Jakarta, CNBC Indonesia – The Composite Stock Price Index (JCI) closed up 0.70% at 6,644.47 starting this week’s trading, Tuesday (17/5/2022). JCI successfully turned green after last week’s correction for 5 consecutive days.
Foreigners were observed to have entered the stock market with a net buy of Rp 165 billion in all markets with a total transaction value of Rp 16.1 trillion.
Domestically, a positive catalyst came from the release of Indonesia’s trade balance data for April 2022. The Central Statistics Agency (BPS) reported that Indonesia’s exports had increased by 48% compared to April last year.
Meanwhile, imports experienced a sharp increase of 22% compared to April last year.
Indonesia’s trade balance in April 2022 experienced a surplus of US$7.56 billion, mainly from the non-oil and gas sector of US$9.94 billion. Meanwhile, in the oil and gas sector, there was a deficit of US$2.38 billion.
Please note this is a surplus of 24 consecutive months and a record high in history.
These factors have led to the appreciation of the stock prices of KBMI 4, aka banks with core capital above Rp. 70 trillion, and pushing the JCI into the green zone. See the following table.
|
issuer |
%Change |
PER |
PBV |
|
BBRI |
4,71% |
13,86 |
2,48 |
|
BBCA |
1,02% |
28,28 |
4,69 |
|
BMRI |
0,64% |
9,13 |
1,88 |
|
BBNI |
2,42% |
9,94 |
1,25 |
It was noted that all KBMI 4 banks managed to go green in yesterday’s trading where PT Bank Rakyat Indonesia Tbk (BBRI) led the appreciation with a 4.71% increase to a price level of Rp 4,450/unit.
Speaking of valuations, some of KBMI 4’s bank shares are already relatively cheap due to a 5-day straight correction last week.
In terms of the ratio of income compared to price alias PER, PT Bank Mandiri Tbk (BMRI) became KBMI’s 4 banking stock with the cheapest PER ratio at 9.13 times after successfully recording a net profit of Rp 10.03 trillion in the first quarter of 2022.
Meanwhile, in terms of comparative valuation of book value compared to stock prices, PT Bank Negara Indonesia Tbk (BBNI) is the cheapest because it is traded with a PBV ratio of 1.25 times.
CNBC INDONESIA RESEARCH TEAM
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