DAILY. Menantikan Pengumuman The Fed, IHSG Diperkirakan Melemah. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market Activity

Market Index : 6,662.9

Index Movement : +9.9 0.15%

Market Volume : 24,482 Mn shrs Market Value : 10,396 Bn rupiah

Last

Close +/- %

Leading Movers

SMMA 13,000 1700 15.0

EMTK 2,230 110 5.2

MASA 6,500 800 14.0

TPIA 7,350 275 3.9

Lagging Movers

BBCA 7,300 -75 -1.0

TLKM 4,080 -70 -1.7

DCII 40,500 -1,750 -4.1

UNTR 22,025 -975 -4.2

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

BBRI 65 UNTR 74

EMTK 33 TLKM 65

BEBS 25 SMGR 59

BGTG 23 BBCA 55

AVIA 19 BMRI 45 Money Market

Last

Close +/- %

USD/IDR 14,343 -30.0 0.2

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 28.2 -0.3 -1.2

EIDO 23.1 -0.4 -1.7

Global Indices Last

Close +/- %

DJIA 35,651 -320 -0.89

S&P 500 4,669 -43 -0.91

Euro Stoxx 4,183 -16 -0.38

MSCI World 3,162 -26 -0.82

STI 3,120 -16 -0.50

Nikkei 28,640 203 0.71

Hang Seng 23,955 -41 -0.2

Commodities*

Last

Close +/- %

Brent Oil 74.4 -0.8 -1.01

Coal (ICE) 164.3 0.5 0.31

CPO Malay 5,220.0 -23.0 -0.44

Gold 1,788 3.1 0.17

Nickel 19,753 -80.0 -0.40

Tin 39,118 -192.5 -0.49

*last price per closing date

Changes Changes

Changes

Changes Monday, 13 Dec 2021

DAILY RESEARCH

14 December 2021

Market Highlights Highlights

Menantikan Pengumuman The Fed, IHSG Diperkirakan Melemah

Semalam pasar AS ditutup melemah; Indeks Dow Jones turun -0.89%, S&P 500 melemah -0.91%, dan Nasdaq turun -1.39%. Investor memilih bersikap hati-hati menjelang pengumuman keputusan the Fed terkait kebijakan tapering yang akan diumumkan minggu ini. Hal lain yang patut menjadi perhatian investor pekan ini adalah pengumuman kebijakan The ECB, Bank of England, serta Bank of Japan untuk meretensi tingkat inflasi yang tinggi. Yield UST 10Y terpantau turun ke level 1.424 (- 4.37%), sedangkan USD index naik +0.27% ke level 96.35.

Pasar komoditas terpantau bergerak mixed kemarin (13/12); minyak WTI turun - 0.27% ke level USD 71.00/bbl, Brent menguat +0.05% ke level USD 74.25/bbl. Harga batubara naik +0.31% ke level USD 164.25/ton, dan nikel melemah -0.40% ke level USD 19,752/ton, dan CPO melemah -0.44% ke level MYR 5,220/ton. Harga emas terpantau naik +0.17% ke level USD 1,787/toz.

Bursa Asia ditutup mixed kemarin (13/12): Kospi melemah -0.28%, Nikkei menguat +0.71%, Hang Seng melemah -0.17% sementara Shanghai naik +0.40%. Indeks EIDO ditutup melemah -1.02%, sementara IHSG ditutup menguat +0.15% pada perdagangan kemarin ke level 6,662, dengan net sell asing tertinggi di pasar reguler dicetak oleh UNTR (IDR 73.5 miliar), TLKM (IDR 65.2 miliar), dan SMGR (IDR 59 miliar). Net buy asing tertinggi di pasar reguler dicatatkan oleh BBRI (IDR 65 miliar), EMTK (IDR 32.5 miliar), dan BEBS (IDR 25 miliar). Top sector gainer kemarin adalah sektor transportasi, sementara yang menjadi top sector loser adlah sektor industrial estate. SMMA, EMTK, dan MASA menjadi top leading movers, sementara BBCA, TLKM, dan DCII menjadi top lagging movers.

Terjadi penambahan 106 kasus baru COVID-19 di Indonesia pada hari Senin (13/12) dengan positive rate sebesar 0.1% (recovery rate: 96.5%, kasus aktif: 4,974).

Pagi ini Nikkei dibuka flat +0.03%, sedangkan Kospi dibuka melemah -0.15%. Kami memproyeksikan IHSG akan turun hari ini, seiring dengan melemahnya bursa global dan regional.

 Cigarette : Cukai Hasil Tembakau 2022 Naik rata-rata 12.05%



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Equity Research│14 December 2021

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2

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)

14-Dec-20 14-Jan-21 14-Feb-21 14-Mar-21 14-Apr-21 14-May-21 14-Jun-21 14-Jul-21 14-Aug-21 14-Sep-21 14-Oct-21 14-Nov-21

0 10 20 30 40 50 60 70 80 90 100

14-Dec-20 4-Jan-21 25-Jan-21 15-Feb-21 8-Mar-21 29-Mar-21 19-Apr-21 10-May-21 31-May-21 21-Jun-21 12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21 15-Nov-21 6-Dec-21

40 90 140 190 240 290 340

14-Dec-20 13-Jan-21 12-Feb-21 14-Mar-21 13-Apr-21 13-May-21 12-Jun-21 12-Jul-21 11-Aug-21 10-Sep-21 10-Oct-21 9-Nov-21 9-Dec-21

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

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

14-Dec-20 4-Jan-21 25-Jan-21 15-Feb-21 8-Mar-21 29-Mar-21 19-Apr-21 10-May-21 31-May-21 21-Jun-21 12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21 15-Nov-21 6-Dec-21

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100

COVID-19 Data Indonesia

7 Day Running Covid-19 Data

Total 1D Change Total Dai l y Total Cl osed Cases

Cases % Deaths Deaths Acti ve Cases %

12/13/2021 4,259,249 0.00 143,948 12 (98,983,556) 2423.97 12/12/2021 4,259,143 0.00 143,936 7 (98,794,975) 2419.60 12/11/2021 4,258,980 0.01 143,929 6 (97,679,545) 2393.50 12/10/2021 4,258,752 0.00 143,923 5 (97,034,680) 2378.48 12/9/2021 4,258,560 0.01 143,918 9 (96,344,630) 2362.38 12/8/2021 4,258,340 0.01 143,909 16 (95,711,013) 2347.61 12/7/2021 4,258,076 0.01 143,893 17 (94,895,398) 2328.60

Average 10 2379.16

Source: SSI Research, Bloomberg

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Equity Research│14 December 2021

Cigarette: Cukai Hasil Tembakau 2022 Naik rata-rata 12.05%

Kementerian Keuangan resmi menaikkan cukai hasil tembakau (CHT) untuk tahun 2022. Kenaikan tarif cukai rata-rata 12%, sedangkan untuk SKT kenaikan maksimal 4.5% dengan rincian:

■ SKM IIB naik 14.3% dengan tarif IDR 600 (Bergabung dengan SKM IIB), HJE per batang terendah IDR 1.140.

■ SPM I naik 13.9% dengan tarif Rp 1,065, HJE per batang terendah IDR 2,005.

■ SPM IIA naik 12.4% dengan tarif IDR 635 (Bergabung dengan SKM IIB), HJE per batang terendah Rp 1,135.

■ SPM IIB naik 14.4% dengan tarif IDR 635, HJE per batang terendah IDR 1,135.

■ SKT (sigaret kretek tangan) IA naik 3.5% dengan tarif IDR 440, HJE per batang terendah IDR 1,635.

■ SKT IB naik 4.5% dengan tarif IDR 345, HJE per batang terendah IDR 1,135.

■ SKT II naik 2.5% dengan tarif IDR 205, HJE per batang terendah IDR 600.

■ SKT III naik 4.5% dengan tarif IDR 115, HJE per batang terendah IDR 505.

Comment:

Ada tiga hal yang didapat dari kenaikan harga cukai tahun 2022 yaitu:

1. Kenaikan cukai SKM untuk emiten coverage SSI (GGRM dan HMSP) yaiu 13.9% yoy sedikit lebih tinggi dari target kami di 11%, namun masih manageable di tengah potensi ekonomi yang mulai pulih di masa pandemi.

2. Gap cukai antara Tier I dan Tier II semakin melebar. Pada segmen SKM gap cukai pada produsen tier I – tier II dari 61.7% menjadi 64.2%. Di segmen SPM 65.5% menjadi 67.7%, sehingga masih akan menyulitkan produsen tier I seperti GGRM dan HMSP untuk menjaga margin keuntungan.

3. Simplifikasi terjadi pada segmen bawah, dimana tarif cukai SKM IIA dan SKM IIB serta SPM IIA dan SPM IIB menjadi sama. Hal ini tentu membuat persaingan di antara produsen tier II membesar dengan level cukai yang sama, sehingga penurunan pangsa pasar tier I mulai melandai.

Cigarette:Underweight

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Equity Research│14 December 2021

www.samuel.co.id

4 Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

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

Banks

BBCA BUY 11.3 7,300 8,100 7,911 11.0 33.2 29.7 4.9 4.5 14.7 15.1

BBRI BUY 7.5 4,160 5,300 4,864 27.4 26.5 15.6 2.7 2.1 10.3 13.1

BMRI BUY 4.1 7,125 8,000 8,425 12.3 19.4 13.1 1.8 1.6 9.1 12.3

BBNI BUY 1.6 6,850 8,500 8,348 24.1 42.8 12.3 1.1 1.0 2.6 8.0

BBTN BUY 0.2 1,765 2,300 2,174 30.3 11.6 7.3 0.9 0.8 8.1 11.4

Average 24.6 10.9 1.3 1.1 6.6 10.6

Consumer (Staples)

ICBP BUY 1.2 8,750 12,000 11,142 37.1 20.3 15.5 4.0 3.4 19.9 22.1

INDF BUY 0.7 6,550 9,500 8,243 45.0 11.8 11.9 1.4 1.3 11.9 11.0

KLBF BUY 1.0 1,605 1,950 1,804 21.5 27.5 24.2 4.3 4.0 15.7 16.3

UNVR HOLD 1.9 4,380 4,500 4,777 2.7 23.3 23.1 34.0 33.4 145.7 145.0

SIDO HOLD 0.3 890 970 1,013 9.0 28.6 23.9 8.3 7.6 29.0 31.9

Average 22.3 19.7 10.4 10.0 44.5 45.3

Cigarette

HMSP SELL 1.3 1,020 870 1,087 -14.7 13.8 15.2 3.9 4.0 28.5 26.4

GGRM BUY 0.7 32,250 38,240 34,923 18.6 7.3 7.1 1.0 1.0 14.2 13.9

Average 10.6 11.2 2.5 2.5 21.4 20.1

Healthcare

MIKA BUY 0.4 2,420 2,960 2,826 22.3 41.0 26.9 7.0 6.1 17.1 22.8

SILO BUY 0.2 8,400 11,300 11,459 34.5 116.7 19.9 2.3 2.1 2.0 10.6

HEAL BUY 0.2 1,010 1,380 1,389 36.6 9.3 8.0 1.2 1.1 13.3 13.5

Average 55.6 18.3 3.5 3.1 10.8 15.6

Poultry

CPIN BUY 5.2 5,900 7,000 4,723 18.6 33.5 25.8 4.6 4.2 13.7 16.4

JPFA BUY 0.2 1,580 2,000 2,258 26.6 19.8 9.4 1.6 1.4 8.0 15.3

MAIN BUY 0.0 690 770 834 11.6 n/a 10.1 0.7 0.7 -0.9 6.8

WMUU BUY 0.0 156 340 290 117.9 n/a 7.1 n/a 1.5 n/a 21.8

Average 26.6 15.1 2.3 2.1 7.0 12.8

Retail

MAPI BUY 0.2 770 1,100 1,028 42.9 n/a 32.3 2.4 2.3 -10.4 7.2

RALS BUY 0.1 690 900 840 30.4 n/a 14.7 1.1 1.1 -1.5 7.7

ACES BUY 0.3 1,280 1,900 1,517 48.4 27.2 20.0 4.4 3.9 16.1 19.6

LPPF SELL 0.1 4,270 3,150 3,716 -26.2 n/a 8.1 19.3 10.0 -147.3 122.8

Average 27.2 22.3 2.6 2.5 1.4 11.5

Pulp and Paper

INKP BUY 0.5 7,900 9,900 9,383 25.3 10.1 6.5 0.7 0.6 6.9 9.8

Average 10.1 6.5 0.7 0.6 6.9

Media

MNCN BUY 0.2 955 1,300 1,410 36.1 7.0 5.4 0.8 0.8 12.1 14.1

SCMA BUY 0.3 358 490 505 36.9 22.9 20.1 6.8 5.9 29.7 29.3

Average 15.0 12.7 3.8 3.3 20.9 21.7

Telco

EXCL SELL 0.4 3,170 3,000 3,780 -5.4 90.6 45.9 1.8 1.7 1.9 3.8

ISAT BUY 0.4 5,650 7,250 7,718 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM SELL 5.2 4,080 4,050 4,723 -0.7 19.4 18.1 3.3 3.2 17.2 17.7

Average 55.0 43.2 2.5 1.7 4.5 7.3

Telco Retail

ERAA BUY 0.1 610 1,625 870 166.4 3.3 2.7 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.9 3,140 2,500 3,226 -20.4 65.4 49.8 10.8 6.8 16.5 13.7

TOWR BUY 0.8 1,145 1,600 1,677 39.7 20.4 17.9 5.7 4.8 27.9 27.0

Average 42.9 33.9 8.2 5.8 22.2 20.4

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Equity Research│14 December 2021

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

Auto

ASII BUY 3.1 5,900 6,975 6,938 18.2 14.8 12.4 1.2 1.1 8.3 9.1

Average 14.8 12.4 1.2 1.1 8.3

Mining Contracting

UNTR BUY 1.0 22,025 31,000 29,745 40.7 11.9 8.8 1.3 1.2 11.2 13.8

Average 11.9 8.8 1.3 1.2 11.2

Property

BSDE BUY 0.3 1,040 1,350 1,459 29.8 15.5 11.7 0.6 0.6 4.0 4.9

PWON HOLD 0.3 500 530 622 6.0 38.5 13.5 1.0 1.6 2.6 12.1

ASRI SELL 0.0 172 130 217 -24.4 13.2 6.1 0.3 0.3 2.3 4.7

LPKR SELL 0.1 147 140 178 -4.8 n/a n/a 0.3 0.3 -0.5 -0.2

SMRA BUY 0.2 905 1,200 1,132 32.6 75.4 37.7 1.9 2.0 2.5 5.3

CTRA BUY 0.3 1,055 1,360 1,377 28.9 14.9 13.7 1.3 1.2 8.6 8.6

Average 31.5 16.6 0.9 1.0 3.3 5.9

Industrial Estate

SSIA BUY 0.0 470 700 793 48.9 n/a 42.7 0.6 0.6 -1.6 1.3

DMAS BUY 0.1 202 250 253 23.8 13.5 11.9 1.3 1.5 9.6 12.7

KIJA SELL 0.0 174 150 N/A -13.8 15.8 13.4 0.6 0.5 4.0 3.4

Average 14.6 22.7 0.8 0.8 4.0 5.9

Construction

PTPP BUY 0.1 1,095 1,400 1,415 27.9 52.1 18.3 0.5 0.5 0.9 2.5

ADHI BUY 0.0 1,060 1,420 1,201 34.0 151.4 35.3 0.7 0.7 0.4 1.9

WSKT BUY 0.1 800 1,220 1,037 52.5 n/a n/a 0.7 0.7 -44.6 -4.2

WIKA BUY 0.1 1,185 1,440 1,373 21.5 12.3 8.1 0.6 0.6 5.0 7.1

Average 72.0 20.5 0.6 0.6 -9.5 1.8

Cement

INTP BUY 0.6 11,900 13,100 14,026 10.1 24.2 26.2 2.0 2.0 8.2 7.6

SMGR BUY 0.6 7,900 13,050 11,200 65.2 20.7 16.7 1.3 1.2 6.3 7.4

Average 22.5 21.4 1.6 1.6 7.2 7.5

Precast

WSBP BUY 0.0 123 230 170 87.0 11.2 3.3 0.3 0.3 2.9 8.9

WTON BUY 0.0 282 450 325 59.6 25.6 7.6 0.7 0.7 2.9 8.9

Average 18.4 5.5 0.5 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,485 1,800 1,787 21.2 n/a 6.6 0.8 0.7 -8.9 10.7

AKRA BUY 0.2 4,250 4,950 5,012 16.5 18.3 16.0 1.9 1.8 10.6 11.5

MEDC BUY 0.1 500 1,090 868 118.0 n/a 6.8 0.7 0.7 -9.9 9.7

Average 18.3 9.8 1.2 1.1 -2.7 10.6

Chemical

TPIA BUY 1.8 7,350 10,250 8,825 39.5 506.9 84.5 5.1 5.1 1.0 6.0

BRPT BUY 5.2 885 1,150 4,723 29.9 185.0 113.0 4.7 4.7 2.5 4.2

ESSA SELL 0.1 406 225 N/A -44.6 n/a n/a 2.8 1.4 -20.0 -0.5

Average 345.9 98.8 4.2 3.7 -5.5 3.2

Utilities

JSMR BUY 0.3 3,960 5,000 5,167 26.3 60.0 19.9 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.7 2,320 3,230 3,186 39.2 37.4 22.7 2.9 2.7 7.7 11.7

MDKA SELL 5.2 3,740 3,000 4,723 -19.8 n/a 20.3 13.6 14.8 15.7 72.9

INCO BUY 0.5 4,710 6,700 6,273 42.3 38.9 18.8 1.7 1.6 4.3 8.4

TINS BUY 0.1 1,565 1,775 1,738 13.4 n/a 1778.4 2.2 2.7 -4.2 0.1

Average 38.2 460.1 5.1 5.4 5.9 23.3

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6

Revenue Net Profit

Period Price (IDR) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (IDRbn)

BSML*

Bintang Samudera Mandiri Lines (Tranportation &

Logistic)

16 - 25 Nov 100 - 150 7 - 10 Des 117 370 20.0 43

Working capital,lending facility to subsidiary

and debt payment

16-Dec 29 4 1H21

Source : e-ipo.co.id, *Note: Subject to OJK approval

646 8M21

ADCP*

Adhi Commuter Property (Properties & Real

Estate)

12 - 25 Nov 130 - 200 2 - 8 Des n.a 8,011 28.6 1,041 - 1,602

Existing and recurring project development, landbank acquisition

and bond payment

10-Des 201 34 1H21

ADMR* Adaro Minerals

Indonesia (Energy) 9 - 16 Nov 100 - 125 24 - 28 Dec n.a 6,049 15.0 605 - 756

Lending facility to subsidiary and debt

payment

30-Dec 2,966

Upcoming 2021 IPO's

Listing Financial Result

Period

DRMA*

Dharma Polimetal (Consumer

Cyclicals)

19 - 30 Nov 500 - 620 9 - 15 Des 500 706 15.0 353

Capex, capital injection to subsidiaries and

working capital

Ticker Company (Sector) Book Building Offering Shares issued Proceeds

17-Des 1,307 100 1H21

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

Coal

ITMG BUY 0.3 20,225 28,600 24,996 41.4 34.7 3.2 1.9 1.2 5.4 36.7

ADRO SELL 0.8 1,920 1,530 2,094 -20.3 17.8 13.5 1.1 1.2 6.3 8.7

PTBA BUY 0.4 2,710 3,200 3,221 18.1 12.7 4.2 1.9 1.2 14.6 29.3

Average 21.7 7.0 1.6 1.2 8.8 24.9

Plantation

AALI BUY 0.2 9,875 14,500 13,151 46.8 22.8 10.7 1.0 0.9 4.4 8.7

LSIP BUY 0.1 1,245 1,370 1,718 10.0 12.2 10.0 0.9 0.8 7.5 8.3

TBLA BUY 0.1 800 980 1,100 22.5 6.6 5.4 0.6 0.6 8.9 10.3

SIMP SELL 0.1 474 388 560 -18.1 43.1 27.9 0.5 0.5 1.2 1.8

SSMS BUY 0.1 1,005 1,500 2,000 49.3 16.5 7.0 2.0 1.6 12.0 22.6

Average 20.2 12.2 1.0 0.9 6.8 10.3

Technology

ASSA BUY 0.2 3,630 4,300 4,396 18.5 139.6 113.4 8.6 8.0 6.1 7.0

EMTK BUY 1.6 2,230 2,600 2,733 16.6 67.6 318.6 11.2 10.6 16.5 3.3

Average 61.0 112.8 5.7 5.2 10.4 10.8

Source: SSI Research, Bloomberg

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

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Equity Research│14 December 2021

Chg (Pts)

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

World 3,162 (26.26) (0.82) (0.70) (1.92) 1.47 17.54 20.71 3,243 2,613

U.S. (S&P) 4,669 (43.05) (0.91) 1.68 (0.30) 4.48 24.30 27.45 4,744 3,633

U.S. (DOW) 35,651 (320.04) (0.89) 1.20 (1.24) 2.24 16.48 18.65 36,566 29,756

Europe 4,183 (16.12) (0.38) 1.11 (4.29) (0.21) 17.74 19.38 4,415 3,401

Emerging Market 1,231 (7.93) (0.64) (0.40) (4.27) (5.06) (4.70) (1.59) 1,449 1,209

FTSE 100 7,231 (60.34) (0.83) (0.01) (1.59) 2.81 11.93 10.71 7,403 6,315

CAC 40 6,943 (48.77) (0.70) 1.12 (2.09) 4.36 25.07 25.60 7,183 5,307

Dax 15,622 (1.59) (0.01) 1.57 (2.93) (0.64) 13.87 18.14 16,290 13,060

Indonesia 6,663 9.95 0.15 1.77 0.18 8.71 11.44 10.82 6,754 5,735

Japan 28,661 20.91 0.07 0.72 (3.20) (6.55) 4.44 7.22 30,796 26,362

Australia 7,362 (17.56) (0.24) 0.65 (1.09) (1.02) 11.76 10.53 7,633 6,517

Korea 2,994 (8.11) (0.27) 0.06 0.83 (4.93) 4.18 8.38 3,316 2,716

Singapore 3,120 (15.65) (0.50) 0.12 (3.36) 1.28 9.71 9.16 3,274 2,804

Malaysia 1,495 5.98 0.40 0.77 (2.37) (3.90) (8.13) (10.10) 1,696 1,483

Hong Kong 23,955 (41.14) (0.17) 2.59 (5.42) (6.07) (12.03) (9.23) 31,183 23,175

China 3,681 14.73 0.40 2.56 4.01 0.50 5.99 9.26 3,732 3,313

Taiwan 17,768 (58.66) (0.33) 0.45 1.42 1.91 20.60 25.03 18,034 14,053

Thailand 1,626 7.60 0.47 2.14 (0.50) 0.12 12.18 10.14 1,659 1,388

Philipines 7,198 5.44 0.08 2.02 (2.51) 4.01 0.81 (1.15) 7,476 6,081

Foreign Reserves (US$Bn) 145.90 0.30 0.77 7.36 9.24 146.87 135.90

Inflation Rate (yoy, %) 1.75 1.75 1.33

Gov Bond Yld (10yr, %) 6.32 3.07 6.86 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,343 (30.00) 0.21 0.66 (0.91) (0.63) (2.04) (1.73) 14,635 13,865

Japan 113.55 0.01 (0.01) 0.04 0.50 (3.40) (9.07) (8.37) 115.52 102.59

UK 1.32 (0.00) (0.08) (0.28) (1.56) (4.37) (3.39) (0.88) 1.42 1.32

Euro 1.13 (0.00) (0.03) 0.12 (0.77) (4.42) (7.65) (7.11) 1.23 1.12

China 6.37 (0.00) 0.05 0.15 0.25 1.33 2.52 2.89 6.58 6.34

Chg (Pts)

Oil (Brent) 74.39 (0.76) (1.01) 1.79 (9.47) 1.20 43.61 48.87 86.70 49.13

CPO 5,044 (4.00) (0.08) (2.55) (2.76) 12.84 29.63 40.11 5,500 3,343

Coal 165.95 2.70 1.65 14.76 12.70 (7.37) 106.15 101.15 270.00 77.00

Tin 38,745 (655.00) (1.66) 0.03 2.38 15.66 90.63 99.46 40,680 19,455

Nickel 19,711 (35.00) (0.18) (0.55) (1.34) (0.08) 18.65 14.04 21,425 15,665

Copper 9,448 (59.00) (0.62) (0.60) (2.71) (1.20) 21.65 21.55 10,748 7,673

Gold 1,786 (0.76) (0.04) 0.10 (4.13) (1.03) (5.92) (2.27) 1,959 1,677

Silver 22.30 (0.03) (0.14) (0.89) (11.01) (6.51) (15.52) (6.44) 30 21

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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│14 December 2021

www.samuel.co.id

8

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854

Fikri Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144

William Mamudi, CFTe, CMT Senior Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst m.alfatih@samuel.co.id +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal dessy.lapagu@samuel.co.id +6221 2854 8392

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas farras.farhan@samuel.co.id +6221 2854 8346

Calista Muskitta Retail calista.muskitta@samuel.co.id +6221 2854 8331

Pebe Peresia Consumer Staples pebe.peresia@samuel.co.id +6221 2854 8339

Andreas Kristo Saragih Constructions, Toll Roads andreas.kristo@samuel.co.id +6221 2864 8303

Adolf Richardo Editor adolf.richardo@samuel.co.id +6221 2864 8854

Ashalia Fitri Research Associate ashalia.fitri@samuel.co.id +6221 2854 8163

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312

Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399

Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314

Henry Sutanto Institutional Equity Sales henry.sutanto@samuel.co.id +6221 2854 8329

Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325

Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173

Suryanti Salim Sales Trader suryanti.salim@samuel.co.id +6221 2854 8173

Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

GittaWahyuRetnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

WahyudiBudiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170

Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337

Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384

Fendy Fixed Income Sales fendy@samuel.co.id +6221 28548385

Equity Retail / Online Team

Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372

Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8163

Albertha Palma Equity Assistant albertha.palma@samuel.co.id +6221 2854 8163