DAILY. Kekhawatiran Inflasi Global, IHSG Diperkirakan Melemah. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market Activity

Market Index : 6,683.1

Index Movement : +13.2 0.20%

Market Volume : 15,909 Mn shrs Market Value : 9,571 Bn rupiah

Last

Close +/- %

Leading Movers

ASII 6,175 325 5.6

BMRI 7,150 275 4.0

DSSA 48,500 7700 18.9

BUKA 750 45 6.4

Lagging Movers

ARTO 16,425 -300 -1.8

BBCA 7,650 -25 -0.3

UNVR 4,370 -60 -1.4

UNTR 22,550 -500 -2.2

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)

ASII 252 UNTR 60

BMRI 137 INDF 36

BBCA 106 BBRI 32

BUKA 91 CPIN 28

KLBF 58 JPFA 26 Money Market

Last

Close +/- %

USD/IDR 14,253 10.0 -0.1

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 25.7 -0.1 -0.4

EIDO 23.8 0.0 -0.2

Global Indices Last

Close +/- %

DJIA 36,080 -240 -0.66

S&P 500 4,647 -39 -0.82

Euro Stoxx 4,349 4 0.10

MSCI World 3,202 -26 -0.81

STI 3,231 -12 -0.37

Nikkei 29,107 -179 -0.61

Hang Seng 24,996 183 0.7

Commodities*

Last

Close +/- %

Brent Oil 82.6 -2.1 -2.52

Coal (ICE) 150.0 -9.3 -5.81 CPO Malay 4,923 134.0 2.80

Gold 1,848 14.5 0.79

Nickel 19,573 171.5 0.88

Tin 37,158 -250.5 -0.67

*last price per closing date

Changes Changes

Changes

Changes Wednesday, 10 Nov 2021

Kekhawatiran Inflasi Global, IHSG Diperkirakan Melemah

Bursa AS semalam ditutup melemah; DJIA -0.7%, S&P500 -0.8%, dan Nasdaq -1.7%.

Pelemahan bursa AS ini terjadi ditengah rilis data consumer price index yang naik +6.2% yoy dan merupakan kenaikan terbesar semenjak tahun 1990. Yield UST 10Y naik +8.9% ke level 1.56% dan indeks dollar AS naik +1.0% ke level 94.9.

Pasar komoditas terpantau bergerak mixed; harga minyak turun -3.9% ke level USD 81.3/bbl, timah turun -0.7% ke level USD 37,157.5/ton, batu bara turun -5.8% ke level USD 149.9/ton, sedangkan emas naik +0.8% menjadi USD 1,848.3/ toz, nikel naik +0.9% menjadi USD 19,572.5/ton, serta CPO naik +2.8% ke level RM 4,923/ton.

Bursa Asia kemarin ditutup cenderung melemah: Kospi -1.1%, Nikkei -0.6%, Shanghai -0.4%, dan Hang Seng +0.7%. EIDO ditutup melemah -0.2% ke level 23.8.

Di perdagangan kemarin, IHSG ditutup menguat +0.2% ke level 6,683, dengan net buy asing di pasar reguler sebesar IDR 368.8 miliar dan net sell asing di pasar negosiasi sebesar IDR 82.3 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh ASII (IDR 252.4 miliar), BMRI (IDR 137.1 miliar), dan BBCA (IDR 106.0 miliar).

Sementara itu, net sell asing tertinggi dicatatkan oleh UNTR (IDR 59.9 miliar), INDF (IDR 35.8 miliar), dan BBRI (IDR 31.7 miliar). Top leading movers adalah ASII, BMRI, dan DSSA, dan top lagging movers adalah ARTO, BBCA, dan UNVR.

Kemarin terjadi penambahan 480 kasus baru COVID-19 dengan positive rate sebesar 0.2%. Sementara itu, sebanyak 531 orang dinyatakan sembuh (recovery rate sebesar 96.4%). Terkait vaksinasi, saat ini 127 juta penduduk telah menerima vaksin COVID-19 dosis pertama (+875,981, 61.1% dari target) dan 81 juta penduduk telah menerima dosis kedua (+883,614).

Pagi ini pasar regional dibuka melemah, Nikkei -0.1% dan Kospi -0.7%. Dengan kekhawatiran bursa global, IHSG kami perkirakan berpotensi bergerak melemah hari ini.

DAILY RESEARCH

11 November 2021

Market Highlights

 INTP : Laba Bersih 3Q21 Turun -3.9% yoy (9M21: +8.2% yoy)

 MAPI : Penurunan Pendapatan -13.2% yoy pada 3Q21

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Equity Research│11 November 2021

COMMODITIES

Gold: Gold 100 Oz Futures (USD/Troi oz) Oil: Generic 1st Crude Oil, Brent (USD/Barel)

Coal: Newcastle Coal (USD/MT) CPO: Bursa Malaysia Crude Palm Oil (MYR/MT)

Pulp: Generic Bleached Softwood Craft Pulp (CNY/MT) Nickel: London Metal Exchange Nickel Future (USD/MT)

10-Nov-20 10-Dec-20 10-Jan-21 10-Feb-21 10-Mar-21 10-Apr-21 10-May-21 10-Jun-21 10-Jul-21 10-Aug-21 10-Sep-21 10-Oct-21

0 10 20 30 40 50 60 70 80 90 100

10-Nov-20 1-Dec-20 22-Dec-20 12-Jan-21 2-Feb-21 23-Feb-21 16-Mar-21 6-Apr-21 27-Apr-21 18-May-21 8-Jun-21 29-Jun-21 20-Jul-21 10-Aug-21 31-Aug-21 21-Sep-21 12-Oct-21 2-Nov-21

40 90 140 190 240 290 340

10-Nov-20 10-Dec-20 9-Jan-21 8-Feb-21 10-Mar-21 9-Apr-21 9-May-21 8-Jun-21 8-Jul-21 7-Aug-21 6-Sep-21 6-Oct-21 5-Nov-21

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

10,000 12,000 14,000 16,000 18,000 20,000 22,000

10-Nov-20 1-Dec-20 22-Dec-20 12-Jan-21 2-Feb-21 23-Feb-21 16-Mar-21 6-Apr-21 27-Apr-21 18-May-21 8-Jun-21 29-Jun-21 20-Jul-21 10-Aug-21 31-Aug-21 21-Sep-21 12-Oct-21 2-Nov-21

1,400 1,500 1,600 1,700 1,800 1,900 2,000

COVID-19 Data Indonesia

7 Day Running Covid-19 Data

Total 1D Change Total Dai l y Total Cl osed Cases

Cases % Deaths Deaths Acti ve Cases %

11/10/2021 4,249,323 0.01 143,592 14 (75,964,794) 1887.69 11/9/2021 4,248,843 0.01 143,578 21 (75,107,210) 1867.71 11/8/2021 4,248,409 0.01 143,557 12 (74,889,311) 1862.76 11/7/2021 4,248,165 0.01 143,545 11 (74,009,452) 1842.15 11/6/2021 4,247,721 0.01 143,534 15 (73,583,651) 1832.31 11/5/2021 4,247,320 0.01 143,519 19 (72,583,949) 1808.94 11/4/2021 4,246,802 0.01 143,500 19 (71,725,888) 1788.94

Average 16 1841.50

Source: SSI Research, Bloomberg

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Equity Research│11 November 2021

INTP: Laba Bersih 3Q21 Turun -3.9% yoy (9M21: +8.2% yoy)

Pada 3Q21, pendapatan INTP berkurang -0.8% yoy (+22.1% qoq) menjadi IDR 3.9 triliun. Laba kotor juga tertekan -3.8%

yoy (+50.6% qoq) dengan GPM mencapai 38.0% (-1.2ppt yoy). Laba bersih INTP melemah -3.9% yoy (+164.3% qoq) menjadi IDR 622 miliar. Secara kumulatif, sepanjang 9M21 pendapatan INTP naik +4.5% yoy menjadi IDR 10.6 triliu.

Laba kotor pun naik +4.5% yoy GPM mencapai 33.9%. Maka, laba bersih 9M21 INTP terdorong +8.2% yoy menjadi IDR 1,2 triliun. (Laporan keuangan)

Comment:

Pelemahan pada 3Q21 disebabkan kenaikan COGS +1.1% yoy (+9.4% qoq) seiring lonjakan harga batubara.

Namun diperkirakan akan berangsur pulih setelah adanya ketetapan harga batubara untuk industri semen.

Dengan posisi net cash, INTP juga kehilangan pendapatan bunga pada 9M21 -44.3% yoy menjadi hanya IDR 172.1 miliar akibat turunnya suku bunga dari 4%-7.2% pada 2020 menjadi hanya 2.9%-4.75% di 9M21. INTP: Under review: (Previous: INTP: BUY: 23.1x PE '22E, 2.0x PBV '22E, TP: IDR 13,200)

MAPI: Penurunan Pendapatan -13.2% yoy pada 3Q21

MAPI membukuan pendapatan bersih sebesar IDR 12.1 triliun pada 9M21 (+18.3% yoy), dengan angka laba kotor sebesar IDR 7.05 triliun dan GPM mencapai 41.6%. Laba operasi perseroan naik +194% yoy, disertai dengan kenaikan EBITDA sebesar +43.4% yoy ke IDR 2.0 triliun. Terkait bottom line, MAPI membukukan rugi bersih 9M21 sebesar IDR 144.8 miliar (-82.9% yoy). Pada 3Q21 saja, MAPI mencatatkan pendapatan bersih sebesar IDR 2.9 triliun (-13.2% yoy; - 38.9% qoq) dan rugi bersih sebesar IDR -402.8 miliar (2Q21: IDR 269 miliar; -29.9% yoy). (Laporan keuangan)

Comment:

Pendapatan MAPI pada 9M21 mencapai 66.8% dari proyeksi FY21F SSI. Penurunan kinerja pada kuartal ketiga

terjadi akibat penutupan sementara sejumlah gerai selama penerapan PPKM Darurat, yang berdampak

signifikan pada kelangsungan usaha. Untuk mengimbangi kerugian akibat penutupan gerai, MAPI mendorong

peningkatan penjualan online, yang terlihat dari kenaikan penjualan online sebesar +48.1% pada 9M21

dikarenakan adanya promosi online stores. Selanjutnya, penjualan dari delivery F&B yang meningkat tiga kali

lipat turut berkontribusi pada penjualan MAPI selama 9M21. Kami memperkirakan kinerja MAPI akan membaik

pada 4Q21, dengan dibukanya kembali mall dan pusat perbelanjaan dengan kapasitas 100% serta meningkatnya

kontribusi dari penjualan online. MAPI: (BUY: 51.8x PE '22E, 2.6x PBV '22E, TP: IDR 1,030)

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Equity Research│11 November 2021

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Equity Research│11 November 2021

Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20A 21E 20A 21E 20A 21E

Banks

BBCA HOLD 12.0 7,650 8,100 7,857 5.9 34.8 29.7 5.1 4.7 14.7 15.7

BBRI BUY 7.8 4,250 5,300 4,814 24.7 27.1 16.0 2.8 2.1 10.3 13.1

BMRI BUY 4.2 7,150 8,000 8,234 11.9 19.5 13.2 1.8 1.6 9.1 12.3

BBNI BUY 1.7 7,075 8,500 8,401 20.1 44.2 12.7 1.2 1.0 2.6 8.0

BBTN BUY 0.2 1,775 2,300 2,207 29.6 11.7 7.3 0.9 0.8 8.1 11.4

Average 25.1 11.1 1.3 1.2 6.6 10.6

Consumer (Staples)

ICBP BUY 1.2 8,900 12,000 11,221 34.8 20.6 15.8 4.1 3.5 19.9 22.1

INDF BUY 0.7 6,275 9,500 8,416 51.4 11.3 11.4 1.3 1.2 11.9 11.0

KLBF BUY 1.0 1,625 1,950 1,753 20.0 27.9 24.5 4.4 4.0 15.7 16.3

UNVR HOLD 1.9 4,370 4,500 4,805 3.0 23.2 23.0 33.9 33.4 145.7 145.0

SIDO HOLD 0.3 910 970 980 6.6 29.3 24.5 8.5 7.8 29.0 31.9

Average 22.4 19.8 10.4 10.0 44.5 45.3

Cigarette

HMSP SELL 1.3 1,000 870 1,074 -13.0 13.5 14.9 3.8 3.9 28.5 26.4

GGRM BUY 0.7 32,825 38,240 34,910 16.5 7.5 7.2 1.1 1.0 14.2 13.9

Average 10.5 11.1 2.5 2.5 21.4 20.1

Healthcare

MIKA BUY 0.4 2,210 2,960 2,859 33.9 37.5 24.6 6.4 5.6 17.1 22.8

SILO BUY 0.2 8,400 11,300 11,366 34.5 116.7 19.9 2.3 2.1 2.0 10.6

HEAL BUY 0.2 1,020 1,380 1,436 35.3 9.4 8.1 1.2 1.1 13.3 13.5

Average 54.5 17.5 3.3 2.9 10.8 15.6

Poultry

CPIN BUY 1.3 6,100 7,300 7,370 19.7 34.7 26.6 4.8 4.4 13.7 16.4

JPFA BUY 0.3 1,675 2,000 2,274 19.4 20.9 10.0 1.7 1.5 8.0 15.3

MAIN BUY 0.0 705 1,380 808 95.7 n/a 10.4 0.8 0.7 -0.9 6.8

WMUU BUY 0.0 188 340 290 80.9 n/a 8.5 n/a 1.9 n/a 21.8

Average 27.8 15.7 2.4 2.2 7.0 12.8

Retail

MAPI BUY 0.2 870 1,130 986 29.9 n/a 33.2 2.7 2.6 -10.4 7.9

RALS BUY 0.1 790 900 719 13.9 n/a 16.8 1.3 1.3 -1.5 7.7

ACES BUY 0.3 1,445 1,900 1,525 31.5 30.7 22.6 4.9 4.4 16.1 19.6

LPPF SELL 0.1 4,160 3,150 3,307 -24.3 n/a 7.9 18.8 9.7 -147.3 122.8

Average 30.7 24.2 3.0 2.8 1.4 11.7

Pulp and Paper

INKP BUY 0.6 8,625 9,900 9,475 14.8 9.9 11.9 0.8 0.7 7.6 6.0

Average 9.9 11.9 0.8 0.7 7.6

Media

MNCN BUY 0.2 960 1,650 1,365 71.9 6.0 5.0 0.8 0.7 13.6 14.6

SCMA BUY 0.4 404 490 480 21.3 25.9 22.7 7.7 6.6 29.7 29.3

Average 15.9 13.8 4.2 3.7 21.6 21.9

Telco

EXCL SELL 0.4 3,030 3,000 3,664 -1.0 86.6 43.9 1.7 1.7 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,568 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM HOLD 4.8 3,700 4,050 4,476 9.5 17.6 16.4 3.0 2.9 17.2 17.7

Average 52.1 42.0 2.4 1.6 4.5 7.3

Telco Retail

ERAA BUY 0.1 640 1,625 843 153.9 3.4 2.8 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.8 2,900 2,500 3,189 -13.8 60.4 46.0 10.0 6.3 16.5 13.7

TOWR BUY 0.8 1,180 1,600 1,653 35.6 21.1 18.4 5.9 5.0 27.9 27.0

Average 40.7 32.2 7.9 5.6 22.2 20.4

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Equity Research│11 November 2021

Auto

ASII HOLD 3.3 6,175 6,750 6,937 9.3 13.8 12.6 1.2 1.2 9.0 9.6

Average 13.8 12.6 1.2 1.2 9.0

Mining Contracting

UNTR BUY 1.1 22,550 31,000 30,134 37.5 12.1 9.0 1.4 1.2 11.2 13.8

Average 12.1 9.0 1.4 1.2 11.2

Property

BSDE BUY 0.3 1,135 1,350 1,453 18.9 16.9 12.8 0.7 0.6 4.0 4.9

PWON HOLD 0.3 520 530 612 1.9 40.0 14.1 1.0 1.7 2.6 12.1

ASRI SELL 0.0 187 130 208 -30.5 14.4 6.7 0.3 0.3 2.3 4.7

LPKR SELL 0.1 142 140 192 -1.4 n/a n/a 0.3 0.3 -0.5 -0.2

SMRA BUY 0.2 955 1,200 1,112 25.7 79.6 39.8 2.0 2.1 2.5 5.3

CTRA BUY 0.3 1,115 1,360 1,359 22.0 26.5 20.6 1.4 1.3 5.1 6.2

Average 35.5 18.8 1.0 1.1 2.7 5.5

Industrial Estate

SSIA BUY 0.0 490 700 900 42.9 n/a 44.5 0.6 0.6 -1.6 1.3

DMAS HOLD 0.1 228 250 270 9.6 15.2 13.4 1.5 1.7 9.6 12.7

KIJA SELL 0.1 174 150 N/A -13.8 15.8 13.4 0.6 0.5 4.0 3.4

Average 15.5 23.8 0.9 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,270 1,400 1,345 10.2 60.5 21.2 0.6 0.5 0.9 2.5

ADHI BUY 0.1 1,140 1,420 1,088 24.6 162.9 38.0 0.7 0.7 0.4 1.9

WSKT BUY 0.2 925 1,220 999 31.9 n/a n/a 0.8 0.9 -44.6 -4.2

WIKA HOLD 0.1 1,330 1,440 1,296 8.3 13.9 9.0 0.7 0.6 5.0 7.1

Average 79.1 22.7 0.7 0.7 -9.5 1.8

Cement

INTP HOLD 0.6 12,550 13,200 13,958 5.2 34.9 29.0 2.0 2.0 5.8 6.9

SMGR BUY 0.7 9,575 13,050 11,422 36.3 25.1 20.2 1.6 1.5 6.3 7.4

Average 30.0 24.6 1.8 1.8 6.1 7.2

Precast

WSBP BUY 0.1 162 230 140 42.0 14.7 4.4 0.4 0.4 2.9 8.9

WTON BUY 0.0 286 450 310 57.3 26.0 7.7 0.7 0.7 2.9 8.9

Average 20.4 6.1 0.6 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,515 1,680 1,727 10.9 18.9 9.0 1.5 1.4 8.0 15.3

AKRA SELL 0.2 4,410 4,400 4,930 -0.2 19.2 17.5 2.0 1.9 10.6 11.0

MEDC BUY 0.2 565 1,090 837 92.9 n/a 7.7 0.8 0.8 -9.9 9.7

Average 19.1 11.4 1.5 1.4 2.9 12.0

Chemical

TPIA BUY 1.8 7,275 10,250 9,775 40.9 501.7 83.6 5.0 5.0 1.0 6.0

BRPT BUY 1.1 975 1,150 1,167 17.9 203.8 124.5 5.2 5.2 2.5 4.2

ESSA SELL 0.1 320 225 540 -29.7 n/a n/a 2.2 1.1 -20.0 -0.5

Average 352.7 104.1 4.1 3.8 -5.5 3.2

Utilities

JSMR BUY 0.4 4,160 5,000 5,015 20.2 63.0 20.9 1.2 1.2 2.0 5.6

Metal

ANTM BUY 0.7 2,340 3,230 3,214 38.0 37.7 22.9 2.9 2.7 7.7 11.7

MDKA SELL 1.0 3,280 3,000 3,201 -8.5 n/a 17.8 11.9 13.0 15.7 72.9

INCO BUY 0.6 4,840 6,700 6,388 38.4 40.0 19.4 1.7 1.6 4.3 8.4

TINS BUY 0.1 1,585 1,775 1,710 12.0 n/a 1801.1 2.2 2.7 -4.2 0.1

Average 38.9 465.3 4.7 5.0 5.9 23.3

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Equity Research│11 November 2021

Revenue Net Profit

Period Price (IDR) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (IDRbn)

TAYS*

Jaya Swarasa Agung (Consumer Non-

Cyclicals)

2 - 8 Nov 336 - 360 19 - 23 Nov n.a. 240 21.9 81 - 86 Capex and Working

Capital 25-Nov 147 3 1H21

RMKE* RMK Energy

(Energy) 10 - 15 Nov 160 - 230 30 Nov - 3 Des n.a 875 20.0 140 - 201

Supporting facilities improvement, debt

payment and working capital

7-Des 414 39 1H21

Source : e-ipo.co.id, *Note: Subject to OJK approval

Upcoming 2021 IPO's

WMPP*

Widodo Makmur Perkasa (Consumer

Non-Cyclicals)

27 Oct - 9 Nov 160 - 220 22 - 24 Nov n.a. 8,333 25.0 1,333 - 1,833 26-Nov

Business expansion, capital injection to

subsidiary, debt payment and working capital

7M21

25-Nov 141 1

25-Nov 1,167 47 1H21

2,707 126 1H21

3,227 701

BINO* Perma Plasindo

(Industrials) 28 Oct - 5 Nov 120 - 145 18 - 23 Nov n.a. 435 52 - 64

Debt payment and lending facility to

subsidiary 20.0

25,240 29.9 19,794 - 24,902 22-Nov

Listing Financial Result

Period Dayamitra

Telekomunikasi (Infrastructures)

MTEL* Business expantion

and working capital 26 Oct - 4 Nov 775 - 975 16 - 18 Nov n.a.

Ticker Company (Sector) Book Building Offering Shares issued Proceeds

1H21

n.a. 1,024 15.1 436 - 538

Capital injection to subsidiary, working capital, business expansion and debt

payment DEPO*

Caturkarda Depo Bangunan (Consumer

Cyclicals)

1 - 8 Nov 426 - 525 18 - 23 Nov

WSGH* Wira Global Solusi

(Technology) 9 - 17 Nov 125 -140 29 Nov - 3 Des n.a 208 20.0 26 - 29 Working capital 7-Des 11 2 1H21

Coal

ITMG SELL 0.3 22,275 19,700 25,330 -11.6 38.2 7.3 2.1 1.6 5.4 22.1

ADRO SELL 0.7 1,690 1,530 2,116 -9.5 15.6 11.9 1.0 1.0 6.3 8.7

PTBA BUY 0.4 2,680 3,200 3,310 19.4 12.6 4.2 1.8 1.2 14.6 29.3

Average 22.1 7.8 1.6 1.3 8.8 20.0

Plantation

AALI BUY 0.2 10,875 14,500 13,368 33.3 25.1 11.8 1.1 1.0 4.4 8.7

LSIP SELL 0.1 1,400 1,370 1,671 -2.1 13.7 11.2 1.0 0.9 7.5 8.3

TBLA BUY 0.1 860 980 1,100 14.0 7.1 5.8 0.6 0.6 8.9 10.3

SIMP SELL 0.1 490 388 N/A -20.8 44.5 28.8 0.5 0.5 1.2 1.8

SSMS HOLD 0.1 1,105 1,200 1,900 8.6 32.5 14.0 2.4 2.1 7.4 15.0

Average 24.6 14.3 1.1 1.0 5.9 8.8

Technology

ASSA SELL 0.2 3,480 3,000 3,883 -13.8 135.4 82.3 8.2 7.5 6.1 9.1

EMTK BUY 1.5 2,060 2,800 2,808 35.9 60.6 137.3 10.1 5.6 16.7 4.1

Average 63.3 62.0 5.5 4.0 9.0 9.2

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.

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Equity Research│11 November 2021

Chg (Pts)

1D 1D 1W 1M 3M YTD 1YR High Low

World 3,202 (26.23) (0.81) (0.72) 5.19 3.29 19.02 27.70 3,243 2,488

U.S. (S&P) 4,647 (38.54) (0.82) (0.30) 5.82 4.73 23.71 31.06 4,719 3,512

U.S. (DOW) 36,080 (240.04) (0.66) (0.21) 3.84 2.31 17.88 22.63 36,566 28,902

Europe 4,349 4.19 0.10 0.91 6.78 3.39 22.41 25.42 4,375 3,401

Emerging Market 1,274 1.44 0.11 0.47 1.38 (1.99) (1.31) 8.01 1,449 1,173

FTSE 100 7,340 66.11 0.91 1.26 2.70 1.66 13.62 15.01 7,340 6,264

CAC 40 7,045 1.89 0.03 1.36 7.22 2.73 26.91 29.38 7,080 5,307

Dax 16,068 27.36 0.17 0.68 5.72 1.53 17.12 21.58 16,104 13,005

Indonesia 6,683 13.22 0.20 2.00 3.46 9.77 11.78 21.30 6,687 5,428

Japan 29,086 (20.82) (0.07) (2.38) 2.06 3.62 5.98 14.74 30,796 25,146

Australia 7,374 (50.00) (0.67) (0.73) 1.02 (2.77) 11.94 14.33 7,633 6,341

Korea 2,913 (17.34) (0.59) (2.36) (1.47) (9.56) 1.37 17.18 3,316 2,460

Singapore 3,231 (12.10) (0.37) (0.03) 3.78 1.61 13.63 19.09 3,274 2,674

Malaysia 1,521 (3.29) (0.22) (1.10) (3.19) 1.08 (6.54) (3.14) 1,696 1,484

Hong Kong 24,996 183.01 0.74 (0.11) (1.30) (6.24) (8.21) (4.69) 31,183 23,681

China 3,492 (14.54) (0.41) (0.17) (2.76) (1.14) 0.56 4.50 3,732 3,292

Taiwan 17,560 18.29 0.10 2.56 5.52 1.93 19.19 32.40 18,034 13,067

Thailand 1,630 (1.22) (0.07) 1.15 (0.18) 6.38 12.50 21.19 1,658 1,327

Philipines 7,376 (65.99) (0.89) 2.66 3.53 10.63 3.31 5.00 7,476 6,081

Foreign Reserves (US$Bn) 145.46 (0.96) 5.91 7.04 8.83 146.87 133.56

Inflation Rate (yoy, %) 1.66 1.68 1.33

Gov Bond Yld (10yr, %) 6.02 (4.46) 6.86 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,253 10.00 (0.07) 0.32 (0.32) 0.91 (1.42) (1.37) 14,635 13,865

Japan 113.95 0.04 (0.04) (0.17) (0.56) (3.09) (9.39) (7.48) 114.70 102.59

UK 1.34 0.00 0.11 (0.59) (1.29) (3.23) (1.83) 1.50 1.42 1.31

Euro 1.15 0.00 0.07 (0.58) (0.56) (2.15) (5.97) (2.46) 1.23 1.15

China 6.39 (0.00) 0.06 0.28 0.97 1.52 2.17 3.57 6.63 6.36

Chg (Pts)

Oil (Brent) 82.64 (2.14) (2.52) 0.79 0.30 17.00 59.54 89.50 86.70 42.63

CPO 5,175 131.00 2.60 (0.15) 1.77 19.05 33.00 51.94 5,440 3,343

Coal 149.95 (9.25) (5.81) (4.34) (33.58) (7.18) 86.27 140.30 270.00 62.25

Tin 37,280 (128.00) (0.34) 0.46 3.11 6.26 83.42 103.94 38,800 18,170

Nickel 19,754 353.00 1.82 3.09 2.77 4.23 18.91 24.22 21,425 15,630

Copper 9,533 (20.00) (0.21) 0.79 1.84 0.13 22.75 37.52 10,748 6,857

Gold 1,852 2.22 0.12 3.34 5.57 5.72 (2.45) (0.75) 1,959 1,677

Silver 24.69 0.05 0.20 3.75 9.32 4.84 (6.50) 1.69 30 21

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(9)

DISCLAIMER: 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 his 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.

Equity Research│11 November 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri Permana Senior Economist [email protected] +6221 2854 8144

William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346

Calista Muskitta Retail [email protected] +6221 2854 8331

Pebe Peresia Consumer Staples [email protected] +6221 2854 8339

Andreas Kristo Saragih Constructions, Toll Roads [email protected] +6221 2864 8303

Adolf Richardo Editor [email protected] +6221 2864 8854

Ashalia Fitri Research Associate [email protected] +6221 2854 8163

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Suryanti Salim Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

GittaWahyuRetnani PWM Equity Sales [email protected] +6221 2854 8365

WahyudiBudiyono Dealer [email protected] +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384

Fendy Fixed Income Sales [email protected] +6221 28548385

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Michael Alexander Equity Retail [email protected] +6221 2854 8163

Albertha Palma Equity Assistant [email protected] +6221 2854 8163