Towards the end of 2023, PT Mirae Asset Sekuritas Indonesia predicts that the Composite Stock Price Index (IHSG) still has significant market strengthening potential due to the action of beautifying the portfolio by large investors (window dressing) at the end of the year or commonly called Santa Claus Rally, especially in some leading shares (blue chip).
Head of Research Team Mirae Asset Sekuritas Indonesia Robertus Hardy said that the superior stocks still have an interesting valuation to be accumulated again.
Some of these shares are PT Astra International Tbk (ASII), PT Telekomunikasi Indonesia Tbk (TLKM), PT XL Axiata Tbk (EXCL), and PT AKR Corporindo Tbk (AKRA).
ASII has a valuation of the share price ratio per profit (P/E) which continues to fall near the level of March 2020 despite the increasing profitability valuation of equity gains (ROE).
Meanwhile, the share price and the TLKM valuation also improved from the previous one which fell sharply. Another blue chip stock is EXCL, where the valuation of the share price ratio per book value (P/BV) has dropped to below 1x.
"In our opinion, EXCL shares are quite interesting, although ROE's profitability is not as high as other issuers in its sector, but issuers have big plans to consolidate 750,000 service users of PT Link Net Tbk (LINK)," he said in his official statement, Thursday, December 14.
According to Hardy, this transaction is still waiting for regulatory approval and is expected to be completed in the first quarter of 2024.
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Hardy said that one of the shares of the blue chip that is still lagging and interesting is AKRA where the company's P/E ratio still tends to stagnate, although ROE's profitability continues to increase.
Recently, the fuel logistics company has set a projected net profit growth of 12 percent -15 percent YoY in 2024, which is supported by demand for fuel and basic chemicals from the Eastern Indonesia Region, especially from the refining-melting industry of mining and mineral products (smelters).
In addition, the company is also optimistic that sales of the Java Integrated Industrial and Port Estate (JIIPE) industrial land in Gresik (East Java) will support its performance.
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