Samuel Research Market Activity Friday, 12 Jan 2018 Market Index Index Movement Market Volume Market Value : 6,386.3 : +15.2 (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers BMRI 8,075 175 2.2 BBCA 22,700 250 1.1 BYAN 10,550 1050 11.1 ISAT 6,100 625 11.4 Lagging Movers CASA 210-42 -16.7 RMBA 324-56 -14.7 TLKM 4,170-20 -0.5 TPIA #N/A -75-1.3 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BMRI 217 BBRI 116 BBCA 97 BBNI 111 ADRO 51 BUMI 51 INDY 43 TLKM 51 BBTN 30 JSMR 35 Money Market USD/IDR 13,400-36.0 0.3 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 31.1 0.1 0.4 ISAT 54.9 0.7 1.3 EIDO 29.2 0.4 1.3 World Indices DJIA 25,575 206 0.8 S&P 500 2,768 19 0.7 Euro Stoxx 3,595-15 -0.4 MSCI World 2,172 9 0.4 Nikkei 23,719 8 0.0 Hang Seng 31,120 47 0.2 Commodities Brent Oil 69 0.1 0.1 CPO Malay 2,566-46.0-1.8 Coal Newc 104-0.7-0.7 Nickel 12,585-314.0-2.4 Tin 20,240 148.0 0.7 Sentimen positif dari optimisme pertumbuhan ekonomi global Indeks AS semalam ditutup menguat dan mencapai rekor tertingginya setelah sempat melemah di hari sebelumnya akibat pemberitaan rencana China untuk menghentikan pembelian US treasury bond serta rencana keluarnya AS dari NAFTA. Investor optimis reformasi pajak yang menurunkan pajak korporasi dari 35% menjadi 21% akan berdampak positif terhadap perekonomian AS. Dari berita ekonomi, angka jobless claims tercatat relatif inline dengan estimasi konsensus (aktual 261.000 vs estimasi 270.000). Hal ini menunjukkan masih kuatnya lapangan pekerjaan di AS. Harga minyak dunia menguat dan mencapai US$ 69,3/barel, harga tertinggi dalam 3 tahun terakhir. Penguatan harga minyak ini dipicu oleh perkiraan pertumbuhan permintaan yang lebih kuat dari estimasi akibat positifnya pertumbuhan ekonomi global, pemangkasan produksi OPEC dan factor resiko geopolitik global saat ini. Cadangan minyak AS tercatat turun 4,9 juta barel menjadi 419,5 juta di minggu ini. Harga emas juga ditransaksikan menguat ke US$ 1.324/toz Kami perkirakan hari ini IHSG kembali menguat mengikuti bursa global meski kegiatan usaha di Indonesia pada 4Q17 tercatat lebih lambat dibanding 3Q17. Pelambatan ini ini berdasarkan hasil Survei Kegiatan Usaha (SKDU) oleh Bank Indonesia. Survei menunjukkan Saldo Bersih Tertimbang (SBT) di 4Q17 hanya sebesar 7,4%, lebih rendah dibanding 3Q17 yang sebesar 14,3%. Nilai tukar rupiah menguat tipis ke Rp13.400, dan pasar EIDO naik. Highlights Perbankan: Undisbursed loan meningkat Batubara: 2018, Ekspor batubara 371 juta ton Sektor konsumsi: Harga beras medium semakin tinggi Batubara: Belum ada perubahan harga batubara PLTU ISAT :Trafik layanan data naik 88% pada masa liburan akhir tahun ACES: Siapkan capex Rp300 miliar www.samuel.co.id Page 1 of 7
Perbankan: Undisbursed loan meningkat Undisbursed loan hingga November 2017 mencapai Rp 1.425 triliun atau naik 7,7%yoy atau 0,63% dibandingkan per Oktober 2017. OJK memperkirakan nilai itu akan menurun di Desember 2017 karena besarnya penarikan kredit di bulan tersebut. Secara umum, sejumlah pengamat dan ekonom menilai ketidakpastian kondisi ekonomi dan persyaratan yang lebih ketat dari bank kepada nasabahnya demi menjaga kualitas kredit membuat nasabah sulit atau menunda menarik kreditnya. Seiring perbaikan situasi ekonomi, undisbursed loan berpotensi menurun di tahun ini. (Investor Daily) Perbankan: Neutral. Batubara: 2018, Ekspor batubara 371 juta ton Kementerian Energi dan Sumber Daya Mineral (ESDM) menargetkan volume ekspor batubara tahun ini sebesar 371 juta ton. Dengan mengacu asumsi harga batubara dalam Anggaran Pendapatan dan Belanja Negara (APBN) 2018 sebesar US$ 80 per ton, nilai ekspor batubara tahun ini diperkirakan sekitar US$ 29,68 miliar atau setara Rp 398,45 triliun (kurs US$ = Rp 13.425). Comment: Kami melihat ekspor batubara di tahun 2018 cukup konservatif, hanya meningkat 2% yoy. Serta Kami mempertahankan netral dengan rata-rata harga saat ini US$ 97.3 /ton (+9.7% qoq), dengan perkirakan harga rata-rata batubara di 2018 sebesar US$ 78/ton, +4% yoy. (Investor Daily) Batubara: Neutral. Sektor konsumsi: Harga beras medium semakin tinggi Pemerintah dihimbau untuk menambah pasokan beras medium untuk mengerem kenaikan harga yang masih berlangsung. Dari data Pasar Induk Beras Cipinang, kenaikan beras Cianjur slyp (pandan wangi) sebesar 1.9% menjadi Rp13,150/kg, setra sebesar 4,2% ke 13,550/kg, dan saigon sebesar 4,0% ke Rp12,700/kg. Kalangan pedagang menuturkan, seharusnya pasokan beras ditambah guna menurunkan harga. Panen raya diperkirakan baru akan terjadi sekitar akhir Februari sampai dengan Maret 2018. (Bisnis Indonesia). Sektor konsumsi: Overweight. Batubara: belum ada perubahan harga batubara PLTU Kementerian Energi dan Sumber Daya Mineral (ESDM) menegaskan formula harga batubara untuk pembangkit listrik masih tetap. Jual beli batubara masih merujuk pada Harga Batubara Acuan (HBA). Namun belum dipastikan akan ada revisi patokan harga jual beli batubara. Saat ini, PLN sudah mengajukan permohonan revisi formula harga batubara ke Kementerian ESDM. Namun belum ada keputusan yang berarti. (Investor Daily) Batubara: Neutral. ISAT :Trafik layanan data naik 88% pada masa liburan akhir tahun PT Indosat Tbk (ISAT) melaporkan trafik data naik 88,0% yoy dan 14,3% dari hari biasa pada masa liburan akhir tahun 2017. Sementara trafik suara justru turun 21,5% dibanding hari biasa, mengindikasikan masyarakat Indonesia cenderung beralih ke layanan data, terutama saat beraktivitas liburan. (Investor Daily) ISAT: BUY www.samuel.co.id Page 2 of 7
ACES: Siapkan capex Rp300 miliar PT Ace Hardware Indonesia Tbk. (ACES) berencana untuk membuka sekitar 10 15 gerai baru pada tahun ini dan akan menggulirkan belanja modal sebesar Rp300 miliar, sama dengan alokasi tahun 2017. Tahun ini manajemen ACES memproyeksikan SSSG sebesar 5%. (Investor Daily) ACES: BUY. 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 5.4 8075 2.2 0.9 7800 7900-2.2 18.9 15.7 2.1 1.9 11.4% 11.9% BBCA HOLD 8.0 22700 1.1 3.7 21701 21300-6.2 24.3 21.6 4.3 3.7 17.6% 17.0% BBRI BUY* 6.3 3540 0.3 (2.7) 3550 3560 0.6 15.8 13.2 2.6 2.3 16.7% 17.3% BBNI HOLD 2.5 9275 0.0 (6.3) 8807 8700-6.2 13.1 11.3 1.8 1.6 13.6% 14.0% BBTN HOLD 0.5 3620 0.3 1.4 3485 3300-8.8 13.0 11.0 1.8 1.6 13.7% 14.3% BNLI BUY 0.2 615 (0.8) (1.6) 818 890 44.7 16.6 17.1 0.8 0.8 4.8% 4.4% Average 16.9 15.0 2.2 2.0 12.9% 13.2% Consumer (Staples) ICBP BUY 1.5 8725 0.0 (2.0) 9438 10200 16.9 25.9 23.9 5.2 4.6 19.9% 19.3% INDF BUY 1.0 7875 0.6 3.3 9445 9900 25.7 15.5 14.1 2.2 2.0 14.2% 14.4% KLBF BUY 1.2 1750 0.6 3.6 1698 1900 8.6 33.7 29.7 6.2 5.5 18.4% 18.5% ROTI BUY 0.1 1205 0.4 (5.5) 1386 1590 32.0 32.2 18.2 3.9 3.3 12.2% 18.3% UNVR HOLD 6.0 54375 0.3 (2.7) 50872 49900-8.2 58.6 53.4 76.9 68.2 131.3% 127.7% SIDO BUY* 0.1 570 0.0 4.6 542 550-3.5 17.4 16.6 3.0 2.8 17.1% 17.1% AISA HOLD 0.0 476 (1.2) 0.0 867 900 89.1 3.6 3.1 0.4 0.3 9.7% 10.1% Average 26.7 22.7 14.0 12.4 31.8% 32.2% Cigarette HMSP BUY* 8.2 4860 0.0 2.7 4199 4390-9.7 43.7 42.2 15.0 13.7 34.3% 32.4% GGRM BUY 2.3 82875 (0.2) (1.1) 85456 83700 1.0 22.7 21.3 3.5 3.2 15.6% 14.8% Average 33.2 31.8 9.3 8.4 25.0% 23.6% Healthcare MIKA BUY 0.4 1810 (1.1) 0.0 2308 2950 63.0 33.8 30.6 6.5 5.9 19.4% 19.4% SILO HOLD 0.2 8775 0.3 (8.4) 11214 10700 21.9 108.5 88.7 3.5 3.3 3.3% 3.7% Average 71.2 59.7 5.0 4.6 11.3% 11.6% Poultry CPIN HOLD 0.8 3190 (1.8) 6.3 3230 3380 6.0 18.2 13.8 3.2 2.8 17.6% 20.0% JPFA BUY 0.2 1355 (2.2) 4.2 1640 1500 10.7 11.7 11.0 1.5 1.4 13.0% 12.4% MAIN BUY 0.0 695 (0.7) (6.1) 959 1200 72.7 4.1 3.3 0.6 0.5 14.6% 16.2% Average 11.3 9.3 1.8 1.6 15.1% 16.2% Retail MAPI BUY 0.2 6400 1.6 3.2 8048 7900 23.4 28.8 21.1 2.9 2.6 10.2% 12.4% RALS BUY 0.1 1205 0.8 0.4 1222 1250 3.7 20.3 17.6 2.3 2.1 11.1% 12.0% ACES BUY 0.3 1280 1.6 10.8 1358 1600 25.0 29.2 24.6 6.5 5.5 22.4% 22.4% LPPF BUY 0.5 11375 3.2 13.8 12410 11500 1.1 15.2 14.7 9.8 7.3 64.5% 49.8% Average 23.4 19.5 5.4 4.4 27.1% 24.1% Media MNCN BUY 0.3 1345 (1.1) 4.7 1832 2000 48.7 9.9 8.9 1.9 1.7 19.3% 19.3% SCMA HOLD 0.5 2380 (1.7) (4.0) 2472 2300-3.4 18.2 16.5 7.9 6.5 43.2% 39.0% Average 14.0 12.7 4.9 4.1 31.3% 29.2% Telco EXCL BUY* 0.5 3290 1.9 11.1 3944 3200-2.7 102.8 43.9 1.6 1.6 1.6% 3.6% ISAT BUY 0.5 6100 11.4 27.1 7358 8200 34.4 18.4 12.4 2.3 2.0 12.4% 16.3% TLKM BUY 6.1 4170 (0.5) (6.1) 4782 5000 19.9 17.8 15.7 4.5 4.1 25.1% 25.9% TOWR BUY 0.6 3900 (1.5) (2.5) 4854 4500 15.4 14.9 13.4 3.1 2.7 20.9% 20.2% Average 38.5 21.3 2.9 2.6 15.0% 16.5% Auto and HE ASII BUY 4.8 8250 (0.3) (0.6) 9058 9400 13.9 14.3 12.7 2.7 2.1 18.6% 16.6% UNTR BUY 2.0 36850 (0.1) 4.1 38216 41500 12.6 19.7 19.6 3.1 2.8 15.5% 14.2% Average 17.0 16.1 2.9 2.4 17.1% 15.4% Aviation GIAA HOLD 0.1 300 (1.3) 0.0 350 350 16.7 225.3 219.8 0.6 0.6 0.3% 0.3% www.samuel.co.id Page 4 of 7
Property BSDE BUY 0.5 1670 0.3 (1.8) 2198 2350 40.7 14.9 12.8 1.3 1.1 8.7% 8.6% PWON BUY 0.5 700 2.9 2.2 740 767 9.6 17.0 14.4 3.3 2.8 19.2% 19.1% ASRI BUY 0.1 378 (1.0) 6.2 420 448 18.5 14.1 13.3 0.9 0.9 6.7% 6.7% SMRA HOLD 0.2 1000 (2.4) 5.8 1148 1110 11.0 44.6 42.5 1.2 1.5 2.8% 3.4% SSIA HOLD 0.0 498 (1.4) (3.3) 731 626 25.7 32.3 30.0 0.8 0.8 2.4% 2.6% CTRA BUY 0.3 1160 (1.3) (0.4) 1416 1580 36.2 17.2 15.8 1.5 1.4 8.7% 9.2% DMAS BUY 0.1 166 (1.8) (2.9) 259 228 37.3 9.4 7.6 0.9 0.8 9.7% 10.8% KIJA BUY 0.1 288 0.0 0.7 384 450 56.3 12.5 11.3 1.0 0.9 7.8% 7.9% Average 20.2 18.5 1.4 1.3 8.3% 8.5% Construction PTPP BUY 0.3 3010 0.3 14.0 4045 4150 37.9 13.4 11.3 1.6 1.4 11.8% 12.6% ADHI BUY 0.1 2040 1.0 8.2 2576 2550 25.0 21.3 15.7 1.3 1.2 6.1% 7.9% WSKT BUY 0.5 2560 2.0 15.8 2902 3250 27.0 15.3 12.1 1.7 1.6 11.2% 13.6% WIKA BUY 0.2 1800 1.7 16.1 2420 3000 66.7 14.5 12.7 1.2 1.0 8.0% 8.3% Average 16.1 12.9 1.4 1.3 9.3% 10.6% Cement INTP SELL 1.2 23000 (0.6) 4.8 17943 13500-41.3 41.1 30.8 3.2 3.0 7.7% 9.6% SMGR HOLD 0.9 10850 0.2 9.6 10785 9000-17.1 22.4 18.1 2.1 1.9 9.4% 10.7% SMCB SELL 0.1 820 0.0 (1.8) 677 700-14.6-10.8-11.2 0.8 0.9-7.8% -7.7% SMBR HOLD 0.4 3120 (1.9) (17.9) 598 2300-26.3 173.3 173.3 9.3 9.0 5.4% 5.2% Average 56.5 52.8 3.9 3.7 3.7% 4.4% Precast WSBP BUY 0.2 452 0.0 5.4 635 500 10.6 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 0.1 540 0.0 8.0 800 750 38.9 14.2 13.5 2.1 1.9 14.6% 14.0% Average 12.9 11.3 1.7 1.6 13.4% 13.8% Oil and Gas PGAS BUY 0.6 1800 (1.4) 2.9 2027 2200 22.2 16.4 12.2 1.0 0.9 5.9% 7.5% AKRA BUY 0.4 6275 0.80-1.2 7730 8500 35.5 15.4 18.2 3.1 2.8 20.0% 15.2% TPIA HOLD 1.4 5525-1.3-7.9 5298 5800 5.0 24.6 22.6 4.2 3.8 17.1% 16.8% BRPT BUY 0.4 2100-1.9-7.1 2302 2600 23.8 15.9 14.4 1.3 1.1 8.0% 7.6% MEDC BUY 0.3 1075 (0.5) 20.8 1201 1500 39.5 8.1 7.5 1.2 1.0 14.7% 13.8% Average 16.1 15.0 2.1 1.9 13.1% 12.2% Utilities JSMR BUY 0.7 6225 (1.2) (2.7) 7013 7500 20.5 22.0 18.8 3.0 2.7 13.6% 14.3% Metal ANTM BUY 0.2 650 0.0 4.0 824 840 29.2-650.0 65.0 0.8 1.0-0.1% 1.5% INCO BUY 0.5 3170 (0.9) 9.7 3329 3800 19.9-1509.5 38.6 1.3 1.3-0.1% 3.3% TINS BUY 0.1 815 0.6 5.2 1161 1150 41.1 12.7 10.9 1.1 1.0 8.4% 9.4% Average -715.6 38.2 1.1 1.1 2.7% 4.7% Coal DOID BUY 0.1 885.0-2.2 23.8 1364.0 1450 63.8 13.2 6.2 3.7 2.3 27.8% 36.7% ITMG BUY 0.4 23700 (0.6) 14.5 24922 24500 3.4 8.5 8.6 1.9 1.8 22.1% 20.8% ADRO BUY 1.0 2180 (1.4) 17.2 2329 2400 10.1 11.1 10.8 1.2 1.2 11.3% 10.8% PTBA BUY 0.5 2800 2.9 13.8 2881 3150 12.5 14.7 8.4 0.5 0.4 3.4% 5.2% Average 11.9 8.5 1.8 1.4 16.1% 18.4% Plantation AALI BUY 0.4 13525 (0.7) 2.9 16779 17800 31.6 10.6 9.7 1.5 1.3 14.1% 13.8% LSIP BUY 0.1 1410 (0.7) (0.7) 1739 1950 38.3 11.9 11.6 1.2 1.1 9.7% 9.4% SIMP HOLD 0.1 505 (1.0) 8.8 530 550 8.9 11.7 10.3 0.5 0.5 4.6% 5.0% Average 11.4 10.5 1.1 1.0 9.5% 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 9.49 2,172 0.44 0.46 0.70 4.35 7.27 3.25 22.14 2,166 1,775 U.S. (S&P) 19.33 2,768 0.70 0.72 1.60 3.88 8.49 3.51 21.90 2,768 2,254 U.S. (DOW) 205.60 25,575 0.81 1.15 1.99 4.37 11.97 3.46 28.57 25,575 19,678 Europe (14.59) 3,595 (0.40) (0.59) 0.74 (0.14) (0.29) 2.61 9.39 3,709 3,214 Emerging Market (0.52) 1,197 (0.04) (0.82) 0.37 6.88 7.13 3.33 34.99 1,208 884 FTSE 100 14.43 7,763 0.19 0.86 0.87 3.50 2.74 0.98 n/a 7,769 7,094 CAC 40 (16.13) 5,489 (0.29) 0.02 1.38 1.13 2.38 3.31 12.84 5,536 4,734 Dax (78.44) 13,203 (0.59) (1.23) 0.27 0.15 1.69 2.21 14.60 13,526 11,425 Indonesia 15.17 6,386 0.24 0.01 1.49 5.87 7.76 0.48 20.66 6,446 5,228 Japan 20.18 23,731 0.09 (0.50) 0.95 3.78 13.25 4.24 24.02 23,953 18,225 Australia 11.58 6,079 0.19 (0.92) (0.70) 1.10 4.91 0.23 5.42 6,150 5,583 Korea 8.60 2,497 0.35 (0.55) (0.04) 1.44 0.88 1.18 19.61 2,562 2,052 Singapore (7.77) 3,513 (0.22) 0.01 0.33 1.36 6.35 3.23 17.36 3,532 2,988 Malaysia (6.04) 1,817 (0.33) (0.83) 0.74 5.05 3.58 1.12 8.29 1,840 1,658 Hong Kong 46.67 31,120 0.15 0.71 1.25 8.08 9.35 4.01 36.32 31,268 22,657 China 3.51 3,425 0.10 0.47 1.17 4.41 1.16 3.57 9.81 3,450 3,017 Taiwan (21.03) 10,810 (0.19) (0.97) (0.36) 3.51 0.92 1.57 14.88 10,935 9,281 Thailand 7.88 1,803 0.44 0.56 0.66 5.91 5.27 2.80 14.91 1,813 1,529 Philipines (107.04) 8,813 (1.20) 0.78 0.84 5.75 4.88 2.98 21.32 8,927 7,123 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 3.90 (0.08) (1.78) 1.74 0.07 (6.30) 4.96 3.89 Foreign Reserve (US$bn) n/a 130.20 n/a 3.36 0.61 11.89 11.89 130.20 116.89 Inflation Rate (%) n/a 0.71 n/a 255.00 446.15 69.05 69.05 0.97 (0.07) US Fed Rate (%) 0.00 1.50 0.00 20.00 20.00 0.00 100.00 1.50 0.75 Indo Govt Bond Yld (10yr) - % 0.01 6.26 1.89 (4.19) (4.70) (0.93) (18.18) 7.74 6.12 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia (36.00) 13400 0.27 0.20 0.18 1.14 1.25 1.25 (0.53) 13,645 13,145 Japan (0.12) 111.14 0.11 1.36 1.72 2.17 1.39 1.39 3.22 115.62 107.32 UK 0.00 1.36 0.17 0.16 (0.07) 1.82 0.36 0.36 11.50 1.37 1.20 Euro 0.00 1.21 0.25 1.05 0.27 2.73 0.47 0.47 13.65 1.21 1.05 China (0.00) 6.51 0.03 (0.10) (0.20) 1.73 0.01 0.01 6.63 6.92 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil (0.25) 63.55 (0.39) 0.94 3.43 11.22 25.59 5.18 19.88 64.77 42.05 CPO (46.00) 2,566.00 (1.76) (1.76) (0.93) 2.68 (5.07) 2.52 (16.82) 3,175.00 2,390.00 Rubber 0.00 737.50 0.00 0.00 0.00 (0.27) (8.84) 0.68 (27.12) 1,174.00 732.50 Coal (0.70) 104.00 (0.67) (1.38) (0.24) 4.94 8.28 2.31 26.52 105.50 71.25 Iron Ore 1.60 74.65 2.19 2.22 2.57 13.09 15.92 5.47 (5.40) 94.91 54.24 Tin 148.00 20,240.00 0.74 1.10 1.66 3.92 (3.57) 0.72 (4.28) 21,245.00 18,750.00 Nickel (315.00) 12,620.00 (2.44) 0.68 (0.24) 12.28 13.34 (1.10) 23.97 13,200.00 8,680.00 Copper (12.50) 7,140.50 (0.17) 0.22 (0.67) 7.05 5.01 (1.47) 24.96 7,312.50 5,462.50 Gold 2.10 1,324.60 0.16 0.83 0.17 6.84 2.31 1.40 10.40 1,358.50 1,179.70 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 views expressed in this research accurately reflect 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 views 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 for information only and for 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 for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia www.samuel.co.id Page 7 of 7