Mandiri Sekuritas, Head of Equity Research Adrian Joezer estimates that public listed companies' net profit growth (earnings growth) in 2022 will be at the level of 18.4%. While this year, the increase is estimated at around 40.4%.

Meanwhile, revenue growth is targeted at around 8.7% in 2022 and 11.9% this year.

Meanwhile, the details of the increase in net profit in 2022 per sector are as follows: banking industry 17.7%, construction and materials 60.7%, consumer staples 15.4%, healthcare 1.8%, consumer discretionary 19.3%, commodities 18.5%, property and industrial estate 6.6%, telecommunications 20.6%, and poultry 11.6%.

"In the first quarter, earnings growth has reached 24% from the consensus of 40%. Although it is still minus on an annual basis (YoY), it is not too missed because it has contributed a quarter, the down size risk is good, and the JCI has returned 15 times," he said in Jakarta, Wednesday (19/5).

He continued, Mandiri Sekuritas maintained the JCI prediction until the end of this year at the level of 6,850. However, in recent months, the Indonesian Stock Exchange has shown sluggishness compared to the position in November-December 2020.

"This is due to concerns about economic recovery in developed countries, especially in the United States, which is faster than developing countries," he said.