Riset Saham Harian. Masih Menunggu Katalis, IHSG Berpeluang Flat. Highlights. Samuel Equity Research 19 September 2018

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Riset Saham Harian

Samuel Equity Research 19 September 2018

www.samuel.co.id Page 1 of 7

Masih Menunggu Katalis, IHSG Berpeluang Flat

Bursa AS ditutup rebound pada perdagangan terakhir, seiring meredanya kekhawatiran investor mengenai retorika perdagangan antara AS dan China.

Presiden AS Donald Trump mengumumkan bahwa 10% tarif terhadap barang impor China senilai US$ 200 miliar akan berlaku pekan depan, sementara China segera menanggapi dengan mengumumkan 10% tarif senilai US$60 miliar barang impor AS yang berlaku 24 September, hal ini meningkatkan perdagangan tit-for-tat antara AS dan China. Angka tersebut dinilai tidak seburuk perkiraan awal, masih direspon positif oleh investor.

Dari komoditas, Arab Saudi, Rusia dan negara-negara pengekspor utama lainnya dijadwalkan bertemu hari Minggu di Algiers, Algeria untuk meninjau pasar minyak. Investor masih mengevaluasi dampak sanksi Iran, serta perselisihan perdagangan yang berkembang antara AS dan China memiliki potensi untuk membebani permintaan.

Bursa Asia pada pagi ini dibuka bervariasi, dengan sentiment retorika perdagangan AS dan China menjadi fokus utama. IHSG hari ini berpeluang flat, dan Rupiah berpotensi terapresiasi.

.

Highlights

• Perbankan: Kredit bank besar masih relatif cukup kuat

• TCPI: Akuisisi Dua Perusahaan Pelayaran

• IPO: HK Metals Utama

• Grup Astra: Perusahaan tol afiliasi ASII dikucuri dana

: 5,811.8

: -12.5 (-0.21%) : 7,129 Mn shrs : 5,373 Bn rupiah Last

Close +/- %

ASII 7,025 75 1.1

PTBA 4,130 200 5.1

BBCA 24,000 75 0.3

PGAS 2,060 65 3.3

UNVR 45,525 -525 -1.1

BBRI 2,940 -30 -1.0

BMRI 6,375 -75 -1.2

SMGR 8,525 -275 -3.1

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

PTBA 80 BBRI 192

TLKM 59 BMRI 82

ASII 43 UNTR 53

UNVR 23 INDF 48

TKIM 13 INCO 33 Money Market

Last

Close +/- %

USD/IDR 14,855 -25.0 0.2

JIBOR O/N 5.4 0.0

Dual Listing Securities Last

Close +/- %

TLKM 24.1 0.8 3.5

ISAT 59.1 0.8 1.4

EIDO 22.5 0.3 1.4

Global Indices Last

Close +/- %

DJIA 26,247 185 0.7

S&P 500 2,904 16 0.5

Euro Stoxx 3,358 12 0.4

MSCI World 2,172 12 0.5

Nikkei 23,754 334 1.4

Hang Seng 27,085 152 0.6

Commodities Last

Close +/- %

Brent Oil 79 -0.2 -0.3

CPO Malay 2,198 -49.0 -2.2

Coal (ICE) 112 -1.3 -1.1

Nickel 12,338 158.5 1.3

Tin 19,020 -25.0 -0.1

Changes Changes Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Wednesday, 19 Sep 2018 Market Index

Index Movement Market Volume

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Riset Saham Harian

19 September 2018

Perbankan: Kredit bank besar masih relatif cukup kuat

• Per Agustus 2018, kredit BBRI tumbuh 14%yoy, mayoritas ditopang oleh UMKM.

Sementara, BBCA mencatat pertumbuhan kredit 15%yoy dan DPK 6,6%yoy per Agustus 2018. Kredit itu ditopang oleh segmen korporasi dan konsumsi. Per Juli 2018, OJK mencatat pertumbuhan kredit industri perbankan sebesar 11,3%yoy dan DPK 6,9%yoy.

• Pertumbuhan DPK yang lambat dan tren kenaikan suku bunga diperkirakan masih akan mendorong suku bunga deposito naik. LPS masih memperkirakan kredit tumbuh 10%yoy di tahun ini. (Investor Daily) Banking: Overweight

TCPI: Akuisisi Dua Perusahaan Pelayaran

• PT Transcoal Pacific Tbk (TCPI) akan mengakuisisi dua perusahaan yang bergerak di bidang pelayaran, yaitu PT Energy Transporter Indonesia (ETI) dan PT Sentra Makmur Lines (SML).

• Transcoal mengakuisisi ETI dan SML dengan mengambil alih PT Kanz Gemilang Utama (KGU) sebagai pemegang saham utama ETI dan SML yang akan diterbitkan oleh KGU dari saham portepel.

• Setelah melakukan akuisisi, volume pekerjaan TCPI untuk pengangkutan batu bara sebanyak 42 juta MT per tahun, yang terdiri atas pekerjaan transshipment sebanyak 24 juta MT per tahun dengan nilai kontrak sampai dengan tahun 2021 sebesar Rp 3 triliun.

• Sementara, untuk pekerjaan long hauling sebanyak 18 juta MT per tahun dengan nilai kontrak sampai dengan tahun 2027 sebesar Rp 13,3 triliun dan untuk pengangkutan bijih nikel sebesar 1,1 juta MT per tahun dengan nilai kontrak sampai dengan tahun 2023 adalah Rp 570 miliar.

• Berdasarkan kontrak-kontrak tersebut di atas, pendapatan Transcoal diharapkan meningkat secara signifikan yang akan mencapai kurang lebih Rp 3 triliun per tahun.

(Bisnis Indonesia, Investor Daily) TCPI: Non-Coverage

IPO: HK Metals Utama

• Penawaran umum perdana saham PT HK Metals Utama Sebanyak-banyaknya 1.466.673.400 (satu miliar empat ratus enam puluh enam juta enam ratus tujuh puluh tiga ribu empat ratus) atau sebanyak-banyaknya sebesar 40% dari modal ditempatkan dan disetor.

• Dengan Perkiraan Masa Penawaran Awal 19 - 26 September 2018, Tanggal Efektif 28 September 2018 dan Perkiraan Tanggal Pencatatan di Bursa Efek Indonesia : 9 Oktober 2018.

• HK Metals utama merupakan salah satu grup perusahaan di Indonesia yang memperdagangkan baja ringan untuk memenuhi permintaan dari industri properti, konstruksi, dan retail. Perseroan menjalankan usaha perdagangan bahan baku lembar Galvalum (coil) yang berasal dari Vietnam dan Tiongkok sebagai produsen penghasil

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Riset Saham Harian

19 September 2018

Galvalum terbesar di dunia. Sampai dengan saat ini, cakupan distribusi Perseroan dan Entitas Anak mencakup seluruh wilayah Indonesia. (Investor Daily)

Grup Astra: Perusahaan tol afiliasi ASII dikucuri dana

• Diberitakan bahwa PT Lintas Marga Sedaya, perusahaan afiliasi grup ASII yang dimiliki PT Astratel Nusantara, meraih pinjaman Rp 8,89 triliun dari sindikasi 8 lembaga jasa keuangan.

• Pinjaman itu bertenor 15 tahun dengan bunga 9% per tahun. BBCA bertindak sebagai mandated lead arranger and bookrunners. (Investor Daily)

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Riset Saham Harian

19 September 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 4.5 6375 (20.3) 8135 8200 12.5 11.0 1.6 1.5 13.1% 13.4%

BBCA HOLD 9.0 24000 9.6 25024 26250 23.4 21.4 4.0 3.5 16.9% 16.2%

BBRI BUY 5.5 2940 (19.2) 3737 3800 11.4 10.1 2.0 1.7 17.2% 16.9%

BBNI BUY 2.1 7225 (27.0) 9136 9050 9.1 7.8 1.2 1.1 13.7% 14.3%

BBTN HOLD 0.4 2590 (27.5) 3230 2800 8.3 7.2 1.1 1.0 13.6% 13.9%

BNLI BUY 0.2 470 (24.8) 566 610 23.5 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 8775 (1.4) 9670 10200 24.4 22.4 4.7 4.2 19.1% 18.6%

INDF BUY 0.8 5925 (22.3) 8235 8400 11.3 10.1 1.5 1.4 13.6% 13.8%

KLBF HOLD 0.9 1210 (28.4) 1403 1450 22.4 21.2 3.9 3.5 17.4% 16.7%

UNVR HOLD 5.4 45525 (18.6) 46227 49900 44.7 41.4 57.1 51.9 127.7% 125.2%

Average 25.7 23.8 16.8 15.2 44.4% 43.6%

Cigarette

HMSP SELL * 6.7 3740 (20.9) 4128 3900 33.7 31.6 11.5 10.4 34.0% 32.8%

GGRM BUY 2.1 72200 (13.8) 84658 83700 17.2 16.7 2.9 2.5 16.8% 15.3%

Average 25.4 24.1 7.2 6.5 25.4% 24.1%

Healthcare

MIKA BUY 0.4 1705 (5.8) 1871 2050 33.3 27.4 5.0 4.0 14.9% 14.6%

SILO HOLD 0.1 3010 (68.6) 3950 3250 44.5 38.5 0.6 0.5 1.4% 1.4%

Average 38.9 32.9 2.8 2.3 8.2% 8.0%

Poultry

CPIN BUY 1.2 4830 61.0 5466 5500 18.9 16.7 4.3 3.6 22.5% 21.6%

JPFA BUY 0.4 2210 70.0 2702 2750 9.2 8.0 2.0 1.7 22.3% 21.2%

MAIN BUY 0.0 1250 68.9 1518 1400 8.5 5.8 1.1 1.0 13.2% 16.7%

Average 12.2 10.2 2.5 2.1 19.3% 19.8%

Retail

MAPI BUY 0.2 815 31.5 1014 930 27.2 17.3 3.4 2.8 12.3% 16.4%

RALS BUY 0.1 1345 12.1 1603 1550 22.8 20.1 2.6 2.5 11.2% 12.2%

ACES BUY 0.4 1355 17.3 1563 1550 26.1 22.2 6.6 5.6 25.4% 25.3%

Average 25.3 19.9 4.2 3.6 16.3% 18.0%

Pulp and Paper

INKP HOLD 1.4 17000 214.8 21633 20000 11.9 9.7 1.8 1.5 15.0% 15.7%

Media

MNCN BUY 0.2 835 (35.0) 1363 1500 7.4 7.1 1.2 1.1 16.5% 15.8%

SCMA BUY 0.4 1820 (26.6) 2471 3000 14.8 11.6 5.4 4.1 36.3% 35.8%

Average 11.1 9.3 3.3 2.6 26.4% 25.8%

Telco

EXCL BUY 0.5 2960 0.0 3674 3380 128.7 27.4 1.5 1.4 1.1% 5.1%

ISAT BUY 0.2 2960 (38.3) 3807 7400 6.0 5.6 1.0 0.9 16.3% 16.2%

TLKM HOLD 5.5 3570 (18.9) 4128 3700 18.5 18.4 3.6 3.4 19.7% 18.3%

TOWR BUY 0.4 478 (40.3) 837 900 8.2 7.5 1.7 1.4 20.2% 19.2%

Average 40.4 14.7 1.9 1.8 14.3% 14.7%

Auto and HE

ASII BUY 4.4 7025 (15.4) 8452 9400 14.1 12.6 2.1 1.9 14.7% 14.7%

UNTR BUY 1.8 31975 (9.7) 42238 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) 291 295 150.9 14.9 0.4 0.3 0.3% 2.1%

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Riset Saham Harian

19 September 2018

Property

BSDE BUY 0.3 1140 (32.9) 1921 2350 4.2 3.8 0.6 0.5 14.6% 13.6%

PWON BUY 0.4 510 (25.5) 712 767 12.4 10.4 2.1 1.8 16.8% 17.2%

ASRI HOLD 0.1 286 (19.7) 391 310 4.8 4.6 0.6 0.5 11.9% 11.2%

SMRA SELL * 0.1 640 (32.3) 971 782 25.6 24.2 1.2 1.2 4.6% 5.1%

SSIA HOLD 0.0 472 (8.3) 674 564 113.5 76.6 0.5 0.5 0.5% 0.7%

CTRA BUY 0.2 760 (35.9) 1349 1580 15.3 14.3 0.8 0.7 5.0% 5.1%

DMAS HOLD 0.1 125 (26.9) 209 156 9.0 8.6 0.8 0.7 8.7% 8.4%

KIJA SELL 0.1 214 (25.2) 240 203 48.0 41.9 0.7 0.7 1.5% 1.7%

Average 29.1 23.1 0.9 0.8 7.9% 7.9%

Construction

PTPP BUY 0.1 1475 (44.1) 3224 3350 7.3 6.6 0.8 0.7 10.9% 10.7%

ADHI BUY 0.1 1345 (28.6) 2396 3250 7.5 5.3 0.7 0.6 9.1% 11.4%

WSKT BUY 0.4 1695 (23.3) 2702 3250 6.2 5.8 0.9 0.9 14.3% 14.8%

WIKA BUY 0.2 1375 (11.3) 2152 1850 8.5 6.9 0.7 0.6 8.6% 9.4%

Average 7.4 6.1 0.8 0.7 10.7% 11.6%

Cement

INTP SELL 0.9 16400 (25.3) 15995 13300 22.0 18.7 2.1 2.0 9.6% 10.5%

SMGR BUY 0.8 8525 (13.9) 9740 12000 14.3 13.1 1.5 1.4 10.7% 10.7%

SMCB SELL 0.1 905 8.4 731 700 -12.4 -14.8 1.0 1.0 -7.7% -6.6%

Average 7.9 5.6 1.5 1.4 4.2% 4.9%

Precast

WSBP BUY 0.1 354 (13.2) 507 580 8.3 7.1 1.0 0.9 12.4% 12.5%

WTON BUY 0.0 368 (26.4) 636 750 8.3 8.0 1.0 0.8 11.5% 10.0%

Average 8.3 7.5 1.0 0.8 11.9% 11.3%

Oil and Gas

PGAS BUY 0.8 2060 17.7 2478 3000 14.4 12.6 1.3 1.2 9.1% 9.7%

AKRA BUY 0.2 3550 (44.1) 5404 6000 7.6 9.9 1.6 1.4 20.4% 14.3%

TPIA SELL * 1.3 4850 (19.2) 5256 5480 19.8 17.8 3.3 2.9 16.8% 16.2%

BRPT HOLD 0.5 1720 (23.9) 2442 2400 11.8 10.5 0.9 0.8 7.6% 7.4%

MEDC BUY 0.2 785 (11.8) 1371 1500 10.8 8.4 0.7 0.7 6.9% 8.0%

Average 12.9 11.8 1.6 1.4 12.2% 11.1%

Utilities

JSMR BUY 0.5 4330 (32.3) 5746 7500 13.0 9.8 1.9 1.7 14.3% 16.8%

Metal

ANTM BUY 0.3 790 26.4 1257 1050 71.8 35.9 1.1 1.1 1.6% 3.1%

INCO BUY 0.5 3200 10.7 5285 5200 22.4 21.8 1.2 1.2 5.3% 5.4%

TINS BUY 0.1 705 (9.0) 1176 1150 10.7 9.8 0.9 0.8 8.1% 8.4%

Average 35.0 22.5 1.1 1.0 5.0% 5.6%

Coal

DOID BUY 0.1 640.0 (10.5) 1392.0 1450 4.4 4.0 1.5 1.1 34.4% 27.3%

ITMG BUY 0.5 26150 26.3 32384 32500 9.5 8.9 2.0 1.9 20.8% 20.8%

ADRO BUY 0.9 1750 (5.9) 2583 2410 7.5 7.2 1.0 0.9 13.7% 12.8%

PTBA BUY 0.7 4130 67.9 4773 5300 7.0 5.9 3.1 2.8 44.5% 46.5%

Average 7.1 6.5 1.9 1.7 28.3% 26.8%

Plantation

AALI BUY 0.4 12625 (4.0) 14080 15200 12.6 10.3 1.3 1.2 10.3% 11.8%

LSIP BUY 0.1 1350 (4.9) 1449 1420 11.9 11.4 1.0 1.0 8.7% 8.8%

SIMP HOLD 0.1 500 7.8 515 520 22.7 19.2 0.5 0.5 2.3% 2.7%

Average 15.7 13.6 1.0 0.9 7.1% 7.8%

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 September 2018

Global Data

Regional Indices Last Price Chg (Pts)

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

World 2,172 11.74 0.54 0.26 0.91 1.60 2.88 3.27 8.83 2,250 1,981

U.S. (S&P) 2,904 15.51 0.54 0.00 0.57 1.90 5.13 8.63 15.86 2,917 2,488

U.S. (DOW) 26,247 184.84 0.71 0.39 1.06 2.25 6.26 6.18 17.33 26,617 22,219

Europe 3,358 12.35 0.37 0.74 1.41 (0.43) (2.24) (4.15) (4.89) 3,709 3,262

Emerging Market 1,020 3.31 0.33 (0.85) 1.51 (0.31) (6.02) (11.97) (8.10) 1,279 999 FTSE 100 7,300 (1.87) (0.03) 0.26 0.37 (3.42) (3.99) (5.04) 0.34 7,904 6,867

CAC 40 5,364 14.92 0.28 0.67 1.51 0.35 (0.50) 0.96 2.41 5,657 5,038

Dax 12,158 61.26 0.51 0.85 1.57 (0.43) (4.10) (5.88) (3.22) 13,597 11,727

Indonesia 5,812 (12.47) (0.21) (0.79) (0.33) 0.48 (3.03) (8.56) (1.52) 6,693 5,558

Japan 23,754 333.68 1.42 4.09 4.81 6.66 6.62 4.35 17.02 24,129 20,122

Australia 6,183 21.25 0.34 0.28 0.11 (2.47) 1.32 1.94 8.21 6,374 5,639

Korea 2,309 0.34 0.01 (0.39) 1.16 2.77 (1.32) (6.41) (4.42) 2,607 2,218

Singapore 3,139 (2.06) (0.07) 0.24 0.95 (2.18) (4.91) (7.75) (2.68) 3,642 3,103

Malaysia 1,793 (10.82) (0.60) 0.02 (0.35) 0.53 4.52 (0.22) 0.92 1,896 1,658

Hong Kong 27,085 151.81 0.56 0.26 2.51 (0.47) (8.09) (9.47) (3.45) 33,484 26,220

China 2,700 48.16 1.82 0.50 1.32 1.16 (7.15) (18.36) (19.57) 3,587 2,644

Taiwan 10,760 (68.40) (0.63) 0.31 0.07 0.65 (1.32) 1.10 1.74 11,270 10,189

Thailand 1,744 26.03 1.51 1.54 4.31 3.22 6.40 (0.53) 4.29 1,853 1,585

Philipines 7,286 (127.22) (1.72) (3.07) (3.08) (3.92) (0.36) (14.86) (10.74) 9,078 6,924 Monetary Indicators Last Chg (Pts)

JIBOR Overnight (%) 5.42 (0.02) 6.06 3.89

Foreign Reserves (US$Bn) 117.90 (0.35) (4.08) (9.44) (8.45) 131.98 117.90

Inflation Rate (yoy, %) 3.20 3.72 3.12

Gov Bond Yld (10yr, %) 8.39 (0.04) 8.68 6.09

US Fed Rate (%) 2.00 2.00 1.25

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

Indonesia 14,855 (25.00) 0.17 (0.10) 0.01 (1.78) (6.23) (8.66) (10.77) 14,945 13,266 Japan 112.28 (0.08) 0.07 (0.20) (0.91) (1.97) (1.98) 0.37 (0.61) 114.73 104.56

UK 1.32 0.00 0.04 0.65 0.83 2.77 (0.16) (2.66) (2.59) 1.44 1.27

Euro 1.17 0.00 0.03 0.40 0.39 1.65 0.70 (2.78) (2.69) 1.26 1.13

China 6.86 0.00 (0.07) (0.24) 0.17 (0.06) (6.16) (5.17) (4.17) 6.93 6.24

Commodity Indicators Last Price Chg (Pts)

Oil (WTI) 69.68 (0.17) (0.24) 1.00 (0.98) 5.72 7.08 15.33 40.82 75.27 49.10

CPO 2,198 (49.00) (2.18) (2.87) (4.68) (1.79) (4.72) (12.19) (21.64) 2,857 2,140 Rubber 677.50 (1.50) (0.22) (0.07) (0.07) 0.89 3.04 (7.51) (20.43) 850.50 610.50 Coal 112.40 (1.25) (1.10) (2.05) (2.73) (1.14) (0.75) 10.58 16.24 118.00 90.60

Iron Ore 64.26 0.25 0.39 1.01 (0.71) (0.08) 2.02 (9.21) (14.62) 76.88 57.85

Tin 19,020 (25.00) (0.13) (0.10) (0.20) 1.84 (7.64) (5.35) (8.73) 22,104 18,662 Nickel 12,400 160.00 1.31 (1.63) 1.39 (8.01) (17.20) (2.82) 10.37 16,690 10,215

Copper 6,086 141.00 2.37 0.88 3.87 2.70 (12.71) (16.02) (6.76) 7,348 5,773

Gold 1,200 1.50 0.13 0.32 (0.46) 1.93 (5.99) (8.14) (8.17) 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 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 and 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 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

Muhamad Makky Dandytra, CFTe 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

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