Samuel Research Market Activity Tuesday, 07 Feb 2017 Market Index Index Movement Market Volume Market Value : 5,396.0 : +35.2 (+0.7%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 3,980 70 1.8 BMRI 11,375 300 2.7 PGAS 3,010 140 4.9 BBCA 15,600 125 0.8 Lagging Movers UNVR 41,700-300 -0.7 PTBA 11,200-550 -4.7 MIKA 2,420-40 -1.6 TBIG 5,000-125 -2.4 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 331 UNVR 43 BMRI 325 TLKM 32 BBCA 94 ITMG 14 BBNI 89 PNLF 13 ASII 76 TBIG 11 Money Market USD/IDR 13,320-25.0 0.2 JIBOR O/N 4.2 0.0 - Infl (MoM) 1.0 - - Dual Listing Securities TLKM 29.5 0.0 0.0 ISAT 40.8-0.3-0.6 EIDO 24.9 0.0 0.0 World Indices DJIA 20,052-19 -0.1 S&P 500 2,293-5 -0.2 Euro Stoxx 3,238-35 -1.1 MSCI World 1,798-7 -0.4 Nikkei 18,830-147 -0.8 Hang Seng 23,348 219 0.9 Commodities Brent Oil 56-1.1-1.9 CPO Malay 2,991 9.0 0.3 Coal Newc 81-1.7-2.0 Nickel 10,421 223.5 2.2 Tin 19,173-544.0-2.8 Masih ada peluang IHSG untuk menguat Semalam bursa AS dan Eropa ditutup melemah, di mana investor sebagian besar terfokus pada suhu politik di Prancis, menyusul pencalonan Marine Le Pen sebagai presiden, selain itu harga minyak yang turun 1.5% juga turut menjadi sentimen negatif atas bursa global. Sementara itu, bursa utama regional Asia pada pagi ini dibuka dengan kecenderungan beragam. Dari dalam negeri, kemarin IHSG ditutup menguat 0.35% ke 5395.99 ditengah penguatan nilai tukar rupiah dan laporan GDP yang tercatat lebih rendah di 4Q16 (4.94% vs 5.02% dan vs 5.00% survey). Kami melihat masih ada ruang bagi IHSG untuk menguat pada perdagangan hari ini. Di tengah penantian keluarnya hasil laporan kinerja emiten FY16, beberapa emiten yang kinerjanya relatif sesuai dengan ekspektasi seperti BBRI dan BBNI dapat menjadi sentimen positif untuk pergerakan IHSG. Sentimen negatif atas tren pelemahan dolar AS juga dapat menjadi katalis positif untuk pergerakan IHSG. Highlights ADRO: Bidik pembangikit listrik Non-Batubara BUMI: Akan Kurangi Utang Anak Usaha JSMR: Menggandeng UEM Group membangun tol Cigatas Telekomunikasi : Lelang frekuensi diminta dipercepat BRNA: Menambah kapasitas pabrik EXCL: Ajak TLKM kerja sama backbone Perbankan: NPL masih diwaspadai www.samuel.co.id Page 1 of 7
ADRO: Bidik pembangikit listrik Non-Batubara PT Adaro Energy Tbk (ADRO) melalui anak usahanya, PT Adaro Power, menjajaki pengembanganpembangkit listrik berbahan bakar non-batubara. Perseroan tengah mengikuti tender pembangkit listrik berbahan bakar gas dan energi terbarukan (renewable energy). Ada dua kategori pembangkit listrik yang dibidik, yaitu pembangkit listrik yang berdekatan dengan lokasi tambang dan pembangunan pembangkit berbahan bakar gas. Adaro Power juga tertarik untuk mengembangkan pembangkit listrik tenaga terbarukan (renewable). ADRO tengah membangun pembangkit listrik tenaga sur ya (PLTS) berkapasitas 2 megawatt (MW), dengan biaya investasi sekitar US$ 1 juta per MW. (Investor Daily). ADRO: BUY. P/E 17E: 13.2x PBV 17E: 1.1x) BUMI: Akan Kurangi Utang Anak Usaha PT Bumi Resources Tbk (BUMI) akan menggelar Rapat Umum Pemegang Saham (RUPS) untuk meminta persetujuan rights issue. Aksi korporasi ini bakal memangkas utang sekitar US$2,6 miliar dan memotong beban bunga lebih dari US$ 250 juta. Selain berharap pada kenaikan harga komoditas, BUMI juga mengandalkan peningkatan kinerja dua anak usahanya, PT Bumi Resources Minerals Tbk (BRMS) dan PT Darma Henwa Tbk (DEWA). Restrukturisasi utang BRMS akan dilakukan usai BUMI mendapat persetujuan rights issue senilai Rp 35,1 triliun. BRMS akan membayar utang dengan hasil penjualan 24% saham di PT Newmont Nusa Tenggara. (Kontan) BUMI:BUY - Under Review JSMR: Menggandeng UEM Group membangun tol Cigatas PT Jasa Marga Tbk (JSMR) akan menggandeng UEM Group Berhad asal Malaysia untuk memprakarsai pembangunan jalan Cileunyi Gatur Tasikmalaya Cilacap (Cigatas) sepanjang 235 km. Saat ini ruas tol ini sedang dievaluasi kelengkapan dokumennya, termasuk penghitungan biaya investasi. (Bisnis Indonesia) JSMR: BUY. P/E 17E: 16.0x PBV 17E: 2.2x Telekomunikasi : Lelang frekuensi diminta dipercepat Pemerintah diminta segera menyelenggarakan lelang frekuensi 2.100 MHz dan 2.300 MHz untuk mengoptimalkan penerimaan negara bukan pajak (PNBP) selain mempercepat akselerasi broadband di Indonesia. (Bisnis Indonesia) Telekomunikasi: Overweight www.samuel.co.id Page 2 of 7
BRNA: Menambah kapasitas pabrik BRNA akan menambah kapasitas pabrik kemas plastik sebesar 28-30% senilai Rp 100-150 miliar. Selain itu, ekspansi tahun ini juga terbantu dari akuisisi PT Abdi Adimulia senilai Rp 96 miliar. Penjualan di tahun lalu diperkirakan Rp 1,2 triliun, di bawah target Rp 1,4 triliun. Hal ini disebabkan oleh turunnya harga jual karena penurunan harga bahan baku, meski volume penjualan meningkat. Di tahun 2017, ditargetkan penjualan Rp 1,8 triliun. Pelanggan BRNA antara lain UNVR, Reckitt Beckinser, Aqua, Bayer, KLBF, MRAT, dan Castrol. (Kontan). BRNA: Non-Coverage. EXCL : Ajak TLKM kerja sama backbone PT XL Axiata Tbk (EXCL) mengajak PT Telekomunikasi Indonesia Tbk (TLKM) bekerja sama jaringan backbone seiring dengan dorongan agar BUMN dan swasta bekerja sama. Ajakan kerja sama ini merupakan bagian dari pencapaian efisiensi dan optimalisasi sehingga tercapai cost optimum. (Bisnis Indonesia) EXCL: Buy P/E 17E: 50.3x PBV 17E: 1.4x) Perbankan: NPL masih diwaspadai Kalangan bankir masih mewaspadai masalah kualitas aset, meski sejumlah pihak menilai puncak NPL sudah terlewati. Kondisi ekonomi global dan domestik yang melambat menjadi penyebab masalah ini. Kredit macet bank ke pihak terkait meningkat karena sejumlah bank memberikan kredit ke anak usahanya seperti multifinance yang turut mengalami masalah kualitas aset. (Bisnis Indonesia) Banking: 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 (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E Banks BMRI BUY 4.5 11375 2.7 3.17 0.0 (1.7) 11428 12400 9.0 15.2 11.8 1.7 1.6 11.3% 13.1% BBCA BUY 6.5 15600 0.8 0.97 0.0 0.6 16314 17100 9.6 19.7 16.6 3.5 3.0 17.6% 17.9% BBRI BUY 5.0 12050 0.4 2.55 (0.4) 3.2 13074 13700 13.7 11.5 9.8 2.1 1.8 17.9% 18.1% BBNI BUY 1.9 6025 0.8 5.24 7.6 9.0 6512 6600 9.5 9.9 7.9 1.3 1.1 13.0% 14.5% BBTN BUY 0.3 1905 0.8 (0.26) 4.4 9.5 2104 2300 20.7 8.6 7.3 1.1 1.0 12.4% 13.1% Average 13.0 10.7 1.9 1.7 14.4% 15.3% Consumer (Staples) ICBP BUY 1.7 8575 1.5 1.18 0.6 0.0 10128 10300 20.1 26.9 24.1 5.7 5.0 21.0% 20.8% INDF BUY 1.2 7950 1.0 1.92 (0.9) 0.3 9848 9900 24.5 17.7 14.9 2.3 2.1 13.2% 14.2% KLBF BUY 1.2 1480 0.7 1.02 (5.4) (2.3) 1733 1700 14.9 30.8 27.4 5.9 5.2 19.1% 19.0% ROTI BUY 0.1 1560 0.0 (1.89) (4.3) (2.5) 1850 2000 28.2 32.5 26.9 5.7 4.9 17.5% 18.1% ULTJ BUY 0.2 4400 (1.6) 0.23 (2.9) (3.7) 5400 5300 20.5 20.2 16.5 3.8 3.1 18.7% 18.9% UNVR BUY 5.4 41700 (0.7) 0.91 2.7 7.5 45384 45200 8.4 49.8 44.6 59.2 51.9 118.9% 116.6% SIDO BUY 0.1 575 0.9 0.88 7.5 10.6 680 700 21.7 17.9 16.0 3.2 3.0 17.7% 18.9% AISA BUY 0.1 1970 1.8 1.29 (1.0) 1.3 2427 2440 23.9 15.8 12.1 1.7 1.5 10.7% 12.2% Average 28.0 24.3 12.2 10.8 32.3% 32.4% Cigarette HMSP BUY 7.9 3980 1.8 2.05 (0.5) 3.9 4181 4390 10.3 39.1 35.0 13.0 11.8 33.3% 33.8% GGRM BUY 2.0 61850 0.1 (1.51) (4.0) (3.2) 78525 77150 24.7 18.2 17.5 2.8 2.5 15.2% 14.1% Average 28.6 26.3 7.9 7.2 24.2% 24.0% Healthcare MIKA HOLD 0.6 2420 (1.6) (1.22) (4.0) (5.8) 2985 2950 21.9 52.9 46.4 9.8 8.9 18.5% 19.1% SILO BUY 0.3 13950 13.6 17.47 22.4 28.0 12317 12500-10.4 186.0 146.6 7.6 6.8 4.1% 4.7% Average 119.5 96.5 8.7 7.9 11.3% 11.9% Retail MAPI BUY 0.2 5450 0.9 2.83 0.5 0.9 5918 6700 22.9 48.2 28.4 2.8 2.6 5.8% 9.0% RALS BUY 0.2 1430 (2.1) 8.33 16.3 19.7 1540 1750 22.4 24.2 22.0 2.8 2.6 11.7% 12.0% ACES BUY 0.2 785 3.3 6.08 (1.3) (6.0) 954 1000 27.4 21.8 20.1 4.6 4.2 21.2% 20.7% LPPF BUY 0.8 15150 0.2 1.17 (4.1) 0.2 18889 19500 28.7 18.1 16.0 20.3 13.0 111.9% 81.1% Average 28.1 21.6 7.6 5.6 37.6% 30.7% Telco EXCL HOLD 0.5 2920 0.7 1.04 10.2 26.4 3219 2200-24.7 365.0 50.3 1.4 1.4 0.4% 2.8% ISAT BUY 0.6 6375 0.0 1.19 5.8 (1.2) 7877 7200 12.9 42.8 19.7 2.6 2.3 6.0% 11.7% TLKM BUY 6.8 3960 0.3 2.59 (1.0) (0.5) 4626 5000 26.3 20.2 16.5 4.5 4.0 22.3% 24.0% TOWR BUY 0.6 3440 0.9 (1.43) (2.3) (3.9) 4617 4500 30.8 11.3 10.0 3.3 2.5 28.8% 24.5% Average 109.8 24.1 2.9 2.5 0.1 0.2 Auto and HE ASII BUY 5.6 8125 0.3 2.85 (0.6) (1.8) 8800 9000 10.8 17.8 14.7 3.0 2.5 16.7% 17.2% UNTR BUY 1.5 23075 0.3 3.13 6.3 8.6 24419 25050 8.6 19.9 16.7 2.1 2.0 10.7% 11.9% Average 18.9 15.7 2.6 2.3 13.7% 14.6% Aviation GIAA BUY 0.2 346 1.8 2.37 1.2 2.4 364 445 28.6 18.2 13.3 0.7 0.9 3.8% 7.1% Property BSDE BUY 0.6 1890 (0.3) 2.72 2.4 7.7 2294 2350 24.3 14.8 12.0 1.6 1.4 11.1% 11.8% PWON BUY 0.5 565 (1.7) (1.74) (6.6) 0.0 714 710 25.7 20.3 18.8 3.4 3.0 16.8% 15.8% ASRI HOLD 0.1 394 (1.0) 2.07 3.7 11.9 426 390-1.0 12.3 11.6 1.1 1.0 9.0% 8.8% SMRA BUY 0.3 1320 0.0 (1.49) (2.6) (0.4) 1564 1550 17.4 29.0 27.2 2.5 2.3 8.5% 8.4% SSIA BUY 0.0 610 (3.2) (3.94) 37.4 40.6 854 750 23.0 14.5 13.6 0.9 0.9 6.5% 6.6% CTRA BUY 0.4 1380 0.0 4.15 5.7 3.4 1703 1580 14.5 15.9 13.5 1.6 1.5 9.9% 11.0% DMAS BUY 0.2 228 0.9 0.88 6.5 (0.9) 309 300 31.6 17.5 15.2 1.4 1.3 8.1% 8.5% KIJA BUY 0.1 292 0.7 0.69 0.7 0.0 413 450 54.1 11.2 9.7 1.1 1.0 9.8% 10.1% Average 16.9 15.2 1.7 1.5 0.1 0.1 Construction PTPP BUY 0.4 3770 1.6 7.10 0.0 (1.0) 4949 5100 35.3 23.1 19.9 3.2 2.9 13.9% 14.4% ADHI BUY 0.1 2110 0.5 - (0.9) 1.4 2495 2750 30.3 15.9 13.1 1.4 1.2 8.9% 9.5% WSKT BUY 0.6 2570 (0.4) 0.39 (0.4) 0.8 3256 3250 26.5 20.1 16.3 1.8 1.6 9.2% 9.9% WIKA BUY 0.4 2510 0.8 2.03 4.6 6.4 3089 3000 19.5 21.8 18.5 2.5 2.1 11.2% 11.4% Average 20.2 16.9 2.2 2.0 10.8% 11.3% Cement INTP SELL 1.0 15425 0.3 (2.83) (3.0) 0.2 15916 13500-12.5 13.8 13.5 2.1 1.9 15.6% 14.4% SMGR HOLD 0.9 9275 0.8 1.92 (1.3) 1.1 9891 9000-3.0 14.1 13.6 1.9 1.8 13.7% 12.9% SMCB SELL 0.1 905 0.0 0.56 0.6 0.6 861 700-22.7-90.5-37.7 0.8 0.9-0.9% -2.3% SMBR HOLD 0.4 2230 2.8 (3.04) (7.5) (20.1) 859 2300 3.1 67.6 58.7 6.7 5.9 9.9% 10.0% Average 1.2 12.0 2.9 2.6 0.1 0.1 Precast WSBP BUY 0.3 580 0.0-0.9 4.5 693 690 19.0 28.6 22.8 2.4 2.2 8.4% 9.6% WTON BUY 0.1 825 0.0 - (1.8) 0.0 1131 1150 39.4 25.6 19.5 2.6 2.1 10.2% 10.9% Average 27.1 21.1 2.5 2.1 9.3% 10.2% www.samuel.co.id Page 4 of 7
Utility PGAS BUY 1.2 3010 4.9 4.51 6.0 11.5 3155 3375 12.1 12.9 10.7 1.6 1.4 12.3% 13.5% JSMR BUY 0.5 4250 (0.2) 0.47 (2.3) (1.6) 5680 5000 17.6 16.2 16.0 2.5 2.2 15.3% 13.9% Average 14.6 13.4 2.0 1.8 13.8% 13.7% Coal and Metal ANTM BUY 0.3 815 (1.8) 1.88 (5.8) (8.9) 951 1250 53.4 407.5 9.5 1.0 0.9 0.3% 10.0% INCO BUY 0.5 2720 (1.8) 16.74 (7.2) (3.5) 2869 3500 28.7 209.2 29.6 1.1 1.1 0.5% 3.7% TINS BUY 0.1 1090 (0.9) 11.22 (1.4) 1.4 1186 1200 10.1 109.0 51.9 1.5 1.5 1.4% 2.9% ITMG BUY 0.3 15800 0.0 5.33 (4.8) (6.4) 18874 19000 20.3 13.3 6.8 1.5 1.3 11.3% 19.6% ADRO BUY 1.0 1740 1.2 1.46 2.7 2.7 1859 2100 20.7 15.5 13.2 1.2 1.1 7.6% 8.5% PTBA BUY 0.4 11200 (4.7) (1.10) (8.8) (10.4) 14389 15000 33.9 18.8 11.5 2.6 2.3 14.1% 19.9% Average 128.9 20.4 1.5 1.4 5.9% 10.7% Plantation AALI BUY 0.5 16000 0.0 1.43 (2.3) (4.6) 18781 19800 23.8 18.5 17.5 2.0 1.9 10.7% 10.7% LSIP BUY 0.2 1580 0.3 (0.32) (5.1) (9.2) 1899 2050 29.7 22.3 14.2 1.4 1.3 6.3% 9.1% SIMP BUY 0.1 515 (1.0) - 3.4 4.3 565 600 16.5 18.4 11.7 0.6 0.6 3.1% 4.9% Average 19.7 14.5 1.3 1.3 6.7% 8.2% Poultry CPIN BUY 0.9 3240 0.3 0.93 0.6 4.9 3610 4500 38.9 15.3 13.7 2.0 1.8 13.0% 12.8% JPFA BUY 0.3 1780 4.1 4.09 21.5 22.3 2353 2200 23.6 10.7 9.8 2.2 1.8 20.7% 18.7% MAIN BUY 0.0 1190 0.4 (0.42) (4.8) (8.5) 1769 1730 45.4 7.0 6.4 1.1 1.0 16.3% 15.6% Average 11.0 10.0 1.8 1.5 16.7% 15.7% Other Sectors AKRA BUY 0.5 6900.0-0.4 3.8 16.9 15.0 7591.7 7600 10.1 24.7 22.0 4.0 3.6 16.2% 16.3% DOID BUY 0.1 600.0-3.2 17.6 10.1 17.6 850.0 850 41.7 10.7 5.7 3.1 2.0 28.7% 35.9% Average 17.7 13.9 3.5 2.8 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 (7.30) 1,798 (0.40) 0.17 0.32 0.85 8.32 2.68 18.00 1,811 1,460 U.S. (S&P) (4.86) 2,293 (0.21) 0.57 0.51 0.68 7.56 2.40 21.94 2,301 1,810 U.S. (DOW) (19.04) 20,052 (0.09) 0.81 0.41 0.44 9.82 1.47 23.74 20,126 15,503 Europe (34.80) 3,238 (1.06) (0.63) (0.75) (2.49) 7.61 (1.59) 12.47 3,342 2,673 Emerging Market 4.12 923 0.45 1.09 1.08 4.75 4.87 7.04 24.79 930 708 FTSE 100 (16.15) 7,172 (0.22) 0.91 0.75 (0.53) 5.37 0.41 n/a 7,354 5,500 CAC 40 (47.34) 4,778 (0.98) (0.34) (0.14) (2.68) 7.10 (1.73) 13.75 4,930 3,892 Dax (141.65) 11,510 (1.22) (1.28) (1.47) (0.77) 10.07 0.25 23.95 11,893 8,699 Indonesia 35.23 5,396 0.66 1.29 1.76 0.92 0.18 1.87 12.44 5,492 4,628 Japan (143.56) 18,833 (0.76) (0.43) (1.09) (3.19) 9.64 (1.47) 11.97 19,615 14,864 Australia (11.38) 5,604 (0.20) (0.73) (0.30) (2.63) 6.73 (1.09) 12.62 5,828 4,707 Korea (2.84) 2,075 (0.14) 0.18 0.35 1.25 3.87 2.39 8.19 2,092 1,818 Singapore 14.97 3,057 0.49 (0.34) (0.26) 3.18 9.14 6.11 16.53 3,073 2,532 Malaysia 6.23 1,691 0.37 1.18 (0.06) 0.94 2.46 3.02 1.73 1,729 1,612 Hong Kong 219.03 23,348 0.95 0.13 (0.11) 3.76 2.40 6.13 21.05 24,364 18,279 China 16.81 3,157 0.54 0.24 0.64 0.08 0.75 1.72 14.24 3,301 2,639 Taiwan 82.45 9,538 0.87 0.95 2.21 1.77 3.79 3.07 18.29 9,549 7,954 Thailand 6.18 1,589 0.39 0.81 (0.09) 1.12 5.78 2.99 21.65 1,601 1,271 Philipines 67.70 7,294 0.94 0.93 (0.58) 0.64 1.35 6.63 7.82 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.01 4.18 0.12 (4.60) (1.77) (1.28) (22.61) 5.58 4.16 Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 103.59 Inflation Rate (%) n/a 0.97 n/a 130.95 592.86 130.95 90.20 0.97 (0.45) US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % 0.00 7.57 (1.09) (2.34) 3.19 (5.09) (5.70) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (25.00) 13320 0.19 0.39 0.23 0.34 1.15 1.15 2.29 13,710 12,920 Japan 0.05 111.79 (0.04) 0.90 0.90 3.79 4.62 4.62 3.63 118.66 99.02 UK (0.00) 1.25 (0.05) (0.51) (0.92) 2.47 1.00 1.00 (13.65) 1.50 1.18 Euro (0.00) 1.07 (0.11) (0.20) (0.56) 1.55 2.10 2.10 (4.07) 1.16 1.03 China (0.00) 6.86 0.06 0.31 0.31 0.92 1.19 1.19 (4.21) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High i Oil 0.18 53.19 0.34 (0.65) 0.72 (1.48) 18.49 (0.99) 72.19 55.24 26.05 CPO 9.00 2,991.00 0.30 (1.25) (3.11) (1.19) 9.52 (3.80) 16.34 3,202.00 2,172.00 Rubber (7.00) 1,153.00 (0.60) (1.50) (1.50) 17.17 58.49 17.95 113.72 1,174.00 526.00 Coal (1.65) 81.00 (2.00) (0.98) (3.05) (1.52) (24.12) (14.47) 56.37 112.25 51.75 Iron Ore 0.00 83.44 0.00 1.86 1.02 7.80 35.50 6.89 103.51 84.07 42.20 Tin (544.00) 19,173.00 (2.76) (3.24) (2.21) (9.01) (10.59) (9.58) 26.12 21,945.00 15,285.00 Nickel 225.00 10,450.00 2.20 1.95 7.95 2.00 (0.10) 4.29 28.06 12,145.00 7,550.00 Copper 74.00 5,846.00 1.28 (1.67) 0.45 4.58 17.13 5.61 26.26 6,045.50 4,430.00 Gold 2.60 1,233.50 0.21 1.27 2.06 5.12 (3.59) 7.26 6.58 1,377.50 1,124.70 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 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