Konsolidasi 5, , dengan Target 6,115

(1)

Senin, 20 Nopember 2017

Konsolidasi 5,972.31 – 6,060.45 dengan Target 6,115

Beberapa berita ekonomi di pekan kemarin diantaranya: 1) Pemerintah mengklaim defisit anggaran

hingga akhir Oktober sekitar 2% dari Produk Domestik Bruto (PDB). Pemerintah akan menjaga defisit

anggaran hingga akhir tahun di level 2.67% dari PDB. Defisit tersebut dari realisasi pendapatan

negara sebesar Rp.1,099.4 triliun atau 63.3% dari target APBN-P 2017 dan realisasi belanja negara

sebesar Rp.1,375 triliun atau 64.5% dari target. Badan Pusat Statistik (BPS) mencatatkan neraca

perdagangan Oktober 2017 surplus sebesar US$ 895 juta, lebih rendah dibandingkan surplus pada

bulan sebelumnya yang mencapai US$ 1.76 miliar. Menurunnya surplus neraca perdagangan Oktober

2017 karena kenaikan import yang cukup tinggi walaupun kinerja ekspor masih meningkat. Nilai import

Oktober 2017 meningkat 23.33% yoy, atau naik 11.04% mencapai US$ 14.19 miliar dibanding impor

September 2017. Sedangkan nilai ekspor Oktober 2017 hanya meningkat 18.39% yoy, atau naik

3.62% mencapai US$ 15.09 miliar dibanding bulan sebelumnya. Kenaikan ekspor didorong oleh

meningkatnya harga sejumlah komoditas. Secara bulanan, harga komoditas yang naik diantaranya:

batubara, minyak kernel, dan tembaga. Sedangkan beberapa harga komoditas yang turun,

diantaranya: karet, emas, perak, dan kopra. 2) Sepanjang Januari hingga Oktober 2017, tercatatkan

penerimaan pajak sebesar Rp.855.05 triliun atau baru sebesar 66.8% dari target APBN-P 2017 yang

sebesar Rp.1,283.57 triliun. Sebagai salah satu langkah mencapai target penerimaan pajak,

pemerintah tengah melakukan dinamisasi penerimaan yang termasuk dalam salah satu rangkaian dari

langkah extra effort, yaitu pengawasan. 3) Realisasi Penanaman Modal Asing (PMA) dan Penanaman

Modal Dalam Negeri (PMDN) belum dapat menyerap tenaga kerja secara optimal. Menurut Badan

Pusat Statistik (BPS), pada bulan Agustus 2017 tercatatkan pengangguran di Indonesia bertambah 10

ribu orang, atau menjadi 7.04 juta orang. Seharusnya realisasi Penanaman Modal Asing (PMA) dan

Penanaman Modal Dalam Negeri (PMDN) di fokuskan pada sektor padat karya agar tenaga kerja

dapat terserap lebih banyak. 4) Bank Indonesia (BI) menahan suku bunga acuan BI 7-day reverse

repo rate di level 4.25%. Keputusan tersebut disamping karena menyusulnya rencana kenaikan suku

bunga acuan Bank Sentral AS The Fed di akhir tahun 2017, juga konsisten dengan upaya menjaga

stabilitas makroekonomi dan keuangan serta untuk mendorong laju perekonomian dengan tetap

mempertimbangkan dinamika ekonomi global dan domestik. Seiring dengan tertahannya BI 7-day

reverse repo rate, deposit facility dan lending facility juga ikut tertahan masing masing di level 3.5%

dan 5%. Menurut BI, tingkat bunga saat ini cukup untuk menjaga inflasi sesuai sasaran dan defisit

transaksi berjalan di level yang sehat. Ekonomi domestik juga diperkirakan akan tetap tumbuh dengan

struktur yang berimbang. Adapun beberapa risiko yang perlu diwaspadai menurut BI adalah: dari

eksternal seperti perkembangan ekonomi global terkait pengetatan kebijakan moneter negara-negara

maju yang berdampak pada semakin sempitnya pelonggaran kebijakan moneter BI. Sedangkan dari

domestik seperti konsumsi rumah tangga dan intermediasi perbankan yang belum kuat. Sentimen

tersebut sempat membuat IHSG melemah di pekan kemarin, namun keseluruhan berhasil menguat

sebesar 0.50% atau 29.90 point, ditutup di level 6,051.73. Akumulasi minat jual asing juga tercatatkan

masih terus mewarnai pergerakan indeks dalam sepekan terakhir sebesar Rp.3.76 triliun diantaranya

pada saham KPIG, LPCK, BBCA, BBRI, UNVR, BHIT, BMRI, TLKM, ARII, dan INDF. Dan dalam dua

pekan sampai dengan empat pekan terakhir juga masih terus tercatatkan akumulasi minat jual asing

masing masing sebesar Rp.5.67 triliun, Rp.10.42 triliun, dan Rp.10.46 triliun. Nilai tukar rupiah

terhadap dolar AS dalam sepekan terakhir relatif flat dari Rp.13,514 menjadi Rp.13,517.

Menguatnya IHSG dalam dua hari perdagangan terakhir di pekan kemarin membentuk pola jangka

pendek baru dan berkonsolidasi dalam rentang 5,972.31 – 6,060.45. Target sementara dikisaran level

6,115 – 6,203 bila IHSG berhasil menguat dan bertahan di atas level 6,060.45. Dan dalam sepekan

kedepan pergerakan IHSG diperkirakan masih akan berfluktuatif dikisaran 5,953.10 – 6,082.78.

Beberapa saham yang saat ini underprice dan mendekati PE ratio terendah diantaranya AALI, ADRO,

BSDE, DILD, INDF, KIJA, LPKR, LPPF, LSIP, MNCN, PTBA, PTPP, SCMA, SRIL, TINS, WIKA, dan

WSKT. Berita ekonomi global di pekan ini diantaranya Existing Home Sales, Durable Goods Orders,

Jobless Claims, Consumer Sentiment, EIA Petroleum Status Report, FOMC Minutes, dan PMI

Composite Flash.

Widhi Indratmo Nugroho

Analyst [email protected] +62 21 5785 1818 (Ext.2051) Close Weekly Return ▲ Yield to Date ▲ PE (X) Volume (miliar) ▲ Value (Rp. triliun) ▲ BI 7-Day RR IDR/USD Rp. 14.25% 6,051.73 COMPOSITE LAST TOTAL TRANSACTION 0.50% ECONOMIC INDICATORS 13,514 4.25% 37.83 55.55 22.96

Sumber: Lotus Sekuritas

JCI vs Foreign Net Buy (Sell) YTD

4,000 4,675 5,350 6,025 6,700

3-Jan-17 15-Mar-17 5-Jun-17 23-Aug-17 3-Nov-17 (30,000) (13,500) 3,000 19,500 36,000

Composite (LHS) Net Buy YTD in Rp.bn (RHS) Sumber: Lotus Sekuritas

SECTOR Agriculture ▼ -1.22% ▼ -0.09% Basic Industry ▼ -0.95% ▼ -1.20% Consumer Goods ▲ 1.22% ▼ -0.05% Finance ▲ 1.46% ▲ 0.11% Infrastructure ▲ 0.41% ▲ 0.10% Manufacture ▲ 0.24% ▲ 0.11% Mining ▼ -1.61% ▼ -1.22% Misc. Industry ▼ -1.71% ▲ 2.32% Property ▼ -0.45% ▼ -0.82%

Trade & Service ▲ 0.67% ▼ -2.33%

17-Nov-17 10-Nov-17 WEEKLY RETURN

SECTOR Agriculture ▼ -0.82% ▲ 0.53% Basic Industry ▼ -4.73% ▼ -0.77% Consumer Goods ▼ -8.61% ▼ -6.65% Finance ▼ -2.35% ▼ -13.63% Infrastructure ▼ -9.31% ▼ -0.59% Manufacture ▼ -16.43% ▼ -4.77% Mining ▼ -26.56% ▼ -31.52% Misc. Industry ▼ -2.34% ▼ -0.56% Property ▼ -21.08% ▼ -31.94%

Trade & Service ▼ -7.76% ▼ -9.03%

17-Nov-17 10-Nov-17 WEEKLY CAPITAL FLOW

(2)

PE Band IHSG

10 . 7 x 15 . 0 8 x 19 . 4 5 x 2 3 . 8 3 x 2 8 . 2 x -1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Dec- 03 Jul- 05 Jan-07 Jul- 08 Jan-10 Jul- 11 Dec- 12 Jul-14 Dec- 15 Jul- 17 Dec- 18

Sector Performance 2017

J C I B asic Ind Finance M ining 4,800 5,350 5,900 6,450 7,000

3-Jan-17 7-Feb-17 15-Mar -17 25-Apr -17 5- Jun- 17 18-Jul- 17 23- Aug- 17 29- Sep- 17 3-Nov-17

Note: All Sectors Rebase to JCI Sumber: Lotus Sekuritas

Siklus Pergerakan Harian IHSG

J C I C y c l e Average +1 STDEV - 1 STDEV -1,000 2,000 3,000 4,000 5,000 6,000

Jan- 03 Sep-04 May-06 Jan-08 Sep- 09 May-11 Dec- 12 Sep- 14 Apr- 16 Dec- 17

0.43 0.56 0.69 0.82 0.95 1.08 1.21 1.34 1.47 1.60 1.73

Bottom Fishing Buy on Weakness Trading Area Sell on Strength Closing 17 November 2017

Fair value IHSG 2018 dikisaran

6,710.49

Dan saat ini IHSG berada pada PE

ratio 22.96x

Krisis Global 2008

Saat ini siklus IHSG berada

di bawah average.

Closing 17 November 2017

Selama tahun 2017, secara

garis besar beberapa sector

yang menjadi driver

penggerak IHSG

diantaranya finance, basic

industry, dan mining.

(3)

Siklus Pergerakan Harian Beberapa Saham LQ45 & Lainnya

Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside

AALI 0.97 0.87 1.04 1.22 Trading 17,810 23.0% LSIP 1.02 0.82 1.07 1.32 Trading 1,697 14.3%

ADHI 1.03 0.83 1.18 1.52 Trading 2,667 19.1% MNCN 0.89 0.86 1.18 1.50 Trading 1,913 29.7%

ADRO 1.01 0.83 1.04 1.25 Trading 2,145 21.2% MYRX 0.79 0.92 1.08 1.24 BoW 160

-AKRA 1.04 0.92 1.13 1.34 Trading 7,368 6.4% PGAS 0.79 0.92 1.08 1.23 BoW 1,995 12.4%

ANTM 0.93 0.77 0.98 1.19 Trading 802 21.5% PPRO 0.60 -8.32 3.93 16.18 Trading 218 6.9%

ASII 0.99 0.90 1.12 1.34 Trading 9,015 9.9% PTBA 0.96 0.83 1.03 1.23 Trading 14,903 33.1%

BBCA 1.17 1.00 1.10 1.21 Trading 19,569 -7.6% PTPP 0.92 0.85 1.13 1.41 Trading 4,276 52.2%

BBNI 1.19 0.90 1.14 1.38 Trading 7,769 -5.0% PW ON 0.99 0.87 1.12 1.37 Trading 726 18.0%

BBRI 1.16 0.98 1.11 1.24 Trading 16,082 388.8% SCMA 0.85 0.91 1.25 1.60 BoW 2,826 32.7%

BBTN 1.17 0.82 0.97 1.13 SoS 3,069 3.0% SMGR 1.01 0.96 1.11 1.26 Trading 10,898 10.1%

BJBR 1.01 0.83 0.95 1.07 Trading 1,900 -18.45% SMRA 0.75 0.91 1.18 1.45 BoW 1,289 42.4%

BMRI 1.16 0.93 1.11 1.30 Trading 6,752 -7.8% SRIL 1.14 -9.21 3.52 16.24 Trading 537 41.2%

BMTR 1.03 0.85 1.14 1.42 Trading 0 -100.00% SSMS 0.95 1.00 1.12 1.24 BoW 1,900 27.9%

BRPT 1.33 0.67 0.94 1.20 SoS 2,600 19.27% TLKM 0.97 0.95 1.05 1.15 Trading 5,132 22.2%

BSDE 0.93 0.73 1.18 1.64 Trading 2,277 36.3% UNTR 1.17 0.84 1.08 1.33 Trading 33,707 1.9%

BUMI 0.84 0.47 0.85 1.22 Trading UNVR 1.06 0.98 1.10 1.23 Trading 49,308 -0.7%

EXCL 0.98 0.83 1.10 1.37 Trading 3,896 21.4% WIKA 0.91 0.95 1.18 1.41 BoW 2,735 38.5%

GGRM 1.13 0.89 1.18 1.48 Trading 76,258 -2.2% WSKT 0.97 0.87 1.12 1.37 Trading 2,872 30.0%

HMSP 1.07 0.97 1.15 1.32 Trading 4,052 -1.2%

ICBP 1.04 0.96 1.10 1.23 Trading 9,300 3.9%

INCO 1.21 0.80 1.02 1.24 Trading 2,809 -5.4% CTRA 0.99 0.89 1.15 1.40 Trading 1,490 24.7%

INDF 0.94 0.86 1.11 1.37 Trading 9,530 22.2% KIJA 0.98 0.84 1.10 1.35 Trading 413 34.2%

INTP 1.11 0.91 1.12 1.32 Trading 17,282 -13.2% SMCB 0.98 0.85 1.10 1.35 Trading 691 -16.2%

JSMR 1.26 0.96 1.14 1.31 Trading 6,147 -6.9% GIAA 0.96 0.85 1.01 1.16 Trading 323 -2.9%

KLBF 1.01 1.00 1.20 1.39 Trading 1,815 12.1% KAEF 0.98 0.90 1.18 1.47 Trading 2,727 7.8%

LPKR 0.87 0.87 1.04 1.20 BoW 933 48.1% SMBR 0.94 0.94 1.01 1.08 Trading 559 -79.7%

LPPF 0.88 0.02 1.54 3.07 Trading 13,682 24.7% TINS 0.99 0.79 1.01 1.23 Trading 1,210 37.5%

Note: 1. TP (Target Price) Konsensus Bloomberg 2. Cycle: Posisi harga close saham di minggu terakhir

3. Posisi Cycle yang berada dibawah (-1) standard deviation, diperkirakan mempunyai ruang koreksi yang mulai terbatas

OTHERS

Pemilihan Saham

Passive Strategy

AALI ADHI ADRO

AKRA ASII BBCA BBNI BBTN BMRI BSDE CTRA GGRM ICBP INCO INDF INTP JSMR KLBF LPKR LPPF LSIP MNCN PGAS PTBA PTPP PWON SCMA SMGR SMRA SSMS TLKM UNTR UNVR WIKA WSKTKIJA SMCB _BJBR BJTM KAEF TINS APLN DILD SRIL ANTM HMSP MYRX EXCL PPRO BRPT -60% -20% 20% 60% 100% 0. 4 1. 2 2. 0

Fairly Price Line

Over Price Area (Negative Alpha) Under Price Area (Positive Alpha)

Beberapa saham yang berada di atas

fairly price line (security market line)

mencerminkan kondisi under price.

Investor dapat melakukan posisi beli

maupun menambah proporsi

(overweight) pada saham ini.

Sedangkan beberapa saham yang

berada di bawah fairly price line

mencerminkan kondisi over price.

Investor dapat melakukan posisi jual

atau mengurangi proporsi (underweight)

pada saham ini.

Ekspektasi pertumbuhan ekonomi

domestik di 2017 sebesar 5.1% - 5.3%.

Dan kami menaikkan target IHSG 2017

dikisaran 6,360.65 dengan BI 7 day

reverse repo rate di 4.25%.

Sensitivity to Market Expected Return

Closing 17 November 2017

(4)

Saham Underprice dan mendekati PE ratio terendah

AALI PE Band

ADRO PE Band

10.3x 18.35x 26.4x 10,000 17,000 24,000 31,000 38,000

Dec-11 Aug-13 Apr-15 Nov-16

6.1x 9.15x 12.2x 15.25x 18.3x 200 700 1,200 1,700 2,200

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Sumber: Lotus Sekuritas Sumber: Lotus Sekuritas

BSDE PE Band

DILD PE Band

7.2x 18.78x 30.35x 30.35x 41.93x 53.5x 400 1,050 1,700 2,350 3,000

9.5x 14.58x 19 .65x 24.73x 29.8 x 100 300 500 700 900

INDF PE Band

KIJA PE Band

12.2x 17.2x 22.2x 27.2x 32.2x 3,500 5,100 6,700 8,300 9,900

16.19x 23.67x 31.16x 38 .64x 50 150 250 350 450

Dec-10 Dec-11 Dec-12 Dec-13 Jan-15 Jan-16 Jan-17

LPKR PE Band

LPPF PE Band

18.64x 28.43x 38.22x 48x 400 800 1,200 1,600 2,000

8.6x 16.1x 23.6x 31.1x 38.6x 7,000 11,000 15,000 19,000 23,000

Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

(5)

LSIP PE Band

MNCN PE Band

7.5x 11.78x 16.05x 20.33x 24.6x 600 1,350 2,100 2,850 3,600

9x 14.28x 19.55x 24.83x 30.1x 1,000 1,750 2,500 3,250 4,000

PTBA PE Band

PTPP PE Band

4.3x 7.19x 10.08x 12.97x 15.85x 2,000 7,500 13,000 18,500 24,000

6.7x 14.1x 21.5x 28.9x 36.3x 400 1,600 2,800 4,000 5,200

SCMA PE Band

SRIL PE Band

13.7x 21.0 5x 2 8.4x 35.75x 43 .1x 1,800 2,575 3,350 4,12 5

4.4x 6.83x 9.2 5x 11.6 8x 14.1x 50 175 30 0 425 550

TINS PE Band

WIKA PE Band

9x 17.63x 26.25x 34.88x 43.5x 200 600 1,000 1,400 1,800

9.2x 16.4x 23.6x 30.8x 38x 2 50 1,2 50 2,2 50 3,2 50 4,2 50

(6)

WSKT PE Band

6.8 x 13.45x 20.1x 26 .75x 33.4 x 200 950 1,700 2,450 3,200

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

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Support Resistance Beta Volatility Bearish Bullish AGRICULTURE

Plantation & Others

Astra Ago Lestari Tbk AALI 14,475 14,450 14,625 0.77 4.70% -13.71% Overweight 14,325 14,650

PP London Sumatra Tbk LSIP 1,485 1,475 1,560 0.64 4.96% -14.66% Overweight 1,470 1,500

Sawit Sumbermas Sarana Tbk SSMS 1,485 1,480 1,520 0.73 4.85% 6.07% Overweight 1,470 1,500

MINING

Coal, Oil & Gas, Metal & Other Resources

Adaro Energy Tbk ADRO 1,770 1,695 1,840 1.67 7.07% 4.42% Overweight 1,730 1,815

Bumi Resources Tbk BUMI 272 248 286 1.23 11.73% -2.16% Not Rated 268 276

Tambang Batu Bara Bukit Asam Tbk PTBA 11,200 10,800 12,050 1.31 6.66% -10.40% Overweight 11,000 11,425

Aneka Tambang (Persero) Tbk ANTM 660 655 705 0.79 7.01% -26.26% Overweight 650 665

Vale Indonesia Tbk INCO 2,970 2,950 3,220 1.00 8.23% 5.32% Underweight 2,930 3,010

BASIC INDUSTRY Cement & Others

Indocement Tunggal Perkasa Tbk. INTP 19,900 19,250 21,200 1.48 4.81% 29.22% Underweight 19,525 20,375

Semen Gresik Tbk SMGR 9,900 9,825 10,250 1.31 4.72% 7.90% Overweight 9,725 10,100

Barito Pacific BRPT 2,180 2,020 2,190 0.63 10.57% 197.61% Not Rated 2,160 2,200

MISC.INDUSTRY Otomotif

Astra International Tbk ASII 8,200 8,150 8,375 1.40 4.71% -0.91% Overweight 8,050 8,375

Sri Rejeki Isman Tbk SRIL 380 374 388 0.70 8.27% 65.22% Overweight 376 384

CONSUMER GOODS

Foods, Cigarette, Pharmacy & Others

Indofood CBP Sukses Makmur Tbk ICBP 8,950 8,525 9,000 1.16 6.00% 4.37% Underweight 8,800 9,100

Indofood Sukses Makmur Tbk INDF 7,800 7,750 8,075 1.13 3.97% -1.58% Overweight 7,675 7,925

Unilever Indonesia Tbk UNVR 49,650 48,925 50,000 1.03 3.01% 27.96% Underweight 49,000 50,475

Gudang Garam Tbk. GGRM 77,975 75,950 83,100 0.98 4.41% 22.03% Underweight 77,000 79,200

Hanjaya Mandala Sampoerna Tbk HMSP 4,100 3,980 4,340 0.89 9.45% 7.05% Underweight 4,050 4,150

Kalbe Farma Tbk KLBF 1,620 1,595 1,635 1.19 3.88% 6.93% Overweight 1,595 1,650

PROPERTY & CONSTRUCTION

Bumi Serpong Damai Tbk BSDE 1,670 1,635 1,695 1.45 4.48% -4.84% Overweight 1,630 1,700

Lippo Karawaci Tbk LPKR 630 565 650 0.96 4.88% -12.50% Overweight 620 640

Pakuwon Jati Tbk PWON 615 615 650 1.40 4.97% 8.85% Overweight 600 625

PP Properti Tbk PPRO 204 202 210 1.15 9.95% -85.00% Overweight 200 208

Summarecon Agung Tbk SMRA 905 900 1,010 1.56 6.04% -31.70% Overweight 885 925

Adhi Karya (Persero) Tbk ADHI 2,240 2,170 2,250 1.02 4.87% 7.69% Overweight 2,210 2,270

PP (Persero) Tbk PTPP 2,810 2,710 2,830 0.81 4.61% -26.25% Overweight 2,780 2,840

Wijaya Karya (Persero) Tbk WIKA 1,975 1,955 2,020 0.98 4.50% -16.31% Overweight 1,950 2,000

Waskita Karya (Persero) Tbk WSKT 2,210 2,110 2,220 0.79 3.93% -13.33% Overweight 2,180 2,230

INFRASTRUCTURE

Energy, Transportation & Highway, Telecommunication, Non Building Construction

Perusahaan Gas Negara (Persero) Tbk PGAS 1,775 1,765 1,845 1.08 5.84% -34.26% Overweight 1,750 1,800

Jasa Marga Tbk JSMR 6,600 6,400 6,675 1.06 4.12% 52.78% Underweight 6,500 6,700

XL Axiata Tbk EXCL 3210 3210 3530 1.14 5.88% 38.96% Underweight 3,160 3,270

Telekomunikasi Indonesia Tbk TLKM 4,200 4,070 4,230 0.90 2.69% 5.53% Overweight 4,150 4,260

FINANCE Bank

Bank Central Asia Tbk BBCA 21,175 20,400 21,200 1.07 2.73% 36.61% Underweight 20,875 21,525

Bank Negara Indonesia BBNI 8,175 7,650 8,250 1.44 4.37% 47.96% Underweight 8,025 8,350

Bank Rakyat Indonesia (Persero) Tbk BBRI 3,290 3,120 3,330 1.49 4.15% 40.90% Overweight 3,225 3,360

Bank Tabungan Negara (Persero) Tbk BBTN 2,980 2,880 3,040 0.90 3.79% 71.26% Underweight 2,940 3,020

Bank Jabar & Banten Tbk BJBR 2,330 2,260 2,390 1.09 7.21% -31.27% Underweight 2,290 2,370

Bank Mandiri (Persero) Tbk BMRI 7,325 6,925 7,400 1.43 3.97% 26.57% Underweight 7,175 7,475

TRADE & SERVICE

Investment Company & Wholesale

AKR Corporindo Tbk AKRA 6,925 6,900 7,375 0.69 4.24% 15.42% Overweight 6,850 7,000

United Tractors Tbk UNTR 33,075 32,625 33,675 1.29 5.15% 55.65% Underweight 32,525 33,750

Matahari Departement Store Tbk LPPF 10,975 9,800 11,150 1.17 5.07% -27.44% Overweight 10,800 11,175

Global Mediacom BMTR 580 565 610 1.42 7.13% -5.69% Not Rated 570 590

Media Nusantara Citra Tbk MNCN 1,475 1,385 1,665 1.19 6.65% -15.95% Overweight 1,450 1,500

Surya Citra Media Tbk SCMA 2,130 1,950 2,140 1.01 4.81% -23.93% Overweight 2,100 2,160

Hanson International Tbk MYRX 108 102 112 0.67 8.26% -36.09% Overweight 107 109

Emiten Ticker Close Weekly Indicator YTD Performance Weekly Forecast

(8)

DISCLAMER

This report has been prepared by PT. Lotus Sekuritas on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of PT. Lotus Sekuritas.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, PT. Lotus Sekuritas makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the information of clients of PT. Lotus Sekuritas who are expected to make their own investment decisions without reliance on this report. Neither PT. Lotus Sekuritas nor any officer or employee of PT. Lotus Sekuritas accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. PT. Lotus Sekuritas and/or person connected with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication.

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