: 5,239.3
: +5.8 0.11%
: 8,718 Mn shrs : 7,658 Bn rupiah Last
Close +/- %
TLKM 3,010 60 2.0
BBCA 31,500 200 0.6
UNVR 8,175 125 1.6
INKP 9,875 400 4.2
BMRI 6,050 -100 -1.6
TOWR 1,030 -60 -5.5
BBRI 3,330 -20 -0.6
EMTK 5,100 -375 -6.8
Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)
TOWR 104 BBRI 150
FREN 50 BBCA 106
BMRI 48 ASII 33
MDKA 41 KLBF 43
ACES 15 INDF 35 Money Market
Last
Close +/- %
USD/IDR 14,775 15.0 -0.1
JIBOR O/N 5.9 0.0
Dual Listing Securities Last
Close +/- %
TLKM 20.0 0.1 0.4
EIDO 19.3 0.0 -0.2
Global Indices Last
Close +/- %
DJIA 27,897 -80 -0.3
S&P 500 3,373 -7 -0.2
Euro Stoxx 3,343 -20 -0.6
MSCI World 2,390 -2 -0.1
STI 2,596 33 1.3
Nikkei 23,293 44 0.2
Hang Seng 25,231 -13 -0.1
Commodities Last
Close +/- %
Brent Oil 45 0.1 0.3
CPO Malay 2,670 30.0 1.1
Coal (ICE) 51 0.5 0.9
Nickel 14,067 -159.8 -1.1
Tin 17,521 -71.3 -0.4
Changes Changes
Leading Movers
Lagging Movers
Changes
Changes
Changes Market Value
Market Activity Thursday, 13 Aug 2020 Market Index Index Movement Market Volume
DAILY RESEARCH
Market
Melanjutkan tren kenaikan IHSG
Rilis data jobless claims mingguan AS turun hingga dibawah satu juta untuk yang pertama kalinya sejak pandemi memukul ekonomi di bulan Maret.
Jobless claims turun ke level 963 ribu (prev: 1,191 ribu; cons: 1,120 ribu) lebih baik dari konsensus pasar. Meski begitu, penurunan angka jobless claims ini dibarengi dengan pemotongan unemployment benefit dari USD 600 per minggu yang berakhir di akhir Juli menjadi USD 400 per minggu.
Pasar saham AS ditutup bervariasi dengan S&P melemah -0.20%, Dow - 0.29% dan Nasdaq menguat +0.27% yang didorong oleh sektor teknologi.
Sementara 10Y US Treasury masih dalam tren kenaikan ke level 0.719% sejak awal minggu ini seiring dengan data inflasi AS yang mulai menunjukan peningkatan.
Perdagangan IHSG kemarin ditutup menguat +0.11% ke level 5,239.3 dengan investor asing mencatatkan net buy sebesar IDR 281.7 miliar.
Kementrian Koordinator Bidang Perekonomian menyebutkan pembahasan RUU Cipta Kerja sudah mencapai 75%, sementara itu Gubernur BI Perry Warjiyo memperkirakan current account deficit (CAD) 2Q20 akan dibawah 1.5% dari PDB. Pagi ini Nikkei bergerak menguat +0.10%, sementara Kospi melemah -0.70%. Kami melihat IHSG masih dapat mempertahankan tren kenaikan minggu ini.
Sektor Telco : Pemerintah akan subsidi kuota data PJJ IDR 7.6 T
BBRI : Telah menyalurkan dana PEN sebesar Rp 32 triliun
Highlights
14 August 2020
Equity Research│14 August 2020
Sektor Telco: Pemerintah akan subsidi kuota data PJJ IDR 7.6 T
Pemerintah bekerja sama dengan operator telekomunikasi akan memberikan subsidi kuota paket data Rp 7,6 triliun kepada pelajar dan guru untuk pembelajaran jarak jauh (PJJ), atau daring, pada September-Desember 2020 di tengah pandemi Covid-19. Nilainya Rp 1,9 triliun setiap bulan hingga akhir tahun. (Investor Daily) Comment:
Subsidi kuota paket data dapat meningkatkan penggunaan trafik yang diharapkan dapat meningkatkan pendapatan operator telekomunikasi. Skema subsidi belum dijelaskan, kami perkirakan operator akan bekerjasama dengan mengeluarkan jenis fitur tertentu agar dapat menambah jumlah subscriber. Di sisi lain, operator juga perlu terus berinvestasi menambah kapasitas jaringan operator guna memenuhi kebutuhan penggunaan data yang terus meningkat. (Sector Telco: Overweight)
BBRI: Telah menyalurkan dana PEN sebesar Rp 32 triliun
BBRI mencatat hingga 12 Agustus 2020 telah menyalurkan dana program Pemulihan Ekonomi Nasional (PEN) pemerintah hingga mencapai Rp 32 triliun. Nilai tersebut sudah lebih dari tiga kali dari penempatan dana pemerintah di BRI yang sebesar Rp 10 triliun. Presiden Jokowii pada 17 Agustus juga akan memberikan stimulus baru, yakni bantuan produktif usaha mikro sebesar Rp 2,4 juta yang ditargetkan pemerintah dapat disalurkan kepada 17 juta penerima dan bersifat hibah. Artinya, perbankan hanya menjadi penyalur dana dari pemerintah kepada masyarakat penerima dana hibah. (Investor Daily)
Comment:
Target penyaluran dana PEN tersebut lebih cepat dari target di bulan September. Sedangkan untuk rencana stimulus baru, BBRI memiliki sistem yang akan diarahkan kepada orang yang belum dapat kredit. Data penabung Simpedes di BBRI menunjukkan bahwa yang saldonya di bawah Rp 2 juta dan belum pernah dapat kredit mencapai 4,3 juta orang. Dari angka itu akan disaring lagi menjadi 1,1 juta orang yang menjadi prioritas dan syarat pencairan kredit adalah dananya harus dipakai untuk usaha.
BBRI: HOLD: 16,1x PE ‘20E, 4,1x PBV ‘20E, TP: Rp 3.400
Equity Research│14 August 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Banks
BMRI BUY 4.8 6,050 (21.2) 7,700 6,098 27.3 9.9 9.9 1.3 1.1 12.7% 11.6%
BBCA HOLD 13.2 31,500 (5.8) 32,000 32,579 1.6 32.1 25.2 4.4 4.0 13.7% 15.8%
BBRI HOLD 7.0 3,330 (24.3) 3,400 3,424 2.1 16.1 11.4 2.1 1.9 13.2% 16.8%
BBNI BUY 1.6 5,075 (35.4) 6,000 5,126 18.2 12.6 6.2 0.8 0.7 5.4% 10.0%
BBTN HOLD 0.3 1,455 (31.4) 1,500 1,424 3.1 5.0 4.7 0.5 0.5 10.9% 10.6%
BNLI HOLD 0.6 1,260 (0.4) 1,376 1,349 9.2 23.3 21.7 1.4 1.3 6.1% 6.1%
Average 16.5 13.2 1.7 1.6 10.3% 11.8%
Consumer (Staples)
ICBP HOLD 2.0 10,250 (8.1) 9,300 11,061 -9.3 20.8 18.6 4.1 3.5 19.6% 19.1%
INDF BUY 1.1 7,225 (8.8) 9,500 8,038 31.5 12.8 11.8 1.7 1.6 12.9% 13.2%
KLBF HOLD 1.3 1,625 0.3 1,750 1,684 7.7 25.8 24.6 4.3 4.0 16.8% 16.1%
UNVR BUY 5.3 8,175 (2.7) 9,800 8,901 19.9 39.0 38.6 48.2 47.6 123.7% 123.4%
Average 24.6 23.4 14.6 14.2 43.3% 42.9%
Cigarette
HMSP SELL 3.4 1,715 (18.3) 1,520 1,806 -11.4 19.9 19.7 6.2 6.1 30.9% 30.9%
GGRM BUY 1.7 50,900 (4.0) 71,700 57,229 40.9 16.4 12.8 1.8 1.7 11.2% 13.4%
Average 18.2 16.3 4.0 3.9 21.1% 22.1%
Healthcare
MIKA BUY 0.6 2,390 (10.5) 2,900 2,517 21.3 46.0 44.3 7.8 3.8 17.0% 8.6%
SILO BUY 0.1 4,680 (32.7) 9,000 6,029 92.3 38.7 27.5 1.2 1.1 3.0% 4.0%
HEAL BUY 0.2 3,150 (12.0) 5,000 4,196 58.7 38.4 29.4 4.0 3.5 10.3% 12.0%
Average 41.0 33.7 4.3 2.8 10.1% 8.2%
Poultry
CPIN HOLD 1.7 6,175 (5.0) 5,800 5,442 -6.1 25.4 22.3 4.2 3.7 16.5% 16.7%
JPFA BUY 0.2 1,100 (28.3) 1,500 1,320 36.4 5.9 5.4 1.0 0.9 17.0% 16.2%
MAIN BUY 0.0 610 (39.3) 700 634 14.8 4.1 3.8 0.6 0.5 14.1% 14.0%
Average 11.8 10.5 1.9 1.7 15.9% 15.6%
Retail
MAPI BUY 0.2 695 (34.1) 1,350 841 94.2 9.8 8.7 1.5 1.3 15.4% 14.8%
RALS BUY 0.1 630 (40.8) 1,400 637 122.2 5.4 5.0 0.9 0.9 17.3% 17.3%
ACES BUY 0.5 1,635 9.4 1,900 1,700 16.2 24.0 21.5 5.1 4.4 21.2% 20.7%
Average 13.1 11.7 2.5 2.2 18.0% 17.6%
Pulp and Paper
INKP SELL 0.9 9,875 28.2 7,175 9,800 -27.3 7.2 6.9 0.8 0.7 11.0% 10.7%
Average 7.2 6.9 0.8 0.7 11.0%
Media
MNCN BUY 0.2 945 (42.0) 1,390 1,300 47.1 5.1 4.6 0.9 0.8 17.5% 17.3%
SCMA BUY 0.3 1,245 (11.7) 1,550 1,430 24.5 10.7 10.7 2.8 2.6 26.4% 23.8%
Average 7.9 7.6 1.9 1.7 22.0% 20.5%
Telco
EXCL BUY 0.5 2,610 (17.1) 3,500 3,550 34.1 27.2 25.1 1.4 1.3 5.1% 5.4%
ISAT BUY 0.2 2,510 (13.7) 2,800 3,054 11.6 n/a n/a 1.2 1.2 -9.7% -2.2%
TLKM BUY 5.1 3,010 (23.2) 4,300 3,926 42.9 14.5 13.4 2.5 2.3 16.9% 17.5%
Average 20.9 19.2 1.7 1.6 4.1% 6.9%
Telco Retail
TELE N/A 0.0 N/A N/A 250 N/A N/A N/A N/A N/A N/A 9.1% 8.4%
ERAA HOLD 0.1 1,680 (6.4) 1,625 1,645 -3.3 9.0 7.3 1.0 0.9 11.0% 11.9%
Average 9.0 7.3 1.0 0.9 10.1% 10.1%
Telco Infra
TBIG BUY 0.5 1,245 1.2 1,490 1,411 19.7 25.9 24.4 4.3 3.8 16.5% 15.6%
TOWR BUY 0.9 1,030 28.0 1,300 1,212 26.2 17.5 16.1 6.0 4.8 34.1% 30.0%
Average 21.7 20.3 5.1 4.3 25.3% 22.8%
Stock Rec.
Equity Research│14 August 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Auto
ASII BUY 3.7 5,400 (22.0) 7,500 5,530 38.9 10.0 9.2 1.1 1.0 10.8% 10.9%
Average 10.0 9.2 1.1 1.0 10.8%
Mining Contracting
UNTR HOLD 1.5 23,300 8.2 22,300 22,487 -4.3 7.3 5.4 1.6 1.1 22.1% 19.7%
Average 7.3 5.4 1.6 1.1 22.1%
Aviation
GIAA BUY 0.1 256 (48.6) 650 290 153.9 2.6 2.2 0.5 0.4 17.5% 16.9%
Average 2.6 2.2 0.5 0.4 17.5%
Property
BSDE BUY 0.3 705 (43.8) 820 987 16.3 10.5 10.1 0.4 0.4 3.7% 3.6%
PWON BUY 0.3 400 (29.8) 650 537 62.5 6.6 6.1 1.1 0.9 16.5% 15.4%
ASRI BUY 0.0 119 (50.0) 360 137 202.5 3.0 3.6 0.2 0.2 7.1% 5.5%
LPKR BUY 0.2 139 (42.6) 380 207 173.4 12.6 10.7 0.3 0.3 2.5% 2.9%
SMRA BUY 0.1 565 (43.8) 1,500 729 165.5 12.8 10.3 1.0 0.9 8.0% 9.2%
CTRA HOLD 0.2 670 (35.6) 650 853 -3.0 14.0 13.4 0.8 0.7 5.5% 5.5%
Average 9.9 9.0 0.6 0.6 7.2% 7.0%
Industrial Estate
SSIA BUY 0.0 348 (46.9) 550 419 58.0 38.7 19.3 0.4 0.4 1.0% 2.0%
DMAS HOLD 0.2 236 (20.3) 250 245 5.9 7.2 6.7 1.5 1.5 21.0% 21.9%
KIJA HOLD 0.1 144 (50.7) 150 150 4.2 13.1 11.1 0.5 0.4 4.0% 3.4%
Average 19.6 12.4 0.8 0.7 8.7% 7.7%
Construction
PTPP BUY 0.1 990 (37.5) 2,100 1,061 112.1 4.5 4.2 0.3 0.3 6.5% 7.3%
ADHI BUY 0.0 600 (48.9) 1,800 779 200.0 2.9 2.6 0.3 0.3 10.0% 10.0%
WSKT BUY 0.1 640 (56.9) 1,750 786 173.4 2.8 2.6 0.3 0.2 9.0% 8.7%
WIKA BUY 0.2 1,190 (40.2) 1,600 1,561 34.5 12.4 8.1 0.6 0.6 5.0% 7.1%
Average 5.6 4.4 0.4 0.3 7.6% 8.3%
Cement
INTP HOLD 0.7 11,825 (37.8) 12,200 14,725 3.2 32.8 27.3 1.9 1.9 5.8% 6.9%
SMGR BUY 1.0 9,725 (19.0) 10,800 11,630 11.1 43.4 25.7 1.6 1.6 3.8% 6.1%
Average 38.1 26.5 1.8 1.7 4.8% 6.5%
Precast
WSBP BUY 0.1 169 (44.4) 410 221 142.6 3.8 3.3 0.5 0.4 12.1% 12.7%
WTON BUY 0.0 282 (37.3) 620 433 119.9 4.0 3.4 0.6 0.5 15.6% 16.0%
Average 3.9 3.4 0.5 0.5 13.8% 14.3%
Oil and Gas
PGAS SELL 0.5 1,235 (43.1) 700 1,300 -43.3 20.9 15.6 0.7 0.7 3.6% 4.6%
AKRA BUY 0.2 2,840 (28.1) 3,800 3,457 33.8 14.7 12.9 1.3 1.3 9.1% 10.0%
MEDC BUY 0.2 525 (39.3) 950 508 81.0 5.3 5.6 0.4 0.4 7.1% 7.0%
Average 13.6 11.4 0.8 0.8 6.6% 7.2%
Chemical
TPIA HOLD 2.3 7,375 (28.9) 7,575 5,383 2.7 60.5 60.5 5.2 5.2 8.6% 8.6%
BRPT BUY 1.5 910 (39.7) 1,075 680 18.1 6.8 6.8 0.4 0.4 6.2% 6.2%
ESSA BUY 0.0 156 (41.8) 280 N/A 79.5 4.6 4.6 0.4 0.4 9.6% 9.6%
Average 23.9 23.9 2.0 2.0 8.2% 8.1%
Utilities
JSMR BUY 0.5 4,140 (20.0) 6,000 5,049 44.9 13.4 12.9 1.5 1.4 11.0% 10.6%
Metal
ANTM SELL 0.3 770 (8.3) 670 785 -13.0 128.3 85.6 1.1 1.2 0.8% 1.4%
MDKA HOLD 0.7 1,770 65.4 1,600 1,857 -9.6 22.7 14.0 5.7 4.5 25.2% 31.9%
INCO BUY 0.6 3,560 (2.2) 4,000 3,573 12.4 22.8 19.5 1.4 1.2 6.0% 6.3%
TINS BUY 0.1 755 (8.5) 1,775 934 135.1 n/a 858.0 1.1 1.3 -4.2% 0.1%
Stock Rec.
Equity Research│14 August 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Coal
ITMG BUY 0.2 8,175 (28.8) 12,070 8,777 47.6 3.1 3.8 1.2 2.2 37.8% 57.3%
ADRO BUY 0.6 1,115 (28.3) 1,600 1,272 43.5 5.8 5.9 0.6 0.5 9.9% 9.3%
PTBA HOLD 0.4 2,070 (22.2) 1,870 2,310 -9.7 8.6 12.9 1.3 1.4 15.7% 10.6%
Average 5.8 7.5 1.0 1.4 21.1% 25.7%
Plantation
AALI HOLD 0.3 10,150 (30.4) 11,100 11,319 9.4 30.4 17.9 1.0 1.0 3.4% 5.5%
LSIP BUY 0.1 1,005 (32.3) 1,145 1,164 13.9 19.3 17.3 0.8 0.8 4.1% 4.4%
TBLA BUY 0.1 830 (16.6) 980 1,028 18.1 5.1 4.8 0.7 0.7 14.3% 14.3%
SIMP BUY 0.1 322 (25.5) 388 330 20.5 29.3 18.9 0.3 0.3 1.2% 1.8%
SSMS BUY 0.1 835 (1.2) 1,050 990 25.7 16.1 11.4 1.8 1.6 11.0% 13.8%
Average 20.0 14.1 0.9 87.0% 6.8% 8.0%
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Stock Rec.
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
Equity Research│14 August 2020
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking,
Consumer (Staple) [email protected] +6221 2854 8148
Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396
William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382
Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco
Infra, Chemical [email protected] +6221 2854 8387
Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392
Selvi Ocktaviani Automotive,Construction, Mining Cont.,
Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil & Gas [email protected] +6221 2854 8144
Nashrullah Putra Media, Poultry [email protected] +6221 2854 8144
Calista Muskitta Research Associate [email protected] +6221 2854 8331
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380
Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399
Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395
Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325
Gitta Wahyu Retnani Institutional Equity Sales [email protected] +6221 2854 8365
Equity Sales Team
Kelvin Long Head of Equities [email protected] +6221 2854 8150
Yulianah Institutional Equity Sales [email protected] +6221 2854 8146
Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173
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
Teguh Suwarno Fixed Income Sales [email protected] +6221 2854 8384
Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129
Wahyu Widodo Marketing [email protected] +6221 2854 8371
