Riset Saham Harian. Minim sentiment penggerak, IHSG berpotensi flat. Highlights. Samuel Research 17 Mei 2017

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Riset Saham Harian

Samuel Research 17 Mei 2017

www.samuel.co.id Page 1 of 7

Minim sentiment penggerak, IHSG berpotensi flat

Bursa AS berakhir mixed menyusul rilis data ekonomi dan ritel yang menunjukkan hasil variatif. Dari sisi ekonomi produksi manufaktur AS menunjukkan kenaikan terbesar dalam tiga tahun tekahir. Hal ini

memrperkuat pandangan bahwa pertumbuhan ekonomi meningkat di 2Q17.

Saat ini investor tengah berhati-hati mengenai potensi tertundanya agenda reformasi perpajakan dan peraturan pemerintah. Sama halnya Bursa Eropa ditutup turun tipis di saat investor mencermati laporan keuangan sejumlah perusahaan. Harga minyak mentah ditutup flat, setelah Menteri energi Arab Saudi dan Rusia mengisyaratkan pemotongan produksi minyak mentah akan diperpanjang dari pertengahan tahun ini sampai 1Q18.

Dari domestik, surplus neraca perdagangan menipis ke $1.24miliar dan pertumbuhan ekspor melambat pertanda perekonomian Indonesia yang masih agak lemah, serta minim katalas postif, menjadi penunjang IHSG berpeluang flat hari ini. Nilai tukar Rupiah terhadap US$ tercatat flat ke 13.330, sementara EIDO melemah.

Highlights

 BSDE: Rencana luncurkan Klaster Avezza

 ROTI: Siapkan capex Rp498 miliar

 Perbankan: NPL dan pembukaan data bank

 JSMR: Memberikan diskon 20% tarif tol bagi pengguna jalan tol yang menggunakan uang elektronik

 TPIA: Laba bersih 1Q17 tumbuh 181% yoy

 RALS: Hingga April Raup Rp2 triliun : 5,647.0

: -41.9 (-0.74%) : 4,050 Mn shrs : 5,327 Bn rupiah

CloseLast +/- %

INTP 18,475 675 3.8

ANTM 700 90 14.8

SMGR 9,200 300 3.4

JPFA 1,180 105 9.8

BBCA 17,400 -850 -4.7

BBRI 14,025 -275 -1.9

GGRM 70,500 -3100 -4.2

ASII 8,600 -100 -1.1

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

TLKM 162 BBCA 160

BBRI 137 UNTR 41

BMRI 88 BBNI 36

SMGR 47 PGAS 28

ASII 46 SRIL 14 Money Market

Last

Close +/- %

USD/IDR 13,300 -4.0 0.0

JIBOR O/N 4.5 0.0 -

Infl (MoM) 0.1 - -

Dual Listing Securities Last

Close +/- %

TLKM 32.5 -0.3 -0.8

ISAT 40.4 -0.6 -1.4

EIDO 26.5 -0.4 -1.3

World Indices Last

Close +/- %

DJIA 20,980 -2 0.0

S&P 500 2,401 -2 -0.1

Euro Stoxx 3,642 0 0.0

MSCI World 1,906 5 0.2

Nikkei 19,773 -147 -0.7

Hang Seng 25,336 -36 -0.1

Commodities Last

Close +/- %

Brent Oil 51 -0.5 -1.0

CPO Malay 2,610 1.0 0.0

Coal Newc 73 0.6 0.8

Nickel 9,085 -115.5 -1.3

Tin 20,051 6.0 0.0

Market Value

Changes Leading Movers

Market Activity Wednesday, 17 May 2017 Market Index

Index Movement Market Volume

Changes Changes

Changes

Changes Lagging Movers

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Riset Saham Harian

17 Mei 2017

BSDE: Rencana luncurkan Klaster Avezza

 PT Bumi Serpong Damai, Tbk (BSDE) berencana meluncurkan klaster baru bernama Avezza yang berlokasi di area Tahap 2 berdekatan dengan Q Big, AEON Mall dan ICE.

 Adapun unit yang ditawarkan sebanyak 120unit dengan kisaran harga Rp1.3miliar hingga Rp2.2miliar dengan luasan lahan sekitar 60-105m2 dan luasan bangunan 73—116m2 dan harga berkisar Rp15-Rp16juta per meternya.

 Adapun proyek tersebut diperkirakan akan memberikan kontribusi pada pre sales sebesar Rp180miliar. (Company). BSDE: Buy; 22.5x P/E17E dan 1.4x PBV 17E.

ROTI: Siapkan capex Rp498 miliar

 PT Nippon Indosari Corpindo Tbk. (ROTI) menyiapkan belanja modal Rp498 miliar. Dana ini akan dimanfaatkan untuk mendukung kinerja pertumbuhan tahun ini. Mayoritas belanja modal akan digunakan untuk investasi dalam negeri, sedangkan sisanya akan dipergunakan untuk membiayai pengembangan perusahaan di Filipina. (Investor Daily). ROTI: Buy; 17E’PE:

22.3x, PBV: 4.6x.

Perbankan: NPL dan pembukaan data bank

 Diberitakan bahwa NPL gross tercatat 3,07% pada April 2017 atau naik dari 3,04% di Maret 2017. BI menilai ada perbaikan karena NPL secara nominal cenderung turun, meski secara persentase naik.

 Pemerintah mengeluarkan Perppu No. 1 /2017 yang membuka akses data keuangan nasabah bank kepada otoritas pajak. Sejumlah bankir menilai hal ini tidak akan merugikan bank dengan siknifikan karena nasabah secara umum sudah mengetahui akan dikeluarkannya peraturan tersebut. Hal ini sudah lama diwacanakan ke publik. (Investor Daily, Bisnis Indonesia)

Comment:

 Seiring dengan pertumbuhan kredit yang terus meningkat (April 2017: 9,8% menurut catatan BI, 2017F: 9-12% menurut OJK atau 10-11% menurut estimasi kami), NPL secara persentase diperkirakan akan menurun ke depannya. Banking: Neutral

JSMR: Memberikan diskon 20% tarif tol bagi pengguna jalan tol yang menggunakan uang elektronik

 PT Jasa Marga Tbk (JSMR) memberikan diskon sebesar 20% dari tarif jalan tol bagi pengguna jalan tol yang menggunakan uang elektronik seperti e-Money (Bank Mandiri), Brizzi (BRI), TapCash (BNI), Blink (BTN) dan Flazz (BCA). Diskon tarif tol ini berlaku pada arus mudik Lebaran 2017 selama 5 hari yaitu sejak H-3 sampai dengan H+2. Sedangkan diskon tarif tol pada arus balik diberlakukan selama 3 hari, sejak H+4 hingga H+6. (Investor Daily).

JSMR: BUY; 17E’PE: 18.1x, PBV: 2.5x.

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Riset Saham Harian

17 Mei 2017

TPIA: Laba bersih 1Q17 tumbuh 181% yoy

 PT Chandra Asri Petrochemical Tbk (TPIA) mencatat lonjakan laba bersih sebesar 181% yoy menjadi US$ 107,8 juta. Pendapatan meningkat 77% yoy seiring volume yang lebih tinggi dari hasil ekspansi cracker ethylene. Volume penjualan naik 37% yoy menjadi 554 KT. (Investor Daily) TPIA: Non-rated

RALS: Hingga April Raup Rp2 triliun

 PT Ramayana Lestari Sentosa Tbk. (RALS) mencatatkan penjualan bersih senilai Rp2,05 triliun sepanjang Januari – April 2017, atau tumbuh sebesar 3,1%YoY. Sementara itu, menurut keterangan manajemen, bulan April 2017 mencatatkan penjualan bersih sebesar Rp576 miliar.

 Hingga April 2017, penjualan RALS mencapai 23% dari target pendapatan tahun ini. Masih menurut keterangan manajemen, pendapatan RALS pada bulan Mei, Juni, dan Juli 2017 dapat mencapai 42% dari target perseroan, yang diharapkan datang seiring momentum Lebaran dan liburan sekolah.

 RALS memproyeksikan penjualan dapat mencapai Rp8,88 triliun hingga akhir tahun ini (+8%YoY), dengan target gross margin sebesar 27,5%, dan SSSG mencapai 8,2%. (April’17:

4,4%).

 Mengenai pembukaan gerai, RALS telah membuka 2 toko baru di Pondok Aren dan Bekasi pada awal Mei’17, dan sebelum Lebaran, RALS akan kembali membuka 2 toko baru di Cikupa dan Jatinegara. RALS akan fokus pembukaan gerai di Jabodetabek.

 Kemarin, RUPS tahunan RALS memutuskan untuk membagi dividen sebesar Rp242 miliar, atau sekitar 60% payout ratio dari laba bersih 2016. Pemegang saham menerima dividen sebesar Rp36 per lembar saham. (Investor Daily). RALS: Buy, 17E’PE: 21.0x, PBV: 2.5x.

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Riset Saham Harian

17 Mei 2017

Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E

Banks

BMRI HOLD 279,417 11975 (1.2) 3.5 11757 12400 3.5 12.5 12.1 1.6 1.5 13.1% 12.4%

BBCA HOLD 428,997 17400 (4.7) 12.3 18121 17400 0.0 18.5 17.5 3.3 2.9 17.9% 16.5%

BBRI BUY 345,985 14025 (1.9) 20.1 14066 15550 10.9 12.3 10.8 2.1 1.8 16.8% 16.8%

BBNI BUY 122,149 6550 0.4 18.6 6976 7100 8.4 9.0 7.8 1.2 1.1 13.9% 14.2%

BBTN BUY 24,781 2340 1.3 34.5 2544 2570 9.8 7.9 7.4 1.1 1.0 14.4% 13.7%

Average 12.1 11.1 1.9 1.7 15.2% 14.7%

Consumer (Staples)

ICBP BUY 100,001 8575 (0.6) 0.0 9491 10300 20.1 24.1 21.1 5.0 4.4 20.8% 20.9%

INDF BUY 73,536 8375 (1.2) 5.7 9752 9900 18.2 15.7 13.7 2.2 2.0 14.2% 14.9%

KLBF BUY 70,781 1510 (1.0) (0.3) 1702 1750 15.9 28.5 25.2 5.3 4.7 18.7% 18.7%

ROTI BUY 7,795 1540 (3.8) (3.8) 1808 2050 33.1 22.3 19.0 4.6 3.8 20.5% 20.2%

ULTJ BUY 12,276 4250 0.0 (7.0) 5350 5300 24.7 16.0 14.5 3.0 2.5 18.9% 17.5%

UNVR HOLD 364,714 47800 (0.4) 23.2 45680 45200 -5.4 51.1 45.6 59.5 52.1 116.6% 114.4%

SIDO BUY 8,025 535 0.9 2.9 693 700 30.8 14.9 11.9 2.8 2.7 18.9% 22.4%

AISA BUY 6,856 2130 1.9 9.5 2524 2500 17.4 9.4 6.8 1.5 1.2 15.6% 17.9%

Average 22.7 19.7 10.5 9.2 30.5% 30.9%

Cigarette

HMSP BUY 448,988 3860 0.3 0.8 4148 4390 13.7 34.8 33.6 11.9 10.9 34.3% 32.4%

GGRM BUY 135,648 70500 (4.2) 10.3 77068 77150 9.4 20.0 18.9 2.8 2.5 14.1% 13.4%

Average 27.4 26.2 7.4 6.7 24.2% 22.9%

Healthcare

MIKA BUY 32,739 2250 (0.4) (12.5) 2920 2950 31.1 41.7 38.1 8.2 7.4 19.6% 19.3%

SILO HOLD 15,835 12175 2.7 11.7 13784 12500 2.7 150.3 118.2 4.9 4.5 3.3% 3.8%

Average 96.0 78.2 6.5 5.9 11.4% 11.6%

Poultry

CPIN BUY 49,194 3000 (1.6) (2.9) 3210 4500 50.0 12.7 11.8 1.6 1.5 12.8% 12.4%

JPFA BUY 13,464 1180 9.8 (18.9) 1683 2200 86.4 6.5 5.9 1.2 1.0 18.7% 17.6%

MAIN BUY 2,328 1040 1.5 (20.0) 1463 2280 119.2 5.6 4.5 0.9 0.8 15.9% 17.2%

Average 8.3 7.4 1.2 1.1 15.8% 15.8%

Retail

MAPI BUY 10,292 6200 (1.6) 14.8 7139 7700 24.2 41.1 29.7 2.9 2.7 7.2% 9.1%

RALS BUY 9,686 1365 (0.4) 14.2 1457 1750 28.2 21.0 16.6 2.5 2.3 12.0% 13.9%

ACES HOLD 16,207 945 (0.5) 13.2 1006 900 -4.8 23.0 19.7 5.1 4.3 22.2% 21.8%

LPPF BUY 43,623 14950 (0.5) (1.2) 15863 19500 30.4 15.8 15.2 12.8 9.1 81.1% 60.0%

Average 25.2 20.3 5.9 4.6 30.6% 26.2%

Telco

EXCL BUY 32,171 3010 (3.5) 30.3 3504 3200 6.3 81.4 53.8 1.5 1.5 1.8% 2.7%

ISAT BUY 40,347 7425 1.0 15.1 8373 8200 10.4 20.4 14.6 2.7 2.4 13.4% 16.7%

TLKM BUY 437,472 4340 (0.5) 9.5 4783 5000 15.2 18.1 14.0 4.3 3.7 24.0% 26.7%

TOWR BUY 37,139 3640 (0.8) 1.7 4579 4500 23.6 10.6 9.9 2.6 2.1 24.5% 20.7%

Average 32.6 23.1 2.8 2.4 15.9% 16.7%

Auto and HE

ASII BUY 348,159 8600 (1.1) 3.9 9351 9000 4.7 15.6 13.2 2.7 2.2 17.2% 16.4%

UNTR BUY 88,870 23825 (3.0) 12.1 29198 31500 32.2 13.7 12.1 2.0 1.8 14.7% 14.9%

Average 14.6 12.6 2.3 2.0 15.9% 15.7%

Aviation

GIAA HOLD 8,853 342 (0.6) 1.2 372 420 22.8 256.9 25.7 0.6 0.4 0.2% 1.7%

Property

BSDE BUY 34,740 1805 0.3 2.8 2332 2350 30.2 17.4 14.6 1.1 0.8 6.2% 5.8%

PWON BUY 28,896 600 (4.0) 6.2 716 710 18.3 14.6 12.2 2.8 2.4 19.2% 19.3%

ASRI HOLD 6,484 330 0.0 (6.3) 444 390 18.2 9.7 9.2 0.9 0.8 8.8% 8.7%

SMRA BUY 18,827 1305 (2.6) (1.5) 1611 1550 18.8 26.9 25.4 2.3 2.1 8.4% 8.2%

SSIA BUY 3,105 660 (0.6) 52.1 912 750 13.6 14.7 12.2 1.0 0.9 6.6% 7.5%

CTRA BUY 21,530 1160 (0.9) (13.1) 1581 1580 36.2 11.4 9.4 1.3 1.2 11.0% 12.4%

DMAS BUY 11,086 230 (2.5) 0.0 308 300 30.4 16.4 13.5 1.3 1.2 8.0% 8.9%

KIJA BUY 6,695 324 0.0 11.0 400 450 38.9 14.1 12.5 1.1 1.0 7.8% 8.1%

Average 15.6 13.6 1.5 1.3 9.5% 9.8%

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Riset Saham Harian

17 Mei 2017

Construction

PTPP BUY 17,608 2840 4.8 (25.5) 4673 4150 46.1 12.6 10.7 1.5 1.3 11.8% 12.6%

ADHI HOLD 7,798 2190 0.5 5.3 2693 2550 16.4 23.5 19.7 1.4 1.3 6.0% 6.5%

WSKT BUY 30,948 2280 0.9 (10.6) 3346 3250 42.5 13.7 10.8 1.6 1.5 11.7% 14.2%

WIKA BUY 20,003 2230 0.0 (5.5) 3086 3000 34.5 18.0 15.7 1.4 1.3 8.0% 8.3%

Average 17.0 14.2 1.5 1.4 9.4% 10.4%

Cement

INTP SELL 68,011 18475 3.8 20.0 15833 13500 -26.9 18.7 17.6 2.4 2.2 12.9% 12.6%

SMGR HOLD 54,570 9200 3.4 0.3 9700 9000 -2.2 13.5 12.2 1.7 1.6 12.9% 12.9%

SMCB SELL 6,667 870 (3.3) (3.3) 757 700 -19.5 -36.3 -29.0 0.8 0.8 -2.3% -2.8%

SMBR HOLD 31,499 3200 (1.8) 14.7 539 2300 -28.1 84.2 80.0 8.4 7.4 10.0% 9.3%

Average 20.0 20.2 3.3 3.0 8.4% 8.0%

Precast

WSBP BUY 12,864 488 1.7 (12.1) 703 690 41.4 19.2 12.5 1.5 1.3 8.0% 10.6%

WTON BUY 5,665 650 0.8 (21.2) 1077 1150 76.9 17.1 14.8 1.9 1.6 10.9% 10.6%

Average 18.1 13.6 1.7 1.4 9.4% 10.6%

Oil and Gas

PGAS HOLD 57,210 2360 (2.5) (12.6) 2988 2600 10.2 13.0 10.5 1.2 1.1 9.4% 10.7%

AKRA BUY 25100.9 6275.0 -0.4 4.6 6925.0 7600 21.1 21.4 21.2 3.3 3.0 15.2% 14.0%

MEDC BUY 9,164 2750 7.4 108.3 4263 4500 63.6 3.8 3.6 0.7 0.6 17.6% 16.3%

Average 12.7 11.8 1.7 1.6 14% 14%

Utilities

JSMR BUY 34,838 4800 (0.6) 11.1 5626 5000 4.2 18.1 24.0 2.5 2.3 13.9% 9.8%

Metal

ANTM BUY 16,822 700 14.8 (21.8) 890 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8%

INCO BUY 19,773 1990 5.6 (29.4) 2470 3500 75.9 21.6 12.6 0.8 0.8 3.7% 6.2%

TINS BUY 6,517 875 4.8 (18.6) 1253 1200 37.1 41.7 25.7 1.2 1.2 2.9% 4.5%

Average 23.8 14.2 0.9 0.9 5.5% 9.5%

Coal

DOID BUY 7434.2 875.0 0.0 71.6 1587.5 1600 82.9 6.0 6.2 2.6 1.8 44.0% 28.6%

ITMG BUY 16,949 15000 (1.0) (11.1) 21409 19000 26.7 6.5 5.7 1.3 1.2 19.6% 20.5%

ADRO BUY 46,859 1465 (1.3) (13.6) 2022 2100 43.3 11.1 10.1 0.9 0.9 8.5% 8.7%

PTBA BUY 25,000 10850 (0.2) (13.2) 15346 15000 38.2 11.2 9.1 2.2 2.0 19.9% 21.5%

Average 8.7 7.8 1.8 1.4 23.0% 19.8%

Plantation

AALI BUY 28,197 14650 0.0 (12.7) 18116 19800 35.2 16.1 13.5 1.7 1.6 10.7% 12.1%

LSIP BUY 10,371 1520 1.3 (12.6) 1757 2050 34.9 13.7 10.6 1.3 1.2 9.1% 10.9%

SIMP BUY 9,727 615 0.0 24.5 582 600 -2.4 14.0 10.8 0.7 0.6 4.9% 5.8%

Average 14.6 11.6 1.2 1.1 8.2% 9.6%

Source: SSI Research, Bloomberg

Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID report in USD.

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Riset Saham Harian

17 Mei 2017

Regional Indices 1D Change

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

World 4.59 1,906 0.24 0.70 0.54 3.26 3.80 8.85 16.12 1,908 1,567

U.S. (S&P) (1.65) 2,401 (0.07) 0.26 0.16 2.20 2.11 7.23 17.27 2,406 1,992

U.S. (DOW) (2.19) 20,980 (0.01) 0.29 0.02 1.66 1.72 6.16 19.68 21,169 17,063

Europe 0.01 3,642 0.00 0.51 (0.20) 5.62 10.07 10.68 23.95 3,667 2,678

Emerging Market 4.82 1,015 0.48 1.26 2.01 5.44 8.10 17.72 26.62 1,016 781

FTSE 100 67.66 7,522 0.91 1.83 2.45 2.65 3.04 5.31 n/a 7,534 5,789

CAC 40 (11.30) 5,406 (0.21) 0.42 0.15 6.61 11.06 11.18 25.79 5,442 3,956

Dax (2.51) 12,805 (0.02) 0.74 0.43 5.74 8.91 11.53 29.47 12,842 9,214

Indonesia (41.87) 5,647 (0.74) (0.11) (1.07) 1.25 5.53 6.61 19.41 5,746 4,691

Japan (137.96) 19,782 (0.69) (0.51) (0.59) 7.77 2.85 3.49 18.79 19,998 14,864

Australia (42.12) 5,808 (0.72) (0.49) (1.14) (1.38) 0.04 2.52 7.65 5,957 5,051

Korea (7.78) 2,288 (0.34) 0.07 0.77 6.61 9.95 12.88 16.23 2,323 1,893

Singapore (36.50) 3,228 (1.12) (1.33) (0.29) 2.85 3.86 12.04 16.06 3,275 2,703

Malaysia (0.50) 1,778 (0.03) 0.16 0.57 2.55 4.13 8.31 8.86 1,788 1,612

Hong Kong (35.65) 25,336 (0.14) 0.84 1.80 4.43 5.42 15.16 25.93 25,413 19,632

China 22.74 3,113 0.74 1.68 1.05 (3.39) (2.78) 0.30 9.47 3,301 2,781

Taiwan (5.33) 10,031 (0.05) 0.30 1.17 3.24 2.78 8.41 23.23 10,059 8,047

Thailand 8.93 1,546 0.58 (0.25) (1.38) (1.88) (2.00) 0.22 9.94 1,601 1,343

Philipines 18.14 7,791 0.23 (0.32) (1.67) 2.67 7.54 13.89 3.54 8,118 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) 0.03 4.46 0.60 0.13 0.59 5.37 (9.79) 5.58 4.16

Foreign Reserve (US$bn) n/a 123.25 n/a 1.19 5.44 5.92 14.43 123.25 103.59

Inflation Rate (%) n/a 0.09 n/a 550.00 (90.72) (78.57) 120.00 0.97 (0.02)

US Fed Rate (%) 0.00 1.00 0.00 0.00 33.33 33.33 100.00 1.00 0.50

Indo Govt Bond Yld (10yr) - % 0.00 7.05 (2.84) (0.30) (6.52) (11.58) (7.77) 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (4.00) 13300 0.03 0.44 0.38 (0.11) 1.30 1.30 0.06 13,698 12,920

Japan (0.51) 112.61 0.45 0.68 1.48 (3.29) 3.86 3.86 (3.08) 118.66 99.02

UK 0.00 1.29 0.03 0.24 (0.13) 2.83 4.71 4.71 (10.66) 1.50 1.18

Euro 0.00 1.11 0.05 1.44 2.02 4.18 5.43 5.43 (1.99) 1.14 1.03

China (0.01) 6.89 0.10 0.25 0.30 (0.09) 0.85 0.85 (5.32) 6.96 6.53

Commodities Indicators 1D Change

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

Oil (0.51) 48.15 (1.05) 0.65 1.73 (8.55) (9.83) (10.37) (0.33) 55.24 39.19

CPO 1.00 2,610.00 0.04 0.23 2.80 4.27 (10.89) (16.05) 0.89 3,202.00 2,172.00

Rubber 15.50 933.00 1.69 6.32 6.75 (4.60) (19.01) (4.55) 33.48 1,174.00 644.00

Coal 0.60 72.75 0.83 (0.27) (0.95) (11.39) (8.49) (23.18) 41.67 112.25 69.00

Iron Ore (2.42) 57.38 (4.05) (2.30) (7.24) (21.64) (33.19) (26.49) 3.20 94.91 46.80

Tin 6.00 20,051.00 0.03 0.58 1.51 2.33 2.00 (5.44) 18.56 21,945.00 15,494.00

Nickel (115.00) 9,120.00 (1.25) (2.09) (1.03) (6.46) (17.62) (8.98) 4.59 12,145.00 8,329.00

Copper (2.00) 5,611.00 (0.04) 1.23 1.80 (1.42) (6.48) 1.36 20.80 6,204.00 4,483.50

Gold 7.30 1,243.70 0.59 1.30 2.03 (3.60) 0.48 8.15 (2.60) 1,377.50 1,124.70

Source: SSI Research, Bloomberg

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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 the sub ject 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 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 recommenda tion 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 [email protected] +6221 2854 8148

Rangga Cipta Economist [email protected] +6221 2854 8396

Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382

Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction

Healthcare, Heavy Equipment, Property [email protected] +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Toll Road,

Oil and Gas [email protected] +6221 2854 8392

Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339

Nadya Swastika 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