FROM EQUITY RESEARCH DESK
IDEA OF THE DAY
Mitra Keluarga Karyasehat: Proven strategy execution led to solid 1H24; expect sustainable earnings momentum in FY24-25F (MIKA.IJ Rp 3,010; BUY; TP Rp 3,400) · We believe MIKA’s solid 1H24 net profit of Rp601bn (+33%yoy) has demonstrated its execution of marketing and cost efficiency strategies. · We upgrade our FY24F/FY25F EPS forecast by +5%/+9%, with key revenue drivers from high-intensity cases and private patients. · We maintain our Buy rating on MIKA with a slightly higher TP of Rp3,400 on its attractive growth outlook. To see the full version of this report, please click here Macro Strategy: The Monetary Easing Coercion · The latest Beige Book report further supports Fed’s rate cut proposition given more signals of economic moderation. · BI’s historic rate cut consistently reflects anticipatory moves in response to global economic downturn to mitigate the spillover effects. · While China’s Third Plenum yet to offer substantial reform. The PBOC unprecedented rate cut on the 1Y and 5Y LPR could risk IDR volatility. To see the full version of this report, please click here To see the full version of this snapshot, please click here
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RESEARCH COMMENTARY HMSP’s (Hold – TP Rp730) 1H24 sales volume down 2.9% yoy (1Q24: +1.6% yoy)
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MACROECONOMY
Indonesia: The Carbon Exchange Transactions Amounted to Rp36.7bn as of Jun24
The value of carbon market transactions in Indonesia has reached Rp36.7bn since its launch on September 26, 2023, until June 30, 2024. The trading volume on the carbon exchange amounted to 608k tons of CO2 equivalent. In 1H24, the government recorded carbon transaction values amounting to Rp5.9bn, with a trading volume of 114.5k tons of CO2 equivalent. (Emiten News)
SECTOR
The Government Plans to Impose of Excise Tariffs on Plastic Products and Packaged Sweetened Beverages
- The Ministry of Finance's Directorate General of Customs and Excise will impose excise tariffs on plastic products, including plastic bags, multi-layer packaging, polystyrene, and plastic straws.
- The government will also stipulate exemptions for certain products, such as those intended for scientific research/development, exempted for foreign representatives/experts, passenger luggage, border crossers, and certain border shipments, as well as for social purposes.
- Tariffs will be set per kilogram for domestic manufacturers and importers for foreign-produced goods.
- The government will also impose excise tariff on ready-to-drink beverages, including fruit juice with added sugar, energy drinks, and refreshing solution drinks.
- Exemptions are provided for medical purposes, honey, juice, or drinks without added sweeteners. Tariffs will be imposed per liter based on sugar content. (Bisnis Indonesia)
Comment: This will increase the price of beverage products from ICBP, SIDO and UNVR
CORPORATE
ANTM Produced 4.19mn wmt of Nickel Ore in 1H24
ANTM recorded nickel ore production of 4.19mn wet metric tons (wmt) in 1H24, marking a 39.53% yoy decline (1H23: 6.93mn wmt). Additionally, nickel ore sales reached 3.36mn wmt in 1H24. Furthermore, ANTM produced 10,169 tons of nickel in ferronickel (TNi) during 1H24, with sales totaling 6,778 TNi. (Kontan)