Senin, 04 Desember 2017 Target Koreksi 5,912 Beberapa berita ekonomi di pekan kemarin diantaranya: 1) Berdasarkan hasil survei harga mingguan hingga pekan ketiga bulan November 2017, Bank Indonesia (BI) memperkirakan indeks harga konsumen (IHK) bulan November 2017 akan sebesar 0.23%, sedikit lebih tinggi dibandingkan dengan proyeksi sebelumnya yang sebesar 0.18% berdasarkan survei hingga pekan kedua November 2017. Peningkatan inflasi tersebut disebabkan oleh kenaikan kenaikan sejumlah komoditas pangan yang bergejolak (volatile food) seperti bawang dan cabai. Dengan perkembangan tersebut, inflasi tahunan November 2017 diperkirakan sebesar 3.56% yoy. 2) Masih adanya beberapa dampak dari pemulihan ekonomi di tahun 2017 membuat lembaga pemeringkat international, Moody s Investor Service memprediksi pertumbuhan ekonomi Indonesia di tahun 2018 hanya kan bertumbuh moderat dengan skenario pesimistis dikisaran 4.5% (skenario optimistis sekitar 5.5%). Asumsi skenario pesimistis dengan pertumbuhan 4.5%, bila pemerintah tak mampu melakukan tahap konstruksi pada proyek infrastruktur dalam skala besar dan harga komoditas kembali melemah yang akan menekan pendapatan perusahaan. Sedangkan skenario optimistis dengan pertumbuhan 5.5% dapat terjadi bila: i) Pemerintah kembali melanjutkan investasi di sektor infrastruktur. ii) Masih terjadi penguatan pada harga komoditas. iii) Korporasi dapat bertumbuh sekitar 4% - 8%, sehingga dapat meningkatkan pembiayaan investasi. iv) Terjadi peningkatan optimisme konsumen yang didukung oleh inflasi dikisaran 4% sehingga mendorong belanja konsumen. 3) Menteri Keuangan Sri Mulyani juga menyatakan beberapa rintangan eksternal yang berpotensi menahan laju ekonomi Indonesia, diantaranya: i) Berlanjutnya pengetatan moneter yang bisa mempengaruhi arah pergerakan likuiditas. ii) Terjadinya geopolitik di semenanjung Korea yang dapat mengubah arus modal di negara-negara berkembang dan konflik Arab Saudi dengan Iran yang dapat mempengaruhi harga komoditas seperti minyak. iii) Proteksionisme perdagangan oleh negara tertentu. iv) Akumulasi kerentanan sistem keuangan global yang terindikasi dari price earning ratio (PER) yang sudah terlalu tinggi. v) Meningkatnya debt to equity ratio di beberapa negara. vi) Pemulihan ekonomi global yang hanya sementara karena tidak didukung oleh produktivitas ekonomi dunia yang cukup tinggi. vii) Potensi perubahan iklim jangka panjang (climate change) dimana Indonesia merupakan daerah yang sering mengalami gempa bumi dan letusan gunung merapi (ring of fire). 4) Untuk membantu pemerintah mencapai target pertumbuhan ekonomi 2018 sebesar 5,4%, Bank Indonesia (BI) mengeluarkan beberapa kebijakan yang dapat memacu kredit perbankan tumbuh 10% - 12% yoy (naik dari tahun 2017, sekitar 8% yoy), diantaranya: a) Memperluas pelonggaran Giro Wajib Minimum Averaging (GWMA) untuk perbankan syariah, memperluas cakupan mata uang ke valuta asing, serta menyesuaikan rasio dan memperpanjang masa pemenuhan GWM rata-rata. b) Merubah kebijakan rasio kredit terhadap agunan (Loan to Value) menjadi per segmen (jenis properti). c) Menyiapkan aturan terkait rasio intermediasi makro prudensial (Financing to Finance Ratio) di awal tahun 2018. Sentimen tersebut membuat IHSG melemah dalam sepekan terakhir sebesar 1.90% atau 115 point, ditutup di level 5,952.14. Akumulasi minat jual asing tercatatkan kembali mewarnai pergerakan IHSG dalam sepekan terakhir sebesar Rp.8.44 triliun diantaranya pada saham PSAB, BBCA, UNVE, SMRA, BBRI, TLKM, ASII, LPKR, BMRI, dan UNTR. Namun dalam dua pekan sampai dengan empat pekan terakhir masih terccatatkan akumulasi minat jual asing masing masing sebesar Rp.6.26 triliun, Rp.10.02 triliun, dan Rp.11.93 triliun. Nilai tukar rupiah terhadap dolar AS dalam sepekan terakhir relatif flat dari Rp.13,506 menjadi Rp.13,514. Terkoreksinya IHSG dalam sepekan terakhir telah merubah kembali pola jangka pendek. Target koreksi terdekat sementara dikisaran level 5,912 selama masih bertahan di bawah level 5,972.31. Dan dalam sepekan kedepan pergerakan IHSG diperkirakan masih akan berfluktuatif dikisaran 5,852.22 6,054.59. Beberapa saham yang saat ini underprice dan mendekati PE ratio terendah diantaranya AALI, ADHI, ADRO, AKRA, BSDE, DILD, INDF, KIJA, LPKR, LPPF, LSIP, MNCN, PGAS, PTBA, PTPP, SCMA, SRIL, TINS, WIKA, dan WSKT. Berita ekonomi domestik di pekan ini adalah inflasi November 2017. Sedangkan berita ekonomi global di pekan ini diantaranya Factory Orders, International Trade, ISM Non-Mfg Index, ADP Employment Report, Productivity and Costs, EIA Petroleum Status Report, Jobless Claims, Employment Situation, dan Consumer Sentiment. Close Weekly Return Yield to Date PE (X) Volume (miliar) Value (Rp. triliun) BI 7-Day RR IDR/USD 6,560 5,920 5,280 4,640 Widhi Indratmo Nugroho Analyst widhi@lotussekuritas.com +62 21 5785 1818 (Ext.2051) COMPOSITE LAST TOTAL TRANSACTION ECONOMIC INDICATORS Rp. 5,952.14-1.90% 12.37% 22.49 59.27 45.56 4.25% 13,514 JCI vs Foreign Net Buy (Sell) YTD 3-Jan-17 21-Mar-17 15-Jun-17 11-Sep-17 27-Nov-17 Composite (LHS) SECTOR 36,000 17,000 (2,000) (21,000) (40,000) Net Buy YTD in Rp.bn (RHS) Agriculture -1.64% -1.32% Basic Industry -4.38% -0.35% Consumer Goods -1.40% 0.07% Finance -1.74% 0.23% Infrastructure -2.82% 0.60% Manufacture -2.74% 0.56% Mining 0.59% -0.54% Misc. Industry -5.44% 3.42% Property -1.56% -0.65% Trade & Service 0.09% 0.06% SECTOR WEEKLY RETURN 30-Nov-17 24-Nov-17 Agriculture -0.97% -3.96% Basic Industry -1.65% 5.52% Consumer Goods -12.39% -24.66% Finance -5.79% -6.07% Infrastructure -5.01% 10.72% Manufacture -14.08% -6.63% Mining -9.68% -16.94% Misc. Industry -3.63% 6.16% Property -23.77% -12.75% Trade & Service 23.03% 6.58% WEEKLY CAPITAL FLOW 30-Nov-17 24-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 30 November 2017 Dan saat ini IHSG berada pada PE ratio 22.49x 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 garis besar beberapa sector 7,080 Finance Closing 30 November 2017 yang menjadi driver penggerak IHSG sampai dengan pecan kemarin diantaranya finance, basic industry, dan finance. 6,510 5,940 Basic Ind M ining 5,370 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 7,000 1.73 Saat ini siklus IHSG berada di bawah average. Sell on Strength 6,125 5,250 4,375 Cy c le J CI 1.60 1.47 1.34 Closing 30 November 2017 1.21 +1 STDEV Trading Area 3,500 1.08 Average 2,625 0.95-1 STDEV 1,750 Buy on Weakness 875 Krisis Global 2008 Bottom Fishing 0.82 0.69 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 0.93 0.87 1.04 1.22 Trading 17,810 28.6% LSIP 0.00 0.82 1.07 1.32 BoW 1,697 22.1% ADHI 0.90 0.83 1.18 1.52 Trading 2,667 36.4% MNCN 0.00 0.86 1.18 1.50 BoW 1,913 47.2% ADRO 0.97 0.83 1.04 1.25 Trading 2,145 26.2% MYRX 0.00 0.92 1.08 1.24 BoW 160 - AKRA 0.95 0.92 1.13 1.34 Trading 7,368 16.0% PGAS 0.00 0.92 1.08 1.23 BoW 1,995 17.3% ANTM 0.95 0.77 0.98 1.19 Trading 802 20.6% PPRO 0.00-8.32 3.93 16.18 Trading 218 11.2% ASII 0.96 0.90 1.12 1.34 Trading 9,015 13.0% PTBA 0.00 0.83 1.03 1.23 BoW 14,903 32.5% BBCA 1.11 1.00 1.10 1.21 Trading 19,569-3.8% PTPP 0.00 0.85 1.13 1.41 BoW 4,276 66.4% BBNI 1.16 0.90 1.14 1.38 Trading 7,769-4.1% PWON 0.00 0.87 1.12 1.37 BoW 726 17.1% BBRI 1.12 0.98 1.11 1.24 Trading 16,082 401.0% SCMA 0.88 0.91 1.25 1.60 BoW 2,826 28.5% BBTN 1.23 0.82 0.97 1.13 SoS 3,069-4.1% SMGR 0.96 0.96 1.11 1.26 BoW 10,898 15.9% BJBR 1.08 0.83 0.95 1.07 SoS 1,900-23.69% SMRA 0.73 0.91 1.18 1.45 BoW 1,289 49.8% BMRI 1.16 0.93 1.11 1.30 Trading 6,752-8.8% SRIL 1.09-9.21 3.52 16.24 Trading 537 45.0% BMTR 1.04 0.85 1.14 1.42 Trading 0-100.00% SSMS 0.96 1.00 1.12 1.24 BoW 1,900 27.1% BRPT 1.34 0.67 0.94 1.20 SoS 2,600 14.54% TLKM 0.95 0.95 1.05 1.15 Trading 5,132 23.7% BSDE 0.92 0.73 1.18 1.64 Trading 2,277 38.0% UNTR 1.16 0.84 1.08 1.33 Trading 33,707 0.6% BUMI 0.95 0.47 0.85 1.22 Trading UNVR 1.04 0.98 1.10 1.23 Trading 49,308 0.0% EXCL 0.94 0.83 1.10 1.37 Trading 3,896 26.5% WIKA 0.84 0.95 1.18 1.41 BoW 2,735 51.5% GGRM 1.10 0.89 1.18 1.48 Trading 76,258-0.3% WSKT 0.94 0.87 1.12 1.37 Trading 2,872 36.1% HMSP 1.06 0.97 1.15 1.32 Trading 4,052-1.2% ICBP 0.98 0.96 1.10 1.23 Trading 9,300 10.1% OTHERS INCO 1.11 0.80 1.02 1.24 Trading 2,809 1.8% CTRA 1.02 0.89 1.15 1.40 Trading 1,490 21.6% INDF 0.88 0.86 1.11 1.37 Trading 9,530 30.1% KIJA 0.96 0.84 1.10 1.35 Trading 413 37.7% INTP 1.02 0.91 1.12 1.32 Trading 17,282-6.2% SMCB 0.96 0.85 1.10 1.35 Trading 691-14.1% JSMR 0.00 0.96 1.14 1.31 BoW 6,147-3.6% GIAA 0.90 0.85 1.01 1.16 Trading 323 4.0% KLBF 0.00 1.00 1.20 1.39 BoW 1,815 13.5% KAEF 0.88 0.90 1.18 1.47 BoW 2,727 20.1% LPKR 0.00 0.87 1.04 1.20 BoW 933 62.3% SMBR 0.81 0.94 1.01 1.08 BoW 559-76.5% LPPF 0.00 0.02 1.54 3.07 BoW 13,682 29.1% TINS 0.96 0.79 1.01 1.23 Trading 1,210 42.3% 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% PTPP LPKR 60% MYRX SRIL WIKA MNCN SMRA TINS DILD WSKT PTBA ADHI SCMA BSDE APLN AALI KIJA INDF LSIP TLKM SSMS LPPF ADRO EXCL CTRA KAEF PGAS PWON BRPT ANTM SMGR PPRO AKRA ICBP KLBF ASII 20% INCO HMSP UNVR GGRM UNTR BJTM BBCABBTN JSMR BBNI INTP SMCB BMRI -20% BJBR Under Price Area (Positive Alpha) Over Price Area (Negative Alpha) Closing 30 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 ADHI PE Band 38,000 4,500 26.4x 24x 19x 31,000 3,500 14.8x 2 18.35x 2,500 10.2x 17,000 1,500 5.6x 10.3x 10,000 Dec-11 Aug-13 Apr-15 Nov-16 500 ADRO PE Band AKRA PE Band 2,200 18.3x 15.25x 12.2x 9,200 35.4x 31.18x 26.95x 1,700 7,600 18.5x 9.15x 1,200 6,000 6.1x 700 4,400 200 2,800 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 4
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 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 PGAS PE Band 7,000 PTBA PE Band 2 15.85x 5,500 18,500 12.97x 13,000 10.08x 7.19x 17.2x 2,500 14.89x 12.58x 7,500 4.3x 10.27x 1,000 7.95x 2,000 PTPP PE Band SCMA PE Band 5,200 36.3x 28.9x 21.5x 14.1x 4,125 43.1x 35.75x 28.4x 3,350 21.05x 2,800 6.7x 2,575 1,600 13.7x 400 1,800 Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 5
SRIL PE Band TINS PE Band 550 14.1x 11.68x 9.25x 1,800 43.5x 34.88x 26.25x 6.83x 425 1,400 17.63x 300 4.4x 1,000 175 600 9x 50 Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 200 WIKA PE Band WSKT PE Band 4,250 38x 30.8x 23.6x 3,200 33.4x 26.75x 20.1x 13.45x 3,250 16.4x 2,450 6.8x 2,250 1,700 9.2x 1,250 950 250 200 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 13,850 13,800 14,475 0.77 4.67% -17.44% Overweight 13,600 14,100 PP London Sumatra Tbk LSIP 1,390 1,375 1,445 0.64 4.94% -20.11% Overweight 1,370 1,410 Sawit Sumbermas Sarana Tbk SSMS 1,495 1,395 1,495 0.73 4.81% 6.79% Overweight 1,470 1,520 MINING Coal, Oil & Gas, Metal & Other Resources Adaro Energy Tbk ADRO 1,700 1,680 1,785 1.67 7.02% 0.29% Overweight 1,635 1,770 Bumi Resources Tbk BUMI 300 280 314 1.22 11.67% 7.91% Not Rated 292 308 Tambang Batu Bara Bukit Asam Tbk PTBA 11,250 10,800 11,475 1.29 6.63% -10.00% Overweight 10,925 11,600 Aneka Tambang (Persero) Tbk ANTM 665 645 685 0.79 6.96% -25.70% Overweight 650 675 Vale Indonesia Tbk INCO 2,760 2,710 2,940 1.01 8.19% -2.13% Underweight 2,700 2,825 BASIC INDUSTRY Cement & Others Indocement Tunggal Perkasa Tbk. INTP 18,425 18,375 19,225 1.48 4.80% 19.64% Underweight 17,825 19,100 Semen Gresik Tbk SMGR 9,400 9,400 10,150 1.32 4.73% 2.45% Overweight 9,125 9,700 Barito Pacific BRPT 2,270 2,170 2,290 0.63 10.49% 209.90% Not Rated 2,240 2,300 MISC.INDUSTRY Otomotif Astra International Tbk ASII 7,975 7,975 8,600 1.41 4.72% -3.63% Overweight 7,725 8,250 Sri Rejeki Isman Tbk SRIL 370 366 384 0.71 8.21% 60.87% Overweight 364 376 CONSUMER GOODS Foods, Cigarette, Pharmacy & Others Indofood CBP Sukses Makmur Tbk ICBP 8,450 8,450 8,875 1.16 5.96% -1.46% Overweight 8,225 8,675 Indofood Sukses Makmur Tbk INDF 7,325 7,325 7,850 1.13 3.97% -7.57% Overweight 7,125 7,525 Unilever Indonesia Tbk UNVR 49,300 49,300 51,000 1.03 2.98% 27.06% Underweight 48,200 50,550 Gudang Garam Tbk. GGRM 76,525 76,525 81,200 0.99 4.39% 19.76% Underweight 74,900 78,400 Hanjaya Mandala Sampoerna Tbk HMSP 4,100 4,100 4,390 0.89 9.38% 7.05% Underweight 4,020 4,190 Kalbe Farma Tbk KLBF 1,600 1,600 1,675 1.19 3.87% 5.61% Overweight 1,555 1,645 PROPERTY & CONSTRUCTION Bumi Serpong Damai Tbk BSDE 1,650 1,615 1,690 1.44 4.45% -5.98% Overweight 1,595 1,705 Lippo Karawaci Tbk LPKR 575 575 640 0.98 4.90% -20.14% Overweight 560 585 Pakuwon Jati Tbk PWON 620 620 645 1.40 4.94% 9.73% Overweight 600 640 PP Properti Tbk PPRO 196 195 204 1.16 9.88% -85.59% Overweight 191 202 Summarecon Agung Tbk SMRA 860 855 930 1.57 6.03% -35.09% Overweight 830 890 Adhi Karya (Persero) Tbk ADHI 1,955 1,955 2,050 1.02 4.91% -6.01% Overweight 1,910 2,000 PP (Persero) Tbk PTPP 2,570 2,560 2,740 0.83 4.60% -32.55% Overweight 2,520 2,620 Wijaya Karya (Persero) Tbk WIKA 1,805 1,800 1,915 0.99 4.50% -23.52% Overweight 1,765 1,845 Waskita Karya (Persero) Tbk WSKT 2,110 2,060 2,180 0.79 3.92% -17.25% Overweight 2,070 2,150 INFRASTRUCTURE Energy, Transportation & Highway, Telecommunication, Non Building Construction Perusahaan Gas Negara (Persero) Tbk PGAS 1,700 1,685 1,810 1.09 5.80% -37.04% Overweight 1,660 1,745 Jasa Marga Tbk JSMR 6,375 6,200 6,600 1.05 4.09% 47.57% Underweight 6,225 6,525 XL Axiata Tbk EXCL 3080 2890 3190 1.13 5.86% 33.33% Underweight 3,000 3,160 Telekomunikasi Indonesia Tbk TLKM 4,150 4,150 4,350 0.91 2.70% 4.27% Overweight 4,060 4,240 FINANCE Bank Bank Central Asia Tbk BBCA 20,350 20,350 21,325 1.08 2.73% 31.29% Underweight 19,875 20,875 Bank Negara Indonesia BBNI 8,100 8,050 8,400 1.43 4.34% 46.61% Underweight 7,850 8,375 Bank Rakyat Indonesia (Persero) Tbk BBRI 3,210 3,210 3,400 1.49 4.14% 37.47% Overweight 3,100 3,320 Bank Tabungan Negara (Persero) Tbk BBTN 3,200 3,080 3,240 0.88 3.78% 83.91% Underweight 3,140 3,270 Bank Jabar & Banten Tbk BJBR 2,490 2,310 2,490 1.08 7.16% -26.55% Underweight 2,430 2,550 Bank Mandiri (Persero) Tbk BMRI 7,400 7,375 7,600 1.42 3.95% 27.86% Underweight 7,175 7,660 TRADE & SERVICE Investment Company & Wholesale AKR Corporindo Tbk AKRA 6,350 6,325 6,700 0.71 4.25% 5.83% Overweight 6,250 6,450 United Tractors Tbk UNTR 33,500 30,775 33,900 1.26 5.14% 57.65% Underweight 32,575 34,550 Matahari Departement Store Tbk LPPF 10,600 10,600 11,600 1.18 5.09% -29.92% Overweight 10,325 10,900 Global Mediacom BMTR 585 580 610 1.41 7.07% -4.88% Not Rated 560 605 Media Nusantara Citra Tbk MNCN 1,300 1,300 1,475 1.21 6.68% -25.93% Overweight 1,265 1,335 Surya Citra Media Tbk SCMA 2,200 2,180 2,300 1.00 4.79% -21.43% Overweight 2,150 2,250 Hanson International Tbk MYRX 109 103 109 0.65 8.19% -35.50% Overweight 107 111 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