Samuel Research Market Activity Wednesday, 10 Jan 2018 Market Index Index Movement Market Volume Market Value : 6,373.1 : -12.3 (-0.19%) : 4,050 Mn shrs : 5,327 Bn rupiah Leading Movers HMSP 4,920 60 1.2 BBCA 22,525 175 0.8 CASA 270 54 25.0 MABA 625 125 25.0 Lagging Movers UNVR 53,500-900 -1.7 GGRM 81,600-3200 -3.8 TLKM #N/A -60-1.4 ASII 8,175-125 -1.5 Foreign Net Buy / Sell Net Buy (Rpbn) Net Sell (Rpbn) BBCA 137 TLKM 69 PTPP 60 GGRM 38 BBTN 57 INKP 28 ADRO 57 UNVR 27 BMRI 55 BBRI 23 Money Market USD/IDR 13,438 11.0-0.1 JIBOR O/N 3.9 0.0 - Infl (MoM) 0.7 - - Dual Listing Securities TLKM 31.1-0.6-2.0 ISAT 54.7-0.1-0.1 EIDO 28.8-0.3-1.0 World Indices DJIA 25,386 103 0.4 S&P 500 2,751 4 0.1 Euro Stoxx 3,623 6 0.2 MSCI World 2,162 4 0.2 Nikkei 23,840-10 0.0 Hang Seng 31,011 112 0.4 Commodities Brent Oil 69 1.0 1.5 CPO Malay 2,586-26.0-1.0 Coal Newc 106 0.4 0.3 Nickel 12,661 159.0 1.3 Tin 19,976-44.0-0.2 IHSG bergerak sideways Bursa AS ditutup menguat seiring optimisme investor menjelang laporan keungan 4Q17 serta ekspektasi pengurangan ketegangan dengan Korea Utara. Diplomasi yang terjadi antara Korea Utara dan Korea Selatan diestimasikan akan menghindari tindakan militer. Hal in mengurangi resiko di Korea dan membawa sentiman positif untuk investor. Sementara itu perombakan pajak yang dapat membuat inflasi tinggi dan menyebabkan kenaikan suku bunga yang diatas estimasi masih dicermati pasar. Penguatan harga minyak didorong oleh data American Petroleum Institute (API) menunjukkan persediaan minyak AS turun 11,2 juta barel pekan lalu. Hal ini merupakan penurunan terbesar, pada stok minyak mentah AS sejak tahun 1999. Namun, kenaikan harga juga dapat memicu kenaikan produksi minyak mentah AS. EIA meningkatkan perkiraan untuk produksi minyak mentah AS tahun ini sebesar 10,27 juta barel per hari. Dari domestik data terbaru yang dirilis oleh Kementerian Keuangan (Kemkeu) menunjukkan, defisit anggaran APBNP 2017 hanya 2,42% terhadap produk domestik bruto (PDB). Angka itu lebih rendah dari perkriaan sebelumnya 2,57%. IHSG berpeluang bergerak sideways hari ini. Rupiah kemungkinan bergerak di rentang Rp13,400/USD Rp13,450/USD. Highlights Minyak dan gas: 10 peraturan migas akan dihapus, untuk memancing minat investasi SMGR: Fokus efisiensi biaya Semen: Penjualan semen Desember naik 8,5% yoy, 12M17 tumbuh 7,8% yoy INTP: Penjualan Desember naik 3,4% yoy ke 1,5 juta ton, 12M17 tumbuh 3,9% yoy ke 16,7 juta ton BBTN: Ekspansi bisnis syariah Batubara: Laju produksi tertahan www.samuel.co.id Page 1 of 7
Minyak dan gas: 10 peraturan migas akan dihapus, untuk memancing minat investasi Pemerintah berencana menghapus 10 peraturan untuk memancing minat investasi di sektor migas yang ditargetkan mencapai US$ 17,4 miliar di tahun 2018. Upaya deregulasi tersebut merupakan bagian dari rencana Kementerian Energi dan Sumber Daya Mineral (ESDM) untuk mengurangi sekitar 40 peraturan menteri (permen) pada awal bulan depan. 10 peraturan yang akan dihapus saat ini diniliai sudah tidak relevan dan menghambat dunia usaha. (Bisnis Indonesia). Oil and gas: Neutral. SMGR: Fokus efisiensi biaya PT Semen Indonesia Tbk (SMGR) fokus melakukan sejumlah efisiensi pada 2018 di tengah kondisi oversupply di pasar domestik. Hal ini akan dilakukan di beberapa pos pembiayaan seperti biaya energi, transportasi serta modal operasional. Lebih lanjut, SMGR menganggarkan belanja modal sebesar Rp 6-7 triliun atau sama dengan tahun 2017, dan nantinya digunakan untuk menyelesaikan proyek yang tengah dikerjakan seperti pembangunan pabrik di Rembang, Jawa Tengah serta untuk pemeliharaan sejumlah alat produksi. (Bisnis Indonesia). SMGR: HOLD; 18E PE: 18.7x, PBV: 2.0x. Semen: Penjualan semen Desember naik 8,5% yoy, 12M17 tumbuh 7,8% yoy Asosiasi Semen Indonesia melaporkan penjualan semen di bulan Desember sebesar 5,9 juta ton, naik 8,5% yoy. Penjualan di Jawa tumbuh 12,2% yoy, Kalimantan tumbuh 9,9% yoy. Penjualan 12M17 tumbuh 7,8% yoy ke 66,5 juta ton didorong oleh peningkatan penjualan domestik semen kantong 8,2% yoy dan semen curah 5,7% yoy. (Asosiasi Semen Indonesia). Cement: Neutral. INTP: Penjualan Desember naik 3,4% yoy ke 1,5 juta ton, 12M17 tumbuh 3,9% yoy ke 16,7 juta ton Penjualan semen PT Indocement Tunggal Prakarsa Tbk (INTP) di bulan Desember naik 3,4% yoy ke 1,5 juta ton didorong oleh peningkatan penjualan di Jawa (120% yoy). Penjualan semen di 12M17 tumbuh 3,9% yoy ke 16,7 juta ton dengan penjualan semen kantong menjadi katalis pertumbuhan, semen kantong tumbuh 5,2% yoy. Pangsa pasar INTP sedikit melemah akibat ketatnya kompetisi, menjadi sebesar 25,2% (2016: 26,1%). (Company). INTP: SELL; 18E PE: 30.8x, PBV: 3.0x. BBTN: Ekspansi bisnis syariah BBTN terus berekspansi. Diberitakan bahwa perseroan tengah mengembangkan bisnis syariah ke Nusa Tenggara Barat seiring pertumbuhan ekonomi daerah itu yang di atas rata-rata nasional, mayoritas masyarakatnya yang beragama Islam, backlog rumah yang besar, dan program wisata syariah yang tengah dicanangkan pemerintah di daerah itu. (Bisnis Indonesia, Investor Daily) BBTN: Hold; 18E PE: 10.6x, PBV: 1.5x. www.samuel.co.id Page 2 of 7
Batubara: Laju produksi tertahan Direktur Jenderal Mineral dan Batubara Kementerian ESDM mengatakan bahwa izin usaha pertambangan (IUP) bermasalah sebagian akan langsung dicabut. Sementara itu, bagi IUP bermasalah lainnya yang masih beroperasi tidak akan mendapatkan pelayanan lagi sehingga tidak dapat menjual batu baranya. Kami melihat hal ini dapat memicu tertahannya supply batubara domestik. Namun, secara keseluruhan produksi batu bara masih akan di atas target RPJMN 2018 sebanyak 406 juta ton. merespon 2000 pemegang IUP batubara merubah status dari eksplorasi menjadi operasi produksi. (Bisnis Indonesia). Batubara: Neutral. 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 368,667 5.3 7900 (0.3) (1.3) 7800 7900 0.0 18.5 15.3 2.1 1.8 11.4% 11.9% BBCA HOLD 555,354 8.0 22525 0.8 2.9 21701 21300-5.4 24.1 21.4 4.2 3.6 17.6% 17.0% BBRI BUY 440,345 6.3 3570 (0.6) (1.9) 3550 3560-0.3 15.9 13.3 2.6 2.3 16.7% 17.3% BBNI BUY 173,433 2.5 9300 0.0 (6.1) 8752 8400-9.7 13.1 11.3 1.8 1.6 13.6% 14.0% BBTN HOLD 37,065 0.5 3500 2.3 (2.0) 3453 3300-5.7 12.6 10.6 1.7 1.5 13.7% 14.3% BNLI BUY 16,826 0.2 600 (0.8) (4.0) 818 890 48.3 16.2 16.7 0.8 0.7 4.8% 4.4% Average 16.7 14.8 2.2 1.9 12.9% 13.2% Consumer (Staples) ICBP BUY 103,499 1.5 8875 (1.4) (0.3) 9438 10200 14.9 26.4 24.3 5.3 4.7 19.9% 19.3% INDF BUY 68,707 1.0 7825 (0.3) 2.6 9445 9900 26.5 15.4 14.0 2.2 2.0 14.2% 14.4% KLBF BUY 83,438 1.2 1780 (0.3) 5.3 1711 1900 6.7 34.3 30.2 6.3 5.6 18.4% 18.5% ROTI BUY 7,609 0.1 1230 (2.0) (3.5) 1386 1590 29.3 32.9 18.6 4.0 3.4 12.2% 18.3% UNVR HOLD 408,205 5.9 53500 (1.7) (4.3) 50810 49900-6.7 57.6 52.5 75.6 67.1 131.3% 127.7% SIDO BUY 8,475 0.1 565 (0.9) 3.7 542 550-2.7 17.2 16.5 2.9 2.8 17.1% 17.1% AISA HOLD 1,545 0.0 480 0.4 0.8 867 900 87.5 3.7 3.2 0.4 0.3 9.7% 10.1% Average 26.8 22.7 13.8 12.3 31.8% 32.2% Cigarette HMSP BUY 572,285 8.3 4920 1.2 4.0 4199 4390-10.8 44.3 42.8 15.2 13.8 34.3% 32.4% GGRM BUY 157,006 2.3 81600 (3.8) (2.6) 85246 83700 2.6 22.4 21.0 3.5 3.1 15.6% 14.8% Average 33.3 31.9 9.3 8.5 25.0% 23.6% Healthcare MIKA BUY 25,828 0.4 1775 1.7 (1.9) 2311 2950 66.2 33.2 30.0 6.4 5.8 19.4% 19.4% SILO HOLD 14,266 0.2 8775 0.9 (8.4) 11163 10700 21.9 108.5 88.7 3.5 3.3 3.3% 3.7% Average 70.8 59.4 5.0 4.6 11.3% 11.6% Poultry CPIN HOLD 53,457 0.8 3260 (0.9) 8.7 3230 3380 3.7 18.6 14.1 3.3 2.8 17.6% 20.0% JPFA BUY 15,233 0.2 1335 0.0 2.7 1640 1500 12.4 11.5 10.8 1.5 1.3 13.0% 12.4% MAIN BUY 1,567 0.0 700 (2.8) (5.4) 965 1200 71.4 4.2 3.3 0.6 0.5 14.6% 16.2% Average 11.4 9.4 1.8 1.6 15.1% 16.2% Retail MAPI BUY 10,666 0.2 6425 0.8 3.6 8048 7900 23.0 28.9 21.2 3.0 2.6 10.2% 12.4% RALS BUY 8,231 0.1 1160 1.8 (3.3) 1222 1250 7.8 19.5 17.0 2.2 2.0 11.1% 12.0% ACES BUY 22,552 0.3 1315 0.4 13.9 1358 1600 21.7 30.0 25.3 6.7 5.7 22.4% 22.4% LPPF BUY 32,170 0.5 11025 (2.0) 10.3 12410 11500 4.3 14.7 14.3 9.5 7.1 64.5% 49.8% Average 23.3 19.4 5.3 4.4 27.1% 24.1% Media MNCN BUY 19,273 0.3 1350 0.4 5.1 1832 2000 48.1 9.9 8.9 1.9 1.7 19.3% 19.3% SCMA HOLD 36,115 0.5 2470 (0.4) (0.4) 2472 2300-6.9 18.9 17.2 8.1 6.7 43.2% 39.0% Average 14.4 13.0 5.0 4.2 31.3% 29.2% Telco EXCL BUY 35,805 0.5 3350 4.4 13.2 3914 3200-4.5 104.7 44.7 1.7 1.6 1.6% 3.6% ISAT BUY 29,751 0.4 5475 5.8 14.1 7453 8200 49.8 16.5 11.1 2.0 1.8 12.4% 16.3% TLKM BUY 423,360 6.1 4200 (1.4) (5.4) 4765 5000 19.0 17.9 15.8 4.5 4.1 25.1% 25.9% TOWR BUY 40,302 0.6 3950 (1.3) (1.3) 4854 4500 13.9 15.1 13.6 3.1 2.7 20.9% 20.2% Average 38.6 21.3 2.8 2.6 15.0% 16.5% Auto and HE ASII BUY 330,953 4.8 8175 (1.5) (1.5) 9058 9400 15.0 14.2 12.6 2.6 2.1 18.6% 16.6% UNTR BUY 133,912 1.9 35900 0.6 1.4 38153 41500 15.6 19.2 19.1 3.0 2.7 15.5% 14.2% Average 16.7 15.8 2.8 2.4 17.1% 15.4% Aviation GIAA HOLD 7,818 0.1 302 (0.7) 0.7 361 350 15.9 226.8 221.2 0.6 0.6 0.3% 0.3% www.samuel.co.id Page 4 of 7
Property BSDE BUY 32,719 0.5 1700 (0.3) 0.0 2194 2350 38.2 15.2 13.1 1.3 1.1 8.7% 8.6% PWON BUY 33,712 0.5 700 (2.1) 2.2 740 767 9.6 17.0 14.4 3.3 2.8 19.2% 19.1% ASRI BUY 7,467 0.1 380 1.6 6.7 420 448 17.9 14.2 13.4 0.9 0.9 6.7% 6.7% SMRA HOLD 14,427 0.2 1000 1.0 5.8 1148 1110 11.0 44.6 42.5 1.2 1.5 2.8% 3.4% SSIA HOLD 2,423 0.0 515 0.0 0.0 731 626 21.6 33.4 31.0 0.8 0.8 2.4% 2.6% CTRA BUY 21,344 0.3 1160 (0.9) (3.0) 1427 1580 36.2 17.2 15.8 1.5 1.4 8.7% 9.2% DMAS BUY 8,194 0.1 170 1.2 (0.6) 259 228 34.1 9.6 7.8 0.9 0.8 9.7% 10.8% KIJA BUY 6,039 0.1 290 0.7 1.4 384 450 55.2 12.6 11.4 1.0 0.9 7.8% 7.9% Average 20.5 18.7 1.4 1.3 8.3% 8.5% Construction PTPP BUY 18,848 0.3 3040 5.6 15.2 4045 4150 36.5 13.5 11.4 1.6 1.4 11.8% 12.6% ADHI BUY 7,157 0.1 2010 2.6 6.6 2576 2550 26.9 20.9 15.5 1.3 1.2 6.1% 7.9% WSKT BUY 34,070 0.5 2510 4.6 13.6 2902 3250 29.5 15.0 11.9 1.7 1.6 11.2% 13.6% WIKA BUY 16,101 0.2 1795 5.6 15.8 2420 3000 67.1 14.5 12.6 1.2 1.0 8.0% 8.3% Average 16.0 12.9 1.4 1.3 9.3% 10.6% Cement INTP SELL 84,668 1.2 23000 (1.1) 4.8 17826 13500-41.3 41.1 30.8 3.2 3.0 7.7% 9.6% SMGR HOLD 66,433 1.0 11200 1.8 13.1 10840 9000-19.6 23.1 18.7 2.2 2.0 9.4% 10.7% SMCB SELL 6,284 0.1 820 0.6 (1.8) 677 700-14.6-10.8-11.2 0.8 0.9-7.8% -7.7% SMBR HOLD 31,660 0.5 3190 2.2 (16.1) 598 2300-27.9 177.2 177.2 9.6 9.2 5.4% 5.2% Average 57.7 53.9 3.9 3.8 3.7% 4.4% Precast WSBP BUY 11,441 0.2 452 1.9 6.4 635 500 10.6 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 4,794 0.1 550 1.9 10.0 800 750 36.4 14.5 13.8 2.1 1.9 14.6% 14.0% Average 13.0 11.4 1.8 1.6 13.4% 13.8% Oil and Gas PGAS BUY 43,756 0.6 1805 (1.9) 3.1 2027 2200 21.9 16.4 12.3 1.0 0.9 5.9% 7.5% AKRA BUY 25,240 0.4 6300-2.33-0.8 7730 8500 34.9 15.5 18.3 3.1 2.8 20.0% 15.2% TPIA HOLD 102,543 1.5 5750 0.0-4.2 5298 5800 0.9 25.6 23.5 4.4 3.9 17.1% 16.8% BRPT BUY 29,734 0.4 2130 1.9-5.8 2302 2600 22.1 16.1 14.6 1.3 1.1 8.0% 7.6% MEDC BUY 17,552 0.3 990 2.6 11.2 1201 1125 13.6 7.4 6.9 1.1 1.0 14.7% 13.8% Average 16.2 15.1 2.2 1.9 13.1% 12.2% Utilities JSMR BUY 46,450 0.7 6400 (2.7) 0.0 6994 7500 17.2 22.6 19.3 3.1 2.8 13.6% 14.3% Metal ANTM BUY 15,740 0.2 655 0.8 4.8 824 840 28.2-655.0 65.5 0.9 1.0-0.1% 1.5% INCO BUY 31,598 0.5 3180 0.3 10.0 3255 3800 19.5-1514.3 38.7 1.3 1.3-0.1% 3.3% TINS BUY 6,033 0.1 810 (0.6) 4.5 1161 1150 42.0 12.7 10.8 1.1 1.0 8.4% 9.4% Average -718.9 38.3 1.1 1.1 2.7% 4.7% Coal DOID BUY 7,185 0.1 840.0-5.1 17.5 1364.0 1450 72.6 12.5 5.9 3.5 2.2 27.8% 36.7% ITMG BUY 26,299 0.4 23275 1.3 12.4 24818 24500 5.3 8.4 8.4 1.9 1.8 22.1% 20.8% ADRO BUY 69,729 1.0 2180 0.9 17.2 2327 2400 10.1 11.1 10.8 1.2 1.2 11.3% 10.8% PTBA BUY 31,451 0.5 2730 2.2 11.0 2888 2900 6.2 13.5 8.7 2.4 2.1 18.1% 24.6% Average 11.4 8.5 2.3 1.8 19.8% 23.2% Plantation AALI BUY 26,031 0.4 13525 1.7 2.9 16779 17800 31.6 10.6 9.7 1.5 1.3 14.1% 13.8% LSIP BUY 9,552 0.1 1400 0.0 (1.4) 1739 1950 39.3 11.9 11.5 1.1 1.1 9.7% 9.4% SIMP HOLD 7,908 0.1 500 0.0 7.8 530 550 10.0 11.6 10.2 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. www.samuel.co.id Page 5 of 7
Regional Indices 1D Change Price Points 1D 3D 1W 1M 3M YTD 1YR High Low World 3.82 2,162 0.18 0.24 1.70 4.26 7.38 2.77 21.66 2,158 1,775 U.S. (S&P) 3.58 2,751 0.13 1.00 2.06 3.76 7.87 2.91 21.26 2,759 2,254 U.S. (DOW) 102.80 25,386 0.41 1.24 2.26 4.34 11.19 2.70 27.85 25,440 19,678 Europe 6.42 3,623 0.18 1.51 3.80 0.87 0.67 3.39 9.58 3,709 3,214 Emerging Market (1.73) 1,205 (0.14) 1.05 2.31 8.49 9.52 4.03 37.19 1,208 877 FTSE 100 34.51 7,731 0.45 0.46 1.08 4.56 2.56 0.56 n/a 7,733 7,094 CAC 40 36.52 5,524 0.67 2.04 4.45 2.31 2.99 3.98 13.00 5,536 4,734 Dax 17.81 13,386 0.13 1.65 3.99 1.76 3.37 3.62 15.56 13,526 11,425 Indonesia (12.26) 6,373 (0.19) 1.28 0.53 5.67 7.91 0.28 20.02 6,446 5,228 Japan 12.28 23,862 0.05 1.51 4.73 4.61 14.59 4.82 23.63 23,953 18,225 Australia (0.61) 6,135 (0.01) 0.21 1.07 2.35 6.92 1.16 6.50 6,150 5,583 Korea (0.16) 2,510 (0.01) 0.50 0.95 1.87 3.13 1.73 22.73 2,562 2,040 Singapore 12.47 3,525 0.36 0.67 2.75 2.92 7.17 3.58 17.25 3,532 2,971 Malaysia (5.20) 1,827 (0.28) 1.30 2.48 6.14 3.74 1.68 9.26 1,840 1,658 Hong Kong 111.88 31,011 0.36 0.89 1.63 8.28 8.85 3.65 36.34 31,057 22,550 China 4.42 3,414 0.13 0.83 1.96 3.77 0.91 3.23 7.98 3,450 3,017 Taiwan (0.86) 10,915 (0.01) 0.61 1.91 4.96 3.63 2.56 16.74 10,931 9,281 Thailand 2.40 1,795 0.13 0.23 2.37 5.20 5.17 2.37 14.19 1,813 1,529 Philipines 178.60 8,924 2.04 2.10 4.27 7.45 6.26 4.27 21.17 8,924 7,123 Monetary Indicators 1D Change Price Points 1W 1M 3M YTD 1YR High Low JIBOR Overnight (%) 0.00 3.90 (1.86) (1.59) 1.92 0.00 (6.57) 4.96 3.89 Foreign Reserve (US$bn) n/a 130.20 n/a 3.36 0.61 11.89 11.89 130.20 116.89 Inflation Rate (%) n/a 0.71 n/a 255.00 446.15 69.05 69.05 0.97 (0.07) US Fed Rate (%) 0.00 1.50 0.00 20.00 20.00 0.00 100.00 1.50 0.75 Indo Govt Bond Yld (10yr) - % (0.00) 6.18 (1.18) (5.81) (6.08) (2.20) (20.06) 7.79 6.12 Exchange Rate (per US$) 1D Change Price Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 11.00 13438 (0.08) (0.10) 0.60 0.86 0.97 0.97 (0.54) 13,645 13,145 Japan (0.02) 112.63 0.02 0.37 (0.11) 0.83 0.05 0.05 2.79 116.87 107.32 UK (0.00) 1.35 (0.02) (0.25) 0.16 1.47 0.18 0.18 11.17 1.37 1.20 Euro (0.00) 1.19 (0.03) (0.79) (0.67) 1.40 (0.59) (0.59) 13.08 1.21 1.05 China 0.03 6.53 (0.46) (0.55) (0.56) 1.36 (0.35) (0.35) 6.25 6.94 6.44 Commodities Indicators 1D Change Price Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low Oil 0.44 63.40 0.70 3.19 2.87 10.53 24.51 4.93 24.75 63.53 42.05 CPO (26.00) 2,586.00 (1.00) (0.15) 1.45 2.86 (5.45) 3.32 (15.41) 3,175.00 2,390.00 Rubber 0.00 737.50 0.00 0.00 (0.34) (0.41) (10.23) 0.68 (25.62) 1,174.00 732.50 Coal 0.35 105.80 0.33 1.49 4.44 8.51 8.79 4.08 30.38 105.50 71.25 Iron Ore 0.13 73.16 0.18 0.52 3.36 2.31 15.76 3.36 (7.15) 94.91 54.24 Tin (44.00) 19,976.00 (0.22) 0.33 (0.68) 2.33 (4.34) (0.60) (5.60) 21,276.00 18,750.00 Nickel 160.00 12,695.00 1.28 0.36 0.59 15.94 15.25 (0.51) 22.18 13,030.00 8,680.00 Copper (23.00) 7,102.00 (0.32) (1.20) (1.43) 8.08 6.54 (2.00) 27.03 7,312.50 5,462.50 Gold (3.00) 1,310.70 (0.23) (0.88) (0.59) 5.15 1.44 0.34 10.56 1,358.50 1,177.00 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 o r 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