Samuel Research Market Activity Wednesday, 19 Jul 2017 Market Index Index Movement Market Volume Market Value : 5,822.4 : -18.9 (-0.32%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers GGRM 76,750 950 1.3 RIMO 294 40 15.7 TOPS 1,155 230 24.9 MEGA 3,000 180 6.4 Lagging Movers UNVR 47,650-675 -1.4 HMSP 3,780-30 -0.8 BBRI 14,900-100 -0.7 ASII 8,675-50 -0.6 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) WSKT 11 BBRI 138 LPPF 11 ASII 118 BMRI 10 TLKM 80 AKRA 9 BBNI 52 MEDC 9 UNTR 48 Money Market USD/IDR 13,309-19.0 0.1 JIBOR O/N 4.4 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 34.6 0.0 0.0 ISAT 41.8 0.4 0.9 EIDO 27.1-0.1-0.2 Kinerja 1H17 warnai IHSG Bursa AS semalam ditutup mixed, menjelang rilisnya earnings season pada 1H17, investor mengalihkan sebagian besar fokus mereka pada kinerja masing-masing perusahaan. Saham seperti Goldman, Netflix menjadi perhatian pasar saat ini. sementara itu Bursa saham Eropa ditutup melemah, tertekan kinerja emiten yang mengecewakan serta penyesuaian ekspektasi terhadap kenaikan suku bunga oleh bank-bank sentral Eropa. Harga minyak mentah melemah setelah American Petroleum Institute (API) merilis data yang menunjukkan persediaan minyak AS meningkat sebesar 1,63 juta barel. Dari domestik laporan kinerja emiten kuartal kedua akan mewarnai laju IHSG, serta penantian terhadap BI Repo Rate menjadi salah satu faktor pergerakan market. Harga komoditas yang membaik juga menjaga ekspektasi surplus dagang yang melebar, membuat sentiment positif di market. Rupiah di perdagangan hari ini diperkirakan masih menguat mengikuti pelemahan dollar di pasar global. Highlights RIMO: Memburu marketing sales Rp 1,5 triliun LINK: Membidik pasar Batam dan Medan Perbankan: Kredit diperkirakan bisa tumbuh 12% World Indices DJIA 21,575-55 -0.3 S&P 500 2,461 1 0.1 Euro Stoxx 3,479-38 -1.1 MSCI World 1,950 1 0.1 Nikkei 19,975-25 -0.1 Hang Seng 26,525 54 0.2 Commodities Brent Oil 49-0.2-0.3 CPO Malay 2,513-24.0-0.9 Coal Newc 87 3.0 3.6 Nickel 9,748 179.5 1.9 Tin 20,095 105.0 0.5 www.samuel.co.id Page 1 of 6
RIMO: Memburu marketing sales Rp 1,5 triliun RIMO menargetkan marketing sales Rp 1,5 triliun di tahun ini melalui bisnis properti di Jakarta, Pontianak, dan Banjarmasin. Ini adalah tahun pertama perusahaan memasuki bisnis properti. Saat ini saham seri B perusahaan dimiliki mayoritas oleh Benny Tjokrosaputro (50,2%). Perusahaan memiliki 3 unit bisnis, yaitu Rimo Land, Rimo Property, dan Rimo Retail Bahan Bangunan. (Kontan). RIMO: Non-Coverage. LINK: Membidik pasar Batam dan Medan Pendapatan tahun ini ditargetkan naik 13-15% menjadi Rp 3,33-3,39 triliun, antara lain didukung oleh pengembangan bisnis ke Batam dan Medan. Hingga 1Q17, penggunaan jasa kabel optik perusahaan mencapai 1,86 juta homepassed. Di tahun ini ditargetkan penambahan 120.000-150.000 pengguna baru. Capex dialokasikan Rp 1 triliun di tahun ini untuk ekspansi dan maintenance. (Kontan). LINK: Non-Coverage. Perbankan: Kredit diperkirakan bisa tumbuh 12% Survei BI terbaru menunjukkan sejumlah pihak memperkirakan kredit tumbuh 12,4% di tahun ini atau lebih rendah dari hasil survei sebelumnya sebesar 13,2%. Hingga Mei lalu, kredit naik 8,6%yoy dan bankir menilai pertumbuhan kredit bisa meningkat pada 2H17. Secara umum, bank masih selektif dalam mengucurkan kredit demi menjaga kualitas aset. (Kontan). Banking: Overweight. www.samuel.co.id Page 2 of 6
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 315,583 13525 (0.4) 16.8 12179 14000 3.5 15.9 12.9 1.8 1.6 11.3% 12.0% BBCA HOLD 452,419 18350 0.3 18.4 18708 18000-1.9 19.5 18.4 3.5 3.0 17.9% 16.5% BBRI BUY 367,571 14900 (0.7) 27.6 15066 15550 4.4 13.1 11.5 2.2 1.9 16.8% 16.8% BBNI BUY 130,541 7000 (0.4) 26.7 7340 7700 10.0 9.9 8.3 1.3 1.2 13.5% 14.3% BBTN BUY 25,734 2430 (0.8) 39.7 2734 2870 18.1 8.2 7.7 1.2 1.1 14.4% 13.7% BNLI BUY 19,910 710 3.6 32.4 815 890 25.4 13.4 14.8 0.9 0.8 6.7% 5.7% Average 13.3 12.3 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 100,584 8625 (0.3) 0.6 9485 10300 19.4 24.2 21.2 5.0 4.4 20.8% 20.9% INDF BUY 77,048 8775 0.0 10.7 9628 9900 12.8 16.5 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 77,344 1650 0.3 8.9 1733 1750 6.1 31.1 27.5 5.8 5.1 18.7% 18.7% ROTI BUY 6,454 1275 (0.8) (20.3) 1533 2050 60.8 18.5 15.7 3.8 3.2 20.5% 20.2% ULTJ BUY 14,586 5050 0.0 10.5 5750 5300 5.0 19.0 17.2 3.6 3.0 18.9% 17.5% UNVR HOLD 363,570 47650 (1.4) 22.8 47404 45200-5.1 50.9 45.4 59.3 52.0 116.6% 114.4% SIDO BUY 7,650 510 1.0 (1.9) 682 700 37.3 14.2 11.3 2.7 2.5 18.9% 22.4% AISA BUY 5,053 1570 5.7 (19.3) 2208 2500 59.2 10.1 8.3 1.2 1.0 11.7% 12.5% Average 23.1 20.1 10.5 9.2 30.0% 30.2% Cigarette HMSP BUY 439,682 3780 (0.8) (1.3) 4196 4390 16.1 34.1 32.9 11.7 10.6 34.3% 32.4% GGRM BUY 147,674 76750 1.3 20.1 79553 77150 0.5 21.7 20.5 3.1 2.8 14.1% 13.4% Average 27.9 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 28,010 1925 0.8 (25.1) 2674 2950 53.2 35.6 32.6 7.0 6.3 19.6% 19.3% SILO HOLD 12,941 9950 (3.6) (8.7) 13409 12500 25.6 122.8 96.6 4.0 3.7 3.3% 3.8% Average 79.2 64.6 5.5 5.0 11.4% 11.6% Poultry CPIN BUY 53,621 3270 (0.3) 5.8 3225 4500 37.6 13.8 12.8 1.8 1.6 12.8% 12.4% JPFA BUY 16,146 1415 (1.0) (2.7) 1577 1500 6.0 8.3 6.7 1.5 1.3 18.0% 18.9% MAIN BUY 2,384 1065 (0.9) (18.1) 1159 2280 114.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.3 8.0 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,334 6225 0.8 15.3 7474 7700 23.7 41.2 29.8 3.0 2.7 7.2% 9.1% RALS BUY 7,628 1075 (0.5) (10.0) 1391 1300 20.9 14.7 11.6 2.0 1.8 13.3% 15.4% ACES BUY 19,808 1155 1.8 38.3 1144 1300 12.6 26.3 21.4 5.9 4.9 22.4% 23.0% LPPF BUY 36,766 12600 (0.2) (16.7) 16220 19500 54.8 13.3 12.8 10.8 7.7 81.1% 60.0% Average 23.9 18.9 5.4 4.3 31.0% 26.9% Telco EXCL BUY 34,736 3250 (1.2) 40.7 3596 3200-1.5 87.8 58.0 1.6 1.6 1.8% 2.7% ISAT BUY 34,234 6300 0.0 (2.3) 8143 8200 30.2 17.3 12.4 2.3 2.1 13.4% 16.7% TLKM BUY 466,704 4630 (0.4) 16.9 4902 5000 8.0 19.3 14.9 4.6 4.0 24.0% 26.7% TOWR BUY 40,200 3940 (0.3) 10.1 4580 4500 14.2 11.5 10.8 2.8 2.2 24.5% 20.7% Average 34.0 24.0 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 351,195 8675 (0.6) 4.8 9290 9000 3.7 15.7 13.3 2.7 2.2 17.2% 16.4% UNTR BUY 104,351 27975 0.1 31.6 30486 31500 12.6 16.0 14.2 2.4 2.1 14.7% 14.9% Average 15.9 13.8 2.5 2.2 15.9% 15.7% Aviation GIAA HOLD 9,164 354 (2.2) 4.7 385 420 18.6 265.9 26.6 0.6 0.4 0.2% 1.7% Property BSDE BUY 33,778 1755 (1.1) 0.0 2260 2350 33.9 15.7 13.5 1.4 1.2 8.7% 8.5% PWON BUY 29,377 610 (1.6) 8.0 722 710 16.4 14.9 12.4 2.9 2.4 19.2% 19.3% ASRI HOLD 6,249 318 (0.6) (9.7) 438 390 22.6 9.4 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 16,447 1140 (5.0) (14.0) 1528 1307 14.6 49.6 38.0 2.0 1.8 4.0% 4.8% SSIA BUY 3,129 665 (2.2) 53.2 969 750 12.8 14.8 12.3 1.0 0.9 6.6% 7.5% CTRA BUY 21,901 1180 (4.5) (11.6) 1606 1580 33.9 13.7 11.5 1.4 1.3 10.3% 11.1% DMAS BUY 9,158 190 0.0 (17.4) 305 300 57.9 10.8 8.7 1.0 0.9 9.7% 10.8% KIJA BUY 6,664 320 0.0 10.5 413 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 17.8 14.7 1.4 1.3 9.4% 9.8% www.samuel.co.id Page 3 of 6
Construction PTPP BUY 18,600 3000 0.3 (21.3) 4554 4150 38.3 13.3 11.3 1.6 1.4 11.8% 12.6% ADHI HOLD 7,050 1980 (1.0) (4.8) 2628 2550 28.8 21.3 17.8 1.3 1.2 6.0% 6.5% WSKT BUY 30,405 2240 (0.4) (12.2) 3259 3250 45.1 13.4 10.6 1.5 1.4 11.2% 13.6% WIKA BUY 18,388 2050 (1.9) (13.1) 3044 3000 46.3 16.5 14.4 1.3 1.2 8.0% 8.3% Average 16.1 13.5 1.4 1.3 9.3% 10.2% Cement INTP SELL 64,514 17525 (2.1) 13.8 15329 13500-23.0 17.7 16.7 2.3 2.1 12.9% 12.6% SMGR HOLD 61,095 10300 2.0 12.3 9947 9000-12.6 15.1 13.7 2.0 1.8 12.9% 12.9% SMCB SELL 5,977 780 0.0 (13.3) 806 700-10.3-32.5-26.0 0.7 0.7-2.3% -2.8% SMBR HOLD 31,881 3220 (1.8) 15.4 536 2300-28.6 84.7 80.5 8.5 7.5 10.0% 9.3% Average 21.3 21.2 3.4 3.0 8.4% 8.0% Precast WSBP BUY 11,863 452 (1.3) (18.9) 701 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,055 580 (3.3) (29.7) 990 1150 98.3 15.3 13.2 1.7 1.4 10.9% 10.6% Average 13.4 11.1 1.5 1.3 11.6% 12.1% Oil and Gas PGAS HOLD 53,816 2220 0.5 (17.8) 2889 2600 17.1 12.2 9.9 1.1 1.1 9.4% 10.7% AKRA BUY 25500.9 6375.0 1.2 6.3 7000.0 7600 19.2 21.8 21.5 3.3 3.0 15.2% 14.0% MEDC BUY 9,131 2740 0.7 107.6 4213 4500 64.2 3.8 3.6 0.7 0.6 17.6% 16.3% Average 12.6 11.7 1.7 1.6 14% 14% Utilities JSMR HOLD 38,467 5300 0.5 22.7 5886 5100-3.8 19.8 20.0 2.6 2.3 12.9% 11.7% Metal ANTM BUY 17,182 715 (0.7) (20.1) 703 1250 74.8 8.3 4.5 0.8 0.8 10.0% 17.8% INCO HOLD 20,369 2050 (1.9) (27.3) 2349 2145 4.6 77.2 38.6 0.9 0.8 1.1% 2.1% TINS BUY 5,549 745 (1.3) (30.7) 1100 1200 61.1 35.5 21.9 1.0 1.0 2.9% 4.5% Average 40.3 21.7 0.9 0.9 4.7% 8.1% Coal DOID BUY 7485.3 880.0 2.9 72.5 1587.5 1600 81.8 6.0 6.3 2.6 1.8 44.0% 28.6% ITMG BUY 21,921 19400 (2.8) 15.0 21072 19000-2.1 9.1 9.1 1.6 1.5 17.9% 16.6% ADRO BUY 54,216 1695 (0.3) 0.0 2005 2100 23.9 12.8 11.7 1.1 1.0 8.5% 8.7% PTBA BUY 29,666 12875 (0.6) 3.0 15139 15000 16.5 13.3 10.8 2.6 2.3 19.9% 21.5% Average 10.3 9.5 2.0 1.7 22.6% 18.9% Plantation AALI BUY 29,159 15150 (0.2) (9.7) 17853 19800 30.7 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,688 1420 (1.4) (18.4) 1736 2050 44.4 12.8 9.9 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 0.0 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.7 11.5 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 4 of 6
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 1.07 1,950 0.06 0.08 0.87 0.68 6.25 11.33 14.77 1,951 1,657 U.S. (S&P) 1.47 2,461 0.06 0.52 1.45 0.29 5.24 9.91 13.72 2,464 2,084 U.S. (DOW) (54.99) 21,575 (0.25) 0.10 0.77 0.21 5.74 9.17 16.25 21,682 17,884 Europe (37.67) 3,479 (1.07) (1.39) 0.41 (2.82) 1.69 5.72 18.68 3,667 2,893 Emerging Market 1.68 1,053 0.16 0.59 2.26 3.98 10.53 22.15 21.32 1,054 837 FTSE 100 (13.91) 7,390 (0.19) (0.31) 0.82 (1.78) 3.88 3.46 n/a 7,599 6,616 CAC 40 (56.90) 5,173 (1.09) (1.19) 0.64 (2.59) 3.39 6.40 19.47 5,442 4,293 Dax (156.77) 12,430 (1.25) (1.67) (0.05) (3.56) 3.44 8.27 24.54 12,952 9,924 Indonesia (18.93) 5,822 (0.32) (0.13) 0.85 1.40 3.85 9.92 12.56 5,910 5,023 Japan (27.47) 19,972 (0.14) (0.63) (1.10) (0.47) 8.36 4.49 19.43 20,318 15,921 Australia 34.11 5,722 0.60 (0.76) 0.84 (1.44) (1.42) 0.98 4.96 5,957 5,052 Korea (0.13) 2,426 (0.01) 0.47 1.43 2.32 13.45 19.71 20.28 2,430 1,931 Singapore 7.84 3,306 0.24 2.18 2.71 1.81 5.75 14.76 13.24 3,308 2,761 Malaysia (0.27) 1,755 (0.02) 0.07 (0.01) (1.90) 0.92 6.89 5.05 1,797 1,614 Hong Kong 54.36 26,525 0.21 0.68 2.50 2.32 11.33 20.56 22.39 26,619 21,489 China 11.10 3,188 0.35 (0.95) (0.48) 1.37 0.53 2.70 4.97 3,301 2,932 Taiwan 23.72 10,481 0.23 0.20 0.63 2.25 8.73 13.27 16.01 10,546 8,880 Thailand (2.57) 1,572 (0.16) (0.50) 0.15 (0.61) 0.28 1.85 5.33 1,601 1,343 Philipines 18.42 7,953 0.23 0.20 1.21 0.12 5.72 16.26 (1.03) 8,118 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.04 4.39 (0.03) (1.85) 0.56 3.73 (5.65) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02) US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.00 6.96 (1.89) 2.46 (1.74) (12.77) (1.40) 8.36 6.77 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (19.00) 13309 0.14 0.29 0.62 (0.15) 1.23 1.23 (1.66) 13,593 12,920 Japan (0.18) 111.89 0.16 0.57 1.14 (0.32) 4.53 4.53 (5.16) 118.66 99.54 UK (0.00) 1.30 (0.01) (0.45) 1.20 2.37 5.66 5.66 (0.55) 1.34 1.18 Euro (0.00) 1.16 (0.02) 0.71 1.23 3.61 9.84 9.84 4.82 1.16 1.03 China (0.02) 6.75 0.35 0.55 0.83 1.08 2.94 2.94 (0.62) 6.96 6.62 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.18) 46.22 (0.39) (0.69) 1.60 4.57 (8.37) (13.96) 3.52 55.24 39.19 CPO (24.00) 2,513.00 (0.95) (1.14) (2.07) 1.17 1.62 (19.17) 10.32 3,202.00 2,253.00 Rubber 1.50 793.00 0.19 0.32 (0.13) 0.63 (19.25) (18.87) 19.43 1,174.00 644.00 Coal 3.00 86.55 3.59 4.59 4.53 6.46 5.42 (8.61) 33.56 112.25 69.00 Iron Ore (0.45) 62.06 (0.72) (1.49) 2.26 13.73 (5.35) (20.50) 7.93 94.91 53.60 Tin 105.00 20,095.00 0.53 1.06 1.08 1.52 3.27 (5.23) 12.25 21,945.00 17,672.50 Nickel 180.00 9,780.00 1.88 6.19 7.12 9.40 5.05 (2.40) (7.25) 12,145.00 8,680.00 Copper 11.00 6,007.00 0.18 2.23 2.25 6.07 7.81 8.52 21.62 6,204.00 4,582.00 Gold 0.80 1,242.70 0.06 1.24 1.94 (0.21) (3.04) 8.06 (6.73) 1,367.20 1,124.70 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 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 relat ed 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 ava ilable to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recomm endation 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