L A P O R A N H A R I A N RESEARCH PERKIRAAN PASAR HARI INI. Jum at, 20 November Sentimen Regional Memicu Penguatan Terbatas IHSG

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1 Penutupan Perubahan %Prb %Ytd P/E Americas INDU Index 17, (0.51) SPX Index 2, CCMP Index 5, IBOV Index 48, (3.74) EMEA UKX Index 6, (3.60) CAC Index 4, RTSSTD Index 12, IBEX Index 10, FTSEMIB Index 22, AEX Index SMI Index 9, Asia / Pacific NKY Index 19, HSI Index 22, (4.68) 9.89 SHCOMP Index 3, TWSE Index 8, (8.92) KOSPI Index 1, JCI Index 4, (13.55) SET Index 1, (7.53) PCOMP Index 6, (5.60) SENSEX Index 25, (6.03) FSSTI Index 2, (13.23) Deskripsi Terakhir Sebelumnya %Prb Kapitalisasi Pasar (IDR Triliun) 4, , Volume Transaksi (Juta Saham) 2, , Nilai Transaksi (IDR Juta) 3, , Nilai/ saham (IDR) 1, , Net Asing (IDR Juta) (66,046.38) (3,436.00) 1, Komoditas Terakhir Sebelumnya %Prb Nikel/Nickel (US$/Ton) 8, , Tembaga/Copper (US$/Ton) 4, , Timah/Tins (US$/Ton) 14, , Minyak/Oil (US$/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 Code (US$) Prb (Rp) Terakhir (Rp) Saham Kode Last (US$) %Change Conv (Rp) Last (Rp) Telkom TLK US , , PERKIRAAN PASAR HARI INI Sentimen Regional Memicu Penguatan Terbatas IHSG Indeks global kembali ditutup bervariasi pada perdagangan semalam. Mayoritas indeks AS melemah, dimana Dow melemah tipis 0,02% ke level Berbeda dengan indeks zona Eropa yang ditutup menguat rata-rata 0,6% setelah pada perdagangan sebelumnya melemah rata-rata 0,5%. Saat ini, minyak dunia berada di level USD 40,62 per barrel. Pelaku pasar nampaknya sudah siap mengantisipasi kemungkinan dari kenaikan Fed Fund Rate pada bulan Desember mendatang. Apalagi The Fed mengisyaratkan suku bunga nantinya akan dinaikkan secara bertahap. Kami menilai keputusan menaikkan suku bunga secara bertahap ini jauh lebih baik bagi pasar daripada ketidakpastian kapan suku bunga The Fed akan dinaikkan. Terlihat pergerakan indeks global dan regional pada perdagangan kemarin merespon positif risalah The Fed tersebut. Disisi lain, tertahannya laju indeks AS pada perdagangan semalam dipicu oleh earning result dari beberapa emiten di AS yang mengecewakan. Padahal data klaim penggangguran di AS mencatatkan penurunan dari sebelumnya menjadi Seiring itu pada indeks domestik, IHSG ditutup menguat 0,5% ke level pada perdagangan kemarin. Laju IHSG kemarin ditopang oleh pergerakan indeks regional yang menguat setelah pengumuman risalah The Fed. Meskipun demikian, kami melihat perdagangan IHSG kemarin cenderung sepi, dan investor asing pun kemarin masih mencatatkan penjualan bersih senilai Rp 66 miliar. Kami memprediksikan IHSG hari ini kembali melanjutkan penguatannya ditopang oleh sentimen positif indeks regional. Kendati demikian, laju pergerakan IHSG hari ini cenderung tertahan merespon keputusan Bank of Japan yang akan tetap mempertahankan target quantitative easing nya senilai USD 80 triliun per tahun dan tidak akan menambah stimulus moneternya meski saat ini perekonomian Jepang kembali memasuki masa resesi. Adapun saham pilihan kami hari ini antara lain BBRI, TLKM, UNTR, JSMR, PWON, ANTM, SILO, dan SIDO dengan rentang indeks antara Analyst: Thennesia Debora (thennesia@bnisecurities.co.id)

2 Jum at, 20 November 2015 RINGKASAN BERITA Perusahaan reasuransi PT Maskapai Reasuransi Indonesia Tbk (MREI) atau Marein mencatat kinerja laba yang lumayan hingga bulan September kemarin. Hal tersebut diantaranya terbantu oleh kinerja underwriting yang lebih baik. Grup MNC akan merestrukturisasi perusahaannya. PT Global Mediacom Tbk (BMTR) berencana membentuk anak usaha yang diberi nama PT Sky Vision Network (SVN) pada tahun depan. Tak hanya itu, SVN juga akan melantai di Bursa Efek Indonesia (BEI). PT Kalbe Farma Tbk (KLBF) ingin mengembangkan produk vitamin dan suplemen premium. Maka, emiten farmasi ini menggandeng perusahaan asal Australia, Blackmores Ltd. KLBF bersama Blackmores melalui anak usahanya masing-masing PT Sanghiang Perkasa dan Blackmores International Pte Ltd, mendirikan PT Kalbe Blackmores Nutrition. PT Kresna Graha Investama Tbk (KREN), emiten investasi menyatakan akan melakukan penawaran umum saham perdana (Initial Public Offering/IPO) pada anak usahanya yakni PT Kresna Life. Langkah tersebut dilakukan guna mengembangkan usaha perseroan kedepannya. Operator di sektor jalan tol, PT Citra Marga Nusaphala Persada Tbk (CMNP) mengalokasikan belanja modal (capital expenditure/capex) sebesar Rp 2,9 triliun pada tahun 2016, atau melonjak signifikan dari tahun ini sebesar Rp 1,134 triliun. Dananya digunakan untuk konstruksi pembangunan dua jalan tol yang sedang dalam tahap konstruksi. PT Benakat Integra Tbk (BIPI) bakal menggarap proyek pembangkit listrik tenaga uap (PLTU) berkapasitas 35 megawatt (MW) pada PT Bank Tabungan Pensiunan Negara (BTPN) akan membantu mengimplememtasikan program laku pandai ke pelaku Usaha Mikro Kecil dan Menengah (UMKM) di Provinsi Sulawesi Utara (Sulut). PT Bank Mandiri Tbk (BMRI) memprediksi penurunan giro wajib minimum (GWM) primer dalam rupiah dari 8% menjadi 7,5% oleh Bank Indonesia akan berefek positif ke kinerja perseroan. No Stock Top Value (IDR) 1 BBRI IJ 236,620,300,000 2 BBCA IJ 221,847,500,000 3 TLKM IJ 211,687,100,000 4 ASII IJ 200,198,800,000 5 PGAS IJ 175,723,500,000 No Stock Top Volume (Shares) 1 ANTM IJ 486,667, MYRX IJ 154,753, BIPI IJ 122,811, LPKR IJ 105,147, SIMA IJ 100,010, No Top Gainers % change 1 ANTM IJ INDX IJ PGLI IJ BACA IJ PJAA IJ No Top Losers % change 1 MTSM IJ SDMU IJ JAWA IJ KARW IJ SAFE IJ No Leading Mover % change 1 PGAS IJ BMRI IJ BBNI IJ INDF IJ CPIN IJ 4.14 No Lagging Mover % change 1 ASII IJ TLKM IJ BBCA IJ TOWR IJ HMSP IJ ,000 14,990 12,310 PT Waskita Karya Tbk (WSKT) menjajaki pinjaman sekitar Rp 2-3 triliun dari sejumlah bank BUMN. Kredit tersebut akan digunakan untuk mendanai konstruksi proyek kereta api ringan (light rail transit/lrt) di Palembang yang senilai Rp 5 triliun. (Sumber : IQplus, Kontan, Indonesia Finance Today) 4,500 4,000 3,500 3,000 1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec Volume (RHS) (Bn Shares) JCI (LHS) 9,630 6,950 4,270 1,590

3 TARGET HARGA SAHAM Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY15F FY15F Ratio 1 Year (Current) Float Shares Banking BBCA IJ Equity 330, BUY 15,800 BBNI IJ Equity 102, NOT RATED - BBRI IJ Equity 255, BUY 13,500 BMRI IJ Equity 233, UNDER REVIEW - BBTN IJ Equity 12, BUY 1,200 Average 187, Cement INTP IJ Equity 77, HOLD 17,400 SMGR IJ Equity 68, HOLD 10,850 SMBR IJ Equity 3, HOLD 334 SMCB IJ Equity 11, HOLD 1,020 Average 40, Telecommunication TLKM IJ Equity 294, BUY 3,300 ISAT IJ Equity 21, BUY 4,500 Average 158, Transportation GIAA IJ Equity 11, BUY 600 TAXI IJ Equity 2, BUY 925 SOCI IJ Equity 3, BUY 825 WINS IJ Equity 1, UNDER REVIEW - Average 4, Automotive ASII IJ Equity 274, HOLD 6,580 IMAS IJ Equity 9, HOLD 3,500 Average 141, Market EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Capitalization (Bn) 1 Year FY15F FY15F Ratio 1 Year (Current) Float Shares Construction WIKA IJ Equity 18, HOLD 3,180 ADHI IJ Equity 4, BUY 2,550 PTPP IJ Equity 18, BUY 4,090 WSKT IJ Equity 24, BUY 2,050 TOTL IJ Equity 3, BUY 840 WTON IJ Equity 9, BUY 1,090 Average 13, Infrastructure PGAS IJ Equity 102, HOLD 3,000 JSMR IJ Equity 40, BUY 6,500 Average 71, Oil & Gas MEDC IJ Equity 8, HOLD 2,525 ELSA IJ Equity 3, Not Rated RUIS IJ Equity Not Rated - ENRG IJ Equity 3, HOLD 120 Average 3, Property ASRI IJ Equity 11, BUY 570 APLN IJ Equity 7, HOLD 395 BKSL IJ Equity 2, HOLD 90 BSDE IJ Equity 32, BUY 2,260 CTRA IJ Equity 19, HOLD 980 CTRP IJ Equity 3, HOLD 470 CTRS IJ Equity 5, BUY 3,040 BEST IJ Equity 4, BUY 445 SSIA IJ Equity 4, BUY 1,010 MDLN IJ Equity 6, HOLD 435 PWON IJ Equity 20, BUY 520 LPKR IJ Equity 27, HOLD 1,260 SMRA IJ Equity 25, BUY 1,580 KIJA IJ Equity 5, BUY 350 Average 12,

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 FY15F FY15F Ratio 1 Year (Current) Float Shares Agriculture AALI IJ Equity 39, HOLD 20,500 BWPT IJ Equity 12, BUY 510 LSIP IJ Equity 10, HOLD 1,400 SGRO IJ Equity 3, HOLD 1,770 SIMP IJ Equity 9, HOLD 500 Average 15, Metal ANTM IJ Equity 6, HOLD 460 INCO IJ Equity 25, HOLD 2,050 TINS IJ Equity 4, HOLD 525 Average 12, Mining ADRO IJ Equity 21, BUY 1,090 BUMI IJ Equity 2, HRUM IJ Equity 3, HOLD 890 ITMG IJ Equity 13, HOLD 9,400 PTBA IJ Equity 17, HOLD 6,500 Average 11, Consumer UNVR IJ Equity 307, HOLD 40,000 INDF IJ Equity 57, BUY 7,600 ICBP IJ Equity 70, HOLD 15,800 MYOR IJ Equity 22, BUY 32,000 AISA IJ Equity 6, BUY 3,150 ROTI IJ Equity 5, BUY 1,450 GGRM IJ Equity 88, HOLD 52,000 Average 79,

5 TEAM Research Division : Fax No. : research@bnisecurities.co.id Thendra Crisnanda thendra@bnisecurities.co.id ext: 2098 Construction, Property, Infrastructure, Automotive, Cement Richard Jerry richard@bnisecurities.co.id ext: 2032 Telecommunication, Tower Infrastructure, Banking Heru Irvansyah (Economist) heru@bnisecurities.co.id ext: 2030 Macroeconomic and Financial Market Norico Gaman (Head of Research Division) norico@bnisecurities.co.id ext: 3934 Investment Strategy Yasmin Soulisa yasmin@bnisecurities.co.id ext: 3987 Plantation, Coal Mining, Metal Mining, Oil & Gas Dessy Lapagu dessy@bnisecurities.co.id ext: 2051 Poultry, Crops, Fishing R. Venia Allani Meissalina (Research Assistant) venia.allani@bnisecurities.co.id ext: 2050 Data Administrator Andri Zakarias Siregar (Technical Analyst) andri.zakarias@bnisecurities.co.id ext: 2054 Market Strategy, Commodities, Currency, Bond & Stocks Ankga Adiwirasta Thennesia Deboa ankga.adiwirasta@bnisecurities.co.id thennesia@bnisecurities.co.id ext: 3986 ext: 2132 Consumer Goods, Transportation Pharmaceutical, Retail, Health Care Indah Lestari Permata Herlina (Research Assistant) indah.lestari@bnisecurities.co.id ext: 2073 Data Administrator

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