Riset Saham Harian
Samuel Research
11 Juli 2017
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Page 1 of 7
IHSG Berpeluang Menguat
Bursa AS dan bursa Eropa pada perdagangan Senin kemarin ditutup
menguat, seiring dengan ekspektasi para pelaku pasar yang mulai optimis
mengenai pertumbuhan ekonomi global yang mulai naik pada 2Q17 ini dan
kinerja keuangan para emiten yang lebih baik. Rilis data ketenagakerjaan di
AS yang diluar ekspektasi pasar masih menjadi penggerak mayoritas bursa
global, di mana rilis data tersebut memberikan kepercayaan diri bagi investor
mengenai pertumbuhan global. Harga minyak WTI juga rebound dan ditutup
pada level 44.6 dolar AS/barrel.
Sementara itu, pada penutupan perdagangan kemarin, IHSG terkoreksi ke
level 5771.51 (-0.74%) di tengah mixed-nya bursa Asia dan menguatnya
bursa Eropa. Pagi ini, beberapa bursa regional Asia dibuka menguat. Oleh
karena itu, hari ini, IHSG berpotensi rebound, mengikuti euforia dari
pergerakan bursa lainnya baik regional Asia dan global semalam.
Highlights
Perbankan: Kualitas KUR terjaga, opsi obligasi marak
Automotive: Patimban pacu otomotif
CPO: Harga CPO menanjak
Metal: 17 Smelter nikel berhenti operasi
RALS: Penjualan 6M17 relatif sesuai ekspektasi
BSDE: Sinarmas akuisisi perusahaan di London
:
5,771.5
:
-43.3
(-0.74%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
BBNI
6,850
125
1.9
RIMO
240
50
26.3
UNTR
27,625
425
1.6
TBIG
7,400
300
4.2
UNVR
46,725
-1375
-2.9
BBRI
14,725
-325
-2.2
TLKM
4,570
-60
-1.3
BBCA
18,300
-200
-1.1
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
BBCA
17
BBRI
155
BBNI
16
ASII
114
PGAS
14
BMRI
84
UNTR
13
TLKM
78
WSBP
7
BBTN
34
Money Market
Last
Close
+/-
%
USD/IDR
13,389
-11.0
0.1
JIBOR O/N
4.4
0.0
-Infl (MoM)
0.7
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
34.2
-0.1
-0.4
ISAT
41.0
0.4
1.1
EIDO
26.8
-0.1
-0.3
World Indices
Last
Close
+/-
%
DJIA
21,409
-6
0.0
S&P 500
2,427
2
0.1
Euro Stoxx
3,478
14
0.4
MSCI World
1,917
4
0.2
Nikkei
20,120
39
0.2
Hang Seng
25,500
159
0.6
Commodities
Last
Close
+/-
%
Brent Oil
47
0.3
0.6
CPO Malay
2,568
40.0
1.6
Coal Newc
81
0.0
-0.1
Nickel
8,971
76.5
0.9
Tin
19,993
318.0
1.6
Changes
Changes
Changes
Changes
Lagging Movers
Market Value
Changes
Leading Movers
Market Activity
Tuesday, 11 Jul 2017
Market Index
Index Movement
Market Volume
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11 Juli 2017
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Perbankan: Kualitas KUR terjaga, opsi obligasi marak
Kualitas KUR secara nasional hingga pertengahan tahun ini relatif baik atau mencatatkan NPL
gross mendekati nol persen. BJBR dan BPD Sumut membukukan NPL KUR masing -masing
sebesar 0% dan 0,17%. Sektor perdagangan masih menjadi penerima KUR terbesar.
Sejumlah bankir tengah mengawasi kemungkinan kenaikan NPL paska Lebaran. Hal ini tidak
terlepas dari kebiasaan sejumlah nasabah meminjam uang untuk membeli keperluan seperti
sepeda motor sebelum mudik Lebaran lalu mengalami kesulitan membayar cicilannya setelah
Lebaran.
Perbankan secara umum, terutama bank-bank kecil, memilih penghimpunan dana secara
non-konvensional seperti melalui emisi obligasi untuk mendukung likuiditasnya. Sejumlah bankir
menilai saat ini kecenderungan suku bunga deposito masih belum meningkat. (Kontan, Bisnis
Indonesia). Banking: Overweight.
Automotive: Patimban pacu otomotif
Pemerintah mengharapkan Pelabuhan Patimban di Subang, Jawa Barat dapat memicu
produktivitas industri otomotif nasional. Adapun anggaran proyek pembangunan pelabuhan
tersebut sekitar Rp43.22tn, dengan kapasitas terminal 250K TeU dan kapasitas car terminal
242.500 CBU dengan total investasi yang dibutuhkan sebesar Rp17.63tn. (Bisnis Indonesia).
Automotive Sector: Neutral.
CPO: Harga CPO menanjak
harga CPO di bursa Malaysia kontrak September 2017 naik 40 poin atau 1,57%menuju 2.594
ringgit (US$603,68) per ton. hal ini sejaland engan menurunya level inventory
Malaysian Palm Oil Board (MPOB) melaporkan stok CPO pada Juni 2017 turun 1,9% mom
menjadi1,53 juta ton. Hal ini berkebalikan dari pestimasi pekan lalu. Namun hal ini tidak sejalan
dengan kenaikan demand, volume ekspormelemah 8,4% mom menjadi 1,38 juta ton.
Di 2h17 volume suplai dari Indonesia dan Malaysia diperkirakan meningkat seiring dengan
pulihnya cuaca.sedangkan permintaan diperkirakan lebih rendah menahan kenaikan harga.
(Bisnis Indonesia). CPO: Neutral.
Metal: 17 Smelter nikel berhenti operasi
Sebanyak 17 fasilitas pemurnian mineral (smelter) nikel menghentikan operasinya pada semester
kedua tahun ini.Hal ini disebabkan oleh belum membaiknya harga nikel di London Metal Exchange
(LME). Harga nikel terpuruk sejak semester kedua 2016 dan berlanjut hingga saat ini.
Salah satu berhenti operasi 17 smelter itu lantaran biaya produksi lebih tinggi ketimbang harga
komoditas. (Investor Daily). Nickel: Neutral.
RALS: Penjualan 6M17 relatif sesuai ekspektasi
RALS mencatatkan kenaikan penjualan pada Jun’17 sebesar 200%MoM, dan secara YoY,
penjualan 6M17 tercatat naik sebesar 14% (total penjualan selama 6M17 mencapai Rp4.98 triliun
vs 6M16: Rp 4.4 triliun), relatif sesuai ekspektasi kami.
SSSG pada Jun’17 tercatat 14% pada tingkat nasional, sementara SSSG luar pulau Jawa tercatat
lebih tinggi daripada tingkat nasional, yakni: 16,6% (Company). RALS: BUY; 16.7x P/E17E dan
2.0x PBV 17E.
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11 Juli 2017
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Page 3 of 7
BSDE: Sinarmas akuisisi perusahaan di London
Sinarmas Land, Ltd induk usaha BSDE mengakuisisi perusahaan properti di London yaitu
Horseferry Property Ltd. Adapun nilai transaksi akuisis tersebut mencapai 188.6juta atau setara
dengan Rp3.6triliun.
Adapun untuk BSDE, ekspansi usaha terus dilakukan diantaranya adalah pengembangan properti
seperti Apartemen Klaska Residence di Surabaya dan penambahan green office di BSD ataupun
di Jakarta. Capex yang dianggarkan tahun ini juga untuk mendukung ekspansi anak usahanya PT
Duta Pertiwi Tbk (DUTI) untuk membangun proyek mix used bernama South Gate.
Akuisisi lahan juga akan dilakukan terus dan saat ini BSDE telah memiliki SK pengembangan
seluas 6.000ha. Perusahaan juga mentargetkan kontribusi penjualan lahan sekitar Rp1.5tn dari
total target marketing sales sebesar Rp7.3tn. (Investor Daily). BSDE: BUY; 20.9x P/E17E dan
1.8x PBV 17E.
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11 Juli 2017
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Page 4 of 7
Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE
(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E
Banks BMRI BUY 305,667 13100 (1.1) 13.2 12270 14000 6.9 15.4 12.5 1.7 1.5 11.3% 12.0% BBCA HOLD 451,187 18300 (1.1) 18.1 18764 18000 -1.6 19.5 18.4 3.5 3.0 17.9% 16.5% BBRI BUY 363,253 14725 (2.2) 26.1 15078 15550 5.6 13.0 11.4 2.2 1.9 16.8% 16.8% BBNI BUY 127,743 6850 1.9 24.0 7145 7350 7.3 9.4 8.2 1.3 1.2 13.9% 14.2% BBTN BUY 25,310 2390 (4.4) 37.4 2722 2870 20.1 8.1 7.5 1.2 1.0 14.4% 13.7% BNLI BUY 18,789 670 (1.5) 24.9 815 890 32.8 12.6 14.0 0.8 0.8 6.7% 5.7% Average 13.0 12.0 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 99,126 8500 0.0 (0.9) 9435 10300 21.2 23.9 20.9 5.0 4.4 20.8% 20.9% INDF BUY 75,512 8600 (1.7) 8.5 9603 9900 15.1 16.2 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 74,297 1585 (2.5) 4.6 1724 1750 10.4 29.9 26.4 5.6 4.9 18.7% 18.7% ROTI BUY 5,948 1175 (1.7) (26.6) 1654 2050 74.5 17.0 14.5 3.5 2.9 20.5% 20.2% ULTJ BUY 13,922 4820 (0.5) 5.5 5750 5300 10.0 18.1 16.4 3.4 2.9 18.9% 17.5% UNVR HOLD 356,512 46725 (2.9) 20.4 47699 45200 -3.3 49.9 44.5 58.2 51.0 116.6% 114.4% SIDO BUY 7,470 498 2.0 (4.2) 682 700 40.6 13.8 11.0 2.6 2.5 18.9% 22.4% AISA BUY 5,037 1565 0.0 (19.5) 2264 2500 59.7 10.0 8.3 1.2 1.0 11.7% 12.5% Average 22.4 19.5 10.2 9.0 30.0% 30.2% Cigarette HMSP BUY 440,846 3790 0.3 (1.0) 4193 4390 15.8 34.1 33.0 11.7 10.7 34.3% 32.4% GGRM BUY 147,193 76500 0.2 19.7 79139 77150 0.8 21.7 20.5 3.1 2.7 14.1% 13.4% Average 27.9 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 28,083 1930 0.8 (24.9) 2683 2950 52.8 35.7 32.7 7.0 6.3 19.6% 19.3% SILO HOLD 14,112 10850 0.9 (0.5) 13436 12500 15.2 134.0 105.3 4.4 4.0 3.3% 3.8% Average 84.8 69.0 5.7 5.2 11.4% 11.6% Poultry CPIN BUY 52,966 3230 0.3 4.5 3225 4500 39.3 13.6 12.7 1.8 1.6 12.8% 12.4% JPFA BUY 16,260 1425 2.5 (2.1) 1574 1500 5.3 8.4 6.7 1.5 1.3 18.0% 18.9% MAIN BUY 2,395 1070 0.5 (17.7) 1159 2280 113.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.3 8.0 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,666 6425 0.0 19.0 7474 7700 19.8 42.5 30.7 3.1 2.8 7.2% 9.1% RALS BUY 7,699 1085 0.5 (9.2) 1491 1750 61.3 16.7 13.2 2.0 1.8 12.0% 13.9% ACES BUY 18,779 1095 (1.8) 31.1 1112 1300 18.7 24.9 20.3 5.6 4.7 22.4% 23.0% LPPF BUY 36,036 12350 (3.5) (18.3) 16241 19500 57.9 13.1 12.6 10.6 7.5 81.1% 60.0% Average 24.3 19.2 5.3 4.2 30.7% 26.5% Telco EXCL BUY 33,453 3130 (2.2) 35.5 3579 3200 2.2 84.6 55.9 1.6 1.5 1.8% 2.7% ISAT BUY 33,555 6175 2.9 (4.3) 8165 8200 32.8 17.0 12.2 2.3 2.0 13.4% 16.7% TLKM BUY 460,656 4570 (1.3) 15.3 4870 5000 9.4 19.0 14.7 4.6 3.9 24.0% 26.7% TOWR BUY 39,281 3850 (2.5) 7.5 4580 4500 16.9 11.2 10.5 2.7 2.2 24.5% 20.7% Average 32.9 23.3 2.8 2.4 15.9% 16.7% Auto and HE ASII BUY 355,243 8775 0.0 6.0 9304 9000 2.6 15.9 13.5 2.7 2.2 17.2% 16.4% UNTR BUY 103,045 27625 1.6 30.0 30486 31500 14.0 15.8 14.0 2.3 2.1 14.7% 14.9% Average 15.9 13.7 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 8,905 344 (1.7) 1.8 385 420 22.1 258.4 25.8 0.6 0.4 0.2% 1.7% Property BSDE BUY 34,740 1805 0.6 2.8 2303 2350 30.2 16.1 13.9 1.4 1.2 8.7% 8.5% PWON BUY 30,100 625 (3.8) 10.6 726 710 13.6 15.2 12.8 2.9 2.5 19.2% 19.3% ASRI HOLD 6,209 316 (0.6) (10.2) 438 390 23.4 9.3 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 17,456 1210 0.0 (8.7) 1570 1307 8.0 52.6 40.3 2.1 1.9 4.0% 4.8% SSIA BUY 2,894 615 0.0 41.7 975 750 22.0 13.7 11.4 0.9 0.9 6.6% 7.5% CTRA BUY 21,994 1185 0.0 (11.2) 1588 1580 33.3 13.8 11.5 1.4 1.3 10.3% 11.1% DMAS BUY 9,447 196 (1.0) (14.8) 309 300 53.1 11.1 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,612 320 (0.6) 10.5 446 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 18.2 15.0 1.5 1.3 9.4% 9.8%
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Construction PTPP BUY 19,840 3200 (3.3) (16.0) 4592 4150 29.7 14.2 12.0 1.7 1.5 11.8% 12.6% ADHI HOLD 7,727 2170 (0.9) 4.3 2702 2550 17.5 23.3 19.5 1.4 1.3 6.0% 6.5% WSKT BUY 30,541 2250 0.9 (11.8) 3224 3250 44.4 13.5 10.7 1.6 1.5 11.7% 14.2% WIKA BUY 19,734 2200 0.0 (6.8) 3044 3000 36.4 17.7 15.5 1.4 1.3 8.0% 8.3% Average 17.2 14.4 1.5 1.4 9.4% 10.4% Cement INTP SELL 64,790 17600 (4.2) 14.3 15547 13500 -23.3 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 59,315 10000 (2.0) 9.0 9921 9000 -10.0 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 5,900 770 (1.9) (14.4) 770 700 -9.1 -32.1 -25.7 0.7 0.7 -2.3% -2.8% SMBR HOLD 33,168 3350 1.5 20.1 536 2300 -31.3 88.2 83.8 8.8 7.8 10.0% 9.3% Average 22.1 22.0 3.4 3.1 8.4% 8.0% Precast WSBP BUY 12,021 456 (1.7) (17.8) 704 690 51.3 17.9 11.7 1.4 1.2 8.0% 10.6% WTON BUY 5,055 580 (2.5) (29.7) 1013 1150 98.3 15.3 13.2 1.7 1.4 10.9% 10.6% Average 16.6 12.4 1.5 1.3 9.4% 10.6%Oil and Gas
PGAS HOLD 56,968 2350 0.4 (13.0) 2889 2600 10.6 12.9 10.5 1.2 1.1 9.4% 10.7% AKRA BUY 25200.9 6300.0 -0.4 5.0 7000.0 7600 20.6 21.5 21.3 3.3 3.0 15.2% 14.0% MEDC BUY 7,565 2270 0.4 72.0 4213 4500 98.2 3.1 3.0 0.6 0.5 17.6% 16.3% Average 12.5 11.6 1.7 1.5 14% 14% Utilities JSMR BUY 37,741 5200 (1.4) 20.4 5884 5000 -3.8 19.6 26.0 2.7 2.5 13.9% 9.8% Metal ANTM BUY 16,942 705 (0.7) (21.2) 760 1250 77.3 8.2 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 18,531 1865 0.0 (33.9) 2434 2145 15.0 70.2 35.1 0.8 0.7 1.1% 2.1% TINS BUY 5,213 700 (2.1) (34.9) 1100 1200 71.4 33.3 20.6 1.0 0.9 2.9% 4.5% Average 37.2 20.0 0.9 0.8 4.7% 8.1% Coal DOID BUY 6889.9 810.0 -2.4 58.8 1587.5 1600 97.5 5.5 5.8 2.4 1.6 44.0% 28.6% ITMG BUY 20,593 18225 (0.1) 8.0 20965 19000 4.3 8.6 8.6 1.5 1.4 17.9% 16.6% ADRO BUY 51,018 1595 (0.9) (5.9) 2008 2100 31.7 12.1 11.0 1.0 1.0 8.5% 8.7% PTBA BUY 27,822 12075 (2.6) (3.4) 15240 15000 24.2 12.4 10.1 2.5 2.2 19.9% 21.5% Average 9.7 8.9 1.9 1.6 22.6% 18.9% Plantation AALI BUY 29,063 15100 0.0 (10.0) 17890 19800 31.1 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,825 1440 0.7 (17.2) 1720 2050 42.4 13.0 10.1 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 (0.9) 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.7 11.6 1.2 1.1 8.3% 9.4%
Source: SSI Research, Bloomberg
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11 Juli 2017
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Regional Indices
1D Change
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World
3.93
1,917
0.21
0.42
(0.09)
(0.30)
3.75
9.47
14.38
1,939
1,657
U.S. (S&P)
2.25
2,427
0.09
(0.21)
0.17
(0.18)
3.13
8.42
13.58
2,454
2,084
U.S. (DOW)
(5.82)
21,409
(0.03)
(0.32)
0.28
0.64
3.67
8.33
17.46
21,563
17,884
Europe
14.22
3,478
0.41
(0.01)
(0.39)
(3.01)
0.23
5.70
20.54
3,667
2,843
Emerging Market
6.81
1,009
0.68
0.31
0.26
(0.87)
5.75
17.05
19.20
1,023
832
FTSE 100
19.11
7,370
0.26
0.03
(0.10)
(2.09)
0.06
3.18
n/a
7,599
6,591
CAC 40
20.48
5,166
0.40
(0.28)
(0.58)
(2.53)
1.25
6.24
21.13
5,442
4,207
Dax
57.24
12,446
0.46
(0.06)
(0.24)
(2.89)
2.53
8.40
26.57
12,952
9,690
Indonesia
(43.29)
5,772
(0.74)
(0.92)
(2.35)
1.69
2.55
8.96
13.86
5,910
5,018
Japan
19.53
20,101
0.10
0.53
0.34
0.44
7.21
5.16
27.96
20,318
15,376
Australia
(12.14)
5,712
(0.21)
(0.81)
(1.24)
0.61
(3.66)
0.82
7.03
5,957
5,052
Korea
2.06
2,384
0.09
(0.15)
0.15
0.10
12.26
17.65
19.89
2,403
1,931
Singapore
17.34
3,246
0.54
(0.07)
0.71
(0.24)
2.26
12.69
12.87
3,275
2,761
Malaysia
(2.80)
1,757
(0.16)
(0.62)
(0.65)
(1.78)
1.23
7.03
6.24
1,797
1,614
Hong Kong
159.21
25,500
0.63
(0.09)
(1.10)
(2.04)
5.86
15.91
22.12
26,090
20,840
China
(5.33)
3,213
(0.17)
0.17
0.52
1.72
(2.32)
3.51
7.27
3,301
2,932
Taiwan
(7.34)
10,290
(0.07)
(1.10)
(1.18)
0.88
4.65
11.20
17.11
10,546
8,728
Thailand
(0.20)
1,569
(0.01)
(0.30)
(0.34)
0.18
(0.74)
1.72
7.82
1,601
1,343
Philipines
(51.86)
7,837
(0.66)
(0.14)
(0.37)
(1.91)
3.11
14.57
(0.35)
8,118
6,499
Monetary Indicators
1D Change
Points
1W
1M
3M
YTD
1YR
High
Low
JIBOR Overnight (%)
0.01
4.35
(0.47)
(0.69)
0.64
2.76
(11.29)
5.39
4.16
Foreign Reserve (US$bn)
n/a
123.09
n/a
(1.49)
1.06
5.79
12.12
124.95
111.41
Inflation Rate (%)
n/a
0.69
n/a
76.92
3550.00
64.29
4.55
0.97
(0.02)
US Fed Rate (%)
0.00
1.25
0.00
25.00
25.00
66.67
150.00
1.25
0.50
Indo Govt Bond Yld (10yr) - %
0.00
7.16
4.19
3.68
1.00
(10.24)
0.85
8.36
6.77
Exchange Rate (per US$)
1D Change
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
(3.00)
13400
0.02
(0.27)
(0.24)
(0.77)
0.54
0.54
(2.22)
13,593
12,920
Japan
0.19
114.23
(0.17)
(0.88)
(0.83)
(3.75)
2.39
2.39
(10.01)
118.66
99.54
UK
(0.00)
1.29
(0.03)
(0.72)
(0.33)
1.72
4.35
4.35
(0.93)
1.35
1.18
Euro
(0.00)
1.14
(0.03)
(0.24)
0.44
1.72
8.36
8.36
3.06
1.14
1.03
China
(0.00)
6.80
0.03
(0.03)
(0.05)
(0.08)
2.08
2.08
(1.58)
6.96
6.62
Commodities Indicators
1D Change
Spot
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil
0.18
44.58
0.41
(2.07)
(5.29)
(2.73)
(16.52)
(17.01)
(0.40)
55.24
39.19
CPO
40.00
2,568.00
1.58
1.82
3.09
6.12
1.10
(17.40)
15.36
3,202.00
2,172.00
Rubber
0.00
794.00
0.00
0.00
0.00
(2.28)
(21.58)
(18.77)
16.85
1,174.00
644.00
Coal
(0.05)
80.90
(0.06)
(0.80)
3.39
0.25
(4.15)
(14.57)
35.17
112.25
69.00
Iron Ore
0.59
60.69
0.98
(0.43)
(1.49)
9.77
(20.66)
(22.25)
10.95
94.91
53.60
Tin
318.00
19,993.00
1.62
0.85
(2.31)
5.62
(1.49)
(5.72)
12.17
21,945.00
17,672.50
Nickel
80.00
9,000.00
0.90
(1.75)
(4.15)
0.22
(11.59)
(10.18)
(8.91)
12,145.00
8,680.00
Copper
(4.00)
5,824.00
(0.07)
(0.29)
(1.75)
0.34
1.34
5.21
23.64
6,204.00
4,582.00
Gold
(0.50)
1,212.70
(0.04)
(0.87)
(0.53)
(4.47)
(4.70)
5.45
(10.61)
1,376.50
1,124.70
Source: SSI Research, Bloomberg
Last Price
Last Price
Change (%)
1 Year
Change (%)
1 Year
Last Price
Change (%)
1 Year
Change (%)
1 Year
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly relate d to the inclusion of specific recommendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve an d maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reproduced or copied or made avai lable to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recomme ndation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia
