DAILY. Minim Sentimen, IHSG Diperkirakan Bergerak Sideways. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market

Market Activity

Market Index : 5,841.8

Index Movement : +26.0 0.45%

Market Volume : 22,271 Mn shrs Market Value : 20,505 Bn rupiah

Last

Close +/- %

Leading Movers

BBRI 3,950 -110 -2.7

BBCA 31,350 -425 -1.3

TLKM 3,380 80 2.4

BMRI 5,750 -150 -2.5

Lagging Movers

SILO 8,425 125 1.5

TECH 1,795 -135 -7.0

CMNP 1,955 25 1.3

ISAT 6,200 -200 -3.1

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

ARTO 287 PGAS 392

TLKM 153 BMRI 179

BBCA 140 BBRI 124

ASII 71 BBNI 88

FREN 52 INCO 57 Money Market

Last

Close +/- %

USD/IDR 14,288 -40.0 0.3

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.6 0.3 1.5

EIDO 21.3 -0.1 -0.5

Global Indices Last

Close +/- %

DJIA 34,465 142 0.4

S&P 500 4,201 5 0.1

Euro Stoxx 4,039 8 0.2

MSCI World 2,971 1 0.0

STI 3,165 68 2.2

Nikkei 28,549 518 1.8

Hang Seng 29,113 -53 -0.2

Commodities Last

Close +/- %

Brent Oil 69 0.6 0.9

Coal (ICE) 115 2.7 2.4

CPO Malay 4,266 0.0 0.0

Nickel 17,865 607.0 3.5

Tin 29,910 385.0 1.30

Changes Changes

Changes

Changes Thursday, 27 May 2021

Minim Sentimen, IHSG Diperkirakan Bergerak Sideways

Bursa saham AS ditutup cenderung flat semalam: Dow Jones +0.41%, S&P500 +0.12%, dan Nasdaq -0.01%. Klaim pengangguran baru AS turun ke angka 406 ribu, titik terendahnya selama pandemi dan jauh lebih sedikit dari ekspektasi (425 ribu). Investor masih mengamati langkah The Fed terkait rencana kebijakan kenaikan pajak dan inflasi. Volatilitas dan volume perdagangan bursa AS juga cenderung rendah menjelang libur peringatan Memorial Day. Yield UST 10Y masih terpantau flat di level 1.6%, sementara indeks dolar AS berada di level 90.00. Pasar komoditas pagi ini cenderung bervariasi: CPO -2.51%, nikel +1.14%, Brent +0.86%, WTI +0.81%, emas +0.06%.

Bursa Asia ditutup cenderung melemah kemarin; Kospi -0.1%, Nikkei -0.3%, Hang Seng -0.3%. indeks EIDO ditutup di level 21.26, melemah -0.47%. Pada perdagangan kemarin, IHSG ditutup naik +0.45% ke level 5,841, dengan net sell asing tercatat sebesar IDR 84.4 miliar. Net sell asing tertinggi di pasar reguler dicatatkan oleh PGAS (IDR 391.8 miliar), disusul BMRI (IDR 179 miliar), dan BBRI (IDR 124.4 miliar). Sementara itu, net buy asing tertinggi di pasar reguler dicatatkan oleh ARTO (IDR 287.3 miliar), disusul TLKM (IDR 152.5 miliar), dan BBCA (IDR 140.2 miliar). Top leading movers adalah ARTO, TLKM, dan CPIN, sementara BBRI, BBCA dan BMRI menjadi top lagging movers.

Sebanyak 6,278 kasus baru COVID-19 dilaporkan di Indonesia kemarin (27/5) (+24.7% daily) dengan positive rate sebesar 10.1% dan jumlah tes yang dilakukan sebanyak 62,386 (+10.8% daily). Total kasus COVID-19 di Indonesia saat ini sudah mencapai 1.79 juta kasus. Terkait vaksinasi, dosis pertama vaksin COVID-19 telah diberikan pada 15.7 juta orang, 8.6% dari target (-18.5% daily, +167,585), sedangkan dosis kedua sudah diberikan pada 10.3 juta orang (+36.0% daily, +135,163).

Pagi ini Kospi dan Nikkei dibuka sebesar +0.37% dan +1.33%. IHSG kami perkirakan bergerak sideways, seiring dengan minimnya sentimen penggerak pasar baik global maupun domestik.

DAILY RESEARCH

 CPIN : Pertumbuhan Laba Bersih +4.7% yoy pada FY20

 ICBP : Rencana Penerbitan Global Bond

28 May 2021

Highlights

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Equity Research│28 May 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

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100 110 120

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

6,000 6,500 7,000 7,500 8,000

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 %

5/27/2021 1,797,499 0.35 6,278 - 1,649,187 3,924 49,907 136 98,405 94.53 5/26/2021 1,791,221 0.28 5,034 - 1,645,263 3,189 49,771 144 96,187 94.63 5/25/2021 1,786,187 0.28 5,060 (14.34) 1,642,074 3,795 49,627 172 94,486 94.71 5/24/2021 1,781,127 0.33 5,907 11.88 1,638,279 5,234 49,455 127 93,393 94.76 5/23/2021 1,775,220 0.30 5,280 (0.30) 1,633,045 11,473 49,328 441 92,847 94.77 5/22/2021 1,769,940 0.30 5,296 (7.83) 1,621,572 - 48,887 - 99,481 94.38 5/21/2021 1,764,644 0.33 5,746 (0.88) 1,621,572 - 48,887 - 94,185 94.66

Average 5,514 3,945 146 94.63

Source: SSI Research, Bloomberg

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CPIN: Pertumbuhan Laba Bersih +4.7% yoy pada FY20

PT Charoen Pokphand Indonesia (CPIN) membukukan penjualan sebesar IDR 42.5 triliun (+0.04% yoy), laba kotor sebesar IDR 8.2 triliun (+3.5% yoy), laba operasional sebesar IDR 5.1 triliun (+3.9% yoy) dan laba bersih sebesar IDR 3.8 triliun (+4.7% yoy). (Laporan Keuangan)

Comment:

Serupa dengan emiten perunggasan lainnya, pencapaian laba bersih CPIN berada di atas ekspektasi proyeksi SSI dan konsensus, merefleksikan 140% dari target SSI dan 123% dari proyeksi konsensus. Hal tersebut terutama disebabkan oleh kinerja bagus perseroan pada 4Q20. Pada periode tersebut, CPIN mencatatkan laba bersih sebesar IDR 2.4 triliun (+157% qoq, +78% yoy). CPIN juga mencatat kenaikan margin sebesar +64bps pada GPM, +44.4bps pada OPM, dan +39.8bps pada NPM, yang didorong oleh kenaikan ASP pada segmen broiler dan DOC pada 4Q20. CPIN: BUY: 28.6x PE '21E, 4.7x PBV '21E, TP: IDR 7,300

ICBP: Akan menerbitkan global bond

ICBP tengah bersiap menerbitkan obligasi global (global bond) dengan target diperkirakan mencapai USD 1.5 miliar atau sekitar 21.42 triliun. Rencananya, ICBP akan menggunakan dana itu untuk membayar kembali pinjaman bank sehubungan dengan akuisisi Pinehill Company Limited. (Kontan)

Comment:

Seperti diketahui, pada Agustus 2020, ICBP mengakuisisi Pinehill dengan nilai USD 3 miliar. Sebagian besar

biaya akuisisi itu diperoleh dari pinjaman sindikasi bank. Dalam keterbukaan informasi ke BEI pada Rabu (26/5),

ICBP menyebutkan telah memperoleh hasil pemeringkatan Baa3 dari Moody's Investor Service dan dan BBB-

dari Fitch Ratings. ICBP: BUY: 14.7x PE '21E, 2.8x PBV '21E, TP: IDR 12,000

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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 11.2 31,350 40,500 37,646 29.2 28.5 24.3 4.2 3.8 14.7 15.7

BBRI BUY 7.0 3,950 5,300 5,136 34.2 25.2 14.8 2.6 2.3 10.3 15.8

BMRI BUY 3.9 5,750 8,000 8,009 39.1 15.7 11.3 1.4 1.4 9.1 12.1

BBNI BUY 1.4 5,150 8,500 7,376 65.0 32.2 7.4 0.9 0.7 2.6 9.7

BBTN BUY 0.2 1,595 2,300 2,170 44.2 10.5 6.6 0.8 0.8 8.1 11.4

Average 19.4 8.4 1.0 0.9 6.6 11.1

Consumer (Staples)

ICBP BUY 1.4 8,275 12,000 12,164 45.0 14.3 14.7 3.2 2.8 22.3 19.0

INDF BUY 0.8 6,250 9,500 8,858 52.0 11.2 11.3 1.3 1.2 11.9 11.0

KLBF BUY 1.0 1,420 1,750 1,780 23.2 24.1 21.8 3.8 3.5 16.0 16.0

UNVR BUY 3.2 5,825 7,900 7,101 35.6 31.0 29.4 45.2 41.6 145.7 141.4

SIDO BUY 0.3 770 970 922 26.0 24.8 21.3 7.2 6.7 29.1 31.5

Average 21.1 19.7 12.1 11.2 45.0 43.8

Cigarette

HMSP BUY 2.2 1,290 1,460 1,289 13.2 h 17.7 5.0 5.0 28.5 28.1

GGRM BUY 0.9 32,900 44,400 37,678 35.0 7.5 7.3 1.1 1.0 14.2 13.9

Average 7.5 12.5 3.0 3.0 21.4 21.0

Healthcare

MIKA BUY 0.5 2,620 3,500 3,229 33.6 44.0 41.4 7.7 6.9 17.5 16.8

SILO HOLD 0.2 8,425 9,100 9,133 8.0 601.8 255.3 2.3 2.3 0.4 0.9

HEAL BUY 0.2 4,630 5,700 5,250 23.1 42.5 36.7 5.6 5.0 13.3 13.5

Average 229.4 111.2 5.2 4.7 10.4 10.4

Poultry

CPIN BUY 1.6 6,550 7,300 6,905 11.5 37.2 28.6 5.1 4.7 13.7 16.4

JPFA BUY 0.3 1,970 2,400 2,340 21.8 24.6 13.0 2.0 1.7 8.0 13.1

MAIN HOLD 0.0 890 890 1,044 0.0 n/a 13.1 1.0 0.9 -0.9 6.8

WMUU BUY 0.0 197 370 370 87.8 #DIV/0! 8.3 #DIV/0! 1.9 #DIV/0! 23.1

Average 30.9 18.2 2.7 2.4 7.0 12.1

Retail

MAPI BUY 0.2 690 850 953 23.2 n/a 69.0 1.3 7.4 -7.4 10.8

RALS BUY 0.1 660 900 811 36.4 n/a 14.0 1.1 1.1 -1.5 7.7

ACES BUY 0.4 1,470 1,900 1,747 29.3 31.3 23.0 5.0 4.5 16.1 19.6

LPPF SELL 0.1 1,760 1,100 1,304 -37.5 n/a 13.6 3.0 4.7 -35.0 34.1

Average 31.3 35.3 2.5 4.3 2.4 12.7

Pulp and Paper

INKP SELL 0.7 8,475 7,000 N/A -17.4 9.7 11.7 0.7 0.7 7.6 6.0

Average 9.7 11.7 0.7 0.7 7.6

Media

MNCN BUY 0.2 950 1,400 1,520 47.4 5.8 5.2 0.9 0.8 14.9 14.3

SCMA BUY 0.3 1,440 2,200 2,027 52.8 18.0 16.4 4.4 3.9 24.4 23.7

Average 11.9 10.8 2.6 2.3 19.6 19.0

Telco

EXCL BUY 0.4 2,390 3,000 3,124 25.5 68.3 34.6 1.3 1.3 1.9 3.8

ISAT BUY 0.5 5,650 6,700 6,692 18.6 n/a n/a 2.4 2.4 -5.6 -0.9

TLKM BUY 4.9 3,380 4,050 4,123 19.8 16.1 15.0 2.8 2.6 17.2 17.7

Average 42.2 24.8 2.2 2.1 4.5 6.8

Telco Retail Stock Rec.

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Auto

ASII BUY 3.0 5,150 6,750 6,733 31.1 11.5 10.5 1.0 1.0 9.0 9.6

Average 11.5 10.5 1.0 1.0 9.0

Mining Contracting

UNTR BUY 1.2 21,650 31,000 27,843 43.2 11.7 8.6 1.3 1.2 11.2 13.8

Average 11.7 8.6 1.3 1.2 11.2

Aviation

GIAA BUY 0.1 280 650 500 132.1 2.9 2.5 0.5 0.4 17.5 16.9

Average 2.9 2.5 0.5 0.4 17.5

Property

BSDE BUY 0.3 1,130 1,350 1,479 19.5 16.9 12.7 0.7 0.6 4.0 4.9

PWON HOLD 0.4 500 530 637 6.0 38.5 13.5 1.0 1.6 2.6 12.1

ASRI SELL 0.1 179 130 246 -27.4 13.8 6.4 0.3 0.3 2.3 4.7

LPKR SELL 0.2 157 140 223 -10.8 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 905 1,200 1,066 32.6 53.2 31.2 1.8 1.7 3.4 5.4

CTRA HOLD 0.3 1,070 1,100 1,346 2.8 25.5 19.8 1.3 1.2 5.1 6.2

Average 29.6 16.7 0.9 1.0 2.8 5.5

Industrial Estate

SSIA BUY 0.0 422 700 632 65.9 n/a 38.4 0.5 0.5 -1.6 1.3

DMAS BUY 0.2 214 250 274 16.8 14.3 12.6 1.4 1.6 9.6 12.7

KIJA SELL 0.1 186 150 N/A -19.4 16.9 14.3 0.7 0.5 4.0 3.4

Average 15.6 21.8 0.8 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,115 1,900 1,948 70.4 50.7 9.1 0.5 0.4 0.9 4.9

ADHI BUY 0.1 990 1,800 1,539 81.8 41.3 9.6 0.6 0.6 1.5 6.1

WSKT BUY 0.2 1,035 2,200 1,283 112.6 n/a 10.0 0.6 0.6 -15.2 5.6

WIKA BUY 0.2 1,225 2,400 2,001 95.9 12.8 8.3 0.6 0.6 5.0 7.1

Average 34.9 9.2 0.6 0.5 -1.9 5.9

Cement

INTP BUY 0.6 11,450 16,250 16,392 41.9 31.8 26.4 1.9 1.8 5.8 6.9

SMGR BUY 0.8 9,500 13,050 13,994 37.4 24.9 20.0 1.6 1.5 6.3 7.4

Average 28.4 23.2 1.7 1.7 6.1 7.2

Precast

WSBP BUY 0.1 180 230 243 27.8 16.4 4.9 0.5 0.4 2.9 8.9

WTON BUY 0.0 288 450 476 56.3 26.2 7.8 0.8 0.7 2.9 8.9

Average 21.3 6.3 0.6 0.6 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,120 1,700 1,547 51.8 20.4 16.0 0.7 0.7 3.3 4.1

AKRA BUY 0.2 3,220 4,000 4,137 24.2 14.0 12.8 1.5 1.4 10.6 11.0

MEDC BUY 0.3 690 1,090 865 58.0 n/a 9.5 1.0 0.9 -9.9 9.7

Average 17.2 12.7 1.1 1.0 1.3 8.3

Chemical

TPIA BUY 2.0 7,650 10,250 9,483 34.0 527.6 87.9 5.3 5.3 1.0 6.0

BRPT BUY 1.2 855 1,150 1,047 34.5 178.7 109.2 4.5 4.5 2.5 4.2

ESSA SELL 0.1 354 225 540 -36.4 n/a n/a 2.4 1.2 -20.0 -0.5

Average 353.1 98.6 4.1 3.7 -5.5 3.2

Utilities

JSMR BUY 0.4 3,850 5,000 5,385 29.9 58.3 19.3 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.8 2,390 3,230 3,423 35.1 38.5 23.4 3.0 2.8 7.7 11.7

MDKA SELL 0.9 2,610 2,030 3,006 -22.2 n/a 14.2 9.5 10.3 15.7 72.9

INCO BUY 0.7 4,590 6,730 6,104 46.6 31.7 31.7 1.6 1.6 5.0 5.0

TINS BUY 0.2 1,530 1,775 1,858 16.0 n/a 1738.6 2.2 2.6 -4.2 0.1

Average 35.1 452.0 4.1 4.3 6.1 22.4

Stock Rec.

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Coal

ITMG HOLD 0.2 12,950 13,550 15,529 4.6 8.9 8.9 1.3 1.5 14.3 16.7

ADRO BUY 0.5 1,165 1,530 1,585 31.3 8.0 8.0 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,180 2,800 2,864 28.4 10.2 8.8 1.5 1.2 14.6 14.2

Average 9.1 8.6 1.2 1.1 12.5 13.2

Plantation

AALI BUY 0.2 8,825 13,800 13,519 56.4 25.4 16.0 0.9 0.9 3.5 5.3

LSIP BUY 0.1 1,200 1,730 1,662 44.2 11.8 9.6 0.8 0.8 7.1 8.3

TBLA BUY 0.1 860 980 1,190 14.0 7.1 5.8 0.8 0.7 11.0 12.2

SIMP SELL 0.1 515 388 560 -24.7 46.8 30.3 0.5 0.5 1.2 1.8

SSMS BUY 0.1 865 1,500 1,550 73.4 25.4 10.9 1.9 1.6 7.4 15.0

Average 23.3 14.5 1.0 0.9 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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Chg (Pts)

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

World 2,971 1.13 0.04 0.93 0.64 8.94 10.43 38.28 2,985 2,116

U.S. (S&P) 4,201 4.89 0.12 1.00 0.34 10.23 11.84 38.36 4,238 2,966

U.S. (DOW) 34,465 141.59 0.41 1.12 1.41 11.42 12.61 34.90 35,092 24,843

Europe 4,039 7.54 0.19 0.98 0.60 11.08 13.70 30.53 4,057 2,921

Emerging Market 1,354 2.36 0.17 1.82 (0.78) 1.12 4.88 46.36 1,449 920

FTSE 100 7,020 (7.26) (0.10) (0.00) 0.80 8.27 8.65 12.88 7,164 5,526

CAC 40 6,436 44.11 0.69 1.45 2.04 12.84 15.93 34.88 6,468 4,513

Dax 15,407 (43.99) (0.28) 1.94 0.75 11.75 12.30 30.77 15,569 11,450

Indonesia 5,842 25.99 0.45 1.41 (2.22) (6.41) (2.30) 23.87 6,505 4,639

Japan 28,549 (93.18) (0.33) 1.60 (1.74) (1.44) 4.03 30.26 30,715 21,530

Australia 7,095 2.35 0.03 1.07 0.43 6.32 7.71 21.26 7,173 5,705

Korea 3,166 (2.92) (0.09) 0.29 (0.50) 5.06 10.16 56.05 3,266 2,004

Singapore 3,165 18.73 0.60 1.95 (1.70) 7.32 11.29 25.83 3,237 2,421

Malaysia 1,594 16.08 1.02 0.85 (0.91) 1.02 (2.05) 9.36 1,696 1,449

Hong Kong 29,113 (52.81) (0.18) 2.33 0.14 0.46 6.91 25.85 31,183 22,780

China 3,609 15.49 0.43 2.91 4.39 2.84 3.91 26.79 3,732 2,820

Taiwan 16,602 (42.08) (0.25) 3.49 (5.50) 4.06 12.69 51.69 17,709 10,862

Thailand 1,583 14.38 0.92 1.33 0.39 5.76 9.22 18.35 1,606 1,187

Philipines 6,665 323.90 5.11 7.54 3.03 (1.91) (6.65) 19.66 7,432 5,492

Foreign Reserves (US$Bn) 138.80 1.24 0.58 2.14 8.54 138.80 130.54

Inflation Rate (yoy, %) 1.42 2.19 1.32

Gov Bond Yld (10yr, %) 6.44 (12.69) 7.40 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,288 (40.00) 0.28 0.61 1.38 (0.23) (1.67) 2.95 14,950 13,865

Japan 109.81 0.00 0.00 (0.77) (1.10) (2.78) (5.97) (1.97) 110.97 102.59

UK 1.42 (0.00) (0.03) 0.37 1.92 2.00 3.90 15.27 1.42 1.23

Euro 1.22 (0.00) (0.02) 0.08 0.54 1.19 (0.20) 10.07 1.23 1.11

China 6.38 (0.01) 0.12 0.81 1.56 1.30 2.25 12.29 7.16 6.37

Chg (Pts)

Oil (Brent) 69.46 0.59 0.86 6.68 4.58 5.04 34.09 99.94 71.38 33.62

CPO 3,916 (108.00) (2.68) (8.97) (3.76) 4.65 8.78 71.68 4,468 2,246

Rubber 1,081.50 0.50 0.05 0.98 6.29 (6.04) 15.36 43.72 1,262.50 749.00

Coal 114.90 2.65 2.36 12.21 30.57 38.52 42.73 107.40 117.50 47.50

Tin 31,735 710.00 2.29 (3.39) 12.08 19.58 54.47 104.89 34,510 15,565

Nickel 17,898 610.00 3.53 4.37 5.51 (3.66) 7.73 47.72 20,110 12,130

Copper 10,221 242.00 2.43 1.72 3.71 12.60 31.61 94.33 10,748 5,294

Gold 1,897 1.20 0.06 1.08 6.96 9.77 0.20 10.72 2,074 1,669

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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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