Riset Saham Harian. IHSG Rawan Terkoreksi. Highlights. Samuel Equity Research 19 Nopember 2018

(1)

Riset Saham Harian

Samuel Equity Research 19 Nopember 2018

www.samuel.co.id Page 1 of 7

IHSG Rawan Terkoreksi

Bursa saham Amerika Serikat (AS), Wall Street ditutup menguat pada hari terakhir perdagangan pekan ini. Pernyataan Presiden AS Donald Trump tidak mengenakan tarif lebih lanjut terhadap produk-produk China membuat investor lebih tenang. Akan tetapi, dalam sepekan ini, ketiga indeks di bursa saham Wall Street masih membukukan kinerja negatif. Dow Jones Industrial dalam sepekan turun 2,22%, Indek S&P 500 turun 1,16% dan Nasdaq Composite turun 2,15%.

Dari pasar komoditas, tren kenaikan harga minyak masih berlanjut selama tiga hari perdagangan terakhir. Mengutip Bloomberg, Jumat (16/11) pukul 19:09, harga minyak jenis West Texas Intermediate (WTI) di pasar Nymex di pasar aktif naik 1,68% menjadi US$ 57,41 per barel. Tetapi, harga minyak masih tergerus sekitar 4% selama sepekan ini.

Dari dalam negeri, IHSG akhir pekan ini ditutup menguat tipis 0,95% ke level 6.012. Penguatan ini melengkapi laju indeks yang terus bergerak positif dalam empat hari terakhir. Penguatan IHSG akhir pekan ini diikuti dengan net buy asing senilai Rp 1,65 triliun. Setelah menguat selama beberapa hari dan minimnya katalis, kami prediksi IHSG rawan koreksi hari ini. Rupiah tercatat menguat tipis Sementara EIDO menguat terbatas.

Highlights

 INTA: Realisasikan 89.36% dari target

 Batubara: Realisasi produksi batubara 9M18 sudah mencapai 80,4% dari target 2018

 BBCA: Terus memantau pergerakan pasar

 MEDC: Amman gandeng Outotec garap smelter

 SSMS: Incar 400.000 ton

 TPIA: Rilis obligasi Rp 500 miliar, kupon 9,75% - 11,0%

 WOOD: Membidik target konservatif : 6,012.4

: +56.6 (+1.0%) : 6,216 Mn shrs : 7,241 Bn rupiah Last

Close +/- %

BBCA 24,825 650 2.7

TLKM 4,050 140 3.6

BBRI 3,490 80 2.3

SMGR 11,000 700 6.8

HMSP 3,420 -60 -1.7

MAYA 6,700 -575 -7.9

TAMU 2,400 -300 -11.1

UNTR 34,800 -275 -0.8

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

BBCA 384 BSDE 27

BBRI 255 ERAA 11

TLKM 240 WSKT 6

ASII 203 LSIP 5

BMRI 110 UNTR 5 Money Market

Last

Close +/- %

USD/IDR 14,612 -53.0 0.4

JIBOR O/N 6.0 0.2

Dual Listing Securities Last

Close +/- %

TLKM 27.9 0.6 2.3

ISAT 56.2 0.2 0.4

EIDO 24.6 0.3 1.4

Global Indices Last

Close +/- %

DJIA 25,413 124 0.5

S&P 500 2,736 6 0.2

Euro Stoxx 3,181 -10 -0.3

MSCI World 2,032 5 0.3

Nikkei 21,796 115 0.5

Hang Seng 26,184 80 0.3

Commodities Last

Close +/- %

Brent Oil 67 0.5 0.8

CPO Malay 1,972 -77.0 -3.8

Coal (ICE) 101 -2.9 -2.8

Nickel 11,314 104.5 0.9

Tin 19,361 -40.0 -0.2

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Monday, 19 Nov 2018 Market Index Index Movement Market Volume

(2)

Riset Saham Harian

19 Nopember 2018

INTA: Realisasikan 89.36% dari target

 PT Intraco Penta, Tbk (INTA) dalam 9bulan pertama tahun ini membukukan penjualan alat berat sebanyak 722unit, atau setara dengan 89.4% vs FY18E. (Bisnis Indonesia) Comment:

 Pertumbuhan volume penjualan alat berat YTD18 sebesar 59.73%YoY tersebut sejalan dengan ekspektasi kami didorong oleh replacement alat berat dari sektor batu bara, ditengah ekspektasi stabilnya harga batu bara.

 Hingga akhir tahun ini, INTA dan UNTR (melalui merek Komatsu) kami perkirakan akan melampaui proyeksi FY18E kami maupun target HINABI.

 Di sisi lain, potensi berlanjutnya replacement alat berat masih dapat terjadi hingga 1H19 dan potensi stabil hingga akhir tahun depan. INTA: Non Coverage

Batubara: Realisasi produksi batubara 9M18 sudah mencapai 80,4% dari target 2018

 Kementerian Energi dan Sumber Daya Mineral (ESDM) melaporkan realisasi produksi batubara di 9M18 telah mencapai 390 juta ton atau 80,4% dari target produksi 485 juta ton. Sebanyak 90 juta ton digunakan untuk keperluan dalam negeri (DMO) atau sekitar 23,1% dari total produksi, sementara ekspor batubara sudah mencapai 300 juta ton atau 76,9% dari target. Asosiasi Pertambangan Batubara (APBI) memprediksi produksi batubara 2018 akan berkisar lebih dari 500 juta ton. Di 2019, APBI memproyeksi produksi batubara Indonesia sekitar 520 juta ton. (Bisnis Indonesia) Batubara - Neutral

BBCA: Terus memantau pergerakan pasar

 Per Oktober 2018, suku bunga dasar kredit bank ini sebesar 8,33-9,9% untuk rupiah dan suku bunga deposito sebesar 5,5-6% untuk rupiah. Seiring dengan pergerakan naik suku bunga, BBCA siap menyesuaikan suku bunganya, dimana sebelumnya manajemen menyatakan akan menaikkan hingga 200bp pada tahun depan.

 BBCA memperkirakan kondisi likuiditas di industri perbankan masih akan ketat di tahun depan. Hal ini dapat mempengaruhi pertumbuhan kredit. (Bisnis Indonesia)

BBCA: Buy; 19E’ PE: 21.7x, PBV: 3.6x; TP: Rp 26,250.

MEDC: Amman gandeng Outotec garap smelter

 Anak usaha PT Medco Energi Internasional Tbk (MEDC), PT Amman Mineral Nusa Tenggara (AMNT) akan menggandeng Outotec, perusahaan penyedia teknologi pertambangan asal Finlandia, untuk membangun smelter tembaga baru di Benete Bay di Sumbawa, Nusa Tenggara, di sekitar lokasi tambang Batu Hijau. (Bisnis Indonesia) MEDC: BUY, 19E’ PE: 8.1x, PBV: 2.6x; TP Rp. 1,500

SSMS: Incar 400.000 ton

 PT Sawit sumbermas sarana menargetkan volume produksi dan penjualan minyak kelapa sawit sampai akhir 2018 mencapai 400.000 ton (+16% yoy). Hingga September 2018 SSMS

(3)

Riset Saham Harian

19 Nopember 2018

telah memproduksi CPO sebesar 335 ton. Peningkatan produksi sejalan dengan meningkatnya TBS yang naik hingga 31% yoy menjadi 1.23 juta ton.

 SSMS tengah melakukan konstruksi dua pabrik kelapa sait baru dengan kapasitas 60 juta ton per jam. Pada 2019 SSMS menargetkan pengoperasian 3 PKS baru dengan total kapasitas 180 ton per jam. (Bisnis Indonesia) SSMS-Non coverage

TPIA: Rilis obligasi Rp 500 miliar, kupon 9,75% - 11,0%

 PT Chandra Asri Petrochemical Tbk (TPIA) menetapkan rentang kupon 9,75% -11,0% untuk penawaran umum berkelanjutan (PUB) II obligasi tahap I tahun 2018 senilai Rp 500 miliar.

Surat utang tersebut merupakan bagian dari target penghimpunan dana Rp 2 triliun. Rencana bookbuilding obligasi berakhir pada 30 November dan diperkirakan mendapat izin efektif pada 12 Desember 2018. Obligasi tersebut mendapat rating idAA- dari Pefindo dan 80% dari dana obligasi akan digunakan untuk melunasi pinjaman perbankan yang jatuh tempo pada Maret 2019 dan sisanya untuk keperluan belanja modal proyek methyl tertiary butyl ether (MTBE) dan Butene - 1. (Investor Daily) TPIA: Under review

WOOD: Membidik target konservatif

 Pihak manajemen WOOD telah menargetkan pertumbuhan penjualan minimum sebesar 20%

(year on year) pada tahun depan. Angka tersebut merupakan target konservatif perusahaan.

Bila seluruh ekspansi yang direncanakan berjalan sukses, pertumbuhan penjualan WOOD diperkirakan bisa mencapai 30% (yoy). Potensi pertumbuhan tersebut cukup terbuka mengingat ada kemungkinan perang dagang antara AS dan China masih berlanjut. (Kontan).

WOOD: HOLD.

(4)

Riset Saham Harian

19 Nopember 2018

Stock Rec. JCI Wgt Last price YTD Chg TP Cons TP SSI PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) 18E 19E 18E 19E 18E 19E

Banks

BMRI BUY 5.1 7450 (6.9) 8232 8200 14.7 12.9 1.9 1.7 13.1% 13.4%

BBCA HOLD 9.0 24825 13.4 25242 26250 24.2 22.1 4.1 3.6 16.9% 16.2%

BBRI BUY 6.4 3490 (4.1) 3798 3800 13.5 12.0 2.3 2.0 17.2% 16.9%

BBNI BUY 2.3 8300 (16.2) 8981 9050 10.4 9.0 1.4 1.3 13.7% 14.3%

BBTN HOLD 0.4 2400 (32.8) 2975 2800 7.7 6.6 1.0 0.9 13.6% 13.9%

BNLI BUY 0.2 444 (29.0) 592 610 22.2 14.8 0.6 0.5 2.6% 3.7%

Average 15.5 12.9 1.9 1.7 12.8% 13.1%

Consumer (Staples)

ICBP BUY 1.5 8775 (1.4) 9870 10200 24.4 22.4 4.7 4.2 19.1% 18.6%

INDF BUY 0.8 5950 (22.0) 8182 8400 11.3 10.2 1.5 1.4 13.6% 13.8%

KLBF HOLD 1.1 1535 (9.2) 1406 1450 28.4 26.9 4.9 4.5 17.4% 16.7%

UNVR HOLD 4.7 41475 (25.8) 44005 49900 40.7 37.7 52.0 47.3 127.7% 125.2%

Average 26.2 24.3 15.8 14.3 44.4% 43.6%

Cigarette

HMSP SELL 5.9 3420 (27.7) 4108 3100 30.8 28.9 11.8 10.5 38.1% 36.5%

GGRM BUY 2.3 78550 (6.3) 87352 81000 18.5 18.2 3.1 2.8 17.0% 15.3%

Average 24.6 23.5 7.4 6.6 27.6% 25.9%

Healthcare

MIKA BUY 0.3 1470 (18.8) 1689 1900 28.7 23.6 4.4 3.5 15.3% 14.9%

SILO SELL 0.1 2860 (70.1) 3058 2550 42.3 36.6 0.6 0.5 1.4% 1.4%

Average 35.5 30.1 2.5 2.0 8.3% 8.1%

Poultry

CPIN UR 1.4 5575 85.8 5985 5500 21.9 19.3 4.9 4.2 22.5% 21.6%

JPFA BUY 0.4 2060 58.5 2783 2750 8.5 7.4 1.9 1.6 22.3% 21.2%

MAIN BUY 0.0 1280 73.0 1701 1800 8.7 6.0 1.2 1.0 13.2% 16.7%

Average 13.0 10.9 2.7 2.2 19.3% 19.8%

Retail

MAPI BUY 0.2 805 29.8 1012 930 26.8 17.1 3.3 2.8 12.3% 16.4%

RALS BUY 0.1 1330 10.8 1601 1550 22.5 19.9 2.5 2.4 11.2% 12.2%

ACES BUY 0.4 1485 28.6 1605 1550 26.5 22.5 7.2 6.1 27.3% 27.2%

Average 25.3 19.8 4.4 3.8 17.0% 18.6%

Pulp and Paper

INKP BUY 1.0 11900 120.4 19333 13100 6.1 6.4 1.1 0.9 17.6% 14.1%

Media

MNCN UR 0.2 800 (37.7) 1237 1500 7.1 6.8 1.2 1.1 16.5% 15.8%

SCMA HOLD 0.4 1895 (23.6) 2254 1960 15.4 12.0 5.6 4.3 36.3% 35.8%

Average 11.2 9.4 3.4 2.7 26.4% 25.8%

Telco

EXCL BUY 0.4 2200 (25.7) 3352 3380 95.7 20.4 1.1 1.0 1.1% 5.1%

ISAT BUY 0.2 2180 (54.6) 3423 7400 4.4 4.1 0.7 0.7 16.3% 16.2%

TLKM BUY 6.0 4050 (7.9) 4265 4400 20.4 18.5 4.1 3.7 20.2% 20.2%

TOWR BUY 0.4 494 (38.3) 796 900 8.5 7.8 1.7 1.5 20.2% 19.2%

Average 32.2 12.7 1.9 1.7 14.4% 15.1%

Auto and HE

ASII BUY 5.2 8550 3.0 8875 8550 17.9 16.8 2.4 2.4 13.3% 14.1%

UNTR BUY 1.9 34800 (1.7) 42868 42000 13.3 10.9 2.5 2.2 18.9% 20.2%

Average 15.6 13.8 2.4 2.3 16.1% 17.2%

Aviation

GIAA HOLD 0.1 222 (26.0) 275 295 162.6 16.1 0.4 0.3 0.3% 2.1%

(5)

Riset Saham Harian

19 Nopember 2018

Stock Rec. JCI Wgt Last price YTD Chg TP Cons TP SSI PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) 18E 19E 18E 19E 18E 19E

Property

BSDE BUY 0.3 1190 (30.0) 1564 1325 4.3 4.1 0.7 0.6 15.1% 13.7%

PWON BUY 0.4 615 (10.2) 662 660 15.0 14.3 2.5 2.2 16.7% 15.4%

ASRI SELL 0.1 300 (15.7) 332 255 5.1 5.1 0.6 0.5 11.9% 10.4%

SMRA SELL 0.1 655 (30.7) 842 782 26.2 24.7 1.2 1.3 4.6% 5.1%

SSIA HOLD 0.0 442 (14.2) 558 564 106.3 71.8 0.5 0.5 0.5% 0.7%

CTRA HOLD 0.3 925 (21.9) 1169 850 20.6 21.5 0.9 0.9 4.5% 4.2%

DMAS SELL 0.1 129 (24.6) 196 125 9.9 9.9 0.8 0.8 8.2% 7.6%

KIJA SELL 0.1 236 (17.5) 240 203 52.9 46.2 0.8 0.8 1.5% 1.7%

Average 30.0 24.7 1.0 0.9 7.9% 7.4%

Construction

PTPP BUY 0.1 1520 (42.4) 2809 1850 5.8 5.3 0.8 0.7 13.4% 13.1%

ADHI BUY 0.1 1375 (27.1) 2090 1550 7.7 5.4 0.8 0.7 10.3% 12.8%

WSKT BUY 0.3 1530 (30.8) 2378 1790 5.3 5.1 0.8 0.6 14.2% 12.6%

WIKA BUY 0.2 1225 (21.0) 2038 1450 7.4 6.6 0.7 0.6 8.8% 8.8%

Average 6.6 5.6 0.7 0.7 11.7% 11.8%

Cement

INTP SELL 1.1 20000 (8.9) 16500 16300 63.3 61.2 3.2 3.1 5.0% 5.1%

SMGR BUY 1.0 11000 11.1 11190 11000 30.3 27.4 2.1 2.0 7.0% 7.4%

Average 46.8 44.3 2.6 2.6 6.0% 6.2%

Precast

WSBP BUY 0.1 326 (20.1) 467 400 8.4 8.0 0.9 0.8 11.0% 9.9%

WTON BUY 0.0 336 (32.8) 598 380 7.6 7.3 0.9 0.7 11.5% 10.0%

Average 8.0 7.6 0.9 0.8 11.3% 10.0%

Oil and Gas

PGAS BUY 0.7 2070 18.3 2629 3000 14.5 12.6 1.3 1.2 9.1% 9.7%

AKRA BUY 0.2 3760 (40.8) 4954 6000 8.1 10.5 1.6 1.5 20.4% 14.3%

TPIA UR 1.3 4880 (18.7) 4672 5480 19.9 17.9 3.3 2.9 16.8% 16.2%

BRPT UR 0.5 1930 (14.6) 2258 2400 13.2 11.8 1.0 0.9 7.6% 7.4%

ESSA BUY 0.1 288 49.1 444 457 40.0 10.5 1.3 1.0 3.2% 9.5%

MEDC BUY 0.2 755 (15.2) 1313 1500 10.3 8.1 3.4 2.6 32.6% 32.5%

Average 17.7 11.9 2.0 1.7 14.9% 14.9%

Utilities

JSMR BUY 0.4 4000 (37.5) 5392 7500 12.0 9.1 1.7 1.5 14.3% 16.8%

Metal

ANTM BUY 0.2 680 8.8 1206 1050 61.8 30.9 1.0 1.0 1.6% 3.1%

INCO BUY 0.5 3280 13.5 4686 5200 35.0 20.7 1.2 1.2 3.5% 5.9%

TINS BUY 0.1 685 (11.6) 1163 5200 10.4 9.5 0.8 0.8 8.1% 8.4%

Average 35.7 20.4 1.0 1.0 4.4% 5.8%

Coal

DOID BUY 0.1 745.0 4.2 1487.5 1450 5.1 4.7 1.8 1.3 34.4% 27.3%

ITMG BUY 0.4 22775 10.0 32728 32500 8.3 7.8 1.7 1.6 20.8% 20.8%

ADRO BUY 0.7 1545 (16.9) 2395 2410 6.6 6.4 0.9 0.8 13.7% 12.8%

PTBA BUY 0.8 4740 92.7 4965 5300 8.1 6.8 3.6 3.2 44.5% 46.5%

Average 7.0 6.4 2.0 1.7 28.3% 26.8%

Plantation

AALI BUY 0.3 10800 (17.9) 14365 14500 13.9 12.1 1.1 1.0 8.0% 8.6%

LSIP BUY 0.1 1065 (25.0) 1484 1450 9.4 9.0 0.8 0.8 8.7% 8.8%

TBLA BUY 0.1 790 (35.5) 1360 1500 4.5 3.6 0.9 0.8 20.7% 21.8%

SIMP HOLD 0.1 454 (2.2) 500 520 20.6 17.5 0.5 0.5 2.3% 2.7%

Average 12.1 10.5 0.8 0.8 9.9% 10.5%

Source: SSI Research, Bloomberg

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

Note: *: Under Review

(6)

Riset Saham Harian

19 Nopember 2018

Global Data

Regional Indices Last Price Chg (Pts)

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

World 2,032 5.46 0.27 0.82 0.15 (1.48) (4.97) (3.41) (0.07) 2,250 1,958

U.S. (S&P) 2,736 6.07 0.22 0.52 (1.61) (1.14) (3.99) 2.34 6.10 2,941 2,533

U.S. (DOW) 25,413 123.95 0.49 0.50 (2.22) (0.12) (1.00) 2.81 8.80 26,952 23,345

Europe 3,181 (9.57) (0.30) (1.37) (1.51) (0.94) (5.70) (9.22) (10.34) 3,687 3,091

Emerging Market 986 5.45 0.56 2.10 1.04 1.53 (3.58) (14.86) (13.21) 1,279 930

FTSE 100 7,014 (24.13) (0.34) (0.57) (1.29) (0.51) (7.21) (8.77) (4.97) 7,904 6,852

CAC 40 5,025 (8.42) (0.17) (1.50) (1.60) (1.17) (5.98) (5.41) (5.53) 5,657 4,897

Dax 11,341 (12.67) (0.11) (1.14) (1.63) (1.84) (7.12) (12.21) (12.72) 13,597 11,051

Indonesia 6,012 56.61 0.95 3.04 2.35 3.00 3.95 (5.40) (0.65) 6,693 5,558

Japan 21,796 115.33 0.53 (0.23) (2.13) (3.27) (2.13) (4.26) (2.68) 24,448 20,347

Australia 5,705 (26.05) (0.45) (0.49) (3.99) (3.96) (10.01) (5.95) (4.24) 6,374 5,625

Korea 2,097 4.93 0.24 1.42 0.81 (2.73) (6.66) (15.00) (17.23) 2,607 1,986

Singapore 3,084 29.07 0.95 0.98 0.18 0.69 (3.92) (9.38) (8.83) 3,642 2,956

Malaysia 1,706 12.17 0.72 1.11 (0.10) (1.49) (4.32) (5.03) (0.89) 1,896 1,658

Hong Kong 26,184 80.19 0.31 1.51 2.27 2.43 (3.78) (12.49) (10.33) 33,484 24,541

China 2,679 10.94 0.41 0.91 3.09 5.04 0.38 (18.99) (20.80) 3,587 2,449

Taiwan 9,797 (29.37) (0.30) 0.22 (0.33) (1.23) (8.36) (7.95) (8.45) 11,270 9,401

Thailand 1,635 (3.83) (0.23) (1.49) (2.01) (1.97) (3.26) (6.77) (4.35) 1,853 1,585

Philipines 7,083 130.75 1.88 3.50 1.64 (0.95) (6.60) (17.24) (14.77) 9,078 6,791

Monetary Indicators Last Chg (Pts)

JIBOR Overnight (%) 5.96 0.22 6.06 3.90

Foreign Reserves (US$Bn) 115.20 0.31 (2.63) (11.52) (8.97) 131.98 114.85

Inflation Rate (yoy, %) 3.16 3.61 2.88

Gov Bond Yld (10yr, %) 8.05 (0.07) 8.90 6.09

US Fed Rate (%) 2.25 2.25 1.25

Exchange Rate (per USD) Last Price Chg (Pts)

Indonesia 14,612 (53.00) 0.36 1.32 0.45 4.04 0.02 (7.14) (7.32) 15,284 13,268

Japan 112.75 (0.08) 0.07 0.78 0.97 (0.18) (2.38) (0.05) (0.12) 114.55 104.56

UK 1.28 (0.00) (0.05) (1.27) (0.17) (1.90) 0.23 (5.08) (3.08) 1.44 1.27

Euro 1.14 (0.00) (0.05) 0.88 1.70 (0.91) (0.64) (4.96) (2.76) 1.26 1.12

China 6.94 (0.00) 0.02 0.26 0.27 (0.37) (0.76) (6.22) (4.44) 6.98 6.24

Commodity Indicators Last Price Chg (Pts)

Oil (WTI) 57.07 0.61 1.08 1.46 (4.77) (17.43) (13.41) (5.54) 0.92 76.90 54.75

CPO 1,972 (77.00) (3.76) (5.19) (6.50) (12.12) (11.25) (21.21) (27.98) 2,683 1,969 Rubber 634.50 (5.00) (0.78) (1.17) (1.78) (3.57) (5.65) (13.38) (16.29) 754.00 610.50

Coal 100.85 (2.95) (2.84) (6.62) (6.45) (6.45) (11.30) (0.79) 9.20 118.00 90.60

Iron Ore 73.00 (0.01) (0.01) (0.38) (1.44) 7.96 14.49 3.14 20.78 76.88 57.85

Tin 19,361 (40.00) (0.21) 0.34 0.90 0.76 4.15 (3.66) (0.37) 22,104 18,662

Nickel 11,360 100.00 0.89 0.13 (0.96) (9.81) (14.75) (10.97) 0.09 16,690 10,740

Copper 6,205 21.00 0.34 2.17 2.46 (0.16) 4.50 (14.38) (7.90) 7,348 5,773

Gold 1,223 0.10 0.01 1.07 1.63 (0.24) 3.89 (6.37) (5.66) 1,366 1,160

Source: Bloomberg, SSI Research

Change (%) 1 Year

(7)

DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly relate d 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 an d maintain independence 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 avai lable to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recomme ndation 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

Research Team

Andy Ferdinand, CFA Head of Equity Research, Strategy,

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

Ahmad Mikail Economist [email protected] +6221 2854 8396

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

Akhmad Nurcahyadi, CSA

Property, Construction, Cement, Toll Road, Aviation, Automotive, Mining Contractor, Cigarette, Healthcare

[email protected] +6221 2854 8144

Arandi Ariantara Oil and Gas, Chemical, Coal, Telco,

Telco Retail [email protected] +6221 2854 8392

Marlene Tanumihardja Consumer (Poultry, Retail, Small Cap),

Pulp and Paper, Media [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Metal, Telco Infrastructure, Plantation,

Small Cap [email protected] +6221 2854 8339

Albertha Palma 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