Pasar AS dan Regional Tertekan Dalam, IHSG Diperkirakan Ikut Melemah

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DAILY RESEARCH

: 6,133.2 : -110.9 (-1.78%) : 4,583 Mn shrs : 4,070 Bn rupiah Last Close +/- % UNVR 8,275 100 1.2 BBCA 34,200 150 0.4 MEGA 5,275 275 5.5 DNET 3,170 110 3.6 TPIA 9,000 -975 -9.8 BBRI 4,650 -90 -1.9 ASII 6,725 -250 -3.6 BMRI 7,725 -200 -2.5

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

BMRI 220 BBRI 89 BBCA 126 BBNI 27 UNTR 27 ASII 22 INDF 15 PGAS 17 MDKA 9 PTBA 16 Money Market Last Close +/- % USD/IDR 13,615 32.0 -0.2 JIBOR O/N 5.0 -0.9

Dual Listing Securities Last Close +/- % TLKM 27.9 -0.7 -2.3 ISAT 70.0 -1.4 -2.0 EIDO 25.3 -0.8 -3.1 Global Indices Last Close +/- % DJIA 28,536 -454 -1.6 S&P 500 3,244 -52 -1.6 Euro Stoxx 3,678 -101 -2.7 MSCI World 2,356 -39 -1.6 STI 3,240 5 0.2 Nikkei 23,131 -213 -0.9 Hang Seng 27,950 41 0.1 Commodities Last Close +/- % Brent Oil 59 -1.4 -2.3 CPO Malay 2,861 -64.0 -2.2 Coal (ICE) 68 -0.5 -0.8 Nickel 12,554 -338.5 -2.6 Tin 16,236 -574.0 -3.4 Market Value Market Activity Tuesday, 28 Jan 2020 Market Index Index Movement Market Volume Changes Changes Leading Movers Lagging Movers Changes Changes Changes

DAILY RESEARCH

Market

Pasar AS dan Regional Tertekan Dalam, IHSG

Diperkirakan Ikut Melemah

Pada perdagangan 27/1/2020 bursa AS ditutup melemah: Dow Jones

-1.57%; S&P -1.57% dan Nasdaq -1.89%. Kekuatiran pasar mengenai

penyebaran virus Corona menjadi salah satu penyebab penurunan bursa.

Beberapa saham AS yang berkaitan dengan pasar China mengalami

penurunan cukup signifikan dalam 10 hari terakhir diantaranya Saham: Estee

lauder -10.4%, Mariot -8.2%, Hilton -7.9%, Hyatt -5.3% dan Starbucks -4.1%.

Sentimen negatif lainnya datang dari rilis data penjualan rumah baru

bulan Desember di AS sebesar 694 ribu unit, yang lebih rendah dari bulan

November sbesar 697 ribu unit dan lebih rendah dari perkiraan konsensus

sebesar 730 ribu unit. Berikutnya pasar akan mencermati data mom durable

goods order bulan Desember yang akan rilis malam ini. Konsensus

memperkirakan akan ada kenaikan sebesar +0.3% (vs Nov -2%). Selain itu

perhatian akan tertuju pada keputusan the Fed mengenai kebijakan arah

suku bunga AS yang akan dirilis pada Kamis dini hari WIB.

Sementara dari Asia, Nikkei ditutup 2%; indeks Thailand ditutup

-2.89% dan beberapa pasar regional lainnya masih tutup berkaitan dengan

hari raya tahun baru China. IHSG juga ditutup melemah sebesar 1.77% ke

level 6,133.2 dengan mencatatkan net buy asing total Rp161 miliar.

Pagi ini indeks Nikkei dibuka turun -0.9%, demikian juga dengan

indeks Kospi dibuka -2.4%. Pada perdagangan hari ini, kami perkirakan IHSG

akan bergerak melemah mengikuti pasar AS dan regional yang masih

tertekan.



TPIA

:

Menawarkan Obligasi Rp 750 miliar



Sector Coal

:

Produksi Batu Bara Bakal Melaju



Sector Oil & Gas

:

ESDM Sisir Formula Harga Gas Industri

Highlights

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Equity Research│28 January 2020

TPIA : Menawarkan Obligasi Rp 750 miliar

PT Chandra Asri Petrochemical Tbk (TPIA) menawarkan Obligasi Berkelanjutan II Tahap III senilai Rp 750 miliar dengan

tingkat bunga tetap 8,7% per tahun dan berjangka waktu lima tahun. Manajemen Chandra Asri menyatakan, dana

hasil emisi obligasi akan digunakan seluruhnya untuk keperluan modal kerja perseroan. (Investor Daily)

Comment:

TPIA membutuhkan banyak pendanaan guna menunjang pembangunan pabrik CAP II TPIA harus mendapat

dana hingga USD5 miliar hingga 2024 agar pabriknya dapat terbangun. TPIA juga akan mengadakan corporate

action lain seperti Right Issue dalam waktu dekat. Jika pabrik berhasil dibangun maka akan positif bagi kinerja

TPIA dimana akan menambah kapasitas produksi hingga +100%. TPIA: SELL: 73,8x PE ‘20E, 6,4x PBV ‘20E, TP:

Rp7.575

Sector Coal: Produksi Batu Bara Bakal Melaju

Produksi batu bara nasional diperkirakan bergerak naik mulai 2021 seiring dengan rencana pemerintah untuk

merombak target produksi. Harga komoditas itu pun dihawatirkan kembali tertekan. (Bisnis Indonesia)

Comment:

Kami menilai, penambahan produksi batu bara Indonesia memang berpotensi menekan harga batu bara global.

Indonesia yang memiliki kontribusi signifikan terhadap supply batu bara dunia sangat berpengaruh terhadap

pergerakan harga global, terutama dengan China yang merupakan produsen dan konsumen terbesar sedang

mengalami perlambatan. Asumsi Pemerintah terhadap kenaikan target produksi didasari oleh penambahan

kapasitas PLTU pada 2020 hingga 5.000MW, dari 2019 yang sebesar 3.017MW. Hal ini sejalan dengan program

pemerintah atas proyek 35GW. Produksi 2020 ditargetkan sebesar 550 juta ton dengan DMO 155 juta ton (28%

terhadap total produksi). Sementara target produksi jangka panjang adalah 628 juta ton pada 2024. Sektor

Coal: Neutral (Top Picks: ADRO: BUY: 6,7x PE ‘20E, 0,7x PBV ‘20E, TP: Rp 1.600)

Sector Oil&Gas: ESDM Sisir Formula Harga Gas Industri

Langkah menyirisr formula harga as industri dilakukan karena banyak keluhan atas formula penjualan. Khususnya di

Jatim ada formula yang menerapkan kenaikan otomatis tiap tahun sebesar 3%. (Bisnis Indonesia)

Comment:

Sesuai Pepres No. 40/2016, harga gas industri ditetapkan sebesar US$6/mmbtu untuk tujuh sektor. Sementara

empat sektor lainnya belum mengalami penyesuaian, yaitu sektor keramik; kaca; sarung tangan karet dan

oleokimia. Meski harga gas ditetapkan untuk mendukung industri pengolahan, sebagai mayoritas konsumen,

namun kami menilai hal tersebut juga dapat melemahkan kinerja perusahaan yang berperan sebagai

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Equity Research│28 January 2020

distributor gas. Modal awal distribusi gas yang cukup mahal ditambah harga patokan yang diatur pemerintah,

di lain sisi, menekan kemampuan perusahaan untuk memiliki margin yang lebih tinggi. Sektor Oil&Gas: Neutral

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Equity Research│28 January 2020

JCI Wgt Last price YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Banks BMRI BUY 5.2 7,725 BBCA HOLD 12.2 BBRI HOLD 8.3 4,650 BBNI BUY 2.0 7,450 BBTN BUY 0.3 1,990 BNLI SELL 0.5 1,195 Average Consumer (Staples) ICBP BUY 2.0 INDF BUY 1.0 8,125 KLBF HOLD 1.0 1,520 UNVR BUY 4.6 8,275 Average Cigarette HMSP BUY 3.6 2,100 - GGRM BUY 1.6 Average Healthcare MIKA BUY 0.5 2,480 SILO BUY 0.2 6,750 Average Poultry CPIN SELL 1.7 7,025 JPFA BUY 0.3 1,540 MAIN BUY 0.0 890 Average Retail MAPI BUY 0.2 1,000 RALS BUY 0.1 1,115 ACES BUY 0.4 1,625 Average 0.7 8,698 8,900 15.2 13.3 12.0 1.8 1.6 13.8% 13.7% 34,200 2.3 33,260 32,000 -6.4 29.0 25.9 4.9 4.3 16.8% 16.4% 5.7 4,743 4,450 -4.3 15.4 14.7 2.7 2.4 17.6% 16.4% (5.1) 8,829 10,600 42.3 8.5 7.6 1.2 1.1 13.8% 14.0% (6.1) 2,234 2,850 43.2 9.4 6.9 0.8 0.7 8.8% 10.9% (5.5) 1,230 840 -29.7 24.9 22.1 1.4 1.3 5.7% 6.1% 16.8 14.9 2.1 1.9 12.7% 12.9% 11,650 4.5 12,594 13,200 13.3 27.1 23.5 5.8 5.3 21.4% 22.4% 2.5 9,314 9,500 16.9 15.6 14.4 2.0 1.9 12.7% 12.9% (6.2) 1,711 1,450 -4.6 27.1 25.8 4.5 4.1 16.5% 15.9% (1.5) 8,965 49,000 492.1 8.3 7.9 10.5 9.8 125.4% 123.7% 19.6 17.9 5.7 5.2 44.0% 43.7% 2,222 2,750 31.0 16.9 16.9 6.2 5.6 36.6% 33.2% 57,275 8.1 58,692 71,700 25.2 10.7 18.4 2.2 2.1 20.4% 11.2% 13.8 17.7 4.2 3.8 28.5% 22.2% (7.1) 2,821 2,900 16.9 49.6 47.7 8.7 8.1 17.5% 17.0% (2.9) 8,304 9,000 33.3 85.4 55.8 1.7 1.7 2.0% 3.0% 67.5 51.7 5.2 4.9 9.7% 10.0% 8.1 5,844 5,800 -17.4 36.0 28.9 5.4 4.8 15.1% 16.5% 0.3 1,977 1,950 26.6 11.1 8.2 1.6 1.4 14.6% 17.0% (11.4) 1,307 1,400 57.3 8.0 6.0 0.9 0.8 11.6% 14.1% 18.4 14.4 2.7 2.3 13.7% 15.9% (5.2) 1,302 1,350 35.0 15.2 14.1 3.2 2.2 20.9% 15.4% 4.7 1,269 1,400 25.6 16.6 9.3 2.1 1.8 12.7% 18.8% 8.7 1,667 1,900 16.9 27.5 23.9 5.8 5.1 21.1% 21.2% 19.8 15.8 3.7 3.0 18.2% 18.5%

Pulp and Paper

INKP HOLD 0.6 7,550 (1.9) N/A 7,175 -5.0 4.8 5.5 0.7 0.6 13.9% 11.0%

Average 4.8 5.5 0.7 0.6 13.9% 11.0% Media MNCN HOLD 0.3 1,645 0.9 1,804 1,750 6.4 10.8 8.8 1.7 1.5 16.2% 17.5% SCMA HOLD 0.3 1,470 4.3 1,760 1,550 5.4 14.1 12.7 3.8 3.3 26.5% 26.4% Average 12.4 10.8 2.7 2.4 21.4% 22.0% Telco EXCL BUY 0.5 3,060 (2.9) 3,963 3,900 27.5 46.4 30.9 1.7 1.6 3.7% 5.3% ISAT BUY 0.2 2,230 (23.4) 3,825 3,450 54.7 n/a n/a 1.0 1.1 -3.2% -2.2% TLKM BUY 5.6 3,840 (3.3) 4,756 4,700 22.4 21.1 17.3 3.2 3.1 15.4% 17.8%

Average 33.7 24.1 2.0 1.9 5.3% 7.0%

Telco Retail

TELE HOLD 0.0 234 (22.0) N/A 250 6.8 2.8 4.1 0.4 0.4 13.9% 9.1%

ERAA HOLD 0.1 1,635 (8.9) 1,991 1,625 -0.6 15.0 8.7 1.1 1.0 7.3% 11.0% Average 8.9 6.4 0.7 0.7 10.6% 10.1% Telco Infra TBIG SELL 0.4 1,185 (3.7) 1,348 1,050 -11.4 38.2 34.9 7.4 5.7 19.3% 16.4% TOWR HOLD 0.6 840 4.3 900 905 7.7 18.7 16.8 4.5 3.9 24.2% 22.9% Average 28.4 25.8 5.9 4.8 21.7% 19.7% Stock Rec.

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Equity Research│28 January 2020

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Auto ASII BUY 4.0 6,725 (2.9) 7,964 7,500 11.5 13.4 12.5 1.5 1.3 10.9% 10.8% Average 13.4 12.5 1.5 1.3 10.9% 10.8% Mining Contracting UNTR BUY 1.1 19,925 (7.4) 26,218 22,300 11.9 6.9 6.2 1.6 1.4 22.9% 22.1% Average 6.9 6.2 1.6 1.4 22.9% 22.1% Aviation GIAA BUY 0.1 386 (22.5) 693 650 68.4 4.2 3.7 0.8 0.7 17.8% 18.5% Average 4.2 3.7 0.8 0.7 17.8% 18.5% Property BSDE BUY 0.3 1,135 (9.6) 1,622 1,800 58.6 7.3 10.2 0.8 0.7 10.4% 6.9% PWON BUY 0.4 545 (4.4) 708 650 19.3 8.9 8.9 1.7 1.5 19.4% 16.5% ASRI BUY 0.1 212 (10.9) 292 360 69.8 4.8 5.3 0.4 0.4 8.4% 7.1% LPKR BUY 0.2 234 (3.3) 291 380 62.4 n/a 21.3 0.6 0.5 -0.7% 2.5% SMRA BUY 0.2 885 (11.9) 1,333 1,500 69.5 23.9 20.1 1.7 1.6 7.3% 8.0% CTRA BUY 0.3 945 (9.1) 1,330 1,150 21.7 19.7 23.0 1.2 1.1 5.9% 4.8% Average 12.9 14.8 1.1 1.0 8.4% 7.7% Industrial Estate SSIA BUY 0.0 675 3.1 1,013 1,100 63.0 28.1 17.8 0.8 0.8 2.8% 4.3% DMAS BUY 0.2 280 (5.4) 357 346 23.6 9.0 8.5 1.8 1.8 20.3% 21.0% KIJA HOLD 0.1 300 2.7 348 325 8.3 n/a 27.3 1.1 1.1 -1.1% 4.0%

Average 18.6 17.8 1.2 1.2 7.3% 9.8% Construction PTPP BUY 0.1 1,420 (10.4) 2,117 2,100 47.9 7.6 6.4 0.5 0.5 6.7% 7.4% ADHI BUY 0.1 1,025 (12.8) 1,750 1,800 75.6 5.6 4.9 0.5 0.5 9.5% 10.0% WSKT BUY 0.2 1,250 (15.8) 1,848 1,750 40.0 7.7 5.5 0.5 0.5 7.1% 9.0% WIKA BUY 0.2 1,875 (5.8) 2,678 2,600 38.7 8.0 7.3 0.9 0.8 10.9% 10.8% Average 7.2 6.0 0.6 0.6 8.6% 9.3% Cement INTP HOLD 1.0 18,550 (2.5) 20,608 19,300 4.0 44.5 31.9 2.9 2.8 6.4% 8.7% SMGR SELL 1.1 12,650 5.4 14,868 11,300 -10.7 27.3 25.3 2.2 2.1 8.0% 8.2% Average 35.9 28.6 2.5 2.4 7.2% 8.5% Precast WSBP BUY 0.1 272 (10.5) 373 410 50.7 8.8 6.2 0.8 0.7 9.4% 12.1% WTON BUY 0.1 404 (10.2) 736 620 53.5 6.7 5.7 1.0 0.9 14.9% 15.6% Average 7.8 5.9 0.9 0.8 12.1% 13.8%

Oil and Gas

PGAS BUY 0.6 1,815 (16.4) 2,382 2,090 15.2 13.2 13.5 1.1 1.0 8.1% 7.4% AKRA BUY 0.2 3,420 (13.4) 4,390 4,790 40.1 12.0 9.8 1.5 1.4 12.2% 13.8% MEDC BUY 0.2 675 (22.0) 1,095 850 25.9 7.6 6.8 0.5 0.5 6.9% 7.1% Average 10.9 10.0 1.0 0.9 9.0% 9.5% Chemical TPIA SELL 2.3 9,000 (13.3) 6,350 7,575 -15.8 82.6 73.8 6.8 6.4 8.2% 8.6% BRPT SELL 1.7 1,315 (12.9) 840 1,075 -18.3 11.4 9.8 0.7 0.6 5.9% 6.2% ESSA BUY 0.1 240 (10.4) 450 280 16.7 8.8 7.1 0.8 0.7 9.2% 9.6% Average 34.3 30.2 2.8 2.6 7.8% 8.2% Utilities JSMR BUY 0.5 4,860 (6.1) 6,528 6,000 23.5 17.9 15.8 1.9 1.7 10.7% 11.0% Average 17.9 15.8 1.9 1.7 10.7% 11.0% Metal ANTM BUY 0.3 750 (10.7) 1,101 1,250 66.7 14.4 10.4 0.9 0.9 6.5% 8.9% MDKA BUY 0.4 1,180 10.3 1,611 1,600 35.6 27.1 15.1 4.8 3.8 17.7% 25.2% INCO BUY 0.5 3,260 (10.4) 4,048 3,900 19.6 41.8 19.7 1.3 1.3 3.1% 6.4% Average 27.8 15.1 2.3 2.0 9.1% 13.5% Stock Rec.

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Equity Research│28 January 2020

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Coal ITMG HOLD 0.2 11,350 (1.1) 13,634 12,070 6.3 4.6 4.3 1.2 1.6 26.5% 37.8% ADRO BUY 0.6 1,295 (16.7) 1,502 1,600 23.6 8.7 6.8 0.7 0.7 8.2% 9.9% PTBA BUY 0.4 2,240 (15.8) 2,750 2,580 15.2 3.9 3.3 1.3 1.1 31.9% 32.9% Average 5.7 4.8 1.1 1.1 22.2% 26.9% Plantation AALI BUY 0.3 11,575 (20.6) 14,964 16,000 38.2 105.2 15.8 1.2 1.1 1.1% 6.9% LSIP BUY 0.1 1,175 (20.9) 1,580 1,610 37.0 58.8 19.0 1.0 0.9 1.6% 4.7% TBLA BUY 0.1 850 (14.6) 1,195 980 15.3 4.1 5.2 0.9 0.8 21.1% 14.3% SIMP HOLD 0.1 370 (14.4) 500 388 4.9 11.9 33.6 0.4 0.4 3.3% 1.2% SSMS BUY 0.1 785 (7.1) 1,045 1,050 33.8 n/a 15.1 1.9 1.7 -1.0% 11.0% Average 45.0 17.7 1.1 1.0 5.2% 7.6%

Source: SSI Research, Bloomberg

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

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Equity Research│28 January 2020

Global Data

Chg (Pts)

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

World 2,356 (39.22) (1.64) (2.08) (2.21) (0.37) 5.59 (0.10) 18.45 2,419 1,980 U.S. (S&P) 3,244 (51.84) (1.57) (2.35) (2.58) 0.11 6.72 0.40 22.69 3,338 2,624 U.S. (DOW) 28,536 (453.93) (1.57) (2.23) (2.77) (0.38) 5.33 (0.01) 16.34 29,374 24,324 Europe 3,678 (101.32) (2.68) (2.44) (3.19) (2.76) 1.44 (1.80) 17.23 3,814 3,125 Emerging Market 1,103 (16.41) (1.47) (1.71) (2.12) (1.40) 5.75 (1.05) 7.29 1,151 957 FTSE 100 7,412 (173.93) (2.29) (2.11) (3.13) (3.05) 1.10 (1.73) 9.86 7,727 6,734 CAC 40 5,863 (161.24) (2.68) (2.46) (3.55) (2.89) 2.31 (1.92) 19.93 6,110 4,879 Dax 13,205 (371.91) (2.74) (2.30) (2.54) (0.99) 2.03 (0.33) 17.79 13,640 10,864 Indonesia 6,133 (110.90) (1.78) (1.61) (1.79) (3.10) (2.11) (2.64) (5.04) 6,636 5,767 Japan 23,131 (212.53) (0.91) (2.79) (3.07) (2.96) 1.15 (2.22) 12.02 24,116 20,111 Australia 6,996 (94.44) (1.33) (1.92) (1.18) 2.56 3.81 4.67 18.47 7,145 5,849 Korea 2,189 (56.84) (2.53) (2.25) (2.72) (0.04) 4.97 (0.38) 2.06 2,277 1,892 Singapore 3,240 5.46 0.17 (0.22) (1.25) 0.42 1.71 0.53 1.18 3,415 3,040 Malaysia 1,573 (1.63) (0.10) (0.91) (1.44) (2.35) 0.18 (1.00) (7.54) 1,732 1,548 Hong Kong 27,950 40.52 0.15 (0.13) (3.81) (0.98) 4.81 (0.85) 1.38 30,280 24,900 China 2,977 (84.23) (2.75) (3.85) (3.17) (0.21) 1.21 (2.41) 14.85 3,288 2,560 Taiwan 12,119 28.42 0.24 0.22 0.04 1.33 8.36 1.01 22.54 12,198 9,828 Thailand 1,524 (45.40) (2.89) (3.20) (4.09) (3.43) (4.53) (3.53) (6.21) 1,748 1,519 Philipines 7,588 (35.78) (0.47) 1.59 0.46 (2.91) (4.52) (2.91) (5.79) 8,420 7,426

Foreign Reserves (US$Bn) 129.18 2.01 3.90 7.07 7.07 129.18 120.08

Inflation Rate (yoy, %) 2.72 3.49 2.48

Gov Bond Yld (10yr, %) 6.72 0.01 8.16 6.60

US Fed Rate (%) 1.75 2.50 1.75

Chg (Pts)

Indonesia 13,615 32.00 (0.24) 0.23 0.18 2.48 3.04 1.84 3.36 14,528 13,577 Japan 108.94 0.04 (0.04) 0.50 0.85 (0.06) 0.01 (0.30) 0.38 112.40 104.46 UK 1.31 0.00 0.00 (0.50) 0.05 (0.43) 1.51 (1.51) (0.81) 1.35 1.20 Euro 1.10 (0.00) (0.01) (0.33) (0.58) (1.62) (0.74) (1.74) (3.59) 1.15 1.09 China 6.94 0.04 (0.52) (1.09) (0.92) 1.01 1.76 0.30 (2.17) 7.18 6.67 Chg (Pts)

Oil (Brent) 59.32 (1.37) (2.26) (6.15) (9.02) (12.97) (4.35) (10.12) (3.76) 75.60 55.88 CPO 2,861 (64.00) (2.19) (0.90) 0.85 (2.12) 20.01 (6.26) 24.55 3,140 1,943 Rubber 775.00 (7.50) (0.96) (2.08) (2.33) 1.17 7.42 1.44 3.33 955.00 707.50 Coal 67.55 (0.55) (0.81) (1.10) (5.39) (1.24) 0.60 (0.22) (32.08) 99.10 63.00 Iron Ore 89.30 0.00 0.00 (0.59) 0.29 5.59 4.75 3.87 23.63 118.96 67.08 Tin 16,236 (574.00) (3.41) (6.53) (8.82) (5.22) (2.42) (5.48) (22.00) 21,914 15,705 Nickel 12,615 (335.00) (2.59) (7.51) (10.02) (11.22) (24.80) (10.05) 5.43 18,850 11,605 Copper 5,743 (183.00) (3.09) (5.94) (8.24) (7.58) (3.07) (6.98) (5.17) 6,609 5,518 Gold 1,580 2.60 0.16 0.93 1.42 4.34 5.87 3.98 21.25 1,613 1,266

Source: Bloomberg, SSI Research

Change (%) 1 Year Change (%) 1 Year

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

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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,

Equity Research│28 January 2020

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer (Staple) suria.dharma@samuel.co.id +6221 2854 8148

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

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

Yosua Zisokhi Cement , Cigarette, Paper, Plantation, Telco

Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Coal, Metal, Mining Cont., Oil & Gas dessy.lapagu@samuel.co.id +6221 2854 8392

Selvi Ocktaviani Automotive, Construction, Precast, Telco selvi.ocktaviani@samuel.co.id +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property, Toll Road ilham.akbar@samuel.co.id +6221 2854 8144 Teuku Al Hafidh At Tirmidzi Aviation, Retail, Telco Retail teuku.hafidh@samuel.co.id +6221 2854 8339

Gusti Angga Rizky Pratama Media, Poultry gusti.angga@samuel.co.id +6221 2854 8322

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

Private Wealth Management

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

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

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

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

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

Equity Sales Team

Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150

Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146

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

Fixed Income Sales Team

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

Dina Afrilia Senior Fixed Income Sales dina.afrilia@samuel.co.id +6221 2854 8309

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

Online Trading Sales Team

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