Riset Saham Harian. IHSG Berpotensi Menguat. Highlights. Samuel Equity Research 17 September 2018

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Riset Saham Harian

Samuel Equity Research 17 September 2018

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IHSG Berpotensi Menguat

Bursa saham Wall Street bergerak volatile sepanjang perdagangan sebelum akhirnya mengalami sedikit perubahan dan ditutup flat pada perdagangan Jumat (14/9/2018). Wall Street kembali tertekan karena pemberitaan rencana Presiden AS Donald Trump yang memerintahkan bawahannya untuk memproses tarif sebesar US$200 miliar untuk produk China, padahal Menteri Keuangan AS sedang mulai berusaha memulai perundingan dengan China.

Investor khawatir perang dagang akan semakin panas dan belum akan berakhir dalam waktu dekat.

Sementara itu, dari dalam negeri IHSG menguat 1,25% ke level 5.931,28.

Investor asing mencatatkan pembelian bersih (net buy) Rp 270,74 miliar.

Selama sepekan, IHSG tercatat menguat 1,36%. Dalam sepakan ini pula investor asing mencatatkan total penjualan bersih (net sell) sebesar Rp 748,04 miliar. Kami memprediksi IHSG masih mampu menguat ditunjang oleh nilai tukar Rupiah yang lebih stabil serta kekhawatiran global seputar perang dagang sudah ter-priced in.

Highlights

• DMAS: Akan Kembangkan Savasa dengan PHGI

• Perbankan: NPL BUKU I naik; GPN terus didorong

• KLBF: Pembayaran terlambat

• Batubara: ESDM menetapkan harga HBA sebesar US$ 104,8/mt, 14% yoy

• BEI: Dividen emiten tembus Rp137 triliun

• Sektor perkebunan: Perluasan Mandatory B20 Jangkau Seluruh Indonesia

: 5,931.3

: +73.0 (+1.2%) : 5,699 Mn shrs : 4,750 Bn rupiah

Last

Close +/- %

BBRI 3,070 70 2.3

BMRI 6,750 175 2.7

ASII 7,225 150 2.1

UNVR 47,100 550 1.2

INCO 3,390 -60 -1.7

NISP 835 -25 -2.9

PWON 530 -10 -1.9

SRTG 3,950 -150 -3.7

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

TLKM 267 BBCA 29

BBRI 38 PGAS 26

UNVR 36 PTBA 25

BBNI 33 ADRO 12

BMRI 29 PTPP 11 Money Market

Last

Close +/- %

USD/IDR 14,807 -33.0 0.2

JIBOR O/N 5.5 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.9 0.3 1.3

ISAT 58.9 0.5 0.8

EIDO 22.8 0.0 0.1

Global Indices Last

Close +/- %

DJIA 26,155 9 0.0

S&P 500 2,905 1 0.0

Euro Stoxx 3,345 11 0.3

MSCI World 2,167 4 0.2

Nikkei 23,095 273 1.2

Hang Seng 27,286 272 1.0

Commodities Last

Close +/- %

Brent Oil 78 -0.2 -0.2

CPO Malay 2,247 -21.0 -0.9

Coal (ICE) 115 0.2 0.2

Nickel 12,598 48.5 0.4

Tin 19,046 7.0 0.0

Changes Changes Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Monday, 17 Sep 2018 Market Index Index Movement Market Volume

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Riset Saham Harian

17 September 2018

DMAS: Akan Kembangkan Savasa dengan PHGI

• PT Puradelta Lestari, Tbk (DMAS) akan kembangkan proyek kota Savasa bersama PT Panasonic Homes Gobel Indonesia (PHGI). (Bisnis Indonesia)

Comment:

• Proyek smart township dengan investasi awal Rp360miliar yang akan dikembangkan di area seluas 37ha tersebut akan menambah catatan nilai pre sales DMAS.

• Pengembangan proyek yang diperkirakan berlangsung 3 sampai 4 tahun potensi memberikan benefit yang lebih baik, mengingat masa penawaran kami perkirakan terjadi setelah tahun politik dan trend pergerakan nilai tukar rupiah maupun suku bunga KPR telah mengalami normalisasi.

• Beberapa klaster yang dibangun di tahap awal pun kami perkirakan akan mampu terjual, mengingat tipe luasan lahan dan bangunan serta segmentasi pasar yang dituju adalah kalangan menengah. DMAS: Hold; 18E’ PE: 9.2x, PBV: 0.8x.

Perbankan: NPL BUKU I naik; GPN terus didorong

• Diberitakan bahwa bank konvensional BUKU I mencatatkan kenaikan NPL 69bp yoy menjadi 3,27% per Juli 2018, sementara secara industri bank konvensional NPL tercatat turun 27 bp menjadi 2,73%. Langkah pemberian kredit yang lebih selektif dan pelemahan permintaan kredit baru menyebabkan pertumbuhan kredit yang melambat dan mendorong kenaikan NPL secara persentase. Untuk bank-bank besar, NPL masih turun secara yoy.

• Pemerintah terus menyempurnakan sistem GPN (Gerbang Pembayaran Nasional) dan mendorong masyarakat beralih ke kartu debit berlogo GPN. Sistem ini akan memberikan penghematan ke bank. Namun, diberitakan saat ini biaya yang dibebankan ke nasabah masih sama. (Bisnis Indonesia, Kontan) Banking: Overweight

KLBF: Pembayaran terlambat

• Adanya keterlambatan pembayaran tagihan rumah sakit dari BPJS Kesehatan dalam program JKN (Jaminan Kesehatan Nasional) menyebabkan rumah sakit menunda pembayaran obat-obatan dan alat kesehatan. KLBF mengakui adanya keterlambatan itu yang membuat piutangnya meningkat.

• KLBF terus memantau pergerakan nilai tukar rupiah karena besarnya kebutuhan impor di farmasi yang dapat berujung pada penurunan marjin laba. KLBF menyatakan belum menaikkan harga jual obat generik dan non generik hingga saat ini. (Kontan) KLBF:

Hold; 18E’ PE: 22.8x, PBV: 4.0x.

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Riset Saham Harian

17 September 2018

Batubara: ESDM menetapkan harga HBA sebesar US$ 104,8/mt, 14% yoy

• Kementerian Energi dan Sumber Daya Mineral (ESDM) menetapkan harga batubara acuan (HBA) bulan September sebesar US$ 104,8/mt, turun 3% mom namun naik 14%

yoy. HBA ditetapkan berdasarkan kalori 6.322 kcal/kg GAR dengan 8% moisture content, 15% ash dan 0,8% sulfur. (Platts.com) Coal: Overweight

BEI: Dividen emiten tembus Rp137 triliun

• PT Bursa Efek Indonesia mencatat nilai dividen tunai emiten untuk tahun buku 2017 yang dibayarkan pada 2018 mencapai Rp137,71 triliun atau naik 14,49% dibandingkan dengan tahun sebelumnya Rp120,38 triliun.

• Adapun dari total 223 emiten di BEI yang membagikan dividen tunai tahun ini, terdapat perusahaan BUMN, afiliasi BUMN, dan perusahaan swasta. (Investor Daily).

Sektor perkebunan: Perluasan Mandatory B20 Jangkau Seluruh Indonesia

• Perluasan mandatory pencampuran biodiesel 20% (B20) ditargetkan akan berjalan 100%

atau menjangkau seluruh wilayah Indonesia pada akhir tahun ini. Hal ini bersamaan dengan mulai disalurkannya biodiesel dari 112 terminal bahan bakar minyak (BBM) milik PT Pertamina (Persero).

• Dari sisi pasokan, pemerintah melalui Direktorat Jenderal Energi Baru Terbarukan dan Konservasi Energi (EBTKE) selalu memastikan ketersediaan pasokan FAME. Kemudian tidak ada kesulitan dalam kontrak pasokan FAME antara badan usaha bahan bakar nabati (BBN) dan badan usaha BBM. Plantation: Neutral

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Riset Saham Harian

17 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 4.7 6750 (15.6) 8135 8200 13.3 11.7 1.7 1.6 13.1% 13.4%

BBCA HOLD 8.8 23975 9.5 24879 26250 23.4 21.4 4.0 3.5 16.9% 16.2%

BBRI BUY 5.7 3070 (15.7) 3733 3800 11.9 10.6 2.0 1.8 17.2% 16.9%

BBNI BUY 2.1 7525 (24.0) 9139 9050 9.5 8.1 1.3 1.2 13.7% 14.3%

BBTN HOLD 0.4 2680 (24.9) 3248 2800 8.6 7.4 1.2 1.0 13.6% 13.9%

BNLI BUY 0.2 478 (23.5) 566 610 23.9 15.9 0.6 0.6 2.6% 3.7%

Average 15.1 12.5 1.8 1.6 12.8% 13.1%

Consumer (Staples)

ICBP BUY 1.6 8925 0.3 9670 10200 24.8 22.8 4.7 4.2 19.1% 18.6%

INDF BUY 0.8 6175 (19.0) 8235 8400 11.7 10.6 1.6 1.5 13.6% 13.8%

KLBF HOLD 0.9 1235 (26.9) 1403 1450 22.9 21.7 4.0 3.6 17.4% 16.7%

UNVR HOLD 5.4 47100 (15.7) 46227 49900 46.3 42.9 59.1 53.7 127.7% 125.2%

Average 26.4 24.5 17.3 15.7 44.4% 43.6%

Cigarette

HMSP SELL * 6.8 3880 (18.0) 4128 3900 35.0 32.7 11.9 10.7 34.0% 32.8%

GGRM BUY 2.2 75725 (9.6) 84866 83700 18.0 17.5 3.0 2.7 16.8% 15.3%

Average 26.5 25.1 7.5 6.7 25.4% 24.1%

Healthcare

MIKA BUY 0.4 1730 (4.4) 1871 2050 33.8 27.8 5.0 4.1 14.9% 14.6%

SILO HOLD 0.1 2990 (68.8) 3950 3250 44.3 38.2 0.6 0.5 1.4% 1.4%

Average 39.0 33.0 2.8 2.3 8.2% 8.0%

Poultry

CPIN BUY 1.2 4990 66.3 5466 5500 19.6 17.3 4.4 3.7 22.5% 21.6%

JPFA BUY 0.4 2180 67.7 2702 2750 9.0 7.9 2.0 1.7 22.3% 21.2%

MAIN BUY 0.0 1275 72.3 1518 1400 8.7 5.9 1.1 1.0 13.2% 16.7%

Average 12.4 10.4 2.5 2.1 19.3% 19.8%

Retail

MAPI BUY 0.2 805 29.8 1014 930 26.8 17.1 3.3 2.8 12.3% 16.4%

RALS BUY 0.1 1340 11.7 1595 1550 22.7 20.0 2.5 2.4 11.2% 12.2%

ACES BUY 0.4 1360 17.7 1563 1550 26.2 22.3 6.6 5.6 25.4% 25.3%

Average 25.2 19.8 4.2 3.6 16.3% 18.0%

Pulp and Paper

INKP HOLD 1.5 17900 231.5 21633 20000 12.6 10.2 1.9 1.6 15.0% 15.7%

Media

MNCN BUY 0.2 840 (34.6) 1396 1500 7.4 7.2 1.2 1.1 16.5% 15.8%

SCMA BUY 0.4 1875 (24.4) 2544 3000 15.2 11.9 5.5 4.3 36.3% 35.8%

Average 11.3 9.5 3.4 2.7 26.4% 25.8%

Telco

EXCL BUY 0.5 3030 2.4 3674 3380 131.7 28.1 1.5 1.4 1.1% 5.1%

ISAT BUY 0.2 3020 (37.1) 3807 7400 6.1 5.7 1.0 0.9 16.3% 16.2%

TLKM HOLD 5.4 3590 (18.4) 4128 3700 18.6 18.5 3.7 3.4 19.7% 18.3%

TOWR BUY 0.4 486 (39.3) 835 900 8.4 7.6 1.7 1.5 20.2% 19.2%

Average 41.2 15.0 2.0 1.8 14.3% 14.7%

Auto and HE

ASII BUY 4.4 7225 (13.0) 8437 9400 14.5 12.9 2.1 1.9 14.7% 14.7%

UNTR BUY 1.9 32875 (7.1) 42238 41500 14.7 11.4 2.4 2.1 16.2% 18.3%

Average 14.6 12.2 2.3 2.0 15.4% 16.5%

Aviation

GIAA HOLD 0.1 220 (26.7) 291 295 161.2 15.9 0.4 0.3 0.3% 2.1%

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Riset Saham Harian

17 September 2018

Property

BSDE BUY 0.3 1155 (32.1) 1921 2350 4.2 3.9 0.6 0.5 14.6% 13.6%

PWON BUY 0.4 530 (22.6) 712 767 12.9 10.8 2.2 1.9 16.8% 17.2%

ASRI HOLD 0.1 292 (18.0) 391 310 4.9 4.7 0.6 0.5 11.9% 11.2%

SMRA SELL * 0.2 690 (27.0) 971 782 27.6 26.0 1.3 1.3 4.6% 5.1%

SSIA HOLD 0.0 466 (9.5) 699 564 112.0 75.6 0.5 0.5 0.5% 0.7%

CTRA BUY 0.2 800 (32.5) 1349 1580 16.2 15.1 0.8 0.8 5.0% 5.1%

DMAS HOLD 0.1 128 (25.1) 209 156 9.2 8.8 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 29.4 23.4 0.9 0.9 7.9% 7.9%

Construction

PTPP BUY 0.1 1570 (40.5) 3224 3350 7.7 7.0 0.8 0.8 10.9% 10.7%

ADHI BUY 0.1 1360 (27.9) 2479 3250 7.6 5.3 0.7 0.6 9.1% 11.4%

WSKT BUY 0.4 1745 (21.0) 2737 3250 6.4 5.9 0.9 0.9 14.3% 14.8%

WIKA BUY 0.2 1425 (8.1) 2162 1850 8.8 7.1 0.8 0.7 8.6% 9.4%

Average 7.6 6.4 0.8 0.7 10.7% 11.6%

Cement

INTP SELL 0.9 17025 (22.4) 15995 13300 22.8 19.4 2.2 2.0 9.6% 10.5%

SMGR BUY 0.8 9000 (9.1) 9740 12000 15.1 13.8 1.6 1.5 10.7% 10.7%

SMCB SELL 0.1 940 12.6 731 700 -12.9 -15.4 1.0 1.0 -7.7% -6.6%

Average 8.3 5.9 1.6 1.5 4.2% 4.9%

Precast

WSBP BUY 0.1 358 (12.3) 537 580 8.4 7.2 1.0 0.9 12.4% 12.5%

WTON BUY 0.0 372 (25.6) 637 750 8.4 8.1 1.0 0.8 11.5% 10.0%

Average 8.4 7.6 1.0 0.9 11.9% 11.3%

Oil and Gas

PGAS BUY 0.7 2030 16.0 2457 3000 14.2 12.4 1.3 1.2 9.1% 9.7%

AKRA BUY 0.2 3600 (43.3) 5404 6000 7.7 10.0 1.6 1.4 20.4% 14.3%

TPIA SELL * 1.3 4900 (18.3) 5376 5480 20.0 18.0 3.4 2.9 16.8% 16.2%

BRPT HOLD 0.5 1725 (23.7) 2442 2400 11.8 10.5 0.9 0.8 7.6% 7.4%

MEDC BUY 0.2 830 (6.7) 1393 1500 11.4 8.9 0.8 0.7 6.9% 8.0%

Average 13.0 12.0 1.6 1.4 12.2% 11.1%

Utilities

JSMR BUY 0.5 4510 (29.5) 5732 7500 13.6 10.3 1.9 1.7 14.3% 16.8%

Metal

ANTM BUY 0.3 800 28.0 1239 1050 72.7 36.4 1.2 1.1 1.6% 3.1%

INCO BUY 0.5 3390 17.3 5302 5200 23.8 23.1 1.3 1.3 5.3% 5.4%

TINS BUY 0.1 715 (7.7) 1176 1150 10.8 9.9 0.9 0.8 8.1% 8.4%

Average 35.8 23.1 1.1 1.1 5.0% 5.6%

Coal

DOID BUY 0.1 660.0 (7.7) 1393.3 1450 4.5 4.1 1.6 1.1 34.4% 27.3%

ITMG BUY 0.5 27100 30.9 32384 32500 9.8 9.2 2.0 1.9 20.8% 20.8%

ADRO BUY 0.8 1740 (6.5) 2583 2410 7.5 7.2 1.0 0.9 13.7% 12.8%

PTBA BUY 0.7 3970 61.4 4773 5300 6.8 5.7 3.0 2.6 44.5% 46.5%

Average 7.1 6.6 1.9 1.7 28.3% 26.8%

Plantation

AALI BUY 0.4 13000 (1.1) 14080 15200 12.9 10.6 1.3 1.3 10.3% 11.8%

LSIP BUY 0.1 1400 (1.4) 1449 1420 12.4 11.9 1.1 1.0 8.7% 8.8%

SIMP HOLD 0.1 505 8.8 515 520 23.0 19.4 0.5 0.5 2.3% 2.7%

Average 16.1 14.0 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

17 September 2018

Global Data

Regional Indices Last Price Chg (Pts)

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

World 2,167 3.91 0.18 0.65 1.12 1.33 1.52 3.00 9.00 2,250 1,981

U.S. (S&P) 2,905 0.80 0.03 0.59 1.16 1.92 4.51 8.65 16.19 2,917 2,488

U.S. (DOW) 26,155 8.68 0.03 0.71 0.92 1.89 4.24 5.81 17.45 26,617 22,215

Europe 3,345 10.95 0.33 1.00 1.56 (0.84) (4.58) (4.55) (4.86) 3,709 3,262

Emerging Market 1,029 10.88 1.07 2.39 1.71 0.55 (7.65) (11.22) (6.68) 1,279 999

FTSE 100 7,304 22.47 0.31 0.42 0.36 (3.37) (4.32) (4.99) 1.23 7,904 6,867

CAC 40 5,353 24.45 0.46 1.30 1.91 0.14 (2.71) 0.75 2.66 5,657 5,038

Dax 12,124 68.78 0.57 1.29 1.38 (0.71) (6.81) (6.14) (3.15) 13,597 11,727

Indonesia 5,931 73.01 1.25 1.72 2.69 2.55 (1.04) (6.68) 1.00 6,693 5,558

Japan 23,095 273.35 1.20 1.90 3.53 3.70 1.06 1.45 16.00 24,129 19,788

Australia 6,160 (4.93) (0.08) (0.25) 0.30 (2.82) 1.09 1.57 8.17 6,374 5,639

Korea 2,308 (10.67) (0.46) 1.08 0.83 2.69 (4.01) (6.48) (3.29) 2,607 2,218

Singapore 3,161 29.65 0.95 1.66 0.86 (1.50) (5.82) (7.10) (1.50) 3,642 3,103

Malaysia 1,804 11.16 0.62 0.26 0.29 1.14 2.38 0.39 0.98 1,896 1,658

Hong Kong 27,286 271.92 1.01 3.27 1.16 0.27 (9.97) (8.80) (1.87) 33,484 26,220 China 2,682 (4.94) (0.18) 0.63 (0.76) 0.47 (11.26) (18.91) (20.04) 3,587 2,647

Taiwan 10,868 140.91 1.31 1.08 0.19 1.66 (1.98) 2.12 2.72 11,270 10,189

Thailand 1,722 4.25 0.25 2.98 1.94 1.90 1.02 (1.80) 3.71 1,853 1,585

Philipines 7,413 (104.22) (1.39) (1.39) (2.44) (2.25) (1.55) (13.38) (9.38) 9,078 6,924 Monetary Indicators Last Chg (Pts)

JIBOR Overnight (%) 5.47 0.03 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, %) 8.41 (0.11) 8.68 6.09

US Fed Rate (%) 2.00 2.00 1.25

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

Indonesia 14,807 (33.00) 0.22 0.34 0.09 (1.53) (5.92) (8.37) (10.52) 14,945 13,233 Japan 112.10 0.04 (0.04) (0.75) (0.87) (1.43) (1.38) 0.53 (0.47) 114.73 104.56

UK 1.31 0.00 0.07 0.25 0.39 2.57 (1.27) (3.23) (3.10) 1.44 1.27

Euro 1.16 0.00 0.04 0.03 0.31 1.68 0.06 (3.12) (2.71) 1.26 1.13

China 6.87 0.02 (0.33) 0.08 (0.35) 0.24 (6.78) (5.25) (4.54) 6.93 6.24

Commodity Indicators Last Price Chg (Pts)

Oil (WTI) 68.80 (0.19) (0.28) (2.23) 1.87 4.38 5.75 13.87 37.90 75.27 49.10

CPO 2,247 (21.00) (0.93) (2.05) (3.15) 0.45 (3.81) (10.23) (20.99) 2,876 2,140

Rubber 679.00 1.00 0.15 0.15 0.15 0.59 3.35 (7.30) (20.77) 851.50 610.50

Coal 114.95 0.20 0.17 (0.52) 1.01 0.57 0.88 13.08 16.46 118.00 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 19,046 7.00 0.04 (0.06) (0.13) 0.07 (9.12) (5.22) (7.69) 22,104 18,662

Nickel 12,655 50.00 0.40 3.48 2.43 (5.74) (17.21) (0.82) 12.99 16,690 10,215 Copper 5,973 (60.00) (0.99) 1.95 0.67 (1.17) (16.78) (17.58) (8.08) 7,348 5,773 Gold 1,193 (2.80) (0.23) (1.00) (0.09) 1.37 (6.50) (8.64) (9.68) 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