Samuel Research Market Activity Tuesday, 25 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,801.6 : +36.2 (+0.6%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers TLKM 4,650 90 2.0 BBCA 18,575 350 1.9 BMRI 13,275 225 1.7 UNVR 48,350 625 1.3 Lagging Movers UNTR 28,300-525 -1.8 SMBR 3,030-180 -5.6 DNET 2,330-120 -4.9 HMSP 3,700-10 -0.3 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 69 TLKM 277 UNVR 65 ASII 203 BBNI 52 SCMA 47 KLBF 39 BMRI 39 ADRO 27 UNTR 20 Money Market USD/IDR 13,308-5.0 0.0 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 34.7 0.5 1.4 ISAT 41.7 0.1 0.2 EIDO 26.8 0.2 0.9 World Indices DJIA 21,513-67 -0.3 S&P 500 2,470-3 -0.1 Euro Stoxx 3,453 1 0.0 MSCI World 1,955-4 -0.2 Nikkei 20,003 27 0.1 Hang Seng 26,847 141 0.5 IHSG cenderung bergerak flat Bursa AS semalam ditutup mixed, menjelang rilisnya keputusan kebijakan The Fed pada Rabu pekan ini. Sementara itu, pergolakan politik di Washington menjadi fokus pasar setelah penasihat senior Presiden Donald Trump, Jared Kushner, mengkonfirmasikan adanya komunikasi dengan Rusia selama Trump menjalani kampanye kepresidenan dan masa transisi. Untuk Bursa Eropa melambatnya laju pertumbuhan ekonomi di Eropa menimbulkan keraguan di market. Harga minyak mentah ditutup menguat setelah produsen utama OPEC, Arab Saudi, berjanji mengurangi ekspor di bulan Agustus. Dari domestik laporan kinerja emiten kuartal kedua akan mewarnai laju IHSG. Sementara itu, menjelang FOMC meeting kewaspadaan akan tercermin dari pergerakan aset di pasar negara berkembang dan menjadi fokus market. Rupiah hari ini diperkirakan melemah sesaat ditengah penguatan dollar index. Highlights BBTN: Laba bersih meningkat Telekomunikasi: Kemkominfo mempertimbangkan membuat formula tarif bawah BTPN: Laba bersih sedikit meningkat ANTM: ANTM dan Showa Denko pecah kongsi PPRO: Laba bersih 1H17 Commodities Brent Oil 49 0.1 0.1 CPO Malay 2,553-20.0-0.8 Coal Newc 84 0.0 0.0 Nickel 9,742 258.0 2.7 Tin 20,380-60.0-0.3 www.samuel.co.id Page 1 of 7
BBTN: Laba bersih meningkat Pendapatan bunga bersih tercatat naik 14% yoy pada 1H17, sementara laba operasional meningkat 18% dan laba bersih menguat 22%. Kredit pada 1H17 meningkat 19% dengan kredit terkait perumahan menyumbang 90% dari total kredit, sementara DPK tumbuh 18%. (Company, Investor Daily) Comment: Pertumbuhan kredit masih relatif kuat, jauh di atas industri yang tumbuh sekitar 9%. Dalam program satu juta rumah, pencapaian BBTN terlihat baik. Per 1H17, pemberian pembiayaan rumah telah mencapai 49% untuk KPR subsidi dan 76% untuk KPR non-subsidi dari total target tahun ini. Kualitas kredit terlihat membaik dengan NPL gross yang turun 18bps yoy menjadi 3,23% pada 1H17. NPL kredit komersial yang tergolong tinggi saat ini telah turun ke level 6,2%. Di tahun ini, NPL gross ditargetkan di bawah 3%. Terkait perubahan skema subsidi dari Fasilitas Likuidasi Pembiayaan Perumahan (FLPP) menjadi Subsidi Selisih Bunga (SSB), BBTN perlu mencari tambahan dana Rp 9 triliun. Perubahan skema itu dinilai tidak berdampak siknifikan dan tambahan dana akan dicari melalui obligasi, NCD, dan/atau pinjaman bilateral. Manajemen juga tidak mengubah target laba bersih Rp 3 triliun di tahun ini. Kinerja laba bersih itu mencerminkan 41% dan 43% dari estimasi kami dan konsensus FY17. Meski di bawah 50%, kami melihat masih ada peluang bagi BBTN untuk mengejar dan mencapai target full year kami. BBTN: Buy; 17E PE: 8.3x, PBV: 1.2x Telekomunikasi: Kemkominfo mempertimbangkan membuat formula tarif bawah Kementerian Komunikasi dan Informatika (Kemkominfo) mempertimbangkan untuk membuat formula terkait tarif bawah internet yang akan digunakan oleh industri telekomunikasi. Penetapan formula ini nantinya akan didiskusikan dengan perwakilan masyarakat, seperti Yayasan Lembaga Konsumen Indonesia (YLKI), Badan Perlindungan Konsumen Nasional (BPKN), Komisi Pengawas Persaingan Usaha (KPPU), termasuk Badan Regulasi Telekomunikasi Indonesia (BRTI). PT Indosat Tbk (ISAT) mengusulkan dua hal, yaitu, pengaturan tarif bawah dan pengawasan sanksi. Pengaturan tarif bawah harus disesuaikan dengan investasi sehingga imbal hasil operator memadai, sementara pengawasan sanksi diberlakukan secara ex-post dan dilakukan periodic setiap kuartal dimana operator diwajibkan untuk menghitung yield data (total pendapatan dibagi dengan total trafik data) dan melaporkannya kepada BRTI. (Investor Daily). Telekomunikasi: Overweight. BTPN: Laba bersih sedikit meningkat Penyaluran kredit tumbuh 8% pada 1H17 menjadi Rp 66,3 triliun dengan NPL gross di bawah 1%. Laba bersihnya naik 2% yoy menjadi Rp 935 miliar (53% dari konsensus FY17 atau inline). BTPN terus mengembangkan platform digital bernama BTPN Wow yang menyasar kelompok masyarakat menengah ke bawah yang selama ini belum tersentuh layanan perbankan, dan Jenius untuk menyasar masyarakat yang sudah melek teknologi. (Investor Daily). BTPN: Non-Coverage. www.samuel.co.id Page 2 of 7
ANTM: ANTM dan Showa Denko pecah kongsi PT Aneka Tambang Tbk (ANTM) berencana berpisah dengan mitranya, Showa Denko KK, di pabrik Chemical Grade Alumina (CGA). Saat ini ANTM memiliki 80% saham PT Indonesia Chemical Alumina (ICA), dan Showa memiliki 20% Meskipun memiliki sebanyak 80% saham ICA, ANTM tidak menjadi pemegangsaham pengendali ICA, karena semua kebijakan keuangan dan operasional ICA memerlukan persetujuan seluruh pemegang saham. Selain Showa Denko yang akan melepas kepemilikannya pada ICA, ANTM juga berencana menjual sahamnya kepada pihak ketiga. Hal ini mengindikasikan bahwa ICA belum memberikan profitabilitas dan level produksinya berada dibawah estimasi. (Investor Daily). ANTM: Under Review. PPRO: Laba bersih 1H17 PT PP Properti, Tbk (PPRO), membukukan kenaikan pendapatan +7.7%YoY di 1H17, namun laba kotor dan laba operasi tercatat turun masing-masing -2%YoY dan -3.8%YoY. Di sisi lain, laba bersih tercatat naik tipis +2.1%YoY didorong oleh penghasilan lain lain sebesar Rp9.78miliar vs Rp3.57miliar di periode 1H16. Dari atas ke bawah, marjin tercatat melemah, dengan pelemahan marjin laba bersih sebesar - 0.8% menjadi 15.3% dari 16.1% di 1H16. (Bisnis Indonesia). PPRO: Non-Coverage; 17E PE: 28.1x, PBV: N/Ax. (Rp Bn) 6M16 6M17 YoY Revenue 974 1,049 7.7% Gross profit 261 255-2.0% Operating Profit (EBIT) 222 213-3.8% Net income 157 161 2.1% Gross margin 26.8% 24.3% -2.4% EBIT Margin 22.8% 20.3% -2.4% Net Margin 16.1% 15.3% -0.8% www.samuel.co.id Page 3 of 7
Stock 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 BUY 309,750 13275 1.7 14.7 12970 14400 8.5 15.6 12.7 1.8 1.5 11.3% 12.0% BBCA HOLD 457,967 18575 1.9 19.8 18770 18000-3.1 19.8 18.7 3.5 3.1 17.9% 16.5% BBRI BUY 362,020 14675 0.0 25.7 15299 15550 6.0 12.9 11.3 2.2 1.9 16.8% 16.8% BBNI BUY 131,473 7050 1.4 27.6 7544 7700 9.2 10.0 8.4 1.3 1.2 13.5% 14.3% BBTN BUY 25,840 2440 1.2 40.2 2718 2870 17.6 8.3 7.7 1.2 1.1 14.4% 13.7% BNLI BUY 19,069 680 0.0 26.8 815 890 30.9 12.8 14.2 0.9 0.8 6.7% 5.7% Average 13.2 12.2 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 100,876 8650 2.1 0.9 9485 10300 19.1 24.3 21.3 5.0 4.4 20.8% 20.9% INDF BUY 76,609 8725 1.7 10.1 9628 9900 13.5 16.4 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 79,688 1700 1.2 12.2 1719 1750 2.9 32.1 28.3 6.0 5.3 18.7% 18.7% ROTI BUY 6,302 1245 (1.6) (22.2) 1514 2050 64.7 18.0 14.8 3.7 3.1 20.4% 20.8% ULTJ BUY 14,297 4950 (1.0) 8.3 5750 5300 7.1 18.6 16.8 3.5 2.9 18.9% 17.5% UNVR HOLD 368,911 48350 1.3 24.6 47655 45200-6.5 51.7 46.1 60.2 52.7 116.6% 114.4% SIDO BUY 7,575 505 0.0 (2.9) 682 700 38.6 14.0 11.2 2.7 2.5 18.9% 22.4% AISA BUY 4,039 1255 4.1 (35.5) 2208 2500 99.2 8.0 6.6 0.9 0.8 11.7% 12.5% Average 22.9 19.9 10.5 9.2 30.0% 30.3% Cigarette HMSP BUY 430,377 3700 (0.3) (3.4) 4189 4390 18.6 33.3 32.2 11.4 10.4 34.3% 32.4% GGRM BUY 148,059 76950 1.7 20.4 79553 77150 0.3 21.8 20.6 3.1 2.8 14.1% 13.4% Average 27.6 26.4 7.2 6.6 24.2% 22.9% Healthcare MIKA BUY 29,392 2020 1.0 (21.4) 2595 2950 46.0 37.4 34.2 7.3 6.6 19.6% 19.3% SILO HOLD 13,299 10225 (0.2) (6.2) 13045 12500 22.2 126.2 99.3 4.1 3.8 3.3% 3.8% Average 81.8 66.8 5.7 5.2 11.4% 11.6% Poultry CPIN BUY 53,294 3250 3.2 5.2 3206 4500 38.5 13.7 12.7 1.8 1.6 12.8% 12.4% JPFA BUY 15,062 1320 (4.7) (9.3) 1599 1500 13.6 7.8 6.2 1.4 1.2 18.0% 18.9% MAIN BUY 2,339 1045 (0.5) (19.6) 1111 2280 118.2 5.6 4.5 0.9 0.8 15.9% 17.2% Average 9.0 7.8 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,375 6250 0.8 15.7 7484 7700 23.2 41.4 29.9 3.0 2.7 7.2% 9.1% RALS BUY 7,238 1020 (0.5) (14.6) 1410 1300 27.5 14.0 11.0 1.9 1.7 13.3% 15.4% ACES BUY 19,637 1145 2.2 37.1 1148 1300 13.5 26.0 21.2 5.8 4.9 22.4% 23.0% LPPF BUY 36,693 12575 3.5 (16.9) 16261 19500 55.1 13.3 12.8 10.8 7.7 81.1% 60.0% Average 23.7 18.7 5.4 4.2 31.0% 26.9% Telco EXCL BUY 34,201 3200 1.6 38.5 3646 3200 0.0 86.5 57.1 1.6 1.6 1.8% 2.7% ISAT BUY 33,962 6250 (0.4) (3.1) 8092 8200 31.2 17.2 12.3 2.3 2.1 13.4% 16.7% TLKM BUY 468,720 4650 2.0 17.4 4914 5000 7.5 19.4 15.0 4.7 4.0 24.0% 26.7% TOWR BUY 40,302 3950 0.0 10.3 4593 4500 13.9 11.5 10.8 2.8 2.2 24.5% 20.7% Average 33.6 23.8 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 332,977 8225 0.3 (0.6) 9314 9000 9.4 14.9 12.6 2.6 2.1 17.2% 16.4% UNTR BUY 105,563 28300 (1.8) 33.2 30983 31500 11.3 16.2 14.3 2.4 2.1 14.7% 14.9% Average 15.6 13.5 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 9,371 362 2.8 7.1 385 420 16.0 271.9 27.2 0.6 0.5 0.2% 1.7% Property BSDE BUY 33,874 1760 1.1 0.3 2260 2350 33.5 15.7 13.5 1.4 1.2 8.7% 8.5% PWON BUY 30,100 625 1.6 10.6 717 710 13.6 15.2 12.8 2.9 2.5 19.2% 19.3% ASRI HOLD 6,091 310 (1.9) (11.9) 438 390 25.8 9.1 8.6 0.8 0.7 8.8% 8.7% SMRA HOLD 15,220 1055 (1.9) (20.4) 1434 1307 23.9 45.9 35.2 1.8 1.7 4.0% 4.8% SSIA BUY 3,082 655 (3.0) 50.9 969 750 14.5 14.6 12.1 1.0 0.9 6.6% 7.5% CTRA BUY 20,695 1115 0.5 (16.5) 1606 1580 41.7 13.0 10.8 1.3 1.2 10.3% 11.1% DMAS BUY 10,025 208 4.0 (9.6) 305 300 44.2 11.8 9.5 1.1 1.0 9.7% 10.8% KIJA BUY 6,539 314 (1.3) 8.4 413 450 43.3 13.7 12.1 1.1 1.0 7.8% 8.1% Average 17.4 14.3 1.4 1.3 9.4% 9.8% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 18,538 2990 (2.6) (21.5) 4525 4150 38.8 13.3 11.2 1.6 1.4 11.8% 12.6% ADHI HOLD 7,620 2140 0.5 2.9 2695 2550 19.2 23.0 19.3 1.4 1.3 6.0% 6.5% WSKT BUY 30,270 2230 0.5 (12.5) 3216 3250 45.7 13.4 10.6 1.5 1.4 11.2% 13.6% WIKA BUY 17,940 2000 0.5 (15.3) 3039 3000 50.0 16.1 14.1 1.3 1.2 8.0% 8.3% Average 16.4 13.8 1.4 1.3 9.3% 10.2% Cement INTP SELL 66,630 18100 4.0 17.5 15239 13500-25.4 18.3 17.2 2.4 2.2 12.9% 12.6% SMGR HOLD 60,205 10150 0.5 10.6 9947 9000-11.3 14.9 13.5 1.9 1.7 12.9% 12.9% SMCB SELL 6,015 785 (0.6) (12.8) 806 700-10.8-32.7-26.2 0.7 0.7-2.3% -2.8% SMBR HOLD 29,999 3030 (5.6) 8.6 536 2300-24.1 79.7 75.8 8.0 7.0 10.0% 9.3% Average 20.1 20.1 3.2 2.9 8.4% 8.0% Precast WSBP BUY 11,652 452 2.8 (20.4) 701 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,099 585 (0.8) (29.1) 990 1150 96.6 15.4 13.3 1.7 1.4 10.9% 10.6% Average 13.5 11.2 1.5 1.3 11.6% 12.1% Oil and Gas PGAS HOLD 53,574 2210 0.0 (18.1) 2861 2600 17.6 12.1 9.9 1.1 1.1 9.4% 10.7% AKRA BUY 25800.9 6450.0 2.4 7.5 7000.0 7600 17.8 22.0 21.8 3.4 3.0 15.2% 14.0% MEDC BUY 8,564 2570 (0.8) 94.7 4117 4500 75.1 3.6 3.3 0.6 0.5 17.6% 16.3% Average 12.6 11.7 1.7 1.6 14% 14% Utilities JSMR HOLD 38,830 5350 1.4 23.8 5893 5100-4.7 20.0 20.2 2.6 2.4 12.9% 11.7% Metal ANTM BUY 16,822 700 (0.7) (21.8) 703 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 21,562 2170 (0.9) (23.0) 2353 2145-1.2 81.7 40.9 0.9 0.9 1.1% 2.1% TINS BUY 5,474 735 (1.3) (31.6) 1038 1200 63.3 35.0 21.6 1.0 1.0 2.9% 4.5% Average 41.6 22.3 0.9 0.9 4.7% 8.1% Coal DOID BUY 6549.6 770.0-7.2 51.0 1587.5 1600 107.8 5.3 5.5 2.3 1.6 44.0% 28.6% ITMG BUY 23,672 20950 (0.9) 24.1 22015 22300 6.4 9.9 9.9 1.8 1.6 17.9% 16.6% ADRO BUY 58,694 1835 0.8 8.3 2005 2100 14.4 13.9 12.7 1.2 1.1 8.5% 8.7% PTBA BUY 29,954 13000 (1.1) 4.0 15011 15000 15.4 13.4 10.9 2.7 2.3 19.9% 21.5% Average 10.6 9.7 2.0 1.7 22.6% 18.9% Plantation AALI BUY 29,351 15250 (1.3) (9.1) 17183 19800 29.8 16.7 14.0 1.8 1.7 10.7% 12.1% LSIP BUY 9,688 1420 (1.4) (18.4) 1716 2050 44.4 12.8 9.9 1.2 1.1 9.1% 10.9% SIMP HOLD 8,383 530 (1.9) 7.3 570 600 13.2 11.3 10.4 0.6 0.5 5.0% 5.2% Average 13.6 11.4 1.2 1.1 8.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, 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 (3.94) 1,955 (0.20) (0.43) 0.27 1.55 3.87 11.63 14.72 1,965 1,657 U.S. (S&P) (2.63) 2,470 (0.11) (0.16) 0.44 1.30 3.40 10.32 13.90 2,478 2,084 U.S. (DOW) (66.90) 21,513 (0.31) (0.59) (0.54) 0.55 2.46 8.86 16.33 21,682 17,884 Europe 1.46 3,453 0.04 (1.35) (1.80) (2.55) (3.63) 4.94 16.14 3,667 2,893 Emerging Market 4.09 1,064 0.39 0.46 1.05 5.20 8.31 23.43 22.46 1,064 837 FTSE 100 (75.18) 7,378 (1.01) (0.72) (0.36) (0.62) 1.40 3.29 n/a 7,599 6,616 CAC 40 10.04 5,128 0.20 (1.69) (1.96) (2.63) (2.85) 5.46 16.86 5,442 4,293 Dax (31.11) 12,209 (0.25) (1.95) (3.00) (4.12) (2.07) 6.34 19.72 12,952 10,093 Indonesia 36.16 5,802 0.63 (0.09) (0.68) (0.48) 2.13 9.53 11.12 5,910 5,023 Japan 22.30 19,998 0.11 (0.73) (0.01) (0.67) 4.81 4.62 20.32 20,318 15,921 Australia 34.73 5,723 0.61 (0.67) 0.62 0.12 (2.54) 1.01 3.42 5,957 5,052 Korea (2.94) 2,449 (0.12) 0.28 0.93 2.94 11.46 20.83 21.68 2,453 1,931 Singapore (3.32) 3,311 (0.10) (0.43) 0.38 3.16 4.64 14.93 13.00 3,331 2,761 Malaysia 2.83 1,762 0.16 0.27 0.39 (0.98) (0.22) 7.33 5.62 1,797 1,614 Hong Kong 140.74 26,847 0.53 0.65 1.42 4.58 9.78 22.03 22.07 26,882 21,489 China 12.62 3,251 0.39 0.61 2.33 2.94 3.70 4.74 7.78 3,301 2,932 Taiwan 24.58 10,461 0.24 (0.43) 0.04 0.81 6.30 13.05 16.34 10,546 8,880 Thailand 3.22 1,577 0.20 0.06 0.17 (0.36) 0.93 2.19 4.24 1,601 1,343 Philipines (27.09) 7,963 (0.34) (0.13) 0.35 1.90 3.40 16.40 (1.07) 8,114 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 4.37 0.08 (13.53) 0.60 3.16 (6.07) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02) US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.00 6.93 (0.33) 1.51 (1.97) (13.06) (3.23) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (5.00) 13308 0.04 0.08 0.15 0.15 1.24 1.24 (1.26) 13,593 12,920 Japan 0.19 111.29 (0.17) 0.56 0.70 0.51 5.09 5.09 (4.92) 118.66 99.54 UK (0.00) 1.30 (0.06) 0.36 (0.15) 2.33 5.51 5.51 (0.91) 1.34 1.18 Euro (0.00) 1.16 (0.05) 0.04 0.71 4.06 10.64 10.64 5.83 1.17 1.03 China (0.02) 6.75 0.23 0.01 0.28 1.33 2.87 2.87 (1.06) 6.96 6.62 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.10 46.44 0.22 (0.75) 0.09 7.97 (6.30) (13.55) 7.67 55.24 39.19 CPO (20.00) 2,553.00 (0.78) 1.11 0.63 4.55 0.91 (17.88) 10.04 3,202.00 2,253.00 Rubber 6.50 803.00 0.82 1.26 1.45 1.52 (17.22) (17.85) 19.23 1,174.00 644.00 Coal 0.00 84.40 0.00 (3.87) (2.48) 6.30 7.24 (10.88) 31.06 112.25 69.00 Iron Ore (0.95) 67.84 (1.38) 0.67 9.31 23.73 6.75 (13.09) 21.58 94.91 54.24 Tin (60.00) 20,380.00 (0.29) 0.62 1.95 5.65 3.52 (3.89) 14.95 21,945.00 17,725.00 Nickel 260.00 9,780.00 2.73 1.35 1.88 7.71 5.62 (2.40) (6.05) 12,145.00 8,680.00 Copper 23.00 6,027.00 0.38 1.01 0.52 3.90 6.58 8.88 22.50 6,204.00 4,582.00 Gold (1.00) 1,253.30 (0.08) 0.63 0.92 (0.12) (0.96) 8.98 (5.02) 1,367.20 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 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