Global dan regional tertekan, IHSG berpotensi kembali melemah

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: 4,918.0

: -16.1 -0.33%

: 7,510 Mn shrs : 5,439 Bn rupiah Last

Close +/- %

POLL 10,150 0 0.0

ASII 4,630 -40 -0.9

EMTK 7,325 -50 -0.7

TLKM 2,800 20 0.7

BBRI 3,080 -50 -1.6

BMRI 5,200 -100 -1.9

INKP 9,425 175 1.9

ICBP 10,350 100 1.0

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

TLKM 22 BBCA 49

MDKA 22 BMRI 37

INKP 18 BBNI 34

UNTR 17 UNVR 25

BTPS 10 BBRI 23 Money Market

Last

Close +/- %

USD/IDR 14,815 30.0 -0.2

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 18.5 -0.4 -2.1

EIDO 17.1 -0.4 -2.3

Global Indices Last

Close +/- %

DJIA 26,763 -525 -1.9

S&P 500 3,237 -79 -2.4

Euro Stoxx 3,180 16 0.5

MSCI World 2,306 -38 -1.6

Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Wednesday, 23 Sep 2020 Market Index

Index Movement Market Volume

DAILY RESEARCH

Market

Global dan regional tertekan, IHSG berpotensi kembali melemah

Pasar saham AS ditutup turun cukup dalam. DJIA -1.92% ke level 26,763; S&P500 -2.37%; dan Nasdaq -3.02%. Harga minyak WTI berada pada level USD 39.5 dengan Brent USD 41.5 dan emas USD 1,862. Pelemahan dalam mayoritas tertekan oleh saham teknologi serta ketidakpastian outlook ekonomi. US Dollar dan harga emas masih terus tertekan.

Indeks EIDO -2.35% dan IHSG Rabu ditutup -0.33% menjadi 4,918 dengan pemberat saham BBRI, BMRI dan HMSP. Net sell asing pada pasar regular mencapai IDR 187 miliar. Saham dengan nilai net sell asing tertinggi di pasar reguler dicetak oleh oleh BBCA (IDR 49.7 miliar), BMRI (IDR 37.1 miliar), dan BBNI (IDR 34.3 miliar) sementara net buy asing tertinggi dicatatkan oleh TLKM (IDR 22.5 miliar), MDKA (IDR 22.4 miliar), dan INKP (IDR 18.5 miliar).

Sepanjang minggu ini (Senin-Rabu) asing mencatatkan net sell IDR 1.1T pada pasar regular.

Bursa global dan regional sepanjang minggu ini terus tertekan seiring ketidakpastian atas pandemi serta ekspektasi pelemahan ekonomi baik itu di bursa AS maupun Eropa. Saat ini, investor cenderung wait and see terlebih



Poultry: Setelah merosot selama 2 bulan terakhir, harga daging

ayam mulai naik



ICBP : Kontribusi pendapatan Pinehill akan dikonsolidasi mulai September



LSIP : Targetkan Capex FY20 sebesar IDR 500 miliar



Highlights

24 September 2020

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Equity Research│24 September 2020

Poultry: Setelah merosot selama 2 bulan terakhir, harga daging ayam mulai naik

Harga daging ayam mulai terkerek naik selama 2 bulan terakhir berdasarkan Pusat Informasi Harga Pangan (PHIPS) arga daging ayam ras padahari rabu menyentuh IDR 32,500 per kg, naik +2% dari sebelumnya 31,500.

Belum lama ini, dirjen PKH telah menerbitkan surat edaran tentang pengurangan DOC FS melalui cutting Hatching Egg (HE) umur 18 hari, penyesuaian setting HE dan afkir dini parent stock (PS) tahun2020. (Kontan) Comment:

Kebijakan culling yang dilakukan oleh pemerintah akan membuat penurunan harga ayam yang terbatas, karena adanya pemotongan supply. Harga livebird yang jatuh paling dalam pada bulan April ke IDR 9,900 pada bulan September ini sudah pulih ke 15,500 atau naik +56%. Kedepannya penurunan dari harga LB ini akan terbatas yang menuntungkan bagi sector poultry. Namun, kedepannya masih ada potensi penurunan volume penjualan dari penurunan demand dan daya beli masyarakat yang turun Poultry: Overweight

ICBP: Kontribusi pendapatan Pinehill akan dikonsolidasi mulai September

ICBP melalui anak usaha yang baru diakuisisi, Pinehill Company Ltd, menyiapkan rencana ekspansi pabrik dan pasar ekspor baru di luar negeri. Kontribusi pendapatan Pinehill terhadap pendapatan konsolidasi bakal dihitung mulai September-Desember 2020. Saat ini, Pinehill memiliki kegiatan usaha produksi dan distribusi mi instan di 8 negara kawasan Afrika, Timur Tengah dan Eropa Tenggara. (Investor Daily)

Comment:

Pada 27 Agustus lalu, ICBP telah menyelesaikan proses akuisisi 100% saham Pinehill senilai USD 2.99

miliar atau setara IDR 43.45 triliun. Sementara itu, ICBP mencatatkan kenaikan penjualan ekspor mi

instan sebesar +20% yoy selama 1H20. Kontribusi penjualan ekspor terhadap total penjualan mi instan

turut meningkat menjadi 12% dibanding 1H19 sebesar 10%.ICBP: SELL: 18.8x PE '21E, 3.6x PBV '21E,

TP: IDR 9,300

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Equity Research│24 September 2020

LSIP: Targetkan Capex FY20 sebesar IDR 500 miliar

Hingga 1H20, jumlah belanja modal atau capital expenditure yang diserap Perseroan adalah sebesar Rp 136 miliar. Direktur Utama LSIP Benny Tjoeng memperkirakan, serapan capex LSIP hingga akhir tahun 2020 dapat mencapai Rp 500 miliar. Capex tersebut digunakan untuk aktivitas penanaman baru pada lahan seluas 700 ha dan penanaman kembali tanaman buah, seperti karet, kakao, dan teh yang kurang lebih mencapai 1.000 ha.

alokasi capex terbesar adalah untuk pembangunan satu pabrik kelapa sawit (PKS) di Kalimantan Timur. Pabrik ini memiliki kapasitas 45 ton tandan buah segar (TBS) per jam. (Kontan)

Comment:

Perusahaan tidak banyak berekspansi pada tahun ini. Dimana peremajaan tanaman diperuntukan bagi tanaman sampingan, non CPO. Terlihat bahwa LSIP tidak mau banyak mengeluarkan capex untuk ekspansi dalam peremajaan pohon sawit (replanting) di tengah moratorium lahan sawit baru yang masih berlaku. Untuk pabrik pengolahan CPO sebesar 45 ton/jam hanya menambah kapasitas pabrik sebesar 5.5% dari total PKS Perusahaan. Dengan jumlah TBS yang dihasilkan relatif sama, maka produksi CPO Perseroan tidak terlalu banyak meningkat. LSIP: BUY: 16.1x PE '21E, 0.7x PBV '21E, TP:

IDR 1,145

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Equity Research│24 September 2020

Gold: Gold 100 Oz Futures Dec20 (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)

24-Sep-19 24-Oct-19 24-Nov-19 24-Dec-19 24-Jan-20 24-Feb-20 24-Mar-20 24-Apr-20 24-May-20 24-Jun-20 24-Jul-20 24-Aug-20

0 10 20 30 40 50 60 70 80

40 45 50 55 60 65 70 75 80

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300

4,000 4,100 4,200 4,300 4,400 4,500 4,600 4,700 4,800 4,900 5,000

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

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

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Equity Research│24 September 2020

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

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Banks

BMRI BUY 4.4 5,200 (32.2) 7,700 6,802 48.1 8.5 8.5 1.1 1.0 12.7% 11.6%

BBCA BUY 12.3 27,525 (17.7) 32,000 33,050 16.3 28.1 22.0 3.8 3.5 13.7% 15.8%

BBRI BUY 6.9 3,080 (30.0) 3,800 3,859 23.4 19.6 11.6 2.0 1.8 10.3% 15.8%

BBNI BUY 1.5 4,420 (43.7) 6,000 5,643 35.7 12.2 6.0 0.7 0.6 5.4% 10.0%

BBTN BUY 0.2 1,175 (44.6) 1,500 1,494 27.7 4.1 3.8 0.4 0.4 10.9% 10.6%

BNLI HOLD 0.7 1,335 5.5 1,376 1,366 3.1 24.7 23.0 1.5 1.4 6.1% 6.1%

Average 16.2 12.5 1.6 1.5 9.9% 11.6%

Consumer (Staples)

ICBP SELL 2.2 10,350 (7.2) 9,300 12,061 -10.1 21.0 18.8 4.1 3.6 19.6% 19.1%

INDF BUY 1.2 7,425 (6.3) 9,500 8,729 27.9 13.2 12.1 1.7 1.6 12.9% 13.2%

KLBF BUY 1.3 1,530 (5.6) 1,750 1,734 14.4 24.3 23.2 4.1 3.7 16.8% 16.1%

UNVR BUY 5.5 7,925 (5.7) 9,800 8,983 23.7 37.8 37.4 46.7 46.1 123.7% 123.4%

Average 24.1 22.9 14.2 13.8 43.3% 42.9%

Cigarette

HMSP HOLD 3.0 1,420 (32.4) 1,520 1,790 7.0 16.5 16.3 5.1 5.0 30.9% 30.9%

GGRM BUY 1.4 41,150 (22.4) 71,700 57,517 74.2 13.2 10.4 1.5 1.4 11.2% 13.4%

Average 14.9 13.3 3.3 3.2 21.1% 22.1%

Healthcare

MIKA BUY 0.6 2,360 (11.6) 2,900 2,565 22.9 45.4 43.7 7.7 3.8 17.0% 8.6%

SILO BUY 0.1 4,680 (32.7) 9,000 5,695 92.3 38.7 27.5 1.2 1.1 3.0% 4.0%

HEAL BUY 0.2 3,360 (6.1) 5,000 4,296 48.8 41.0 31.4 4.2 3.8 10.3% 12.0%

Average 41.7 34.2 4.4 2.9 10.1% 8.2%

Poultry

CPIN HOLD 1.8 6,100 (6.2) 5,800 5,515 -4.9 25.1 22.0 4.1 3.7 16.5% 16.7%

JPFA BUY 0.2 1,110 (27.7) 1,500 1,285 35.1 5.9 5.5 1.0 0.9 17.0% 16.2%

MAIN BUY 0.0 520 (48.3) 680 623 30.8 3.5 3.2 0.5 0.4 14.1% 14.0%

Average 11.5 10.2 1.9 1.7 15.9% 15.6%

Retail

MAPI BUY 0.2 570 (46.0) 1,350 836 136.8 8.0 7.1 1.2 1.1 15.4% 14.8%

RALS BUY 0.1 570 (46.5) 1,400 656 145.6 4.9 4.5 0.9 0.8 17.3% 17.3%

ACES BUY 0.5 1,545 3.3 1,900 1,731 23.0 22.7 20.3 4.8 4.2 21.2% 20.7%

Average 11.9 10.7 2.3 2.0 18.0% 17.6%

Pulp and Paper

INKP SELL 0.9 9,425 22.4 7,175 8,950 -23.9 6.9 6.5 0.8 0.7 11.0% 10.7%

Average 6.9 6.5 0.8 0.7 11.0%

Media

MNCN BUY 0.2 725 (55.5) 1,390 1,357 91.7 3.9 3.5 0.7 0.6 17.5% 17.3%

SCMA BUY 0.3 1,165 (17.4) 1,550 1,480 33.0 10.0 10.0 2.7 2.4 26.4% 23.8%

Average 7.0 6.8 1.7 1.5 22.0% 20.5%

Telco

EXCL BUY 0.4 1,985 (37.0) 3,500 3,458 76.3 20.7 19.1 1.1 1.0 5.1% 5.4%

ISAT BUY 0.2 1,955 (32.8) 2,800 3,094 43.2 n/a n/a 0.9 0.9 -9.7% -2.2%

Stock Rec.

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Equity Research│24 September 2020

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Auto

ASII BUY 3.4 4,630 (33.1) 7,500 5,701 62.0 8.6 7.9 0.9 0.9 10.8% 10.9%

Average 8.6 7.9 0.9 0.9 10.8%

Mining Contracting

UNTR HOLD 1.6 23,150 7.5 22,300 25,466 -3.7 7.2 5.4 1.6 1.1 22.1% 19.7%

Average 7.2 5.4 1.6 1.1 22.1%

Aviation

GIAA BUY 0.1 218 (56.2) 650 239 198.2 2.2 1.9 0.4 0.3 17.5% 16.9%

Average 2.2 1.9 0.4 0.3 17.5%

Property

BSDE BUY 0.3 745 (40.6) 820 973 10.1 11.1 10.6 0.4 0.4 3.7% 3.6%

PWON BUY 0.3 354 (37.9) 650 527 83.6 5.8 5.4 1.0 0.8 16.5% 15.4%

ASRI BUY 0.0 118 (50.4) 360 137 205.1 3.0 3.6 0.2 0.2 7.1% 5.5%

LPKR BUY 0.2 121 (50.0) 380 184 214.0 11.0 9.3 0.3 0.3 2.5% 2.9%

SMRA BUY 0.1 535 (46.8) 1,500 794 180.4 12.2 9.7 1.0 0.9 8.0% 9.2%

CTRA HOLD 0.2 645 (38.0) 650 881 0.8 13.4 12.9 0.7 0.7 5.5% 5.5%

Average 9.4 8.6 0.6 0.5 7.2% 7.0%

Industrial Estate

SSIA BUY 0.0 430 (34.4) 550 466 27.9 47.8 23.9 0.5 0.5 1.0% 2.0%

DMAS BUY 0.2 212 (28.4) 250 245 17.9 6.4 6.1 1.4 1.3 21.0% 21.9%

KIJA HOLD 0.1 162 (44.5) 150 150 -7.4 14.7 12.5 0.6 0.4 4.0% 3.4%

Average 23.0 14.1 0.8 0.7 8.7% 7.7%

Construction

PTPP BUY 0.1 815 (48.6) 1,200 1,151 47.2 3.7 3.5 0.2 0.3 6.5% 7.3%

ADHI BUY 0.0 505 (57.0) 1,800 773 256.4 2.4 2.2 0.2 0.2 10.0% 10.0%

WSKT BUY 0.1 510 (65.7) 600 736 17.6 n/a 28.3 0.3 0.3 -7.3% 1.1%

WIKA BUY 0.2 1,085 (45.5) 1,600 1,495 47.5 11.3 7.4 0.6 0.5 5.0% 7.1%

Average 5.8 10.3 0.3 0.3 3.5% 6.4%

Cement

INTP BUY 0.7 10,525 (44.7) 12,200 14,541 15.9 29.2 24.3 1.7 1.7 5.8% 6.9%

SMGR BUY 1.0 8,900 (25.8) 10,800 11,714 21.3 39.7 23.5 1.5 1.4 3.8% 6.1%

Average 34.5 23.9 1.6 1.6 4.8% 6.5%

Precast

WSBP BUY 0.1 144 (52.6) 170 272 18.1 3.3 2.8 0.4 0.4 12.1% 12.7%

WTON BUY 0.0 232 (48.4) 340 430 46.6 3.3 2.8 0.5 0.4 15.6% 16.0%

Average 3.3 2.8 0.5 0.4 13.8% 14.3%

Oil and Gas

PGAS SELL 0.4 1,005 (53.7) 700 1,328 -30.3 17.0 12.7 0.6 0.6 3.6% 4.6%

AKRA BUY 0.2 2,550 (35.4) 3,800 3,597 49.0 13.2 11.5 1.2 1.1 9.1% 10.0%

MEDC BUY 0.2 380 (48.1) 950 528 150.0 6.7 3.0 0.4 0.4 5.9% 12.1%

Average 12.3 9.1 0.7 0.7 6.2% 8.9%

Chemical

TPIA HOLD 2.3 7,000 (32.5) 7,575 6,425 8.2 57.4 57.4 5.0 5.0 8.6% 8.6%

BRPT BUY 1.1 665 (56.0) 1,075 680 61.7 5.0 5.0 0.3 0.3 6.2% 6.2%

ESSA BUY 0.0 137 (48.9) 280 N/A 104.4 4.0 4.0 0.4 0.4 9.6% 9.6%

Average 22.1 22.1 1.9 1.9 8.2% 8.1%

Utilities

JSMR BUY 0.4 3,190 (38.4) 4,700 5,004 47.3 39.9 12.7 1.0 0.9 2.4% 6.9%

Metal

ANTM BUY 0.3 750 (10.7) 960 912 28.0 107.1 68.2 1.0 1.0 0.9% 1.5%

MDKA HOLD 0.6 1,580 47.7 1,600 2,122 1.3 20.2 12.5 5.1 4.0 25.2% 31.9%

INCO HOLD 0.7 3,650 0.3 4,000 3,902 9.6 23.4 20.0 1.4 1.3 6.0% 6.3%

Stock Rec.

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Equity Research│24 September 2020

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Coal

ITMG HOLD 0.2 8,225 (28.3) 8,080 9,304 -1.8 3.1 3.8 1.2 2.2 37.8% 57.3%

ADRO BUY 0.7 1,160 (25.4) 1,600 1,306 37.9 6.1 6.1 0.6 0.6 9.9% 9.3%

PTBA HOLD 0.4 1,980 (25.6) 1,870 2,348 -5.6 8.2 12.4 1.3 1.3 15.7% 10.6%

Average 5.8 7.4 1.0 1.4 21.1% 25.7%

Plantation

AALI HOLD 0.4 10,200 (30.0) 11,100 12,199 8.8 30.5 18.0 1.0 1.0 3.4% 5.5%

LSIP BUY 0.1 935 (37.0) 1,145 1,172 22.5 18.0 16.1 0.7 0.7 4.1% 4.4%

TBLA BUY 0.1 745 (25.1) 980 1,017 31.5 4.6 4.3 0.7 0.6 14.3% 14.3%

SIMP BUY 0.1 296 (31.5) 388 470 31.1 26.9 17.4 0.3 0.3 1.2% 1.8%

SSMS BUY 0.1 835 (1.2) 1,050 1,100 25.7 16.1 11.4 1.8 1.6 11.0% 13.8%

Average 19.2 13.5 0.9 0.8 6.8% 8.0%

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│24 September 2020

Chg (Pts)

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

World 2,306 (37.82) (1.61) (3.27) (4.61) 5.75 (2.24) 5.66 2,500 1,579

U.S. (S&P) 3,237 (78.65) (2.37) (4.39) (5.66) 6.12 0.19 9.11 3,588 2,192

U.S. (DOW) 26,763 (525.05) (1.92) (4.53) (5.46) 5.18 (6.22) (0.17) 29,569 18,214

Europe 3,180 15.98 0.51 (4.75) (4.55) (0.50) (15.09) (9.96) 3,867 2,303

Emerging Market 1,078 (5.17) (0.48) (2.63) (2.76) 6.62 (3.32) 6.56 1,151 752

FTSE 100 5,899 69.80 1.20 (2.95) (3.37) (3.66) (21.79) (19.09) 7,690 4,899

CAC 40 4,802 29.42 0.62 (5.36) (4.11) (1.42) (19.67) (14.68) 6,111 3,632

Dax 12,643 48.58 0.39 (4.62) (3.24) 4.54 (4.57) 2.73 13,795 8,256

Indonesia 4,918 (16.14) (0.33) (2.78) (6.80) (0.94) (21.93) (19.87) 6,349 3,912

Japan 23,129 (217.06) (0.93) (1.39) 0.63 2.64 (2.23) 4.66 24,116 16,358

Australia 5,854 (70.03) (1.18) (0.50) (4.50) (1.87) (12.42) (13.26) 7,197 4,403

Korea 2,300 (33.56) (1.44) (4.43) (1.29) 6.39 4.64 9.45 2,458 1,439

Singapore 2,481 17.85 0.72 (0.96) (2.26) (5.61) (23.01) (21.37) 3,286 2,208

Malaysia 1,496 (9.30) (0.62) (2.27) (4.60) (0.41) (5.81) (6.02) 1,618 1,208

Hong Kong 23,743 25.66 0.11 (3.98) (7.08) (4.19) (15.78) (9.66) 29,175 21,139

China 3,280 5.41 0.17 (0.13) (3.13) 10.07 7.53 9.86 3,459 2,647

Taiwan 12,584 (61.63) (0.49) (3.03) (0.50) 7.92 4.89 15.26 13,032 8,524

Thailand 1,264 (3.62) (0.29) (2.28) (4.03) (5.21) (19.99) (22.48) 1,649 969

Philipines 5,893 (1.56) (0.03) (0.91) (0.86) (4.78) (24.60) (25.35) 8,217 4,039

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

Foreign Reserves (US$Bn) 137.00 1.42 4.95 6.05 8.35 137.00 120.97

Inflation Rate (yoy, %) 1.32 3.12 1.32

Gov Bond Yld (10yr, %) 6.90 (5.64) 8.38 6.51

US Fed Rate (%) 0.25 2.00 0.25

Chg (Pts)

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

Indonesia 14,815 30.00 (0.20) 0.19 (0.97) (4.41) (6.41) (4.91) 16,625 13,577

Japan 105.41 0.02 (0.02) (0.64) 0.54 1.55 3.04 1.57 112.23 101.19

UK 1.27 0.00 0.05 (1.87) (2.55) 2.50 (3.98) 1.95 1.35 1.14

Euro 1.17 0.00 0.10 (1.49) (0.98) 3.74 4.09 5.92 1.20 1.06

China 6.81 0.03 (0.43) (0.80) 1.62 3.66 2.26 4.54 7.18 6.75

Chg (Pts)

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

Oil (Brent) 41.35 (0.42) (1.01) (4.50) (8.38) 2.58 (37.35) (34.47) 71.75 15.98

CPO 2,861 (96.00) (3.25) (1.65) 6.71 16.02 (6.26) 30.70 3,140 1,944

Rubber 819.00 (1.00) (0.12) (0.61) 3.67 0.18 7.20 10.15 837.50 685.00

Coal 59.40 0.25 0.42 6.07 19.76 12.39 (12.26) (11.93) 77.25 47.50

Tin 17,811 (398.50) (2.19) (2.38) 1.48 4.55 3.68 7.79 18,421 13,375

Nickel 14,431 (175.00) (1.20) (5.22) (1.77) 13.44 2.89 (17.40) 17,820 10,865

Copper 6,605 (175.50) (2.59) (2.55) 1.76 11.85 6.97 14.30 6,878 4,371

Gold 1,855 (5.10) (0.27) (4.42) (3.80) 4.94 22.11 21.06 2,074 1,446

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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Equity Research│24 September 2020

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer (Staple) [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382

Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco

Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392

Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil & Gas [email protected] +6221 2854 8144

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380

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

Gitta Wahyu Retnani Institutional Equity Sales [email protected] +6221 2854 8365

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

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Teguh Suwarno Fixed Income Sales [email protected] +6221 2854 8384

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337