Minim sentimen positif, IHSG berpeluang melemah terbatas

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www.samuel.co.id 1

DAILY RESEARCH

Market

: 6,255.3

: +23.4 0.38%

: 14,908 Mn shrs : 14,765 Bn rupiah

Last

Close +/- %

ARTO 10,900 1525 16.3

MDKA 2,830 200 7.6

AMRT 880 80 10.0

BRIS 2,770 80 3.0

BBCA 33,950 -175 -0.5

CPIN 5,950 -250 -4.0

TLKM 3,170 -40 -1.2

MEGA 10,500 -550 -5.0

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

ANTM 390 ASII 144

BBRI 209 BBNI 75

MDKA 180 GGRM 51

INCO 85 BBCA 34

BBTN 22 ARTO 34 Money Market

Last

Close +/- %

USD/IDR 14,118 53.0 -0.4

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 22.5 -0.4 -1.9

EIDO 23.4 -0.2 -1.0

Global Indices Last

Close +/- %

DJIA 31,522 27 0.1

S&P 500 3,877 -30 -0.8

Euro Stoxx 3,700 -14 -0.4

MSCI World 2,788 -18 -0.7

STI 2,881 1 0.0

Nikkei 30,156 138 0.5

Hang Seng 30,320 -325 -1.1

Commodities Last

Close +/- %

Brent Oil 65 2.3 3.7

Coal (ICE) 79 -0.3 -0.4

CPO Malay 3,544 22.0 0.6

Nickel 19,467 -97.8 -0.5

Tin 29,055 315.0 1.1

Changes Changes Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Monday, 22 Feb 2021 Market Index Index Movement Market Volume

Minim sentimen positif, IHSG berpeluang melemah terbatas

Bursa saham AS ditutup flat pada perdagangan semalam, dimana Dow +0.05%, S&P500 +0.13% Namun nasdaq masih turun -0.50%. Di tengah perdagangan, pasar saham AS sempat turun cukup dalam akibat kekhawatiran akan terjadinya inflasi tinggi ataupun perubahan kebijakan moneter setelah yield obligasi terus naik. Namun Gubernur The Fed, Jerome Powell berhasil menenangkan pasar dengan mengatakan inflasi masih cenderung lunak, serta Bank Sentral akan terus mendukung pemulihan ekonomi yang sepertinya membutuhkan waktu cukup lama, dengan mempertahankan kebijakan moneter yang longgar. Di sisi lain, meskipun bursa saham mengalami rebound, namun yield obligasi 10 years AS masih meningkat +0.87%.

Dari pasar komoditas, reli harga minyak tertahan setelah terjadi peningkatan stok minyak 1.03 juta barel di AS, serta kilang minyak AS sudah beroperasi 80% dimana sebelumnya terkendala cuaca ekstrim. Brent -0.38% dan WTI -0.05%. Komoditas lain juga mengalami penurunan seperti Emas -0.14%, Tins -1.18%, Nikel -0.68%, Coal - 1.10% sedangkan CPO meningkat +3.55%. Cryptocurrency juga mengalami pelemahan, dimana Bitcoin turun -12.28%.

Dari dalam negeri, sentimen pertama datang dari pertambahan kasus COVID-19 sebanyak 9,775 kasus dengan positive rate mencapai 17.6%, sedangkan kasus sembuh mencapai 7,996 kasus. Dengan demikian, kasus aktif masih meningkat menjadi 158,604 kasus. Vaksinasi juga terus meningkat, sudah 1.2 juta orang di Indonesia yang menerima vaksin tahap 1, dan vaksin tahap 2 mencapai 764 ribu orang. Sentimen lain datang dari pemangkasan cuti bersama dimana pemerintah mengkhawatirkan akan terjadi lonjakan kasus covid jika cuti bersama tidak dipotong. Hari ini IHSG diperkirakan akan mengalami pelemahan seiring bursa regionsl yang masih memantau pergerakan yield obligasi AS. Pagi ini Nikkei terpantau turun -0.58% dan Kospi -0.38%.

DAILY RESEARCH

 HRUM : Acquisition of USD 68.6 Million Nickel Smelter

 SMRA : Plans to Issue 3.6 Billion New Shares Highlights

24 February 2021

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Equity Research│24 February 2021

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

2/23/2021 1,298,608 0.76 9,775 (3.98) 1,104,990 7,996 35,014 323 158,604 87.79 2/22/2021 1,288,833 0.80 10,180 39.45 1,096,994 9,918 34,691 202 157,148 87.81 2/21/2021 1,278,653 0.57 7,300 (9.36) 1,087,076 8,236 34,489 173 157,088 87.71 2/20/2021 1,271,353 0.64 8,054 (24.12) 1,078,840 9,835 34,316 164 158,197 87.56 2/19/2021 1,263,299 0.85 10,614 17.42 1,069,005 10,783 34,152 183 160,142 87.32 2/18/2021 1,252,685 0.73 9,039 (6.69) 1,058,222 10,546 33,969 181 160,494 87.19 2/17/2021 1,243,646 0.79 9,687 (3.41) 1,047,676 8,002 33,788 192 162,182 86.96

Average 9,236 9,331 203 87.48

Source: SSI Research, Bloomberg

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)

21 -F eb -2 0 21 -M ar -2 0 21 -Ap r- 20 21 -M ay -2 0 21 -J un -2 0 21 -J ul -2 0 21 -A ug -2 0 21 -S ep -2 0 21 -O ct- 20 21 -N ov -2 0 21 -D ec -2 0 21 -J an -2 1 21 -F eb -2 1

0 10 20 30 40 50 60 70

21 -F eb -2 0 21 -M ar -2 0 21 -A pr -2 0 21 -M ay -2 0 21 -J un -2 0 21 -J ul -2 0 21 -Au g- 20 21 -S ep -2 0 21 -O ct- 20 21 -N ov -2 0 21 -D ec -2 0 21 -J an -2 1 21 -F eb -2 1

40 50 60 70 80 90 100

21 -F eb -2 0 21 -M ar -2 0 21 -A pr -2 0 21 -M ay -2 0 21 -J un -2 0 21 -J ul -2 0 21 -Au g- 20 21 -S ep -2 0 21 -O ct- 20 21 -N ov -2 0 21 -D ec -2 0 21 -J an -2 1 21 -F eb -2 1

1,500 2,000 2,500 3,000 3,500 4,000 4,500

3- Feb -2 0 3- M ar -2 0 3- A pr -2 0 3- M ay -2 0 3- Ju n- 20 3- Ju l-2 0 3- A ug -2 0 3- Sep -2 0 3- O ct- 2 0 3- N ov -2 0 3- D ec -2 0 3- Ja n -2 1 3- Feb -2 1

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

21 -F eb -2 0 21 -M ar -2 0 21 -A pr -2 0 21 -M ay -2 0 21 -J un -2 0 21 -J ul -2 0 21 -A ug -2 0 21 -S ep -2 0 21 -O ct- 20 21 -N ov -2 0 21 -D ec -2 0 21 -J an -2 1 21 -F eb -2 1

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

21 -F eb -2 0 21 -M ar -2 0 21 -A pr -2 0 21 -M ay -2 0 21 -J un -2 0 21 -J ul -2 0 21 -Au g- 20 21 -S ep -2 0 21 -Oc t- 20 21 -N ov -2 0 21 -D ec -2 0 21 -J an -2 1 21 -F eb -2 1

1,400

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1,600

1,700

1,800

1,900

2,000

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Equity Research│24 February 2021

HRUM: Acquisition of USD 68.6 Million Nickel Smelter

HRUM continues to expand its business to the nickel mining sector with the purchase of 24.5% of the shares issued by PT Infei Metal Industry (IMI). The transaction value reached USD 68.6 million (IDR 968 billion).

(Kontan) Comment:

IMI is a company engaged in the nickel smelter industry. The purchase is a continuation of HRUM's business diversification strategy. Previously, HRUM had acquired 51% of PT Position (a nickel company owned by Aquilla Nickel Pte Ltd) for USD 80.32 million. In addition, last year, HRUM had also purchased 39 million shares of Nickel Mines Ltd (NIC) for AUD 36.74 million, increasing its stake in NIC to 4.88%.

NIC is an Australian company that operates two NPI (nickel pig iron) projects in the Indonesia Morowali Industrial Park (IMIP). As of 9M20, HRUM’s cash and cash equivalent was recorded at USD 239 million, higher than 9M19 (USD 226 million). Throughout 2021, HRUM's share price has strengthened by +103.8%. HRUM: Non-rated

SMRA: Plans to Issue 3.6 Billion New Shares

PT Summarecon Agung (SMRA) plans to carry out capital increase with pre-emptive rights (HMETD) or a right issue. The company prepares to issue a maximum of 3.6 billion shares, or the equivalent of 25% of its paid- up capital. SMRA will seek shareholder approval on April 1, 2021, while the exercise price will be announced later. (Investor Daily)

Comment:

Assuming the exercise price used is yesterday’s closing price of SMRA shares (IDR 870 per share, ~ 1.7x

PBV FY20F), SMRA could obtain up to IDR 3.14 trillion. At present, SMRA is one of the issuers with the

highest level of leverage compared to peers. SMRA can use the funds to strengthen its capital structure,

and we expect that the funds may help lower the company’s leverage level from ~ 85% in 9M20 to ~

37%. SMRA: HOLD: 30.0x PE '21E, 1.6x PBV '21E, TP: IDR 950

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Equity Research│24 February 2021

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

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

Banks

BMRI BUY 4.2 6,325 8,000 8,035 26.5 17.2 12.4 1.6 1.5 9.1 12.1

BBCA BUY 11.9 34,125 40,500 37,797 18.7 31.0 26.5 4.6 4.1 14.7 15.7

BBRI BUY 8.4 4,790 5,300 5,077 10.6 30.5 18.0 3.2 2.8 10.3 15.8

BBNI BUY 1.6 5,950 8,500 7,354 42.9 37.2 8.6 1.0 0.8 2.6 9.7

BBTN BUY 0.3 2,000 2,300 2,162 15.0 13.2 8.3 1.1 0.9 8.1 11.4

Average 25.8 14.8 2.3 2.1 9.0 12.9

Consumer (Staples)

ICBP BUY 1.4 8,550 12,000 11,998 40.4 17.4 15.5 3.4 3.0 19.6 19.1

INDF BUY 0.8 6,050 9,500 8,612 57.0 10.9 11.0 1.3 1.2 11.9 11.0

KLBF BUY 1.0 1,540 1,750 1,836 13.6 26.1 23.7 4.2 3.8 16.0 16.0

UNVR BUY 3.7 6,850 9,800 8,120 43.1 30.9 30.3 41.3 40.1 133.7 132.2

SIDO BUY 0.3 795 920 921 15.7 26.4 23.3 7.4 6.9 27.9 29.7

Average 22.3 20.8 11.5 11.0 41.8 41.6

Cigarette

HMSP HOLD 2.3 1,365 1,460 1,380 7.0 15.9 15.7 48.8 4.8 307.1 30.9

GGRM BUY 1.0 36,550 44,400 40,982 21.5 8.3 8.1 1.2 1.1 14.2 13.9

Average 12.1 11.9 25.0 3.0 160.7 22.4

Healthcare

MIKA HOLD 0.6 2,990 3,000 3,090 0.3 58.6 55.4 9.0 8.1 15.3 14.7

SILO HOLD 0.1 5,300 5,800 5,800 9.4 378.6 160.6 1.4 1.4 0.4 0.9

HEAL BUY 0.2 4,100 5,000 4,756 22.0 37.6 32.5 5.0 4.4 13.3 13.5

Average 158.3 82.8 5.1 4.7 9.6 9.7

Poultry

CPIN BUY 1.4 6,050 7,300 6,774 20.7 34.4 26.4 4.7 4.3 13.7 16.4

JPFA BUY 0.2 1,450 1,800 1,753 24.1 21.6 9.0 1.4 1.2 6.4 13.8

MAIN BUY 0.0 695 890 852 28.1 n/a 10.2 0.7 0.7 -0.9 6.8

Average 28.0 15.2 2.3 2.1 6.4 12.3

Retail

MAPI HOLD 0.2 810 850 952 4.9 n/a 81.0 1.5 8.7 -7.4 10.8

RALS BUY 0.1 740 900 801 21.6 n/a 15.7 1.2 1.2 -1.5 7.7

ACES BUY 0.4 1,645 1,900 1,824 15.5 35.0 25.7 5.6 5.0 16.1 19.6

LPPF SELL 0.0 1,325 1,100 1,080 -17.0 n/a 10.3 2.3 3.5 -35.0 34.1

Average 35.0 40.8 2.8 5.0 2.4 12.7

Pulp and Paper

INKP SELL 1.1 14,225 7,000 9,875 -50.8 16.4 19.6 1.2 1.2 7.6 6.0

Average 16.4 19.6 1.2 1.2 7.6

Media

MNCN BUY 0.2 1,050 1,400 1,521 33.3 6.4 5.8 1.0 0.8 14.9 14.3

SCMA SELL 0.4 2,010 1,750 2,269 -12.9 25.4 22.8 5.2 4.4 20.6 19.2

Average 15.9 14.3 3.1 2.6 17.7 16.8

Telco

EXCL BUY 0.3 2,220 3,300 3,441 48.6 10.1 22.4 1.1 1.1 11.0 4.8

ISAT SELL 0.5 5,650 3,100 5,373 -45.1 n/a 148.7 2.5 2.4 -3.2 1.6

TLKM BUY 4.9 3,470 4,300 4,179 23.9 15.6 14.8 2.8 2.6 17.8 17.8

Average 12.8 62.0 2.1 2.1 8.5 8.1

Telco Retail

ERAA SELL 0.1 2,820 1,625 2,483 -42.4 15.1 12.3 1.7 1.5 11.0 11.9

Telco Infra

TBIG SELL 0.7 2,170 1,550 2,034 -28.6 45.2 42.5 7.5 6.6 16.5 15.6

TOWR BUY 0.8 1,160 1,300 1,295 12.1 20.0 18.1 5.4 4.6 27.2 25.3

Average 32.6 30.3 6.5 5.6 21.9 20.4

Stock Rec.

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Equity Research│24 February 2021

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

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

Auto

ASII BUY 3.3 5,725 6,750 6,789 17.9 12.8 11.6 1.2 1.1 9.0 9.6

Average 12.8 11.6 1.2 1.1 9.0

Mining Contracting

UNTR BUY 1.2 23,125 31,000 30,620 34.1 12.4 9.2 1.4 1.3 11.2 13.8

Average 12.4 9.2 1.4 1.3 11.2

Aviation

GIAA BUY 0.1 328 650 428 98.2 3.3 2.9 0.6 0.5 17.5 16.9

Average 3.3 2.9 0.6 0.5 17.5

Property

BSDE HOLD 0.4 1,205 1,250 1,444 3.7 20.8 16.7 0.7 0.7 3.5 4.1

PWON SELL 0.4 540 525 629 -2.8 41.5 23.5 1.1 1.0 2.6 4.4

ASRI SELL 0.1 240 130 238 -45.8 18.5 8.6 0.4 0.4 2.3 4.7

LPKR SELL 0.2 202 140 197 -30.7 n/a n/a 0.5 0.5 -0.5 -0.2

SMRA HOLD 0.2 870 950 976 9.2 32.2 23.5 2.9 2.6 8.9 10.9

CTRA SELL 0.3 1,140 1,100 1,193 -3.5 27.1 21.1 1.4 1.3 5.1 6.2

Average 28.0 18.7 1.2 1.1 3.6 5.0

Industrial Estate

SSIA BUY 0.0 540 650 622 20.4 n/a 38.6 0.6 0.6 -1.6 1.6

DMAS HOLD 0.2 232 250 269 7.8 15.5 13.6 1.5 1.7 9.6 12.7

KIJA SELL 0.1 180 150 230 -16.7 16.4 13.8 0.7 0.5 4.0 3.4

Average 15.9 22.0 0.9 0.9 4.0 5.3

Construction

PTPP BUY 0.1 1,675 1,900 2,010 13.4 76.1 13.6 0.7 0.7 0.9 4.9

ADHI BUY 0.1 1,430 1,800 1,806 25.9 59.6 13.9 0.9 0.8 1.5 6.1

WSKT BUY 0.3 1,480 2,200 1,682 48.6 n/a 14.2 0.9 0.8 -15.2 5.6

WIKA BUY 0.2 1,825 2,400 2,212 31.5 19.0 12.4 0.9 0.9 5.0 7.1

Average 51.6 13.5 0.9 0.8 -1.9 5.9

Cement

INTP BUY 0.7 13,275 16,250 16,927 22.4 36.9 30.7 2.1 2.1 5.8 6.9

SMGR BUY 0.9 10,450 13,570 13,992 29.9 22.4 16.7 1.7 1.6 7.6 9.5

Average 29.6 23.7 1.9 1.9 6.7 8.2

Precast

WSBP SELL 0.1 268 230 276 -14.2 24.4 7.2 0.7 0.6 2.9 8.9

WTON BUY 0.0 356 450 484 26.4 32.4 9.6 0.9 0.9 2.9 8.9

Average 28.4 8.4 0.8 0.7 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,450 1,700 1,724 17.2 26.4 20.7 0.9 0.8 3.3 4.1

AKRA HOLD 0.2 3,470 3,800 3,951 9.5 16.0 14.0 1.6 1.5 10.1 10.9

MEDC BUY 0.3 720 1,090 901 51.4 n/a 9.9 1.1 1.0 -9.9 9.7

Average 21.2 14.9 1.2 1.1 1.2 8.2

Chemical

TPIA HOLD 2.6 10,225 10,250 9,925 0.2 705.2 117.5 7.1 7.1 1.0 6.0

BRPT SELL 1.4 1,150 1,120 1,198 -2.6 240.3 146.9 6.1 6.1 2.5 4.2

ESSA HOLD 0.0 222 225 313 1.4 n/a n/a 1.5 0.8 -20.0 -0.5

Average 472.8 132.2 4.9 4.6 -5.5 3.2

Utilities

JSMR BUY 0.5 4,370 5,000 5,688 14.4 66.2 22.0 1.3 1.2 2.0 5.6

Metal

ANTM HOLD 1.0 2,940 3,230 2,924 9.9 47.4 28.8 3.6 3.4 7.7 11.7

MDKA SELL 0.9 2,750 2,030 2,873 -26.2 n/a 14.9 10.0 10.9 15.7 72.9

INCO HOLD 0.9 6,475 6,730 6,511 3.9 44.7 44.7 2.2 2.2 5.0 5.0

TINS SELL 0.3 2,360 1,775 1,350 -24.8 n/a 2681.8 3.3 4.0 -4.2 0.1

Stock Rec.

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Equity Research│24 February 2021

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

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

Coal

ITMG BUY 0.2 12,275 13,550 15,174 10.4 8.5 8.5 1.2 1.4 14.3 16.7

ADRO BUY 0.6 1,205 1,530 1,677 27.0 8.3 8.3 0.7 0.7 8.5 8.8

PTBA HOLD 0.4 2,720 2,830 3,024 4.0 14.5 10.0 2.1 1.6 14.3 16.5

Average 10.4 8.9 1.3 1.3 12.4 14.0

Plantation

AALI BUY 0.3 10,975 13,800 14,913 25.7 31.6 20.0 1.1 1.1 3.5 5.3

LSIP HOLD 0.1 1,300 1,370 1,524 5.4 3.0 2.6 1.0 1.0 33.6 37.0

TBLA HOLD 0.1 955 980 1,135 2.6 7.9 6.4 0.9 0.8 11.0 12.2

SIMP SELL 0.1 430 388 472 -9.8 39.1 25.3 0.5 0.5 1.2 1.8

SSMS BUY 0.1 1,030 1,500 1,490 45.6 30.3 13.0 2.2 2.0 7.4 15.0

Average 22.4 13.5 1.1 1.0 11.3 14.3

Source: SSI Research, Bloomberg

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

Stock Rec.

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Equity Research│24 February 2021

Chg (Pts)

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

World 2,789 1.11 0.04 (0.95) 1.22 7.81 3.69 19.67 2,838 1,579

U.S. (S&P) 3,881 4.87 0.13 (1.30) 1.04 8.49 3.34 16.29 3,950 2,192

U.S. (DOW) 31,537 15.66 0.05 0.05 1.74 6.58 3.04 8.78 31,653 18,214

Europe 3,689 (10.75) (0.29) (1.00) 2.41 5.16 3.84 1.13 3,762 2,303

Emerging Market 1,398 0.54 0.04 (3.23) 0.38 14.05 8.28 32.49 1,449 752

FTSE 100 6,626 13.70 0.21 (1.82) (1.03) 3.01 2.56 (7.42) 7,404 4,899

CAC 40 5,780 12.40 0.22 (0.12) 3.96 3.98 4.11 (0.21) 5,885 3,632

Dax 13,865 (85.23) (0.61) (1.42) (0.07) 4.31 1.06 6.36 14,169 8,256

Indonesia 6,273 17.50 0.28 (0.31) (0.54) 10.03 4.91 8.02 6,505 3,912

Japan 29,949 (206.82) (0.69) (1.70) 4.60 17.32 9.13 28.06 30,715 16,358

Australia 6,811 (27.97) (0.41) (1.08) 0.16 2.52 3.40 (2.39) 7,139 4,403

Korea 3,068 (1.67) (0.05) (2.08) (2.30) 17.22 6.78 47.59 3,266 1,439

Singapore 2,891 9.49 0.33 (1.02) (3.37) (0.03) 1.65 (8.00) 3,172 2,208

Malaysia 1,565 (5.41) (0.34) (1.90) (1.98) (0.85) (3.82) 5.03 1,696 1,208

Hong Kong 30,633 312.81 1.03 (0.37) 4.02 15.21 12.49 14.21 31,183 21,139

China 3,636 (6.09) (0.17) 0.91 0.82 6.86 4.70 19.96 3,732 2,647

Taiwan 16,443 33.24 0.20 0.50 2.65 19.09 11.61 42.55 16,579 8,524

Thailand 1,501 22.47 1.52 (1.48) 0.18 7.06 3.54 4.53 1,562 969

Philipines 6,815 4.33 0.06 (3.26) (3.28) (4.14) (4.55) (5.19) 7,432 4,039

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

Foreign Reserves (US$Bn) 138.00 1.55 3.25 1.55 4.78 138.00 120.97

Inflation Rate (yoy, %) 1.55 2.98 1.32

Gov Bond Yld (10yr, %) 6.58 0.46 8.38 5.86

US Fed Rate (%) 0.25 1.75 0.25

Chg (Pts)

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

Indonesia 14,093 (25.00) 0.18 (1.16) (0.50) 0.40 (0.31) (1.57) 16,625 13,865

Japan 105.39 0.14 (0.13) 0.46 (1.56) (0.90) (2.03) 5.06 111.71 101.19

UK 1.41 0.00 0.13 1.98 3.33 5.79 3.37 9.34 1.41 1.14

Euro 1.22 0.00 0.03 0.96 0.12 2.20 (0.51) 11.98 1.23 1.06

China 6.47 0.00 (0.03) (0.13) 0.21 1.84 0.93 8.72 7.18 6.42

Chg (Pts)

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

Oil (Brent) 65.37 0.13 0.20 3.19 17.98 41.92 26.20 11.74 66.79 15.98

CPO 3,676 132.00 3.72 3.99 12.00 10.52 2.11 40.20 3,751 1,944

Rubber 1,055.00 22.50 2.18 9.90 15.93 7.22 12.53 34.39 1,262.50 685.00

Coal 76.75 (1.95) (2.48) (6.69) (11.63) 14.38 (4.66) 15.24 92.00 47.50

Tin 28,270 (785.00) (2.70) 4.20 26.32 51.54 37.60 70.02 30,500 13,375

Nickel 19,352 (141.00) (0.72) 2.86 5.93 21.44 16.49 54.45 20,110 10,865

Copper 9,207 109.50 1.20 9.53 15.12 28.27 18.55 59.70 9,305 4,371

Gold 1,805 0.20 0.01 1.87 (2.76) 0.02 (4.65) 7.86 2,074 1,451

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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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│24 February 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco

Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Ind. Estate, Property,Oil & Gas [email protected] +6221 2854 8144

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739

Olivia Laura Healthcare [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

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 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325 Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Sylviawati Customer Service [email protected] +6221 2854 8193

Private Wealth Management

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

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

Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Equity Retail Team

Kelvin Long Head of Retail Equity Sales [email protected] +6221 2854 8150

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

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

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

Rahmawati Fixed Income Sales [email protected] +6221 2854 8385

Online Trading Sales Team

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

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371