Samuel Research Market Activity Monday, 10 Jul 2017 Bursa US menguat seiring baiknya data pekerjaan Market Index Index Movement Market Volume Market Value : 5,814.8 : -34.8 (-0.59%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BBCA 18,500 275 1.5 MABA 625 125 25.0 BNLI 680 20 3.0 PWON 650 10 1.6 Lagging Movers UNVR 48,100-800 -1.6 HMSP 3,780-30 -0.8 UNTR 27,200-900 -3.2 GGRM 76,350-1525 -2.0 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 122 BMRI 141 INDF 34 ASII 104 GGRM 26 BBRI 80 PGAS 19 ICBP 20 BUMI 15 KLBF 18 Data pekerjaan (non-farm payrolls) yang melebihi ekspektasi mendorong kenaikan bursa US pada jumat lalu. Di minggu ini, fokus investor diperkirakan akan segera beralih ke earnings season, dimana Citigroup, Wells Fargo, dan JP Morgan Chase dijadwalkan melaporkan kinerjanya dalam waktu dekat. Di Eropa, pertemuan G-20 menjadi perhatian investor, dimana Presiden Trump bertemu dengan Presiden Putin dan diharapkan akan membuat suasana membaik seiring adanya ketegangan terkait geopolitik dan campur tangan Rusia pada pemilu US yang lalu. Sementara itu, ECB masih membahas perihal stimulus ekonomi untuk mendukung perekonomian zona euro. IHSG diperkirakan menguat hari ini sejalan dengan penguatan bursa US pada jumat lalu dan sejumlah bursa pagi ini. Nilai tukar rupiah masih perlu diperhatikan seiring tekanan jual asing yang cenderung menekan rupiah. Money Market USD/IDR 13,403 15.0-0.1 JIBOR O/N 4.3 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 34.3 0.0-0.1 ISAT 40.6 0.3 0.7 EIDO 26.9 0.0-0.1 World Indices DJIA 21,414 94 0.4 S&P 500 2,425 15 0.6 Euro Stoxx 3,464 2 0.1 MSCI World 1,913 4 0.2 Nikkei 20,044 114 0.6 Hang Seng 25,341-124 -0.5 Highlights PTPP: Siapkan Rp9tn BUMI: Menakar prospek saham BUMI pasca rights issue JSMR: Sekuritisasi Jagorawi tinggal menunggu Ditjen Pajak AKRA: Permohonan pailit terhadap PT Kapuas Tunggal Persada kandas INTA: Ekspansi pembangkit listrik BLTA: Targetkan kinerja positif pada 2017 PTPP: Bangun hunian kelas bawah Metal: Timah Negatif Saat Prospek AS Positif Commodities Brent Oil 47 0.4 0.8 CPO Malay 2,528-7.0-0.3 Coal Newc 81-0.6-0.8 Nickel 8,895-157.3-1.7 Tin 19,675-415.0-2.1 www.samuel.co.id Page 1 of 7
PTPP: Siapkan Rp9tn PT Pembangunan Perumahan (Persero), Tbk (PTPP) menyiapkan dana Rp9tn untuk pengembangan usaha di sektor energi dan produsen listrik s wasta (IPP). Adapun belanja modal PTPP 2017 sebanyak Rp21tn dan telah direalisasikan sebesar Rp1.02tn. (Bisnis Indonesia). PTPP: BUY; 14.7x P/E17E dan 1.7x PBV 17E. BUMI: Menakar prospek saham BUMI pasca rights issue Menurut perhitungan manajemen, harga teorits saham BUMI nanti sekitar Rp 600 per saham, atau tepatnya Rp 595 per saham. Harga itu didapat berdasarkan perbandingan antara jumlah saham lama dan saham baru BUMI yang diterbitkan. Perbandingannya memiliki rasio sebesar 36,63:28,75. Bukan berarti harga saham BUMI pada awal pekan ini bakal langsung dibuka pada level Rp 595 per saham, Harga teoritis itu hanya sebagai acuan layak atau tidaknya investor, terutama pemodal ritel, untuk membeli saham BUMI. Apabila harga saham BUMI dibuka di bawah Rp 595, berarti masih di bawah harga seharusnya pasca right issue di Rp 595. (Kontan). BUMI: BUY. JSMR: Sekuritisasi Jagorawi tinggal menunggu Ditjen Pajak PT Jasa Marga Tbk (JSMR) menargetkan upaya sekuritisasi aset jalan tol Jakarta - Bogor - Ciawi (Jagorawi) melalui penerbitan Kontrak Investasi Kolektif Efek Beragun Aset (KIK-EBA) senilai Rp 2 triliun dapat dilakukan dalam waktu dekat. Izin penerbitan saat ini tinggal menunggu selesainya klarifikasi mengenai pajak perseroan yang tengah diproses Ditjen Pajak. (Bisnis Indonesia). JSMR: BUY; 19.9x P/E17E dan 2.8x PBV 17E. AKRA: Permohonan pailit terhadap PT Kapuas Tunggal Persada kandas Upaya kedua permohonan pailit kedua t PT AKR Corporindo Tbk (AKRA) terhadap PT Kapuas Tunggal Persada (bergerak di industri tambang) kandas di Pengadilan Negeri Jakarta Pusat. AKRA mengajukan pailit karena PT Kapuas gagal memenuhi tagihan sebesar Rp 19,63 miliar ke AKRA. (Bisnis Indonesia). AKRA: BUY; 21.6x P/E17E dan 3.3x PBV 17E. INTA: Ekspansi pembangkit listrik PT Intraco Penta, Tbk (INTA), setelah melakukan right issue kini memiliki banyak rencana ekspansi dengan fokus meningkatkan recurring income. Hal ini sekaligus menjadi strategi usaha dalam melakukan diversifikasi usahanya hingga 2020. Selain itu, INTA juga akan mengerjakan proyek listrik di Bengkulu dengan kapasitas 2x100megawatt yang ditargetkan selesai di tahun 2020. Pasca beroperasi, recurring income diperkirakan dapat mencapai hingga US$2.46miliar selama 25tahun. INTA dapat memanfaatkan produksi batu-bara yang diperkirakan mencapai 1juta ton. (Kontan). INTA. Non-Coverage N/Ax P/E17E dan N/Ax PBV 17E. BLTA: Targetkan kinerja positif pada 2017 PT Berlian Laju Tanker Tbk. (BLTA) menargetkan kinerja keuangan positif pada tahun ini, dengan didukung penambahan jumlah armada dan perubahan strategi pasar. BLTA juga tengah mempertimbangkan untuk mengganti lokasi pasar dengan memanfaatkan kapal eksisting. Tahun ini, BLTA menambah wilayah operasi ke Far East Asia dan Pantai Timur India, selain wilayah Indonesia dan ASEAN. (Investor Daily). BLTA: Non-Coverage. www.samuel.co.id Page 2 of 7
PTPP: Bangun hunian kelas bawah PT Pembangunan Perumahan (Persero), Tbk (PTPP) semakin aktif memabngun hunian un tuk segmen kelas menengah bawah. Setelah meluncurkan 6.000unit apartemen dengan fasilitas khusus FLPP melalui anak usahanya PT PP Urban, kini PTPP akan membangun hunian MBR di tanah milik BPJS. Pengembangan akan dilakukan melalui PT Sinergi Investasi Properti yang merupakan perusahaan patungan PTPP (20%) dan BPJS (80%). Penyelesaian proyek yang diperkirakan memakan waktu 4tahun tersebut akan dikembangkan di atas lahan seluas 20ha di kawasan Bagel, Tangerang dengan nilai total investasi sekitar Rp4tn. (Kontan). PTPP: BUY; 14.7x P/E17E dan 1.7x PBV 17E. Metal: Timah Negatif Saat Prospek AS Positif Harga timah tertekan setela meroketnya nilai tukar dollar Amerika Serikat (AS). setelah Biro Statistik Tenaga Kerja AS mengumumkan jumlah pekerja baru sektor swasta AS, di luar sektor pertanian, bertambah 222.000 orang Juni lalu. Harga timah kontrak pengiriman tiga bulan di London Metal Exchange merosot 1,90% menjadi US$ 19.565 per metrik ton. Dalam sepekan harganya anjlok 2,05%. Tren bearish harga timah masih akan berlanjut, katalis negatif datang dari penurunan ekspor timah Indonesia, yang mengindikasikan sedang terjadipenipisan permintaan secara global. Kementerian Perdagangan mencatatkan ekspor timah Indonesia Jun17 turun 42,7% mom menjadi 4.005 ton. (Kontan). Metal:Neutral. 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 309,167 13250 (0.6) 14.5 12270 14000 5.7 15.6 12.6 1.8 1.5 11.3% 12.0% BBCA HOLD 456,118 18500 1.5 19.4 18764 18000-2.7 19.7 18.6 3.5 3.1 17.9% 16.5% BBRI BUY 371,271 15050 0.0 28.9 15078 15550 3.3 13.2 11.6 2.2 2.0 16.8% 16.8% BBNI BUY 125,412 6725 (0.7) 21.7 7111 7350 9.3 9.3 8.0 1.3 1.1 13.9% 14.2% BBTN BUY 26,475 2500 (2.7) 43.7 2722 2870 14.8 8.5 7.9 1.2 1.1 14.4% 13.7% BNLI BUY 19,069 680 3.0 26.8 815 890 30.9 12.8 14.2 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 99,126 8500 (0.3) (0.9) 9435 10300 21.2 23.9 20.9 5.0 4.4 20.8% 20.9% INDF BUY 76,829 8750 0.0 10.4 9603 9900 13.1 16.4 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 76,172 1625 (0.9) 7.3 1724 1750 7.7 30.7 27.1 5.7 5.1 18.7% 18.7% ROTI BUY 6,049 1195 (2.4) (25.3) 1793 2050 71.5 17.3 14.8 3.5 3.0 20.5% 20.2% ULTJ BUY 14,066 4870 (1.4) 6.6 5750 5300 8.8 18.3 16.6 3.5 2.9 18.9% 17.5% UNVR HOLD 367,003 48100 (1.6) 24.0 47699 45200-6.0 51.4 45.9 59.9 52.5 116.6% 114.4% SIDO BUY 7,320 488 (0.8) (6.2) 682 700 43.4 13.6 10.8 2.6 2.4 18.9% 22.4% AISA BUY 5,037 1565 (1.9) (19.5) 2264 2500 59.7 10.0 8.3 1.2 1.0 11.7% 12.5% Average 22.7 19.8 10.5 9.2 30.0% 30.2% Cigarette HMSP BUY 439,682 3780 (0.8) (1.3) 4208 4390 16.1 34.1 32.9 11.7 10.6 34.3% 32.4% GGRM BUY 146,904 76350 (2.0) 19.5 79139 77150 1.0 21.6 20.4 3.0 2.7 14.1% 13.4% Average 27.8 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 27,865 1915 (0.3) (25.5) 2739 2950 54.0 35.5 32.5 6.9 6.3 19.6% 19.3% SILO HOLD 13,982 10750 (1.4) (1.4) 13436 12500 16.3 132.7 104.4 4.3 4.0 3.3% 3.8% Average 84.1 68.4 5.6 5.1 11.4% 11.6% Poultry CPIN BUY 52,802 3220 (0.9) 4.2 3225 4500 39.8 13.6 12.6 1.7 1.6 12.8% 12.4% JPFA BUY 15,861 1390 (1.4) (4.5) 1574 1500 7.9 8.2 6.6 1.5 1.2 18.0% 18.9% MAIN BUY 2,384 1065 (3.2) (18.1) 1159 2280 114.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.2 7.9 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,666 6425 2.4 19.0 7474 7700 19.8 42.5 30.7 3.1 2.8 7.2% 9.1% RALS BUY 7,664 1080 (0.9) (9.6) 1491 1750 62.0 16.6 13.2 2.0 1.8 12.0% 13.9% ACES HOLD 19,122 1115 1.4 33.5 1091 900-19.3 27.2 23.2 6.0 5.1 22.2% 21.8% LPPF BUY 37,349 12800 (3.8) (15.4) 16241 19500 52.3 13.5 13.0 11.0 7.8 81.1% 60.0% Average 25.0 20.0 5.5 4.4 30.6% 26.2% Telco EXCL BUY 34,201 3200 (0.3) 38.5 3570 3200 0.0 86.5 57.1 1.6 1.6 1.8% 2.7% ISAT BUY 32,604 6000 (5.1) (7.0) 8173 8200 36.7 16.5 11.8 2.2 2.0 13.4% 16.7% TLKM BUY 466,704 4630 (0.4) 16.9 4863 5000 8.0 19.3 14.9 4.6 4.0 24.0% 26.7% TOWR BUY 40,302 3950 (0.8) 10.3 4627 4500 13.9 11.5 10.8 2.8 2.2 24.5% 20.7% Average 33.4 23.7 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 355,243 8775 (0.3) 6.0 9304 9000 2.6 15.9 13.5 2.7 2.2 17.2% 16.4% UNTR BUY 101,460 27200 (3.2) 28.0 30336 31500 15.8 15.6 13.8 2.3 2.1 14.7% 14.9% Average 15.7 13.6 2.5 2.1 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 34,548 1795 (4.0) 2.3 2303 2350 30.9 16.0 13.8 1.4 1.2 8.7% 8.5% PWON BUY 31,304 650 1.6 15.0 726 710 9.2 15.9 13.3 3.0 2.6 19.2% 19.3% ASRI HOLD 6,249 318 (1.2) (9.7) 438 390 22.6 9.4 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 17,456 1210 (1.2) (8.7) 1570 1307 8.0 52.6 40.3 2.1 1.9 4.0% 4.8% SSIA BUY 2,894 615 (4.7) 41.7 975 750 22.0 13.7 11.4 0.9 0.9 6.6% 7.5% CTRA BUY 21,994 1185 (1.3) (11.2) 1588 1580 33.3 13.8 11.5 1.4 1.3 10.3% 11.1% DMAS BUY 9,543 198 (3.9) (13.9) 309 300 51.5 11.2 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,653 322 0.0 11.1 446 450 39.8 14.0 12.4 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 20,522 3310 (0.6) (13.1) 4592 4150 25.4 14.7 12.4 1.7 1.6 11.8% 12.6% ADHI HOLD 7,798 2190 (1.8) 5.3 2702 2550 16.4 23.5 19.7 1.4 1.3 6.0% 6.5% WSKT BUY 30,270 2230 (1.3) (12.5) 3224 3250 45.7 13.4 10.6 1.6 1.5 11.7% 14.2% WIKA BUY 19,734 2200 (1.8) (6.8) 3044 3000 36.4 17.7 15.5 1.4 1.3 8.0% 8.3% Average 17.3 14.6 1.5 1.4 9.4% 10.4% Cement INTP SELL 67,643 18375 (2.6) 19.3 15547 13500-26.5 18.6 17.5 2.4 2.2 12.9% 12.6% SMGR HOLD 60,502 10200 0.7 11.2 9921 9000-11.8 15.0 13.5 1.9 1.8 12.9% 12.9% SMCB SELL 6,015 785 (0.6) (12.8) 770 700-10.8-32.7-26.2 0.7 0.7-2.3% -2.8% SMBR HOLD 32,673 3300 0.9 18.3 539 2300-30.3 86.8 82.5 8.7 7.7 10.0% 9.3% Average 21.9 21.8 3.4 3.1 8.4% 8.0% Precast WSBP BUY 12,232 464 (2.5) (16.4) 704 690 48.7 18.2 11.9 1.5 1.3 8.0% 10.6% WTON BUY 5,186 595 (1.7) (27.9) 1013 1150 93.3 15.7 13.5 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 56,725 2340 (1.3) (13.3) 2889 2600 11.1 12.9 10.4 1.2 1.1 9.4% 10.7% AKRA BUY 25300.9 6325.0 0.4 5.4 7000.0 7600 20.2 21.6 21.4 3.3 3.0 15.2% 14.0% MEDC BUY 7,531 2260 0.0 71.2 4213 4500 99.1 3.1 2.9 0.6 0.5 17.6% 16.3% Average 12.5 11.6 1.7 1.5 14% 14% Utilities JSMR BUY 38,285 5275 (3.2) 22.1 5884 5000-5.2 19.9 26.4 2.8 2.6 13.9% 9.8% Metal ANTM BUY 17,062 710 2.2 (20.7) 760 1250 76.1 8.3 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 18,531 1865 0.3 (33.9) 2434 2145 15.0 70.2 35.1 0.8 0.7 1.1% 2.1% TINS BUY 5,325 715 (2.1) (33.5) 1127 1200 67.8 34.0 21.0 1.0 1.0 2.9% 4.5% Average 37.5 20.2 0.9 0.8 4.7% 8.1% Coal DOID BUY 7060.0 830.0-1.2 62.7 1587.5 1600 92.8 5.7 5.9 2.5 1.7 44.0% 28.6% ITMG BUY 20,621 18250 (0.3) 8.1 20965 19000 4.1 8.6 8.6 1.5 1.4 17.9% 16.6% ADRO BUY 51,497 1610 (1.5) (5.0) 2008 2100 30.4 12.2 11.1 1.0 1.0 8.5% 8.7% PTBA BUY 28,571 12400 1.2 (0.8) 15240 15000 21.0 12.8 10.4 2.5 2.2 19.9% 21.5% Average 9.8 9.0 1.9 1.6 22.6% 18.9% Plantation AALI BUY 29,063 15100 (0.5) (10.0) 17959 19800 31.1 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,757 1430 (0.3) (17.8) 1705 2050 43.4 12.9 10.0 1.2 1.1 9.1% 10.9% SIMP HOLD 8,778 555 (0.9) 12.3 570 600 8.1 11.8 10.9 0.6 0.6 5.0% 5.2% Average 13.7 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 4.18 1,913 0.22 (0.37) (0.39) (0.50) 3.60 9.25 15.09 1,939 1,641 U.S. (S&P) 15.43 2,425 0.64 (0.16) 0.23 (0.27) 2.89 8.32 13.86 2,454 2,084 U.S. (DOW) 94.30 21,414 0.44 (0.30) 0.60 0.67 3.66 8.36 18.01 21,563 17,884 Europe 1.78 3,464 0.05 (0.45) 0.64 (3.41) (0.48) 5.27 22.05 3,667 2,769 Emerging Market (3.68) 1,002 (0.37) (0.73) (1.16) (1.54) 4.64 16.26 20.95 1,023 823 FTSE 100 13.64 7,351 0.19 (0.09) 0.52 (2.34) 0.03 2.91 n/a 7,599 6,515 CAC 40 (7.24) 5,145 (0.14) (0.57) 0.48 (2.92) 0.74 5.82 22.78 5,442 4,103 Dax 7.43 12,389 0.06 (0.39) 0.52 (3.33) 1.54 7.91 28.65 12,952 9,389 Indonesia (34.78) 5,815 (0.59) (0.86) (0.26) 2.45 3.02 9.78 16.96 5,910 4,972 Japan 112.76 20,042 0.57 (0.20) (0.07) 0.14 6.62 4.85 32.67 20,318 15,107 Australia 27.73 5,731 0.49 (0.55) 0.82 0.94 (3.07) 1.16 9.57 5,957 5,052 Korea 3.05 2,383 0.13 (0.23) (0.48) 0.05 11.70 17.59 21.39 2,403 1,931 Singapore 2.67 3,229 0.08 0.56 0.08 (0.77) 1.49 12.09 13.42 3,275 2,761 Malaysia (10.60) 1,760 (0.60) (0.12) (0.21) (1.62) 1.17 7.20 7.02 1,797 1,614 Hong Kong (124.37) 25,341 (0.49) (0.19) (1.64) (2.65) 4.45 15.18 23.23 26,090 20,469 China 5.51 3,218 0.17 1.10 0.80 1.89 (1.57) 3.68 7.69 3,301 2,932 Taiwan (70.95) 10,297 (0.68) (0.49) (0.94) 0.96 4.20 11.28 19.17 10,546 8,605 Thailand (0.20) 1,569 (0.01) (0.30) (0.34) 0.18 (0.74) 1.72 7.82 1,601 1,343 Philipines 1.02 7,889 0.01 0.71 0.59 (1.26) 3.56 15.33 1.52 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.34 (7.55) 0.41 0.84 2.58 (11.45) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02) US Fed Rate (%) 0.00 1.25 0.00 25.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.24 7.17 4.96 3.20 0.43 (10.10) (2.82) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 15.00 13403 (0.11) (0.29) (0.56) (0.73) 0.52 0.52 (1.98) 13,593 12,920 Japan 0.07 113.99 (0.06) (0.64) (0.54) (3.54) 2.61 2.61 (9.82) 118.66 99.54 UK 0.00 1.29 0.02 (0.32) (0.36) 1.85 4.48 4.48 (0.81) 1.35 1.18 Euro 0.00 1.14 0.01 0.44 0.33 1.78 8.41 8.41 3.11 1.14 1.03 China 0.00 6.81 (0.06) (0.07) (0.36) (0.15) 2.05 2.05 (1.82) 6.96 6.62 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.37 44.60 0.84 (1.17) (3.13) (2.68) (15.98) (16.98) (1.78) 55.24 39.19 CPO (7.00) 2,528.00 (0.28) 1.24 2.81 5.20 (2.54) (18.69) 8.03 3,202.00 2,172.00 Rubber 0.00 794.00 0.00 0.00 (0.06) (5.92) (21.93) (18.77) 16.85 1,174.00 644.00 Coal (0.65) 80.95 (0.80) 1.31 4.18 1.63 (7.06) (14.52) 35.14 112.25 69.00 Iron Ore (1.01) 60.10 (1.65) (3.66) (2.78) 7.96 (24.07) (23.01) 9.87 94.91 53.60 Tin (415.00) 19,675.00 (2.07) (2.79) (2.74) 1.35 (2.93) (7.22) 10.85 21,945.00 17,672.50 Nickel (155.00) 8,920.00 (1.71) (2.83) (5.01) 1.25 (12.38) (10.98) (8.51) 12,145.00 8,680.00 Copper (23.00) 5,828.00 (0.39) (1.09) (1.84) 3.68 (0.10) 5.28 24.34 6,204.00 4,582.00 Gold 2.80 1,212.50 0.23 (0.75) (2.27) (4.49) (3.18) 5.43 (10.74) 1,376.50 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 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