Samuel Research Market Activity Monday, 11 Sep 2017 Market Index Index Movement Market Volume Market Value : 5,857.1 : +24.8 (+0.4%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers ASII 7,825 175 2.3 HMSP 3,710 60 1.6 BMRI 13,275 250 1.9 SMGR 10,300 475 4.8 IHSG berpotensi menguat seiring peningkatan cadangan devisa Bursa saham AS melemah dengan badai yang berkelanjutan masih menjadi salah satu katalis. Harga saham asuransi menurun tajam didorong oleh kekhawatiran atas klaim asuransi yang besar akibat badai Harvey dan badai Irma. Disisi lain, harga saham perbankan saat ini menguat sementara harga saham emas meningkat akibat kekhawatiran kondisi geopolitik. Lagging Movers BBCA 18,850-100 -0.5 GGRM 66,250-875 -1.3 UNTR 31,600-375 -1.2 BBNI 7,225-75 -1.0 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BMRI 101 GGRM 73 TPIA 38 BBNI 59 INDY 34 BBCA 55 ASII 27 BBRI 49 UNTR 18 TLKM 41 Money Market USD/IDR 13,204-103.0 0.8 JIBOR O/N 4.1 0.0 - Infl (MoM) -0.1 - - Dual Listing Securities TLKM 35.5 0.1 0.2 ISAT 40.1 0.4 1.0 EIDO 27.0 0.2 0.6 World Indices DJIA 21,798 13 0.1 S&P 500 2,461-4 -0.1 Euro Stoxx 3,448 0 0.0 MSCI World 1,965 0 0.0 Nikkei 19,518 243 1.3 Hang Seng 27,668 146 0.5 Harga minyak ditutup flat di US$ 53,9/barrel merespon menguatnya persediaan minyak AS sebesar 4,6 juta barel akibat turunnya permintaan di tengah badai Harvey. Harga emas stabil di US$ 1.338/toz. Kami perkirakan IHSG kembali menguat seiring dengan sentimen positif cadangan devisa Indonesia yang kembali meningkat 0,8% mom ke US$ 128,8 miliar. Peningkatan devisa disebabkan oleh penerimaan devisa dari penerimaan pajak dan devisa hasil ekspor pemerintah, serta hasil lelang Surat Berharga Bank Indonesia (SBBI) valas. Katalis positif lain, dana asing di surat utang negara (SUN) year to date mencapai Rp 791,52 triliun (39,1% dari total SUN), rekor tertinggi dan naik 18,9% yoy. Hal ini mengindikasikan kepercayaan investor asing terhadap perekonomian Indonesia dan apresiasi langkah BI memangkas suku bunga acuan. Rupiah ditutup menguat ke 13.204 dan EIDO juga ditutup menguat. Highlights Sektor batubara: Harga Batu Bara Diprediksi Bertahan RIMO: Akuisisi perusahaan hotel Perbankan: perubahan aturan LFR, larangan double swipe TLKM: Tidak siapkan dana khusus untuk satelit Telkom 4 Commodities Brent Oil 54 0.2 0.3 CPO Malay 2,762-20.0-0.7 Coal Newc 98 0.8 0.8 Nickel 11,532-563.3-4.7 Tin 20,670-203.0-1.0 www.samuel.co.id Page 1 of 6
Sektor batubara: Harga Batu Bara Diprediksi Bertahan Penutupan keran impor batu bara China dari Pelabuhan Guangzhou hingga akhir tahun diperkirakan tidak akan terlalu berpengaruh pada harga Batubara. Otoritas China pasti sudah mempertimbangkan kebutuhan batu bara. Kami melihat biaya impor China masih lebih murah dibandingkan dengan haus mengirim batubara dari utara. Kecuali lima pipa transmisi sudah berfungsi dengan baik sehingga rencana mengurangi impor akan mulai berjalan. (Bisnis Indonesia). Sektor Batubara: Neutral. RIMO: Akuisisi perusahaan hotel PT Rimo International Lestari Tbk. (RIMO) mengakuisisi perusahaan pengelola hotel yang terletak di Kalimantan Barat, dengan nilai transaksi sebesar Rp90 juta. Dalam keterbukaan informasi pada hari Jumat, RIMO mengungkapkan bahwa akuisisi tersebut dilakukannya melalui entitas anak usahanya, yakni PT Matahari Pontianak Indah Mal yang 90% dari sahamnya dimiliki oleh perusahaan. Adapun perusahaan yang diakuisisi adalah PT Indo Putra Khatulistiwa, yang berlokasi di kota Pontianak, Kalimantan Barat. Nilai akuisisi relatif murah karena sebagian besar aset perusahaan terdiri atas utang. Total aset perusahaan tersebut yakni Rp101,39 miliar, sedangkan utangnya sebesar Rp100 miliar. (Bisnis Indonesia). RIMO: Non-Coverage. Perbankan: perubahan aturan LFR, larangan double swipe Rencana Bank Indonesia mengubah aturan LFR menjadi FFR dikhawatirkan akan membuat bank lebih memilih membeli obligasi korporasi daripada menyalurkan dananya sebagai kredit, di tengah-tengah permintaan kredit yang belum pulih. Akibatnya fungsi intermediasi bank menjadi tidak efektif. Rencana itu kini masih dipelajari oleh BI. Sejumlah bank mendukung langkah BI terus menyosialisasikan larangan double swipe untuk mengamankan data nasabah dari tindakan penyalahgunaan oleh oknum yang tidak bertanggung jawab. Proses edukasi ke merchant yang tergabung dalam jaringan Visa terus dilakukan. (Bisnis Indonesia, Investor Daily) Banking: Overweight. TLKM: Tidak siapkan dana khusus untuk satelit Telkom 4 PT Telekomunikasi Indonesia Tbk (TLKM) menargetkan perbaikan satelit Telkom 1 akan rampung dalam waktu dekat, selain itu TLKM juga tengah menyiapkan satelit Telkom 4 untuk menggantikan tugas Telkom 1. Satelit baru ini direncanakan diluncurkan pada Agustus 2018. Dana investasi mencapai US$ 200 juta dan TLKM tidak menyiapkan pinjaman khusus untuk mendanai satelit tersebut. (Kontan). TLKM: BUY; 17E PE: 19.7x, PBV: 4.7x. 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 309,750 4.8 13275 1.9 14.7 13457 14400 8.5 15.6 12.7 1.8 1.5 11.3% 12.0% BBCA HOLD 464,747 7.3 18850 (0.5) 21.6 19399 18000-4.5 20.1 18.9 3.6 3.1 17.9% 16.5% BBRI BUY 370,037 5.8 15000 0.0 28.5 15965 16600 10.7 13.1 11.4 2.2 1.9 16.9% 17.0% BBNI BUY 134,737 2.1 7225 (1.0) 30.8 7689 7700 6.6 10.2 8.6 1.4 1.2 13.5% 14.3% BBTN BUY 31,770 0.5 3000 (0.7) 72.4 2848 2870-4.3 10.2 9.5 1.5 1.3 14.4% 13.7% BNLI BUY 19,770 0.3 705 0.7 31.4 775 890 26.2 13.3 14.7 0.9 0.8 6.7% 5.7% Average 13.7 12.6 1.9 1.7 0.1 0.1 Consumer (Staples) ICBP BUY 101,750 1.6 8725 0.0 1.7 9266 9400 7.7 27.0 24.6 5.2 4.7 19.3% 19.0% INDF BUY 75,951 1.2 8650 1.5 9.1 9481 9900 14.5 16.3 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 81,094 1.3 1730 1.8 14.2 1796 1750 1.2 32.6 28.8 6.1 5.4 18.7% 18.7% ROTI BUY 6,302 0.1 1245 0.0 (22.2) 1319 1450 16.5 33.6 17.3 4.1 3.4 12.1% 19.6% UNVR HOLD 387,604 6.1 50800 0.4 30.9 49113 45200-11.0 54.3 48.4 63.3 55.4 116.6% 114.4% SIDO BUY 7,410 0.1 494 0.0 (5.0) 588 700 41.7 13.7 11.0 2.6 2.5 18.9% 22.4% AISA BUY 3,042 0.0 945 (5.0) (51.4) 1600 1600 69.3 4.9 4.2 0.7 0.7 14.7% 16.5% Average 26.1 21.2 12.0 10.6 30.6% 32.2% Cigarette HMSP BUY 431,540 6.8 3440 1.6 (3.1) 4007 4390 27.6 31.0 29.9 10.6 9.7 34.3% 32.4% GGRM BUY 127,471 2.0 67000 (1.3) 3.7 77982 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 30,702 0.5 2110 (2.8) (17.9) 2494 2950 39.8 39.1 35.8 7.6 6.9 19.6% 19.3% SILO HOLD 13,169 0.2 10125 (5.4) (7.1) 11457 12500 23.5 125.0 98.3 4.1 3.8 3.3% 3.8% Average 82.0 67.0 5.9 5.3 11.4% 11.6% Poultry CPIN BUY 44,931 0.7 2740 0.7 (11.3) 3081 4500 64.2 11.6 10.7 1.5 1.3 12.8% 12.4% JPFA BUY 13,179 0.2 1155 (0.4) (20.6) 1524 1500 29.9 6.8 5.4 1.2 1.0 18.0% 18.9% MAIN BUY 2,015 0.0 900 0.0 (30.8) 1015 1250 38.9 5.4 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 0.7 30.1 7546 7700 9.6 46.5 33.6 3.3 3.1 7.2% 9.1% RALS BUY 6,599 0.1 930 0.0 (22.2) 1222 1300 39.8 12.7 10.0 1.7 1.5 13.3% 15.4% ACES BUY 18,179 0.3 1060 (1.4) 26.9 1210 1300 22.6 24.1 19.6 5.4 4.5 22.4% 23.0% LPPF BUY 29,252 0.5 10025 0.3 (33.7) 13942 19500 94.5 10.6 10.2 8.6 6.1 81.1% 60.0% Average 23.5 18.4 4.8 3.8 31.0% 26.9% Media MNCN BUY 19,344 0.3 1355 (1.5) (22.8) 1931 2000 47.6 10.8 9.2 2.0 1.8 18.2% 19.3% SCMA BUY 29,974 0.5 2050 (2.8) (26.8) 2992 2800 36.6 18.0 16.3 7.4 6.5 41.3% 39.9% Average 14.4 12.7 4.7 4.1 29.8% 29.6% Telco EXCL BUY 40,828 0.6 3820 0.3 65.4 3810 3200-16.2 103.2 68.2 1.9 1.9 1.8% 2.7% ISAT BUY 34,641 0.5 6375 (1.9) (1.2) 8120 8200 28.6 17.5 12.5 2.3 2.1 13.4% 16.7% TLKM BUY 475,776 7.5 4720 0.4 19.1 5116 5000 5.9 19.7 15.2 4.7 4.1 24.0% 26.7% TOWR BUY 45,913 0.7 4500 2.3 25.7 4863 4500 0.0 13.1 12.3 3.2 2.5 24.5% 20.7% Average 38.4 27.1 3.0 2.6 15.9% 16.7% Auto and HE ASII BUY 316,784 5.0 7825 2.3 (5.4) 8944 9000 15.0 13.6 12.0 2.5 2.0 18.6% 16.6% UNTR BUY 117,872 1.9 31600 (1.2) 48.7 33069 31500-0.3 18.1 16.0 2.7 2.4 14.7% 14.9% Average 15.9 14.0 2.6 2.2 16.6% 15.7% Aviation GIAA HOLD 8,335 0.1 322 0.0 (4.7) 323 420 30.4 241.9 24.2 0.5 0.4 0.2% 1.7% Property BSDE BUY 35,414 0.6 1840 0.0 4.8 2275 2350 27.7 16.4 14.2 1.4 1.2 8.7% 8.5% PWON BUY 31,304 0.5 690 0.8 15.0 724 710 2.9 16.8 14.1 3.2 2.7 19.2% 19.3% ASRI BUY 6,799 0.1 346 0.0 (1.7) 420 390 12.7 12.8 12.4 0.9 0.8 6.7% 6.6% SMRA HOLD 14,066 0.2 975 0.0 (26.4) 1304 1110 13.8 43.1 32.3 1.8 1.8 4.1% 5.7% SSIA BUY 3,058 0.0 650 (0.8) 49.8 819 750 15.4 14.4 12.0 1.0 0.9 6.6% 7.5% CTRA BUY 20,973 0.3 1130 (2.2) (15.4) 1517 1580 39.8 16.6 14.5 1.5 1.4 8.8% 9.7% DMAS BUY 9,640 0.2 200 1.5 (13.0) 296 300 50.0 11.3 9.1 1.1 1.0 9.7% 10.8% KIJA BUY 6,497 0.1 312 0.0 7.7 413 450 44.2 13.6 12.0 1.1 1.0 7.8% 8.1% Average 18.1 15.1 1.5 1.4 8.9% 9.5% www.samuel.co.id Page 3 of 6
Construction PTPP BUY 15,934 0.3 2570 (0.8) (32.5) 4291 4150 61.5 11.4 9.7 1.3 1.2 11.8% 12.6% ADHI HOLD 6,944 0.1 1950 0.8 (6.3) 2635 2550 30.8 21.0 17.6 1.3 1.3 6.0% 7.1% WSKT BUY 28,505 0.4 2100 (1.4) (17.6) 3116 3250 54.8 12.6 10.0 1.4 1.4 11.2% 13.6% WIKA BUY 17,088 0.3 1905 0.0 (19.3) 2923 3000 57.5 15.4 13.4 1.2 1.1 8.0% 8.3% Average 15.1 12.6 1.3 1.2 9.3% 10.4% Cement INTP SELL 70,035 1.1 19025 2.4 23.5 16417 13500-29.0 19.2 18.1 2.5 2.3 12.9% 12.6% SMGR HOLD 61,095 1.0 10300 4.8 12.3 10522 9000-12.6 15.1 13.7 2.0 1.8 12.9% 12.9% SMCB SELL 6,169 0.1 805 1.3 (10.6) 713 700-13.0-33.5-26.8 0.8 0.8-2.3% -2.8% SMBR HOLD 29,702 0.5 3000 1.7 7.5 559 2300-23.3 78.9 75.0 7.9 7.0 10.0% 9.3% Average 19.9 20.0 3.3 2.9 8.4% 8.0% Precast WSBP BUY 11,124 0.2 452 0.0 (24.0) 673 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 4,750 0.1 545 0.9 (33.9) 939 1150 111.0 14.3 12.4 1.6 1.3 10.9% 10.6% Average 13.0 10.7 1.5 1.3 11.6% 12.1% Oil and Gas PGAS HOLD 43,150 0.7 1780 (1.4) (34.1) 2303 2600 46.1 9.8 7.9 0.9 0.9 9.4% 10.7% AKRA BUY 28,801 0.5 7200 0.35 20.0 7150 7600 5.6 24.6 24.3 3.7 3.4 15.2% 14.0% TPIA BUY 75,409 1.2 21175-0.6 4.5 28124 29000 37.0 17.3 15.9 3.0 2.7 17.1% 16.8% MEDC BUY 11,630 0.2 3490 2.9 164.4 4117 4500 28.9 4.8 4.5 0.9 0.7 17.6% 16.3% Average 14.1 13.2 2.1 1.9 15% 14% Utilities JSMR HOLD 43,003 0.7 5925 (0.4) 37.2 6107 5100-13.9 22.1 22.4 2.9 2.6 12.9% 11.7% Metal ANTM BUY 16,822 0.3 700 0.7 (21.8) 685 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 29,610 0.5 2980 (0.7) 5.7 2754 2145-28.0 112.2 56.1 1.2 1.2 1.1% 2.1% TINS BUY 6,889 0.1 925 (0.5) (14.0) 1165 1200 29.7 44.0 27.2 1.3 1.2 2.9% 4.5% Average 54.8 29.2 1.1 1.1 4.7% 8.1% Coal DOID BUY 8,038 0.1 945.0 0.0 85.3 1616.7 1600 69.3 11.8 6.7 3.4 2.2 28.6% 33.1% ITMG BUY 22,203 0.4 19650 2.6 16.4 22963 22300 13.5 9.2 9.2 1.7 1.5 17.9% 16.6% ADRO BUY 60,294 1.0 1885 1.1 11.2 2138 2200 16.7 10.5 10.2 14.2 11.8 135.0% 115.8% PTBA BUY 28,514 0.4 12375 2.3 (1.0) 15498 15000 21.2 12.8 10.4 2.5 2.2 19.9% 21.5% Average 11.1 9.1 5.4 4.4 50.3% 46.8% Plantation AALI BUY 28,774 0.5 14950 1.5 (10.9) 17732 19800 32.4 16.4 13.7 1.8 1.7 10.7% 12.1% LSIP BUY 9,484 0.1 1390 2.2 (20.1) 1682 2050 47.5 12.5 9.7 1.1 1.1 9.1% 10.9% SIMP HOLD 7,908 0.1 500 1.2 1.2 510 600 20.0 10.6 9.8 0.5 0.5 5.0% 5.2% Average 13.2 11.1 1.1 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 (0.05) 1,965 (0.00) 0.27 0.06 1.38 2.17 12.18 15.02 1,975 1,657 U.S. (S&P) (3.67) 2,461 (0.15) 0.15 (0.41) 0.82 1.22 9.94 15.68 2,491 2,084 U.S. (DOW) 13.01 21,798 0.06 0.20 (0.68) (0.28) 2.47 10.30 20.53 22,179 17,884 Europe 0.03 3,448 0.00 0.78 0.11 1.21 (3.86) 4.78 12.92 3,667 2,923 Emerging Market 1.07 1,091 0.10 0.74 0.72 4.64 7.17 26.55 20.00 1,095 837 FTSE 100 (19.38) 7,378 (0.26) 0.06 (0.82) 0.93 (1.99) 3.29 n/a 7,599 6,654 CAC 40 (1.13) 5,113 (0.02) 0.53 (0.19) 1.04 (3.51) 5.17 13.85 5,442 4,311 Dax 7.35 12,304 0.06 1.49 1.33 2.41 (3.99) 7.17 16.37 12,952 10,175 Indonesia 24.81 5,857 0.43 0.47 (0.12) 1.58 3.20 10.58 10.89 5,917 5,023 Japan 232.40 19,507 1.21 0.77 (0.01) (1.13) (2.53) 2.06 14.98 20,318 16,112 Australia 28.08 5,701 0.50 0.19 (0.02) 0.13 0.40 0.62 6.77 5,957 5,052 Korea 23.17 2,367 0.99 2.03 1.60 2.03 (0.62) 16.80 16.15 2,453 1,931 Singapore 0.50 3,229 0.02 (0.70) (1.49) (1.56) (0.79) 12.07 12.36 3,355 2,761 Malaysia (3.08) 1,780 (0.17) 0.58 0.38 0.73 (0.50) 8.42 5.54 1,797 1,614 Hong Kong 145.55 27,668 0.53 (0.26) (1.02) 2.92 6.29 25.76 14.81 28,128 21,489 China (0.25) 3,365 (0.01) (0.56) (0.06) 4.88 6.55 8.43 9.30 3,391 2,969 Taiwan 71.44 10,610 0.68 (0.07) 0.14 2.71 4.02 14.66 17.19 10,620 8,880 Thailand 2.95 1,636 0.18 0.94 1.06 4.76 4.40 6.01 13.17 1,648 1,343 Philipines (0.23) 8,023 (0.00) (0.33) 0.81 1.19 0.41 17.28 5.82 8,107 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.02) 4.10 (0.20) (15.70) (20.61) (3.11) (13.74) 5.39 4.10 Foreign Reserve (US$bn) n/a 128.79 n/a 0.81 3.07 10.68 13.43 128.79 111.47 Inflation Rate (%) n/a (0.07) n/a (131.82) (117.95) (116.67) (250.00) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.10) 6.46 (3.53) (6.17) (6.90) (18.99) (6.27) 8.36 6.46 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (103.00) 13204 0.78 1.01 1.05 0.83 2.04 2.04 (1.07) 13,593 12,920 Japan 0.56 108.40 (0.52) 0.76 1.22 0.73 7.90 7.90 (6.04) 118.66 100.09 UK (0.00) 1.32 (0.10) 1.10 1.98 1.33 6.86 6.86 (1.12) 1.33 1.18 Euro (0.00) 1.20 (0.17) 0.82 1.00 1.64 14.24 14.24 6.94 1.21 1.03 China 0.01 6.49 (0.12) 0.69 0.99 3.27 6.94 6.94 2.67 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.25 47.73 0.53 (2.91) 0.93 (2.23) 4.15 (11.15) 4.03 55.24 42.05 CPO (20.00) 2,762.00 (0.72) (0.18) 1.81 5.06 13.01 (11.16) 5.86 3,202.00 2,425.00 Rubber (6.50) 843.50 (0.76) (0.18) 1.14 2.06 1.75 (13.71) 27.51 1,174.00 661.50 Coal 0.80 98.45 0.82 0.66 2.77 4.68 24.15 11.37 41.45 115.00 73.60 Iron Ore 0.55 78.34 0.71 (0.18) (0.32) (0.77) 41.69 0.36 38.17 94.91 54.24 Tin (203.00) 20,670.00 (0.97) (1.05) (0.77) 1.93 7.16 (2.52) 5.24 21,945.00 18,750.00 Nickel (560.00) 11,590.00 (4.61) (4.06) (3.70) 9.03 31.48 15.67 12.03 12,380.00 8,680.00 Copper (205.50) 6,693.00 (2.98) (3.00) (2.08) 3.29 16.82 20.91 43.50 6,970.00 4,582.00 Gold (9.10) 1,338.20 (0.68) 0.22 0.87 3.92 5.49 16.19 0.56 1,358.50 1,123.90 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 inc lusion 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 6 of 6