D A I LY R E P O R T RESEARCH. Equity MARKET PREDICTION TODAY COMPANY/INDUSTRY UPDATE. Tuesday, January 23 rd 2018

(1)

Tuesday, January 23

rd

2018

D A I LY R E P O R T

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH

Equity

_{MARKET PREDICTION TODAY}

JCI Today Is Predicted to Move in Mixed With

Uptrend Direction

The Dow Jones Index on Monday closed 0.55% higher to 26,214.60 while the S&P 500 was closed up 0.98% at 7,408.03. The rising Dow Jones Index was driven by the end of US government shutdown. Shares of telecommunication and financials sectors became the main driver of strengthening index. Oil price stood at US$ 63.49 per barrel, up 0.2% on Monday. Meanwhile, European bourses on Monday were closed mostly in positive territory. The FTSE closed down 0.20% to 7,715.44 and the DAX index rose by 0.22% to 13,463.69. Most of European bourses moved higher due to positive sentiment of the end of US government shutdown.

Furthermore, most of Asian bourses at the close of trading sessions on Monday closed in positive territory. The Nikkei index closed positively by 0.03% to 23.816,33 due to the sentiment from stocks in telecommunication and healthcare sectors which were up 0.74% and 0.66% respectively. Meanwhile, JCI on Monday closed positively by 0,15% to 6,500.53 driven by stocks in utilities industry and energy sectors. Asian bourses on Tuesday morning are mostly opened moving up due to regional sentiments such as from investors’ optimism toward the earnings season, which Nikkei Index is opened higher. Therefore, JCI movement is predicted to move in mixed with uptrend direction in the range of 6,480 – 6,550. Our top stocks pick for today trading sessions are ICBP, BBCA, BBRI, PTPP.

Analyst: Ankga Adiwirasta (ankga.adiwirasta@bnisekuritas.co.id)

COMPANY/INDUSTRY UPDATE

 State owned construction companies and PT Hutama Karya Work on Bakauheuni-Terbanggi Besar Toll Road. BUY. Analyst: Maxi Liesyaputra.

 PT Mitra Keluarga Karyasehat Tbk (MIKA) will buy back its 5% shares. UNDER REVIEW. Analyst: Thennesia Debora.

 PT Bumi Resources Tbk (BUMI)’s growth target in 2018. UNDER REVIEW. Analyst: Dessy Lapagu.

Global Indices Closing Change %Chg %Ytd P/E

Americas INDU Index SPX Index CCMP Index IBOV Index EMEA UKX Index CAC Index RTSSTD Index IBEX Index FTSEMIB Index AEX Index SMI Index Asia / Pacific NKY Index HSI Index SHCOMP Index TWSE Index KOSPI Index JCI Index SET Index PCOMP Index SENSEX Index FSSTI Index 26,214.60 142.88 0.55 6.05 21.73 2,832.97 22.67 0.81 5.96 23.59 7,408.03 71.652 0.98 7.31 39.28 81,675.42 455.92 0.56 6.90 20.24 7,715.44 -15.35 -0.20 0.36 23.01 5,541.99 15.48 0.28 4.32 19.04 15,108.25 149.69 1.00 10.50 7.60 10,584.00 104.5 1.00 5.38 15.94 23,890.18 140.96 0.59 9.32 3.88 570.82 1.52 0.27 4.82 19.36 9,529.13 19.36 0.20 1.57 27.06 23,934.56 118.23 0.50 5.14 20.37 32,393.41 138.52 0.43 8.27 15.05 3,501.36 13.498 0.39 5.87 17.80 11,231.46 80.61 0.72 5.53 16.43 2,511.82 9.71 0.39 1.80 13.07 6,500.53 9.633 0.15 2.28 24.00 1,824.06 2.72 0.15 4.01 19.19 8,950.62 34.7 0.39 4.58 24.16 35,798.01 286.43 0.81 5.11 25.04 3,569.43 19.07 0.54 4.89 11.65

Description Last Previous %Chg

Market Capitalization (IDR Trillion) 7,221.10 7,210.08 0.15 Transaction Volume (Million Shares) 8,810.00 7,061.29 24.76 Transaction Value (IDR Million) 7,497.00 6,685.95 12.13 Stocks Value (IDR) 850.96 946.85 -10.13 Net Foreign (IDR Million) (288,648.75) (899,552.25) -67.91

Commodities Last Previous %Chg

Nickel (US$/Ton) 12,760.00 12,720.00 0.31 Copper (US$/Ton) 7,068.00 7,041.00 0.38 Tins (US$/Ton) 20,750.00 20,600.00 0.73 Oil (US$/BBL) (*) 63.49 63.37 0.19 Gas (US$/MMBTU) 3.62 3.85 -5.95 Coal (US$/Ton) (**) 106.50 106.75 -0.23 Gold (USD/OZ) 1,333.80 1,333.62 0.01 CPO PALMROTT(USD/ton) 655.00 655.00 0.00 CPO MALAYSIA(RM/ton) 2,425.50 2,454.00 -1.16 (*) WTI Cushing (**) McCloskey Newscatle

ADR Stocks Last (US$) % Conversition Last (IDR) (US$) Chg (IDR)

Stocks Code Last (US$) %Change Conv (Rp) Last (IDR)

Telkom TLK US 31.25 -0.03 10,434.59 4130.00

Company/Industry Updates Recommendation TP (IDR)

PT PP (Persero) Tbk (PTPP) BUY 4,700

PT Wijaya Karya (Persero) Tbk (WIKA) BUY 3,500

PT Waskita Karya (Persero) Tbk (WSKT) BUY 3,700

PT Adhi Karya (Persero) Tbk (ADHI) BUY 2,800

PT Mitra Keluarga Karyasehat Tbk (MIKA) UNDER REVIEW

-PT Bumi Resources Tbk (BUMI) UNDER REVIEW

-Bloomberg Code

(2)

Tuesday, January 23

rd

2018

D A I LY R E P O R T

2 RESEARCH

Equity

HIGHLIGHT NEWS

 PT Antam (Persero) Tbk (ANTM) is targeting its gold sales to reach 24 tons in 2018. With the estimated average price of precious metals in amount of Rp590.000 per gram, the company could get revenues of Rp14.16 trillion.  In order to repay the company’s debts, PT Sugih Energy Tbk (SUGI) will give

60% of 2017 total revenues to Mandala Group.

 PT Ciputra Development Tbk (CTRA) reached pre marketing sales of Rp7.65 trillion last year.

 PT Jasa Armada Indonesia Tbk (IPCM) has signed a new contract with Petro China for ship guidance services.

 Four subsidiaries of PT Bayan Resources Tbk (BYAN) have signed amendments to the contract of work agreement on coal mining concession (PKP2B).

 PT Wijaya Karya Beton Tbk (WTON) has budgeted capital expenditure (capex) of Rp680 billion during this year. The source of total capex will be obtained from internal cash.

(Source: IQ Plus; Bisnis Indonesia)

Net Foreign BUY Accumulation

USD/IDR Currency and JCI

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 -50,000,000 -40,000,000 -30,000,000 -20,000,000 -10,000,000 0 10,000,000 20,000,000 30,000,000 40,000,000 4 /0 1 /2 01 7 16 /0 1/ 2 01 7 26 /0 1/ 2 01 7 7 /0 2 /2 01 7 20 /0 2/ 2 01 7 2 /0 3 /2 01 7 14 /0 3/ 2 01 7 24 /0 3/ 2 01 7 6 /0 4 /2 01 7 20 /0 4/ 2 01 7 4 /0 5 /2 01 7 17 /0 5/ 2 01 7 30 /0 5/ 2 01 7 12 /0 6/ 2 01 7 22 /0 6/ 2 01 7 12 /0 7/ 2 01 7 24 /0 7/ 2 01 7 3 /0 8 /2 01 7 15 /0 8/ 2 01 7 28 /0 8/ 2 01 7 8 /0 9 /2 01 7 20 /0 9/ 2 01 7 3 /1 0 /2 01 7 13 /1 0/ 2 01 7 25 /1 0/ 2 01 7 6 /1 1 /2 01 7 16 /1 1/ 2 01 7 28 /1 1/ 2 01 7 11 /1 2/ 2 01 7 21 /1 2/ 2 01 7 5 /0 1 /2 01 8 17 /0 1/ 2 01 8

Accumulation JCI Index

12,900 13,000 13,100 13,200 13,300 13,400 13,500 13,600 13,700 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

JCI Index USDIDR

No Stock Top Value (IDR)

1 PGAS IJ 510,433,624,064

2 BBRI IJ 425,727,164,416

3 BMRI IJ 368,858,300,416

4 BBCA IJ 365,793,542,144

5 TLKM IJ 343,693,131,776

No Stock Top Volume (Shares)

1 BUMI IJ 1,093,710,600.00

2 RIMO IJ 533,672,800.00

3 MYRX IJ 464,982,900.00

4 ENRG IJ 423,831,100.00

5 IKAI IJ 364,384,400.00

No Top Gainers % Change

1 LCKM IJ 24.79

2 SONA IJ 21.74

3 LEAD IJ 17.78

4 ALKA IJ 17.6

5 MBSS IJ 16.33

No Top Losers % Change

1 JECC IJ -10.94

2 DPNS IJ -8.85

3 MLIA IJ -8.06

4 SKBM IJ -6.67

5 GOLD IJ -6.25

No Leading Movers % Change

1 HMSP IJ 0.98

2 UNTR IJ 3.01

3 ADRO IJ 5.96

4 BBRI IJ 0.83

5 PGAS IJ 5.11

No Lagging Movers % Change

1 INTP IJ -4.98

2 ASII IJ -1.20

3 TLKM IJ -0.72

4 BDMN IJ -3.51

(3)

Tuesday, January 23

rd

2018

D A I LY R E P O R T

3 RESEARCH

Equity

COMPANY/INDUSTRY UPDATE

News: State owned construction companies and PT Hutama Karya Work on Bakauheuni-Terbanggi Besar Toll Road

PT Hutama Karya and four state owned construction companies, which are PT PP (PTPP), PT Wijaya Karya (WIKA), PT Waskita Karya (WSKT) and PT Adhi Karya (ADHI), are optimistic that they will be able to complete all of the packages of Bakauheuni-Terbanggi Besar toll road development (140.93 km). The project is supported by strong financing and a relatively smooth land acquisition.

Analyst Opinion:

Bakauheuni-Terbanggi Besar is a part of Trans Sumatra toll road (one of the government’s programs). Four state owned construction companies play roles in the toll road development, supported by their experiences in working on various kind of infrastructure projects and relatively stronger capital compared to other construction companies. The existence of Bakauheuni-Terbanggi Besar toll road is strongly required to have smooth traffic in Sumatra which may support the economic growth in the area. Recommendation BUY for ADHI (TP: Rp 2,800), PTPP (TP: Rp 4,700), WIKA (TP: Rp 3,500) and WSKT (TP: Rp

3,700).

Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)

News: PT Mitra Keluarga Karyasehat Tbk (MIKA) will buy back its 5% shares

The Company has set aside Rp1.4 trillion for buyback shares as much as 5% or equivalent to 727.54 million shares. The Company will hold an Extraordinary General Meeting of Shareholders (EGMS) on 28 February 2018 to obtain the buyback approval, which the deadline for buyback shares will be on August 27, 2019.

Analyst Opinion:

We assess the Company's plan to buy back its shares can provide a positive stimulus for its stock movement in the near future. In addition, we still maintain our positive outlook for healthcare sector along with the government support through the National Health Insurance (JKN) program. From Rp110.2 trillion of health budget in 2018, around Rp25.2 trillion will be used for JKN. Therefore, we see the potential increase of the company’s revenue will still be positive as the Company begins to expand its hospital network in serving the patient of BPJS. In stock trading yesterday (1/22), MIKA stock was closed down by 15 points to Rp1,890 per share with PE of 39.7x, PBV of 7.7x and EV/EBITDA of 29.4x. Currently, we still evaluate WIKA’s fair value for this year. Recommendation: UNDER REVIEW.

Analyst: Thennesia Debora (thennesia@bnisekuritas.co.id)

News: PT Bumi Resources Tbk (BUMI)’s growth target in 2018 Analyst Opinion:

BUMI targets its 10% growth for full year-2018. We see that the development of existing coal mines will boost the company’s revenue in the long term which is also supported by higher coal prices over the past year. BUMI has an optimistic view for coal price stability this year. Currently, BUMI stock is traded at PE of 4.11x and PBV of 5.28x which are lower than peers’ average with PE of 10.2x with PBV of 3.3x. Meanwhile the stock price has been appreciated by 10.4% as of YTD. Recommendation:

UNDER REVIEW.

(4)

Tuesday, January 23

rd

₂₀₁₈

D A I LY R E P O R T

4 RESEARCH

Equity

(5)

Tuesday, January 23

rd

₂₀₁₈

D A I LY R E P O R T

5 RESEARCH

Equity

(6)

Tuesday, January 23

rd

2018

D A I LY R E P O R T

6 RESEARCH

Equity

RESEARCH TEAM

Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : research@bnisekuritas.co.id Website : www.bnisekuritas.co.id Norico Gaman (Head of Research Division) norico@bnisekuritas.co.id Ext: 3934 Investment Strategy Maxi Liesyaputra (Head of Equity Research Department) maxi@bnisekuritas.co.id Ext: 3968 Construction, Property, Infrastructure, Cement Ariawan

(Head of Fixed Income Research Department) ariawan@bnisekuritas.co.id Ext: 2098

Fixed Income Market, Corporate & Government Bond

Andri Zakarias Siregar (Head of Technical Analysis Research Department) andri.zakarias@bnisekuritas.co.id Ext: 2054

Market Strategy, Currency, Commodities, Bond & Stocks

Thennesia Debora (Equity Analyst) thennesia@bnisekuritas.co.id Ext: 2123 Transportation, Automotive, Heavy Equipment, Plantation, Health Care

Ankga Adiwirasta (Equity Analyst)

ankga.adiwirasta@bnisekuritas.co.id Ext: 3986

Consumer Good, Banking, Metal Mining, Telecommunication, Tower Infrastructure

Dessy Lapagu (Equity Analyst) dessy@bnisekuritas.co.id Ext: 2051

Poultry, Crops, Fishery, Retail, Coal Mining, Pharmaceutical

Ahmad Hapiz (Fixed Income Analyst) ahmad.hapiz@bnisekuritas.co.id Ext: 3978

Fixed Income Market, Corporate & Government Bond

R. Venia Allani Meissalina (Research Analyst/Assistant) venia.allani@bnisekuritas.co.id Ext: 2050

Data Administrator

Indah Lestari Permata H. (Research Analyst/Assistant) indah.lestari@bnisekuritas.co.id Ext: 2073

(7)

Tuesday, January 23

rd

2018

D A I LY R E P O R T

7 RESEARCH

Equity

EQUITY TEAM

CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831

Entis Sutisman ext. 3945 entis@bnisekuritas.co.id Head of Domestic Equity Department Teguh Hendro ext. 3948 teguh@bnisekuritas.co.id Institutional Sales Trader

Dharmawan P. ext. 3916 prasetyo@bnisekuritas.co.id Institutional Sales Trader Putri Erinasari ext. 3920 putri.erinasari@bnisekuritas.co.id Institutional Sales Trader Fian Pusparini ext. 3958 fian@bnisekuritas.co.id Head of Domestic Equity Sales Dini Desita ext. 3981 dinidesita@bnisekuritas.co.id Domestic Equity Sales Danovan Yazir ext. 3929 danovan@bnisekuritas.co.id Domestic Equity Sales

Jufrani Amsal ext. 3957 amsal@bnisekuritas.co.id Head of Channel Distribution Division Fahma Riniarti ext. 3917 ririn@bnisekuritas.co.id Head of Channel Development P. Sariningsih ext. 3984 p.sariningsih@bnisekuritas.co.id Head of Branch Supervision

Teuku Hafez ext. 2084 hafez@bnisekuritas.co.id Branch Manager Mangga Dua, Jakarta Hapsari ext. 2078 hapsar@bnisekuritas.co.id Branch Manager Puri Indah, Jakarta Fadjar H S ext. 2111 fadjar@bnisekuritas.co.id Branch Manager Central Park, Jakarta M. Yasrul ext. 2081 m.yasrul@bnisekuritas.co.id Branch Manager Wisma Bumiputera Fahmi Lubis ext. 2079 fahmi.lubis@bnisekuritas.co.id Branch Manager Bandung

Rifaat Annur ext. 2091 rifat@bnisekuritas.co.id Branch Manager Yogyakarta Agus Purwanto ext. 2090 agus.purwanto@bnisekuritas.co.id Branch Manager Solo Achmad Ridwan ext. 2088 ridwan@bnisekuritas.co.id Branch Manager Surabaya Edith Febriana ext. 2082 edith@bnisekuritas.co.id Branch Manager Malang Ni Nyoman Citasti ext.2080 citasti@bnisekuritas.co.id Branch Manager Denpasar Nirmasari N. ext. 2083 nirmasari@bnisekuritas.co.id Branch Manager Medan Ari Magdalena ext. 2086 arimagda@bnisekuritas.co.id Branch Manager Palembang Rini Wati ext. 2085 rini_ng@bnisekuritas.co.id Branch Manager Pekanbaru Allen Makalew ext. 2102 allen.makalew@bnisekuritas.co.id Branch Manager Manado Melisa ext. 2136 melisa@bnisekuritas.co.id Branch Manager Aceh Yuniar Fariza D ext. 2064 yuniar.fariza@bnisekuritas.co.id Branch Manager Banjarmasin

(8)

RESEARCH

Equity

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th

Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831 e-mail: bnisec@bnisekuritas.co.id (General)

Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua Pertokoan Mangga Dua Blok E4 No. 7

Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: manggadua@bnisekuritas.co.id

JAKARTA - Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga

Puri Kencana Blok K 6 no.2J 2K Puri Kembangan, Jakarta Barat Phone: (62-21) 58357464

Fax: (62-21) 58357465 e-mail: bnispuri@bnisekuritas.co.id

JAKARTA - Central Park Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215 Fax: (62-21) 29034216 email: centralpark@bnisekuritas.co.id

JAKARTA – Wisma Bumiputera Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: wisma46@bnisekuritas.co.id BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: bnisbpk@bnisekuritas.co.id YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

Fax: (62-274) 584023 e-mail: jogja@bnisekuritas.co.id

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

Fax: (62-271) 729668 e-mail: solo@bnisekuritas.co.id

SURABAYA Jl. Gubernur Suryo No. 36, Surabaya

Phone: (62-31) 5320912 Fax: (62-31) 5318425 e-mail: surabaya@bnisekuritas.co.id

MALANG Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

Fax: (62-341) 356876 e-mail: malang@bnisekuritas.co.id

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: denpasar@bnisekuritas.co.id

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

Fax: (62-61) 4579656 e-mail: medan@bnisekuritas.co.id

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

Fax: (62-711) 319663 e-mail: plb@bnisekuritas.co.id

PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

Fax: (62-761) 856279 e-mail: pekanbaru@bnisekuritas.co.id

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail: manado@bnisekuritas.co.id

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

Phone: (62-511) 3253735 Fax: (62-651) 3253754 e-mail: banjarmasin@bnisekuritas.co.id

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.