Samuel Research Market Activity Tuesday, 11 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,771.5 : -43.3 (-0.74%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BBNI 6,850 125 1.9 RIMO 240 50 26.3 UNTR 27,625 425 1.6 TBIG 7,400 300 4.2 Lagging Movers UNVR 46,725-1375 -2.9 BBRI 14,725-325 -2.2 TLKM 4,570-60 -1.3 BBCA 18,300-200 -1.1 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 17 BBRI 155 BBNI 16 ASII 114 PGAS 14 BMRI 84 UNTR 13 TLKM 78 WSBP 7 BBTN 34 Money Market USD/IDR 13,389-11.0 0.1 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 34.2-0.1-0.4 ISAT 41.0 0.4 1.1 EIDO 26.8-0.1-0.3 World Indices DJIA 21,409-6 0.0 S&P 500 2,427 2 0.1 Euro Stoxx 3,478 14 0.4 MSCI World 1,917 4 0.2 Nikkei 20,120 39 0.2 Hang Seng 25,500 159 0.6 IHSG Berpeluang Menguat Bursa AS dan bursa Eropa pada perdagangan Senin kemarin ditutup menguat, seiring dengan ekspektasi para pelaku pasar yang mulai optimis mengenai pertumbuhan ekonomi global yang mulai naik pada 2Q17 ini dan kinerja keuangan para emiten yang lebih baik. Rilis data ketenagakerjaan di AS yang diluar ekspektasi pasar masih menjadi penggerak mayoritas bursa global, di mana rilis data tersebut memberikan kepercayaan diri bagi investor mengenai pertumbuhan global. Harga minyak WTI juga rebound dan ditutup pada level 44.6 dolar AS/barrel. Sementara itu, pada penutupan perdagangan kemarin, IHSG terkoreksi ke level 5771.51 (-0.74%) di tengah mixed-nya bursa Asia dan menguatnya bursa Eropa. Pagi ini, beberapa bursa regional Asia dibuka menguat. Oleh karena itu, hari ini, IHSG berpotensi rebound, mengikuti euforia dari pergerakan bursa lainnya baik regional Asia dan global semalam. Highlights Perbankan: Kualitas KUR terjaga, opsi obligasi marak Automotive: Patimban pacu otomotif CPO: Harga CPO menanjak Metal: 17 Smelter nikel berhenti operasi RALS: Penjualan 6M17 relatif sesuai ekspektasi BSDE: Sinarmas akuisisi perusahaan di London Commodities Brent Oil 47 0.3 0.6 CPO Malay 2,568 40.0 1.6 Coal Newc 81 0.0-0.1 Nickel 8,971 76.5 0.9 Tin 19,993 318.0 1.6 www.samuel.co.id Page 1 of 7
Perbankan: Kualitas KUR terjaga, opsi obligasi marak Kualitas KUR secara nasional hingga pertengahan tahun ini relatif baik atau mencatatkan NPL gross mendekati nol persen. BJBR dan BPD Sumut membukukan NPL KUR masing -masing sebesar 0% dan 0,17%. Sektor perdagangan masih menjadi penerima KUR terbesar. Sejumlah bankir tengah mengawasi kemungkinan kenaikan NPL paska Lebaran. Hal ini tidak terlepas dari kebiasaan sejumlah nasabah meminjam uang untuk membeli keperluan seperti sepeda motor sebelum mudik Lebaran lalu mengalami kesulitan membayar cicilannya setelah Lebaran. Perbankan secara umum, terutama bank-bank kecil, memilih penghimpunan dana secara nonkonvensional seperti melalui emisi obligasi untuk mendukung likuiditasnya. Sejumlah bankir menilai saat ini kecenderungan suku bunga deposito masih belum meningkat. (Kontan, Bisnis Indonesia). Banking: Overweight. Automotive: Patimban pacu otomotif Pemerintah mengharapkan Pelabuhan Patimban di Subang, Jawa Barat dapat memicu produktivitas industri otomotif nasional. Adapun anggaran proyek pembangunan pelabuhan tersebut sekitar Rp43.22tn, dengan kapasitas terminal 250K TeU dan kapasitas car terminal 242.500 CBU dengan total investasi yang dibutuhkan sebesar Rp17.63tn. (Bisnis Indonesia). Automotive Sector: Neutral. CPO: Harga CPO menanjak harga CPO di bursa Malaysia kontrak September 2017 naik 40 poin atau 1,57%menuju 2.594 ringgit (US$603,68) per ton. hal ini sejaland engan menurunya level inventory Malaysian Palm Oil Board (MPOB) melaporkan stok CPO pada Juni 2017 turun 1,9% mom menjadi1,53 juta ton. Hal ini berkebalikan dari pestimasi pekan lalu. Namun hal ini tidak sejalan dengan kenaikan demand, volume ekspormelemah 8,4% mom menjadi 1,38 juta ton. Di 2h17 volume suplai dari Indonesia dan Malaysia diperkirakan meningkat seiring dengan pulihnya cuaca.sedangkan permintaan diperkirakan lebih rendah menahan kenaikan harga. (Bisnis Indonesia). CPO: Neutral. Metal: 17 Smelter nikel berhenti operasi Sebanyak 17 fasilitas pemurnian mineral (smelter) nikel menghentikan operasinya pada semester kedua tahun ini.hal ini disebabkan oleh belum membaiknya harga nikel di London Metal Exchange (LME). Harga nikel terpuruk sejak semester kedua 2016 dan berlanjut hingga saat ini. Salah satu berhenti operasi 17 smelter itu lantaran biaya produksi lebih tinggi ketimbang harga komoditas. (Investor Daily). Nickel: Neutral. RALS: Penjualan 6M17 relatif sesuai ekspektasi RALS mencatatkan kenaikan penjualan pada Jun 17 sebesar 200%MoM, dan secara YoY, penjualan 6M17 tercatat naik sebesar 14% (total penjualan selama 6M17 mencapai Rp4.98 triliun vs 6M16: Rp 4.4 triliun), relatif sesuai ekspektasi kami. SSSG pada Jun 17 tercatat 14% pada tingkat nasional, sementara SSSG luar pulau Jawa tercatat lebih tinggi daripada tingkat nasional, yakni: 16,6% (Company). RALS: BUY; 16.7x P/E17E dan 2.0x PBV 17E. www.samuel.co.id Page 2 of 7
BSDE: Sinarmas akuisisi perusahaan di London Sinarmas Land, Ltd induk usaha BSDE mengakuisisi perusahaan properti di London yaitu Horseferry Property Ltd. Adapun nilai transaksi akuisis tersebut mencapai 188.6juta atau setara dengan Rp3.6triliun. Adapun untuk BSDE, ekspansi usaha terus dilakukan diantaranya adalah pengembangan properti seperti Apartemen Klaska Residence di Surabaya dan penambahan green office di BSD ataupun di Jakarta. Capex yang dianggarkan tahun ini juga untuk mendukung ekspansi anak usahanya PT Duta Pertiwi Tbk (DUTI) untuk membangun proyek mix used bernama South Gate. Akuisisi lahan juga akan dilakukan terus dan saat ini BSDE telah memiliki SK pengembangan seluas 6.000ha. Perusahaan juga mentargetkan kontribusi penjualan lahan sekitar Rp1.5tn dari total target marketing sales sebesar Rp7.3tn. (Investor Daily). BSDE: BUY; 20.9x P/E17E dan 1.8x PBV 17E. 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 305,667 13100 (1.1) 13.2 12270 14000 6.9 15.4 12.5 1.7 1.5 11.3% 12.0% BBCA HOLD 451,187 18300 (1.1) 18.1 18764 18000-1.6 19.5 18.4 3.5 3.0 17.9% 16.5% BBRI BUY 363,253 14725 (2.2) 26.1 15078 15550 5.6 13.0 11.4 2.2 1.9 16.8% 16.8% BBNI BUY 127,743 6850 1.9 24.0 7145 7350 7.3 9.4 8.2 1.3 1.2 13.9% 14.2% BBTN BUY 25,310 2390 (4.4) 37.4 2722 2870 20.1 8.1 7.5 1.2 1.0 14.4% 13.7% BNLI BUY 18,789 670 (1.5) 24.9 815 890 32.8 12.6 14.0 0.8 0.8 6.7% 5.7% Average 13.0 12.0 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 99,126 8500 0.0 (0.9) 9435 10300 21.2 23.9 20.9 5.0 4.4 20.8% 20.9% INDF BUY 75,512 8600 (1.7) 8.5 9603 9900 15.1 16.2 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 74,297 1585 (2.5) 4.6 1724 1750 10.4 29.9 26.4 5.6 4.9 18.7% 18.7% ROTI BUY 5,948 1175 (1.7) (26.6) 1654 2050 74.5 17.0 14.5 3.5 2.9 20.5% 20.2% ULTJ BUY 13,922 4820 (0.5) 5.5 5750 5300 10.0 18.1 16.4 3.4 2.9 18.9% 17.5% UNVR HOLD 356,512 46725 (2.9) 20.4 47699 45200-3.3 49.9 44.5 58.2 51.0 116.6% 114.4% SIDO BUY 7,470 498 2.0 (4.2) 682 700 40.6 13.8 11.0 2.6 2.5 18.9% 22.4% AISA BUY 5,037 1565 0.0 (19.5) 2264 2500 59.7 10.0 8.3 1.2 1.0 11.7% 12.5% Average 22.4 19.5 10.2 9.0 30.0% 30.2% Cigarette HMSP BUY 440,846 3790 0.3 (1.0) 4193 4390 15.8 34.1 33.0 11.7 10.7 34.3% 32.4% GGRM BUY 147,193 76500 0.2 19.7 79139 77150 0.8 21.7 20.5 3.1 2.7 14.1% 13.4% Average 27.9 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 28,083 1930 0.8 (24.9) 2683 2950 52.8 35.7 32.7 7.0 6.3 19.6% 19.3% SILO HOLD 14,112 10850 0.9 (0.5) 13436 12500 15.2 134.0 105.3 4.4 4.0 3.3% 3.8% Average 84.8 69.0 5.7 5.2 11.4% 11.6% Poultry CPIN BUY 52,966 3230 0.3 4.5 3225 4500 39.3 13.6 12.7 1.8 1.6 12.8% 12.4% JPFA BUY 16,260 1425 2.5 (2.1) 1574 1500 5.3 8.4 6.7 1.5 1.3 18.0% 18.9% MAIN BUY 2,395 1070 0.5 (17.7) 1159 2280 113.1 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 10,666 6425 0.0 19.0 7474 7700 19.8 42.5 30.7 3.1 2.8 7.2% 9.1% RALS BUY 7,699 1085 0.5 (9.2) 1491 1750 61.3 16.7 13.2 2.0 1.8 12.0% 13.9% ACES BUY 18,779 1095 (1.8) 31.1 1112 1300 18.7 24.9 20.3 5.6 4.7 22.4% 23.0% LPPF BUY 36,036 12350 (3.5) (18.3) 16241 19500 57.9 13.1 12.6 10.6 7.5 81.1% 60.0% Average 24.3 19.2 5.3 4.2 30.7% 26.5% Telco EXCL BUY 33,453 3130 (2.2) 35.5 3579 3200 2.2 84.6 55.9 1.6 1.5 1.8% 2.7% ISAT BUY 33,555 6175 2.9 (4.3) 8165 8200 32.8 17.0 12.2 2.3 2.0 13.4% 16.7% TLKM BUY 460,656 4570 (1.3) 15.3 4870 5000 9.4 19.0 14.7 4.6 3.9 24.0% 26.7% TOWR BUY 39,281 3850 (2.5) 7.5 4580 4500 16.9 11.2 10.5 2.7 2.2 24.5% 20.7% Average 32.9 23.3 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 355,243 8775 0.0 6.0 9304 9000 2.6 15.9 13.5 2.7 2.2 17.2% 16.4% UNTR BUY 103,045 27625 1.6 30.0 30486 31500 14.0 15.8 14.0 2.3 2.1 14.7% 14.9% Average 15.9 13.7 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 8,905 344 (1.7) 1.8 385 420 22.1 258.4 25.8 0.6 0.4 0.2% 1.7% Property BSDE BUY 34,740 1805 0.6 2.8 2303 2350 30.2 16.1 13.9 1.4 1.2 8.7% 8.5% PWON BUY 30,100 625 (3.8) 10.6 726 710 13.6 15.2 12.8 2.9 2.5 19.2% 19.3% ASRI HOLD 6,209 316 (0.6) (10.2) 438 390 23.4 9.3 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 17,456 1210 0.0 (8.7) 1570 1307 8.0 52.6 40.3 2.1 1.9 4.0% 4.8% SSIA BUY 2,894 615 0.0 41.7 975 750 22.0 13.7 11.4 0.9 0.9 6.6% 7.5% CTRA BUY 21,994 1185 0.0 (11.2) 1588 1580 33.3 13.8 11.5 1.4 1.3 10.3% 11.1% DMAS BUY 9,447 196 (1.0) (14.8) 309 300 53.1 11.1 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,612 320 (0.6) 10.5 446 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 18.2 15.0 1.5 1.3 9.4% 9.8% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 19,840 3200 (3.3) (16.0) 4592 4150 29.7 14.2 12.0 1.7 1.5 11.8% 12.6% ADHI HOLD 7,727 2170 (0.9) 4.3 2702 2550 17.5 23.3 19.5 1.4 1.3 6.0% 6.5% WSKT BUY 30,541 2250 0.9 (11.8) 3224 3250 44.4 13.5 10.7 1.6 1.5 11.7% 14.2% WIKA BUY 19,734 2200 0.0 (6.8) 3044 3000 36.4 17.7 15.5 1.4 1.3 8.0% 8.3% Average 17.2 14.4 1.5 1.4 9.4% 10.4% Cement INTP SELL 64,790 17600 (4.2) 14.3 15547 13500-23.3 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 59,315 10000 (2.0) 9.0 9921 9000-10.0 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 5,900 770 (1.9) (14.4) 770 700-9.1-32.1-25.7 0.7 0.7-2.3% -2.8% SMBR HOLD 33,168 3350 1.5 20.1 536 2300-31.3 88.2 83.8 8.8 7.8 10.0% 9.3% Average 22.1 22.0 3.4 3.1 8.4% 8.0% Precast WSBP BUY 12,021 456 (1.7) (17.8) 704 690 51.3 17.9 11.7 1.4 1.2 8.0% 10.6% WTON BUY 5,055 580 (2.5) (29.7) 1013 1150 98.3 15.3 13.2 1.7 1.4 10.9% 10.6% Average 16.6 12.4 1.5 1.3 9.4% 10.6% Oil and Gas PGAS HOLD 56,968 2350 0.4 (13.0) 2889 2600 10.6 12.9 10.5 1.2 1.1 9.4% 10.7% AKRA BUY 25200.9 6300.0-0.4 5.0 7000.0 7600 20.6 21.5 21.3 3.3 3.0 15.2% 14.0% MEDC BUY 7,565 2270 0.4 72.0 4213 4500 98.2 3.1 3.0 0.6 0.5 17.6% 16.3% Average 12.5 11.6 1.7 1.5 14% 14% Utilities JSMR BUY 37,741 5200 (1.4) 20.4 5884 5000-3.8 19.6 26.0 2.7 2.5 13.9% 9.8% Metal ANTM BUY 16,942 705 (0.7) (21.2) 760 1250 77.3 8.2 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 18,531 1865 0.0 (33.9) 2434 2145 15.0 70.2 35.1 0.8 0.7 1.1% 2.1% TINS BUY 5,213 700 (2.1) (34.9) 1100 1200 71.4 33.3 20.6 1.0 0.9 2.9% 4.5% Average 37.2 20.0 0.9 0.8 4.7% 8.1% Coal DOID BUY 6889.9 810.0-2.4 58.8 1587.5 1600 97.5 5.5 5.8 2.4 1.6 44.0% 28.6% ITMG BUY 20,593 18225 (0.1) 8.0 20965 19000 4.3 8.6 8.6 1.5 1.4 17.9% 16.6% ADRO BUY 51,018 1595 (0.9) (5.9) 2008 2100 31.7 12.1 11.0 1.0 1.0 8.5% 8.7% PTBA BUY 27,822 12075 (2.6) (3.4) 15240 15000 24.2 12.4 10.1 2.5 2.2 19.9% 21.5% Average 9.7 8.9 1.9 1.6 22.6% 18.9% Plantation AALI BUY 29,063 15100 0.0 (10.0) 17890 19800 31.1 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,825 1440 0.7 (17.2) 1720 2050 42.4 13.0 10.1 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 (0.9) 11.3 570 600 9.1 11.7 10.8 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 3.93 1,917 0.21 0.42 (0.09) (0.30) 3.75 9.47 14.38 1,939 1,657 U.S. (S&P) 2.25 2,427 0.09 (0.21) 0.17 (0.18) 3.13 8.42 13.58 2,454 2,084 U.S. (DOW) (5.82) 21,409 (0.03) (0.32) 0.28 0.64 3.67 8.33 17.46 21,563 17,884 Europe 14.22 3,478 0.41 (0.01) (0.39) (3.01) 0.23 5.70 20.54 3,667 2,843 Emerging Market 6.81 1,009 0.68 0.31 0.26 (0.87) 5.75 17.05 19.20 1,023 832 FTSE 100 19.11 7,370 0.26 0.03 (0.10) (2.09) 0.06 3.18 n/a 7,599 6,591 CAC 40 20.48 5,166 0.40 (0.28) (0.58) (2.53) 1.25 6.24 21.13 5,442 4,207 Dax 57.24 12,446 0.46 (0.06) (0.24) (2.89) 2.53 8.40 26.57 12,952 9,690 Indonesia (43.29) 5,772 (0.74) (0.92) (2.35) 1.69 2.55 8.96 13.86 5,910 5,018 Japan 19.53 20,101 0.10 0.53 0.34 0.44 7.21 5.16 27.96 20,318 15,376 Australia (12.14) 5,712 (0.21) (0.81) (1.24) 0.61 (3.66) 0.82 7.03 5,957 5,052 Korea 2.06 2,384 0.09 (0.15) 0.15 0.10 12.26 17.65 19.89 2,403 1,931 Singapore 17.34 3,246 0.54 (0.07) 0.71 (0.24) 2.26 12.69 12.87 3,275 2,761 Malaysia (2.80) 1,757 (0.16) (0.62) (0.65) (1.78) 1.23 7.03 6.24 1,797 1,614 Hong Kong 159.21 25,500 0.63 (0.09) (1.10) (2.04) 5.86 15.91 22.12 26,090 20,840 China (5.33) 3,213 (0.17) 0.17 0.52 1.72 (2.32) 3.51 7.27 3,301 2,932 Taiwan (7.34) 10,290 (0.07) (1.10) (1.18) 0.88 4.65 11.20 17.11 10,546 8,728 Thailand (0.20) 1,569 (0.01) (0.30) (0.34) 0.18 (0.74) 1.72 7.82 1,601 1,343 Philipines (51.86) 7,837 (0.66) (0.14) (0.37) (1.91) 3.11 14.57 (0.35) 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.01 4.35 (0.47) (0.69) 0.64 2.76 (11.29) 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) - % 0.00 7.16 4.19 3.68 1.00 (10.24) 0.85 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (3.00) 13400 0.02 (0.27) (0.24) (0.77) 0.54 0.54 (2.22) 13,593 12,920 Japan 0.19 114.23 (0.17) (0.88) (0.83) (3.75) 2.39 2.39 (10.01) 118.66 99.54 UK (0.00) 1.29 (0.03) (0.72) (0.33) 1.72 4.35 4.35 (0.93) 1.35 1.18 Euro (0.00) 1.14 (0.03) (0.24) 0.44 1.72 8.36 8.36 3.06 1.14 1.03 China (0.00) 6.80 0.03 (0.03) (0.05) (0.08) 2.08 2.08 (1.58) 6.96 6.62 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.18 44.58 0.41 (2.07) (5.29) (2.73) (16.52) (17.01) (0.40) 55.24 39.19 CPO 40.00 2,568.00 1.58 1.82 3.09 6.12 1.10 (17.40) 15.36 3,202.00 2,172.00 Rubber 0.00 794.00 0.00 0.00 0.00 (2.28) (21.58) (18.77) 16.85 1,174.00 644.00 Coal (0.05) 80.90 (0.06) (0.80) 3.39 0.25 (4.15) (14.57) 35.17 112.25 69.00 Iron Ore 0.59 60.69 0.98 (0.43) (1.49) 9.77 (20.66) (22.25) 10.95 94.91 53.60 Tin 318.00 19,993.00 1.62 0.85 (2.31) 5.62 (1.49) (5.72) 12.17 21,945.00 17,672.50 Nickel 80.00 9,000.00 0.90 (1.75) (4.15) 0.22 (11.59) (10.18) (8.91) 12,145.00 8,680.00 Copper (4.00) 5,824.00 (0.07) (0.29) (1.75) 0.34 1.34 5.21 23.64 6,204.00 4,582.00 Gold (0.50) 1,212.70 (0.04) (0.87) (0.53) (4.47) (4.70) 5.45 (10.61) 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 reproduced or copied or made avai lable 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