DAILY. IHSG Berpotensi Melemah. Higlights. Market DAILY RESEARCH. PTPP: Kontrak Baru hingga Juni 2022 Mencapai IDR 10.9 Triliun.

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DAILY RESEAR CH

 PTPP: Kontrak Baru hingga Juni 2022 Mencapai IDR 10.9 Triliun

Market Activity

Market Index : 6,718.3

Index Movement : -3.9 -0.06%

Market Volume : 18,855 Mn shrs Market Value : 8,575 Bn rupiah

Last

Close +/- %

Leading Movers

TLKM 4,010 -30 -0.7

DCII 41,650 650 1.6

BYAN 72,000 -500 -0.7

KLBF 1,680 -20 -1.2

Lagging Movers

GOTO 330 -8 -2.4

BMRI 7,425 -50 -0.7

UNTR 26,925 -300 -1.1

ARTO 8,725 -475 -5.2

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

ITMG 71 BBNI 80

BMRI 36 HRUM 44

PTBA 36 BUMI 41

SMGR 30 BUKA 26

UNVR 29 UNTR 25 Money Market

Last

Close +/- %

USD/IDR 14,988 15.0 -0.1

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 26.5 -0.1 -0.5

EIDO 21.8 0.1 0.4

Global Indices Last

Close +/- %

DJIA 30,981 -193 -0.62

S&P 500 3,819 -36 -0.92

Euro Stoxx 3,487 15 0.44

MSCI World 2,554 -18 -0.71

STI 3,146 15 0.46

Nikkei 26,337 -476 -1.77

Hang Seng 21,587 -266 -1.2

Commodities*

Last

Close +/- %

Brent Oil 99.5 -7.6 -7.11

Coal (ICE) 438.4 11.6 2.72 CPO Malay 4,133 -30.0 -0.72

Gold 1,725 -7.1 -0.41

Nickel 21,334 -546.0 -2.50

Tin 26,263 899.0 3.54

*last price per closing date

Changes Changes

Changes

Changes Tuesday, 12 Jul 2022

DAILY RESEARCH

13 July 2022

IHSG Berpotensi Melemah

Pasar saham AS pada perdagangan semalam ditutup lebih rendah dengan Index Dow Jones -0.62%, S&P 500 -0.92%, dan Nasdaq -0.95%. Pasar bergerak melemah jelang rilis data inflasi untuk periode Juni 2022 dimana ekonom memperkirakan Consumer Price Index (CPI) US akan mencatat kenaikan yang lebih besar secara tahunan daripada bulan lalu yang sebesar 8.6%. Oleh karena itu, investor berpindah ke obligasi sehingga yield UST 10Y turun -1.1% ke 2.96%. Adapun indeks dolar AS relatif stabil +0.03% di level 108.02.

Pasar komoditas mayoritas bergerak melemah dengan CPO turun -0.72% ke level MYR 4,133/ton, harga minyak turun -6.94% ke level USD 95.84/bbl, emas turun - 0.41% ke level USD 1,724.8/toz, sedangkan harga batubara naik +2.72% ke level USD 438.4/ton.

Kemarin, bursa Asia ditutup lebih rendah dengan index Nikkei -1.8%, Hang Seng - 1.3% dan Shanghai -1.0%. Indeks EIDO ditutup lebih tinggi +0.37%, dan IHSG ditutup melemah -0.1% ke level 6,718. Asing mencatatkan net sell sebesar IDR 199.2 miliar di pasar reguler, dan net buy sebesar IDR 56.8 miliar di pasar negosiasi. Net sell asing tertinggi di pasar reguler dicetak oleh BBNI (IDR 79.9 miliar), HRUM (IDR 43.5 miliar), dan BUMI (IDR 40.5 miliar). Net buy asing tertinggi di pasar reguler dicatatkan oleh ITMG (IDR 70.8 miliar), BMRI (IDR 36.2 miliar), dan PTBA (IDR 35.5 miliar). Top leading movers emiten BEBS, BBCA, ADRO, sementara top lagging movers emiten GOTO, ARTO, TLKM.

Terjadi penambahan 3,361 kasus baru COVID-19 pada hari Selasa, tertinggi sejak 30 Maret, dengan positivity rate sebesar 4.6% (kasus aktif: 21.916).

Pagi ini pasar Asia dibuka hijau dengan Nikkei +0.56% dan Kospi +0.14%. Kami memperkirakan IHSG hari ini akan bergerak melemah mengikuti pergerakan bursa global dan pasar komoditas.

Market

Higlights

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Equity Research│13 July 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)

12-Jul-21 12-Aug-21 12-Sep-21 12-Oct-21 12-Nov-21 12-Dec-21 12-Jan-22 12-Feb-22 12-Mar-22 12-Apr-22 12-May-22 12-Jun-22

0 20 40 60 80 100 120 140

12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21 15-Nov-21 6-Dec-21 27-Dec-21 17-Jan-22 7-Feb-22 28-Feb-22 21-Mar-22 11-Apr-22 2-May-22 23-May-22 13-Jun-22 4-Jul-22

40 90 140 190 240 290 340 390 440 490

12-Jul-21 11-Aug-21 10-Sep-21 10-Oct-21 9-Nov-21 9-Dec-21 8-Jan-22 7-Feb-22 9-Mar-22 8-Apr-22 8-May-22 7-Jun-22 7-Jul-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

10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21 15-Nov-21 6-Dec-21 27-Dec-21 17-Jan-22 7-Feb-22 28-Feb-22 21-Mar-22 11-Apr-22 2-May-22 23-May-22 13-Jun-22 4-Jul-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 Daily Total Closed Cases

Cases % Deaths Deaths Active Cases %

7/12/2022 6,116,347 0.05 156,806 8 (162,585,410) 2758.21 7/11/2022 6,112,986 0.03 156,798 7 (162,588,763) 2759.73 7/10/2022 6,111,305 0.04 156,791 6 (162,590,437) 2760.49 7/9/2022 6,108,729 0.04 156,785 4 (162,593,007) 2761.65 7/8/2022 6,106,024 0.04 156,781 5 (162,595,708) 2762.87 7/7/2022 6,103,552 0.05 156,776 6 (162,598,175) 2763.99 7/6/2022 6,100,671 0.04 156,770 4 (162,601,050) 2765.30

Average 6 2761.75

Source: SSI Research, Bloomberg

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Equity Research│13 July 2022

PTPP: Kontrak Baru hingga Juni 2022 Mencapai IDR 10.9 Triliun

PTPP merealisasikan perolehan kontrak baru sebesar IDR 10.9 triliun hingga Juni 2022, tumbuh +28% YoY. Beberapa kontrak baru yang diperoleh PTPP antara lain pembangunan terminal proyek Kalibaru tahap 1B Pelabuhan Tanjung Priok sebesar IDR 3.8 triliun, pekerjaan pipeline Semarang – Batang sebesar IDR 1 triliun dan dari anak usaha sebesar IDR 3.66 triliun. Dari sisi pemberi kerja, kontrak baru 1H22 terdiri dari Swasta sebesar 1%, Pemerintah 24% dan BUMN sebesar 75%. Adapun kontribusi kontrak baru dari anak usaha mencapai 33.5%. (Investor Daily)

Comment:

Pencapain kontrak baru PTPP di 1H22 setara dengan 42.6% dari estimasi SSI dan lebih tinggi dibandingkan run rate 1H21

yang sebesar 39.8%. Adapun proyeksi kontrak baru SSI sebesar IDR 25.6 triliun, tumbuh 20% dibandingkan dengan realisasi

kontrak baru 2021 yang sebesar IDR 21.3 triliun. Kami mempertahankan proyeksi kontrak baru seiring dengan run rate yang

lebih tinggi. PTPP: (BUY: 17.5x PE '22E, 0.4x PBV '22E, TP: IDR 1,110)

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Equity Research│13 July 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 BUY 9.0 7,175 8,100 8,314 12.9 24.3 21.9 4.0 3.6 16.3 16.5

BBRI BUY 8.9 4,110 5,400 5,369 31.4 14.8 13.3 2.0 1.9 13.2 14.2

BMRI HOLD 5.2 7,425 8,000 9,971 7.7 11.0 9.8 1.6 1.5 14.2 14.9

BBNI BUY 2.1 7,450 8,500 10,088 14.1 9.1 7.6 0.9 0.8 10.1 11.1

BBTN BUY 0.2 1,430 2,200 2,278 53.8 5.6 4.7 0.6 0.5 10.9 11.3

Average 8.6 7.4 1.0 0.9 11.7 12.4

Consumer (Staples)

ICBP BUY 0.8 9,325 12,000 11,090 28.7 14.5 13.0 2.9 2.6 20.1 20.0

INDF HOLD 1.2 7,050 7,150 8,648 1.4 8.6 7.8 1.2 1.1 14.0 14.2

KLBF BUY 1.3 1,680 1,950 1,903 16.1 22.9 21.1 3.8 3.4 16.4 16.3

UNVR SELL 1.0 4,880 4,800 4,714 -1.6 31.3 29.6 35.4 32.5 113.0 110.0

SIDO BUY 0.3 980 1,110 1,153 13.3 20.4 17.9 7.9 7.4 38.7 41.2

Average 19.6 17.9 10.2 9.4 40.5 40.3

Cigarette

HMSP SELL 0.3 955 870 1,040 -8.9 14.3 12.2 3.8 3.6 26.4 29.3

GGRM BUY 0.4 29,525 32,500 31,312 10.1 9.0 6.3 0.9 0.9 10.5 14.1

Average 11.6 9.3 2.4 2.2 18.4 21.7

Healthcare

MIKA HOLD 0.5 2,750 2,960 2,869 7.6 30.2 26.4 6.2 5.5 20.5 20.8

SILO BUY 0.1 1,010 1,410 1,348 39.6 19.1 16.5 1.9 1.7 9.9 10.6

HEAL SELL 0.4 1,600 1,140 1,567 -28.8 37.4 13.2 6.4 5.4 17.1 41.2

Average 28.9 18.7 4.8 4.2 15.8 24.2

Poultry

CPIN BUY 1.4 5,600 7,000 6,267 25.0 24.5 23.1 3.6 3.3 14.9 14.3

JPFA BUY 0.3 1,470 1,800 2,028 22.4 9.5 9.5 1.2 1.1 12.5 11.5

MAIN BUY 0.0 615 685 706 11.4 9.0 6.0 0.6 0.6 6.8 9.4

WMUU BUY 0.0 139 340 160 144.6 2.6 2.7 0.9 0.7 34.4 24.9

WMPP BUY 0.0 130 240 N/A 84.6 7.2 4.3 1.6 1.3 22.8 29.4

Average 10.6 9.1 1.6 1.4 18.3 17.9

Retail

MAPI BUY 0.3 895 1,100 1,175 22.9 11.3 12.8 1.8 1.6 15.5 12.2

RALS BUY 0.0 570 900 789 57.9 12.1 8.4 0.9 0.9 7.7 10.2

ACES BUY 0.2 770 1,900 1,143 146.8 12.0 10.5 2.4 2.1 19.6 20.0

LPPF SELL 0.2 4,520 3,430 6,731 -24.1 12.9 9.6 11.4 7.2 88.3 75.2

ERAA BUY 0.1 498 785 838 57.6 7.2 6.6 1.2 1.1 16.9 16.1

AMRT HOLD 1.4 1,930 2,100 2,312 8.8 41.1 36.4 9.1 8.0 22.2 22.0

Average 16.1 14.0 4.5 3.5 28.3 25.9

Pulp and Paper

INKP BUY 0.5 7,475 9,900 N/A 32.4 6.4 7.4 0.6 0.6 9.3 7.8

ALDO BUY 0.0 845 2,000 N/A 136.7 15.4 12.6 1.4 1.2 9.1 9.8

Average 10.9 10.0 1.0 0.9 9.2 8.8

Media

MNCN BUY 0.3 950 1,400 1,378 47.4 4.1 3.7 0.6 0.5 13.5 14.8

SCMA BUY 0.1 206 340 351 65.0 7.9 6.6 1.8 1.5 22.2 23.0

FILM SELL 0.1 2,350 2,000 1,650 -14.9 587.5 156.7 17.8 16.8 3.0 10.7

Average 199.8 55.7 6.7 6.3 12.9 16.2

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Equity Research│13 July 2022

Telco

EXCL BUY 0.4 2,300 3,000 3,769 30.4 33.3 26.4 1.3 1.2 3.8 4.6

ISAT BUY 0.3 6,500 7,250 7,652 11.5 n/a 75.6 2.7 0.3 -5.6 0.4

TLKM BUY 7.2 4,010 5,000 5,061 24.7 18.2 17.4 3.7 3.5 20.2 20.1

Average 25.8 39.8 2.6 1.7 6.1 8.4

Telco Infra

TBIG SELL 0.7 2,870 1,550 3,211 -46.0 56.3 49.5 8.8 7.8 15.6 15.8

TOWR BUY 1.0 1,145 1,600 1,448 39.7 16.1 14.9 4.1 3.6 25.7 24.2

MTEL BUY 0.4 715 965 1,004 35.0 59.6 39.7 1.8 1.7 3.0 4.3

Average 44.0 34.7 4.9 4.4 14.8 14.8

Auto

ASII BUY 4.2 6,100 7,500 7,968 23.0 11.6 10.9 1.1 1.1 9.5 9.3

DRMA BUY 0.0 710 830 854 16.9 10.1 9.0 2.5 2.0 24.5 22.5

ASLC BUY 0.0 138 320 290 131.9 60.0 32.9 1.7 1.6 2.8 5.0

Average 27.2 17.6 1.7 1.6 12.3 12.3

Mining Contracting

UNTR BUY 1.5 26,925 31,000 34,988 15.1 14.5 10.7 1.6 1.5 11.2 13.8

Average 14.5 10.7 1.6 1.5 11.2

Property

BSDE BUY 0.3 915 1,480 1,338 61.7 10.5 9.3 0.5 0.4 4.4 4.6

PWON BUY 0.3 448 630 633 40.6 18.7 15.4 1.4 1.3 7.3 8.1

SMRA BUY 0.2 555 1,080 1,052 94.6 26.4 17.9 1.1 1.0 4.0 5.6

CTRA BUY 0.3 845 1,360 1,426 60.9 11.0 9.3 0.9 0.9 8.6 9.3

Average 15.8 11.5 0.7 0.7 4.4 5.3

Industrial Estate

SSIA BUY 0.0 376 570 529 51.6 31.3 9.4 0.5 0.5 1.5 4.9

Average 31.3 9.4 0.5 0.5 1.5 4.9

Construction

PTPP BUY 0.1 890 1,110 1,219 24.7 17.5 13.7 0.4 0.3 2.1 2.4

ADHI BUY 0.0 720 1,420 841 97.2 12.4 4.4 0.4 0.4 3.4 8.7

WSKT BUY 0.1 535 1,220 814 128.0 n/a n/a 0.5 0.6 -4.2 -22.2

WIKA BUY 0.1 915 1,440 1,138 57.4 38.1 26.9 0.5 0.5 1.3 1.7

WEGE BUY 0.0 174 300 250 72.4 7.8 5.6 0.7 0.6 9.0 11.3

Average 12.6 9.6 0.5 0.5 2.3 -2.8

Cement

INTP BUY 0.5 9,075 13,000 12,256 43.3 19.9 15.4 1.5 1.5 7.6 9.7

SMGR BUY 0.7 6,400 13,050 9,873 103.9 13.5 12.7 1.0 1.0 7.4 7.5

Average 16.7 14.0 1.3 1.2 7.5 8.6

Precast

WTON BUY 0.0 202 266 279 31.7 21.3 15.5 0.5 0.5 2.4 3.2

Average 21.3 15.5 0.5 0.5 2.4 3.2

Oil and Gas

PGAS HOLD 0.6 1,595 1,600 1,850 0.3 8.8 7.2 0.8 0.7 8.5 9.5

AKRA SELL 0.3 1,065 1,040 1,202 -2.3 16.9 15.7 2.1 2.0 12.6 12.7

MEDC BUY 0.1 580 780 946 34.5 2.0 1.8 0.6 0.5 31.4 26.8

Average 9.3 8.2 1.2 1.0 17.5 16.3

Chemical

TPIA BUY 1.1 9,050 10,250 7,650 13.3 104.0 47.9 6.2 6.2 6.0 13.0

BRPT BUY 0.8 825 1,150 760 39.4 103.1 41.3 4.4 4.1 4.2 9.9

ESSA SELL 0.2 795 225 1,430 -71.7 n/a 31.8 2.7 2.7 -0.3 8.6

Average 103.6 40.3 4.5 4.3 3.3 10.5

Utilities

JSMR BUY 0.3 3,580 4,150 5,018 15.9 13.3 10.8 0.9 0.9 7.1 8.1

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Equity Research│13 July 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 AXIO* Tera Data Indonusa

(Technology) 19-Jul 715 - 834 13 - 15 Jul

GULA*

Aman Agrindo (Consumer Non-

Cyclicals)

20-Jul 268 - 321 12 - 18 Jul 250 - 300 214 20.0 53 - 64

Upcoming IPO's

Financial Result Period

Ticker Company (Sector) Listing Offering Shares issued Proceeds

HILL* Hillcon (Basic

Materials) 20-Jul 3685 - 5,897 14 - 18 Jul 250 - 400 2,212 15.0 553 - 885 Subsidiary's working 158 23.3 3M22 capital and capex

125 - 146 Working Capital and capex

2 153.8 3M22

21 48.9 3M22

Capex and working capital

KRYA* Bangun Karya Perkasa

Jaya (Infrastructures) 25-Jul 215 - 232 19 - 21 Jul 120 - 130 325 20.0 39 - 42 Working Capital and

Capex 4 60.6 3M22

150 - 250 1,220 17.9 183 - 305 Capex

HATM* Habco Trans Maritima (Transportation and

Logistic)

21-Jul

1 141.3 3M22

100 - 110 700 35.0 70 - 77 Capex and working capital DEWI*

Dewi Shri Farmindo (Consumer Non-

Cyclicals)

15-Jul 200 - 220 11 - 13 Jul

1,050 - 1,750 14 - 19 Jul

3 245.6 3M22

120 - 140 1,040 17.8

Working capital and

capex 0.3 509.7 3M22

AMMS* Agung Menjangan Mas

(Industrials) 28-Jul 154 - 230 20 - 26 Jul 100 - 150 240 20.0 24 - 36

Metal

ANTM BUY 0.6 1,740 4,150 3,317 138.5 13.4 11.5 1.7 1.5 12.8 13.0

MDKA SELL 1.6 3,750 3,000 5,842 -20.0 86.7 20.4 13.6 14.9 15.7 72.9

INCO BUY 0.4 5,150 6,900 8,166 34.0 21.5 12.5 1.7 1.4 7.7 11.4

BRMS SELL 0.7 232 225 225 -3.0 77.3 77.3 1.9 1.4 2.4 1.8

Average 49.7 333.4 4.2 4.3 6.9 19.8

Coal

ITMG HOLD 0.5 33,300 33,850 36,765 1.7 4.9 7.1 1.4 1.1 29.1 15.2

ADRO HOLD 1.6 2,920 3,200 4,186 9.6 7.0 4.9 1.5 1.0 22.2 20.0

PTBA HOLD 0.6 3,980 4,000 4,571 0.5 0.5 0.5 1.9 1.6 377.7 362.9

HRUM BUY 0.1 1,510 2,720 3,024 80.1 21.8 12.7 2.6 2.1 11.8 16.9

Average 8.5 6.3 1.9 1.5 110.2 103.7

Plantation

AALI BUY 0.1 9,375 14,500 14,511 54.7 12.1 10.5 0.9 0.8 7.2 7.8

LSIP BUY 0.1 1,165 1,370 1,559 17.6 9.3 10.2 0.8 0.8 8.7 7.6

SSMS SELL 0.1 1,300 1,200 2,000 -7.7 38.2 16.5 2.8 2.5 7.4 15.0

TAPG BUY 0.1 615 1,050 1,016 70.7 6.8 7.2 1.3 1.2 19.2 19.4

STAA BUY 0.0 1,255 1,400 1,550 11.6 9.7 8.6 3.1 2.5 32.3 28.8

Average 17.6 12.0 1.4 1.2 12.1 13.0

Technology

ASSA BUY 0.1 1,690 2,600 3,661 53.8 22.8 14.4 2.8 2.4 12.5 16.5

EMTK BUY 1.0 1,675 2,600 N/A 55.2 167.5 139.6 7.3 6.6 4.4 4.8

BUKA BUY 0.5 256 370 628 44.5 1.9 n/a 1.2 1.2 61.3 -4.8

GOTO BUY 8.1 330 420 380 27.3 n/a n/a 3.0 2.6 -155.5 -135.2

Average 37.8 33.0 2.9 2.5 (0.8) (5.3)

Source: SSI Research, Bloomberg

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

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Equity Research│13 July 2022

Chg (Pts)

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

World 2,554 (18.15) (0.71) (0.27) 0.36 (14.43) (20.97) (16.51) 3,262 2,467

U.S. (S&P) 3,819 (35.63) (0.92) (0.33) (2.10) (13.16) (19.88) (12.90) 4,819 3,637 U.S. (DOW) 30,981 (192.51) (0.62) 0.04 (1.31) (9.47) (14.74) (11.47) 36,953 29,653

Europe 3,487 15.36 0.44 3.79 (0.44) (8.91) (18.88) (14.84) 4,415 3,357

Emerging Market 967 (13.84) (1.41) (1.40) (4.84) (13.58) (21.49) (27.79) 1,351 966

FTSE 100 7,210 13.27 0.18 2.62 0.06 (4.89) (2.37) 1.19 7,687 6,788

CAC 40 6,044 47.90 0.80 4.30 0.36 (7.61) (15.50) (7.84) 7,385 5,756

Dax 12,905 73.04 0.57 4.07 (3.88) (8.32) (18.76) (18.27) 16,290 12,391

Indonesia 6,718 (3.85) (0.06) 0.22 (3.96) (7.50) 2.08 11.75 7,355 5,938

Japan 26,468 131.00 0.50 1.38 (1.93) (1.40) (8.07) (7.84) 30,796 24,682

Australia 6,597 (9.78) (0.15) 0.03 (4.84) (11.80) (11.39) (10.03) 7,633 6,407

Korea 2,321 3.18 0.14 1.26 (7.33) (14.56) (22.05) (29.05) 3,296 2,277

Singapore 3,146 14.51 0.46 0.82 0.20 (5.88) 0.71 (0.66) 3,466 3,038

Malaysia 1,426 0.29 0.02 (0.80) (2.65) (10.71) (9.02) (6.15) 1,620 1,419

Hong Kong 20,845 (279.46) (1.32) (4.61) (1.06) (2.48) (10.91) (25.46) 28,219 18,235

China 3,281 (32.12) (0.97) (3.60) 0.80 2.97 (9.84) (7.99) 3,724 2,864

Taiwan 13,951 (389.91) (2.72) (2.78) (13.19) (19.37) (23.43) (21.83) 18,620 13,929

Thailand 1,547 (10.60) (0.68) 0.36 (3.33) (7.62) (6.69) (1.54) 1,719 1,512

Philipines 6,350 (38.70) (0.61) 0.63 (1.81) (9.09) (10.85) (6.55) 7,552 6,055

Foreign Reserves (US$Bn) 136.40 0.63 (1.96) (5.87) (0.51) 146.87 135.55

Inflation Rate (yoy, %) 4.35 4.35 1.52

Gov Bond Yld (10yr, %) 7.27 11.84 7.53 6.01

US Fed Rate (%) 1.75 1.75 0.25

Chg (Pts)

Indonesia 14,988 15.00 (0.10) 0.00 (2.05) (4.17) (4.90) (3.30) 15,024 14,057

Japan 136.87 0.00 0.00 (0.67) (1.79) (8.22) (15.92) (19.17) 137.75 108.72

UK 1.19 (0.00) (0.07) (0.38) (2.09) (9.42) (12.20) (13.99) 1.40 1.18

Euro 1.00 (0.00) (0.05) (1.47) (3.62) (7.86) (11.77) (14.81) 1.19 1.00

China 6.72 0.01 (0.09) (0.08) 0.44 (5.34) (5.48) (3.70) 6.81 6.31

Chg (Pts)

Oil (Brent) 98.44 (1.05) (1.06) (2.23) (19.49) (9.51) 26.56 28.70 139.13 64.60

CPO 3,976 (125.00) (3.05) (5.18) (33.63) (38.73) (22.93) (1.44) 8,034 3,753

Coal 438.40 11.60 2.72 11.68 27.07 37.97 188.90 221.41 487.50 136.75

Tin 25,574 (689.00) (2.62) (1.64) (27.48) (40.24) (34.19) (20.32) 51,000 22,980

Nickel 21,374 (465.00) (2.13) (5.64) (21.60) (34.21) 2.97 14.43 55,000 17,705

Copper 7,354 (230.50) (3.04) (4.12) (22.16) (28.90) (24.35) (21.84) 10,845 7,273

Gold 1,724 (1.65) (0.10) (0.83) (5.22) (12.81) (5.73) (4.61) 2,070 1,691

Silver 18.90 (0.04) (0.19) (1.60) (10.33) (26.55) (18.91) (27.27) 27 19

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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.

Equity Research│13 July 2022

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri C Permana Senior Economist [email protected] +6221 2854 8144

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129

William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals [email protected] +6221 2854 8387

Andreas Kristo Saragih Construction, Toll Roads [email protected] +6221 2864 8303

Paula Ruth Telco, Digital Banks [email protected] +6221 2854 8332

Olivia Laura Anggita Healthcare, Property, Industrial Estate [email protected] +6221 2854 8346 M. Farras Farhan Media, Poultry, Oil & Gas, Technology [email protected] +6221 2854 8346

Pebe Peresia Automotive, Consumer Staples, Retail [email protected] +6221 2854 8339

Adolf Richardo Editor [email protected] +6221 2864 8397

Ashalia Fitri Yuliana Research Associate [email protected] +6221 2854 8389

Muhammad Gibran Research Associate [email protected] +6221 2854 8392

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

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Widya Meidrianto Institutional Equity Sales [email protected] +6221 2854 8317

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Hisdi Liem Head of PWM Equity Sales [email protected] +6221 2854 8188

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

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

Vincentius Darren PWM Equity Sales [email protected] +6221 2854 8348

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

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 2854 8384

Nadya Attahira Fixed Income Sales Associate [email protected] +6221 2854 8305

Equity Retail / Online Team

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

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

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Andry Sukanto, AWP,CSA,CTA Head of Private Group & Individual Sales [email protected] +6221 2854 8308

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

Michael Alexander Equity Retail [email protected] +6221 2854 8369