RISET SAHAM HARIAN Samuel Equity Research Thursday, 15 December 2016 Market Activity Thursday, 15 Dec 2016 Market Index Index Movement Market Volume Market Value : 5,262.8 : -30.8 (-0.58%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BBCA 14,750 50 0.3 BMRI 10,875 50 0.5 BTPN 2,850 170 6.3 NIKL 2,270 370 19.5 Lagging Movers BBRI 11,500-225 -1.9 UNVR 40,050-675 -1.7 TLKM 3,920-50 -1.3 HMSP 3,950-30 -0.8 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BMRI 62 ASII 104 BBCA 39 TLKM 94 JSMR 33 BBRI 51 BBNI 21 UNVR 32 ADRO 19 BJBR 28 Money Market USD/IDR 13,295-13.0 0.1 JIBOR O/N 4.2 0.0 - Infl (MoM) 0.5 - - Dual Listing Securities TLKM 28.9-0.9-2.9 ISAT 41.3-0.8-1.9 EIDO 23.8-0.9-3.7 World Indices DJIA 19,793-119 -0.6 S&P 500 2,253-18 -0.8 Euro Stoxx 3,212-25 -0.8 MSCI World 1,764-10 -0.6 Nikkei 19,401 148 0.8 Hang Seng 22,457 10 0.0 Commodities Brent Oil 54-1.8-3.3 CPO Malay 3,095 24.0 0.8 Coal Newc 82 0.5 0.6 Nickel 11,387 29.5 0.3 Tin 21,240-210.0-1.0 Fed kejutkan rentang kenaikan suku bunga acuan Indeks AS semalam ditutup turun, ditengah berita seputar rencana The Fed menaikan suku bunga acuannya sebanyak 3x tahun depan. Bahkan The Fed berencana kembali menaikkan dua kali di tahun 2018 dan tiga kali di tahun 2019. Rentang kenaikan yang lebih tinggi dari ekspektasi tersebut. menjadi alasan utama dan pendorong pelemahan. Angka VIX juga kembali tercatat naik ke 13.19 merefleksikan kekhawatiran pasar. Pasar Eropa juga mengadopsi sentimen yang sama ditengah rilisnya data unemployment rate. Dari pasar komoditas, harga minyak dan emas tercatat turun. Sementara itu, dari pasar Asia Pasifik, sebagian besar indeks utama di wilayah tersebut ditransaksikan turun didorong oleh sentimen yang sama. Dari pasar dalam negeri, kami melihat IHSG hari ini berpotensi kembali mengalami tekanan. Nilai tukar rupiah melemah ke level Rp13.365 vs Rp13.295 sedangkan EIDO tercatat melemah. Highlights EXCL: Pelanggan pascabayar naik 21% JSMR: Menteri PUPR mengamanatkan anak usaha untuk mengerjakan ruas tol Salatiga - Solo BMRS: Perkuat aliansi bisnis SMRA: Targetkan marketing sales Rp4.5tn MEDC: Bidik dana besar di pasar modal Sektor konsumsi: KPPU Merekomendasikan perubahan skema impor gula Minyak dan gas: OPEC memperkirakan oversupply akan berakhir Minyak dan gas: Menteri ESDM menyatakan gross split akan mempercepat investasi migas www.samuel.co.id DISCLAIMERS : Anal yst Certification : The vi ews expressed in this research accuratel y reflect the personal views of the anal yst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directl y or indirectl y related to the incl usion of specific recommendati ons or vi ews in this research. The anal yst(s) princi pall y responsible for the pr eparati on of this r esearch has taken reasonable car e to ac hi eve and maintain i ndependence and obj ecti vity in maki ng any recommendati ons. This document is for information onl y and for the use of the recipient. It is not to be repr oduced 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 r ecommendation contai ned in this report may not be suitable for all investors. Mor eover, although the i nfor mation contained herein has been obtained from sources believed to be r eliabl e, its accuracy, completeness and reli ability cannot be guaranteed. All rights reser ved by PT Samuel Sekuritas Indonesi a.
EXCL: Pelanggan pascabayar naik 21% Hingga Oktober 2016, pelanggan pascabayar/postpaid PT XL Axiata Tbk (EXCL) meningkat lebih dari 21% sepanjang 2016 menjadi 536.000 pelanggan. Peningkatan ini didorong oleh program postpaid baru, XL Prioritas yang dimulai sejak Februari 2016. Sebelumnya, akuisisi pelanggan sekitar 2.000 pelanggan/bulan, namun sejak diluncurkan program XL Prioritas akuisisi pelanggan mencapai 11.000 pelanggan/bulan. (Bisnis Indonesia) EXCL: Hold; 17E PE: 30.0x, PBV: 1.1x. JSMR: Menteri PUPR mengamanatkan anak usaha untuk mengerjakan ruas tol Salatiga - Solo Menteri Pekerjaan Umum dan Perumahan Rakyat (PUPR) menerbitkan surat yang mengamanatkan kepada anak usaha PT Jasa Marga Tbk (JSMR), PT Solo Ngawi Jaya (JSMR: 59,9%) untuk mengerjakan konstruksi fisik di ruas Salatiga Solo yang dimiliki oleh PT Trans Marga Jateng (JSMR: 73,9%). Penugasan ini untuk mempercepat konstruksi setelah Badan Pengatur Jalan Tol (BPJT) membatalkan rencana menjadikan ruas Salatiga Solo sepanjang 33 km sebgai proyek percontohan berskema availaibility payment (AP) atau pembayaran berdasarkan ketersediaan layanan. Ruas tol tersebut merupakan bagian dari ruas tol Semarang Solo dengan investasi sebesar Rp 7,3 triliun dan ditargetkan beroperasi di 2019. (Bisnis Indonesia) JSMR: Buy; 17E PE: 17.1x, PBV: 2.4x. BMRS: Perkuat aliansi bisnis PT Bumi Resources Minerals Tbk (BRMS) tengah menjajaki kerja sama dengan China Nonferrous Metal Industry s Foreign Engineering and Construction Co Ltd (NFC) untuk mengembangkan tambang emas dan tembaga di Gorontalo dan Palu. Bumi Minerals dan NFC berpotensi melakukan skema equity partner. Cadangan emas pada Gorontalo Minerals sekitar 105,4 juta ton, sedangkan sumber daya diperkirakan mencapai 324 juta per ton. Sementara pada proyek Palu, perseroan memiliki hak konsesi pertambangan seluas 85.180 ha. Estimasi sumberdaya mineraproyek tersebut 6,7 juta ton. (Investor Daily) Non-Coverage. SMRA: Targetkan marketing sales Rp4.5tn PT Suumarecon Agung, Tbk (SMRA) mentargetkan nilai pre sales tahun depan sebesar Rp4.5tn. Untuk mendukung pencapaian tersebut pengembangan township dan penawaran terhadap beberapa proyek baru di Kelapa Gadung, Bekasi, Serpong, Bandung dan Karawang juga terus dilakukan. Alokasi belanja modal tahun depoan sebesar Rp2.7tn yang merupakan kombinasi kas internal dan pinjaman perbankan. (Kontan). SMRA. Buy; 29.3x P/E17E dan 2.5x PBV 17E. www.samuel.co.id Page 2 of 7
MEDC: Bidik dana besar di pasar modal PT Medco Energi International Tbk (MEDC) akan mencari pendanaan dari pasar saham dan penerbitan surat utang untuk membayar kembali utangnya dan mendanai ekspansi tahun depan. MEDC mengalokasikan belanja modal sebesar US$ 150 juta hingga US$ 180 juta untuk 2017. Belanja modal ini akan digunakan untuk menjaga produksi MEDC tahun depan. MEDC memperkirakan setiap kenaikan harga minyak sebesar US$ 10/b, MEDC akan memiliki tambahan dana sebesar US$ 45 juta untuk membayar utang, utang jatuh tempo perseroan di 2017 sebesar US$ 60 juta. MEDC juga berencana membawa PT Amman Mineral (sebelumnya Newmont) ke pasar saham melalui penawaran saham perdana. Perseroan memperkirakan Amman bisa mencetak EBITDA sebesar US$ 600 juta melalui asset tambang Batu Hijau dan dapat digunakan untuk melunasi utang sindikasi bank BUMN sebesar US$ 750 juta yang diambil ketika mengakuisisi Newmont sebesar US$ 2,6 miliar. (Kontan) MEDC: Non coverage. Sektor konsumsi: KPPU Merekomendasikan perubahan skema impor gula Komisi Pengawas Persaingan Usaha (KPPU) merekomendasikan perubahan skema importasi gula yang dinilai secara tidak sengaja memfasilitasi praktik persekongkolan kegiatan usaha. Masalah utama gula memang bersumber dari regulasi yang mendahulukan kepentingan perusahaan tertentu dengan sistem penjatahan. Aturan tersebut dilakukan pemerintah sebagai upaya pengendalian sektor hulu. Sementara itu, seperti dilansir oleh Antara, harga gula pasir di sejumlah wilayah di Indonesia mulai merangkak naik menjelang Natal dan Tahun Baru. Dalam situs resmi Kementerian Perdagangan disebutkan, rata rata nasional harga gula pasir pada Rabu (14/12) mencapai Rp14,087 per kilogram. Kenaikan terjadi seiring dengan tingginya permintaan masyarakat, sedangkan pasokannya stabil, menyebabkan harga mengalami kenaikan. (Bisnis Indonesia). Sektor Konsumsi: Overweight. Minyak dan gas: OPEC memperkirakan oversupply akan berakhir Dalam laporan bulanannya, Organisasi Negara Pengekspor Minyak (OPEC) memperkirakan oversupply di minyak akan segera berakhir. Hal ini didorong oleh adanya kesepakatan pemangkasan produksi dari anggota OPEC dan non-opec. (Investor Daily) Utilities: Neutral. Minyak dan gas: Menteri ESDM menyatakan gross split akan mempercepat investasi migas Menteri Energi dan Sumber Daya Mineral (ESDM), Iganasius Jonan, menyatakan pengelolaan sumber daya alam migas dalam skema gross split akan mempercepat investasi migas karena skema ini tidak rumit dan dapat mengurangi birokrasi. (Investor Daily) Utilities: Neutral. www.samuel.co.id Page 3 of 7
Ticker Rec. JCI Wgt price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside PE PBV ROE EV/EBITDA (x) (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E Banks BMRI HOLD 4.4 10875 0.5 2.11 3.1 17.6 11039 10300-5.3 14.5 11.3 1.6 1.5 11.3% 13.1% n/a n/a BBCA BUY 6.3 14750 0.3 0.51 1.4 10.9 16292 17100 15.9 18.6 15.7 3.3 2.8 17.6% 17.9% n/a n/a BBRI BUY 4.9 11500 (1.9) 1.55 4.3 0.7 13004 13700 19.1 10.9 9.4 2.0 1.7 17.9% 18.1% n/a n/a BBNI BUY 1.8 5475 0.0 1.86 9.5 9.7 6352 6300 15.1 9.6 7.9 1.2 1.1 12.2% 13.4% n/a n/a BBTN BUY 0.3 1730 0.9 (1.70) 6.5 33.6 2169 2300 32.9 7.8 6.6 1.0 0.9 12.4% 13.1% n/a n/a Average 12.3 10.2 1.8 1.6 14.3% 15.1% n/a n/a Consumer (Staples) ICBP BUY 1.8 8925 (0.3) 2.59 3.2 32.5 10150 10300 15.4 28.0 25.1 5.9 5.2 21.0% 20.8% 20.9 17.8 INDF BUY 1.2 7975 (1.8) 6.33 4.9 54.1 9950 9900 24.1 17.8 15.0 2.3 2.1 13.2% 14.2% 9.5 8.5 KLBF HOLD 1.3 1535 (0.6) (2.23) 4.1 16.3 1739 1700 10.7 32.0 28.4 6.1 5.4 19.1% 19.0% 22.0 18.4 ROTI BUY 0.1 1515 0.7 (0.33) (2.3) 19.8 1738 2000 32.0 28.6 21.3 5.4 4.5 18.9% 21.1% 13.4 11.8 ULTJ BUY 0.2 4570 (0.7) (1.51) (0.7) 15.8 5367 5300 16.0 21.0 17.2 3.9 3.2 18.7% 18.9% 13.2 11.3 UNVR HOLD 5.4 40050 (1.7) (4.19) (2.3) 8.2 44271 45200 12.9 47.8 42.8 56.9 49.9 118.9% 116.6% 33.4 30.6 SIDO BUY 0.1 545 (0.9) (0.91) 5.8 (0.9) 690 730 33.9 17.0 15.1 3.0 2.9 17.7% 18.9% 7.7 6.2 AISA BUY 0.1 1990 (0.5) 3.92 6.7 64.5 2427 2240 12.6 15.9 12.2 1.7 1.5 10.7% 12.2% 14.2 12.8 Average 27.4 23.6 11.9 10.5 32.5% 32.8% 17.2 15.0 Cigarette HMSP HOLD 8.1 3950 (0.8) 0.77 3.9 5.1 4252 4390 11.1 38.8 34.7 12.9 11.7 33.3% 33.8% 27.8 25.1 GGRM BUY 2.3 67025 0.3 (0.63) 9.7 21.9 77883 77150 15.1 19.7 19.0 3.0 2.7 15.2% 14.1% 12.8 11.7 Average 29.2 26.9 8.0 7.2 24.2% 24.0% 20.3 18.4 Healthcare MIKA HOLD 0.6 2520 0.0 (1.56) (8.4) 5.0 3109 2950 17.1 55.1 48.4 10.2 9.2 18.5% 19.1% 29.6 26.6 SILO BUY 0.2 10350 1.0 (4.39) 10.4 7.3 11154 12500 20.8 138.0 108.7 5.6 5.1 4.1% 4.7% 18.4 15.0 Average 96.6 78.5 7.9 7.2 11.3% 11.9% 24.0 20.8 Retail MAPI HOLD 0.1 5000 (0.5) (3.38) 3.1 31.8 5569 5500 10.0 44.2 26.0 2.6 2.3 5.8% 9.0% 8.5 6.8 RALS BUY 0.1 1140 (1.3) (2.56) (4.2) 76.7 1492 1570 37.7 20.7 17.5 2.3 2.1 11.0% 12.1% 16.5 15.5 ACES BUY 0.2 830 0.6 (4.60) 7.1 0.6 972 960 15.7 23.1 21.3 4.6 4.0 20.0% 18.7% 15.9 14.0 LPPF BUY 0.7 14425 (2.5) (1.87) (4.5) (18.0) 20568 23150 60.5 17.5 15.1 19.3 12.4 110.6% 82.3% 13.1 11.6 Average 26.4 20.0 7.2 5.2 36.8% 30.5% 13.5 12.0 Telco EXCL HOLD 0.4 2340 (1.7) 2.63 5.4 (35.0) 3200 2200-6.0 292.5 30.0 1.2 1.1 0.4% 3.7% 5.3 4.6 ISAT HOLD 0.6 6275 0.0 (0.40) 1.2 14.1 7624 6600 5.2 38.5 17.1 2.5 2.3 6.5% 13.2% 4.1 3.7 TLKM BUY 6.9 3920 (1.3) 0.26 2.1 26.8 4681 5000 27.6 20.0 16.3 4.5 3.9 22.3% 24.0% 7.7 7.0 Average 117.0 21.1 2.7 2.4 9.8% 13.7% 5.7 5.1 Auto and HE ASII BUY 5.5 7775 (1.0) (0.96) 2.0 29.6 8700 9000 15.8 17.0 14.1 2.8 2.4 16.7% 17.2% 14.5 14.0 UNTR BUY 1.5 22325 (0.7) (3.98) 7.9 31.7 24056 25050 12.2 19.3 16.2 2.1 1.9 10.7% 11.9% 5.4 4.7 Average 18.2 15.1 2.5 2.2 13.7% 14.6% 9.9 9.3 Aviation GIAA HOLD 0.2 370 (1.1) (2.12) 12.1 19.7 394 445 20.3 19.5 14.2 0.7 1.0 3.8% 7.1% 1.1 3.4 Property BSDE HOLD 0.6 1770 (0.6) (5.09) 0.3 (1.7) 2357 2350 32.8 13.9 11.3 1.5 1.3 11.1% 11.8% 10.2 8.9 PWON HOLD 0.5 620 (3.1) (7.46) (7.5) 25.0 732 710 14.5 22.3 20.6 3.7 3.3 16.8% 15.8% 8.9 7.7 KPIG BUY 0.2 1365 (0.7) 12.81 0.4 (3.2) n/a 1810 32.6 31.7 26.8 1.1 1.1 3.5% 4.1% n/a n/a ASRI HOLD 0.1 376 (1.6) (1.57) (1.1) 9.6 449 438 16.5 11.7 10.9 1.1 1.0 9.0% 8.9% 5.9 5.1 SMRA HOLD 0.4 1420 (4.4) (3.07) 15.0 (13.9) 1698 1750 23.2 31.2 29.3 2.7 2.5 8.5% 8.4% 9.6 8.7 Average 19.8 18.0 2.2 2.0 11.4% 11.3% 8.7 7.6 Construction PTPP BUY 0.4 3890 (1.3) (1.77) 2.3 5.6 5065 5100 31.1 23.8 20.5 3.3 3.0 13.9% 14.4% 10.0 8.8 ADHI BUY 0.1 2080 (1.9) 10.64 5.1 (2.8) 2556 2750 32.2 15.6 12.9 1.4 1.2 8.9% 9.5% 5.8 5.2 WSKT BUY 0.6 2530 (1.6) 1.61 16.1 51.5 3314 3250 28.5 19.7 16.1 1.8 1.6 9.2% 9.9% 21.9 18.6 WIKA BUY 0.4 2430 (2.0) 1.25 1.7 (0.6) 3004 3000 23.5 21.1 17.9 2.4 2.0 11.2% 11.4% 12.7 11.0 Average 20.1 16.8 2.2 2.0 10.8% 11.3% 12.6 10.9 Cement INTP HOLD 1.1 16600 (1.2) 4.24 14.5 (25.6) 16367 18000 8.4 14.8 14.5 2.3 2.1 15.6% 14.4% 7.8 6.6 SMGR HOLD 1.0 9300 0.0 0.81 13.4 (18.4) 10546 10000 7.5 14.0 13.5 1.9 1.8 13.8% 13.0% 5.6 4.6 SMCB SELL 0.1 910 (2.2) 1.68 5.2 (8.5) 912 920 1.1 29.8 19.3 0.8 0.7 2.6% 3.9% 10.0 8.1 Average 19.6 15.8 1.7 1.5 10.7% 10.4% 7.8 6.5 Precast WSBP BUY 0.3 570 (0.9) 0.88 n/a n/a 693 690 21.1 28.1 22.4 2.4 2.1 8.4% 9.6% 22.7 17.7 WTON BUY 0.1 840 (2.3) (1.18) 2.4 1.8 1093 1150 36.9 26.1 19.8 2.7 2.2 10.2% 10.9% 19.1 14.9 Average 27.1 21.1 2.5 2.2 9.3% 10.2% 20.9 16.3 www.samuel.co.id Page 4 of 7
Ticker Rec. JCI Wgt price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside Utility (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E PGAS BUY 1.2 2880 (1.4) 1.77 29.1 4.9 3067 3375 17.2 12.4 10.2 1.5 1.4 12.3% 13.5% 18.9 18.0 JSMR BUY 0.6 4530 0.9 5.35 7.6 (13.1) 5792 6500 43.5 17.3 17.1 2.6 2.4 15.3% 13.9% 10.9 10.5 Average 14.8 13.7 2.1 1.9 13.8% 13.7% 14.9 14.2 Coal and Metal ANTM BUY 0.4 880 (2.2) (8.33) (0.6) 180.3 816 840-4.5 440.0 125.7 1.1 1.1 0.3% 0.9% 36.0 28.6 INCO HOLD 0.6 3240 (0.3) (3.86) 4.9 98.2 2679 2800-13.6 249.2 35.2 1.3 1.3 0.5% 3.7% 213.8 138.0 TINS HOLD 0.2 1175 (5.2) (8.20) 13.0 132.7 848 850-27.7 117.5 56.0 1.7 1.6 1.4% 2.9% 8.8 7.6 ITMG BUY 0.4 17650 3.2 5.37 10.3 208.3 18207 19000 7.6 14.9 7.6 1.7 1.5 11.3% 19.6% 91.3 103.4 ADRO BUY 0.9 1690 (0.6) (2.31) 15.4 228.2 1814 2100 24.3 15.1 12.8 1.1 1.1 7.6% 8.5% 88.1 78.5 PTBA BUY 0.5 12600 (0.2) (3.45) 9.8 178.5 14145 15000 19.0 21.1 13.0 3.0 2.6 14.1% 19.9% 15.9 9.8 Average 143.0 41.7 1.7 1.5 5.9% 9.2% 75.6 61.0 Plantation AALI BUY 0.6 16900 (1.3) (5.06) 11.2 11.9 17495 17000 0.6 19.5 18.5 2.1 2.0 10.7% 10.7% 14.6 13.3 LSIP BUY 0.2 1720 0.0 (8.99) 9.9 30.3 1746 1830 6.4 24.2 15.5 1.5 1.4 6.3% 9.1% 7.1 5.8 SIMP BUY 0.1 505 0.0 (0.98) 3.5 52.1 558 600 18.8 18.0 11.5 0.6 0.6 3.1% 4.9% 6.0 5.6 Average 20.6 15.2 1.4 1.3 6.7% 8.2% 9.2 8.2 Poultry CPIN BUY 0.9 3150 (0.3) (0.63) 0.3 21.2 3820 4800 52.4 14.9 13.3 1.9 1.7 13.0% 12.8% 12.3 11.2 JPFA BUY 0.3 1715 4.6 8.54 (2.0) 170.1 2335 2240 30.6 10.3 9.4 2.1 1.8 20.7% 18.7% 9.2 11.9 MAIN BUY 0.0 1260 (3.1) (3.08) (3.8) (17.4) 2073 2280 81.0 7.4 6.8 1.2 1.1 16.3% 15.6% 10.4 8.6 Average 10.9 9.8 1.8 1.5 16.7% 15.7% 10.6 10.6 Other Sectors PE PBV ROE EV/EBITDA (x) AKRA HOLD 0.4 6300.0-2.7-2.7-3.4-12.2 7345.5 6900 9.5 22.6 20.1 3.7 3.3 16.2% 16.3% 14.8 11.9 DOID BUY 0.1 520.0-3.7-1.0 15.6 863.0 na 850 63.5 9.3 4.9 2.7 1.8 28.7% 35.9% 26.3 25.3 Average 15.9 12.5 3.2 2.5 22.5% 26.1% 20.6 18.6 Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO report in USD. www.samuel.co.id Page 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (10.29) 1,764 (0.58) 0.20 0.61 3.64 3.45 6.07 7.11 1,776 1,460 U.S. (S&P) (18.44) 2,253 (0.81) (0.28) 0.53 3.34 4.94 10.24 10.27 2,278 1,810 U.S. (DOW) (118.68) 19,793 (0.60) 0.18 1.24 4.59 8.68 13.59 12.94 19,966 15,451 Europe (25.00) 3,212 (0.77) 0.44 2.21 5.31 8.00 (1.71) (0.92) 3,345 2,673 Emerging Market (4.44) 873 (0.51) (0.58) 0.59 3.72 (1.82) 9.90 11.98 930 687 FTSE 100 (19.38) 6,949 (0.28) (0.07) 0.68 2.30 3.25 11.32 n/a 7,130 5,500 CAC 40 (34.63) 4,769 (0.72) 0.11 1.59 5.13 9.06 2.85 3.36 4,808 3,892 Dax (39.81) 11,245 (0.35) 0.37 2.35 4.75 7.80 4.67 7.60 11,300 8,699 Indonesia (30.80) 5,263 (0.58) (0.77) (0.19) 3.63 (0.06) 14.58 19.36 5,492 4,370 Japan 155.00 19,409 0.81 1.32 3.43 9.85 18.31 1.97 4.54 19,869 14,864 Australia (34.12) 5,551 (0.61) (0.22) 0.12 4.21 5.93 4.81 13.06 5,611 4,707 Korea (10.63) 2,026 (0.52) (0.05) (0.24) 2.98 1.34 3.31 4.83 2,074 1,818 Singapore (1.17) 2,954 (0.04) (0.07) (0.20) 5.59 5.29 2.47 4.92 2,981 2,528 Malaysia (1.99) 1,643 (0.12) (0.03) 0.83 0.78 (0.59) (2.91) 1.26 1,729 1,601 Hong Kong 9.92 22,457 0.04 (1.34) (1.51) 0.59 (3.77) 2.47 5.56 24,364 18,279 China (14.51) 3,141 (0.46) (2.86) (2.54) (2.07) 4.59 (11.26) (10.54) 3,685 2,638 Taiwan (13.62) 9,369 (0.15) (0.26) 1.13 4.90 5.24 12.36 16.04 9,430 7,628 Thailand (8.96) 1,521 (0.59) (0.27) 0.31 3.03 3.95 18.11 16.97 1,558 1,221 Philipines 47.43 6,928 0.69 (1.63) 0.90 1.04 (10.12) (0.34) 3.39 8,118 6,084 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.20 0.08 9.09 (1.43) (44.68) (28.17) 8.26 4.20 Foreign Reserve (US$bn) n/a 111.47 n/a (3.10) (1.83) 5.23 11.20 115.67 102.13 Inflation Rate (%) n/a 0.47 n/a 235.71 2450.00 (51.04) 123.81 0.96 (0.45) US Fed Rate (%) 0.25 0.75 50.00 50.00 50.00 50.00 200.00 0.75 0.25 Indo Govt Bond Yld (10yr) - % (0.00) 7.83 3.82 (0.72) 10.72 (10.45) (13.52) 9.11 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (13.00) 13295 0.10 0.25 0.25 0.53 3.71 3.71 5.90 14,063 12,920 Japan 0.65 117.69 (0.55) (2.27) (3.10) (7.21) 2.15 2.15 3.39 123.56 99.02 UK (0.00) 1.25 (0.33) (1.23) (0.50) 0.53 (15.02) (15.02) (16.73) 1.50 1.18 Euro (0.01) 1.05 (0.47) (1.40) (1.22) (2.20) (3.46) (3.46) (4.07) 1.16 1.05 China 0.00 6.90 (0.03) 0.04 (0.41) (0.65) (5.96) (5.96) (6.46) 6.92 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.18) 50.86 (0.35) (3.73) 0.04 11.02 15.83 37.31 36.17 54.51 26.05 CPO 24.00 3,095.00 0.78 0.26 (1.93) 9.06 22.19 24.55 25.10 3,157.00 2,172.00 Rubber 47.00 923.00 5.37 5.37 8.14 18.26 38.69 71.08 54.48 923.00 506.50 Coal 0.45 82.00 0.55 2.82 5.87 (13.68) 15.90 62.06 56.79 112.25 51.75 Iron Ore (1.22) 82.48 (1.46) 1.66 2.77 7.72 49.96 90.05 117.63 83.70 37.50 Tin (210.00) 21,240.00 (0.98) 0.83 0.02 1.49 10.44 45.57 44.42 21,945.00 13,223.80 Nickel 30.00 11,420.00 0.26 (0.44) 0.09 1.42 16.06 29.48 30.51 12,145.00 7,550.00 Copper 32.00 5,722.00 0.56 (1.79) (1.09) 2.93 19.92 21.62 22.47 6,045.50 4,318.00 Gold (26.90) 1,135.50 (2.31) (2.51) (3.04) (7.27) (13.58) 7.09 6.94 1,377.50 1,046.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 6 of 7
Research Team Andy Ferdinand, CFA Head Of Equity Research,Strategy, andy.ferdinand@samuel.co.id +6221 2854 8148 Banking, Consumer Rangga Cipta Economist rangga.cipta@samuel.co.id +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382 Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 Healthcare, Heavy Equipment, Property Arandi Ariantara Cement, Telecommunication, Utility 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 Adde Chandra Kurniawan Research Associate adde.kurniawan@samuel.co.id +6221 2854 8338 Private Wealth Management Evelyn Satyono Head of PWM / evelyn.satyono@samuel.co.id +6221 2854 8380 Head of Institutional Marketing 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 Wahyudi Budiono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152 Equity Sales Team Kelvin Siwah Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150 Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146 Indra S. Affandi Institutional Equity Sales indra.siswandi@samuel.co.id +6221 2854 8334 Lucia Irawati Head of Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173 Ferry Khusaeri Equity Sales ferry.khusaeri@samuel.co.id +6221 2854 8304 Iwan Setiadi Equity Sales iwan.setiadi@samuel.co.id +6221 2854 8313 Lia Chaterina Equity Sales liachaterina@samuel.co.id +6221 2854 8315 Amelia Sintama Equity Sales amelia@samuel.co.id +6221 2854 8308 Salt World Widjaja Equity Sales salt@samuel.co.id +6221 2854 8163 Jovita Widjaja Equity Sales jovita.widjaja@samuel.co.id +6221 2854 8314 James Wihardja Equity Sales james.wihardja@samuel.co.id +6221 2854 8397 Joseph Soegandhi Equity Sales joseph.soegandhi@samuel.co.id +6221 2854 8872 Dian Anggraeni Equity Sales dian.anggraeni@samuel.co.id +6221 2854 8301 Sylviawati Equity Sales sylviawati@samuel.co.id +6221 2854 8112 Verawati Gunawan Equity Sales verawati.gunawan@samuel.co.id +6221 2854 8312 Cenni Liawisusi Equity Sales cenni.liawisusi@samuel.co.id +6221 2854 8303 Frans Ferdiansah Equity Sales frans.ferdiansah@samuel.co.id +6221 2854 8337 Muhamad Faisyal Dealer m.faisal@samuel.co.id +6221 2854 8155 Wulan Budi Setyowati Dealer wulan.setyowati@samuel.co.id +6221 2854 8369 Bismar Ferryaman Dealer bismar.ferryaman@samuel.co.id +6221 2854 8368 Online Trading Sales Team Nugroho Nuswantoro Head Of Marketing OLT nugroho@samuel.co.id +6221 2854 8372 Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371 Rina Lestari Customer Service rina.lestari@samuel.co.id +6221 2854 8180 Martha Lamtiurma Tampubolon Customer Service martha.lamtiurma@samuel.co.id +6221 2854 8182 Mohamad Andhika Prasetia Customer Service andhika@samuel.co.id +6221 2854 8183 DISCLAIMERS : Analyst Certification : The views expressed in this research accurately reflect 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 views 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 for information only and for the use of the recipient. It is not to be reproduced 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 for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia. www.samuel.co.id Page 7 of 7