Samuel Research Market Activity Tuesday, 07 Nov 2017 Market Index Index Movement Market Volume Market Value : 6,050.8 : +11.3 (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers TLKM 4,190 100 2.4 BBRI 16,250 250 1.6 EMTK 8,750 550 6.7 SMBR 3,020 240 8.6 Lagging Movers HMSP 3,940-50 -1.3 UNVR 49,175-700 -1.4 RIMO 254-84 -24.9 TOWR 4,160-130 -3.0 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBRI 209 UNVR 35 TLKM 64 ASII 25 BMRI 46 BBNI 23 GGRM 40 UNTR 20 BBTN 28 INCO 19 Money Market USD/IDR 13,524 26.0-0.2 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.0 - - Dual Listing Securities TLKM 30.7 0.6 2.2 ISAT 51.9 0.6 1.1 EIDO 27.3 0.3 1.0 World Indices DJIA 23,548 9 0.0 S&P 500 2,591 3 0.1 Euro Stoxx 3,682-8 -0.2 MSCI World 2,047 1 0.1 Nikkei 22,520-29 -0.1 Hang Seng 28,597-7 0.0 IHSG berpeluang menguat Bursa Wall Street pada perdagangan semalam ditutup pada teritori positif, di mana kami lihat dua hal yang sempat mewarnai bursa: Pertama, Investor mengawasi komentar Presiden Trump mengenai program rudal nuklir Korea Utara dan 12 hari turnya ke Asia. Kedua, Perusahaan AS yang melaporkan pendapatan kuartalan mereka, di mana lebih dari 400 perusahaan di indeks S&P 500 melaporkan kenaikan pendapatan pada 3Q17. Pendapatan kuartalan di indeks tersebut, diperkirakan meningkat 8% (sebelumnya, pada bulan Oktober hanya diekspektasikan mengalami kenaikan 5,9%). Sementara itu, bursa utama Eropa cenderung ditutup bervariatif. Pada Senin kemarin, IHSG ditutup pada zona hijau di level 6050.82 (+0.19%) ditengah mixednya indeks regional. Kami melihat pergerakan IHSG, khususnya hari ini, berpotensi menguat, terpengaruh oleh pergerakan bursa global pada perdagangan semalam dan positifnya EIDO. Highlights Perbankan: Konsumen perbesar tabungan SRIL: RUPSLB Setujui Private Placement Rp658 Miliar BBRI: Realisasi KUR mencapai 78%. MEDC: Akan melakukan rights issue 3:1 di kisaran harga Rp 450 600 BRPT: Siapkan Rp 200 miliar untuk buyback Properti: Emiten properti belum agresif tambah lahan TPIA: Pembangunan pabrik bahan baku serat ban dengan Michelin sudah mencapai 93,5% META: Grup Salim akuisisi saham META sebesar 42,25% Commodities Brent Oil 64 2.2 3.5 CPO Malay 2,783-23.0-0.8 Coal Newc 99-0.3-0.3 Nickel 12,871 188.0 1.5 Tin 19,567-115.0-0.6 www.samuel.co.id Page 1 of 7
Perbankan: Konsumen perbesar tabungan Survei BI menunjukkan konsumen cenderung menahan konsumsi dan memperbesar tabungan. Rasio konsumsi terhadap pendapatan turun dari 66,4% pada Sep 17 menjadi 65,7% pada Okt 17. Sejumlah bankir menilai kondisi bank saat ini memiliki banyak likuiditas dengan pertumbuhan DPK melebihi pertumbuhan kredit. Di tahun depan BI memprediksi DPK tumbuh 9-11%. (Investor Daily). Banking: Overweight. SRIL: RUPSLB Setujui Private Placement Rp658 Miliar RUPSLB PT Sri Rejeki Isman Tbk. (SRIL) menyetujui rencana private placement. Melalui aksi korporasi tersebut, SRIL akan meningkatkan jumlah saham sebanyak 10% dari total modal yang ditempatkan dan disetor. Adapun target dana yang diraih sebesar Rp568 miliar. Manajemen mengatakan dengan aksi tersebut, perusahaan akan mendapatkan dana tambahan untuk memperkuat struktur permodalan. Adapun harga minimum saham baru perseroan sebesar Rp354 per lembar saham, dan penentuan harga tersebut berdasarkan harga rata rata penutupan pada periode 22 Agustus 27 September 2017. Fitch Indonesia memberikan rating A+/Stable untuk perusahaan. (Investor Daily). SRIL: Non-Coverage. BBRI: Realisasi KUR mencapai 78% Hingga 13 Oktober 2017, BBRI telah menyalurkan KUR Rp 56 triliun dengan jumlah debitor 3 juta orang. Realisasi tersebut setara 78,9% dari target tahun ini. 40% dari KUR itu disalurkan ke sektor produktif. (Investor Daily) Comment: KUR merupakan salah satu penopang utama pertum buhan kredit bank ini. Di samping bunga yang disubsidi pemerintah, kualitas kreditnya pun relatif baik. Realisasi penyaluran tersebut relatif inline. Saat ini masih dibahas rencana pemerintah menurunkan suku bunga KUR yang dibayar nasabah dari 9% menjadi 7%. Berdasarkan perhitungan manajemen, pendapatan bunga berpotensi turun Rp 700 miliar apabila BBRI harus menanggung selisih 2% itu. Angka tersebut relatif kecil jika melihat pendapatan bunga dan pendapatan bunga bersih 2016A yang sebesar Rp 95 triliun dan Rp 66 triliun. BBRI: Buy; 17E PE: 14.2x, PBV: 2.4x. MEDC: Akan melakukan rights issue 3:1 di kisaran harga Rp 450-600 PT Medco Energi Internasional Tbk (MEDC) akan melaksanakan rights issue dengan rasio 3 saham lama mendapat 1 saham baru, di kisaran harga pelaksanaan sebesar Rp 450 Rp 600. Selain itu, MEDC juga akan menerbitkan warrant dengan rasio 1 saham rights issue mendapat 1 warrant. Cum rights tanggal 5 Desember 2017 dan ex-rights tanggal 6 Desember 2017. Periode warrant berlangsung dari 12 Desember 2017 7 Desember 2020. (Company). MEDC: BUY; 17E PE: 4.2x, PBV: 0.7x. www.samuel.co.id Page 2 of 7
BRPT: Siapkan Rp 200 miliar untuk buyback PT Barito Pacific Tbk (BRPT) berencana membeli sahamnya di pasar atau buyback setelah mendapat persetujuan dari rapat umum pemegang saham luar biasa (RUPSLB) yang akan digelar pada 13 Desember 2017. BRPT akan membeli kembali 100 juta sahamnya atau setara 0,72% dari seluruh modal ditempatkan dan disetor penuh. (Kontan). BRPT: BUY. Properti: Emiten properti belum agresif tambah lahan Hingga 9M17 emiten properti belum agresif menambah lahan CTRA salah satunya yang hanya membeli lahan untuk mengganti cadangan yang sudah terjual. DILD juga hanya membeli lahan di sekitar proyeknya. Di sisi lain salah satu emiten yang cukup baru menambah lahan lebih agresif, PPRO melalui akuisisi lahan di wilayah Kertajati seluas 200ha. (Kontan). Property: Neutral. TPIA: Pembangunan pabrik bahan baku serat ban dengan Michelin sudah mencapai 93,5% Pabrik bahan baku serat ban PT Synthetic Rubber Indonesia (SRI), hasil joint venture PT Chandra Asri Petrochemical Tbk (TPIA) dan PT Michelin Indonesia, sudah mencapai 93,5% masa konstruksi. TPIA optimis, pabrik tersebut siap beroperasi pada 2Q18. Pabrik ini memiliki kapasitas 120.000 ton/tahun dengan nilai investasi mencapai US$ 570 juta. (Kontan). TPIA: BUY; 17E PE: 22.8x, PBV: 3.9x. META: Grup Salim akuisisi saham META sebesar 42,25% Grup Salim, melalui Metro Pacific Tollways Corporation (MPTC) perusahaan pengembang dan operator jalan tol terbesar Filipina, melebarkan sayap ke bisnis jalan tol dengan mengakuisisi 42,25% saham (setara 6,6 miliar saham) PT Nusantara Infrastructure Tbk (META) senilai Rp 1,81 triliun, harga beli saham di Rp 274. (Kontan). META: Non-rated. 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 337,167 5.1 7225 (0.3) 24.8 7195 7900 9.3 17.0 13.8 1.9 1.7 11.3% 12.0% BBCA HOLD 517,755 7.8 21000 (0.1) 35.5 20596 21300 1.4 22.4 21.1 4.0 3.5 17.9% 16.5% BBRI BUY 400,874 6.1 16250 1.6 39.2 16536 17800 9.5 14.2 12.4 2.4 2.1 16.9% 17.0% BBNI BUY 143,595 2.2 7700 (0.6) 39.4 8137 8400 9.1 10.8 9.4 1.5 1.3 13.6% 14.0% BBTN HOLD 30,923 0.5 2920 1.4 67.8 3329 3300 13.0 10.5 8.8 1.4 1.3 13.7% 14.3% BNLI BUY 17,947 0.3 640 0.8 19.3 818 890 39.1 12.1 13.3 0.8 0.8 6.7% 5.7% Average 14.5 13.1 2.0 1.8 13.3% 13.3% Consumer (Staples) ICBP BUY 102,042 1.6 8750 (1.1) 2.0 9194 9600 9.7 27.1 24.6 5.2 4.7 19.3% 19.0% INDF BUY 71,999 1.1 8200 (0.3) 3.5 9449 9900 20.7 15.4 13.4 2.2 2.0 14.2% 14.9% KLBF BUY 75,469 1.2 1610 0.0 6.3 1783 1750 8.7 30.4 26.8 5.7 5.0 18.7% 18.7% ROTI BUY 8,012 0.1 1295 0.0 (19.1) 1324 1620 25.1 35.0 18.0 4.2 3.5 12.1% 19.6% UNVR HOLD 375,205 5.7 49175 (1.4) 26.7 49596 49400 0.5 52.3 47.4 68.4 60.2 130.7% 127.1% SIDO BUY 7,575 0.1 505 1.0 (2.9) 556 550 8.9 15.4 14.7 2.4 2.2 15.5% 15.0% AISA HOLD 2,897 0.0 900 (3.2) (53.7) 1022 980 8.9 4.9 4.2 0.6 0.6 13.1% 13.2% Average 25.8 21.3 12.7 11.2 31.9% 32.5% Cigarette HMSP BUY 458,293 7.0 3940 (1.3) 2.9 4159 4390 11.4 35.5 34.3 12.2 11.1 34.3% 32.4% GGRM BUY 142,286 2.2 73950 0.5 15.7 78075 77150 4.3 20.3 19.0 3.2 2.8 15.6% 14.8% Average 27.9 26.6 7.7 7.0 24.9% 23.6% Healthcare MIKA BUY 28,374 0.4 1950 (0.5) (24.1) 2396 2950 51.3 36.1 33.1 7.1 6.4 19.6% 19.3% SILO HOLD 15,851 0.2 9750 0.0 (10.0) 10977 10700 9.7 120.4 98.5 3.9 3.7 3.3% 3.7% Average 78.2 65.8 5.5 5.0 11.4% 11.5% Poultry CPIN BUY 53,457 0.8 3260 (0.3) 5.5 3073 2700-17.2 13.8 12.8 1.8 1.6 12.8% 12.4% JPFA HOLD 15,347 0.2 1345 0.7 (7.6) 1628 1500 11.5 11.6 10.9 1.5 1.4 13.0% 12.4% MAIN BUY 1,948 0.0 870 (1.1) (33.1) 961 1250 43.7 5.2 4.1 0.8 0.7 14.6% 16.1% Average 10.2 9.3 1.3 1.2 13.5% 13.7% Retail MAPI BUY 11,122 0.2 6700 0.8 24.1 8056 7900 17.9 44.4 32.1 3.2 2.9 7.2% 9.1% RALS BUY 6,386 0.1 900 0.6 (24.7) 1155 1250 38.9 12.3 9.7 1.6 1.5 13.3% 15.4% ACES BUY 20,409 0.3 1190 (1.2) 42.5 1327 1400 17.6 27.0 22.0 6.1 5.1 22.4% 23.0% LPPF BUY 29,617 0.5 10150 (0.5) (32.9) 12321 13200 30.0 10.7 10.3 8.7 6.2 81.1% 60.0% Average 23.6 18.5 4.9 3.9 31.0% 26.9% Media MNCN BUY 21,271 0.3 1490 (1.0) (15.1) 1834 2000 34.2 11.9 10.1 2.2 2.0 18.2% 19.3% SCMA HOLD 29,243 0.4 2000 2.6 (28.6) 2382 2300 15.0 17.7 16.1 7.0 5.8 39.6% 36.3% Average 14.8 13.1 4.6 3.9 28.9% 27.8% Telco EXCL BUY 37,942 0.6 3550 (0.3) 53.7 3998 3200-9.9 95.9 63.4 1.8 1.7 1.8% 2.7% ISAT BUY 31,245 0.5 5750 (1.3) (10.9) 7944 8200 42.6 15.8 11.3 2.1 1.9 13.4% 16.7% TLKM BUY 422,352 6.4 4190 2.4 5.7 4923 5000 19.3 17.5 13.5 4.2 3.6 24.0% 26.7% TOWR BUY 42,444 0.6 4160 (3.0) 16.2 4873 4500 8.2 12.1 11.4 3.0 2.4 24.5% 20.7% Average 35.3 24.9 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 326,905 5.0 8075 (0.3) (2.4) 8963 9000 11.5 14.0 12.4 2.6 2.1 18.6% 16.6% UNTR BUY 131,674 2.0 35300 0.0 66.1 37127 38500 9.1 18.9 17.0 2.9 2.6 15.5% 15.5% Average 16.5 14.7 2.8 2.3 17.1% 16.0% Aviation GIAA HOLD 9,319 0.1 360 0.0 6.5 367 420 16.7 270.4 27.0 0.6 0.5 0.2% 1.7% Property BSDE BUY 33,970 0.5 1765 (0.3) 0.6 2264 2350 33.1 15.8 13.6 1.4 1.2 8.7% 8.5% PWON BUY 31,063 0.5 645 1.6 14.2 723 767 18.9 15.7 13.2 3.0 2.5 19.2% 19.3% ASRI BUY 7,899 0.1 402 (0.5) 14.2 440 448 11.4 14.9 14.4 1.0 0.9 6.7% 6.6% SMRA HOLD 14,860 0.2 1030 1.5 (22.3) 1249 1110 7.8 45.6 34.1 1.9 1.9 4.1% 5.7% SSIA BUY 2,823 0.0 600 3.4 38.2 788 750 25.0 40.0 23.1 0.9 0.9 2.3% 3.8% CTRA BUY 22,736 0.3 1225 0.4 (8.2) 1469 1580 29.0 18.0 15.7 1.6 1.5 8.8% 9.7% DMAS BUY 8,965 0.1 186 0.0 (19.1) 283 300 61.3 10.5 8.5 1.0 0.9 9.7% 10.8% KIJA BUY 6,372 0.1 306 0.0 5.6 446 450 47.1 13.3 11.8 1.0 1.0 7.8% 8.1% Average 21.7 16.8 1.5 1.4 8.4% 9.0% www.samuel.co.id Page 4 of 7
Construction PTPP BUY 18,042 0.3 2910 1.0 (23.6) 4157 4150 42.6 12.9 10.9 1.5 1.4 11.8% 12.6% ADHI BUY 8,119 0.1 2280 0.9 9.6 2724 2550 11.8 24.5 20.5 1.5 1.5 6.0% 7.1% WSKT BUY 29,998 0.5 2210 2.8 (13.3) 2869 3250 47.1 7.5 6.3 1.4 1.2 18.4% 19.8% WIKA BUY 18,119 0.3 2020 3.1 (14.4) 2692 3000 48.5 16.3 14.2 1.3 1.2 8.0% 8.3% Average 15.3 13.0 1.4 1.3 11.0% 12.0% Cement INTP SELL 87,245 1.3 23700 1.7 53.9 17625 13500-43.0 24.0 22.6 3.1 2.8 12.9% 12.6% SMGR HOLD 61,095 0.9 10300 (0.7) 12.3 11106 9000-12.6 15.1 13.7 2.0 1.8 12.9% 12.9% SMCB SELL 6,284 0.1 820 0.0 (8.9) 645 700-14.6-34.2-27.3 0.8 0.8-2.3% -2.8% SMBR HOLD 29,962 0.5 3020 8.6 8.2 585 2300-23.8 79.5 75.5 7.9 7.0 10.0% 9.3% Average 21.1 21.1 3.4 3.1 8.4% 8.0% Precast WSBP BUY 10,703 0.2 452 1.5 (26.8) 637 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,709 0.1 655 0.8 (20.6) 979 1150 75.6 17.2 14.9 1.9 1.6 10.9% 10.6% Average 14.4 12.0 1.6 1.4 11.6% 12.1% Oil and Gas PGAS HOLD 44,362 0.7 1830 2.8 (32.2) 1955 2600 42.1 10.1 8.2 0.9 0.9 9.4% 10.7% AKRA BUY 30,648 0.5 7650 0.99 27.5 7578 7600-0.7 26.1 25.8 4.0 3.6 15.2% 14.0% TPIA BUY 99,244 1.5 27825 0.7 37.3 25264 29000 4.2 22.8 20.9 3.9 3.5 17.1% 16.8% MEDC BUY 10,064 0.2 755 (2.6) 128.8 1082 1125 49.0 4.2 3.9 0.7 0.6 17.6% 16.3% Average 15.8 14.7 2.4 2.2 15% 14% Utilities JSMR HOLD 47,721 0.7 6575 0.8 52.2 6617 5100-22.4 24.5 24.8 3.2 2.9 12.9% 11.7% Metal ANTM HOLD 16,101 0.2 670 0.0 (25.1) 786 700 4.5 223.3 223.3 0.9 0.9 0.4% 0.4% INCO HOLD 31,498 0.5 3170 2.9 12.4 2962 2145-32.3 119.4 59.7 1.3 1.3 1.1% 2.1% TINS BUY 6,740 0.1 905 (0.5) (15.8) 1196 1200 32.6 16.2 12.1 1.2 1.1 7.3% 9.3% Average 119.6 98.4 1.1 1.1 2.9% 3.9% Coal DOID BUY 7,527 0.1 880.0-1.1 72.5 1526.7 1600 81.8 11.0 6.3 3.2 2.1 28.6% 33.1% ITMG BUY 24,265 0.4 21475 1.3 27.3 23722 22300 3.8 10.1 10.1 1.8 1.7 17.9% 16.6% ADRO BUY 60,773 0.9 1900 0.3 12.1 2260 2200 15.8 10.6 10.3 1.2 1.2 11.3% 11.4% PTBA BUY 26,267 0.4 11400 (1.3) (8.8) 14461 15000 31.6 11.3 6.6 2.1 1.8 18.2% 26.5% Average 10.8 8.3 2.1 1.7 19.0% 21.9% Plantation AALI BUY 28,245 0.4 14675 0.9 (12.5) 16788 17800 21.3 13.5 13.2 1.7 1.6 12.4% 12.0% LSIP BUY 10,644 0.2 1560 1.3 (10.3) 1692 1750 12.2 13.4 12.8 1.2 1.1 9.0% 9.0% SIMP HOLD 8,224 0.1 520 (1.0) 5.3 542 600 15.4 11.1 10.2 0.6 0.5 5.0% 5.2% Average 12.7 12.1 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 1.33 2,047 0.06 0.17 0.49 1.63 3.81 16.88 21.43 2,050 1,657 U.S. (S&P) 3.29 2,591 0.13 0.46 0.71 1.64 4.44 15.74 21.56 2,593 2,101 U.S. (DOW) 9.23 23,548 0.04 0.48 0.86 3.40 6.47 19.16 28.96 23,575 17,995 Europe (7.60) 3,682 (0.21) (0.41) 0.55 2.19 5.04 11.91 22.37 3,709 2,938 Emerging Market 4.85 1,131 0.43 0.18 1.39 2.53 5.98 31.17 28.51 1,134 837 FTSE 100 1.93 7,562 0.03 0.99 0.99 0.52 0.40 5.87 n/a 7,599 6,679 CAC 40 (10.72) 5,507 (0.19) (0.13) 0.25 2.75 5.75 13.26 23.45 5,536 4,345 Dax (10.07) 13,469 (0.07) 0.02 1.90 3.96 9.88 17.31 28.80 13,505 10,175 Indonesia 11.28 6,051 0.19 0.21 1.28 2.46 5.24 14.24 12.34 6,082 5,023 Japan (17.45) 22,531 (0.08) 0.49 2.36 8.89 12.34 17.87 31.17 22,645 16,112 Australia 41.42 5,995 0.70 1.07 1.46 4.98 3.84 5.81 14.18 6,002 5,052 Korea (2.98) 2,546 (0.12) 0.00 0.91 6.35 6.16 25.66 27.48 2,562 1,931 Singapore (0.46) 3,382 (0.01) (0.29) 0.17 2.75 1.84 17.39 20.74 3,396 2,761 Malaysia 1.36 1,742 0.08 (0.09) (0.35) (1.23) (2.00) 6.13 5.56 1,797 1,614 Hong Kong (6.81) 28,597 (0.02) 0.01 0.92 0.49 3.27 29.98 25.42 28,799 21,489 China 16.43 3,388 0.49 (0.23) (0.06) 1.17 3.32 9.17 8.13 3,421 3,017 Taiwan (14.58) 10,786 (0.13) (0.19) 0.27 2.41 1.95 16.56 17.37 10,859 8,880 Thailand 10.27 1,712 0.60 (0.16) (0.40) 0.93 8.77 10.94 13.94 1,730 1,463 Philipines 146.94 8,523 1.75 1.89 3.09 2.55 6.64 24.59 18.42 8,605 6,499 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.01 3.90 (0.01) 0.39 (23.93) (7.90) (7.26) 4.96 3.89 Foreign Reserve (US$bn) n/a 129.40 n/a 0.48 5.13 11.21 11.87 129.40 111.47 Inflation Rate (%) n/a 0.01 n/a (92.31) (95.45) (97.62) (92.86) 0.97 (0.07) US Fed Rate (%) 0.00 1.25 0.00 0.00 0.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.00 6.67 (1.91) 2.10 (3.41) (16.38) (9.08) 8.36 6.25 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 26.00 13524 (0.19) 0.41 0.43 (0.04) (0.38) (0.38) (3.24) 13,873 13,052 Japan 0.03 113.74 (0.03) 0.30 (0.09) (0.93) 2.83 2.83 (8.16) 118.66 101.20 UK 0.00 1.32 0.00 0.86 (0.84) 0.22 6.73 6.73 6.25 1.37 1.20 Euro 0.00 1.16 0.03 (0.39) (0.28) (1.08) 10.42 10.42 5.18 1.21 1.03 China (0.01) 6.63 0.08 (0.48) 0.19 0.29 4.69 4.69 2.15 6.96 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.10) 57.25 (0.17) 4.97 5.28 16.15 15.91 6.57 27.53 57.61 42.05 CPO (23.00) 2,783.00 (0.82) (1.90) (1.97) 1.94 6.71 (10.49) 1.72 3,202.00 2,425.00 Rubber 2.50 782.00 0.32 0.32 (0.06) (5.73) (5.04) (20.00) 7.49 1,174.00 736.50 Coal (0.25) 98.75 (0.25) (1.25) (0.65) 1.44 3.57 11.71 (9.11) 110.00 73.60 Iron Ore 0.53 60.46 0.88 3.60 1.78 (4.34) (17.65) (22.55) (5.13) 94.91 54.24 Tin (115.00) 19,567.00 (0.58) 0.16 0.05 (5.29) (5.15) (7.72) (8.76) 21,945.00 18,750.00 Nickel 195.00 12,920.00 1.53 1.53 10.66 21.89 26.05 28.94 23.52 13,030.00 8,680.00 Copper 75.00 6,970.00 1.09 0.58 1.50 4.55 9.38 25.91 39.65 7,177.00 4,973.00 Gold (0.60) 1,281.00 (0.05) 0.23 0.83 0.74 1.81 11.23 0.13 1,358.50 1,123.90 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 reprod uced 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