L A P O R A N H A R I A N RESEARCH PERKIRAAN PASAR HARI INI PERKEMBANGAN INDUSTRI / PERUSAHAAN. Senin, 16 Mei 2016

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1 Penutupan Perubahan %Prb %Ytd P/E Americas INDU Index 17, SPX Index 2, CCMP Index 4, (5.79) IBOV Index 51, EMEA UKX Index 6, (1.66) CAC Index 4, (6.84) RTSSTD Index 12, IBEX Index 8, (8.62) FTSEMIB Index 17, (17.22) 3.88 AEX Index (1.88) SMI Index 7, (10.12) Asia / Pacific NKY Index 16, (12.83) HSI Index 19, (10.02) 9.85 SHCOMP Index 2, (20.12) TWSE Index 8, (3.72) KOSPI Index 1, JCI Index 4, SET Index 1, PCOMP Index 7, SENSEX Index 25, (2.40) FSSTI Index 2, (5.13) Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5, , Volume Transaksi (Juta Saham) 3, , Nilai Transaksi (IDR Juta) 4, , Nilai/ saham (IDR) 1, , Net Asing (IDR Juta) (341,219.75) 368, Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 8, , Tembaga/Copper (US$/Ton) 4, , Timah/Tins (US$/Ton) 16, , Minyak/Oil (US$/BBL) (*) Gas (US$/MMBTU) Batu Bara/Coal (US$/Ton) (**) Emas/Gold (USD/OZ) 1, , CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton) 2, , (*) WTI Cushing (**) McCloskey Newscatle ADR Stocks Bloomberg Terakhir % Konversi Terakhir (Rp) (US$) Prb (Rp) Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US , , Saham Pilihan Hari Ini Rekomendasi TP (Rp) Property and Real Estate Sector NEUTRAL - Infrastructure Sector OVERWEIGHT - Cement Sector NEUTRAL - Banking Sector NEUTRAL - Telecommunication Sector OVERWEIGHT - Tower (Telecommunication) Sector OVERWEIGHT - Oil & Gas Sector OVERWEIGHT - Metal Mining Sector NEUTRAL - Coal Mining Sector NEUTRAL - Palm Oil Sector NEUTRAL - Consumer Sector - FMCG NEUTRAL - Consumer Sector - Cigarette NEUTRAL - Pharmaceutical Sector OVERWEIGHT - Healthcare Sector OVERWEIGHT - Transportation Sector NEUTRAL - Automotive Sector NEUTRAL - Poultry Sector NEUTRAL - Crops Sector OVERWEIGHT - Fishery Sector OVERWEIGHT - Retail Sector NEUTRAL - PERKIRAAN PASAR HARI INI Indeks Bursa Saham Indonesia Diprediksi Bergerak Mix Dengan Kecenderungan Menguat Indeks Dow Jones pada perdagangan Jumat kemarin (13/5/2016) ditutup melemah 1,05% ke level ,32 sementara indeks S&P 500 ditutup melemah 0,85% di level 2.046,61. Indeks bergerak melemah didorong oleh pelemahan pada harga minyak, dan sentimen negatif dari sektor saham consumer yang menekan pergerakan indeks saham. Rilis data kinerja Nordstorm dan J.C. Penney yang berada dibawah ekspektasi analyst menambah tekanan ke indeks. Sementara itu, bursa Eropa pada penutupan Jumat kemarin ditutup sebagian besar dalam teritori positif. Indeks FTSE ditutup menguat sebesar 0,56% ke level 6.138,50 sementara indeks DAX ditutup menguat 0,92% ke level 9.952,90. Pasar bergerak naik dipengaruhi sentimen dari penguatan sektor retail AS yang memberi sentimen positif ke bursa saham. Saham emiten Ubisoft naik 8% pada perdagangan kemarin. Sementara itu bursa Asia pada pembukaan perdagangan Senin ini dibuka dalam teritori positif. Indeks Nikkei dibuka menguat 0,66% ke level ,23. Indeks menguat diiringi pelemahan yang terjadi pada nilai tukar Yen terhadap dollar yang menyentuh level yang menjadi katalis positif terhadap produk ekspor Jepang. Sementara itu potensi penguatan diprediksi terjadi di bursa saham Indonesia. Penguatan yang terjadi di pasar saham Asia berpotensi mendorong IHSG. Namun demikian potensi pergerakan IHSG diprediksi masih dalam kecenderungan mix. Indeks diprediksi akan berada di rentang dengan support di level 4.720, dengan saham pilihan diantaranya BBNI, ASII, TLKM, ADRO, SSIA, WIKA. Analyst: Ankga Adiwirasta (ankga.adiwirasta@bnisecurities.co.id) PERKEMBANGAN INDUSTRI / PERUSAHAAN Semen Indonesia (SMGR) Bidik Saham Waskita Beton Precast (WBP). BUY. Analyst: Maxi Liesyaputra.

2 Senin, 16 Mei 2016 RINGKASAN BERITA PT Bumi Serpong Damai Tbk (BSDE) berencana menerbitkan obligasi sebesar Rp1,5 triliun dalam dua seri dengan tenor lima tahun dan tujuh tahun. PT Tiga Pilar Sejahtera Food Tbk (AISA) meraih laba bersih Rp122,97 miliar pada 1Q16, turun tipis jika dibandingkan laba bersih periode sama tahun sebelumnya yang Rp123,97 miliar. PT Voksel Elektric Tbk (VOKS) berhasil meraih laba bersih Rp27,61 miliar pada 1Q16 dibandingkan rugi bersih yang diderita Rp17,52 miliar pada periode sama tahun sebelumnya. PT Semen Indonesia (Persero) Tbk (SMGR) bakal mengalokasikan sekitar 40% dari perolehan laba bersih 2015 untuk dividen. Artinya, emiten semen milik negara ini bakal membayarkan dividen ke pemegang sahamnya sebesar Rp1,81 triliun. PT Bank Mandiri Tbk (BMRI) mengantongi laba bersih 1Q16 sebesar Rp3,8 triliun, didorong oleh pertumbuhan pendapatan bunga bersih dan premi bersih sebesar 19,1 persen, serta pendapatan berbasis komisi yang tumbuh 8 persen secara tahunan. Anak usaha PT Bukit Uluwatu Tbk (BUVA) yakni PT Bukit Nusa Harapan (BNH) telah mendapatkan fasilitas kredit dari PT Bank ICBC Indonesia. PT Plaza Indonesia Realty Tbk (PLIN), emiten properti spesialis kelas atas, meraup laba bersih sebanyak Rp134,08 miliar pada 1Q16, tumbuh 126,38% secara tahunan. (Sumber : IQplus, Kontan, Indonesia Finance Today) No Stock Top Value (IDR) 1 ASII IJ 350,739,300,000 2 TLKM IJ 319,959,600,000 3 BBRI IJ 251,518,500,000 4 BMRI IJ 201,674,800,000 5 BBCA IJ 198,975,500,000 No Stock Top Volume (Shares) 1 DOID IJ 229,992, ELSA IJ 177,475, MYRX IJ 162,861, INDY IJ 117,675, PBRX IJ 87,755, No Top Gainers % change 1 MGNA IJ WAPO IJ ASJT IJ INDY IJ GIAA IJ 9.48 No Top Losers % change 1 MYOH IJ SAFE IJ TIRT IJ DAJK IJ NELY IJ No Leading Mover % change 1 SCMA IJ TBIG IJ MIKA IJ GIAA IJ HMSP IJ 0.20 No Lagging Mover % change 1 ASII IJ TLKM IJ GGRM IJ BMRI IJ CPIN IJ ,990 5,000 12,310 4,500 9,630 4,000 6,950 3,500 4,270 3,000 1,590 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec 24-Feb 5-May Volume (RHS) (Bn Shares) JCI (LHS)

3 PERKEMBANGAN INDUSTRI / PERUSAHAAN Semen Indonesia (SMGR) Bidik Saham Waskita Beton Precast (WBP) Berita SMGR membidik sebagian saham WBP yang akan dilepas melalui IPO tahun ini. Langkah tersebut untuk memperkuat lini bisnis baru, termasuk ready mix dan pracetak, Pandangan analis: Rencana SMGR tersebut diharapkan akan memberikan sinergi terhadap bisnis beton perseroan dalam jangka panjang. Hal tersebut didukung oleh kemampuan WBP dalam memperoduksi beton pracetak (precast concrete) dengan pertumbuhan yang berkesinambungan. Kebutuhan beton pracetak akan terus bertumbuh seiring dengan peningkatan pembangunan infrastruktur di Indonesia. Dalam perspektif yang lebih luas, terdapat hubungan yang kuat antara bisnis beton dengan bisnis semen yang dijalankan oleh SMGR. Target harga saham SMGR adalah Rp dengan redomendasi BUY. Analyst: Maxi Liesyaputra (maxi@bnisecurities.co.id)

4 TARGET HARGA SAHAM Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Banking BBCA IJ Equity 318, BUY 16,000 BBNI IJ Equity 86, n.a NOT RATED - BBRI IJ Equity 250, BUY 13,500 BMRI IJ Equity 218, BUY 11,400 BBTN IJ Equity 18, HOLD 1,800 BJBR IJ Equity 8, n.a BUY 990 BJTM IJ Equity 7, n.a BUY 495 Average 129, Cement INTP IJ Equity 72, n.a HOLD 17,400 SMGR IJ Equity 60, HOLD 10,850 SMBR IJ Equity 4, n.a HOLD 334 SMCB IJ Equity 8,391 n.a n.a HOLD 1,020 Average 36, Telecommunication TLKM IJ Equity 369, HOLD 3,900 ISAT IJ Equity 35, HOLD 5,400 EXCL IJ Equity 30, BUY 4,200 Average 145, Transportation GIAA IJ Equity 11,951 n.a n.a BUY 425 BIRD IJ Equity 10, n.a HOLD 7,800 TAXI IJ Equity n.a SELL 160 SOCI IJ Equity 3, n.a BUY 825 WINS IJ Equity 719 n.a n.a HOLD 225 Average 5, #DIV/0! Automotive ASII IJ Equity 291, BUY 7,000 IMAS IJ Equity 5, n.a HOLD 3,000 Average 148, Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Construction WIKA IJ Equity 16, HOLD 3,180 ADHI IJ Equity 10, BUY 2,645 PTPP IJ Equity 17, BUY 4,420 WSKT IJ Equity 30, BUY 2,180 TOTL IJ Equity 2, n.a BUY 840 WTON IJ Equity 8, n.a BUY 1,090 Average 14, Infrastructure PGAS IJ Equity 64, n.a HOLD 3,000 JSMR IJ Equity 35, BUY 6,850 Average 50, Oil & Gas MEDC IJ Equity 4,849 n.a HOLD 1,050 ELSA IJ Equity 3, n.a NOT RATED RUIS IJ Equity n.a NOT RATED - ENRG IJ Equity 2, n.a HOLD 120 Average 2, Property ASRI IJ Equity 7, n.a HOLD 380 APLN IJ Equity 5, n.a HOLD 300 BKSL IJ Equity 2, n.a HOLD 90 BSDE IJ Equity 37, n.a BUY 2,360 CTRA IJ Equity 19, n.a HOLD 980 CTRP IJ Equity 3, n.a HOLD 470 CTRS IJ Equity 4, n.a BUY 2,850 BEST IJ Equity 2, n.a BUY 438 SSIA IJ Equity 3, n.a BUY 780 MDLN IJ Equity 4, n.a HOLD 450 PWON IJ Equity 24, n.a BUY 545 LPKR IJ Equity 23, n.a HOLD 1,320 SMRA IJ Equity 23, BUY 1,830 KIJA IJ Equity 5, n.a BUY 280 Average 11,

5 TARGET HARGA SAHAM Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Agriculture AALI IJ Equity 25, HOLD 20,000 BWPT IJ Equity 9,237 n.a n.a BUY 220 LSIP IJ Equity 11, n.a BUY 1,700 SGRO IJ Equity 3, n.a HOLD 1,540 SIMP IJ Equity 8, n.a HOLD 450 Average 11, Metal ANTM IJ Equity 16, n.a HOLD 420 INCO IJ Equity 18, HOLD 1,850 TINS IJ Equity 6, n.a BUY 610 Average 13, Mining ADRO IJ Equity 23, BUY 670 HRUM IJ Equity 2,420 n.a n.a HOLD 810 ITMG IJ Equity 8, n.a HOLD 7,000 PTBA IJ Equity 16, HOLD 8,100 Average 12, Consumer UNVR IJ Equity 336, BUY 43,500 INDF IJ Equity 61, BUY 7,700 ICBP IJ Equity 87, n.a BUY 16,700 MYOR IJ Equity 29, BUY 32,000 AISA IJ Equity 3, n.a BUY 2,150 ROTI IJ Equity 6, n.a BUY 1,450 GGRM IJ Equity 131, HOLD 68,000 Average 93, Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY16F FY16F Ratio 1 Year (Current) Float Shares Pharmaceutical KLBF IJ Equity 63, BUY 1,700 KAEF IJ Equity 7, n.a BUY 1,370 Average 35, Healthcare SILO IJ Equity 9, n.a BUY 16,400 MIKA IJ Equity 36, n.a BUY 2,800 Average 23, #DIV/0! Poultry CPIN IJ Equity 60,017 n.a n.a BUY 4,075 JPFA IJ Equity 10, n.a BUY 950 MAIN IJ Equity 3, n.a UNDER REVIEW - Average 24, Crops BISI IJ Equity 5, n.a BUY 1,800 Fishery DPUM IJ Equity 4,989 n.a n.a n.a BUY 1,500 Retail RALS IJ Equity 4, n.a HOLD 830 MAPI IJ Equity 6, n.a HOLD 4,780 Average 5, Wholesaler MPMX IJ Equity 2, n.a BUY 585 Towers TOWR IJ Equity 41, n.a HOLD 4,500 TBIG IJ Equity 27, HOLD 7,000 Average 34, Heavy Equipment UNTR IJ Equity 58, n.a HOLD 16,200

6 TEAM Research Division : (Hunting) Fax No. : research@bnisecurities.co.id Website : Norico Gaman Maxi Liesyaputra Ariawan Andri Zakarias Siregar (Head of Research Division) (Head of Equity (Head of Fixed Income (Head of Technical Analysis norico@bnisecurities.co.id Research Department) Research Department) Research Department) Ext: 3934 maxi@bnisecurities.co.id ariawan@bnisecurities.co.id andri.zakarias@bnisecurities.co.id Investment Strategy Ext: 3968 Ext: 2098 Ext: 2054 Construction, Property, Fixed Income Market, Corporate Market Strategy, Currency Infrastructure, Cement Bond, Government Bond Commodities, Bond & Stocks Heru Irvansyah Yasmin Soulisa Richard Jerry Ankga Adiwirasta (Economist) (Equity Analyst) (Equity Analyst) (Equity Analyst) heru@bnisecurities.co.id yasmin@bnisecurities.co.id richard@bnisecurities.co.id ankga.adiwirasta@bnisecurities.co.id Ext: 2030 Ext: 3987 Ext: 2032 Ext: 3986 Macroeconomic and Plantation, Coal Mining, Telecommunication, Banking, Consumer Goods, Pharmaceutical, Financial Market Metal Mining, Oil & Gas, Tower Infrastructure, Health Care, Manufacture Media & Advertising e-commerce Dessy Lapagu Thennesia Debora R. Venia Allani Meissalina Indah Lestari Permata Herlina (Equity Analyst) (Equity Analyst) (Research Assistant) (Research Assistant) dessy@bnisecurities.co.id thennesia@bnisecurities.co.id venia.allani@bnisecurities.co.id indah.lestari@bnisecurities.co.id Ext: 2051 Ext: 2123 Ext: 2050 Ext: 2073 Poultry, Crops, Fishing, Retail Transportation, Automotive, Data Administrator Data Administrator Heavy Equipment

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