Samuel Research Market Activity Friday, 07 Apr 2017 Market Index Index Movement Market Volume Market Value : 5,680.2 : +3.3 (+0.1%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BMRI 12,425 525 4.4 BBCA 17,325 300 1.8 BBRI 13,175 175 1.3 BJBR 2,330 399 20.7 Lagging Movers TLKM 4,170-80 -1.9 HMSP 4,000-30 -0.7 PTBA 12,850-900 -6.5 CPIN 3,250-80 -2.4 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 213 TLKM 65 BMRI 194 ICBP 60 BBRI 29 ASII 20 UNVR 29 BNGA 16 UNTR 26 AKRA 14 Money Market USD/IDR 13,336 15.0-0.1 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.0 - - Dual Listing Securities TLKM 30.9-0.5-1.7 ISAT 39.8 0.7 1.7 EIDO 26.3 0.1 0.3 World Indices DJIA 20,663 15 0.1 S&P 500 2,357 5 0.2 Euro Stoxx 3,490 17 0.5 MSCI World 1,847 1 0.0 Nikkei 18,747 150 0.8 Hang Seng 24,274-127 -0.5 Commodities Brent Oil 55-0.1-0.1 CPO Malay 2,630-2.0-0.1 Coal Newc 89 0.2 0.2 Nickel 10,048-214.8-2.1 Tin 20,368 228.0 1.1 IHSG berpeluang menguat seiring dengan positifnya consumer index Bursa AS ditutup menguat tipis setelah investor menunggu hasil pertemuan Presiden Donald Trump dan Presiden China, Xi Jinping. Investor melihat pertemuan ini akan menjadi penentu bagaimana hubungan antara China dan AS kedepannya. Data jobless claims tercatat turun ke 234 ribu menunjukkan sehatnya lapangan pekerjaan dan menjadi katalis rencana the Fed untuk memangkas pembelian obligasi senilai US$ 4,5 triliun di tahun ini. Di sisi lain, data purchase manager index menunjukkan manufaktur China sedang melambat, diindikasikan dengan turunnya angka PMI ke 52,1 dari 52,6. Harga minyak ditutup melemah ke level US$ 54,8/barrel setelah Presiden Donald Trump menyatakan sedang menyiapkan kebijakan yang memberikan peluang perusahaan minyak untuk eksplorasi lepas pantai, sebelumnya kebijakan eksplorasi lepas pantai dibatasi di masa pemerintahan Barrack Obama. Harga batubara kembali menguat ke US$ 88,6/ton, melanjutkan rally penguatan dalam sepekan terakhir. IHSG hari ini kami perkirakan menguat seiring dengan naiknya consumer confidence index menjadi 121,5 dari 117,1 di bulan sebelumnya. Di sisi lain, Asian Development Bank (ADB) memperkirakan pertumbuhan ekonomi Indonesia di 2017 dapat tumbuh 5,1% dan 5,3% di 2018. Rupiah menguat tipis kemarin sementara EIDO ditutup menguat. Highlights BBCA: Membagikan dividen TGKA: Pesanan jasa melemah Plantation: Ekspor minyak sawit hanya 2.66 juta ton Perkapalan: Order masih lemah Sektor unggas: Harga ayam akan diatur PSAB: Right Issue US$ 300 juta WTON: Incar Rp5.4tn www.samuel.co.id Page 1 of 7
BBCA: Membagikan dividen BBCA membagikan dividen Rp 4,9 triliun (Rp 200 per saham) atau setara dengan 23,7% dari laba bersih 2016. Jika dikurangi dividen interim Rp 70 per saham, sisanya adalah Rp 130 (yield: 0,75%). Saat ini, pertumbuhan kredit relatif lebih rendah dari pertumbuhan dana. Selain karena kondisi makro yang masih relatif lemah, BBCA juga berhati-hati dalam penyaluran kreditnya agar tidak terjadi NPL. LFR saat ini 77,1%, di bawah batas minimal sebesar 80%, sehingga dapat terkena penalty berupa penambahan GWM di BI. Hal ini tidak menjadi masalah bagi BBCA karena dananya berbiaya murah. (Investor Daily) BBCA: BUY; 17E PE: 18.5x, PBV: 3.3x. TGKA: Pesanan jasa melemah PT Tigaraksa Satria Tbk (TGKA) mencatatkan penjualan relatif flat secara yoy pada 2016. Jasa manufaktur TGKA mencakup layanan produksi dan pengemasan susu bubuk untuk pihak ketiga seperti Lactamil, Produgen, Chocomax, Anlene, Anmum, dan Bonetto. Pesanan dari pihak ketiga ini khususnya dari PT Fonterra Brand Indonesia relatif menurun karena pihak tersebut sudah memiliki fasilitas produksi sendiri. Di tahun ini, TGKA akan menambah customer baru di bisnis produksi serta mengembangkan bisnis lainnya seperti produk edukasi. (Kontan). TGKA: Non-Coverage. Plantation: Ekspor minyak sawit hanya 2.66 juta ton Ekspor minyak sawit nasional, termasukoleokimia dan biodiesel,pada Februari 2017 mencapai sebelumnya yang sebesar 2,84 juta ton. Penurunan ekspor hingga 183 ribu ton tersebut disebabkan olehtingginya bea keluar (BK) yang dikenakan pada Februari 2017 sebesar US$ 18 per ton. (Investor Daily) Plantation: Neutral Perkapalan: Order masih lemah Diberitakan bahwa pendapatan sejumlah besar emiten perkapalan menurun dan banyak yang membukukan kerugian pada tahun lalu. Kondisi makro yang masih lemah dinilai sejumlah besar pelaku industri menyebabkan order atau permintaan jasa relatif lemah. TMAS, SHIP, HITS tercatat sebagai emiten yang masih dapat membukukan kenaikan pendapatan dan mencatatkan laba bersih positif di tahun lalu. (Bisnis Indonesia) Shipping: Non-Coverage. www.samuel.co.id Page 2 of 7
Sektor unggas: Harga ayam akan diatur Pemerintah dan DPR sepakat untuk membuat harga eceran tertinggi DOC dan pakan ternak unggas. DPR juga meminta pemerintah untuk menetapkan harga acuan ayam hidup dan karkas, serta telur ayam di tingkat peternak dan konsumen. Hal ini disampaikan dalam kesimpulan rapat dengar pendapat umum Komisi VI DPR dengan Dirjen Perdagangan Dalam Negeri Kementerian Perdagangan. (Bisnis Indonesia) Sektor unggas: Overweight. PSAB: Right Issue US$ 300 juta PT J Resources Asia Pasifik Tbk (PSAB) akan melangsungkan penambahan modal dengan hak memesan efek terlebih dahulu (HMETD) atau rights issue. Perseroan siap menerbitkan sebanyak 20,13 miliar saham baru, dengan target dana US$ 300 juta. Selain itu, J Resources International Ltd (JRI) sebagai perusahaan induk akan menerbitkan obligasi global sebesarbesarnyaus$ 300 juta dan disalurkan dalam bentuk setoran modal pada entitas anak PT J Resources Nusantara (JRN). (Investor Daily) PSAB: Non -Coverage WTON: Incar Rp5.4tn PT Wijaya Karya Beton, Tbk (WTON) mengincar kontrak baru sebesar Rp5.4tn tahun ini dengan kontribusi diperkirakan masih akan datang terbesar datang dari proyek infrastruktur (40%). Selain itu, WTON Juga masih akan berfokus pada peningkatan produktivitas dan modernisasi pabriknya. Perusahaan juga akan menambah unit usaha melalui JV dengan perusahaan asal Jepang serta tiga joint operation bersama dengan Malaysia, Thailand dan China. (Bisnis Indonesia). WTON: Buy; 21.1x P/E17E dan 2.3x PBV 17E. www.samuel.co.id Page 3 of 7
Ticker 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 HOLD 289,917 12425 4.4 7.3 11640 12400-0.2 12.9 12.5 1.7 1.5 13.1% 12.4% BBCA BUY 427,148 17325 1.8 11.8 17155 17100-1.3 18.5 17.4 3.3 2.9 17.9% 16.5% BBRI BUY 325,016 13175 1.3 12.8 13452 13500 2.5 11.6 10.2 2.0 1.7 16.8% 16.8% BBNI BUY 124,946 6700 1.9 21.3 6870 6600-1.5 8.7 7.8 1.3 1.1 14.5% 14.4% BBTN BUY 24,463 2310 1.8 32.8 2450 2570 11.3 7.8 7.3 1.1 1.0 14.4% 13.7% Average 11.9 11.0 1.9 1.7 15.3% 14.8% Consumer (Staples) ICBP BUY 95,919 8225 (1.2) (4.1) 9425 10300 25.2 23.1 20.3 4.8 4.2 20.8% 20.9% INDF BUY 70,243 8000 0.3 0.9 9831 9900 23.8 15.0 13.1 2.1 1.9 14.2% 14.9% KLBF BUY 75,469 1610 (0.3) 6.3 1686 1700 5.6 29.8 26.4 5.7 5.0 19.0% 19.0% ROTI BUY 8,301 1640 4.8 2.5 1806 2050 25.0 23.8 20.2 4.9 4.1 20.5% 20.2% ULTJ BUY 12,131 4200 0.0 (8.1) 5350 5300 26.2 15.8 14.3 3.0 2.5 18.9% 17.5% UNVR HOLD 343,350 45000 0.0 16.0 44980 45200 0.4 48.1 42.9 56.0 49.1 116.6% 114.4% SIDO BUY 8,550 570 (0.9) 9.6 685 700 22.8 15.8 12.6 3.0 2.8 18.9% 22.4% AISA BUY 7,113 2210 (0.9) 13.6 2548 2440 10.4 13.6 12.8 1.7 1.5 12.2% 11.5% Average 23.1 20.3 10.1 8.9 30.1% 30.1% Cigarette HMSP BUY 465,272 4000 (0.7) 4.4 4133 4390 9.7 36.0 34.8 12.3 0.3 34.3% 1.0% GGRM BUY 130,838 68000 0.1 6.4 77269 77150 13.5 19.3 18.2 2.7 2.4 14.1% 13.4% Average 27.6 26.5 7.5 1.4 24.2% 7.2% Healthcare MIKA BUY 36,813 2530 (2.7) (1.6) 3036 2950 16.6 46.9 42.9 9.2 8.3 19.6% 19.3% SILO HOLD 17,786 13675 0.0 25.5 13369 12500-8.6 168.8 132.8 5.5 5.1 3.3% 3.8% Average 107.8 87.8 7.3 6.7 11.4% 11.6% Poultry CPIN BUY 53,294 3250 (2.4) 5.2 3312 4500 38.5 13.7 12.7 1.8 1.6 12.8% 12.4% JPFA BUY 18,827 1650 (3.5) 13.4 2015 2200 33.3 9.1 8.3 1.7 1.5 18.7% 17.6% MAIN BUY 2,989 1335 (1.5) 2.7 1612 2280 70.8 7.2 5.7 1.1 1.0 15.9% 17.2% Average 10.0 8.9 1.5 1.3 15.8% 15.8% Retail MAPI BUY 10,624 6400 5.3 18.5 6607 7700 20.3 42.4 30.6 3.0 2.8 7.2% 9.1% RALS BUY 8,231 1160 (0.9) (2.9) 1539 1750 50.9 17.8 14.1 2.1 2.0 12.0% 13.9% ACES HOLD 15,864 925 0.0 10.8 941 825-10.8 22.6 19.3 5.0 4.2 22.2% 21.8% LPPF BUY 39,100 13400 0.9 (11.4) 15810 19500 45.5 14.2 13.6 11.5 8.2 81.1% 60.0% Average 24.2 19.4 5.4 4.3 30.6% 26.2% Telco EXCL BUY 32,491 3040 (1.3) 31.6 3369 3200 5.3 82.2 54.3 1.5 1.5 1.8% 2.7% ISAT BUY 37,902 6975 (0.4) 8.1 8368 7200 3.2 21.5 13.5 2.5 2.2 11.7% 16.2% TLKM BUY 420,336 4170 (1.9) 4.8 4656 5000 19.9 17.4 13.5 4.2 3.6 24.0% 26.7% TOWR BUY 39,587 3880 (1.3) 8.4 4533 4500 16.0 11.3 10.6 2.8 2.2 24.5% 20.7% Average 33.1 23.0 2.7 2.4 15.5% 16.6% Auto and HE ASII BUY 354,231 8750 (0.3) 5.7 9205 9000 2.9 15.8 13.5 2.7 2.2 17.2% 16.4% UNTR BUY 108,174 29000 0.0 36.5 28266 27500-5.2 16.0 14.2 2.4 2.2 15.2% 15.3% Average 15.9 13.8 2.6 2.2 16.2% 15.9% Aviation GIAA HOLD 9,940 384 (2.5) 13.6 368 420 9.4 #DIV/0! 28.8 0.6 0.5 #DIV/0! 1.7% Property BSDE BUY 35,318 1835 (2.1) 4.6 2350 2350 28.1 17.6 14.8 1.1 0.9 6.2% 5.8% PWON BUY 28,414 590 (3.3) 4.4 701 710 20.3 14.4 12.0 2.8 2.3 19.2% 19.3% ASRI HOLD 6,838 348 (0.6) (1.1) 442 390 12.1 10.2 9.7 0.9 0.8 8.8% 8.7% SMRA BUY 19,837 1375 1.1 3.8 1520 1550 12.7 28.4 26.8 2.4 2.2 8.4% 8.2% SSIA BUY 3,576 760 3.4 75.1 844 750-1.3 16.9 14.1 1.1 1.1 6.6% 7.5% CTRA BUY 20,973 1130 (3.8) (15.4) 1630 1580 39.8 11.1 9.1 1.2 1.1 11.0% 12.4% DMAS BUY 11,182 232 0.0 0.9 319 300 29.3 16.6 13.6 1.3 1.2 8.0% 8.9% KIJA BUY 6,777 328 (1.2) 12.3 400 450 37.2 10.9 9.6 1.1 1.0 10.1% 10.3% Average 15.8 13.7 1.5 1.3 9.8% 10.1% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 20,088 3240 0.3 (15.0) 4846 4150 28.1 14.4 12.2 1.7 1.5 11.8% 12.6% ADHI HOLD 8,154 2290 1.8 10.1 2565 2550 11.4 24.6 20.6 1.5 1.3 6.0% 6.5% WSKT BUY 31,762 2340 (1.3) (8.2) 3329 3250 38.9 14.0 11.1 1.6 1.6 11.7% 14.2% WIKA BUY 20,272 2260 (1.7) (4.2) 3131 3000 32.7 18.2 15.9 1.5 1.3 8.0% 8.3% Average 17.8 15.0 1.6 1.4 9.4% 10.4% Cement INTP SELL 62,213 16900 (1.7) 9.7 15905 13500-20.1 17.1 16.1 2.2 2.0 12.9% 12.6% SMGR HOLD 54,273 9150 0.3 (0.3) 9884 9000-1.6 13.4 12.2 1.7 1.6 12.9% 12.9% SMCB SELL 6,935 905 0.0 0.6 813 700-22.7-37.7-30.2 0.9 0.9-2.3% -2.8% SMBR HOLD 35,219 3580 0.8 28.3 458 2300-35.8 94.2 89.5 9.4 8.3 10.0% 9.3% Average 21.8 21.9 3.6 3.2 8.4% 8.0% Precast WSBP BUY 13,444 510 1.0 (8.1) 713 690 35.3 20.0 13.1 1.6 1.4 8.0% 10.6% WTON BUY 6,972 800 0.6 (3.0) 1123 1150 43.8 21.1 18.2 2.3 1.9 10.9% 10.6% Average 20.6 15.6 1.9 1.7 9.4% 10.6% Oil and Gas PGAS HOLD 59,392 2450 1.2 (9.3) 3006 2600 6.1 13.5 10.9 1.3 1.2 9.4% 10.7% AKRA BUY 24600.2 6150.0-1.6 2.5 7175.4 7600 23.6 21.0 20.8 3.2 2.9 15.2% 14.0% MEDC BUY 10,497 3150 (1.3) 138.6 3534 4500 42.9 5.1 6.1 0.9 0.8 17.7% 13.4% Average 13.2 12.6 1.8 1.6 0.1 0.1 Utilities JSMR BUY 33,822 4660 (1.1) 7.9 5583 5000 7.3 17.6 23.3 2.5 2.3 13.9% 9.8% Metal ANTM BUY 17,182 715 0.7 (20.1) 991 1250 74.8 8.3 4.5 0.8 0.8 10.0% 17.8% INCO BUY 23,152 2330 0.9 (17.4) 2896 3500 50.2 25.3 14.7 0.9 0.9 3.7% 6.2% TINS BUY 7,150 960 1.1 (10.7) 1253 1200 25.0 45.7 28.2 1.3 1.3 2.9% 4.5% Average 26.5 15.8 1.0 1.0 5.5% 9.5% Coal DOID BUY 8782.9 1055.0-0.5 106.9 950.0 1050-0.5 8.8 6.6 3.3 2.1 37.5% 32.4% ITMG BUY 23,107 20450 0.2 21.2 20694 19000-7.1 8.8 7.8 1.7 1.6 19.6% 20.5% ADRO BUY 60,613 1895 0.3 11.8 1978 2100 10.8 14.4 13.1 1.2 1.1 8.5% 8.7% PTBA BUY 29,608 12850 (6.5) 2.8 15158 15000 16.7 13.2 10.8 2.6 2.3 19.9% 21.5% Average 11.3 9.6 2.2 1.8 21.4% 20.8% Plantation AALI BUY 28,485 14800 (0.3) (11.8) 17895 19800 33.8 16.2 13.6 1.7 1.6 10.7% 12.1% LSIP BUY 9,961 1460 0.0 (16.1) 1754 2050 40.4 13.2 10.2 1.2 1.1 9.1% 10.9% SIMP BUY 10,202 645 2.4 30.6 587 600-7.0 14.7 11.3 0.7 0.7 4.9% 5.8% Average 14.7 11.7 1.2 1.1 8.2% 9.6% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, 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 0.64 1,847 0.03 (0.19) (0.38) 0.33 3.56 5.45 13.87 1,869 1,567 U.S. (S&P) 4.54 2,357 0.19 (0.06) (0.45) (0.46) 3.54 5.30 15.46 2,401 1,992 U.S. (DOW) 14.80 20,663 0.07 0.06 (0.32) (1.25) 3.50 4.56 17.79 21,169 17,063 Europe 16.99 3,490 0.49 0.48 0.23 3.09 5.07 6.05 21.52 3,508 2,678 Emerging Market (5.93) 963 (0.61) (0.19) 0.51 2.86 9.33 11.72 19.03 980 781 FTSE 100 (28.48) 7,303 (0.39) 0.28 (0.90) (0.49) 1.29 2.25 n/a 7,447 5,789 CAC 40 29.59 5,121 0.58 0.70 0.62 3.36 4.31 5.33 20.62 5,133 3,956 Dax 13.35 12,231 0.11 (0.21) (0.21) 2.21 5.45 6.53 28.33 12,376 9,214 Indonesia 3.26 5,680 0.06 1.31 1.56 5.14 6.23 7.24 16.70 5,680 4,691 Japan 152.33 18,749 0.82 (0.32) (0.85) (3.07) (3.62) (1.91) 19.04 19,668 14,864 Australia 24.82 5,881 0.42 0.42 0.28 2.08 2.18 3.80 18.47 5,902 4,894 Korea (0.53) 2,152 (0.02) (0.41) (0.37) 2.78 5.03 6.21 9.03 2,182 1,893 Singapore (0.96) 3,176 (0.03) (0.37) 0.07 1.44 7.19 10.23 12.87 3,190 2,703 Malaysia (5.11) 1,740 (0.29) (0.34) (0.55) 0.63 3.82 5.96 0.89 1,760 1,612 Hong Kong (127.08) 24,274 (0.52) 0.67 (0.49) 2.50 7.87 10.33 19.78 24,657 19,595 China 10.70 3,281 0.33 2.20 0.86 1.19 4.02 5.71 9.06 3,301 2,781 Taiwan (51.68) 9,898 (0.52) 0.50 0.22 1.64 5.61 6.96 16.58 9,977 8,000 Thailand (1.70) 1,582 (0.11) 0.45 0.45 1.84 0.68 2.54 15.18 1,601 1,343 Philipines (18.89) 7,565 (0.25) 3.05 3.17 3.71 4.38 10.59 4.59 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.02 4.37 (0.29) 0.19 (2.64) 3.15 (10.80) 5.58 4.16 Foreign Reserve (US$bn) n/a 119.86 n/a 2.54 7.53 3.01 14.65 119.86 103.59 Inflation Rate (%) n/a (0.02) n/a (108.70) (104.76) (104.76) (110.53) 0.97 (0.45) US Fed Rate (%) 0.00 1.00 0.00 33.33 33.33 33.33 100.00 1.00 0.50 Indo Govt Bond Yld (10yr) - % 0.00 7.08 0.48 (4.99) (8.66) (11.24) (6.67) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 15.00 13336 (0.11) (0.10) (0.15) 0.11 1.03 1.03 (0.84) 13,698 12,920 Japan 0.14 110.95 (0.13) (0.19) 0.40 2.73 5.42 5.42 (2.47) 118.66 99.02 UK (0.00) 1.25 (0.08) 0.16 (0.72) 2.13 0.97 0.97 (11.35) 1.50 1.18 Euro 0.00 1.06 0.02 (0.26) (0.06) 0.76 1.23 1.23 (6.43) 1.16 1.03 China 0.00 6.90 (0.04) (0.15) (0.12) (0.01) 0.69 0.69 (6.04) 6.96 6.46 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.03) 51.67 (0.06) 1.25 2.11 (2.77) (4.30) (3.82) 38.67 55.24 36.69 CPO (2.00) 2,630.00 (0.08) 1.19 (1.09) (7.52) (13.12) (15.41) (2.95) 3,202.00 2,172.00 Rubber 3.00 1,040.50 0.29 0.29 (0.43) (8.33) 5.74 6.45 52.45 1,174.00 644.00 Coal 0.15 88.55 0.17 0.57 6.24 10.07 7.66 (6.49) 79.98 112.25 69.00 Iron Ore (0.26) 80.10 (0.32) (1.33) (5.58) (13.37) 2.61 2.61 52.28 94.91 46.80 Tin 228.00 20,368.00 1.13 1.41 0.94 4.86 (3.34) (3.95) 23.27 21,945.00 15,494.00 Nickel (215.00) 10,080.00 (2.09) 2.34 (0.54) (9.15) (1.61) 0.60 17.35 12,145.00 8,329.00 Copper (37.00) 5,858.00 (0.63) 1.83 (1.65) 0.00 4.79 5.83 22.40 6,204.00 4,483.50 Gold (0.20) 1,251.50 (0.02) (0.41) 0.34 2.91 6.66 8.83 1.20 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 Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Utility 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