Riset Saham Harian. Bursa AS ditutup mixed. Highlights. Samuel Research 12 Juni 2017

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Riset Saham Harian

Samuel Research 12 Juni 2017

www.samuel.co.id Page 1 of 6

Bursa AS ditutup mixed

Bursa AS ditutup mixed pada jumat lalu seiring penurunan saham-saham teknologi setelah penguatan siknifikan yang telah terjadi sebelumnya. Data wholesale trade yang sedikit di bawah ekspektasi menjadi sentimen negatif, di samping adanya langkah sejumlah investor untuk wait and see terhadap FOMC meeting pada 13-14 Juni mendatang.

Di Eropa, investor masih mencermati situasi politik termasuk pemilu di beberapa negara. Pengumuman bahwa Perdana Menteri Theresa May akan membentuk koalisi beberapa partai dan menjadi mayoritas di parlemen menjadi angin segar terkait kepastian di negara yang sedang mengalami proses Brexit itu.

Dari pasar komoditas, harga minyak cenderung meningkat. Sejalan dengan itu, harga batubara telah kembali ke sekitar USD 80/MT dan menjadi hal positif.

IHSG melemah 0,5% pada jumat lalu dengan dana asing mencatatkan net sell Rp 525 miliar di pasar reguler. Mengikuti pergerakan bursa global yang mixed pada jumat lalu, penurunan EIDO, dan pelemahan sejumlah bursa pagi ini, IHSG berpeluang ikut tertekan hari ini. FOMC meeting di minggu ini menjadi perhatian investor.

Highlights

 WTON: Bukukan kontrak baru Rp2.3tn

 MASA: Mengalokasikan capex 36 juta dolar AS

 BBNI: Kredit konsumsi ditargetkan naik 13-14%yoy

 BUMI: Mulai konversi utang $ 3.8 m

 PTBA: Menandatangi kontrak angkutan 130.1 juta ton batubara

: 5,675.5

: -27.4 (-0.48%) : 4,050 Mn shrs : 5,327 Bn rupiah

Close Last +/- %

TLKM 4,330 30 0.7

SMGR 9,375 350 3.9

SCMA 2,740 100 3.8

BNGA 1,230 50 4.2

ASII 8,650 -175 -2.0

BBRI 14,375 -275 -1.9

BBCA 17,700 -225 -1.3

HMSP 3,840 -30 -0.8

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

TLKM 236 BBRI 253

SCMA 32 ASII 97

PTPP 11 INDF 85

AKRA 7 BBNI 63

UNVR 5 ICBP 50 Money Market

Last

Close +/- %

USD/IDR 13,290 -2.0 0.0

JIBOR O/N 4.4 0.0 -

Infl (MoM) 0.4 - -

Dual Listing Securities

Close Last +/- %

TLKM 32.5 -0.1 -0.3

ISAT 39.6 0.8 2.1

EIDO 26.7 -0.3 -1.2

World Indices Last

Close +/- %

DJIA 21,272 89 0.4

S&P 500 2,432 -2 -0.1

Euro Stoxx 3,586 22 0.6

MSCI World 1,923 -1 -0.1

Nikkei 19,881 -132 -0.7

Hang Seng 26,030 -33 -0.1

Commodities Last

Close +/- %

Brent Oil 48 0.3 0.5

CPO Malay 2,420 20.0 0.8

Coal Newc 81 -0.3 -0.3

Nickel 8,949 164.5 1.9

Tin 18,930 -359.0 -1.9

Changes Changes

Changes

Changes Lagging Movers

Market Value

Changes Leading Movers

Market Activity

Monday, 12 Jun 2017

Market Index

Index Movement

Market Volume

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Riset Saham Harian

12 Juni 2017

www.samuel.co.id Page 2 of 6

WTON: Bukukan kontrak baru Rp2.3tn

 PT Wijaya Karya Beton, Tbk (WTON) membukukan kontrak baru Jan -Mei17 sebesar Rp2.3tn atau sekitar 32.5% dari FY17E target. Adapun target kontrak baru WTON sebesar Rp7tn dari sebelumnya Rp6.2tn. Sementara itu, proyeksi pendapatan juga dinaikan menjadi Rp6tn dari Rp5tn sebelumnya. (Bisnis Indonesia). WTON: BUY; 29.9x P/E17E dan 3.3x PBV 17E.

MASA: Mengalokasikan capex 36 juta dolar AS

 PT Multistrada Arah Sarana Tbk. (MASA) menganggarkan belanja modal sebesar 36 juta dolar AS untuk penambahan kapasitas pabrik ban pada tahun ini. Manajemen menuturkan sejauh ini kapasitas pabrik yang ditambah itu terutama untuk segmen roda dua. Hingga saat ini, MASA memiliki kapasitas terpasang untuk ban motor mencapai 6 juta unit per tahunnya, dan tingkat utiliasi mencapai 70% sehingga dibutuhkan penambahan kapasitas pabrik. (Bisnis Indonesia).

MASA: Non-Coverage.

BBNI: Kredit konsumsi ditargetkan naik 13-14%yoy

 BBNI menargetkan penyaluran kredit konsumsi naik 13-14% yoy di tahun ini. Penyaluran kredit ini umumnya lebih besar di 2H dibandingkan 1H.

 BBNI terus berupaya memperbaiki kualitas aset. Saat ini sedang diupayakan restrukturisasi PT Kembang 88 Multifinance, dimana BBNI memiliki tagihan Rp 168 miliar. Apabila proposal restrukturisasi itu disetujui BBNI, perusahaan itu akan terhindar dari pailit. (Bisnis Indonesia).

BBNI: Buy; 17E’ PE: 8.8x, PBV: 1.2x.

BUMI: Mulai konversi utang $ 3.8 m

 PT Bumi Resources Tbk (BUMI) mulai memproses konversi utang senilai US$ 3,8 miliar atau sekitar Rp 50,5 triliun. Utang yang di konversi tersebut adalah pinjaman CFL (CIC Group) senilai US$ 1,9 miliar, pinjaman CDB senilai US$ 600 juta, utang convertible bond senilai US$ 375 juta, dan utang sindikasi lainnya senilai US$ 300 juta dan US$ 700 juta.

 Pemegang hak diminta menyampaikan surat pemberitahuan memilih (notice of election) pada pukul 16.00 waktu London pada 21 Juli 2017. Apabila kreditor tidak menyatakan surat pemberitahuan memilih pada batas waktu, kreditor akan kehilangan hak untuk menerima pertimbangan penukaran (exchange consideration) dan surat utang (notes) mereka akan dibatalkan pada tanggal efektif. (Investor Daily). BUMI: Buy.

PTBA: Menandatangi kontrak angkutan 130.1 juta ton batubara

 PT Bukit Asam Tbk (PTBA) menandatangani perjanjian kerjasama dengan PT Kereta Api Indonesia (KAI) terkait pengangkutan sebanyak 130,1 juta ton batubara sepanjang 2017-2021.

Batubara yang diangkut berasal dari Tanjung Enim, Sumatera Setalatan menunuju Pelabuhan Tarahan, Bandar Lampung dan Dermaga Kertapati,Palembang. (Investor Daily). PTBA: Buy; 17E’

PE: 11.6, PBV: 2.3x.

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Riset Saham Harian

12 Juni 2017

www.samuel.co.id Page 3 of 6

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 BUY 285,250 12225 (0.8) 5.6 12252 14000 14.5 14.4 11.7 1.6 1.4 11.3% 12.0%

BBCA HOLD 436,394 17700 (1.3) 14.2 18592 18000 1.7 18.8 17.8 3.4 2.9 17.9% 16.5%

BBRI BUY 354,619 14375 (1.9) 23.1 14798 15550 8.2 12.6 11.1 2.1 1.9 16.8% 16.8%

BBNI BUY 119,351 6400 (0.8) 15.8 7149 7350 14.8 8.8 7.6 1.2 1.1 13.9% 14.2%

BBTN BUY 27,110 2560 2.0 47.1 2658 2870 12.1 8.7 8.1 1.2 1.1 14.4% 13.7%

Average 12.7 11.2 1.9 1.7 14.8% 14.7%

Consumer (Staples)

ICBP BUY 97,960 8400 (0.9) (2.0) 9521 10300 22.6 23.6 20.7 4.9 4.3 20.8% 20.9%

INDF BUY 74,634 8500 (1.2) 7.3 9588 9900 16.5 16.0 13.9 2.3 2.1 14.2% 14.9%

KLBF BUY 72,656 1550 (1.3) 2.3 1728 1750 12.9 29.2 25.8 5.5 4.8 18.7% 18.7%

ROTI BUY 6,454 1275 (1.9) (20.3) 1793 2050 60.8 18.5 15.7 3.8 3.2 20.5% 20.2%

ULTJ BUY 14,731 5100 0.0 11.6 5700 5300 3.9 19.2 17.3 3.6 3.0 18.9% 17.5%

UNVR HOLD 362,807 47550 0.0 22.6 46650 45200 -4.9 50.8 45.3 59.2 51.9 116.6% 114.4%

SIDO BUY 7,650 510 0.0 (1.9) 682 700 37.3 14.2 11.3 2.7 2.5 18.9% 22.4%

AISA BUY 6,003 1865 (2.9) (4.1) 2338 2500 34.0 12.0 9.9 1.4 1.2 11.7% 12.5%

Average 22.9 20.0 10.4 9.1 30.0% 30.2%

Cigarette

HMSP BUY 446,661 3840 (0.8) 0.3 4168 4390 14.3 34.6 33.4 11.9 10.8 34.3% 32.4%

GGRM BUY 145,269 75500 0.7 18.2 77870 77150 2.2 21.4 20.2 3.0 2.7 14.1% 13.4%

Average 28.0 26.8 7.4 6.8 24.2% 22.9%

Healthcare

MIKA BUY 27,501 1890 1.6 (26.5) 2862 2950 56.1 35.0 32.0 6.8 6.2 19.6% 19.3%

SILO HOLD 15,998 12300 5.1 12.8 13931 12500 1.6 151.9 119.4 5.0 4.6 3.3% 3.8%

Average 93.4 75.7 5.9 5.4 11.4% 11.6%

Poultry

CPIN BUY 49,686 3030 (1.3) (1.9) 3210 4500 48.5 12.8 11.9 1.6 1.5 12.8% 12.4%

JPFA BUY 14,777 1295 0.0 (11.0) 1625 1500 15.8 7.6 6.1 1.4 1.2 18.0% 18.9%

MAIN BUY 2,451 1095 (0.9) (15.8) 1304 2280 108.2 5.9 4.7 0.9 0.8 15.9% 17.2%

Average 8.8 7.6 1.3 1.1 15.6% 16.2%

Retail

MAPI BUY 10,458 6300 1.2 16.7 7554 7700 22.2 41.7 30.1 3.0 2.7 7.2% 9.1%

RALS BUY 9,225 1300 2.4 8.8 1483 1750 34.6 20.0 15.9 2.4 2.2 12.0% 13.9%

ACES HOLD 17,150 1000 3.1 19.8 1018 900 -10.0 24.4 20.8 5.4 4.5 22.2% 21.8%

LPPF BUY 42,602 14600 0.5 (3.5) 16390 19500 33.6 15.4 14.9 12.5 8.9 81.1% 60.0%

Average 25.4 20.4 5.8 4.6 30.6% 26.2%

Telco

EXCL BUY 35,805 3350 2.1 45.0 3459 3200 -4.5 90.5 59.8 1.7 1.6 1.8% 2.7%

ISAT BUY 33,690 6200 (1.6) (3.9) 8295 8200 32.3 17.0 12.2 2.3 2.0 13.4% 16.7%

TLKM BUY 436,464 4330 0.7 9.3 4815 5000 15.5 18.0 14.0 4.3 3.7 24.0% 26.7%

TOWR BUY 37,241 3650 (1.4) 2.0 4609 4500 23.3 10.6 10.0 2.6 2.1 24.5% 20.7%

Average 34.1 24.0 2.7 2.4 15.9% 16.7%

Auto and HE

ASII BUY 350,183 8650 (2.0) 4.5 9390 9000 4.0 15.6 13.3 2.7 2.2 17.2% 16.4%

UNTR BUY 98,849 26500 (2.6) 24.7 29517 31500 18.9 15.2 13.4 2.2 2.0 14.7% 14.9%

Average 15.4 13.4 2.5 2.1 15.9% 15.7%

Aviation

GIAA HOLD 9,267 358 (1.6) 5.9 372 420 17.3 268.9 26.9 0.6 0.4 0.2% 1.7%

Property

BSDE BUY 34,644 1800 0.0 2.6 2319 2350 30.6 16.1 13.8 1.4 1.2 8.7% 8.5%

PWON BUY 29,137 605 (2.4) 7.1 719 710 17.4 14.8 12.3 2.8 2.4 19.2% 19.3%

ASRI HOLD 6,327 322 (2.4) (8.5) 432 390 21.1 9.5 8.9 0.8 0.8 8.8% 8.7%

SMRA HOLD 17,817 1235 0.8 (6.8) 1596 1307 5.8 53.7 41.2 2.1 2.0 4.0% 4.8%

SSIA BUY 2,941 625 (1.6) 44.0 912 750 20.0 13.9 11.6 0.9 0.9 6.6% 7.5%

CTRA BUY 20,231 1090 (1.8) (18.4) 1568 1580 45.0 12.7 10.6 1.3 1.2 10.3% 11.1%

DMAS BUY 10,411 216 0.9 (6.1) 309 300 38.9 12.2 9.9 1.2 1.1 9.7% 10.8%

KIJA BUY 6,736 326 0.6 11.6 400 450 38.0 14.2 12.5 1.1 1.0 7.8% 8.1%

Average 18.4 15.1 1.5 1.3 9.4% 9.8%

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Riset Saham Harian

12 Juni 2017

www.samuel.co.id Page 4 of 6

Construction

PTPP BUY 19,034 3070 (0.3) (19.4) 4604 4150 35.2 13.6 11.5 1.6 1.5 11.8% 12.6%

ADHI HOLD 7,763 2180 0.5 4.8 2701 2550 17.0 23.4 19.6 1.4 1.3 6.0% 6.5%

WSKT BUY 29,998 2210 (1.8) (13.3) 3252 3250 47.1 13.2 10.5 1.5 1.5 11.7% 14.2%

WIKA BUY 19,824 2210 0.0 (6.4) 3090 3000 35.7 17.8 15.6 1.4 1.3 8.0% 8.3%

Average 17.0 14.3 1.5 1.4 9.4% 10.4%

Cement

INTP SELL 65,894 17900 0.6 16.2 15697 13500 -24.6 18.1 17.0 2.3 2.1 12.9% 12.6%

SMGR HOLD 55,608 9375 3.9 2.2 9816 9000 -4.0 13.7 12.5 1.8 1.6 12.9% 12.9%

SMCB SELL 5,939 775 (1.3) (13.9) 825 700 -9.7 -32.3 -25.8 0.7 0.7 -2.3% -2.8%

SMBR HOLD 29,476 2980 0.0 6.8 539 2300 -22.8 78.4 74.5 7.8 6.9 10.0% 9.3%

Average 19.5 19.5 3.2 2.9 8.4% 8.0%

Precast

WSBP BUY 12,812 486 (0.8) (12.4) 678 690 42.0 19.1 12.5 1.5 1.3 8.0% 10.6%

WTON BUY 5,839 670 0.0 (18.8) 1073 1150 71.6 17.6 15.2 1.9 1.6 10.9% 10.6%

Average 18.4 13.8 1.7 1.5 9.4% 10.6%

Oil and Gas

PGAS HOLD 56,725 2340 (1.7) (13.3) 3019 2600 11.1 12.9 10.4 1.2 1.1 9.4% 10.7%

AKRA BUY 25800.9 6450.0 0.8 7.5 7000.0 7600 17.8 22.0 21.8 3.4 3.0 15.2% 14.0%

MEDC BUY 8,931 2680 (0.7) 103.0 4213 4500 67.9 3.7 3.5 0.7 0.6 17.6% 16.3%

Average 12.9 11.9 1.7 1.6 14% 14%

Utilities

JSMR BUY 37,197 5125 0.5 18.6 5813 5000 -2.4 19.3 25.6 2.7 2.5 13.9% 9.8%

Metal

ANTM BUY 17,182 715 0.0 (20.1) 833 1250 74.8 8.3 4.5 0.8 0.8 10.0% 17.8%

INCO BUY 18,581 1870 0.3 (33.7) 2580 3500 87.2 20.3 11.8 0.8 0.7 3.7% 6.2%

TINS BUY 5,735 770 (3.8) (28.4) 1278 1200 55.8 36.7 22.6 1.1 1.0 2.9% 4.5%

Average 21.8 13.0 0.9 0.9 5.5% 9.5%

Coal

DOID BUY 7527.8 885.0 -1.1 73.5 1587.5 1600 80.8 6.0 6.3 2.7 1.8 44.0% 28.6%

ITMG BUY 19,406 17175 (1.6) 1.8 21406 19000 10.6 7.4 6.5 1.4 1.3 19.6% 20.5%

ADRO BUY 49,738 1555 (1.3) (8.3) 2022 2100 35.0 11.8 10.7 1.0 0.9 8.5% 8.7%

PTBA BUY 25,921 11250 0.4 (10.0) 15179 15000 33.3 11.6 9.4 2.3 2.0 19.9% 21.5%

Average 9.2 8.2 1.9 1.5 23.0% 19.8%

Plantation

AALI BUY 27,379 14225 (0.2) (15.2) 18014 19800 39.2 15.6 13.1 1.7 1.6 10.7% 12.1%

LSIP BUY 9,586 1405 (0.7) (19.3) 1716 2050 45.9 12.7 9.8 1.2 1.1 9.1% 10.9%

SIMP HOLD 8,857 560 (0.9) 13.4 583 600 7.1 11.9 11.0 0.6 0.6 5.0% 5.2%

Average 13.4 11.3 1.1 1.1 8.3% 9.4%

Source: SSI Research, Bloomberg

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

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Riset Saham Harian

12 Juni 2017

www.samuel.co.id Page 5 of 6

Regional Indices 1D Change

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

World (2.86) 1,924 (0.15) (0.10) (0.57) 1.63 4.81 9.88 13.95 1,936 1,567

U.S. (S&P) 0.65 2,434 0.03 (0.09) 0.15 1.54 2.91 8.71 15.05 2,440 1,992

U.S. (DOW) 8.84 21,183 0.04 (0.01) 0.18 0.99 1.55 7.18 17.78 21,266 17,063

Europe 15.04 3,564 0.42 (0.44) (0.09) (2.33) 4.52 8.31 19.23 3,667 2,678

Emerging Market 3.32 1,019 0.33 0.31 0.39 2.87 10.42 18.18 21.75 1,020 792

FTSE 100 (28.64) 7,450 (0.38) (1.01) (1.24) 1.47 1.85 4.30 n/a 7,599 5,789

CAC 40 (1.29) 5,264 (0.02) (0.82) (1.02) (2.48) 5.68 8.27 19.49 5,442 3,956

Dax 41.09 12,714 0.32 (0.85) 0.78 (0.28) 6.14 10.74 26.02 12,879 9,214

Indonesia (14.40) 5,703 (0.25) (0.79) (0.61) 0.10 5.56 7.67 16.94 5,874 4,754

Japan 25.53 19,935 0.13 (0.23) (1.20) 0.46 3.19 4.29 19.60 20,240 14,864

Australia (17.80) 5,659 (0.31) (0.15) (2.23) (3.10) (1.44) (0.12) 5.54 5,957 5,051

Korea 10.66 2,374 0.45 0.24 1.26 3.55 13.54 17.16 17.29 2,377 1,893

Singapore 6.56 3,237 0.20 (0.04) 0.03 (0.40) 3.79 12.37 13.83 3,275 2,703

Malaysia (0.35) 1,786 (0.02) (0.13) 1.27 1.08 3.97 8.76 8.18 1,795 1,612

Hong Kong 88.90 26,063 0.34 0.77 0.98 4.72 10.90 18.47 22.37 26,073 19,663

China 10.01 3,150 0.32 1.90 1.54 2.27 (2.06) 1.50 7.62 3,301 2,808

Taiwan 15.79 10,226 0.15 (0.01) 0.72 3.13 5.87 10.51 17.33 10,242 8,374

Thailand 3.70 1,570 0.24 0.22 0.46 0.64 1.36 1.77 9.38 1,601 1,343

Philipines (43.69) 7,959 (0.55) (0.53) 0.39 0.44 9.09 16.34 5.60 8,118 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) 0.03 4.40 (0.35) 3.28 0.10 3.91 (10.23) 5.58 4.16

Foreign Reserve (US$bn) n/a 124.95 n/a 1.38 4.24 7.38 20.62 124.95 109.79

Inflation Rate (%) n/a 0.39 n/a 333.33 69.57 (7.14) 62.50 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 6.94 (0.20) (2.65) (7.50) (12.94) (8.95) 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (7.00) 13298 0.05 (0.09) 0.19 0.08 1.32 1.32 (0.26) 13,593 12,920

Japan (0.06) 109.96 0.05 (0.50) 0.40 3.66 6.37 6.37 (2.60) 118.66 99.02

UK (0.02) 1.27 (1.74) (1.40) (1.23) (1.58) 3.16 3.16 (11.95) 1.50 1.18

Euro (0.00) 1.12 (0.27) (0.82) (0.84) 2.85 6.34 6.34 (1.17) 1.14 1.03

China 0.00 6.80 (0.07) 0.05 0.12 1.53 2.13 2.13 (3.50) 6.96 6.57

Commodities Indicators 1D Change

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

Oil (0.22) 45.42 (0.48) (5.75) (4.70) (1.00) (7.83) (15.45) (10.17) 55.24 39.19

CPO (3.00) 2,400.00 (0.12) (1.19) (1.92) (5.47) (14.95) (22.80) (6.47) 3,202.00 2,172.00

Rubber (15.00) 829.00 (1.78) (8.90) (11.62) (8.50) (25.25) (15.19) 21.47 1,174.00 644.00

Coal 1.30 80.95 1.63 5.13 8.80 10.29 3.85 (14.52) 49.77 112.25 69.00

Iron Ore 0.66 55.38 1.21 (3.10) (3.10) (18.46) (39.30) (29.05) 17.33 94.91 48.60

Tin (123.00) 19,289.00 (0.63) (4.72) (6.14) (2.68) (0.55) (9.04) 12.70 21,945.00 17,000.00

Nickel 5.00 8,815.00 0.06 (1.07) (0.28) (3.61) (13.58) (12.03) (1.62) 12,145.00 8,700.00

Copper 108.50 5,729.50 1.93 1.80 0.54 4.44 (0.62) 3.50 25.15 6,204.00 4,483.50

Gold 2.00 1,279.50 0.16 (1.21) 0.09 5.21 6.34 11.26 0.65 1,377.50 1,124.70

Source: SSI Research, Bloomberg

Last Price

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Last Price

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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 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 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

www.samuel.co.id Page 6 of 6

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