Samuel Research Market Activity Tuesday, 13 Jun 2017 Market Index Index Movement Market Volume Market Value : 5,691.4 : +15.9 (+0.3%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BBRI 14,625 250 1.7 GGRM 77,750 2250 3.0 ASII 8,725 75 0.9 UNTR 27,075 575 2.2 Lagging Movers UNVR 47,200-350 -0.7 HMSP 3,830-10 -0.3 NIKL 4,500-280 -5.9 KLBF 1,535-15 -1.0 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) SMGR 30 BBCA 53 UNTR 27 ASII 43 GGRM 24 BMRI 42 JPFA 15 HMSP 24 TLKM 15 INDF 23 Money Market USD/IDR 13,297 5.0 0.0 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.4 - - Dual Listing Securities TLKM 32.5 0.0 0.2 ISAT 40.0 0.4 1.0 EIDO 26.8 0.2 0.6 World Indices DJIA 21,236-36 -0.2 S&P 500 2,429-2 -0.1 Euro Stoxx 3,544-42 -1.2 MSCI World 1,919-4 -0.2 Nikkei 19,872-37 -0.2 Hang Seng 25,708-322 -1.2 IHSG berpeluang kembali tertekan Bursa AS ditutup melemah pada Senin lalu seiring berlanjutnya penurunan saham-saham teknologi, setelah pelemahan yang terjadi pada perdagangan Jumat lalu. Realisasi defisit anggaran AS pada bulan Mei yang melebar ke 88,4 miliar Dolar AS (dari 52,5 miliar Dolar AS), serta penantian para investor atas pertemuan FOMC yang dijadwalkan pada 13-14 Juni mendatang turut berkontribusi menekan pergerakan saham saham Wall Street. Sama seperti Bursa AS, mayoritas bursa Eropa juga ditutup melemah, didorong oleh faktor politik yang terjadi di UK dan Perancis. Dari pasar komoditas, harga minyak ditutup meningkat. Sama seperti harga minyak, harga batubara kembali meningkat dan mencapai sekitar USD 81/MT. Senin kemarin, IHSG ditutup menguat 0.28% ke level 5691.4 ditengah merahnya sejumlah pasar regional dan Eropa menjelang pertemuan FOMC yang akan dilaksanakan Selasa-Rabu mendatang. Meskipun EIDO cenderung naik, masih berlangsungnya pelemahan mayoritas bursa pagi ini, menyebabkan besar peluang IHSG untuk tertekan pada hari ini. Highlights Toll Road: Volume lalu lintas keluar Jakarta ditaksir 1,57 juta, naik 36% dari normal TPIA: Tetap produksi meski terjadi kebakaran, rights issue berpotensi oversubscribed CTRA: Akan luncurkan empat proyek baru Batubara: Awas harga bisa turun lagi BMRI: Kredit diperkirakan tumbuh 11-13% Commodities Brent Oil 48 0.1 0.3 CPO Malay 2,420 20.0 0.8 Coal Newc 81 0.4 0.4 Nickel 8,760-188.5-2.1 Tin 19,180 250.0 1.3 www.samuel.co.id Page 1 of 7
Toll Road: Volume lalu lintas keluar Jakarta ditaksir 1,57 juta, naik 36% dari normal PT Jasa Marga Tbk (JSM) memprediksi volume lalu lintas yang keluar Jakarta sejak H-7 Lebaran mencapai 1,57 juta kendaraan, naik 36% dari kondisi normal, dan meningkat 5% yoy. JSMR disebut akan mengoperasikan 218 km jalan tol untuk Lebaran tahun ini. Sebanyak 6 ruas tol sepanjang 176 km diberlakukan secara fungsional, yaitu ruas Kandeman Gringsing, Bawen Salatiga, Ngasem Widodaren, Ngawi Wilangan, Krian Sepanjang, Gempol Bangil, dan Kualanamu Sei Rampah. Selain itu, dengan difungsikannya jalan tol Semarang Batang dengan akses keluar di Gringsing, maka gerbang tol Manyaran diprediksi akan mengalami peningkatan volume. Dari sisi tarif, JSMR berencana memberikan diskon tarif tol sebesar 20% bagi pengguna jalan tol yang memakai kartu elektronik pada tanggal 23 26 Juni 2017 dan 30 Juni 2 Juli 2017. (Investor Daily). JSMR: BUY; 17E PE: 19.4, PBV: 2.7x. TPIA: Tetap produksi meski terjadi kebakaran, rights issue berpotensi oversubscribed PT Chandra Asri Petrochemical Tbk (TPIA) mengklaim, kebakaran yang terjadi di salah satu tungku pengolahan nafta tidak berdampak signifikan terhadap pasokan produk ke klien dan perseroan masih tetap memproduksi olefin dan sejumlah produk turunannya. Di berita lain, pre-marketing sale atas rencana rights issue tercatat melebihi US$ 303 juta, sehingga berpotensi penyerapan di di pasar mengalami oversubscribed minimal 0,65x. TPIA menargetkan memperoleh dana sebesar US$ 463 juta atau sekitar Rp 6 triliun melalui rights issue. Rights issue ini selain untuk memenuhi ketentuan syarat free float 7,5% dari OJK, juga untuk membiayai sebagian belanja modal yang mencapai US$ 1 miliar hingga 2019. (Investor Daily, Kontan). TPIA: Non-Coverage. CTRA: Akan luncurkan empat proyek baru PT Ciputra Development, Tbk (CTRA) akan meluncurkan empat proyek terbaru di sepanjang sisa tahun ini, setelah meluncurkan dua proyek pada Mei lalu. Adapun satu dari tiga proyek adalah landed residential Sadana-Ciputra Beach Resort di bali, sedangkan tiga proyek lainnya adalah high rise apartemen, yaitu The Newton 2 dan The Suites Apartment di CWJ 2. (Bisnis Indonesia). CTRA. BUY 12.9x P/E17E dan 1.3x PBV 17E. Batubara: Awas harga bisa turun lagi Salah satu sentimen yang bisa menekan harga batubara adalah rendahnya harga gas alam. Energy Information Administration melaporkan, rendahnya harga gas alam membuat konsumsi batubara AS tahun lalu mencapai level terendah sejak 1984. Hal ini berpotensi membuat konsumen beralih ke gas alam dan menekan harga batubara. (Kontan). Batubara: Neutral. www.samuel.co.id Page 2 of 7
BMRI: Kredit diperkirakan tumbuh 11-13% BMRI memperkirakan kredit tumbuh 11-13% di tahun ini dengan fokus pada kredit korporasi yang berkualitas baik. Per bulan ini, kredit diperkirakan tumbuh hampir 10%yoy. Di 2H17, suku bunga dana diperkirakan naik seiring kompetisi perebutan dana yang lebih ketat dan kenaikan suku bunga AS. Perseroan tengah merencanakan pembukaan cabang di luar negeri, seperti Filipina dan Myanmar. Pada akhir tahun ini, sebuah cabang dipastikan akan dibuka di Malaysia. Terkait national payment gateway, BMRI terus mendukung program itu demi terciptanya efisiensi biaya. BI sangat menginginkan hal itu supaya ada sistem pembayaran lokal, dimana saat ini transaksi lokal harus melalui routing luar negeri atau melalui jaringan Visa dan MasterCard. (Investor Daily) Comment: Prediksi pertumbuhan kredit itu masih sejalan dengan perkiraan kami. Di sisi topline, kenaikan kredit kami lihat akan mengkompensasi penurunan NIM dan membantu menopang pendapatan bunga bersih yang diperkirakan belum akan meningkat siknifikan di tahun ini. Setelah menurun 32%yoy pada tahun lalu, laba bersih di tahun ini diperkirakan kembali tumbuh seiring pembaikan NPL dan penurunan biaya pencadangan. Kami masih merekomendasikan Buy untuk BMRI dengan target price Rp 14.000. BMRI: BUY; 17E PE: 14.4x, PBV: 1.6x 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 285,250 12225 0.0 5.6 12252 14000 14.5 14.4 11.7 1.6 1.4 11.3% 12.0% BBCA HOLD 437,626 17750 0.3 14.5 18592 18000 1.4 18.9 17.8 3.4 2.9 17.9% 16.5% BBRI BUY 360,786 14625 1.7 25.3 14798 15550 6.3 12.9 11.3 2.2 1.9 16.8% 16.8% BBNI BUY 120,284 6450 0.8 16.7 7149 7350 14.0 8.9 7.7 1.2 1.1 13.9% 14.2% BBTN BUY 27,216 2570 0.4 47.7 2658 2870 11.7 8.7 8.1 1.3 1.1 14.4% 13.7% BNLI BUY 18,648 665 (0.7) 24.0 803 890 33.8 12.5 13.9 0.8 0.8 6.7% 5.7% Average 12.7 11.7 1.7 1.5 0.1 0.1 Consumer (Staples) ICBP BUY 98,835 8475 2.8 (1.2) 9521 10300 21.5 23.8 20.9 4.9 4.4 20.8% 20.9% INDF BUY 74,414 8475 2.5 6.9 9588 9900 16.8 15.9 13.8 2.3 2.1 14.2% 14.9% KLBF BUY 71,953 1535 (1.0) 1.3 1718 1750 14.0 29.0 25.6 5.4 4.8 18.7% 18.7% ROTI BUY 6,479 1280 0.4 (20.0) 1793 2050 60.2 18.6 15.8 3.8 3.2 20.5% 20.2% ULTJ BUY 14,875 5150 1.0 12.7 5700 5300 2.9 19.4 17.5 3.7 3.1 18.9% 17.5% UNVR HOLD 360,136 47200 (0.7) 21.6 46650 45200-4.2 50.4 45.0 58.8 51.5 116.6% 114.4% SIDO BUY 7,575 505 (1.0) (2.9) 682 700 38.6 14.0 11.2 2.7 2.5 18.9% 22.4% AISA BUY 5,954 1850 (0.8) (4.9) 2338 2500 35.1 11.9 9.8 1.4 1.2 11.7% 12.5% Average 22.9 20.0 10.4 9.1 30.0% 30.2% Cigarette HMSP BUY 445,498 3830 (0.3) 0.0 4168 4390 14.6 34.5 33.3 11.8 10.8 34.3% 32.4% GGRM BUY 149,598 77750 3.0 21.7 77870 77150-0.8 22.0 20.8 3.1 2.8 14.1% 13.4% Average 28.3 27.1 7.5 6.8 24.2% 22.9% Healthcare MIKA BUY 28,738 1975 4.5 (23.2) 2862 2950 49.4 36.6 33.5 7.2 6.5 19.6% 19.3% SILO HOLD 16,453 12650 2.8 16.1 13931 12500-1.2 156.2 122.8 5.1 4.7 3.3% 3.8% Average 96.4 78.1 6.1 5.6 11.4% 11.6% Poultry CPIN BUY 49,194 3000 (1.0) (2.9) 3210 4500 50.0 12.7 11.8 1.6 1.5 12.8% 12.4% JPFA BUY 15,575 1365 5.4 (6.2) 1625 1500 9.9 8.0 6.4 1.4 1.2 18.0% 18.9% MAIN BUY 2,485 1110 1.4 (14.6) 1304 2280 105.4 6.0 4.8 1.0 0.8 15.9% 17.2% Average 8.9 7.7 1.3 1.2 15.6% 16.2% Retail MAPI BUY 10,458 6300 0.0 16.7 7554 7700 22.2 41.7 30.1 3.0 2.7 7.2% 9.1% RALS BUY 9,296 1310 0.8 9.6 1482 1750 33.6 20.2 16.0 2.4 2.2 12.0% 13.9% ACES HOLD 16,636 970 (3.0) 16.2 1018 900-7.2 23.7 20.2 5.2 4.4 22.2% 21.8% LPPF BUY 42,529 14575 (0.2) (3.6) 16317 19500 33.8 15.4 14.8 12.5 8.9 81.1% 60.0% Average 25.2 20.3 5.8 4.6 30.6% 26.2% Telco EXCL BUY 36,125 3380 0.9 46.3 3459 3200-5.3 91.4 60.4 1.7 1.6 1.8% 2.7% ISAT BUY 34,505 6350 2.4 (1.6) 8295 8200 29.1 17.4 12.5 2.3 2.1 13.4% 16.7% TLKM BUY 436,464 4330 0.0 9.3 4815 5000 15.5 18.0 14.0 4.3 3.7 24.0% 26.7% TOWR BUY 38,669 3790 3.8 5.9 4609 4500 18.7 11.0 10.4 2.7 2.1 24.5% 20.7% Average 34.5 24.3 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 353,219 8725 0.9 5.4 9360 9000 3.2 15.8 13.4 2.7 2.2 17.2% 16.4% UNTR BUY 100,993 27075 2.2 27.4 29544 31500 16.3 15.5 13.7 2.3 2.0 14.7% 14.9% Average 15.7 13.6 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 9,112 352 (1.7) 4.1 372 420 19.3 264.4 26.4 0.6 0.4 0.2% 1.7% Property BSDE BUY 33,970 1765 (1.7) 0.6 2319 2350 33.1 15.8 13.6 1.4 1.2 8.7% 8.5% PWON BUY 28,896 600 (0.1) 6.2 719 710 18.3 14.6 12.2 2.8 2.4 19.2% 19.3% ASRI HOLD 6,249 318 (1.2) (9.7) 432 390 22.6 9.4 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 18,033 1250 1.2 (5.7) 1596 1307 4.6 54.3 41.7 2.2 2.0 4.0% 4.8% SSIA BUY 2,917 620 (0.8) 42.9 912 750 21.0 13.8 11.5 0.9 0.9 6.6% 7.5% CTRA BUY 20,602 1110 1.8 (16.9) 1568 1580 42.3 12.9 10.8 1.3 1.2 10.3% 11.1% DMAS BUY 10,604 220 1.9 (4.3) 309 300 36.4 12.5 10.1 1.2 1.1 9.7% 10.8% KIJA BUY 6,695 324 (0.6) 11.0 400 450 38.9 14.1 12.5 1.1 1.0 7.8% 8.1% Average 18.4 15.1 1.5 1.3 9.4% 9.8% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 19,158 3090 0.7 (18.9) 4604 4150 34.3 13.7 11.6 1.6 1.5 11.8% 12.6% ADHI HOLD 7,834 2200 0.9 5.8 2701 2550 15.9 23.7 19.8 1.4 1.3 6.0% 6.5% WSKT BUY 29,998 2210 0.0 (13.3) 3252 3250 47.1 13.2 10.5 1.5 1.5 11.7% 14.2% WIKA BUY 19,824 2210 0.0 (6.4) 3090 3000 35.7 17.8 15.6 1.4 1.3 8.0% 8.3% Average 17.1 14.4 1.5 1.4 9.4% 10.4% Cement INTP SELL 66,078 17950 0.3 16.6 15733 13500-24.8 18.1 17.1 2.3 2.2 12.9% 12.6% SMGR HOLD 57,239 9650 2.9 5.2 9867 9000-6.7 14.1 12.8 1.8 1.7 12.9% 12.9% SMCB SELL 5,862 765 (1.3) (15.0) 825 700-8.5-31.9-25.5 0.7 0.7-2.3% -2.8% SMBR HOLD 29,089 2940 (1.3) 5.4 539 2300-21.8 77.4 73.5 7.7 6.8 10.0% 9.3% Average 19.4 19.5 3.2 2.8 8.4% 8.0% Precast WSBP BUY 12,653 480 (1.2) (13.5) 678 690 43.8 18.9 12.3 1.5 1.3 8.0% 10.6% WTON BUY 5,796 665 (0.7) (19.4) 1079 1150 72.9 17.5 15.1 1.9 1.6 10.9% 10.6% Average 18.2 13.7 1.7 1.5 9.4% 10.6% Oil and Gas PGAS HOLD 56,968 2350 0.4 (13.0) 3019 2600 10.6 12.9 10.5 1.2 1.1 9.4% 10.7% AKRA BUY 25600.9 6400.0-0.8 6.7 7000.0 7600 18.8 21.8 21.6 3.3 3.0 15.2% 14.0% MEDC BUY 8,798 2640 (1.5) 100.0 4213 4500 70.5 3.7 3.4 0.6 0.6 17.6% 16.3% Average 12.8 11.8 1.7 1.6 14% 14% Utilities JSMR BUY 37,378 5150 0.5 19.2 5813 5000-2.9 19.4 25.8 2.7 2.5 13.9% 9.8% Metal ANTM BUY 16,942 705 (1.4) (21.2) 833 1250 77.3 8.2 4.4 0.8 0.8 10.0% 17.8% INCO BUY 18,780 1890 1.1 (33.0) 2580 3500 85.2 20.5 12.0 0.8 0.7 3.7% 6.2% TINS BUY 5,772 775 0.6 (27.9) 1278 1200 54.8 36.9 22.8 1.1 1.0 2.9% 4.5% Average 21.9 13.1 0.9 0.9 5.5% 9.5% Coal DOID BUY 7442.7 875.0-1.1 71.6 1587.5 1600 82.9 6.0 6.2 2.6 1.8 44.0% 28.6% ITMG BUY 19,322 17100 (0.4) 1.3 21406 19000 11.1 7.4 6.5 1.4 1.3 19.6% 20.5% ADRO BUY 49,258 1540 (1.0) (9.1) 2027 2100 36.4 11.7 10.6 1.0 0.9 8.5% 8.7% PTBA BUY 25,461 11050 (1.8) (11.6) 15179 15000 35.7 11.4 9.2 2.3 2.0 19.9% 21.5% Average 9.1 8.1 1.8 1.5 23.0% 19.8% Plantation AALI BUY 27,331 14200 (0.2) (15.4) 18014 19800 39.4 15.6 13.1 1.7 1.6 10.7% 12.1% LSIP BUY 9,586 1405 0.0 (19.3) 1716 2050 45.9 12.7 9.8 1.2 1.1 9.1% 10.9% SIMP HOLD 8,778 555 (0.9) 12.3 583 600 8.1 11.8 10.9 0.6 0.6 5.0% 5.2% Average 13.3 11.3 1.1 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 (4.09) 1,919 (0.21) (0.29) (0.38) 1.36 3.71 9.56 16.59 1,936 1,567 U.S. (S&P) (2.38) 2,429 (0.10) (0.15) (0.28) 1.61 2.36 8.51 16.85 2,446 1,992 U.S. (DOW) (36.30) 21,236 (0.17) 0.29 0.24 1.62 1.70 7.45 19.76 21,305 17,063 Europe (42.12) 3,544 (1.17) (0.14) (0.99) (2.57) 3.76 7.70 24.20 3,667 2,678 Emerging Market (9.26) 1,009 (0.91) (1.00) (0.69) 0.65 7.50 17.01 24.64 1,023 792 FTSE 100 (15.46) 7,512 (0.21) 0.44 (0.18) 1.03 1.97 5.17 n/a 7,599 5,789 CAC 40 (59.12) 5,241 (1.12) (0.47) (1.27) (3.05) 4.82 7.78 23.98 5,442 3,956 Dax (125.28) 12,690 (0.98) 0.14 (1.03) (0.63) 5.84 10.53 31.41 12,879 9,214 Indonesia 15.91 5,691 0.28 (0.45) (0.99) 0.29 5.21 7.45 18.39 5,874 4,754 Japan (35.83) 19,873 (0.18) (0.18) (0.54) (0.06) 1.22 3.97 24.06 20,240 14,864 Australia 43.80 5,722 0.77 0.96 (0.58) (1.98) (0.94) 0.98 7.70 5,957 5,051 Korea 10.49 2,368 0.44 0.20 (0.01) 3.60 11.84 16.87 19.67 2,385 1,893 Singapore (5.85) 3,248 (0.18) 0.55 0.31 (0.21) 3.22 12.76 16.62 3,275 2,703 Malaysia 3.32 1,789 0.19 (0.12) 0.67 0.73 4.15 8.96 9.00 1,795 1,612 Hong Kong (322.25) 25,708 (1.24) (1.02) (0.60) 2.19 7.88 16.85 25.33 26,090 19,663 China (18.52) 3,140 (0.59) (0.01) 1.56 1.83 (3.00) 1.17 10.83 3,301 2,808 Taiwan (89.69) 10,110 (0.88) (0.98) (1.14) 1.23 4.25 9.26 18.44 10,268 8,374 Thailand (2.84) 1,564 (0.18) (0.18) (0.19) 1.29 1.84 1.35 9.98 1,601 1,343 Philipines 31.61 7,990 0.40 0.47 1.04 2.24 11.81 16.81 6.40 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.00) 4.40 0.07 3.49 0.03 3.85 (11.23) 5.58 4.16 Foreign Reserve (US$bn) n/a 124.95 n/a 1.38 4.25 7.38 20.62 124.95 109.79 Inflation Rate (%) n/a 0.39 n/a 333.33 69.57 (7.14) 62.50 0.97 (0.02) US Fed Rate (%) 0.00 1.00 0.00 0.00 33.33 33.33 100.00 1.00 0.50 Indo Govt Bond Yld (10yr) - % 0.00 6.90 (0.66) (3.32) (7.77) (13.47) (9.64) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 5.00 13297 (0.04) 0.06 (0.08) 0.25 1.32 1.32 (0.14) 13,593 12,920 Japan 0.02 109.97 (0.02) 0.05 (0.51) 3.47 6.36 6.36 (3.37) 118.66 99.02 UK 0.00 1.27 0.08 (2.22) (1.87) (1.76) 2.67 2.67 (11.22) 1.50 1.18 Euro (0.00) 1.12 (0.04) (0.14) (0.70) 2.03 6.48 6.48 (0.83) 1.14 1.03 China 0.00 6.80 (0.00) (0.04) 0.09 1.49 2.16 2.16 (3.13) 6.96 6.57 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.08 46.16 0.17 1.14 (4.21) (3.51) (4.63) (14.07) (5.56) 55.24 39.19 CPO 20.00 2,420.00 0.83 0.71 (0.37) (6.17) (11.09) (22.16) (5.47) 3,202.00 2,172.00 Rubber (16.50) 812.50 (1.99) (6.50) (13.47) (7.04) (26.57) (16.88) 19.75 1,174.00 644.00 Coal 0.35 81.05 0.43 1.76 5.26 11.72 4.11 (14.41) 55.57 112.25 69.00 Iron Ore (0.31) 54.69 (0.56) (1.76) (1.25) (6.88) (36.01) (29.94) 10.71 94.91 48.60 Tin 250.00 19,180.00 1.32 (1.20) (5.26) (3.98) (0.96) (9.55) 12.14 21,945.00 17,000.00 Nickel (185.00) 8,795.00 (2.06) (0.17) (1.29) (5.58) (11.12) (12.23) (1.46) 12,145.00 8,700.00 Copper (32.00) 5,772.00 (0.55) 2.69 2.56 3.82 0.70 4.27 27.98 6,204.00 4,495.50 Gold (2.10) 1,265.10 (0.17) (0.97) (2.32) 3.05 5.15 10.01 (1.58) 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 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