695.00 15,647.00 48.00
DXY Index 112.89 112.93 -0.04
Jakarta composite closed higher 18.883 points EUR/USD 1.03 1.03 0.00
(+0.269%) to 7,034.57 amidst weakening global JPY/USD 148.25 148.26 -0.01
market. Despite central bank interest rate hikes trend, AUD/USD 1.59 1.59 0.00
market seems continue to cautiously optimistic on CNY/USD 7.30 7.29 0.01
earnings data. However, we view JCI potentially
JCI Leading Movers Last Chg % Indx pts
closed lower today on take profit sentiment.
GOTO IJ 200 2.56 10.04
BBRI IJ 4,650 0.87 5.74
BMRI IJ 10,175 0.99 4.72
BBCA IJ 8,800 0.57 3.86
BANK IJ 1,440 17.55 2.76

JCI Lagging Movers Last Chg % Indx pts

TLKM IJ 4,130 -2.13 -10.90
ASII IJ 6,375 -0.78 -2.33
MDKA IJ 3,800 -2.06 -2.30
AMRT IJ 2,630 -0.75 -0.97
CPIN IJ 5,750 -0.86 -0.84
Source: Bloomberg .

1
 Daily News
4 November 2022

SGRO - To distribute an interim dividend of IDR90 per share JAKART

PWON - 9M22 Net profit jumped 65%yoy Sampoerna Agro (SGRO) prepares its interim cash dividend
PT Pakuwon Jati (PWON) 3Q22 net profit grew 14.4%qoq and distribution of IDR163.67 bn, or IDR 90 per share (implying a 4%
surged 70.2%yoy, with strong cumulative basis growth at 65%yoy dividend yield), for the fiscal year 2022. It is scheduled to take
and beats KBVS and consensus expectation (75%/70.4%). place on November 22, 2022. Regarding the cum and ex dividend
Recurring revenue of IDR2.78tn (66%yoy), capturing strong post date, SGRO has set said dates in the regular and negotiation
pandemic recovery and proven improving malls traffic as mobility market on November 11-12, 2022, and in the cash market on
restriction have turned to zero. On retail mall & hotel, of the total November 15-16, 2022. The recording date of the Official
portfolio around 92% of malls occupied and hotel Revpar rose Shareholders List will fall on November 15, 2022, as well. (Source:
111%yoy. (Source : Company) IDN Financials)

Comment:
We expect 4Q22 net profit growth could sustain underpinned by INTA - Restructures IDR2.3 tn loans on its three subsidiaries
solid recurring income. As normalize malls foot traffic post Covid- Intraco Penta (INTA) restructures loans on three of its subsidiaries
19 is likely to sustain, we view PWON’s retail mall & hotel portfolio worth a total of IDR2.3 tn owed to PT Bank Mandiri (BMRI). The
resilient income could continue and become as the main driver to restructuring is intended to rearrange and conclude the loan facility
maintain its margin, in our view. from Bank Mandiri, as well as advance the letter of credit (L/C)
facility to PT Intraco Penta Wahana (IPW). The restructuring
involves extending the loan term to 10 years. The subsidiaries that
Cigarette Industry - Cigarette excise tax will increase 10% have received the debt restructuring include IPW, PT Intraco Penta
Government officially decided to increase cigarette excite tax in Prima Servis (IPPS), and PT Columbia Chrome Indonesia (CCI).
2023 and 2024 by 10%. This will be applied to, machine-made The facility restructuring that involves debt novation to IPW and
kretek (SKM) and white cigarettes (SPM). The average 10% IPPS first began in 2019, while the additional novation to CCI just
increase consist of SKM Tier I and II, which rise 11.5 to 117% and started this year. This step is reasonable means to improve the
SPM I and II will be raised by 12% and 11%. (Source : Bisnis cash flow of the company, as the cost of repayment to the bank will
Indonesia) become lower. Furthermore, it allows INTA to gradually restore the
business group collectability level to performing loans. (Source:
Comment: The higher cigarette excise tax will lead to a higher cost IDN Financials)
of production and at the same time hurt producer’s margin. As the
rising cost pressure pass on to higher average selling price,
demand will be slower and volume sales growth will continue to HDIT - Obtained license to issue its own e-money
decline. That said, we expect cigarette manufacturers would be Hensel Davest Indonesia (HDIT) extends its financial service scope
struggle to maintain earnings growth going forward. by issuing its own e-money. The company had obtained the
authorisation as the payment service provider, particularly the
license to issue electronic money (e-money), from Bank Indonesia
BRPT - place stakes in Star Energy in inbreng transaction (BI). Said license was officially secured earlier this week (31/10).
BRPT and Green Era Energy (GE) will place some of its stake in The e-money shall be issued no later than 120 days after this
Start Energy Group Holdings Pte. Ltd. to its subsidiary, Barito approval letter. Once the 120 days period have passed and no
Renewables Energy (BREN), in a transaction that called inbreng. action is being taken, the license will be annulled. (Source: IDN
The stakes that is owned by BRPT and GE represents 66.7% and Financials)
33.3% of its total outstanding shares. Meanwhile, the estimated
value of this transaction is IDR19.5 tn, assuming IDR15,596/ USD.
Following the transaction, BREN will issue a 19,463,808 new shares
that will be fully absorbed by BRPT and GE, in which the latter will TOTL - Bagged IDR1.9 tn new contract with IDR10 tn pipeline
be placed in Star Energy Group. (Source: Investor Daily) projects
PT Total Bangun Persada (TOTL) has obtained IDR1.9 tn new
contract by the end of Oct '22, almost achieving its 2022 new
MYOR - spent 45.7% of planned capex contract target of IDR2 tn. Additionally, the company is currently
MYOR has spent a IDR915 bn in capital expenditure, or 45.7% of participating in several project tenders with total potential contract
its allocated IDR2 tn for this year. The company has used the of IDR10 tn from the construction of industrial buildings,
capex, in which 30% is funded by internal cash, for completing its apartments, shopping malls, data centers and hotel. (Source:
biscuits production facilities. Meanwhile, MYOR has booked a Kontan)
IDR977.9 bn in net profit in 9M22, growing 10.9% yoy.
(Source: Bisnis Indonesia)

2
 Market Data
4 November 2022

COMMODITIES DUAL LISTING

Description Price (USD) Change Description Price (USD) Price (IDR) Change (IDR)
Crude Oil (US$)/Barrel 87.92 -0.25 TLKM (US) 26.07 4,091.69 -282.51
Natural Gas (US$)/mmBtu 5.92 -0.05 ANTM (GR)
Gold (US$)/Ounce 1,631.53 2.04
Nickel (US$)/MT 22,803.00 -1,342.00
Tin (US$)/MT 17,762.00 -248.00
Coal (NEWC) (US$)/MT* 351.00 -34.60
Coal (RB) (US$)/MT* 212.00 -21.60
CPO (ROTH) (US$)/MT 1,170.00 10.00
CPO (MYR)/MT 4,178.00 -29.00
Rubber (MYR/Kg) 806.50 5.00
Pulp (BHKP) (US$)/per ton 1,050.00 --
*weekly

GLOBAL INDICES VALUATION

Change PER (X) PBV (X) Market Cap
Country Indices Price
%Day %YTD 2022E 2023F 2022E 2023F (USD Bn)
USA DOW JONES INDUS. 32,001.25 -0.46 -11.94 17.47 15.72 4.14 3.75 9,556.30
USA NASDAQ COMPOSITE 10,342.94 -1.73 -33.89 23.69 20.09 4.18 3.77 17,787.06
ENGLAND FTSE 100 INDEX 7,188.63 0.62 -2.65 8.86 9.05 1.53 1.43 2,012.53
CHINA SHANGHAI SE A SH 3,141.92 -0.19 -17.63 10.75 9.38 1.23 1.12 5,772.71
CHINA SHENZHEN SE A SH 2,058.30 -0.04 -22.26 18.55 14.38 2.45 2.15 4,370.64
HONG KONG HANG SENG INDEX 15,339.49 -3.08 -34.44 8.62 7.52 0.89 0.83 2,143.79
INDONESIA JAKARTA COMPOSITE 7,034.57 0.27 6.88 14.92 14.85 1.98 1.79 596.26
JAPAN NIKKEI 225 27,248.44 -1.46 -5.32 14.77 14.70 1.58 1.48 3,266.58
MALAYSIA KLCI 1,420.38 -2.15 -9.39 13.92 12.45 1.39 1.33 200.68
SINGAPORE STRAITS TIMES INDEX 3,102.51 -1.23 -0.68 11.79 10.47 1.02 0.97 338.14

FOREIGN EXCHANGE FOREIGN EXCHANGE

Description Rate (IDR) Change Description Rate (USD) Change
USD/IDR 15,695.00 48.00 1000 IDR/ USD 0.06371 -0.00020
EUR/IDR 15,310.47 -18.58 EUR / USD 0.97550 0.00060
JPY/IDR 105.87 -0.10 JPY / USD 0.00675 0.00000
SGD/IDR 11,045.04 -4.52 SGD / USD 0.70373 0.00045
AUD/IDR 9,878.43 -175.23 AUD / USD 0.62940 0.00050
GBP/IDR 17,543.87 -122.87 GBP / USD 1.11780 0.00180
CNY/IDR 2,149.56 0.00 CNY / USD 0.13696 -0.00022
MYR/IDR 3,308.53 0.31 MYR / USD 0.21080 0.00002
KRW/IDR 11.00 -0.02 100 KRW / USD 0.07011 -0.00011

CENTRAL BANK RATE INTERBANK LENDING RATE

Description Country Rate (%) Description Country Rate (%)
FED Rate (%) US 4.00 JIBOR (IDR) Indonesia 5.43
BI 7-Day Repo Rate (%) Indonesia 4.75 LIBOR (GBP) England 2.91
ECB Rate (%) Euro 2.00 SIBOR (USD) Singapore 0.17
BOJ Rate (%) Japan 0.10 D TIBOR (YEN) Japan 0.06
BOE Rate (%) England 3.00 Z TIBOR (YEN) Japan 0.10
PBOC Rate (%) China 4.35 SHIBOR (RENMINBI) China 1.68

INDONESIAN ECONOMIC INDICATORS IDR AVERAGE DEPOSIT

Description October-22 September-22 Description Rate (%)
Inflation YTD % 4.73 4.84 1M 3.39
Inflation YOY % 5.71 5.95 3M 3.54
Inflation MOM % -0.11 1.17 6M 3.52
Foreign Reserve (USD) 130.80 Bn 132.20 Bn 12M 3.52
GDP (IDR Bn) 4,919,931.00 4,513,326.00

3
 Market Data
4 November 2022

BUSINESS & ECONOMIC CALENDAR

Wednesday, November 2, 2022
03:30 USD API Weekly Crude Oil Stock -6.530M 0.267M 4.520M
21:30 USD Cushing Crude Oil Inventories 1.267M 0.667M
Thursday, November 3, 2022
08:45 CNY Caixin Services PMI (Oct) 48.4 49.2 49.3
19:30 USD Exports 258.90B
19:30 USD Imports 326.30B
19:30 USD Nonfarm Productivity (QoQ) (Q3) 0.60% -4.10%
19:30 USD Trade Balance (Sep) -72.20B -67.40B
20:45 USD S&P Global Composite PMI (Oct) 47.3 49.5
20:45 USD Services PMI (Oct) 46.6 49.3
21:00 USD Factory Orders (MoM) (Sep) 0.30% 0.00%
Friday, November 4, 2022
21:00 USD FOMC Member Rosengren Speaks
Saturday, November 5, 2022
00:00 USD U.S. Baker Hughes Oil Rig Count 610
00:00 USD U.S. Baker Hughes Total Rig Count 768
02:30 USD CFTC Crude Oil speculative net positions 249.1K
02:30 USD CFTC Gold speculative net positions 68.0K
02:30 USD CFTC Nasdaq 100 speculative net positions 5.7K
02:30 USD CFTC S&P 500 speculative net positions -219.1K
Monday, November 7, 2022
09:00 IDR GDP (QoQ) (Q3) 1.62% 3.72%
10:00 CNY Exports (YoY) (Oct) 4.10% 5.70%
10:00 CNY Imports (YoY) (Oct) 0.10% 0.30%
10:00 CNY Trade Balance (USD) (Oct) 95.80B 84.74B
Wednesday, November 9, 2022
08:30 CNY CPI (MoM) (Oct) 0.40% 0.30%
08:30 CNY CPI (YoY) (Oct) 2.50% 2.80%
08:30 CNY PPI (YoY) (Oct) -1.40% 0.90%
Thursday, November 10, 2022
20:30 USD Core CPI (YoY) (Oct) 6.50% 6.60%

Source: Bloomberg **Western Indonesia Time

LEADING MOVERS LAGGING MOVERS

Stock Price Change (%) Index pt Stock Price Change (%) Index pt
GOTO IJ 200 2.56 10.04 TLKM IJ 4130 -2.13 -10.90
BBRI IJ 4650 0.87 5.74 ASII IJ 6375 -0.78 -2.33
BMRI IJ 10175 0.99 4.72 MDKA IJ 3800 -2.06 -2.30
BBCA IJ 8800 0.57 3.86 AMRT IJ 2630 -0.75 -0.97
BANK IJ 1440 17.55 2.76 CPIN IJ 5750 -0.86 -0.84
ITMG IJ 43600 4.00 1.68 ANTM IJ 1830 -1.88 -0.75
BEBS IJ 4300 2.38 1.43 INDF IJ 6375 -0.78 -0.56
ESSA IJ 1150 5.02 1.41 SMGR IJ 8025 -0.93 -0.55
UNTR IJ 31000 0.98 1.12 AVIA IJ 775 -1.90 -0.40
AKRA IJ 1550 3.68 1.05 INKP IJ 9725 -0.77 -0.36

UPCOMING IPO'S
IPO Price Issued
Company Business Offering Date Listing Underwriter
(IDR) Shares (Mn)
PT Jayamas Medica Industri Medical Equipment 204.00 4058.85 02-04 Nov 2022 08 Nov 2022 CLSA Sekuritas, CIMB
Manufacture Niaga, Ciptadana Sekuritas
PT Citra Borneo Utama CPO Plantation 690.00 625.00 02-04 Nov 2022 08 Nov 2022 BRI Danareksa, Mirae
Asset, Maybank Sekuritas
PT Wulandari Bangun Property & Real Estate 100.00 2750.00 02-04 Nov 2022 08 Nov 2022 Artha Sekuritas Indonesia
Laksana
PT Menthobi Karyatama CPO Plantation 120.00 2500.00 01-04 Nov 2022 08 Nov 2022 Danatama Makmur
Raya Sekuritas
PT Global Digital Niaga eCommerce 450.00 17771.21 02-04 Nov 2022 08 Nov 2022 PT BCA Sekuritas
Trade & Service BRI Danareksa Sekuritas
PT Bersama Zatta Jaya Manufacture 100.00 1700.00 02-08 Nov 2022 10 Nov 2022 UOB Kay Hian Sekuritas
Textile
PT Ketrosden Triasmita Infrastructure 300.00 426.20 02-08 Nov 2022 10 Nov 2022 Shinhan Sekuritas Indonesia
Telecommunication
PT Puri Sentul Permai Consumer 150.00 250.00 01-07 Nov 2022 09 Nov 2022 Victoria Sekuritas Indonesia
Service

4
 Corporate Info
4 November 2022
4 November 2022

DIVIDEND
Stock DPS (IDR) Status CUM Date EX Date Recording Payment
DVLA 41.00 Cash Dividend 02 Nov 2022 03-Nov-22 04-Nov-22 18-Nov-22
NELY 5.00 Cash Dividend 03 Nov 2022 04-Nov-22 07-Nov-22 25-Nov-22
DMAS 15.00 Cash Dividend 07 Nov 2022 08-Nov-22 09-Nov-22 25-Nov-22
GEMS 265.13 Cash Dividend 07 Nov 2022 08-Nov-22 09-Nov-22 17-Nov-22
KMDS 15.00 Cash Dividend 07 Nov 2022 08-Nov-22 09-Nov-22 18-Nov-22
SIDO 13.50 Cash Dividend 07 Nov 2022 08-Nov-22 09-Nov-22 18-Nov-22
DEPO 2.20 Cash Dividend 09 Nov 2022 10-Nov-22 11-Nov-22 21-Nov-22
SMSM 25.00 Cash Dividend 09 Nov 2022 10-Nov-22 11-Nov-22 23-Nov-22
ITMG 4128 Cash Dividend 10 Nov 2022 11-Nov-22 14-Nov-22 22-Nov-22
MLBI 43.00 Cash Dividend 10 Nov 2022 11-Nov-22 14-Nov-22 30-Nov-22
SKRN 30.00 Cash Dividend 10 Nov 2022 11-Nov-22 14-Nov-22 02-Dec-22
PNGO 50.00 Cash Dividend 11 Nov 2022 14-Nov-22 15-Nov-22 29-Nov-22
SGRO 90.00 Cash Dividend 11 Nov 2022 14-Nov-22 15-Nov-22 29-Nov-22

CORPORATE ACTIONS
Stock Action Ratio EXC. Price (IDR) CUM Date EX Date Trading Period
SMDR Stock Split 1:5 -- -- 21 Dec 2022 21 Dec 2022
ADHI Rights Issue 10 Mn : 19783232 550.00 24 Oct 2022 25 Oct 2022 28 Oct-08 Nov 2022
IATA Rights Issue 10:13 180.00 25 Oct 2022 26 Oct 2022 31 Oct-11 Nov 2022
BBSI Rights Issue 9:1 2480.00 10 Nov 2022 11 Nov 2022 16-22 Nov 2022
ABDA Tender Offer -- 6803.00 -- -- 18 Oct – 16 Nov 2022
IPAC Tender Offer -- 122.00 -- -- 18 Oct – 16 Nov 2022

GENERAL MEETING
Emiten AGM/EGM Date Agenda
RONY RUPST 04-Nov-22
SMGR RUPSLB 04-Nov-22
CARS RUPSLB 08-Nov-22
SMDR RUPSLB 09-Nov-22
LAPD RUPSLB 09-Nov-22
BIRD RUPSLB 10-Nov-22
KRYA RUPSLB 10-Nov-22
ISSP RUPSLB 10-Nov-22
ADCP RUPSLB 11-Nov-22
LINK RUPSLB 14-Nov-22
MSIN RUPSLB 14-Nov-22
BSWD RUPSLB 15-Nov-22
BACA RUPSLB 16-Nov-22
WAPO RUPSLB 16-Nov-22
BYAN RUPSLB 17-Nov-22
OKAS RUPSLB 17-Nov-22
BIPI RUPSLB 18-Nov-22
MGLV RUPSLB 18-Nov-22
PKPK RUPSLB 18-Nov-22

5
This report is prepared by PT KB Valbury Sekuritas, a member of the Indonesia Stock Exchange, or its subsidiaries or its affiliates
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do not make representations as to their accuracy, completeness or correctness. KBVS accepts no liability for any direct, indirect and/or
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The Research Analyst(s) primarily responsible for the content of this research report, in part or as a whole, certifies that the views about
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