Riset Saham Harian. Komitmen investasi Raja Salman menjadi sentiment positif untuk bursa. Highlights. Samuel Research 03 Maret 2017

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1 Samuel Research Market Activity Friday, 03 Mar 2017 Market Index Index Movement Market Volume Market Value : 5,408.3 : (+0.8%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 4, ASII 8, UNTR 25, LPPF 12, Lagging Movers BBRI 11, TLKM 3, BDMN 4, TGKA 3, Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) ASII 277 TLKM 96 LPPF 133 HMSP 25 BBNI 70 ICBP 21 BMRI 58 TBIG 17 PTPP 42 KLBF 15 Money Market USD/IDR 13, JIBOR O/N Infl (MoM) Komitmen investasi Raja Salman menjadi sentiment positif untuk bursa Indeks AS semalam ditutup melemah setelah hari sebelumnya mencetak rekor tertingginya pasca pidato Donald Trump di depan kongres. Pelemahan bursa saat ini dianggap sebagai penurunan yang wajar dipicu oleh aksi profit taking dari investor. Data jobless claims tercatat turun ke 223 ribu dari sebelumnya sebanyak 244 ribu dan dibawah estimasi sebanyak 243 ribu. Dari pasar komoditas, harga minyak tercatat melemah ke level US$ 55.08/barel setelah produksi minyak US naik barel menjadi 9,03 juta b/d. EIA melaporkan stok minyak mingguan US naik 520,2 juta barel. Data Baker Hughes Inc menunjukkan rig pengeboran telah naik menjadi 602 rig, tertinggi sejak Oktober Di sisi lain, OPEC masih konsisten memangkas produksi minyaknya. Sementara harga emas ditutup flat. Dari pasar domestik, kunjungan Raja Salman dari Arab Saudi ke Indonesia menghasilkan komitmen investasi antar pemerintah senilai US$ 7 miliar dan US$ 2,4 miliar untuk sektor swasta, sehingga nilai total komitmen investasi Arab Saudi mencapai US$ 9,4 miliar. Kerja sama ini akan dimulai pada awal pekan depan. Di sisi lain masa earnings season masih menjadi tajuk utama, Nilai tukar rupiah menguat ke Rp13.358/USD, sementara EIDO melemah. Highlights Dual Listing Securities TLKM ISAT EIDO World Indices DJIA 21, S&P 500 2, Euro Stoxx 3, MSCI World 1, Nikkei 19, Hang Seng 23, Commodities Brent Oil CPO Malay 2, Coal Newc Nickel 10, Tin 19, TLKM: Telkomsigma siapkan akuisisi BJBR: Laba bersih di bawah ekspektasi TOWR: Protelindo ajukan pinjaman Rp 400 miliar ADHI: Meraih kontrak baru Rp 1 triliun BIRD: Mengantongi kontrak mobil dari kunjungan Raja Salman Page 1 of 6

2 TLKM: Telkomsigma siapkan akuisisi Anak usaha PT Telekomunikasi Indonesia Tbk (TLKM), PT Sigma Cipta Caraka (Telkomsigma), berencana mengakuisisi 2 perusahaan IT pada Langkah ekpansif ini dilakukan sebagai salah satu upaya mendongkrak kinerja pendapatan sebesar 30% menjadi Rp 4 triliun pada tahun ini. (Bisnis Indonesia). TLKM: BUY 16.0 P/E17E dan 3.8x PBV 17E. BJBR: Laba bersih di bawah ekspektasi BJBR (bank only) mencatatkan laba bersih Rp 1,6 triliun pada 2016 atau naik 14% yoy. Secara konsolidasi, laba bersih turun 16% menjadi Rp 1,2 triliun (di bawah ekspektasi konsensus sebesar Rp 1,6 triliun). Kredit tumbuh 14,2% dan NIM (bank only) meningkat 108bps sehingga pendapatan bunga bersih secara total naik sekitar 22%. Meski NPL gross menurun, kenaikan biaya pencadangan yang siknifikan menurunkan laba bersih konsolidasi tersebut. Di tahun ini, kredit dan dana pihak ketiga ditargetkan tumbuh 12-13% dan 15-16%. (Bisnis Indonesia). BJBR: Non-Coverage. TOWR: Protelindo ajukan pinjaman Rp 400 miliar Anak usaha PT Sarana Menara Nusantara Tbk (TOWR), PT Profesional Telekomunikasi (Protelindo) mengajukan pinjaman hingga Rp 400 miliar dengan tenor 12 bulan untuk modal kerja. (Bisnis Indonesia). TOWR: BUY 10.5 P/E17E dan 2.6x PBV 17E. ADHI: Meraih kontrak baru Rp 1 triliun ADHI meraih kontrak baru Rp 1 triliun hingga Januari 2017, didominasi oleh kontrak gedung, jalan, dan infrastruktur lainnya. Salah satu proyek yang didapatkan adalah proyek jalan Medan- Kualanamu-Tebing Tinggi Di tahun ini, ADHI menargetkan kontrak baru Rp 44 triliun, dimana Rp triliun di dalamnya berasal dari proyek LRT. Penjualan ditargetkan naik 26% di tahun ini dengan laba bersih sekitar Rp 503 miliar. (Bisnis Indonesia). ADHI: HOLD 17E PE: 23.4x PBV: 1.4x. BIRD: Mengantongi kontrak mobil dari kunjungan Raja Salman Kedatangan rombongan Raja Arab Saudi, Salman bin Abdulaziz Al-Saud menjadi berkah bagi emiten transportasi, PT Bluebird Tbk. (BIRD). Menurut keterangan dari pihak manajemen, perusahaan tersebut memperoleh kontrak untuk penyediaan kendaraan delegasi dari kerajaan Arab Saudi sekitar 600 unit, baik Alphard dan Mercedes, selama rombongan tersebut berada di Indonesia. Sentimen perolehan kontrak tersebut membuat harga saham BIRD bergerak positi, sehingga sejak Selasa kemarin, BIRD menyentuh level harga tertinggi selama sepanjang tahun, yakni Rp3,990 per saham. (Kontan). BIRD: Non Coverage. Page 2 of 6

3 Ticker Rec. Mkt Cap price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside PE PBV ROE (Rp bn) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E Banks BMRI HOLD 264, (0.2) (2.2) % 13.1% BBCA BUY 382, % 17.9% BBRI E BUY 292, (0.8) (0.63) (1.3) % 16.8% BBNI E BUY 116, (1.58) % 14.5% BBTN BUY 22, (4.07) % 13.1% Average % 15.1% Consumer (Staples) ICBP E BUY 96, (0.3) (0.60) (2.4) (3.8) % 20.8% INDF E BUY 70, (0.62) % 14.2% KLBF BUY 69, (1.3) (1.34) 0.3 (2.6) % 19.0% ROTI BUY 7, (0.6) 0.65 (0.3) (2.8) % 18.1% ULTJ E BUY 12, (0.7) (2.8) % 18.9% UNVR HOLD 321, (0.2) (0.36) % 116.6% SIDO BUY 8, (1.75) (1.8) % 18.9% AISA E BUY 6, % 12.2% Average % 32.4% Cigarette HMSP BUY 475, % 33.8% GGRM J BUY 126, % 14.1% Average % 24.0% Healthcare MIKA HOLD 36, (0.8) (3.1) % 19.1% SILO E BUY 16, (4.1) (5.56) % 4.7% Average % 11.9% Retail MAPI BUY 8, (4.85) % 7.8% RALS BUY 8, (1.2) (5.41) (16.1) % 12.0% ACES HOLD 12, (1.31) (0.7) (9.6) % 22.2% LPPF BUY 37, (13.69) (14.5) (14.5) % 81.1% Average % 30.8% Telco EXCL BUY 31, (1.0) (10.19) % 1.8% ISAT E BUY 38, % 11.7% TLKM BUY 386, (0.5) (0.26) (3.0) (3.8) % 24.0% TOWR J BUY 36, (0.8) % 24.5% Average Auto and HE ASII E BUY 343, % 17.2% UNTR BUY 93, % 11.9% Average % 14.6% Aviation GIAA BUY 8, (0.6) % 7.1% Property BSDE BUY 34, (0.3) (6.54) (5.8) % 9.3% PWON J BUY 27, (2.5) (4.96) % 15.8% ASRI E HOLD 7, (2.63) (7.0) % 8.8% SMRA BUY 19, (1.79) % 8.4% SSIA E BUY 2, (0.89) (11.9) % 6.6% CTRA BUY 24, (5.09) (5.4) (2.2) % 11.0% DMAS BUY 11, (2.5) (6.40) % 8.0% KIJA E BUY 6, % 10.1% Average Construction PTPP BUY 22, (3.5) (6.0) % 11.8% ADHI E HOLD 7, (1.36) % 6.0% WSKT BUY 33, (1.61) (5.4) (4.3) % 11.7% WIKA BUY 22, (0.79) % 8.0% Average % 9.4% Cement INTP E SELL 56, (1.75) % 14.4% SMGR J HOLD 55, % 12.9% SMCB SELL 6, (0.5) (1.09) % -2.3% SMBR HOLD 23, (15.8) % 10.0% Average Precast WSBP J BUY 14, (0.89) (4.3) % 8.0% WTON J BUY 7, (0.61) (0.6) (0.6) % 10.9% Average % 9.4% Page 3 of 6

4 Utilities PGAS BUY 67, (0.7) (2.46) (3.5) % 13.5% JSMR BUY 34, (3.02) % 13.9% Average % 13.7% Coal and Metal ANTM BUY 18, (1.91) (7.2) (14.0) % 10.0% INCO BUY 25, (1.16) (7.6) (9.2) % 3.7% TINS E BUY 7, (8.2) (6.0) % 2.9% ITMG BUY 20, % 19.6% ADRO BUY 53, (1.75) (2.0) (0.6) % 8.5% PTBA BUY 25, (0.88) (4.7) (10.4) % 19.9% Average % 10.7% Plantation AALI E BUY 29, (4.2) (8.6) % 10.7% LSIP E BUY 10, (3.2) (12.4) % 9.1% SIMP BUY 8, (1.8) % 4.9% Average % 8.2% Poultry CPIN E BUY 51, (1.9) % 12.8% JPFA BUY 19, (1.45) (0.3) % 18.7% MAIN BUY 2, (4.6) % 15.6% Average % 15.7% Other Sectors AKRA BUY % 16.3% DOID BUY % 35.9% Average % 26.1% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, 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 (7.51) 1,849 (0.40) ,859 1,567 U.S. (S&P) (14.04) 2,382 (0.59) ,401 1,969 U.S. (DOW) (112.58) 21,003 (0.53) ,169 16,821 Europe (5.49) 3,385 (0.16) ,393 2,678 Emerging Market (2.10) 936 (0.22) (0.42) (1.65) FTSE 100 (0.55) 7,382 (0.01) n/a 7,395 5,789 CAC , ,973 3,956 Dax (7.62) 12,060 (0.06) ,083 9,214 Indonesia , ,492 4,691 Japan (13.72) 19,551 (0.07) ,668 14,864 Australia (56.59) 5,720 (0.98) 0.14 (0.33) ,833 4,894 Korea (13.68) 2,089 (0.65) 0.17 (0.89) ,113 1,893 Singapore , (0.03) ,158 2,703 Malaysia , ,729 1,612 Hong Kong (48.42) 23,728 (0.20) (0.82) (1.60) ,364 19,595 China (16.91) 3,230 (0.52) 0.04 (0.66) 2.86 (0.43) ,301 2,773 Taiwan , (0.79) (0.74) ,870 8,000 Thailand , (0.82) ,601 1,343 Philipines , (1.37) ,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.18) 0.69 (2.50) 2.49 (15.69) Foreign Reserve (US$bn) n/a n/a Inflation Rate (%) n/a 0.23 n/a (76.29) (51.06) (45.24) (0.45) US Fed Rate (%) Indo Govt Bond Yld (10yr) - % (0.15) (1.16) (6.76) (5.74) (6.69) Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (4.00) (0.11) (0.05) (0.04) (0.48) 13,698 12,920 Japan (0.07) (1.37) (1.94) (1.51) (0.57) UK (0.81) (1.46) (1.63) (0.49) (0.49) (13.39) Euro (0.60) (0.47) (2.50) (0.04) (0.04) (4.05) China (0.12) (0.28) (0.35) (0.09) (4.92) Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High i Oil (2.43) (2.39) (2.10) 1.97 (1.90) CPO , (5.99) (7.74) (9.17) , , Rubber , (0.18) (2.21) (3.96) , Coal (0.45) (0.55) (1.68) (2.38) (0.48) (0.12) (13.31) Iron Ore (0.17) (2.58) Tin (180.00) 19, (0.92) (2.37) (9.10) (8.89) , , Nickel (250.00) 10, (2.27) (2.40) (5.89) , , Copper (86.00) 5, (1.43) (0.07) , , Gold , (1.40) (1.73) (1.84) 1, , Source: SSI Research, Bloomberg Page 5 of 6

6 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