Samuel Research Market Activity Friday, 14 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,830.0 : +10.9 (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BMRI 13,400 175 1.3 BBRI 14,900 75 0.5 BBCA 18,500 75 0.4 GEMS 2,790 290 11.6 Lagging Movers TLKM 4,600-20 -0.4 ADRO 1,625-40 -2.4 HMSP 3,800-10 -0.3 PNBN 1,130-45 -3.8 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) UNTR 63 ASII 408 INDF 25 BMRI 227 BBCA 14 BBRI 55 UNVR 9 PGAS 44 HMSP 7 ADRO 26 Money Market USD/IDR 13,348-22.0 0.2 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 34.6-0.4-1.1 ISAT 41.4-0.1-0.2 EIDO 27.1-0.3-0.9 Yellen mendukung upaya perubahan Donald Trump untuk mencapai target pertumbuhan ekonomi 3% Bursa AS semalam ditutup menguat mengantisipasi rilisnya laporan keuangan 2Q17 emiten, dijadwalkan rilis pada Jumat ini. JPMorgan Chase, Wells Fargo dan Citigroup merupakan emiten yang akan melaporkan kinerja 1H17. Dari ekonomi, Gubernur the Fed, Janet Yellen, berbicara di depan senat, target pertumbuhan ekonomi Presiden US, Donald Trump sebesar 3% dikatakan cukup menantang, sebab populasi yang menua dan penurunan produktivitas menyebabkan pertumbuhan ekonomi terhambat, sehingga diperlukan sejumlah perubahan untuk mencapai target tersebut. Data jobless claims tercatat inline dengan estimasi konsensus di 247.000 Harga minyak tercatat menguat di US$ 48,4/barel dilatarbelakangi oleh rilis data perdagangan China yang melaporkan, China mengimpor 8,5 juta barel/hari, meningkat 13,8% yoy. Sedangkan harga emas tercatat flat di US$ 1.217/toz. Dari pasar dalam negeri, IHSG kami perkirakan menguat dengan penguatan harga minyak serta optimisme Bank Indonesia terhadap pertumbuhan ekonomi domestik yang lebih baik di 2H17. Dari ekonomi, pendapatan negara 1H17 tercapai 41% dari target 2017, sementara realisasi anggaran mencapai 43%, mengindikasikan kegiatan pembangunan yang berjalan baik. Nilai tukar rupiah menguat ke Rp13.378, sedangkan pasar EIDO menurun. World Indices DJIA 21,553 21 0.1 S&P 500 2,448 5 0.2 Euro Stoxx 3,528 13 0.4 MSCI World 1,937 4 0.2 Nikkei 20,138 38 0.2 Hang Seng 26,346 303 1.2 Commodities Brent Oil 48-0.1-0.1 CPO Malay 2,542-23.0-0.9 Coal Newc 83 0.7 0.9 Nickel 9,180 4.0 0.0 Tin 19,885-135.0-0.7 Highlights TINS: Bisa ikut kuasai Freeport TOBA: Raih pinjaman $ 171.7 juta Perbankan: Update terkait kredit infrastruktur, FLPP, dan NPL tambang MSKY: Berencana Right Issue Semen: Konsumsi semen nasional di 1H17 turun 1,3% yoy www.samuel.co.id Page 1 of 7
TINS: Bisa ikut kuasai Freeport PT Timah Tbk., di perkirakan ikut menguasai saham bersama tiga peru -sahaan tambang lainnya yaitu PT Indonesia Asah an Aluminium Persero (Inalum), PT BukitAsam (PTBA), PT Aneka Tambang (Antam) di PT Freeport Indonesia, bila divestasi dilakukan. Rencana ini masuk dalam skenario pemerintah menguasai 51% saham PT Free port Indonesia, yakni meng guna -kan perusaha an holding pertambangan milik negara. (Bisnis Indonesia). TINS: Under Review. TOBA: Raih pinjaman $ 171.7 juta PT Toba Bara SejahtraTbk (TOBA) melalui anak usahanya, PTGorontalo Listrik Perdana, memperoleh pinjaman sebesar US$ 171,7 juta dari sindikasi bank. PT Bank Mandiri Tbk (BMRI) bertindak sebagai lead arranger, agen fasilitas, agen penampung, dan agen jaminan. Pinjaman tersebut terdiri atas kredit investasi dan fasilitas kredit interest during construction.perseroan akan menggunakan fasilitas pinjaman tersebut untuk membiayai proyek pembangkit listrik di Goron talo (Investor Daily). TOBA: Non-Coverage. Perbankan: Update terkait kredit infrastruktur, FLPP, dan NPL tambang Kredit infrastruktur dinilai sejumlah bankir menjadi penggerak utama pertumbuhan kredit saat ini. Rilis kinerja 1H17 BBNI kemarin menunjukkan pertumbuhan kredit yang banyak didorong oleh kredit SOE dan infrastruktur. BNGA, BBKP, BDMN, dan NISP sepakat berpendapat bahwa kenaikan kredit bank swasta secara umum lebih kecil dari bank BUMN karena bank BUMN diuntungkan oleh adanya kredit infrastruktur. Pada saat ini, NPL kredit pertambangan dinilai masih cukup besar sehingga bankir cenderung masih berhati-hati dalam menyalurkan kredit terkait pertambangan. Per April 17, NPL sektor ini mencapai 7,48% (April 16: 5,14%, Des 16: 7,15%). (Kontan, Bisnis Indonesia). Comment: Sependapat dengan view tersebut, kinerja pertumbuhan kredit bank-bank BUMN yang merupakan mayoritas dalam coverage kami, kami lihat bisa melebihi pertumbuhan industri. Bank-bank BUMN merupakan penerima benefit dari adanya proyek infrastruktur dan sejumlah program pemerintah seperti KUR dan KPR bersubsidi. Banking: Overweight. MSKY: Berencana Right Issue MSKY akan menambah modal melalui penerbitan saham baru dengan HMETD, atau right issue dengan harga penawaran Rp1,000 per saham. Berdasarkan prospektus yang diterbitkan oleh perseroan, MSKY akan melepas total 1,29 miliar saham, atau sekitar 14,29% dari modal yang ditempatkan dan disetor setelah adanya aksi korporasi tersebut. Dengan harga penawaran Rp1,000 per saham, maka perusahaan berpotensi meraup dana segar hingga Rp1,29 triliun dalam PUT I kali ini. Perseroan memberikan hak memesan efek terlebih dahulu dengan rasio 6:1 dengan cum date 7 Juli 2017 di pasar regular dan negosiasi serta tanggal 12 Juli 2017 di pasar tunai dan tidak ada pembeli siaga dalam HMETD kali ini. (Bisnis Indonesia). MSKY: Non-Coverage. www.samuel.co.id Page 2 of 7
Semen: Konsumsi semen nasional di 1H17 turun 1,3% yoy Konsumsi semen nasional di 1H17 turun 1,3% yoy menjadi 28,9 juta ton, dilatarbelakangi oleh libur panjang pada bulan lalu dan belum terlihat kegiatan pembangunan di Indonesia bagian Timur. Pelaku industri masih optimis target pertumbuhan konsumsi semen sebesar 4% masih akan tercapai di 2017. (Bisnis Indonesia). Cement: Underweight. www.samuel.co.id Page 3 of 7
Stock Rec. Mkt Cap price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY 312,667 13400 1.3 15.8 12179 14000 4.5 15.8 12.8 1.8 1.5 11.3% 12.0% BBCA HOLD 456,118 18500 0.4 19.4 18694 18000-2.7 19.7 18.6 3.5 3.1 17.9% 16.5% BBRI BUY 367,571 14900 0.5 27.6 15066 15550 4.4 13.1 11.5 2.2 1.9 16.8% 16.8% BBNI BUY 131,007 7025 0.4 27.1 7309 7350 4.6 9.7 8.4 1.3 1.2 13.9% 14.2% BBTN BUY 25,946 2450 (1.6) 40.8 2722 2870 17.1 8.3 7.7 1.2 1.1 14.4% 13.7% BNLI BUY 19,209 685 0.7 27.7 815 890 29.9 12.9 14.3 0.9 0.8 6.7% 5.7% Average 13.2 12.2 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 100,292 8600 0.9 0.3 9485 10300 19.8 24.2 21.2 5.0 4.4 20.8% 20.9% INDF BUY 76,829 8750 0.6 10.4 9628 9900 13.1 16.4 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 75,469 1610 0.6 6.3 1733 1750 8.7 30.4 26.8 5.7 5.0 18.7% 18.7% ROTI BUY 6,454 1275 7.6 (20.3) 1621 2050 60.8 18.5 15.7 3.8 3.2 20.5% 20.2% ULTJ BUY 14,297 4950 (0.6) 8.3 5750 5300 7.1 18.6 16.8 3.5 2.9 18.9% 17.5% UNVR HOLD 370,055 48500 0.4 25.0 47699 45200-6.8 51.8 46.2 60.4 52.9 116.6% 114.4% SIDO BUY 7,575 505 0.0 (2.9) 682 700 38.6 14.0 11.2 2.7 2.5 18.9% 22.4% AISA BUY 4,828 1500 (2.6) (22.9) 2264 2500 66.7 9.6 7.9 1.1 1.0 11.7% 12.5% Average 22.9 20.0 10.6 9.3 30.0% 30.2% Cigarette HMSP BUY 442,009 3800 (0.3) (0.8) 4194 4390 15.5 34.2 33.0 11.7 10.7 34.3% 32.4% GGRM BUY 151,811 78900 0.9 23.5 79553 77150-2.2 22.3 21.1 3.2 2.8 14.1% 13.4% Average 28.3 27.1 7.4 6.8 24.2% 22.9% Healthcare MIKA BUY 28,228 1940 0.3 (24.5) 2674 2950 52.1 35.9 32.9 7.0 6.4 19.6% 19.3% SILO HOLD 13,786 10600 (0.9) (2.8) 13288 12500 17.9 130.9 102.9 4.3 3.9 3.3% 3.8% Average 83.4 67.9 5.7 5.1 11.4% 11.6% Poultry CPIN BUY 53,785 3280 2.2 6.1 3225 4500 37.2 13.8 12.9 1.8 1.6 12.8% 12.4% JPFA BUY 16,032 1405 (0.7) (3.4) 1574 1500 6.8 8.3 6.6 1.5 1.3 18.0% 18.9% MAIN BUY 2,407 1075 0.5 (17.3) 1159 2280 112.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.3 8.0 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,209 6150 (1.6) 13.9 7474 7700 25.2 40.7 29.4 2.9 2.7 7.2% 9.1% RALS BUY 7,770 1095 4.8 (8.4) 1418 1750 59.8 16.8 13.4 2.0 1.9 12.0% 13.9% ACES BUY 18,779 1095 3.3 31.1 1128 1300 18.7 24.9 20.3 5.6 4.7 22.4% 23.0% LPPF BUY 35,307 12100 1.3 (20.0) 16241 19500 61.2 12.8 12.3 10.4 7.4 81.1% 60.0% Average 23.8 18.8 5.2 4.1 30.7% 26.5% Telco EXCL BUY 35,270 3300 0.0 42.9 3596 3200-3.0 89.2 58.9 1.6 1.6 1.8% 2.7% ISAT BUY 33,690 6200 (2.0) (3.9) 8165 8200 32.3 17.0 12.2 2.3 2.0 13.4% 16.7% TLKM BUY 463,680 4600 (0.4) 16.1 4895 5000 8.7 19.2 14.8 4.6 4.0 24.0% 26.7% TOWR BUY 40,200 3940 0.0 10.1 4580 4500 14.2 11.5 10.8 2.8 2.2 24.5% 20.7% Average 34.2 24.2 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 353,219 8725 0.0 5.4 9343 9000 3.2 15.8 13.4 2.7 2.2 17.2% 16.4% UNTR BUY 104,444 28000 0.3 31.8 30544 31500 12.5 16.1 14.2 2.4 2.1 14.7% 14.9% Average 15.9 13.8 2.5 2.2 15.9% 15.7% Aviation GIAA HOLD 9,060 350 0.0 3.6 385 420 20.0 262.9 26.3 0.6 0.4 0.2% 1.7% Property BSDE BUY 34,644 1800 0.6 2.6 2281 2350 30.6 16.1 13.8 1.4 1.2 8.7% 8.5% PWON BUY 29,377 610 (0.8) 8.0 726 710 16.4 14.9 12.4 2.9 2.4 19.2% 19.3% ASRI HOLD 6,288 320 0.0 (9.1) 438 390 21.9 9.4 8.9 0.8 0.8 8.8% 8.7% SMRA HOLD 17,601 1220 0.4 (7.9) 1551 1307 7.1 53.0 40.7 2.1 1.9 4.0% 4.8% SSIA BUY 2,941 625 1.6 44.0 969 750 20.0 13.9 11.6 0.9 0.9 6.6% 7.5% CTRA BUY 22,736 1225 (0.8) (8.2) 1584 1580 29.0 14.2 11.9 1.5 1.3 10.3% 11.1% DMAS BUY 9,495 197 0.0 (14.3) 309 300 52.3 11.1 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,612 320 0.0 10.5 413 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 18.3 15.1 1.5 1.3 9.4% 9.8% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 19,344 3120 (1.0) (18.1) 4571 4150 33.0 13.9 11.7 1.6 1.5 11.8% 12.6% ADHI HOLD 7,834 2200 (0.5) 5.8 2689 2550 15.9 23.7 19.8 1.4 1.3 6.0% 6.5% WSKT BUY 29,998 2210 0.9 (13.3) 3240 3250 47.1 13.2 10.5 1.5 1.5 11.7% 14.2% WIKA BUY 19,554 2180 0.5 (7.6) 3044 3000 37.6 17.6 15.4 1.4 1.3 8.0% 8.3% Average 17.1 14.3 1.5 1.4 9.4% 10.4% Cement INTP SELL 64,790 17600 (0.4) 14.3 15329 13500-23.3 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 59,908 10100 0.7 10.1 9892 9000-10.9 14.8 13.4 1.9 1.7 12.9% 12.9% SMCB SELL 6,054 790 (1.3) (12.2) 770 700-11.4-32.9-26.3 0.7 0.7-2.3% -2.8% SMBR HOLD 33,564 3390 0.9 21.5 536 2300-32.2 89.2 84.8 8.9 7.9 10.0% 9.3% Average 22.2 22.1 3.5 3.1 8.4% 8.0% Precast WSBP BUY 12,021 456 0.0 (17.8) 704 690 51.3 17.9 11.7 1.4 1.2 8.0% 10.6% WTON BUY 5,229 600 0.0 (27.3) 990 1150 91.7 15.8 13.6 1.7 1.4 10.9% 10.6% Average 16.9 12.7 1.6 1.3 9.4% 10.6% Oil and Gas PGAS HOLD 54,786 2260 (1.7) (16.3) 2889 2600 15.0 12.4 10.1 1.2 1.1 9.4% 10.7% AKRA BUY 25400.9 6350.0 1.2 5.8 7000.0 7600 19.7 21.7 21.5 3.3 3.0 15.2% 14.0% MEDC BUY 7,998 2400 (2.4) 81.8 4213 4500 87.5 3.3 3.1 0.6 0.5 17.6% 16.3% Average 12.5 11.6 1.7 1.5 14% 14% Utilities JSMR HOLD 38,467 5300 (0.9) 22.7 5840 5100-3.8 19.8 20.0 2.6 2.3 12.9% 11.7% Metal ANTM BUY 16,822 700 0.0 (21.8) 703 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 19,475 1960 2.6 (30.5) 2384 2145 9.4 73.8 36.9 0.8 0.8 1.1% 2.1% TINS BUY 5,400 725 1.4 (32.6) 1100 1200 65.5 34.5 21.3 1.0 1.0 2.9% 4.5% Average 38.8 20.9 0.9 0.8 4.7% 8.1% Coal DOID BUY 7145.0 840.0-2.3 64.7 1587.5 1600 90.5 5.7 6.0 2.5 1.7 44.0% 28.6% ITMG BUY 22,231 19675 1.8 16.6 20965 19000-3.4 9.3 9.3 1.7 1.5 17.9% 16.6% ADRO BUY 51,977 1625 (2.4) (4.1) 2008 2100 29.2 12.3 11.2 1.0 1.0 8.5% 8.7% PTBA BUY 28,571 12400 (0.8) (0.8) 15240 15000 21.0 12.8 10.4 2.5 2.2 19.9% 21.5% Average 10.0 9.2 1.9 1.6 22.6% 18.9% Plantation AALI BUY 29,159 15150 0.0 (9.7) 17959 19800 30.7 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,893 1450 0.3 (16.7) 1729 2050 41.4 13.1 10.1 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 (1.8) 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.8 11.6 1.2 1.1 8.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, 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 4.08 1,937 0.21 1.11 1.24 0.33 5.71 10.61 13.72 1,939 1,657 U.S. (S&P) 4.58 2,448 0.19 0.84 1.58 0.41 5.10 9.34 13.13 2,454 2,084 U.S. (DOW) 20.95 21,553 0.10 0.68 1.09 0.84 5.38 9.06 16.46 21,581 17,884 Europe 12.60 3,528 0.36 1.43 1.90 (0.54) 2.31 7.21 19.06 3,667 2,893 Emerging Market 10.82 1,041 1.05 2.21 3.81 2.67 8.36 20.70 20.19 1,041 837 FTSE 100 (3.49) 7,413 (0.05) 0.59 1.04 (0.82) 1.17 3.79 n/a 7,599 6,616 CAC 40 13.27 5,235 0.25 1.35 1.61 (0.15) 3.24 7.67 19.38 5,442 4,293 Dax 14.75 12,641 0.12 1.57 2.10 (1.29) 4.40 10.11 25.56 12,952 9,924 Indonesia 10.91 5,830 0.19 1.01 (0.33) 0.64 3.80 10.07 14.68 5,910 5,023 Japan 42.23 20,142 0.21 (0.26) 1.07 1.30 9.85 5.38 22.92 20,318 15,921 Australia 28.83 5,766 0.50 0.64 1.09 (1.17) (2.11) 1.76 6.54 5,957 5,052 Korea 6.42 2,416 0.27 0.83 1.51 1.82 13.16 19.22 20.27 2,422 1,931 Singapore 26.76 3,236 0.83 (0.33) 0.29 (0.55) 2.10 12.32 11.31 3,275 2,761 Malaysia (3.46) 1,754 (0.20) (0.19) (0.95) (2.15) 1.32 6.83 5.98 1,797 1,614 Hong Kong 302.53 26,346 1.16 3.32 3.46 1.82 8.59 19.75 22.19 26,384 21,243 China 20.62 3,218 0.64 0.17 0.18 2.79 (0.86) 3.69 5.37 3,301 2,932 Taiwan 39.47 10,460 0.38 1.65 0.89 3.85 7.47 13.04 17.98 10,546 8,818 Thailand 4.48 1,579 0.28 0.64 0.28 0.15 (0.63) 2.36 6.09 1,601 1,343 Philipines (1.52) 7,937 (0.02) 1.27 0.62 (0.37) 4.03 16.02 (0.24) 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.05 4.39 0.21 (0.80) 0.68 3.76 (6.35) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02) US Fed Rate (%) 0.00 1.25 0.00 25.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.01) 6.97 (2.80) 1.07 (1.09) (12.62) (2.79) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (22.00) 13348 0.16 0.39 0.30 (0.42) 0.94 0.94 (1.90) 13,593 12,920 Japan 0.12 113.40 (0.11) 0.48 0.46 (3.37) 3.14 3.14 (7.10) 118.66 99.54 UK 0.00 1.29 0.05 0.76 0.43 1.52 4.90 4.90 (2.98) 1.35 1.18 Euro (0.00) 1.14 (0.01) (0.61) (0.04) 1.60 8.37 8.37 2.49 1.15 1.03 China (0.00) 6.78 0.06 0.30 0.27 0.23 2.38 2.38 (1.40) 6.96 6.62 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.08) 46.00 (0.17) 2.13 4.00 2.84 (13.50) (14.37) 0.70 55.24 39.19 CPO (23.00) 2,542.00 (0.90) (1.01) 0.28 6.01 1.15 (18.24) 14.87 3,202.00 2,180.00 Rubber (0.50) 790.50 (0.06) (0.44) (0.44) (1.25) (19.17) (19.13) 18.07 1,174.00 644.00 Coal 0.70 82.75 0.85 2.29 1.41 2.92 0.79 (12.62) 30.83 112.25 69.00 Iron Ore 1.52 63.00 2.47 4.83 3.36 15.19 (13.97) (19.29) 15.17 94.91 53.60 Tin (135.00) 19,885.00 (0.67) (0.54) (1.02) 1.87 1.48 (6.22) 10.77 21,945.00 17,672.50 Nickel 5.00 9,210.00 0.05 2.33 1.49 4.66 (5.54) (8.08) (11.01) 12,145.00 8,680.00 Copper (29.00) 5,876.00 (0.49) 0.89 0.43 2.78 3.23 6.15 19.00 6,204.00 4,582.00 Gold (0.90) 1,216.40 (0.07) 0.14 0.55 (4.54) (5.47) 5.77 (8.69) 1,367.20 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 Arandi Ariantara Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Toll Road, Oil and Gas akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 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 Nadya Swastika Research Associate nadya.swastika@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