Selasa, 9 Maret 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
KLBF:Biological HealingWhat’s New?
General Atlanctic’s (GA) US$55 million investment in KGBio may have provided the platform for KLBF to become a more complete pharmaceutical powerhouse in South East Asia and a global scale. We provide more on what KGBio specializes in, current product development/research and what GA brings to the table for the KLBF and Genexine joint venture. Key Highlights:
Brief deal details
Subsidiaries link-up, KGBio current projects
General Atlantic, how they can benefit KLBF, KGBio
KLBF’s R&D, relationship to sales
Recommendation, closing statements
Analyst: Erlangga Aditya Guntoro (erlangga.aditya@bnisekuritas.co.id)
RINGKASAN BERITA
WSKT siapkan divestasi tol ke SWF pada 2H21. PT Waskita Karya (Persero) Tbk (WSKT) merencanakan divestasi beberapa ruas tol miliknya kepada Indonesia Investment Authority atau INA akan terlaksana pada semester II/2021. "Dengan telah dilantiknya pengurus dari INA, WSKT berharap proses tersebut dapat segera berlanjut ke tahap berikutnya dan transaksi divestasi beberapa ruas tol kepada INA dapat terlaksana paling lambat semester II/2021," papar Taufik Hendra Kusuma, Direktur Keuangan Waskita Karya, Senin (8/3/2021). Sementara itu, sambung Taufik, skema divestasi yang diharapkan oleh WSKT adalah skema jual beli tunai. Taufik memaparkan manajemen WSKT telah melakukan diskusi intensif secara informal dengan tim dari INA untuk pelepasan saham jalan tol yang saat ini dimiliki oleh anak usaha Waskita yaitu PT Waskita Toll Road. Saat ini WSKT memiliki 17 ruas tol di Pulau Jawa dan Sumatera, dimana 12 ruas tol telah beroperasi, baik secara penuh maupun parsial. Dia percaya kehadiran INA akan membantu BUMN pengembang infrastruktur dalam melakukan divestasi atau program asset recycle dengan berinvestasi dengan mengambil alih proyek yang telah beroperasi seperti jalan tol, bandara, dan pelabuhan yang dimiliki oleh BUMN. (Bisnis Indonesia)
Global Indices Closing Change %Chg %Ytd P/E Americas INDU Index 31,802.44 306.14 0.97 3.91 28.33 SPX Index 3,821.35 -20.59 -0.54 1.74 30.99 CCMP Index 12,609.16 -310.99 -2.41 (2.17) 68.18 IBOV Index 110,611.60 -4590.6 -3.98 (7.06) 29.43 EMEA UKX Index 6,719.13 88.61 1.34 4.00 125.72 CAC Index 5,902.99 120.34 2.08 6.33 55.90 DAX Index 14,380.91 460.22 3.31 4.83 48.92 IBEX Index 8,444.20 157.4 1.90 4.59 #N/A N/A FTSEMIB Index 23,681.57 715.94 3.12 6.52 3.88 AEX Index 665.65 11.78 1.80 6.57 #N/A N/A SMI Index 10,830.38 222.59 2.10 1.19 24.44 Asia / Pacific NKY Index 28,743.25 -121.07 -0.42 4.73 32.79 KOSPI Index 2,996.11 -30.15 -1.00 4.27 27.78 SHCOMP Index 3,421.41 -80.573 -2.30 (1.49) 17.96 HSI Index 28,540.83 -557.46 -1.92 4.81 14.99 TWSE Index 15,820.11 -35.12 -0.22 7.38 22.70 SENSEX Index 50,441.07 35.75 0.07 5.63 35.30 SET Index 1,543.76 -0.35 -0.02 6.51 33.67 PCOMP Index 6,756.92 -124.45 -1.81 (5.36) 29.06 KLCI Index 1,611.81 11.69 0.73 (0.95) 22.64 FSSTI Index 3,071.16 57.31 1.90 7.99 42.46 JCI Index 6,248.47 -10.284 -0.16 4.51 34.86 Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,339.67 7,351.46 -0.16 Transaction Volume (Million Shares) 24,153.00 27,138.75 -11.00 Transaction Value (IDR Million) 10,164.00 12,147.40 -16.33 Stocks Value (IDR) 420.82 447.60 -5.98 Net Foreign (IDR Million) (469,409.50) (957,064.00) -50.95
Commodities Last Previous %Chg
Nickel (US$/Ton) 16,425.00 16,133.00 1.81 Copper (US$/Ton) 8,895.50 8,907.50 -0.13 Tins (US$/Ton) 24,444.00 23,575.00 3.69 Oil (US$/BBL) (*) 65.05 66.09 -1.57 Gas (US$/MMBTU) 2.53 2.99 -15.14 Coal (US$/Ton) (**) 88.00 87.75 0.28 CPO MALAYSIA(RM/ton) 3,922.50 3,906.00 0.42 Gold (US$/Troy Ounce) 1,681.35 1,700.64 -1.13 JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)
JCI Index 100.00 4.51 -1.42
Finance 40.64 11.82 -0.82
Consumer Goods 13.54 -6.92 0.15
Infrastructure Utility and Transportation 10.60 4.36 -2.83 Basic Industry and Chemicals 10.85 2.04 -1.29 Trade Services and Investment 9.03 12.46 -0.52
Mining 6.22 -3.39 -9.94
Construction Property and Real Estate 5.39 -1.58 -0.04 Miscellaneous Industries 4.23 -5.16 -0.20
Selasa, 9 Maret 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 02 0 10 /7 /2 020 10 /1 3/2020 10 /1 9/2020 10 /2 3/2020 11 /3 /2 020 11 /9 /2 020 11 /1 3/2020 11 /1 9/2020 11 /2 5/2020 12 /1 /2 020 12 /7 /2 020 12 /1 4/20 20 12 /1 8/2020 12 /2 8/2020 1/5/ 20 21 1/11 /2 021 1/15 /2 021 1/21 /2 021 1/27 /2 021 2/2/ 20 21 2/8/ 20 21 2/15 /2 021 2/19 /2 021 2/25 /2 02 1 3/3/ 20 21Accumulation 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 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021
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 Oct-20 Oct-20 Nov-20 Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Mar-21
Volume JCI Index
No
Stock
Top Value (IDR)
1
ANTM IJ
1,118,568,000,000
2
BBCA IJ
614,656,400,000
3
INCO IJ
384,215,400,000
4
ASII IJ
309,511,600,000
5
BBRI IJ
303,238,400,000
No
Stock
Top Volume (Shares)
1
BABP IJ
1,385,186,300.00
2
FREN IJ
1,322,546,600.00
3
MCOR IJ
599,000,300.00
4
ANTM IJ
476,947,100.00
5
BEKS IJ
425,199,700.00
No
Top Gainers
% Change
1
VRNA IJ
35
2
ESIP IJ
34.62
3
AHAP IJ
34.43
4
INDX IJ
34.29
5
ABBA IJ
34.25
No
Top Losers
% Change
1
PNBS IJ
-7
2
BCAP IJ
-6.99
3
DWGL IJ
-6.99
4
MRAT IJ
-6.96
5
LAND IJ
-6.95
No Leading Movers
% Change
1
UNTR IJ
7.00
2
MAYA IJ
6.76
3
ARTO IJ
2.11
4
MIKA IJ
6.99
5
TPIA IJ
1.33
No Lagging Movers
% Change
1
BBCA IJ
-1.18
2
BBRI IJ
-0.84
3
ANTM IJ
-5.79
4
INCO IJ
-6.21
Selasa, 9 Maret 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 FY18F FY18F Ratio 1 Year (Current) Float Shares 2020 2020 Price Upside
Banking
BBCA IJ Equity 828,408 14.57 11.00 22.26 3.82 2.02 6.97 15.13 6.51 44.88 BUY 34,200 33,600 1.79% BBNI IJ Equity 111,892 1.97 13.39 8.88 1.27 0.66 53.54 2.82 -13.67 39.98 NOT RATED - 6,000 #VALUE! BBRI IJ Equity 587,026 10.32 11.16 11.49 2.00 1.03 68.12 9.24 12.80 43.22 HOLD 4,100 4,760 -13.87% BMRI IJ Equity 305,667 5.37 18.76 12.28 1.67 0.65 51.96 8.70 -12.37 37.95 BUY 7,250 6,550 10.69% Cement
SMGR IJ Equity 66,433 1.17 5.88 20.62 1.46 3.51 67.19 8.40 0.42 48.99 BUY 11,000 11,200 -1.79% Telecommunication
TLKM IJ Equity 332,849 5.85 4.07 17.49 3.95 4.30 44.42 18.76 -7.84 47.91 BUY 4,000 3,360 19.05% ISAT IJ Equity 31,245 0.55 -38.76 32.20 1.60 -0.83 215.44 -5.83 154.42 20.71 BUY 3,265 5,750 -43.22% EXCL IJ Equity 23,767 0.42 64.29 52.53 1.45 0.82 175.72 1.94 -11.92 33.60 BUY 3,500 2,220 57.66% Automotive
ASII IJ Equity 225,696 3.97 6.86 16.45 2.02 2.40 40.66 10.65 -3.14 49.81 BUY 7,000 5,575 25.56% Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY18F FY18F Ratio 1 Year (Current) Float Shares 2020 2020 Price Upside
Construction
WIKA IJ Equity 15,653 0.28 28.60 7.92 0.87 0.28 78.48 6.70 -3.37 34.94 BUY 1,400 1,745 -19.77% ADHI IJ Equity 4,914 0.09 48.50 7.37 0.87 0.15 153.96 5.44 80.11 48.99 BUY 840 1,380 -39.13% PTPP IJ Equity 9,889 0.17 11.70 8.06 1.03 0.69 104.84 3.45 41.99 48.95 BUY 1,175 1,595 -26.33% WSKT IJ Equity 19,411 0.34 17.28 6.03 1.54 0.35 237.92 -18.09 38.79 33.95 HOLD 775 1,430 -45.80% WTON IJ Equity 3,050 0.05 27.80 4.41 0.29 0.16 82.60 8.15 2.98 32.08 BUY 320 350 -8.57% WSBP IJ Equity 6,696 0.12 39.00 7.11 1.09 0.18 74.76 -12.46 27.45 32.98 UR UR 254 #VALUE! Toll Road
JSMR IJ Equity 29,540 0.52 -9.68 18.53 2.22 -1.91 185.14 4.67 -15.25 24.39 BUY 5,300 4,070 30.22% Property
BSDE IJ Equity 26,147 0.46 -20.00 6.90 0.98 -0.34 39.96 3.26 10.76 38.63 BUY 890 1,235 -27.94% PWON IJ Equity 27,933 0.49 18.69 12.13 2.17 0.65 26.51 8.14 3.57 31.29 HOLD 445 580 -23.28% SMRA IJ Equity 12,912 0.23 20.60 26.42 1.70 1.28 94.90 2.63 4.68 65.14 SELL 615 895 -31.28% Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY18F FY18F Ratio 1 Year (Current) Float Shares 2020 2020 Price Upside
Agriculture
AALI IJ Equity 21,075 0.37 -16.32 12.33 1.08 -0.76 29.22 4.47 13.41 20.32 HOLD 8,300 10,950 -24.20% TBLA IJ Equity 4,968 0.09 n.a n.a n.a n.a 149.97 10.56 54.72 44.65 BUY 1,185 930 27.42% Metal
ANTM IJ Equity 60,558 1.06 89.30 43.10 1.15 0.48 47.19 2.41 301.86 34.95 BUY 900 2,520 -64.29% INCO IJ Equity 54,898 0.97 62.00 22.96 21.32 0.37 0.00 4.18 103.87 20.49 BUY 4,500 5,525 -18.55% TINS IJ Equity 14,076 0.25 79.80 12.94 0.98 0.16 219.85 -19.73 200.00 35.00 BUY 1,200 1,890 -36.51% Coal
PTBA IJ Equity 31,221 0.55 12.09 9.07 2.09 0.75 3.42 16.00 25.43 31.20 BUY 2,750 2,710 1.48% Consumer
UNVR IJ Equity 256,559 4.51 9.80 44.14 54.08 4.50 80.51 140.20 -7.22 15.01 BUY 9,400 6,725 39.78% INDF IJ Equity 54,439 0.96 7.12 12.58 1.65 1.77 42.38 13.50 -9.88 49.92 BUY 9,200 6,200 48.39% ICBP IJ Equity 100,292 1.76 10.03 24.12 4.65 2.40 8.81 20.09 -19.62 19.47 BUY 11,800 8,600 37.21% GGRM IJ Equity 70,999 1.25 8.64 16.32 3.01 1.89 34.19 17.86 -28.73 23.78 BUY 56,000 36,900 51.76% HMSP IJ Equity 170,406 3.00 5.32 33.44 12.66 6.29 1.17 34.44 -12.60 7.50 HOLD 1,900 1,465 29.69% Pharmaceutical
KLBF IJ Equity 72,891 1.28 4.52 24.14 4.14 5.34 4.89 16.18 24.23 42.55 HOLD 1,815 1,555 16.72% KAEF IJ Equity 18,439 0.32 22.20 21.00 4.01 0.95 111.92 -0.25 345.64 9.97 UR - 3,320 #VALUE! Healthcare
MIKA IJ Equity 39,747 0.70 2.11 43.73 7.13 20.73 0.11 16.74 15.83 38.07 BUY 2,980 2,790 6.81% Retail
ACES IJ Equity 26,926 0.47 16.84 25.05 5.66 1.49 0.00 17.88 3.44 40.03 SELL 1,400 1,570 -10.83% LPPF IJ Equity 3,414 0.06 8.08 13.41 7.33 1.66 664.33 -75.02 -59.50 69.83 SELL 1,250 1,300 -3.85% MAPI IJ Equity 13,778 0.24 68.20 23.10 2.97 0.34 25.69 -5.62 3.75 43.97 HOLD 690 830 -16.87% RALS IJ Equity 5,180 0.09 13.00 20.48 2.57 1.58 0.00 -1.52 -17.15 37.08 HOLD 590 730 -19.18% Heavy Equipment
Selasa, 9 Maret 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 : research@bnisekuritas.co.id Website : www.bnisekuritas.co.idDamhuri Nasution damhuri.nasution@bnisekuritas.co.id Head of Research Division & Economist Ext. 3993
Kim Kwie Sjamsudin kim.kwie@bnisekuritas.co.id Head of Equity Research Department Ext. 3997
(Strategy, Automotive, Cement, Infrastructure)
Ariawan ariawan@bnisekuritas.co.id Head of Fixed Income Research Dept. Ext. 2098
(Fixed Income Market, Corporate & Government Bond) Andri Zakarias Siregar andri.zakarias@bnisekuritas.co.id Head of Technical Analysis Research Dept. Ext. 2054
(Market Strategy, Currency, Commodities, Bond & Stocks)
Maxi Liesyaputra maxi@bnisekuritas.co.id AVP Equity Analyst Ext. 3968
(Cement, Construction, Property, Precast Concrete)
Handri Thiono handri.thiono@bnisekuritas.co.id Economist Ext. 2030
Ahmad Hapiz ahmad.hapiz@bnisekuritas.co.id Fixed Income Analyst Ext. 3978
(Fixed Income Market, Corporate & Government Bond)
William Ardian Siregar william.siregar@bnisekuritas.co.id Equity Analyst Ext. 3986
(Consumer, Retail)
Posmarito Pakpahan posmarito.pakpahan@bnisekuritas.co.id Equity Analyst Ext. 3981
(Banking, Telecommunication)
Firman Hidayat firman.hidayat@bnisekuritas.co.id Equity Analyst Ext. 2034
(Automotive, Coal, Metal, Heavy Equipment, Plantation)
Erlangga Aditya Guntoro erlangga.aditya@bnisekuritas.co.id Equity Analyst Ext. 2036
(Pharmaceutical, Healthcare, Toll Road)
R. Venia Allani Meissalina venia.allani@bnisekuritas.co.id Research Administrator Ext. 2050
Selasa, 9 Maret 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 reynard.poernawan@bnisekuritas.co.id Head of Equity Division Anthon Suryasaputra ext. 3973 anthon@bnisekuritas.co.id Head of Equity Sales Trading Teguh Hendro Karno ext. 3948 teguh@bnisekuritas.co.id Institutional Sales Trader Yulinda ext. 3950 yulinda@bnisekuritas.co.id Institutional Sales Trader M. Rudi Riyanto ext. 3919 mrudi@bnisekuritas.co.id Institutional Sales Trader Ardy Fardiansyah ext. 3969 ardy.fardiansyah@bnisekuritas.co.id Institutional Sales Trader Entis Sutisman ext. 3951 entis@bnisekuritas.co.id AVP Institutional Sales Ika Agustina ext. 2131 ika.agustina@bnisekuritas.co.id Equity Sales
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Melisa ext. 2136 melisa@bnisekuritas.co.id Branch Manager Aceh
RESEARCH
Equity
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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.
