DAILY RESEARCH DAILY 28 September 2021 RESEAR Market Activity Highlights Market Index 6,122.5 WSKT : Index Movement

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DAILY RESEAR CH

Market

Market Activity

Market Index : 6,122.5

Index Movement : -22.3 -0.36%

Market Volume : 24,143 Mn shrs Market Value : 10,264 Bn rupiah

Last

Close +/- %

Leading Movers

MASA 5,450 600 12.4

UNTR 22,875 800 3.6

BYAN 18,300 875 5.0

AMRT 1,395 65 4.9

Lagging Movers

BBRI 3,750 -70 -1.8

UNVR 3,860 -110 -2.8

TLKM 3,520 -40 -1.1

BMRI 5,900 -75 -1.3

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

BBRI 257 BABP 56

BBCA 88 BMRI 55

UNTR 77 UNVR 36

TLKM 58 ADRO 29

BUKA 48 LINK 17 Money Market

Last

Close +/- %

USD/IDR 14,253 -5.0 0.0

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 24.6 -0.3 -1.0

EIDO 21.2 -0.1 -0.6

Global Indices Last

Close +/- %

DJIA 34,869 71 0.21

S&P 500 4,443 -12 -0.28

Euro Stoxx 4,165 7 0.17

MSCI World 3,096 -8 -0.26

STI 3,100 39 1.27

Nikkei 30,240 -9 -0.03

Hang Seng 24,209 17 0.1

Commodities*

Last

Close +/- %

Brent Oil 79.5 1.4 1.84

Coal (ICE) 204.8 13.7 7.14 CPO Malay 4,394 -47.0 -1.06

Gold 1,750 -0.3 -0.01

Nickel 18,959 -447.3 -2.30

Tin 36,539 -1,439.0 -3.94

*last price per closing date

Changes Changes

Changes

Changes Monday, 27 Sep 2021

Minim Sentimen, IHSG Diperkirakan Sideways

Pada penutupan perdagangan semalam, pasar AS bergerak mixed. Indeks Dow Jones naik +0.21%, S&P 500 turun -0.28%, dan Nasdaq -0.52%. Penurunan terjadi pasca kenaikan Treasury yield menjelang rencana the Fed untuk memulai pengurangan pembelian asset pada kuartal mendatang dan menaikkan suku bunga tahun depan. Yield UST 10Y naik ke level 1.48%, begitu juga dengan USD index yang naik +1.08% ke level 93.38.

Dari pasar komoditas, harga minyak Brent menguat +2.00% ke level USD 75.4/bbl.

Harga batubara naik +7.14% ke level USD 204.0/ton, nikel -1.64% ke level USD 18,900/Ton, dan CPO naik -1.06% ke level MYR 4,395/ton. Sementara itu, harga emas terpantau melemah -1.00% ke level USD 1,750/toz).

Kemarin, Indeks EIDO ditutup melemah -0.56%, IHSG ditutup -0.4% ke level 6,122, dengan net buy asing sebesar IDR 311.7 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBRI (IDR 257.4 miliar), BBCA (IDR 87.7 miliar), dan UNTR (IDR 76.8 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh BABP (IDR 55.9 miliar), BMRI (IDR 54.5 miliar), dan UNVR (IDR 36 miliar). Top leading movers emiten MASA, UNTR, BYAN, sementara top lagging movers emiten BBRI, UNVR, TLKM

Kasus harian COVID-19 masih terus melanjutkan tren penurunannya. Terjadi penambahan 1,390 kasus baru COVID-19 pada hari Senin dengan positive rate sebesar 0.9%. Sejauh ini, telah ditemukan sebanyak 4.2 juta kasus COVID-19 di Indonesia, dengan 4.0 juta pasien sembuh (recovery rate: 95.7%, kasus aktif: 40 ribu). Terkait vaksinasi, sejauh ini 87.1 juta orang di Indonesia telah menerima dosis pertama vaksin COVID-19 dan 48.9 juta telah menerima dosis kedua, merefleksikan 41.9% dari total target.

Seiring dengan minimnya sentimen positif dari bursa regional dan melihat pergerakan bursa AS yang ditutup mixed semalam, kami memperkirakan IHSG akan melanjutkan pergerakan sideways hari ini.

DAILY RESEARCH

28 September 2021

Highlights

 WSKT : Bidik Pendanaan IDR 12 Triliun

 ADRO : Buyback Saham Rp 4 T



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Equity Research│28 September 2021

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)

28-Sep-20 19-Oct-20 9-Nov-20 30-Nov-20 21-Dec-20 11-Jan-21 1-Feb-21 22-Feb-21 15-Mar-21 5-Apr-21 26-Apr-21 17-May-21 7-Jun-21 28-Jun-21 19-Jul-21 9-Aug-21 30-Aug-21 20-Sep-21

0 10 20 30 40 50 60 70 80 90

40 60 80 100 120 140 160 180 200

28-Sep-20 28-Oct-20 27-Nov-20 27-Dec-20 26-Jan-21 25-Feb-21 27-Mar-21 26-Apr-21 26-May-21 25-Jun-21 25-Jul-21 24-Aug-21 23-Sep-21

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

ep-20 ct-20 ov-20 ec-20 an-21 eb-21 ar-21 pr-21 ay-21 un-21 -Jul-21 ug-21 ep-21

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

ep-20 ct-20 ov-20 ec-20 an-21 eb-21 ar-21 pr-21 ay-21 un-21 -Jul-21 ug-21 ep-21

10,000 12,000 14,000 16,000 18,000 20,000 22,000

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 %

9/27/2021 4,209,403 0.03 141,585 118 (43,928,287) 1143.58 9/26/2021 4,208,013 0.04 141,467 86 (43,929,559) 1143.95 9/25/2021 4,206,253 0.05 141,381 123 (43,711,562) 1139.20 9/24/2021 4,204,116 0.06 141,258 144 (42,433,319) 1109.33 9/23/2021 4,201,559 0.07 141,114 160 (42,435,732) 1110.00 9/22/2021 4,198,678 0.06 140,954 149 (41,795,309) 1095.44 9/21/2021 4,195,958 0.08 140,805 171 (41,169,497) 1081.17

Average 136 1117.52

Source: SSI Research, Bloomberg

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Equity Research│28 September 2021

WSKT: Bidik Pendanaan IDR 12 Triliun

Waskita Karya (WSKT) membidik pendanaan sebesar IDR 12 triliun yang berasal dari penyetoran modal negara (PMN) sebesar IDR 7.9 triliun dan right issue investor publik sebesar IDR 4 triliun. Dalam paparannya, Destiawan Soewardjono (Direktur Utama WSKT) menyebutkan bahwa dengan suntikan PMN maka CAGR pendapatan dan laba bersih pada 2021 – 2026 akan meningkat menjadi 26% dan 25% dari sebelumnya hanya 10%. Selain itu, diproyeksikan bahwa laba bersih WSKT akan positif pada 2023 (sebelumnya 2025). (Kontan)

Comment:

PMN dan right issue merupakan sebagian dari 8 program reformasi di WSKT. Dana dari PMN akan digunakan untuk penyelesaian konstruksi beberapa ruas tol di pulau Jawa. Meski demikian, belum ada informasi tambahan terkait dengan rencana penggunaan dari dari right issue. Nilai ekuitas WSKT setelah PMN dan right issue akan meningkat menjadi IDR 21.7 triliun dengan debt to equity ratio yang lebih baik (3.68x) dari sebelumnya (6.12x).

(WSKT: Under review Previous: WSKT: BUY: 0.0x PE '21E, 0.8x PBV '21E, TP: IDR 1,400)

ADRO: Buyback Saham Rp 4 T

ADRO berencana membeli kembali (buyback) saham sebanyak-banyaknya IDR 4 triliun. Buyback akan dilakukan secara bertahap selama tiga bulan, terhitung sejak 27 September 2021 hingga 26 Desember 2021. (Investor Daily)

Comment:

Berdasarkan LK 1H21, posisi kas ADRO tercatat sebesar USD 1.2 miliar atau setara dengan IDR 17.3 triliun (USD

14,250/IDR), yang berarti ADRO memiliki kas yang memadai untuk melaksanakan buyback hingga akhir tahun

ini. Manajemen menyatakan bahwa rencana buyback tidak akan melebihi 20% dari modal disetor (paid-in capital)

dan tetap menjaga jumlah saham beredar di publik (free float) sebesar 7.5%. Jika diasumsikan harga rata-rata

saham ADRO sebesar IDR 1,500/saham, maka potensi jumlah saham yang akan diserap dalam buyback sekitar

2.67 miliar saham. Secara YTD2021, harga saham ADRO telah menguat 6.3%; namun masih cenderung tertinggal

dibandingkan kompetitornya (ITMG 32.7%; HRUM 150.8%) maupun kenaikan harga batubara global (+137.4%)

(ADRO: HOLD: 10.6x PE '21E, 0.9x PBV '21E, TP: IDR 1,530)

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Equity Research│28 September 2021

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) (%) 20A 21E 20A 21E 20A 21E

Banks

BBCA BUY 10.8 32,900 40,500 36,354 23.1 29.9 25.5 4.4 4.0 14.7 15.7

BBRI BUY 7.6 3,750 5,300 4,680 41.3 23.9 14.1 2.5 2.2 10.3 15.8

BMRI BUY 3.7 5,900 8,000 7,875 35.6 16.1 11.6 1.5 1.4 9.1 12.1

BBNI BUY 1.3 5,075 8,500 7,141 67.5 31.7 7.3 0.8 0.7 2.6 9.7

BBTN BUY 0.2 1,360 2,300 1,992 69.1 8.9 5.6 0.7 0.6 8.1 11.4

Average 18.9 8.2 1.0 0.9 6.6 11.1

Consumer (Staples)

ICBP BUY 1.3 8,350 12,000 11,179 43.7 19.3 14.8 3.9 3.3 19.9 22.1

INDF BUY 0.7 6,100 9,500 8,421 55.7 11.0 11.1 1.3 1.2 11.9 11.0

KLBF BUY 0.9 1,400 1,750 1,735 25.0 23.7 21.5 3.8 3.5 16.0 16.0

UNVR BUY 2.0 3,860 5,900 5,261 52.8 20.5 20.3 29.9 29.5 145.7 145.0

SIDO BUY 0.3 789 970 940 22.9 25.4 21.8 7.4 6.9 29.1 31.5

Average 20.0 17.9 9.2 8.9 44.5 45.1

Cigarette

HMSP SELL 1.5 970 870 1,182 -10.3 13.1 13.3 3.7 3.7 28.5 28.1

GGRM BUY 0.8 31,025 38,240 34,089 23.3 7.1 6.8 1.0 1.0 14.2 13.9

Average 10.1 10.1 2.4 2.3 21.4 21.0

Healthcare

MIKA BUY 0.5 2,360 3,500 3,003 48.3 39.6 37.3 6.9 6.3 17.5 16.8

SILO BUY 0.2 9,500 10,800 10,633 13.7 131.9 36.4 2.6 2.5 2.0 6.8

HEAL BUY 0.2 1,175 1,380 1,432 17.4 10.8 9.3 1.4 1.3 13.3 13.5

Average 60.8 27.7 3.7 3.3 10.9 12.4

Poultry

CPIN BUY 1.4 6,525 7,300 7,364 11.9 37.1 28.5 5.1 4.7 13.7 16.4

JPFA BUY 0.3 1,845 2,200 2,474 19.2 23.1 12.1 1.9 1.6 8.0 13.1

MAIN BUY 0.0 780 1,380 1,107 76.9 n/a 11.5 0.8 0.8 -0.9 6.8

WMUU BUY 0.0 165 340 340 106.1 n/a 7.5 n/a 1.6 n/a 21.8

Average 30.1 17.4 2.6 2.3 7.0 12.1

Retail

MAPI BUY 0.2 765 950 885 24.2 n/a 23.1 2.4 2.3 -10.4 10.0

RALS BUY 0.1 685 900 721 31.4 n/a 14.6 1.1 1.1 -1.5 7.7

ACES BUY 0.3 1,255 1,900 1,479 51.4 26.7 19.6 4.3 3.8 16.1 19.6

LPPF SELL 0.1 2,770 1,100 2,499 -60.3 n/a 21.5 4.7 7.3 -35.0 34.1

Average 26.7 19.1 2.6 2.4 1.4 12.4

Pulp and Paper

INKP BUY 0.5 7,100 9,900 9,900 39.4 8.2 9.8 0.6 0.6 7.6 6.0

Average 8.2 9.8 0.6 0.6 7.6

Media

MNCN BUY 0.2 815 1,650 1,335 102.5 5.1 4.2 0.7 0.6 13.6 14.6

SCMA BUY 0.4 2,030 2,450 2,347 20.7 26.0 22.8 7.7 6.7 29.7 29.3

Average 15.6 13.5 4.2 3.6 21.6 21.9

Telco

EXCL HOLD 0.4 2,890 3,000 3,438 3.8 82.6 41.9 1.6 1.6 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,212 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.7 3,520 4,050 4,338 15.1 16.8 15.6 2.9 2.8 17.2 17.7

Average 49.7 41.1 2.3 1.5 4.5 7.3

Telco Retail

ERAA BUY 0.1 605 1,625 801 168.6 3.2 2.6 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.9 2,990 2,500 3,343 -16.4 62.3 47.5 10.3 6.5 16.5 13.7

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Equity Research│28 September 2021

Auto

ASII BUY 2.8 5,175 6,750 6,584 30.4 11.6 10.5 1.0 1.0 9.0 9.6

Average 11.6 10.5 1.0 1.0 9.0

Mining Contracting

UNTR BUY 1.1 22,875 31,000 27,369 35.5 12.3 9.1 1.4 1.3 11.2 13.8

Average 12.3 9.1 1.4 1.3 11.2

Property

BSDE BUY 0.3 990 1,350 1,428 36.4 14.8 11.1 0.6 0.6 4.0 4.9

PWON HOLD 0.3 482 530 596 10.0 37.1 13.0 1.0 1.6 2.6 12.1

ASRI SELL 0.0 168 130 218 -22.6 12.9 6.0 0.3 0.3 2.3 4.7

LPKR SELL 0.2 158 140 197 -11.4 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 815 1,200 1,084 47.2 67.9 34.0 1.7 1.8 2.5 5.3

CTRA BUY 0.2 895 1,100 1,328 22.9 21.3 16.6 1.1 1.0 5.1 6.2

Average 30.8 16.1 0.8 0.9 2.7 5.5

Industrial Estate

SSIA BUY 0.0 498 700 810 40.6 n/a 45.3 0.6 0.6 -1.6 1.3

DMAS BUY 0.1 190 250 252 31.6 12.7 11.2 1.2 1.4 9.6 12.7

KIJA SELL 0.0 158 150 N/A -5.1 14.4 12.2 0.6 0.4 4.0 3.4

Average 13.5 22.9 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 1,075 1,900 1,273 76.7 48.9 8.7 0.5 0.4 0.9 4.9

ADHI BUY 0.0 925 1,800 1,011 94.6 38.5 9.0 0.6 0.5 1.5 6.1

WSKT BUY 0.2 845 1,400 987 65.7 n/a n/a 0.7 0.8 -44.6 -7.4

WIKA BUY 0.1 1,190 1,400 1,192 17.6 12.4 8.1 0.6 0.6 5.0 7.1

Average 33.3 8.6 0.6 0.6 -9.3 2.6

Cement

INTP BUY 0.5 10,575 16,250 14,149 53.7 29.4 24.4 1.7 1.7 5.8 6.9

SMGR BUY 0.7 8,200 13,050 11,980 59.1 21.5 17.3 1.4 1.3 6.3 7.4

Average 25.4 20.9 1.5 1.5 6.1 7.2

Precast

WSBP BUY 0.1 146 230 140 57.5 13.3 3.9 0.4 0.3 2.9 8.9

WTON BUY 0.0 256 450 307 75.8 23.3 6.9 0.7 0.6 2.9 8.9

Average 18.3 5.4 0.5 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,165 1,700 1,408 45.9 21.2 16.6 0.7 0.7 3.3 4.1

AKRA HOLD 0.2 4,130 4,400 4,284 6.5 18.0 16.4 1.9 1.8 10.6 11.0

MEDC BUY 0.2 505 1,090 883 115.8 n/a 6.9 0.7 0.7 -9.9 9.7

Average 19.6 13.3 1.1 1.1 1.3 8.3

Chemical

TPIA BUY 2.1 7,150 10,250 8,971 43.4 493.1 82.2 4.9 4.9 1.0 6.0

BRPT BUY 1.2 965 1,150 1,145 19.2 201.7 123.2 5.1 5.1 2.5 4.2

ESSA SELL 0.1 280 225 593 -19.6 n/a n/a 1.9 1.0 -20.0 -0.5

Average 347.4 102.7 4.0 3.7 -5.5 3.2

Utilities

JSMR BUY 0.4 3,770 5,000 5,108 32.6 57.1 18.9 1.1 1.1 2.0 5.6

Metal

ANTM BUY 0.7 2,290 3,230 3,361 41.0 36.9 22.5 2.8 2.6 7.7 11.7

MDKA BUY 0.8 2,650 3,000 3,327 13.2 n/a 14.4 9.6 10.5 15.7 72.9

INCO BUY 0.6 4,660 6,700 6,531 43.8 40.2 24.7 1.6 1.5 3.9 6.1

TINS BUY 0.2 1,510 1,775 1,883 17.5 n/a 1715.9 2.1 2.6 -4.2 0.1

Average 38.6 444.4 4.0 4.3 5.8 22.7

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Equity Research│28 September 2021

Coal

ITMG HOLD 0.3 18,525 19,700 19,681 6.3 31.8 6.1 1.7 1.3 5.4 22.1

ADRO HOLD 0.6 1,510 1,530 1,696 1.3 14.0 10.6 0.9 0.9 6.3 8.7

PTBA BUY 0.4 2,460 3,200 2,841 30.1 11.5 7.1 1.7 1.3 14.6 18.0

Average 19.1 7.9 1.4 1.2 8.8 16.3

Plantation

AALI BUY 0.2 8,550 12,300 12,126 43.9 19.7 14.1 0.9 0.8 4.4 5.9

LSIP BUY 0.1 1,115 1,370 1,598 22.9 10.9 8.9 0.8 0.7 7.5 8.3

TBLA BUY 0.1 785 980 1,050 24.8 6.5 5.3 0.6 0.5 8.9 10.3

SIMP SELL 0.1 432 388 N/A -10.2 39.3 25.4 0.5 0.5 1.2 1.8

SSMS BUY 0.1 815 1,500 N/A 84.0 24.0 10.3 1.8 1.5 7.4 15.0

Average 20.1 12.8 0.9 0.8 5.9 8.3

Technology

ASSA SELL 0.2 3,510 3,000 3,125 -14.5 136.6 83.0 8.3 7.5 6.1 9.1

EMTK BUY 1.6 1,925 2,800 3,133 45.5 56.6 128.3 9.5 5.2 16.7 4.1

Average 59.3 58.6 5.1 3.8 9.0 9.1

Source: SSI Research, Bloomberg

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

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Equity Research│28 September 2021

Chg (Pts)

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

World 3,096 (7.97) (0.26) 1.50 (1.22) 2.33 15.07 30.81 3,174 2,276

U.S. (S&P) 4,443 (12.37) (0.28) 1.96 (1.47) 3.79 18.29 34.70 4,546 3,228

U.S. (DOW) 34,869 71.37 0.21 2.65 (1.65) 1.26 13.93 28.32 35,631 26,144

Europe 4,165 6.97 0.17 3.01 (0.61) 1.85 17.25 29.23 4,253 2,921

Emerging Market 1,267 2.26 0.18 0.47 (0.42) (8.22) (1.85) 18.46 1,449 1,059

FTSE 100 7,063 11.92 0.17 2.31 (1.18) (0.14) 9.33 19.15 7,224 5,526

CAC 40 6,651 12.45 0.19 3.02 (0.46) 1.42 19.81 37.32 6,914 4,513

Dax 15,574 42.13 0.27 2.92 (1.75) 0.13 13.52 21.00 16,030 11,450

Indonesia 6,122 (22.32) (0.36) 0.76 1.34 3.08 2.40 24.78 6,505 4,841

Japan 30,137 (103.31) (0.34) (1.19) 9.03 3.75 9.81 28.18 30,796 22,948

Australia 7,338 (46.57) (0.63) 0.88 (2.01) 0.41 11.39 23.27 7,633 5,780

Korea 3,130 (3.95) (0.13) (0.01) (0.13) (5.22) 8.92 35.60 3,316 2,267

Singapore 3,100 38.95 1.27 1.93 0.63 (0.85) 9.02 24.86 3,237 2,421

Malaysia 1,533 0.99 0.06 0.34 (3.59) (0.75) (5.79) 1.42 1,696 1,452

Hong Kong 24,209 16.62 0.07 (2.86) (4.72) (17.29) (11.10) 3.12 31,183 23,250

China 3,583 (30.24) (0.84) (0.67) 1.72 (0.65) 3.16 11.35 3,732 3,202

Taiwan 17,314 53.58 0.31 0.20 0.60 (1.58) 17.52 38.92 18,034 12,282

Thailand 1,620 (11.13) (0.68) (0.35) 0.55 2.59 11.78 28.27 1,658 1,187

Philipines 6,956 4.73 0.07 1.43 2.50 0.26 (2.57) 18.68 7,432 5,825

Foreign Reserves (US$Bn) 144.80 5.43 6.16 6.55 5.66 144.80 133.56

Inflation Rate (yoy, %) 1.59 1.68 1.33

Gov Bond Yld (10yr, %) 6.20 (10.35) 6.97 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,253 (5.00) 0.04 (0.07) 1.16 1.35 (1.42) 4.54 14,918 13,865

Japan 110.99 (0.01) 0.01 (1.59) (0.96) (0.32) (6.97) (4.95) 111.66 102.59

UK 1.37 0.00 0.01 0.29 (0.44) (1.33) 0.21 6.74 1.42 1.28

Euro 1.17 (0.00) (0.01) (0.27) (0.87) (1.94) (4.27) 0.24 1.23 1.16

China 6.46 (0.01) 0.14 0.14 0.23 (0.01) 1.09 5.49 6.83 6.36

Chg (Pts)

Oil (Brent) 79.34 (0.19) (0.24) 6.70 9.13 6.24 53.17 86.99 79.90 35.74

CPO 4,629 (36.00) (0.77) 4.19 1.51 25.04 18.97 57.99 4,839 2,745

Coal 204.75 13.65 7.14 13.97 19.74 56.18 154.35 248.21 189.00 52.60

Tin 35,100 (1,439.00) (3.94) 3.51 4.46 14.06 72.69 104.25 36,830 16,990

Nickel 18,946 (441.00) (2.27) (0.58) (0.34) 2.28 14.04 32.82 20,705 14,045

Copper 9,362 29.50 0.32 3.64 (0.51) (0.55) 20.55 43.04 10,748 6,269

Gold 1,751 0.72 0.04 (1.33) (3.28) (1.55) (7.77) (6.94) 1,966 1,677

Silver 22.61 (0.02) (0.08) 0.50 (5.93) (13.41) (14.36) (4.50) 30 22

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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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.

Equity Research│28 September 2021

Research Team

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

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

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

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

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346

Calista Muskitta Retail [email protected] +6221 2854 8331

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

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

Adolf Richardo Editor [email protected] +6221 2864 8854

Ashalia Fitri Research Associate [email protected] +6221 2854 8163

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

Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

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

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

Suryanti Salim Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales [email protected] +6221 2854 8380

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

GittaWahyuRetnani PWM Equity Sales [email protected] +6221 2854 8365

WahyudiBudiyono 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 28548384

Fendy Fixed Income Sales [email protected] +6221 28548385

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [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

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

Michael Alexander Equity Retail [email protected] +6221 2854 8163

Albertha Palma Equity Assistant [email protected] +6221 2854 8163