DAILY & TECHNICAL UPDATE

Thursday, March 30, 2023

CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

GLOBAL  Government appoints 3 state banks to manage MIP fund

Inde x La s t C ha nge % c hg  BEST books Rp34 bn net profit in FY22; a turnaround though still a miss
Do w 32,718 323.35 1.00  LPPF GMS decides Rp525/share dividend
S&P 500 4,028 56.54 1.42
Nasdaq 11,926 210.16 1.79 JCI STATISTIC
Eido US 23.6 0.43 1.85
Tn
H.S.I 20,192 407.75 2.06
8,000 50.0
Nikkei 27,884 365.53 1.33
STI 3,263 7.00 0.22 40.0
6,000
KLCI 1,420 11.26 0.80 30.0
Ko spi 2,444 8.98 0.37
20.0
SET Thai 1,611 3.61 0.22 4,000
10.0

COMMODITIES 2,000 0.0

Jan-19

Jun-19

Oct-22
Feb-21

Dec-21

May-22
Nov-19

Sep-20

Jul-21

Mar-23
Apr-20
Inde x La s t C ha nge % c hg
B rent Crude Oil ($ /bbl) 78.3 -0.37 -0.47
Volume JCI Index
WTI Crude Oil ($ /bbl) 73.0 -0.23 -0.31
CPO (M YR/to n) 4,027 -3.00 -0.07
DAILY TECHNICAL VIEW
Go ld (US$ /tr o unce) 1,965 -8.84 -0.45
Nickel (US$ /to n) 23,567 -335.00 -1.40
Tin (US$ /to n) 25,964 47.00 0.18 We expect JCI to trade between 6,787 (support) – 6,856 (resistance) level today
Co al (US$ /to n) 176.6 0.10 0.06 BBTN: Speculative buy at 1,240
Comment: Chance to rebound
EXCL: Speculative buy at 2,040
BEI STATISTICS
Comment: Chance to rebound
JCI 6,839
CPIN: Speculative buy at 5,100
Change (1day) 1.17%
Comment: Chance to rebound
Change YTD -0.16%
INKP: Sell on strength at 7,775
P /E M arket (X) 14.5
Comment: Testing resistance level
Vo lume (mn shr) 14,110.2
Value (Rp bn) 8,992.7
MARKET REVIEW & MARKET OUTLOOK
↑ 295 ↓ 215 ↔ 311
LQ45 947 Regional
% Change (1day) 1.25%
On Wednesday, there was a widespread increase in stocks, with the Nasdaq experiencing a
rebound from a previous session of losses, primarily due to significant gains in the
INTEREST RATE technology sector. Additionally, investor confidence improved as concerns regarding the
C urre nt P re v io us
banking industry appeared to lessen. Shares of major technology companies saw an uptick
B I 7D Reverse Repo (%) 5.75 5.75
in value. Meta and Netflix both saw an increase of over 2%, while Apple's shares closed
Fed fund rate (%) 5.00 4.75
almost 2% higher. Amazon experienced the most significant gains, with shares jumping
inflatio n mo m (%) 0.16 0.34
over 3%. As a result, The Dow Jones Industrial Average surged 323.35 points, or 1%, to
Inflatio n yo y (%) 5.47 5.28
close at 32,718. S&P 500 gained 1.4% to end at 4,028, and the Nasdaq Composite added
nearly 1.8% to close at 11,926. In the commodity market both WTI and Brent dropped 0.47%
EXCHANGE RATE
and 0.31% to USD78.3 and USD73.0/bbl. CPO inched lower by 0.07% to 4,027 MYR/ton
La s t C ha nge % c hg
1USD = IDR 15,065 -22.00 -0.15
while gold and nickel both weakened by 0.45% and 1.40%, respectively.
1USD = SGD 1.33 0.00 0.02
1USD = JP Y 132.71 -0.15 -0.11 Domestic
1USD = A UD 1.50 0.00 0.03 JCI increased by 1.17% to 6,839 with foreigners recording a net buy of Rp1.1 tn. The
1USD = EUR 0.92 0.00 0.04 leading sectors were: sector: Energy (+2.30%), Consumer cyclical (+1.59%), Financials
(+1.27%), Industrials (+1.02%), Infrastructures (+0.91%), Basic Materials (+0.88%),
DUAL LISTING Transportation & Logistic (+0.64%) and Healthcare (+0.11%). The Index movers were BBRI
S t o c k s C lo s e C hg. % c hg In R p. V o l. ( A D R ) (+2.22% to 10,350), BBCA (+1.44% to 8,800) and TLKM (+1.23% to 4,100). Our technical desk
TLKM 27.4 0.22 0.81 4,128 148,367 suggests for trading within 6,787 (support) – 6,856 (resistance) range with a possibility to
close in the positive level. While Rupiah strengthened by 22 points to Rp15,065/USD.

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

GOVERNMENT APPOINTS 3 STATE BANKS TO MANAGE MIP FUND

The Indonesian government has appointed Bank Mandiri (BMRI), Bank Rakyat Indonesia (BBRI), and
Bank BNI (BBNI) as the authorized managing institutions for coal levies via the Partner Institution
Management (MIP) program. The trio of state-owned banks will be responsible for administering the
levies accumulated from all coal mining export transactions and channeling them towards
companies satisfying their Domestic Market Obligation (DMO) commitments.

Comment: With the implementation of the MIP, we anticipate that the DMO penalty scheme will
become obsolete. In its place, the MIP is likely to collect a fee equivalent to 25% of the production
volume from all miners, irrespective of their compliance with the DMO quota. Thereafter, it is
rumored that the fee rates for collection will be adjusted based on the coal quality from the
individual mines. While the formula for determining the fee is currently under discussion and
remains unclear, we expect that the implementation of the MIP may potentially have an adverse
impact on the coal miners under our coverage; contingent on the fee rate. Currently we have
overweight rating for Coal sector

BEST BOOKS RP34 BN NET PROFIT IN FY22; A TURNAROUND THOUGH STILL A MISS

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

Bekasi Fajar Industrial Estate (BEST) booked earnings of Rp34 bn in FY22, a turnaround from net
loss of Rp71 bn a year ago, however still below our expectation as it only accounts for 26% of our
FY21 number. The positive earnings were made on the back of strong top line, where revenues
jumped 136.2% YoY to Rp543 bn which relatively in line with our estimate. Margins improve across
the board with GPM/OPM rose to 58.7%/40.0% vs. 51.4%/12.8% in FY21 respectively. Operating
profit was stronger 637.4% YoY to Rp217 bn, however the bottom line was offset by increasing forex
loss of Rp50 bn and rising interest expense. On quarterly basis, the 4Q22 revenue soared 121.4%
QoQ to Rp136 bn, however booked a net loss of Rp61 bn due to significant higher COGS and other
expenses in the period.
Comment: We will review our earnings forecast following the FY22 financial result. Currently we
maintain our BUY rating with TP Rp180/sh.

LPPF GMS DECIDES RP525/SHARE DIVIDEND

General meeting of shareholders (GMS) of LPFF approved the shares transfer of the buyback result
(treasury shares) through the withdrawal of 104,130,700 shares of the total shares that have been
bought back by the Company by decreasing the Company’s issued and paid-up capital. It will be
carried out of a maximum 10% of the Company’s issued shares amounting a maximum of Rp200 bn,
with the maximum price of share buyback to Rp7,900/share. This will be also carried out no later
than 18 months after the GMS. Besides, LPPF will distribute dividends from the Company's net
income from FY22 in the amount of Rp525/share.
Comment: Despite of the shares buyback, we see by having 10.6% of dividend yield, this emphasizes
LPPF’s solid performance and confidence, sending positive signal towards the market and remains
as positive catalyst for LPPF share price. Accordingly, we maintain our BUY rating for LPPF with
Rp5,600/sh target price.

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

TECHNICAL ANALYSIS
JCI : 6,839 or increased 80 points (+ 1.17%)
1.17
Comment : The Jakarta Composite Index (JCI) increased 80 points (+ 1.17%) to finish at 6,839.
Traded in the range of high/low : 6,851 and 6,760. BBRI, BBCA and TLKM consecutively became
leading movers. The stock extend gain with higher low and higher high, bullish bias and scope for
further gain. Price action moving outside resistance
resistance line level with increased volume. High volatility
with a marubozu bullish candlestick pattern with a fairly sharp price spike occurring suddently and
lasting until the market close. Technically, the index is bullish on the medium term outlook. Near
term
rm resistance is seen at 6,884. Near term support is seen at 6,787. Any close above will drag the
index correction.

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

STOCK OF THE DAY

BBTN : Chance to rebound
BBTN fell 1.59% and closed at 1,240. The stock continues to trade correction. Technical bias for the
stock is bearish. The stock has formed a bullish candlestick pattern from support trendline,
potential for rebound. It faces strong support at 1,210. Speculative buy at 1,240 with stop loss of
1,200 for taking profit of 1,255.

EXCL : Chance to rebound

EXCL fell 0.49% lower and closed at 2,040. The stock fades the previous day’s corrective bounce
from the weekly support at 1,990 but stay inside a bullish chart pattern. Meanwhile, the stock’s
upside moves need a sustained break of the 2,060 to to justify the bullish rectangle pattern for the
next target bullish at 2,130. Speculative buy at 2,040 with stop loss of 1,995 for taking profit of
2,130.

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

CPIN : Chance to rebound

CPIN rose 0.49% and closed at 5,100. The stock continues to trade higher. Technical bias for the
stock is bullish. The stock has formed a spike candlestick pattern on daily chart, scope for further
gain. It faces minor support at 5,000. Should the 5,000 level holds, CPIN has opportunity to rebound.
Near term resistance iss seen at 5,150.

INKP : Chance to rebound

INKP rose 0.33% higher and closed at 7,625. The stock extends gain with higher low and higher
high, bullish bias and scope for further gain. Price action is above support line which is trending
higher. INKP is likely
ikely to extend its bullish streak to test next resistance would be 7,775 level. Near
term support is seen at 7,350.

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

CIPTADANA FIXED INCOME DAILY

CURRENCY TRADING RANGE OF TODAY

USD/Rp: 15,015 – 15,115

INDONESIA GOVERNMENT
AVERAGE DEPOSIT RATE
SECURITIES YIELD
Maturity (yrs) Yield (%) 1M 3M 6M 1YR 2YRS
1 5.98 IDR 3.68 4.01 3.88 3.81 3.50
3 6.40 US$ 1.44 1.46 1.35 1.40
5 6.41
10 6.82 JIBOR (RP) 6.40 6.76 6.88 7.08
15 7.04 JIBOR (USS) 7.08 #N/A N/A #N/A N/A #N/A N/A
30 7.07

BASE LENDING RATE EXCHANGE RATE

EXCHANGE RATE % chg.

BI RATE 5.75 1 US$ = IDR 15,065 0.15
FED FUND RATE 5.00 1 US$ = SGD 1.33 -0.02
LPS INSURED RATE 1 US$ = JPY 132.71 0.11
IDR 5.25 1 US$ = AUD 0.67 -0.03
US$ 1.50 1 US$ = EUR 1.08 -0.04

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 DAILY & TECHNICAL UPDATE
Thursday, March 30, 2023
CIPTADANA SEKURITAS ASIA
http://www.ciptadana.com

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transaction. Nor are we acting in any other capacity as a fiduciary to you. When making and investment decision, you should determine,
without reliance upon us or our affiliates, the economic risks and merits (and independently determine that you are able to assume these
risks) as well as the legal, tax and accounting characterizations and consequences of any such transaction. In this regard, by accepting
this report, you acknowledge that (a) we are not in the business of providing (and you are not relying on us for) legal, tax or accounting
advice, (b) there may be legal, tax or accounting risks associated with any transaction, (c) you should receive (and rely on) separate and
qualified legal, tax and accounting advice and (d) you should apprise senior management in your organization as to such legal, tax and
accounting advice (and any risks associated with any transaction and our disclaimer as to these matters.

Please see analyst certification and other important disclosures at the back of this report