Samuel Research Market Activity Monday, 30 Jan 2017 Market Index Index Movement Market Volume Market Value : 5,312.8 : -4.8 (-0.09%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BBNI 5,750 150 2.7 BBCA 15,400 100 0.7 BMRI 10,975 75 0.7 PGAS 2,800 70 2.6 Lagging Movers HMSP 3,920-70 -1.8 TLKM 3,890-50 -1.3 KLBF 1,480-30 -2.0 GGRM 62,800-600 -0.9 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBNI 234 TLKM 98 ASII 40 BBRI 65 SCMA 38 BUMI 30 SMGR 20 HMSP 18 BMRI 18 UNVR 14 Money Market USD/IDR 13,359 23.0-0.2 JIBOR O/N 4.2 0.0 - Infl (MoM) 0.4 - - Dual Listing Securities TLKM 29.3-0.1-0.4 ISAT 41.9-0.5-1.2 EIDO 24.4 0.0 0.1 World Indices DJIA 20,094-7 0.0 S&P 500 2,295-2 -0.1 Euro Stoxx 3,303-16 -0.5 MSCI World 1,803 0 0.0 Nikkei 19,348-119 -0.6 Hang Seng 23,361-13 -0.1 Sejumlah event dapat mewarnai IHSG di minggu ini Bursa AS mayoritas ditutup sedikit melemah pada jumat lalu di tengah-tengah data GDP yang di bawah ekspektasi serta consumer sentiment yang relatif inline. Dari sisi emiten, Chevron membukukan kinerja yang kurang baik, setelah sebelumnya Microsoft dan Intel mencatatkan kinerja yang melebihi ekspektasi. Fokus di minggu ini antara lain tertuju pada data pekerjaan, FOMC meeting, dan laporan keuangan emiten. IHSG turun 0,1% pada jumat lalu dengan dana asing tercatat net buy Rp 130 miliar di pasar reguler. Dinamika politik menjelang pilkada DKI, data inflasi Januari, serta GDP 4Q16 berpotensi mewarnai pergerakan IHSG di minggu ini. Selain itu, rilis beberapa laporan keuangan emiten juga dapat mempengaruhi IHSG. Highlights JSMR: Targetkan trafik tumbuh 5-7% di 2017 PTPP: Kontrak baru PP naik tajam ADRO: Beralih jadi perusahaan setrum Perbankan: Optimalkan kredit konsumsi Perkebunan: Pengenaan bea keluar tak ganggu ekspor CPO Sektor ritel: siap ekspansi Commodities Brent Oil 55-0.2-0.3 CPO Malay 3,070-17.0-0.6 Coal Newc 84-1.0-1.1 Nickel 9,430 64.0 0.7 Tin 19,897-38.8-0.2 www.samuel.co.id Page 1 of 7
JSMR: Targetkan trafik tumbuh 5-7% di 2017 PT Jasa Marga Tbk (JSMR) menargetkan pertumbuhan volume kendaraan pada kisaran 5-7% menyentuh 1,35 miliar kendaraan. Pengoperasian Bawean Salatiga di kuartal 1, Solo Ngawi seksi I A di kuartal 2 menjadi salah satu pendorong pertumbuhan trafik. (Bisnis Indonesia) JSMR: Buy; 17E PE: 15.9x, PBV: 2.2x. PTPP: Kontrak baru PP naik tajam PT PP Tbk (PTPP) mencatat kontrak baru senilai Rp4.3tn di Jan16, atau naik 291%YoY vs Rp1.1tn. Adapun tahun ini, target kontrak baru sebesar Rp40tn, naik dari Rp32.6tn pencapaian tahun lalu. (Investor Daily). PTPP: Buy; 18.2x P/E17E dan 2.6x PBV 17E. ADRO: Beralih jadi perusahaan setrum PT Adaro Energy Tbk (ADRO) berencana mengubah fokus bisnisnya menjadi independent power producer (IPP) atau perusahaan listrik swasta. Tujuannya perubahan bisnis itu karena tambang batubara harus menghasilkan nilai tambah (Value Added). Perubahan haluan bisnis ADRO sejalan dengan permintaan domestik dan akan terealisasi dalam lima tahun kedepan. Nantinya IPP akan menjadi hulu, supply chain, mendukung kelanjutan suplai batubara. (Kontan). ADRO; 17E PE: 13.1x, PBV: 1.1x. Perbankan: Optimalkan kredit konsumsi Sejumlah bank menilai permintaan akan kredit konsumsi seperti perumahan dan kendaraan bermotor berpeluang naik di tahun ini seiring aktivitas ekonomi yang membaik di samping kebijakan uang longgar yang dikeluarkan BI. BMRI mengincar kenaikan KPR, KKB, dan KTA masing-masing 15% di tahun ini. BBNI menargetkan kenaikan 11-14% masing-masing untuk KPR, kartu kredit, dan KTA di tahun ini. Sementara, BNGA menargetkan KPR naik 8-10%, KTA dan kartu kredit masing-masing 20%. Sejumlah hal seperti NPL dan regulasi perlu diperhatikan dalam kredit konsumsi. Dalam kartu kredit, adanya dorongan untuk menurunkan suku bunga maksimal menjadi 2,25% per bulan mengharuskan perbankan melakukan efisiensi demi menjaga profitabilitasnya. (Kontan) Banking: Neutral. www.samuel.co.id Page 2 of 7
Perkebunan: Pengenaan bea keluar tak ganggu ekspor CPO Badan Pengelola Dana Perkebunan Kelapa Sawit (BPDP-KS) mengumumkan pengenaan bea keluar (BK) sebesar US$ 18 per metric ton (MT) untuk periode Februari 2017. (Investor Daily). Comment: Kami melihat pengenaan tariff BK tidak akan mengganggu kinerja ekspor minyak sawit nasional. Dampak kebijakan hanya bersifat sementara dan jangka pendek. Namun untuk jangka pendek harga berpeluang terkoreksi sementara merespon kebijakan tersebut. Selain itu UU BK sudah ditetapkan pada 2015 lalu. Plantation: Overweight. Sektor ritel: Siap ekspansi Pelaku usaha ritel tetap memiliki optimisme adanya peningkatan kinerja penjualan pada tahun ini, sehingga tetap melanjutkan ekspansi pada tahun ini. Optimisme tersebut didorong oleh pertumbuhan perekonomian makro dan stabilisasi nilai tukar Rupiah. Aprindo memprediksi pertumbuhan ritel tahun ini dapat mencapai 10-12%, hampir sama atau sedikit lebih tinggi dari pertumbuhan tahun 2016 (10%), dengan nilai total Rp200 triliun. Menurut keterangan Aprindo, ekspansi usaha akan meningkatkan kapasitas produksi, menambah pemasukan, serta meningkatkan performa. (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 (%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E Banks BMRI BUY 4.4 10975 0.7 (0.23) (5.2) (5.2) 11434 12400 13.0 14.7 11.4 1.7 1.5 11.3% 13.1% BBCA BUY 6.5 15400 0.7 0.98 (0.6) (0.6) 16399 17100 11.0 19.5 16.4 3.4 2.9 17.6% 17.9% BBRI BUY 5.0 11725 (0.2) (0.64) 0.4 0.4 13037 13700 16.8 11.2 9.5 2.0 1.7 17.9% 18.1% BBNI BUY 1.8 5750 2.7 5.50 4.1 4.1 6400 6300 9.6 10.1 8.3 1.2 1.1 12.2% 13.4% BBTN BUY 0.4 1925 1.0 1.85 10.6 10.6 2087 2300 19.5 8.7 7.3 1.1 1.0 12.4% 13.1% Average 12.8 10.6 1.9 1.6 14.3% 15.1% Consumer (Staples) ICBP BUY 1.7 8550 0.0 0.59 (0.3) (0.3) 10063 10300 20.5 26.8 24.0 5.6 5.0 21.0% 20.8% INDF BUY 1.2 8000 0.0 (0.62) 0.9 0.9 9955 9900 23.8 17.8 15.0 2.3 2.1 13.2% 14.2% KLBF BUY 1.2 1480 (2.0) (1.33) (2.3) (2.3) 1752 1700 14.9 30.8 27.4 5.9 5.2 19.1% 19.0% ROTI BUY 0.1 1525 (1.6) (7.85) (4.7) (4.7) 1808 2000 31.1 31.8 26.3 5.5 4.8 17.5% 18.1% ULTJ BUY 0.2 4390 (1.3) (0.23) (3.9) (3.9) 2703 5300 20.7 20.1 16.5 3.8 3.1 18.7% 18.9% UNVR BUY 5.5 41700 (0.2) 2.96 7.5 7.5 44791 45200 8.4 49.8 44.6 59.2 51.9 118.9% 116.6% SIDO BUY 0.1 570 2.7 5.56 9.6 9.6 680 700 22.8 17.8 15.8 3.1 3.0 17.7% 18.9% AISA BUY 0.1 1965 (1.3) (1.75) 1.0 1.0 2427 2440 24.2 15.7 12.1 1.7 1.5 10.7% 12.2% Average 27.8 24.2 12.2 10.7 32.3% 32.4% Cigarette HMSP BUY 7.9 3920 (1.8) 2.35 2.3 2.3 4121 4390 12.0 38.5 34.5 12.8 11.7 33.3% 33.8% GGRM BUY 2.1 62800 (0.9) 0.48 (1.7) (1.7) 78001 77150 22.9 18.5 17.8 2.8 2.5 15.2% 14.1% Average 28.5 26.1 7.8 7.1 24.2% 24.0% Healthcare MIKA HOLD 0.6 2470 0.0 (1.20) (3.9) (3.9) 3049 2950 19.4 54.0 47.4 10.0 9.1 18.5% 19.1% SILO BUY 0.3 11900 0.6 (1.65) 9.2 9.2 11921 12500 5.0 158.7 125.0 6.5 5.8 4.1% 4.7% Average 106.3 86.2 8.2 7.5 11.3% 11.9% Retail MAPI BUY 0.2 5275 1.0 1.44 (2.3) (2.3) 5698 6700 27.0 46.7 27.5 2.7 2.5 5.8% 9.0% RALS BUY 0.2 1360 (0.7) 10.57 13.8 13.8 1505 1750 28.7 23.1 20.9 2.7 2.5 11.7% 12.0% ACES BUY 0.2 745 0.0 1.36 (10.8) (10.8) 967 1000 34.2 20.7 19.1 4.4 4.0 21.2% 20.7% LPPF BUY 0.8 14950 (1.0) 0.50 (1.2) (1.2) 19431 19500 30.4 17.9 15.8 20.0 12.8 111.9% 81.1% Average 27.1 20.8 7.5 5.4 37.6% 30.7% Telco EXCL HOLD 0.5 2870 (1.4) 7.89 24.2 24.2 3114 2200-23.3 358.8 49.5 1.4 1.4 0.4% 2.8% ISAT BUY 0.6 6200 (0.8) 1.22 (3.9) (3.9) 7877 7200 16.1 41.6 19.1 2.5 2.2 6.0% 11.7% TLKM BUY 6.8 3890 (1.3) 1.57 (2.3) (2.3) 4639 5000 28.5 19.8 16.2 4.4 3.9 22.3% 24.0% TOWR BUY 0.6 3490 (0.3) - (2.5) (2.5) 4617 4500 28.9 11.4 10.1 3.3 2.5 28.8% 24.5% Average 107.9 23.7 2.9 2.5 0.1 0.2 Auto and HE ASII BUY 5.7 8100 0.3 1.25 (2.1) (2.1) 8782 9000 11.1 17.8 14.6 3.0 2.5 16.7% 17.2% UNTR BUY 1.5 22600 (1.3) 2.73 6.4 6.4 24148 25050 10.8 19.5 16.4 2.1 2.0 10.7% 11.9% Average 18.6 15.5 2.5 2.2 13.7% 14.6% Aviation GIAA BUY 0.2 340 0.6 0.59 0.6 0.6 388 445 30.9 17.9 13.1 0.7 0.9 3.8% 7.1% Property BSDE BUY 0.6 1860 (0.8) 0.81 6.0 6.0 2307 2350 26.3 14.6 11.8 1.6 1.4 11.1% 11.8% PWON HOLD 0.5 570 (0.9) (2.56) 0.9 0.9 720 710 24.6 20.5 19.0 3.4 3.0 16.8% 15.8% KPIG BUY 0.2 1470 (0.7) (2.00) (2.0) (2.0) n/a 1810 23.1 34.2 28.8 1.2 1.2 3.5% 4.1% ASRI HOLD 0.1 388 (0.5) (3.00) 10.2 10.2 430 390 0.5 12.1 11.4 1.1 1.0 9.0% 8.8% SMRA BUY 0.3 1365 (2.5) 0.74 3.0 3.0 1654 1750 28.2 30.0 28.2 2.6 2.4 8.5% 8.4% Average 19.3 17.6 2.2 1.9 11.4% 11.2% Construction PTPP BUY 0.4 3450 (2.0) (3.63) (9.4) (9.4) 4956 5100 47.8 21.1 18.2 2.9 2.6 13.9% 14.4% ADHI BUY 0.1 2100 (2.3) (1.87) 1.0 1.0 2550 2750 31.0 15.8 13.0 1.4 1.2 8.9% 9.5% WSKT BUY 0.6 2570 (0.4) (1.91) 0.8 0.8 3263 3250 26.5 20.1 16.3 1.8 1.6 9.2% 9.9% WIKA BUY 0.4 2460 (1.6) (0.81) 4.2 4.2 3045 3000 22.0 21.4 18.1 2.4 2.1 11.2% 11.4% Average 19.6 16.4 2.1 1.9 10.8% 11.3% Cement INTP SELL 1.0 15900 2.1 8.72 3.2 3.2 16199 13500-15.1 14.2 13.9 2.2 2.0 15.6% 14.4% SMGR HOLD 1.0 9225 0.3 6.96 0.5 0.5 10165 9000-2.4 14.0 13.5 1.9 1.7 13.7% 12.9% SMCB SELL 0.1 900 0.0 0.56 0.0 0.0 856 700-22.2-90.0-37.5 0.8 0.8-0.9% -2.3% SMBR HOLD 0.4 2200 7.8 16.09 (21.1) (21.1) 859 2300 4.5 66.7 57.9 6.6 5.8 9.9% 10.0% Average 1.2 11.9 2.9 2.6 0.1 0.1 Precast WSBP BUY 0.3 580 0.9-4.5 4.5 693 690 19.0 28.6 22.8 2.4 2.2 8.4% 9.6% WTON BUY 0.1 825 (0.6) (0.60) 0.0 0.0 1151 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
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 2800 2.6 7.69 3.7 3.7 3099 3375 20.5 12.0 10.0 1.5 1.3 12.3% 13.5% JSMR BUY 0.5 4220 (0.5) 1.20 (2.3) (2.3) 5693 5000 18.5 16.1 15.9 2.5 2.2 15.3% 13.9% Average 14.1 12.9 2.0 1.8 13.8% 13.7% Coal and Metal ANTM BUY 0.3 805 (0.6) (9.04) (10.1) (10.1) 918 1250 55.3 402.5 9.4 1.0 0.9 0.3% 10.0% INCO BUY 0.4 2340 (3.3) 1.74 (17.0) (17.0) 2815 3500 49.6 180.0 25.4 1.0 0.9 0.5% 3.7% TINS BUY 0.1 985 (1.0) (7.08) (8.4) (8.4) 1183 1200 21.8 98.5 46.9 1.4 1.4 1.4% 2.9% ITMG BUY 0.3 14525 1.4 (3.81) (13.9) (13.9) 18874 19000 30.8 12.2 6.3 1.4 1.2 11.3% 19.6% ADRO BUY 1.0 1725 (0.3) (0.29) 1.8 1.8 1867 2100 21.7 15.4 13.1 1.2 1.1 7.6% 8.5% PTBA BUY 0.4 10825 0.2 (8.26) (13.4) (13.4) 14355 15000 38.6 18.1 11.2 2.6 2.2 14.1% 19.9% Average 121.1 18.7 1.4 1.3 5.9% 10.7% Plantation AALI BUY 0.5 15800 (0.2) (2.47) (5.8) (5.8) 18618 19800 25.3 18.3 17.3 2.0 1.9 10.7% 10.7% LSIP BUY 0.2 1600 (1.8) (3.90) (8.0) (8.0) 1890 2050 28.1 22.5 14.4 1.4 1.3 6.3% 9.1% SIMP BUY 0.1 510 (1.9) (1.92) 3.2 3.2 565 600 17.6 18.2 11.6 0.6 0.6 3.1% 4.9% Average 19.7 14.4 1.3 1.2 6.7% 8.2% Poultry CPIN BUY 0.9 3160 (1.3) (0.32) 2.3 2.3 3606 4500 42.4 14.9 13.3 1.9 1.7 13.0% 12.8% JPFA BUY 0.3 1685 1.2 4.33 15.8 15.8 2339 2200 30.6 10.2 9.3 2.1 1.7 20.7% 18.7% MAIN BUY 0.0 1200 (0.4) (1.23) (7.7) (7.7) 1904 1730 44.2 7.0 6.5 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 6700.0-1.8 3.1 11.7 11.7 7632.5 7600 13.4 24.0 21.4 3.9 3.5 16.2% 16.3% DOID BUY 0.1 525.0 4.0 4.0 2.9 2.9 825.0 850 61.9 9.4 5.0 2.7 1.8 28.7% 35.9% Average 16.7 13.2 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 (0.36) 1,803 (0.02) (0.13) 1.23 2.98 6.65 2.98 15.44 1,811 1,460 U.S. (S&P) (1.99) 2,295 (0.09) 0.64 1.03 2.50 7.91 2.50 18.27 2,301 1,810 U.S. (DOW) (7.13) 20,094 (0.04) 0.91 1.34 1.68 10.64 1.68 22.03 20,126 15,503 Europe (15.80) 3,303 (0.48) 0.66 0.12 0.39 7.28 0.39 8.48 3,342 2,673 Emerging Market (0.81) 916 (0.09) 0.80 2.53 6.22 1.37 6.22 23.38 930 708 FTSE 100 23.00 7,184 0.32 0.48 (0.19) 0.58 2.69 0.58 n/a 7,354 5,500 CAC 40 (27.26) 4,840 (0.56) 0.21 (0.22) (0.46) 6.41 (0.46) 9.58 4,930 3,892 Dax (34.36) 11,814 (0.29) 1.89 1.58 2.90 10.45 2.90 20.58 11,893 8,699 Indonesia (4.79) 5,313 (0.09) 0.39 1.11 0.30 (1.80) 0.30 15.12 5,492 4,545 Japan (90.23) 19,377 (0.46) 1.68 2.57 1.37 11.07 1.37 10.61 19,615 14,864 Australia (56.49) 5,658 (0.99) 0.13 0.05 (0.15) 7.07 (0.15) 13.03 5,828 4,707 Korea 16.65 2,084 0.81 0.85 0.52 2.03 2.94 2.82 9.79 2,091 1,818 Singapore 13.07 3,065 0.43 0.75 1.79 6.39 8.83 6.39 16.57 3,065 2,528 Malaysia (5.86) 1,686 (0.35) 0.34 1.29 2.72 0.96 2.72 1.11 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 (0.20) 1,591 (0.01) 0.76 1.78 3.10 6.45 3.10 22.28 1,601 1,271 Philipines 1.03 7,334 0.01 (0.50) 1.40 7.21 (0.96) 7.21 9.66 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.17 (0.09) (25.01) (1.53) (1.59) (22.88) 5.58 4.16 Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 102.13 Inflation Rate (%) n/a 0.42 n/a (10.64) 90.91 (56.25) (56.25) 0.69 (0.45) US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % 0.01 7.62 0.63 (3.70) 7.07 (4.42) (9.79) 8.40 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 23.00 13359 (0.17) (0.21) 0.38 0.67 0.85 0.85 3.90 13,828 12,920 Japan (0.42) 114.68 0.37 (1.22) (1.72) 1.99 1.99 1.99 5.50 121.49 99.02 UK 0.00 1.26 0.29 (0.33) 0.45 2.04 2.04 2.04 (12.76) 1.50 1.18 Euro 0.00 1.07 0.21 (0.25) (0.41) 1.94 1.94 1.94 (1.53) 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 (0.14) 53.03 (0.26) 0.53 0.53 (1.28) 8.89 (1.28) 57.73 55.24 26.05 CPO (17.00) 3,070.00 (0.55) (2.51) (1.00) (1.85) 10.19 (1.25) 22.65 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 (0.95) 83.50 (1.12) (0.54) (0.12) (6.76) (19.52) (11.83) 63.57 112.25 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 (38.75) 19,897.00 (0.19) (2.34) (1.47) (6.27) (3.39) (6.17) 37.30 21,945.00 14,841.50 Nickel 65.00 9,475.00 0.69 (3.32) (2.32) (8.98) (8.54) (5.44) 9.47 12,145.00 7,550.00 Copper 42.00 5,899.00 0.72 (0.74) 2.63 7.86 23.15 6.57 28.52 6,045.50 4,430.00 Gold 5.40 1,193.80 0.45 (0.33) (1.79) 3.81 (6.41) 3.81 6.93 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 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 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