Samuel Research Market Activity Monday, 18 Sep 2017 Market Index Index Movement Market Volume Market Value : 5,872.4 : +20.4 (+0.3%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 3,870 60 1.6 TPIA 24,075 1675 7.5 UNTR 31,050 1050 3.5 BMRI 6,625 75 1.1 Lagging Movers BBCA 18,875-225 -1.2 GGRM 68,000-1250 -1.8 ASII 7,850-50 -0.6 RMBA 410-40 -8.9 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BMRI 82 BBCA 239 BBNI 57 ASII 109 ADRO 38 TLKM 70 BRPT 35 PTBA 51 BBTN 33 BBRI 27 Money Market USD/IDR 13,240-10.0 0.1 JIBOR O/N 4.1 0.0 - Infl (MoM) -0.1 - - Dual Listing Securities TLKM 35.5 0.5 1.3 ISAT 42.2 0.3 0.7 EIDO 27.0 0.3 1.0 Ketegangan Korea Utara mewarnai pasar Sidang Majelis Umum PBB akan digelar di New York, AS pada 18-23 September 2017. Dalam pertemuan tersebut Trump dijadwalkan akan berpidato pada Selasa, mengenai isu utama denuklirisasi Korea Utara dan Iran. Trump akan mengajukan dua permintaan yaitu, mengajak negaranegara anggota PBB untuk melawan Korea Utara serta menahan Iran untuk melanjutkan program nuklirnya. Setelah Badai Harvey dan Irma menghantam wilayah Amerika Serikat (AS) beberapa pekan lalu, Pusat Badai Nasional melaporkan adanya potensi serangan Badai Jose dan Maria pekan ini. Pergerakannya dapat menyusuri lepas pesisir pantai New Jersey dan New York pada Rabu pagi. Di pasar komoditas harga minyak mentah AS berakhir flat, setelah Badan Energi Internasional (IEA) melaporkan surplus pasokan minyak mentah global mulai menurun. IHSG ditutup menguat 0,35% atau 20,39 poin di level 5.872,39 pada jumat kemarin. Ketegangan terkait Korea Utara yang sedikit mereda memberi peluang kenaikan pergerakan bursa saham hari ini. Sejumlah bursa di Asia dan Australia menguat pagi ini dan IHSG juga berpeluang menguat hari ini. Highlights World Indices DJIA 22,268 65 0.3 S&P 500 2,500 5 0.2 Euro Stoxx 3,516-11 -0.3 MSCI World 1,988 4 0.2 Nikkei 19,910 102 0.5 Hang Seng 27,808 30 0.1 Commodities Brent Oil 56 0.0-0.1 CPO Malay 2,835-9.0-0.3 Coal Newc 98-0.6-0.6 Nickel 11,039-111.0-1.0 Tin 20,666 34.0 0.2 WTON: Perbanyak jenis produk PTPP: Kontrak baru capai Rp24tn SMGR: Kaji obligasi Rp 2 triliun Migas: Revisi aturan gross split mulai diminati investor BBTN: Pacu dana ritel, kembangkan QR Pay www.samuel.co.id Page 1 of 6
WTON: Perbanyak jenis produk PT Wika Beton, Tbk (WTON) secara kontinyu memperbanyak jenis produknya, salah satunya melalui rencana peluncuran dermaga apung beton pracetak (pertama kali diaplikasikan di Indonesia). Saat ini WTON memiliki 12 jenis produk untuk berbagai sektor, mulai dari jembatan, transportasi, properti, perairan, hingga maritim. WTON juga telah meluncurkan struktur segmental box girder berbentuk lengkung dengan bentang terpanjang hingga 80 meter tanpa tiang (telah digunakan untuk pada proyek Simpang Susun Semanggi Jakarta). (Bisnis Indonesia). WSKT: BUY; 17E PE: 10.9x, PBV: 1.2x PTPP: Kontrak baru capai Rp24tn PT PP (Persero), Tbk (PTPP) membukukan kontrak baru sebesar Rp24.1tn di 8M17 atau naik sebesar 28.6%YoY. Pencapaian tersebut setara dengan 59.2% dari nilai new contract di FY17E sebesar Rp40.6tn. Dari total kontrak tersebut sekitar 52.7% dari BUMN, 33.7% dari proyek swasta dan hanya sebesar 13.6% saja dari nilai total kontrak berasal dari proyek pemerintah. (PT PP Persero). PTPP: BUY; 17E PE: 10.4x, PBV: 1.2x SMGR: Kaji obligasi Rp 2 triliun PT Semen Indonesia Tbk (SMGR) tengah mengkaji penerbitan obligasi senilai Rp 1 2 triliun sebagai salah satu pendanaan perseroan. Obligasi tersebut akan diterbitkan apabila realisasi penggunaan belanja modal dapat mencapai kisaran 80 90% di tahun ini. Saat ini realisasi belanja modal telah mencapai 50% dan banyak digunakan untuk pembangunan pabrik semen di Rembang, Jawa Tengah dan Indarung, Sumatera Barat. (Bisnis Indonesia). SMGR: HOLD; 17E PE: 15.2x, PBV: 2.0x Migas: Revisi aturan gross split mulai diminati investor Revisi beleid kontrak migas skema bagi hasil kotor (gross split), Peraturan Menteri (Permen) Energi dan Sumber Daya Mineral (ESDM) No 52 Tahun 2018 mendapat respon positif dari investor. Hal ini dilihat dari bertambahnya jumlah peminat lelang blok migas yang dilakukan pemerintah. Sebanyak 10 wilayah kerja konvensional saat ini mendapat 19 bid document yang diakses. Berka revisi tersebut, tingkat pengembalian modal (internal rate of return / IRR) blok migas diprediksi bisa naik sekitar 6,55%. (Investor Daily). Oil and gas: Neutral. BBTN: Pacu dana ritel, kembangkan QR Pay PT Bank Tabungan Negara (BBTN) mengembangkan layanan transaksi kilat atau quick response payment (QR Pay) untuk mendorong pertumbuhan nasabah ritel pada dana pihak ketiga. Estimasi target transaksi QR Pay adalah 170.000 transaksi dengan nominal Rp 85 miliar untuk 1 tahun pertama. (Bisnis Indonesia). BBTN: BUY; 17E PE: 11.2x, PBV: 1.6x www.samuel.co.id Page 2 of 6
Stock Rec. Mkt Cap JCI Wgt 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 4.8 6625 1.1 14.5 6646 7200 8.7 15.6 12.6 1.8 1.5 11.3% 12.0% BBCA HOLD 465,363 7.2 18875 (1.2) 21.8 19441 18000-4.6 20.1 19.0 3.6 3.1 17.9% 16.5% BBRI BUY 366,337 5.7 14850 0.2 27.2 16027 16600 11.8 13.0 11.3 2.2 1.9 16.9% 17.0% BBNI BUY 135,669 2.1 7275 0.3 31.7 7738 7700 5.8 10.3 8.7 1.4 1.2 13.5% 14.3% BBTN BUY 34,947 0.5 3300 5.1 89.7 2882 3300 0.0 11.2 10.4 1.6 1.4 14.4% 13.7% BNLI BUY 19,910 0.3 710 (0.7) 32.4 775 890 25.4 13.4 14.8 0.9 0.8 6.7% 5.7% Average 13.9 12.8 1.9 1.7 13.4% 13.2% Consumer (Staples) ICBP BUY 101,459 1.6 8700 (0.3) 1.5 9300 9400 8.0 26.9 24.5 5.2 4.7 19.3% 19.0% INDF BUY 74,634 1.2 8500 (0.3) 7.3 9506 9900 16.5 16.0 13.9 2.3 2.1 14.2% 14.9% KLBF BUY 80,860 1.3 1725 0.0 13.9 1812 1750 1.4 32.5 28.8 6.1 5.4 18.7% 18.7% ROTI BUY 6,504 0.1 1285 (4.1) (19.7) 1319 1450 12.8 34.7 17.8 4.2 3.5 12.1% 19.6% UNVR HOLD 388,558 6.1 50925 (0.3) 31.3 49139 45200-11.2 54.4 48.5 63.4 55.5 116.6% 114.4% SIDO BUY 7,380 0.1 492 0.0 (5.4) 550 550 11.8 15.0 14.3 2.3 2.2 15.5% 15.0% AISA BUY 3,331 0.1 1035 (8.0) (46.8) 1600 1600 54.6 5.4 4.6 0.8 0.8 14.7% 16.5% Average 26.4 21.8 12.0 10.6 30.1% 31.2% Cigarette HMSP BUY 450,151 7.1 3440 1.6 1.0 4007 4390 27.6 31.0 29.9 10.6 9.7 34.3% 32.4% GGRM BUY 130,838 2.1 67000 (1.8) 6.4 77555 77150 15.1 18.4 17.2 2.9 2.5 15.6% 14.8% Average 24.7 23.6 6.7 6.1 24.9% 23.6% Healthcare MIKA BUY 31,430 0.5 2160 1.9 (16.0) 2468 2950 36.6 40.0 36.6 7.8 7.1 19.6% 19.3% SILO HOLD 13,721 0.2 10550 3.7 (3.2) 11528 12500 18.5 130.2 102.4 4.3 3.9 3.3% 3.8% Average 85.1 69.5 6.0 5.5 11.4% 11.6% Poultry CPIN BUY 44,111 0.7 2690 1.1 (12.9) 3005 4500 67.3 11.4 10.5 1.5 1.3 12.8% 12.4% JPFA BUY 13,521 0.2 1185 4.9 (18.6) 1524 1500 26.6 7.0 5.6 1.3 1.1 18.0% 18.9% MAIN BUY 2,004 0.0 895 (0.6) (31.2) 1015 1250 39.7 5.3 4.2 0.8 0.7 14.6% 16.1% Average 7.9 6.8 1.2 1.0 15.2% 15.8% Retail MAPI BUY 11,662 0.2 7025 1.1 30.1 7701 7700 9.6 46.5 33.6 3.3 3.1 7.2% 9.1% RALS BUY 6,741 0.1 950 0.0 (20.5) 1216 1300 36.8 13.0 10.2 1.7 1.6 13.3% 15.4% ACES BUY 18,608 0.3 1085 1.9 29.9 1213 1300 19.8 24.7 20.1 5.5 4.6 22.4% 23.0% LPPF BUY 29,763 0.5 10200 4.9 (32.6) 13773 17500 71.6 10.8 10.4 8.7 6.2 81.1% 60.0% Average 23.7 18.6 4.8 3.9 31.0% 26.9% Media MNCN BUY 20,129 0.3 1410 7.6 (19.7) 1931 2000 41.8 11.3 9.6 2.1 1.8 18.2% 19.3% SCMA BUY 33,776 0.5 2310 3.1 (17.5) 2915 2800 21.2 20.3 18.3 8.4 7.3 41.3% 39.9% Average 15.8 14.0 5.2 4.6 29.8% 29.6% Telco EXCL BUY 42,752 0.7 4000 (0.5) 73.2 3837 3200-20.0 108.1 71.4 2.0 1.9 1.8% 2.7% ISAT BUY 33,147 0.5 6100 (3.9) (5.4) 8116 8200 34.4 16.8 12.0 2.2 2.0 13.4% 16.7% TLKM BUY 472,752 7.4 4690 0.4 18.4 5104 5000 6.6 19.5 15.1 4.7 4.0 24.0% 26.7% TOWR BUY 45,811 0.7 4490 4.4 25.4 4910 4500 0.2 13.1 12.3 3.2 2.5 24.5% 20.7% Average 39.4 27.7 3.0 2.6 15.9% 16.7% Auto and HE ASII BUY 317,796 5.0 7850 (0.6) (5.1) 8944 9000 14.6 13.6 12.1 2.5 2.0 18.6% 16.6% UNTR BUY 115,821 1.8 31050 3.5 46.1 33094 31500 1.4 17.8 15.7 2.6 2.3 14.7% 14.9% Average 15.7 13.9 2.6 2.2 16.6% 15.7% Aviation GIAA HOLD 8,750 0.1 338 0.0 0.0 323 420 24.3 253.9 25.4 0.6 0.4 0.2% 1.7% Property BSDE BUY 34,548 0.5 1795 0.3 2.3 2277 2350 30.9 16.0 13.8 1.4 1.2 8.7% 8.5% PWON BUY 30,581 0.5 690 1.6 12.4 727 710 2.9 16.8 14.1 3.2 2.7 19.2% 19.3% ASRI BUY 7,152 0.1 364 1.1 3.4 417 390 7.1 13.5 13.0 0.9 0.9 6.7% 6.6% SMRA HOLD 14,571 0.2 1010 0.5 (23.8) 1295 1110 9.9 44.7 33.4 1.8 1.9 4.1% 5.7% SSIA BUY 2,823 0.0 600 0.0 38.2 819 750 25.0 13.3 11.1 0.9 0.8 6.6% 7.5% CTRA BUY 21,901 0.3 1180 (0.8) (11.6) 1501 1580 33.9 17.4 15.1 1.5 1.5 8.8% 9.7% DMAS BUY 9,543 0.2 198 1.5 (13.9) 296 300 51.5 11.2 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,414 0.1 308 (0.6) 6.3 413 450 46.1 13.4 11.8 1.0 1.0 7.8% 8.1% Average 18.3 15.2 1.5 1.4 8.9% 9.5% www.samuel.co.id Page 3 of 6
Construction PTPP BUY 14,570 0.2 2350 (0.4) (38.3) 4307 4150 76.6 10.4 8.8 1.2 1.1 11.8% 12.6% ADHI HOLD 7,264 0.1 2040 1.5 (1.9) 2671 2550 25.0 21.9 18.4 1.3 1.3 6.0% 7.1% WSKT BUY 24,637 0.4 1815 (1.6) (28.8) 2998 3250 79.1 10.9 8.6 1.2 1.2 11.2% 13.6% WIKA BUY 16,101 0.3 1795 (0.3) (23.9) 2850 3000 67.1 14.5 12.6 1.2 1.0 8.0% 8.3% Average 14.4 12.1 1.2 1.2 9.3% 10.4% Cement INTP SELL 69,207 1.1 18800 (0.7) 22.1 16732 13500-28.2 19.0 17.9 2.4 2.3 12.9% 12.6% SMGR HOLD 61,540 1.0 10375 (1.2) 13.1 10682 9000-13.3 15.2 13.8 2.0 1.8 12.9% 12.9% SMCB SELL 6,360 0.1 830 0.0 (7.8) 691 700-15.7-34.6-27.7 0.8 0.8-2.3% -2.8% SMBR HOLD 31,386 0.5 3170 10.1 13.6 559 2300-27.4 83.4 79.3 8.3 7.4 10.0% 9.3% Average 20.8 20.8 3.4 3.0 8.4% 8.0% Precast WSBP BUY 9,859 0.2 452 0.5 (32.6) 677 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 4,532 0.1 520 (1.9) (37.0) 879 1150 121.2 13.7 11.8 1.5 1.3 10.9% 10.6% Average 12.6 10.4 1.5 1.2 11.6% 12.1% Oil and Gas PGAS HOLD 41,574 0.7 1715 (1.2) (36.5) 2145 2600 51.6 9.4 7.7 0.9 0.8 9.4% 10.7% AKRA BUY 27,901 0.4 6975 1.82 16.3 7150 7600 9.0 23.8 23.6 3.6 3.3 15.2% 14.0% TPIA BUY 85,868 1.4 24075 7.5 18.8 28124 29000 20.5 19.7 18.1 3.4 3.0 17.1% 16.8% MEDC BUY 10,064 0.2 755 (3.8) 128.8 1029 1125 49.0 4.2 3.9 0.7 0.6 17.6% 16.3% Average 14.3 13.3 2.2 2.0 15% 14% Utilities JSMR HOLD 43,547 0.7 6000 1.7 38.9 6107 5100-15.0 22.4 22.6 2.9 2.7 12.9% 11.7% Metal ANTM BUY 16,341 0.3 680 0.0 (24.0) 822 1250 83.8 7.9 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 27,126 0.4 2730 (3.9) (3.2) 2809 2145-21.4 102.8 51.4 1.1 1.1 1.1% 2.1% TINS BUY 6,480 0.1 870 (1.1) (19.1) 1165 1200 37.9 15.5 11.6 1.1 1.1 7.3% 9.3% Average 42.1 22.4 1.0 1.0 6.1% 9.7% Coal DOID BUY 7,400 0.1 870.0-5.4 70.6 1575.0 1600 83.9 10.9 6.2 3.1 2.0 28.6% 33.1% ITMG BUY 22,260 0.4 19700 1.0 16.7 22770 22300 13.2 9.3 9.3 1.7 1.5 17.9% 16.6% ADRO BUY 56,775 0.9 1775 2.0 4.7 2135 2200 23.9 9.9 9.6 13.3 11.1 135.0% 115.8% PTBA BUY 22,177 0.3 9625 (3.5) (23.0) 15223 15000 55.8 9.9 8.1 2.0 1.7 19.9% 21.5% Average 10.0 8.3 5.0 4.1 50.3% 46.8% Plantation AALI BUY 28,870 0.5 15000 (3.2) (10.6) 17811 19800 32.0 16.4 13.8 1.8 1.7 10.7% 12.1% LSIP BUY 10,132 0.2 1485 0.0 (14.7) 1694 2050 38.0 13.4 10.4 1.2 1.1 9.1% 10.9% SIMP HOLD 8,224 0.1 520 (3.7) 5.3 510 600 15.4 11.1 10.2 0.6 0.5 5.0% 5.2% Average 13.6 11.5 1.2 1.1 8.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID, TPIA report in USD. www.samuel.co.id Page 4 of 6
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 4.31 1,988 0.22 0.05 0.29 2.97 3.35 13.51 17.18 1,990 1,657 U.S. (S&P) 4.61 2,500 0.18 0.15 1.58 3.08 2.76 11.68 16.88 2,500 2,084 U.S. (DOW) 64.86 22,268 0.29 0.68 2.16 2.74 4.13 12.68 22.87 22,275 17,884 Europe (10.93) 3,516 (0.31) 0.09 1.97 2.02 (0.80) 6.84 19.77 3,667 2,923 Emerging Market 2.27 1,102 0.21 0.25 0.27 4.02 9.87 27.82 24.48 1,103 837 FTSE 100 (79.92) 7,215 (1.10) (2.50) (2.20) (1.48) (3.32) 1.02 n/a 7,599 6,677 CAC 40 (11.29) 5,214 (0.22) 0.09 1.96 1.95 (0.94) 7.23 20.35 5,442 4,311 Dax (21.64) 12,519 (0.17) (0.05) 1.75 2.91 (1.83) 9.04 21.82 12,952 10,175 Indonesia 20.39 5,872 0.35 0.00 0.26 (0.36) 2.60 10.87 11.48 5,917 5,023 Japan 102.06 19,910 0.52 0.67 3.29 2.26 (0.17) 4.16 20.52 20,318 16,112 Australia 26.58 5,722 0.47 (0.39) 0.15 (0.44) (0.91) 0.98 8.02 5,957 5,052 Korea 16.86 2,403 0.71 1.81 1.86 1.89 1.74 18.58 20.18 2,453 1,931 Singapore (11.39) 3,210 (0.35) (0.81) (0.59) (1.30) (0.68) 11.41 13.51 3,355 2,761 Malaysia 4.96 1,786 0.28 (0.20) 0.36 0.57 (0.28) 8.81 8.07 1,797 1,614 Hong Kong 30.39 27,808 0.11 (0.59) 0.50 2.81 8.51 26.39 19.16 28,128 21,489 China (17.81) 3,354 (0.53) (0.77) (0.35) 2.60 7.38 8.05 11.68 3,392 2,969 Taiwan 26.84 10,580 0.25 (0.28) (0.28) 2.51 4.17 14.34 18.85 10,656 8,880 Thailand 1.43 1,661 0.09 1.03 1.52 6.00 5.32 7.62 12.27 1,663 1,343 Philipines 35.94 8,181 0.44 1.63 1.97 2.05 3.79 19.59 8.30 8,181 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.02) 4.11 (0.08) (14.35) (21.03) (2.92) (17.43) 5.39 4.10 Foreign Reserve (US$bn) n/a 128.79 n/a 0.81 3.07 10.68 13.43 128.79 111.47 Inflation Rate (%) n/a (0.07) n/a (131.82) (117.95) (116.67) (250.00) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 0.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.03) 6.50 1.52 (5.75) (4.79) (18.54) (7.44) 8.36 6.34 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (10.00) 13240 0.08 (0.30) (0.27) 0.91 1.76 1.76 (0.49) 13,593 12,920 Japan 0.41 111.24 (0.37) (0.67) (1.66) (1.85) 5.14 5.14 (8.37) 118.66 100.09 UK (0.00) 1.36 (0.13) 2.77 3.15 5.49 10.02 10.02 4.20 1.36 1.18 Euro (0.00) 1.19 (0.04) 0.46 (0.11) 1.52 13.53 13.53 6.85 1.21 1.03 China (0.00) 6.55 0.05 (0.26) (0.89) 2.03 5.99 5.99 1.86 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.05) 49.84 (0.10) 1.10 3.68 2.74 11.40 (7.22) 15.83 55.24 42.05 CPO (9.00) 2,835.00 (0.32) 0.82 2.61 7.14 15.76 (8.81) 10.53 3,202.00 2,390.00 Rubber (1.50) 855.50 (0.18) 0.71 1.42 3.95 9.68 (12.48) 27.88 1,174.00 664.50 Coal (0.60) 98.10 (0.61) 0.00 1.66 5.54 20.37 3.59 37.68 112.25 71.25 Iron Ore (1.60) 75.26 (2.08) (1.06) (3.93) (1.03) 37.91 (3.59) 36.84 94.91 54.24 Tin 34.00 20,666.00 0.16 (0.66) (0.02) 2.05 5.32 (2.54) 8.41 21,945.00 18,750.00 Nickel (125.00) 11,090.00 (1.11) (7.51) (4.31) 7.15 25.31 10.68 14.15 12,380.00 8,680.00 Copper 9.00 6,507.00 0.14 (2.41) (2.78) 2.01 14.94 17.55 36.10 6,970.00 4,633.00 Gold (4.20) 1,317.10 (0.32) (0.54) (1.10) 2.38 4.94 14.53 0.83 1,358.50 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 5 of 6
Research Team Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148 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 6 of 6