The domestic technology sector is currently facing a severe storm of macroeconomic challenges. Rising global oil prices, interest rate policies predicted to remain high, and skyrocketing memory chip component costs due to the artificial intelligence (AI) phenomenon are the main burdens pressing down the performance of issuers in this industry.
An analyst from Sucor Sekuritas, Dicky Susilo Adi, in his latest research explained that the combination of these factors is forcing technology companies, especially those still dependent on hardware imports, to adjust their strategies. Dependence on the US dollar amid the weakening of the rupiah exchange rate and the high cost of capital (cost of capital) are real obstacles to maintaining profit margins.
In response to this situation, Sucor Sekuritas decided to revise the target price of PT Metrodata Electronics Tbk (MTDL) shares to Rp560 per share and PT Mastersystem Infotama Tbk (MSTI) to Rp1,450 per share. Earnings projections for both issuers were also cut by 6 to 12 percent, aligned with a slowing trend in capital expenditure realization from customers.
Despite facing margin pressures, analysts maintain an 'overweight' recommendation for the tech sector with specific notes on MTDL and MSTI. MTDL is viewed as having a defensive advantage thanks to its broad business diversification, ranging from distribution to IT consulting. Meanwhile, MSTI is considered an option with more attractive yield potential, though accompanied by a higher level of volatility.
Overall, the market is deemed to have priced in the existing macro risks at the current stock prices. Supporting factors such as strong recurring revenue, healthy balance sheets, and long-term prospects from AI infrastructure digitalization are expected to serve as a cushion for both companies amid global economic uncertainty.
