DAILY RESEAR CH
Market Activity
Market Index : 7,049.7
Index Movement : +53.6 0.77%
Market Volume : 29,247 Mn shrs Market Value : 13,858 Bn rupiah
Last
Close +/- %
Leading Movers
BBRI 4,730 80 1.7
BMRI 7,925 150 1.9
MDKA 4,750 210 4.6
ASII 6,575 100 1.5
Lagging Movers
SUPR 56,225 -4,225 -7.0
MEGA 6,225 -275 -4.2
MTEL 760 -35 -4.4
FREN 71 -5 -6.6
Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)
BBRI 499 BBCA 53
BMRI 399 ITMG 51
BBNI 189 MTEL 28
INCO 125 ACES 24
TLKM 105 SMGR 23 Money Market
Last
Close +/- %
USD/IDR 14,352 5.0 0.0
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities Last
Close +/- %
TLKM 32.1 0.1 0.4
EIDO 24.9 0.4 1.8
Global Indices Last
Close +/- %
DJIA 34,708 349 1.02
S&P 500 4,520 64 1.43
Euro Stoxx 3,863 -6 -0.15
MSCI World 3,041 29 0.95
STI 3,400 35 1.05
Nikkei 28,110 70 0.25
Hang Seng 21,946 -208 -0.9
Commodities*
Last
Close +/- %
Brent Oil 119.0 -2.6 -2.11
Coal (ICE) 276.0 6.0 2.22
CPO Malay 6,199 -231.0 -3.59
Gold 1,964 13.9 0.71
Nickel 37,235 4,860.0 15.01
Tin 42,066 672.0 1.62
*last price per closing date
Changes Changes
Changes
Changes
Changes Thursday, 24 Mar 2022
DAILY RESEARCH
25 March 2022
Market
IHSG Berpotensi Kembali Menguat Hari Ini
Bursa saham AS hari Kamis kemarin (24/03) ditutup menguat: Dow Jones +1.02%;
S&P500 +1.43%, dan Nasdaq +1.93% karena hasil kinerja memuaskan perusahaan teknologi (Nvidia dan Intel) dan material (Nucor dan Freeport-McMoRan). Data initial jobless claim turun sebesar 187 ribu (level terendah sejak 1969), minggu sebelumnya sebesar 215 ribu. Yield UST 10Y naik +0.9% ke level 2.34% dan USD Index naik +0.16% di level 98.79.
Pasar komoditas bergerak mixed; minyak WTI terpantau turun -2.3% ke level USD 112/bbl dan CPO -3.6% ke MYR 6,199/ton, sementara nikel naik tajam +15.0% ke level USD 37,234/ton, batubara naik +2.2% di level USD 276/ton, timah +1.6% ke level USD 42,066/ton, dan emas naik +0.71% ke level USD 1,964/toz.
Bursa Asia ditutup mixed pada perdagangan Kamis (24/03): Hang Seng -0.94%, Shanghai -0.63%, Kospi -0.20%, sedangkan Nikkei +0.25%. IHSG ditutup menguat +0.76% ke level 7,050. Total keseluruhan net foreign buy sebesar IDR 1.85 triliun.
Net foreign buy pada pasar regular sebesar IDR 1.6 triliun dan net foreign buy pada pasar negosiasi tercatat sebesar IDR 229.5 miliar. Net buy asing tertinggi di pasar reguler dicatatkan BBRI (IDR 499 miliar), BMRI (IDR 398.6 miliar), dan BBNI (IDR 188.9 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh BBCA (IDR 53.3 miliar), ITMG (IDR 50.8 miliar), dan MTEL (IDR 27.5 miliar). Indeks EIDO semalam ditutup menguat +1.8%.
Kasus Covid-19 di Indonesia ada penambahan 5,808 kasus baru kemarin (24/03), turun -8.9% dibandingkan hari sebelumnya dengan daily positive rate 5.3%.
Sementara itu, sebanyak 122 orang yang meninggal dan kasus aktif sebanyak 155,977 pada hari yang sama.
Pagi ini pasar Asia dibuka menguat, Nikkei +0.72% dan Kospi +0.41%. Kami perkirakan IHSG akan kembali menguat hari ini, seiring dengan pergerakan positif bursa global dan regional.
Highlights
SMRA : Laba Bersih Tumbuh +80% yoy di FY21 (4Q21: -20% yoy)
ITMG : Membagikan Total Dividen USD 333 Juta
HMSP : Laba Bersih FY21 Turun -16.8% yoy
TAPG : Laba Bersih Terangkat +24.3% yoy di FY21
Equity Research│25 March 2022
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)
24-Mar-21 24-Apr-21 24-May-21 24-Jun-21 24-Jul-21 24-Aug-21 24-Sep-21 24-Oct-21 24-Nov-21 24-Dec-21 24-Jan-22 24-Feb-22
0 20 40 60 80 100 120 140
24-Mar-21 14-Apr-21 5-May-21 26-May-21 16-Jun-21 7-Jul-21 28-Jul-21 18-Aug-21 8-Sep-21 29-Sep-21 20-Oct-21 10-Nov-21 1-Dec-21 22-Dec-21 12-Jan-22 2-Feb-22 23-Feb-22 16-Mar-22
40 90 140 190 240 290 340 390 440 490
24-Mar-21 23-Apr-21 23-May-21 22-Jun-21 22-Jul-21 21-Aug-21 20-Sep-21 20-Oct-21 19-Nov-21 19-Dec-21 18-Jan-22 17-Feb-22 19-Mar-22
1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500
4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000
10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000
24-Mar-21 14-Apr-21 5-May-21 26-May-21 16-Jun-21 7-Jul-21 28-Jul-21 18-Aug-21 8-Sep-21 29-Sep-21 20-Oct-21 10-Nov-21 1-Dec-21 22-Dec-21 12-Jan-22 2-Feb-22 23-Feb-22 16-Mar-22
1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100
COVID-19 Data Indonesia
7 Day Running Covid-19 Data
Total 1D Change Total Dai l y Total Cl osed Cases
Cases % Deaths Deaths Acti ve Cases %
3/24/2022 5,986,830 0.10 154,343 122 (161,174,889) 2792.16 3/23/2022 5,981,022 0.11 154,221 159 (161,180,575) 2794.87 3/22/2022 5,974,646 0.13 154,062 170 (161,186,792) 2797.85 3/21/2022 5,967,182 0.08 153,892 154 (161,194,086) 2801.34 3/20/2022 5,962,483 0.10 153,738 139 (161,198,631) 2803.55 3/19/2022 5,956,561 0.13 153,599 188 (161,204,414) 2806.33 3/18/2022 5,948,610 0.16 153,411 199 (161,212,177) 2810.08
Average 162 2800.88
Source: SSI Research, Bloomberg
Equity Research│25 March 2022
SMRA: Laba Bersih Tumbuh +80% yoy di FY21 (4Q21: -20% yoy)
PT Summarecon Agung (SMRA) membukukan pertumbuhan pendapatan +10.7% yoy sebesar IDR 5.56 triliun pada FY21.
Laba kotor tumbuh +13.2% yoy sebesar IDR 2.59 triliun dengan GPM 46.6% di FY21 (GPM FY20: 45.6%). Pada bottom line, SMRA mencatatkan pertumbuhan laba bersih +80% yoy sebesar IDR 324 milyar dan NPM 5.8% di FY21 (NPM FY20:
3.6%). (Laporan Keuangan) Comment:
Secara stand alone 4Q21, pendapatan tumbuh +10.4% yoy dan +33.6% qoq sebesar IDR 1.78 triliun. Laba kotor tumbuh +13.7% yoy dan +55% qoq sebesar IDR 922 milyar. GPM sebesar 48.1%. Operating income turun -42%
yoy. Pada bottom line, laba bersih SMRA turun -20.2% yoy dan tumbuh +147.6% qoq sebesar IDR 153 milyar dengan NPM 9% DI 4Q21. Perolehan laba bersih SMRA mencerminkan 95% target SSI dan 104% target consensus.
Kami masih menunggu data operasional dari SMRA yang akan dirilis segera. SMRA: Under review (Previous:
SMRA: BUY: 32.7x PE '22E, 1.7x PBV '22E, TP: IDR 1,200)
ITMG: Membagikan Total Dividen USD 333 Juta
RUPST memutuskan untuk membagikan total dividen final kepada pemegang saham sebesar USD332,9 juta dengan rasio pembayaran sebesar 70% dari laba bersih yang dapat diatribusikan kepada pemilik entitas induk Perseroan pada tahun buku 2021. Sebesar USD94,1 juta atau setara dengan Rp1.218 per saham telah didistribusikan kepada pemegang saham sebagai dividen interim tunai pada tanggal 24 November 2021. (Press Release)
Comment:
Rasio pembayaran dividen ini lebih rendah dari tahun sebelumnya yang sebesar 90% dan dibawah rata-rata payout 2015-2018 (90%-100%). Jika dihitung menggunakan harga penutupan pada 24 Maret, (IDR 27,800), maka dividend yield yang diberikan sebesar 10.9%. SSI memproyeksikan volume produksi ITMG akan mencapai 17.3-18 juta ton pada FY22F-FY23F (2021: 18.2 juta ton) dengan perkiraan ASP FY22-23F pada level USD 126-105/t (2021:
USD 103.2/t). Harga batubara acuan kami proyeksikan moderat di level USD 180-150/t. ITMG: (BUY: 4.5x PE
'22E, 1.8x PBV '21E, TP: IDR 33,850)
Equity Research│25 March 2022
HMSP: Laba Bersih FY21 Turun -16.8% yoy
Sepanjang FY21, penjualan HMSP naik +7.0% yoy menjadi IDR 98.8 trilliun. Namun, kenaikan cukai rokok menekan perolehan laba kotor HMSP, yang turun -9.9% yoy menjadi IDR 16.9 triliun. Laba bersih perseroan juga melemah -16.8%
yoy menjadi IDR 7.1 triliun dengan NPM 7.2%. (Laporan keuangan) Comment:
Secara kuartalan, pada 4Q21, pendapatan perseroan naik +6.9% yoy (+5.9% qoq) menjadi IDR 26.3 triliun.
Namun, kenaikan COGS hingga +19.5% yoy membuat laba kotor turun -7.8% yoy, laba operasi turun -5.2% yoy serta laba bersih melemah -5.3% yoy. Sepanjang FY21, HMSP berhasil menjual 82.8 miliar batang rokok, naik +4.2% yoy. Pendapatan HMSP pada FY21 in line dengan proyeksi SSI dan konsensus, sedangkan laba bersihnya mencerminkan 91.6% target SSI dan 93.8% target konsensus. HMSP: (SELL: 13.9x PE '21E, 3.7x PBV '21E, TP: IDR 870)
TAPG: Laba Bersih Terangkat +24.3% yoy di FY21
Pada FY21, TAPG membukukan kenaikan pendapatan +19.2% yoy menjadi IDR 6.3 triliun. Laba operasi juga meningkat +24.0% yoy dengan OPM mencapai 19.9%. Laba bersih perseroan tercatat naik +24.3% yoy menjadi IDR 1.2 triliun.
(Laporan Keuangan) Comment:
Pada 4Q21, TAPG membukukan pertumbuhan pendapatan +7.3% yoy menjadi IDR 1.8 triliun. Namun demikian,
laba bersihnya justru turun -34.8% yoy. Volume produksi FFB pada FY21 cenderung flat +0.4% yoy, dan volume
penjualan CPO hanya naik tipis +1.9% yoy. Meski demikian, performa TAPG cukup terbantu dengan kenaikan ASP
CPO yang mencapai +11.8 yoy. Laba bersih TAPG mencerminkan 76.3% dari target SSI dan 86.5% target
konsensus. TAPG: (BUY: 9.4x PE '22E, 1.8x PBV '22E, TP: IDR 1,050)
Equity Research│25 March 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Banks
BBCA HOLD 12.3 7,925 8,100 8,265 2.2 32.2 26.9 4.9 4.4 15.1 16.3
BBRI BUY 9.0 4,730 5,400 5,088 14.2 19.9 17.1 2.5 2.3 12.5 13.2
BMRI HOLD 4.5 7,925 8,000 9,021 0.9 14.6 11.7 1.8 1.7 12.3 14.2
BBNI HOLD 1.9 8,225 8,500 8,996 3.3 14.1 10.1 1.2 1.0 8.8 10.1
BBTN BUY 0.2 1,750 2,200 2,202 25.7 7.8 6.8 0.9 0.7 11.1 10.9
Average 12.2 9.6 1.3 1.1 10.7 11.7
Consumer (Staples)
ICBP BUY 0.9 7,550 12,000 10,832 58.9 12.8 11.5 2.7 2.4 20.8 20.6
KLBF BUY 1.0 1,690 1,950 1,823 15.4 25.5 23.1 4.2 3.8 16.3 16.4
UNVR BUY 1.2 3,380 4,800 4,207 42.0 23.5 21.7 27.5 24.5 117.1 113.0
SIDO SELL 0.3 1,030 970 1,111 -5.8 27.7 24.2 8.8 8.3 31.9 34.3
Average 20.2 18.2 8.9 8.1 39.8 39.4
Cigarette
HMSP SELL 0.9 930 870 1,042 -6.5 13.9 11.9 3.7 3.5 26.4 29.3
GGRM BUY 0.6 31,200 36,550 35,790 17.1 7.2 6.4 1.0 0.9 13.5 14.2
Average 10.5 9.2 2.3 2.2 19.9 21.7
Healthcare
MIKA BUY 0.4 2,170 2,960 2,727 36.4 24.1 23.8 5.5 4.9 22.8 20.5
SILO BUY 0.1 7,675 11,300 10,771 47.2 18.1 18.1 1.9 1.8 10.6 9.9
HEAL BUY 0.2 1,205 5,700 1,340 373.0 6.0 5.6 1.1 1.0 19.0 17.1
Average 16.1 15.9 2.8 2.5 17.4 15.8
Poultry
CPIN HOLD 1.2 5,750 5,800 6,883 0.9 25.1 23.8 3.7 3.4 14.9 14.3
JPFA BUY 0.2 1,615 1,800 2,136 11.5 9.3 10.4 1.4 1.3 15.5 12.5
MAIN HOLD 0.0 685 685 838 0.0 10.0 6.7 0.7 0.6 6.8 9.4
WMUU BUY 0.0 152 340 240 123.7 6.9 2.9 1.5 1.0 21.8 34.4
WMPP BUY 0.0 131 240 240 83.2 11.9 7.3 2.0 1.7 17.2 22.8
Average 12.6 10.2 1.9 1.6 15.2 18.7
Retail
MAPI BUY 0.2 860 1,100 1,025 27.9 36.0 20.6 2.6 2.5 7.2 12.1
RALS BUY 0.1 720 900 809 25.0 15.3 10.6 1.2 1.1 7.7 10.2
ACES BUY 0.2 995 1,900 1,449 91.0 15.5 13.6 3.0 2.7 19.6 20.0
LPPF SELL 0.2 6,025 3,430 4,926 -43.1 17.2 12.8 15.2 9.6 88.3 75.2
ERAA BUY 0.1 590 785 880 33.1 8.6 7.8 1.4 1.2 16.9 16.1
Average 18.5 13.1 4.7 3.4 27.9 26.7
Pulp and Paper
INKP BUY 0.5 8,075 9,900 9,350 22.6 7.0 8.0 0.6 0.6 9.3 7.8
ALDO BUY 0.0 1,065 2,000 2,000 87.8 19.4 15.9 1.8 1.6 9.1 9.8
Average 13.2 11.9 1.2 1.1 9.2 8.8
Media
MNCN BUY 0.2 935 1,300 1,253 39.0 5.3 4.7 0.7 0.7 14.1 14.0
SCMA BUY 0.2 280 490 438 75.0 17.9 15.7 5.3 4.6 29.7 29.3
FILM SELL 0.1 1,210 1,100 1,100 -9.1 403.3 121.0 7.9 6.9 1.9 5.7
Average 142.2 47.1 4.6 4.0 15.2 16.3
Telco
EXCL HOLD 0.4 2,760 3,000 3,752 8.7 40.0 31.7 1.5 1.5 3.8 4.6
ISAT BUY 0.4 5,325 7,250 7,345 36.2 n/a 61.9 2.2 0.2 -5.6 0.4
TLKM HOLD 6.0 4,560 5,000 5,012 9.6 20.7 19.8 4.2 4.0 20.2 20.1
Average 30.4 37.8 2.6 1.9 6.1 8.4
Equity Research│25 March 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Telco Infra
TBIG SELL 0.8 2,960 1,550 3,216 -47.6 58.0 51.0 9.1 8.0 15.6 15.8
TOWR BUY 0.7 1,075 1,600 1,424 48.8 16.8 15.1 4.5 3.9 27.0 25.7
MTEL BUY 0.6 760 965 1,007 27.0 63.3 42.2 1.9 1.8 3.0 4.3
Average 46.1 36.1 5.2 4.6 15.2 15.3
Auto
ASII BUY 3.5 6,575 7,300 7,089 11.0 13.8 12.2 1.3 1.2 9.1 9.5
DRMA BUY 0.0 620 830 888 33.9 12.9 9.8 2.7 2.0 20.8 20.7
ASLC BUY 0.0 270 320 410 18.5 207.7 117.4 14.2 3.3 6.8 2.8
Average 78.1 46.5 6.1 2.2 12.2 11.0
Mining Contracting
UNTR BUY 1.2 26,600 31,000 30,230 16.5 14.3 10.6 1.6 1.5 11.2 13.8
Average 14.3 10.6 1.6 1.5 11.2
Property
BSDE BUY 0.3 1,035 1,480 1,409 43.0 15.7 11.9 0.5 0.5 3.5 4.4
PWON BUY 0.3 515 630 608 22.3 21.5 17.8 1.6 1.4 7.3 8.1
SMRA BUY 0.2 785 1,200 1,148 52.9 32.7 21.2 1.7 1.6 5.3 7.7
CTRA BUY 0.3 1,120 1,360 1,418 21.4 14.5 12.3 1.3 1.1 8.6 9.3
Average 19.5 13.9 1.0 0.9 4.4 5.7
Construction
PTPP BUY 0.1 995 1,400 1,332 40.7 16.6 15.5 0.4 0.4 2.5 2.6
ADHI BUY 0.0 740 1,420 1,180 91.9 24.7 12.8 0.5 0.4 1.9 3.4
WSKT BUY 0.2 570 1,220 950 114.0 n/a n/a 0.5 0.7 -4.2 -22.2
WIKA BUY 0.1 1,015 1,440 1,310 41.9 42.3 29.9 0.5 0.5 1.3 1.7
WEGE BUY 0.0 185 300 267 62.2 8.3 5.9 0.7 0.7 9.0 11.3
Average 12.4 10.7 0.6 0.6 2.4 -2.8
Cement
INTP BUY 0.5 10,975 13,000 14,108 18.5 24.1 18.6 1.8 1.8 7.6 9.7
SMGR BUY 0.5 6,575 13,050 9,544 98.5 13.9 13.1 1.0 1.0 7.4 7.5
Average 19.0 15.8 1.4 1.4 7.5 8.6
Precast
WTON BUY 0.0 222 266 313 19.8 6.7 4.2 0.5 0.5 7.9 11.4
Average 6.7 4.2 0.5 0.5 7.9 11.4
Oil and Gas
PGAS BUY 0.4 1,430 1,800 1,847 25.9 6.4 9.7 0.7 0.7 10.7 6.9
AKRA BUY 0.2 880 990 1,027 12.5 16.6 15.4 1.9 1.8 11.5 11.7
MEDC BUY 0.2 610 1,090 830 78.7 n/a 8.4 0.9 0.8 -9.9 9.7
Average 11.5 11.1 1.2 1.1 4.1 9.4
Chemical
TPIA HOLD 2.0 9,550 10,250 7,750 7.3 109.8 50.5 6.6 6.6 6.0 13.0
BRPT BUY 0.9 900 1,150 1,150 27.8 112.5 45.0 4.8 4.4 4.2 9.9
ESSA SELL 0.2 930 225 1,100 -75.8 n/a 37.2 3.2 3.2 -0.3 8.6
Average 111.1 44.2 4.9 4.7 3.3 10.5
Utilities
JSMR HOLD 0.3 3,810 4,150 4,973 8.9 21.5 14.1 1.1 1.0 5.0 7.1
Metal
ANTM BUY 0.7 2,640 3,230 3,093 22.3 25.9 20.2 3.0 2.9 11.8 14.2
MDKA SELL 1.5 4,750 3,000 4,344 -36.8 109.8 25.8 17.3 18.8 15.7 72.9
INCO HOLD 0.7 6,775 6,900 6,711 1.8 28.3 16.5 2.2 1.9 7.7 11.4
BRMS HOLD 0.3 198 200 165 1.0 0.1 0.0 2.2 1.2 1792.4 3471.9
Equity Research│25 March 2022
Potential Mkt. Cap Net Profit P/E
(IDRbn) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (x)
Source : e-ipo.co.id, *Note: Subject to OJK approval
122 20 10M21
1,180 - 1,480 254 12.3 300 - 376
Lending facility to subsidiary, capex and
working capital MTMH* Murni Sadar
(Healthcare) 20-Apr 2,441 - 3,061 13 - 18 Apr
-8,169 n.a 7M21
SICO*
Sigma Energy Compressindo
(Energy)
7-Apr 178 - 216 31 Mar - 5 Apr 190 - 230 270 29.7 51 - 62
Capex, working capital and debt
payment
7 17.1 9M21
316 - 346 52,000 4.3 16,432 - 17,992
Working Capital and capital injection to
subsidiaries GOTO*
GoTo Gojek Tokopedia (Technology)
7-Apr 377,857 - 413,729 29 - 31 Mar
Upcoming IPO's
Financial Result Period
Ticker Company (Sector) Listing Offering Shares issued Proceeds
WIRG* WIR Asia
(Technology) 4-Apr 2,044 - 2,384 29 - 31 Mar 150 - 175 2,337 20.0 351 - 409 17 100.7 11M21
Capital injection to subsidiaries, capex and working capital
TLDN*
Teladan Prima Agro (Consumer Non-
Cyclicals)
11-Apr 7,603 - 8,773 4 - 7 Apr 520 - 600 2,193 15.0 1,141 - 1,316 269 24 9M21
Debt payment, capex and capital injection
to subsidiaries
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Coal
ITMG BUY 0.4 27,800 33,850 30,372 21.8 4.5 4.1 1.8 1.2 39.2 29.1
ADRO BUY 1.2 2,880 3,200 3,054 11.1 6.9 4.8 1.5 1.0 22.2 20.0
PTBA HOLD 0.4 3,350 3,500 3,891 4.5 5.2 6.3 1.5 1.4 29.3 21.7
HRUM BUY 0.3 11,400 13,600 14,381 19.3 32.9 19.2 3.9 3.2 11.8 16.9
Average 12.4 8.6 2.2 1.7 25.6 21.9
Plantation
AALI BUY 0.2 12,475 14,500 14,636 16.2 13.5 16.0 1.2 1.1 8.7 7.2
LSIP SELL 0.1 1,430 1,370 1,669 -4.2 11.4 12.5 1.0 0.9 8.7 7.6
SSMS HOLD 0.1 1,130 1,200 2,100 6.2 33.2 14.3 2.5 2.1 7.4 15.0
TAPG BUY 0.1 715 1,050 1,031 46.9 9.4 7.9 1.8 1.5 19.2 19.4
Average 20.0 14.3 1.3 1.1 9.0 10.2
Technology
ASSA BUY 0.1 2,710 4,300 4,265 58.7 84.7 45.9 5.9 5.3 7.0 11.5
EMTK BUY 1.5 2,260 2,600 2,575 15.0 322.9 226.0 10.7 9.9 3.3 4.4
BUKA BUY 0.5 330 400 830 21.2 n/a n/a 1.4 1.5 -574.9 -371.3
Average 94.0 61.7 3.9 3.6 (88.1) (51.8)
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│25 March 2022
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 3,041 28.68 0.95 1.03 2.06 (5.16) (5.89) 9.60 3,262 2,745
U.S. (S&P) 4,520 63.92 1.43 2.46 3.09 (4.35) (5.16) 15.62 4,819 3,854
U.S. (DOW) 34,708 349.44 1.02 0.66 1.91 (3.46) (4.49) 6.40 36,953 32,071
Europe 3,863 (5.83) (0.15) (0.56) (2.70) (9.20) (10.12) 0.80 4,415 3,387
Emerging Market 1,137 (3.77) (0.33) 1.24 (2.99) (6.85) (7.72) (11.76) 1,395 1,024
FTSE 100 7,467 6.75 0.09 1.11 (0.29) 1.29 1.12 11.87 7,687 6,619
CAC 40 6,556 (25.66) (0.39) (0.86) (2.91) (7.49) (8.35) 10.14 7,385 5,756
Dax 14,274 (9.86) (0.07) (0.79) (2.01) (9.41) (10.14) (2.38) 16,290 12,439
Indonesia 7,050 53.57 0.77 1.22 2.34 7.42 7.11 15.14 7,050 5,742
Japan 28,149 38.81 0.14 5.61 6.32 (2.20) (2.23) (2.02) 30,796 24,682
Australia 7,419 31.74 0.43 1.71 6.02 (0.02) (0.35) 9.25 7,633 6,738
Korea 2,722 (7.30) (0.27) 0.57 1.70 (9.63) (8.57) (9.51) 3,316 2,592
Singapore 3,400 35.44 1.05 2.32 3.19 9.38 8.84 8.21 3,466 3,024
Malaysia 1,599 1.09 0.07 0.51 0.46 5.44 2.01 0.08 1,623 1,475
Hong Kong 21,946 (208.13) (0.94) 2.07 (3.61) (5.50) (6.20) (21.34) 29,491 18,235
China 3,250 (20.77) (0.63) 1.10 (5.83) (10.17) (10.70) (3.37) 3,724 3,023
Taiwan 17,699 (32.31) (0.18) 1.44 0.27 (1.46) (2.85) 10.20 18,620 15,160
Thailand 1,681 2.94 0.18 (0.05) 0.06 2.67 1.40 6.99 1,719 1,501
Philipines 7,083 73.18 1.04 (0.56) (1.80) (1.38) (0.56) 7.62 7,552 6,081
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 141.40 0.04 (3.06) (2.42) 1.88 146.87 136.40
Inflation Rate (yoy, %) 2.06 2.18 1.33
Gov Bond Yld (10yr, %) 6.70 (0.30) 6.85 6.01
US Fed Rate (%) 0.50 0.50 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,352 5.00 (0.03) (0.34) 0.22 (0.91) (0.69) 0.51 14,635 14,057
Japan 122.18 (0.17) 0.14 (2.46) (5.43) (5.98) (5.81) (10.63) 122.44 107.48
UK 1.32 0.00 0.01 0.08 (1.65) (1.88) (2.54) (3.98) 1.42 1.30
Euro 1.10 0.00 0.08 (0.41) (2.33) (2.84) (3.20) (6.44) 1.23 1.08
China 6.37 (0.00) 0.07 (0.33) (0.61) (0.00) (0.18) 2.46 6.58 6.31
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 118.10 (0.93) (0.78) 9.42 20.60 55.11 51.84 90.64 139.13 60.98
CPO 6,572 58.00 0.89 7.46 (2.17) 28.33 27.39 57.98 8,034 3,343
Coal 275.95 6.00 2.22 14.05 1.83 60.53 81.85 189.26 487.50 85.25
Tin 42,726 660.00 1.57 2.45 (5.45) 8.83 9.95 68.78 51,000 24,685
Nickel 37,235 4,855.00 14.99 (11.23) 50.65 85.76 79.39 129.99 55,000 15,845
Copper 10,350 (89.00) (0.85) 1.04 4.92 8.17 6.47 15.28 10,845 8,695
Gold 1,961 3.54 0.18 2.06 3.81 8.23 7.22 13.57 2,070 1,678
Silver 25.62 0.09 0.34 2.63 5.55 11.07 9.92 2.23 29 21
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price Regional Indices Last Price
Exchange Rate (per USD) Last Price
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.
All rights reserved by PT Samuel Sekuritas Indonesia
Equity Research│25 March 2022
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148
Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854
Fikri C Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144
Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst m.alfatih@samuel.co.id +6221 2854 8129
William Mamudi, CFTe, CMT Senior Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals yosua.zisokhi@samuel.co.id +6221 2854 8387
Andreas Kristo Saragih Construction, Toll Roads andreas.kristo@samuel.co.id +6221 2864 8303
Dessy Lapagu Aviation, Coal, Metals dessy.lapagu@samuel.co.id +6221 2854 8392
Paula Ruth Telco paula.ruth@samuel.co.id +6221 2854 8332
Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346
M. Farras Farhan Media, Poultry, Oil & Gas, Technology farras.farhan@samuel.co.id +6221 2854 8346
Pebe Peresia Automotive, Consumer Staples pebe.peresia@samuel.co.id +6221 2854 8339
Adolf Richardo Editor adolf.richardo@samuel.co.id +6221 2864 8397
Ashalia Fitri Yuliana Research Associate ashalia.fitri@samuel.co.id +6221 2854 8389
Equity Institutional Team
Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312
Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399
Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314
Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325
Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173
Suryanti Salim Sales Trader suryanti.salim@samuel.co.id +6221 2854 8173
Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173
Private Wealth Management
Evelyn Satyono Head of PWM Equity Sales evelyn.satyono@samuel.co.id +6221 2854 8380
Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395
Gitta Wahyu Retnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365
Vincentius Darren PWM Equity Sales darren@samuel.co.id +6221 2854 8348
Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152
Fixed Income Sales Team
R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170
Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306
Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337
Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384
Equity Retail / Online Team
Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872
Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372
Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309
Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163
Widya Meidrianto Equity Retail widya.meidrianto@samuel.co.id +6221 2854 8317
Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8369
