DAILY. Penghujung Semester I, IHSG berpotensi menguat terbatas. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market

Market Activity

Market Index : 5,939.5

Index Movement : -82.9 -1.38%

Market Volume : 15,689 Mn shrs Market Value : 10,331 Bn rupiah

Last

Close +/- %

Leading Movers

BRIS 2,250 305 15.7

HMSP 1,205 45 3.9

GGRM 40,750 2000 5.2

KAEF 3,250 450 16.1

Lagging Movers

BBCA 30,275 -675 -2.2

BMRI 5,700 -200 -3.4

ASII 4,710 -210 -4.3

TLKM 3,170 -80 -2.5

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)

BMRI 123 BBCA 147

FREN 43 ARCI 63

UNVR 36 EMTK 53

AGRO 26 ASII 42

BBNI 21 PGAS 35 Money Market

Last

Close +/- %

USD/IDR 14,445 20.0 -0.1

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 22.3 -0.4 -1.9

EIDO 20.2 -0.4 -2.2

Global Indices Last

Close +/- %

DJIA 34,283 -151 -0.44

S&P 500 4,291 10 0.23

Euro Stoxx 4,090 -31 -0.75

MSCI World 3,025 0 0.01

STI 3,127 5 0.17

Nikkei 29,048 -18 -0.06

Hang Seng 29,268 -20 -0.07

Commodities Last

Close +/- %

Brent Oil 75 -1.5 -1.97

Coal (ICE) 129 -2.5 -1.95

CPO Malay 3,700 -2.0 -0.05

Nickel 18,284 -238.5 -1.29

Tin 31,152 378.0 1.23

Changes Changes

Changes

Changes Monday, 28 Jun 2021

Penghujung Semester I, IHSG berpotensi menguat terbatas

Pada perdagangan semalam, bursa saham AS ditutup dengan kecenderungan flat.

Dow hanya terangkat +0.03%, S&P500 +0.03%, dan Nasdaq +0.19%. Sentimen positif datang dari harga perumahan bulan April di AS yang meningkat +14% yoy.

Indeks Keyakinan Konsumen bulan Juni juga meningkat ke level 127.3, lebih tinggi dari estimasi konsensus (119). Namun, para pelaku pasar masih menanti laporan tenaga kerja yang akan dirilis hari Jumat ini, yang dapat menjadi indikator arah kebijakan bank sentral AS kedepannya. Yield obligasi 10 tahun AS juga turun -0.22%

ke level 1.475%, sementara indeks dolar AS naik +0.2% ke level 92.07.

Dari pasar komoditas, mayoritas komoditas utama mengalami penguatan. Brent oil naik +0.11% dan WTI +0.10% di tengah penantian hasil pertemuan OPEC+ minggu ini. Batubara +1.91%, CPO +1.35%, Nikel +0.40% dan Timah +0.65%.

Ledakan kasus COVID-19 di Indonesia belum mereda hingga saat ini. Sebanyak 20,467 kasus baru tercatat kemarin (29/6), hanya turun tipis -1% dari hari sebelumnya. Sementara itu, pasien yang sembuh hanya mencapai 9,645 orang.

Dengan demikian, kasus aktif Indonesia kembali meningkat menjadi 228,835 (tertinggi ke-3 di Asia), meningkat +49.9% dari minggu lalu. Recovery rate turun menjadi 86.7%. Program vaksinasi masih terus berjalan hingga saat ini. Sebanyak 28.3 juta penduduk telah mendapat vaksinasi tahap 1, sementara yang telah menerima vaksinasi tahap 2 mencapai 13.3 juta penduduk.

Di hari terakhir perdagangan semester 1 2021 ini, IHSG kami proyeksikan akan mampu menguat terbatas mengikuti bursa global. EIDO tercatat naik +0.20%

semalam. Meski demikian, perlu dicermati kasus COVID-19 di Indonesia yang belum turun serta perkembangan kebijakan PPKM mikro pemerintah, yang diisukan akan memberlakukan PPKM Darurat dalam waktu dekat. Menko Maritim dan Investasi, Luhut Binsar Panjaitan, telah ditunjuk Presiden untuk menjadi koordinator PPKM Mikro di Jawa dan Bali. Pagi ini Nikkei terpantau naik +0.45% dan KOSPI +0.19%.

DAILY RESEARCH

 WSKT : Cucu Usaha Waskita Karya Restrukturisasi Utang IDR 8.2 Triliun

30 June 2021

Highlights

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Equity Research│30 June 2021

COMMODITIES

Gold: Gold 100 Oz Futures (USD/Troi oz) Oil: Generic 1st Crude Oil, Brent (USD/Barel)

Coal: Newcastle Coal (USD/MT) CPO: Bursa Malaysia Crude Palm Oil (MYR/MT)

Pulp: Generic Bleached Softwood Craft Pulp (CNY/MT) Nickel: London Metal Exchange Nickel Future (USD/MT)

1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21 1-May-21 1-Jun-21

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100 110 120 130 140

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

10,000 12,000 14,000 16,000 18,000 20,000 22,000

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

COVID-19 Data Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

6/29/2021 2,156,465 0.96 20,467 - 1,869,606 9,645 58,024 463 228,835 89.39 6/28/2021 2,135,998 0.98 20,694 - 1,859,961 9,480 57,561 423 218,476 89.77 6/27/2021 2,115,304 1.02 21,342 1.17 1,850,481 8,024 57,138 409 207,685 90.18 6/26/2021 2,093,962 1.02 21,095 11.78 1,842,457 7,396 56,729 358 194,776 90.70 6/25/2021 2,072,867 0.92 18,872 (8.27) 1,835,061 8,557 56,371 422 181,435 91.25 6/24/2021 2,053,995 1.01 20,574 34.40 1,826,504 9,201 55,949 355 171,542 91.65 6/23/2021 2,033,421 0.76 15,308 12.00 1,817,303 7,167 55,594 303 160,524 92.11

Average 19,765 8,496 390 90.72

Source: SSI Research, Bloomberg

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

6/28/2021 2,135,998 0.98 20,694 - 1,859,961 9,480 57,561 423 218,476 89.77 6/27/2021 2,115,304 1.02 21,342 - 1,850,481 8,024 57,138 409 207,685 90.18 6/26/2021 2,093,962 1.02 21,095 11.78 1,842,457 7,396 56,729 358 194,776 90.70 6/25/2021 2,072,867 0.92 18,872 (8.27) 1,835,061 8,557 56,371 422 181,435 91.25 6/24/2021 2,053,995 1.01 20,574 34.40 1,826,504 9,201 55,949 355 171,542 91.65 6/23/2021 2,033,421 0.76 15,308 12.00 1,817,303 7,167 55,594 303 160,524 92.11 6/22/2021 2,018,113 0.68 13,668 (5.97) 1,810,136 8,375 55,291 335 152,686 92.43

Average 18,793 8,314 372 91.16

Source: SSI Research, Bloomberg

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Equity Research│30 June 2021

WSKT: Cucu Usaha Waskita Karya Restrukturisasi Utang IDR 8.2 Triliun

Dua cucu usaha PT Waskita Karya Tbk (WSKT) meneken restrukturisasi kredit sindikasi senilai total IDR 8.24 triliun. Dua cucu usaha itu adalah PT Waskita Bumi Wira (WBW) dan PT Kresna Kusuma Dyandra Marga (KKDM). Keduanya merupakan anak usaha PT Waskita Toll Road. WBW merestrukturisasi kredit dari 18 kreditur senilai IDR 4.74 triliun.

Sementara itu, KKDM telah menandatangani restrukturisasi kredit sindikasi senilai IDR 3.49 triliun. Sindikasi itu berasal dari tiga kreditur, yaitu PT Bank Negara Indonesia Tbk, PT Bank Rakyat Indonesia Tbk, dan PT Bank Rakyat Indonesia Agroniaga Tbk. (Investor Daily)

Comment:

Relaksasi dari kredit sindikasi dilakukan dengan pemberlakuan deferred interest sejak April 2021 hingga Maret 2022. Dalam periode tersebut, perusahaan tetap membayarkan bunga secara kuartalan sebesar 3%. Kepemilikan WSKT pada KKDM sebesar 70% dengan metode pencatatan Joint Venture dengan saldo akhir 1Q21 sebesar IDR 883 miliar. Sementara itu WBW merupakan anak usaha kepemilikan tidak langsung (melalui WTR) dengan porsi 99.99%. Aset WBW per 1Q21 senilai IDR 11.9 triliun. Dengan asumsi ekuitas 30% maka porsi liabilitas WBW mencapai IDR 8.3 triliun. Perjanjian restruktur dapat menurunkan leverage sementara waktu sembari berbenah kondisi keuangan dan proses divestasi asset. WSKT: Under review (Prev: BUY: 0.0x PE '21E, 0.8x PBV '21E, TP:

IDR 1,400)

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Equity Research│30 June 2021

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Equity Research│30 June 2021

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E* 21E 20E* 21E 20E* 21E

Banks

BBCA BUY 10.6 30,225 40,500 37,318 34.0 27.5 23.4 4.0 3.7 14.7 15.7

BBRI BUY 6.8 3,900 5,300 4,990 35.9 24.8 14.7 2.6 2.3 10.3 15.8

BMRI BUY 3.8 5,775 8,000 7,959 38.5 15.7 11.3 1.4 1.4 9.1 12.1

BBNI BUY 1.2 4,580 8,500 7,185 85.6 28.6 6.6 0.8 0.6 2.6 9.7

BBTN BUY 0.2 1,330 2,300 2,126 72.9 8.8 5.5 0.7 0.6 8.1 11.4

BNLI SELL #N/A N/A 1,950 1,376 2,400 -29.4 36.1 33.6 2.2 2.1 0.1 0.1

Average 17.7 7.8 1.0 0.9 6.6 11.1

Consumer (Staples)

ICBP BUY 1.4 8,250 12,000 11,762 45.5 14.2 14.0 3.2 2.8 22.3 19.9

INDF BUY 0.8 6,225 9,500 8,883 52.6 11.2 11.3 1.3 1.2 11.9 11.0

KLBF BUY 0.9 1,375 1,750 1,770 27.3 23.3 21.2 3.7 3.4 16.0 16.0

UNVR BUY 2.7 5,000 7,900 6,742 58.0 26.6 26.3 38.8 38.2 145.7 145.0

SIDO BUY 0.3 720 970 926 34.7 23.2 19.9 6.7 6.3 29.1 31.5

Average 19.7 18.5 10.7 10.4 45.0 44.7

Cigarette

HMSP BUY 2.0 1,225 1,460 1,254 19.2 16.6 16.8 4.7 4.7 28.5 28.1

GGRM HOLD 1.2 43,500 44,400 37,431 2.1 9.9 9.6 1.4 1.3 14.2 13.9

Average 13.2 13.2 3.1 3.0 21.4 21.0

Healthcare

MIKA BUY 0.6 2,740 3,500 3,224 27.7 46.0 43.3 8.1 7.3 17.5 16.8

SILO HOLD 0.2 8,300 9,100 9,133 9.6 592.9 251.5 2.3 2.2 0.4 0.9

HEAL HOLD 0.2 5,400 5,700 6,071 5.6 49.5 42.9 6.6 5.8 13.3 13.5

Average 229.5 112.6 5.6 5.1 10.4 10.4

Poultry

CPIN BUY 1.5 6,300 7,300 7,225 15.9 35.8 27.5 4.9 4.5 13.7 16.4

JPFA BUY 0.3 1,735 2,400 2,493 38.3 21.7 11.4 1.7 1.5 8.0 13.1

MAIN BUY 0.0 710 890 1,089 25.4 n/a 10.4 0.8 0.7 -0.9 6.8

WMUU BUY 0.0 158 370 370 134.2 #DIV/0! 6.6 #DIV/0! 1.5 #DIV/0! 23.1

Average 28.7 16.5 2.5 2.2 7.0 12.1

Retail

MAPI BUY 0.1 620 975 939 57.3 n/a 17.2 1.9 4.0 -10.4 23.1

RALS BUY 0.1 675 900 790 33.3 n/a 14.4 1.1 1.1 -1.5 7.7

ACES BUY 0.3 1,270 1,900 1,680 49.6 27.0 19.8 4.3 3.9 16.1 19.6

LPPF SELL 0.1 1,905 1,100 1,350 -42.3 n/a 14.8 3.2 5.0 -35.0 34.1

Average 27.0 17.1 2.5 3.0 1.4 16.8

Pulp and Paper

INKP SELL 0.6 7,325 7,000 N/A -4.4 8.4 10.1 0.6 0.6 7.6 6.0

Average 8.4 10.1 0.6 0.6 7.6

Media

MNCN BUY 0.2 900 1,400 1,438 55.6 5.5 5.0 0.8 0.7 14.9 14.3

SCMA BUY 0.4 1,700 2,200 2,044 29.4 21.3 19.3 5.2 4.6 24.4 23.7

Average 13.4 12.1 3.0 2.6 19.6 19.0

Telco

EXCL BUY 0.4 2,630 3,000 3,175 14.1 75.1 38.1 1.5 1.4 1.9 3.8

ISAT BUY 0.5 5,650 7,250 6,998 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.5 3,160 4,050 4,159 28.2 15.0 14.0 2.6 2.5 17.2 17.7

Average 45.1 39.3 2.1 1.4 4.5 7.3

Telco Retail

ERAA BUY 0.2 675 1,625 743 140.7 3.6 2.9 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 1.0 3,140 1,550 2,812 -50.6 65.4 61.6 10.8 9.6 16.5 15.6

TOWR HOLD 0.9 1,240 1,300 1,555 4.8 21.4 19.4 5.8 4.9 27.2 25.3

Stock Rec.

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Equity Research│30 June 2021

Auto

ASII BUY 2.8 4,840 6,750 6,747 39.5 10.9 9.8 1.0 0.9 9.0 9.6

Average 10.9 9.8 1.0 0.9 9.0

Mining Contracting

UNTR BUY 1.1 20,250 31,000 27,866 53.1 10.9 8.1 1.2 1.1 11.2 13.8

Average 10.9 8.1 1.2 1.1 11.2

Aviation

GIAA #VALUE! 0.1 #N/A N/A 650 455 #VALUE! #VALUE! #VALUE! #VALUE! ###### 17.5 16.9

Average #VALUE! #VALUE! #VALUE! ###### 17.5

Property

BSDE BUY 0.3 950 1,350 1,473 42.1 14.2 10.7 0.6 0.5 4.0 4.9

PWON BUY 0.3 450 530 619 17.8 34.6 12.2 0.9 1.5 2.6 12.1

ASRI SELL 0.0 159 130 220 -18.2 12.2 5.7 0.3 0.3 2.3 4.7

LPKR SELL 0.2 159 140 205 -11.9 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 795 1,200 1,058 50.9 46.8 27.4 1.6 1.5 3.4 5.4

CTRA BUY 0.2 890 1,100 1,344 23.6 21.2 16.5 1.1 1.0 5.1 6.2

Average 25.8 14.5 0.8 0.9 2.8 5.5

Industrial Estate

SSIA BUY 0.0 426 700 632 64.3 n/a 38.7 0.5 0.5 -1.6 1.3

DMAS BUY 0.1 193 250 274 29.5 12.9 11.4 1.2 1.4 9.6 12.7

KIJA SELL 0.1 172 150 N/A -12.8 15.6 13.2 0.6 0.4 4.0 3.4

Average 14.3 21.1 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 905 1,900 1,511 109.9 41.1 7.4 0.4 0.4 0.9 4.9

ADHI BUY 0.0 740 1,800 1,307 143.2 30.8 7.2 0.5 0.4 1.5 6.1

WSKT BUY 0.2 860 1,400 1,229 62.8 n/a n/a 0.7 0.8 -44.6 -7.4

WIKA BUY 0.1 980 1,400 1,635 42.9 10.2 6.7 0.5 0.5 5.0 7.1

Average 27.4 7.1 0.5 0.5 -9.3 2.6

Cement

INTP BUY 0.6 10,525 16,250 16,013 54.4 29.2 24.3 1.7 1.7 5.8 6.9

SMGR BUY 0.8 9,575 13,050 13,363 36.3 25.1 20.2 1.6 1.5 6.3 7.4

Average 27.2 22.3 1.6 1.6 6.1 7.2

Precast

WSBP BUY 0.1 152 230 210 51.3 13.8 4.1 0.4 0.4 2.9 8.9

WTON BUY 0.0 236 450 398 90.7 21.5 6.4 0.6 0.6 2.9 8.9

Average 17.6 5.2 0.5 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.3 1,000 1,700 1,486 70.0 18.2 14.3 0.6 0.6 3.3 4.1

AKRA BUY 0.2 3,090 4,000 4,067 29.4 13.4 12.3 1.4 1.4 10.6 11.0

MEDC BUY 0.2 645 1,090 869 69.0 n/a 8.8 0.9 0.9 -9.9 9.7

Average 15.8 11.8 1.0 0.9 1.3 8.3

Chemical

TPIA HOLD 2.5 9,725 10,250 8,950 5.4 670.7 111.8 6.7 6.7 1.0 6.0

BRPT BUY 1.2 865 1,150 1,034 32.9 180.8 110.5 4.6 4.6 2.5 4.2

ESSA SELL 0.1 348 225 540 -35.3 n/a n/a 2.4 1.2 -20.0 -0.5

Average 425.7 111.1 4.6 4.2 -5.5 3.2

Utilities

JSMR BUY 0.3 3,300 5,000 5,406 51.5 50.0 16.6 1.0 0.9 2.0 5.6

Metal

ANTM BUY 0.8 2,220 3,230 3,396 45.5 35.8 21.8 2.8 2.6 7.7 11.7

MDKA SELL 0.9 2,860 2,030 3,105 -29.0 n/a 15.5 10.4 11.3 15.7 72.9

INCO BUY 0.6 4,550 6,730 6,269 47.9 31.4 31.4 1.6 1.6 5.0 5.0

TINS BUY 0.2 1,415 1,775 1,633 25.4 n/a 1608.0 2.0 2.4 -4.2 0.1

Average 33.6 419.2 4.2 4.5 6.1 22.4

Stock Rec.

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Equity Research│30 June 2021

Coal

ITMG SELL 0.2 13,800 13,550 16,771 -1.8 9.5 9.5 1.4 1.6 14.3 16.7

ADRO BUY 0.6 1,215 1,530 1,625 25.9 8.4 8.4 0.7 0.7 8.5 8.8

PTBA BUY 0.3 2,000 2,900 2,849 45.0 9.4 8.0 1.4 1.1 14.6 14.2

Average 9.1 8.6 1.2 1.2 12.5 13.2

Plantation

AALI BUY 0.2 7,600 13,800 12,910 81.6 21.9 13.8 0.8 0.7 3.5 5.3

LSIP BUY 0.1 985 1,730 1,560 75.6 9.7 7.9 0.7 0.7 7.1 8.3

TBLA BUY 0.1 780 980 1,190 25.6 6.4 5.2 0.7 0.6 11.0 12.2

SIMP SELL 0.1 434 388 N/A -10.6 39.5 25.5 0.5 0.5 1.2 1.8

SSMS BUY 0.1 830 1,500 1,377 80.7 24.4 10.5 1.8 1.6 7.4 15.0

Average 20.4 12.6 0.9 0.8 6.0 8.5

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.

Stock Rec.

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Equity Research│30 June 2021

Chg (Pts)

1D 1D 1W 1M 3M YTD 1YR High Low

World 3,024 (0.78) (0.03) 0.88 1.64 7.57 12.43 37.36 3,029 2,174

U.S. (S&P) 4,292 1.19 0.03 1.07 2.09 8.08 14.26 40.57 4,301 3,000

U.S. (DOW) 34,292 9.02 0.03 1.02 (0.69) 3.38 12.04 33.98 35,092 25,096

Europe 4,108 17.60 0.43 (0.38) 1.68 4.80 15.62 27.01 4,166 2,921

Emerging Market 1,377 (3.75) (0.27) 1.22 0.07 4.61 6.65 38.39 1,449 995

FTSE 100 7,088 14.58 0.21 (0.03) 0.92 5.57 9.71 14.88 7,218 5,526

CAC 40 6,567 9.41 0.14 (0.67) 1.87 8.24 18.30 33.05 6,687 4,513

Dax 15,691 136.41 0.88 0.35 1.75 4.55 14.37 27.45 15,803 11,450

Indonesia 5,949 9.58 0.16 (2.28) 0.03 (0.61) (0.50) 21.28 6,505 4,755

Japan 28,813 (235.41) (0.81) (0.25) (0.16) (1.25) 4.99 29.27 30,715 21,710

Australia 7,301 (6.05) (0.08) (0.56) 1.95 7.52 10.84 23.79 7,406 5,763

Korea 3,287 (15.21) (0.46) 0.32 2.58 7.36 14.38 55.89 3,316 2,101

Singapore 3,089 (37.39) (1.20) (0.63) (2.36) (2.40) 8.64 19.29 3,237 2,421

Malaysia 1,548 3.60 0.23 (1.63) (2.23) (1.60) (4.85) 3.15 1,696 1,452

Hong Kong 28,994 (274.20) (0.94) 2.42 (0.54) 2.17 6.47 18.70 31,183 23,124

China 3,573 (33.19) (0.92) 0.44 (1.17) 3.81 2.88 19.72 3,732 2,965

Taiwan 17,598 7.22 0.04 3.06 3.10 7.10 19.45 51.43 17,713 11,564

Thailand 1,591 12.26 0.78 (0.49) (0.14) 0.27 9.80 18.85 1,643 1,187

Philipines 6,957 18.69 0.27 1.26 4.95 7.97 (2.56) 12.06 7,432 5,692

Foreign Reserves (US$Bn) 136.40 (1.73) (1.73) 0.37 4.48 138.80 131.72

Inflation Rate (yoy, %) 1.68 1.96 1.32

Gov Bond Yld (10yr, %) 6.61 (8.35) 7.25 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,485 40.00 (0.28) (0.57) (1.42) (0.28) (3.00) (1.66) 14,950 13,865

Japan 110.54 0.01 (0.01) 0.38 (0.87) 0.16 (6.59) (2.36) 111.12 102.59

UK 1.38 0.00 0.04 (0.88) (2.61) 0.42 1.25 11.61 1.42 1.24

Euro 1.19 0.00 0.03 (0.22) (2.67) 1.45 (2.59) 5.93 1.23 1.12

China 6.46 0.01 (0.11) 0.27 (1.45) 1.65 0.98 9.55 7.07 6.36

Chg (Pts)

Oil (Brent) 74.76 0.08 0.11 (0.07) 7.37 15.05 44.32 79.24 76.60 35.74

CPO 3,553 47.00 1.34 4.81 (11.40) (5.18) (1.31) 51.77 4,468 2,277

Rubber 894.00 (5.00) (0.56) (1.76) (17.34) (21.16) (4.64) 8.69 1,262.50 767.50

Coal 131.00 2.45 1.91 4.72 10.18 40.86 62.73 148.58 131.00 47.50

Tin 33,274 247.00 0.75 3.39 0.83 21.35 61.96 97.24 34,510 16,835

Nickel 18,358 59.00 0.32 3.46 1.35 13.21 10.50 43.35 20,110 12,605

Copper 9,335 (53.50) (0.57) 0.36 (9.00) 5.30 20.20 56.58 10,748 5,971

Gold 1,763 (17.00) (0.96) (0.77) (7.34) 2.96 (6.88) (0.68) 2,074 1,673

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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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.

Equity Research│30 June 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples [email protected] +6221 2854 8148

William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco

Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

Ahmad Fadillah Oil & Gas [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Adolf Richardo Editor, Translator [email protected] +6221 2854 8396

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312 Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325 Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Sylviawati Customer Service [email protected] +6221 2854 8193

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Equity Retail Team

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170 Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384

Thita Rossiana Putri Admin & Sales Support Fixed Income [email protected] +62-21 2854 8385

Online Trading Sales Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Wahyu Widodo Marketing [email protected] +6221 2854 8371

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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, its accuracy, completeness and reliability cannot be guaranteed.