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

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Selasa, 22 Juni 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

Property Sector: Short Term Pressure What’s New?

The rising Covid-19 cases has led the govt to reduce capacity in retail malls and restaurants to 25% (from 50% previously) and operational hours. We see this as a temporary setback and remains positive on the long-term outlook for property sector. Top picks: PWON and CTRA.

Key Highlights:

 Meanwhile, Jakarta targets to reach herd immunity in Aug’21 by ramping up vaccination rate. This will be positive for a sustainable recovery.

 PWON and SMRA have highest exposure to retail malls in Jakarta (red zone area) to its total revenues.

 We believe the sector’s solid long-term investment thesis still holds.

Analyst: Aurellia Setiabudi ([email protected])

RINGKASAN BERITA

 PP Properti (PPRO) Kantongi Marketing Sales Rp202,48 Miliar per Mei 2021. PT PP Properti Tbk (PPRO)

membukukan pendapatan prapenjualan senilai Rp202,48 miliar hingga Mei 2021. Realisasi tersebut setara dengan 14,46 persen dari target marketing sales yang dibidik tahun ini Rp1,4 triliun. Direktur Utama PP Properti I Gede Upeksa Negara mengatakan realisasi marketing sales tersebut mengalami penurunan secara year-on-year. Dukungan insentif pemerintah diharapkan membantu pemulihan sektor properti tahun ini. Pada kuartal I/2021, pemerintah memberikan insentif berupa Pajak Pertambahan Nilai (PPN) yang ditanggung pemerintah sebesar 100 persen dari PPN terutang atas penyerahan rumah tapak atau rumah susun dengan harga jual paling tinggi Rp2 miliar. (Bisnis Indonesia)

 Lepas 294,8 Juta Saham Alfaria, Morgan Stanley Raih Rp 325,25 Miliar. Morgan Stanley & Co International Plc

menjual sebagian kepemilikan sahamnya di PT Sumber Alfaria Trijaya Tbk (AMRT) senilai Rp 325,25 miliar. Aksi tersebut menjadikan porsi saham Morgan Stanley di Alfamart turun menjadi 7,81%. Sekretaris Perusahaan Sumber Alfaria Tomin Widian menjelaskan, penjualan saham tersebut dilaksanakan pada 11 Juni 2021. Sebelum transaksi, Morgan Stanley masih menggenggam 3,5 miliar atau 8,52% saham AMRT. Kemudian, Morgan Stanley menjual sebanyak 294,88 juta sahamnya pada harga Rp 1.103, sehingga perusahaan investasi tersebut meraup dana Rp 325,25 miliar. Dengan penjualan saham ini, kepemilikan saham Morgan Stanley berkurang menjadi 3,24 miliar atau menjadi 7,81% dari total kepemilikan. (Investor Daily) Closing Change %Chg %Ytd P/E

Americas INDU Index 33,876.97 586.89 1.76 10.69 25.55 SPX Index 4,224.79 58.34 1.40 12.48 29.88 CCMP Index 14,141.48 111.1 0.79 9.72 93.54 IBOV Index 129,265.00 859.6 0.67 8.61 15.88 EMEA UKX Index 7,062.29 44.82 0.64 9.31 50.61 CAC Index 6,602.54 33.38 0.51 18.93 47.25 DAX Index 15,603.24 155.2 1.00 13.74 33.44 IBEX Index 9,051.70 21.1 0.23 12.11 #N/A N/A FTSEMIB Index 25,397.72 179.56 0.71 14.23 3.88 AEX Index 723.77 4.14 0.58 15.88 135.23 SMI Index 11,995.63 54.38 0.46 12.07 26.61 Asia / Pacific NKY Index 28,010.93 -953.15 -3.29 2.07 19.66 KOSPI Index 3,240.79 -27.14 -0.83 12.78 20.70 SHCOMP Index 3,529.18 4.086 0.12 1.62 15.87 HSI Index 28,489.00 -312.27 -1.08 4.62 13.12 TWSE Index 17,062.98 -255.56 -1.48 15.82 17.96 SENSEX Index 52,574.46 230.01 0.44 10.10 31.42 SET Index 1,601.13 -11.85 -0.73 10.47 29.92 PCOMP Index 6,827.17 -24.21 -0.35 (4.38) 29.18 KLCI Index 1,572.24 -16.81 -1.06 (3.38) 17.57 FSSTI Index 3,117.87 -26.29 -0.84 9.64 37.04 JCI Index 5,996.25 -10.867 -0.18 0.29 31.13

Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,093.86 7,107.41 -0.19 Transaction Volume (Million Shares) 16,840.00 25,783.74 -34.69 Transaction Value (IDR Million) 10,725.00 15,962.99 -32.81 Stocks Value (IDR) 636.88 619.11 2.87 Net Foreign (IDR Million) 2,099,713.75 (192,705.00) -1,189.60

Commodities Last Previous %Chg Nickel (US$/Ton) 17,154.00 17,174.00 -0.12 Copper (US$/Ton) 9,145.50 9,315.50 -1.82 Tins (US$/Ton) 29,862.00 30,600.00 -2.41 Oil (US$/BBL) (*) 73.66 71.64 2.82 Gas (US$/MMBTU) 2.87 2.95 -2.57 Coal (US$/Ton) (**) 125.50 125.00 0.40 CPO MALAYSIA(RM/ton) 3,509.00 3,529.00 -0.57 Gold (US$/Troy Ounce) 1,783.33 1,783.27 0.00

JCI Sectors Performance Weighting (%) 1D Chg (%) 5D Chg (%)

JCI Index 100.00 -0.18 -1.38 Financials 37.71 -0.43 -2.32 Consumer Non-Cyclical 14.93 0.61 -2.74 Basic Material 10.62 -0.86 -0.42 Infrastructure 10.33 -0.37 -0.55 Industrials 7.05 -1.61 -1.42 Energy 4.91 -1.14 -4.45 Consumer Cycl 4.28 -0.23 -2.57

Properties & Real Estate 3.50 -1.54 -4.98

Healthcare 3.35 8.90 5.99

Technology 2.92 -0.64 18.96

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Selasa, 22 Juni 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

5,400 5,600 5,800 6,000 6,200 6,400 6,600 0 5,000,000 10,000,000 15,000,000 20,000,000 1/4/ 20 21 1/8/ 20 21 1/ 14 /2 021 1/ 20 /2 021 1/ 26 /2 021 2/1/ 20 21 2/5/ 20 21 2/ 11 /2 021 2/ 18 /2 021 2/ 24 /2 021 3/2/ 20 21 3/8/ 20 21 3/ 15 /2 021 3/ 19 /2 021 3/ 25 /2 021 3/ 31 /2 021 4/7/ 20 21 4/ 13 /2 021 4/ 19 /2 021 4/ 23 /2 021 4/ 29 /2 021 5/5/ 20 21 5/ 11 /2 021 5/ 20 /2 021 5/ 27 /2 021 6/3/ 20 21 6/9/ 20 21 6/ 15 /2 021 6/ 21 /2 021

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 1/1/2021 2/1/2021 3/1/2021 4/1/2021 5/1/2021 6/1/2021 JCI Index USDIDR

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 5,400 5,600 5,800 6,000 6,200 6,400 6,600

Jan-21 Jan-21 Feb-21 Mar-21 Mar-21 Apr-21 May-21 May-21 Jun-21

Volume JCI Index

No

Stock

Top Value (IDR)

1 BBRI IJ

567,646,900,000

2 BMRI IJ

419,703,300,000

3 BBCA IJ

380,627,900,000

4 FREN IJ

345,488,600,000

5 KLBF IJ

323,810,000,000

No

Stock

Top Volume (Shares)

1 FREN IJ

2,828,068,500.00

2 BHIT IJ

1,007,325,600.00

3 BABP IJ

545,793,000.00

4 MLPL IJ

380,183,100.00

5 KPIG IJ

237,228,000.00

No

Top Gainers

% Change

1 SDPC IJ

34.59

2 BIKA IJ

34.46

3 SRAJ IJ

34.16

4 LMAS IJ

34.02

5 AGII IJ

25 No

Top Losers

% Change

1 HITS IJ

-7

2 PORT IJ

-7

3 PURA IJ

-6.98

4 SAMF IJ

-6.98

5 EDGE IJ

-6.96

No Leading Movers

% Change

1 UNVR IJ

4.08

2 KLBF IJ

8.82

3 BINA IJ

25.00

4 MIKA IJ

11.02

5 BBRI IJ

0.77 No Lagging Movers

% Change

1 BBCA IJ

-1.19

2 BMRI IJ

-2.82

3 TLKM IJ

-1.49

4 UNTR IJ

-5.16

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Selasa, 22 Juni 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 770,469 13.55 -5.09 27.91 4.31 -5.48 6.97 15.75 14.03 44.89 BUY 37,150 31,250 18.88% BBNI IJ Equity 92,684 1.63 -78.66 65.43 0.80 -0.83 53.54 1.27 11.78 39.98 NOT RATED - 4,970 #VALUE! BBRI IJ Equity 485,900 8.54 -45.97 27.83 2.52 -0.61 68.12 9.39 30.09 43.22 BUY 5,000 3,940 26.90% BMRI IJ Equity 281,167 4.94 -37.71 18.57 1.55 -0.49 51.96 8.52 27.70 37.95 BUY 7,700 6,025 27.80% Cement

SMGR IJ Equity 59,315 1.04 16.87 21.21 1.77 1.26 67.19 8.41 7.65 48.99 BUY 16,500 10,000 65.00% INTP IJ Equity 39,849 0.70 -1.58 22.68 1.77 -14.37 2.26 7.64 -6.48 49.00 BUY 17,600 10,825 62.59% Telecommunication

TLKM IJ Equity 326,905 5.75 11.47 15.71 3.19 1.37 54.15 20.59 10.93 47.91 BUY 4,000 3,300 21.21% ISAT IJ Equity 38,581 0.68 #N/A N/A 632.07 3.20 #VALUE! 215.44 0.50 180.63 35.00 BUY 6,700 7,100 -5.63% EXCL IJ Equity 28,957 0.51 -47.76 #N/A N/A 1.48 #VALUE! 175.72 -4.13 -1.71 33.64 BUY 3,100 2,700 14.81% Automotive

ASII IJ Equity 199,179 3.50 6.86 13.21 1.24 1.93 40.66 9.57 6.12 49.80 BUY 7,000 4,920 42.28%

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

Construction

WIKA IJ Equity 9,867 0.17 -91.87 59.86 0.72 -0.65 157.75 1.17 -13.04 34.94 BUY 2,500 1,100 127.27% ADHI IJ Equity 3,080 0.05 -96.24 186.21 0.55 -1.93 175.28 0.29 38.40 48.99 BUY 2,490 865 187.86% PTPP IJ Equity 5,952 0.10 -84.09 39.00 0.56 -0.46 132.47 1.43 11.63 48.95 BUY 2,030 960 111.46% WSKT IJ Equity 12,963 0.23 #N/A N/A #N/A N/A 1.72 #VALUE! 376.18 -58.07 28.19 33.95 BUY 1,450 955 51.83% WTON IJ Equity 2,179 0.04 -75.01 27.21 0.65 -0.36 82.24 2.42 -11.68 32.17 BUY 470 250 88.00% WSBP IJ Equity 4,244 0.07 #N/A N/A #N/A N/A 3.41 #VALUE! 491.97 -102.45 -17.86 32.98 UR UR 161 #VALUE! Toll Road

JSMR IJ Equity 26,927 0.47 -77.30 53.74 1.41 -0.70 256.03 2.65 -9.84 24.39 BUY 5,300 3,710 42.86% Property

BSDE IJ Equity 20,430 0.36 -90.62 35.47 0.66 -0.39 49.67 2.09 20.63 38.63 BUY 1,500 965 55.44% CTRA IJ Equity 16,519 0.29 14.52 11.92 1.06 0.82 57.42 9.16 25.98 46.67 BUY 1,400 890 57.30% PWON IJ Equity 20,901 0.37 -65.80 19.01 1.41 -0.29 22.41 7.67 -2.69 31.29 BUY 770 434 77.42% SMRA IJ Equity 13,502 0.24 -65.07 67.77 1.77 -1.04 104.10 2.56 27.26 69.45 BUY 1,200 820 46.34%

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

Agriculture

AALI IJ Equity 15,013 0.26 294.60 24.04 0.78 0.08 29.22 3.28 -5.26 20.32 BUY 13,500 7,800 73.08% TBLA IJ Equity 4,194 0.07 3.34 6.08 0.70 n.a 164.51 12.07 44.59 44.65 BUY 1,200 785 52.87% Metal

ANTM IJ Equity 52,868 0.93 492.69 25.65 2.67 0.05 40.72 10.90 264.87 34.95 BUY 4,500 2,200 104.55% INCO IJ Equity 42,826 0.75 43.10 33.87 1.45 0.79 0.00 4.35 50.42 20.49 BUY 6,500 4,310 50.81% TINS IJ Equity 10,725 0.19 45.12 124.45 2.12 2.76 126.55 1.67 138.02 35.00 BUY 1,200 1,440 -16.67% Coal

PTBA IJ Equity 23,963 0.42 -42.59 9.07 2.09 -0.21 5.50 10.69 -5.96 31.20 BUY 3,500 2,080 68.27% Consumer

UNVR IJ Equity 194,565 3.42 #N/A #N/A #N/A #N/A 80.51 101.58 -33.91 15.01 BUY 7,450 5,100 46.08% INDF IJ Equity 52,902 0.93 #N/A #N/A #N/A #N/A 67.62 16.11 -4.43 49.92 BUY 9,200 6,025 52.70% ICBP IJ Equity 92,421 1.63 30.79 14.03 3.14 0.46 63.03 24.07 -9.12 19.47 BUY 12,470 7,925 57.35% GGRM IJ Equity 69,700 1.23 -29.71 10.03 1.16 -0.34 10.57 12.23 -26.07 23.78 BUY 56,000 36,225 54.59% HMSP IJ Equity 128,531 2.26 -37.29 16.44 3.91 -0.44 1.03 21.82 -32.36 7.50 SELL 1,100 1,105 -0.45% Pharmaceutical

KLBF IJ Equity 69,375 1.22 9.03 24.95 3.79 2.76 6.34 16.00 3.75 42.56 BUY 2,000 1,480 35.14% KAEF IJ Equity 16,162 0.28 #N/A N/A 2434.81 2.30 #VALUE! 109.22 0.13 148.84 9.97 UR - 2,910 #VALUE! Healthcare

MIKA IJ Equity 40,175 0.71 #N/A #N/A #N/A #N/A 0.00 19.77 26.37 38.07 BUY 3,270 2,820 15.96% Retail

ACES IJ Equity 22,552 0.40 #N/A #N/A #N/A #N/A 15.96 14.86 -9.24 40.03 BUY 1,700 1,315 29.28% ERAA IJ Equity 11,484 0.20 #N/A #N/A #N/A #N/A 40.19 14.90 188.85 45.20 BUY 610 720 -15.28% LPPF IJ Equity 4,648 0.08 #N/A #N/A #N/A #N/A 664.33 -100.33 10.63 69.14 SELL 950 1,770 -46.33% MAPI IJ Equity 11,952 0.21 #N/A #N/A #N/A #N/A 104.50 -9.47 -7.10 43.97 HOLD 800 720 11.11% RALS IJ Equity 4,612 0.08 #N/A N/A #N/A N/A 1.21 #VALUE! 16.09 -6.08 12.13 37.08 BUY 880 650 35.38% Heavy Equipment

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Selasa, 22 Juni 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

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Selasa, 22 Juni 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

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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.

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.