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: 6,023.3

: -142.3 -2.31%

: 25,161 Mn shrs : 18,743 Bn rupiah

Last

Close +/- %

BBCA 33,575 -575 -1.7

TLKM 3,360 -160 -4.5

EMTK 13,650 -875 -6.0

ASII 6,075 -75 -1.2

MEGA 7,050 25 0.4

NISP 805 15 1.9

SMMA 11,500 -250 -2.1

TPIA 9,175 100 1.1

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

ASII 165 BMRI 163

BBCA 60 ICBP 69

SCMA 15 INDF 63

MNCN 13 UNTR 62

MCAS 12 EXCL 48 Money Market

Last

Close +/- %

USD/IDR 14,205 75.0 -0.5

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.7 -0.9 -3.7

EIDO 22.8 -1.1 -4.5

Global Indices Last

Close +/- %

DJIA 30,016 -201 -0.7

S&P 500 3,687 -8 -0.2

Euro Stoxx 3,497 49 1.4

MSCI World 2,643 -2 -0.1

STI 2,827 -19 -0.7

Nikkei 26,436 -278 -1.0

Hang Seng 26,119 -187 -0.7

Commodities Last

Close +/- %

Brent Oil 50 -0.8 -1.6

Coal (ICE) 85 0.0 0.0

CPO Malay 3,412 6.0 0.2

Nickel 16,572 -658.0 -3.8

Tin 20,119 65.0 0.3

Changes Changes Leading Movers

Lagging Movers

Changes

Changes

Changes Market Value

Market Activity Tuesday, 22 Dec 2020 Market Index Index Movement Market Volume

DAILY RESEARCH

Summary

IHSG berpotensi terdorong penguatan bursa saham global

Bursa AS kembali mengalami pelemahan pada perdagangan semalam.

Dow ditutup turun -0.67% dan S&P500 -0.21%. Namun Nasdaq mampu menguat +0.51% didorong kenaikan saham Apple setelah mengumumkan rencana untuk memproduksi mobil. Sentimen positif datang dari paket stimulus yang selangkah lagi akan dikeluarkan, paket stimulus USD 900 miliar tinggal menunggu tanda tangan Presiden Donald Trump. Namun sentimen dari varian virus Covid di Inggris masih membayangi pergerakan bursa saham.

Varian baru tersebut memaksa London untuk melakukan lockdown pada Natal dan Tahun baru. Virus tersebut sudah teridentifikasi di Belanda, Italia, Belgia dan Denmark.

Dari pasar komoditas, harga minyak mengalami pelemahan. Brent turun -1.91% dan WTI melemah -2.25%. Harga minyak tertekan di tengah varian virus corona baru yang sangat menular dapat membuat permintaan minyak ikut melemah.

Dari dalam negeri, IHSG kemarin terkoreksi cukup dalam, -2.31%

mengikuti pergerakan bursa global yang cenderung melemah. Terlebih, penambahan kasus covid-19 di Indonesia masih tinggi, bertambah 6,347 kasus baru dan yang sembuh mencapai 5,838 kasus. Sehingga kasus aktif kembali naik menjadi 105,146 kasus. Hal ini menyebabkan penjagaan libur natal dan tahun baru akan diperketat.

Namun hari ini IHSG berpeluang menguat, setelah reshuffle kabinet masih mempertahankan peta perpolitikan dengan kursi menteri untuk Gerindra masih dipertahankan, dan ada beberapa menteri baru yang merupakan para profesional. Di sisi lain, ada juga optimisme yang datang dari perkembangan beberapa vaksin yang dianggap mampu untuk melawan varian virus covid baru di Inggris. Pagi ini Nikkei terpantau naik +0.40% dan Kospi +0.42%.

ISAT : Induk Indosat dan Hutch negosiasi merger

23 December 2020

Highlights

(2)

Equity Research│23 December 2020

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 %

12/22/2020 678,125 0.94 6,347 (7.32) 552,722 5,838 20,257 172 105,146 84.49 12/21/2020 671,778 1.03 6,848 (1.92) 546,884 5,073 20,085 205 104,809 84.40 12/20/2020 664,930 1.06 6,982 (9.92) 541,811 5,551 19,880 221 103,239 84.47 12/19/2020 657,948 1.19 7,751 15.88 536,260 4,265 19,659 145 102,029 84.49 12/18/2020 650,197 1.04 6,689 (9.04) 531,995 5,016 19,514 124 98,688 84.82 12/17/2020 643,508 1.16 7,354 9.35 526,979 4,995 19,390 142 97,139 84.90 12/16/2020 636,154 1.07 6,725 9.89 521,984 5,328 19,248 137 94,922 85.08

Average 6,957 5,152 164 84.67

Source: SSI Research, Bloomberg

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)

23-Dec-19 23-Jan-20 23-Feb-20 23-Mar-20 23-Apr-20 23-May-20 23-Jun-20 23-Jul-20 23-Aug-20 23-Sep-20 23-Oct-20 23-Nov-20

0 10 20 30 40 50 60 70 80

23-Dec-19 23-Jan-20 23-Feb-20 23-Mar-20 23-Apr-20 23-May-20 23-Jun-20 23-Jul-20 23-Aug-20 23-Sep-20 23-Oct-20 23-Nov-20

40 45 50 55 60 65 70 75 80 85 90

23-Dec-19 23-Jan-20 23-Feb-20 23-Mar-20 23-Apr-20 23-May-20 23-Jun-20 23-Jul-20 23-Aug-20 23-Sep-20 23-Oct-20 23-Nov-20

1,500 2,000 2,500 3,000 3,500 4,000

23-Dec-19 23-Jan-20 23-Feb-20 23-Mar-20 23-Apr-20 23-May-20 23-Jun-20 23-Jul-20 23-Aug-20 23-Sep-20 23-Oct-20 23-Nov-20

4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400

23-Dec-1927-Dec-1931-Dec-194-Jan-208-Jan-2012-Jan-2016-Jan-2020-Jan-2024-Jan-2028-Jan-201-Feb-205-Feb-209-Feb-2013-Feb-2017-Feb-2021-Feb-2025-Feb-2029-Feb-204-Mar-208-Mar-2012-Mar-2016-Mar-2020-Mar-2024-Mar-2028-Mar-201-Apr-205-Apr-209-Apr-2013-Apr-2017-Apr-2021-Apr-2025-Apr-2029-Apr-203-May-207-May-2011-May-2015-May-2019-May-2023-May-2027-May-2031-May-204-Jun-208-Jun-2012-Jun-2016-Jun-2020-Jun-2024-Jun-2028-Jun-202-Jul-206-Jul-2010-Jul-2014-Jul-2018-Jul-2022-Jul-2026-Jul-2030-Jul-203-Aug-207-Aug-2011-Aug-2015-Aug-2019-Aug-2023-Aug-2027-Aug-2031-Aug-204-Sep-208-Sep-2012-Sep-2016-Sep-2020-Sep-2024-Sep-2028-Sep-202-Oct-206-Oct-2010-Oct-2014-Oct-2018-Oct-2022-Oct-2026-Oct-2030-Oct-203-Nov-207-Nov-2011-Nov-2015-Nov-2019-Nov-2023-Nov-2027-Nov-201-Dec-205-Dec-20 10,000

11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000

23-Dec-19 23-Jan-20 23-Feb-20 23-Mar-20 23-Apr-20 23-May-20 23-Jun-20 23-Jul-20 23-Aug-20 23-Sep-20 23-Oct-20 23-Nov-20

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

(3)

Equity Research│23 December 2020

ISAT: Induk Indosat dan Hutch negosiasi merger

Ooredoo QPSC, induk usaha PT Indosat Tbk (ISAT), dikabarkan makin mendekati kesepakatan dalam proses negosiasi penggabungan usaha (merger) di Asia Tenggara dengan CK Hutchison Holdings Ltd, pengendali PT Hutchison 3 Indonesia. Kesepakatan transaksi merger tersebut akan melibatkan penawaran tunai dan saham.

(Investor Daily) Comment:

Kabar merger diberitakan dari laporan Bloomberg dimana kedua pihak akan menjadi pemilik

signifikan di perusahaan gabungan nanti. Hingga September 2020, ISAT memiliki jumlah pelanggan

60.4 juta sementara Hutchinson 3 ada 38 juta pelanggan. Jika konsolidasi terjadi maka jumlah

pelanggan gabungan akan mencapai 98 juta. Sekalipun masih jauh dari Telkomsel dengan 170 juta

pelanggan, namun membuat gap dengan EXCL sebagai operator pelanggan terbesar ke-3 yang

dengan 56.8 juta subscribers. Persaingan juga akan lebih longgar dengan jumlah operator yang lebih

sedikit. ISAT: Under-review

(4)

Equity Research│23 December 2020

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

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Banks

BMRI BUY 4.4 6,400 (16.6) 7,700 7,524 20.3 16.7 11.9 1.6 1.5 9.7% 12.6%

BBCA HOLD 12.2 33,575 0.4 35,300 35,640 5.1 30.0 26.0 4.6 4.2 15.4% 16.1%

BBRI BUY 7.5 4,130 (6.1) 4,800 4,650 16.2 26.3 15.5 2.7 2.4 10.3% 15.8%

BBNI BUY 1.7 6,300 (19.7) 8,000 6,444 27.0 7.6 16.1 0.9 0.9 12.2% 5.3%

BBTN HOLD 0.3 1,865 (12.0) 1,800 1,951 -3.5 14.2 7.7 1.1 1.0 7.9% 12.9%

BNLI SELL #N/A N/A 3,200 153.0 1,376 943 -57.0 59.3 55.2 3.6 3.4 6.1% 6.1%

Average 25.7 22.1 2.4 2.2 10.3% 11.5%

Consumer (Staples)

ICBP BUY 1.7 9,600 (13.9) 12,000 12,098 25.0 19.5 17.4 3.8 3.3 19.6% 19.1%

INDF BUY 0.9 6,825 (13.9) 9,500 8,756 39.2 12.1 11.1 1.6 1.5 12.9% 13.2%

KLBF BUY 1.1 1,505 (7.1) 1,750 1,783 16.3 23.9 22.8 4.0 3.7 16.8% 16.1%

UNVR BUY 4.2 7,475 (11.0) 9,800 8,684 31.1 35.6 35.3 44.1 43.5 123.7% 123.4%

Average 22.8 21.7 13.4 13.0 43.3% 42.9%

Cigarette

HMSP HOLD 2.6 1,520 (27.6) 1,520 1,469 0.0 17.7 17.5 54.3 5.4 307.1% 30.9%

GGRM BUY 1.2 41,325 (22.0) 55,150 44,711 33.5 13.3 8.2 1.5 1.4 11.2% 16.9%

Average 15.5 12.9 27.9 3.4 159.2% 23.9%

Healthcare

MIKA HOLD 0.6 2,770 3.7 3,000 2,882 8.3 51.3 48.6 8.3 7.5 16.2% 15.5%

SILO HOLD 0.1 5,300 (23.7) 5,800 5,979 9.4 378.6 160.6 1.4 1.4 0.4% 0.9%

HEAL BUY 0.2 3,790 5.9 5,000 4,365 31.9 34.8 30.1 4.6 4.1 13.3% 13.5%

Average 154.9 79.8 4.8 4.3 9.9% 10.0%

Poultry

CPIN HOLD 1.6 6,650 2.3 7,300 6,392 9.8 27.4 24.0 4.5 4.0 16.5% 16.7%

JPFA BUY 0.3 1,565 2.0 1,800 1,488 15.0 24.8 11.1 1.5 1.4 6.0% 12.2%

MAIN HOLD 0.0 815 (18.9) 890 763 9.2 407.5 11.2 0.9 0.8 0.2% 7.2%

Average 153.2 15.4 2.3 2.1 7.6% 12.0%

Retail

MAPI BUY 0.2 915 (13.3) 1,350 942 47.5 12.9 11.4 2.0 1.7 15.4% 14.8%

RALS BUY 0.1 860 (19.2) 1,400 681 62.8 7.4 6.8 1.3 1.2 17.3% 17.3%

ACES HOLD 0.4 1,745 16.7 1,900 1,823 8.9 25.7 23.0 5.4 4.7 21.2% 20.7%

Average 15.3 13.7 2.9 2.5 18.0% 17.6%

Pulp and Paper

INKP SELL 0.8 10,125 31.5 6,900 9,000 -31.9 11.6 14.0 0.9 0.8 7.6% 6.0%

Average 11.6 14.0 0.9 0.8 7.6%

Media

MNCN BUY 0.3 1,180 (27.6) 1,390 1,416 17.8 6.3 5.7 1.1 1.0 17.5% 17.3%

SCMA SELL 0.5 2,160 53.2 1,550 1,948 -28.2 18.6 18.6 4.9 4.4 26.4% 23.8%

Average 12.5 12.2 3.0 2.7 22.0% 20.5%

Telco

EXCL BUY 0.4 2,760 (12.4) 3,300 3,423 19.6 12.6 27.9 1.4 1.4 11.0% 4.8%

ISAT SELL 0.4 5,250 80.4 3,100 3,272 -41.0 n/a 138.2 2.3 2.3 -3.2% 1.6%

TLKM BUY 5.0 3,360 (14.2) 4,300 3,987 28.0 15.1 14.4 2.7 2.6 17.8% 17.8%

Average 13.8 60.1 2.1 2.1 8.5% 8.1%

Telco Retail

ERAA SELL 0.1 2,030 13.1 1,625 2,169 -20.0 10.9 8.8 1.2 1.0 11.0% 11.9%

Telco Infra

TBIG HOLD 0.5 1,590 29.3 1,550 1,552 -2.5 33.1 31.2 5.5 4.9 16.5% 15.6%

TOWR BUY 0.7 970 20.5 1,300 1,254 34.0 16.4 15.2 4.6 3.8 27.7% 25.2%

Average 24.8 23.2 5.0 4.3 22.1% 20.4%

Stock Rec.

(5)

Equity Research│23 December 2020

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

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Auto

ASII BUY 3.7 6,075 (12.3) 7,500 6,294 23.5 11.3 10.3 1.2 1.1 10.8% 10.9%

Average 11.3 10.3 1.2 1.1 10.8%

Mining Contracting

UNTR SELL 1.5 26,450 22.9 22,300 27,976 -15.7 8.2 6.2 1.8 1.2 22.1% 19.7%

Average 8.2 6.2 1.8 1.2 22.1%

Aviation

GIAA BUY 0.2 444 (10.8) 650 335 46.4 4.5 3.9 0.8 0.7 17.5% 16.9%

Average 4.5 3.9 0.8 0.7 17.5%

Property

BSDE SELL 0.4 1,240 (1.2) 950 1,224 -23.4 28.8 23.4 0.7 0.7 2.3% 3.1%

PWON SELL 0.4 545 (4.4) 460 584 -15.6 16.5 12.7 1.5 1.3 8.9% 10.0%

ASRI SELL 0.1 268 12.6 130 215 -51.5 20.6 9.6 0.5 0.4 2.3% 4.7%

LPKR SELL 0.2 232 (4.1) 140 198 -39.7 n/a n/a 0.5 0.5 -0.5% -0.2%

SMRA HOLD 0.2 850 (15.4) 800 928 -5.9 56.7 34.0 1.6 1.4 2.7% 4.2%

CTRA HOLD 0.3 1,005 (3.4) 950 1,067 -5.5 26.4 19.3 1.2 1.1 4.4% 5.7%

Average 29.8 19.8 1.0 0.9 3.4% 4.6%

Industrial Estate

SSIA HOLD 0.0 590 (9.9) 550 570 -6.8 65.6 32.8 0.7 0.7 1.0% 2.0%

DMAS HOLD 0.2 248 (16.2) 250 251 0.8 16.5 14.6 1.6 1.9 9.6% 12.7%

KIJA SELL 0.1 218 (25.3) 150 230 -31.2 19.8 16.8 0.8 0.6 4.0% 3.4%

Average 34.0 21.4 1.0 1.0 4.9% 5.0%

Construction

PTPP SELL 0.2 1,795 13.2 1,200 1,466 -33.1 46.0 14.2 0.8 0.7 1.6% 5.0%

ADHI HOLD 0.1 1,565 33.2 1,500 1,102 -4.2 65.2 12.9 1.0 0.9 1.5% 7.0%

WSKT SELL 0.3 1,415 (4.7) 600 1,194 -57.6 n/a 78.6 0.8 0.9 -7.3% 1.1%

WIKA SELL 0.3 1,935 (2.8) 1,600 1,663 -17.3 20.2 13.2 1.0 0.9 5.0% 7.1%

Average 43.8 29.7 0.9 0.9 0.2% 5.0%

Cement

INTP BUY 0.8 14,050 (26.1) 16,250 16,522 15.7 39.0 32.4 2.3 2.2 5.8% 6.9%

SMGR SELL 1.1 12,450 3.8 10,800 12,848 -13.3 55.6 32.9 2.1 2.0 3.8% 6.1%

Average 47.3 32.7 2.2 2.1 4.8% 6.5%

Precast

WSBP SELL 0.1 254 (16.4) 170 243 -33.1 5.8 5.0 0.7 0.6 12.1% 12.7%

WTON SELL 0.1 408 (9.3) 340 434 -16.7 5.7 4.9 0.9 0.8 15.6% 16.0%

Average 5.8 4.9 0.8 0.7 13.8% 14.3%

Oil and Gas

PGAS SELL 0.6 1,680 (22.6) 700 1,655 -58.3 28.5 21.3 1.0 1.0 3.6% 4.6%

AKRA BUY 0.2 3,310 (16.2) 3,800 3,641 14.8 15.3 14.2 1.5 1.5 10.1% 10.4%

MEDC BUY 0.2 625 (14.6) 950 648 52.0 11.0 4.9 0.6 0.6 5.9% 12.1%

Average 18.3 13.5 1.1 1.0 6.5% 9.0%

Chemical

TPIA SELL 2.4 9,175 (11.6) 7,575 7,830 -17.4 75.2 75.2 6.5 6.5 8.6% 8.6%

BRPT SELL 1.7 1,210 (19.9) 1,075 1,063 -11.2 9.0 9.0 0.6 0.6 6.2% 6.2%

ESSA BUY 0.1 242 (9.7) 280 400 15.7 7.1 7.1 0.7 0.7 9.6% 9.6%

Average 30.5 30.5 2.6 2.6 8.2% 8.1%

Utilities

JSMR HOLD 0.5 4,700 (9.2) 4,700 5,433 0.0 58.8 18.7 1.4 1.3 2.4% 6.9%

Metal

ANTM SELL 0.7 1,835 118.5 960 1,383 -47.7 262.1 166.8 2.5 2.5 0.9% 1.5%

MDKA SELL 0.8 2,600 143.0 1,600 2,134 -38.5 33.3 20.6 8.4 6.6 25.2% 31.9%

INCO SELL 0.8 5,100 40.1 4,000 5,046 -21.6 32.5 28.0 1.7 1.7 5.2% 6.0%

TINS BUY 0.2 1,485 80.0 1,775 1,240 19.5 n/a 1687.5 2.1 2.5 -4.2% 0.1%

Average 109.3 475.7 3.7 3.3 6.8% 9.9%

Stock Rec.

(6)

Equity Research│23 December 2020

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

(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Coal

ITMG SELL 0.2 14,275 24.4 8,080 12,896 -43.4 5.4 6.6 2.0 3.8 37.8% 57.3%

ADRO HOLD 0.7 1,470 (5.5) 1,600 1,620 8.8 7.7 7.7 0.8 0.7 9.9% 9.3%

PTBA SELL 0.5 2,880 8.3 1,870 2,701 -35.1 12.0 18.0 1.9 1.9 15.7% 10.6%

Average 8.3 10.8 1.6 2.1 21.1% 25.7%

Plantation

AALI HOLD 0.3 11,725 (19.6) 11,100 13,059 -5.3 35.1 20.7 1.2 1.1 3.4% 5.5%

LSIP SELL 0.1 1,285 (13.5) 1,145 1,396 -10.9 24.7 22.2 1.0 1.0 4.1% 4.4%

TBLA BUY 0.1 850 (14.6) 980 1,075 15.3 5.2 4.9 0.8 0.7 14.3% 14.3%

SIMP HOLD 0.1 406 (6.0) 388 490 -4.4 36.9 23.9 0.4 0.4 1.2% 1.8%

SSMS SELL 0.2 1,175 39.1 1,050 1,550 -10.6 22.6 16.1 2.5 2.2 11.0% 13.8%

Average 24.9 17.6 1.2 1.1 6.8% 8.0%

Source: SSI Research, Bloomberg

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

Stock Rec.

(7)

Equity Research│23 December 2020

Chg (Pts)

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

World 2,643 (1.90) (0.07) (0.44) 4.06 12.79 12.07 12.48 2,676 1,579

U.S. (S&P) 3,687 (7.66) (0.21) (0.20) 3.65 11.21 14.13 14.47 3,727 2,192

U.S. (DOW) 30,016 (200.94) (0.67) (0.61) 2.57 9.99 5.18 5.48 30,344 18,214

Europe 3,497 48.81 1.42 (0.68) 0.99 9.98 (6.61) (7.39) 3,867 2,303

Emerging Market 1,249 (8.30) (0.66) (1.20) 3.26 15.31 12.03 12.74 1,274 752

FTSE 100 6,453 36.84 0.57 (0.92) 1.88 9.39 (14.44) (15.35) 7,690 4,899

CAC 40 5,467 73.52 1.36 (1.15) (0.46) 13.84 (8.55) (9.33) 6,111 3,632

Dax 13,418 171.81 1.30 0.41 2.22 6.13 1.28 0.88 13,795 8,256

Indonesia 6,023 (142.34) (2.31) 0.22 6.55 22.48 (4.39) (4.48) 6,349 3,912

Japan 26,557 120.92 0.46 (0.75) 4.03 13.75 12.26 11.49 26,906 16,358

Australia 6,655 55.13 0.84 (0.37) 1.42 12.34 (0.44) (1.92) 7,197 4,403

Korea 2,749 15.02 0.55 (0.83) 5.61 17.81 25.07 24.73 2,783 1,439

Singapore 2,827 (19.20) (0.67) (1.03) (0.75) 13.95 (12.27) (12.03) 3,284 2,208

Malaysia 1,632 (15.97) (0.97) (2.51) 2.16 9.05 2.72 1.10 1,696 1,208

Hong Kong 26,119 (187.43) (0.71) (0.34) (1.39) 10.01 (7.34) (6.40) 29,175 21,139

China 3,357 (63.79) (1.86) (0.31) (1.69) 2.35 10.05 13.30 3,466 2,647

Taiwan 14,177 (207.50) (1.44) 0.77 2.16 12.66 18.17 17.93 14,427 8,524

Thailand 1,424 22.61 1.61 (3.58) 0.28 12.69 (9.84) (9.48) 1,604 969

Philipines 7,202 (22.50) (0.31) (0.35) 0.33 22.23 (7.84) (8.51) 7,892 4,039

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

Foreign Reserves (US$Bn) 133.60 (0.05) (2.51) 3.42 5.50 137.04 120.97

Inflation Rate (yoy, %) 1.59 2.98 1.32

Gov Bond Yld (10yr, %) 6.13 (14.22) 8.38 5.93

US Fed Rate (%) 0.25 1.75 0.25

Chg (Pts)

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

Indonesia 14,205 75.00 (0.53) (0.60) (0.39) 4.08 (2.39) (1.59) 16,625 13,577

Japan 103.54 (0.10) 0.10 (0.07) 0.95 1.79 4.90 5.66 112.23 101.19

UK 1.34 0.00 0.19 (0.90) 0.50 5.21 0.98 3.49 1.36 1.14

Euro 1.22 0.00 0.10 (0.20) 2.82 4.42 8.58 9.79 1.23 1.06

China 6.54 (0.01) 0.10 (0.05) 0.66 3.62 6.42 7.18 7.18 6.52

Chg (Pts)

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

Oil (Brent) 50.08 (0.83) (1.63) (1.34) 11.39 20.04 (24.12) (24.28) 71.75 15.98

CPO 3,412 6.00 0.18 1.70 3.77 15.39 11.80 17.17 3,465 1,944

Rubber 990.00 (2.50) (0.25) 0.92 1.64 20.73 29.58 28.82 1,262.50 685.00

Coal 84.70 0.00 0.00 0.24 29.41 43.20 25.11 27.08 84.80 47.50

Tin 20,119 65.00 0.32 2.02 6.83 10.49 17.12 15.99 20,370 13,375

Nickel 16,614 (653.00) (3.78) (5.48) 2.87 13.75 18.46 14.38 17,880 10,865

Copper 7,747 (100.00) (1.27) (0.46) 6.44 14.26 25.47 25.45 8,028 4,371

Gold 1,867 (0.80) (0.04) 0.53 1.58 0.34 22.86 25.78 2,074 1,451

Source: Bloomberg, SSI Research

Change (%) 1 Year

Change (%) 1 Year

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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

Equity Research│23 December 2020

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer Staples [email protected] +6221 2854 8148

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

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382 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 Ilham Akbar Healthcare, Ind. Estate, Property,Oil &

Gas [email protected] +6221 2854 8144

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739

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

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

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

Equity Retail Team

Kelvin Long Head of Retail Equity Sales [email protected] +6221 2854 8150

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

Yulianah Retail Equity Sales [email protected] +6221 2854 8146

Iwan Setiadi Retail Equity Sales [email protected] +6221 2854 8313

Ferry Kurniawan Retail Equity Sales [email protected] +6221 2854 8304

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

Lia Chaterina Retail Equity Sales [email protected] +6221 2854 8315

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

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371

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