Samuel Research Market Activity Tuesday, 06 Feb 2018 IHSG berpotensi melemah mengikuti bursa global Market Index Index Movement Market Volume Market Value : 6,589.7 : -39.1 (-0.59%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 4,890 90 1.9 BBRI 3,780 40 1.1 ADRO 2,520 50 2.0 TLKM 4,010 10 0.3 Lagging Movers ASII 8,525-175 -2.0 UNVR 54,125-900 -1.6 BBCA 23,800-175 -0.7 TPIA 6,350-150 -2.3 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) INKP 21 BBCA 136 PTBA 17 ASII 86 ADRO 13 BBNI 81 INDY 13 UNVR 58 WSKT 13 BMRI 49 Money Market USD/IDR 13,525 73.0-0.5 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.6 - - Dual Listing Securities TLKM 28.9-0.6-2.1 ISAT 52.5-2.7-4.9 EIDO 28.5-0.7-2.3 World Indices DJIA 24,346-1,175-4.6 S&P 500 2,649-113 -4.1 Euro Stoxx 3,479-45 -1.3 MSCI World 2,104-68 -3.1 Nikkei 21,785-897 -4.0 Hang Seng 32,245-357 -1.1 Commodities Brent Oil 68-1.0-1.4 CPO Malay 2,489 17.0 0.7 Coal Newc 103 0.0 0.0 Nickel 13,721 308.0 2.3 Tin 22,070 380.0 1.8 Bursa AS kembali melemah seiring aksi profit taking setelah penguatan tajam di awal tahun ini. Kekhawatiran akan kenaikan suku bunga menjadi sebuah pemicu, dimana bond yield cenderung naik dan indeks USD menguat. Dari sisi ekonomi, data ISM non manufacturing index tercatat melebihi ekspektasi, setelah data pekerjaan yang keluar sebelumnya juga positif, sehingga semakin mengindikasikan pertumbuhan ekonomi yang lebih solid. Harga beberapa komoditas seperti minyak melemah seiring penguatan indeks USD. Hal ini turut mewarnai pergerakan saham-saham komoditas. IHSG kemarin melemah 0,59% dengan dana asing tercatat net sell Rp 555 miliar di pasar reguler. Rupiah berpeluang melemah terhadap dolar AS hari ini. IHSG juga berpotensi melanjutkan pelemahan seiring penurunan bursa global dan EIDO. Highlights ANTM: Bidik lonjakan kinerja keungan BBTN: Transformasi digital untuk mendukung kinerja VIVA: Membidik pertumbuhan 11% Perbankan: Menaikkan DPK Migas: 32 peraturan ESDM dicabut ISAT: Fokus ekspansi di 5 provinsi Telekomunikasi: Registrasi kartu prabayar diyakini tembus 200 juta www.samuel.co.id Page 1 of 7
ANTM: Bidik lonjakan kinerja keungan ANTM membidik produksi feronikel sebanyak 26 ribu ton di 2018 +18% yoy. ANTM juga menargetkan pertumbuhan volume penjualan emas sebanyak 24 ribu kilogram + 81,82% yoy. Sedangkan ekspansi bisnis stainless steel masih menunggu hasil penawaran dari calon investor strategis, serta kajian untuk feasibility studies (FS) proyek tersebut. ANTM menargetkan fase pembangunan proyek pabrik stainless steel dapat dimulai pada 2H18. (Investor Daily). ANTM: BUY; 18E PE: 87.0x, PBV: 1.3x. BBTN: Transformasi digital untuk mendukung kinerja BBTN berencana menyelesaikan transformasi digital banking di tahun ini. Hal ini dapat mendukung bisnis perseroan. Di tahun ini, kinerja BBTN diyakini dapat tumbuh di atas industri, seperti pertumbuhan pada 3 tahun terakhir ini. Fee-based income diestimasi tumbuh 26% pada 2017 dan di tahun ini diperkirakan dapat tumbuh 30%. Saat ini tengah dipersiapkan pengajuan izin penerbitan kartu e-money, kartu kredit, dan QR payment ke BI. Ketiga produk itu direncanakan meluncur di tahun ini. BBTN juga akan bekerja sama dengan start up lokal untuk mengembangkan aplikasi fintech yang sesuai kebutuhan perseroan. (Investor Daily). BBTN: Hold; 18E PE: 11.0x, PBV: 1.6x. VIVA: Membidik pertumbuhan 11% PT Visi Media Asia Tbk. (VIVA) mengharapkan tahun ini mampu mencatatkan kinerja dua kali lebih baik dibandingkan industri. Jika acuan kinerja industri media 5 6%, maka manajemen memasang target pertumbuhan sebesar 11 12%. Sumber pendapatan utama berasal dari stasiun ANTV di bawah PT Cakrawala Andalas Televisi dan TV One di bawah PT Lativi Mediakarya. Sejauh ini, ANTV berkontribusi 70% sedangkan TV One 30% dari total pendapatan. Sejalan dengan ekspansi bisnis, VIVA merencanakan untuk menerbitkan surat hutang global dengan nilai maksimum 300 juta dolar AS yang akan diterbitkan melalui PT Intermedia Capital Tbk, yang merupakan anak usaha VIVA. (Kontan). VIVA: Non-Coverage. Perbankan: Menaikkan DPK Sejumlah bank menargetkan pertumbuhan DPK double digit di tahun ini. Survei perbankan tahun 2018 menunjukkan DPK ditargetkan tumbuh 11,16%-12,23% dengan asumsi ekonomi Indonesia tumbuh 5,4% di tahun ini. BBTN menargetkan pertumbuhan DPK hingga 25% di tahun ini, melalui sejumlah program seperti BTN Menabung. DPK ritel BNGA tumbuh 25% tahun lalu. Di tahun ini, total DPK BNGA ditargetkan naik di atas 10%. (Kontan). Banking: Neutral. www.samuel.co.id Page 2 of 7
Migas: 32 peraturan ESDM dicabut Menteri Energi dan Sumber Daya Mineral (ESDM) Ignasius Jonan, mencabut 32 peraturan menteri di sektor minyak dan gas, kelistrikan dan pertambangan. Pencabutan tersebut diharapkan mampu mendorong investasi sektor energi. 32 peraturan tersebut mencakup 11 aturan di subsektor migas, 4 aturan di kelistrikan, 7 aturan mineral batubara, 7 aturan energi terbarukan, dan 3 aturan SKK Migas. Selanjutnya, ESDM akan melakukan penyederhanaan aturan lanjutan pada pertengahan Februari 2018. (Bisnis Indonesia). Oil and gas: Neutral. ISAT: Fokus ekspansi di 5 provinsi PT Indosat Tbk (ISAT) tahun ini mengalokasikan 20-30% belanja modal untuk pembangunan jaringan LTE di 5 provinsi di luar Jawa. Tahun ini ISAT menganggarkan belanja modal sebesar Rp 7 triliun dan artinya sekitar Rp 2 triliun akan dianggarkan khusus untuk penguatan kapasitas di 5 provinsi tersebut. Penguatan jaringan merupakan 1 dari 3 strategi utama di 2018, 2 strategi lain adalah penguatan aplikasi digital untuk pelanggan dan efisiensi. (Bisnis Indonesia). ISAT: BUY; 18E PE: 11.1x, PBV: 1.8x. Telekomunikasi: Registrasi kartu prabayar diyakini tembus 200 juta Program registrasi ulang kartu prabayar dengan menggunakan Nomor Induk Keluarga (NIK) dan Kartu Keluarga (KK) diyakini bisa terlaksana sesuai target mencapai 200 juta. Hingga Jumat pekan lalu, sekitar 181 juta kartu prabayar telah diregistrasi dengan rata-rata tambahan 1 juta pendaftaran ulang setiap hari. Program ini berakhir pada 28 Februari 2018. (Investor Daily). Telecommunication: Overweight. www.samuel.co.id Page 3 of 7
Stock Rec. JCI Wgt price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (%) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY * 5.1 8125 0.0 1.6 8035 7900-2.8 19.0 15.8 2.2 1.9 11.4% 11.9% BBCA HOLD 7.9 23800 (0.7) 8.7 22172 21300-10.5 25.5 22.6 4.5 3.9 17.6% 17.0% BBRI HOLD 6.3 3780 1.1 3.8 3899 3560-5.8 16.8 14.1 2.8 2.4 16.7% 17.3% BBNI HOLD 2.3 9275 (0.3) (6.3) 9621 9000-3.0 13.1 11.3 1.8 1.6 13.6% 14.0% BBTN HOLD 0.5 3650 (0.5) 2.2 3713 3300-9.6 13.1 11.0 1.8 1.6 13.7% 14.3% BNLI BUY 0.2 640 (2.3) 2.4 803 890 39.1 17.3 17.8 0.8 0.8 4.8% 4.4% Average 17.5 15.4 2.3 2.0 12.9% 13.2% Consumer (Staples) ICBP BUY 1.4 8750 (0.6) (1.7) 9689 10200 16.6 26.0 24.0 5.2 4.6 19.9% 19.3% INDF BUY 0.9 7800 0.3 2.3 9476 9900 26.9 15.3 13.9 2.2 2.0 14.2% 14.4% KLBF BUY 1.1 1655 (0.3) (2.1) 1701 1900 14.8 31.9 28.1 5.9 5.2 18.4% 18.5% ROTI BUY 0.1 1270 (1.9) (0.4) 1378 1590 25.2 33.9 19.2 4.2 3.5 12.2% 18.3% UNVR HOLD 5.6 54125 (1.6) (3.2) 52690 49900-7.8 58.3 53.2 76.5 67.9 131.3% 127.7% SIDO HOLD 0.1 675 0.0 23.9 675 550-18.5 20.6 19.7 3.5 3.4 17.1% 17.1% AISA BUY 0.0 525 (3.7) 10.3 800 700 33.3 2.3 4.6 0.4 0.3 15.6% 7.2% Average 26.9 23.2 14.0 12.4 32.7% 31.8% Cigarette HMSP BUY * 7.7 4890 1.9 3.4 4472 4390-10.2 44.0 42.5 15.1 13.8 34.3% 32.4% GGRM BUY 2.1 81700 0.2 (2.5) 89781 83700 2.4 22.4 21.0 3.5 3.1 15.6% 14.8% Average 33.2 31.8 9.3 8.4 25.0% 23.6% Healthcare MIKA BUY 0.4 1940 0.0 7.2 2222 2950 52.1 36.2 32.8 7.0 6.4 19.4% 19.4% SILO HOLD 0.2 8700 (2.0) (9.1) 11308 10700 23.0 107.6 88.0 3.5 3.3 3.3% 3.7% Average 71.9 60.4 5.3 4.8 11.3% 11.6% Poultry CPIN HOLD 0.7 3250 (3.6) 8.3 3187 3380 4.0 18.6 14.0 3.3 2.8 17.6% 20.0% JPFA BUY 0.2 1560 1.3 20.0 1644 1600 2.6 13.5 12.6 1.8 1.6 13.0% 12.4% MAIN BUY 0.0 710 (0.7) (4.1) 959 1200 69.0 4.2 3.3 0.6 0.5 14.6% 16.2% Average 12.1 10.0 1.9 1.6 15.1% 16.2% Retail MAPI BUY 0.2 7100 (1.7) 14.5 8244 8000 12.7 47.7 23.4 3.4 3.0 7.1% 12.7% RALS BUY 0.1 1180 (3.3) (1.7) 1283 1500 27.1 19.9 16.2 2.2 2.0 11.1% 12.7% ACES BUY 0.3 1310 (3.0) 13.4 1379 1600 22.1 29.9 25.2 6.7 5.6 22.4% 22.4% LPPF BUY 0.4 10500 (3.2) 5.0 12546 11500 9.5 14.0 13.6 9.0 6.8 64.5% 49.8% Average 27.8 19.6 5.3 4.4 26.3% 24.4% Media MNCN BUY 0.3 1585 (0.6) 23.3 1842 2000 26.2 11.7 10.5 2.3 2.0 19.3% 19.3% SCMA BUY 0.6 2830 0.7 14.1 2689 2900 2.5 26.2 23.0 10.1 8.3 38.4% 36.3% Average 18.9 16.7 6.2 5.2 28.9% 27.8% Telco EXCL BUY 0.4 2940 (2.0) (0.7) 4027 3200 8.8 91.9 39.2 1.5 1.4 1.6% 3.6% ISAT BUY 0.4 5475 (3.1) 14.1 7565 8200 49.8 16.5 11.1 2.0 1.8 12.4% 16.3% TLKM BUY 5.5 4010 0.3 (9.7) 4818 5000 24.7 17.1 15.1 4.3 3.9 25.1% 25.9% TOWR BUY 0.5 3640 (1.6) (9.0) 4938 4500 23.6 13.9 12.6 2.9 2.5 20.9% 20.2% Average 34.8 19.5 2.7 2.4 15.0% 16.5% Auto and HE ASII BUY 4.7 8525 (2.0) 2.7 9194 9400 10.3 14.8 13.1 2.8 2.2 18.6% 16.6% UNTR BUY 2.0 38575 (1.6) 9.0 39018 41500 7.6 20.7 20.5 3.2 2.9 15.5% 14.2% Average 17.7 16.8 3.0 2.5 17.1% 15.4% Aviation GIAA HOLD 0.1 310 (1.3) 3.3 363 350 12.9 232.8 227.1 0.6 0.6 0.3% 0.3% www.samuel.co.id Page 4 of 7
Property BSDE BUY 0.5 1835 (2.7) 7.9 2175 2350 28.1 16.4 14.1 1.3 1.2 8.2% 8.5% PWON BUY 0.4 680 (0.7) (0.7) 743 767 12.8 16.5 14.0 3.2 2.7 19.2% 19.1% ASRI BUY 0.1 396 (3.9) 11.2 428 448 13.1 14.8 13.9 1.0 0.9 6.7% 6.7% SMRA HOLD 0.2 1180 (2.1) 24.9 1161 1110-5.9 52.6 50.2 1.5 1.7 2.8% 3.4% SSIA HOLD 0.0 580 (3.3) 12.6 720 626 7.9 37.6 35.0 0.9 0.9 2.4% 2.6% CTRA BUY 0.3 1160 (3.6) 12.2 1431 1580 36.2 17.2 15.8 1.5 1.4 8.7% 9.2% DMAS BUY 0.1 197 1.5 15.2 255 228 15.7 11.2 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 0.1 286 (1.4) 0.0 384 450 57.3 12.4 11.2 1.0 0.9 7.8% 7.9% Average 22.3 20.4 1.4 1.3 8.2% 8.5% Construction PTPP BUY 0.3 3100 (2.5) 17.4 4034 4150 33.9 13.8 11.7 1.6 1.5 11.8% 12.6% ADHI BUY 0.1 2190 (3.1) 16.2 2547 2550 16.4 22.8 16.8 1.4 1.3 6.1% 7.9% WSKT BUY 0.5 2810 0.0 27.1 3070 3250 15.7 16.8 13.3 1.9 1.8 11.2% 13.6% WIKA BUY 0.2 1970 (2.5) 27.1 2404 3000 52.3 15.9 13.9 1.3 1.1 8.0% 8.3% Average 17.3 13.9 1.5 1.4 9.3% 10.6% Cement INTP SELL 1.0 20550 (3.0) (6.4) 17690 13500-34.3 36.7 27.5 2.8 2.6 7.7% 9.6% SMGR HOLD 0.9 10550 (1.4) 6.6 10883 9000-14.7 21.8 17.6 2.0 1.9 9.4% 10.7% SMCB SELL 0.1 890 (1.7) 6.6 677 700-21.3-11.7-12.2 0.9 0.9-7.8% -7.7% SMBR HOLD 0.4 3200 0.3 (15.8) 598 2300-28.1 177.8 177.8 9.6 9.2 5.4% 5.2% Average 56.1 52.7 3.8 3.7 3.7% 4.4% Precast WSBP BUY 0.2 452 (0.8) 14.7 610 500 10.6 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 0.1 580 (2.5) 16.0 776 750 29.3 15.3 14.5 2.2 2.0 14.6% 14.0% Average 13.4 11.8 1.8 1.6 13.4% 13.8% Oil and Gas PGAS BUY * 0.8 2400 (2.4) 37.1 2441 2200-8.3 21.8 16.3 1.3 1.2 5.9% 7.5% AKRA BUY 0.3 5650-3.00-11.0 7736 8500 50.4 13.9 16.4 2.8 2.5 20.0% 15.2% TPIA HOLD 1.5 6350-2.3 5.8 5324 5800-8.7 28.2 25.9 4.8 4.4 17.1% 16.8% BRPT BUY 0.5 2540-2.3 12.4 2518 2600 2.4 19.2 17.4 1.5 1.3 8.0% 7.6% MEDC BUY 0.3 1275 (1.9) 43.3 1249 1500 17.6 9.6 8.9 1.4 1.2 14.7% 13.8% Average 18.6 17.0 2.4 2.1 13.1% 12.2% Utilities JSMR BUY 0.6 5600 0.0 (12.5) 6934 7500 33.9 19.8 16.9 2.7 2.4 13.6% 14.3% Metal ANTM BUY 0.3 870 (3.9) 39.2 927 1050 20.7 217.5 87.0 1.1 1.3 0.5% 1.5% INCO BUY 0.5 3670 (3.4) 27.0 3616 3800 3.5-1747.6 44.7 1.5 1.5-0.1% 3.3% TINS BUY 0.1 1020 (4.2) 31.6 1188 1200 17.6 15.9 13.6 1.3 1.3 8.4% 9.4% Average -504.7 48.4 1.3 1.3 2.9% 4.7% Coal DOID BUY 0.1 1125.0-3.8 57.3 1438.6 1450 28.9 16.8 7.9 4.7 2.9 27.8% 36.7% ITMG BUY 0.5 29600 0.0 43.0 29592 38000 28.4 10.6 10.7 2.4 2.2 22.1% 20.8% ADRO BUY 1.1 2520 2.0 35.5 2694 3050 21.0 12.8 9.2 1.5 1.4 11.5% 15.0% PTBA BUY 0.5 3300 0.0 34.1 3392 4000 21.2 16.3 8.9 3.0 2.5 18.4% 28.1% Average 14.1 9.2 2.9 2.2 19.9% 25.2% Plantation AALI BUY 0.3 12850 (1.2) (2.3) 16533 17800 38.5 10.0 9.3 1.4 1.3 14.1% 13.8% LSIP BUY 0.1 1310 (1.5) (7.7) 1711 1950 48.9 11.8 10.9 1.1 1.0 9.2% 9.3% SIMP HOLD 0.1 515 (1.9) 11.0 538 550 6.8 12.0 10.5 0.5 0.5 4.6% 5.0% Average 11.3 10.2 1.0 0.9 9.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Note: *: Under Review www.samuel.co.id Page 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (67.91) 2,104 (3.13) (4.92) (4.99) (2.46) 2.78 0.01 16.99 2,250 1,795 U.S. (S&P) (113.19) 2,649 (4.10) (6.19) (7.17) (3.43) 2.23 (0.92) 15.55 2,873 2,285 U.S. (DOW) (1175.21) 24,346 (4.60) (6.90) (7.92) (3.76) 3.39 (1.51) 21.41 26,617 20,003 Europe (44.51) 3,479 (1.26) (3.62) (4.51) (3.57) (5.53) (0.72) 7.43 3,709 3,214 Emerging Market (21.50) 1,209 (1.75) (3.61) (4.63) 0.69 6.92 4.39 31.02 1,279 916 FTSE 100 (108.45) 7,335 (1.46) (2.64) (4.39) (5.04) (3.01) (4.59) n/a 7,793 7,097 CAC 40 (79.15) 5,286 (1.48) (3.58) (4.27) (3.38) (4.02) (0.50) 10.63 5,567 4,734 Dax (97.67) 12,687 (0.76) (3.81) (4.78) (4.75) (5.80) (1.78) 10.23 13,597 11,480 Indonesia (39.15) 6,590 (0.59) (0.24) (1.36) 3.71 8.91 3.68 22.12 6,686 5,331 Japan (903.96) 21,778 (3.99) (7.27) (6.50) (8.17) (3.42) (4.33) 14.76 24,129 18,225 Australia (179.43) 5,847 (2.98) (3.99) (2.92) (4.50) (1.80) (3.60) 4.12 6,150 5,583 Korea (56.40) 2,435 (2.26) (5.19) (5.16) (2.49) (4.47) (1.30) 17.22 2,607 2,052 Singapore (46.89) 3,483 (1.33) (1.44) (2.63) (0.19) 2.99 2.35 13.94 3,612 3,041 Malaysia (17.41) 1,853 (0.93) (0.93) 0.39 1.93 6.36 3.13 9.57 1,881 1,685 Hong Kong (356.56) 32,245 (1.09) (1.95) (2.19) 4.64 12.76 7.77 38.11 33,484 23,150 China 25.42 3,487 0.73 0.19 (1.01) 2.82 2.93 5.45 10.47 3,587 3,017 Taiwan (179.98) 10,946 (1.62) (1.42) (2.46) 0.61 1.48 2.85 14.76 11,270 9,468 Thailand (17.03) 1,810 (0.93) (0.91) (1.48) 0.83 5.76 3.23 13.92 1,848 1,529 Philipines (194.75) 8,616 (2.21) (1.69) (4.89) (1.76) 1.09 0.67 18.12 9,078 7,146 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 3.90 (0.04) (1.31) 2.58 0.01 (6.37) 4.96 3.89 Foreign Reserve (US$bn) n/a 130.20 n/a 3.36 0.61 11.89 11.89 130.20 119.86 Inflation Rate (%) n/a 0.62 n/a (12.68) 6100.00 (12.68) (36.08) 0.71 (0.07) US Fed Rate (%) 0.00 1.50 0.00 0.00 20.00 0.00 100.00 1.50 0.75 Indo Govt Bond Yld (10yr) - % 0.00 6.37 0.05 3.74 (4.40) 0.87 (15.77) 7.61 6.09 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 73.00 13525 (0.54) (1.01) (1.19) (0.81) 0.32 0.32 (1.52) 13,645 13,145 Japan 0.09 109.18 (0.08) 0.20 (0.37) 3.58 3.21 3.21 2.34 115.51 107.32 UK 0.00 1.40 0.04 (2.10) (1.29) 2.92 3.34 3.34 11.99 1.43 1.21 Euro 0.00 1.24 0.12 (1.02) (0.16) 3.47 3.14 3.14 15.18 1.25 1.05 China (0.01) 6.29 0.14 (0.06) 0.76 3.11 3.40 3.40 9.06 6.92 6.27 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.56) 63.59 (0.87) (3.36) (1.41) 3.50 10.88 5.25 19.96 66.66 42.05 CPO 17.00 2,489.00 0.69 (1.19) (0.16) (3.68) (11.77) (0.56) (16.53) 3,048.00 2,390.00 Rubber (3.00) 743.00 (0.40) 0.07 (0.07) 0.75 (4.68) 1.43 (35.95) 1,169.00 732.50 Coal (0.05) 102.60 (0.05) (1.68) (5.87) (1.06) 4.59 0.93 24.14 109.65 71.25 Iron Ore 1.30 73.47 1.80 1.55 1.00 0.95 22.59 3.80 (11.95) 94.91 54.24 Tin 380.00 22,070.00 1.75 0.98 (0.15) 10.27 12.13 9.82 11.93 22,104.00 18,750.00 Nickel 310.00 13,745.00 2.31 1.07 (0.43) 9.74 8.02 7.72 34.43 14,040.00 8,680.00 Copper 124.00 7,169.00 1.76 0.72 1.19 0.67 3.97 (1.08) 24.20 7,312.50 5,462.50 Gold 4.90 1,338.70 0.37 (0.47) 0.25 1.24 4.46 2.48 8.76 1,365.40 1,194.50 Source: SSI Research, Bloomberg www.samuel.co.id Page 6 of 7
Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148 Ahmad Mikail Economist ahmad.mikail@samuel.co.id +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382 Akhmad Nurcahyadi, CSA Arandi Ariantara Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Toll Road, Oil and Gas akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 arandi.ariantara@samuel.co.id +6221 2854 8392 Marlene Tanumihardja Poultry, Retail, Small Caps marlene@samuel.co.id +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation sharlita.malik@samuel.co.id +6221 2854 8339 Nadya Swastika Research Associate nadya.swastika@samuel.co.id +6221 2854 8338 Private Wealth Management Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399 Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Equity Sales Team Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150 Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146 Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173 Online Trading Sales Team Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372 Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371 Aben Epapras Marketing aben.epapras@samuel.co.id +6221 2854 8389 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 reproduced or copied or made avai lable 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 www.samuel.co.id Page 7 of 7