Riset Saham Harian. Data PMI positif, IHSG berpeluang menguat

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Riset Saham Harian

Samuel Research

01 Februari 2017

www.samuel.co.id

_{Page 1 of 7}

Data PMI positif, IHSG berpeluang menguat

Mayoritas Bursa AS ditutup melemah di tengah

kekhawatiran investor mengenai prioritas pemerintahan

Trump. Investor khawatir bahwa kebijakan Trump tidak

memicu reli pasar setelah dia terpilih, seperti reformasi

pajak dan stimulus fiscal. Sama halnya, mayoritas Bursa

Eropa ditutup melemah. Saat ini investor lebih realistis

terhadap kebijakan Trump, meskipun data ekonomi di

zona euro mendukung. Harga minyak mentah WTI

diperdagangkan di bawah US$53 per barel setelah adanya

kenaikan laporan pasokan minyak mentah AS sejalan

dengan pelemahan dolar AS.

Bursa APAC dibuka mixed. IHSG hari ini diperkirakan

menguat sejalan dengan kenaikan data PMI MFG

Indonesia periode Jan’17 yang di atas ekspektasi yaitu di

level 50.4, mengi ndikasikan adanya pertumbuhan positif di

1Q17. Fokus domestik tertuju pada data inflasi, PDB

serta tingginya ketidakpastian politik yang dapat

mempengaruh laju IHSG. Rupiah ditutup stabil di level Rp

13,352.

Highlights



BBRI: Laba bersih meningkat tipis namun inline



ADRO: Laporan operasional 4Q16 inline



EXCL: Mencetak laba bersih Rp 374 miliar, didorong

oleh laba kurs



WIKA: Membukukan kontrak baru Rp54tn



Plantation: Produksi Minyak sawit di 2016 turun 3%

yoy

:

5,294.1

:

-8.6

(-0.16%)

:

4,050

Mn shrs

:

5,327

Bn rupiah

Last

Close

_+/-

_%

MAYA

3,000

600

25.0 ASII

7,950

50

0.6 BTEK

1,550

305

24.5 IIKP

3,200

350

12.3 HMSP

3,850

-50

-1.3

BBCA

15,300

-150

-1.0

INTP

15,025

-850

-5.4

BMRI

10,900

-125

-1.1

Foreign Net Buy / Sell

Net Buy (Rpbn)

Net Sell (Rpbn)

BBNI

26 BBRI

81 PTPP

20 ASII

56 WSBP

16 BMRI

48 BRPT

9 TLKM

40 WIKA

8 HMSP

26 Money Market

Last

Close

+/-

%

USD/IDR

13,352

1.0

0.0 JIBOR O/N

4.2

0.0 -Infl (MoM)

0.4 -

-Dual Listing Securities

Last

Close

+/-

%

TLKM

29.4

0.3

1.1 ISAT

40.9 -0.3

-0.8

EIDO

24.4

0.0 -0.2

World Indices

Last

Close

+/-

%

DJIA

19,864

-107

-0.5

S&P 500

2,279

-2

-0.1

Euro Stoxx

3,231

-32

-1.0

MSCI World

1,792

0

0.0 Nikkei

18,942

-99

-0.5

Hang Seng

23,361

-13

-0.1

Commodities

Last

Close

+/-

%

Brent Oil

56

0.3

0.5 CPO Malay

2,963

-44.0

-1.5

Coal Newc

83 -0.5

-0.7

Nickel

9,928

276.0

2.9 Tin

19,783

176.0

0.9 Market Value

Changes

Leading Movers

Market Activity

Wednesday, 01 Feb 2017

Market Index

Index Movement

Market Volume

Changes

Lagging Movers

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Riset Saham Harian

01 Februari 2017

www.samuel.co.id

_{Page 2 of 7}

BBRI: Laba bersih meningkat tipis namun inline



BBRI membukukan kenaikan laba bersih konsolidasi 3,2% yoy menjadi Rp 26,2

triliun pada 2016. Pendapatan bunga bersih naik 16% sejalan dengan kenaikan

NIM 19bps dan pertumbuhan kredit 13,8%. Pendapatan non-bunga naik 24,3%.



Kualitas aset relatif membaik secara qoq atau flat yoy (NPL gross konsolidasi:

4Q15: 2,1%, 1Q16: 2,3%, 2Q16: 2,4%, 3Q16: 2,3%, 4Q16: 2,1%). Sementara,

biaya provisi NPL melonjak 55%. Pre-provision operating income tumbuh

16,9%. (Company, Investor Daily).

Comment:



Laba bersih itu mencerminkan 101% dari estimasi kami (102% dari konsensus)

FY16. Secara umum, laba itu ditopang oleh pertumbuhan kredit dan

pendapatan non-bunga. Namun, kenaikan biaya provisi (pencadangan NPL)

yang besar sejalan dengan pemburukan kualitas aset terutama di 2Q16

membuat laba bersihnya hanya naik tipis, namun masih inline dengan

ekspektasi.



Pertumbuhan kredit didorong terutama oleh segmen mikro yang merupakan

kekuatan BBRI, terutama oleh KUR. Di tahun ini, bunga KUR rencananya akan

dipertahankan di 9%, sementara plafonnya akan dinaikkan. Hal ini cukup

melegakan, setelah sebelumnya ada wacana penurunan bunga ke 7%

sehingga marjin BBRI mungkin akan turun.



Di tahun ini, kredit ditargetkan oleh manajemen tumbuh 12-14%. Kami melihat

biaya provisi akan lebih kecil dari tahun lalu seiring tekanan NPL yang mereda

dan pencadangan yang relatif sudah cukup besar. Pertumbuhan laba bersih di

tahun ini diperkirakan lebih baik.



Detil FY16 result akan kami rilis hari ini. Tetap Buy untuk BBRI dengan TP:

13.700. BBRI: Buy; 17E’ PE: 9.5x, PBV: 1.7x

ADRO: Laporan operasional 4Q16 inline



Total produksi batubara ADRO untuk FY’16 mencapai 52.64 Mt atau inline

dengan estimasi kami.



Rasio pengupasan tanah di FY’16 tercatat 4.45x, sedikit lebih rendah daripada

target sebesar 4,71x hal ini dikarenakan curah hujan di wilayah operasi yang

lebih tinggi daripada rata-rata.



Penyelesaian akuisisi terhadap proyek Indo MetCoal dari BHP Billiton. Produksi

batubara dari tambang Haju dalam proyek ini dilanjutkan.



Konstruksi terhadap PLTU PT Bhimasena Power Indonesia (BPI) yang

berkapasitas 2x1.000 MW di Jawa Tengah dan PLTU PT Tanjung Power

Indonesia (TPI) yang berkapasitas 2x100 MW di Kalimantan Selatan berjalan

sesuai rencana. (Company). ADRO: Buy; 12.8x P/E17E dan 1.1x PBV 17E.

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Riset Saham Harian

01 Februari 2017

www.samuel.co.id

_{Page 3 of 7}

EXCL: Mencetak laba bersih Rp 374 miliar, didorong oleh laba kurs



PT XL Axiata Tbk (EXCL) mencetak laba bersih Rp 374 miliar, setelah

mencatat laba kurs sebesar Rp 286 miliar (2015: Rugi kurs Rp 2,5 triliun). Laba

operasional FY16, tercatat melemah 46% y-y menjadi Rp 1,7 triliun seiring

dengan penurunan penjualan sebesar 7% y-y menjadi Rp 21,3 triliun. (Bisnis

Indonesia) EXCL: HOLD; 50.2x P/E17E dan 1.4x PBV 17E.

WIKA: Membukukan kontrak baru Rp54tn



PT Wijaya Karya,Tbk (WIKA) membukukan kontrak baru Rp54tn jauh di

sepanjnag tahun lalu. Di awal tahun (Jan17) WIKA telah memperoleh kontrak

baru sebesar Rp5.08tn atau sekitar 11.76% dari FY17E. ( Bisnis Indonesia).

WIKA: Buy; 18.9x P/E17E dan 2.2x PBV 17E.

Plantation: Produksi Minyak sawit di 2016 turun 3% yoy



Gabungan Pengusaha Kelapa Sawit Indonesia (Gapki) menyatakan bahwa

realisasi produksi minyak sawit nasional 2016 mencapai 34,5 juta ton atau

turun 3% yoy. penurunan produksi 2016 tersebut tidak separah yang

dikhawatirkan, para pengusaha sebelumnya memprediksi produksi min yak

sawit 2016 anjlok 15-30%.



Untuk ekspor juga tercatat penurunan sekitar 5% yoy, yakni dari 25.1 juta ton.

Angka ekspor itu hanya menghitung minyak sawit, tidak termasuk cangkang

dan kernel expeller. Penurunan ekspor terjadi karena permintaan pasarglobal

yang melemah hampir di semuanegara tujuan ekspor. Ditambah penggunaan

CPO untuk program mandatory bahan bakar nabati (B20) yang telah berjalan

secara konsisten. (Investor Daily). Plantation: Overweight.

q-q y-y y-y (IDRbn) 4Q15 3Q16 3Q16 (%) (%) 2016 (%) Sales 5,954 5,229 5,258 0.6 (11.7) 21,341 (11.7) Operating expense (7,213) (4,946) (4,764) (3.7) (34.0) (19,655) (34.0) Operating profit (1,259) 284 495 74.1 (139.3) 1,687 (139.3) EBITDA 2,679 2,036 2,950 44.9 10.1 9,733 10.1

Net interest income/(expense) (555) (378) (195) 48.5 64.9 (1,533) 64.9 Forex gain/(loss) 682 64 (153) (65.7) 438.6 286 438.6 Other income/(expense) (72) (60) (86) 31.3 41.5 (255) 41.5 Pretax profit 678 (90) 61 340.7 122.5 186 122.5 Taxation (197) 26 155 (42.2) (19.2) 190 (19.2) Minority interest Net profit 481 (65) 216 167.4 91.0 376 na

Sales data & ratio analysis 4Q15 3Q16 4Q16 2016

Operating margin (%) (21.1) 5.4 9.4 7.9 EBITDA margin (%) 45.0 38.9 56.1 45.6 Pretax margin (%) 11.4 (1.7) 1.2 0.9 Net margin (%) 8.1 (1.2) 4.1 1.8 Inventory days 0.9 2.1 113.8 2.2 Receivable days 8.9 10.1 13.3 13 Payable Days 36.1 72.2 113.8 112

Total cash (IDRb) 3,312 3,343 1,400 1,400 Total debt (IDRb) 18,564 13,662 13,669 13,669 Net gearing (%) 108.2 49.3 57.8 57.8

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Riset Saham Harian

01 Februari 2017

www.samuel.co.id

_{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 10900 (1.1) BBCA BUY 6.5 15300 (1.0) BBRI BUY 5.0 11725 (0.2) BBNI BUY 1.8 5700 (0.4) BBTN BUY 0.3 1905 (0.3) Average Consumer (Staples) ICBP BUY 1.7 8400 (0.9) INDF BUY 1.2 7925 1.6 KLBF BUY 1.2 1450 (1.0) ROTI BUY 0.1 1580 (0.6) ULTJ BUY 0.2 4390 0.0 UNVR BUY 5.5 41200 (0.3) SIDO BUY 0.1 560 (1.8) AISA BUY 0.1 1575 (19.0) Average Cigarette HMSP BUY 7.8 3850 (1.3) GGRM BUY 2.1 61750 (1.7) Average Healthcare MIKA HOLD 0.6 2500 2.0 SILO BUY 0.3 11800 (0.6) Average Retail MAPI BUY 0.2 5525 4.2 RALS BUY 0.2 1340 1.5 ACES BUY 0.2 745 0.7 LPPF BUY 0.8 14775 (1.3) Average Telco EXCL HOLD 0.5 2910 0.7 ISAT BUY 0.6 6450 2.4 TLKM BUY 6.8 3870 0.3 TOWR BUY 0.6 3500 0.3 Average Auto and HE ASII BUY 5.6 7950 0.6 UNTR BUY 1.4 21850 (2.3) Average Aviation GIAA BUY 0.2 338 0.0 Property BSDE BUY 0.6 1830 (0.5) PWON HOLD 0.5 560 (2.6) KPIG BUY 0.2 1465 (0.7) ASRI HOLD 0.1 382 (1.0) SMRA BUY 0.3 1310 (2.2) Average Construction PTPP BUY 0.4 3590 2.0 ADHI BUY 0.1 2100 (0.5) WSKT BUY 0.6 2560 0.0 WIKA BUY 0.4 2570 4.5 Average Cement INTP SELL 1.0 15025 (5.4) SMGR HOLD 0.9 9025 (0.8) SMCB SELL 0.1 900 0.0 SMBR HOLD 0.4 2400 4.3 Average Precast WSBP BUY 0.3 585 0.9 WTON BUY 0.1 825 0.0 Average (0.91) (5.8) (5.8) 11434 12400 13.8 14.6 11.4 1.7 1.5 11.3% 13.1% 1.66 (1.3) (1.3) 16340 17100 11.8 19.3 16.3 3.4 2.9 17.6% 17.9% (0.85) 0.4 0.4 13037 13700 16.8 11.2 9.5 2.0 1.7 17.9% 18.1% 2.70 3.2 3.2 6492 6300 10.5 10.0 8.2 1.2 1.1 12.2% 13.4% - 9.5 9.5 2097 2300 20.7 8.6 7.3 1.1 1.0 12.4% 13.1% 12.7 10.5 1.9 1.6 14.3% 15.1% (0.88) (2.0) (2.0) 10108 10300 22.6 26.3 23.6 5.5 4.9 21.0% 20.8% (0.94) 0.0 0.0 9964 9900 24.9 17.7 14.9 2.3 2.1 13.2% 14.2% (3.01) (4.3) (4.3) 1752 1700 17.2 30.2 26.9 5.8 5.1 19.1% 19.0% (1.56) (1.3) (1.3) 1808 2000 26.6 32.9 27.2 5.7 4.9 17.5% 18.1% 2.33 (3.9) (3.9) 2703 5300 20.7 20.1 16.5 3.8 3.1 18.7% 18.9% (1.90) 6.2 6.2 45151 45200 9.7 49.2 44.0 58.5 51.3 118.9% 116.6% 1.82 7.7 7.7 680 700 25.0 17.4 15.6 3.1 2.9 17.7% 18.9% (21.64) (19.0) (19.0) 2427 2440 54.9 12.6 9.7 1.3 1.2 10.7% 12.2% 27.7 24.1 12.1 10.6 32.3% 32.4% (2.53) 0.5 0.5 4120 4390 14.0 37.8 33.8 12.6 11.5 33.3% 33.8% (3.14) (3.4) (3.4) 78154 77150 24.9 18.2 17.5 2.8 2.5 15.2% 14.1% 28.0 25.7 7.7 7.0 24.2% 24.0% 2.88 (2.7) (2.7) 3049 2950 18.0 54.6 48.0 10.1 9.2 18.5% 19.1% (3.48) 8.3 8.3 11921 12500 5.9 157.4 124.0 6.4 5.8 4.1% 4.7% 106.0 86.0 8.3 7.5 11.3% 11.9% 4.25 2.3 2.3 5698 6700 21.3 48.9 28.8 2.8 2.6 5.8% 9.0% 8.06 12.1 12.1 1505 1750 30.6 22.7 20.6 2.7 2.5 11.7% 12.0% (1.32) (10.8) (10.8) 967 1000 34.2 20.7 19.1 4.4 4.0 21.2% 20.7% (1.66) (2.3) (2.3) 19364 19500 32.0 17.7 15.6 19.8 12.7 111.9% 81.1% 27.5 21.0 7.4 5.4 37.6% 30.7% 8.58 26.0 26.0 3119 2200 -24.4 363.8 50.2 1.4 1.4 0.4% 2.8% 3.20 0.0 0.0 7877 7200 11.6 43.3 19.9 2.6 2.3 6.0% 11.7% (1.02) (2.8) (2.8) 4639 5000 29.2 19.7 16.1 4.4 3.9 22.3% 24.0% 0.57 (2.2) (2.2) 4617 4500 28.6 11.5 10.2 3.3 2.5 28.8% 24.5% 109.6 24.1 2.9 2.5 0.1 0.2 (1.24) (3.9) (3.9) 8782 9000 13.2 17.4 14.4 2.9 2.5 16.7% 17.2% (4.17) 2.8 2.8 24148 25050 14.6 18.8 15.8 2.0 1.9 10.7% 11.9% 18.1 15.1 2.5 2.2 13.7% 14.6% (0.59) 0.0 0.0 388 445 31.7 17.8 13.0 0.7 0.9 3.8% 7.1% (0.81) 4.3 4.3 2307 2350 28.4 14.3 11.6 1.6 1.4 11.1% 11.8% (1.75) (0.9) (0.9) 720 710 26.8 20.1 18.6 3.4 3.0 16.8% 15.8% (1.01) (2.3) (2.3) n/a 1810 23.5 34.1 28.7 1.2 1.2 3.5% 4.1% (2.55) 8.5 8.5 430 390 2.1 11.9 11.2 1.1 1.0 9.0% 8.8% (6.09) (1.1) (1.1) 1632 1750 33.6 28.8 27.0 2.5 2.3 8.5% 8.4% 18.8 17.1 2.1 1.9 11.4% 11.2% 2.57 (5.8) (5.8) 4945 5100 42.1 22.0 18.9 3.1 2.7 13.9% 14.4% (1.41) 1.0 1.0 2550 2750 31.0 15.8 13.0 1.4 1.2 8.9% 9.5% 0.79 0.4 0.4 3263 3250 27.0 20.0 16.3 1.8 1.6 9.2% 9.9% 4.05 8.9 8.9 3057 3000 16.7 22.3 18.9 2.5 2.2 11.2% 11.4% 20.0 16.8 2.2 1.9 10.8% 11.3% 1.52 (2.4) (2.4) 16199 13500 -10.1 13.4 13.1 2.1 1.9 15.6% 14.4% 3.74 (1.6) (1.6) 10165 9000 -0.3 13.7 13.2 1.9 1.7 13.7% 12.9% - 0.0 0.0 856 700 -22.2 -90.0 -37.5 0.8 0.8 -0.9% -2.3% 21.83 (14.0) (14.0) 859 2300 -4.2 72.7 63.2 7.2 6.3 9.9% 10.0% 2.5 13.0 3.0 2.7 0.1 0.1 1.74 5.4 5.4 693 690 17.9 28.9 23.0 2.4 2.2 8.4% 9.6% - 0.0 0.0 1146 1150 39.4 25.6 19.5 2.6 2.1 10.2% 10.9% 27.2 21.2 2.5 2.2 9.3% 10.2%

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Riset Saham Harian

01 Februari 2017

www.samuel.co.id

_{Page 5 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

Utility

PGAS BUY 1.2 2880 0.0 8.27 6.7 6.7 3113 3375 17.2 12.4 10.2 1.5 1.4 12.3% 13.5% JSMR BUY 0.5 4220 (0.2) 0.72 (2.3) (2.3) 5693 5000 18.5 16.1 15.9 2.5 2.2 15.3% 13.9%

Average 14.2 13.1 2.0 1.8 13.8% 13.7%

Coal and Metal

ANTM BUY 0.3 800 0.0 (0.62) (10.6) (10.6) 919 1250 56.3 400.0 9.3 1.0 0.9 0.3% 10.0% INCO BUY 0.4 2370 1.7 3.95 (16.0) (16.0) 2815 3500 47.7 182.3 25.8 1.0 1.0 0.5% 3.7% TINS BUY 0.1 970 (1.0) (0.51) (9.8) (9.8) 1186 1200 23.7 97.0 46.2 1.4 1.3 1.4% 2.9% ITMG BUY 0.3 15000 0.0 1.35 (11.1) (11.1) 18874 19000 26.7 12.6 6.5 1.4 1.3 11.3% 19.6% ADRO BUY 0.9 1695 (1.2) (1.74) 0.0 0.0 1867 2100 23.9 15.1 12.8 1.1 1.1 7.6% 8.5% PTBA BUY 0.5 11600 2.4 2.65 (7.2) (7.2) 14355 15000 29.3 19.4 12.0 2.7 2.4 14.1% 19.9% Average 121.1 18.8 1.4 1.3 5.9% 10.7% Plantation AALI BUY 0.5 15775 0.0 (1.41) (6.0) (6.0) 18618 19800 25.5 18.2 17.3 1.9 1.9 10.7% 10.7% LSIP BUY 0.2 1550 (2.2) (6.63) (10.9) (10.9) 1890 2050 32.3 21.8 14.0 1.4 1.3 6.3% 9.1% SIMP BUY 0.1 510 (1.0) - 3.2 3.2 565 600 17.6 18.2 11.6 0.6 0.6 3.1% 4.9% Average 19.4 14.3 1.3 1.2 6.7% 8.2% Poultry CPIN BUY 0.9 3100 (3.4) (1.59) 0.3 0.3 3606 4500 45.2 14.6 13.1 1.9 1.7 13.0% 12.8% JPFA BUY 0.3 1755 2.6 9.69 20.6 20.6 2339 2200 25.4 10.6 9.6 2.2 1.8 20.7% 18.7% MAIN BUY 0.0 1170 (2.1) (3.70) (10.0) (10.0) 1904 1730 47.9 6.8 6.3 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 6675.0 0.4 -2.2 11.3 11.3 7632.5 7600 13.9 23.9 21.3 3.9 3.5 16.2% 16.3% DOID BUY 0.1 520.0 2.0 4.0 2.0 2.0 825.0 850 63.5 9.3 4.9 2.7 1.8 28.7% 35.9% Average 16.6 13.1 3.3 2.6 22.5% 26.1%

Source: SSI Research, Bloomberg

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Riset Saham Harian

01 Februari 2017

www.samuel.co.id

_{Page 6 of 7}

Regional Indices

1D Change

Points

1D

3D

1W

1M

3M

YTD

1YR

High

Low

World

0.34 1,792

0.02 (0.61)

(0.74)

2.35

6.44

2.35

14.42 1,811

1,460

U.S. (S&P)

(2.03)

2,279

(0.09)

(0.78)

(0.05)

1.79

7.92

1.79

17.51 2,301

1,810

U.S. (DOW)

(107.04)

19,864

(0.54)

(1.18)

(0.24)

0.51

10.13

0.51

20.76 20,126

15,503

Europe

(32.04)

3,231

(0.98)

(2.66)

(1.55)

(1.82)

6.86 (1.82)

6.94 3,342

2,673

Emerging Market

(3.86)

909 (0.42)

(0.82)

0.07

5.45

0.46

5.45

22.48

930

708 FTSE 100

(19.33)

7,099

(0.27)

(0.87)

(0.72)

(0.61)

2.63 (0.61)

n/a

7,354

5,500

CAC 40

(35.74)

4,749

(0.75)

(2.43)

(1.68)

(2.33)

6.23 (2.33)

8.12 4,930

3,892

Dax

(146.58)

11,535

(1.25)

(2.64)

(0.51)

0.47

9.59

0.47

18.22 11,893

8,699

Indonesia

(8.56)

5,294

(0.16)

(0.44)

0.04 (0.05)

(2.25)

(0.05)

14.48 5,492

4,545

Japan

(107.74)

18,934

(0.57)

(2.74)

(0.65)

(0.95)

8.55 (0.95)

5.98 19,615

14,864

Australia

12.09 5,633

0.22 (1.42)

(0.30)

(0.58)

6.47 (0.58)

11.69 5,828

4,707

Korea

10.97 2,079

0.53

0.56

0.61

2.57

3.54

2.57

7.99 2,091

1,818

Singapore

(18.05)

3,047

(0.59)

0.23

0.70

5.76

8.28

5.76

17.08 3,065

2,528

Malaysia

(14.82)

1,672

(0.88)

(0.74)

0.01

1.82

0.04

1.82

0.22 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

(13.25)

1,577

(0.83)

(0.86)

(0.10)

2.23

4.84

2.23

21.58 1,601

1,271

Philipines

(107.05)

7,230

(1.46)

(1.40)

(1.91)

5.69 (2.37)

5.69

7.88 8,118

6,499

Monetary Indicators

1D Change

Points

1W

1M

3M

YTD

1YR

High

Low

JIBOR Overnight (%)

0.00

4.17 (0.06)

(25.49)

(1.66)

(1.50)

(22.89)

5.58

4.16 Foreign Reserve (US$bn)

n/a

116.36 n/a

4.39

0.60

9.85

116.36

103.59 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

50.00

0.00

50.00

0.75

0.50 Indo Govt Bond Yld (10yr) - %

(0.00)

7.65

1.16 (4.08)

5.58 (4.08)

(6.06)

8.40

6.77 Exchange Rate (per US$)

1D Change

Currency

Points

1D

3D

1W

1M

3M

YTD

1YR

High

Low

Indonesia

1.00 13352

(0.01)

(0.12)

(0.16)

0.91

2.15 13,828

12,920

Japan

0.12

112.92 (0.11)

1.93

0.32

4.10

3.58

7.15

120.04

99.02 UK

(0.00)

1.26 (0.02)

0.18 (0.45)

2.44

1.92

1.92 (12.86)

1.50

1.18 Euro

(0.00)

1.08 (0.04)

0.89

0.43

3.24

2.63

2.63 (0.86)

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

(0.02)

52.79 (0.04)

(0.71)

0.08 (1.73)

13.11 (1.73)

66.95

55.24

26.05 CPO

(44.00)

2,963.00

(1.46)

(5.18)

(4.30)

(4.70)

7.24 (4.70)

21.29 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

(0.55)

83.00 (0.66)

(1.72)

(1.13)

(12.35)

(23.57)

(12.35)

64.68

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

176.00 19,783.00

0.90 (0.77)

(2.90)

(6.71)

(5.28)

(6.71)

32.72 21,945.00

14,841.50

Nickel

275.00 9,955.00

2.84

5.79

1.58 (0.65)

(4.96)

(0.65)

15.49 12,145.00

7,550.00

Copper

171.00 5,991.00

2.94

2.29

0.81

8.23

23.45

8.23

31.35 6,045.50

4,430.00

Gold

0.70 1,210.50

0.06

1.86

1.06

5.26 (6.02)

5.26

7.31 1,377.50

1,116.50

Source: SSI Research, Bloomberg

Last Price

Change (%)

1 Year

Change (%)

1 Year

Last Price

Change (%)

1 Year

(7)

DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e 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 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 reprod uced 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 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

_{Page 7 of 7}

Research Team

Andy Ferdinand, CFA Head Of Equity Research, Strategy,

Banking, Consumer [email protected] +6221 2854 8148

Rangga Cipta Economist [email protected] +6221 2854 8396

Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382

Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction

Healthcare, Heavy Equipment, Property [email protected] +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Utility [email protected] +6221 2854 8392

Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339

Adde Chandra Kurniawan Research Associate [email protected] +6221 2854 8338

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395

Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325

Equity Sales Team

Kelvin Long Head of Equities [email protected] +6221 2854 8150

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

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

Online Trading Sales Team

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371