Samuel Research Market Activity Wednesday, 13 Sep 2017 Market Index Index Movement Market Volume Market Value : 5,872.4 : +0.5 (+0.0%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 3,830 60 1.6 BBCA 19,025 125 0.7 MABA 1,880 375 24.9 SMAR 4,250 550 14.9 Lagging Movers WSKT 1,890-240 -11.3 JSPT 2,600-700 -21.2 AKRA 6,900-300 -4.2 INTP 19,075-325 -1.7 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) INDY 57 BBRI 202 BMRI 26 ASII 42 UNVR 26 GGRM 34 WSBP 17 BBNI 33 ICBP 10 BSDE 22 Money Market USD/IDR 13,200 35.0-0.3 JIBOR O/N 4.2 0.0 - Infl (MoM) -0.1 - - Dual Listing Securities TLKM 35.5-0.2-0.7 ISAT 41.4 0.5 1.1 EIDO 27.1-0.3-0.9 World Indices DJIA 22,119 61 0.3 S&P 500 2,496 8 0.3 Euro Stoxx 3,513 17 0.5 MSCI World 1,988 6 0.3 Nikkei 19,869 93 0.5 Hang Seng 27,972 17 0.1 Sentiment global, IHSG berpeluang menguat Bursa saham AS ditutup menguat dipimpin oleh kenaikan sektor financial. Kekhawatiran investor pada ketegangan AS dengan Korea Utara mereda dan dampak financial dari Badai Irma tidak seburuk yang diekspektasikan. Sama halnya, Bursa Eropa ditutup menguat merespon tren positif dari saham perbankan dan otomotif. Saat ini kekhawatiran investor mengenaik geopolitik AS telah mereda dan fokus kembali pada berita korporasi serta makro ekonomi. Harga minyak mentah menguat setelah OPEC mempertimbangkan kembali perpanjangan kesepakatan mengenai pembatasan produksi yang berakhir Mar 18. Di sisi lain, kilang minyak mentah AS sudah kembali pulih pasca terjadinya Badai Harvey. IHSG kami perkirakan bergerak menguat seiring sentimen bursa global, serta mayoritas indeks regional Asia. Dari domestik hasil survey Centre for Strategic and International Studies (CSIS) yang dirilis kemarin, menunjukkan tingkat kepuasan public terhadap kinerja pemerintahan Jokowi-JK sebesar 68.3%, lebih tinggi dibanding tahun sebelumnya, sehingga menambah respon positif di market. Rupiah diperkriakan stabil hari ini, tetap bergerak di kisaran Rp13.200 Highlights META: Grup Rajawali melepas saham META BBTN: KPR terus meningkat BUMI: Menjual Sisa Saham Simpanan ISSP: Akan melakukan aksi korporasi BNGA: Rekening ponsel bertumbuh pesat INTA: Mengincar porsi pendapatan berulang sebesar 50% Semen: Penjualan semen 8H17 tumbuh 7,5% yoy Commodities Brent Oil 54-0.1-0.2 CPO Malay 2,829 27.0 1.0 Coal Newc 100 0.2 0.2 Nickel 11,913 210.5 1.8 Tin 20,804-76.0-0.4 www.samuel.co.id Page 1 of 7
META: Grup Rajawali melepas saham META Grup Rajawali melepas kepemilikan sahamnya di META sebesar 21% dan meraup Rp 864 miliar. Saham itu dijual ke PT Matahari Kapital Indonesia senilai Rp 270 per saham. Grup Rajawali menyatakan kepemilikannya yang minoritas serta posisinya yang tidak memiliki direksi dan bukan pengendali membuatnya memutuskan untuk melepas saham itu, meski sektornya dinilai sedang bagus. PT Matahari Kapital Indonesia diberitakan masih terafiliasi dengan Dirut META, Ramdani Basri. (Kontan). META: Non-Coverage. BBTN: KPR terus meningkat Per Agustus 2017, KPR BBTN tumbuh 23-25%yoy seiring permintaan yang meningkat sejalan dengan penurunan tingkat bunga dan promo KPR. Sebelumnya, Indonesia Properti Expo juga diberitakan menguntungkan BBTN yang memberikan sejumlah promo menarik. (Kontan). BBTN: Buy; 17E PE: 10.2x, PBV: 1.5x. BUMI: Menjual Sisa Saham Simpanan PT Bumi Resources Tbk (BUMI) akan menjual saham hasil pembelian kembali (buyback) kepada Wyoming International Limited. BUMI masih memiliki sisa saham treasury hasil buyback sebanyak 473,21 juta saham. Perseroan belum meyebutkan berapa harga saham simpanan yang dijual je Wyoming. Tapi jika harga sagam treasury itu dilepas di harga pasar saat ini Rp 240 per saham BUMI hanya meraup penjualan Rp 113,57 miliar, atau sekitar US$ 8,53 juta. Nilai ini berada di bawah harga nominal saham treasury. (Kontan). BUMI: Under Review. ISSP: Akan melakukan aksi korporasi PT Steel Pipe Industry of Indonesia Tbk (ISSP) akan menerbitkan global bond USD 250 juta dan buyback saham dengan dana Rp 51 miliar di tahun ini. Dana hasil emisi obligasi itu akan dipakai untuk refinancing hutang dan ekspansi usaha. Pendapatan tahun ini ditargetkan Rp 4 triliun, sementara pada 1H17 perseroan sudah membukukan Rp 1,6 triliun. (Investor Daily). ISSP: Non-Coverage. BNGA: Rekening ponsel bertumbuh pesat PT Bank CIMB Niaga Tbk. (BNGA) mencatatkan pertumbuhan jumlah pengguna dan volume transaksi dari layanan rekening ponsel, yang turut didukung oleh bertumbuhnya ekosistem digital. BNGA juga tengah berupaya untuk memperluas ekosistem digital melalui kerjasamanya dengan sejumlah platform e-commerce. Menurut keterangan pihak manajemen, produk rekening ponsel merupakan salah satu produk andalan perusahaan dalam menggenjot pertumbuhan transaksi digital, di mana volume transaksi digital tiap tahun bertumbuh sekitar 10 12%. Pertumbuhan jumlah nasabah pengguna rekening ponsel saat ini sudah mencapai sekitar 25%YoY, dan dari sisi volume tansaksi tercatat pertumbuhan sekitar 35%YoY. (Bisnis Indonesia). BNGA: Non-Coverage. www.samuel.co.id Page 2 of 7
INTA: Mengincar porsi pendapatan berulang sebesar 50% PT Intraco Penta Tbk. (INTA) menargetkan kontribusi pendapatan berulang terhadap total pendapatan perusahaan mencapai 50%. Direktur Keuangan Perusahaan, Fred L. Manibog mengatakan bahwa target tersebut ditetapkan seiring dengan masuknya perusa haan pada bisnis pembangkit listrik. INTA mulai merambah bisnis pembangkit listrik dengan pembangun PLTU 2X100 MW di Bengkulu senilai 360 juta dolar AS atau sekitar Rp4,7 triliun (asumsi kurs Rp13,000 per dolar AS). INTA juga akan memiliki dua PLTU hingga 2020, dan masing masing kapasitasnya dapat ditingkatkan, dikarenakan masih adanya kecukupan lahan. INTA juga mengincar sejumlah tender pengadaan pembangkit listrik lain, namun sejauh ini masih dirahasiakan. (Bisnis Indonesia). INTA: Non-Coverage. Semen: Penjualan semen 8H17 tumbuh 7,5% yoy Berdasarkan data Asosiasi Semen Indonesia (ASI), penjualan semen nasional di 8H17 tercatat tumbuh 7,5% yoy menjadi 43 juta ton. Penjualan domestik naik 5,6% yoy didorong oleh pertumbuhan permintaan di pulau Jawa sebesar 10,5% yoy. Sementara penjualan ekspor melonjak 78% yoy dan mencapai 1,85 juta ton. (Investor Daily). Cement: Underweight. www.samuel.co.id Page 3 of 7
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 308,000 4.8 13200 0.0 14.0 13485 14400 9.1 15.5 12.6 1.8 1.5 11.3% 12.0% BBCA HOLD 469,062 7.3 19025 0.7 22.7 19441 18000-5.4 20.3 19.1 3.6 3.2 17.9% 16.5% BBRI BUY 368,187 5.7 14925 (0.2) 27.8 16027 16600 11.2 13.1 11.3 2.2 1.9 16.9% 17.0% BBNI BUY 135,203 2.1 7250 0.3 31.2 7712 7700 6.2 10.2 8.6 1.4 1.2 13.5% 14.3% BBTN BUY 31,982 0.5 3020 0.7 73.6 2867 2870-5.0 10.2 9.5 1.5 1.3 14.4% 13.7% BNLI BUY 20,331 0.3 725 1.4 35.2 775 890 22.8 13.7 15.1 0.9 0.9 6.7% 5.7% Average 13.8 12.7 1.9 1.7 13.4% 13.2% Consumer (Staples) ICBP BUY 102,333 1.6 8775 0.9 2.3 9258 9400 7.1 27.2 24.7 5.2 4.7 19.3% 19.0% INDF BUY 76,390 1.2 8700 1.2 9.8 9511 9900 13.8 16.4 14.2 2.3 2.1 14.2% 14.9% KLBF BUY 80,860 1.3 1725 0.0 13.9 1815 1750 1.4 32.5 28.8 6.1 5.4 18.7% 18.7% ROTI BUY 6,479 0.1 1280 2.4 (20.0) 1319 1450 13.3 34.6 17.8 4.2 3.5 12.1% 19.6% UNVR HOLD 386,078 6.1 50600 0.1 30.4 49280 45200-10.7 54.1 48.2 63.0 55.2 116.6% 114.4% SIDO BUY 7,440 0.1 496 0.4 (4.6) 550 550 10.9 15.1 14.5 2.3 2.2 15.5% 15.0% AISA BUY 2,784 0.0 865 (3.9) (55.5) 1600 1600 85.0 4.5 3.8 0.7 0.6 14.7% 16.5% Average 26.3 21.7 12.0 10.5 30.1% 31.2% Cigarette HMSP BUY 445,498 7.0 3440 1.6 0.0 4007 4390 27.6 31.0 29.9 10.6 9.7 34.3% 32.4% GGRM BUY 126,172 2.0 67000 (0.8) 2.6 77997 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 29,101 0.5 2000 (2.0) (22.2) 2494 2950 47.5 37.0 33.9 7.2 6.6 19.6% 19.3% SILO HOLD 13,006 0.2 10000 (2.2) (8.3) 11457 12500 25.0 123.5 97.1 4.0 3.7 3.3% 3.8% Average 80.2 65.5 5.6 5.1 11.4% 11.6% Poultry CPIN BUY 45,422 0.7 2770 0.4 (10.4) 3081 4500 62.5 11.7 10.9 1.5 1.4 12.8% 12.4% JPFA BUY 13,008 0.2 1140 (0.9) (21.6) 1524 1500 31.6 6.7 5.4 1.2 1.0 18.0% 18.9% MAIN BUY 1,970 0.0 880 (1.7) (32.3) 1015 1250 42.0 5.2 4.1 0.8 0.7 14.6% 16.1% Average 7.9 6.8 1.2 1.0 15.2% 15.8% Retail MAPI BUY 11,371 0.2 6850 (2.1) 26.9 7563 7700 12.4 45.4 32.8 3.3 3.0 7.2% 9.1% RALS BUY 6,564 0.1 925 (1.6) (22.6) 1216 1300 40.5 12.7 9.9 1.7 1.5 13.3% 15.4% ACES BUY 18,522 0.3 1080 1.4 29.3 1213 1300 20.4 24.5 20.0 5.5 4.6 22.4% 23.0% LPPF BUY 27,283 0.4 9350 (3.4) (38.2) 13662 17500 87.2 9.9 9.5 8.0 5.7 81.1% 60.0% Average 23.1 18.1 4.6 3.7 31.0% 26.9% Media MNCN BUY 18,702 0.3 1310 (1.5) (25.4) 1931 2000 52.7 10.5 8.9 1.9 1.7 18.2% 19.3% SCMA BUY 29,682 0.5 2030 2.0 (27.5) 2992 2800 37.9 17.8 16.1 7.4 6.4 41.3% 39.9% Average 14.1 12.5 4.6 4.1 29.8% 29.6% Telco EXCL BUY 41,362 0.7 3870 1.3 67.5 3808 3200-17.3 104.6 69.1 1.9 1.9 1.8% 2.7% ISAT BUY 34,641 0.5 6375 (1.2) (1.2) 8111 8200 28.6 17.5 12.5 2.3 2.1 13.4% 16.7% TLKM BUY 475,776 7.5 4720 0.2 19.1 5114 5000 5.9 19.7 15.2 4.7 4.1 24.0% 26.7% TOWR BUY 45,709 0.7 4480 (0.2) 25.1 4893 4500 0.4 13.0 12.2 3.2 2.5 24.5% 20.7% Average 38.7 27.3 3.0 2.6 15.9% 16.7% Auto and HE ASII BUY 319,820 5.0 7900 0.0 (4.5) 8944 9000 13.9 13.7 12.1 2.5 2.0 18.6% 16.6% UNTR BUY 117,872 1.9 31600 (0.8) 48.7 33069 31500-0.3 18.1 16.0 2.7 2.4 14.7% 14.9% Average 15.9 14.1 2.6 2.2 16.6% 15.7% Aviation GIAA HOLD 8,491 0.1 328 1.9 (3.0) 323 420 28.0 246.4 24.6 0.5 0.4 0.2% 1.7% Property BSDE BUY 34,355 0.5 1785 (3.3) 1.7 2277 2350 31.7 15.9 13.7 1.4 1.2 8.7% 8.5% PWON BUY 31,545 0.5 690 0.0 15.9 727 710 2.9 16.8 14.1 3.2 2.7 19.2% 19.3% ASRI BUY 6,759 0.1 344 (0.6) (2.3) 417 390 13.4 12.7 12.3 0.9 0.8 6.7% 6.6% SMRA HOLD 14,138 0.2 980 (2.0) (26.0) 1295 1110 13.3 43.4 32.5 1.8 1.8 4.1% 5.7% SSIA BUY 2,964 0.0 630 (1.6) 45.2 819 750 19.0 14.0 11.7 0.9 0.9 6.6% 7.5% CTRA BUY 21,437 0.3 1155 (0.4) (13.5) 1501 1580 36.8 17.0 14.8 1.5 1.4 8.8% 9.7% DMAS BUY 9,350 0.1 194 (2.0) (15.7) 296 300 54.6 11.0 8.9 1.1 1.0 9.7% 10.8% KIJA BUY 6,497 0.1 312 (0.6) 7.7 413 450 44.2 13.6 12.0 1.1 1.0 7.8% 8.1% Average 18.0 15.0 1.5 1.3 8.9% 9.5% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 15,872 0.2 2560 (2.3) (32.8) 4299 4150 62.1 11.4 9.6 1.3 1.2 11.8% 12.6% ADHI HOLD 7,104 0.1 1995 (1.7) (4.1) 2671 2550 27.8 21.5 18.0 1.3 1.3 6.0% 7.1% WSKT BUY 25,655 0.4 1890 (11.3) (25.9) 3062 3250 72.0 11.3 9.0 1.3 1.2 11.2% 13.6% WIKA BUY 16,998 0.3 1895 (3.3) (19.7) 2883 3000 58.3 15.3 13.3 1.2 1.1 8.0% 8.3% Average 14.9 12.5 1.3 1.2 9.3% 10.4% Cement INTP SELL 70,219 1.1 19075 (1.7) 23.9 16692 13500-29.2 19.3 18.2 2.5 2.3 12.9% 12.6% SMGR HOLD 61,984 1.0 10450 0.0 13.9 10572 9000-13.9 15.3 13.9 2.0 1.8 12.9% 12.9% SMCB SELL 6,360 0.1 830 3.1 (7.8) 713 700-15.7-34.6-27.7 0.8 0.8-2.3% -2.8% SMBR HOLD 29,207 0.5 2950 (0.3) 5.7 559 2300-22.0 77.6 73.8 7.8 6.9 10.0% 9.3% Average 19.4 19.5 3.3 2.9 8.4% 8.0% Precast WSBP BUY 10,597 0.2 452 (8.6) (27.6) 677 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 4,968 0.1 570 (1.7) (30.9) 937 1150 101.8 15.0 13.0 1.6 1.4 10.9% 10.6% Average 13.3 11.0 1.5 1.3 11.6% 12.1% Oil and Gas PGAS HOLD 41,695 0.7 1720 2.1 (36.3) 2254 2600 51.2 9.5 7.7 0.9 0.8 9.4% 10.7% AKRA BUY 27,601 0.4 6900-4.17 15.0 7150 7600 10.1 23.5 23.3 3.6 3.3 15.2% 14.0% TPIA BUY 76,952 1.2 21575 0.5 6.4 28124 29000 34.4 17.6 16.2 3.0 2.7 17.1% 16.8% MEDC BUY 11,464 0.2 860 (5.5) 160.6 1029 1125 30.8 4.8 4.5 0.8 0.7 17.6% 16.3% Average 13.9 12.9 2.1 1.9 15% 14% Utilities JSMR HOLD 43,184 0.7 5950 0.4 37.7 6107 5100-14.3 22.2 22.5 2.9 2.6 12.9% 11.7% Metal ANTM BUY 16,341 0.3 680 (1.4) (24.0) 810 1250 83.8 7.9 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 30,008 0.5 3020 1.3 7.1 2754 2145-29.0 113.7 56.9 1.3 1.2 1.1% 2.1% TINS BUY 6,889 0.1 925 (1.6) (14.0) 1165 1200 29.7 16.5 12.3 1.2 1.1 7.3% 9.3% Average 46.0 24.5 1.1 1.0 6.1% 9.7% Coal DOID BUY 8,293 0.1 975.0 0.0 91.2 1575.0 1600 64.1 12.2 6.9 3.5 2.3 28.6% 33.1% ITMG BUY 22,796 0.4 20175 (1.3) 19.6 22893 22300 10.5 9.5 9.5 1.7 1.6 17.9% 16.6% ADRO BUY 59,654 0.9 1865 (1.8) 10.0 2140 2200 18.0 10.4 10.1 14.0 11.7 135.0% 115.8% PTBA BUY 28,053 0.4 12175 (1.4) (2.6) 15472 15000 23.2 12.6 10.2 2.5 2.2 19.9% 21.5% Average 11.2 9.2 5.4 4.4 50.3% 46.8% Plantation AALI BUY 28,822 0.5 14975 (0.8) (10.7) 17811 19800 32.2 16.4 13.8 1.8 1.7 10.7% 12.1% LSIP BUY 9,484 0.1 1390 (1.4) (20.1) 1694 2050 47.5 12.5 9.7 1.1 1.1 9.1% 10.9% SIMP HOLD 8,066 0.1 510 1.0 3.2 510 600 17.6 10.9 10.0 0.5 0.5 5.0% 5.2% Average 13.3 11.2 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 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 6.31 1,988 0.32 1.21 1.49 2.61 3.09 13.54 17.31 1,988 1,657 U.S. (S&P) 8.37 2,496 0.34 1.27 1.57 2.26 2.30 11.51 17.37 2,497 2,084 U.S. (DOW) 61.49 22,119 0.28 1.53 1.68 1.19 3.71 11.92 22.43 22,179 17,884 Europe 17.37 3,513 0.50 1.88 2.68 3.12 (1.27) 6.75 18.08 3,667 2,923 Emerging Market 3.08 1,102 0.28 1.02 1.76 5.70 9.16 27.83 24.41 1,103 837 FTSE 100 (12.90) 7,401 (0.17) 0.05 0.38 1.24 (1.33) 3.61 n/a 7,599 6,655 CAC 40 32.30 5,209 0.62 1.85 2.41 2.93 (1.00) 7.13 18.73 5,442 4,311 Dax 49.53 12,525 0.40 1.86 3.31 4.25 (1.88) 9.09 20.59 12,952 10,175 Indonesia 0.50 5,872 0.01 0.69 0.73 1.84 2.89 10.87 12.59 5,917 5,023 Japan 80.33 19,857 0.41 3.02 2.58 0.64 (0.21) 3.88 18.70 20,318 16,112 Australia 26.76 5,773 0.47 1.77 1.47 1.41 0.01 1.90 10.86 5,957 5,052 Korea (1.57) 2,364 (0.07) 0.86 1.90 1.90 (0.45) 16.65 18.23 2,453 1,931 Singapore 7.18 3,236 0.22 0.24 (0.48) (1.34) (0.67) 12.32 14.81 3,355 2,761 Malaysia 7.12 1,790 0.40 0.39 1.14 1.30 0.30 9.02 6.72 1,797 1,614 Hong Kong 17.11 27,972 0.06 1.63 0.83 4.05 8.20 27.14 20.49 28,128 21,489 China 3.07 3,379 0.09 0.42 (0.14) 5.33 7.16 8.89 11.77 3,391 2,969 Taiwan 38.19 10,610 0.36 0.68 (0.07) 2.72 4.76 14.66 18.67 10,656 8,880 Thailand 6.01 1,644 0.37 0.67 1.43 5.27 4.53 6.52 13.60 1,648 1,343 Philipines 26.56 8,049 0.33 0.82 0.18 1.52 0.74 17.67 6.17 8,107 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.02 4.16 0.03 (15.47) (20.82) (1.78) (16.26) 5.39 4.10 Foreign Reserve (US$bn) n/a 128.79 n/a 0.81 3.07 10.68 13.43 128.79 111.47 Inflation Rate (%) n/a (0.07) n/a (131.82) (117.95) (116.67) (250.00) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.00 6.44 (1.90) (6.57) (6.57) (19.18) (7.86) 8.36 6.34 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 35.00 13200 (0.27) 0.81 1.05 1.13 2.07 2.07 (0.77) 13,593 12,920 Japan (0.09) 110.08 0.08 (2.03) (0.78) (0.41) 6.25 6.25 (6.83) 118.66 100.09 UK 0.00 1.33 0.05 0.67 1.89 2.51 7.69 7.69 0.73 1.33 1.18 Euro 0.00 1.20 0.05 (0.52) 0.47 1.64 13.84 13.84 6.71 1.21 1.03 China 0.01 6.54 (0.09) (0.75) 0.05 2.08 6.27 6.27 2.22 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.07 48.30 0.15 1.73 (1.75) (1.07) 3.96 (10.09) 7.57 55.24 42.05 CPO 27.00 2,829.00 0.96 1.69 2.24 5.48 15.14 (9.01) 7.16 3,202.00 2,425.00 Rubber 2.50 849.50 0.30 (0.06) 0.53 3.35 4.55 (13.09) 28.13 1,174.00 661.50 Coal 0.20 99.75 0.20 2.15 1.99 4.12 25.55 12.84 42.50 115.00 73.60 Iron Ore (0.88) 77.46 (1.12) (0.90) (2.34) 0.91 40.84 (0.77) 37.10 94.91 54.24 Tin (76.00) 20,804.00 (0.36) (0.33) (0.41) 1.88 8.47 (1.89) 9.01 21,945.00 18,750.00 Nickel 225.00 11,990.00 1.91 (1.32) (0.75) 12.48 36.33 19.66 18.95 12,380.00 8,680.00 Copper (80.00) 6,668.00 (1.19) (3.34) (3.36) 4.01 15.52 20.46 43.46 6,970.00 4,633.00 Gold 3.00 1,331.80 0.23 (1.15) (0.25) 3.42 5.21 15.64 0.92 1,358.50 1,123.90 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 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 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