L A P O R A N H A R I A N

(1)

Kamis, 20 Mei 2021

L A P O R A N H A R I A N

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH

Equity

LAPORAN RISET

CTRA: Strong Momentum to Continue What’s New?

Reiterate BUY for CTRA as top pick with its another strong operational excellence and presales momentum. We expect this positive trend to continue. Our TP of IDR1,400 is based on 54% discount to RNAV (1SD above five-year mean). Key Highlights:

 We expect CTRA to continue deliver strong presales and earnings with the strong momentum in the sector.

 With solid revenues reported in 3M21 at +23% YoY, gross margin expansion and good opex control, its EBIT grew significantly by +83% YoY. CTRA reported higher minority interest and thus net profit grew by +37% YoY.

Analyst: Aurellia Setiabudi ([email protected])

RINGKASAN BERITA

 Laba bersih RS Hermina tahun 2020 meningkat 85,31% Y-Y. PT Medikaloka Hermina Tbk mencatatkan kinerja yang solid sepanjang tahun 2020. HEAL mencatatkan pendapatan sebesar Rp4,41 triliun pada tahun 2020, naik 21,65% Y-Y dibandingkan pendapatan tahun 2019 sebesar Rp3,63 triliun. Pertumbuhan pendapatan yang kuat tersebut membawa peningkatan laba bersih 85,31% Y-Y menjadi Rp473,22 miliar pada tahun 2020 dari posisi 2019 sebesar Rp245,64 miliar. Beban pokok pendapatan hanya naik tipis menjadi Rp2,28 triliun pada tahun 2020 dibandingkan tahun 2019 yang sebesar Rp2,03 triliun. Beban usaha juga naik tipis menjadi Rp1,16 triliun dari Rp1,04 triliun. Sementara laba usaha perseroan terus tumbuh menjadi Rp1,04 triliun dari posisi 2019 sebesar Rp583,33 miliar. Dengan demikian, laba per saham dasar menjadi Rp159,57 dari posisi 2019 di Rp85,9. (Bisnis Indonesia)

 Siloam Mempersiapkan Rumah Sakit dan Mall untuk Program Vaksinasi Gotong Royong. PT Siloam International Hospitals Tbk (SILO) menyediakan 40 rumah sakit di seluruh Indonesia untuk Program Vaksinasi Gotong Royong. Selain itu, perseroan juga akan menggunakan jaringan mal Lippo Karawaci sebagai lokasi vaksinasi. SILO bekerja sama dengan Kamar Dagang dan Industri Indonesia (Kadin) untuk membentuk Pusat Vaksinasi Gotong Royong. SILO telah memvaksinasi 50.000 dokter dan petugas kesehatan. Ia terus memantau efektivitas dan tingkat antibodi dokter dan petugas kesehatan yang divaksinasi. Alhasil, sangat efektif dan aman untuk beraktivitas di tengah pandemi Covid-19. (Bisnis Indonesia)

Global Indices Closing Change %Chg %Ytd P/E Americas INDU Index 33,896.04 -164.62 -0.48 10.75 25.69 SPX Index 4,115.68 -12.15 -0.29 9.57 29.50 CCMP Index 13,299.74 -3.9 -0.03 3.19 90.53 IBOV Index 122,636.30 -343.7 -0.28 3.04 15.00 EMEA UKX Index 6,950.20 -84.04 -1.19 7.58 53.78 CAC Index 6,262.55 -91.12 -1.43 12.81 45.02 DAX Index 15,113.56 -273.02 -1.77 10.17 32.55 IBEX Index 9,070.70 -113.2 -1.23 12.35 #N/A N/A FTSEMIB Index 24,486.69 -393.76 -1.58 10.14 3.88 AEX Index 693.72 -11.29 -1.60 11.06 128.84 SMI Index 11,045.20 -96.55 -0.87 3.19 25.08 Asia / Pacific NKY Index 28,044.45 -362.39 -1.28 2.19 19.74 KOSPI Index 3,173.05 38.53 1.23 10.43 20.34 SHCOMP Index 3,510.97 -18.049 -0.51 1.09 15.87 HSI Index 28,593.81 399.72 1.42 5.00 13.57 TWSE Index 16,132.66 -13.32 -0.08 9.50 17.13 SENSEX Index 49,902.64 -290.69 -0.58 4.51 31.15 SET Index 1,562.24 -4.56 -0.29 7.79 29.78 PCOMP Index 6,245.71 0.97 0.02 (12.52) 26.84 KLCI Index 1,580.52 -10.8 -0.68 (2.87) 19.01 FSSTI Index 3,104.21 -38.42 -1.22 9.16 34.98 JCI Index 5,760.58 -73.81 -1.27 (3.65) 28.02 Description Last Previous %Chg Market Capitalization (IDR Trillion) 6,816.63 6,904.36 -1.27 Transaction Volume (Million Shares) 15,433.00 17,186.82 -10.20 Transaction Value (IDR Million) 8,243.00 9,396.84 -12.28 Stocks Value (IDR) 534.12 546.75 -2.31 Net Foreign (IDR Million) (280,930.00) (340,054.25) -17.39 Commodities Last Previous %Chg Nickel (US$/Ton) 17,968.00 17,911.00 0.32 Copper (US$/Ton) 10,405.00 10,373.00 0.31 Tins (US$/Ton) 30,455.00 29,895.00 1.87 Oil (US$/BBL) (*) 63.36 65.49 -3.25 Gas (US$/MMBTU) 2.65 2.61 1.83 Coal (US$/Ton) (**) 99.10 99.10 0.00 CPO MALAYSIA(RM/ton) 4,794.00 4,698.00 2.04 Gold (US$/Troy Ounce) 1,869.62 1,869.62 0.00 JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)

JCI Index 100.00 -3.65 -2.83

Finance 100.00 #N/A N/A #N/A N/A

Consumer Goods 100.00 #N/A N/A #N/A N/A

Infrastructure Utility and Transportation 100.00 #N/A N/A #N/A N/A Basic Industry and Chemicals 100.00 #N/A N/A #N/A N/A Trade Services and Investment 100.00 #N/A N/A #N/A N/A

Mining 100.00 #N/A N/A #N/A N/A

Construction Property and Real Estate 100.00 #N/A N/A #N/A N/A Miscellaneous Industries 100.00 #N/A N/A #N/A N/A

(2)

Kamis, 20 Mei 2021

L A P O R A N H A R I A N

_RESEARCH

_Equity

Akumulasi Beli/-Jual Bersih Asing

Nilai Tukar USD/IDR dan IHSG

Pergerakan IHSG

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 5,000,000 10,000,000 15,000,000 20,000,000 10 /1 /2 020 10 /8 /2 020 10 /1 5/2020 10 /2 2/2020 11 /3 /2 020 11 /1 0/2020 11 /1 7/2020 11 /2 4/20 20 12 /1 /2 020 12 /8 /2 020 12 /1 6/2020 12 /2 3/2020 1/5/ 20 21 1/12 /2 021 1/19 /2 021 1/26 /2 021 2/2/ 20 21 2/9/ 20 21 2/17 /2 021 2/24 /2 021 3/3/20 21 3/10 /2 021 3/18 /2 021 3/25 /2 021 4/1/ 20 21 4/9/ 20 21 4/16 /2 021 4/23 /2 021 4/30 /2 021 5/7/ 20 21 5/19 /2 02 1

Accumulation JCI Index

13,000 13,500 14,000 14,500 15,000 15,500 16,000 4,000 4,500 5,000 5,500 6,000 6,500 7,000

JCI Index USDIDR

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21

Volume JCI Index

No

Stock

Top Value (IDR)

1 BBRI IJ

477,110,100,000

2 MLPL IJ

446,221,300,000

3 BBCA IJ

412,718,800,000

4 ANTM IJ

288,323,900,000

5 BMRI IJ

281,489,800,000

No

Stock

Top Volume (Shares)

1 MLPL IJ

1,173,711,900.00

2 BKSL IJ

909,545,400.00

3 FREN IJ

785,769,700.00

4 DOID IJ

271,773,900.00

5 MPPA IJ

189,585,000.00

No

Top Gainers

% Change

1 ARII IJ

34.94

2 IKAN IJ

31.37

3 LMSH IJ

24.89

4 TMAS IJ

24.78

5 DMMX IJ

24.5 No

Top Losers

% Change

1 INTD IJ

-7

2 AMFG IJ

-6.99

3 APEX IJ

-6.98

4 TEBE IJ

-6.94

5 KONI IJ

-6.93

No Leading Movers

% Change

1 EMTK IJ

3.18

2 DCII IJ

8.86

3 IBST IJ

19.82

4 DMMX IJ

24.50

5 SAMF IJ

14.46 No Lagging Movers

% Change

1 BMRI IJ

-3.81

2 TPIA IJ

-6.58

3 BBCA IJ

-0.70

4 ARTO IJ

-3.55

(3)

Kamis, 20 Mei 2021

L A P O R A N H A R I A N

3 RESEARCH

Equity

TARGET HARGA SAHAM

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Last Potential

Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside

Banking

BBCA IJ Equity 782,180 13.75 -5.09 28.34 4.38 -5.57 6.97 15.75 37.90 44.89 BUY 37,150 31,725 17.10% BBNI IJ Equity 97,905 1.72 -78.66 69.12 0.85 -0.88 53.54 1.27 50.28 39.98 NOT RATED - 5,250 #VALUE! BBRI IJ Equity 477,267 8.39 -45.97 25.43 2.40 -0.55 68.12 9.24 67.14 43.22 BUY 5,000 3,870 29.20% BMRI IJ Equity 264,833 4.66 -37.71 17.49 1.46 -0.46 51.96 8.52 52.06 37.95 BUY 7,700 5,675 35.68%

Cement

SMGR IJ Equity 55,015 0.97 16.87 19.67 1.64 1.17 67.19 8.41 11.59 48.99 BUY 16,500 9,275 77.90% INTP IJ Equity 44,267 0.78 -1.58 25.19 1.96 -15.96 2.26 7.64 18.94 49.00 BUY 17,600 12,025 46.36%

Telecommunication

TLKM IJ Equity 313,037 5.50 11.47 15.05 3.05 1.31 54.15 20.59 1.52 47.91 BUY 4,000 3,160 26.58% ISAT IJ Equity 32,332 0.57 #N/A N/A #N/A N/A 2.72 #VALUE! 215.44 -5.83 197.50 20.71 BUY 6,700 5,950 12.61% EXCL IJ Equity 22,093 0.39 -47.76 #N/A N/A 1.13 #VALUE! 175.72 -4.13 -14.98 33.64 BUY 3,100 2,060 50.49%

Automotive

ASII IJ Equity 204,442 3.59 6.86 13.56 1.27 1.98 40.66 9.57 34.84 49.81 BUY 7,000 5,050 38.61%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Construction

WIKA IJ Equity 11,795 0.21 -91.87 63.44 0.86 -0.69 157.75 1.23 41.49 34.94 BUY 2,500 1,315 90.11% ADHI IJ Equity 3,614 0.06 -96.24 218.50 0.65 -2.27 175.28 0.29 112.71 48.99 BUY 2,490 1,015 145.32% PTPP IJ Equity 7,037 0.12 -84.09 55.05 0.66 -0.65 132.47 1.15 84.71 48.95 BUY 2,030 1,135 78.85% WSKT IJ Equity 13,574 0.24 #N/A N/A #N/A N/A 1.80 #VALUE! 376.18 -58.07 71.72 33.95 BUY 1,450 1,000 45.00% WTON IJ Equity 2,405 0.04 -75.01 18.56 0.72 -0.25 82.24 3.79 26.61 32.16 BUY 470 276 70.29% WSBP IJ Equity 4,692 0.08 #N/A N/A #N/A N/A 3.77 #VALUE! 491.97 -102.45 23.40 32.98 UR UR 178 #VALUE!

Toll Road

JSMR IJ Equity 29,104 0.51 -77.30 58.08 1.53 -0.75 256.03 2.65 8.77 24.39 BUY 5,300 4,010 32.17%

Property

BSDE IJ Equity 24,241 0.43 -90.62 42.08 0.78 -0.46 49.67 2.09 83.20 38.63 BUY 1,500 1,145 31.00% CTRA IJ Equity 20,416 0.36 14.52 14.73 1.31 1.01 57.42 9.16 125.37 47.14 BUY 1,400 1,100 27.27% PWON IJ Equity 23,983 0.42 -65.80 25.79 1.64 -0.39 22.41 6.28 45.61 31.29 BUY 770 498 54.62% SMRA IJ Equity 13,273 0.23 -65.07 73.79 1.94 -1.13 104.10 2.53 116.98 65.14 BUY 1,200 920 30.43%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Agriculture

AALI IJ Equity 18,814 0.33 294.60 30.13 0.98 0.10 29.22 3.28 53.73 20.32 BUY 13,500 9,775 38.11% TBLA IJ Equity 4,674 0.08 3.34 6.89 0.83 n.a 149.97 10.56 71.91 44.65 BUY 1,200 875 37.14%

Metal

ANTM IJ Equity 61,278 1.08 492.69 29.72 3.09 0.06 40.72 10.90 391.40 34.95 BUY 4,500 2,550 76.47% INCO IJ Equity 50,179 0.88 43.10 40.09 1.71 0.93 0.00 4.35 72.66 20.49 BUY 6,500 5,050 28.71% TINS IJ Equity 12,885 0.23 45.12 149.51 2.55 3.31 126.55 1.67 274.46 35.00 BUY 1,200 1,730 -30.64%

Coal

PTBA IJ Equity 25,691 0.45 -42.59 9.07 2.09 -0.21 5.50 10.69 37.23 31.20 BUY 3,500 2,230 56.95%

Consumer

UNVR IJ Equity 207,918 3.66 #N/A #N/A #N/A #N/A 80.51 101.58 -32.33 15.01 BUY 7,450 5,450 36.70% INDF IJ Equity 55,975 0.98 #N/A #N/A #N/A #N/A 67.62 16.11 -1.50 49.92 BUY 9,200 6,375 44.31% ICBP IJ Equity 96,502 1.70 30.79 14.65 3.28 0.48 63.03 24.07 -14.46 19.47 BUY 12,470 8,275 50.69% GGRM IJ Equity 63,639 1.12 -29.71 9.16 1.06 -0.31 10.57 12.23 -32.91 23.78 BUY 56,000 33,075 69.31% HMSP IJ Equity 141,908 2.50 -37.29 18.15 4.32 -0.49 1.03 21.82 -29.20 7.50 SELL 1,100 1,220 -9.84%

Pharmaceutical

KLBF IJ Equity 67,735 1.19 9.03 24.36 3.70 2.70 6.34 16.00 5.89 42.56 BUY 2,000 1,445 38.41% KAEF IJ Equity 14,163 0.25 #N/A N/A ###### 2.02 #VALUE! 109.22 0.13 109.98 9.97 UR - 2,550 #VALUE!

Healthcare

MIKA IJ Equity 37,183 0.65 #N/A #N/A #N/A #N/A 0.00 19.77 13.49 38.07 BUY 3,270 2,610 25.29%

Retail

ACES IJ Equity 25,125 0.44 #N/A #N/A #N/A #N/A 15.96 14.86 13.10 40.03 BUY 1,700 1,465 16.04% ERAA IJ Equity 9,331 0.16 #N/A #N/A #N/A #N/A 40.19 11.96 150.00 45.20 BUY 610 585 4.27% LPPF IJ Equity 4,635 0.08 #N/A #N/A #N/A #N/A 664.33 -100.33 32.71 69.34 SELL 950 1,765 -46.18% MAPI IJ Equity 12,284 0.22 #N/A #N/A #N/A #N/A 104.50 -9.47 3.50 43.97 HOLD 800 740 8.11% RALS IJ Equity 5,003 0.09 #N/A N/A #N/A N/A 1.31 #VALUE! 16.09 -6.08 25.63 37.08 BUY 880 705 24.82%

Heavy Equipment

(4)

Kamis, 20 Mei 2021

L A P O R A N H A R I A N

4 RESEARCH

Equity

RESEARCH TEAM

Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id

Damhuri Nasution [email protected] Head of Research Division & Economist Ext. 3993 Kim Kwie Sjamsudin [email protected] Head of Equity Research Department Ext. 3997

(Strategy, Automotive, Cement, Infrastructure)

Ariawan [email protected] Head of Fixed Income Research Dept. Ext. 2098 (Fixed Income Market, Corporate & Government Bond) Andri Zakarias Siregar [email protected] Head of Technical Analysis Research Dept. Ext. 2054

(Market Strategy, Currency, Commodities, Bond & Stocks) Aurellia Setiabudi [email protected] Deputy Head of Equity Research Department

(Property, Pharmaceutical, Healthcare, Cigarette)

Maxi Liesyaputra [email protected] AVP Equity Analyst Ext. 3968

(Cement, Construction, Precast Concrete)

Handri Thiono [email protected] Economist Ext. 2030

Ahmad Hapiz [email protected] Fixed Income Analyst Ext. 3978

(Fixed Income Market, Corporate & Government Bond) William Ardian Siregar [email protected] Equity Analyst Ext. 3986

(Consumer, Retail)

Posmarito Pakpahan [email protected] Equity Analyst Ext. 3981 (Banking, Telecommunication, Multifinance)

Firman Hidayat [email protected] Equity Analyst Ext. 2034

(Automotive, Coal, Metal, Heavy Equipment, Plantation) Erlangga Aditya Guntoro [email protected] Equity Analyst Ext. 2036

(Toll Road, Poultry, Media)

R. Venia Allani Meissalina [email protected] Research Administrator Ext. 2050 Indah Lestari Permata Herlina [email protected] Research Administrator Ext. 2073

(5)

Kamis, 20 Mei 2021

L A P O R A N H A R I A N

5 RESEARCH

Equity

EQUITY TEAM

CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831

Reynard Poernawan ext. 3988 [email protected] Head of Equity Sales Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Sales Trading Teguh Hendro Karno ext. 3948 [email protected] Institutional Sales Trader Yulinda ext. 3950 [email protected] Institutional Sales Trader M. Rudi Riyanto ext. 3919 [email protected] Institutional Sales Trader Ardy Fardiansyah ext. 3969 [email protected] Institutional Sales Trader Entis Sutisman ext. 3951 [email protected] AVP Institutional Sales Ika Agustina ext. 2131 [email protected] Equity Sales

Evi nurhafiza ext. 3929 [email protected] Equity Sales

Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division Fahma Riniarti ext. 3917 [email protected] Head of Channel Development P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision

Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung

Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta Agus Purwanto ext. 2090 [email protected] Branch Manager Solo Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya Edith Febriana ext. 2082 [email protected] Branch Manager Malang Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru Susan J Mengko ext. 2102 [email protected] Branch Manager Manado Melisa ext. 2136 [email protected] Branch Manager Aceh Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin

(6)

RESEARCH

Equity

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th_{Floor, Jl. Jend. Sudirman Kav. 76-78}

Jakarta 12910, Indonesia Phone: (62-21) 25543946 (Hunting)

Fax: (62-21) 57935831 e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: [email protected]

JAKARTA - Puri Indah

Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610

Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]

JAKARTA - Central Park

Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215 Fax: (62-21) 29034216 email: [email protected]

JAKARTA - Wisma Bumiputera

Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: [email protected] YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

MALANG

Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN

Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.