Samuel Research Market Activity Monday, 30 Oct 2017 Market Index Index Movement Market Volume Market Value : 5,975.3 : -20.6 (-0.34%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers GGRM 66,900 2225 3.4 BBNI 7,700 100 1.3 INTP 21,300 475 2.3 ZINC 1,385 275 24.8 Lagging Movers BBCA 20,300-475 -2.3 ASII 7,900-100 -1.3 BMRI 6,950-75 -1.1 UNVR 49,150-375 -0.8 Bursa berpotensi menguat mengikuti penguatan harga minyak dan bursa global Bursa AS ditutup menguat dengan Nasdaq dan S&P 500 mencetak rekor, Nasdaq menguat 2,2%. Amazon, Microsoft dan Alphabet menjadi pendorong utama dengan kenaikan sebesar 13,2%, 6,4% dan 4,3% setelah emiten tersebut mencatat kinerja laba bersih 3Q17 yang lebih baik dari estimasi konsensus. Dari sisi ekonomi, pertumbuhan ekonomi US di 3Q17 tumbuh 3,0% qoq, di atas estimasi konsensus yang sebesar 2,5%. Sentimen konsumen tetap kuat dan tercatat sebesar 100,7, sedikit dibawah estimasi 101,0. Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 195 TLKM 194 BBNI 62 BBCA 104 BMRI 41 BBTN 48 GGRM 27 ASII 44 BRPT 13 LINK 20 Money Market USD/IDR 13,618 36.0-0.3 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.1 - - Dual Listing Securities TLKM 30.1-0.2-0.7 ISAT 47.0-0.3-0.7 EIDO 26.6 0.1 0.3 World Indices DJIA 23,434 33 0.1 S&P 500 2,581 21 0.8 Euro Stoxx 3,652 15 0.4 MSCI World 2,035 9 0.4 Nikkei 22,055 46 0.2 Hang Seng 28,439 236 0.8 Commodities Brent Oil 61 0.1 0.2 CPO Malay 2,817 4.0 0.1 Coal Newc 99 0.5 0.5 Nickel 11,546-170.0-1.5 Tin 20,010 30.0 0.2 Di pasar komoditas, harga minyak Brent menguat ke level tertingginya di harga US$ 60,5/barrel dengan banyak katalis positif. OPEC berencana memperpanjang pemangkasan produksi yang semula direncanakan berakhir di bulan Maret 2018, sementara data rig count untuk wilayah Amerika Utara turun 15 sumur menjadi sebanyak 1.100, sumur AS turun 4 menjadi 909, Kanada turun 11 sumur menjadi 191. Di sisi lain, harga emas tercatat flat di US$ 1.271,3/toz. IHSG berpotensi menguat hari ini mengikuti bursa global dan penguatan harga minyak. Rilis laporan keuangan emiten masih akan mempengaruhi pergerakan IHSG dengan TLKM mencatat kinerja yang memuaskan sementara sektor perbankan menguat dibandingkan dengan kinerja tahun lalu. Dari ekonomi, penerimaan pajak hingga Oktober 2017 tercatat mencapai 68% dari target dengan tiga sektor utama menyumbang 65% dari penerimaan pajak, sektor tersebut adalah manufaktur, perdagangan dan jasa keuangan. Highlights SIDO: Laba bersih 9M17 sesuai dengan estimasi Perbankan: Rencana pelonggaran LTV Sektor Perkebunan: Penguatan ekspor sawit terkumpul Rp 10.89T ADHI: Harap PT KAI bayar Rp4-5tn UNTR: Penjualan alat berat melonjak www.samuel.co.id Page 1 of 7
SIDO: Laba bersih 9M17 sesuai dengan estimasi Laporan keuangan 9M17 perusahaan menunjukkan kenaikan pendapatan sebesar 7%QoQ, meskipun turun 2% secara YoY menjadi Rp1.86 triliun (relatif masih sesuai estimasi kami dan konsensus), hasil yang baik di tengah lemahnya capaian kinerja sektor konsumsi secara keseluruhan yang menyebabkan penurunan pendapatan secara YoY. Recovery mulai terlihat secara QoQ, meskipun 2Q17 merupakan high base bagi SIDO dimana permintaan dan volume penjualan meningkat pada saat momentum Lebaran. Sementara itu, laba bersih tercatat naik 8%YoY dan 16%QoQ pada 9M17 (sesuai dengan estimasi kami dan konsensus). 1). Berhasil ditekannya beban operasional. 2). Kenaikan pendapatan usaha lainnya. (Laporan Keuangan Unaudited Perusahaan 9M17). SIDO: Buy; 17E PE: 15.2x, PBV: 2.4x. Kami akan memberikan detail selanjutnya dalam bentuk Result Update Report pada hari ini. (in Rp bn) 3Q16 2Q17 3Q17 QoQ YoY 9M16 9M17 YoY FY17F 9M17 9M17 Sales 594 606 648 7% 9% 1,891 1,857-2% 2,587 / SSI FY17F 72% / Cons FY17F 75% COGS (347) (344) (331) -4% -5% (1,112) (1,019) -8% Gross Profit 247 262 317 21% 28% 779 838 8% 1,117 75% 70% Operating Expenses (130) (121) (148) 22% 14% (338) (372) 10% Operating Profit 117 141 169 20% 44% 441 466 6% 640 73% 75% Non-Operating Inc (exp) 11 15 19 25% 79% 38 49 29% Pre-tax Income 128 156 188 21% 47% 479 515 8% 656 79% 79% Tax (40) (39) (52) 33% 30% (127) (134) 6% Net Income 88 117 136 16% 55% 352 381 8% 492 77% 77% Profitability Gross margin 41.6% 43.2% 48.9% 5.7% 7.3% 41.2% 45.1% 3.9% Operating margin 19.7% 23.2% 26.1% 2.8% 6.4% 23.3% 25.1% 1.8% Pre-tax margin 21.5% 25.7% 29.0% 3.3% 7.5% 25.3% 27.7% 2.4% Net margin 14.7% 19.3% 21.0% 1.7% 6.2% 18.6% 20.5% 1.9% Perbankan: Rencana pelonggaran LTV BI masih menyusun rencana pelonggaran LTV secara spasial dan akan membawa hal ini ke rapat dewan gubernur pada November nanti. LTV akan berbeda di tiap daerah, mengacu pada kondisi kredit perumahan, harga rumah, serta rasio NPL pada masing-masing daerah. Sejumlah pelaku pasar menilai hal ini positif untuk menggerakkan ekonomi khususnya industri properti, di tengah-tengah pertumbuhan ekonomi yang belum sepenuhnya pulih. (Kontan) Comment: Pelonggaran LTV bisa menguntungkan bank terutama untuk meningkatkan penyaluran kredit perumahan. Dari bank-bank dalam coverage kami, BBTN paling berpotensi untuk mendapat benefit dari pelonggaran itu karena memiliki komposisi segmen kredit perumahan terbesar dibandingkan total kreditnya (sekitar 77%), mencakup kelas ekonomi bawah hingga atas di banyak wilayah secara nasional. Bank dengan komposisi KPR terbesar kedua dari total kreditnya dalam coverage kami adalah BBCA (sekitar 17%). Banking: Overweight. www.samuel.co.id Page 2 of 7
Sektor Perkebunan: Penguatan ekspor sawit terkumpul Rp 10.89 T Badan Pengelola Dana Perkebunan Kelapa Sawit (BPDP-Sawit) menyatakan bahwa total dana pungutan ekspor kelapa sawit yang telah terkumpul sepanjang Januari-September 2017 mencapai Rp 10,89 triliun. Realisasi penghimpunan dana tersebut telah melampaui target sepanjang tahun ini yang ditetapkan sebesar Rp 10,30 triliun. Sementara itu, Kementerian Perdagangan (Kemendag) menetapkan harga referensi produk minyak sawit mentah (crude palm oil/cpo) untuk penetapan Bea Keluar (BK) periode November 2017 sebesar US$ 737,59 per metrik ton (mt). Harga tersebut melemah US$ 2,51 atau 0,34% dari periode Oktober 2017 yang sebesar US$ 740,09 per mt. pemerintah mengenakan BK untuk CPO sebesar US$ 0 per mt untuk periode November 2017. (Bisnis Indonesia). Sektor Perkebunan: Neutral. ADHI: Harap PT KAI bayar Rp4-5tn PT Adhi Karya, Tbk (ADHI) telah menggunakan dana untuk membangun LRT sekitar Rp4-5tn (hingga Sept17). ADHI berharap pembayaran akan dilakukan oleh PT KAI tahun ini sesuai dengan aturan yang telah disepakati. Hingga Okt17 progres pembangunan telah mencapai 24% dan ditargetkan hingga Oktober tahun ini akan mencapai 35%. (Bisnis Indonesia). ADHI: Buy; 17E PE: 23.4x, PBV: 1.4x. UNTR: Penjualan alat berat melonjak PT United Tractors, Tbk (UNTR) melaporkan penjualan alat berat per 9M17 sebanyak 2.744unit atau melonjak dari 1.588unit. Sementara per Sept17 penjualan sebanyak 333unit, atau naik dari 203unit di Sept16. Penjualan untuk sektor pertambangan masih menjadi kontributor utama (50%) disusul oleh konstruksi (22%), agro (16%) dan forestry (12%). (Kontan). UNTR: Buy; 17E PE: 17.5x, PBV: 2.7x. 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 324,333 5.0 6950 (1.1) 20.1 7140 7900 13.7 16.4 13.3 1.8 1.6 11.3% 12.0% BBCA HOLD 500,497 7.7 20300 (2.3) 31.0 20400 21300 4.9 21.6 20.4 3.9 3.4 17.9% 16.5% BBRI BUY 384,839 5.9 15600 (0.2) 33.6 16341 17800 14.1 13.6 11.9 2.3 2.0 16.9% 17.0% BBNI BUY 143,595 2.2 7700 1.3 39.4 8068 8400 9.1 10.8 9.4 1.5 1.3 13.6% 14.0% BBTN HOLD 29,970 0.5 2830 (4.7) 62.6 3319 3300 16.6 10.2 8.5 1.4 1.2 13.7% 14.3% BNLI BUY 18,228 0.3 650 (1.5) 21.2 810 890 36.9 12.3 13.5 0.8 0.8 6.7% 5.7% Average 14.1 12.8 2.0 1.7 13.3% 13.3% Consumer (Staples) ICBP BUY 103,791 1.6 8900 0.0 3.8 9158 9400 5.6 27.6 25.1 5.3 4.8 19.3% 19.0% INDF BUY 72,439 1.1 8250 (2.7) 4.1 9494 9900 20.0 15.5 13.5 2.2 2.0 14.2% 14.9% KLBF BUY 75,938 1.2 1620 1.3 6.9 1818 1750 8.0 30.6 27.0 5.7 5.0 18.7% 18.7% ROTI BUY 8,197 0.1 1325 (0.4) (17.2) 1300 1450 9.4 35.8 18.4 4.3 3.6 12.1% 19.6% UNVR HOLD 375,015 5.8 49150 (0.8) 26.7 49582 49400 0.5 52.3 47.4 68.4 60.2 130.7% 127.1% SIDO BUY 7,500 0.1 500 (2.0) (3.8) 550 550 10.0 15.2 14.6 2.4 2.2 15.5% 15.0% AISA HOLD 3,154 0.0 980 (0.5) (49.6) 1022 980 0.0 5.3 4.6 0.7 0.6 13.1% 13.2% Average 26.0 21.5 12.7 11.2 31.9% 32.5% Cigarette HMSP BUY 464,109 7.2 3990 0.0 4.2 4103 4390 10.0 35.9 34.7 12.3 11.2 34.3% 32.4% GGRM BUY 128,721 2.0 66900 3.4 4.7 76258 77150 15.3 18.4 17.2 2.9 2.5 15.6% 14.8% Average 27.2 26.0 7.6 6.9 24.9% 23.6% Healthcare MIKA BUY 27,428 0.4 1885 0.0 (26.7) 2419 2950 56.5 34.9 31.9 6.8 6.2 19.6% 19.3% SILO HOLD 15,665 0.2 9700 0.8 (10.5) 11059 10700 10.3 119.8 98.0 3.9 3.7 3.3% 3.7% Average 77.3 65.0 5.4 4.9 11.4% 11.5% Poultry CPIN BUY 53,130 0.8 3240 (4.7) 4.9 2920 2700-16.7 13.7 12.7 1.8 1.6 12.8% 12.4% JPFA HOLD 16,146 0.2 1415 (1.7) (2.7) 1549 1500 6.0 12.2 11.5 1.6 1.4 13.0% 12.4% MAIN BUY 2,015 0.0 900 (1.6) (30.8) 1016 1250 38.9 5.4 4.2 0.8 0.7 14.6% 16.1% Average 10.4 9.5 1.4 1.2 13.5% 13.7% Retail MAPI BUY 10,749 0.2 6475 0.8 19.9 7832 7900 22.0 42.9 31.0 3.1 2.8 7.2% 9.1% RALS BUY 6,244 0.1 880 (1.7) (26.4) 1178 1250 42.0 12.1 9.5 1.6 1.5 13.3% 15.4% ACES BUY 24,182 0.4 1410 3.3 68.9 1308 1400-0.7 32.0 26.1 7.2 6.0 22.4% 23.0% LPPF BUY 25,094 0.4 8600 (4.7) (43.1) 13302 13200 53.5 9.1 8.7 7.4 5.2 81.1% 60.0% Average 24.0 18.8 4.8 3.9 31.0% 26.9% Media MNCN BUY 22,485 0.3 1575 (0.6) (10.3) 1892 2000 27.0 12.6 10.7 2.3 2.1 18.2% 19.3% SCMA HOLD 31,290 0.5 2140 (1.8) (23.6) 2706 2300 7.5 18.9 17.3 7.5 6.3 39.6% 36.3% Average 15.8 14.0 4.9 4.2 28.9% 27.8% Telco EXCL BUY 36,125 0.6 3380 1.5 46.3 3934 3200-5.3 91.4 60.4 1.7 1.6 1.8% 2.7% ISAT BUY 32,604 0.5 6000 0.4 (7.0) 7952 8200 36.7 16.5 11.8 2.2 2.0 13.4% 16.7% TLKM BUY 418,320 6.5 4150 (0.2) 4.7 4964 5000 20.5 17.3 13.4 4.2 3.6 24.0% 26.7% TOWR BUY 43,464 0.7 4260 2.7 19.0 4894 4500 5.6 12.4 11.6 3.0 2.4 24.5% 20.7% Average 34.4 24.3 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 319,820 4.9 7900 (1.3) (4.5) 9014 9000 13.9 13.7 12.1 2.5 2.0 18.6% 16.6% UNTR BUY 121,882 1.9 32675 (1.9) 53.8 35114 35700 9.3 17.5 15.7 2.7 2.4 15.5% 15.5% Average 15.6 13.9 2.6 2.2 17.1% 16.0% Aviation GIAA HOLD 9,630 0.1 372 7.5 10.1 362 420 12.9 279.4 27.9 0.6 0.5 0.2% 1.7% Property BSDE BUY 33,201 0.5 1725 (1.4) (1.7) 2284 2350 36.2 15.4 13.3 1.3 1.1 8.7% 8.5% PWON BUY 30,581 0.5 635 (0.8) 12.4 724 767 20.8 15.5 13.0 3.0 2.5 19.2% 19.3% ASRI BUY 7,781 0.1 396 0.5 12.5 428 448 13.1 14.7 14.1 1.0 0.9 6.7% 6.6% SMRA HOLD 14,499 0.2 1005 (2.0) (24.2) 1257 1110 10.4 44.5 33.3 1.8 1.9 4.1% 5.7% SSIA BUY 2,800 0.0 595 0.0 37.1 748 750 26.1 13.2 11.0 0.9 0.8 6.6% 7.5% CTRA BUY 22,180 0.3 1195 (2.0) (10.5) 1471 1580 32.2 17.6 15.3 1.5 1.5 8.8% 9.7% DMAS BUY 9,158 0.1 190 (2.1) (17.4) 288 300 57.9 10.8 8.7 1.0 0.9 9.7% 10.8% KIJA BUY 6,289 0.1 302 (0.7) 4.2 446 450 49.0 13.1 11.6 1.0 0.9 7.8% 8.1% Average 18.1 15.0 1.4 1.3 8.9% 9.5% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 18,104 0.3 2920 (0.7) (23.4) 4227 4150 42.1 13.0 11.0 1.5 1.4 11.8% 12.6% ADHI BUY 7,763 0.1 2180 (2.2) 4.8 2653 2550 17.0 23.4 19.6 1.4 1.4 6.0% 7.1% WSKT BUY 29,863 0.5 2200 (2.2) (13.7) 2869 3250 47.7 7.5 6.2 1.4 1.2 18.4% 19.8% WIKA BUY 18,030 0.3 2010 (2.0) (14.8) 2734 3000 49.3 16.2 14.2 1.3 1.2 8.0% 8.3% Average 15.0 12.8 1.4 1.3 11.0% 12.0% Cement INTP SELL 78,410 1.2 21300 2.3 38.3 17409 13500-36.6 21.5 20.3 2.8 2.6 12.9% 12.6% SMGR HOLD 63,912 1.0 10775 (2.3) 17.4 11082 9000-16.5 15.8 14.3 2.0 1.9 12.9% 12.9% SMCB SELL 6,207 0.1 810 (0.6) (10.0) 645 700-13.6-33.8-27.0 0.8 0.8-2.3% -2.8% SMBR HOLD 27,969 0.4 2820 0.7 1.1 570 2300-18.4 74.2 70.5 7.4 6.6 10.0% 9.3% Average 19.4 19.5 3.3 2.9 8.4% 8.0% Precast WSBP BUY 10,861 0.2 452 (1.4) (25.8) 636 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,665 0.1 650 (1.5) (21.2) 979 1150 76.9 17.1 14.8 1.9 1.6 10.9% 10.6% Average 14.3 11.9 1.6 1.4 11.6% 12.1% Oil and Gas PGAS HOLD 39,635 0.6 1635 (2.4) (39.4) 1945 2600 59.0 9.0 7.3 0.8 0.8 9.4% 10.7% AKRA BUY 30,448 0.5 7600-4.10 26.7 7463 7600 0.0 25.9 25.7 4.0 3.6 15.2% 14.0% TPIA BUY 95,320 1.5 26725 0.6 31.8 25264 29000 8.5 21.9 20.1 3.7 3.4 17.1% 16.8% MEDC BUY 10,464 0.2 785 0.6 137.9 1082 1125 43.3 4.4 4.1 0.8 0.7 17.6% 16.3% Average 15.3 14.3 2.3 2.1 15% 14% Utilities JSMR HOLD 47,176 0.7 6500 1.2 50.5 6460 5100-21.5 24.3 24.5 3.1 2.9 12.9% 11.7% Metal ANTM HOLD 15,500 0.2 645 (1.5) (27.9) 835 700 8.5 215.0 215.0 0.8 0.8 0.4% 0.4% INCO HOLD 27,822 0.4 2800 (3.1) (0.7) 2985 2145-23.4 105.4 52.7 1.2 1.1 1.1% 2.1% TINS BUY 6,219 0.1 835 0.0 (22.3) 1196 1200 43.7 14.9 11.1 1.1 1.0 7.3% 9.3% Average 111.8 92.9 1.0 1.0 2.9% 3.9% Coal DOID BUY 8,166 0.1 960.0-2.0 88.2 1526.7 1600 66.7 12.0 6.8 3.4 2.3 28.6% 33.1% ITMG BUY 24,039 0.4 21275 (1.0) 26.1 23722 22300 4.8 10.0 10.0 1.8 1.7 17.9% 16.6% ADRO BUY 58,854 0.9 1840 0.8 8.6 2191 2200 19.6 10.2 10.0 1.2 1.1 11.3% 11.4% PTBA BUY 25,173 0.4 10925 (0.9) (12.6) 14561 15000 37.3 10.8 6.3 2.0 1.7 18.2% 26.5% Average 10.8 8.3 2.1 1.7 19.0% 21.9% Plantation AALI BUY 28,052 0.4 14575 (0.2) (13.1) 16861 17800 22.1 13.4 13.1 1.7 1.6 12.4% 12.0% LSIP BUY 10,268 0.2 1505 0.3 (13.5) 1697 1750 16.3 13.0 12.3 1.2 1.1 9.0% 9.0% SIMP HOLD 8,383 0.1 530 (3.6) 7.3 533 600 13.2 11.3 10.4 0.6 0.5 5.0% 5.2% Average 12.5 12.0 1.1 1.1 8.8% 8.7% 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 8.91 2,035 0.44 0.55 0.22 1.70 3.79 16.18 20.32 2,037 1,657 U.S. (S&P) 20.67 2,581 0.81 0.46 0.23 2.45 4.41 15.29 21.38 2,583 2,084 U.S. (DOW) 33.33 23,434 0.14 (0.03) 0.45 4.59 7.35 18.58 29.03 23,485 17,884 Europe 15.03 3,652 0.41 1.15 1.31 1.60 5.32 10.99 18.61 3,670 2,938 Emerging Market 2.06 1,110 0.19 (0.35) (0.51) 2.63 4.44 28.76 22.88 1,132 837 FTSE 100 18.53 7,505 0.25 (0.29) (0.24) 1.79 1.85 5.07 n/a 7,599 6,677 CAC 40 38.73 5,494 0.71 1.84 2.27 3.08 7.07 12.99 20.79 5,514 4,345 Dax 84.26 13,218 0.64 1.57 1.74 3.03 8.67 15.12 23.57 13,249 10,175 Indonesia (20.57) 5,975 (0.34) 0.39 0.77 1.26 2.47 12.81 10.44 6,042 5,023 Japan 49.03 22,057 0.22 1.61 1.66 8.36 10.51 15.40 26.43 22,087 16,112 Australia 12.84 5,916 0.22 0.18 0.37 4.13 3.74 4.42 11.96 5,957 5,052 Korea 8.16 2,505 0.33 0.49 0.59 4.61 4.32 23.60 24.04 2,514 1,931 Singapore 30.19 3,386 0.90 1.55 1.37 5.17 1.67 17.55 20.25 3,386 2,761 Malaysia 9.33 1,746 0.54 0.58 0.31 (0.54) (1.19) 6.36 4.54 1,797 1,614 Hong Kong 236.47 28,439 0.84 1.01 (0.17) 3.21 5.41 29.26 23.89 28,799 21,489 China 9.25 3,417 0.27 0.84 1.13 2.03 5.03 10.09 10.07 3,421 3,017 Taiwan (25.65) 10,709 (0.24) (0.32) (0.18) 3.13 2.74 15.73 15.07 10,804 8,880 Thailand 7.19 1,716 0.42 1.39 0.50 2.56 8.54 11.22 14.83 1,730 1,463 Philipines 28.03 8,296 0.34 0.19 (1.48) 1.52 2.78 21.27 12.03 8,587 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.02) 3.92 (0.07) 0.18 (24.73) (7.51) (7.51) 4.96 3.90 Foreign Reserve (US$bn) n/a 129.40 n/a 0.48 5.13 11.21 11.87 129.40 111.47 Inflation Rate (%) n/a 0.13 n/a 285.71 (81.16) (69.05) (40.91) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 0.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % (0.03) 6.80 1.25 4.69 (2.21) (14.69) (6.66) 8.36 6.25 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 36.00 13618 (0.26) (0.62) (0.73) (1.31) (1.06) (1.06) (4.30) 13,645 13,020 Japan 0.13 113.80 (0.11) (0.05) (0.33) (0.91) 2.78 2.78 (7.89) 118.66 101.20 UK 0.00 1.31 0.05 (0.97) (0.48) (1.07) 6.43 6.43 7.29 1.37 1.20 Euro (0.00) 1.16 (0.05) (1.79) (1.25) (1.12) 10.32 10.32 5.66 1.21 1.03 China 0.01 6.65 (0.12) (0.22) (0.45) (0.12) 4.43 4.43 2.00 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.11 54.01 0.20 3.51 4.07 4.53 8.65 0.54 10.90 55.24 42.05 CPO 4.00 2,817.00 0.14 1.44 2.77 2.55 5.23 (9.39) 1.11 3,202.00 2,390.00 Rubber 1.00 784.00 0.13 (0.06) (1.13) (7.66) (4.62) (19.80) 9.73 1,174.00 723.50 Coal 0.50 98.60 0.51 1.70 1.34 2.23 15.52 4.12 (4.96) 112.25 71.25 Iron Ore (0.28) 60.63 (0.46) (0.46) 0.88 (5.50) (11.67) (22.33) (1.54) 94.91 54.24 Tin 30.00 20,010.00 0.15 0.67 1.80 (4.21) (3.89) (5.64) (2.84) 21,945.00 18,750.00 Nickel (170.00) 11,580.00 (1.45) (3.46) (1.32) 13.09 14.31 15.57 11.78 12,380.00 8,680.00 Copper (156.00) 6,830.00 (2.23) (2.92) (1.75) 6.11 7.90 23.39 42.59 7,177.00 4,820.00 Gold 2.20 1,270.40 0.17 (0.46) (0.66) (0.87) 0.16 10.47 (0.40) 1,358.50 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 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 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