DAILY. IHSG Diperkirakan Bergerak Melemah Seiring Kembali Dicatatkannya Rekor Kasus Covid-19. Highlights. Market DAILY RESEARCH

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DAILY

RESEAR

CH

Market

Market Activity Market Index : 6,022.4 Index Movement : +10.3 0.17% Market Volume : 18,505 Mn shrs Market Value : 9,327 Bn rupiah

Last Close +/- % Leading Movers BRIS 1,945 220 12.8 HMSP 1,160 35 3.1 AGRO 1,640 165 11.2 SMMA 12,450 350 2.9 Lagging Movers ARTO 13,575 -300 -2.2 BMRI 5,900 -75 -1.3 BBCA 30,950 -100 -0.3 BRPT 895 -20 -2.2

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

FREN 63 BBCA 56 AGRO 45 BFIN 39 TLKM 39 ADRO 21 ITMG 27 HEAL 14 ASII 27 BMRI 11 Money Market Last Close +/- % USD/IDR 14,425 -15.0 0.1 JIBOR O/N 5.9 0.0

Dual Listing Securities Last Close +/- % TLKM 22.7 0.0 0.0 EIDO 20.6 0.0 -0.1 Global Indices Last Close +/- % DJIA 34,434 237 0.69 S&P 500 4,281 14 0.33 Euro Stoxx 4,121 -2 -0.04 MSCI World 3,025 12 0.38 STI 3,122 2 0.06 Nikkei 29,066 191 0.66 Hang Seng 29,288 406 1.40 Commodities Last Close +/- % Brent Oil 76 0.7 0.98 Coal (ICE) 131 2.7 2.10 CPO Malay 3,702 97.0 2.69 Nickel 18,523 108.5 0.59 Tin 30,774 140.0 0.46 Changes Changes Changes Changes Changes Friday, 25 Jun 2021

IHSG Diperkirakan Bergerak Melemah Seiring

Kembali Dicatatkannya Rekor Kasus Covid-19

Pada penutupan pekan lalu (25/6) pasar AS bergerak mixed namun cenderung

menguat; Indeks Dow Jones menguat +0.86%, S&P500 menguat +0.42%, dan

Nasdaq bergerak flat -0.05% (sempat menyentuh all-time high 14,414 pada Kamis

(24/6)). Dari AS, terdapat rilis data Jobless Claim mingguan (411 ribu), yang melebihi

ekspektasi konsensus (380 ribu) namun sedikit lebih rendah dibandingkan rilis data

pekan sebelumnya (418 ribu). Yield UST10Y terpantau naik ke level 1.53%,

sementara indeks dolar AS turun ke level 91.8.

Pasar komoditas terpantau bergerak menguat. Pada Jumat (25/6) lalu, WTI naik

+0.96% ke level USD 73.9/Bbl, Brent bergerak naik (+0.7% ke level USD 76.1/Bbl),

batubara menguat +2.7% ke level USD 131/Ton, nikel +0.55% ke level USD

18,525/Ton, CPO +2.6% ke level MYR 3,702/ton. Harga emas terpantau menguat

(+0.3% ke level USD 1,781/t.oz).

Indonesia kembali memecahkan rekor penambahan kasus COVID-19 harian selama

2 hari berturut-turut. Terjadi penambahan 21.3 ribu kasus baru COVID-19 pada hari

Minggu (27/6) (Sabtu: 21.1 ribu kasus) dengan positive rate sebesar 26.8% (Sabtu:

21.5%). Sejauh ini, telah ditemukan sebanyak 2.1 juta kasus COVID-19 di Indonesia,

dengan 1.8 juta di antaranya sembuh (recovery rate: 87.4%, active case: 207 ribu ).

Terkait vaksinasi, sejauh ini 27.5 juta orang di Indonesia telah menerima dosis

pertama vaksin COVID-19 (+1.08 juta pada Minggu) dan 13.1 juta telah menerima

dosis kedua (+90 ribu pada Minggu), merefleksikan 14.9% dari total target.

IHSG bergerak menguat +0.25% selama sepekan lalu, dan menguat +0.17% pada

hari Jumat (27/6) ke level 6,022. Pekan lalu terjadi net buy asing sebesar IDR 44.9

miliar, dan pada perdagangan Jumat lalu, tercatat net sell asing sebesar IDR -732

miliar. Pekan ini minim sentiment rilis data, IHSG kami perkirakan pergerakannya

akan terbatas.

Pagi ini pasar regional dibuka melemah, dengan Kospi -0.05% dan Nikkei -0.03%.

Untuk IHSG pada hari ini kami perkirakan akan bergerak melemah, dikarenakan

kekhawatiran investor akan lonjakan COVID-19 di Indonesia.

DAILY RESEARCH



ADHI :

Bidik Dana IDR 3.4 triliun, ADHI Siapkan Tiga Opsi

28 June 2021

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Equity Research│28 June 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)

1 -M ar -2 0 1-Ap r-20 1 -M a y-2 0 1-Ju n-20 1 -J u l-2 0 1-Au g-20 1 -S ep -2 0 1 -O ct-2 0 1 -N o v-2 0 1 -D ec -2 0 1 -J an -2 1 1 -F eb -2 1 1-M ar -2 1 1 -A p r-2 1 1 -M a y-2 1 1 -J u n -2 1 0 10 20 30 40 50 60 70 80 1 -M a r-2 0 1 -A p r-2 0 1 -M ay -2 0 1-Ju n-20 1 -J u l-2 0 1-Au g-20 1 -S e p -2 0 1 -O ct-2 0 1 -N o v-2 0 1 -D e c-2 0 1-Ja n -2 1 1 -F e b -2 1 1 -M a r-2 1 1-Ap r-21 1 -M ay -2 1 1-Ju n-21 40 50 60 70 80 90 100 110 120 130 140 1 -M ar -2 0 1 -A p r-2 0 1 -M ay -2 0 1-Ju n-20 1 -J u l-2 0 1 -A u g-2 0 1-Sep -2 0 1-Oc t-2 0 1 -N o v-2 0 1 -D ec -2 0 1 -J an -2 1 1-Feb -2 1 1 -M ar -2 1 1 -A p r-2 1 1-M ay -2 1 1 -J u n -2 1 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 6,000 6,500 7,000 7,500 8,000 16,000 18,000 20,000 22,000 1 -M ar -2 0 1 -A p r-2 0 1 -M a y-2 0 1 -J u n -2 0 1 -J u l-2 0 1-Au g-20 1-Sep -2 0 1-Oc t-2 0 1 -N o v-2 0 1 -D ec -2 0 1 -J an -2 1 1 -F eb -2 1 1-M ar -2 1 1-Ap r-21 1 -M a y-2 1 1 -J u n -2 1 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

6/27/2021 2,115,304 1.02 21,342 - 1,850,481 8,024 57,138 409 207,685 90.18 6/26/2021 2,093,962 1.02 21,095 - 1,842,457 7,396 56,729 358 194,776 90.70 6/25/2021 2,072,867 0.92 18,872 (8.27) 1,835,061 8,557 56,371 422 181,435 91.25 6/24/2021 2,053,995 1.01 20,574 34.40 1,826,504 9,201 55,949 355 171,542 91.65 6/23/2021 2,033,421 0.76 15,308 12.00 1,817,303 7,167 55,594 303 160,524 92.11 6/22/2021 2,018,113 0.68 13,668 (5.97) 1,810,136 8,375 55,291 335 152,686 92.43 6/21/2021 2,004,445 0.73 14,536 5.82 1,801,761 9,233 54,956 294 147,728 92.63 Average 17,914 8,279 354 91.56

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Equity Research│28 June 2021

ADHI: Bidik Dana IDR 3.4 triliun, ADHI Siapkan Tiga Opsi

PT Adhi Karya Tbk (ADHI) akan memanfaatkan tiga opsi pendanaan untuk mendukung kinerja tahun ini. Perseroan bakal

menerbitkan obligasi, penawaran umum perdana (initial public offering/IPO) saham anak usaha, dan pinjaman dari bank

syariah. Total dana yang dibidik lebih dari IDR 3.4 triliun. (Investor Daily)

Comment:

ADHI berencana menerbitkan obligasi senilai IDR 1.7 triliun pada 3Q21, selain itu IPO anak usaha yaitu ACP (Adhi

Commuter Property) akan dilakukan pada 4Q21. Posisi DER pada 1Q21 sebesar 1.78x, dengan penambahan

obligasi baru dan asumsi porsi ekuitas serupa, maka DER ADHI akan naik menjadi 2.1x. Kami menilai menambah

pinjaman baru akan meningkatkan resiko memberatkan beban keuangan ADHI yang pada FY20 mencapai 7.3%

dari total revenue (naik dari rata-rata 3.3% selama 3 tahun terakhir). Namun di satu sisi, ADHI membutuhkan

dana dalam proyek investasi dan modal kerja agar dapat membukukan revenue. Keseimbangan menjaga burn

rate dan kesehatan neraca menjadi krusial bagi ADHI. ADHI: Under review (Previous: ADHI: BUY: 7.6x PE '21E,

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Equity Research│28 June 2021

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E* 21E 20E* 21E 20E* 21E

Banks BBCA BUY 10.7 30,950 40,500 37,318 30.9 28.1 24.0 4.1 3.8 14.7 15.7 BBRI BUY 6.9 3,990 5,300 4,990 32.8 25.4 15.0 2.6 2.4 10.3 15.8 BMRI BUY 3.9 5,900 8,000 7,955 35.6 16.1 11.6 1.5 1.4 9.1 12.1 BBNI BUY 1.2 4,760 8,500 7,223 78.6 29.8 6.9 0.8 0.7 2.6 9.7 BBTN BUY 0.2 1,380 2,300 2,126 66.7 9.1 5.7 0.7 0.7 8.1 11.4

BNLI SELL #N/A N/A 1,960 1,376 2,400 -29.8 36.3 33.8 2.2 2.1 0.1 0.1

Average 18.3 8.1 1.0 0.9 6.6 11.1 Consumer (Staples) ICBP BUY 1.3 8,025 12,000 11,762 49.5 13.9 13.6 3.1 2.7 22.3 19.9 INDF BUY 0.8 6,050 9,500 8,873 57.0 10.9 11.0 1.3 1.2 11.9 11.0 KLBF BUY 0.9 1,355 1,750 1,770 29.2 23.0 20.8 3.7 3.3 16.0 16.0 UNVR BUY 2.7 5,000 7,900 6,742 58.0 26.6 26.3 38.8 38.2 145.7 145.0 SIDO BUY 0.3 730 970 926 32.9 23.5 20.2 6.8 6.3 29.1 31.5 Average 19.6 18.4 10.7 10.4 45.0 44.7 Cigarette HMSP BUY 1.9 1,160 1,460 1,254 25.9 15.7 15.9 4.5 4.5 28.5 28.1 GGRM BUY 1.1 38,750 44,400 37,431 14.6 8.8 8.5 1.3 1.2 14.2 13.9 Average 12.2 12.2 2.9 2.8 21.4 21.0 Healthcare MIKA BUY 0.6 2,750 3,500 3,224 27.3 46.2 43.5 8.1 7.3 17.5 16.8 SILO HOLD 0.2 8,325 9,100 9,133 9.3 594.6 252.3 2.3 2.2 0.4 0.9 HEAL BUY 0.2 5,100 5,700 5,914 11.8 46.8 40.5 6.2 5.5 13.3 13.5 Average 229.2 112.1 5.5 5.0 10.4 10.4 Poultry CPIN BUY 1.4 6,100 7,300 7,225 19.7 34.7 26.6 4.8 4.4 13.7 16.4 JPFA BUY 0.3 1,870 2,400 2,493 28.3 23.4 12.3 1.9 1.6 8.0 13.1

MAIN BUY 0.0 735 890 1,089 21.1 n/a 10.8 0.8 0.7 -0.9 6.8

WMUU BUY 0.0 163 370 370 127.0 #DIV/0! 6.8 #DIV/0! 1.6 #DIV/0! 23.1

Average 29.0 16.6 2.5 2.2 7.0 12.1

Retail

MAPI BUY 0.2 700 975 941 39.3 n/a 19.4 2.2 4.5 -10.4 23.1

RALS BUY 0.1 665 900 799 35.3 n/a 14.1 1.1 1.1 -1.5 7.7

ACES BUY 0.3 1,335 1,900 1,695 42.3 28.4 20.9 4.6 4.1 16.1 19.6

LPPF SELL 0.1 1,820 1,100 1,296 -39.6 n/a 14.1 3.1 4.8 -35.0 34.1

Average 28.4 18.2 2.6 3.2 1.4 16.8

Pulp and Paper

INKP SELL 0.6 7,725 7,000 N/A -9.4 8.9 10.7 0.7 0.6 7.6 6.0

Average 8.9 10.7 0.7 0.6 7.6 Media MNCN BUY 0.2 910 1,400 1,438 53.8 5.5 5.0 0.8 0.7 14.9 14.3 SCMA BUY 0.4 1,710 2,200 2,044 28.7 21.4 19.4 5.2 4.6 24.4 23.7 Average 13.5 12.2 3.0 2.7 19.6 19.0 Telco EXCL HOLD 0.4 2,730 3,000 3,166 9.9 78.0 39.6 1.5 1.5 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,016 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.6 3,250 4,050 4,176 24.6 15.5 14.4 2.7 2.5 17.2 17.7

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Equity Research│28 June 2021

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E* 21E 20E* 21E 20E* 21E

Auto ASII BUY 2.8 4,920 6,750 6,722 37.2 11.0 10.0 1.0 1.0 9.0 9.6 Average 11.0 10.0 1.0 1.0 9.0 Mining Contracting UNTR BUY 1.1 21,350 31,000 27,920 45.2 11.5 8.5 1.3 1.2 11.2 13.8 Average 11.5 8.5 1.3 1.2 11.2 Aviation

GIAA #VALUE! 0.1 #N/A N/A 650 455 #VALUE! #VALUE! #VALUE! #VALUE! ###### 17.5 16.9

Average #VALUE! #VALUE! #VALUE! ###### 17.5

Property

BSDE BUY 0.3 990 1,350 1,473 36.4 14.8 11.1 0.6 0.6 4.0 4.9

PWON BUY 0.3 458 530 620 15.7 35.2 12.4 0.9 1.5 2.6 12.1

ASRI SELL 0.0 168 130 220 -22.6 12.9 6.0 0.3 0.3 2.3 4.7

LPKR SELL 0.2 166 140 221 -15.7 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 825 1,200 1,051 45.5 48.5 28.4 1.6 1.5 3.4 5.4

CTRA BUY 0.2 895 1,100 1,341 22.9 21.3 16.6 1.1 1.0 5.1 6.2

Average 26.6 14.9 0.8 0.9 2.8 5.5

Industrial Estate

SSIA BUY 0.0 446 700 632 57.0 n/a 40.5 0.5 0.5 -1.6 1.3

DMAS BUY 0.1 200 250 274 25.0 13.3 11.8 1.3 1.5 9.6 12.7

KIJA SELL 0.1 172 150 N/A -12.8 15.6 13.2 0.6 0.4 4.0 3.4

Average 14.5 21.8 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 930 1,900 1,553 104.3 42.3 7.6 0.4 0.4 0.9 4.9

ADHI BUY 0.0 780 1,800 1,345 130.8 32.5 7.6 0.5 0.5 1.5 6.1

WSKT BUY 0.2 900 1,400 1,257 55.6 n/a n/a 0.7 0.9 -44.6 -7.4

WIKA BUY 0.1 995 1,400 1,672 40.7 10.4 6.8 0.5 0.5 5.0 7.1 Average 28.4 7.3 0.5 0.5 -9.3 2.6 Cement INTP BUY 0.6 10,875 16,250 16,013 49.4 30.2 25.1 1.8 1.7 5.8 6.9 SMGR BUY 0.8 9,725 13,050 13,363 34.2 25.5 20.5 1.6 1.5 6.3 7.4 Average 27.9 22.8 1.7 1.6 6.1 7.2 Precast WSBP BUY 0.1 160 230 243 43.8 14.5 4.3 0.4 0.4 2.9 8.9 WTON BUY 0.0 240 450 414 87.5 21.8 6.5 0.6 0.6 2.9 8.9 Average 18.2 5.4 0.5 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,035 1,700 1,486 64.3 18.8 14.8 0.6 0.6 3.3 4.1

AKRA BUY 0.2 3,060 4,000 4,074 30.7 13.3 12.1 1.4 1.3 10.6 11.0

MEDC BUY 0.2 675 1,090 869 61.5 n/a 9.2 1.0 0.9 -9.9 9.7

Average 16.1 12.1 1.0 0.9 1.3 8.3

Chemical

TPIA HOLD 2.5 10,050 10,250 8,950 2.0 693.1 115.5 6.9 6.9 1.0 6.0

BRPT BUY 1.2 895 1,150 1,034 28.5 187.0 114.3 4.7 4.7 2.5 4.2

ESSA SELL 0.1 362 225 540 -37.8 n/a n/a 2.5 1.2 -20.0 -0.5

Average 440.1 114.9 4.7 4.3 -5.5 3.2

Utilities

JSMR BUY 0.4 3,510 5,000 5,406 42.5 53.2 17.6 1.0 1.0 2.0 5.6

Metal

ANTM BUY 0.8 2,300 3,230 3,396 40.4 37.1 22.5 2.9 2.6 7.7 11.7

MDKA SELL 0.9 2,890 2,030 3,105 -29.8 n/a 15.7 10.5 11.5 15.7 72.9

INCO BUY 0.6 4,540 6,730 6,269 48.2 31.3 31.3 1.6 1.6 5.0 5.0

TINS BUY 0.2 1,455 1,775 1,633 22.0 n/a 1653.4 2.1 2.5 -4.2 0.1

Average 34.2 430.7 4.2 4.5 6.1 22.4

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Equity Research│28 June 2021

Chg (Pts)

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

World 3,025 11.58 0.38 1.44 1.53 7.46 12.45 40.23 3,026 2,149 U.S. (S&P) 4,281 14.21 0.33 2.74 1.82 7.70 13.97 42.26 4,286 3,000 U.S. (DOW) 34,434 237.02 0.69 3.44 (0.28) 4.12 12.51 37.65 35,092 24,971 Europe 4,121 (1.77) (0.04) 0.91 1.23 6.57 15.99 28.60 4,166 2,921 Emerging Market 1,380 12.19 0.89 2.15 1.38 5.51 6.84 38.11 1,449 989 FTSE 100 7,136 26.10 0.37 1.69 1.62 5.87 10.46 15.86 7,218 5,526 CAC 40 6,623 (8.28) (0.12) 0.82 2.14 10.59 19.30 34.90 6,687 4,513 Dax 15,608 18.74 0.12 1.04 0.57 5.82 13.77 29.10 15,803 11,450 Indonesia 6,022 10.34 0.17 0.25 2.97 (2.79) 0.72 22.80 6,505 4,755 Japan 29,066 190.95 0.66 3.77 (0.29) (0.38) 5.91 29.11 30,715 21,710 Australia 7,306 (1.75) (0.02) 0.98 1.77 7.06 10.92 23.75 7,406 5,763 Korea 3,301 (1.38) (0.04) 1.87 3.54 8.56 14.89 54.66 3,316 2,088 Singapore 3,122 1.98 0.06 (0.72) (1.79) (1.15) 9.77 19.85 3,237 2,421 Malaysia 1,560 3.97 0.26 (1.85) (2.18) (2.61) (4.15) 4.81 1,696 1,452 Hong Kong 29,288 405.76 1.40 1.69 0.56 3.36 7.55 19.30 31,183 23,124 China 3,608 40.91 1.15 2.34 0.19 5.54 3.87 21.08 3,732 2,952 Taiwan 17,503 95.03 0.55 1.07 3.75 7.34 18.81 50.10 17,709 11,501 Thailand 1,583 (3.05) (0.19) (1.88) 0.04 0.50 9.20 18.97 1,643 1,187 Philipines 6,951 64.51 0.94 1.45 4.14 6.20 (2.65) 12.25 7,432 5,692

Foreign Reserves (US$Bn) 136.40 (1.73) (1.73) 0.37 4.48 138.80 131.72

Inflation Rate (yoy, %) 1.68 1.96 1.32

Gov Bond Yld (10yr, %) 6.53 (9.26) 7.25 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,425 (15.00) 0.10 (0.35) (0.67) 0.01 (2.60) (1.73) 14,950 13,865 Japan 110.77 0.02 (0.02) (0.45) (0.83) (0.87) (6.79) (2.88) 111.12 102.59 UK 1.39 0.00 0.04 (0.35) (2.14) 0.89 1.57 12.90 1.42 1.23 Euro 1.19 (0.00) (0.01) 0.13 (2.12) 1.44 (2.31) 6.16 1.23 1.12 China 6.46 (0.02) 0.24 (0.05) (0.70) 1.40 1.10 9.63 7.08 6.36 Chg (Pts)

Oil (Brent) 76.31 0.13 0.17 1.88 9.59 18.18 47.32 86.03 76.33 35.74 CPO 3,520 99.00 2.89 2.80 (12.52) (8.88) (2.22) 46.97 4,468 2,277 Rubber 910.00 (16.50) (1.78) (1.19) (15.82) (20.77) (2.93) 10.98 1,262.50 767.50 Coal 131.10 2.70 2.10 6.15 16.79 36.99 62.86 151.63 131.00 47.50 Tin 32,419 85.00 0.26 3.36 2.61 18.03 57.80 94.32 34,510 16,835 Nickel 18,523 116.00 0.63 7.98 8.70 14.68 11.50 48.90 20,110 12,565 Copper 9,414 (5.50) (0.06) 2.93 (5.09) 7.22 21.21 59.74 10,748 5,925 Gold 1,781 3.90 0.22 (0.08) (6.39) 2.81 (5.93) 0.43 2,074 1,673 Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

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Equity Research│28 June 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples [email protected] +6221 2854 8148 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, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739 Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346 Ahmad Fadillah Oil & Gas [email protected] +6221 2854 8144 Calista Muskitta Research Associate [email protected] +6221 2854 8331 Adolf Richardo Editor, Translator [email protected] +6221 2854 8396

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 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325 Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329 Sylviawati Customer Service [email protected] +6221 2854 8193

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales [email protected] +6221 2854 8380 Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395 Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365 Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Equity Retail Team

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173 Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

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 Thita Rossiana Putri Admin & Sales Support Fixed Income [email protected] +62-21 2854 8385

Online Trading Sales Team

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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.