Monday, September 7, 2020

Today’s Market:



IHSG diperkirakan bergerak mixed. Bursa AS ditutup

melemah pada perdagangan Jumat (04/09). Harga

batu-bara turun ke level USD 49.00 per Mt. Crude oil turun ke

level USD 39.09 per barrel. Rupiah stabil terhadap Dollar

AS di level Rp 14,750. 10Yr Government Bonds Yield stabil

di level 6.93%.



Dari global, AS mencatatkan tingkat pengangguran

Agustus turun ke level 8.4% (vs 10% pada bulan Juli).



Sehubungan dengan emiten, Kementerian PUPR menunda

penyesuaian tarif tol Cikampek-Purwakarta-Padalarang

yang dikelola Jasa Marga (JSMR) atas pertimbangan

kon-disi social ekonomi.



Sehubungan dengan emiten, Merdeka Copper Gold

(MDKA) melangsungkan penawaran Obligasi Berkelanjutan

I Tahap II Tahun 2020 sebesar Rp 300 miliar dengan

kupon 8.25-10.25%



Sehubungan dengan emiten, Garuda Indonesia (GIAA)

mencatatkan peningkatan jumlah penumpang pada

Agustus sebesar 50% MoM.



Sehubungan dengan emiten, Mitra Adiperkasa (MAPI)

melakukan penghentian sejumlah besar impor stok akhir

tahun dalam rangka efisiensi.



Secara teknikal indeks hari Senin (07/09), IHSG diprediksi

bergerak di kisaran 5187-5280.

Source: Bloomberg, Sinarmas Investment Research

See pg. 6-8 for Technical Corner

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

Monday, September 7, 2020

IHSG turun sebanyak 41 poin (0.78%) ke level 5239.85.

Sementara LQ45 turun sebanyak 9.1 poin (1.09%) ke level

825.62. Foreign net sell sebesar Rp 990.86 miliar.

ID X Statistics C lo sing

JCI 5,239.85

Transaction Value Regular M arket (IDR tn) 6.803 Transaction Volume Regular M arket (mn shares) 9,534 Foreign Net Buy (Sell) (IDR bn) (991)

Foreign Net Buy (Sell) (2.10)

Total M arket Capitalization (IDR tn) 6,100.45

LQ45 825.62 (1.09) (23.51) EIDO 19.38 0.36 (31.83) IDX 17.54 0.46 (29.39) DOW JONES 28,133.31 (0.56) 13.81 S&P 500 3,426.96 (0.81) 28.18 NASDAQ 11,313.13 (1.27) 63.88 FTSE 5,799.08 (0.88) (24.57) NIKKEI 23,205.43 (1.11) 1.93 HANG SENG 24,695.45 (1.25) (17.46) STRAITS TIM ES 2,509.64 (0.87) (26.25) KLSE 1,515.86 0.03 (15.64) USD/IDR 14,750.00 0.00 5.99 EUR/IDR 17,457.40 (0.32) 10.92 JPY/IDR 138.65 (0.45) 7.91 SGD/IDR 10,803.39 (0.27) 4.61 AUD/IDR 10,747.01 0.02 9.60 GBP/IDR 19,547.37 (0.39) 6.79

Crude Oil (USD/barrel) 39.09 7:56:06 AM (35.98)

Coal (USD/mn tons) 49.00 9/4/2020 (27.62)

Natural Gas (USD/mmBtu) 2.56 7:56:04 AM 16.90 Gold (USD/ounce) 1,933.22 8:06:22 AM 27.41 Nickel (USD/mn tons) 15,293.00 9/4/2020 9.04 Tins (USD/mn tons) 18,250.00 9/4/2020 6.26 CPO (M YR/mn tons) 2,932.00 9/4/2020 (3.58)

Rubber (JPY/kg) 184.80 7:45:46 AM 4.23 Wheat (USD/bushel) 539.75 9/4/2020 (3.40) Corn (USD/bushel) 347.25 9/4/2020 (10.44) P rice Last T ransactio n YT D C hg (%) C o mmo dities

Other Indices C lo sing 1-D ay C hg (%) YT D C hg (%)

C urrency Spo t R ate R ate (ID R ) 1-D ay C hg (%) YT D C hg (%) 0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 M illi on s

2

Daily Corporate and Industry News

PT Freeport Indonesia membuka peluang bagi investor yang ingin bekerja sama membangun fasilitas pemurnian

mineral (smelter) tembaga. Source: Investor Daily

Merdeka Copper Gold (MDKA) melangsungkan penawaran Obligasi Berkelanjutan I Tahap II Tahun 2020 sebesar Rp

300 miliar dengan kupon 8.25-10.25%. Source: Investor Daily

Mitra Adiperkasa (MAPI), memberhentikan impor stok barang winter collection, sehingga terdapat efisiensi sebesar

Rp 1,5 triliun-Rp 2 triliun. Source: Kontan

Garuda Indonesia (GIAA) Tbk. yang melaporkan pertumbuhan jumlah penumpang secara month to month pada

peri-ode libur panjang Agustus 2020. Pada Agustus 2020 dibandingkan Juli 2020 jumlah penumpang naik sekitar 50%.

Source: Bisnis Indonesia

Kementerian Pekerjaan Umum dan Perumahan Rakyat (PUPR) memutuskan untuk menunda penyesuaian tarif ruas

Tol Cikampek-Purwakarta-Padalarang (Cipularang) dan ruas tol Padalarang-Cileunyi (Padaleunyi) yang keduanya

berada di bawah pengelolaan Jasa Marga. Source: Kontan

World Equity Indices

Source: Bloomberg, Sinarmas Investment Research

www.sinarma

WOR LD EQUIT Y IN D IC ES N O T IC KER 1 INDU Index 29,568.57 18,213.65 (405.13) (1.42) 24.23 24.51 4.52 4.25 8,967.28 2 SPX Index 3,588.11 2,191.86 196.18 6.07 26.69 26.16 3.85 3.65 29,621.72 3 CCM P Index 12,074.06 6,631.42 2,340.53 26.09 63.98 38.27 6.01 5.67 17,787.23 4 SPTSX Index 17,970.51 11,172.73 (845.42) (4.95) 24.85 23.67 1.70 1.48 2,468.44 5 M EXBOL Index 45,955.41 32,503.25 (7,092.52) (16.29) 21.43 18.41 1.69 1.63 4,733.85 6 SX5E Index 3,867.28 2,302.84 (484.56) (12.94) 37.31 20.78 1.60 1.54 2,867.56 7 UKX Index 7,689.67 4,898.79 (1,743.36) (23.11) 92.52 19.09 1.45 1.45 1,592.01 8 CAC Index 6,111.41 3,632.06 (1,012.99) (16.95) 45.96 25.90 1.53 1.48 1,567.77 9 DAX Index 13,795.24 8,255.65 (406.35) (3.07) 40.17 21.12 1.63 1.54 1,193.95

10 IBEX Index 10,100.20 5,814.50 (2,559.50) (26.80) #N/A N/A 26.58 1.11 1.06 452.58 11 FTSEM IB Index 25,483.05 14,153.09 (4,115.12) (17.51) 75.66 23.08 1.05 0.99 446.67 12 AEX Index 632.12 389.60 (64.31) (10.64) 70.36 22.34 s 1.65 743.09 13 SM I Index 11,270.00 7,650.23 (463.85) (4.37) 23.21 19.43 2.57 2.47 1,197.00 14 AS51 Index 7,197.20 4,402.50 (743.88) (11.13) 35.93 21.96 1.94 1.90 1,843.96 15 AS30 Index 7,289.70 4,429.10 (678.50) (9.97) 38.12 22.79 1.95 1.91 2,052.11 16 SHSZ300 Index 4,901.21 3,503.19 673.64 16.44 18.31 16.10 2.16 1.99 39,195.13 17 SHASHR Index 3,625.48 2,773.54 320.66 10.03 18.04 14.64 1.63 1.48 40,073.93 18 SZASHR Index 2,442.26 1,624.49 595.06 33.02 51.27 25.63 3.34 3.48 32,423.40 19 HSI Index 29,174.92 21,139.26 (3,494.30) (12.40) 12.86 11.82 1.02 0.96 17,054.37 20 HSCEI Index 11,502.47 8,290.34 (1,284.08) (11.50) 8.98 8.64 1.04 0.95 13,603.09 21 SENSEX Index 42,273.87 25,638.90 (2,896.56) (7.02) 28.55 24.40 2.79 2.76 75,163.49 22 NIFTY Index 12,430.50 7,511.10 (834.60) (6.86) 28.95 23.98 2.67 2.60 88,650.14 23 JCI Index 6,414.48 3,911.72 (1,059.69) (16.82) 10.48 1.31 1.77 0.07 6,100,454.67 24 LQ45 Index 1,036.62 566.05 (188.85) (18.62) 15.31 0.79 2.01 0.04 3,889,346.12 25 KSE100 Index 43,468.22 27,046.71 1,287.92 3.16 11.21 7.78 1.24 1.03 6,469.27 26 NKY Index 24,115.95 16,358.19 (446.06) (1.89) 37.63 22.75 1.79 1.72 355,713.89 27 NEY Index 356.77 249.78 (15.26) (4.36) 24.81 22.11 1.14 1.11 432,675.92 28 TPX Index 1,747.20 1,199.25 (103.71) (6.02) 25.78 20.53 1.18 1.18 614,374.18 29 FBM KLCI Index 1,618.01 1,207.80 (72.90) (4.59) 23.09 20.15 1.55 1.48 979.54 30 NZSE Index 2,019.39 1,356.73 30.42 1.58 80.87 30.58 2.35 2.04 163.56 31 PCOM P Index 8,216.92 4,039.15 (2,030.17) (25.98) 19.31 19.80 1.46 1.41 7,402.04 32 FSSTI Index 3,285.72 2,208.42 (713.19) (22.13) 19.04 16.46 0.87 0.87 441.07 33 KOSPI Index 2,458.17 1,439.43 187.14 8.52 29.05 17.36 0.93 0.99 1,549,743.26 34 TWSE Index 13,031.70 8,523.63 640.81 5.34 20.81 18.71 1.92 2.03 38,216.89 35 SET Index 1,679.65 969.08 (267.89) (16.96) 21.73 22.23 1.45 1.48 14,172.33 36 SET50 Index 1,118.99 628.97 (223.90) (20.95) 20.44 22.11 1.60 1.54 9,479.08 37 VNINDEX Index 1,028.97 649.10 (59.45) (6.19) 14.80 16.40 1.98 2.11 3,252,265.21 A sia/ P acific A merica 52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n) Euro pe

4

LQ45

Source: Bloomberg, Sinarmas Investment Research

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

HIGH LOW POINT % 2016 2017E 2016 2017E

1 ACES IJ 1,600 1,890 970 765 91.62 20.04 32.44 4.67 5.19 27,440.00 2 ADRO IJ 1,205 1,715 610 (490) (28.91) 11.96 0.01 1.27 0.00 38,543.08 3 AKRA IJ 2,850 4,350 1,405 (3,150) (52.50) 23.56 14.06 3.51 1.28 11,441.88 4 ANTM IJ 825 1,160 338 (70) (7.82) 331.88 69.38 1.17 1.09 19,825.38 5 ASII IJ 5,050 7,250 3,220 (3,225) (38.97) 22.10 12.86 2.99 1.28 204,441.94 6 BBCA IJ 31,900 35,300 21,625 16,400 105.81 18.55 34.09 3.40 4.35 786,494.82 7 BBNI IJ 5,225 8,125 2,970 (300) (5.43) 9.04 17.05 1.18 0.87 97,439.23 8 BBRI IJ 3,550 4,760 2,160 1,215 52.03 10.90 20.79 1.95 2.24 437,877.63 9 BBTN IJ 1,555 2,290 720 (185) (10.63) 7.05 14.37 0.96 0.92 16,467.45 10 BMRI IJ 5,925 8,050 3,660 137 2.37 19.56 16.79 1.80 1.46 276,500.00 11 BSDE IJ 750 1,485 585 (1,005) (57.26) 18.61 12.01 1.64 0.48 15,878.52 12 BTPS IJ 3,750 5,125 1,790 #VALUE! #VALUE! #N/A N/A 30.15 #N/A N/A 4.75 28,888.88

13 CPIN IJ 6,100 7,750 3,800 3,010 97.41 22.55 - - - 100,027.80 14 CTRA IJ 740 1,230 394 (595) (44.57) 24.19 16.27 1.63 0.85 13,734.62 15 ERAA IJ 1,685 2,060 805 1,085 180.83 6.60 22.30 0.52 1.05 5,375.15 16 EXCL IJ 2,300 3,730 1,315 (10) (0.43) 57.28 17.57 1.16 - 24,623.83 17 GGRM IJ 47,475 74,800 30,625 (16,425) (25.70) 18.41 10.44 3.11 1.67 91,346.08 18 HMSP IJ 1,640 2,900 1,085 (2,190) (57.18) 39.50 17.62 13.04 5.69 190,761.65 19 ICBP IJ 10,300 12,550 7,750 1,725 20.12 31.51 20.65 5.69 4.08 120,117.65 20 INCO IJ 3,910 4,030 1,340 1,090 38.65 - - 1.13 1.32 38,851.08 21 INDF IJ 7,600 8,300 5,000 (325) (4.10) 18.57 12.26 2.40 1.63 66,731.24 22 INKP IJ 8,600 9,975 3,020 7,645 800.52 1.90 10.41 0.14 #N/A N/A 47,050.45 23 INTP IJ 11,650 22,100 8,650 (3,750) (24.35) 14.65 28.39 2.17 1.86 42,886.35 24 ITMG IJ 8,500 15,200 5,650 (8,375) (49.63) 10.56 9.00 1.51 0.74 9,604.36 25 JPFA IJ 1,165 1,860 760 (290) (19.93) 7.71 11.71 1.87 1.17 13,661.46 26 JSMR IJ 3,880 5,825 2,230 (440) (10.19) 15.60 29.34 2.29 1.37 28,160.54

27 KLBF IJ 1,590 1,695 830 75 4.95 30.88 27.80 5.96 4.27 74,531.44

28 MDKA IJ 1,730 2,120 890 1,346 350.52 #N/A N/A 39.09 3.32 4.89 37,882.83 29 MIKA IJ 2,390 3,030 1,570 (180) (7.00) 53.37 51.22 10.60 7.14 34,048.78 30 MNCN IJ 845 1,780 750 (910) (51.85) 18.15 5.43 2.68 - 12,570.31 31 PGAS IJ 1,290 2,460 605 (1,410) (52.22) 15.88 10.93 1.53 0.83 31,271.55 32 PTBA IJ 2,100 2,870 1,385 (400) (16.00) 12.78 8.11 2.53 1.29 24,193.38 33 PTPP IJ 950 1,925 484 (2,860) (75.07) 19.32 18.39 2.45 0.46 5,889.90 34 PWON IJ 406 695 266 (159) (28.14) 16.29 10.93 3.13 1.18 19,552.80 35 SCMA IJ 1,200 1,625 600 (1,600) (57.14) 27.23 16.23 11.95 3.19 17,729.61 36 SMGR IJ 10,350 13,500 5,475 1,175 12.81 12.04 29.00 1.87 - 61,391.23 37 SMRA IJ 635 1,285 350 (690) (52.08) 61.22 35.58 3.06 1.25 9,161.01

38 SRIL IJ 216 338 113 (14) (6.09) 5.29 3.66 0.95 #N/A N/A 4,417.67

39 TBIG IJ 1,275 1,365 730 279 28.01 25.23 25.75 14.27 4.96 28,887.67 40 TKIM IJ 6,575 12,475 3,750 5,845 800.68 18.94 #N/A N/A 0.15 #N/A N/A 20,469.44 41 TLKM IJ 2,860 4,341 2,417 (1,120) (28.14) 20.28 13.65 4.67 2.59 283,317.94 42 TOWR IJ 1,025 1,180 575 309 43.16 20.71 19.30 6.13 5.09 52,289.99 43 UNTR IJ 23,100 25,175 12,000 1,850 8.71 15.84 11.24 1.94 1.39 86,166.12 44 UNVR IJ 8,400 9,565 5,275 640 8.25 46.31 41.75 62.93 55.52 320,460.00 45 _{WIKA IJ} 1,220 2,200 675 (1,140) (48.31) 15.13 12.10 1.85 0.69 10,943.34 MARKET CAP (Bn)

Macro data

Source: Bloomberg, Sinarmas Investment Research

www.sinarmass

D escriptio n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%) Property (0.34) (2.53) 2.67 (41.38) Basic Industry (1.84) (4.81) (2.38) (25.14) Trade (0.94) (0.65) (0.27) (17.74) Finance (1.16) (2.62) 5.78 (12.25) M iscellaneous Industry (1.67) (3.98) (3.41) (26.09) Consumer 0.98 (0.05) 2.75 (4.82) Infrastructure (1.23) (2.65) (4.37) (25.06) Agriculture (0.77) 4.34 4.44 (19.02) M ining (0.60) 0.62 0.29 (8.04) A ug-20 Jul-20 0.93 3.61 1.32 1.54 -0.05 -0.10 135.10 131.72 F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%) USD/IDR 14,750.00 - (0.85) (5.99) USD/CNY 6.84 0.09 1.91 1.76 USD/EUR 0.84 0.00 (0.45) (5.29) USD/JPY 106.35 (0.10) (0.40) 2.13 USD/SGD 1.36 (0.01) 0.58 (1.38) USD/AUD 1.37 (0.10) (1.81) (3.74) USD/GBP 0.75 0.17 (1.55) 0.00 (in %) 4.61 0.22 1.46 5.53 6.93 7.44 Indonesia 5-Year Government Bonds Yield

Indonesia 10-Year Government Bonds Yield Indonesia 15-Year Government Bonds Yield

Lending and D epo sit R ates

JIBOR (in IDR) LIBOR (in GBP) SIBOR ( in USD) Inflation M oM (in %) Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

Technical Corner

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

JCI : MIXED

Last price

: 5.239

Support

: 5.187, 5.157

Resistance

: 5.280, 5.330

JCI pada hari ini kami perkirakan akan bergerak MIXED dengan range 5.187 – 5.280. JCI breakdown Support

5.250, berpeluang melanjutkan pelemahan dengan menguji Support Trendline 5.187. Namun, bila JCI bertahan

diatas Support Trendline 5.187 akan mencoba Resistance 5.250 dan 5.280. Indikator MACD dan Stoc osc

mengindikasikan pola Downtrend.

Jakarta Composite Index (JCI)

Summary of portfolio:

Stock

Recommendation

Comment

GGRM

HOLD

GGRM mencoba break Resistance 47.500, bila berhasil breakout Resistance

47.500 berpeluang mencoba Resistance 48.275 dan 48.900.

ICBP

HOLD

ICBP mencoba break Resistance 10.350, bila berhasil breakout Resistance

10.350, berpeluang mencoba break Resistance Trendline 10.450. Namun, bila

ICBP tidak berhasil breakout 10.350, akan menguji Support 10.200 dan

SCMA

BUY ON WEAKNESS

SCMA break Resistance 1.200, berpeluang melanjutkan penguatan dengan

mencoba Resistance 1.225 dan 1.250. Namun, bila SCMA gagal bertahan diatas

Resistance 1.200, akan menguji support 1.175 dan 1.150.

SMGR

HOLD

SMGR tidak berhasil bertahan pada Resistance 10.500, berpeluang menguji

Support 10.200. Namun, bila SMGR berhasil breakout Resistance 10.500, akan

mencoba Resistance 10.800 dan 11.000.

GGRM : HOLD

Last price

: 47.475

Target price

: 49.450 (4.8%)

Stop loss

: 45.800 (-3.0%)

GGRM mencoba break Resistance 47.500, bila berhasil breakout Resistance 47.500 berpeluang mencoba Resistance

48.275 dan 48.900. Namun, bila GGRM tidak berhasil breakout 47.500, akan menguji Support 46.700. GGRM dilihat

dari Indikator MACD mengindikasikan pola Downtrend dan Stoc osc mengindikasikan pola Bearish Reversal.

ICBP : HOLD

Last price

: 10.300

Target price

: 10.925 (5.6%)

Stop loss

: 10.050 (-2.9%)

ICBP mencoba break Resistance 10.350, bila berhasil breakout Resistance 10.350, berpeluang mencoba break

Resistance Trendline 10.450. Namun, bila ICBP tidak berhasil breakout 10.350, akan menguji Support 10.200 dan

10.050. ICBP dllihat dari Indikator MACD dan Stoc osc mulai membentuk pola Bearish Reversal.

Support

: 46.700, 45.800

Resistance

: 48.275, 48.900

Support

: 10.200, 10.050

Resistance

: 10.450, 10.625

Indofood CBP Sukses Makmur Tbk (ICBP)

Gudang Garam Tbk (GGRM)

Surya Citra Media Tbk (SCMA)

Semen Indonesia (Persero)Tbk (SMGR)

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

SCMA : BUY ON WEAKNESS

Last price

: 1.200

Target price

: 1.290 (8.4%)

Entry point

: 1.190

Stop loss

: 1.135 (-4.6%)

SCMA break Resistance 1.200, berpeluang melanjutkan penguatan dengan mencoba Resistance 1.225 dan 1.250.

Namun, bila SCMA gagal bertahan diatas Resistance 1.200, akan menguji support 1.175 dan 1.150. SCMA dilihat dari

Indikator MACD mengindikasikan pola Downtrend dan Stoc osc mengindikasikan pola Bearish Reversal.

SMGR : HOLD

Last price

: 10.300

Target price

: 11.575 (7.2%)

Stop loss

: 10.200 (-5.6%)

SMGR tidak berhasil bertahan pada Resistance 10.500, berpeluang menguji Support 10.200. Namun, bila SMGR

berhasil breakout Resistance 10.500, akan mencoba Resistance 10.800 dan 11.000. SMGR dilihat dari Indikator MACD

dan Stoc osc mengindikasikan pola Downtrend.

Support

: 1.175, 1.150

Resistance

: 1.225, 1.250

Support

: 10.200, 10.000

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Equity Research Team

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Richard Suherman

Commodities

Tel: +62 21 3925550 Ext: 610

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DEPUTY HEAD OF RESEARCH

Richardson Raymond

Property, Industrial Estate

Tel: +62 21 3925550 Ext: 159

richardson.raymond@sinarmassekuritas.co.id

EQUITY ANALYST

Paulina

Consumer, Retail, Cement

Tel: +62 21 3925550 Ext: 610

paulina@sinarmassekuritas.co.id

RESEARCH ASSOCIATE

Andrianto Saputra

Tobacco, Plantation

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andrianto.saputra@sinarmassekuritas.co.id

RESEARCH ASSOCIATE

Kharel Devin Fielim

Media, Poultry, Construction

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kharel.fielim@sinarmassekuritas.co.id

TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

eddy.wijaya@sinarmassekuritas.co.id

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