Riset Saham Harian
Samuel Research
30 Januari 2017
www.samuel.co.id
Page 1 of 7
Sejumlah event dapat mewarnai IHSG di minggu
ini
Bursa AS mayoritas ditutup sedikit melemah pada jumat
lalu di tengah-tengah data GDP yang di bawah ekspektasi
serta consumer sentiment yang relatif inline. Dari sisi
emiten, Chevron membukukan kinerja yang kurang baik,
setelah sebelumnya Microsoft dan Intel mencatatkan
kinerja yang melebihi ekspektasi. Fokus di minggu ini
antara lain tertuju pada data pekerjaan, FOMC meeting,
dan laporan keuangan emiten.
IHSG turun 0,1% pada jumat lalu dengan dana asing
tercatat net buy Rp 130 miliar di pasar reguler. Dinamika
politik menjelang pilkada DKI, data inflasi Januari, serta
GDP 4Q16 berpotensi mewarnai pergerakan IHSG di
minggu ini. Selain itu, rilis beberapa laporan keuangan
emiten juga dapat mempengaruhi IHSG.
Highlights
JSMR: Targetkan trafik tumbuh 5 -7% di 2017
PTPP: Kontrak baru PP naik tajam
ADRO: Beralih jadi perusahaan setrum
Perbankan: Optimalkan kredit konsumsi
Perkebunan: Pengenaan bea keluar tak ganggu
ekspor CPO
Sektor ritel: siap ekspansi
:
5,312.8
:
-4.8
(-0.09%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
BBNI
5,750
150
2.7
BBCA
15,400
100
0.7
BMRI
10,975
75
0.7
PGAS
2,800
70
2.6
HMSP
3,920
-70
-1.8
TLKM
3,890
-50
-1.3
KLBF
1,480
-30
-2.0
GGRM
62,800
-600
-0.9
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
BBNI
234
TLKM
98
ASII
40
BBRI
65
SCMA
38
BUMI
30
SMGR
20
HMSP
18
BMRI
18
UNVR
14
Money Market
Last
Close
+/-
%
USD/IDR
13,359
23.0
-0.2
JIBOR O/N
4.2
0.0
-Infl (MoM)
0.4
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
29.3
-0.1
-0.4
ISAT
41.9
-0.5
-1.2
EIDO
24.4
0.0
0.1
World Indices
Last
Close
+/-
%
DJIA
20,094
-7
0.0
S&P 500
2,295
-2
-0.1
Euro Stoxx
3,303
-16
-0.5
MSCI World
1,803
0
0.0
Nikkei
19,348
-119
-0.6
Hang Seng
23,361
-13
-0.1
Commodities
Last
Close
+/-
%
Brent Oil
55
-0.2
-0.3
CPO Malay
3,070
-17.0
-0.6
Coal Newc
84
-1.0
-1.1
Nickel
9,430
64.0
0.7
Tin
19,897
-38.8
-0.2
Market Value
Changes
Leading Movers
Market Activity
Monday, 30 Jan 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
Riset Saham Harian
30 Januari 2017
www.samuel.co.id
Page 2 of 7
JSM R: Targetkan trafik tumbuh 5-7% di 2017
PT Jasa Marga Tbk (JSMR) menargetkan pertumbuhan volume kendaraan
pada kisaran 5-7% menyentuh 1,35 miliar kendaraan. Pengoperasian Bawean
– Salatiga di kuartal 1, Solo – Ngawi seksi I A di kuartal 2 menjadi salah satu
pendorong pertumbuhan trafik. (Bisnis Indonesia)
JSMR: Buy; 17E’PE: 15.9x,
PBV: 2.2x.
PTPP: Kontrak baru PP naik tajam
PT PP Tbk (PTPP) mencatat kontrak baru senilai Rp4.3tn di Jan16, atau naik
291%YoY vs Rp1.1tn. Adapun tahun ini, target kontrak baru sebesar Rp40tn,
naik dari Rp32.6tn pencapaian tahun lalu. (Investor Daily). PTPP: Buy; 18.2x
P/E17E dan 2.6x PBV 17E.
ADRO: Be ralih jadi perusahaan setrum
PT Adaro Energy Tbk (ADRO) berencana mengubah fokus bisnisnya menjadi
independent power producer (IPP) atau perusahaan listrik swasta. Tujuannya
perubahan bisnis itu karena tambang batubara harus menghasilkan nilai
tambah (Value Added). Perubahan haluan bisnis ADRO sejalan dengan
permintaan domestik dan akan terealisasi dalam lima tahun kedepan. Nantinya
IPP akan menjadi hulu, supply chain, mendukung kelanjutan suplai batubara.
(Kontan). ADRO;
17E’PE: 13.1x, PBV: 1.1x.
Perbankan: Optimalkan kredit konsumsi
Sejumlah bank menilai permintaan akan kredit konsumsi seperti perumahan
dan kendaraan bermotor berpeluang naik di tahun ini seiring aktivitas ekonomi
yang membaik di samping kebijakan uang longgar yang dikeluarkan BI.
BMRI mengincar kenaikan KPR, KKB, dan KTA masing-masing 15% di tahun
ini. BBNI menargetkan kenaikan 11-14% masing-masing untuk KPR, kartu
kredit, dan KTA di tahun ini. Sementara, BNGA menargetkan KPR naik 8 -10%,
KTA dan kartu kredit masing-masing 20%.
Sejumlah hal seperti NPL dan regulasi perlu diperhatikan dalam kredit
konsumsi. Dalam kartu kredit, adanya dorongan untuk menurunkan suku bunga
maksimal menjadi 2,25% per bulan mengharuskan perbankan melakukan
efisiensi demi menjaga profitabilitasnya. (Kontan) Banking: Neutral.
Riset Saham Harian
30 Januari 2017
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Page 3 of 7
Perkebunan: Pengenaan bea keluar tak ganggu ekspor CPO
Badan Pengelola Dana Perkebunan Kelapa Sawit (BPDP-KS) mengumumkan
pengenaan bea keluar (BK) sebesar US$ 18 per metric ton (MT) untuk periode
Februari 2017. (Investor Daily).
Comment:
Kami melihat pengenaan tariff BK tidak akan mengganggu kinerja ekspor
minyak sawit nasional. Dampak kebijakan hanya bersifat sementara dan jangka
pendek. Namun untuk jangka pendek harga berpeluang terkoreksi sementara
merespon kebijakan tersebut. Selain itu UU BK sudah ditetapkan pada 2015
lalu. Plantation: Overweight.
Sektor ritel: Siap ekspansi
Pelaku usaha ritel tetap memiliki optimisme adanya peningkatan kinerja
penjualan pada tahun ini, sehingga tetap melanjutkan ekspansi pada tahun ini.
Optimisme tersebut didorong oleh pertumbuhan perekonomian makro dan
stabilisasi nilai tukar Rupiah.
Aprindo memprediksi pertumbuhan ritel tahun ini dapat mencapai 10-12%,
hampir sama atau sedikit lebih tinggi dari pertumbuhan tahun 2016 (10%),
dengan nilai total Rp200 triliun. Menurut keterangan Aprindo, ekspansi usaha
akan meningkatkan kapasitas produksi, menambah pemasukan, serta
meningkatkan performa. (Bisnis Indonesia). Sektor ritel: Overweight.
Riset Saham Harian
30 Januari 2017
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Page 4 of 7
Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside PE PBV ROE
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E
Banks BMRI BUY 4.4 10975 0.7 (0.23) (5.2) (5.2) 11434 12400 13.0 14.7 11.4 1.7 1.5 11.3% 13.1% BBCA BUY 6.5 15400 0.7 0.98 (0.6) (0.6) 16399 17100 11.0 19.5 16.4 3.4 2.9 17.6% 17.9% BBRI BUY 5.0 11725 (0.2) (0.64) 0.4 0.4 13037 13700 16.8 11.2 9.5 2.0 1.7 17.9% 18.1% BBNI BUY 1.8 5750 2.7 5.50 4.1 4.1 6400 6300 9.6 10.1 8.3 1.2 1.1 12.2% 13.4% BBTN BUY 0.4 1925 1.0 1.85 10.6 10.6 2087 2300 19.5 8.7 7.3 1.1 1.0 12.4% 13.1% Average 12.8 10.6 1.9 1.6 14.3% 15.1% Consumer (Staples) ICBP BUY 1.7 8550 0.0 0.59 (0.3) (0.3) 10063 10300 20.5 26.8 24.0 5.6 5.0 21.0% 20.8% INDF BUY 1.2 8000 0.0 (0.62) 0.9 0.9 9955 9900 23.8 17.8 15.0 2.3 2.1 13.2% 14.2% KLBF BUY 1.2 1480 (2.0) (1.33) (2.3) (2.3) 1752 1700 14.9 30.8 27.4 5.9 5.2 19.1% 19.0% ROTI BUY 0.1 1525 (1.6) (7.85) (4.7) (4.7) 1808 2000 31.1 31.8 26.3 5.5 4.8 17.5% 18.1% ULTJ BUY 0.2 4390 (1.3) (0.23) (3.9) (3.9) 2703 5300 20.7 20.1 16.5 3.8 3.1 18.7% 18.9% UNVR BUY 5.5 41700 (0.2) 2.96 7.5 7.5 44791 45200 8.4 49.8 44.6 59.2 51.9 118.9% 116.6% SIDO BUY 0.1 570 2.7 5.56 9.6 9.6 680 700 22.8 17.8 15.8 3.1 3.0 17.7% 18.9% AISA BUY 0.1 1965 (1.3) (1.75) 1.0 1.0 2427 2440 24.2 15.7 12.1 1.7 1.5 10.7% 12.2% Average 27.8 24.2 12.2 10.7 32.3% 32.4% Cigarette HMSP BUY 7.9 3920 (1.8) 2.35 2.3 2.3 4121 4390 12.0 38.5 34.5 12.8 11.7 33.3% 33.8% GGRM BUY 2.1 62800 (0.9) 0.48 (1.7) (1.7) 78001 77150 22.9 18.5 17.8 2.8 2.5 15.2% 14.1% Average 28.5 26.1 7.8 7.1 24.2% 24.0% Healthcare MIKA HOLD 0.6 2470 0.0 (1.20) (3.9) (3.9) 3049 2950 19.4 54.0 47.4 10.0 9.1 18.5% 19.1% SILO BUY 0.3 11900 0.6 (1.65) 9.2 9.2 11921 12500 5.0 158.7 125.0 6.5 5.8 4.1% 4.7% Average 106.3 86.2 8.2 7.5 11.3% 11.9% Retail MAPI BUY 0.2 5275 1.0 1.44 (2.3) (2.3) 5698 6700 27.0 46.7 27.5 2.7 2.5 5.8% 9.0% RALS BUY 0.2 1360 (0.7) 10.57 13.8 13.8 1505 1750 28.7 23.1 20.9 2.7 2.5 11.7% 12.0% ACES BUY 0.2 745 0.0 1.36 (10.8) (10.8) 967 1000 34.2 20.7 19.1 4.4 4.0 21.2% 20.7% LPPF BUY 0.8 14950 (1.0) 0.50 (1.2) (1.2) 19431 19500 30.4 17.9 15.8 20.0 12.8 111.9% 81.1% Average 27.1 20.8 7.5 5.4 37.6% 30.7% Telco EXCL HOLD 0.5 2870 (1.4) 7.89 24.2 24.2 3114 2200 -23.3 358.8 49.5 1.4 1.4 0.4% 2.8% ISAT BUY 0.6 6200 (0.8) 1.22 (3.9) (3.9) 7877 7200 16.1 41.6 19.1 2.5 2.2 6.0% 11.7% TLKM BUY 6.8 3890 (1.3) 1.57 (2.3) (2.3) 4639 5000 28.5 19.8 16.2 4.4 3.9 22.3% 24.0% TOWR BUY 0.6 3490 (0.3) - (2.5) (2.5) 4617 4500 28.9 11.4 10.1 3.3 2.5 28.8% 24.5% Average 107.9 23.7 2.9 2.5 0.1 0.2 Auto and HE ASII BUY 5.7 8100 0.3 1.25 (2.1) (2.1) 8782 9000 11.1 17.8 14.6 3.0 2.5 16.7% 17.2% UNTR BUY 1.5 22600 (1.3) 2.73 6.4 6.4 24148 25050 10.8 19.5 16.4 2.1 2.0 10.7% 11.9% Average 18.6 15.5 2.5 2.2 13.7% 14.6% Aviation GIAA BUY 0.2 340 0.6 0.59 0.6 0.6 388 445 30.9 17.9 13.1 0.7 0.9 3.8% 7.1% Property BSDE BUY 0.6 1860 (0.8) 0.81 6.0 6.0 2307 2350 26.3 14.6 11.8 1.6 1.4 11.1% 11.8% PWON HOLD 0.5 570 (0.9) (2.56) 0.9 0.9 720 710 24.6 20.5 19.0 3.4 3.0 16.8% 15.8%
KPIG BUY 0.2 1470 (0.7) (2.00) (2.0) (2.0) n/a 1810 23.1 34.2 28.8 1.2 1.2 3.5% 4.1%
ASRI HOLD 0.1 388 (0.5) (3.00) 10.2 10.2 430 390 0.5 12.1 11.4 1.1 1.0 9.0% 8.8% SMRA BUY 0.3 1365 (2.5) 0.74 3.0 3.0 1654 1750 28.2 30.0 28.2 2.6 2.4 8.5% 8.4% Average 19.3 17.6 2.2 1.9 11.4% 11.2% Construction PTPP BUY 0.4 3450 (2.0) (3.63) (9.4) (9.4) 4956 5100 47.8 21.1 18.2 2.9 2.6 13.9% 14.4% ADHI BUY 0.1 2100 (2.3) (1.87) 1.0 1.0 2550 2750 31.0 15.8 13.0 1.4 1.2 8.9% 9.5% WSKT BUY 0.6 2570 (0.4) (1.91) 0.8 0.8 3263 3250 26.5 20.1 16.3 1.8 1.6 9.2% 9.9% WIKA BUY 0.4 2460 (1.6) (0.81) 4.2 4.2 3045 3000 22.0 21.4 18.1 2.4 2.1 11.2% 11.4% Average 19.6 16.4 2.1 1.9 10.8% 11.3% Cement INTP SELL 1.0 15900 2.1 8.72 3.2 3.2 16199 13500 -15.1 14.2 13.9 2.2 2.0 15.6% 14.4% SMGR HOLD 1.0 9225 0.3 6.96 0.5 0.5 10165 9000 -2.4 14.0 13.5 1.9 1.7 13.7% 12.9% SMCB SELL 0.1 900 0.0 0.56 0.0 0.0 856 700 -22.2 -90.0 -37.5 0.8 0.8 -0.9% -2.3% SMBR HOLD 0.4 2200 7.8 16.09 (21.1) (21.1) 859 2300 4.5 66.7 57.9 6.6 5.8 9.9% 10.0% Average 1.2 11.9 2.9 2.6 0.1 0.1 Precast WSBP BUY 0.3 580 0.9 - 4.5 4.5 693 690 19.0 28.6 22.8 2.4 2.2 8.4% 9.6% WTON BUY 0.1 825 (0.6) (0.60) 0.0 0.0 1151 1150 39.4 25.6 19.5 2.6 2.1 10.2% 10.9% Average 27.1 21.1 2.5 2.1 9.3% 10.2%
Riset Saham Harian
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Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside PE PBV ROE
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E
Utility
PGAS BUY 1.2 2800 2.6 7.69 3.7 3.7 3099 3375 20.5 12.0 10.0 1.5 1.3 12.3% 13.5%
JSMR BUY 0.5 4220 (0.5) 1.20 (2.3) (2.3) 5693 5000 18.5 16.1 15.9 2.5 2.2 15.3% 13.9%
Average 14.1 12.9 2.0 1.8 13.8% 13.7%
Coal and Metal
ANTM BUY 0.3 805 (0.6) (9.04) (10.1) (10.1) 918 1250 55.3 402.5 9.4 1.0 0.9 0.3% 10.0% INCO BUY 0.4 2340 (3.3) 1.74 (17.0) (17.0) 2815 3500 49.6 180.0 25.4 1.0 0.9 0.5% 3.7% TINS BUY 0.1 985 (1.0) (7.08) (8.4) (8.4) 1183 1200 21.8 98.5 46.9 1.4 1.4 1.4% 2.9% ITMG BUY 0.3 14525 1.4 (3.81) (13.9) (13.9) 18874 19000 30.8 12.2 6.3 1.4 1.2 11.3% 19.6% ADRO BUY 1.0 1725 (0.3) (0.29) 1.8 1.8 1867 2100 21.7 15.4 13.1 1.2 1.1 7.6% 8.5% PTBA BUY 0.4 10825 0.2 (8.26) (13.4) (13.4) 14355 15000 38.6 18.1 11.2 2.6 2.2 14.1% 19.9% Average 121.1 18.7 1.4 1.3 5.9% 10.7% Plantation AALI BUY 0.5 15800 (0.2) (2.47) (5.8) (5.8) 18618 19800 25.3 18.3 17.3 2.0 1.9 10.7% 10.7% LSIP BUY 0.2 1600 (1.8) (3.90) (8.0) (8.0) 1890 2050 28.1 22.5 14.4 1.4 1.3 6.3% 9.1% SIMP BUY 0.1 510 (1.9) (1.92) 3.2 3.2 565 600 17.6 18.2 11.6 0.6 0.6 3.1% 4.9% Average 19.7 14.4 1.3 1.2 6.7% 8.2% Poultry CPIN BUY 0.9 3160 (1.3) (0.32) 2.3 2.3 3606 4500 42.4 14.9 13.3 1.9 1.7 13.0% 12.8% JPFA BUY 0.3 1685 1.2 4.33 15.8 15.8 2339 2200 30.6 10.2 9.3 2.1 1.7 20.7% 18.7% MAIN BUY 0.0 1200 (0.4) (1.23) (7.7) (7.7) 1904 1730 44.2 7.0 6.5 1.1 1.0 16.3% 15.6% Average 10.7 9.7 1.7 1.5 16.7% 15.7% Other Sectors AKRA BUY 0.5 6700.0 -1.8 3.1 11.7 11.7 7632.5 7600 13.4 24.0 21.4 3.9 3.5 16.2% 16.3% DOID BUY 0.1 525.0 4.0 4.0 2.9 2.9 825.0 850 61.9 9.4 5.0 2.7 1.8 28.7% 35.9% Average 16.7 13.2 3.3 2.6 22.5% 26.1%
Source: SSI Research, Bloomberg
Riset Saham Harian
30 Januari 2017
www.samuel.co.id
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Regional Indices 1D Change
Points 1D 3D 1W 1M 3M YTD 1YR High Low
World (0.36) 1,803 (0.02) (0.13) 1.23 2.98 6.65 2.98 15.44 1,811 1,460 U.S. (S&P) (1.99) 2,295 (0.09) 0.64 1.03 2.50 7.91 2.50 18.27 2,301 1,810 U.S. (DOW) (7.13) 20,094 (0.04) 0.91 1.34 1.68 10.64 1.68 22.03 20,126 15,503 Europe (15.80) 3,303 (0.48) 0.66 0.12 0.39 7.28 0.39 8.48 3,342 2,673 Emerging Market (0.81) 916 (0.09) 0.80 2.53 6.22 1.37 6.22 23.38 930 708 FTSE 100 23.00 7,184 0.32 0.48 (0.19) 0.58 2.69 0.58 n/a 7,354 5,500 CAC 40 (27.26) 4,840 (0.56) 0.21 (0.22) (0.46) 6.41 (0.46) 9.58 4,930 3,892 Dax (34.36) 11,814 (0.29) 1.89 1.58 2.90 10.45 2.90 20.58 11,893 8,699 Indonesia (4.79) 5,313 (0.09) 0.39 1.11 0.30 (1.80) 0.30 15.12 5,492 4,545 Japan (90.23) 19,377 (0.46) 1.68 2.57 1.37 11.07 1.37 10.61 19,615 14,864 Australia (56.49) 5,658 (0.99) 0.13 0.05 (0.15) 7.07 (0.15) 13.03 5,828 4,707 Korea 16.65 2,084 0.81 0.85 0.52 2.03 2.94 2.82 9.79 2,091 1,818 Singapore 13.07 3,065 0.43 0.75 1.79 6.39 8.83 6.39 16.57 3,065 2,528 Malaysia (5.86) 1,686 (0.35) 0.34 1.29 2.72 0.96 2.72 1.11 1,729 1,612 Hong Kong (13.39) 23,361 (0.06) 1.79 2.07 6.18 1.77 6.18 18.68 24,364 18,279 China 9.61 3,159 0.31 0.71 1.87 1.43 1.50 1.79 15.49 3,301 2,638 Taiwan 23.90 9,448 0.25 1.39 1.00 4.07 0.66 2.10 19.68 9,468 7,800 Thailand (0.20) 1,591 (0.01) 0.76 1.78 3.10 6.45 3.10 22.28 1,601 1,271 Philipines 1.03 7,334 0.01 (0.50) 1.40 7.21 (0.96) 7.21 9.66 8,118 6,499
Monetary Indicators 1D Change
Points 1W 1M 3M YTD 1YR High Low
JIBOR Overnight (%) 0.00 4.17 (0.09) (25.01) (1.53) (1.59) (22.88) 5.58 4.16
Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 102.13
Inflation Rate (%) n/a 0.42 n/a (10.64) 90.91 (56.25) (56.25) 0.69 (0.45)
US Fed Rate (%) 0.00 0.75 0.00 0.00 50.00 0.00 50.00 0.75 0.50
Indo Govt Bond Yld (10yr) - % 0.01 7.62 0.63 (3.70) 7.07 (4.42) (9.79) 8.40 6.77
Exchange Rate (per US$) 1D Change
Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 23.00 13359 (0.17) (0.21) 0.38 0.67 0.85 0.85 3.90 13,828 12,920
Japan (0.42) 114.68 0.37 (1.22) (1.72) 1.99 1.99 1.99 5.50 121.49 99.02
UK 0.00 1.26 0.29 (0.33) 0.45 2.04 2.04 2.04 (12.76) 1.50 1.18
Euro 0.00 1.07 0.21 (0.25) (0.41) 1.94 1.94 1.94 (1.53) 1.16 1.03
China 0.00 6.88 (0.01) (0.44) (0.17) 0.94 0.89 0.89 (4.38) 6.96 6.45
Commodities Indicators 1D Change
Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (0.14) 53.03 (0.26) 0.53 0.53 (1.28) 8.89 (1.28) 57.73 55.24 26.05 CPO (17.00) 3,070.00 (0.55) (2.51) (1.00) (1.85) 10.19 (1.25) 22.65 3,202.00 2,172.00 Rubber 9.50 1,170.50 0.82 3.54 5.17 23.08 63.82 19.74 115.56 1,170.50 526.00 Coal (0.95) 83.50 (1.12) (0.54) (0.12) (6.76) (19.52) (11.83) 63.57 112.25 51.75 Iron Ore 1.52 83.44 1.86 1.02 (0.36) 6.51 40.85 6.89 101.55 84.07 41.40 Tin (38.75) 19,897.00 (0.19) (2.34) (1.47) (6.27) (3.39) (6.17) 37.30 21,945.00 14,841.50 Nickel 65.00 9,475.00 0.69 (3.32) (2.32) (8.98) (8.54) (5.44) 9.47 12,145.00 7,550.00 Copper 42.00 5,899.00 0.72 (0.74) 2.63 7.86 23.15 6.57 28.52 6,045.50 4,430.00 Gold 5.40 1,193.80 0.45 (0.33) (1.79) 3.81 (6.41) 3.81 6.93 1,377.50 1,116.50
Source: SSI Research, Bloomberg
Last Price
Last Price Change (%) 1 Year
Change (%) 1 Year
Last Price
Last Price 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 secu rities 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 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 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
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Research Team
Andy Ferdinand, CFA Head Of Equity Research, Strategy,
Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148
Rangga Cipta Economist rangga.cipta@samuel.co.id +6221 2854 8396
Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382
Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction
Healthcare, Heavy Equipment, Property akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Utility arandi.ariantara@samuel.co.id +6221 2854 8392
Marlene Tanumihardja Poultry, Retail, Small Caps marlene@samuel.co.id +6221 2854 8387
Sharlita Lutfiah Malik Mining, Plantation sharlita.malik@samuel.co.id +6221 2854 8339
Adde Chandra Kurniawan Research Associate adde.kurniawan@samuel.co.id +6221 2854 8338
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129
Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399
Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395
Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325
Equity Sales Team
Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150
Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146
Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372
Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371
