Jakarta, CNBC Indonesia – Within one month, the domestic stock market tends to move sideways. The Composite Stock Price Index (JCI) is consolidating in the area of 5,950-6,125.
There is no positive sentiment that is able to move the capital market, amidst the increasing number of COVID-19 cases and making Indonesia’s economic outlook bleak. Of course, this is a negative sentiment for the JCI and makes it difficult for the benchmark index to penetrate the 6,200 level.
Moreover, Covid-19 cases continue to set new records for daily cases. The Ministry of Health as of Thursday (15/7/2021) until 12:00 WIB recorded the number of new cases as many as 56,757 people. With this, the total number of Covid-19 cases in the country is 2,726,803 people. This number again broke the record from the previous one, on Wednesday (14/7/2021) an additional 54,517 new cases were added.
The failure to implement the Emergency PPKM which has been implemented since July 3 in suppressing the spread of the Covid-19 virus has caused several figures, such as the Minister of Finance, Sri Mulyani, to say that it is very likely that the Emergency PPKM will be extended again.
However, amid the consolidation of the JCI, there are several cheap Big Cap stocks that are worthy of collection. Here are 5 stocks bluechip which is among the top 20 with the highest market capitalization on the stock exchange which is still cheap.
Listed stock bluechip the cheapest fell to PT Bank Negara Indonesia Tbk (BBNI) with a price valuation compared to book value (PBV) at 0.76 times. This figure is of course very cheap considering that rule of thumb PBV valuation below 2 times can still be said to be reasonable, while if the PBV is below 1 time it is considered very cheap.
Price valuation compared to net profit aka PER BBNI also confirms that the Red Plate banking stock price is indeed still relatively cheap. BBNI is recorded as trading with a PER of 9.2 times, again below the average for stocks on the IDX which has a PER of 20.79 times.
BBNI has even just received a positive sentiment, where the government has just placed State Capital Investment (PMN) Rp 7 T for strengthening tier 1 capital and BBNI’s CAR (capital adequacy ratio).
Then in the second and third positions came the issuers of the Astra Group, namely PT United Tractors Tbk (UNTR) and its parent company PT Astra Internasional Tbk (ASII). Both companies have a relatively cheap PBV valuation of 1.12 times and 1.21 times, respectively. Meanwhile, when using the PER valuation, both are still quite good at 9.6 times and 13.08 times.
The low price of Astra Group shares is due to the company’s performance that is less shiny after being attacked by the Covid-19 pandemic. In 2020 if the profit from the divestment of Permata Bank is not included, ASII’s net profit will only be Rp 10.28 trillion or a drop of 52.62% compared to 2019.
This, of course, led to a sell-off by investors, which then depressed the performance of Astra’s shares. In the future, with the intensification of stimulus for the automotive sector, such as PPNBM discounts, it is hoped that ASII et al’s performance can rise quickly, so there is no need to be surprised if in the years to come, when the economy recovers, ASII et al.’s prices are no longer cheap.
Furthermore, there is also the name of the cigarette issuer PT Gudang Garam Tbk (GGRM) which is traded with low PBV and PER, namely 1.3 times and 11.21 times. Previously, GGRM’s PBV even approached the number 1 because it continued to be corrected after the cigarette excise tax was raised again by the Minister of Finance, Sri Mulyani.
However, recently the news that a Japanese tobacco company is ready to acquire GGRM has made the stock price skyrocket. Moreover, this year GGRM is ready to distribute dividends of Rp 5 trillion after the absence of dividend distribution last year.
Finally, another Himbara banking name appeared, namely PT Bank Mandiri Tbk (BMRI), which is also still classified as shares bluechip cheap. In terms of valuation, BMRI’s PBV is at 1.51 times and BMRI is traded with a PER of 11.58 times.
CNBC INDONESIA RESEARCH TEAM
(trp/trp)
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