DAILY RESEARCH
11 December 2019
: 6,183.5 : -10.3 (-0.17%) : 5,458 Mn shrs : 4,976 Bn rupiah Last Close +/- % BMRI 7,375 125 1.7 ADRO 1,485 65 4.6 CPIN 7,100 100 1.4 BDMN 3,920 130 3.4 BBCA 31,825 -150 -0.5 HMSP 2,070 -30 -1.4 TLKM 4,040 -30 -0.7 INTP 20,100 -450 -2.2Foreign Net Buy / Sell (Regular Market)
Net Buy (Rpbn) Net Sell (Rpbn)
BMRI 180 BBCA 74 SCMA 24 BBRI 69 TLKM 11 UNVR 42 EXCL 8 BBNI 38 ITMG 5 GGRM 33 Money Market Last Close +/- % USD/IDR 14,020 6.0 0.0 JIBOR O/N 5.0 -0.9
Dual Listing Securities
Last Close +/- % TLKM 28.6 -0.2 -0.6 ISAT 71.3 0.5 0.7 EIDO 25.1 0.1 0.3 Global Indices Last Close +/- % DJIA 27,882 -28 -0.1 S&P 500 3,133 -3 -0.1 Euro Stoxx 3,672 0 0.0 MSCI World 2,290 -3 -0.1 Nikkei 23,410 -21 -0.1 Hang Seng 26,437 -58 -0.2 Commodities Last Close +/- % Brent Oil 64 0.1 0.1 CPO Malay 2,892 2.0 0.1 Coal (ICE) 67 -0.3 -0.4 Nickel 13,364 59.5 0.4 Tin 17,440 270.0 1.6 Changes Changes Leading Movers Lagging Movers Changes Changes Changes Market Value Market Activity Wednesday, 11 Dec 2019 Market Index Index Movement Market Volume
DAILY RESEARCH
Market
Minim sentimen positif, IHSG diperkirakan
bergerak flat
Bursa saham AS pada perdagangan semalam ditutup turun tipis.
Indeks Dow turun 0,10%, S&P 500 turun 0,11% dan Nasdaq melemah
-0,07%. Para pelaku pasar masih mencermati keputusan tentang
kesepakatan dagang AS-China pada akhir minggu ini. Jika tidak ada
kesepakatan dagang, maka akan ada tarif baru dari AS kepada China
berupa pengenaan tarif 15% terhadap produk China senilai US$ 156 miliar
yang akan berlaku efektif per 15 Desember. Sebelumnya, Partai Komunis
China memerintahkan setiap kantor pemerintahan mengganti perangkat
teknologi buatan negara lain dengan alasan untuk mengurangi
ketergantungan dengan produk teknologi asal negara lain terutama dari AS
seperti Microsoft. Hal ini membuat tensi perang dagang semakin tinggi dan
membuat para pelaku pasar cenderung pesimis akan terjadi kesepakatan
dagang.
Para pelaku pasar juga sedang mencermati rapat FOMC yang akan
berlangsung pada tanggal 11 hingga 12 Desember 2019 ini yang akan
memutuskan kebijakan suku bunga AS. Secara konsensus, diperkirakan Fed
akan mempertahankan suku bunganya.
Kami memperkirakan IHSG pada hari ini akan bergerak flat, dengan
minimnya sentimen positif dan para investor menanti kebijakan The Fed
serta kejelasan tentang perang dagang ASChina. Pagi ini Nikkei dibuka
-0,15% dan Kospi flat. Sedangkan EIDO semalam ditutup naik +0,32%.
WIKA :
Bidik Kontrak Baru Luar Negeri Rp6 triliun Tahun Depan
EXCL :
XL Prediksi Trafik Data Naik 15% pada Akhir Tahun
TPIA :
Pabrik baru resmi beroperasi
Equity Research│11 December 2019
WIKA: Bidik Kontrak Baru Luar Negeri Rp6 triliun Tahun Depan
PT Wijaya Karya (Persero) Tbk bakal lebih ekspansif menggarap pasar luar negeri pada tahun depan. Saat ini WIKA
telah mengerjakan proyek infrastruktur di Sembilan negara di luar Indonesia. Target kontrak luar negeri tahun depan
Rp 6 triliun mayoritas dari Afrika. (Kontan)
Comment:
Target proyek luar negeri WIKA naik 72% dari Rp3,5triliun tahun ini. Hingga 10M19, WIKA telah melebihi target
pencapaian kontrak luar negeri dengan membukukan kontrak senilai Rp6,16triliun. Sehingga target tahun
depan di angka Rp6 triliun cukup optimis dapat dipenuhi. WIKA baru saja memenangkan proyek sebesar 50 juta
Euro di Senegal , selain itu WIKA tengah membidik proyek jalur kereta api di Madagaskar bersama PT INKA.
Sementara itu di Asia, WIKA membidik proyek di Taiwan dan Filipina. WIKA: BUY: 7,8x PE ‘20E, 0,8x PBV ‘20E,
TP: Rp 2.600
EXCL: XL Prediksi Trafik Data Naik 15% pada Akhir Tahun
PT XL Axiata Tbk telah menyiapkan jaringan telekomunikasi dan data guna menghadapi momen masa liburan panjang
pada akhir 2019 ini. Layanan data pada liburan panjang yang dimulai dari Hari Raya Natal 2019 dan Tahun Baru 2020
diprediksi mengalami kenaikan trafik 15%, atau lebih kecil dibandingkan tahun 2018.(Investor Daily)
Comment:
Kenaikan trafik akhir tahun dapat berimbas besar pada kenaikan pendapatan EXCL. Hal ini disebabkan
pendapatan EXCL selama 9M19 ditopang 75,8% dari pendapatan data. Kontribusi pendapatan data terus
bertumbuh. Kami prediksi pendapatan data dapat berkontribusi hingga 80% pada 2020. EXCL: BUY: 33,3x PE
‘20E, 1,8x PBV ‘20E, TP: Rp 3.900
TPIA: Pabrik baru resmi beroperasi
Perusahaan petrokimia, PT Chandra Asri Pethrochemical Tbk telah meresmikan pabrik baru polyethylene (PE) pada
Jumat lalu. Pabrik tersebut menelan investasi sebesar US$ 380 juta. TPIA masih akan mengembangkan kompleks
petrokimia kedua senilai Rp 60 triliun hingga Rp 80 triliun. Dengan adanya pabrik baru ini, kapasitas TPIA meningkat
sebesar 400.000 ton per tahun. Kini secara total, kapasitas TPIA menjadi 736.000 ton per tahunnya. (Kontan)
Comment:
Peningkatan kapasitas yang dilakukan TPIA merespon kebutuhan pasar domestik yang begitu besar. Saat ini,
industri petrokimia di Indonesia masih mengimpor 40% hingga 50% dari luar. Namun kami menilai untuk
mencapai produksi Optimum akan baru terjadi pada tahun 2020 mendatang, serta dengan investasi yang
besar, maka kami perkirakan balik modal investasi cenderung cukup lama diatas 7 tahun. Disisi lain, TPIA masih
Equity Research│11 December 2019
tirliun hingga Rp 80 triliun. Pembangunan ini diharapkan selesai pada 2024 mendatang. TPIA: SELL: 79,9x PE
Equity Research│11 December 2019
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 4.9 7,375 0.0 8,578 8,900 20.7 12.7 11.5 1.7 1.6 13.8% 13.7% BBCA HOLD 11.3 31,825 22.4 32,675 32,000 0.5 27.0 24.1 4.5 4.0 16.8% 16.4% BBRI HOLD 7.4 4,170 13.9 4,685 4,450 6.7 13.9 13.2 2.4 2.2 17.6% 16.4% BBNI BUY 2.0 7,600 (13.6) 9,006 10,600 39.5 8.7 7.8 1.2 1.1 13.8% 14.0% BBTN BUY 0.3 2,140 (15.7) 2,192 2,850 33.2 10.1 7.4 0.9 0.8 8.8% 10.9% BNLI HOLD 0.5 1,270 103.2 1,200 840 -33.9 26.5 23.5 1.5 1.4 5.7% 6.1% Average 16.5 14.6 2.1 1.8 12.7% 12.9% Consumer (Staples) ICBP BUY * 1.9 11,375 8.9 12,872 11,357 -0.2 26.5 23.0 5.7 5.1 21.4% 22.4% INDF BUY * 1.0 7,950 6.7 9,099 7,950 0.0 15.3 14.1 1.9 1.8 12.7% 12.9% KLBF SELL 1.1 1,570 3.3 1,734 1,515 -3.5 28.0 26.6 4.6 4.2 16.5% 15.9% ROTI SELL 0.1 1,300 8.3 1,515 900 -30.8 27.7 27.7 3.6 3.6 12.9% 12.9% UNVR BUY * 4.7 42,175 (7.1) 46,457 41,000 -2.8 42.5 40.2 53.3 49.7 125.4% 123.7% Average 28.0 26.3 13.8 12.9 37.8% 37.6% Cigarette HMSP BUY 3.5 2,070 (44.2) 2,317 2,750 32.9 16.7 16.7 6.1 5.5 36.6% 33.2% GGRM BUY 1.5 53,275 (36.3) 60,911 71,700 34.6 10.0 17.1 2.0 1.9 20.4% 11.2% Average 13.3 16.9 4.1 3.7 28.5% 22.2% Healthcare MIKA BUY * 0.6 2,670 69.5 2,850 2,670 0.0 53.4 51.3 9.3 8.7 17.5% 17.0% SILO HOLD 0.2 7,025 95.7 8,167 9,000 28.1 88.9 58.1 1.8 1.7 2.0% 3.0% Average 71.2 54.7 5.6 5.2 9.7% 10.0% Poultry CPIN SELL 1.7 7,100 (1.7) 5,708 5,800 -18.3 36.4 29.2 5.5 4.8 15.1% 16.5% JPFA BUY 0.3 1,635 (24.0) 1,958 1,950 19.3 11.8 8.7 1.7 1.5 14.6% 17.0% MAIN BUY 0.0 1,065 (23.7) 1,352 1,400 31.5 9.6 7.1 1.1 1.0 11.6% 14.1% Average 19.3 15.0 2.8 2.4 13.7% 15.9% Retail MAPI BUY 0.3 1,050 30.4 1,293 1,350 28.6 15.9 14.8 3.3 2.3 20.9% 15.4% RALS BUY 0.1 1,065 (25.0) 1,313 1,400 31.5 15.9 8.9 2.0 1.7 12.7% 18.8% ACES BUY 0.4 1,545 3.7 1,708 1,900 23.0 26.2 22.7 5.5 4.8 21.1% 21.2% Average 19.3 15.5 3.6 2.9 18.2% 18.5%
Pulp and Paper
INKP SELL 0.6 7,750 (32.9) N/A 7,175 -7.4 4.9 5.7 0.7 0.6 13.9% 11.0%
Media MNCN BUY 0.3 1,465 112.3 1,632 1,750 19.5 9.6 7.9 1.6 1.4 16.2% 17.5% SCMA BUY 0.3 1,450 (22.5) 1,507 1,550 6.9 13.9 12.5 3.7 3.3 26.5% 26.4% Average 11.8 10.2 2.6 2.3 21.4% 22.0% Telco EXCL BUY 0.5 3,300 66.7 4,053 3,900 18.2 50.0 33.3 1.9 1.8 3.7% 5.3% ISAT BUY 0.2 3,040 80.4 3,762 3,450 13.5 -44.1 -64.7 1.4 1.4 -3.2% -2.2% TLKM BUY 5.8 4,040 9.3 4,755 4,700 16.3 22.2 18.2 3.4 3.2 15.4% 17.8% Average 9.4 -4.4 2.2 2.1 5.3% 7.0% Telco Retail
TELE SELL 0.0 298 (68.3) N/A 250 -16.1 3.5 5.2 0.5 0.5 13.9% 9.1% ERAA SELL * 0.1 1,565 (28.9) 1,922 1,625 3.8 14.4 8.4 1.0 0.9 7.3% 11.0% Average 8.9 6.8 0.8 0.7 10.6% 10.1% Telco Infra TBIG HOLD 0.4 1,080 50.0 1,289 1,050 -2.8 34.8 31.8 6.7 5.2 19.3% 16.4% TOWR BUY 0.6 750 8.7 878 905 20.7 16.7 15.0 4.0 3.4 24.2% 2.4% Average 25.8 23.4 5.4 4.3 21.7% 9.4% Stock Rec.
Equity Research│11 December 2019
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
Auto ASII BUY 3.9 6,650 (19.1) 7,665 7,500 12.8 13.3 12.4 1.4 1.3 10.9% 10.8% Mining Contracting UNTR SELL * 1.2 21,300 (22.1) 25,385 22,300 4.7 7.3 6.6 1.7 1.5 22.9% 22.1% DOID BUY 0.0 296 (43.6) 770 980 231.1 2.7 2.3 0.6 0.5 21.1% 19.9% Average 2.7 2.3 0.6 0.5 21.1% 19.9% Aviation GIAA BUY 0.2 515 72.8 712 650 26.2 5.7 4.9 1.0 0.9 17.8% 18.5% Property BSDE BUY 0.4 1,280 2.0 1,652 1,800 40.6 8.2 11.5 0.9 0.8 10.4% 6.9% PWON HOLD 0.4 595 (4.0) 730 600 0.8 9.8 9.8 1.9 1.6 19.4% 16.5% ASRI BUY 0.1 248 (20.5) 308 360 45.2 5.6 6.2 0.5 0.4 8.4% 7.1% SMRA BUY 0.2 1,050 30.4 1,377 1,500 42.9 28.4 23.9 2.1 1.9 7.3% 8.0% SSIA BUY 0.0 710 42.0 1,049 1,100 54.9 29.6 18.7 0.8 0.8 2.8% 4.3% CTRA HOLD 0.3 1,060 5.0 1,344 1,150 8.5 22.1 25.9 1.3 1.2 5.9% 4.8% DMAS BUY 0.2 312 96.2 349 346 10.9 10.1 9.5 2.0 2.0 20.3% 21.0% LPKR BUY 0.3 242 20.1 291 380 57.0 -80.7 22.0 0.6 0.6 -0.7% 2.5% KIJA BUY 0.1 304 10.1 370 380 25.0 -101.3 27.6 1.1 1.1 -1.1% 4.0% Average -7.6 17.2 1.2 1.2 8.1% 8.4% Construction PTPP BUY 0.1 1,615 (10.5) 2,304 2,100 30.0 8.6 7.2 0.6 0.5 6.7% 7.4% ADHI BUY 0.1 1,230 (22.4) 1,779 1,800 46.3 6.8 5.9 0.6 0.6 9.5% 10.0% WSKT BUY 0.3 1,420 (15.5) 2,081 1,750 23.2 8.7 6.2 0.6 0.6 7.1% 9.0% WIKA BUY 0.3 2,000 20.8 2,751 2,600 30.0 8.5 7.8 0.9 0.8 10.9% 10.8% Average 8.2 6.8 0.7 0.6 8.6% 9.3% Cement INTP SELL 1.1 20,100 8.9 20,294 19,800 -1.5 48.2 34.6 3.1 3.0 6.4% 8.7% SMGR SELL * 1.1 12,325 7.2 14,614 12,400 0.6 26.6 24.7 2.1 2.0 8.0% 8.2% Average 37.4 29.6 2.6 2.5 7.2% 8.5% Precast WSBP BUY * 0.1 318 (15.4) 390 314 -1.3 10.3 7.2 1.0 0.9 9.4% 12.1% WTON BUY 0.1 448 19.1 753 620 38.4 7.5 6.3 1.1 1.0 14.9% 15.6% Average 8.9 6.8 1.0 0.9 12.1% 13.8%
Oil and Gas
PGAS HOLD 0.7 2,100 (0.9) 2,495 2,090 -0.5 15.2 15.7 1.2 1.2 8.1% 7.4% AKRA BUY 0.2 3,720 (13.3) 4,647 4,790 28.8 13.0 10.7 1.6 1.5 12.2% 13.8% MEDC BUY 0.2 745 8.8 1,003 850 14.1 8.4 7.5 0.6 0.5 6.9% 7.1% ELSA BUY 0.0 298 (13.4) 508 658 120.8 4.8 3.4 0.6 0.5 12.0% 14.7% Average 10.4 9.3 1.0 0.9 9.8% 10.8% Chemical TPIA SELL 2.5 9,750 64.6 4,733 7,575 -22.3 89.4 79.9 7.4 6.9 8.2% 8.6% BRPT HOLD 1.8 1,405 193.9 640 420 -70.1 12.2 10.5 0.7 0.7 5.9% 6.2% ESSA BUY 0.1 268 (16.8) 450 455 69.8 9.8 7.9 0.9 0.8 9.2% 9.6% Average 37.2 32.8 3.0 2.8 7.8% 8.2% Utilities JSMR HOLD 0.5 5,025 17.4 6,616 6,000 19.4 18.5 16.3 2.0 1.8 10.7% 11.0% Metal ANTM BUY 0.3 825 7.8 1,202 3,330 303.6 15.9 11.5 1.0 1.0 6.5% 8.9% MDKA BUY 0.3 1,075 53.6 1,435 1,700 58.1 24.6 13.8 4.4 3.5 17.7% 25.2% INCO BUY * 0.5 3,200 (1.8) 4,062 815 -74.5 41.1 19.3 1.3 1.2 3.1% 6.4% TINS BUY 0.1 820 8.6 1,294 1,775 116.5 6.6 9.1 0.9 0.9 14.0% 9.7% Average 22.0 13.4 1.9 1.7 10.3% 12.6% Stock Rec.
Equity Research│11 December 2019
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
Coal
ITMG BUY * 0.2 10,850 (46.4) 13,459 1,600 -85.3 72.8 56.7 6.0 5.6 8.2% 9.9% ADRO HOLD 0.7 1,485 22.2 1,493 2,580 73.7 2.6 2.2 0.8 0.7 31.9% 32.9% PTBA 0.0 0.4 2,550 (40.7) 2,725 - -100.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Average #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Plantation
AALI BUY * 0.4 13,500 14.2 13,743 1,610 -88.1 675.0 217.7 11.1 10.2 1.6% 4.7% LSIP HOLD 0.1 1,430 14.4 1,502 1,050 -26.6 6.8 8.8 1.4 1.3 21.1% 14.3% TBLA HOLD 0.1 925 6.9 1,299 388 -58.1 29.8 84.1 1.0 1.0 3.3% 1.2% SIMP BUY 0.1 392 (14.8) 500 1,050 167.9 -98.0 7.5 0.9 0.8 -1.0% 11.0% SSMS 0 0.1 880 (29.6) 1,025 - -100.0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Average #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Note: *: Under Review
Equity Research│11 December 2019
Global Data
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low World 2,290 (2.91) (0.13) (0.29) 0.62 0.92 5.06 21.54 17.25 2,304 1,794 U.S. (S&P) 3,133 (3.44) (0.11) 0.48 1.27 1.47 4.38 24.96 18.80 3,154 2,347 U.S. (DOW) 27,882 (27.88) (0.10) 0.74 1.38 0.69 2.74 19.52 14.41 28,175 21,713 Europe 3,672 (0.40) (0.01) 0.65 1.68 (0.68) 4.41 22.33 20.18 3,733 2,909 Emerging Market 1,050 (1.61) (0.15) 0.05 1.25 (1.44) 4.10 8.67 9.01 1,099 945 FTSE 100 7,214 (20.14) (0.28) 1.06 0.77 (1.57) (1.69) 7.22 5.98 7,727 6,537 CAC 40 5,848 10.78 0.18 0.80 2.11 (0.78) 4.09 23.62 21.68 5,967 4,556 Dax 13,071 (34.89) (0.27) 0.12 0.63 (0.97) 5.76 23.79 21.24 13,374 10,279 Indonesia 6,184 (10.29) (0.17) 0.51 0.81 0.57 (3.11) (0.18) 1.76 6,636 5,767 Japan 23,410 (20.51) (0.09) 0.24 1.19 0.34 8.39 16.96 10.70 23,608 18,949 Australia 6,732 25.30 0.38 0.38 1.90 (0.60) 1.42 19.23 20.74 6,894 5,410 Korea 2,103 5.29 0.25 1.03 1.66 (0.98) 2.64 3.05 2.45 2,252 1,892 Singapore 3,163 (16.93) (0.53) (0.36) (0.32) (2.40) (1.30) 3.07 3.39 3,415 2,993 Malaysia 1,562 (0.92) (0.06) (0.11) (0.03) (2.88) (2.53) (7.62) (5.50) 1,732 1,548 Hong Kong 26,437 (58.11) (0.22) 0.84 0.17 (1.82) (2.66) 2.29 2.58 30,280 24,897 China 2,917 2.84 0.10 0.62 1.13 0.25 (3.04) 16.98 12.46 3,288 2,441 Taiwan 11,628 (32.93) (0.28) 0.29 0.83 1.76 7.76 19.54 19.79 11,678 9,319 Thailand 1,553 (6.03) (0.39) (0.94) (2.37) (5.18) (6.78) (0.70) (5.88) 1,748 1,547 Philipines 7,736 (43.62) (0.56) (0.70) (1.51) (3.41) (2.91) 3.62 3.83 8,420 7,379 1D 1D 3D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 126.63 (0.05) 0.15 4.96 8.04 126.69 120.08
Inflation Rate (yoy, %) 3.00 3.49 2.48
Gov Bond Yld (10yr, %) 7.13 0.00 8.29 6.93
US Fed Rate (%) 1.75 2.50 1.75
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 14,020 6.00 (0.04) 0.36 0.68 0.34 0.21 2.64 3.82 14,630 13,893 Japan 108.78 0.06 (0.06) (0.18) 0.07 0.25 (0.88) 0.84 4.23 113.71 104.46 UK 1.31 (0.00) (0.21) (0.09) 0.18 2.12 6.51 2.93 5.13 1.34 1.20 Euro 1.11 0.00 0.01 0.30 0.14 0.54 0.75 (3.26) (1.98) 1.16 1.09 China 7.03 (0.01) 0.07 0.15 0.39 (0.34) 1.11 (2.21) (1.74) 7.18 6.67 Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 64.34 0.09 0.14 1.50 5.79 2.93 3.14 19.59 7.29 75.60 49.93 CPO 2,892 2.00 0.07 2.95 5.36 11.23 28.13 36.35 36.03 2,914 1,943 Rubber 775.00 8.50 1.11 0.98 1.97 7.04 4.03 24.40 26.53 955.00 612.50 Coal 66.75 (0.30) (0.45) (2.27) (4.23) (0.89) (2.20) (34.59) (35.57) 104.00 63.00 Iron Ore 83.80 (0.56) (0.66) 0.05 0.00 1.11 (9.61) 18.73 25.84 118.96 67.08 Tin 17,440 270.00 1.57 3.59 3.99 4.52 0.06 (10.66) (8.08) 21,914 15,705 Nickel 13,405 65.00 0.49 0.98 0.22 (17.20) (25.71) 25.40 24.12 18,850 10,525 Copper 6,100 25.00 0.41 3.60 4.90 2.99 4.72 2.26 0.18 6,609 5,518 Gold 1,466 0.40 0.03 0.26 (0.76) 0.63 (2.02) 14.71 17.98 1,560 1,233
Source: Bloomberg, SSI Research Commodity Indicators Last Price
Regional Indices Last Price
Exchange Rate (per USD) Last Price
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
Equity Research│11 December 2019
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 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129
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
