Riset Saham Harian
Samuel Research
31 Juli 2017
www.samuel.co.id
Page 1 of 11
IHSG diwarnai rilis laporan keuangan 1H17 emiten
Indeks utama AS ditutup mixed sejalan dengan data pertumbuhan GDP yang
inline dengan ekspektasi, consumer sentiment yang melebihi ekspektasi
pasar, serta laporan keuangan sejumlah emiten seperti Amazon.com yang
lebih buruk dari perkiraan. Sementara di Eropa, sejumlah besar bursa saham
utama melemah seiring laporan kinerja sejumlah emiten yang kurang baik
dan regulasi rokok yang diperketat.
IHSG menguat 0,2% ke posisi 5.831 pada jumat lalu dengan investor asing
mencatatkan net sell Rp 246 miliar di pasar reguler. IHSG diperkirakan
berpeluang menguat tipis hari ini sejalan dengan pergerakan EIDO dan
sejumlah bursa saham pagi ini. Laporan keuangan 1H17 emiten berpotensi
mewarnai pergerakan IHSG.
Highlights
BSDE: Laba 1H17 melonjak 144.6%YoY
SMRA: Laba 1H17 +99%YoY
UNVR: Kinerja sedikit meningkat
LPPF: Laba bersih 1H17 di atas estimasi
KLBF: Laba bersih meningkat
RALS: Kinerja 1H17 di atas estimasi
MAPI: Laba bersih 1H17 di atas estimasi kami
CPIN: Laba bersih 1H17 menurun, namun masih di atas estimasi
:
5,831.0
:
+11.3
(+0.2%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
TLKM
4,700
50
1.1
UNVR
48,375
575
1.2
GGRM
79,800
1800
2.3
BUMI
358
30
9.1
ASII
7,950
-125
-1.5
BBRI
14,500
-200
-1.4
MYOR
1,940
-110
-5.4
LPPF
12,200
-800
-6.2
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
TLKM
88
ASII
501
JSMR
63
BBCA
41
BBNI
33
ICBP
27
BBRI
30
LPPF
13
BMRI
29
BBTN
11
Money Market
Last
Close
+/-
%
USD/IDR
13,327
9.0
-0.1
JIBOR O/N
4.4
0.0
-Infl (MoM)
0.7
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
35.1
0.3
0.8
ISAT
41.0
-0.5
-1.3
EIDO
26.8
0.1
0.3
World Indices
Last
Close
+/-
%
DJIA
21,830
34
0.2
S&P 500
2,472
-3
-0.1
Euro Stoxx
3,468
-25
-0.7
MSCI World
1,960
-3
-0.2
Nikkei
19,981
21
0.1
Hang Seng
26,979
-152
-0.6
Commodities
Last
Close
+/-
%
Brent Oil
53
0.1
0.1
CPO Malay
2,655
-22.0
-0.8
Coal Newc
86
0.7
0.8
Nickel
10,166
69.0
0.7
Tin
20,730
-90.0
-0.4
Market Value
Changes
Leading Movers
Market Activity
Monday, 31 Jul 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 3 of 11
BSDE: Laba 1H17 melonjak 144.6%YoY
PT Bumi Serpong Damai, Tbk (BSDE) membukukan pertumbuhan pendapatan dan laba sebesar
+46.8%YoY dan 144.6%YoY. Lonjakan tersebut telah mendorong marjin laba bersih naik tajam
sebesar 19.1% menjadi 47.7%.
Update lebih detail akan kami berikan dalam bentuk BSDE company update 1H17. (Investor
Daily). BSDE
: BUY; 17E’ PE: 15.6x, PBV: 1.4x.
SMRA: Laba 1H17 +99%YoY
PT Summarecon Agung, Tbk (SMRA) melaporkan pertumbuhan pendapatan dan laba masing
masing sebesar +15.8%YoY dan +99%YoY, dengan catatan marjin kotor turun -2.7% menjadi
43% vs 45.8% di 1H16, sedangkan marjin laba bersih naik tipis menjadi 1.8%.
Update lebih detail akan kami berikan dalam bentuk SMRA company update 1H17. (Investor
Daily). SMRA
: BUY; 17E’ PE: 15.6x, PBV: 1.4x.
UNVR: Kinerja sedikit meningkat
Penjualan neto tercatat tumbuh 2,4% menjadi Rp 21,3 triliun. Laba brutonya naik 3,8% menjadi Rp
10,9 triliun.
Laba bersihnya naik 9,1% menjadi Rp 3,6 triliun. (Bisnis Indonesia)
Comment:
Kinerja 1H17 tampak masih relatif lemah, namun didukung oleh efisiensi biaya. Laba bersihnya
mencerminkan 50% dan 49% dari estimasi kami dan konsensus untuk FY17F (inline).
Laporan lebih detil akan kami sampaikan nanti. UNVR: HOLD;
17E’ PE: 51.7x, PBV: 60.2x.
(Rp Bn)
1H16
1H17
YoY
Revenue
2,871 4,213 46.8%
Gross profit
2,114 3,093 46.3%
EBIT
908 2,136 135.2%
Net income
822 2,010 144.6%
Gross margin
73.6%
73.4%
-0.2%
EBIT Margin
31.6%
50.7%
19.1%
Net Margin
28.6%
47.7%
19.1%
(Rp Bn)
1H16
1H17
YoY
Revenue
2,318 2,685 15.8%
Gross profit
1,061 1,155
8.9%
EBIT
131 125
-4.4%
Net income
25 49 99.0%
Gross margin
45.8%
43.0%
-2.7%
EBIT Margin
5.6%
4.7%
-1.0%
Net Margin
1.1%
1.8%
0.8%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 4 of 11
LPPF: Laba bersih 1H17 di atas estimasi
Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 11%yoy
menjadi Rp5.7 triliun (di atas estimasi kami dan konsensus), hasil yang baik di tengah lemahnya
capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya
beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional perusahaan
(mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan, sehingga laba
usaha tetap naik sebesar 15%yoy menjadi Rp1.7 triliun.
Laba bersih perusahaan naik 16% secara yoy menjadi Rp1.3 miliar, dan berada di atas proyeksi
kami dan konsensus. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). LPPF:
BUY; 17E’ PE: 12.9x, PBV: 10.5x.
Kami akan memberikan detail selanjutnya dalam bentuk Result Update Report setelah conference
call pada sore hari ini.
KLBF: Laba bersih meningkat
Penjualan neto tercatat tumbuh 5,3% menjadi Rp 10,1 triliun. Laba brutonya naik 5,6% menjadi Rp
4,9 triliun.
Laba bersihnya naik 6,1% menjadi Rp 1,2 triliun. (Bisnis Indonesia)
Comment:
Kinerja 1H17 tampak masih relatif lemah. Meski demikian, laba bersih itu mencerminkan 48% dan
47% dari estimasi kami dan konsensus untuk FY17F (inline).
Laporan lebih detil akan kami sampaikan nanti.
KLBF: Buy, 17E’ PE: 32.5x, PBV: 6.1x.
(in Rp bn)
2Q16
1Q17
2Q17
QoQ
YoY
1H16
1H17
YoY
FY17F
1H17
1H17
/SSI FY17F
/Cons' FY17F
Sales
3,318
1,851
3,886
110%
17%
5,180
5,737
11%
11,448
50%
53%
COGS
(1,196)
(664)
(1,418)
114%
19%
(1,896)
(2,082)
10%
Gross Profit
2,122
1,187
2,468
108%
16%
3,284
3,655
11%
7,399
49%
54%
Operating Expense
(967)
(888)
(1,092)
23%
13%
(1,823)
(1,980)
9%
Operating Profit
1,155
299
1,376
360%
19%
1,461
1,675
15%
2,925
57%
61%
Non-Op Income (exp)
(7)
9
(1)
N/A
-86%
(3)
8
N/A
Pre-tax Income
1,148
308
1,375
346%
20%
1,458
1,683
15%
2,851
59%
61%
Tax
(235)
(64)
(281)
339%
20%
(300)
(345)
15%
Net Income
913
244
1,094
348%
20%
1,158
1,338
16%
2,456
54%
61%
Profitability
Gross margin
64.0%
64.1%
63.5% -0.6%
-0.4%
63.4%
63.7%
0.3%
Operating margin
34.8%
16.2%
35.4% 19.3%
0.6%
28.2%
29.2%
1.0%
Pre-tax margin
34.6%
16.6%
35.4% 18.7%
0.8%
28.1%
29.3%
1.2%
Net margin
27.5%
13.2%
28.2% 15.0%
0.6%
22.4%
23.3%
1.0%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 5 of 11
RALS: Kinerja 1H17 di atas estimasi
Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 10%yoy
menjadi Rp3.5 triliun (di atas estimasi kami dan konsensus), hasil yang baik di tengah lemahnya
capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari lesunya daya
beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional perusahaan
(mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan, sehingga laba
usaha tetap naik sebesar 65%yoy menjadi Rp415 miliar.
Laba bersih perusahaan naik 44% secara yoy menjadi Rp1.3 miliar, dan berada di atas proyeksi
kami dan konsensus.
Performa marjin laba, baik laba bersih dan laba kotor mengalami kenaikan, baik secara YoY dan
QoQ. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). RALS: B
UY; 17E’ PE:
12.9x, PBV: 1.7x.
(in Rp bn)
2Q16
1Q17
2Q17
QoQ
YoY
1H17
1H16
YoY
FY17F
1H17
1H17
/SSI FY17F
/FY17F Cons
Sales
2,070
1,078
2,387
121%
15%
3,465
3,156
10%
6,237
55.6%
55.9%
COGS
(1,268)
(704)
(1,417)
101%
12%
(2,121)
(1,960)
8%
Gross Profit
802
374
970
159%
21%
1,344
1,196
12%
2,277
59.0%
57.8%
Operating Expense
(530)
(394)
(535)
36%
1%
(929)
(945)
-2%
Operating Profit
273
(20)
435
N/A
60%
415
251
65%
415
100.0%
108.1%
Non-Op Income (exp)
21
21
18
-13%
-13%
39
47
-17%
Pre-tax Income
293
1
453
55166%
55%
454
298
52%
540
84%
88.7%
Tax
(47)
2
(88)
N/A
89%
(86)
(43)
100%
Net Income
247
3
365
12622%
48%
368
255
44%
483
76.2%
82.1%
Profitability
Gross margin
38.7%
34.7%
74.8%
40.1%
36.0%
38.8%
37.9%
0.9%
Operating margin
13.2%
-1.9%
18.2%
20.1%
5.1%
12.0%
8.0%
4.0%
Pre-tax margin
14.2%
0.1%
19.0%
18.9%
4.8%
13.1%
9.4%
3.7%
Net margin
11.9%
0.3%
15.3%
15.0%
3.4%
10.6%
8.1%
2.5%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 6 of 11
MAPI: Laba bersih 1H17 di atas estimasi kami
Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 16%yoy
menjadi Rp6.7 triliun (relatif sesuai dengan estimasi kami dan konsensus), hasil yang relatif baik di
tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat dari
lesunya daya beli masyarakat. Sementara, pada level operasional, kenaikan beban operasional
perusahaan (mayoritas gaji karyawan dan pembagian THR), tidak terlalu berdampak signifikan,
sehingga laba usaha tetap naik sebesar 59%yoy menjadi Rp549 miliar.
Laba bersih perusahaan naik 280% secara yoy menjadi Rp175miliar, dan berada di atas proyeksi
kami dan konsensus. Secara QoQ, laba bersih perusahaan juga tercatat naik, yaitu sebesar 97%
dan mencapai Rp116 miliar (1Q17: Rp59 miliar). (Laporan Keuangan Unaudited perusahaan pada
Investor Daily).
Performa marjin laba, baik laba bersih dan laba kotor mengalami kenaikan, baik secara YoY dan
QoQ. (Laporan Keuangan Unaudited perusahaan pada Investor Daily). MAPI: BUY;
17E’ PE:
40.7x, PBV: 2.9x.
(in Rp bn)
2Q16
1Q17
2Q17
QoQ
YoY
1H16
1H17
YoY
FY17F
1H17
1H17
/SSI FY17F /Cons' FY17F
Sales
3,493
3,617
4,096
13%
17%
6,660
7,713
16%
15,879
49%
49%
COGS
(1,890) (1,857)
(2,076)
12%
10%
(3,486)
(3,933)
13%
Gross Profit
1,603
1,760
2,020
15%
26%
3,174
3,780
19%
7,463
51%
50%
Operating Expense
(1,389) (1,577)
(1,654)
5%
19%
(2,829)
(3,231)
14%
Operating Profit
214
183
366
100%
71%
345
549
59%
907
61%
53%
Non-Op Income (exp)
(155)
(90)
(142)
58%
-8%
(257)
(232)
-10%
Pre-tax Income
59
93
224
141% 280%
88
317
260%
473
67%
50%
Tax
(28)
(34)
(108)
218% 286%
(42)
(142)
238%
Net Income
31
59
116
97% 274%
46
175
280%
251
70%
49%
Profitability
Gross margin
45.9%
48.7%
49.3%
0.7%
3.4%
47.7%
49.0%
1.4%
Operating margin
6.1%
5.1%
8.9%
3.9%
2.8%
5.2%
7.1%
1.9%
Pre-tax margin
1.7%
2.6%
5.5%
2.9%
3.8%
1.3%
4.1%
2.8%
Net margin
0.9%
1.6%
2.8%
1.2%
1.9%
0.7%
2.3%
1.6%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 7 of 11
CPIN: Laba bersih 1H17 menurun, namun masih di atas estimasi
Laporan keuangan 1H17 perusahaan menunjukkan kenaikan pendapatan sebesar 32%yoy
menjadi Rp24.9triliun (relatif sesuai dengan estimasi kami dan konsensus), hasil yang relatif baik
di tengah lemahnya capaian kinerja sektor konsumsi dan ritel secara keseluruhan sebagai akibat
dari lesunya daya beli masyarakat dan lemahnya harga DOC dan Broiler terutama pada kuartal
pertama tahun ini.
Kami melihat, momentum Lebaran cukup mampu mendongkrak volume penjualan perusahaan, di
mana secara QoQ, penjualan naik 8% menjadi Rp12.9 triliun.
Sementara, pada level operasional, kenaikan beban operasional perusahaan (mayoritas gaji
karyawan dan pembagian THR), cukup menekan laba usaha, sehingga laba usaha turun sebesar
10%yoy menjadi Rp2.1 triliun (1H16: Rp2.3 triliun).
Performa marjin laba, baik laba bersih dan laba kotor mengalami penurunan, baik secara YoY dan
QoQ
Laba bersih perusahaan turun 13% secara yoy menjadi Rp1.5 triliun, namun masih berada di atas
proyeksi kami dan konsensus. Secara QoQ, laba bersih perusahaan tercatat meningkat, yaitu
sebesar 81% dan mencapai Rp1.13 triliun (1Q17: Rp 625 miliar). (Laporan Keuangan Unaudited
perusahaan pada Bisnis Indonesia). CPIN: BUY;
17E’ PE: 11.6x, PBV: 1.5x.
(in Rp bn) 2Q16 1Q17 2Q17 QoQ YoY 1H16 1H17 YoY FY17F 1H17 1H17
/ SSI FY17F / Cons FY17F
Sales
9,834
12,014
12,923
8%
31%
18,860
24,937
32%
41,329
60%
59%
COGS
(8,016) (10,596)
(11,077)
5%
38%
(15,596)
(21,690)
39%
Gross Profit
1,818
1,418
1,846
30%
2%
3,264
3,247
-1%
7,152
45%
46%
Operating Expenses
(475)
(547)
(382)
-30%
-20%
(929)
(1,151)
24%
Operating Profit
1,343
871
1,464
68%
9%
2,335
2,096
-10%
4,346
48%
49%
Non-Operating Inc (exp)
(103)
(116)
(35)
-70%
-66%
(151)
(205)
36%
Pre-tax Income
1,241
755
1,429
89%
15%
2,184
1,891
-13%
3,481
54%
63%
Tax
(267)
(130)
(290)
123%
9%
(420)
(368)
-12%
Minority Interest
(4)
-
(6)
N/A
1
(6)
1
N/A
Net Income
970
625
1,133
81%
17%
1,758
1,524
-13%
2,820
54%
62%
Profitability
Gross margin
18.5%
11.8%
14.3%
2.5%
-4.2%
17.3%
13.0%
-4.3%
Operating margin
13.7%
7.2%
11.3%
4.1%
-2.3%
12.4%
8.4%
-4.0%
Pre-tax margin
12.6%
6.3%
11.1%
4.8%
-1.6%
11.6%
7.6%
-4.0%
Net margin
9.9%
5.2%
8.8%
3.6%
-1.1%
9.3%
6.1%
-3.2%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 8 of 11
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 312,083 13375 0.0 15.6 13163 14400 7.7 15.7 12.8 1.8 1.5 11.3% 12.0% BBCA HOLD 463,514 18800 0.0 21.3 18984 18000 -4.3 20.0 18.9 3.6 3.1 17.9% 16.5% BBRI BUY 357,703 14500 (1.4) 24.2 15333 15550 7.2 12.8 11.2 2.1 1.9 16.8% 16.8% BBNI BUY 137,068 7350 0.7 33.0 7544 7700 4.8 10.4 8.8 1.4 1.2 13.5% 14.3% BBTN BUY 27,428 2590 2.8 48.9 2770 2870 10.8 8.8 8.2 1.3 1.1 14.4% 13.7% BNLI BUY 19,630 700 1.4 30.5 815 890 27.1 13.2 14.6 0.9 0.8 6.7% 5.7% Average 13.5 12.4 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 98,835 8475 (1.5) (1.2) 9348 10300 21.5 23.8 20.9 4.9 4.4 20.8% 20.9% INDF BUY 75,512 8600 0.0 8.5 9628 9900 15.1 16.2 14.1 2.3 2.1 14.2% 14.9% KLBF BUY 80,625 1720 0.6 13.5 1729 1750 1.7 32.5 28.7 6.1 5.4 18.7% 18.7% ROTI BUY 6,428 1270 3.3 (20.6) 1514 2050 61.4 18.4 15.1 3.8 3.1 20.4% 20.8% ULTJ BUY 14,442 5000 0.0 9.4 5750 5300 6.0 18.8 17.0 3.5 3.0 18.9% 17.5% UNVR HOLD 369,101 48375 1.2 24.7 48260 45200 -6.6 51.7 46.1 60.2 52.8 116.6% 114.4% SIDO BUY 7,440 496 (0.8) (4.6) 676 700 41.1 13.8 11.0 2.6 2.5 18.9% 22.4% AISA BUY 4,184 1300 8.8 (33.2) 1660 1600 23.1 6.8 5.8 1.0 0.9 14.7% 16.5% Average 22.7 19.8 10.6 9.3 30.4% 30.8% Cigarette HMSP BUY 424,561 3650 (0.3) (4.7) 4064 4390 20.3 32.9 31.7 11.3 10.3 34.3% 32.4% GGRM BUY 153,542 79800 2.3 24.9 79605 77150 -3.3 22.6 21.4 3.2 2.9 14.1% 13.4% Average 27.7 26.5 7.2 6.6 24.2% 22.9% Healthcare MIKA BUY 31,430 2160 0.5 (16.0) 2595 2950 36.6 40.0 36.6 7.8 7.1 19.6% 19.3% SILO HOLD 12,811 9850 (0.8) (9.6) 12755 12500 26.9 121.6 95.6 4.0 3.7 3.3% 3.8% Average 80.8 66.1 5.9 5.4 11.4% 11.6% Poultry CPIN BUY 44,931 2740 (3.5) (11.3) 3171 4500 64.2 11.6 10.7 1.5 1.3 12.8% 12.4% JPFA BUY 13,407 1175 (0.8) (19.2) 1549 1500 27.7 6.9 5.5 1.2 1.0 18.0% 18.9% MAIN BUY 2,239 1000 0.0 (23.1) 1111 2280 128.0 5.4 4.3 0.9 0.7 15.9% 17.2% Average 8.0 6.9 1.2 1.0 15.6% 16.2% Retail MAPI BUY 10,209 6150 0.0 13.9 7421 7700 25.2 40.7 29.4 2.9 2.7 7.2% 9.1% RALS BUY 6,706 945 (5.0) (20.9) 1396 1300 37.6 12.9 10.2 1.7 1.6 13.3% 15.4% ACES BUY 19,465 1135 0.4 35.9 1158 1300 14.5 25.8 21.0 5.8 4.8 22.4% 23.0% LPPF BUY 35,599 12200 (6.2) (19.3) 16181 19500 59.8 12.9 12.4 10.5 7.4 81.1% 60.0% Average 23.1 18.3 5.2 4.1 31.0% 26.9% Telco EXCL BUY 35,270 3300 0.0 42.9 3646 3200 -3.0 89.2 58.9 1.6 1.6 1.8% 2.7% ISAT BUY 34,777 6400 1.2 (0.8) 8087 8200 28.1 17.6 12.6 2.4 2.1 13.4% 16.7% TLKM BUY 473,760 4700 1.1 18.6 4954 5000 6.4 19.6 15.2 4.7 4.0 24.0% 26.7% TOWR BUY 41,832 4100 3.0 14.5 4613 4500 9.8 11.9 11.2 2.9 2.3 24.5% 20.7% Average 34.6 24.5 2.9 2.5 15.9% 16.7% Auto and HE ASII BUY 321,844 7950 (1.5) (3.9) 9149 9000 13.2 14.4 12.2 2.5 2.0 17.2% 16.4% UNTR BUY 109,479 29350 1.4 38.1 31605 31500 7.3 16.8 14.9 2.5 2.2 14.7% 14.9% Average 15.6 13.5 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 9,009 348 (2.2) 3.0 385 420 20.7 261.4 26.1 0.6 0.4 0.2% 1.7% Property BSDE BUY 33,682 1750 (1.1) (0.3) 2261 2350 34.3 15.6 13.5 1.4 1.2 8.7% 8.5% PWON BUY 33,471 660 4.5 23.0 721 710 7.6 16.1 13.5 3.1 2.6 19.2% 19.3% ASRI HOLD 6,013 306 (0.6) (13.1) 441 390 27.5 9.0 8.5 0.8 0.7 8.8% 8.7% SMRA HOLD 14,355 995 (4.3) (24.9) 1436 1307 31.4 43.3 33.2 1.7 1.6 4.0% 4.8% SSIA BUY 3,200 680 0.0 56.7 961 750 10.3 15.1 12.6 1.0 0.9 6.6% 7.5% CTRA BUY 19,024 1025 0.5 (23.2) 1606 1580 54.1 11.9 10.0 1.2 1.1 10.3% 11.1% DMAS BUY 10,218 212 0.0 (7.8) 295 300 41.5 12.0 9.7 1.2 1.0 9.7% 10.8% KIJA BUY 6,581 316 (0.6) 9.1 413 450 42.4 13.7 12.2 1.1 1.0 7.8% 8.1% Average 17.1 14.1 1.4 1.3 9.4% 9.8%
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 9 of 11
Construction PTPP BUY 19,034 3070 7.0 (19.4) 4534 4150 35.2 13.6 11.5 1.6 1.5 11.8% 12.6% ADHI HOLD 7,727 2170 1.9 4.3 2741 2550 17.5 23.3 19.5 1.4 1.4 6.0% 7.1% WSKT BUY 32,170 2370 5.8 (7.1) 3185 3250 37.1 14.2 11.2 1.6 1.5 11.2% 13.6% WIKA BUY 18,568 2070 3.8 (12.3) 3007 3000 44.9 16.7 14.6 1.3 1.2 8.0% 8.3% Average 17.0 14.2 1.5 1.4 9.3% 10.4% Cement INTP SELL 64,974 17650 1.0 14.6 15239 13500 -23.5 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 59,612 10050 0.0 9.5 9845 9000 -10.4 14.7 13.3 1.9 1.7 12.9% 12.9% SMCB SELL 6,054 790 (0.6) (12.2) 806 700 -11.4 -32.9 -26.3 0.7 0.7 -2.3% -2.8% SMBR HOLD 31,287 3160 0.0 13.3 539 2300 -27.2 83.2 79.0 8.3 7.3 10.0% 9.3% Average 20.7 20.7 3.3 3.0 8.4% 8.0% Precast WSBP BUY 12,864 452 2.5 (12.1) 683 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,273 605 3.4 (26.7) 962 1150 90.1 15.9 13.8 1.7 1.5 10.9% 10.6% Average 13.8 11.4 1.6 1.3 11.6% 12.1%Oil and Gas
PGAS HOLD 54,786 2260 0.9 (16.3) 2788 2600 15.0 12.4 10.1 1.2 1.1 9.4% 10.7% AKRA BUY 27101.0 6775.0 2.3 12.9 6857.1 7600 12.2 23.1 22.9 3.5 3.2 15.2% 14.0% MEDC BUY 8,998 2700 1.9 104.5 4117 4500 66.7 3.7 3.5 0.7 0.6 17.6% 16.3% Average 13.1 12.2 1.8 1.6 14% 14% Utilities JSMR HOLD 41,370 5700 4.1 31.9 6006 5100 -10.5 21.3 21.5 2.8 2.5 12.9% 11.7% Metal ANTM BUY 16,581 690 (3.5) (22.9) 703 1250 81.2 8.0 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 24,741 2490 4.2 (11.7) 2306 2145 -13.9 93.8 46.9 1.0 1.0 1.1% 2.1% TINS BUY 6,182 830 (1.2) (22.8) 1038 1200 44.6 39.5 24.4 1.1 1.1 2.9% 4.5% Average 47.1 25.2 1.0 1.0 4.7% 8.1% Coal DOID BUY 6677.2 785.0 6.1 53.9 1587.5 1600 103.8 5.4 5.6 2.4 1.6 44.0% 28.6% ITMG BUY 23,192 20525 0.1 21.6 21727 22300 8.6 9.7 9.7 1.7 1.6 17.9% 16.6% ADRO BUY 58,374 1825 1.4 7.7 2026 2100 15.1 13.8 12.6 1.2 1.1 8.5% 8.7% PTBA BUY 30,357 13175 1.5 5.4 15039 15000 13.9 13.6 11.0 2.7 2.4 19.9% 21.5% Average 10.6 9.7 2.0 1.7 22.6% 18.9% Plantation AALI BUY 28,052 14575 (4.3) (13.1) 17659 19800 35.8 16.0 13.4 1.7 1.6 10.7% 12.1% LSIP BUY 9,586 1405 (1.1) (19.3) 1713 2050 45.9 12.7 9.8 1.2 1.1 9.1% 10.9% SIMP HOLD 8,224 520 (1.0) 5.3 588 600 15.4 11.1 10.2 0.6 0.5 5.0% 5.2% Average 13.2 11.1 1.1 1.1 8.3% 9.4%
Source: SSI Research, Bloomberg
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 10 of 11
Regional Indices 1D Change
Points 1D 3D 1W 1M 3M YTD 1YR High Low
World (3.22) 1,960 (0.16) (0.08) 0.28 2.29 4.37 11.94 13.85 1,971 1,657 U.S. (S&P) (3.32) 2,472 (0.13) (0.20) (0.02) 2.01 3.69 10.42 13.73 2,484 2,084 U.S. (DOW) 33.76 21,830 0.15 1.00 1.16 2.25 4.25 10.46 18.44 21,841 17,884 Europe (25.41) 3,468 (0.73) (0.17) 0.46 0.75 (2.58) 5.39 15.95 3,667 2,893 Emerging Market (5.98) 1,063 (0.56) 0.06 (0.12) 5.16 8.69 23.28 21.70 1,073 837 FTSE 100 (74.64) 7,368 (1.00) (0.89) (1.13) 0.76 2.28 3.16 n/a 7,599 6,616 CAC 40 (55.56) 5,131 (1.07) (0.58) 0.27 0.21 (2.58) 5.53 15.58 5,442 4,293 Dax (49.34) 12,163 (0.40) (0.83) (0.63) (1.32) (2.21) 5.94 17.66 12,952 10,093 Indonesia 11.28 5,831 0.19 0.30 1.14 0.02 2.56 10.09 11.79 5,910 5,023 Japan 4.81 19,965 0.02 (0.43) (0.06) (0.34) 4.00 4.45 20.49 20,318 15,921 Australia 1.28 5,704 0.02 (1.26) 0.28 (0.30) (3.71) 0.68 2.55 5,957 5,052 Korea (7.75) 2,393 (0.32) (1.70) (2.38) 0.06 8.52 18.10 18.70 2,453 1,931 Singapore (23.96) 3,331 (0.71) 0.09 0.50 3.23 4.89 15.62 16.11 3,355 2,761 Malaysia (2.99) 1,767 (0.17) 0.21 0.45 0.19 (0.06) 7.64 6.88 1,797 1,614 Hong Kong (151.78) 26,979 (0.56) 0.47 1.02 4.72 9.60 22.63 23.24 27,169 21,489 China 3.46 3,253 0.11 0.29 0.47 1.90 3.12 4.82 9.19 3,301 2,932 Taiwan (85.32) 10,423 (0.81) (0.38) (0.13) 0.27 5.58 12.64 16.01 10,546 8,880 Thailand (2.11) 1,581 (0.13) 0.27 0.37 (0.10) 0.94 2.47 3.70 1,601 1,343 Philipines 25.69 8,071 0.32 1.25 1.02 2.91 5.36 17.99 1.36 8,107 6,499
Monetary Indicators 1D Change
Points 1W 1M 3M YTD 1YR High Low
JIBOR Overnight (%) (0.04) 4.36 (0.14) (13.77) 0.56 2.93 (6.16) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41
Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02)
US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50
Indo Govt Bond Yld (10yr) - % (0.00) 6.95 0.30 1.82 (1.35) (12.79) 0.26 8.36 6.77
Exchange Rate (per US$) 1D Change
Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 9.00 13327 (0.07) (0.01) (0.11) 0.01 1.10 1.10 (1.68) 13,593 12,920
Japan (0.18) 110.50 0.16 0.62 0.54 1.71 5.85 5.85 (7.34) 118.66 99.54
UK (0.00) 1.31 (0.02) 0.08 0.81 0.83 6.43 6.43 (0.35) 1.34 1.18
Euro (0.00) 1.17 (0.09) 0.05 0.84 2.75 11.63 11.63 5.17 1.18 1.03
China (0.01) 6.74 0.09 0.21 0.44 0.93 3.09 3.09 (1.18) 6.96 6.62
Commodities Indicators 1D Change
Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low
Oil 0.06 49.77 0.12 2.09 7.40 8.10 0.89 (7.35) 19.64 55.24 39.19 CPO (22.00) 2,655.00 (0.82) 1.10 3.19 8.81 5.86 (14.60) 15.43 3,202.00 2,298.00 Rubber (8.00) 814.00 (0.97) (0.67) 2.20 2.78 (14.14) (16.73) 20.59 1,174.00 644.00 Coal 0.65 86.00 0.76 0.23 (1.04) 8.79 8.31 (9.19) 28.94 112.25 69.00 Iron Ore (0.93) 67.71 (1.35) 1.45 (1.57) 20.78 5.52 (13.26) 19.00 94.91 54.24 Tin (90.00) 20,730.00 (0.43) 1.12 1.42 5.87 3.70 (2.24) 16.72 21,945.00 17,924.00 Nickel 70.00 10,200.00 0.69 1.95 7.14 10.03 7.94 1.80 (4.63) 12,145.00 8,680.00 Copper (5.00) 6,325.00 (0.08) 1.61 5.35 7.55 10.28 14.26 29.17 6,400.00 4,582.00 Gold 1.20 1,269.60 0.09 1.62 1.22 2.33 0.28 10.40 (5.89) 1,367.20 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 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independenc e 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
www.samuel.co.id
Page 11 of 11
Research Team
Andy Ferdinand, CFA Head Of Equity Research, Strategy, Banking, Consumer [email protected] +6221 2854 8148 Rangga Cipta Economist [email protected] +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382 Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction
Healthcare, Heavy Equipment, Property [email protected] +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Toll Road,
Oil and Gas [email protected] +6221 2854 8392 Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339 Nadya Swastika Research Associate [email protected] +6221 2854 8338
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325
Equity Sales Team
Kelvin Long Head of Equities [email protected] +6221 2854 8150 Yulianah Institutional Equity Sales [email protected] +6221 2854 8146 Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372 Wahyu Widodo Marketing [email protected] +6221 2854 8371 Aben Epapras Marketing [email protected] +6221 2854 8389
