Riset Saham Harian. IHSG berpotensi Tertekan akibat Minim Sentimen Positif. Highlights. Samuel Equity Research 19 Oktober 2018

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Riset Saham Harian

Samuel Equity Research 19 Oktober 2018

www.samuel.co.id Page 1 of 7

IHSG berpotensi Tertekan akibat Minim Sentimen Positif

Indeks AS semalam ditutup melemah dengan Caterpillar menjadi pemberat utama. Aksi jual dipicu oleh kekhawatiran perang dagang AS – China, potensi kenaikan suku bunga dan terlalu tingginya valuasi saham berbasis teknologi AS. Selain itu batalnya kedatangan Steven Mnuchin ke konferensi investor di Arab Saudi juga memicu kekhawatiran investor global akan masalah yang terjadi di Arab Saudi. Sekitar 84% emiten yang telah merilis laporan keuangan, mencatat kinerja laba bersih lebih baik dari ekspektasi.

Dari pasar komoditas, harga minyak dunia kemarin turun 1,6% dod ke US$

79,4/b seiring kenaikan persediaan minyak AS sebesar 6,5 juta barel (3x lebih tinggi dari konsensus) dan meningkatnya tensi hubungan AS – Arab Saudi. Persediaan minyak meningkat ditengah penurunan produksi AS sebesar 300k b/d akibat ditutupnya fasilitas kilang offshore akibat Hurricane Michael.

IHSG hari ini kami perkirakan melemah diwarnai aksi profit taking, menyusul melemahnya bursa global. Investor saat ini menunggu hasil rapat Dewan Gubernur BI yang akan digelar Selasa besok. Rupiah ditransaksikan melemah ke 15.194 dan EIDO melemah.

Highlights

 MAPI: Yakin penjualan lebih tinggi

 TBIG: Tuntaskan penerbitan obligasi Rp 628 miliar

 PGAS: Berencana melepas kepemilikan Saka Energi

 ELSA: Raih kontrak 1 trilliun

 ISAT: Membutuhkan dana US$ 2 miliar untuk transformasi besar- besaran

 MEDC: Bersama Grup Salim, akan mengakuisisi 60% saham Hyflux Ltd

: 5,845.2

: -23.4 (-0.40%) : 6,307 Mn shrs : 4,531 Bn rupiah Last

Close +/- %

MAYA 6,950 750 12.1

CPIN 5,350 175 3.4

GGRM 79,400 1450 1.9

BBRI 3,090 20 0.7

TLKM 3,760 -140 -3.6

BBCA 23,600 -425 -1.8

HMSP 3,840 -30 -0.8

BMRI 6,500 -75 -1.1

Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)

BBRI 99 TLKM 62

SRIL 44 PGAS 51

ASII 34 SMCB 38

INKP 33 BBNI 26

TKIM 19 BMRI 25 Money Market

Last

Close +/- %

USD/IDR 15,194 44.0 -0.3

JIBOR O/N 5.8 0.0

Dual Listing Securities Last

Close +/- %

TLKM 24.3 -1.2 -4.7

ISAT 51.4 -1.3 -2.5

EIDO 21.5 -0.5 -2.2

Global Indices Last

Close +/- %

DJIA 25,379 -327 -1.3

S&P 500 2,769 -40 -1.4 Euro Stoxx 3,212 -31 -1.0 MSCI World 2,064 -25 -1.2

Nikkei 22,246 -412 -1.8

Hang Seng 25,455 -8 0.0

Commodities Last

Close +/- %

Brent Oil 80 0.2 0.3

CPO Malay 2,239 -22.0 -1.0

Coal (ICE) 111 2.4 2.2

Nickel 12,304 -26.5 -0.2

Tin 19,036 -52.0 -0.3

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Friday, 19 Oct 2018 Market Index Index Movement Market Volume

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Riset Saham Harian

19 Oktober 2018

MAPI: Yakin penjualan lebih tinggi

 PT Mitra Adiperkasa Tbk optimis kinerja tahun ini lebih baik, didukung oleh banyaknya agenda yang digelar pada sektor olahraga dan pariwisata. Manajemen menargetkan pertumbuhan 15% pada tahun ini di mana menurut keterangan manajemen, gelaran Asian Games dan Asian Para Games turut berpengaruh positif atas penjualan produk sport perusahaan. Perusahaan juga berharap gelaran IMF-Bank Dunia pada 4Q18 memberi dampak positif atas kinerja perusahaan. (Kontan). MAPI: BUY: 19E’ PE: 16.9x, PBV: 2.8x, TP: Rp 930

TBIG: Tuntaskan penerbitan obligasi Rp 628 miliar

 PT Tower Bersama Infrastructure Tbk (TBIG) telah menyelesaikan penerbitan obligasi melalui Penawaran Umum Berkelanjutan (PUB) III tahap II sebesar Rp 628 miliar.

Adapun tingkat kupon surat utang tersebut sebesar 8,5%, dengan tenor 370 hari. Sesuai rencana, kupon tersebut akan dibayar setiap kuartal. Obligasi berkelanjutan III tahap II tersebut memperoleh peringkat AA dari Fitch Indonesia. (Investor Daily) TBIG: Not- Rated

PGAS: Berencana melepas kepemilikan Saka Energi

 PT Perusahaan Gas Negara Tbk (PGAS) akan melepas kepemilkan saham di anak usaha, PT Saka Energi Indonesia. Sejumlah opsi yang dibahas adalah diakuisisi PT Pertamina, dijual dengan skema jual beli biasa dan IPO. Tidak disebutkan target hasil keputusan dari pembahasan Saka Energi. (Investor Daily) PGAS: BUY: 19E’ PE: 13.6x, PBV: 1.3x, TP Rp 3,000

ELSA: Raih kontrak 1 trilliun

 PT Elnusa Tbk (ELSA) mendapatkan kontrak baru dengan nilai lebih dari Rp 1 triliun.

ELSA memenangkan dua tender jasa hulu migas yakni Survei Seismik Darat 2D dan 3D di wilayah Pesut Mas, Sulawesi tengah dan pengeboran modular di wilayah kerja Sanga- sanga, Kalimantan Timur dan Attaka. Saat ini persentase komposisi pendapatan antara hulu migas dan distribusi dan logistik energi ELSA sepanjang tahun ini adalah 40% dan 55%. (Investor Daily) ELSA: Non-Coverage

ISAT: Membutuhkan dana US$ 2 miliar untuk transformasi besar-besaran

 CEO PT Indosat Ooredoo Tbk (ISAT) Chris Kanter, akan melakukan transformasi besar- besaran dengan berfokus pada people, process dan business. Saat ini Chris tengah membentuk tim baru di jajaran direksi dan untuk memperkuat bisnis, beliau memproyeksikan kebutuhan belanja modal sekitar US$ 2 miliar hingga 2019. Belum ada perincian dari penggunaan anggaran belanja modal tersebut. (Investor Daily) ISAT:

Under review

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Riset Saham Harian

19 Oktober 2018

MEDC: Bersama Grup Salim, akan mengakuisisi 60% saham Hyflux Ltd

 Perusahaan konsorsium Grup Salim dan PT Medco Energi Internasional Tbk (MEDC), SM Investment Pte Ltd, menyepakati akuisisi 60% saham Hyflux Ltd, perusahaan solusi lingkungan yang sahamnya tercatat di Bursa Efek Singapura. Nilai Investasinya mencapai Sin$ 530 juta atau setara Rp 5,8 triliun dengan perincian, akuisisi 60% saham sebesar Sin$ 400 juta dan pinjaman pemegang saham sebesar Sin$ 130 juta. (Investor Daily) MEDC: BUY: 19E’ PE: 9.5x, PBV: 3.1x,TP Rp 1,500

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Riset Saham Harian

19 Oktober 2018

Stock Rec. JCI Wgt Last price YTD Chg TP Cons TP SSI PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) 18E 19E 18E 19E 18E 19E

Banks

BMRI BUY 4.6 6500 (18.8) 8168 8200 12.8 11.2 1.7 1.5 13.1% 13.4%

BBCA HOLD 8.8 23600 7.8 24861 26250 23.0 21.1 3.9 3.4 16.9% 16.2%

BBRI BUY 5.8 3090 (15.1) 3734 3800 12.0 10.7 2.1 1.8 17.2% 16.9%

BBNI BUY 2.0 7200 (27.3) 9028 9050 9.0 7.8 1.2 1.1 13.7% 14.3%

BBTN HOLD 0.4 2420 (32.2) 3219 2800 7.7 6.7 1.1 0.9 13.6% 13.9%

BNLI BUY 0.2 472 (24.5) 592 610 23.6 15.7 0.6 0.6 2.6% 3.7%

Average 14.7 12.2 1.8 1.6 12.8% 13.1%

Consumer (Staples)

ICBP BUY 1.6 8850 (0.6) 9735 10200 24.6 22.6 4.7 4.2 19.1% 18.6%

INDF BUY 0.8 6100 (20.0) 8213 8400 11.6 10.4 1.6 1.4 13.6% 13.8%

KLBF HOLD 1.0 1365 (19.2) 1399 1450 25.3 23.9 4.4 4.0 17.4% 16.7%

UNVR HOLD 5.2 44600 (20.2) 45778 49900 43.8 40.6 55.9 50.8 127.7% 125.2%

Average 26.3 24.4 16.6 15.1 44.4% 43.6%

Cigarette

HMSP SELL * 6.9 3840 (18.8) 4135 3900 34.6 32.4 11.8 10.6 34.0% 32.8%

GGRM BUY 2.3 79400 (5.3) 85027 83700 18.9 18.4 3.2 2.8 16.8% 15.3%

Average 26.7 25.4 7.5 6.7 25.4% 24.1%

Healthcare

MIKA BUY 0.3 1500 (17.1) 1829 2050 29.3 24.1 4.4 3.5 14.9% 14.6%

SILO HOLD 0.1 2440 (74.5) 3636 3250 36.1 31.2 0.5 0.4 1.4% 1.4%

Average 32.7 27.7 2.4 2.0 8.2% 8.0%

Poultry

CPIN HOLD 1.3 5350 78.3 5702 5500 21.0 18.5 4.7 4.0 22.5% 21.6%

JPFA BUY 0.4 2000 53.8 2741 2750 8.3 7.2 1.9 1.5 22.3% 21.2%

MAIN BUY 0.0 1175 58.8 1567 1400 8.0 5.5 1.1 0.9 13.2% 16.7%

Average 12.4 10.4 2.5 2.1 19.3% 19.8%

Retail

MAPI BUY 0.2 795 28.2 1016 930 26.5 16.9 3.3 2.8 12.3% 16.4%

RALS BUY 0.1 1260 5.0 1572 1550 21.4 18.8 2.4 2.3 11.2% 12.2%

ACES BUY 0.4 1390 20.3 1581 1550 24.8 21.1 6.8 5.7 27.3% 27.2%

Average 24.2 18.9 4.1 3.6 17.0% 18.6%

Pulp and Paper

INKP HOLD 1.1 13675 153.2 22450 20000 9.6 7.8 1.4 1.2 15.0% 15.7%

Media

MNCN BUY 0.2 790 (38.5) 1363 1500 7.0 6.8 1.2 1.1 16.5% 15.8%

SCMA BUY 0.4 1785 (28.0) 2432 3000 14.5 11.3 5.3 4.1 36.3% 35.8%

Average 10.8 9.0 3.2 2.6 26.4% 25.8%

Telco

EXCL BUY 0.5 2830 (4.4) 3715 3380 123.0 26.2 1.4 1.3 1.1% 5.1%

ISAT BUY 0.2 2650 (44.8) 3781 7400 5.4 5.0 0.9 0.8 16.3% 16.2%

TLKM HOLD 5.7 3760 (14.5) 4143 3700 19.5 19.4 3.8 3.6 19.7% 18.3%

TOWR BUY 0.4 498 (37.8) 821 900 8.6 7.8 1.7 1.5 20.2% 19.2%

Average 39.1 14.6 2.0 1.8 14.3% 14.7%

Auto and HE

ASII BUY 4.4 7025 (15.4) 8557 9400 14.1 12.6 2.1 1.9 14.7% 14.8%

UNTR BUY 1.8 31925 (9.8) 42306 41500 14.3 11.1 2.3 2.0 16.2% 18.3%

Average 14.2 11.8 2.2 1.9 15.4% 16.5%

Aviation

GIAA HOLD 0.1 206 (31.3) 276 295 150.9 14.9 0.4 0.3 0.3% 2.1%

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Riset Saham Harian

19 Oktober 2018

Property

BSDE BUY 0.3 1100 (35.3) 1878 2350 4.0 3.7 0.6 0.5 14.6% 13.6%

PWON BUY 0.4 484 (29.3) 708 767 11.8 9.9 2.0 1.7 16.8% 17.2%

ASRI HOLD 0.1 280 (21.3) 378 310 4.7 4.5 0.6 0.5 11.9% 11.2%

SMRA SELL * 0.1 610 (35.4) 920 782 24.4 23.0 1.1 1.2 4.6% 5.1%

SSIA HOLD 0.0 478 (7.2) 623 564 114.9 77.6 0.5 0.5 0.5% 0.7%

CTRA BUY 0.2 855 (27.8) 1306 1580 17.3 16.1 0.9 0.8 5.0% 5.1%

DMAS HOLD 0.1 136 (20.5) 196 156 9.8 9.4 0.9 0.8 8.7% 8.4%

KIJA SELL 0.1 218 (23.8) 240 203 48.9 42.7 0.7 0.7 1.5% 1.7%

Average 29.5 23.4 0.9 0.8 7.9% 7.9%

Construction

PTPP BUY 0.1 1550 (41.3) 3163 3350 7.6 7.0 0.8 0.7 10.9% 10.7%

ADHI BUY 0.1 1265 (32.9) 2331 3250 7.1 5.0 0.6 0.6 9.1% 11.4%

WSKT BUY 0.3 1550 (29.9) 2683 3250 5.7 5.3 0.8 0.8 14.3% 14.8%

WIKA BUY 0.2 1255 (19.0) 2159 1850 7.7 6.3 0.7 0.6 8.6% 9.4%

Average 7.0 5.9 0.7 0.7 10.7% 11.6%

Cement

INTP SELL 0.9 16600 (24.4) 16150 13300 22.3 18.9 2.1 2.0 9.6% 10.5%

SMGR BUY 0.8 9000 (9.1) 10104 12000 15.1 13.8 1.6 1.5 10.7% 10.7%

SMCB SELL 0.2 1725 106.6 732 700 -23.6 -28.3 1.8 1.9 -7.7% -6.6%

Average 4.6 1.5 1.9 1.8 4.2% 4.9%

Precast

WSBP BUY 0.1 338 (17.2) 507 580 7.9 6.8 1.0 0.8 12.4% 12.5%

WTON BUY 0.0 328 (34.4) 657 750 7.4 7.1 0.9 0.7 11.5% 10.0%

Average 7.7 6.9 0.9 0.8 11.9% 11.3%

Oil and Gas

PGAS BUY 0.8 2230 27.4 2600 3000 15.6 13.6 1.4 1.3 9.1% 9.7%

AKRA BUY 0.2 3620 (43.0) 5242 6000 7.8 10.1 1.6 1.4 20.4% 14.3%

TPIA SELL * 1.2 4510 (24.8) 4768 5480 18.4 16.6 3.1 2.7 16.8% 16.2%

BRPT HOLD 0.5 1790 (20.8) 2244 2400 12.3 10.9 0.9 0.8 7.6% 7.4%

ESSA BUY 0.1 322 66.7 444 457 44.7 11.8 1.4 1.1 3.2% 9.5%

MEDC BUY 0.2 880 (1.1) 1313 1500 12.1 9.5 3.9 3.1 32.6% 32.5%

Average 18.5 12.1 2.1 1.7 14.9% 14.9%

Utilities

JSMR BUY 0.5 4310 (32.7) 5767 7500 13.0 9.8 1.9 1.6 14.3% 16.8%

Metal

ANTM BUY 0.3 765 22.4 1220 1050 69.5 34.8 1.1 1.1 1.6% 3.1%

INCO BUY 0.5 3200 10.7 5004 5200 22.4 21.8 1.2 1.2 5.3% 5.4%

TINS BUY 0.1 680 (12.3) 1176 5200 10.3 9.4 0.8 0.8 8.1% 8.4%

Average 34.1 22.0 1.0 1.0 5.0% 5.6%

Coal

DOID BUY 0.1 830.0 16.1 1433.3 1450 5.7 5.2 2.0 1.4 34.4% 27.3%

ITMG BUY 0.5 26000 25.6 32497 32500 9.4 8.9 2.0 1.8 20.8% 20.8%

ADRO BUY 0.8 1730 (7.0) 2561 2410 7.4 7.1 1.0 0.9 13.7% 12.8%

PTBA BUY 0.8 4490 82.5 4827 5300 7.6 6.4 3.4 3.0 44.5% 46.5%

Average 7.5 6.9 2.1 1.8 28.3% 26.8%

Plantation

AALI BUY 0.4 12000 (8.7) 14262 15200 11.9 9.8 1.2 1.2 10.3% 11.8%

LSIP BUY 0.1 1270 (10.6) 1449 1420 11.2 10.8 1.0 0.9 8.7% 8.8%

TBLA BUY 0.1 1000 (18.4) 1360 1500 5.6 4.6 1.2 1.0 20.7% 21.8%

SIMP HOLD 0.1 492 6.0 517 520 22.4 18.9 0.5 0.5 2.3% 2.7%

Average 12.8 11.0 1.0 0.9 10.5% 11.3%

Source: SSI Research, Bloomberg

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

Note: *: Under Review

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Riset Saham Harian

19 Oktober 2018

Global Data

Regional Indices Last Price Chg (Pts)

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

World 2,064 (25.03) (1.20) (1.28) 0.05 (5.20) (3.30) (1.85) 1.53 2,250 2,010

U.S. (S&P) 2,769 (40.43) (1.44) 0.65 1.48 (4.79) (1.27) 3.56 8.07 2,941 2,533

U.S. (DOW) 25,379 (327.23) (1.27) 0.51 1.30 (3.89) 1.26 2.67 9.57 26,952 23,053

Europe 3,212 (31.49) (0.97) 0.04 0.07 (4.66) (7.49) (8.34) (10.84) 3,709 3,181

Emerging Market 971 (12.81) (1.30) (1.40) (0.94) (5.84) (8.46) (16.19) (13.07) 1,279 950

FTSE 100 7,027 (27.61) (0.39) (0.03) 0.29 (4.15) (8.55) (8.60) (6.59) 7,904 6,867

CAC 40 5,117 (28.16) (0.55) 0.43 0.20 (5.13) (5.54) (3.69) (4.68) 5,657 5,038

Dax 11,589 (125.82) (1.07) (0.21) 0.43 (5.15) (8.65) (10.28) (10.78) 13,597 11,459

Indonesia 5,845 (23.38) (0.40) 2.06 2.50 (0.48) (0.44) (8.03) (1.10) 6,693 5,558

Japan 22,246 (411.83) (1.82) (1.34) (1.98) (6.02) (2.28) (2.28) 3.72 24,448 20,347

Australia 5,914 (28.61) (0.48) 0.75 0.31 (4.46) (5.57) (2.50) 0.30 6,374 5,725

Korea 2,124 (24.68) (1.15) (1.00) (1.77) (8.01) (6.95) (13.94) (14.13) 2,607 2,118

Singapore 3,070 (1.43) (0.05) 0.78 0.73 (3.37) (6.34) (9.79) (7.95) 3,642 3,030

Malaysia 1,738 (2.58) (0.15) 0.54 1.73 (3.48) (1.21) (3.27) (0.34) 1,896 1,658

Hong Kong 25,455 (7.71) (0.03) (1.34) (2.82) (7.13) (9.13) (14.92) (9.60) 33,484 25,125 China 2,486 (75.20) (2.94) (3.18) (3.76) (8.95) (10.32) (24.82) (26.22) 3,587 2,486

Taiwan 9,954 (25.41) (0.25) 0.53 1.51 (8.32) (8.14) (6.48) (7.50) 11,270 9,741

Thailand 1,683 (12.13) (0.72) (0.78) (2.26) (3.82) 2.19 (4.04) (0.03) 1,853 1,585

Philipines 7,141 41.57 0.59 3.10 3.73 (1.11) (3.34) (16.56) (15.86) 9,078 6,791

Monetary Indicators Last Chg (Pts)

JIBOR Overnight (%) 5.78 (0.00) 6.06 3.89

Foreign Reserves (US$Bn) 114.85 (2.61) (4.17) (11.79) (11.25) 131.98 114.85

Inflation Rate (yoy, %) 2.88 3.61 2.88

Gov Bond Yld (10yr, %) 8.59 0.00 8.90 6.09

US Fed Rate (%) 2.25 2.25 1.25

Exchange Rate (per USD) Last Price Chg (Pts)

Indonesia 15,194 44.00 (0.29) 0.17 0.27 (2.23) (5.19) (10.70) (11.04) 15,284 13,268

Japan 112.28 0.07 (0.06) (0.03) (0.06) 0.00 0.17 0.37 0.23 114.73 104.56

UK 1.30 0.00 0.02 (1.22) (1.01) (0.94) 0.05 (3.65) (1.06) 1.44 1.27

Euro 1.15 0.00 0.04 (1.00) (0.88) (1.84) (1.58) (4.56) (3.32) 1.26 1.13

China 6.94 0.01 (0.15) (0.30) (0.69) (1.10) (3.15) (6.21) (4.47) 6.94 6.24

Commodity Indicators Last Price Chg (Pts)

Oil (WTI) 68.79 0.14 0.20 (4.35) (3.57) (3.28) (0.96) 13.85 34.12 76.90 50.70

CPO 2,239 (22.00) (0.97) (0.13) 0.27 1.87 1.27 (10.55) (18.31) 2,857 2,137

Rubber 660.50 0.50 0.08 0.61 (0.15) (2.37) (2.22) (9.83) (17.39) 799.00 610.50

Coal 110.55 2.35 2.17 3.17 3.80 (1.65) (6.27) 8.76 12.06 118.00 90.60

Iron Ore 68.28 0.93 1.38 1.38 (0.16) 6.26 15.69 (3.53) 9.21 76.88 57.85

Tin 19,036 (52.00) (0.27) (0.55) (1.17) 0.08 (2.68) (5.27) (5.58) 22,104 18,662

Nickel 12,350 (25.00) (0.20) (2.10) (2.56) (0.40) (9.29) (3.21) 6.01 16,690 10,740

Copper 6,157 (62.00) (1.00) (2.29) (1.36) 1.17 0.11 (15.04) (11.92) 7,348 5,773

Gold 1,227 (0.60) (0.05) (0.13) 0.60 1.90 0.23 (6.09) (4.76) 1,366 1,160

Source: Bloomberg, SSI Research

Change (%) 1 Year

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DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e 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 an d 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 reprod uced or copied or made available to others. Under no circumstances is it to be considered as an of fer 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

Research Team

Andy Ferdinand, CFA Head of Equity Research, Strategy,

Banking, Consumer (Staple) [email protected] +6221 2854 8148

Ahmad Mikail Economist [email protected] +6221 2854 8396

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

Akhmad Nurcahyadi, CSA

Property, Construction, Cement, Toll Road, Aviation, Automotive, Mining Contractor, Cigarette, Healthcare

[email protected] +6221 2854 8144

Arandi Ariantara Oil and Gas, Chemical, Coal, Telco,

Telco Retail [email protected] +6221 2854 8392

Marlene Tanumihardja Consumer (Poultry, Retail, Small Cap),

Pulp and Paper, Media [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Metal, Telco Infrastructure, Plantation,

Small Cap [email protected] +6221 2854 8339

Albertha Palma Research Associate [email protected] +6221 2854 8338

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 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

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

Online Trading Sales Team

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371

Aben Epapras Marketing [email protected] +6221 2854 8389