IHSG Berpeluang Terkoreksi Kembali

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DAILY RESEARCH

Market

: 6,200.3

: -27.4 -0.44%

: 17,301 Mn shrs : 11,908 Bn rupiah

Last

Close +/- %

MEGA 11,875 1975 19.9

BBRI 4,670 40 0.9

EMTK 2,220 80 3.7

TLKM 3,180 30 1.0

BBCA 33,675 -825 -2.4

TPIA 10,425 -550 -5.0

UNVR 6,975 -125 -1.8

BMRI 6,250 -100 -1.6

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

BBRI 278 BBCA 146

TLKM 143 ASII 82

BTPS 100 BMRI 68

ANTM 85 BBNI 43

MDKA 80 ICBP 36 Money Market

Last

Close +/- %

USD/IDR 14,025 5.0 0.0

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 22.8 0.0 0.0

EIDO 23.5 -0.1 -0.6

Global Indices Last

Close +/- %

DJIA 31,493 -120 -0.4

S&P 500 3,914 -17 -0.4

Euro Stoxx 3,681 -19 -0.5

MSCI World 2,803 -13 -0.5

STI 2,897 -11 -0.4

Nikkei 30,087 -149 -0.5

Hang Seng 30,595 -490 -1.6

Commodities Last

Close +/- %

Brent Oil 63 -1.1 -1.7

Coal (ICE) 78 -1.6 -2.0

CPO Malay 3,489 -143.0 -3.9

Nickel 19,118 389.0 2.1

Tin 27,162 -592.0 -2.1

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Thursday, 18 Feb 2021 Market Index Index Movement Market Volume

IHSG Berpeluang Terkoreksi Kembali

Pasar saham AS ditutup melemah semalam, DJIA melemah-0.38%, diikuti S&P500 (-0.44%), dan Nasdaq (-0.72%). Pasar komoditas juga turut melemah, dengan harga emas turun -0.02% ke level USD 1.774/toz, diikuti minyak WTI (-0.97% ke level USD 59.93/bbl), dan CPO (-3.34% ke level RM 3.881/MT).

IHSG ditutup melemah -0.44% ke angka 6.200 pada akhir perdagangan kemarin, dengan BBCA, TPIA, dan UNVR sebagai top lagging movers dan basic industry sebagai top lagging sector. Investor asing mencatatkan net buy pada pasar reguler sebesar IDR 213.2 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBRI (IDR 278.1 miliar), TLKM (IDR 143.7 miliar), dan BTPS (IDR 100,1 miliar). Sementara itu, net sell asing tertinggi dicatatkan oleh BBCA (IDR 146.6 miliar), ASII (IDR 82.8 miliar), dan BMRI (IDR 68.1 miliar).

BI menurunkan suku bunga acuan 7DRRR sebesar -25bps ke angka 3,5%.

Keputusan ini diambil dengan didasari perkiraan inflasi yang tetap rendah dan stabilitas nilai tukar rupiah yang terjaga, serta sebagai langkah lanjutan untuk mendorong momentum pemulihan ekonomi nasional. Suku bunga deposit diturunkan -25 bps menjadi 2,75%, sementara suku bunga pinjaman juga diturunkan -25 bps menjadi 4,25%. BI memproyeksikan pertumbuhan ekonomi sebesar 4,3%-5,3% pada tahun ini, lebih rendah dari perkiraan sebelumnya (4,8%-5,8%). Selain itu, BI juga memberi berbagai kelonggaran untuk mendorong pertumbuhan ekonomi, antara lain DP 0% untuk kendaraan bermotor, 100% Loan to Value (LTV) & Financing to Value (FTV) untuk kredit properti jenis tapak, susun, dan ruko bagi bank dengan rasio NPL tertentu, serta menghapus pencairan bertahap properti inden yang berlaku mulai Maret 2021.

Sebanyak 9,039 kasus COVID-19 baru dilaporkan kemarin, -6.7% lebih rendah dari laporan hari Rabu (17/2) sebanyak 9.687 kasus, sementara jumlah pasien sembuh meningkat +31.8% menjadi 10.546 orang. Kami memperkirakan IHSG akan kembali terkoreksi hari ini, menyusul melemahnya pasar global dan harga komoditas.

DAILY RESEARCH

 Properti : BI Longgarkan Ketentuan LTV

 ISAT : Pendapatan meningkat +7% yoy pada FY20

 KLBF : Rencana Mengedarkan Obat COVID-19 ke Asia dan Afrika



Highlights

19 February 2021

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Equity Research│19 February 2021

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

2/18/2021 1,252,685 0.73 9,039 (6.69) 1,058,222 10,546 33,969 181 160,494 87.19 2/17/2021 1,243,646 0.79 9,687 (3.41) 1,047,676 8,002 33,788 192 162,182 86.96 2/16/2021 1,233,959 0.82 10,029 55.20 1,039,674 7,609 33,596 229 160,689 86.98 2/15/2021 1,223,930 0.53 6,462 (4.48) 1,032,065 6,792 33,367 184 158,498 87.05 2/14/2021 1,217,468 0.56 6,765 (23.51) 1,025,273 9,237 33,183 247 159,012 86.94 2/13/2021 1,210,703 0.74 8,844 (10.39) 1,016,036 11,919 32,936 280 161,731 86.64 2/12/2021 1,201,859 0.83 9,869 17.00 1,004,117 11,000 32,656 275 165,086 86.26

Average 8,671 9,301 227 86.86

Source: SSI Research, Bloomberg

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)

19-Feb-20 19-Mar-20 19-Apr-20 19-May-20 19-Jun-20 19-Jul-20 19-Aug-20 19-Sep-20 19-Oct-20 19-Nov-20 19-Dec-20 19-Jan-21 19-Feb-21

0 10 20 30 40 50 60 70

40 50 60 70 80 90 100

1,500 2,000 2,500 3,000 3,500 4,000 4,500

0 0 0 0 0 0 0 1

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

0 0 0 0 0 0 0 0 20 0 0 1 1

10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 20,000

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

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Equity Research│19 February 2021

KLBF: Dapat lisensi obat Covid-19, siap edarkan ke Asia dan Afrika

KLBF lewat anak usahanya PT Kalbe Genexine Biologics (KGBio) menandatangani perjanjian lisensi dengan Genexine Korea Selatan untuk mengembangkan dan melakukan komersialisasi obat imuno-onkologi GX-I7 atau obat penguat kekebalan tubuh. (Bisnis Indonesia)

Comment:

Perjanjian lisensi tersebut secara keseluruhan bernilai USD 1.1 miliar termasuk upfront payment senilai USD 27 juta dan akan diikuti dengan milestone registrasi dan komersialisasi serta royalti sebesar 10% terhadap pendapatan penjualan. Lisensi pengembangan dan komersialisasi meliputi wilayah Timur Tengah, Oceania, India, Afrika dan seluruh wilayah Asia kecuali Cina, Jepang dan Korea. KLBF: BUY: 22.9x PE '21E, 3.7x PBV '21E, TP: IDR 1,750

Property: BI Longgarkan Ketentuan LTV

Bank Indonesia (BI) menetapkan Loan to Value (LTV) dan Financing to Value (FTV) sebesar 100% untuk kredit properti. Hal ini berarti, seluruh dana untuk mengambik kredit properti ditanggung 100% oleh bank, dengan kata lain konsumen menanggung 0% atau tidak perlu membayar uang muka (DP). Kebijakan ini berlaku untuk semua jenis properti seperti rumah tapak, rumah susun, serta ruko/rukan. Keputusan ini berlaku sampai dengan tanggal 31 Desember 2021. (Kontan)

Comment:

LTV 100% bukanlah hal yang baru, BI sebelumnya mengenalkan LTV 100% di 2019, namun

terbatas untuk fasilitas kepemilikan rumah pertama. Sementara peraturan baru ini memperluas

cakupan hingga fasilitas kepemilikan pertama dan seterusnya, yang notabene didominasi oleh

investor. Meski aturan ini lebih akomodatif, kami melihat dukungan dari sisi bank menjadi faktor

utama, ditengah sikap perbankan yang masih selektif dalam pemberian KPR. BSDE dan CTRA

dapat menjadi emiten utama yang diuntungkan, seiring esar nya kontribusi KPR dalam proporsi

marketing sales (BSDE: ~60%; CTRA: ~50%; SMRA: ~23%). Property Sector: Neutral

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Equity Research│19 February 2021

ISAT: FY20 Pendapatan +7% yoy

PT Indosat Tbk FY20 mencatatkan pendapatan sebesar IDR 27.9 triliun (+7% yoy) dengan total rugi bersih sebesar IDR 717 triliun. Pendapatan segmen selular IDR 23 triliun atau +11.6% yoy namun pendapatan di kedua segmen lainnya mengalami penurunan. Pendapatan MIDI sebesar IDR 4.28 triliun (-10.4% yoy) dan pendapatan telekomunikasi tetap IDR 560 miliar (-15.4% yoy). (Laporan Keuangan)

Comment:

Stand alone 4Q20 ISAT mencatatkan pendapatan sebesar IDR 7.3 triliun (+2.7% qoq dan +1%

yoy) dan mengalami rugi bersih IDR 259.2 miliar (vs rugi IDR 116.4 miliar 3Q20). Pendapatan 4Q20 masih mengalami pertumbuhan pada segment selular +8.3% yoy dan +2.8% qoq, serta segmen telekomunikasi tetap +16.1% yoy dan +36.1% qoq. Berbagai beban operasional 4Q20 mengalami peningkatan signifikan secara qoq diantaranya beban karyawan +15% qoq, beban marketing +55.8% qoq dan beban umum dan administrasi +34.6% qoq. Peningkatan beban menyebabkan operating profit margin 4Q20 turun menjadi 4.9% (vs 8.3% 3Q20). ISAT membukukan rugi bersih 4Q20 IDR 259.2 triliun (net margin -4%). ISAT: Under review (Previous:

ISAT: SELL: 148.7x PE '21E, 2.4x PBV '21E, TP: IDR 3,100

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Equity Research│19 February 2021

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

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

Banks

BMRI BUY 4.2 6,250 8,000 7,979 28.0 17.0 12.3 1.5 1.5 9.1 12.1

BBCA BUY 11.9 33,675 40,500 37,739 20.3 30.6 26.1 4.5 4.1 14.7 15.7

BBRI BUY 8.2 4,670 5,300 5,035 13.5 29.7 17.6 3.1 2.8 10.3 15.8

BBNI BUY 1.6 6,025 8,500 7,280 41.1 37.7 8.7 1.0 0.8 2.6 9.7

BBTN BUY 0.3 1,860 2,300 2,164 23.7 12.2 7.7 1.0 0.9 8.1 11.4

Average 25.5 14.5 2.2 2.0 9.0 12.9

Consumer (Staples)

ICBP BUY 1.5 8,750 12,000 11,998 37.1 17.8 15.9 3.5 3.0 19.6 19.1

INDF BUY 0.8 6,050 9,500 8,685 57.0 10.9 11.0 1.3 1.2 11.9 11.0

KLBF BUY 1.0 1,490 1,750 1,829 17.4 25.3 22.9 4.0 3.7 16.0 16.0

UNVR BUY 3.8 6,975 9,800 8,220 40.5 31.4 30.9 42.0 40.8 133.7 132.2

SIDO BUY 0.3 805 920 921 14.3 26.7 23.6 7.5 7.0 27.9 29.7

Average 22.4 20.8 11.7 11.1 41.8 41.6

Cigarette

HMSP HOLD 2.3 1,365 1,460 1,386 7.0 15.9 15.7 48.8 4.8 307.1 30.9

GGRM BUY 1.1 38,000 44,400 40,894 16.8 8.6 8.4 1.2 1.2 14.2 13.9

Average 12.3 12.0 25.0 3.0 160.7 22.4

Healthcare

MIKA HOLD 0.6 2,930 3,000 3,090 2.4 57.5 54.3 8.8 8.0 15.3 14.7

SILO HOLD 0.1 5,300 5,800 5,680 9.4 378.6 160.6 1.4 1.4 0.4 0.9

HEAL BUY 0.2 4,100 5,000 4,570 22.0 37.6 32.5 5.0 4.4 13.3 13.5

Average 157.9 82.5 5.1 4.6 9.6 9.7

Poultry

CPIN BUY 1.4 6,075 7,300 6,791 20.2 34.5 26.5 4.7 4.4 13.7 16.4

JPFA BUY 0.3 1,475 1,800 1,753 22.0 22.0 9.1 1.4 1.3 6.4 13.8

MAIN BUY 0.0 685 890 852 29.9 n/a 10.1 0.7 0.7 -0.9 6.8

Average 28.3 15.2 2.3 2.1 6.4 12.3

Retail

MAPI BUY 0.2 735 850 952 15.6 n/a 73.5 1.3 7.9 -7.4 10.8

RALS BUY 0.1 715 900 801 25.9 n/a 15.2 1.2 1.2 -1.5 7.7

ACES BUY 0.4 1,600 1,900 1,826 18.8 34.0 25.0 5.5 4.9 16.1 19.6

LPPF SELL 0.0 1,290 1,100 1,069 -14.7 n/a 10.0 2.2 3.4 -35.0 34.1

Average 34.0 37.9 2.7 4.7 2.4 12.7

Pulp and Paper

INKP SELL 1.1 13,925 7,000 9,875 -49.7 16.0 19.2 1.2 1.2 7.6 6.0

Average 16.0 19.2 1.2 1.2 7.6

Media

MNCN BUY 0.2 1,030 1,400 1,521 35.9 6.3 5.7 0.9 0.8 14.9 14.3

SCMA SELL 0.4 1,940 1,750 2,269 -9.8 24.6 22.0 5.1 4.2 20.6 19.2

Average 15.4 13.9 3.0 2.5 17.7 16.8

Telco

EXCL BUY 0.3 2,180 3,300 3,444 51.4 10.0 22.0 1.1 1.1 11.0 4.8

ISAT SELL 0.4 5,650 3,100 4,787 -45.1 n/a 148.7 2.5 2.4 -3.2 1.6

TLKM BUY 4.6 3,180 4,300 4,173 35.2 14.3 13.6 2.5 2.4 17.8 17.8

Average 12.1 61.4 2.0 2.0 8.5 8.1

Telco Retail

ERAA SELL 0.1 2,700 1,625 2,483 -39.8 14.4 11.7 1.6 1.4 11.0 11.9

Telco Infra

TBIG SELL 0.7 2,130 1,550 2,034 -27.2 44.4 41.8 7.3 6.5 16.5 15.6

TOWR BUY 0.8 1,090 1,300 1,295 19.3 18.8 17.0 5.1 4.3 27.2 25.3

Average 31.6 29.4 6.2 5.4 21.9 20.4

Stock Rec.

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Equity Research│19 February 2021

Auto

ASII BUY 3.4 5,725 6,750 6,807 17.9 12.8 11.6 1.2 1.1 9.0 9.6

Average 12.8 11.6 1.2 1.1 9.0

Mining Contracting

UNTR BUY 1.2 22,975 31,000 30,518 34.9 12.4 9.2 1.4 1.3 11.2 13.8

Average 12.4 9.2 1.4 1.3 11.2

Aviation

GIAA BUY 0.1 326 650 428 99.4 3.3 2.9 0.6 0.5 17.5 16.9

Average 3.3 2.9 0.6 0.5 17.5

Property

BSDE SELL 0.4 1,255 1,250 1,434 -0.4 21.6 17.4 0.7 0.7 3.5 4.1

PWON SELL 0.4 545 525 623 -3.7 41.9 23.7 1.1 1.0 2.6 4.4

ASRI SELL 0.1 244 130 235 -46.7 18.8 8.7 0.4 0.4 2.3 4.7

LPKR SELL 0.2 200 140 197 -30.0 n/a n/a 0.5 0.5 -0.5 -0.2

SMRA SELL 0.2 870 800 976 -8.0 32.2 23.5 2.9 2.6 8.9 10.9

CTRA SELL 0.3 1,120 1,100 1,193 -1.8 26.7 20.7 1.4 1.3 5.1 6.2

Average 28.2 18.8 1.2 1.1 3.6 5.0

Industrial Estate

SSIA BUY 0.0 550 650 624 18.2 n/a 39.3 0.7 0.6 -1.6 1.6

DMAS HOLD 0.2 238 250 265 5.0 15.9 14.0 1.5 1.8 9.6 12.7

KIJA SELL 0.1 186 150 230 -19.4 16.9 14.3 0.7 0.5 4.0 3.4

Average 16.4 22.5 1.0 1.0 4.0 5.3

Construction

PTPP BUY 0.1 1,665 1,900 1,948 14.1 75.7 13.5 0.7 0.7 0.9 4.9

ADHI BUY 0.1 1,430 1,800 1,769 25.9 59.6 13.9 0.9 0.8 1.5 6.1

WSKT BUY 0.3 1,490 2,200 1,682 47.7 n/a 14.3 0.9 0.8 -15.2 5.6

WIKA BUY 0.2 1,850 2,400 2,198 29.7 19.3 12.6 1.0 0.9 5.0 7.1

Average 51.5 13.6 0.9 0.8 -1.9 5.9

Cement

INTP BUY 0.7 13,575 16,250 16,822 19.7 37.7 31.4 2.2 2.2 5.8 6.9

SMGR BUY 0.9 10,700 13,570 13,958 26.8 23.0 17.1 1.7 1.6 7.6 9.5

Average 30.3 24.2 2.0 1.9 6.7 8.2

Precast

WSBP SELL 0.1 266 230 276 -13.5 24.2 7.2 0.7 0.6 2.9 8.9

WTON BUY 0.0 358 450 484 25.7 32.5 9.7 0.9 0.9 2.9 8.9

Average 28.4 8.4 0.8 0.7 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,450 1,700 1,700 17.2 26.4 20.7 0.9 0.8 3.3 4.1

AKRA HOLD 0.2 3,460 3,800 3,951 9.8 15.9 14.0 1.6 1.5 10.1 10.9

MEDC BUY 0.3 695 1,090 868 56.8 n/a 9.5 1.0 0.9 -9.9 9.7

Average 21.2 14.7 1.2 1.1 1.2 8.2

Chemical

TPIA SELL 2.7 10,425 10,250 9,925 -1.7 719.0 119.8 7.2 7.2 1.0 6.0

BRPT SELL 1.4 1,150 1,120 1,205 -2.6 240.3 146.9 6.1 6.1 2.5 4.2

ESSA HOLD 0.0 216 225 313 4.2 n/a n/a 1.5 0.7 -20.0 -0.5

Average 479.6 133.3 4.9 4.7 -5.5 3.2

Utilities

JSMR BUY 0.5 4,370 5,000 5,693 14.4 66.2 22.0 1.3 1.2 2.0 5.6

Metal

ANTM BUY 1.0 2,780 3,230 2,924 16.2 44.8 27.3 3.4 3.2 7.7 11.7

Stock Rec.

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Equity Research│19 February 2021

Coal

ITMG BUY 0.2 12,150 13,550 14,961 11.5 8.4 8.4 1.2 1.4 14.3 16.7

ADRO BUY 0.5 1,175 1,530 1,710 30.2 8.1 8.1 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,560 2,830 3,029 10.5 13.6 9.4 1.9 1.6 14.3 16.5

Average 10.0 8.6 1.3 1.2 12.4 14.0

Plantation

AALI BUY 0.3 11,050 13,800 15,011 24.9 31.8 20.1 1.1 1.1 3.5 5.3

LSIP HOLD 0.1 1,310 1,370 1,531 4.6 3.0 2.6 1.0 1.0 33.6 37.0

TBLA HOLD 0.1 960 980 1,135 2.1 7.9 6.4 0.9 0.8 11.0 12.2

SIMP SELL 0.1 436 388 472 -11.0 39.6 25.6 0.5 0.5 1.2 1.8

SSMS BUY 0.1 1,025 1,500 1,490 46.3 30.1 13.0 2.2 1.9 7.4 15.0

Average 22.5 13.6 1.1 1.0 11.3 14.3

Source: SSI Research, Bloomberg

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

Stock Rec.

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Equity Research│19 February 2021

Chg (Pts)

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

World 2,803 (13.06) (0.46) (0.56) 2.58 10.08 4.20 15.29 2,838 1,579

U.S. (S&P) 3,914 (17.36) (0.44) 0.10 3.87 9.70 4.20 16.13 3,950 2,192

U.S. (DOW) 31,493 (119.68) (0.38) 0.18 2.20 6.98 2.90 7.74 31,644 18,214

Europe 3,681 (18.81) (0.51) 0.25 2.38 6.64 3.61 (4.76) 3,867 2,303

Emerging Market 1,425 (19.80) (1.37) (0.26) 3.17 18.72 10.37 29.12 1,449 752

FTSE 100 6,617 (93.75) (1.40) 1.35 (1.43) 4.46 2.42 (11.26) 7,480 4,899

CAC 40 5,728 (37.51) (0.65) 1.03 2.32 4.63 3.19 (6.27) 6,111 3,632

Dax 13,887 (22.34) (0.16) (1.10) 0.52 6.12 1.23 0.71 14,169 8,256

Indonesia 6,200 (27.42) (0.44) (0.02) (1.92) 10.84 3.70 4.58 6,505 3,912

Japan 30,148 (88.47) (0.29) 2.13 5.29 17.61 9.85 28.83 30,715 16,358

Australia 6,824 (61.97) (0.90) 0.25 1.21 4.23 3.59 (4.49) 7,197 4,403

Korea 3,072 (15.08) (0.49) (0.94) (0.68) 20.58 6.89 38.96 3,266 1,439

Singapore 2,892 (16.78) (0.58) (1.14) (3.47) 4.14 1.70 (10.01) 3,223 2,208

Malaysia 1,581 5.03 0.32 (1.16) (1.31) (0.18) (2.85) 3.04 1,696 1,208

Hong Kong 30,595 (489.67) (1.58) 1.85 3.21 16.08 12.35 10.63 31,183 21,139

China 3,675 20.27 0.55 5.12 3.06 9.29 5.82 23.52 3,732 2,647

Taiwan 16,347 (77.85) (0.47) 3.65 2.96 19.12 10.96 39.02 16,518 8,524

Thailand 1,511 (3.88) (0.26) (0.39) (0.76) 10.34 4.26 0.36 1,562 969

Philipines 6,850 (116.79) (1.68) (3.28) (4.85) (2.11) (4.06) (7.40) 7,473 4,039

Foreign Reserves (US$Bn) 138.00 1.55 3.25 1.55 4.78 138.00 120.97

Inflation Rate (yoy, %) 1.55 2.98 1.32

Gov Bond Yld (10yr, %) 6.53 0.22 8.38 5.86

US Fed Rate (%) 0.25 1.75 0.25

Chg (Pts)

Indonesia 14,025 5.00 (0.04) (0.37) 0.32 0.32 0.18 (2.36) 16,625 13,715

Japan 105.69 0.00 0.00 (0.71) (1.69) (1.85) (2.31) 5.37 112.19 101.19

UK 1.40 (0.00) (0.03) 0.88 2.50 5.35 2.20 8.13 1.40 1.14

Euro 1.21 (0.00) (0.01) (0.24) (0.31) 1.82 (1.02) 11.90 1.23 1.06

China 6.49 0.03 (0.45) (0.45) 0.07 1.12 0.61 7.84 7.18 6.42

Chg (Pts)

Oil (Brent) 63.01 (0.92) (1.44) 0.93 12.72 42.56 21.64 6.58 65.52 15.98

CPO 3,489 (143.00) (3.94) 1.87 4.15 3.72 (3.08) 32.21 3,751 1,944

Rubber 971.00 2.00 0.21 2.91 4.69 (0.92) 3.57 24.25 1,262.50 685.00

Coal 77.65 (1.60) (2.02) (9.23) (11.61) 23.16 (3.54) 14.36 92.00 47.50

Tin 27,162 (592.00) (2.13) 8.00 25.84 44.05 32.21 64.89 30,500 13,375

Nickel 19,148 388.00 2.07 2.84 6.05 21.12 15.26 49.36 19,210 10,865

Copper 8,553 163.00 1.94 3.29 7.29 20.66 10.13 48.16 8,633 4,371

Gold 1,759 (14.60) (0.82) (3.63) (4.39) (5.48) (7.06) 9.36 2,074 1,451

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(9)

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│19 February 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

Ahmad Mikail Zaini Economist ahmad.mikail@samuel.co.id +6221 2854 8396

William Mamudi, CFTe, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor 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, Retail dessy.lapagu@samuel.co.id +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads selvi.ocktaviani@samuel.co.id +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil & Gas ilham.akbar@samuel.co.id +6221 2854 8144

Nashrullah Putra Media, Poultry nashrullah.putra@samuel.co.id +6221 2854 8739

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

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 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Henry Sutanto Institutional Equity Sales hensry.sutanto@samuel.co.id +6221 2854 8329

Sylviawati Customer Service sylviawati@samuel.co.id +6221 2854 8193

Private Wealth Management

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

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

Gitta Wahyu Retnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

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

Equity Retail Team

Kelvin Long Head of Retail Equity Sales kelvin.long@samuel.co.id +6221 2854 8150

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

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

Lia Chaterina Retail Equity Sales liachaterina@samuel.co.id +6221 2854 8315

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

Rahmawati Fixed Income Sales rahmawati@samuel.co.id +6221 2854 8385

Online Trading Sales 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

Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371