Penguatan Bursa AS, IHSG Diproyeksi Ikut Menguat

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: 5,070.6

: +122.8 2.48%

: 14,094 Mn shrs : 11,524 Bn rupiah

Last

Close +/- %

BBRI 3,300 190 6.1

BBCA 29,500 875 3.1

BMRI 5,250 400 8.2

BBNI 4,830 580 13.6

TPIA 6,950 -225 -3.1

TOWR 1,035 -30 -2.8

MDKA 1,280 -60 -4.5

AMRT 865 -15 -1.7

Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)

BBCA 339 TLKM 251

BBRI 254 BMRI 106

PWON 81 BKSL 46

ASII 24 MDKA 33

SMGR 22 PTBA 30 Money Market

Last

Close +/- %

USD/IDR 13,885 7.0 -0.1

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.2 0.1 0.3

EIDO 20.4 0.8 4.3

Global Indices Last

Close +/- %

DJIA 27,572 461 1.7

S&P 500 3,232 38 1.2

Euro Stoxx 3,366 -18 -0.5

MSCI World 2,288 21 0.9

STI 2,797 45 1.7

Nikkei 23,103 -75 -0.3

Hang Seng 24,777 6 0.0

Commodities Last

Close +/- %

Brent Oil 41 0.6 1.3

CPO Malay 2,341 24.0 1.0

Coal (ICE) 55 -0.8 -1.3

Nickel 13,015 66.5 0.5

Tin 16,900 132.5 0.8

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Monday, 08 Jun 2020 Market Index Index Movement Market Volume

DAILY RESEARCH

Market

Penguatan Bursa AS, IHSG Diproyeksi Ikut Menguat

Semalam bursa AS ditutup menguat : Dow Jones +1.7%, S&P 500 +1.2% dan Nasdaq +1.1%. Pelaku pasar nampaknya optimis dengan pembukaan kembali ekonomi. Kota New York resmi dibuka kembali Senin kemarin, terlihat pemesanan di berbagai restoran serta tingkat okupansi hotel mulai meningkat. Indeks S&P 500 berhasil ditutup di zona hijau +0.05%

YTD, dan Indeks Nasdaq mencetak rekor tertinggi.

Dari Asia, perdagangan kemarin 8/6/2020 bursa ditutup menguat:

Nikkei +1.37%, Hang Seng +0.0%, Kospi +0.11% dan Shanghai +0.24%.

Sementara IHSG ditutup menguat +2.48% ke level 5,070 ditengah net buy asing sebesar IDR 83.1 miliar di pasar reguler. Bank Indonesia mencatatkan cadangan devisa bulan Mei-20 sebesar USD 130.5 miliar, naik USD 2.6 miliar dibanding bulan Apr-20 sebesar USD 127.9 miliar. Indeks EIDO kemarin ditutup menguat +4.31% ke level 20.35.

Pagi ini Indeks Nikkei dibuka dan diperdagangankan di zona negatif - 0.22% namun Indeks Kospi di zona positif +1%. Penguatan bursa AS, serta sentiment domestic berupa peningkatan cadangan devisa Mei-20 dan pembukaan bertahap aktivitas ekonomi pasca PSBB menjadi sentiment pendukung optimism pasar hari ini. Kami proyeksi IHSG masih melanjutkan penguatan, namun agar berhati-hati sebab rawan profit taking.



BMRI : Laba bersih 1Q20 tumbuh +9.4% yoy atau +9.5% qoq



CPO : Permintaan dari Pasar Semakin Pulih



ESSA : Cari Pendanaan Hingga USD 450 juta



Highlights

9 June 2020

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Equity Research│9 June 2020

BMRI: Laba bersih 1Q20 tumbuh +9.4% yoy atau +9.5% qoq

Laba bersih BMRI di 1Q20 naik +9.4% yoy menjadi Rp 7.91 triliun, mencapai 38% SSI forecast dan 32.8%

consensus. Pertumbuhan perolehan laba Bank Mandiri ini menurun dibandingkan dengan kuartal I 2019 yang berhasil tumbuh sebesar 23,4% YoY. Capaian laba tersebut didukung oleh pertumbuhan pendapatan berbasis biaya sebesar Rp7.74 triliun di Maret 2020, tumbuh +23.95% yoy. Selain itu, kenaikan laba juga didorong oleh pertumbuhan kredit konsolidasi sebesar +14.20% yoy menjadi Rp 902.7 triliun di Maret 2020, dengan NPL gross terjaga di level 2.36%. Sementara DPK tumbuh +13.72% yoy menjadi Rp 941,3 triliun. (Laporan Keuangan)

Comment:

Efek COVID-19 belum begitu terlihat di 1Q20. Portofolio kredit di segmen wholesale (bank only) sampai dengan Maret 2020 masih tumbuh +17.92% yoy menjadi Rp 513 triliun. Sementara segmen retail (bank only) tumbuh +9.47% menjadi Rp 273.1 triliun. Sementara untuk DPK, tabungan tumbuh +4.47% yoy menjadi Rp 306.3 triliun, giro tumbuh tinggi +35.79% yoy menjadi Rp 237 triliun.

Sementara deposito tumbuh +7.08% yoy menjadi Rp 276.7 triliun. NPL coverage ratio berada di 257%

dengan LAR coverage sebesar 57%. Total kredit yang telah disetujui untuk direstrukturisasi telah mencapai Rp 99 triliun dengan 52% merupakan wholesale dan 48% berupa retail. Kredit yang paling banyak direstrukturisasi adalah kredit korporasi dan mencapai 40.9% dari total. Sedangkan kredit mikro produktif, konsumer dan UKM masing-masing berkontribusi 17.2%, 15.8% dan 11.5%. BMRI:

BUY: 11.7x PE ‘20E, 1.1x PBV ‘20E, TP: IDR 7,700

CPO: Permintaan dari Pasar Semakin Pulih

kegiatan operasional di perkebunan kelapa sawit dan pabrik kelapa sawit masih berjalan normal dengan mengikuti protokol pencegahan secara disiplin. Gabungan Pengusaha Kelapa Sawit Indonesia (Gapki) menyatakan bahwa pasar tradisional mulai pulih memunculkan harapan baru bagi keberlangsungan industri sawit. Produksi CPO pada bulan April 12,6% lebih tinggi dari produksi bulan Maret. (Investor Daily)

Comment:

Naiknya produksi CPO Indonesia cukup wajar setelah efek kemarau panjang di tahun lalu sudah reda.

Hal ini dapat meningkatkan pendapatan produsen CPO, ditengah pembukaan lockdown di sejumlah negara yang akan meningkatkan permintaan akan CPO. Secara MoM ekspor ke Pakistan naik +100%

MoM menjadi 201 ribu ton disebabkan impor yang sangat rendah pada bulan Maret. Ekspor ke

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Tiongkok naik +37% MoM menjadi 417 ribu ton. CPO: Neutral

ESSA: Cari Pendanaan Hingga USD 450 juta

PT Surya Esa Perkasa Tbk melalui anak usaha bernama PT Panca Amara Utama berencana mencari pendanaan jumbo hingga senilai US$ 450 juta. Transaksi US$ 450 juta akan terdiri dari US$ 350 juta obligasi dan US$ 100 juta utang bank. Tingkat suku bunga maksimal 7,5% per tahun. Periode maksimal jatuh tempo paling lama tujuh tahun sejak tanggal diterbitkan atau tahun 2027 mendatang. (Kontan)

Comment:

Hutang tersebut akan digunakan untuk refinancing hutang lama, sehingga tidam berpengaruh kepada produktifitas bisnis Perseroan. Dengan tren suku hunga yang rendah, hal tersebut menjadi peluang baik bagi Perusahaan untuk menekan cost of fund. Namun disisi lain, dengan situasi kondisi ekonomi global yang masih rendah, cukup sulit untuk mendapat pendanaan sebanyak itu, mengingat industri amonia juga tertekan akibat pelemahan ekonomi global. ESSA: Under review (Previous: ESSA: BUY:

4.9x PE ‘20E, 0.5x PBV ‘20E, TP: IDR 280)

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JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Banks

BMRI BUY 4.3 5,250 (31.6) 6,082 7,700 46.7 8.9 11.7 11.7 1.1 131.2% 9.4%

BBCA HOLD 12.7 29,500 (11.7) 28,885 32,000 8.5 25.0 22.4 4.2 3.7 16.8% 16.4%

BBRI HOLD 7.1 3,300 (25.0) 3,151 3,000 -9.1 11.8 15.9 1.9 2.1 16.4% 13.2%

BBNI BUY 1.6 4,830 (38.5) 4,835 7,200 49.1 5.9 5.3 0.7 0.7 12.6% 12.7%

BBTN BUY 0.2 1,175 (44.6) 1,262 2,850 142.6 5.6 4.1 0.5 0.4 8.8% 10.9%

BNLI HOLD 0.6 1,260 (0.4) 1,366 1,376 9.2 26.3 23.3 1.5 1.4 5.7% 6.1%

Average 13.9 13.8 3.4 1.6 31.9% 11.5%

Consumer (Staples)

ICBP BUY 1.8 8,775 (21.3) 10,388 13,200 50.4 20.4 17.7 4.4 4.0 21.4% 22.4%

INDF BUY 1.0 6,200 (21.8) 7,824 9,500 53.2 11.9 11.0 1.5 1.4 12.7% 12.9%

KLBF BUY 1.2 1,425 (12.0) 1,492 1,600 12.3 24.2 22.6 4.2 3.8 17.2% 16.8%

UNVR BUY 5.5 8,200 (2.4) 8,660 9,800 19.5 8.3 39.1 51.8 48.3 627.1% 123.7%

Average 16.2 22.6 15.5 14.4 169.6% 43.9%

Cigarette

HMSP BUY 3.8 1,825 (13.1) 1,877 2,750 50.7 14.7 14.7 5.4 4.9 36.6% 33.2%

GGRM BUY 1.7 48,600 (8.3) 55,528 71,700 47.5 9.1 15.6 1.9 1.8 20.4% 11.2%

Average 11.9 15.2 3.6 3.3 28.5% 22.2%

Healthcare

MIKA BUY 0.6 2,430 (9.0) 2,465 2,900 19.3 48.6 46.7 8.5 7.9 17.5% 17.0%

SILO BUY 0.2 5,850 (15.8) 6,343 9,000 53.8 74.1 48.3 1.5 1.4 2.0% 3.0%

Average 61.3 47.5 5.0 4.7 9.7% 10.0%

Poultry

CPIN HOLD 1.7 5,800 (10.8) 4,494 5,800 0.0 29.7 23.9 4.5 3.9 15.1% 16.5%

JPFA BUY 0.3 1,270 (17.3) 1,268 1,950 53.5 9.1 6.8 1.3 1.2 14.6% 17.0%

MAIN BUY 0.0 635 (36.8) 577 1,400 120.5 5.7 4.3 0.7 0.6 11.6% 14.1%

Average 14.9 11.6 2.2 1.9 13.7% 15.9%

Retail

MAPI BUY 0.2 820 (22.3) 845 1,350 64.6 12.4 11.5 2.6 1.8 20.9% 15.4%

RALS BUY 0.1 660 (38.0) 599 1,400 112.1 6.2 5.7 1.1 1.0 17.2% 17.3%

ACES BUY 0.5 1,515 1.3 1,328 1,900 25.4 25.7 22.3 5.4 4.7 21.1% 21.2%

Average 14.8 13.2 3.0 2.5 19.7% 18.0%

Pulp and Paper

INKP BUY 0.6 5,900 (23.4) N/A 7,175 21.6 3.8 4.3 0.5 0.5 13.9% 11.0%

Average 3.8 4.3 0.5 0.5 13.9% 11.0%

Media

MNCN BUY 0.3 1,010 (38.0) 1,148 1,750 73.3 6.6 5.4 1.1 1.0 16.2% 17.5%

SCMA BUY 0.3 980 (30.5) 1,028 1,550 58.2 9.4 8.4 2.5 2.2 26.5% 26.4%

Average 8.0 6.9 1.8 1.6 21.4% 22.0%

Telco

EXCL BUY 0.5 2,700 (14.3) 3,378 3,500 29.6 40.3 28.1 1.5 1.4 3.7% 5.1%

ISAT BUY 0.2 2,210 (24.1) 2,935 2,800 26.7 n/a n/a 1.0 1.1 -3.2% -9.7%

TLKM BUY 5.7 3,230 (18.6) 4,057 4,700 45.5 17.7 14.5 2.7 2.6 15.4% 17.8%

Average 29.0 21.3 1.8 1.7 5.3% 4.4%

Telco Retail

TELE BUY 0.0 130 (56.7) N/A 250 92.3 1.5 2.3 0.2 0.2 13.9% 9.1%

ERAA BUY 0.1 1,360 (24.2) 1,186 1,625 19.5 12.5 7.3 0.9 0.8 7.3% 11.0%

Average 7.0 4.8 0.6 0.5 10.6% 10.1%

Telco Infra

TBIG HOLD 0.4 1,110 (9.8) 1,214 1,145 3.2 33.6 29.2 6.0 5.2 17.7% 17.8%

TOWR HOLD 0.9 1,035 28.6 1,026 1,050 1.4 22.0 19.5 5.5 4.7 25.0% 23.9%

Average 27.8 24.4 5.7 4.9 21.4% 20.9%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Auto

ASII BUY 3.6 5,025 (27.4) 5,050 7,500 49.3 10.0 9.3 1.1 1.0 10.9% 10.8%

Average 10.0 9.3 1.1 1.0 10.9% 10.8%

Mining Contracting

UNTR BUY 1.2 17,550 (18.5) 19,676 22,300 27.1 6.0 5.5 1.4 1.2 22.9% 22.1%

Average 6.0 5.5 1.4 1.2 22.9% 22.1%

Aviation

GIAA BUY 0.1 290 (41.8) 315 650 124.1 3.2 3.0 0.6 0.5 19.5% 17.5%

Average 3.2 3.0 0.6 0.5 19.5% 17.5%

Property

BSDE BUY 0.3 860 (31.5) 1,077 1,800 109.3 5.5 7.7 0.6 0.5 10.4% 6.9%

PWON BUY 0.4 480 (15.8) 547 650 35.4 7.9 7.9 1.5 1.3 19.4% 16.5%

ASRI BUY 0.1 152 (36.1) 132 360 136.8 3.5 3.8 0.3 0.3 8.4% 7.1%

LPKR BUY 0.2 190 (21.5) 234 380 100.0 n/a 17.3 0.5 0.4 -0.7% 2.5%

SMRA BUY 0.2 690 (31.3) 842 1,500 117.4 18.6 15.7 1.4 1.3 7.3% 8.0%

CTRA BUY 0.3 770 (26.0) 868 1,150 49.4 16.0 18.8 0.9 0.9 5.9% 4.8%

Average 10.3 11.9 0.9 0.8 8.4% 7.7%

Industrial Estate

SSIA BUY 0.0 448 (31.6) 375 1,100 145.5 18.7 11.8 0.5 0.5 2.8% 4.3%

DMAS BUY 0.2 189 (36.1) 212 346 83.1 6.1 5.7 1.2 1.2 20.3% 21.0%

KIJA BUY 0.1 162 (44.5) N/A 325 100.6 n/a 14.7 0.6 0.6 -1.1% 4.0%

Average 12.4 10.7 0.8 0.8 7.3% 9.8%

Construction

PTPP BUY 0.1 935 (41.0) 1,189 2,100 124.6 5.7 4.3 0.3 0.3 5.3% 6.5%

ADHI BUY 0.0 660 (43.8) 914 1,800 172.7 3.6 3.2 0.3 0.3 9.5% 10.0%

WSKT BUY 0.2 785 (47.1) 855 1,750 122.9 4.8 3.4 0.3 0.3 7.1% 9.0%

WIKA BUY 0.2 1,390 (30.2) 1,538 2,600 87.1 5.9 5.4 0.6 0.6 10.9% 10.8%

Average 5.0 4.1 0.4 0.4 8.2% 9.1%

Cement

INTP HOLD 0.9 13,300 (30.1) 15,073 12,200 -8.3 36.9 30.7 2.1 2.2 5.7% 7.0%

SMGR BUY 1.1 10,150 (15.4) 11,146 11,300 11.3 21.9 20.3 1.8 1.7 8.0% 8.2%

Average 29.4 25.5 1.9 1.9 6.9% 7.6%

Precast

WSBP BUY 0.1 187 (38.5) 270 410 119.3 6.0 4.3 0.6 0.5 9.4% 12.1%

WTON BUY 0.0 294 (34.7) 507 620 110.9 4.9 4.1 0.7 0.6 14.9% 15.6%

Average 5.5 4.2 0.6 0.6 12.1% 13.8%

Oil and Gas

PGAS BUY 0.5 1,110 (48.8) 1,008 2,090 88.3 8.0 8.3 0.6 0.6 8.1% 7.4%

AKRA BUY 0.2 2,640 (33.2) 3,411 4,790 81.4 9.2 7.6 1.1 1.0 12.2% 13.8%

MEDC BUY 0.2 515 (40.5) 508 850 65.0 5.8 5.2 0.4 0.4 6.9% 7.1%

Average 7.7 7.0 0.7 0.7 9.0% 9.5%

Chemical

TPIA HOLD 2.2 6,950 (33.0) 7,200 7,575 9.0 63.8 57.0 5.3 4.9 8.2% 8.6%

BRPT SELL 2.1 1,315 (12.9) 880 1,075 -18.3 11.4 9.8 0.7 0.6 5.9% 6.2%

ESSA BUY 0.0 167 (37.7) N/A 280 67.7 6.1 4.9 0.6 0.5 9.2% 9.6%

Average 27.1 23.9 2.2 2.0 7.8% 8.2%

Utilities

JSMR BUY 0.5 4,130 (20.2) 4,381 6,000 45.3 15.2 13.4 1.6 1.5 10.7% 11.0%

Average 15.2 13.4 1.6 1.5 10.7% 11.0%

Metal

ANTM BUY 0.3 630 (25.0) 691 1,250 98.4 12.1 8.8 0.8 0.8 6.5% 8.9%

MDKA BUY 0.5 1,280 19.6 1,606 1,600 25.0 29.3 16.4 5.2 4.1 17.7% 25.2%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Coal

ITMG BUY 0.2 8,600 (25.1) 8,836 12,070 40.3 3.5 3.3 0.9 1.2 26.5% 37.8%

ADRO BUY 0.7 1,160 (25.4) 1,140 1,600 37.9 7.8 6.1 0.6 0.6 8.2% 9.9%

PTBA BUY 0.5 2,300 (13.5) 2,214 2,580 12.2 4.0 3.4 1.3 1.1 31.9% 32.9%

Average 5.1 4.2 1.0 1.0 22.2% 26.9%

Plantation

AALI BUY 0.3 8,375 (42.5) 9,113 16,000 91.0 76.1 11.4 0.9 0.8 1.1% 6.9%

LSIP BUY 0.1 820 (44.8) 1,008 1,610 96.3 41.0 13.2 0.7 0.6 1.6% 4.7%

TBLA BUY 0.1 570 (42.7) 795 980 71.9 2.7 3.5 0.6 0.5 21.1% 14.3%

SIMP BUY 0.1 248 (42.6) 276 388 56.5 8.0 22.5 0.3 0.3 3.3% 1.2%

SSMS BUY 0.1 845 - 990 1,050 24.3 n/a 16.3 2.0 1.8 -1.0% 11.0%

Average 32.0 13.4 0.9 0.8 5.2% 7.6%

Source: SSI Research, Bloomberg

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

Stock Rec.

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Global Data

Chg (Pts)

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

World 2,288 21.29 0.94 3.13 4.62 10.97 14.68 (2.99) 7.58 2,435 1,579

U.S. (S&P) 3,232 38.46 1.20 3.51 5.78 10.33 17.69 0.05 12.50 3,394 2,192

U.S. (DOW) 27,572 461.46 1.70 4.96 8.23 13.32 15.60 (3.38) 6.11 29,569 18,214

Europe 3,366 (18.00) (0.53) 2.96 9.37 15.76 13.76 (10.12) (0.36) 3,867 2,303

Emerging Market 1,007 4.81 0.48 1.89 4.13 10.51 6.28 (9.62) 0.01 1,151 752

FTSE 100 6,473 (11.71) (0.18) 1.41 4.97 9.04 8.50 (14.18) (11.72) 7,727 4,899

CAC 40 5,176 (22.27) (0.43) 3.05 8.67 13.76 9.93 (13.42) (3.51) 6,111 3,632

Dax 12,820 (28.09) (0.22) 2.66 10.64 17.56 20.65 (3.24) 6.43 13,795 8,256

Indonesia 5,071 122.78 2.48 2.62 6.67 10.29 (1.29) (19.51) (18.34) 6,468 3,912

Japan 23,103 (74.91) (0.32) 1.80 3.48 14.49 17.28 (2.34) 10.62 24,116 16,358

Australia 6,142 142.99 2.38 3.37 5.54 13.92 (1.20) (8.11) (4.69) 7,197 4,403

Korea 2,193 8.57 0.39 1.94 5.06 12.70 12.18 (0.22) 5.82 2,277 1,439

Singapore 2,797 45.47 1.65 3.58 9.65 7.91 0.52 (13.21) (11.66) 3,387 2,208

Malaysia 1,556 (5.51) (0.35) 3.23 5.64 12.59 4.94 (2.04) (5.64) 1,695 1,208

Hong Kong 24,777 6.36 0.03 1.85 4.40 2.26 (1.05) (12.11) (8.12) 29,175 21,139

China 2,938 6.97 0.24 0.49 0.77 1.47 (0.19) (3.68) 3.89 3,127 2,647

Taiwan 11,610 130.92 1.14 2.56 4.80 6.50 5.76 (3.22) 11.54 12,198 8,524

Thailand 1,439 2.96 0.21 4.69 7.13 13.64 14.55 (8.94) (12.99) 1,748 969

Philipines 6,514 48.87 0.76 4.30 9.85 15.87 3.19 (16.65) (18.41) 8,420 4,039

Foreign Reserves (US$Bn) 130.50 2.05 0.04 1.02 8.44 131.70 120.97

Inflation Rate (yoy, %) 2.19 3.12 2.19

Gov Bond Yld (10yr, %) 7.27 (8.72) 8.38 6.51

US Fed Rate (%) 0.25 2.50 0.25

Chg (Pts)

Indonesia 13,885 7.00 (0.05) 1.51 5.22 7.45 3.66 (0.14) 2.63 16,625 13,577

Japan 108.16 (0.27) 0.25 0.92 0.48 (0.46) (5.36) 0.42 0.27 112.23 101.19

UK 1.27 0.00 0.12 1.13 1.50 3.28 (2.88) (3.91) 0.43 1.35 1.14

Euro 1.13 0.00 0.08 (0.31) 1.19 4.59 (1.28) 0.80 (0.08) 1.15 1.06

China 7.07 (0.01) 0.17 0.62 0.79 0.04 (1.77) (1.53) (1.99) 7.18 6.84

Chg (Pts)

Oil (Brent) 41.35 0.55 1.35 3.40 4.50 33.52 20.34 (37.35) (34.67) 71.95 15.98

CPO 2,341 24.00 1.04 0.47 2.14 18.71 (7.14) (23.30) 13.26 3,140 1,943

Rubber 800.00 16.50 2.11 2.89 4.92 13.88 5.12 4.71 (13.51) 939.00 685.00

Coal 55.45 (0.75) (1.33) (1.86) (1.51) 4.82 (15.98) (18.09) (25.12) 77.25 50.50

Iron Ore #N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security#N/A Invalid Security

Tin 16,900 132.50 0.79 4.60 6.84 10.30 0.26 (1.62) (12.62) 19,531 13,375

Nickel 13,064 73.00 0.56 1.53 3.47 5.95 1.74 (6.85) 12.46 18,850 10,865

Copper 5,700 9.50 0.17 3.17 3.93 8.07 1.65 (7.69) (1.72) 6,343 4,371

Gold 1,699 (0.70) (0.04) (1.31) (1.72) (0.86) 1.40 11.83 26.49 1,778 1,321

Source: Bloomberg, SSI Research Commodity Indicators Last Price

Regional Indices Last Price

Exchange Rate (per USD) Last Price

Change (%) 1 Year

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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. 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

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer (Staple) [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

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

Yosua Zisokhi Cement , Cigarette, Chem., Paper,

Plantation, Poultry,Telco Infra, [email protected] +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Media, Retail [email protected] +6221 2854 8392

Selvi Ocktaviani Automotive, Construction, Mining

Cont., Precast,Telco, Toll Roads [email protected] +6221 2854 8393

Ilham Akbar Healthcare, Ind. Estate, Property,Oil

& Gas [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380

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

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

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

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

Online Trading Sales Team

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371

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