: 5,035.1
: -35.5 -0.70%
: 11,812 Mn shrs : 9,640 Bn rupiah
Last
Close +/- %
SMMA 14,000 1000 7.7
UNVR 8,300 100 1.2
FREN 113 12 11.9
TPIA 7,075 125 1.8
BBCA 29,025 -475 -1.6
BBRI 3,210 -90 -2.7
TLKM 3,140 -90 -2.8
BRPT 1,225 -90 -6.8
Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)
BBNI 106 TLKM 204
INDF 56 MNCN 84
BBCA 53 BBRI 78
ASII 39 PTBA 35
PWON 20 BMRI 30 Money Market
Last
Close +/- %
USD/IDR 13,890 5.0 0.0
JIBOR O/N 5.9 0.0
Dual Listing Securities Last
Close +/- %
TLKM 22.1 -1.1 -4.6
EIDO 19.7 -0.7 -3.4
Global Indices Last
Close +/- %
DJIA 27,272 -300 -1.1
S&P 500 3,207 -25 -0.8
Euro Stoxx 3,321 -46 -1.4
MSCI World 2,275 -13 -0.6
STI 2,794 -3 -0.1
Nikkei 22,970 -121 -0.5
Hang Seng 25,057 280 1.1
Commodities Last
Close +/- %
Brent Oil 41 -0.6 -1.6
CPO Malay 2,377 36.0 1.5
Coal (ICE) 54 -1.5 -2.6
Nickel 12,865 -149.8 -1.2
Tin 17,132 232.5 1.4
Changes Changes
Leading Movers
Lagging Movers
Changes
Changes
Changes Market Value
Market Activity Tuesday, 09 Jun 2020 Market Index Index Movement Market Volume
DAILY RESEARCH
Market
IHSG Berpeluang Kembali Melemah
Bursa saham AS pada perdagangan semalam ditutup dengan kecenderungan melemah. Aksi profit taking melanda bursa AS setelah dalam seminggu terakhir mengalami kenaikan, hal tersebut membuat Dow turun - 1.09% dan S&P500 -0.78%. Sedangkan Nasdaq masih dapat terangkat +0.29%
didukung saham-saham teknologi yang membuat indeks Nasdaq berada di level tertinggi sepanjang masa mendekati level 10.000. Sentimen positif bagi bursa AS masih datang dari pembukaan lockdown yang mengindikasikan adanya pemulihan ekonomi, termasuk pembukaan lapangan pekerjaan baru.
Namun para pelaku pasar sedang menunggu hasil rapat FOMC yang sedang berlangsung. Investor menunggu apakah ada perubahan suku bunga, stimulus baru serta arah pandangan The Fed mengenai ekonomi AS kedepannya.
Dari pasar komoditas, pada perdanganan semalam, harga minyak sempat menguat. Brent naik +0.66% dan WTI menguat +1.96% dengan berlangsungnya pertemuan OPEC+ yang membahas pemotongan produksi minyak global. Namun pagi ini WTI terpantau melemah -1.98% ke level USD38.17/barrel setelah para pelaku pasar sedikit kecewa OPEC+ hanya setuju untuk memotong +9.7 juta bpd hingga bulan Juli 2020 saja. Disisi lain, harga Emas naik +1.2% ke level USD1,714.78/ounce.
IHSG hari ini kami perkirakan berpeluang kembali melemah seiring pelemahan bursa global. Sentimen negatif juga datang dari kembali naiknya jumlah positif Covid-19 di Indonesia, dimana pada hari kemarin lebih dari 1,000 orang dilaporkan positif. Pagi ini Nikkei dibuka turun -0.55% dan Kospi - 0.05%.
BBRI : Hingga Mei telah menyalurkan KUR Rp 47.4 triliun
UNTR : United Tractors Siap Suntik Modal Acset
Highlights
10 June 2020
Equity Research│10 June 2020
BBRI: Hingga Mei telah menyalurkan KUR Rp 47.4 triliun
Sampai dengan Mei 2020, BBRI telah menyalurkan Kredit Usaha Rakyat (KUR) senilai Rp 47.4 triliun. BBRI optimistis mampu mengucurkan KUR sesuai dengan porsi yang diberikan pemerintah untuk tahun ini yaitu sebesar Rp 120.2 triliun. Hingga akhir Mei, tercatat sebanyak 2.3 juta debitur segmen UMKM senilai Rp 140.24 triliun telah direstrukturisasi. Dari jumlah tersebut, sebanyak 1 juta debitur KUR senilai Rp 18.67 triliun telah mendapat restrukturisasi. (Investor Daily)
Comment:
Hingga akhir Mei 2020 perseroan berhasil menyalurkan KUR mencapai Rp 47.4 triliun kepada lebih dari 1.7 juta pelaku UMKM. Penyaluran tersebut setara dengan 39.43% dari target yang telah ditetapkan tahun ini. Strategi BBRI agar KUR tetap tumbuh secara sehat di tengah pandemi Covid-19 adalah dengan melakukan digitalisasi dalam penyaluran kredit dan tetap tumbuh secara selektif. Oleh karena itu, penggunaan BRISpot sebagai salah satu inisiatif digital BBRI terbukti sangat bermanfaat, utamanya di tengah imbauan penerapan protokol kesehatan serta physical distancing dan tetap dapat menyalurkan kredit. Dalam menyalurkan KUR, BBRI menyasar kepada sektor produktif yang tetap dibutuhkan di masa pandemi, seperti pangan, obat-obatanp, alat kesehatan serta pertanian.
Sebagai upaya untuk tumbuh selektif, BBRI juga terus melakukan restrukturisasi kredit terdampak Covid-19. BBRI: BUY: 15.5x PE ‘20E, 2.0x PBV ‘20E, TP: IDR 3,000
UNTR: United Tractors Siap Suntik Modal Acset
PT Acset Indonusa Tbk (ACST) berencana melangsungkan penambahan modal dengan hak memesan efek terlebih dahulu (HMETD) atau rights issue dengan target perolehan dana Rp 1-1,5 triliun pada Agustus 2020.
PT United Tractors Tbk (UNTR) berkomitmen menjadi pembeli siaga (standby buyer) dalam aksi korporasi tersebut. (Investor Daily)
Comment:
ACST berencana right issue sebanyak 15 miliar lembar saham baru dengan nilai nominal Rp 100,
sementara saat ini saham beredar sebanyak 700 juta saham. Apabila pemegang saham eksisting tidak
mengeksekusi haknya pada righ issue, potensi dilusi mencapai 95%. Penggunaaan dana right issue
untuk pembayaran hutang. UNTR telah menyiapkan dana tambahan jika pemegang saham lain tidak
melaksanakan hak HMETD. UNTR: Under review (Previous: BUY: 5.5x PE ‘20E, 1.2x PBV ‘20E, TP: IDR
22,300)
Equity Research│10 June 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Banks
BMRI BUY 4.3 5,275 (31.3) 5,961 7,700 46.0 9.0 11.8 11.7 1.1 131.2% 9.4%
BBCA BUY 12.6 29,025 (13.2) 28,918 32,000 10.2 24.6 22.0 4.1 3.6 16.8% 16.4%
BBRI HOLD 7.0 3,210 (27.0) 3,089 3,000 -6.5 11.5 15.5 1.9 2.0 16.4% 13.2%
BBNI BUY 1.6 4,860 (38.1) 4,835 7,200 48.1 5.9 5.3 0.7 0.7 12.6% 12.7%
BBTN BUY 0.2 1,170 (44.8) 1,262 2,850 143.6 5.5 4.0 0.5 0.4 8.8% 10.9%
BNLI HOLD 0.6 1,255 (0.8) 1,366 1,376 9.6 26.1 23.2 1.5 1.4 5.7% 6.1%
Average 13.8 13.7 3.4 1.6 31.9% 11.5%
Consumer (Staples)
ICBP BUY 1.8 8,900 (20.2) 10,368 13,200 48.3 20.7 18.0 4.4 4.0 21.4% 22.4%
INDF BUY 1.0 6,300 (20.5) 7,824 9,500 50.8 12.1 11.2 1.5 1.4 12.7% 12.9%
KLBF BUY 1.2 1,410 (13.0) 1,492 1,600 13.5 23.9 22.4 4.1 3.8 17.2% 16.8%
UNVR BUY 5.6 8,300 (1.2) 8,660 9,800 18.1 8.4 39.6 52.5 48.9 627.1% 123.7%
Average 16.3 22.8 15.6 14.5 169.6% 43.9%
Cigarette
HMSP BUY 3.7 1,805 (14.0) 1,877 2,750 52.4 14.6 14.6 5.3 4.8 36.6% 33.2%
GGRM BUY 1.7 48,375 (8.7) 55,528 71,700 48.2 9.1 15.6 1.9 1.7 20.4% 11.2%
Average 11.8 15.1 3.6 3.3 28.5% 22.2%
Healthcare
MIKA BUY 0.6 2,450 (8.2) 2,465 2,900 18.4 49.0 47.1 8.6 8.0 17.5% 17.0%
SILO BUY 0.2 5,850 (15.8) 6,343 9,000 53.8 74.1 48.3 1.5 1.4 2.0% 3.0%
Average 61.5 47.7 5.0 4.7 9.7% 10.0%
Poultry
CPIN HOLD 1.7 5,825 (10.4) 4,494 5,800 -0.4 29.9 24.0 4.5 4.0 15.1% 16.5%
JPFA BUY 0.3 1,220 (20.5) 1,268 1,950 59.8 8.8 6.5 1.3 1.1 14.6% 17.0%
MAIN BUY 0.0 605 (39.8) 577 1,400 131.4 5.5 4.1 0.6 0.6 11.6% 14.1%
Average 14.7 11.5 2.1 1.9 13.7% 15.9%
Retail
MAPI BUY 0.2 800 (24.2) 845 1,350 68.8 12.1 11.3 2.5 1.7 20.9% 15.4%
RALS BUY 0.1 620 (41.8) 599 1,400 125.8 5.8 5.3 1.0 0.9 17.2% 17.3%
ACES BUY 0.5 1,485 (0.7) 1,328 1,900 27.9 25.2 21.8 5.3 4.6 21.1% 21.2%
Average 14.4 12.8 3.0 2.4 19.7% 18.0%
Pulp and Paper
INKP BUY 0.6 5,825 (24.4) N/A 7,175 23.2 3.7 4.3 0.5 0.5 13.9% 11.0%
Average 3.7 4.3 0.5 0.5 13.9% 11.0%
Media
MNCN BUY 0.2 960 (41.1) 1,148 1,750 82.3 6.3 5.2 1.0 0.9 16.2% 17.5%
SCMA BUY 0.3 1,005 (28.7) 1,028 1,550 54.2 9.7 8.7 2.6 2.3 26.5% 26.4%
Average 8.0 6.9 1.8 1.6 21.4% 22.0%
Telco
EXCL BUY 0.5 2,650 (15.9) 3,378 3,500 32.1 39.6 27.6 1.5 1.4 3.7% 5.1%
ISAT BUY 0.2 2,140 (26.5) 2,935 2,800 30.8 n/a n/a 1.0 1.0 -3.2% -9.7%
TLKM BUY 5.5 3,140 (20.9) 4,057 4,700 49.7 17.3 14.1 2.7 2.5 15.4% 17.8%
Average 28.4 20.9 1.7 1.7 5.3% 4.4%
Telco Retail
TELE BUY 0.0 121 (59.7) N/A 250 106.6 1.4 2.1 0.2 0.2 13.9% 9.1%
ERAA BUY 0.1 1,305 (27.3) 1,186 1,625 24.5 12.0 7.0 0.9 0.8 7.3% 11.0%
Average 6.7 4.6 0.5 0.5 10.6% 10.1%
Telco Infra
TBIG HOLD 0.4 1,095 (11.0) 1,214 1,145 4.6 33.2 28.8 5.9 5.1 17.7% 17.8%
TOWR HOLD 0.9 1,015 26.1 1,026 1,050 3.4 21.6 19.2 5.4 4.6 25.0% 23.9%
Stock Rec.
Equity Research│10 June 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Auto
ASII BUY 3.6 5,000 (27.8) 5,050 7,500 50.0 10.0 9.3 1.1 1.0 10.9% 10.8%
Average 10.0 9.3 1.1 1.0 10.9% 10.8%
Mining Contracting
UNTR BUY 1.2 17,775 (17.4) 19,908 22,300 25.5 6.1 5.5 1.4 1.2 22.9% 22.1%
Average 6.1 5.5 1.4 1.2 22.9% 22.1%
Aviation
GIAA BUY 0.1 284 (43.0) 357 650 128.9 3.2 2.9 0.6 0.5 19.5% 17.5%
Average 3.2 2.9 0.6 0.5 19.5% 17.5%
Property
BSDE BUY 0.3 810 (35.5) 1,077 1,800 122.2 5.2 7.3 0.5 0.5 10.4% 6.9%
PWON BUY 0.4 454 (20.4) 547 650 43.2 7.4 7.4 1.4 1.2 19.4% 16.5%
ASRI BUY 0.0 142 (40.3) 132 360 153.5 3.2 3.6 0.3 0.3 8.4% 7.1%
LPKR BUY 0.2 188 (22.3) 234 380 102.1 n/a 17.1 0.4 0.4 -0.7% 2.5%
SMRA BUY 0.2 645 (35.8) 842 1,500 132.6 17.4 14.7 1.3 1.2 7.3% 8.0%
CTRA BUY 0.2 720 (30.8) 868 1,150 59.7 15.0 17.6 0.9 0.8 5.9% 4.8%
Average 9.7 11.3 0.8 0.7 8.4% 7.7%
Industrial Estate
SSIA BUY 0.0 418 (36.2) 375 1,100 163.2 17.4 11.0 0.5 0.5 2.8% 4.3%
DMAS BUY 0.2 176 (40.5) 212 346 96.6 5.7 5.3 1.2 1.1 20.3% 21.0%
KIJA BUY 0.1 162 (44.5) N/A 325 100.6 n/a 14.7 0.6 0.6 -1.1% 4.0%
Average 11.5 10.4 0.7 0.7 7.3% 9.8%
Construction
PTPP BUY 0.1 935 (41.0) 1,189 2,100 124.6 5.7 4.3 0.3 0.3 5.3% 6.5%
ADHI BUY 0.0 660 (43.8) 914 1,800 172.7 3.6 3.2 0.3 0.3 9.5% 10.0%
WSKT BUY 0.2 780 (47.5) 855 1,750 124.4 4.8 3.4 0.3 0.3 7.1% 9.0%
WIKA BUY 0.2 1,375 (30.9) 1,572 2,600 89.1 5.9 5.4 0.6 0.6 10.9% 10.8%
Average 5.0 4.1 0.4 0.4 8.2% 9.1%
Cement
INTP HOLD 0.8 12,625 (33.6) 15,073 12,200 -3.4 35.1 29.2 2.0 2.0 5.7% 7.0%
SMGR BUY 1.0 9,450 (21.3) 11,175 11,300 19.6 20.4 18.9 1.6 1.6 8.0% 8.2%
Average 27.7 24.0 1.8 1.8 6.9% 7.6%
Precast
WSBP BUY 0.1 179 (41.1) 270 410 129.1 5.8 4.1 0.5 0.5 9.4% 12.1%
WTON BUY 0.0 290 (35.6) 471 620 113.8 4.8 4.1 0.7 0.6 14.9% 15.6%
Average 5.3 4.1 0.6 0.6 12.1% 13.8%
Oil and Gas
PGAS BUY 0.5 1,095 (49.5) 1,008 2,090 90.9 7.9 8.2 0.6 0.6 8.1% 7.4%
AKRA BUY 0.2 2,520 (36.2) 3,411 4,790 90.1 8.8 7.2 1.1 1.0 12.2% 13.8%
MEDC BUY 0.2 494 (42.9) 508 850 72.1 5.6 4.9 0.4 0.4 6.9% 7.1%
Average 7.4 6.8 0.7 0.7 9.0% 9.5%
Chemical
TPIA HOLD 2.2 7,075 (31.8) 7,200 7,575 7.1 64.9 58.0 5.4 5.0 8.2% 8.6%
BRPT SELL 1.9 1,225 (18.9) 880 1,075 -12.2 10.7 9.1 0.6 0.6 5.9% 6.2%
ESSA BUY 0.0 167 (37.7) N/A 280 67.7 6.1 4.9 0.6 0.5 9.2% 9.6%
Average 27.2 24.0 2.2 2.0 7.8% 8.2%
Utilities
JSMR BUY 0.5 4,070 (21.4) 4,381 6,000 47.4 15.0 13.2 1.6 1.5 10.7% 11.0%
Average 15.0 13.2 1.6 1.5 10.7% 11.0%
Metal
ANTM BUY 0.3 610 (27.4) 691 1,250 104.9 11.7 8.5 0.8 0.8 6.5% 8.9%
MDKA BUY 0.5 1,265 18.2 1,606 1,600 26.5 29.0 16.2 5.1 4.1 17.7% 25.2%
INCO BUY 0.5 2,920 (19.8) 2,990 3,900 33.6 37.5 17.7 1.2 1.1 3.1% 6.4%
TINS BUY 0.1 605 (26.7) 905 1,775 193.4 4.8 6.7 0.7 0.7 14.0% 9.7%
Average 26.1 14.1 2.3 2.0 9.1% 13.5%
Stock Rec.
Equity Research│10 June 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Coal
ITMG BUY 0.2 8,450 (26.4) 8,836 12,070 42.8 3.4 3.2 0.9 1.2 26.5% 37.8%
ADRO BUY 0.7 1,180 (24.1) 1,140 1,600 35.6 7.9 6.2 0.7 0.6 8.2% 9.9%
PTBA HOLD 0.5 2,390 (10.2) 2,214 2,580 7.9 4.2 3.5 1.3 1.2 31.9% 32.9%
Average 5.2 4.3 1.0 1.0 22.2% 26.9%
Plantation
AALI BUY 0.3 8,900 (38.9) 9,219 16,000 79.8 80.9 12.1 0.9 0.8 1.1% 6.9%
LSIP BUY 0.1 870 (41.4) 1,055 1,610 85.1 43.5 14.0 0.7 0.7 1.6% 4.7%
TBLA BUY 0.1 585 (41.2) 795 980 67.5 2.8 3.6 0.6 0.5 21.1% 14.3%
SIMP BUY 0.1 250 (42.1) 276 388 55.2 8.1 22.7 0.3 0.3 3.3% 1.2%
SSMS BUY 0.1 855 1.2 990 1,050 22.8 n/a 16.4 2.0 1.8 -1.0% 11.0%
Average 33.8 13.8 0.9 0.8 5.2% 7.6%
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Stock Rec.
Equity Research│10 June 2020
Global Data
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
World 2,275 (12.77) (0.56) 0.38 2.37 10.35 10.88 (3.53) 6.54 2,435 1,579
U.S. (S&P) 3,207 (25.21) (0.78) 3.05 4.10 9.47 11.27 (0.73) 11.10 3,394 2,192
U.S. (DOW) 27,272 (300.14) (1.09) 3.77 5.94 12.09 9.01 (4.44) 4.64 29,569 18,214
Europe 3,321 (45.58) (1.35) 1.81 5.12 14.19 14.11 (11.33) (1.94) 3,867 2,303
Emerging Market 1,010 2.15 0.21 0.69 2.19 10.75 4.67 (9.42) (1.22) 1,151 752
FTSE 100 6,336 (136.87) (2.11) (0.09) 1.86 6.73 6.30 (16.00) (14.10) 7,727 4,899
CAC 40 5,095 (80.41) (1.55) 1.66 4.86 11.99 9.89 (14.77) (5.34) 6,111 3,632
Dax 12,618 (201.60) (1.57) 1.51 4.96 15.71 20.45 (4.76) 4.75 13,795 8,256
Indonesia 5,035 (35.51) (0.70) 2.41 3.87 9.52 (3.56) (20.07) (19.95) 6,468 3,912
Japan 22,970 (121.24) (0.53) 0.46 1.57 13.83 15.62 (2.90) 8.68 24,116 16,358
Australia 6,117 (28.05) (0.46) 2.09 4.83 13.46 2.98 (8.49) (5.07) 7,197 4,403
Korea 2,189 0.47 0.02 0.34 1.97 12.52 11.54 (0.38) 4.28 2,277 1,439
Singapore 2,794 (2.80) (0.10) 3.21 6.99 7.80 (1.35) (13.30) (12.36) 3,387 2,208
Malaysia 1,575 18.83 1.21 2.38 5.71 13.95 10.11 (0.86) (4.85) 1,695 1,208
Hong Kong 25,057 280.45 1.13 2.84 4.42 3.41 (1.32) (11.11) (9.14) 29,175 21,139
China 2,956 18.34 0.62 1.26 1.19 2.10 (1.36) (3.08) 3.65 3,127 2,647
Taiwan 11,637 26.79 0.23 2.14 4.58 6.75 5.76 (3.00) 10.13 12,198 8,524
Thailand 1,408 (30.29) (2.11) (0.19) 4.14 11.24 10.79 (10.85) (15.40) 1,748 969
Philipines 6,584 69.84 1.07 1.02 9.27 17.11 4.20 (15.76) (18.17) 8,420 4,039
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 130.50 2.05 0.04 1.02 8.44 131.70 120.97
Inflation Rate (yoy, %) 2.19 3.12 2.19
Gov Bond Yld (10yr, %) 7.25 (6.23) 8.38 6.51
US Fed Rate (%) 0.25 2.50 0.25
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 13,890 5.00 (0.04) 1.48 3.78 7.24 3.62 (0.17) 2.59 16,625 13,577
Japan 107.83 0.07 (0.06) 1.63 0.99 (0.16) (2.03) 0.72 0.58 112.23 101.19
UK 1.27 (0.00) (0.09) 0.38 1.12 3.09 (1.51) (4.08) 0.24 1.35 1.14
Euro 1.13 0.00 0.01 0.43 0.96 4.94 0.53 1.14 0.26 1.15 1.06
China 7.08 0.01 (0.08) 0.48 0.34 0.30 (1.85) (1.61) (2.07) 7.18 6.84
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 40.53 (0.65) (1.58) (4.18) 1.86 30.87 8.89 (38.59) (34.93) 71.95 15.98
CPO 2,377 36.00 1.54 (0.29) 4.12 17.50 1.71 (22.12) 16.63 3,140 1,943
Rubber 801.50 1.50 0.19 2.30 3.09 12.10 7.37 4.91 (14.64) 939.00 685.00
Coal 54.00 (1.45) (2.61) (2.53) (4.42) 2.08 (16.34) (20.24) (27.08) 77.25 50.50
Iron Ore #N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security
Tin 17,132 232.50 1.38 5.44 6.01 11.81 2.62 (0.27) (11.42) 19,531 13,375
Nickel 12,913 (151.00) (1.16) 1.10 0.47 4.73 2.08 (7.93) 11.16 18,850 10,865
Copper 5,774 74.50 1.31 4.36 4.44 9.48 4.32 (6.48) (0.43) 6,343 4,371
Gold 1,715 (2.50) (0.15) 2.14 0.79 0.04 3.26 12.83 29.27 1,778 1,321
Source: Bloomberg, SSI Research Commodity Indicators Last Price
Regional Indices Last Price
Exchange Rate (per USD) Last Price
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
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│10 June 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, Chem., Paper,
Plantation, Poultry,Telco Infra, yosua.zisokhi@samuel.co.id +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Media, 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
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
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
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129
