RISET SAHAM HARIAN Samuel Equity Research Tuesday, 31 May 2016 Market Activity Tuesday, 31 May 2016 Market Index Index Movement Market Volume Market Value : 4,836.0 : +21.3 (+0.4%) : 3,733 Mn shrs : 3,933 Bn rupiah Leading Movers BBRI 10,625 225 2.2 BMRI 9,275 225 2.5 BBCA 13,200 200 1.5 SMMA 7,000 500 7.7 Lagging Movers TLKM 3,700-60 -1.6 GGRM 70,000-1325 -1.9 ICBP 15,925-375 -2.3 UNVR 43,725-275 -0.6 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 235 AALI 22 ASII 117 MLPL 19 BBCA 78 BSDE 19 BMRI 67 WIKA 10 BBNI 62 BKSL 6 Money Market USD/IDR 13,647 64.0-0.5 JIBOR O/N 4.9 0.0 - Infl (MoM) -0.5 - - Dual Listing Securities TLKM 55.9-0.1-0.1 ISAT 35.8-0.4-1.0 EIDO 22.5 0.0 0.0 World Indices DJIA 17,873 0 0.0 S&P 500 2,099 0 0.0 Euro Stoxx 3,090 12 0.4 MSCI World 1,677 1 0.0 Nikkei 17,043-25 -0.1 Hang Seng 20,629 53 0.3 Waspadai pelemahan rupiah Bursa AS tutup pada hari senin kemarin dalam rangka Memorial Day, sementara bursa Eropa secara umum menguat. Data pertumbuhan ekonomi Perancis yang melebihi ekspektasi menjadi sentimen positif. Indeks USD yang cenderung menguat berpotensi mendorong pelemahan sejumlah mata uang lainnya. Waspadai tekanan pada nilai tukar rupiah yang saat ini telah menembus Rp 13.600 per dolar AS. IHSG menguat 0,4% kemarin dengan dana asing tercatat net buy Rp 652 miliar di pasar reguler. Bursa Asia pagi ini melemah dan IHSG berpotensi melemah hari ini. Highlights PPRO : Telah menggunakan 35% capex SIPD : Targetkan penjualan Rp 3.2triliun CSAP : Rights issue Rp492 miliar ARTI : Mendapat dana dari Northcliff Farmasi : Menanti pabrik bahan baku obat Commodities WTI Oil 50 0.2 0.4 CPO Malay 2,600 41.0 1.6 Coal Newc 53 0.0 0.0 Nickel 8,387 25.5 0.3 Tin 16,225 353.5 2.2 www.samuel.co.id 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.
PPRO: Telah menggunakan 35% capex PT PP Properti Tbk (PPRO) secara kontinyu melakukan ekspansi. Hingga pertengahan Mei, perseroan telah menyerap anggaran belanja modal Rp385miliar, dari total capex tahun ini yang ditetapkan sebesar Rp1.1triliun. Adapun sebagian besar anggaran tersebut digunakan untuk mengakuisisi lahan di jalan TB Simatupang Jakarta sehingga saat ini total land bank perseroan di wilayah tersebut mencapai 3,4ha, sementara sisanya digunakan untuk penyertaan modal pada perusahaan patungan yang telah dibentuk perseroan. Selain itu, perusahaan juga telah membentuk dua perusaan join venture. Pertama perseroan menggandeng PT Kawasan Industri Jababeka Tbk (KIJA) dan kedua dengan PT Sentul City Tbk (BKSL). Dengan kepemilikan 49% pada keduanya, PPRO telah menyuntikkan untuk masing-masing perusahaan patungan tersebut Rp36,197 miliar dan Rp49 miliar. (Kontan) PPRO: Non-Coverage, 16E PE:N/Ax, PBV:N/Ax. SIPD: Targetkan penjualan Rp 3.2triliun PT Sierad Produce Tbk (SIPD) meningkatkan target penjualan sebesar Rp 3.2 trilliun pada 2016. Pihak manajemen mengatakan, PDB tahun ini akan lebih positif di banding tahun sebelumnya, secara otomatis meningkatkan daya beli. Penjualan bersih SIPD anjlok akibat lesunya harga day old chicken (DOC) dalam waktu lama akibat oversupply. Dengan demikian, untuk mengurangi resiko volatilitas harga pada DOC, komoditas pakan ternak, maupun ayam potong, perusahaan berencana memacu komposisi produk olahan mencapai 28% dari total penjualan 2016. (Bisnis Indonesia) SIPD: Non-Coverage. CSAP: Rights issue Rp492 miliar Emiten material bahan bangunan, PT Catur Sentosa Adiprana Tbk. (CSAP) berencana akan menawarkan 1.15 miliar saham baru (rights issue) dengan total nilai Rp492 miliar. Rasio rights issue adalah 5:2 dengan exercise price sebesar Rp425/saham dan potensi efek dilusi adalah 40%. Dana hasil rights issue sekitar 80% akan digunakan untuk membiayai capex perseroan di 2017 untuk membangun 5 gerai Mitra10 baru di Yogyakarta, Surabaya dan Jabodetabek. Sisa 20% dananya akan digunakan untuk ekspansi gudang dan penyesuaian kapasitas. (Bisnis Indonesia) CSAP: Non-Coverage. www.samuel.co.id Page 2 of 6
ARTI: Mendapat dana dari Northcliff Northcliff Capital Ltd, perusahaan pengelola dana asal Singapura menyiapkan dana USD 200 juta untuk membiayai proyek properti dan gas milik PT Ratu Prabu Energi Tbk (ARTI). Sektor migas menyumbang 55% dari total pendapatan ARTI, sementara 45% lagi dari sektor properti. Di bisnis migas, penguatan harga minyak dunia dinilai akan semakin menggairahkan bisnis ini di tahun ini. Di bisnis properti, ARTI akan meluncurkan proyek apartemen mewah di TB Simatupang, Jakarta. Di kawasan itu, ke depannya juga akan dibangun hotel dan perkantoran. (Investor Daily) ARTI: Non-Coverage. Farmasi: Menanti pabrik bahan baku obat Setelah pemerintah mengeluarkan stimulus dalam paket kebijakan ke XI, pelaku pasar menantikan berkembangnya industri hulu obat. Salah satu poin stimulus itu adalah membolehkan asing memiliki saham 100% pada perusahaan bahan baku obat. Produk bahan baku obat lokal diharapkan dapat mengurangi ketergantungan impor yang kini masih sangat tinggi, seperti dari China dan India, dan menurunkan harga obat khususnya generik. KLBF sudah memulai pembangunan pabrik bahan baku obat berbasis biologi di Cikarang dan dijadwalkan beroperasi pada 2H16. Pabrik itu merupakan kerja sama antara KLBF dan Genexine Inc asal Korea Selatan. (Kontan) Farmasi: Overweight. www.samuel.co.id Page 3 of 6
Ticker Rec. JCI Wgt price 1D Chg 1M Chg YTD Chg TP Cons TP SSI Upside Banks (%) (Rp) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E BMRI HOLD 4.2 9275 2.5 (3.9) 0.3 9894 9700 4.6 11.1 9.4 1.4 1.3 13.0% 13.8% n/a n/a BBCA HOLD 6.3 13200 1.5 1.1 (0.8) 14640 13900 5.3 17.3 14.7 3.1 2.7 18.1% 18.2% n/a n/a BBRI HOLD 5.1 10625 2.2 2.7 (7.0) 11723 11500 8.2 10.3 9.0 2.0 1.7 19.5% 19.2% n/a n/a BBNI HOLD 1.7 4720 1.9 2.9 (5.4) 5767 5500 16.5 7.9 6.6 1.0 0.9 13.1% 14.0% n/a n/a Consumer (Staples) ICBP BUY 1.8 15925 (2.3) 4.3 18.2 16727 16500 3.6 27.0 24.3 5.3 4.7 19.7% 19.5% 18.5 15.8 INDF BUY 1.2 7000 (1.1) (1.8) 35.3 8428 8000 14.3 16.4 13.4 2.1 1.9 12.6% 14.0% 8.7 7.8 KLBF BUY 1.3 1415 1.1 2.9 7.2 1475 1610 13.8 30.8 25.7 5.7 5.0 18.5% 19.4% 20.2 16.9 ROTI BUY 0.1 1425 (2.1) (1.7) 12.6 1508 1500 5.3 26.4 17.6 5.1 4.1 19.2% 23.3% 12.6 11.2 ULTJ BUY 0.2 3850 (0.3) (8.0) (2.4) n/a 5000 29.9 17.6 14.7 4.0 3.3 22.6% 22.5% 10.9 9.3 UNVR HOLD 6.5 43725 (0.6) 2.7 18.2 40388 39000-10.8 51.5 47.1 62.6 56.1 121.5% 119.1% 36.5 33.4 Cigarette HMSP HOLD 8.7 96000 0.6 (3.9) 2.1 102844 109750 14.3 37.7 33.7 12.5 11.4 33.3% 33.8% 25.6 23.3 GGRM BUY 2.6 70000 (1.9) 1.1 27.3 76471 77150 10.2 20.6 19.8 3.1 2.8 15.2% 14.1% 14.8 14.0 Healthcare Retail MIKA BUY 0.7 2580 0.4 (2.8) 7.5 2790 2950 14.3 56.1 49.6 10.4 9.5 18.6% 19.0% 30.3 27.3 SILO HOLD 0.2 9450 0.8 11.8 (3.6) 10788 8600-9.0 135.0 103.8 6.0 5.8 4.5% 5.6% 16.4 13.4 MAPI BUY 0.1 3840 (1.0) (8.6) 1.2 4987 5800 51.0 20.6 12.4 1.9 1.7 9.2% 13.4% 7.1 5.7 RALS HOLD 0.1 825 8.6 17.9 27.9 783 700-15.2 16.2 15.0 1.7 1.6 10.3% 10.5% 12.0 10.6 ACES BUY 0.3 905 1.7 (2.2) 9.7 929 1000 10.5 23.8 19.3 4.9 4.0 20.5% 21.0% 17.4 15.5 Telco EXCL BUY 0.7 3470 (0.3) (0.1) (3.6) 4546 4600 32.6 21.4 19.0 1.9 1.8 8.9% 9.6% 6.5 5.7 ISAT HOLD 0.7 6600 0.0 (1.5) 20.0 7125 6600 0.0 29.9 20.1 2.7 2.4 8.9% 12.0% 4.3 3.8 TLKM HOLD 7.3 3700 (1.6) 4.7 19.7 3932 3500-5.4 22.3 19.8 4.6 4.1 20.5% 20.5% 7.3 6.6 Auto and HE ASII HOLD 5.3 6750 0.7 0.4 12.5 6885 6800 0.7 14.8 13.2 2.6 2.4 17.6% 17.8% 12.9 12.4 UNTR HOLD 1.0 14325 3.1 (4.5) (15.5) 14941 16700 16.6 10.2 9.7 1.3 1.2 12.7% 12.5% 3.2 2.8 Aviation GIAA BUY 0.3 510 5.4 15.1 65.0 473 490-3.9 10.7 10.4 0.8 0.8 7.2% 7.7% 4.2 4.1 Property BSDE BUY 0.7 1820 0.3 (1.6) 1.1 2160 1950 7.1 14.2 11.6 1.6 1.4 11.1% 11.8% 10.5 9.2 PWON BUY 0.5 540 0.0 2.9 8.9 571 590 9.3 19.3 18.0 3.3 2.8 17.0% 15.8% 7.7 6.7 KPIG BUY 0.2 1235 (0.4) 0.0 (12.4) n/a 1810 46.6 28.7 24.2 1.0 1.0 3.5% 4.1% n/a n/a ASRI HOLD 0.2 394 (1.5) (0.5) 14.9 421 390-1.0 12.3 11.3 1.1 1.0 9.0% 9.1% 6.1 5.3 SMRA BUY 0.4 1585 (0.9) 1.3 (3.9) 1699 1750 10.4 24.4 23.3 2.9 2.6 11.8% 11.0% 10.6 9.5 Construction PTPP HOLD 0.3 3690 4.8 0.7 (4.8) 4579 4000 8.4 22.0 18.1 5.1 4.2 23.1% 23.2% 9.5 8.4 ADHI HOLD 0.2 2580 0.8 (3.6) 20.6 3278 2700 4.7 24.1 20.0 1.8 1.7 7.6% 8.6% 7.5 6.6 WSKT BUY 0.7 2590 (0.4) 10.4 55.1 2655 2200-15.1 42.5 33.2 3.7 3.3 8.6% 10.0% 22.4 19.0 WIKA BUY 0.3 2440 0.0 (7.9) (7.6) 2998 3300 35.2 20.0 16.7 3.1 2.7 15.4% 16.4% 9.0 7.7 Cement INTP BUY 1.2 16650 0.6 (15.6) (25.4) 18982 22500 35.1 12.4 10.6 2.3 2.1 18.8% 19.9% 7.9 6.6 SMGR BUY 1.1 9125 0.3 (7.8) (20.0) 11291 13700 50.1 10.3 9.3 1.8 1.7 17.9% 17.9% 5.5 4.5 SMCB HOLD 0.2 1095 6.3 5.8 10.1 1020 950-13.2-1095.0 91.3 1.0 1.0-0.1% 1.1% 11.0 9.0 Utility PGAS BUY 1.2 2480 0.0 (5.3) (9.7) 2969 3400 37.1 12.1 11.4 1.6 1.5 12.9% 12.9% 7.0 6.1 JSMR BUY 0.7 5300 0.0 (2.8) 1.4 6299 6500 22.6 22.1 20.8 3.1 2.8 13.9% 13.7% 11.6 11.1 Coal and Metal ANTM SELL 0.3 670 0.0 (11.8) 113.4 359 375-44.0-37.2 60.9 1.2 1.2-3.2% 1.9% 29.5 23.4 INCO BUY 0.3 1675 (0.9) (9.9) 2.4 1518 2400 43.3 61.4 15.3 0.7 0.6 1.1% 4.2% 95.7 64.3 TINS HOLD 0.1 670 (0.7) (13.5) 32.7 470 650-3.0 16.3 13.4 0.8 0.8 5.1% 6.0% 4.9 4.3 ITMG BUY 0.2 8825 0.3 13.1 54.1 5917 9000 2.0 8.1 6.5 0.8 0.8 10.3% 12.8% 2.5 2.0 ADRO HOLD 0.4 695 0.0 (4.8) 35.0 716 700 0.7 12.4 9.6 0.5 0.5 3.8% 4.8% 10.0 7.7 PTBA BUY 0.3 6675 0.0 (5.3) 47.5 7243 7800 16.9 9.3 7.4 1.5 1.3 15.6% 17.7% 7.0 5.3 Plantation AALI BUY 0.5 14925 (0.5) (7.3) (5.8) 19236 20000 34.0 17.9 15.4 1.9 1.7 10.4% 11.1% 11.1 10.0 LSIP BUY 0.2 1485 (1.0) (3.3) 12.5 1759 1900 27.9 14.0 11.3 1.3 1.2 9.2% 10.7% 6.0 4.9 SIMP BUY 0.1 484 0.4 (0.4) 45.8 571 550 13.6 14.2 12.1 0.5 0.5 3.6% 4.1% 5.9 5.5 Poultry PE PBV ROE EV/EBITDA (x) CPIN HOLD 1.1 3510 (1.4) (5.5) 35.0 3570 4000 14.0 22.1 18.0 4.1 3.5 18.4% 19.4% n/a n/a JPFA BUY 0.2 955 (1.5) 3.2 50.4 1068 1150 20.4 12.7 11.4 1.5 1.3 12.1% 11.7% 8.7 7.5 MAIN BUY 0.1 1470 0.3 7.3 (3.6) 1641 1650 12.2 15.2 10.8 1.5 1.4 10.0% 12.6% n/a n/a Other Sectors AKRA HOLD 0.5 6300 4.6 (3.1) (12.2) 7200 7000 11.1 20.5 17.7 3.6 3.1 17.4% 17.7% 14.8 11.9 Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO report in USD. www.samuel.co.id Page 4 of 6
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 0.77 1,677 0.05 0.28 1.36 0.36 8.38 0.84 (5.76) 1,799 1,460 U.S. (S&P) 0.00 2,099 0.00 1.11 2.28 1.63 8.63 2.70 (0.40) 2,133 1,810 U.S. (DOW) 0.00 17,873 0.00 0.94 2.13 0.56 8.21 2.57 (0.76) 18,189 15,370 Europe 11.53 3,090 0.37 0.93 5.36 2.04 4.90 (5.43) (13.46) 3,714 2,673 Emerging Market (0.63) 808 (0.08) 0.59 2.50 (3.87) 9.09 1.70 (19.57) 1,012 687 FTSE 100 5.14 6,271 0.08 0.83 1.86 0.46 2.85 0.46 n/a 7,070 5,500 CAC 40 14.66 4,529 0.32 1.07 4.72 2.27 4.04 (2.32) (9.55) 5,218 3,892 Dax 46.92 10,333 0.46 1.25 4.99 2.93 8.82 (3.81) (9.47) 11,802 8,699 Indonesia 21.30 4,836 0.44 1.32 1.95 (0.05) 1.36 5.29 (7.29) 5,252 4,034 Japan (18.89) 17,049 (0.11) 1.65 3.34 2.30 6.38 (10.43) (17.09) 20,953 14,866 Australia (37.92) 5,370 (0.70) (0.33) 1.41 2.24 10.02 1.40 (7.05) 5,803 4,707 Korea 2.13 1,969 0.11 0.62 1.63 (1.25) 2.74 0.41 (6.88) 2,123 1,801 Singapore (5.76) 2,797 (0.21) 1.09 1.08 (1.47) 4.88 (2.98) (17.55) 3,404 2,528 Malaysia (7.32) 1,630 (0.45) (0.07) (0.31) (2.56) (1.50) (3.70) (6.73) 1,756 1,504 Hong Kong 52.62 20,629 0.26 1.28 4.14 (2.08) 7.94 (5.86) (24.78) 27,855 18,279 China 1.41 2,822 0.05 0.26 (0.75) (3.94) 5.00 (20.25) (38.80) 5,178 2,638 Taiwan 72.26 8,536 0.85 1.66 2.29 1.89 1.48 2.37 (12.01) 9,747 7,203 Thailand 11.45 1,424 0.81 1.90 3.07 1.39 6.89 10.57 (4.81) 1,525 1,221 Philipines 52.66 7,464 0.71 0.01 2.16 4.26 11.89 7.37 (1.53) 7,697 6,084 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.90 0.10 0.43 (9.50) (35.46) (12.99) 8.26 4.89 Foreign Reserve (US$bn) n/a 107.71 n/a 0.16 5.46 1.68 (2.85) 110.77 100.24 Inflation Rate (%) n/a (0.45) n/a (336.84) (188.24) (146.88) (225.00) 0.96 (0.45) US Fed Rate (%) 0.00 0.50 0.00 0.00 0.00 0.00 100.00 0.50 0.25 Indo Govt Bond Yld (10yr) - % (0.00) 7.89 (0.89) 1.89 (4.56) (9.82) (3.45) 9.90 7.40 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 64.00 13647 (0.47) 0.07 (0.46) (3.42) 1.03 1.03 (3.09) 14,736 12,978 Japan (0.25) 110.87 0.23 (1.00) (0.79) (4.02) 8.43 8.43 12.54 125.86 105.55 UK 0.00 1.47 0.12 (0.09) 0.14 (0.11) (0.54) (0.54) (3.58) 1.59 1.38 Euro 0.00 1.11 0.10 (0.40) 0.07 (3.34) 2.64 2.64 2.03 1.17 1.05 China 0.02 6.58 (0.27) (0.38) (0.42) (1.60) (1.36) (1.36) (5.83) 6.60 6.19 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.01 49.77 0.02 0.36 2.39 3.41 38.37 33.50 (24.08) 66.36 27.10 CPO 41.00 2,600.00 1.60 2.16 4.33 0.27 2.04 4.63 17.33 2,793.00 1,863.00 Rubber 4.00 689.50 0.58 0.29 0.29 (3.09) 28.64 27.80 0.36 728.50 506.50 Coal 0.00 53.20 0.00 3.80 4.42 4.83 5.35 5.14 (11.41) 60.80 48.80 Iron Ore 0.10 48.90 0.20 (3.74) (7.91) (22.26) 5.16 12.67 (20.49) 132.60 37.50 Tin 353.50 16,225.00 2.23 3.57 0.91 (6.00) 1.56 11.20 4.27 17,625.00 13,223.80 Nickel 25.00 8,420.00 0.30 0.84 1.08 (10.85) (1.17) (4.54) (33.28) 13,680.00 7,550.00 Copper 34.00 4,695.00 0.73 0.88 2.92 (7.03) 0.00 (0.21) (21.95) 6,083.50 4,318.00 Gold (2.40) 1,211.40 (0.20) (1.01) (3.20) (6.13) (1.86) 14.26 1.85 1,306.00 1,046.20 Source: SSI Research, Bloomberg www.samuel.co.id Page 5 of 6
Research Team Andy Ferdinand, CFA Head Of Equity Research Strategy, Banking, Consumer +6221 2854 8148 andy.ferdinand@samuel.co.id Akhmad Nurcahyadi, CSA Senior Analyst Auto, Heavy Equipment, Property, Cigarette, Media, Aviation, Healthcare +6221 2854 8144 akhmad.nurcahyadi@samuel.co.id Sharlita Lutfiah Malik Analyst Mining, Plantation +6221 2854 8339 sharlita.malik@samuel.co.id Adrianus Bias Prasuryo Senior Analyst Cement,Construction, Utility +6221 2854 8392 adrianus.bias@samuel.co.id Marlene Tanumihardja Analyst Retail, Poultry, Consumer, Small Cap +6221 2854 8387 marlene@samuel.co.id Adde Chandra Kurniawan Research Associate +6221 2854 8338 adde.kurniawan@samuel.co.id Rangga Cipta Economist +6221 2854 8396 rangga.cipta@samuel.co.id Muhamad Makky Dandytra, CFTe Technical Analyst Indices, Equities, Commodities, Currencies, Fixed Income +6221 2854 8382 makky.dandytra@samuel.co.id Team Kelvin Long Director of Equities +6221 2854 8150 kelvin.long@samuel.co.id Evelyn Satyono Head of Institutional +6221 2854 8148 evelyn.satyono@samuel.co.id Lucia Irawati Head of Retail +6221 2854 8173 lucia.irawati@samuel.co.id Yulianah Senior Institutional Sales +6221 2854 8146 yulianah@samuel.co.id Ronny Ardianto Institutional +6221 2854 8399 ronny.ardianto@samuel.co.id Ferry Khusaeri +6221 2854 8304 ferry.khusaeri@samuel.co.id Indra S. Affandi Senior Institutional Sales +6221 2854 8334 indra.siswandi@samuel.co.id Muhammad Isfandi Institutional +6221 2854 8329 muhammad.isfandi@samuel.co.id Peter Hamsja +6221 2854 8325 peter@samuel.co.id Jovita Widjaja +6221 2854 8314 jovita.widjaja@samuel.co.id Clarice Wijana Institutional +6221 2854 8395 clarice.wijana@samuel.co.id Iwan Setiadi +6221 2854 8313 iwan.setiadi@samuel.co.id James Wihardja +6221 2854 8397 james.wihardja@samuel.co.id Online Trading Sales Team Nugroho Nuswantoro Head Of Marketing OLT +6221 2854 8372 nugroho@samuel.co.id Rina Lestari SPV Customer Service +6221 2854 8180 rina.lestari@samuel.co.id www.samuel.co.id Page 6 of 6