Riset Saham Harian. Pasca Libur, IHSG berpeluang menguat. Highlights. Samuel Research 03 Juli 2017

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1 Samuel Research Market Activity Monday, 03 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,829.7 : (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers EMTK 11, TPIA 26, PLIN 4, IIKP Lagging Movers POWR 1, UNVR 48, BBRI 15, BBCA 18, Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 46 ASII 224 UNVR 30 BMRI 224 UNTR 23 BBRI 198 PTBA 8 TLKM 104 CPIN 6 BBNI 101 Money Market USD/IDR 13, JIBOR O/N Infl (MoM) Dual Listing Securities TLKM ISAT EIDO World Indices DJIA 21, S&P 500 2, Euro Stoxx 3, MSCI World 1, Nikkei 20, Hang Seng 25, Commodities Brent Oil CPO Malay 2, Coal Newc Nickel 9, Tin 20, Pasca Libur, IHSG berpeluang menguat Bursa AS ditutup menguat pada perdagangan Jumat lalu, seiring optimisme dari para investor pasca dirilisnya laporan ADP yang menyatakan bahwa AS berhasil menambah 253,000 lapangan pekerjaan baru pada sektor swasta untuk sepanjang bulan Mei lalu. Data pada laporan tersebut menjadi sinyal positif bagi prospek pertumbuhan ekonomi AS, sekaligus kembali meyakinkan para pelaku pasar terhadap kontinuitas pertumbuhan laba laba korporasi. Berlawanan dengan bursa AS, mayoritas bursa Eropa ditutup melemah, dengan penurunan utama terjadi pada saham saham berbasis perbankan, setelah adanya pernyataan Hawkish dari pejabat ECB, sehingga menyebabkan sell off baik pada pasar saham dan obligasi. Pada tanggal 22 Juni 2017 kemarin, sebelum tutup terkait libur panjang Lebaran, IHSG bergerak sideways dan ditutup menguat tipis poin ke level ditengah mixednya pasar regional dan pelemahan di bursa Eropa. Pagi ini, beberapa bursa utama regional Asia cenderung dibuka mixed. Mengawali perdagangan setelah libur panjang, kami memprediksi IHSG hari ini cenderung menguat, seiring penguatan EIDO semalam dan potensi nilai tukar Rupiah yang menguat, seiring dengan cenderung melemahnya dolar AS. Highlights ADRO: Adaro logistics IPO tahun depan TOTL: Kontrak baru 1H17 Rp1.32tn PTPP: Nantikan pengumuman lelang SMRA: Kembali pasarkan Raibow Springs Page 1 of 6

2 ADRO: Adaro logistics IPO tahun depan PT Adaro Logistics merupakan anak usaha ADRO yang potensial IPO pada Adaro Logistics akan meningkatkan diversifikasi strategis untuk mengurangi ketergantungan terhadap industribatu bara dengan mengangkut material curah nonbatu bara dan material lain yang terkait deng an industri minyak dan gas. (Bisnis Indonesia). ADRO: Buy; 17E PE: 12.0x, PBV: 1.0x. TOTL: Kontrak baru 1H17 Rp1.32tn PT Total Bangun Persada, Tbk (TOTL) membukukan kontrak baru per 1H17 sebesar Rp1.32tn atau setara dengan 33% dari target Rp4tn (FY17E). Dari target nilai kontrak baru tersebut, TOTL mentargetkan pendapatan usaha akan mencapai Rp3.1tn sedangkan laba bersih sebesar Rp250miliar. (Bisnis Indonesia). TOTL: Non-Coverage 9.6x P/E17E dan 2.4x PBV 17E. PTPP: Nantikan pengumuman lelang PT Pembangunan Perumahan, Tbk (PTPP) tengah menantikan hasil lelang pengembangan proyek Bandara Kulon Progo, Yogyakarta dengan nilai investasi mencapai Rp10.9tn. Selain itu, PTPP juga tengah mempersiapkan (telah memperoleh kontraknya) proyek kilang minyak berkapasitas 30K barel/hari senilai Rp2.3tn. PTPP sejauh ini telah mengembangkan proyek pembangkit listrik 100MW. (Kontan). PTPP: BUY; 14.0x P/E17E dan 1.6x PBV 17E. SMRA: Kembali pasarkan Raibow Springs PT Summarecon Agung, Tbk (SMRA) kembali memasakan proyek Rainbow Springs Condovillas di daerah Tangerang Selatan untuk mendorong pertumbuhan penjualan tahun ini. Adapun Rainbow Sprinsg Condovillas tersedia dalam empat tipe: (1) tipe 99, tipe 11 dan 121 serta 141, dengan harga per unitnya sekitar Rp1.3miliar. (Bisnis Indonesia). SMRA: HOLD; 56.1x P/E17E dan 2.2x PBV 17E. Page 2 of 6

3 Stock Rec. Mkt Cap price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY 297, % 12.0% BBCA HOLD 447, (0.3) % 16.5% BBRI BUY 376, (0.3) % 16.8% BBNI BUY 123, (0.4) % 14.2% BBTN BUY 27, (2.6) % 13.7% BNLI BUY 19, % 5.7% Average Consumer (Staples) ICBP BUY 102, % 20.9% INDF BUY 75, % 14.9% KLBF BUY 76, % 18.7% ROTI BUY 6, (2.0) (23.1) % 20.2% ULTJ BUY 14, % 17.5% UNVR HOLD 372, (0.4) % 114.4% SIDO BUY 7, (4.2) % 22.4% AISA BUY 5, (1.2) (14.4) % 12.5% Average % 30.2% Cigarette HMSP BUY 446, % 32.4% GGRM BUY 150, (0.1) % 13.4% Average % 22.9% Healthcare MIKA BUY 29, (22.2) % 19.3% SILO HOLD 14, (0.9) % 3.8% Average % 11.6% Poultry CPIN BUY 52, % 12.4% JPFA BUY 15, (6.5) % 18.9% MAIN BUY 2, (15.0) % 17.2% Average % 16.2% Retail MAPI BUY 11, % 9.1% RALS BUY 8, (0.4) % 13.9% ACES HOLD 18, (1.9) % 21.8% LPPF BUY 41, (0.5) (6.3) % 60.0% Average % 26.2% Telco EXCL BUY 36, % 2.7% ISAT BUY 35, % 16.7% TLKM BUY 455, % 26.7% TOWR BUY 38, (0.3) % 20.7% Average % 16.7% Auto and HE ASII BUY 361, % 16.4% UNTR BUY 102, % 14.9% Average % 15.7% Aviation GIAA HOLD 9, % 1.7% Property BSDE BUY 35, % 8.5% PWON BUY 29, % 19.3% ASRI HOLD 6, (9.7) % 8.7% SMRA HOLD 18, (2.6) % 4.8% SSIA BUY 3, % 7.5% CTRA BUY 21, (12.4) % 11.1% DMAS BUY 10, (0.9) (6.1) % 10.8% KIJA BUY 6, % 8.1% Average % 9.8% Page 3 of 6

4 Construction PTPP BUY 19, (1.6) (17.6) % 12.6% ADHI HOLD 7, % 6.5% WSKT BUY 31, (9.0) % 14.2% WIKA BUY 19, (1.3) (6.4) % 8.3% Average % 10.4% Cement INTP SELL 67, (1.3) % 12.6% SMGR HOLD 59, (2.0) % 12.9% SMCB SELL 5, (16.7) % -2.8% SMBR HOLD 31, % 9.3% Average % 8.0% Precast WSBP BUY 12, (13.5) % 10.6% WTON BUY 5, (1.6) (24.8) % 10.6% Average % 10.6% Oil and Gas PGAS HOLD 54, (1.7) (16.7) % 10.7% AKRA BUY % 14.0% MEDC BUY 7, % 16.3% Average % 14% Utilities JSMR BUY 38, (1.4) % 9.8% Metal ANTM BUY 16, (22.3) % 17.8% INCO HOLD 18, (1.9) (34.4) % 2.1% TINS BUY 5, (3.3) (32.1) % 4.5% Average % 8.1% Coal DOID BUY % 28.6% ITMG BUY 19, (3.1) % 16.6% ADRO BUY 50, (0.9) (6.8) % 8.7% PTBA BUY 27, (4.4) % 21.5% Average % 18.9% Plantation AALI BUY 28, (12.4) % 12.1% LSIP BUY 9, (0.4) (21.3) % 10.9% SIMP HOLD 8, % 5.2% Average % 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID report in USD. Page 4 of 6

5 Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (3.17) 1,916 (0.17) (0.79) (0.57) (0.97) ,939 1,626 U.S. (S&P) , (0.61) (0.64) ,454 2,074 U.S. (DOW) , (0.21) ,535 17,713 Europe (29.45) 3,442 (0.85) (2.73) (2.87) (4.17) (0.89) ,667 2,743 Emerging Market (3.22) 1,011 (0.32) (0.13) (0.82) (0.42) , FTSE 100 (37.60) 7,313 (0.51) (1.64) (1.50) (3.11) n/a 7,599 6,432 CAC 40 (33.67) 5,121 (0.65) (2.62) (2.76) (4.17) ,442 4,062 Dax (91.07) 12,325 (0.73) (2.73) (3.21) (3.88) ,952 9,304 Indonesia , ,874 4,754 Japan , (0.29) (0.40) (0.52) ,318 15,107 Australia (9.59) 5,712 (0.17) (0.76) (0.14) (1.32) (2.74) ,957 5,052 Korea , ,403 1,931 Singapore (32.17) 3,226 (0.99) (0.42) ,275 2,761 Malaysia (7.69) 1,764 (0.43) (0.89) (0.67) (0.75) ,797 1,614 Hong Kong (200.84) 25,765 (0.77) (0.29) 0.37 (0.62) ,090 20,304 China , (0.93) ,301 2,923 Taiwan (26.58) 10,395 (0.26) (1.11) ,546 8,569 Thailand (3.38) 1,575 (0.21) (0.74) (0.48) 0.46 (0.39) ,601 1,343 Philipines , (0.42) (0.19) (0.82) ,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) Foreign Reserve (US$bn) n/a n/a Inflation Rate (%) n/a 0.39 n/a (7.14) (0.02) US Fed Rate (%) Indo Govt Bond Yld (10yr) - % (0.00) 6.83 (0.16) (2.35) (4.41) (14.35) (10.45) Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (0.07) (0.29) (0.32) (0.19) (0.34) 13,593 12,920 Japan (0.14) (0.35) (1.60) (8.63) UK (0.00) 1.30 (0.12) (2.08) Euro (0.00) 1.14 (0.07) China (0.01) (1.96) Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (2.92) (7.90) (13.87) (5.55) CPO (13.00) 2, (0.53) (2.04) (7.48) (21.26) , , Rubber (0.50) (0.06) (15.34) (23.97) (18.72) , Coal (0.30) (0.39) (3.40) (3.53) 4.29 (8.97) (19.11) Iron Ore (1.91) (30.94) (28.18) Tin (65.00) 20, (0.32) (1.00) 0.00 (4.60) , , Nickel , (6.33) (6.29) (0.58) 12, , Copper (3.00) 5, (0.05) , , Gold (1.00) 1, (0.08) (0.50) (0.29) (2.90) (0.88) 7.94 (7.30) 1, , Source: SSI Research, Bloomberg Page 5 of 6

6 Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer Rangga Cipta Economist Muhamad Makky Dandytra, CFTe Technical Analyst Akhmad Nurcahyadi, CSA Arandi Ariantara Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Toll Road, Oil and Gas Marlene Tanumihardja Poultry, Retail, Small Caps Sharlita Lutfiah Malik Mining, Plantation Nadya Swastika Research Associate Private Wealth Management Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id Equity Sales Team Kelvin Long Head of Equities kelvin.long@samuel.co.id Yulianah Institutional Equity Sales yulianah@samuel.co.id Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id Online Trading Sales Team Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id Wahyu Widodo Marketing wahyu.widodo@samuel.co.id Aben Epapras Marketing aben.epapras@samuel.co.id DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reprod uced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia Page 6 of 6