Riset Saham Harian. Data PMI positif, IHSG berpeluang menguat

Samuel Research Market Activity Wednesday, 01 Feb 2017 Market Index Index Movement Market Volume Market Value : 5,294.1 : -8.6 (-0.16%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers MAYA 3,000 600 25.0 ASII 7,950 50 0.6 BTEK 1,550 305 24.5 IIKP 3,200 350 12.3 Lagging Movers HMSP 3,850-50 -1.3 BBCA 15,300-150 -1.0 INTP 15,025-850 -5.4 BMRI 10,900-125 -1.1 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBNI 26 BBRI 81 PTPP 20 ASII 56 WSBP 16 BMRI 48 BRPT 9 TLKM 40 WIKA 8 HMSP 26 Money Market USD/IDR 13,352 1.0 0.0 JIBOR O/N 4.2 0.0 - Infl (MoM) 0.4 - - Dual Listing Securities TLKM 29.4 0.3 1.1 ISAT 40.9-0.3-0.8 EIDO 24.4 0.0-0.2 World Indices DJIA 19,864-107 -0.5 S&P 500 2,279-2 -0.1 Euro Stoxx 3,231-32 -1.0 MSCI World 1,792 0 0.0 Nikkei 18,942-99 -0.5 Hang Seng 23,361-13 -0.1 Commodities Brent Oil 56 0.3 0.5 CPO Malay 2,963-44.0-1.5 Coal Newc 83-0.5-0.7 Nickel 9,928 276.0 2.9 Tin 19,783 176.0 0.9 Data PMI positif, IHSG berpeluang menguat Mayoritas Bursa AS ditutup melemah di tengah kekhawatiran investor mengenai prioritas pemerintahan Trump. Investor khawatir bahwa kebijakan Trump tidak memicu reli pasar setelah dia terpilih, seperti reformasi pajak dan stimulus fiscal. Sama halnya, mayoritas Bursa Eropa ditutup melemah. Saat ini investor lebih realistis terhadap kebijakan Trump, meskipun data ekonomi di zona euro mendukung. Harga minyak mentah WTI diperdagangkan di bawah US$53 per barel setelah adanya kenaikan laporan pasokan minyak mentah AS sejalan dengan pelemahan dolar AS. Bursa APAC dibuka mixed. IHSG hari ini diperkirakan menguat sejalan dengan kenaikan data PMI MFG Indonesia periode Jan 17 yang di atas ekspektasi yaitu di level 50.4, mengindikasikan adanya pertumbuhan positif di 1Q17. Fokus domestik tertuju pada data inflasi, PDB serta tingginya ketidakpastian politik yang dapat mempengaruh laju IHSG. Rupiah ditutup stabil di level Rp 13,352. Highlights BBRI: Laba bersih meningkat tipis namun inline ADRO: Laporan operasional 4Q16 inline EXCL: Mencetak laba bersih Rp 374 miliar, didorong oleh laba kurs WIKA: Membukukan kontrak baru Rp54tn Plantation: Produksi Minyak sawit di 2016 turun 3% yoy www.samuel.co.id Page 1 of 7

BBRI: Laba bersih meningkat tipis namun inline BBRI membukukan kenaikan laba bersih konsolidasi 3,2% yoy menjadi Rp 26,2 triliun pada 2016. Pendapatan bunga bersih naik 16% sejalan dengan kenaikan NIM 19bps dan pertumbuhan kredit 13,8%. Pendapatan non-bunga naik 24,3%. Kualitas aset relatif membaik secara qoq atau flat yoy (NPL gross konsolidasi: 4Q15: 2,1%, 1Q16: 2,3%, 2Q16: 2,4%, 3Q16: 2,3%, 4Q16: 2,1%). Sementara, biaya provisi NPL melonjak 55%. Pre-provision operating income tumbuh 16,9%. (Company, Investor Daily). Comment: Laba bersih itu mencerminkan 101% dari estimasi kami (102% dari konsensus) FY16. Secara umum, laba itu ditopang oleh pertumbuhan kredit dan pendapatan non-bunga. Namun, kenaikan biaya provisi (pencadangan NPL) yang besar sejalan dengan pemburukan kualitas aset terutama di 2Q16 membuat laba bersihnya hanya naik tipis, namun masih inline dengan ekspektasi. Pertumbuhan kredit didorong terutama oleh segmen mikro yang merupakan kekuatan BBRI, terutama oleh KUR. Di tahun ini, bunga KUR rencananya akan dipertahankan di 9%, sementara plafonnya akan dinaikkan. Hal ini cukup melegakan, setelah sebelumnya ada wacana penurunan bunga ke 7% sehingga marjin BBRI mungkin akan turun. Di tahun ini, kredit ditargetkan oleh manajemen tumbuh 12-14%. Kami melihat biaya provisi akan lebih kecil dari tahun lalu seiring tekanan NPL yang mereda dan pencadangan yang relatif sudah cukup besar. Pertumbuhan laba bersih di tahun ini diperkirakan lebih baik. Detil FY16 result akan kami rilis hari ini. Tetap Buy untuk BBRI dengan TP: 13.700. BBRI: Buy; 17E PE: 9.5x, PBV: 1.7x ADRO: Laporan operasional 4Q16 inline Total produksi batubara ADRO untuk FY 16 mencapai 52.64 Mt atau inline dengan estimasi kami. Rasio pengupasan tanah di FY 16 tercatat 4.45x, sedikit lebih rendah daripada target sebesar 4,71x hal ini dikarenakan curah hujan di wilayah operasi yang lebih tinggi daripada rata-rata. Penyelesaian akuisisi terhadap proyek Indo MetCoal dari BHP Billiton. Produksi batubara dari tambang Haju dalam proyek ini dilanjutkan. Konstruksi terhadap PLTU PT Bhimasena Power Indonesia (BPI) yang berkapasitas 2x1.000 MW di Jawa Tengah dan PLTU PT Tanjung Power Indonesia (TPI) yang berkapasitas 2x100 MW di Kalimantan Selatan berjalan sesuai rencana. (Company). ADRO: Buy; 12.8x P/E17E dan 1.1x PBV 17E. www.samuel.co.id Page 2 of 7

EXCL: Mencetak laba bersih Rp 374 miliar, didorong oleh laba kurs PT XL Axiata Tbk (EXCL) mencetak laba bersih Rp 374 miliar, setelah mencatat laba kurs sebesar Rp 286 miliar (2015: Rugi kurs Rp 2,5 triliun). Laba operasional FY16, tercatat melemah 46% y-y menjadi Rp 1,7 triliun seiring dengan penurunan penjualan sebesar 7% y-y menjadi Rp 21,3 triliun. (Bisnis Indonesia) EXCL: HOLD; 50.2x P/E17E dan 1.4x PBV 17E. q-q y-y y-y (IDRbn) 4Q15 3Q16 3Q16 (%) (%) 2016 (%) Sales 5,954 5,229 5,258 0.6 (11.7) 21,341 (11.7) Operating expense (7,213) (4,946) (4,764) (3.7) (34.0) (19,655) (34.0) Operating profit (1,259) 284 495 74.1 (139.3) 1,687 (139.3) EBITDA 2,679 2,036 2,950 44.9 10.1 9,733 10.1 Net interest income/(expense) (555) (378) (195) 48.5 64.9 (1,533) 64.9 Forex gain/(loss) 682 64 (153) (65.7) 438.6 286 438.6 Other income/(expense) (72) (60) (86) 31.3 41.5 (255) 41.5 Pretax profit 678 (90) 61 340.7 122.5 186 122.5 Taxation (197) 26 155 (42.2) (19.2) 190 (19.2) Minority interest Net profit 481 (65) 216 167.4 91.0 376 na Sales data & ratio analysis 4Q15 3Q16 4Q16 2016 Operating margin (%) (21.1) 5.4 9.4 7.9 EBITDA margin (%) 45.0 38.9 56.1 45.6 Pretax margin (%) 11.4 (1.7) 1.2 0.9 Net margin (%) 8.1 (1.2) 4.1 1.8 Inventory days 0.9 2.1 113.8 2.2 Receivable days 8.9 10.1 13.3 13 Payable Days 36.1 72.2 113.8 112 Total cash (IDRb) 3,312 3,343 1,400 1,400 Total debt (IDRb) 18,564 13,662 13,669 13,669 Net gearing (%) 108.2 49.3 57.8 57.8 WIKA: Membukukan kontrak baru Rp54tn PT Wijaya Karya,Tbk (WIKA) membukukan kontrak baru Rp54tn jauh di sepanjnag tahun lalu. Di awal tahun (Jan17) WIKA telah memperoleh kontrak baru sebesar Rp5.08tn atau sekitar 11.76% dari FY17E. (Bisnis Indonesia). WIKA: Buy; 18.9x P/E17E dan 2.2x PBV 17E. Plantation: Produksi Minyak sawit di 2016 turun 3% yoy Gabungan Pengusaha Kelapa Sawit Indonesia (Gapki) menyatakan bahwa realisasi produksi minyak sawit nasional 2016 mencapai 34,5 juta ton atau turun 3% yoy. penurunan produksi 2016 tersebut tidak separah yang dikhawatirkan, para pengusaha sebelumnya memprediksi produksi minyak sawit 2016 anjlok 15-30%. Untuk ekspor juga tercatat penurunan sekitar 5% yoy, yakni dari 25.1 juta ton. Angka ekspor itu hanya menghitung minyak sawit, tidak termasuk cangkang dan kernel expeller. Penurunan ekspor terjadi karena permintaan pasarglobal yang melemah hampir di semuanegara tujuan ekspor. Ditambah penggunaan CPO untuk program mandatory bahan bakar nabati (B20) yang telah berjalan secara konsisten. (Investor Daily). Plantation: Overweight. 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 (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E Banks BMRI BUY 4.4 10900 (1.1) (0.91) (5.8) (5.8) 11434 12400 13.8 14.6 11.4 1.7 1.5 11.3% 13.1% BBCA BUY 6.5 15300 (1.0) 1.66 (1.3) (1.3) 16340 17100 11.8 19.3 16.3 3.4 2.9 17.6% 17.9% BBRI BUY 5.0 11725 (0.2) (0.85) 0.4 0.4 13037 13700 16.8 11.2 9.5 2.0 1.7 17.9% 18.1% BBNI BUY 1.8 5700 (0.4) 2.70 3.2 3.2 6492 6300 10.5 10.0 8.2 1.2 1.1 12.2% 13.4% BBTN BUY 0.3 1905 (0.3) - 9.5 9.5 2097 2300 20.7 8.6 7.3 1.1 1.0 12.4% 13.1% Average 12.7 10.5 1.9 1.6 14.3% 15.1% Consumer (Staples) ICBP BUY 1.7 8400 (0.9) (0.88) (2.0) (2.0) 10108 10300 22.6 26.3 23.6 5.5 4.9 21.0% 20.8% INDF BUY 1.2 7925 1.6 (0.94) 0.0 0.0 9964 9900 24.9 17.7 14.9 2.3 2.1 13.2% 14.2% KLBF BUY 1.2 1450 (1.0) (3.01) (4.3) (4.3) 1752 1700 17.2 30.2 26.9 5.8 5.1 19.1% 19.0% ROTI BUY 0.1 1580 (0.6) (1.56) (1.3) (1.3) 1808 2000 26.6 32.9 27.2 5.7 4.9 17.5% 18.1% ULTJ BUY 0.2 4390 0.0 2.33 (3.9) (3.9) 2703 5300 20.7 20.1 16.5 3.8 3.1 18.7% 18.9% UNVR BUY 5.5 41200 (0.3) (1.90) 6.2 6.2 45151 45200 9.7 49.2 44.0 58.5 51.3 118.9% 116.6% SIDO BUY 0.1 560 (1.8) 1.82 7.7 7.7 680 700 25.0 17.4 15.6 3.1 2.9 17.7% 18.9% AISA BUY 0.1 1575 (19.0) (21.64) (19.0) (19.0) 2427 2440 54.9 12.6 9.7 1.3 1.2 10.7% 12.2% Average 27.7 24.1 12.1 10.6 32.3% 32.4% Cigarette HMSP BUY 7.8 3850 (1.3) (2.53) 0.5 0.5 4120 4390 14.0 37.8 33.8 12.6 11.5 33.3% 33.8% GGRM BUY 2.1 61750 (1.7) (3.14) (3.4) (3.4) 78154 77150 24.9 18.2 17.5 2.8 2.5 15.2% 14.1% Average 28.0 25.7 7.7 7.0 24.2% 24.0% Healthcare MIKA HOLD 0.6 2500 2.0 2.88 (2.7) (2.7) 3049 2950 18.0 54.6 48.0 10.1 9.2 18.5% 19.1% SILO BUY 0.3 11800 (0.6) (3.48) 8.3 8.3 11921 12500 5.9 157.4 124.0 6.4 5.8 4.1% 4.7% Average 106.0 86.0 8.3 7.5 11.3% 11.9% Retail MAPI BUY 0.2 5525 4.2 4.25 2.3 2.3 5698 6700 21.3 48.9 28.8 2.8 2.6 5.8% 9.0% RALS BUY 0.2 1340 1.5 8.06 12.1 12.1 1505 1750 30.6 22.7 20.6 2.7 2.5 11.7% 12.0% ACES BUY 0.2 745 0.7 (1.32) (10.8) (10.8) 967 1000 34.2 20.7 19.1 4.4 4.0 21.2% 20.7% LPPF BUY 0.8 14775 (1.3) (1.66) (2.3) (2.3) 19364 19500 32.0 17.7 15.6 19.8 12.7 111.9% 81.1% Average 27.5 21.0 7.4 5.4 37.6% 30.7% Telco EXCL HOLD 0.5 2910 0.7 8.58 26.0 26.0 3119 2200-24.4 363.8 50.2 1.4 1.4 0.4% 2.8% ISAT BUY 0.6 6450 2.4 3.20 0.0 0.0 7877 7200 11.6 43.3 19.9 2.6 2.3 6.0% 11.7% TLKM BUY 6.8 3870 0.3 (1.02) (2.8) (2.8) 4639 5000 29.2 19.7 16.1 4.4 3.9 22.3% 24.0% TOWR BUY 0.6 3500 0.3 0.57 (2.2) (2.2) 4617 4500 28.6 11.5 10.2 3.3 2.5 28.8% 24.5% Average 109.6 24.1 2.9 2.5 0.1 0.2 Auto and HE ASII BUY 5.6 7950 0.6 (1.24) (3.9) (3.9) 8782 9000 13.2 17.4 14.4 2.9 2.5 16.7% 17.2% UNTR BUY 1.4 21850 (2.3) (4.17) 2.8 2.8 24148 25050 14.6 18.8 15.8 2.0 1.9 10.7% 11.9% Average 18.1 15.1 2.5 2.2 13.7% 14.6% Aviation GIAA BUY 0.2 338 0.0 (0.59) 0.0 0.0 388 445 31.7 17.8 13.0 0.7 0.9 3.8% 7.1% Property BSDE BUY 0.6 1830 (0.5) (0.81) 4.3 4.3 2307 2350 28.4 14.3 11.6 1.6 1.4 11.1% 11.8% PWON HOLD 0.5 560 (2.6) (1.75) (0.9) (0.9) 720 710 26.8 20.1 18.6 3.4 3.0 16.8% 15.8% KPIG BUY 0.2 1465 (0.7) (1.01) (2.3) (2.3) n/a 1810 23.5 34.1 28.7 1.2 1.2 3.5% 4.1% ASRI HOLD 0.1 382 (1.0) (2.55) 8.5 8.5 430 390 2.1 11.9 11.2 1.1 1.0 9.0% 8.8% SMRA BUY 0.3 1310 (2.2) (6.09) (1.1) (1.1) 1632 1750 33.6 28.8 27.0 2.5 2.3 8.5% 8.4% Average 18.8 17.1 2.1 1.9 11.4% 11.2% Construction PTPP BUY 0.4 3590 2.0 2.57 (5.8) (5.8) 4945 5100 42.1 22.0 18.9 3.1 2.7 13.9% 14.4% ADHI BUY 0.1 2100 (0.5) (1.41) 1.0 1.0 2550 2750 31.0 15.8 13.0 1.4 1.2 8.9% 9.5% WSKT BUY 0.6 2560 0.0 0.79 0.4 0.4 3263 3250 27.0 20.0 16.3 1.8 1.6 9.2% 9.9% WIKA BUY 0.4 2570 4.5 4.05 8.9 8.9 3057 3000 16.7 22.3 18.9 2.5 2.2 11.2% 11.4% Average 20.0 16.8 2.2 1.9 10.8% 11.3% Cement INTP SELL 1.0 15025 (5.4) 1.52 (2.4) (2.4) 16199 13500-10.1 13.4 13.1 2.1 1.9 15.6% 14.4% SMGR HOLD 0.9 9025 (0.8) 3.74 (1.6) (1.6) 10165 9000-0.3 13.7 13.2 1.9 1.7 13.7% 12.9% SMCB SELL 0.1 900 0.0-0.0 0.0 856 700-22.2-90.0-37.5 0.8 0.8-0.9% -2.3% SMBR HOLD 0.4 2400 4.3 21.83 (14.0) (14.0) 859 2300-4.2 72.7 63.2 7.2 6.3 9.9% 10.0% Average 2.5 13.0 3.0 2.7 0.1 0.1 Precast WSBP BUY 0.3 585 0.9 1.74 5.4 5.4 693 690 17.9 28.9 23.0 2.4 2.2 8.4% 9.6% WTON BUY 0.1 825 0.0-0.0 0.0 1146 1150 39.4 25.6 19.5 2.6 2.1 10.2% 10.9% Average 27.2 21.2 2.5 2.2 9.3% 10.2% 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 PE PBV ROE Utility (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E PGAS BUY 1.2 2880 0.0 8.27 6.7 6.7 3113 3375 17.2 12.4 10.2 1.5 1.4 12.3% 13.5% JSMR BUY 0.5 4220 (0.2) 0.72 (2.3) (2.3) 5693 5000 18.5 16.1 15.9 2.5 2.2 15.3% 13.9% Average 14.2 13.1 2.0 1.8 13.8% 13.7% Coal and Metal ANTM BUY 0.3 800 0.0 (0.62) (10.6) (10.6) 919 1250 56.3 400.0 9.3 1.0 0.9 0.3% 10.0% INCO BUY 0.4 2370 1.7 3.95 (16.0) (16.0) 2815 3500 47.7 182.3 25.8 1.0 1.0 0.5% 3.7% TINS BUY 0.1 970 (1.0) (0.51) (9.8) (9.8) 1186 1200 23.7 97.0 46.2 1.4 1.3 1.4% 2.9% ITMG BUY 0.3 15000 0.0 1.35 (11.1) (11.1) 18874 19000 26.7 12.6 6.5 1.4 1.3 11.3% 19.6% ADRO BUY 0.9 1695 (1.2) (1.74) 0.0 0.0 1867 2100 23.9 15.1 12.8 1.1 1.1 7.6% 8.5% PTBA BUY 0.5 11600 2.4 2.65 (7.2) (7.2) 14355 15000 29.3 19.4 12.0 2.7 2.4 14.1% 19.9% Average 121.1 18.8 1.4 1.3 5.9% 10.7% Plantation AALI BUY 0.5 15775 0.0 (1.41) (6.0) (6.0) 18618 19800 25.5 18.2 17.3 1.9 1.9 10.7% 10.7% LSIP BUY 0.2 1550 (2.2) (6.63) (10.9) (10.9) 1890 2050 32.3 21.8 14.0 1.4 1.3 6.3% 9.1% SIMP BUY 0.1 510 (1.0) - 3.2 3.2 565 600 17.6 18.2 11.6 0.6 0.6 3.1% 4.9% Average 19.4 14.3 1.3 1.2 6.7% 8.2% Poultry CPIN BUY 0.9 3100 (3.4) (1.59) 0.3 0.3 3606 4500 45.2 14.6 13.1 1.9 1.7 13.0% 12.8% JPFA BUY 0.3 1755 2.6 9.69 20.6 20.6 2339 2200 25.4 10.6 9.6 2.2 1.8 20.7% 18.7% MAIN BUY 0.0 1170 (2.1) (3.70) (10.0) (10.0) 1904 1730 47.9 6.8 6.3 1.1 1.0 16.3% 15.6% Average 10.7 9.7 1.7 1.5 16.7% 15.7% Other Sectors AKRA BUY 0.5 6675.0 0.4-2.2 11.3 11.3 7632.5 7600 13.9 23.9 21.3 3.9 3.5 16.2% 16.3% DOID BUY 0.1 520.0 2.0 4.0 2.0 2.0 825.0 850 63.5 9.3 4.9 2.7 1.8 28.7% 35.9% Average 16.6 13.1 3.3 2.6 22.5% 26.1% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID 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 0.34 1,792 0.02 (0.61) (0.74) 2.35 6.44 2.35 14.42 1,811 1,460 U.S. (S&P) (2.03) 2,279 (0.09) (0.78) (0.05) 1.79 7.92 1.79 17.51 2,301 1,810 U.S. (DOW) (107.04) 19,864 (0.54) (1.18) (0.24) 0.51 10.13 0.51 20.76 20,126 15,503 Europe (32.04) 3,231 (0.98) (2.66) (1.55) (1.82) 6.86 (1.82) 6.94 3,342 2,673 Emerging Market (3.86) 909 (0.42) (0.82) 0.07 5.45 0.46 5.45 22.48 930 708 FTSE 100 (19.33) 7,099 (0.27) (0.87) (0.72) (0.61) 2.63 (0.61) n/a 7,354 5,500 CAC 40 (35.74) 4,749 (0.75) (2.43) (1.68) (2.33) 6.23 (2.33) 8.12 4,930 3,892 Dax (146.58) 11,535 (1.25) (2.64) (0.51) 0.47 9.59 0.47 18.22 11,893 8,699 Indonesia (8.56) 5,294 (0.16) (0.44) 0.04 (0.05) (2.25) (0.05) 14.48 5,492 4,545 Japan (107.74) 18,934 (0.57) (2.74) (0.65) (0.95) 8.55 (0.95) 5.98 19,615 14,864 Australia 12.09 5,633 0.22 (1.42) (0.30) (0.58) 6.47 (0.58) 11.69 5,828 4,707 Korea 10.97 2,079 0.53 0.56 0.61 2.57 3.54 2.57 7.99 2,091 1,818 Singapore (18.05) 3,047 (0.59) 0.23 0.70 5.76 8.28 5.76 17.08 3,065 2,528 Malaysia (14.82) 1,672 (0.88) (0.74) 0.01 1.82 0.04 1.82 0.22 1,729 1,612 Hong Kong (13.39) 23,361 (0.06) 1.79 2.07 6.18 1.77 6.18 18.68 24,364 18,279 China 9.61 3,159 0.31 0.71 1.87 1.43 1.50 1.79 15.49 3,301 2,638 Taiwan 23.90 9,448 0.25 1.39 1.00 4.07 0.66 2.10 19.68 9,468 7,800 Thailand (13.25) 1,577 (0.83) (0.86) (0.10) 2.23 4.84 2.23 21.58 1,601 1,271 Philipines (107.05) 7,230 (1.46) (1.40) (1.91) 5.69 (2.37) 5.69 7.88 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.17 (0.06) (25.49) (1.66) (1.50) (22.89) 5.58 4.16 Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 103.59 Inflation Rate (%) n/a 0.42 n/a (10.64) 90.91 (56.25) (56.25) 0.69 (0.45) US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % (0.00) 7.65 1.16 (4.08) 5.58 (4.08) (6.06) 8.40 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 1.00 13352 (0.01) (0.12) (0.16) 0.91 0.91 0.91 2.15 13,828 12,920 Japan 0.12 112.92 (0.11) 1.93 0.32 4.10 3.58 3.58 7.15 120.04 99.02 UK (0.00) 1.26 (0.02) 0.18 (0.45) 2.44 1.92 1.92 (12.86) 1.50 1.18 Euro (0.00) 1.08 (0.04) 0.89 0.43 3.24 2.63 2.63 (0.86) 1.16 1.03 China 0.00 6.88 (0.01) (0.44) (0.17) 0.94 0.89 0.89 (4.38) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.02) 52.79 (0.04) (0.71) 0.08 (1.73) 13.11 (1.73) 66.95 55.24 26.05 CPO (44.00) 2,963.00 (1.46) (5.18) (4.30) (4.70) 7.24 (4.70) 21.29 3,202.00 2,172.00 Rubber 9.50 1,170.50 0.82 3.54 5.17 23.08 63.82 19.74 115.56 1,170.50 526.00 Coal (0.55) 83.00 (0.66) (1.72) (1.13) (12.35) (23.57) (12.35) 64.68 112.25 51.75 Iron Ore 1.52 83.44 1.86 1.02 (0.36) 6.51 40.85 6.89 101.55 84.07 41.40 Tin 176.00 19,783.00 0.90 (0.77) (2.90) (6.71) (5.28) (6.71) 32.72 21,945.00 14,841.50 Nickel 275.00 9,955.00 2.84 5.79 1.58 (0.65) (4.96) (0.65) 15.49 12,145.00 7,550.00 Copper 171.00 5,991.00 2.94 2.29 0.81 8.23 23.45 8.23 31.35 6,045.50 4,430.00 Gold 0.70 1,210.50 0.06 1.86 1.06 5.26 (6.02) 5.26 7.31 1,377.50 1,116.50 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 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 Healthcare, Heavy Equipment, Property akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 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 / 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 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 www.samuel.co.id Page 7 of 7