L A P O R A N H A R I A N RESEARCH PERKIRAAN PASAR HARI INI PERKEMBANGAN INDUSTRI / PERUSAHAAN. Selasa, 27 September 2016

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1 Penutupan Perubahan %Prb %Ytd P/E Americas INDU Index 18, SPX Index 2, CCMP Index 5, IBOV Index 57, EMEA UKX Index 6, CAC Index 4, (5.24) RTSSTD Index 12, IBEX Index 8, (8.68) FTSEMIB Index 16, (23.43) 3.88 AEX Index SMI Index 8, (7.06) Asia / Pacific NKY Index 16, (13.33) HSI Index 23, SHCOMP Index 3, (14.50) TWSE Index 9, KOSPI Index 2, JCI Index 5, SET Index 1, PCOMP Index 7, SENSEX Index 28, FSSTI Index 2, (1.06) Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 5, , Volume Transaksi (Juta Saham) 3, , Nilai Transaksi (IDR Juta) 3, , Nilai/ saham (IDR) 1, , Net Asing (IDR Juta) (97,419.25) (140,336.50) Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 10, , Tembaga/Copper (US$/Ton) 4, , Timah/Tins (US$/Ton) 19, , Minyak/Oil (US$/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 IHSG Berpotensi Mengalami Pelemahan Bursa Amerika kembali ditutup di zona merah, di mana Dow Jones melemah 0,91% dan S&P 500 tercatat mengalami penurunan sebesar 0,86%. Hal serupa juga dialami bursa Eropa, di mana Euro Stoxx 600 mengalami penurunan sebesar 1,55% pada perdagangan kemarin. Melemahnya saham perbankan menjadi salah satu faktor yang menyebabkan melemahnya bursa Amerika dan Eropa setelah pemerintah Jerman mengindikasikan bahwa perlu dilakukan langkah penyelamatan untuk Deutsche Bank. Haven assets tercatat mengalami kenaikan permintaan di tengah ketidakpastian ekonomi global dan menyusul debat pertama calon preisden AS. Di pasar komoditas, WTI Crude ditutup di level USD 45,7/barrel, setelah Arab Saudi mengindikasikan akan melakukan pengurangan produksi. Sedangkan di Asia, indeks NIKKEI ditutup melemah 1,25%, salah satunya diakibatkan penguatan Yen dan pelemahan saham supplier dari Apple akibat kekhawatiran penjualan iphone 7 yang akan kurang menggembirakan di Eropa. Sedangkan indeks Shanghai Composite mencatat pelemahan sebesar 1,76%. Bursa Asia Tenggara tercatat mengalami penurunan, termasuk IHSG yang ditutup melemah 0,68% ke level 5.352,14. Sektor aneka industri mencatatkan penurunan terdalam, yaitu sebesar 1,89%, disusul konsumer (-1,23%) dan perdagangan (-0,98%). Penurunan ini menyusul penurunan yang terjadi di bursa global pada perdagangan hari Jumat sebelumnya serta pasar yang cenderung mencermati hasil debat presiden di AS hari ini. Investor asing mencatatkan net sell sebesar Rp 335,91 miliar. Di pasar valas, nilai tukar Rupiah terhadap USD ditutup menguat 0,31% ke level Rp /USD. Kami melihat indeks berpotensi kembali mengalami pelemahan pada hari ini, menyusul sentimen negatif dari pasar global pada perdagangan hari Senin. Analyst: Richard Jerry (richard@bnisecurities.co.id) PERKEMBANGAN INDUSTRI / PERUSAHAAN Puradelta Lestari (DMAS) Akan Tuntaskan Akuisisi Lahan. NOT RATED. Analyst: Maxi Liesyaputra. BI Berencana Turunkan Batas Maksimum Bunga Kartu Kredit. NEUTRAL. Analyst: Richard Jerry.

2 RINGKASAN BERITA PT Astra Graphia Tbk (ASGR) akan membagikan dividen interim tunai kepada pemegang sahamnya sebesar Rp27 per saham pada 17 Oktober PT Barito Pasific Tbk (BRPT) berhasil meraih laba sebesar US$49,30 juta pada 1H16 usai menderita rugi sebesar US$2,01 juta pada periode yang sama tahun lalu. PT Renuka Coalindo Tbk (SQMI) berniat melepas sebagian atau seluruh investasinya di dua entitas usahanya. Dua anak usaha Renuka Coalindo tersebut yakni PT Jambi Prima Coal dan PT Surya Global. Pendapatan PT Apexindo Pratama Duta Tbk (APEX) alami penurunan tajam menjadi US$71,30 juta pada 1H16 dibandingkan US$146,79 juta pada periode sama tahun sebelumnya. PT Gajah Tunggal Tbk (GJTL) mengatakan bahwa pada 22 September 2016 lalu perseroan melaporkan kepada National Highway Traffic Safety Administration (NHTSA) di Amerika Serikat. PT Selamat Sempurna Tbk (SMSM) berencana melakukan stock split atau pemecahan nilai saham dalam rangka meningkatkan likuiditas. Syarat minimal saham beredar di publik atau free float 7,5% sudah dipenuhi emiten suku cadang kendaraan bermotor ini. Publik saat ini menggenggam 602,85 juta saham atau setara 41,87% modal ditempatkan daan disetor penuh. PT Lippo Cikarang Tbk (LPCK) akan meluncurkan proyek hunian terjangkau (affordable housing) Urban Home Cikarang pada akhir Strategi pemasaran Perseroan akan menyasar pembeli rumah pertama dengan segmen kelas menengah dan menengah atas. Apartemen ini akan dibanderol dengan harga mulai dari Rp400 juta per unit. (Sumber : No Stock Top Value (IDR) 1 TLKM IJ 490,648,700,000 2 BMRI IJ 273,405,200,000 3 BBCA IJ 261,505,300,000 4 LPPF IJ 257,445,200,000 5 BBRI IJ 234,978,700,000 No Stock Top Volume (Shares) 1 BEKS IJ 609,920, MYRX IJ 566,752, BKSL IJ 178,498, TLKM IJ 120,404, NIKL IJ 80,294, No Top Gainers % change 1 AKKU IJ 30 2 TMPO IJ MKNT IJ NELY IJ MAYA IJ No Top Losers % change 1 FORU IJ NAGA IJ AIMS IJ ASBI IJ BYAN IJ No Leading Mover % change 1 TLKM IJ ASII IJ GGRM IJ BBCA IJ HMSP IJ 0.74 No Lagging Mover % change 1 BBNI IJ BYAN IJ BBRI IJ INDF IJ ISAT IJ ,000 5,500 5,000 14,990 12,310 4,500 9,630 4,000 6,950 3,500 4,270 3,000 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec 24-Feb 5-May 14-Jul 22-Sep 1,590 Volume (RHS) (Bn Shares) JCI (LHS)

3 PERKEMBANGAN INDUSTRI / PERUSAHAAN Puradelta Lestari (DMAS) Akan Tuntaskan Akuisisi Lahan Berita: DMAS menargetkan akan menuntaskan akuisisi lahan seluas 135 hektar (ha) di bagian selatan kawasan industri Kota Deltamas pada 4Q16. Nilai akuisisi antara Rp miliar. Kisaran harga tanah antara Rp per meter persegi. Hingga saat ini proses akuisisi telah mencapai 90%. Dana akuisisi berasal dari kas internal dan dana hasil IPO. Pandangan Analis: Langkah perseroan dalam terus melakukan akuisisi lahan akan dapat menunjang pertumbuhan kinerja dalam jangka panjang. Hal ini juga terkait dengan peningkatan kebutuhan lahan industri seiring dengan pertumbuhan ekonomi Indonesia dan sejalan dengan upaya pemerintah untuk terus meningkatkan kontribusi dari industri non-migas. Setelah rencana akuisisi 135 ha ini terlaksana, landbank DMAS akan meningkat menjadi ha yang akan memberikan ruang besar dalam menunjang pertumbuhan kinerja perseroan. Rekomendasi: NOT RATED. Analyst: Maxi Liesyaputra (maxi@bnisecurities.co.id) PERKEMBANGAN INDUSTRI / PERUSAHAAN BI Berencana Turunkan Batas Maksimum Bunga Kartu Kredit Berita: Bank Indonesia berencana untuk menurunkan batas maksimum (capping) suku bunga kartu kredit menjadi 2,24% per bulan atau 26,95% per tahun untuk mendorong penggunaan transaksi nontunai. "PBI belum keluar, namun Dewan Gubernur sudah sepakati capping akan turun," kata Deputi Gubernur Bank Indonesia Ronald Waas saat mengisi sesi pelatihan wartawan ekonomi di Semarang, Jawa Tengah, Sabtu (24/9/2016), seperti dikutip dari Antara. Sumber: Bisnis Indonesia Pandangan Analis: Bila peraturan ini disahkan menjadi PBI, maka hal ini akan mampu mendorong pertumbuhan konsumsi melalui kredit, yang tercatat sempat mengalami penurunan pada 1Q16 akibat keinginan regulator yang memanfaatkan data kartu kredit untuk mengecek status pajak seseorang. NEUTRAL. Analyst: Richard Jerry (richard@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 372, BUY 14,300 BBNI IJ Equity 107, NOT RATED - BBRI IJ Equity 292, BUY 13,500 BMRI IJ Equity 254, BUY 11,400 BBTN IJ Equity 21, BUY 2,290 BJBR IJ Equity 16, n.a BUY 990 BJTM IJ Equity 8, n.a BUY 495 Average 153, Cement INTP IJ Equity 63, HOLD 17,400 SMGR IJ Equity 59, HOLD 10,850 SMBR IJ Equity 15, n.a HOLD 334 SMCB IJ Equity 8,697 n.a n.a HOLD 1,020 Average 36, Telecommunication TLKM IJ Equity 411, BUY 3,300 ISAT IJ Equity 28, n.a HOLD 5,400 EXCL IJ Equity 29, BUY 4,200 Average 156, Transportation GIAA IJ Equity 11,331 n.a n.a BUY 425 BIRD IJ Equity 6, n.a HOLD 7,800 TAXI IJ Equity n.a UNDER REVIEW SOCI IJ Equity 2, n.a BUY 825 WINS IJ Equity 961 n.a n.a HOLD 225 Average 4, n.a Automotive ASII IJ Equity 333, BUY 7,000 IMAS IJ Equity 4, n.a HOLD 3,000 Average 169, 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 19, HOLD 3,180 ADHI IJ Equity 9, BUY 2,645 PTPP IJ Equity 21, BUY 4,420 WSKT IJ Equity 35, BUY 2,180 TOTL IJ Equity 2, BUY 840 WTON IJ Equity 8, n.a BUY 1,090 Average 16, Infrastructure PGAS IJ Equity 68, n.a HOLD 3,000 JSMR IJ Equity 32, BUY 6,850 Average 50, Oil & Gas MEDC IJ Equity 5,065 n.a n.a HOLD 1,250 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 9, n.a HOLD 380 APLN IJ Equity 6, n.a HOLD 300 BKSL IJ Equity 3, n.a HOLD 90 BSDE IJ Equity 40, BUY 2,360 CTRA IJ Equity 23, n.a HOLD 980 CTRP IJ Equity 3, n.a HOLD 470 CTRS IJ Equity 5, n.a BUY 2,850 BEST IJ Equity 2, n.a BUY 438 SSIA IJ Equity 2, n.a BUY 780 MDLN IJ Equity 4, n.a HOLD 450 PWON IJ Equity 29, BUY 545 LPKR IJ Equity 23, HOLD 1,320 SMRA IJ Equity 24, BUY 1,830 KIJA IJ Equity 6, n.a BUY 280 Average 13,

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 31, HOLD 20,000 BWPT IJ Equity 6,305 n.a n.a BUY 220 LSIP IJ Equity 10, n.a BUY 1,700 SGRO IJ Equity 3, n.a HOLD 1,540 SIMP IJ Equity 7, HOLD 450 Average 11, Metal ANTM IJ Equity 16, n.a BUY 420 INCO IJ Equity 28, n.a HOLD 1,850 TINS IJ Equity 5, n.a BUY 610 Average 16, Mining ADRO IJ Equity 39, BUY 670 HRUM IJ Equity 2,960 n.a n.a HOLD 810 ITMG IJ Equity 12, n.a HOLD 7,900 PTBA IJ Equity 23, BUY 6,900 Average 19, Consumer UNVR IJ Equity 344, HOLD 40,000 INDF IJ Equity 72, BUY 7,600 ICBP IJ Equity 112, BUY 16,700 MYOR IJ Equity 33, BUY 32,000 AISA IJ Equity 6, n.a BUY 3,150 ROTI IJ Equity 7, BUY 1,450 GGRM IJ Equity 118, HOLD 52,000 Average 99, 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 79, BUY 1,700 KAEF IJ Equity 11, #N/A N/A BUY 1,370 Average 45, Healthcare SILO IJ Equity 12, #N/A N/A BUY 16,400 MIKA IJ Equity 41, #N/A N/A HOLD 2,800 Average 26, #DIV/0! Poultry CPIN IJ Equity 58, #N/A N/A BUY 4,075 JPFA IJ Equity 17, UNDER REVIEW - MAIN IJ Equity 3, #N/A N/A UNDER REVIEW - Average 26, Crops BISI IJ Equity 5, #N/A N/A BUY 2,200 Fishery DPUM IJ Equity 4,593 #N/A N/A #N/A N/A #N/A N/A BUY 1,500 Retail ACES IJ Equity 16, BUY 1,200 LPPF IJ Equity 57, #N/A N/A UNDER REVIEW - MAPI IJ Equity 7, UNDER REVIEW - MPPA IJ Equity 9, UNDER REVIEW - RALS IJ Equity 8, UNDER REVIEW - Average 19, Wholesaler MPMX IJ Equity 2, #N/A N/A BUY 775 Towers TOWR IJ Equity 40, #N/A N/A HOLD 4,500 TBIG IJ Equity 28, , HOLD 7,000 Average 34,

6 TEAM Phone : (Hunting) Fax : research@bnisecurities.co.id Website : Norico Gaman (Head of Research Division) norico@bnisecurities.co.id Ext: 3934 Investment Strategy Maxi Liesyaputra (Head of Equity Research Department) maxi@bnisecurities.co.id Ext: 3968 Construction, Property, Infrastructure, Cement Ariawan (Head of Fixed Income Research Department) ariawan@bnisecurities.co.id Ext: 2098 Fixed Income Market, Corporate & Government Bond Andri Zakarias Siregar (Head of Technical Analysis Research Department) andri.zakarias@bnisecurities.co.id Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks Heru Irvansyah (Economist) heru@bnisecurities.co.id Ext: 2030 Macroeconomic and Financial Market Richard Jerry (Equity Analyst) richard@bnisecurities.co.id Ext: 2032 Telecommunication, Banking, Tower Infrastructure, e- Commerce, Oil & Gas Ankga Adiwirasta (Equity Analyst) ankga.adiwirasta@bnisecurities.co.id Ext: 3986 Consumer Goods, Pharmaceutical, Health Care, Manufacture, Coal Mining, Metal Mining Dessy Lapagu (Equity Analyst) dessy@bnisecurities.co.id Ext: 2051 Poultry, Crops, Fishing, Retail Thennesia Debora (Equity Analyst) thennesia@bnisecurities.co.id Ext: 2123 Transportation, Automotive, Heavy Equipment, Plantation Ahmad Hapiz (Junior Fixed Income Analyst) ahmad.hapiz@bnisecurities.co.id Ext: 3968 R. Venia Allani Meissalina (Research Assistant) venia.allani@bnisecurities.co.id Ext: 2050 Data Administrator Indah Lestari Permata Herlina (Research Assistant) indah.lestari@bnisecurities.co.id Ext: 2073 Data Administrator

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