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MNC Gemesin CALL MNC CENTER Sekuritas :

Indonesia Strategy Bloomberg: JCI:IND Reuters: ^JKSE

Riset Saham Harian. IHSG berpeluang bergerak flat hari ini. Highlights

Indonesia Outlook

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RISET SAHAM HARIAN SAMUEL SEKURITAS INDONESIA. jcii Wei mi S wwei uwei. Jumat, 11 Maret Indeks AS, Eropa dan APAC tertekan

Mudahnya berinvestasi dengan. Menabung Saham

Riset Saham Harian. Rilis kinerja emiten berpotensi mewarnai bursa. Highlights. Samuel Research 24 Oktober 2017

TLKM 2,850 2,715 2,775 2,945 3,010 Bullish BOW Misc. Industry

DAILY MARKET CHARTS. Daily Edition, May 16, 2016

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RISET SAHAM HARIAN. Ketidakpastian Mewarnai Bursa

RISET SAHAM HARIAN SAMUEL SEKURITAS INDONESIA. jcii Wei mi S wwei uwei. Senin, 29 Februari Data AS semakin mengkonfirmasi pertumbuhan

Jasa Marga Bloomberg: JSMR.IJ Reuters: JSMR.JK

Riset Saham Harian. IHSG berpeluang menguat. Highlights. Samuel Research 29 Nopember 2017

ICBP 11,400 10,675 11,050 11,825 12,050 Bullish BOW Basic Industry

Transkripsi:

Samuel Research Market Activity Friday, 03 Mar 2017 Market Index Index Movement Market Volume Market Value : 5,408.3 : +45.2 (+0.8%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 4,090 240 6.2 ASII 8,475 150 1.8 UNTR 25,075 1175 4.9 LPPF 12,925 1200 10.2 Lagging Movers BBRI 11,850-100 -0.8 TLKM 3,830-20 -0.5 BDMN 4,750-140 -2.9 TGKA 3,230-1070 -24.9 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) ASII 277 TLKM 96 LPPF 133 HMSP 25 BBNI 70 ICBP 21 BMRI 58 TBIG 17 PTPP 42 KLBF 15 Money Market USD/IDR 13,358-4.0 0.0 JIBOR O/N 4.3 0.0 - Infl (MoM) 0.2 - - Komitmen investasi Raja Salman menjadi sentiment positif untuk bursa Indeks AS semalam ditutup melemah setelah hari sebelumnya mencetak rekor tertingginya pasca pidato Donald Trump di depan kongres. Pelemahan bursa saat ini dianggap sebagai penurunan yang wajar dipicu oleh aksi profit taking dari investor. Data jobless claims tercatat turun ke 223 ribu dari sebelumnya sebanyak 244 ribu dan dibawah estimasi sebanyak 243 ribu. Dari pasar komoditas, harga minyak tercatat melemah ke level US$ 55.08/barel setelah produksi minyak US naik 31.000 barel menjadi 9,03 juta b/d. EIA melaporkan stok minyak mingguan US naik 520,2 juta barel. Data Baker Hughes Inc menunjukkan rig pengeboran telah naik menjadi 602 rig, tertinggi sejak Oktober 2015. Di sisi lain, OPEC masih konsisten memangkas produksi minyaknya. Sementara harga emas ditutup flat. Dari pasar domestik, kunjungan Raja Salman dari Arab Saudi ke Indonesia menghasilkan komitmen investasi antar pemerintah senilai US$ 7 miliar dan US$ 2,4 miliar untuk sektor swasta, sehingga nilai total komitmen investasi Arab Saudi mencapai US$ 9,4 miliar. Kerja sama ini akan dimulai pada awal pekan depan. Di sisi lain masa earnings season masih menjadi tajuk utama, Nilai tukar rupiah menguat ke Rp13.358/USD, sementara EIDO melemah. Highlights Dual Listing Securities TLKM 28.3-0.4-1.4 ISAT 41.5-0.8-2.0 EIDO 24.5-0.1-0.4 World Indices DJIA 21,003-113 -0.5 S&P 500 2,382-14 -0.6 Euro Stoxx 3,385-5 -0.2 MSCI World 1,849-8 -0.4 Nikkei 19,562-3 0.0 Hang Seng 23,728-48 -0.2 Commodities Brent Oil 55-1.3-2.3 CPO Malay 2,824 29.0 1.0 Coal Newc 82-0.4-0.5 Nickel 10,754-251.8-2.3 Tin 19,320-180.0-0.9 TLKM: Telkomsigma siapkan akuisisi BJBR: Laba bersih di bawah ekspektasi TOWR: Protelindo ajukan pinjaman Rp 400 miliar ADHI: Meraih kontrak baru Rp 1 triliun BIRD: Mengantongi kontrak mobil dari kunjungan Raja Salman www.samuel.co.id Page 1 of 6

TLKM: Telkomsigma siapkan akuisisi Anak usaha PT Telekomunikasi Indonesia Tbk (TLKM), PT Sigma Cipta Caraka (Telkomsigma), berencana mengakuisisi 2 perusahaan IT pada 2017. Langkah ekpansif ini dilakukan sebagai salah satu upaya mendongkrak kinerja pendapatan sebesar 30% menjadi Rp 4 triliun pada tahun ini. (Bisnis Indonesia). TLKM: BUY 16.0 P/E17E dan 3.8x PBV 17E. BJBR: Laba bersih di bawah ekspektasi BJBR (bank only) mencatatkan laba bersih Rp 1,6 triliun pada 2016 atau naik 14% yoy. Secara konsolidasi, laba bersih turun 16% menjadi Rp 1,2 triliun (di bawah ekspektasi konsensus sebesar Rp 1,6 triliun). Kredit tumbuh 14,2% dan NIM (bank only) meningkat 108bps sehingga pendapatan bunga bersih secara total naik sekitar 22%. Meski NPL gross menurun, kenaikan biaya pencadangan yang siknifikan menurunkan laba bersih konsolidasi tersebut. Di tahun ini, kredit dan dana pihak ketiga ditargetkan tumbuh 12-13% dan 15-16%. (Bisnis Indonesia). BJBR: Non-Coverage. TOWR: Protelindo ajukan pinjaman Rp 400 miliar Anak usaha PT Sarana Menara Nusantara Tbk (TOWR), PT Profesional Telekomunikasi (Protelindo) mengajukan pinjaman hingga Rp 400 miliar dengan tenor 12 bulan untuk modal kerja. (Bisnis Indonesia). TOWR: BUY 10.5 P/E17E dan 2.6x PBV 17E. ADHI: Meraih kontrak baru Rp 1 triliun ADHI meraih kontrak baru Rp 1 triliun hingga Januari 2017, didominasi oleh kontrak gedung, jalan, dan infrastruktur lainnya. Salah satu proyek yang didapatkan adalah proyek jalan Medan- Kualanamu-Tebing Tinggi Di tahun ini, ADHI menargetkan kontrak baru Rp 44 triliun, dimana Rp 22-23 triliun di dalamnya berasal dari proyek LRT. Penjualan ditargetkan naik 26% di tahun ini dengan laba bersih sekitar Rp 503 miliar. (Bisnis Indonesia). ADHI: HOLD 17E PE: 23.4x PBV: 1.4x. BIRD: Mengantongi kontrak mobil dari kunjungan Raja Salman Kedatangan rombongan Raja Arab Saudi, Salman bin Abdulaziz Al-Saud menjadi berkah bagi emiten transportasi, PT Bluebird Tbk. (BIRD). Menurut keterangan dari pihak manajemen, perusahaan tersebut memperoleh kontrak untuk penyediaan kendaraan delegasi dari kerajaan Arab Saudi sekitar 600 unit, baik Alphard dan Mercedes, selama rombongan tersebut berada di Indonesia. Sentimen perolehan kontrak tersebut membuat harga saham BIRD bergerak positi, sehingga sejak Selasa kemarin, BIRD menyentuh level harga tertinggi selama sepanjang tahun, yakni Rp3,990 per saham. (Kontan). BIRD: Non Coverage. www.samuel.co.id Page 2 of 6

Ticker Rec. Mkt Cap price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside PE PBV ROE (Rp bn) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E Banks BMRI HOLD 264,250 11325 (0.2) 1.57 2.3 (2.2) 11274 12400 9.5 15.1 11.8 1.7 1.5 11.3% 13.1% BBCA BUY 382,153 15500 0.0-0.2 0.0 16257 17100 10.3 19.6 16.5 3.4 3.0 17.6% 17.9% BBRI E BUY 292,330 11850 (0.8) (0.63) (1.3) 1.5 13252 13500 13.9 11.2 10.4 2.0 1.8 17.9% 16.8% BBNI E BUY 116,088 6225 0.0 (1.58) 4.2 12.7 6633 6600 6.0 10.2 8.1 1.3 1.2 13.0% 14.5% BBTN BUY 22,451 2120 2.9 (4.07) 12.2 21.8 2291 2300 8.5 9.6 8.1 1.2 1.1 12.4% 13.1% Average 13.1 11.0 1.9 1.7 14.4% 15.1% Consumer (Staples) ICBP E BUY 96,211 8250 (0.3) (0.60) (2.4) (3.8) 10055 10300 24.8 25.9 23.2 5.4 4.8 21.0% 20.8% INDF E BUY 70,463 8025 0.3 (0.62) 1.9 1.3 10010 9900 23.4 17.9 15.1 2.4 2.1 13.2% 14.2% KLBF BUY 69,141 1475 (1.3) (1.34) 0.3 (2.6) 1751 1700 15.3 30.7 27.3 5.9 5.2 19.1% 19.0% ROTI BUY 7,871 1555 (0.6) 0.65 (0.3) (2.8) 1808 2000 28.6 32.4 26.8 5.7 4.9 17.5% 18.1% ULTJ E BUY 12,824 4440 1.8 2.07 (0.7) (2.8) 5400 5300 19.4 20.4 16.7 3.8 3.1 18.7% 18.9% UNVR HOLD 321,223 42100 (0.2) (0.36) 0.2 8.5 44436 45200 7.4 50.3 45.0 59.8 52.4 118.9% 116.6% SIDO BUY 8,400 560 0.9 (1.75) (1.8) 7.7 663 700 25.0 17.4 15.6 3.1 2.9 17.7% 18.9% AISA E BUY 6,920 2150 8.6 5.91 11.1 10.5 2469 2440 13.5 17.2 13.2 1.8 1.6 10.7% 12.2% Average 27.9 24.2 12.3 10.8 32.3% 32.4% Cigarette HMSP BUY 475,741 4090 6.2 5.14 4.6 6.8 4195 4390 7.3 40.2 35.9 13.4 12.2 33.3% 33.8% GGRM J BUY 126,701 65850 1.9 4.32 6.6 3.1 78348 77150 17.2 19.4 18.7 2.9 2.6 15.2% 14.1% Average 29.8 27.3 8.2 7.4 24.2% 24.0% Healthcare MIKA HOLD 36,231 2490 (0.8) 4.62 1.2 (3.1) 2926 2950 18.5 54.4 47.8 10.1 9.1 18.5% 19.1% SILO E BUY 16,583 12750 (4.1) (5.56) 3.9 17.0 12911 12500-2.0 170.0 134.0 6.9 6.3 4.1% 4.7% Average 112.2 90.9 8.5 7.7 11.3% 11.9% Retail MAPI BUY 8,964 5400 2.4 (4.85) 0.0 0.0 6269 7700 42.6 47.8 33.1 2.8 2.6 5.8% 7.8% RALS BUY 8,693 1225 (1.2) (5.41) (16.1) 2.5 1584 1750 42.9 20.8 18.8 2.4 2.3 11.7% 12.0% ACES HOLD 12,948 755 0.0 (1.31) (0.7) (9.6) 927 825 9.3 28.0 18.4 4.7 4.1 16.8% 22.2% LPPF BUY 37,714 12925 10.2 (13.69) (14.5) (14.5) 16340 19500 50.9 15.5 13.7 17.3 11.1 111.9% 81.1% Average 28.0 21.0 6.8 5.0 36.5% 30.8% Telco EXCL BUY 31,102 2910 (1.0) (10.19) 0.3 26.0 3307 3200 10.0 83.1 78.6 1.5 1.4 1.8% 1.8% ISAT E BUY 38,581 7100 1.4 1.43 11.4 10.1 8052 7200 1.4 47.7 21.9 2.8 2.6 6.0% 11.7% TLKM BUY 386,064 3830 (0.5) (0.26) (3.0) (3.8) 4605 5000 30.5 19.5 16.0 4.4 3.8 22.3% 24.0% TOWR J BUY 36,935 3620 (0.8) 3.43 6.2 1.1 4627 4500 24.3 11.9 10.5 3.4 2.6 28.8% 24.5% Average 40.6 31.8 3.0 2.6 0.1 0.2 Auto and HE ASII E BUY 343,098 8475 1.8 5.28 4.6 2.4 8884 9000 6.2 18.6 15.3 3.1 2.6 16.7% 17.2% UNTR BUY 93,533 25075 4.9 1.72 9.0 18.0 25124 25050-0.1 21.6 18.2 2.3 2.2 10.7% 11.9% Average 20.1 16.8 2.7 2.4 13.7% 14.6% Aviation GIAA BUY 8,801 340 (0.6) - 0.0 0.6 376 445 30.9 17.9 13.1 0.7 0.9 3.8% 7.1% Property BSDE BUY 34,355 1785 (0.3) (6.54) (5.8) 1.7 2283 2350 31.7 16.7 14.4 1.5 1.3 9.3% 9.3% PWON J BUY 27,692 575 (2.5) (4.96) 0.0 1.8 688 710 23.5 20.6 19.1 3.5 3.0 16.8% 15.8% ASRI E HOLD 7,270 370 1.1 (2.63) (7.0) 5.1 429 390 5.4 11.6 10.9 1.0 1.0 9.0% 8.8% SMRA BUY 19,837 1375 0.4 (1.79) 4.2 3.8 1560 1550 12.7 30.2 28.4 2.6 2.4 8.5% 8.4% SSIA E BUY 2,611 555 1.8 (0.89) (11.9) 27.9 841 750 35.1 13.2 12.3 0.9 0.8 6.5% 6.6% CTRA BUY 24,221 1305 0.0 (5.09) (5.4) (2.2) 1702 1580 21.1 15.0 12.8 1.5 1.4 9.9% 11.0% DMAS BUY 11,278 234 (2.5) (6.40) 3.5 1.7 309 300 28.2 18.0 16.7 1.5 1.3 8.1% 8.0% KIJA E BUY 6,488 314 3.3 6.08 8.3 7.5 450 450 43.3 12.1 10.5 1.2 1.1 9.8% 10.1% Average 17.2 15.6 1.7 1.5 0.1 0.1 Construction PTPP BUY 22,196 3580 3.2 1.99 (3.5) (6.0) 4901 4150 15.9 21.7 15.9 2.1 1.9 9.5% 11.8% ADHI E HOLD 7,763 2180 1.4 (1.36) 3.8 4.8 2560 2550 17.0 24.8 23.4 1.5 1.4 5.9% 6.0% WSKT BUY 33,120 2440 0.8 (1.61) (5.4) (4.3) 3328 3250 33.2 16.6 14.6 1.7 1.7 10.2% 11.7% WIKA BUY 22,515 2510 0.4 (0.79) 0.8 6.4 3091 3000 19.5 22.2 20.2 1.8 1.6 8.1% 8.0% Average 21.3 18.6 1.8 1.7 8.4% 9.4% Cement INTP E SELL 56,691 15400 0.5 (1.75) 0.2 0.0 15461 13500-12.3 13.8 13.4 2.1 1.9 15.6% 14.4% SMGR J HOLD 55,905 9425 0.3 1.89 2.4 2.7 9819 9000-4.5 14.3 13.8 2.0 1.8 13.7% 12.9% SMCB SELL 6,935 905 (0.5) (1.09) 0.0 0.6 823 700-22.7-90.5-37.7 0.8 0.9-0.9% -2.3% SMBR HOLD 23,119 2350 3.1 0.43 8.3 (15.8) 919 2300-2.1 71.2 61.8 7.1 6.2 9.9% 10.0% Average 2.2 12.8 3.0 2.7 0.1 0.1 Precast WSBP J BUY 14,630 555 0.0 (0.89) (4.3) 0.0 686 690 24.3 23.1 21.8 2.0 1.7 8.6% 8.0% WTON J BUY 7,147 820 0.6 (0.61) (0.6) (0.6) 1112 1150 40.2 26.5 21.6 2.9 2.3 10.8% 10.9% Average 24.8 21.7 2.4 2.0 9.7% 9.4% www.samuel.co.id Page 3 of 6

Utilities PGAS BUY 67,149 2770 (0.7) (2.46) (3.5) 2.6 3289 3375 21.8 11.9 9.9 1.5 1.3 12.3% 13.5% JSMR BUY 34,910 4810 3.2 (3.02) 12.9 11.3 5538 5000 4.0 18.4 18.2 2.8 2.5 15.3% 13.9% Average 15.1 14.0 2.1 1.9 13.8% 13.7% Coal and Metal ANTM BUY 18,504 770 2.7 (1.91) (7.2) (14.0) 971 1250 62.3 385.0 9.0 1.0 0.9 0.3% 10.0% INCO BUY 25,437 2560 2.0 (1.16) (7.6) (9.2) 2867 3500 36.7 196.9 27.8 1.1 1.0 0.5% 3.7% TINS E BUY 7,522 1010 1.0 2.02 (8.2) (6.0) 1289 1200 18.8 101.0 48.1 1.4 1.4 1.4% 2.9% ITMG BUY 20,282 17950 2.6 7.49 13.6 6.4 19801 19000 5.8 15.1 7.7 1.7 1.5 11.3% 19.6% ADRO BUY 53,896 1685 0.6 (1.75) (2.0) (0.6) 1942 2100 24.6 15.0 12.8 1.1 1.1 7.6% 8.5% PTBA BUY 25,806 11200 0.7 (0.88) (4.7) (10.4) 14731 15000 33.9 18.8 11.5 2.6 2.3 14.1% 19.9% Average 122.0 19.5 1.5 1.4 5.9% 10.7% Plantation AALI E BUY 29,496 15325 1.0 4.25 (4.2) (8.6) 18777 19800 29.2 17.7 16.8 1.9 1.8 10.7% 10.7% LSIP E BUY 10,405 1525 0.3 1.67 (3.2) (12.4) 1841 2050 34.4 21.5 13.7 1.3 1.3 6.3% 9.1% SIMP BUY 8,778 555 (1.8) 8.82 6.7 12.3 541 600 8.1 19.8 12.6 0.6 0.6 3.1% 4.9% Average 19.7 14.4 1.3 1.2 6.7% 8.2% Poultry CPIN E BUY 51,982 3170 4.6 2.92 (1.9) 2.6 3488 4500 42.0 15.0 13.4 1.9 1.7 13.0% 12.8% JPFA BUY 19,455 1705 4.6 (1.45) (0.3) 17.2 2227 2200 29.0 10.3 9.4 2.1 1.8 20.7% 18.7% MAIN BUY 2,776 1240 1.6 0.40 4.6 (4.6) 1526 1730 39.5 7.3 6.7 1.2 1.0 16.3% 15.6% Average 10.8 9.8 1.8 1.5 16.7% 15.7% Other Sectors AKRA BUY 24948.6 6250.0 0.0-5.3-9.7 4.2 7633.9 7600 21.6 22.4 20.0 3.6 3.2 16.2% 16.3% DOID BUY 6035.6 725.0 2.8 13.3 16.9 42.2 850.0 850 17.2 12.9 6.8 3.7 2.5 28.7% 35.9% Average 17.7 13.4 3.7 2.9 22.5% 26.1% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID 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 (7.51) 1,849 (0.40) 0.55 0.44 2.40 8.19 5.57 15.68 1,859 1,567 U.S. (S&P) (14.04) 2,382 (0.59) 0.51 0.77 3.68 8.67 6.39 19.49 2,401 1,969 U.S. (DOW) (112.58) 21,003 (0.53) 0.79 0.93 4.64 9.56 6.28 23.96 21,169 16,821 Europe (5.49) 3,385 (0.16) 2.28 1.52 3.41 12.26 2.86 12.34 3,393 2,678 Emerging Market (2.10) 936 (0.22) (0.42) (1.65) 1.90 9.77 8.59 20.02 957 770 FTSE 100 (0.55) 7,382 (0.01) 1.78 1.53 2.70 9.68 3.35 n/a 7,395 5,789 CAC 40 2.97 4,964 0.06 2.45 1.48 2.87 9.60 2.09 12.40 4,973 3,956 Dax (7.62) 12,060 (0.06) 2.00 0.94 3.50 14.71 5.04 23.66 12,083 9,214 Indonesia 45.20 5,408 0.84 0.47 0.66 0.89 3.09 2.11 11.65 5,492 4,691 Japan (13.72) 19,551 (0.07) 2.26 1.39 3.35 6.11 2.28 15.28 19,668 14,864 Australia (56.59) 5,720 (0.98) 0.14 (0.33) 1.75 5.07 0.96 12.57 5,833 4,894 Korea (13.68) 2,089 (0.65) 0.17 (0.89) 0.76 6.01 3.08 6.68 2,113 1,893 Singapore 13.71 3,136 0.44 0.90 (0.03) 3.11 7.44 8.88 12.51 3,158 2,703 Malaysia 17.98 1,716 1.06 1.29 0.66 1.82 5.32 4.50 1.63 1,729 1,612 Hong Kong (48.42) 23,728 (0.20) (0.82) (1.60) 2.59 5.16 7.85 18.99 24,364 19,595 China (16.91) 3,230 (0.52) 0.04 (0.66) 2.86 (0.43) 4.07 12.95 3,301 2,773 Taiwan 17.02 9,692 0.18 (0.79) (0.74) 2.50 5.47 4.74 12.54 9,870 8,000 Thailand 2.75 1,570 0.18 0.76 0.17 (0.82) 4.55 1.75 13.82 1,601 1,343 Philipines 64.24 7,235 0.90 0.03 (1.37) 0.11 5.06 5.76 3.90 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.03 4.34 (0.18) 0.69 (2.50) 2.49 (15.69) 5.58 4.16 Foreign Reserve (US$bn) n/a 116.89 n/a 0.45 1.61 0.45 14.45 116.89 103.59 Inflation Rate (%) n/a 0.23 n/a (76.29) (51.06) (45.24) 355.56 0.97 (0.45) US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % 0.00 7.52 (0.15) (1.16) (6.76) (5.74) (6.69) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (4.00) 13358 0.03 (0.11) (0.05) (0.04) 0.86 0.86 (0.48) 13,698 12,920 Japan (0.07) 114.34 0.06 (1.37) (1.94) (1.51) 2.29 2.29 (0.57) 118.66 99.02 UK 0.00 1.23 0.11 (0.81) (1.46) (1.63) (0.49) (0.49) (13.39) 1.50 1.18 Euro 0.00 1.05 0.06 (0.60) (0.47) (2.50) (0.04) (0.04) (4.05) 1.16 1.03 China 0.01 6.89 (0.12) (0.28) (0.35) (0.09) 0.80 0.80 (4.92) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High i Oil 0.09 52.70 0.17 (2.43) (2.39) (2.10) 1.97 (1.90) 52.44 55.24 34.19 CPO 29.00 2,824.00 1.04 2.54 1.51 (5.99) (7.74) (9.17) 13.69 3,202.00 2,172.00 Rubber 0.50 1,127.50 0.04 (0.18) (2.21) (3.96) 33.75 15.35 109.96 1,174.00 541.00 Coal (0.45) 82.10 (0.55) (1.68) (2.38) (0.48) (0.12) (13.31) 65.69 112.25 51.75 Iron Ore 0.44 92.46 0.48 (0.17) (2.58) 10.81 14.28 18.45 98.84 94.91 46.80 Tin (180.00) 19,320.00 (0.92) 1.95 3.02 (2.37) (9.10) (8.89) 18.68 21,945.00 15,494.00 Nickel (250.00) 10,780.00 (2.27) (2.40) 1.89 3.70 (5.89) 7.58 23.55 12,145.00 8,245.00 Copper (86.00) 5,930.00 (1.43) (0.07) 1.21 0.75 2.95 7.13 23.80 6,204.00 4,483.50 Gold 2.20 1,235.10 0.18 (1.40) (1.73) 1.27 4.98 7.40 (1.84) 1,377.50 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 5 of 6

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