Samuel Research Market Activity Tuesday, 30 Jan 2018 Bursa AS terkoreksi Market Index Index Movement Market Volume Market Value : 6,680.6 : +20.0 (+0.3%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers UNVR 55,400 850 1.6 ADRO 2,560 120 4.9 BTPN 3,260 650 24.9 TPIA 6,475 150 2.4 Bursa AS mengalami profit taking setelah penguatan siknifikan akhir-akhir ini. Ada kekhawatiran akan kenaikan yield obligasi, inflasi, dan suku bunga yang berlebihan. Di samping itu, investor tengah menantikan laporan keuangan emiten, Fed meeting, dan non-farm payrolls di minggu ini. Dari pasar komoditas, harga minyak melemah sementara batubara masih terus menguat. Indeks dolar AS meningkat. Lagging Movers TLKM 4,070-80 -1.9 BBRI 3,800-50 -1.3 GGRM 82,200-2050 -2.4 PGAS 2,490-140 -5.3 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 212 BBRI 193 ADRO 78 PGAS 138 UNVR 25 TLKM 136 PTBA 25 BMRI 91 BUMI 23 BBNI 65 Money Market USD/IDR 13,364 53.0-0.4 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 29.8-1.6-5.0 ISAT 56.9-0.5-0.9 EIDO 30.1-0.5-1.6 IHSG meningkat tipis (0,3%) kemarin dengan foreign net sell Rp 310 miliar di pasar reguler. Rencana pemerintah menyesuaikan formula baru dan menaikkan tarif listrik sejalan dengan kenaikan harga batubara dapat mendorong inflasi dan mempengaruhi daya beli masyarakat. Sejumlah bursa dibuka melemah pagi ini. IHSG berpotensi ikut melemah juga. Highlights WIKA: Komodo Bond resmi tercatat di London WEGE: Raih Rp422.1miliar ANTM: Kinerja operasional ANTM FY 17 PGAS: Pembentukan holding berpotensi batal apabila tidak terbit PP dalam 60 hari BTPN: Berencana merger MAPB: Starbuck s tetap paling ekspansif World Indices DJIA 26,439-177 -0.7 S&P 500 2,854-19 -0.7 Euro Stoxx 3,643-4 -0.1 MSCI World 2,234-15 -0.7 Nikkei 23,548-81 -0.3 Hang Seng 32,967-187 -0.6 Commodities Brent Oil 69-1.1-1.5 CPO Malay 2,519 35.0 1.4 Coal Newc 109 0.8 0.7 Nickel 13,776 153.0 1.1 Tin 22,104 284.0 1.3 www.samuel.co.id Page 1 of 7
WIKA: Komodo Bond resmi tercatat di London PT Wijaya Karya, Tbk (Persero), (WIKA) resmi menerbitkan obligasi global berdenominasi rupiah (Komodo Bond), yang tercatat di Bursa Efek London (London Stock Exchange). Penerbitan obligasi senilai Rp5.4tn dengan masa tenor 3tahun tersebut dikalim me ngalami 2.5x oversubscribed. (Bisnis Indonesia). WIKA: BUY; 18E PE: 14.9x, PBV: 1.2x. WEGE: Raih Rp422.1miliar PT Wijaya Karya Gedung, Tbk (WEGE) memperoleh tiga kontrak baru senilai total Rp422,1 miliar YTD, dengan target FY18E sebesar Rp7.83tn. Adapun target porsi kontributor kontrak adalah 30% dari pemerintah, 30% BUMN dan sisanya swasta. Secara total perusahaan memiliki nilai OB sebesar Rp16.59tn, terdiri dari target FY18E Rp7.83tn dan carry over kontrak Rp8.76tn. (Bisnis Indonesia). WEGE: Non-Coverage; N/Ax P/E18E dan N/Ax PBV 18E. ANTM: Kinerja operasional ANTM FY 17 ANTM membukukan unaudited penjualan di FY 17 mencapai Rp 12.5 trilliun +38% yoy. ANTM mencatatkan kenaikan produksi feronikel dan volume penjualan sepanjang masa. Produksi feronikel mencapai 21.762 ton (+7.2% yoy) dan volume penjualan mencapai 21.813 Tni (+4.4% yoy). untuk bijih nikel produksi mencapai 5.57 Wmt (+240% yoy) dan volume penjulan mencapai 2.8 Wmt (+285% yoy) Sementara untuk emas pendapatan mencapai Rp 7.37 trilliun merupakan kontribusi terbesar pendpatan ANTM (59%). Total produksi emas ANTM mencapai 1,967 kg (63,240 oz) dengan volume penjualan mencapai 13,202 kg (424,454 oz) (+29% yoy). (Company) Comment: Melihat kinerja opersional ANTM yang diatas estimasi SSI, kami estimasikan laporan keuangan ANTM untuk FY 17 akan diatas estimasi kami dan konsensus. ANTM: BUY PGAS: Pembentukan holding berpotensi batal apabila tidak terbit PP dalam 60 hari Sekretaris Perusahaan PT Perusahaan Gas Negara Tbk (PGAS), Rachmat Hutama menyatakan pengambilalihan 77,8% saham PGAS ke Pertamina dalam pembentukan holding energi, berpotensi dibatalkan apabila tidak terbit Peraturan Pemerintah dalam 60 hari kedepan. (Company). PGAS: BUY; 18E PE: 16.9x, PBV: 1.3x. www.samuel.co.id Page 2 of 7
BTPN: Berencana merger Sumitomo Mitsui Banking Corporation (SMBC) yang memiliki 40% saham BTPN berencana menggabungkan BTPN dengan PT Bank Sumitomo Mitsui Indonesia (BSMI). Saham BSMI saat ini dikuasai oleh SMBC. Saat ini BSMI banyak menyalurkan kredit korporasi sementara BTPN lebih banyak bergerak di kredit mikro dan pensiunan. Merger kedua bank itu akan membuat portofolio kredit yang semakin luas dan modal inti menjadi sekitar Rp 25 triliun serta bisa segera naik kelas menjadi BUKU IV setelah mencapai Rp 30 triliun. Hingga saat ini, rencana tersebut belum diajukan ke OJK. (Investor Daily, Bisnis Indonesia). Comment: Kami belum cover saham ini dan belum ada detil terkait rencana merger tersebut. Berdasarkan konsensus, saat ini (sebelum merger) PBV saham BTPN 2018 sebesar 1,0x setelah kenaikan 24,9% kemarin. Fair value berdasarkan PBV rata-rata di 1,1x (sebelum merger) adalah sekitar Rp 3.500, sehingga masih ada upside sekitar 7%. BTPN: Non-Coverage. MAPB: Starbuck s tetap paling ekspansif Dari total rencana ekspansi 70 gerai baru, PT MAP Boga Adiperkasa Tbk. (MAPB) menargetkan pembukaan gerai Starbucks yang paling banyak, di mana 60 gerai ditargetkan untuk Starbucks, dan sisa gerai baru lainnya untuk Genki Sushi, Pizza Marzano. Sampai dengan 9M17, bisnis F&B menyumbang 71.6% terhadap total penjualan. MAPB menargetkan pertumbuhan penjualan sebesar 20% sampai dengan akhir tahun ini. (Kontan). MAPI: BUY; 18E PE: 25.0x, PBV: 3.2x. www.samuel.co.id Page 3 of 7
Stock Rec. JCI Wgt price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE Banks (%) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E BMRI BUY * 5.2 8175 (0.3) 2.2 7832 7900-3.4 19.1 15.9 2.2 1.9 11.4% 11.9% BBCA HOLD 7.7 22800 0.4 4.1 21909 21300-6.6 24.4 21.7 4.3 3.7 17.6% 17.0% BBRI HOLD 6.4 3800 (1.3) 4.4 3808 3560-6.3 16.9 14.2 2.8 2.5 16.7% 17.3% BBNI HOLD 2.4 9500 (1.0) (4.0) 9492 9000-5.3 13.4 11.5 1.8 1.6 13.6% 14.0% BBTN HOLD 0.5 3640 1.1 2.0 3624 3300-9.3 13.1 11.0 1.8 1.6 13.7% 14.3% BNLI BUY 0.3 685 5.4 9.6 803 890 29.9 18.5 19.0 0.9 0.8 4.8% 4.4% Average 17.6 15.5 2.3 2.0 12.9% 13.2% Consumer (Staples) ICBP BUY 1.4 8875 0.6 (0.3) 9436 10200 14.9 26.4 24.3 5.3 4.7 19.9% 19.3% INDF BUY 1.0 8075 0.0 5.9 9440 9900 22.6 15.9 14.4 2.3 2.1 14.2% 14.4% KLBF BUY 1.1 1695 0.0 0.3 1714 1900 12.1 32.6 28.7 6.0 5.3 18.4% 18.5% ROTI BUY 0.1 1295 2.4 1.6 1378 1590 22.8 34.6 19.6 4.2 3.6 12.2% 18.3% UNVR HOLD 5.8 55400 1.6 (0.9) 52379 49900-9.9 59.7 54.4 78.3 69.5 131.3% 127.7% SIDO BUY * 0.1 615 1.7 12.8 542 550-10.6 18.8 17.9 3.2 3.1 17.1% 17.1% AISA BUY 0.0 590 0.9 23.9 800 700 18.6 2.6 5.2 0.4 0.4 15.6% 7.2% Average 27.2 23.5 14.2 12.7 32.7% 31.8% Cigarette HMSP BUY * 8.3 5175 (0.5) 9.4 4410 4390-15.2 46.5 45.0 16.0 14.6 34.3% 32.4% GGRM BUY 2.2 82200 (2.4) (1.9) 87310 83700 1.8 22.6 21.2 3.5 3.1 15.6% 14.8% Average 34.6 33.1 9.7 8.8 25.0% 23.6% Healthcare MIKA BUY 0.4 1900 0.0 5.0 2269 2950 55.3 35.5 32.1 6.9 6.2 19.4% 19.4% SILO HOLD 0.2 8975 0.3 (6.3) 11336 10700 19.2 111.0 90.7 3.6 3.4 3.3% 3.7% Average 73.2 61.4 5.3 4.8 11.3% 11.6% Poultry CPIN HOLD 0.8 3580 (1.6) 19.3 3155 3380-5.6 20.4 15.5 3.6 3.1 17.6% 20.0% JPFA BUY 0.2 1465 3.2 12.7 1638 1600 9.2 12.6 11.9 1.6 1.5 13.0% 12.4% MAIN BUY 0.0 705 0.7 (4.7) 959 1200 70.2 4.2 3.3 0.6 0.5 14.6% 16.2% Average 12.4 10.2 2.0 1.7 15.1% 16.2% Retail MAPI BUY 0.2 7600 4.5 22.6 8187 8000 5.3 51.0 25.0 3.6 3.2 7.1% 12.7% RALS BUY 0.1 1155 (2.5) (3.8) 1258 1500 29.9 19.4 15.8 2.2 2.0 11.1% 12.7% ACES BUY 0.3 1300 1.6 12.6 1368 1600 23.1 29.6 25.0 6.6 5.6 22.4% 22.4% LPPF BUY 0.4 11100 (0.9) 11.0 12574 11500 3.6 14.8 14.4 9.5 7.2 64.5% 49.8% Average 28.7 20.0 5.5 4.5 26.3% 24.4% Media MNCN BUY 0.3 1550 3.3 20.6 1833 2000 29.0 11.4 10.2 2.2 2.0 19.3% 19.3% SCMA BUY 0.5 2620 4.0 5.6 2663 2900 10.7 24.3 21.3 9.3 7.7 38.4% 36.3% Average 17.8 15.8 5.8 4.9 28.9% 27.8% Telco EXCL BUY 0.5 3130 0.0 5.7 4012 3200 2.2 97.8 41.7 1.6 1.5 1.6% 3.6% ISAT BUY 0.4 5775 0.4 20.3 7540 8200 42.0 17.4 11.7 2.1 1.9 12.4% 16.3% TLKM BUY 5.7 4070 (1.9) (8.3) 4776 5000 22.9 17.4 15.3 4.4 4.0 25.1% 25.9% TOWR BUY 0.5 3850 (1.0) (3.8) 4868 4500 16.9 14.7 13.3 3.1 2.7 20.9% 20.2% Average 36.8 20.5 2.8 2.5 15.0% 16.5% Auto and HE ASII BUY 4.8 8650 0.3 4.2 9009 9400 8.7 15.0 13.3 2.8 2.2 18.6% 16.6% UNTR BUY 2.1 39800 0.4 12.4 38718 41500 4.3 21.3 21.1 3.3 3.0 15.5% 14.2% Average 18.2 17.2 3.1 2.6 17.1% 15.4% Aviation GIAA HOLD 0.1 312 (1.3) 4.0 368 350 12.2 234.3 228.6 0.7 0.6 0.3% 0.3% www.samuel.co.id Page 4 of 7
Property BSDE BUY 0.5 1840 4.0 8.2 2173 2350 27.7 16.4 14.1 1.4 1.2 8.7% 8.6% PWON BUY 0.5 710 2.9 3.6 741 767 8.0 17.3 14.6 3.3 2.8 19.2% 19.1% ASRI BUY 0.1 406 2.5 14.0 421 448 10.3 15.2 14.3 1.0 1.0 6.7% 6.7% SMRA HOLD 0.2 1125 5.6 19.0 1173 1110-1.3 50.1 47.8 1.4 1.6 2.8% 3.4% SSIA HOLD 0.0 585 6.4 13.6 746 626 7.0 37.9 35.3 0.9 0.9 2.4% 2.6% CTRA BUY 0.4 1160 6.6 16.5 1423 1580 36.2 17.2 15.8 1.5 1.4 8.7% 9.2% DMAS BUY 0.1 204 12.7 19.3 258 228 11.8 11.5 9.3 1.1 1.0 9.7% 10.8% KIJA BUY 0.1 296 3.5 3.5 384 450 52.0 12.9 11.6 1.0 0.9 7.8% 7.9% Average 22.3 20.4 1.5 1.4 8.3% 8.5% Construction PTPP BUY 0.3 3200 (0.3) 21.2 4032 4150 29.7 14.2 12.0 1.7 1.5 11.8% 12.6% ADHI BUY 0.1 2310 (1.3) 22.5 2544 2550 10.4 24.1 17.8 1.5 1.4 6.1% 7.9% WSKT BUY 0.5 2840 0.0 28.5 3068 3250 14.4 17.0 13.4 1.9 1.8 11.2% 13.6% WIKA BUY 0.3 2120 0.5 36.8 2413 3000 41.5 17.1 14.9 1.4 1.2 8.0% 8.3% Average 18.1 14.5 1.6 1.5 9.3% 10.6% Cement INTP SELL 1.1 21900 0.9 (0.2) 17858 13500-38.4 39.1 29.4 3.0 2.8 7.7% 9.6% SMGR HOLD 0.9 11200 (3.4) 13.1 10932 9000-19.6 23.1 18.7 2.2 2.0 9.4% 10.7% SMCB SELL 0.1 910 1.1 9.0 677 700-23.1-12.0-12.5 0.9 1.0-7.8% -7.7% SMBR HOLD 0.4 3180 0.3 (16.3) 598 2300-27.7 176.7 176.7 9.5 9.2 5.4% 5.2% Average 56.7 53.1 3.9 3.7 3.7% 4.4% Precast WSBP BUY 0.2 452 (0.4) 20.6 630 500 10.6 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 0.1 615 (0.8) 23.0 776 750 22.0 16.2 15.4 2.4 2.2 14.6% 14.0% Average 13.9 12.2 1.9 1.7 13.4% 13.8% Oil and Gas PGAS BUY * 0.8 2490 (5.3) 42.3 2407 2200-11.6 22.6 16.9 1.3 1.3 5.9% 7.5% AKRA BUY 0.4 6400 1.99 0.8 7494 8500 32.8 15.7 18.6 3.1 2.8 20.0% 15.2% TPIA HOLD 1.6 6475 2.4 7.9 5324 5800-10.4 28.8 26.4 4.9 4.4 17.1% 16.8% BRPT BUY 0.5 2520 5.4 11.5 2518 2600 3.2 19.1 17.3 1.5 1.3 8.0% 7.6% MEDC BUY 0.3 1315 (0.8) 47.8 1249 1500 14.1 9.9 9.1 1.5 1.3 14.7% 13.8% Average 19.2 17.7 2.5 2.2 13.1% 12.2% Utilities JSMR BUY 0.6 5700 (0.4) (10.9) 6945 7500 31.6 20.1 17.2 2.7 2.5 13.6% 14.3% Metal ANTM BUY 0.3 905 5.8 44.8 908 1050 16.0 226.3 90.5 1.2 1.3 0.5% 1.5% INCO BUY * 0.5 3860 4.3 33.6 3435 3800-1.6-1838.1 47.0 1.6 1.5-0.1% 3.3% TINS BUY 0.1 1100 2.8 41.9 1171 1200 9.1 17.2 14.7 1.4 1.4 8.4% 9.4% Average -531.6 50.7 1.4 1.4 2.9% 4.7% Coal DOID BUY 0.1 1120.0 0.4 56.6 1386.7 1450 29.5 16.7 7.8 4.6 2.9 27.8% 36.7% ITMG BUY * 0.5 31300 4.2 51.2 28701 24500-21.7 11.3 11.3 2.5 2.4 22.1% 20.8% ADRO BUY * 1.1 2560 4.9 37.6 2623 2400-6.3 13.0 12.7 1.5 1.4 11.3% 10.8% PTBA BUY * 0.5 3430 3.0 39.4 3360 3150-8.2 18.1 10.3 0.6 0.5 3.4% 5.2% Average 14.8 10.5 2.3 1.8 16.1% 18.4% Plantation AALI BUY 0.4 13300 1.5 1.1 16548 17800 33.8 10.4 9.6 1.5 1.3 14.1% 13.8% LSIP BUY 0.1 1355 2.7 (4.6) 1714 1950 43.9 12.2 11.3 1.1 1.1 9.2% 9.3% SIMP HOLD 0.1 525 4.0 13.1 540 550 4.8 12.2 10.7 0.6 0.5 4.6% 5.0% Average 11.6 10.5 1.0 1.0 9.3% 9.4% Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Note: *: Under Review www.samuel.co.id Page 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World (14.71) 2,234 (0.65) (0.01) 0.19 6.22 9.81 6.22 24.67 2,250 1,785 U.S. (S&P) (19.34) 2,854 (0.67) 0.56 0.73 6.73 10.91 6.73 25.11 2,873 2,267 U.S. (DOW) (177.23) 26,439 (0.67) 0.71 0.86 6.96 13.24 6.96 32.39 26,617 19,785 Europe (4.37) 3,643 (0.12) (0.00) (0.61) 3.97 (0.52) 3.97 11.66 3,709 3,214 Emerging Market (5.09) 1,268 (0.40) 0.73 2.38 9.45 13.67 9.45 38.87 1,279 908 FTSE 100 5.99 7,672 0.08 0.37 (0.57) (0.21) 2.45 (0.21) n/a 7,793 7,094 CAC 40 (7.56) 5,522 (0.14) 0.48 (0.37) 3.93 0.51 3.93 15.40 5,567 4,734 Dax (15.69) 13,324 (0.12) (0.67) (1.03) 3.15 0.72 3.15 14.06 13,597 11,480 Indonesia 20.00 6,681 0.30 0.98 2.77 5.11 11.83 5.11 25.99 6,686 5,294 Japan (94.30) 23,535 (0.40) (0.57) (2.44) 3.38 6.92 3.38 21.51 24,129 18,225 Australia (32.61) 6,043 (0.54) (0.20) 0.85 (0.37) 2.09 (0.37) 6.73 6,150 5,583 Korea (5.70) 2,592 (0.22) 1.18 2.20 5.07 3.62 5.07 24.42 2,607 2,052 Singapore 9.93 3,577 0.28 (0.89) 0.21 5.12 5.96 5.12 16.71 3,612 3,031 Malaysia 16.60 1,871 0.90 1.82 2.04 4.10 6.99 4.10 10.92 1,871 1,668 Hong Kong (187.23) 32,967 (0.56) 0.02 1.77 10.19 16.34 10.19 41.12 33,484 22,997 China (35.13) 3,523 (0.99) (1.02) 0.62 6.53 3.91 6.53 11.52 3,587 3,017 Taiwan 74.71 11,222 0.67 0.62 (0.09) 5.44 4.32 5.44 18.78 11,270 9,414 Thailand 8.61 1,837 0.47 (0.08) 0.74 4.78 6.91 4.78 15.52 1,848 1,529 Philipines 17.42 9,059 0.19 1.55 1.21 5.84 8.29 5.84 23.47 9,078 7,146 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) (0.02) 3.91 0.04 (10.23) 2.33 0.29 (6.11) 4.96 3.89 Foreign Reserve (US$bn) n/a 130.20 n/a 3.36 0.61 11.89 11.89 130.20 116.89 Inflation Rate (%) n/a 0.71 n/a 255.00 446.15 69.05 69.05 0.97 (0.07) US Fed Rate (%) 0.00 1.50 0.00 0.00 20.00 0.00 100.00 1.50 0.75 Indo Govt Bond Yld (10yr) - % 0.01 6.32 2.31 0.05 (7.45) 0.05 (17.05) 7.66 6.09 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 53.00 13364 (0.40) (0.37) (0.12) 1.53 1.53 1.53 (0.10) 13,645 13,145 Japan 0.10 109.06 (0.09) 0.32 1.15 3.27 3.33 3.33 4.32 115.51 107.32 UK (0.00) 1.41 (0.11) (0.59) 0.41 4.11 4.03 4.03 12.59 1.43 1.21 Euro (0.00) 1.24 (0.11) (0.22) 0.57 2.97 3.03 3.03 15.65 1.25 1.05 China 0.01 6.34 (0.19) 0.27 1.02 2.62 2.62 2.62 8.57 6.92 6.31 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.14) 65.42 (0.21) (0.14) 1.47 8.28 20.81 8.28 24.30 66.66 42.05 CPO 35.00 2,519.00 1.41 (0.08) 1.78 0.64 (10.58) 0.64 (17.95) 3,048.00 2,390.00 Rubber 0.00 743.50 0.00 (0.34) (1.00) 1.50 (5.17) 1.50 (36.48) 1,174.00 732.50 Coal 0.75 109.00 0.69 1.30 2.30 7.23 10.55 7.23 30.54 109.65 71.25 Iron Ore 1.78 73.78 2.47 (0.86) 1.04 4.47 21.13 4.24 (11.58) 94.91 54.24 Tin 284.00 22,104.00 1.30 3.77 5.99 9.99 10.46 9.99 11.09 22,104.00 18,750.00 Nickel 155.00 13,805.00 1.14 1.69 8.19 8.19 19.21 8.19 45.70 14,040.00 8,680.00 Copper 0.00 7,085.00 0.00 (0.91) 0.24 (2.24) 3.73 (2.24) 20.11 7,312.50 5,462.50 Gold (3.00) 1,337.30 (0.22) (1.88) 0.04 2.37 4.96 2.37 12.08 1,365.40 1,187.10 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