RISET SAHAM HARIAN Samuel Equity Research Wednesday, 11 January 2017 Market Activity Wednesday, 11 Jan 2017 Market Index Index Movement Market Volume Market Value : 5,309.9 : -6.4 (-0.12%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BMRI 11,400 125 1.1 ASII 8,200 50 0.6 INDF 7,975 150 1.9 BBRI 11,800 50 0.4 Lagging Movers EMTK 8,400-1000 -10.6 HMSP 3,950-20 -0.5 TLKM 4,000-20 -0.5 CPIN 3,130-80 -2.5 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) ASII 28 UNVR 52 BBNI 21 TLKM 40 BBTN 18 BSDE 33 BMRI 14 SSIA 31 BBRI 13 PTPP 17 Money Market USD/IDR 13,308-57.0 0.4 JIBOR O/N 4.2 0.0 - Infl (MoM) 0.4 - - Dual Listing Securities TLKM 29.6-0.4-1.4 ISAT 41.0 0.1 0.4 EIDO 24.6 0.0 0.2 World Indices DJIA 19,856-32 -0.2 S&P 500 2,269 0 0.0 Euro Stoxx 3,306-3 -0.1 MSCI World 1,780 3 0.2 Nikkei 19,362 60 0.3 Hang Seng 22,745 186 0.8 Commodities Brent Oil 54-1.3-2.4 CPO Malay 3,034-23.0-0.8 Coal Newc 81-0.5-0.7 Nickel 10,583 225.3 2.2 Tin 21,175 15.0 0.1 IHSG bergerak flat cenderung menguat Bursa AS keseluruhan tercatat mixed, ditengah pelemahan harga minyak yang menekan saham energi, mengimbangi penguatan sektor kesehatan dan finansial. Saat ini fokus investor masih bersikap wait and see menjelang musim laporan kinerja emiten dan pelantikan Presiden AS pada 20 Jan 17 mendatang. Disisi lain bursa Eropa ditutup menguat didorong oleh penguatan saham ritel, setelah beberapa perusahaan membukukan pertumbuhan penjualan signifikan, dampak dari penjualan natal yang melampau estimasi. Harga minyak mentah melemah di tengah spekulasi bahwa pasokan minyak mentah AS meningkat dan keraguan pasar atas kepatuhan OPEC mengenai pengurangan produksi. Bursa APAC pagi ini dibuka menguat dan EIDO tercatat naik tipis. IHSG kami prediksikan bergerak flat cenderung menguat merespon aksi pasar global. Fokus domestik tertuju terhadap keputusan relaksasi ekspor mineral yang masih ditunggu serta kepastian dari isu reshuffle Kabinet Jokowi. Rupiah kembali menguat pada pada perdagangan Selasa bersamaan dengan mayoritas kurs di Asia Highlights WSBP: Akan menggunakan 45% dana IPO JSMR: Menargetkan trafik 1,35 miliar kendaaraan di 2016, turun 2% y-y ANTM: Boost produksi dan penjualan Semen: Presiden ingin semen satu harga Plantation: Ekspor minyak sawit bisa tembus US$ 20.6 M Perbankan: Aturan bunga deposito direncanakan berubah Sektor Ritel: Kebut Ekspansi 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.
WSBP: Akan menggunakan 45% dana IPO PT Waskita Beton Precast, Tbk (WSBP) berencana menggunakan dana hasil IPO sekitar 45% untuk mendukung ekspansi usaha tahun ini. Dana setara Rp1.9tn akan digunakan untuk belanja modal dengan target kontrak baru sekitar Rp12.3tn. (Bisnis Indonesia). WSBP: Buy; 22.8x P/E17E dan 2.2x PBV 17E. JSMR: Menargetkan trafik 1,35 miliar kendaaraan di 2016, turun 2% y-y Di tahun 2016, PT Jasa Marga Tbk (JSMR) menargetkan volume lalu lintas sebanyak 1,35 miliar kendaraan, lebih rendah 2% y-y, lebih rendah 4% dari target semula sebesar 1,41 miliar. Hal ini disebabkan oleh kehilangan sumber pendapatan dari jalan tol Jakarta Outer Ring Road (JORR) Seksi S, yakni Pondok Pinang Jagorawi (tol TB Simatupang) yang kepemilikannya dialihkan ke PT Hutama Karya (Persero) sejak Maret 2016. (Kontan) JSMR: Buy; 17E PE: 16.1x, PBV: 2.2x. Semen: Presiden ingin semen satu harga Presiden Joko Widodo mengharapkan tambahan rute tol laut pada 2017 bisa menurunkan sejumlah harga barang di wilayah timur, salah satunya harga semen. Saat ini harga semen di pulau Jawa sekitar Rp 70.000/sak, sementara di Wamena, harga semen melambung menjadi Rp 800.000 Rp 2,5 juta /sak. Untuk menurunkan biaya logistik dan disparitas harga di kawasan timur Indonesia, Menteri Perhubungan Budi Karya Sumadi mengatakan pemerintah menyiapkan Rp 150 miliar anggaran untuk mendanai program jembatan udara sebagai penunjang program tol laut. Pemerintah telah menyepakati penambahan trayek tol laut pada 2017 menjadi 13 trayek dari saat ini 6 trayek. (Bisnis Indonesia). Comment: Harga semen satu harga ini didukung oleh penambahan trayek dan alokasi anggaran pemerintah, sehingga kami melihat hal ini sebagai katalis positif untuk industri semen. Di 11M16, wilayah timur Indonesia (Sulawesi, Nusa Tenggara dan Maluku & Papua) berkontribusi sekitar 17% dari total permintaan domestik, dengan pertumbuhan volume sebesar 9% y-y. Masih mempertahankan underweight sembari menunggu realisasi dari kebijakan ini. Cement: Underweight. Plantation: Ekspor minyak sawit bisa tembus US$ 20.6 M Indonesia berpotensi mengekspor 27,5 juta ton minyak sawit dan produk turunannya tahun ini, naik 7,01% dari realisasitahun lalu yang mencapai 25,7 juta ton. produksi CPO diproyeksikan membaik tahun ini. Perbaikan terjadisebagai dampak kondisi cuaca yang semakin mendukung setelah tertekan El Nino 2015-2016. Ekspor produk hilir sawit mendominasi hingga 75,6% dari total ekspor sawitindonesia. Peningkatan ekspor produk hilir diyakini berlanjut tahun ini. (Investor Daily). Plantation: Overweight. www.samuel.co.id Page 2 of 7
ANTM: Boost produksi dan penjualan Potensi kenaikan harga nikel ditanggapi positif oleh PT Antam (Persero) Tbk (ANTM). Terutama setelah Perusahaan merampungkandan menambah pengembanganuntuk komoditas nikel yang dikelola. Pada tahu2017 Antam menargetkan produksi nikel lebih tinggi dari tahun lalu hingga 24 ribu ton nikel dalam feronikel (TNi). (Investor Daily). ANTM: Buy; 17E PE: 123.6x, PBV: 1.1x. Perbankan: Aturan bunga deposito direncanakan berubah OJK berencana memperkecil jarak antara batas atas bunga deposito BUKU IV dan III. Saat ini jarak tersebut sebesar 25 bps dan akan diperkecil menjadi 10-15 bps demi mencegah perang bunga deposito. OJK akan mempelajari situasi likuiditas dan kondisi pasar terlebih dahulu seperti efek dari dana repatriasi amnesti pajak dan rencana kenaikan suku bunga AS. Kalangan perbankan menilai, jarak antara BUKU III dan BUKU IV yang mengecil akan membuat dana pihak ketiga mengalir ke bank-bank BUKU IV dan menyebabkan penurunan likuiditas pada bank BUKU III. (Kontan) Banking: Neutral. Sektor Ritel: Kebut Ekspansi Meningkatkan jumlah gerai menjadi tema utama ekspansi bagi PT Kimia Farma (Persero) Tbk (KAEF) dan PT Fast Food Indonesia Tbk. (FAST) pada tahun ini, seiring dengan upaya perluasan jaringan distribusi untuk memacu kinerja usaha. FAST akan mengalokasikan dana sebesar Rp350 miliar pada tahun ini untuk penambahan 30 gerai pada 2017 dan perluasan jaringan distribusi, sedangkan KAEF akan menambah minimal 100 apotek pada 2017, dengan investasi Rp200 miliar. (Bisnis Indonesia). Sektor Ritel: 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 EV/EBITDA (x) (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E Banks BMRI BUY 4.6 11400 1.1 0.88 3.9 (1.5) 11161 12400 8.8 15.2 11.9 1.7 1.6 11.3% 13.1% n/a n/a BBCA BUY 6.5 15400 0.3 (2.38) 4.8 (0.6) 16403 17100 11.0 19.5 16.4 3.4 2.9 17.6% 17.9% n/a n/a BBRI BUY 5.0 11800 0.4 (0.84) 2.8 1.1 12949 13700 16.1 11.2 9.6 2.0 1.7 17.9% 18.1% n/a n/a BBNI BUY 1.8 5600 0.9 2.28 2.3 1.4 6379 6300 12.5 9.9 8.1 1.2 1.1 12.2% 13.4% n/a n/a BBTN BUY 0.3 1835 0.8 7.94 6.1 5.5 2082 2300 25.3 8.3 7.0 1.0 0.9 12.4% 13.1% n/a n/a Average 12.8 10.6 1.9 1.6 14.3% 15.1% n/a n/a Consumer (Staples) ICBP BUY 1.8 8775 (0.3) 2.03 (0.8) 2.3 10125 10300 17.4 27.5 24.6 5.8 5.1 21.0% 20.8% 20.6 17.5 INDF BUY 1.2 7975 1.9 3.24 (0.9) 0.6 9946 9900 24.1 17.8 15.0 2.3 2.1 13.2% 14.2% 9.5 8.5 KLBF BUY 1.3 1550 0.6 2.65 (1.6) 2.3 1752 1700 9.7 32.3 28.7 6.2 5.5 19.1% 19.0% 22.2 18.6 ROTI BUY 0.1 1655 (1.5) 4.42 9.6 3.4 1763 2000 20.8 31.2 23.3 5.9 4.9 18.9% 21.1% 14.5 12.8 ULTJ BUY 0.2 4450 (1.1) (2.63) (3.3) (2.6) 2703 5300 19.1 20.4 16.7 3.8 3.2 18.7% 18.9% 12.8 11.0 UNVR BUY 5.3 40100 (0.1) 3.28 (3.3) 3.4 44027 45200 12.7 47.9 42.8 57.0 49.9 118.9% 116.6% 33.4 30.6 SIDO BUY 0.1 525 (0.9) 2.94 (3.7) 1.0 670 700 33.3 16.4 14.6 2.9 2.8 17.7% 18.9% 7.4 5.9 AISA BUY 0.1 1995 0.8 1.01 (0.3) 2.6 2399 2440 22.3 16.0 12.2 1.7 1.5 10.7% 12.2% 14.2 12.8 Average 27.6 23.7 12.0 10.5 32.5% 32.8% 17.2 15.0 Cigarette HMSP BUY 8.0 3950 (0.5) 3.95 (0.8) 3.1 4222 4390 11.1 38.8 34.7 12.9 11.7 33.3% 33.8% 27.8 25.1 GGRM BUY 2.1 63000 (0.9) (0.47) (5.9) (1.4) 77997 77150 22.5 18.5 17.8 2.8 2.5 15.2% 14.1% 12.1 11.1 Average 28.7 26.3 7.9 7.1 24.2% 24.0% 19.9 18.1 Healthcare MIKA HOLD 0.6 2500 0.0 0.81 (1.6) (2.7) 3084 2950 18.0 54.6 48.0 10.1 9.2 18.5% 19.1% 29.3 26.4 SILO BUY 0.3 11500 (1.1) 2.68 12.2 5.5 11262 12500 8.7 153.4 120.8 6.2 5.6 4.1% 4.7% 22.7 18.6 Average 104.0 84.4 8.2 7.4 11.3% 11.9% 26.0 22.5 Retail MAPI BUY 0.2 5275 0.0 1.93 2.4 (2.3) 5659 6700 27.0 46.7 27.5 2.7 2.5 5.8% 9.0% 8.9 7.1 RALS BUY 0.2 1225 (2.0) 4.70 2.5 2.5 1474 1500 22.4 22.3 18.8 2.4 2.3 11.0% 12.1% 18.1 16.9 ACES BUY 0.2 765 (2.5) (5.56) (9.5) (8.4) 973 1000 30.7 21.3 19.6 4.5 4.1 21.2% 20.7% 14.6 12.8 LPPF BUY 0.8 15675 0.6 4.15 1.8 3.6 19771 21300 35.9 21.5 19.0 21.0 13.5 97.7% 71.2% 14.2 12.7 Average 27.9 21.2 7.7 5.6 33.9% 28.3% 13.9 12.4 Telco EXCL HOLD 0.5 2670 1.1 17.11 12.2 15.6 3116 2200-17.6 333.8 46.0 1.3 1.3 0.4% 2.8% 5.6 4.9 ISAT BUY 0.6 6050 (0.4) (3.97) (3.6) (6.2) 7614 7200 19.0 40.6 18.7 2.4 2.2 6.0% 11.7% 4.0 3.6 TLKM BUY 7.0 4000 (0.5) 1.27 1.0 0.5 4775 5000 25.0 20.4 16.7 4.6 4.0 22.3% 24.0% 7.8 7.1 TOWR BUY 0.6 3500 0.0 (2.23) (2.8) (2.2) 4750 4500 28.6 11.5 10.2 3.3 2.5 28.8% 24.5% 8.4 7.7 Average 101.6 22.9 2.9 2.5 0.1 0.2 6.5 5.8 Auto and HE ASII BUY 5.8 8200 0.6-4.8 (0.9) 8813 9000 9.8 18.0 14.8 3.0 2.6 16.7% 17.2% 15.1 14.6 UNTR BUY 1.4 21950 0.2 4.52 (3.7) 3.3 24131 25050 14.1 18.9 15.9 2.0 1.9 10.7% 11.9% 5.3 4.6 Average 18.5 15.4 2.5 2.2 13.7% 14.6% 10.2 9.6 Aviation GIAA BUY 0.2 338 (0.6) (0.59) (10.1) 0.0 395 445 31.7 17.8 13.0 0.7 0.9 3.8% 7.1% 1.0 3.2 Property BSDE BUY 0.6 1740 (3.1) 0.58 (4.1) (0.9) 2369 2350 35.1 13.6 11.1 1.5 1.3 11.1% 11.8% 10.1 8.8 PWON HOLD 0.5 580 (0.9) - (10.1) 2.7 720 710 22.4 20.8 19.3 3.5 3.1 16.8% 15.8% 8.3 7.2 KPIG BUY 0.2 1450 (3.3) (2.68) (3.0) (3.3) n/a 1810 24.8 33.7 28.4 1.2 1.2 3.5% 4.1% n/a n/a ASRI HOLD 0.1 374 0.0 4.47 (4.1) 6.3 435 390 4.3 11.7 11.0 1.0 1.0 9.0% 8.8% 5.9 5.1 SMRA BUY 0.3 1325 (3.6) 1.15 (10.5) 0.0 1679 1750 32.1 29.1 27.3 2.5 2.3 8.5% 8.4% 9.1 8.2 Average 18.8 17.2 2.1 1.9 11.4% 11.2% 8.3 7.3 Construction PTPP BUY 0.4 3760 0.3 1.90 (5.3) (1.3) 5016 5100 35.6 23.0 19.8 3.2 2.9 13.9% 14.4% 12.4 10.8 ADHI BUY 0.1 2240 3.7 8.21 2.8 7.7 2561 2750 22.8 16.8 13.9 1.5 1.3 8.9% 9.5% 6.4 5.6 WSKT BUY 0.6 2580 1.6 1.57 0.4 1.2 3277 3250 26.0 20.1 16.4 1.9 1.6 9.2% 9.9% 22.3 19.0 WIKA BUY 0.4 2530 4.5 5.42 0.8 7.2 3053 3000 18.6 22.0 18.6 2.5 2.1 11.2% 11.4% 13.2 11.4 Average 20.5 17.2 2.3 2.0 10.8% 11.3% 13.6 11.7 Cement INTP SELL 1.0 15250 (1.3) (0.33) (6.2) (1.0) 16253 13500-11.5 13.6 13.3 2.1 1.9 15.6% 14.4% 7.1 6.0 SMGR HOLD 0.9 9125 0.0 0.27 (1.9) (0.5) 10214 9000-1.4 13.9 13.4 1.9 1.7 13.7% 12.9% 5.5 4.5 SMCB SELL 0.1 900 (0.6) (0.55) (7.2) 0.0 887 700-22.2-90.0-37.5 0.8 0.8-0.9% -2.3% 9.9 8.1 SMBR HOLD 0.4 2370 0.0 (12.22) (10.9) (15.1) 861 2300-3.0 71.8 62.4 7.1 6.2 9.9% 10.0% 49.1 44.2 Average 2.3 12.9 3.0 2.7 0.1 0.1 17.9 15.7 Precast WSBP BUY 0.3 580 1.8 6.42 (1.7) NA 693 690 19.0 28.6 22.8 2.4 2.2 8.4% 9.6% 23.0 18.0 WTON BUY 0.1 850 2.4 4.29 (1.2) 3.0 1102 1150 35.3 26.4 20.1 2.7 2.2 10.2% 10.9% 19.3 15.0 Average 27.5 21.4 2.6 2.2 9.3% 10.2% 21.1 16.5 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 2740 (0.7) (2.84) (3.5) 1.5 3125 3375 23.2 11.8 9.8 1.4 1.3 12.3% 13.5% 7.7 6.8 JSMR BUY 0.5 4260 (0.5) (1.39) (2.3) (1.4) 5633 5000 17.4 16.3 16.1 2.5 2.2 15.3% 13.9% 10.5 10.1 Average 14.0 12.9 2.0 1.8 13.8% 13.7% 9.1 8.4 Coal and Metal ANTM BUY 0.4 865 1.2 (2.26) (8.5) (3.4) 837 990 14.5 432.5 123.6 1.1 1.1 0.3% 0.9% 35.5 28.2 INCO BUY 0.5 2880 1.1 3.60 (13.0) 2.1 3123 3500 21.5 221.5 31.3 1.2 1.2 0.5% 3.7% 14.8 9.6 TINS BUY 0.1 1110 1.4 0.45 (10.5) 3.3 1189 1200 8.1 111.0 52.9 1.6 1.5 1.4% 2.9% 8.3 7.2 ITMG BUY 0.3 15775 (2.8) (8.82) (4.7) (6.5) 18207 19000 20.4 13.3 6.8 1.5 1.3 11.3% 19.6% 5.9 6.5 ADRO BUY 0.9 1685 (2.0) (3.16) 0.3 (0.6) 1828 2100 24.6 15.0 12.8 1.1 1.1 7.6% 8.5% 9.9 8.7 PTBA BUY 0.5 12050 0.2 (5.68) (5.1) (3.6) 14168 15000 24.5 20.2 12.4 2.8 2.5 14.1% 19.9% 15.2 9.4 Average 135.6 40.0 1.6 1.4 5.9% 9.2% 14.9 11.6 Plantation AALI BUY 0.6 16875 1.0 1.66 (3.3) 0.6 18043 19800 17.3 19.5 18.5 2.1 2.0 10.7% 10.7% 14.6 13.2 LSIP BUY 0.2 1720 3.3 (1.43) (1.7) (1.1) 1812 2050 19.2 24.2 15.5 1.5 1.4 6.3% 9.1% 7.1 5.8 SIMP BUY 0.1 500 0.0 (0.99) (1.0) 1.2 565 600 20.0 17.9 11.4 0.6 0.6 3.1% 4.9% 6.0 5.5 Average 20.5 15.1 1.4 1.3 6.7% 8.2% 9.2 8.2 Poultry CPIN BUY 0.9 3130 (2.5) (0.32) (0.9) 1.3 3606 4500 43.8 14.8 13.2 1.9 1.7 13.0% 12.8% 12.2 11.2 JPFA BUY 0.3 1490 1.7 (1.65) (9.7) 2.4 2316 2200 47.7 9.0 8.2 1.9 1.5 20.7% 18.7% 8.1 10.9 MAIN BUY 0.0 1240 0.0 (0.40) (4.2) (4.6) 1904 1730 39.5 7.3 6.7 1.2 1.0 16.3% 15.6% 10.2 8.5 Average 10.3 9.4 1.7 1.4 16.7% 15.7% 10.2 10.2 Other Sectors PE PBV ROE EV/EBITDA (x) AKRA BUY 0.4 6250.0 5.0 7.3-2.3 4.2 7443.8 7600 21.6 22.4 20.0 3.6 3.2 16.2% 16.3% 14.7 11.9 DOID BUY 0.1 535.0-0.9 1.9 0.9 4.9 na 850 58.9 9.6 5.0 2.7 1.8 28.7% 35.9% 4.5 4.1 Average 16.0 12.5 3.2 2.5 22.5% 26.1% 9.6 8.0 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 2.68 1,780 0.15 (0.20) 0.32 1.11 3.51 1.62 13.97 1,784 1,460 U.S. (S&P) 0.00 2,269 0.00 (0.00) 0.49 0.41 6.19 1.34 17.95 2,282 1,810 U.S. (DOW) (31.85) 19,856 (0.16) (0.22) (0.13) 0.50 9.53 0.47 21.08 20,000 15,451 Europe (2.76) 3,306 (0.08) (0.31) (0.27) 3.40 9.45 0.48 9.21 3,334 2,673 Emerging Market 7.26 886 0.83 0.45 1.99 0.89 (3.59) 2.72 19.68 930 687 FTSE 100 37.70 7,275 0.52 1.11 1.36 4.62 2.89 1.86 n/a 7,285 5,500 CAC 40 0.66 4,888 0.01 (0.25) (0.23) 2.61 9.31 0.53 13.34 4,930 3,892 Dax 19.31 11,583 0.17 (0.01) (0.01) 3.39 9.51 0.89 17.90 11,637 8,699 Indonesia (6.44) 5,310 (0.12) (0.29) 0.64 0.03 (1.34) 0.25 18.91 5,492 4,409 Japan 55.83 19,357 0.29 (0.84) 1.27 1.90 13.70 1.27 9.38 19,615 14,864 Australia 24.60 5,785 0.43 0.52 0.85 4.04 5.57 2.11 17.30 5,828 4,707 Korea 9.90 2,055 0.48 0.29 0.46 1.50 1.14 1.41 8.45 2,074 1,818 Singapore 24.48 3,006 0.82 1.76 3.69 1.69 5.25 4.35 10.97 3,006 2,528 Malaysia 4.15 1,672 0.25 0.74 2.23 1.87 0.20 1.85 2.10 1,729 1,601 Hong Kong 186.16 22,745 0.83 1.28 2.68 (0.07) (3.42) 3.38 14.36 24,364 18,279 China (9.57) 3,162 (0.30) (0.12) 0.82 (2.20) 3.15 1.87 4.81 3,301 2,638 Taiwan 7.22 9,350 0.08 (0.09) 0.83 (0.46) 1.41 1.04 20.05 9,430 7,628 Thailand 8.02 1,572 0.51 0.07 1.89 3.00 9.01 1.89 27.35 1,576 1,221 Philipines 88.00 7,364 1.21 2.15 7.33 4.56 (2.08) 7.66 17.11 8,118 6,084 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.00) 4.17 (1.61) (6.98) (1.58) (1.48) (27.79) 5.80 4.17 Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 102.13 Inflation Rate (%) n/a 0.42 n/a (10.64) 90.91 (56.25) (56.25) 0.69 (0.45) US Fed Rate (%) 0.00 0.75 0.00 50.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % (0.00) 7.73 (1.43) 0.90 8.37 (3.05) (11.95) 8.83 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (57.00) 13308 0.43 0.50 1.29 0.15 1.24 1.24 4.25 13,969 12,920 Japan 0.04 115.81 (0.03) 1.04 1.24 (0.68) 0.99 0.99 1.68 121.69 99.02 UK 0.00 1.22 0.07 (0.83) (1.12) (3.90) (1.26) (1.26) (16.21) 1.50 1.18 Euro 0.00 1.06 0.02 0.23 0.64 (0.74) 0.37 0.37 (2.79) 1.16 1.03 China (0.02) 6.92 0.23 (0.65) 0.61 (0.21) 0.34 0.34 (5.06) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.14 50.96 0.28 (5.61) (4.32) (1.05) 0.33 (5.14) 62.24 55.24 26.05 CPO (23.00) 3,034.00 (0.75) (0.52) (2.19) (0.43) 19.12 (2.41) 21.70 3,202.00 2,172.00 Rubber 11.50 1,003.00 1.16 1.88 1.98 14.50 48.81 2.61 95.33 1,003.00 514.50 Coal (0.55) 80.60 (0.68) (4.56) (10.19) 1.07 (1.53) (14.89) 55.45 112.25 51.75 Iron Ore (0.42) 78.37 (0.53) 0.50 0.40 (2.35) 35.66 0.40 78.52 83.70 40.60 Tin 15.00 21,175.00 0.07 0.10 0.38 0.52 4.96 (0.14) 54.13 21,945.00 13,223.80 Nickel 225.00 10,615.00 2.17 3.11 7.11 (7.45) 0.90 5.94 24.01 12,145.00 7,550.00 Copper 167.00 5,758.00 2.99 3.19 4.69 (1.17) 18.76 4.02 28.38 6,045.50 4,318.00 Gold 2.50 1,188.00 0.21 1.24 1.95 2.36 (5.28) 3.30 8.37 1,377.50 1,071.10 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