IHSG Masih Berpotensi Tertekan

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www.samuel.co.id 1

DAILY RESEARCH

Market

: 6,356.2

: +8.3 0.13%

: 17,524 Mn shrs : 12,764 Bn rupiah

Last

Close +/- %

BBRI 4,670 -90 -1.9

BRIS 2,670 -50 -1.8

ISAT 6,650 50 0.8

TPIA 11,000 75 0.7

ARTO 10,450 -150 -1.4

BBCA 33,800 275 0.8

BMRI 6,775 -25 -0.4

INKP 12,475 -600 -4.6

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

BBRI 156 BBCA 215

ISAT 39 INDO 85

TCPI 38 ASII 72

GGRM 31 MDKA 49

LSIP 29 EMTK 30 Money Market

Last

Close +/- %

USD/IDR 14,408 -2.0 0.0

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.7 0.0 0.2

EIDO 23.4 0.5 2.2

Global Indices Last

Close +/- %

DJIA 32,628 -234 -0.7

S&P 500 3,913 -2 -0.1

Euro Stoxx 3,837 -31 -0.8

MSCI World 2,796 -6 -0.2

STI 3,135 -3 -0.1

Nikkei 29,288 -929 -3.1

Hang Seng 28,991 -415 -1.4

Commodities Last

Close +/- %

Brent Oil 64 0.6 1.0

Coal (ICE) 94 3.8 4.2

CPO Malay 4,013 -67.0 -1.6

Nickel 16,269 261.8 1.6

Tin 25,675 -160.0 -0.62

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Friday, 19 Mar 2021 Market Index Index Movement Market Volume

IHSG Masih Berpotensi Tertekan

Pasar AS pada hari Jumat lalu bergerak mixed, namun cenderung terkoreksi, dengan penurunan -0.71% pada index Dow Jones, penurunan - 0.06% pada index S&P500 namun Nasdaq menguat +0.76%. Investor global masih memperhatikan kenaikan dari yield US 10Y yang tecatat naik +100bps selama sepekan lalu, saat ini berada di level 1.72%. Selain itu, prospek kenaikan tarif pajak perusahaan di AS dari program kerja Joe Biden pun menjadi kekhawatiran dari investor AS.

Pasar komoditas terpantau mengalami penguatan. Pada Jumat lalu, harga minyak rebound, WTI naik +2.4% ke level USD 61.4/Bbl, Brent naik +1.8% ke level USD 64.4/Bbl, harga nikel naik +1.6% pada level USD 16,253/Ton, batubara naik +3.9% ke level USD 91.0/Ton, namun CPO terkoreksi -1.97% ke level MYR 3,724/Ton. Harga emas pun terlihat kembali naik +0.5% ke level USD 1,745/t.oz. Kenaikan pasar komoditas kami lihat dapat memicu sentimen positif untuk pergerakan IHSG hari ini.

Dari dalam negeri, kasus harian Covid-19 masih terlihat menurun, dengan penambahan 4,396 kasus baru pada hari Minggu (Sabtu: 5,656 kasus) dan 16.7% positive rate (Sabtu: 12.9%). Saat ini akumulasi kasus covid-19 berjumlah 1.46 juta kasus, dengan pasien sembuh sebanyak 1.29 juta pasien (88.4% recovery rate). Dari progress vaksin, tercatat saat ini telah disuntikkan sebanyak 5.5 juta (+408 ribu) dosis vaksin suntikan pertama dan 2.3 juta (+80 ribu) dosis vaksin suntikan kedua, merefleksikan 3.0% dari total target vaksinasi.

Pekan lalu IHSG bergerak flat -0.03% selama sepekan namun naik +0.13% pada Jumat lalu, saat ini berada di level 6,356. Pekan lalu terjadi net buy asing sebesar IDR 978 miliar selama sepekan dan Jumat lalu terjadi net buy sebesar IDR 512 miliar.

Pagi ini pasar regional dibuka mixed dengan Kospi +0.28% dan Nikkei -1.2%. Untuk IHSG pada hari ini diperkirakan masih rawan untuk tertekan, senada dengan penurunan di bursa AS dan regional Asia.

DAILY RESEARCH

 ADRO : Ajukan Perpanjangan PKP2B Tabalong Highlights

22 March 2021

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Equity Research│22 March 2021

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 %

3/21/2021 1,460,184 0.30 4,396 (22.28) 1,290,790 6,065 39,550 103 129,844 91.11 3/20/2021 1,455,788 0.39 5,656 (9.92) 1,284,725 5,760 39,447 108 131,616 90.96 3/19/2021 1,450,132 0.43 6,279 (4.43) 1,278,965 6,007 39,339 197 131,828 90.91 3/18/2021 1,443,853 0.46 6,570 (3.74) 1,272,958 6,285 39,142 227 131,753 90.87 3/17/2021 1,437,283 0.48 6,825 26.06 1,266,673 9,010 38,915 162 131,695 90.84 3/16/2021 1,430,458 0.38 5,414 (3.13) 1,257,663 7,716 38,753 180 134,042 90.63 3/15/2021 1,425,044 0.39 5,589 18.56 1,249,947 6,830 38,573 147 136,524 90.42

Average 5,818 6,810 161 90.82

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)

1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100

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

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

10,000 12,000 14,000 16,000 18,000 20,000 22,000

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

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Equity Research│22 March 2021

ADRO: Ajukan Perpanjangan PKP2B Tabalong

ADRO tengah menyiapkan persyaratan untuk memperpanjang Perjanjian Karya Pengusahaan Pertambangan Batubara (PKP2B) di Kabupaten Tabalong, Kalimantan Selatan yang akan berakhir pada 2022. ADRO berencana untuk mengajukan perpanjangan tersebut paling lambat satu tahun sebelum kontrak berakhir (Investor Daily)

Comment:

Wilayah tambang Tabalong juga terintegrasi dengan Adaro Power, anak usaha ADRO yang bergerak di bidang jasa. Di kabupaten tersebut, Adaro Power mengoperasikan proyek ketenagalistrikan ADRO yang pertama, sebuah PLTU dengan kapasitas 2x30 MW. Tahun ini, Adaro Energy menyiapkan belanja modal sekitar USD 200-300 juta, tidak berbeda dengan panduan belanja modalnya pada 2020. Dana tersebut direncanakan digunakan untuk pemeliharaan rutin dan memperkuat pertumbuhan ADRO. ADRO: BUY:

9.0x PE '21E, 0.8x PBV '21E, TP: IDR 1,530

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Equity Research│22 March 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 11.6 33,800 40,500 38,152 19.8 30.7 26.2 4.5 4.1 14.7 15.7

BBRI BUY 8.0 4,670 5,300 5,155 13.5 29.7 17.6 3.1 2.8 10.3 15.8

BMRI BUY 4.4 6,775 8,000 8,002 18.1 18.5 13.3 1.7 1.6 9.1 12.1

BBNI BUY 1.6 6,150 8,500 7,395 38.2 38.4 8.9 1.0 0.9 2.6 9.7

BBTN BUY 0.3 1,920 2,300 2,234 19.8 12.6 7.9 1.0 0.9 8.1 11.4

Average 23.2 10.0 1.2 1.1 6.6 11.1

Consumer (Staples)

ICBP BUY 1.5 8,825 12,000 11,938 36.0 17.9 16.0 3.5 3.1 19.6 19.1

INDF BUY 0.8 6,500 9,500 8,409 46.2 11.7 11.8 1.4 1.3 11.9 11.0

KLBF HOLD 1.1 1,605 1,750 1,811 9.0 27.2 24.7 4.3 4.0 16.0 16.0

UNVR BUY 3.6 6,750 7,900 8,092 17.0 35.9 34.1 52.3 48.2 145.7 141.4

SIDO BUY 0.3 795 970 914 22.0 25.6 22.0 7.4 6.9 29.1 31.5

Average 23.7 21.7 13.8 12.7 44.5 43.8

Cigarette

HMSP SELL 2.5 1,535 1,460 1,296 -4.9 17.8 17.6 54.8 5.4 307.1 30.9

GGRM BUY 1.0 37,775 44,400 40,321 17.5 8.6 8.3 1.2 1.2 14.2 13.9

Average 13.2 13.0 28.0 3.3 160.7 22.4

Healthcare

MIKA BUY 0.6 2,890 3,500 3,161 21.1 48.5 45.7 8.5 7.7 17.5 16.8

SILO BUY 0.1 4,850 5,800 5,800 19.6 346.4 147.0 1.3 1.3 0.4 0.9

HEAL HOLD 0.2 4,690 5,000 4,790 6.6 43.0 37.2 5.7 5.0 13.3 13.5

Average 146.0 76.6 5.2 4.7 10.4 10.4

Poultry

CPIN HOLD 1.6 6,950 7,300 6,698 5.0 39.5 30.3 5.4 5.0 13.7 16.4

JPFA HOLD 0.3 1,920 2,100 1,871 9.4 24.0 12.6 1.9 1.7 8.0 13.1

MAIN BUY 0.0 795 890 847 11.9 n/a 11.7 0.9 0.8 -0.9 6.8

Average 31.7 18.2 2.7 2.5 7.0 12.1

Retail

MAPI HOLD 0.2 800 850 960 6.3 n/a 80.0 1.5 8.6 -7.4 10.8

RALS BUY 0.1 790 900 813 13.9 n/a 16.8 1.3 1.3 -1.5 7.7

ACES BUY 0.4 1,570 1,900 1,834 21.0 33.4 24.5 5.4 4.8 16.1 19.6

LPPF SELL 0.1 1,415 1,100 1,131 -22.3 n/a 11.0 2.4 3.7 -35.0 34.1

Average 33.4 40.4 2.7 4.9 2.4 12.7

Pulp and Paper

INKP SELL 1.0 12,475 7,000 12,750 -43.9 14.3 17.2 1.1 1.0 7.6 6.0

Average 14.3 17.2 1.1 1.0 7.6

Media

MNCN BUY 0.2 1,040 1,400 1,558 34.6 6.3 5.7 0.9 0.8 14.9 14.3

SCMA HOLD 0.4 1,750 1,750 2,283 0.0 22.2 19.9 4.6 3.8 20.6 19.2

Average 14.2 12.8 2.8 2.3 17.7 16.8

Telco

EXCL BUY 0.3 2,210 3,300 3,338 49.3 10.4 20.7 1.1 1.1 10.8 5.2

ISAT BUY 0.5 5,650 6,700 6,087 18.6 n/a n/a 2.4 2.4 -5.6 -0.9

TLKM BUY 4.8 3,440 4,300 4,171 25.0 15.4 14.7 2.7 2.6 17.8 17.8

Average 12.9 17.7 2.1 2.0 7.7 7.4

Telco Retail

ERAA SELL 0.1 2,750 1,625 2,705 -40.9 14.7 12.0 1.6 1.4 11.0 11.9

Telco Infra

TBIG SELL 0.7 2,060 1,550 2,187 -24.8 42.9 40.4 7.1 6.3 16.5 15.6

TOWR BUY 0.8 1,150 1,300 1,365 13.0 19.8 18.0 5.4 4.5 27.2 25.3

Average 31.4 29.2 6.2 5.4 21.9 20.4

Stock Rec.

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Equity Research│22 March 2021

Auto

ASII BUY 3.3 5,775 6,750 6,746 16.9 12.9 11.7 1.2 1.1 9.0 9.6

Average 12.9 11.7 1.2 1.1 9.0

Mining Contracting

UNTR BUY 1.2 21,875 31,000 28,979 41.7 11.8 8.7 1.3 1.2 11.2 13.8

Average 11.8 8.7 1.3 1.2 11.2

Aviation

GIAA BUY 0.1 368 650 351 76.6 3.8 3.2 0.7 0.5 17.5 16.9

Average 3.8 3.2 0.7 0.5 17.5

Property

BSDE BUY 0.4 1,225 1,350 1,468 10.2 18.3 13.8 0.7 0.7 4.0 4.9

PWON SELL 0.4 565 525 631 -7.1 43.5 24.6 1.1 1.1 2.6 4.4

ASRI SELL 0.1 238 130 238 -45.4 18.3 8.5 0.4 0.4 2.3 4.7

LPKR SELL 0.2 204 140 197 -31.4 n/a n/a 0.5 0.5 -0.5 -0.2

SMRA SELL 0.2 1,010 950 973 -5.9 59.4 34.8 2.0 1.9 3.4 5.4

CTRA SELL 0.3 1,180 1,100 1,257 -6.8 28.1 21.9 1.4 1.4 5.1 6.2

Average 33.5 20.7 1.0 1.0 2.8 4.2

Industrial Estate

SSIA BUY 0.0 496 700 800 41.1 n/a 45.1 0.6 0.6 -1.6 1.3

DMAS HOLD 0.2 248 250 272 0.8 16.5 14.6 1.6 1.9 9.6 12.7

KIJA SELL 0.1 176 150 N/A -14.8 16.0 13.5 0.6 0.5 4.0 3.4

Average 16.3 24.4 0.9 1.0 4.0 4.7

Construction

PTPP BUY 0.1 1,610 1,900 2,123 18.0 73.2 13.1 0.7 0.6 0.9 4.9

ADHI BUY 0.1 1,320 1,800 1,903 36.4 55.0 12.8 0.8 0.8 1.5 6.1

WSKT BUY 0.3 1,425 2,200 1,799 54.4 n/a 13.7 0.8 0.8 -15.2 5.6

WIKA BUY 0.2 1,665 2,400 2,248 44.1 17.3 11.3 0.9 0.8 5.0 7.1

Average 48.5 12.7 0.8 0.7 -1.9 5.9

Cement

INTP BUY 0.7 13,800 16,250 17,114 17.8 38.3 31.9 2.2 2.2 5.8 6.9

SMGR BUY 1.0 11,800 13,050 14,313 10.6 31.0 24.9 2.0 1.9 6.3 7.4

Average 34.7 28.4 2.1 2.0 6.1 7.2

Precast

WSBP SELL 0.1 250 230 287 -8.0 22.7 6.8 0.7 0.6 2.9 8.9

WTON BUY 0.0 350 450 484 28.6 31.8 9.5 0.9 0.8 2.9 8.9

Average 27.3 8.1 0.8 0.7 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,425 1,700 1,764 19.3 25.9 20.4 0.9 0.8 3.3 4.1

AKRA BUY 0.2 3,380 3,800 4,062 12.4 15.6 13.7 1.6 1.5 10.1 10.9

MEDC BUY 0.2 615 1,090 904 77.2 n/a 8.4 0.9 0.8 -9.9 9.7

Average 20.7 14.2 1.1 1.0 1.2 8.2

Chemical

TPIA SELL 2.8 11,000 10,250 9,113 -6.8 758.6 126.4 7.6 7.6 1.0 6.0

BRPT SELL 1.4 1,150 1,120 1,173 -2.6 240.3 146.9 6.1 6.1 2.5 4.2

ESSA SELL 0.1 354 225 N/A -36.4 n/a n/a 2.4 1.2 -20.0 -0.5

Average 499.5 136.7 5.4 5.0 -5.5 3.2

Utilities

JSMR BUY 0.5 4,480 5,000 5,835 11.6 67.9 22.5 1.3 1.3 2.0 5.6

Metal

ANTM BUY 0.8 2,250 3,230 3,371 43.6 36.3 22.1 2.8 2.6 7.7 11.7

MDKA SELL 0.8 2,410 2,030 2,965 -15.8 n/a 13.1 8.8 9.6 15.7 72.9

INCO BUY 0.6 4,500 6,730 6,375 49.6 31.0 31.0 1.6 1.5 5.0 5.0

TINS SELL 0.2 1,800 1,775 1,940 -1.4 n/a 2045.5 2.5 3.1 -4.2 0.1

Average 33.7 527.9 3.9 4.2 6.1 22.4

Stock Rec.

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Equity Research│22 March 2021

Coal

ITMG HOLD 0.2 12,375 13,550 14,826 9.5 8.5 8.5 1.2 1.4 14.3 16.7

ADRO BUY 0.6 1,300 1,530 1,672 17.7 9.0 9.0 0.8 0.8 8.5 8.8

PTBA HOLD 0.4 2,760 2,830 3,068 2.5 13.0 10.9 1.9 1.7 14.6 15.8

Average 10.2 9.5 1.3 1.3 12.5 13.8

Plantation

AALI BUY 0.3 10,850 13,800 14,833 27.2 31.3 19.7 1.1 1.1 3.5 5.3

LSIP BUY 0.1 1,390 1,730 1,672 24.5 13.6 11.1 1.0 0.9 7.1 8.3

TBLA HOLD 0.1 955 980 1,235 2.6 7.9 6.4 0.9 0.8 11.0 12.2

SIMP SELL 0.1 498 388 495 -22.1 45.3 29.3 0.5 0.5 1.2 1.8

SSMS BUY 0.1 1,005 1,500 1,420 49.3 29.6 12.7 2.2 1.9 7.4 15.0

Average 25.5 15.9 1.1 1.0 6.0 8.5

Source: SSI Research, Bloomberg

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

Stock Rec.

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Equity Research│22 March 2021

Chg (Pts)

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

World 2,796 (6.13) (0.22) (0.91) 0.29 5.79 3.94 69.37 2,838 1,579

U.S. (S&P) 3,913 (2.36) (0.06) (0.77) 0.94 6.12 4.18 69.77 3,984 2,192

U.S. (DOW) 32,628 (234.33) (0.71) (0.46) 3.51 8.70 6.60 70.17 33,228 18,214

Europe 3,837 (30.52) (0.79) 0.10 3.71 9.71 8.00 50.56 3,875 2,428

Emerging Market 1,337 (10.49) (0.78) (0.25) (4.35) 7.06 3.53 66.43 1,449 755

FTSE 100 6,709 (70.97) (1.05) (0.78) 1.46 3.96 3.84 29.24 6,904 4,923

CAC 40 5,998 (64.83) (1.07) (0.80) 4.00 9.71 8.04 48.14 6,089 3,851

Dax 14,621 (154.52) (1.05) 0.82 4.81 8.96 6.58 63.75 14,804 8,480

Indonesia 6,356 8.33 0.13 (0.03) 1.61 5.53 6.31 51.52 6,505 3,912

Japan 29,288 (504.49) (1.69) (1.61) (2.88) 10.79 6.72 76.93 30,715 16,358

Australia 6,725 16.48 0.25 (0.71) (0.83) 1.90 2.09 39.61 6,938 4,403

Korea 3,031 (8.94) (0.29) (0.50) (1.60) 10.86 5.47 93.51 3,266 1,458

Singapore 3,135 (3.12) (0.10) 1.27 8.79 10.87 10.22 30.02 3,149 2,208

Malaysia 1,626 (1.80) (0.11) 0.65 3.55 (0.35) (0.06) 24.78 1,696 1,221

Hong Kong 28,991 (414.78) (1.41) 0.87 (4.38) 10.99 6.46 27.12 31,183 21,660

China 3,405 (58.41) (1.69) (1.40) (6.53) 1.43 (1.97) 24.00 3,732 2,657

Taiwan 16,070 (217.60) (1.34) (1.14) (2.07) 13.35 9.08 74.03 16,579 8,750

Thailand 1,564 (4.86) (0.31) (0.27) 5.81 9.80 7.91 38.74 1,585 1,023

Philipines 6,436 (194.75) (2.94) (4.35) (5.50) (10.64) (9.85) 34.68 7,432 4,509

Foreign Reserves (US$Bn) 138.80 0.58 3.89 2.14 6.41 138.80 120.97

Inflation Rate (yoy, %) 1.38 2.96 1.32

Gov Bond Yld (10yr, %) 6.80 (15.91) 8.38 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,408 (2.00) 0.01 (0.16) (2.38) (1.93) (2.48) 10.45 16,625 13,865

Japan 108.88 0.00 0.00 0.23 (3.49) (4.81) (5.17) 2.16 111.71 102.59

UK 1.38 (0.00) (0.25) (0.45) (1.61) 3.56 1.22 19.88 1.42 1.14

Euro 1.19 (0.00) (0.13) (0.34) (2.20) (2.25) (2.68) 10.84 1.23 1.06

China 6.51 0.00 (0.03) (0.01) (0.79) 0.63 0.28 9.21 7.18 6.42

Chg (Pts)

Oil (Brent) 63.92 (0.61) (0.95) (7.20) (2.02) 27.64 23.40 136.92 71.38 15.98

CPO 3,724 (75.00) (1.97) (6.62) 5.74 8.13 3.44 68.05 4,066 1,944

Rubber 1,148.50 (6.50) (0.56) (1.12) 15.54 16.60 22.51 60.29 1,262.50 685.00

Coal 93.80 3.80 4.22 6.89 18.73 11.34 16.52 41.27 94.00 47.50

Tin 28,050 (390.00) (1.37) (0.71) (2.40) 39.21 36.53 101.65 31,000 13,425

Nickel 16,299 263.00 1.64 1.79 (16.79) (6.78) (1.89) 44.88 20,110 10,865

Copper 9,057 1.50 0.02 (0.31) 1.66 13.43 16.62 87.71 9,617 4,461

Gold 1,738 (3.40) (0.20) 0.53 (3.81) (6.93) (8.18) 17.09 2,074 1,485

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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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.

Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed.

Equity Research│22 March 2021

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

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 8393

Ahmad Fadillah Oil & Gas [email protected] +6221 2854 8144

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 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

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

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

Rahmawati Fixed Income Sales [email protected] +6221 2854 8385

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