Samuel Research Market Activity Tuesday, 07 Mar 2017 Market Index Index Movement Market Volume Market Value : 5,409.8 : +18.6 (+0.3%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers TLKM 3,920 70 1.8 ASII 8,550 150 1.8 UNTR 26,200 1100 4.4 UNVR 42,375 400 1.0 Lagging Movers HMSP 3,950-40 -1.0 GGRM 63,400-1075 -1.7 AGRO 925-135 -12.7 CPIN 3,130-90 -2.8 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) ASII 316 BMRI 50 UNTR 142 BBCA 43 TLKM 74 JSMR 28 BBNI 61 AGRO 22 ADHI 40 GGRM 16 Money Market USD/IDR 13,351-32.0 0.2 JIBOR O/N 4.3 0.0 - Infl (MoM) 0.2 - - Dual Listing Securities TLKM 29.2 0.3 0.9 ISAT 41.2-0.2-0.6 EIDO 24.8 0.2 0.7 World Indices DJIA 20,954-51 -0.2 S&P 500 2,375-8 -0.3 Euro Stoxx 3,387-16 -0.5 MSCI World 1,846-3 -0.2 Nikkei 19,343-36 -0.2 Hang Seng 23,596 44 0.2 IHSG berpotensi tertekan pada hari ini Bursa global, baik Wall Street dan Eropa ditutup melemah pada perdagangan kemarin. Pelemahan pergerakan bursa tersebut diwarnai oleh sejumlah berita negatif, antara lain para pelaku pasar yang kami lihat cenderung pesimis atas hawkish nya pejabat The Fed terhadap kenaikan suku bunga dan ketidakstabilan politik di kawasan Eropa setelah pernyataan Alain Juppe yang tidak akan maju dalam bursa pemilu, telah ditandatanganinya larangan masuk sejumlah pendatang dari enam negara muslim ke AS, dan juga wait and see terhadap rilis data lapangan pekerjaan AS pada minggu ini. Pada pagi ini, mayoritas bursa Asia juga kembali dibuka melemah, turut terkena imbas dari sejumlah sentimen negatif atas beberapa berita, antara lain: kemungkinan cadangan devisa Tiongkok yang melemah dan juga target pertumbuhan perekonomiannya yang lebih rendah daripada tahun lal, dan juga kekhawatiran terjadinya ketegangan antara Jepang dan Korea Utara, setelah rudal ditembakkan rudal ke Laut Jepang beberapa hari yang lalu. Meski pada perdagangan kemarin IHSG ditutup menguat ke level 5409,82 (+0.35% ), akan tetapi kami memprediksi IHSG berpotensi tertekan pada perdagangan hari ini seiring dengan maraknya berita negatif, terutama dari kawasan regional Asia dan global. Highlights IPO: Sejumlah perusahaan siap IPO KRAS: Kerugian menurun ITMG: Kejar kontribusi Bisnis Setrum 30% AKRA: Laba bersih FY16 dibawah estimasi, turun 2% yoy HMSP: Laba FY16 bertumbuh +23.1%YoY Commodities Brent Oil 56 0.1 0.2 CPO Malay 2,844 22.0 0.8 Coal Newc 80-0.1-0.2 Nickel 11,067 102.8 0.9 Tin 19,424-47.0-0.2 www.samuel.co.id Page 1 of 7
IPO: Sejumlah perusahaan siap IPO Dua UKM bidang properti, yakni PT Nayana dan PT Sanurhasta Mitra, akan melangsungkan IPO pada 1H17. PT Nayana dengan underwriter PT Jasa Utama Capital menargetkan perolehan dana Rp 200-300 miliar dengan melepas 20% saham ke publik. PT Nayana memiliki antara lain The Green House Hotel di Yogyakarta dan tengah mengembangkan apartemen di Bintaro. Pemilik Hotel The Santai di Bali serta pengelola vila yang bernama PT Sanurhasta Mitra juga berencana melepas 20% saham ke publik dengan target dana Rp 27 miliar. Underwriternya adalah PT Jasa Utama Capital. (Investor Daily) KRAS: Kerugian menurun Pendapatan neto naik hampir 2% menjadi USD 1,3 miliar pada 2016. Laba operasi tercatat USD 4,4 juta pada tahun lalu, membaik dari rugi USD 183,5 juta pada 2015. Bottomline membaik dari rugi bersih USD 320,0 juta menjadi rugi bersih USD 171,7 juta. (Investor Daily) KRAS: Non- Coverage. ITMG: Kejar kontribusi Bisnis Setrum 30% PT Indo Tambangraya Megah Tbk (ITMG) berencana ekspansi di bisnis listrik sebesar 15%- 30% dari total pendapatan hingga 2020 dengan cara itu, Indo Tambangraya membidik proyek setrum skala besar. Salah satunya pembangkit listrik tenaga uap (PLTU) Jawa 5 berkapasitas 2 x 1.000 megawatt (MW). ITMG melaju melalui anak perusahaan bernama PT ITM Banpu Power yang baru berdiri sejak Oktober 2016. (Kontan) ITMG: BUY 17E PE: 7.4x, PBV: 1.4x. AKRA: Laba bersih FY16 dibawah estimasi, turun 2% yoy Laba bersih FY16 PT AKR Corporindo Tbk (AKRA) tercatat dibawah estimasi kami (92%) dan konsensus (94%) dan turun 2% yoy menjadi Rp 1,0 triliun. Penurunan ini disebabkan oleh turunnya harga jual rata-rata Mean of Platts Singapore (MOPS) sebesar 24% yoy menjadi US$ 50,9/barel, serta penurunan volume distribusi sebesar 6% yoy menjadi 2,0 juta kiloliter akibat melemahnya permintaan dari sektor pertambangan hingga 9M16. Di sisi lain, profitabilitas AKRA menguat dengan marjin laba kotor menjadi 12,3% (2015: 11,2%), marjin laba operasional 7,7% (2015: 6,8%) dan marjin laba bersih 6,6% (2015: 5,2%). Di 2017, AKRA menargetkan 45 ha lahan kawasan industri di Java Integrated Industrial Port Estate (JIIPE) terisi. Nilai penjualan lahan naik dari Rp 130 miliar pada 2015 menjadi Rp 270 miliar pada 2016 dengan totan lahan seluas 150 ha telah disewakan. AKRA juga menargetkan joint venture (JV) bersama British Petroleum (BP) bisa direalisasikan di tahun ini, guna mendukung rencana ekspansi di ritel bahan bakar minyak. Perseroan menargetkan pertumbuhan penjualan bensin mencapai 15-20% di tahun 2017. (Bisnis Indonesia, Kontan) AKRA: BUY 17E PE: 20.2x, PBV: 3.3x. www.samuel.co.id Page 2 of 7
End of 31 March q-q y-y 2016/ 2016/ (IDRb) 4Q15 3Q16 4Q16 (%) (%) 2016 (%) 2016F Cons. Sales 4,731 3,584 4,260 18.9 (10.0) 15,213 (23.0) 102.4 87.2 Gross profit 576 465 401 (13.8) (30.5) 1,875 (15.4) Operating expenses 314 197 260 32.2 (17.2) 700 (19.3) Operating profit 262 268 140 (47.6) (46.4) 1,175 (12.9) 77.7 80.9 Net interest income/(expense) (18) (2) 13 (690.6) (169.3) (17) (30.1) Other (9) (1) (1) (2.2) (88.0) (2) (75.5) Pretax profit 235 265 152 (42.7) (35.4) 1,156 (12.2) 78.8 82.4 Taxation (50) (60) 71 (219.3) (243.3) (109) (57.7) Minority interest 3 3 (6) (311.5) (268.7) (36) 43.6 Net profit 188 208 218 4.8 15.5 1,011 (2.2) 91.8 94.1 Balance sheet & ratio analysis 4Q15 3Q16 4Q16 2016 Gross margin (%) 12.2 13.0 9.4 12.3 Operating margin (%) 5.5 7.5 3.3 7.7 Net margin (%) 4.0 5.8 5.1 6.6 Inventory Days 20 30 13 25 Receivable Days 70 87 28 67 Payable Days 80 105 33 91 Total cash 1,290 908 1,367 1,367 Total debt 3,856 3,961 4,030 4,030 Net gearing (%) 35.2 39.0 33.0 33.0 HMSP: Laba FY16 bertumbuh +23.1%YoY PT Hanjaya Mandala Sampoerna, Tbk (HMSP) melaporkan kinerja keuangan FY16 (IDX) Comment: HMSP membukukan pertumbuhan laba FY16 +23.1%YoY ditengah pelemahan volume penjualan. Pencapaian lana tersebut sekitar 7.7% dari FY16E SSI. Adapun di periode yang sama volume penjualan sebanyak 25.1miliar atau -5.5%YoY, sedangkan volume penjualan -3.1%YoY. Tahun ini, pertumbuhan laba kami perkirakan masih akan tertekan ditengah wacana penerapan PPN untuk distributor industri rokok. Di sisi lain, penyesuaian ASP untuk mengcover kenaikan beban cukai maupun beban pajak lainnya berpotensi menjaga pertumbuhan positif laba YoY. Laporan lebih detail akan kami berikan dalam bentuk Company Update Result FY16 HMSP. (HMSP. Buy 34.7x P/E17E dan 11.7x PBV 17E). (RpBn) - HMSP 12M16 12M15 YoY (%) Revenue 95,467 89,069 7.2% Gross profit 23,855 21,764 9.6% Profit Before Tax 17,011 13,933 22.1% Net income (loss) 12,762 10,363 23.1% EPS 110 93 18% Gross margin 25% 24% 0.6% PBT Margin 18% 16% 2.2% Net Margin 13% 12% 1.7% 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 263,667 11300 (0.4) (2.4) 11263 12400 9.7 11.8 11.4 1.5 1.4 13.1% 12.4% BBCA BUY 381,536 15475 0.0 (0.2) 16417 17100 10.5 16.5 15.6 2.9 2.6 17.9% 16.5% BBRI BUY 294,796 11950 0.8 2.4 13199 13500 13.0 10.5 9.2 1.8 1.6 16.8% 16.8% BBNI BUY 117,487 6300 (0.8) 14.0 6644 6600 4.8 8.2 7.4 1.2 1.1 14.5% 14.4% BBTN BUY 21,921 2070 (1.9) 19.0 2331 2300 11.1 7.9 7.2 1.0 0.9 13.1% 12.9% Average 11.0 10.2 1.7 1.5 15.1% 14.6% Consumer (Staples) ICBP BUY 96,794 8300 0.9 (3.2) 10112 10300 24.1 23.3 20.4 4.8 4.3 20.8% 20.9% INDF BUY 70,902 8075 0.3 1.9 10078 9900 22.6 15.2 13.2 2.2 2.0 14.2% 14.9% KLBF BUY 71,485 1525 2.7 0.7 1744 1700 11.5 28.2 25.0 5.4 4.8 19.0% 19.0% ROTI BUY 7,770 1535 (1.3) (4.1) 1838 2050 33.6 22.2 19.0 4.6 3.8 20.5% 20.2% ULTJ BUY 12,536 4340 (1.4) (5.0) 5400 5300 22.1 16.3 14.8 3.1 2.6 18.9% 17.5% UNVR HOLD 323,321 42375 1.0 9.2 44304 45200 6.7 45.3 40.4 52.8 46.2 116.6% 114.4% SIDO BUY 8,250 550 0.0 5.8 670 700 27.3 15.3 12.2 2.9 2.7 18.9% 22.4% AISA BUY 6,856 2130 (2.7) 9.5 2497 2440 14.6 13.1 12.4 1.6 1.4 12.2% 11.5% Average 22.4 19.7 9.7 8.5 30.1% 30.1% Cigarette HMSP BUY 459,456 3950 (1.0) 3.1 4187 4390 11.1 34.7 30.4 11.7 10.8 33.8% 35.4% GGRM BUY 121,987 63400 (1.7) (0.8) 78348 77150 21.7 18.0 17.0 2.5 2.3 14.1% 13.4% Average 26.3 23.7 7.1 6.5 24.0% 24.4% Healthcare MIKA HOLD 36,377 2500 2.0 (2.7) 2964 2950 18.0 48.0 42.1 9.2 8.3 19.1% 19.7% SILO HOLD 16,648 12800 (1.5) 17.4 13112 12500-2.3 158.0 124.3 5.2 4.8 3.3% 3.8% Average 103.0 83.2 7.2 6.5 11.2% 11.8% Poultry CPIN BUY 51,326 3130 (2.8) 1.3 3488 4500 43.8 13.2 12.3 1.7 1.5 12.8% 12.4% JPFA BUY 19,626 1720 0.6 18.2 2029 2200 27.9 9.5 8.6 1.8 1.5 18.7% 17.6% MAIN BUY 2,742 1225 (1.2) (5.8) 1526 1730 41.2 6.6 5.9 1.0 0.9 15.6% 15.5% Average 9.8 8.9 1.5 1.3 15.7% 15.2% Retail MAPI BUY 8,881 5350 2.4 (0.9) 6185 7700 43.9 32.8 23.7 2.5 2.3 7.8% 9.8% RALS BUY 8,196 1155 (2.5) (3.3) 1592 1750 51.5 17.8 14.1 2.1 2.0 12.0% 13.9% ACES HOLD 12,948 755 0.7 (9.6) 931 825 9.3 18.4 15.7 4.1 3.4 22.2% 21.8% LPPF BUY 38,152 13075 (0.2) (13.6) 16292 19500 49.1 13.8 13.3 11.2 8.0 81.1% 60.0% Average 20.7 16.7 5.0 3.9 30.8% 26.4% Telco EXCL BUY 30,995 2900 0.3 25.5 3318 3200 10.3 78.4 51.8 1.4 1.4 1.8% 2.7% ISAT BUY 38,173 7025 (0.7) 8.9 8028 7200 2.5 21.7 13.6 2.5 2.2 11.7% 16.2% TLKM BUY 395,136 3920 1.8 (1.5) 4595 5000 27.6 16.3 12.6 3.9 3.4 24.0% 26.7% TOWR BUY 36,731 3600 0.0 0.6 4557 4500 25.0 10.5 9.8 2.6 2.0 24.5% 20.7% Average 31.7 22.0 2.6 2.3 15.5% 16.6% Auto and HE ASII BUY 346,134 8550 1.8 3.3 8889 9000 5.3 15.5 13.1 2.7 2.2 17.2% 16.4% UNTR BUY 97,730 26200 4.4 23.3 26004 27500 5.0 14.5 12.8 2.2 2.0 15.2% 15.3% Average 15.0 13.0 2.4 2.1 16.2% 15.9% Aviation GIAA BUY 8,853 342 1.2 1.2 377 445 30.1 13.2 10.4 0.9 1.0 7.1% 9.9% Property BSDE BUY 33,970 1765 0.0 0.6 2309 2350 33.1 14.2 12.1 1.3 1.1 9.3% 9.3% PWON BUY 26,729 555 (0.9) (1.8) 687 710 27.9 18.5 17.0 2.9 2.6 15.8% 15.1% ASRI HOLD 7,231 368 0.5 4.5 442 390 6.0 10.8 10.2 1.0 0.9 8.8% 8.7% SMRA BUY 20,197 1400 1.4 5.7 1532 1550 10.7 28.9 27.3 2.4 2.2 8.4% 8.2% SSIA BUY 2,682 570 3.6 31.3 854 750 31.6 12.7 10.6 0.8 0.8 6.6% 7.5% CTRA BUY 24,036 1295 0.8 (3.0) 1706 1580 22.0 12.7 10.4 1.4 1.3 11.0% 12.4% DMAS BUY 11,086 230 0.0 0.0 315 300 30.4 16.4 13.5 1.3 1.2 8.0% 8.9% KIJA BUY 6,529 316 0.6 8.2 450 450 42.4 10.5 9.3 1.1 1.0 10.1% 10.3% Average 15.6 13.8 1.5 1.4 9.8% 10.0% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 22,010 3550 0.3 (6.8) 4912 4150 16.9 15.8 13.3 1.9 1.7 11.8% 12.6% ADHI HOLD 8,475 2380 8.7 14.4 2502 2550 7.1 25.6 21.4 1.5 1.4 6.0% 6.5% WSKT BUY 33,120 2440 1.2 (4.3) 3320 3250 33.2 14.6 11.6 1.7 1.6 11.7% 14.2% WIKA BUY 22,335 2490 0.4 5.5 3102 3000 20.5 20.1 17.5 1.6 1.4 8.0% 8.3% Average 19.0 16.0 1.7 1.5 9.4% 10.4% Cement INTP SELL 56,967 15475 (0.2) 0.5 15581 13500-12.8 13.5 11.8 1.9 1.7 14.4% 14.8% SMGR HOLD 56,349 9500 0.8 3.5 9747 9000-5.3 13.9 12.6 1.8 1.6 12.9% 12.9% SMCB SELL 6,973 910 (0.5) 1.1 823 700-23.1-37.9-30.3 0.9 0.9-2.3% -2.8% SMBR HOLD 23,610 2400 2.1 (14.0) 919 2300-4.2 63.2 60.0 6.3 5.6 10.0% 9.3% Average 13.2 13.5 2.7 2.5 8.8% 8.5% Precast WSBP BUY 14,235 540 0.0 (2.7) 686 690 27.8 21.2 13.8 1.7 1.5 8.0% 10.6% WTON BUY 7,060 810 0.0 (1.8) 1143 1150 42.0 21.3 18.4 2.3 2.0 10.9% 10.6% Average 21.3 16.1 2.0 1.7 9.4% 10.6% Utilities PGAS BUY 68,603 2830 0.0 4.8 3332 3375 19.3 10.1 8.4 1.4 1.2 13.5% 14.5% AKRA BUY 25248.0 6325.0 2.0 5.4 7560.5 7600 20.2 20.2 18.4 3.3 2.9 16.3% 15.9% JSMR BUY 33,241 4580 (2.1) 6.0 5549 5000 9.2 17.3 22.9 2.4 2.2 13.9% 9.8% Average 15.9 16.6 2.3 2.1 14.5% 13.4% Metal ANTM BUY 18,263 760 0.7 (15.1) 945 1250 64.5 8.8 4.8 0.9 0.8 10.0% 17.8% INCO BUY 25,338 2550 1.2 (9.6) 2867 3500 37.3 27.7 16.1 1.0 1.0 3.7% 6.2% TINS BUY 7,485 1005 2.0 (6.5) 1264 1200 19.4 47.9 29.6 1.4 1.3 2.9% 4.5% MEDC BUY 8,998 2700 1.9 104.5 2687 4500 66.7 4.4 5.2 0.8 0.7 17.7% 13.4% Average 22.2 13.9 1.0 1.0 8.6% 10.5% Coal DOID BUY 6243.8 750.0-1.3 47.1 850.0 850 13.3 7.1 6.3 2.5 1.8 35.9% 28.8% ITMG BUY 19,293 17075 (2.6) 1.2 19961 19000 11.3 7.4 6.5 1.4 1.3 19.6% 20.5% ADRO BUY 53,896 1685 0.0 (0.6) 1931 2100 24.6 12.8 11.6 1.1 1.0 8.5% 8.7% PTBA BUY 24,769 10750 (2.1) (14.0) 14670 15000 39.5 11.1 9.0 2.2 1.9 19.9% 21.5% Average 9.6 8.4 1.8 1.5 21.0% 19.9% Plantation AALI BUY 29,448 15300 0.2 (8.8) 18596 19800 29.4 16.8 14.1 1.8 1.7 10.7% 12.1% LSIP BUY 10,303 1510 1.0 (13.2) 1831 2050 35.8 13.6 10.6 1.2 1.2 9.1% 10.9% SIMP BUY 8,699 550 0.0 11.3 543 600 9.1 12.5 9.6 0.6 0.6 4.9% 5.8% Average 14.3 11.4 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 (3.29) 1,846 (0.18) (0.17) 0.38 2.69 5.51 5.39 14.81 1,859 1,567 U.S. (S&P) (7.81) 2,375 (0.33) (0.86) 0.23 3.59 5.98 6.10 18.66 2,401 1,969 U.S. (DOW) (51.37) 20,954 (0.24) (0.76) 0.56 4.30 7.19 6.03 22.73 21,169 16,822 Europe (15.93) 3,387 (0.47) (0.08) 2.36 4.69 7.80 2.95 12.13 3,408 2,678 Emerging Market 3.36 934 0.36 (0.43) (0.63) 1.59 7.70 8.37 17.51 957 781 FTSE 100 (24.14) 7,350 (0.33) (0.44) 1.34 2.28 6.49 2.90 n/a 7,395 5,789 CAC 40 (22.94) 4,972 (0.46) 0.23 2.62 4.58 5.91 2.26 11.93 5,002 3,956 Dax (68.96) 11,958 (0.57) (0.90) 1.15 3.54 8.84 4.16 22.29 12,083 9,214 Indonesia 18.60 5,410 0.35 0.87 0.50 0.53 2.74 2.14 11.97 5,492 4,691 Japan (36.28) 19,343 (0.19) (1.13) 1.17 2.29 4.58 1.20 14.38 19,668 14,864 Australia 11.19 5,758 0.19 (0.33) 0.80 2.42 5.10 1.62 11.96 5,833 4,894 Korea 1.72 2,083 0.08 (0.93) (0.12) 0.38 4.58 2.79 6.39 2,113 1,893 Singapore (0.83) 3,122 (0.03) (0.04) 0.41 1.62 5.46 8.36 10.55 3,158 2,703 Malaysia 18.98 1,727 1.11 1.75 1.98 2.28 5.81 5.22 1.73 1,729 1,612 Hong Kong 43.56 23,596 0.18 (0.76) (1.37) 1.13 3.49 7.25 17.05 24,364 19,595 China 15.55 3,234 0.48 (0.40) 0.16 2.56 0.36 4.20 11.61 3,301 2,773 Taiwan 34.42 9,683 0.36 0.08 (0.89) 1.34 4.52 4.64 11.81 9,870 8,000 Thailand (12.59) 1,554 (0.80) (0.87) (0.28) (1.83) 2.18 0.69 11.31 1,601 1,343 Philipines 66.75 7,314 0.92 2.00 1.13 0.71 6.51 6.92 6.11 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.32 (0.21) 0.65 (2.63) 1.97 (15.97) 5.58 4.16 Foreign Reserve (US$bn) n/a 116.89 n/a 0.45 1.61 0.45 14.45 116.89 103.59 Inflation Rate (%) n/a 0.23 n/a (76.29) (51.06) (45.24) 355.56 0.97 (0.45) US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50 Indo Govt Bond Yld (10yr) - % 0.00 7.49 (0.69) (0.91) (2.83) (6.08) (4.68) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (32.00) 13351 0.24 0.08 (0.06) (0.23) 0.91 0.91 (1.98) 13,698 12,920 Japan 0.10 113.99 (0.09) 0.37 (1.07) (1.40) 2.61 2.61 (0.47) 118.66 99.02 UK (0.00) 1.22 (0.01) (0.26) (1.17) (2.19) (0.85) (0.85) (14.23) 1.50 1.18 Euro (0.00) 1.06 (0.08) 0.64 (0.02) (1.02) 0.54 0.54 (3.99) 1.16 1.03 China (0.00) 6.90 0.00 (0.22) (0.38) (0.49) 0.70 0.70 (5.51) 6.96 6.45 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.03) 53.17 (0.06) 1.06 (1.56) 1.92 6.83 (1.02) 40.29 55.24 35.24 CPO 22.00 2,844.00 0.78 1.75 3.27 (4.91) (9.89) (8.52) 14.08 3,202.00 2,172.00 Rubber 5.50 1,135.00 0.49 0.71 0.49 (1.56) 32.98 16.11 107.12 1,174.00 565.00 Coal (0.15) 80.45 (0.19) (2.54) (3.65) (0.68) 1.84 (15.05) 57.59 112.25 51.75 Iron Ore (0.96) 90.27 (1.05) (2.37) 0.32 8.37 13.49 15.64 82.36 94.91 46.80 Tin (47.00) 19,424.00 (0.24) (0.39) 2.50 1.31 (8.83) (8.40) 13.34 21,945.00 15,494.00 Nickel 105.00 11,095.00 0.96 0.59 0.45 6.17 (4.44) 10.73 18.79 12,145.00 8,245.00 Copper (59.00) 5,858.00 (1.00) (2.63) (1.28) 0.21 (0.44) 5.83 16.52 6,204.00 4,483.50 Gold 0.10 1,225.70 0.02 (0.58) (2.15) (0.75) 4.21 6.58 (3.03) 1,377.50 1,124.70 Source: SSI Research, Bloomberg www.samuel.co.id Page 6 of 7
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 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