Senin, 20 Nopember 2017 Konsolidasi 5,972.31 6,060.45 dengan Target 6,115 Beberapa berita ekonomi di pekan kemarin diantaranya: 1) Pemerintah mengklaim defisit anggaran hingga akhir Oktober sekitar 2% dari Produk Domestik Bruto (PDB). Pemerintah akan menjaga defisit anggaran hingga akhir tahun di level 2.67% dari PDB. Defisit tersebut dari realisasi pendapatan negara sebesar Rp.1,099.4 triliun atau 63.3% dari target APBN-P 2017 dan realisasi belanja negara sebesar Rp.1,375 triliun atau 64.5% dari target. Badan Pusat Statistik (BPS) mencatatkan neraca perdagangan Oktober 2017 surplus sebesar US$ 895 juta, lebih rendah dibandingkan surplus pada bulan sebelumnya yang mencapai US$ 1.76 miliar. Menurunnya surplus neraca perdagangan Oktober 2017 karena kenaikan import yang cukup tinggi walaupun kinerja ekspor masih meningkat. Nilai import Oktober 2017 meningkat 23.33% yoy, atau naik 11.04% mencapai US$ 14.19 miliar dibanding impor September 2017. Sedangkan nilai ekspor Oktober 2017 hanya meningkat 18.39% yoy, atau naik 3.62% mencapai US$ 15.09 miliar dibanding bulan sebelumnya. Kenaikan ekspor didorong oleh meningkatnya harga sejumlah komoditas. Secara bulanan, harga komoditas yang naik diantaranya: batubara, minyak kernel, dan tembaga. Sedangkan beberapa harga komoditas yang turun, diantaranya: karet, emas, perak, dan kopra. 2) Sepanjang Januari hingga Oktober 2017, tercatatkan penerimaan pajak sebesar Rp.855.05 triliun atau baru sebesar 66.8% dari target APBN-P 2017 yang sebesar Rp.1,283.57 triliun. Sebagai salah satu langkah mencapai target penerimaan pajak, pemerintah tengah melakukan dinamisasi penerimaan yang termasuk dalam salah satu rangkaian dari langkah extra effort, yaitu pengawasan. 3) Realisasi Penanaman Modal Asing (PMA) dan Penanaman Modal Dalam Negeri (PMDN) belum dapat menyerap tenaga kerja secara optimal. Menurut Badan Pusat Statistik (BPS), pada bulan Agustus 2017 tercatatkan pengangguran di Indonesia bertambah 10 ribu orang, atau menjadi 7.04 juta orang. Seharusnya realisasi Penanaman Modal Asing (PMA) dan Penanaman Modal Dalam Negeri (PMDN) di fokuskan pada sektor padat karya agar tenaga kerja dapat terserap lebih banyak. 4) Bank Indonesia (BI) menahan suku bunga acuan BI 7-day reverse repo rate di level 4.25%. Keputusan tersebut disamping karena menyusulnya rencana kenaikan suku bunga acuan Bank Sentral AS The Fed di akhir tahun 2017, juga konsisten dengan upaya menjaga stabilitas makroekonomi dan keuangan serta untuk mendorong laju perekonomian dengan tetap mempertimbangkan dinamika ekonomi global dan domestik. Seiring dengan tertahannya BI 7-day reverse repo rate, deposit facility dan lending facility juga ikut tertahan masing masing di level 3.5% dan 5%. Menurut BI, tingkat bunga saat ini cukup untuk menjaga inflasi sesuai sasaran dan defisit transaksi berjalan di level yang sehat. Ekonomi domestik juga diperkirakan akan tetap tumbuh dengan struktur yang berimbang. Adapun beberapa risiko yang perlu diwaspadai menurut BI adalah: dari eksternal seperti perkembangan ekonomi global terkait pengetatan kebijakan moneter negara-negara maju yang berdampak pada semakin sempitnya pelonggaran kebijakan moneter BI. Sedangkan dari domestik seperti konsumsi rumah tangga dan intermediasi perbankan yang belum kuat. Sentimen tersebut sempat membuat IHSG melemah di pekan kemarin, namun keseluruhan berhasil menguat sebesar 0.50% atau 29.90 point, ditutup di level 6,051.73. Akumulasi minat jual asing juga tercatatkan masih terus mewarnai pergerakan indeks dalam sepekan terakhir sebesar Rp.3.76 triliun diantaranya pada saham KPIG, LPCK, BBCA, BBRI, UNVR, BHIT, BMRI, TLKM, ARII, dan INDF. Dan dalam dua pekan sampai dengan empat pekan terakhir juga masih terus tercatatkan akumulasi minat jual asing masing masing sebesar Rp.5.67 triliun, Rp.10.42 triliun, dan Rp.10.46 triliun. Nilai tukar rupiah terhadap dolar AS dalam sepekan terakhir relatif flat dari Rp.13,514 menjadi Rp.13,517. Menguatnya IHSG dalam dua hari perdagangan terakhir di pekan kemarin membentuk pola jangka pendek baru dan berkonsolidasi dalam rentang 5,972.31 6,060.45. Target sementara dikisaran level 6,115 6,203 bila IHSG berhasil menguat dan bertahan di atas level 6,060.45. Dan dalam sepekan kedepan pergerakan IHSG diperkirakan masih akan berfluktuatif dikisaran 5,953.10 6,082.78. Beberapa saham yang saat ini underprice dan mendekati PE ratio terendah diantaranya AALI, ADRO, BSDE, DILD, INDF, KIJA, LPKR, LPPF, LSIP, MNCN, PTBA, PTPP, SCMA, SRIL, TINS, WIKA, dan WSKT. Berita ekonomi global di pekan ini diantaranya Existing Home Sales, Durable Goods Orders, Jobless Claims, Consumer Sentiment, EIA Petroleum Status Report, FOMC Minutes, dan PMI Composite Flash. Close Weekly Return Yield to Date PE (X) Volume (miliar) Value (Rp. triliun) BI 7-Day RR IDR/USD 6,700 6,025 5,350 4,675 Widhi Indratmo Nugroho Analyst widhi@lotussekuritas.com +62 21 5785 1818 (Ext.2051) COMPOSITE LAST TOTAL TRANSACTION ECONOMIC INDICATORS Rp. 6,051.73 0.50% 14.25% 22.96 55.55 37.83 4.25% 13,514 JCI vs Foreign Net Buy (Sell) YTD 3-Jan-17 15-Mar-17 5-Jun-17 23-Aug-17 3-Nov-17 Composite (LHS) SECTOR 36,000 19,500 3,000 (13,500) (30,000) Net Buy YTD in Rp.bn (RHS) Agriculture -1.22% -0.09% Basic Industry -0.95% -1.20% Consumer Goods 1.22% -0.05% Finance 1.46% 0.11% Infrastructure 0.41% 0.10% Manufacture 0.24% 0.11% Mining -1.61% -1.22% Misc. Industry -1.71% 2.32% Property -0.45% -0.82% Trade & Service 0.67% -2.33% SECTOR WEEKLY RETURN 17-Nov-17 10-Nov-17 Agriculture -0.82% 0.53% Basic Industry -4.73% -0.77% Consumer Goods -8.61% -6.65% Finance -2.35% -13.63% Infrastructure -9.31% -0.59% Manufacture -16.43% -4.77% Mining -26.56% -31.52% Misc. Industry -2.34% -0.56% Property -21.08% -31.94% Trade & Service -7.76% -9.03% WEEKLY CAPITAL FLOW 17-Nov-17 10-Nov-17 Please refer to important disclosures at the end of this report 1
PE Band IHSG Fair value IHSG 2018 dikisaran 6,710.49 8,000 7,000 6,000 2 8. 2 x 2 3.8 3 x Closing 17 November 2017 Dan saat ini IHSG berada pada PE ratio 22.96x 5,000 19.4 5 x 15.0 8 x 3,000 10.7 x 2,000 1,000 - Dec-03 Jul-05 Jan-07 Jul-08 Jan-10 Jul-11 Dec-12 Jul-14 Dec-15 Jul-17 Dec-18 Sector Performance 2017 Selama tahun 2017, secara 7,000 Finance Closing 17 November 2017 garis besar beberapa sector yang menjadi driver penggerak IHSG 6,450 Basic Ind diantaranya finance, basic industry, dan mining. 5,900 M ining 5,350 4,800 J CI 3-Jan-17 7-Feb-17 15-Mar-17 25-Apr-17 5-Jun-17 18-Jul-17 23-Aug-17 29-Sep-17 3-Nov-17 Note: All Sectors Rebase to JCI Siklus Pergerakan Harian IHSG 6,000 1.73 Sell on Strength 5,000 Cy c le J CI 1.60 1.47 Closing 17 November 2017 Saat ini siklus IHSG berada 1.34 di bawah average. 1.21 +1 STDEV Trading Area 3,000 1.08 Average 0.95-1 STDEV Buy on Weakness 2,000 0.82 1,000 Bottom Fishing 0.69 Krisis Global 2008 0.56 - Jan-03 Sep-04 May-06 Jan-08 Sep-09 May-11 Dec-12 Sep-14 Apr-16 Dec-17 0.43 2
Siklus Pergerakan Harian Beberapa Saham LQ45 & Lainnya Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside AALI 0.97 0.87 1.04 1.22 Trading 17,810 23.0% LSIP 1.02 0.82 1.07 1.32 Trading 1,697 14.3% ADHI 1.03 0.83 1.18 1.52 Trading 2,667 19.1% MNCN 0.89 0.86 1.18 1.50 Trading 1,913 29.7% ADRO 1.01 0.83 1.04 1.25 Trading 2,145 21.2% MYRX 0.79 0.92 1.08 1.24 BoW 160 - AKRA 1.04 0.92 1.13 1.34 Trading 7,368 6.4% PGAS 0.79 0.92 1.08 1.23 BoW 1,995 12.4% ANTM 0.93 0.77 0.98 1.19 Trading 802 21.5% PPRO 0.60-8.32 3.93 16.18 Trading 218 6.9% ASII 0.99 0.90 1.12 1.34 Trading 9,015 9.9% PTBA 0.96 0.83 1.03 1.23 Trading 14,903 33.1% BBCA 1.17 1.00 1.10 1.21 Trading 19,569-7.6% PTPP 0.92 0.85 1.13 1.41 Trading 4,276 52.2% BBNI 1.19 0.90 1.14 1.38 Trading 7,769-5.0% PWON 0.99 0.87 1.12 1.37 Trading 726 18.0% BBRI 1.16 0.98 1.11 1.24 Trading 16,082 388.8% SCMA 0.85 0.91 1.25 1.60 BoW 2,826 32.7% BBTN 1.17 0.82 0.97 1.13 SoS 3,069 3.0% SMGR 1.01 0.96 1.11 1.26 Trading 10,898 10.1% BJBR 1.01 0.83 0.95 1.07 Trading 1,900-18.45% SMRA 0.75 0.91 1.18 1.45 BoW 1,289 42.4% BMRI 1.16 0.93 1.11 1.30 Trading 6,752-7.8% SRIL 1.14-9.21 3.52 16.24 Trading 537 41.2% BMTR 1.03 0.85 1.14 1.42 Trading 0-100.00% SSMS 0.95 1.00 1.12 1.24 BoW 1,900 27.9% BRPT 1.33 0.67 0.94 1.20 SoS 2,600 19.27% TLKM 0.97 0.95 1.05 1.15 Trading 5,132 22.2% BSDE 0.93 0.73 1.18 1.64 Trading 2,277 36.3% UNTR 1.17 0.84 1.08 1.33 Trading 33,707 1.9% BUMI 0.84 0.47 0.85 1.22 Trading UNVR 1.06 0.98 1.10 1.23 Trading 49,308-0.7% EXCL 0.98 0.83 1.10 1.37 Trading 3,896 21.4% WIKA 0.91 0.95 1.18 1.41 BoW 2,735 38.5% GGRM 1.13 0.89 1.18 1.48 Trading 76,258-2.2% WSKT 0.97 0.87 1.12 1.37 Trading 2,872 30.0% HMSP 1.07 0.97 1.15 1.32 Trading 4,052-1.2% ICBP 1.04 0.96 1.10 1.23 Trading 9,300 3.9% OTHERS INCO 1.21 0.80 1.02 1.24 Trading 2,809-5.4% CTRA 0.99 0.89 1.15 1.40 Trading 1,490 24.7% INDF 0.94 0.86 1.11 1.37 Trading 9,530 22.2% KIJA 0.98 0.84 1.10 1.35 Trading 413 34.2% INTP 1.11 0.91 1.12 1.32 Trading 17,282-13.2% SMCB 0.98 0.85 1.10 1.35 Trading 691-16.2% JSMR 1.26 0.96 1.14 1.31 Trading 6,147-6.9% GIAA 0.96 0.85 1.01 1.16 Trading 323-2.9% KLBF 1.01 1.00 1.20 1.39 Trading 1,815 12.1% KAEF 0.98 0.90 1.18 1.47 Trading 2,727 7.8% LPKR 0.87 0.87 1.04 1.20 BoW 933 48.1% SMBR 0.94 0.94 1.01 1.08 Trading 559-79.7% LPPF 0.88 0.02 1.54 3.07 Trading 13,682 24.7% TINS 0.99 0.79 1.01 1.23 Trading 1,210 37.5% Note: 1. TP (Target Price) Konsensus Bloomberg 2. Cycle: Posisi harga close saham di minggu terakhir 3. Posisi Cycle yang berada dibawah (-1) standard deviation, diperkirakan mempunyai ruang koreksi yang mulai terbatas Pemilihan Saham Passive Strategy Beberapa saham yang berada di atas fairly price line (security market line) mencerminkan kondisi under price. Investor dapat melakukan posisi beli maupun menambah proporsi (overweight) pada saham ini. Sedangkan beberapa saham yang berada di bawah fairly price line mencerminkan kondisi over price. Investor dapat melakukan posisi jual atau mengurangi proporsi (underweight) pada saham ini. Ekspektasi pertumbuhan ekonomi domestik di 2017 sebesar 5.1% - 5.3%. Dan kami menaikkan target IHSG 2017 dikisaran 6,360.65 dengan BI 7 day reverse repo rate di 4.25%. Expected Return 100% 60% PTPP MYRX LPKR SRIL SMRA WIKA DILD PTBA SCMA MNCN BSDE WSKT KIJA TINS SSMS AALI TLKM LPPF EXCL BRPT ADHI INDFADRO CTRA 20% LSIP PGAS PWON APLN ANTM PPRO KAEF KLBF ASII ICBP SMGR AKRA BBTN UNTR HMSP BBNI UNVR GGRM BMRI BJTM BBCA JSMR INCO INTP -20% SMCB BJBR Under Price Area (Positive Alpha) Over Price Area (Negative Alpha) Closing 17 November 2017 Fairly Price Line -60% 0.4 1.2 2.0 Sensitivity to Market 3
Saham Underprice dan mendekati PE ratio terendah AALI PE Band ADRO PE Band 38,000 26.4x 2,200 18.3x 15.25x 12.2x 31,000 1,700 9.15x 18.35x 2 1,200 6.1x 17,000 700 10,000 Dec-11 Aug-13 Apr-15 Nov-16 10.3x 200 BSDE PE Band DILD PE Band 3,000 30.35x 18.78x 900 29.8x 24.73x 53.5x 2,350 41.93x 30.35x 700 19.65x 14.58x 1,700 500 7.2x 1,050 300 9.5x 400 100 INDF PE Band KIJA PE Band 9,900 32.2x 27.2x 22.2x 17.2x 450 38.64x 31.16x 23.67x 16.19x 8,300 350 12.2x 6,700 250 5,100 150 3,500 50 Dec-10 Dec-11 Dec-12 Dec-13 Jan-15 Jan-16 Jan-17 LPKR PE Band LPPF PE Band 2,000 23,000 38.6x 31.1x 23.6x 48x 38.22x 28.43x 1,600 19,000 16.1x 1,200 18.64x 15,000 800 11,000 8.6x 400 7,000 Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 4
LSIP PE Band MNCN PE Band 3,600 24.6x 30.1x 24.83x 2,850 20.33x 3,250 19.55x 16.05x 2,100 2,500 14.28x 11.78x 1,350 1,750 7.5x 9x 600 1,000 PTBA PE Band PTPP PE Band 2 15.85x 5,200 36.3x 28.9x 21.5x 14.1x 18,500 12.97x 13,000 10.08x 2,800 6.7x 7.19x 7,500 4.3x 1,600 2,000 400 SCMA PE Band SRIL PE Band 4,125 43.1x 35.75x 550 14.1x 11.68x 9.25x 6.83x 28.4x 425 3,350 21.05x 300 4.4x 2,575 175 13.7x 1,800 Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 50 Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 TINS PE Band WIKA PE Band 1,800 43.5x 34.88x 26.25x 4,250 38x 30.8x 23.6x 1,400 17.63x 3,250 16.4x 1,000 2,250 9x 9.2x 600 1,250 200 250 5
WSKT PE Band 3,200 33.4x 26.75x 20.1x 13.45x 2,450 6.8x 1,700 950 200 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 6
AGRICULTURE Plantation & Others Emiten Ticker Close Weekly Indicator Weekly Forecast YTD Performance Support Resistance Beta Volatility Bearish Bullish Astra Ago Lestari Tbk AALI 14,475 14,450 14,625 0.77 4.70% -13.71% Overweight 14,325 14,650 PP London Sumatra Tbk LSIP 1,485 1,475 1,560 0.64 4.96% -14.66% Overweight 1,470 1,500 Sawit Sumbermas Sarana Tbk SSMS 1,485 1,480 1,520 0.73 4.85% 6.07% Overweight 1,470 1,500 MINING Coal, Oil & Gas, Metal & Other Resources Adaro Energy Tbk ADRO 1,770 1,695 1,840 1.67 7.07% 4.42% Overweight 1,730 1,815 Bumi Resources Tbk BUMI 272 248 286 1.23 11.73% -2.16% Not Rated 268 276 Tambang Batu Bara Bukit Asam Tbk PTBA 11,200 10,800 12,050 1.31 6.66% -10.40% Overweight 11,000 11,425 Aneka Tambang (Persero) Tbk ANTM 660 655 705 0.79 7.01% -26.26% Overweight 650 665 Vale Indonesia Tbk INCO 2,970 2,950 3,220 1.00 8.23% 5.32% Underweight 2,930 3,010 BASIC INDUSTRY Cement & Others Indocement Tunggal Perkasa Tbk. INTP 19,900 19,250 21,200 1.48 4.81% 29.22% Underweight 19,525 20,375 Semen Gresik Tbk SMGR 9,900 9,825 10,250 1.31 4.72% 7.90% Overweight 9,725 10,100 Barito Pacific BRPT 2,180 2,020 2,190 0.63 10.57% 197.61% Not Rated 2,160 2,200 MISC.INDUSTRY Otomotif Astra International Tbk ASII 8,200 8,150 8,375 1.40 4.71% -0.91% Overweight 8,050 8,375 Sri Rejeki Isman Tbk SRIL 380 374 388 0.70 8.27% 65.22% Overweight 376 384 CONSUMER GOODS Foods, Cigarette, Pharmacy & Others Indofood CBP Sukses Makmur Tbk ICBP 8,950 8,525 9,000 1.16 6.00% 4.37% Underweight 8,800 9,100 Indofood Sukses Makmur Tbk INDF 7,800 7,750 8,075 1.13 3.97% -1.58% Overweight 7,675 7,925 Unilever Indonesia Tbk UNVR 49,650 48,925 50,000 1.03 3.01% 27.96% Underweight 49,000 50,475 Gudang Garam Tbk. GGRM 77,975 75,950 83,100 0.98 4.41% 22.03% Underweight 77,000 79,200 Hanjaya Mandala Sampoerna Tbk HMSP 4,100 3,980 4,340 0.89 9.45% 7.05% Underweight 4,050 4,150 Kalbe Farma Tbk KLBF 1,620 1,595 1,635 1.19 3.88% 6.93% Overweight 1,595 1,650 PROPERTY & CONSTRUCTION Bumi Serpong Damai Tbk BSDE 1,670 1,635 1,695 1.45 4.48% -4.84% Overweight 1,630 1,700 Lippo Karawaci Tbk LPKR 630 565 650 0.96 4.88% -12.50% Overweight 620 640 Pakuwon Jati Tbk PWON 615 615 650 1.40 4.97% 8.85% Overweight 600 625 PP Properti Tbk PPRO 204 202 210 1.15 9.95% -85.00% Overweight 200 208 Summarecon Agung Tbk SMRA 905 900 1,010 1.56 6.04% -31.70% Overweight 885 925 Adhi Karya (Persero) Tbk ADHI 2,240 2,170 2,250 1.02 4.87% 7.69% Overweight 2,210 2,270 PP (Persero) Tbk PTPP 2,810 2,710 2,830 0.81 4.61% -26.25% Overweight 2,780 2,840 Wijaya Karya (Persero) Tbk WIKA 1,975 1,955 2,020 0.98 4.50% -16.31% Overweight 1,950 2,000 Waskita Karya (Persero) Tbk WSKT 2,210 2,110 2,220 0.79 3.93% -13.33% Overweight 2,180 2,230 INFRASTRUCTURE Energy, Transportation & Highway, Telecommunication, Non Building Construction Perusahaan Gas Negara (Persero) Tbk PGAS 1,775 1,765 1,845 1.08 5.84% -34.26% Overweight 1,750 1,800 Jasa Marga Tbk JSMR 6,600 6,400 6,675 1.06 4.12% 52.78% Underweight 6,500 6,700 XL Axiata Tbk EXCL 3210 3210 3530 1.14 5.88% 38.96% Underweight 3,160 3,270 Telekomunikasi Indonesia Tbk TLKM 4,200 4,070 4,230 0.90 2.69% 5.53% Overweight 4,150 4,260 FINANCE Bank Bank Central Asia Tbk BBCA 21,175 20,400 21,200 1.07 2.73% 36.61% Underweight 20,875 21,525 Bank Negara Indonesia BBNI 8,175 7,650 8,250 1.44 4.37% 47.96% Underweight 8,025 8,350 Bank Rakyat Indonesia (Persero) Tbk BBRI 3,290 3,120 3,330 1.49 4.15% 40.90% Overweight 3,225 3,360 Bank Tabungan Negara (Persero) Tbk BBTN 2,980 2,880 3,040 0.90 3.79% 71.26% Underweight 2,940 3,020 Bank Jabar & Banten Tbk BJBR 2,330 2,260 2,390 1.09 7.21% -31.27% Underweight 2,290 2,370 Bank Mandiri (Persero) Tbk BMRI 7,325 6,925 7,400 1.43 3.97% 26.57% Underweight 7,175 7,475 TRADE & SERVICE Investment Company & Wholesale AKR Corporindo Tbk AKRA 6,925 6,900 7,375 0.69 4.24% 15.42% Overweight 6,850 7,000 United Tractors Tbk UNTR 33,075 32,625 33,675 1.29 5.15% 55.65% Underweight 32,525 33,750 Matahari Departement Store Tbk LPPF 10,975 9,800 11,150 1.17 5.07% -27.44% Overweight 10,800 11,175 Global Mediacom BMTR 580 565 610 1.42 7.13% -5.69% Not Rated 570 590 Media Nusantara Citra Tbk MNCN 1,475 1,385 1,665 1.19 6.65% -15.95% Overweight 1,450 1,500 Surya Citra Media Tbk SCMA 2,130 1,950 2,140 1.01 4.81% -23.93% Overweight 2,100 2,160 Hanson International Tbk MYRX 108 102 112 0.67 8.26% -36.09% Overweight 107 109 7
Wisma Keia 15 th floor Jl. Jendral Sudirman Kav. 3 Jakarta 10220 T +62 21 5785 1818 F +62 21 5785 1637 EQUITY DIVISION Jakarta Branch Others Branch Pluit Bandung Kawasan CBD Pluit Blok A No.20 Komplek Paskal Hypersquare Jl. Pluit Selatan Raya No.1 Blok C No. 15, Kebon Jeruk Jakarta Utara 14440 Bandung 40181 T +6221 6667 5345 T +6222 8606 1027 F +6221 6667 5234 F +6222 8606 0684 Kelapa Gading Medan Sentra Bisnis Artha Gading Jl. Cut Mutia No.15B Jl. Boulevard Artha Gading Blok A6B Kav.7 Medan 20152 Kelapa Gading Barat T +6261 451 8855 Jakarta Utara 14240 F +6261 455 1833 T +6221 4585 6402 F +6221 4587 3961 Puri Surabaya Branch Rukan Grand Taman Aries Niaga Blok G1 No.11 Ruko Permata Bintoro Jl. Taman Aries Kembangan Jl. Ketampon Kav.1-2 Jakarta Barat 11620 Surabaya T +6221 2931 9515 T +6231 562 2555 F +6221 2931 9516 F +6231 567 1398 DISCLAMER This report has been prepared by PT. Lotus Sekuritas on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of PT. Lotus Sekuritas. While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, PT. Lotus Sekuritas makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the information of clients of PT. Lotus Sekuritas who are expected to make their own investment decisions without reliance on this report. Neither PT. Lotus Sekuritas nor any officer or employee of PT. Lotus Sekuritas accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. PT. Lotus Sekuritas and/or person connected with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication. 8