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

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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 Healing

What’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 ([email protected])

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

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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 21

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 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

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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

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

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

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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)

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

(Cement, Construction, Property, 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)

Firman Hidayat [email protected] Equity Analyst Ext. 2034

(Automotive, Coal, Metal, Heavy Equipment, Plantation)

Erlangga Aditya Guntoro [email protected] Equity Analyst Ext. 2036

(Pharmaceutical, Healthcare, Toll Road)

R. Venia Allani Meissalina [email protected] Research Administrator Ext. 2050

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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 Division 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

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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.

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