Samuel Research Market Activity Tuesday, 02 Jan 2018 Market Index Index Movement Market Volume Market Value : 6,355.7 : +41.6 (+0.7%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers UNVR 55,900 1500 2.8 ASII 8,300 250 3.1 TPIA 6,000 300 5.3 TLKM 4,440 50 1.1 Lagging Movers MYOR 2,020-260 -11.4 CPIN 3,000-330 -9.9 MABA 1,200-200 -14.3 LPPF 10,000-1000 -9.1 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) TLKM 238 BBNI 176 SMGR 61 INDF 27 UNTR 48 LPPF 19 UNVR 41 SRIL 15 ASII 40 ADHI 8 Money Market USD/IDR 13,568 6.0 0.0 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.2 - - Dual Listing Securities TLKM 32.2 0.2 0.6 ISAT 53.4-0.3-0.5 EIDO 28.4 0.1 0.2 World Indices DJIA 24,719-118 -0.5 S&P 500 2,674-14 -0.5 Euro Stoxx 3,504-20 -0.6 MSCI World 2,103 0 0.0 Nikkei 22,765-19 -0.1 Hang Seng 29,919 55 0.2 IHSG berpotensi terkoreksi Bursa saham Wall Street ditutup melemah pada perdagangan terakhir di tahun 2017. Volume trading menjadi sorotan seiring dengan pasar saham AS yang tutup pada hari Senin dalam rangka libur Natal dan juga Tahun Baru. Selain itu, saham-saham di bursa AS juga telah menguat cukup banyak dalam mengantisipasi efek stimulus pemangkasan pajak. Indeks Dow Jones dan S&P 500 menguat 5 pekan secara langsung pada pekan setelah Donald Trump menandatangani UU baru sistem pajak Baru. Sama dengan bursa AS, mayoritas bursa Eropa ditutup melemah pada Jumat lalu seiring dengan minimnya katalis positif dan beberapa pasar, termasuk bursa Inggris, ditutup lebih awal pada hari Jumat. Pada hari Jumat minggu lalu, di mana merupakan hari terakhir perdagangan di tahun 2017, IHSG kembali ditutup naik +0.66% ke level 6355.7. Kami melihat pergerakan IHSG berpotensi terkoreksi sementara pada perdagangan hari pertama di tahun 2018 ini, menyusul peningkatan sebesar 2,16% sepanjang perdagangan pada pekan terakhir di tahun 2017 dan juga turunnya bursa saham global pada perdagangan Jumat lalu. Selain itu, data PMI manufacturing Indonesia yeng melemah dari 50,4 di Nov 17 menjadi 49,3 di Des 17 juga dapat menjadi sentimen negatif. Highlights Laba Emiten Berpotensi Naik 14% Tahun Ini Perbankan: Kredit diperkirakan tumbuh 8% di 2017 BDMN: MUFG realisasikan akuisisi BDMN MIKA: Menggarap serius pasar peserta BPJS Komoditas: Harga komoditas mulai pulih JPFA: Menyiapkan strategi untuk 2018 Commodities Brent Oil 67 0.7 1.1 CPO Malay 2,521-19.0-0.7 Coal Newc 100 0.7 0.7 Nickel 12,738 410.0 3.3 Tin 20,096 101.0 0.5 www.samuel.co.id Page 1 of 7
Laba Emiten Berpotensi Naik 14% Tahun Ini Emiten yang melantai di Bursa Efek Indonesia (BEI) berpeluang meraih kenaikan laba bersih sebesar 13-14% pada 2018, perhitungan tersebut dinilai masih moderat, karena hingga 3Q17, laba bersih 517 emiten di BEI tumbuh 19,48% menjadi Rp 253,5 triliun, dibanding Rp 212,2 triliun, jika dibandingkan dengan 3Q16. Penggalangan dana para emiten diyakini akan tetap masif guna mendongkrak penjualan dan laba. Direktur Penilaian Perusahaan BEI Samsul Hidayat menyatakan, emiten akan berupaya menaikkan penjualan untuk meraih kenaikan laba yang lebih baik. (Investor Daily). Perbankan: Kredit diperkirakan tumbuh 8% di 2017 BI memperkirakan pertumbuhan kredit di 2017 sekitar 8%yoy. Kredit infrastruktur dinilai sebagai pendorong pertumbuhan yang utama. Sebelumnya, OJK menilai bank BUKU IV menjadi penopang pertumbuhan utama, sementara BUKU III cenderung tumbuh tipis. BUKU I dan II masih kondolidasi sehingga kredit cenderung turun. OJK menilai kredit berpotensi tumbuh lebih baik di tahun ini seiring perekonomian global dan dalam negeri yang lebih positif dengan harga komoditas yang tetap tinggi. (Bisnis Indonesia). Banking: Neutral. BDMN: MUFG realisasikan akuisisi BDMN The Bank of Tokyo Mitsubishi UFJ Ltd (MUFG) telah menyelesaikan pembelian 19,9% saham BDMN dari Asia Financial (Indonesia) atau AFI. Terkait rencana MUFG menguasai lebih dari 40% saham BDMN, OJK mengatakan masih menunggu pengajuan dari pihak MUFG. Saat ini grup MUFG memiliki saham di Bank Nusantara Parahyangan (BBNP) serta sebuah kantor cabang asing di Indonesia. OJK menyatakan tidak memaksa MUFG untuk menggabungkan bank-bank nya di Indonesia, tapi menurutnya bisa lebih kompetitif apabila dilakukan penggabungan. (Investor Daily). BDMN: Non-Coverage; 18E consensus PE: 14.9x, PBV: 1.6x. MIKA: Menggarap serius pasar peserta BPJS PT Mitra Keluarga Karyasehat, Tbk (MIKA) akan lebih serius menggarap pasar peserta BPJS. Tahun ini, rencananya MIKA akan menambah empat RS yang menerima pasien BPJS. Selain itu, perusahaan juga akan terus berekspansi salah satunya melalui penambahan 2 RS baru berlokasi di Gading Serpong dan Bintaro. (Kontan). MIKA: Buy; 18E PE: 30.6x, PBV: 5.9x. Komoditas: Harga komoditas mulai pulih Tren kenaikan harga komoditas dunia akan berlanjut pada 2018, bahkan sebagian komoditas diyakini mulai pulih. Faktor pendorongnya adalah kenaikan permintaan komoditas energy oleh Tiongkok dan AS. Pemulihan industri manufaktur di dua negara itu membutuhkan pasokan energy yang cukup besar. Sementara dari sisi suplai, ketegangan geopolitik di Timur Tengah dan ketidakpastian pemangkasan produksi minyak OPEC membuat harga bergerak naik. (Investor Daily). www.samuel.co.id Page 2 of 7
JPFA: Menyiapkan strategi untuk 2018 Demi menjaga pertumbuhan, JPFA akan tetap berusaha mengembangkan bisnis perunggasan, terutama produk akhir. Produk ayam potong siap masak serta produk siap saji menjadi fokus strategi perusahaan. Hal tersebut dilakukan mengingat ancaman potensi masuknya unggas impor akibat keputusan WTO yang memenangkan Brasil atas pembatasan impor daging ayam Indonesia. (Kontan). JPFA: BUY; 18E PE: 10.5x, PBV: 1.3x. 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 373,333 5.4 8000 0.6 0.0 7741 7900-1.3 18.7 15.5 2.1 1.8 11.4% 11.9% BBCA HOLD 539,945 7.8 21900 (0.1) 0.0 21654 21300-2.7 23.4 20.8 4.1 3.5 17.6% 17.0% BBRI BUY 448,979 6.5 3640 0.3 0.0 3480 3560-2.2 16.2 13.6 2.7 2.4 16.7% 17.3% BBNI BUY 184,622 2.7 9900 (0.3) 0.0 8643 8400-15.2 13.9 12.0 1.9 1.7 13.6% 14.0% BBTN HOLD 37,806 0.5 3570 1.4 0.0 3421 3300-7.6 12.8 10.8 1.8 1.5 13.7% 14.3% BNLI BUY 17,527 0.3 625 4.2 0.0 818 890 42.4 16.9 17.4 0.8 0.8 4.8% 4.4% Average 17.0 15.0 2.2 2.0 12.9% 13.2% Consumer (Staples) ICBP BUY 103,791 1.5 8900 0.0 0.0 9342 10200 14.6 26.4 24.4 5.3 4.7 19.9% 19.3% INDF BUY 66,951 1.0 7625 (1.0) 0.0 9400 9900 29.8 15.0 13.6 2.1 2.0 14.2% 14.4% KLBF BUY 79,219 1.2 1690 0.3 0.0 1716 1900 12.4 32.5 28.7 6.0 5.3 18.4% 18.5% ROTI BUY 7,888 0.1 1275 (0.4) 0.0 1382 1590 24.7 34.1 19.2 4.2 3.5 12.2% 18.3% UNVR HOLD 426,517 6.2 55900 2.8 0.0 50488 49900-10.7 60.2 54.9 79.0 70.1 131.3% 127.7% SIDO BUY 8,175 0.1 545 0.9 0.0 556 550 0.9 16.6 15.9 2.8 2.7 17.1% 17.1% AISA HOLD 1,532 0.0 476 0.8 0.0 938 900 89.1 3.6 3.1 0.4 0.3 9.7% 10.1% Average 26.9 22.8 14.3 12.7 31.8% 32.2% Cigarette HMSP BUY 550,185 8.0 4730 0.4 0.0 4168 4390-7.2 42.5 41.1 14.6 13.3 34.3% 32.4% GGRM BUY 161,239 2.3 83800 2.5 0.0 83764 83700-0.1 23.0 21.6 3.6 3.2 15.6% 14.8% Average 32.8 31.3 9.1 8.2 25.0% 23.6% Healthcare MIKA BUY 26,337 0.4 1810 0.6 0.0 2311 2950 63.0 33.8 30.6 6.5 5.9 19.4% 19.4% SILO HOLD 15,567 0.2 9575 0.5 0.0 11236 10700 11.7 118.4 96.8 3.9 3.6 3.3% 3.7% Average 76.1 63.7 5.2 4.8 11.3% 11.6% Poultry CPIN HOLD 49,194 0.7 3000 (9.9) 0.0 3230 3380 12.7 17.1 13.0 3.0 2.6 17.6% 20.0% JPFA BUY 14,834 0.2 1300 2.0 0.0 1640 1500 15.4 11.2 10.5 1.5 1.3 13.0% 12.4% MAIN BUY 1,657 0.0 740 1.4 0.0 965 1200 62.2 4.4 3.5 0.6 0.6 14.6% 16.2% Average 10.9 9.0 1.7 1.5 15.1% 16.2% Retail MAPI BUY 10,292 0.1 6200 0.0 0.0 8121 7900 27.4 27.9 20.4 2.9 2.5 10.2% 12.4% RALS BUY 8,515 0.1 1200 11.1 0.0 1189 1250 4.2 20.2 17.5 2.2 2.1 11.1% 12.0% ACES BUY 19,808 0.3 1155 1.8 0.0 1359 1600 38.5 26.3 22.2 5.9 5.0 22.4% 22.4% LPPF BUY 29,179 0.4 10000 (9.1) 0.0 12395 11500 15.0 13.3 13.0 8.6 6.5 64.5% 49.8% Average 21.9 18.3 4.9 4.0 27.1% 24.1% Media MNCN BUY 18,345 0.3 1285 1.6 0.0 1878 2000 55.6 9.5 8.5 1.8 1.6 19.3% 19.3% SCMA BUY 36,262 0.5 2480 0.8 0.0 2397 2300-7.3 19.0 17.2 8.2 6.7 43.2% 39.0% Average 14.2 12.9 5.0 4.2 31.3% 29.2% Telco EXCL BUY 31,636 0.5 2960 (0.3) 0.0 3943 3200 8.1 92.5 39.5 1.5 1.4 1.6% 3.6% ISAT BUY 26,083 0.4 4800 0.8 0.0 7453 8200 70.8 14.5 9.8 1.8 1.6 12.4% 16.3% TLKM BUY 447,552 6.5 4440 1.1 0.0 4731 5000 12.6 19.0 16.7 4.8 4.3 25.1% 25.9% TOWR BUY 40,812 0.6 4000 2.0 0.0 4854 4500 12.5 15.3 13.8 3.2 2.8 20.9% 20.2% Average 35.3 19.9 2.8 2.5 15.0% 16.5% Auto and HE ASII BUY 336,013 4.9 8300 3.1 0.0 9133 9400 13.3 14.4 12.7 2.7 2.1 18.6% 16.6% UNTR BUY 132,047 1.9 35400 2.3 0.0 38105 41500 17.2 19.0 18.8 2.9 2.7 15.5% 14.2% Average 16.7 15.8 2.8 2.4 17.1% 15.4% Aviation GIAA HOLD 7,766 0.1 300 (0.7) 0.0 364 350 16.7 225.3 219.8 0.6 0.6 0.3% 0.3% www.samuel.co.id Page 4 of 7
Property BSDE BUY 32,719 0.5 1700 0.6 0.0 2207 2350 38.2 15.2 13.1 1.3 1.1 8.7% 8.6% PWON BUY 32,989 0.5 685 0.7 0.0 742 767 12.0 16.7 14.1 3.2 2.7 19.2% 19.1% ASRI BUY 6,995 0.1 356 0.0 0.0 448 448 25.8 13.3 12.5 0.9 0.8 6.7% 6.7% SMRA HOLD 13,633 0.2 945 1.1 0.0 1165 1110 17.5 42.1 40.2 1.2 1.4 2.8% 3.4% SSIA HOLD 2,423 0.0 515 2.0 0.0 731 626 21.6 33.4 31.0 0.8 0.8 2.4% 2.6% CTRA BUY 21,994 0.3 1160 1.7 0.0 1453 1580 36.2 17.2 15.8 1.5 1.4 8.7% 9.2% DMAS BUY 8,242 0.1 171 3.6 0.0 261 228 33.3 9.7 7.8 0.9 0.8 9.7% 10.8% KIJA BUY 5,956 0.1 286 0.0 0.0 384 450 57.3 12.4 11.2 1.0 0.9 7.8% 7.9% Average 20.0 18.2 1.3 1.3 8.3% 8.5% Construction PTPP BUY 16,368 0.2 2640 2.7 0.0 4122 4150 57.2 11.7 9.9 1.4 1.3 11.8% 12.6% ADHI BUY 6,712 0.1 1885 1.9 0.0 2654 2550 35.3 19.6 14.5 1.2 1.2 6.1% 7.9% WSKT BUY 29,998 0.4 2210 0.5 0.0 2858 3250 47.1 13.2 10.5 1.5 1.4 11.2% 13.6% WIKA BUY 13,903 0.2 1550 1.0 0.0 2527 3000 93.5 12.5 10.9 1.0 0.9 8.0% 8.3% Average 14.3 11.4 1.3 1.2 9.3% 10.6% Cement INTP SELL 80,803 1.2 21950 1.9 0.0 17899 13500-38.5 39.2 29.4 3.0 2.8 7.7% 9.6% SMGR HOLD 58,722 0.9 9900 (2.9) 0.0 10737 9000-9.1 20.5 16.6 1.9 1.8 9.4% 10.7% SMCB SELL 6,399 0.1 835 0.0 0.0 677 700-16.2-11.0-11.4 0.9 0.9-7.8% -7.7% SMBR HOLD 37,714 0.5 3800 9.5 0.0 598 2300-39.5 211.1 211.1 11.4 11.0 5.4% 5.2% Average 64.9 61.4 4.3 4.1 3.7% 4.4% Precast WSBP BUY 10,755 0.2 452 0.5 0.0 629 500 10.6 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 4,358 0.1 500 0.8 0.0 827 750 50.0 13.2 12.5 1.9 1.7 14.6% 14.0% Average 12.4 10.8 1.7 1.5 13.4% 13.8% Oil and Gas PGAS BUY 42,423 0.6 1750 1.2 0.0 2031 2200 25.7 15.9 11.9 0.9 0.9 5.9% 7.5% AKRA BUY 25,440 0.4 6350-1.17 0.0 7494 8500 33.9 15.6 18.5 3.1 2.8 20.0% 15.2% TPIA HOLD 107,001 1.6 6000 5.3 0.0 4694 5800-3.3 26.7 24.5 4.6 4.1 17.1% 16.8% BRPT BUY 31,549 0.5 2260 0.0 0.0 2302 2600 15.0 17.1 15.5 1.4 1.2 8.0% 7.6% MEDC BUY 16,557 0.2 890 0.0 0.0 1070 1125 26.4 6.7 6.2 1.0 0.9 14.7% 13.8% Average 16.4 15.3 2.2 2.0 13.1% 12.2% Utilities JSMR BUY 46,450 0.7 6400 1.6 0.0 6964 7500 17.2 22.6 19.3 3.1 2.8 13.6% 14.3% Metal ANTM BUY 15,019 0.2 625 0.8 0.0 824 840 34.4-625.0 62.5 0.8 0.9-0.1% 1.5% INCO BUY 28,716 0.4 2890 2.1 0.0 3255 3800 31.5-1376.2 35.2 1.2 1.2-0.1% 3.3% TINS BUY 5,772 0.1 775 0.0 0.0 1161 1150 48.4 12.1 10.3 1.0 1.0 8.4% 9.4% Average -663.0 36.0 1.0 1.0 2.7% 4.7% Coal DOID BUY 6,116 0.1 715.0 0.0 0.0 1405.0 1450 102.8 10.7 5.0 3.0 1.8 27.8% 36.7% ITMG BUY 23,389 0.3 20700 1.2 0.0 24945 24500 18.4 7.4 7.5 1.6 1.6 22.1% 20.8% ADRO BUY 59,494 0.9 1860 0.7 0.0 2327 2400 29.0 9.4 9.2 1.1 1.0 11.3% 10.8% PTBA BUY 28,341 0.4 2460 (1.6) 0.0 2870 2900 17.9 12.2 7.9 2.2 1.9 18.1% 24.6% Average 9.9 7.4 2.0 1.6 19.8% 23.2% Plantation AALI BUY 25,310 0.4 13150 0.4 0.0 17007 17800 35.4 10.3 9.5 1.5 1.3 14.1% 13.8% LSIP BUY 9,688 0.1 1420 10.1 0.0 1757 1950 37.3 12.0 11.6 1.2 1.1 9.7% 9.4% SIMP HOLD 7,339 0.1 464 (0.4) 0.0 530 550 18.5 10.8 9.5 0.5 0.5 4.6% 5.0% Average 11.0 10.2 1.0 1.0 9.5% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, BRPT, 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 0.02 2,103 0.00 0.01 0.18 1.65 5.14 0.00 20.11 2,112 1,748 U.S. (S&P) (13.93) 2,674 (0.52) (0.26) (0.41) 1.19 6.12 0.00 19.42 2,695 2,234 U.S. (DOW) (118.29) 24,719 (0.48) (0.11) (0.25) 2.01 10.33 0.00 25.08 24,876 19,678 Europe (20.35) 3,504 (0.58) (1.39) (1.37) (0.67) (2.53) 0.00 6.49 3,709 3,214 Emerging Market (0.91) 1,158 (0.08) 1.15 1.44 3.73 7.01 (0.08) 34.24 1,161 858 FTSE 100 64.89 7,688 0.85 1.25 2.16 5.30 4.27 0.00 n/a 7,698 7,088 CAC 40 (26.86) 5,313 (0.50) (0.97) (0.75) (0.08) (0.32) 0.00 9.26 5,536 4,734 Dax (62.30) 12,918 (0.48) (1.19) (1.16) 0.44 0.69 0.00 12.51 13,526 11,406 Indonesia 41.61 6,356 0.66 2.16 4.03 6.78 7.71 0.00 19.99 6,368 5,228 Japan (19.04) 22,765 (0.08) (0.56) (0.60) (0.24) 11.83 0.00 19.10 23,382 18,225 Australia 3.37 6,069 0.06 (0.02) 0.13 1.31 6.81 0.06 7.11 6,093 5,583 Korea 30.82 2,467 1.26 1.65 1.55 (1.81) 3.05 0.00 21.76 2,562 2,016 Singapore 3.82 3,403 0.11 0.73 0.60 (1.35) 5.68 0.00 18.13 3,469 2,870 Malaysia 17.71 1,797 1.00 1.41 2.08 4.60 2.40 0.00 9.45 1,797 1,630 Hong Kong 55.44 29,919 0.19 1.15 2.34 2.91 8.58 0.00 35.99 30,200 21,819 China 10.79 3,307 0.33 0.03 0.31 (0.31) (1.25) 0.00 6.56 3,450 3,017 Taiwan 75.22 10,643 0.71 2.12 1.00 0.40 2.49 0.00 15.01 10,883 9,186 Thailand 10.42 1,754 0.60 0.07 0.67 3.18 4.81 0.00 13.66 1,763 1,529 Philipines 23.33 8,558 0.27 1.50 2.34 5.09 4.74 0.00 25.11 8,640 6,747 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 3.90 (0.12) 14.34 5.37 (7.87) (7.97) 4.96 3.89 Foreign Reserve (US$bn) n/a 125.97 n/a (0.46) (2.19) 8.26 13.01 129.40 116.89 Inflation Rate (%) n/a 0.20 n/a 1900.00 385.71 (52.38) (57.45) 0.97 (0.07) US Fed Rate (%) 0.00 1.50 0.00 20.00 20.00 0.00 100.00 1.50 0.75 Indo Govt Bond Yld (10yr) - % (0.01) 6.31 (0.88) (3.15) (3.01) (0.11) (20.83) 7.99 6.25 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 6.00 13568 (0.04) (0.05) (0.05) (0.48) 0.00 0.00 (0.77) 13,645 13,145 Japan 0.12 112.75 (0.11) 0.11 0.43 (0.30) (0.05) (0.05) 4.26 118.60 107.32 UK 0.00 1.35 0.12 0.57 1.08 0.29 0.04 0.04 10.11 1.37 1.20 Euro 0.00 1.20 0.01 0.59 1.31 1.24 0.07 0.07 14.90 1.21 1.03 China (0.03) 6.51 0.41 0.59 1.09 1.69 0.00 0.00 6.91 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.19) 60.23 (0.31) 0.99 3.01 3.20 19.08 (0.31) 12.12 60.51 42.05 CPO (19.00) 2,521.00 (0.75) (0.67) 2.86 (3.15) (6.46) 0.72 (18.91) 3,175.00 2,390.00 Rubber (5.00) 732.50 (0.68) (1.08) (0.88) (1.21) (11.96) (25.06) (24.33) 1,174.00 732.50 Coal 0.65 100.10 0.65 (0.60) 0.20 5.04 5.48 (1.52) 5.70 100.70 71.25 Iron Ore 0.39 69.24 0.57 (1.95) (1.62) 4.29 8.32 (11.30) (11.54) 94.91 54.24 Tin 101.00 20,096.00 0.51 1.72 3.61 2.92 (3.59) 0.00 (5.23) 21,297.00 18,750.00 Nickel 410.00 12,760.00 3.32 5.37 5.72 13.02 21.52 0.00 27.35 13,030.00 8,680.00 Copper (42.00) 7,247.00 (0.58) 0.10 2.27 6.06 11.82 0.00 30.92 7,312.50 5,450.50 Gold (1.40) 1,307.90 (0.11) 1.52 2.42 2.16 2.65 0.12 13.73 1,358.50 1,146.50 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 Ahmad Mikail Economist ahmad.mikail@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 avai lable 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