DAILY. Minim sentimen, IHSG diproyeksikan bergerak flat. Highlights. Market DAILY RESEARCH. INCO: Kaji Proses Lelang PLTG 500MW.

(1)

DAILY RESEAR CH

Market

Market Activity

Market Index : 5,773.1

Index Movement : -24.5 -0.42%

Market Volume : 13,994 Mn shrs Market Value : 8,053 Bn rupiah

Last

Close +/- %

Leading Movers

BMRI 5,825 175 3.1

TPIA 7,975 350 4.6

IBST 7,800 1300 20.0

BBNI 5,325 75 1.4

Lagging Movers

ASII 5,050 -125 -2.4

TLKM 3,270 -40 -1.2

CPIN 6,300 -200 -3.1

BRIS 1,855 -70 -3.6

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

BBCA 190 ANTM 116

TLKM 81 BMRI 28

TBIG 79 BBTN 20

TPIA 57 MIKA 18

TCPI 27 GGRM 14 Money Market

Last

Close +/- %

USD/IDR 14,355 -20.0 0.1

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 22.8 -0.5 -2.2

EIDO 21.0 -0.3 -1.3

Global Indices Last

Close +/- %

DJIA 34,208 124 0.4

S&P 500 4,156 -3 -0.1

Euro Stoxx 4,026 26 0.6

MSCI World 2,943 1 0.0

STI 3,118 68 2.2

Nikkei 28,318 518 1.8

Hang Seng 28,458 8 0.0

Commodities Last

Close +/- %

Brent Oil 67 1.4 2.2

Coal (ICE) 108 5.5 5.4

CPO Malay 4,391 0.0 0.0

Nickel 16,761 -358.0 -2.1

Tin 29,530 -220.0 -0.74

Changes Changes

Changes

Changes Friday, 21 May 2021

Minim sentimen, IHSG diproyeksikan bergerak flat.

Pada penutupan pekan lalu (21/5) pasar AS bergerak mixed, Index Dow Jones naik +0.37%, S&P500 flat -0.07% dan Nasdaq melemah -0.47%. Untuk pekan ini tidak banyak rilis data yang dapat menjadi sentiment penggerak pasar di AS, namun investor global masih mengkhawatirkan lonjakan inflasi di AS, dan kenaikan kasus Covid-19 global dikarenakan tedapat beberapa jenis mutasi baru. Yield UST 10Y masih terpantau flat di level 1.62% dan USD index masih berada di level rendahnya di level 90.03.

Pasar komoditas terpantau bergerak mixed. Pada Jumat lalu, WTI naik +2.6% ke level USD 63.8/Bbl, diikuti Brent yang juga naik (+2.5% ke level USD 66.7/Bbl), batubara menguat +4.07% ke level USD 102.5/Ton. Namun nikel melamah -2.1% ke level USD 16,756/ton, dan CPO terkoreksi -2.94% ke level MYR 3,991/Ton. Harga emas terpantau menguat (+0.24% di level USD 1,881/t.oz).

Dari dalam negeri, terjadi penambahan 5,280 kasus baru COVID-19 pada hari Minggu (16/5) (Sabtu: 5,296 kasus) dengan positive rate sebesar 9.8% (Sabtu:

12.7%). Sejauh ini, telah ditemukan sebanyak 1.77 juta kasus COVID-19 di Indonesia, dengan 1.6 juta di antaranya sembuh (recovery rate 92.0%). Terkait vaksinasi, sejauh ini 14.8 juta orang di Indonesia telah menerima dosis pertama vaksin COVID-19 (+75 ribu pada Minggu) dan 9.8 juta telah menerima dosis kedua (+46 ribu pada Minggu), merefleksikan 8.2% dari total target.

IHSG melemah -1.04% selama sepekan lalu, juga bergerak melemah -0.42% pada hari Jumat (21/5) ke level 5,773. Pekan lalu terjadi net sell asing sebesar IDR -458 miliar namun pada perdagangan Jumat lalu, tercatat net buy asing sebesar IDR 129 miliar. Pekan ini minim sentimen untuk dapat menggerakkan pasar, investor masih akan memperhatikan kasus penambahan COVID-19 yang diperkirakan akan melonjak diakibatkan oleh lebaran, selain itu investor pun akan wait and see terhadap rapat dewan gubernur BI pada Selasa ini terkait dengan suku bunga, yang masih diproyeksikan untuk tetap di level 3.5%.

Pagi ini pasar regional dibuka flat, dengan Kospi +0.02% dan Nikkei -0.04%. Untuk IHSG pada hari ini kami perkirakan akan bergerak flat, dikarenakan minimnya sentimen untuk penggerak pasar.

DAILY RESEARCH

 INCO: Kaji Proses Lelang PLTG 500MW

24 May 2021

Highlights

(2)

Equity Research│24 May 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-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 1-Apr-21 1-May-21

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100 110 120

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

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

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 %

5/23/2021 1,775,220 0.93 16,322 #DIV/0! 1,633,045 11,473 49,328 441 92,847 94.77 5/22/2021 1,758,898 - - #DIV/0! 1,621,572 - 48,887 - 88,439 94.97 5/21/2021 1,758,898 - - (100.00) 1,621,572 - 48,887 - 88,439 94.97 5/20/2021 1,758,898 0.33 5,797 19.01 1,621,572 4,969 48,887 218 88,439 94.97 5/19/2021 1,753,101 0.28 4,871 16.39 1,616,603 4,364 48,669 192 87,829 94.99 5/18/2021 1,748,230 0.24 4,185 (2.56) 1,612,239 5,628 48,477 172 87,514 94.99 5/17/2021 1,744,045 0.25 4,295 39.45 1,606,611 5,754 48,305 212 89,129 94.89

Average 5,067 4,598 176 94.94

Source: SSI Research, Bloomberg

(3)

INCO: Kaji Proses Lelang PLTG 500MW

Proyek PLTG INCO di Bahodopi, Sulawesi Tengah, masih menunggu kajian teknis proyek hilir feronikel di wilayah tersebut. Proyek pembangkit dengan kapasitas 500 MW itu akan memasok listrik untuk smelter berkapasitas 72.000 ton. (Kontan)

Comment:

Lelang PLTG masih dalam tahap awal dengan peserta lelang adalah PT Pertamina Power Indonesia (PPI)- Medco-Kansai, serta dua konsorsium lainnya, yaitu Konsorsium Golar-Equinox dan perusahaan jasa EPC Tripatra yang bermitra dengan BP. Bahodopi ditargetkan konstruksi pada 2023 dengan initial production ditargetkan pada 2024-2025. SSI masih mempertahankan proyeksi target produksi 21F sebesar 63,000t (-13%

yoy) sementara produksi 22F kami perkirakan akan kembali normal dengan proyeksi di angka 78,800t (+25%

yoy). INCO: BUY: 32.2x PE '21E, 1.6x PBV '21E, TP: IDR 6,400

(4)

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 11.5 31,800 40,500 37,646 27.4 28.9 24.7 4.2 3.9 14.7 15.7

BBRI BUY 7.0 3,890 5,300 5,118 36.2 24.8 14.6 2.6 2.3 10.3 15.8

BMRI BUY 4.0 5,825 8,000 8,009 37.3 15.9 11.4 1.4 1.4 9.1 12.1

BBNI BUY 1.5 5,325 8,500 7,376 59.6 33.3 7.7 0.9 0.7 2.6 9.7

BBTN BUY 0.2 1,555 2,300 2,170 47.9 10.2 6.4 0.8 0.7 8.1 11.4

BNLI SELL #N/A N/A 2,010 1,376 2,100 -31.5 37.2 34.7 2.3 2.1 0.1 0.1

Average 19.8 8.5 1.0 1.0 6.6 11.1

Consumer (Staples)

ICBP BUY 1.4 8,325 12,000 12,164 44.1 14.4 14.8 3.2 2.8 22.3 19.0

INDF BUY 0.8 6,350 9,500 8,753 49.6 11.4 11.5 1.4 1.3 11.9 11.0

KLBF BUY 1.0 1,470 1,750 1,790 19.0 24.9 22.6 4.0 3.6 16.0 16.0

UNVR BUY 3.1 5,575 7,900 7,279 41.7 29.7 28.2 43.2 39.8 145.7 141.4

SIDO BUY 0.3 765 970 922 26.8 24.6 21.1 7.1 6.7 29.1 31.5

Average 21.0 19.6 11.8 10.8 45.0 43.8

Cigarette

HMSP BUY 2.1 1,250 1,460 1,297 16.8 h 17.1 4.8 4.8 28.5 28.1

GGRM BUY 0.9 32,925 44,400 37,678 34.9 7.5 7.3 1.1 1.0 14.2 13.9

Average 7.5 12.2 2.9 2.9 21.4 21.0

Healthcare

MIKA BUY 0.5 2,600 3,500 3,206 34.6 43.6 41.1 7.6 6.9 17.5 16.8

SILO HOLD 0.2 8,300 9,100 9,133 9.6 592.9 251.5 2.3 2.2 0.4 0.9

HEAL HOLD 0.2 4,680 5,000 5,171 6.8 42.9 37.1 5.7 5.0 13.3 13.5

Average 226.5 109.9 5.2 4.7 10.4 10.4

Poultry

CPIN BUY 1.5 6,300 7,300 6,905 15.9 35.8 27.5 4.9 4.5 13.7 16.4

JPFA BUY 0.3 1,930 2,400 2,340 24.4 24.1 12.7 1.9 1.7 8.0 13.1

MAIN HOLD 0.0 855 890 1,044 4.1 n/a 12.6 0.9 0.9 -0.9 6.8

Average 30.0 17.6 2.6 2.3 7.0 12.1

Retail

MAPI BUY 0.2 710 850 962 19.7 n/a 71.0 1.3 7.6 -7.4 10.8

RALS BUY 0.1 685 900 811 31.4 n/a 14.6 1.1 1.1 -1.5 7.7

ACES BUY 0.4 1,440 1,900 1,758 31.9 30.6 22.5 4.9 4.4 16.1 19.6

LPPF SELL 0.1 1,760 1,100 1,245 -37.5 n/a 13.6 3.0 4.7 -35.0 34.1

Average 30.6 36.0 2.4 4.4 2.4 12.7

Pulp and Paper

INKP SELL 0.7 8,550 7,000 N/A -18.1 9.8 11.8 0.7 0.7 7.6 6.0

Average 9.8 11.8 0.7 0.7 7.6

Media

MNCN BUY 0.2 950 1,400 1,520 47.4 5.8 5.2 0.9 0.8 14.9 14.3

SCMA BUY 0.3 1,455 2,200 2,027 51.2 18.2 16.5 4.4 3.9 24.4 23.7

Average 12.0 10.9 2.6 2.3 19.6 19.0

Telco

EXCL BUY 0.4 2,240 3,300 3,131 47.3 64.0 32.5 1.2 1.2 1.9 3.8

ISAT BUY 0.5 5,650 6,700 6,559 18.6 n/a n/a 2.4 2.4 -5.6 -0.9

TLKM BUY 4.8 3,270 4,050 4,131 23.9 15.6 14.5 2.7 2.6 17.2 17.7

Average 39.8 23.5 2.1 2.1 4.5 6.8

Telco Retail

ERAA BUY 0.1 590 1,625 635 175.4 3.2 2.6 0.3 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.8 2,460 1,550 2,442 -37.0 51.3 48.2 8.5 7.5 16.5 15.6

TOWR HOLD 0.9 1,205 1,300 1,448 7.9 20.8 18.8 5.7 4.8 27.2 25.3

Average 36.0 33.5 7.1 6.1 21.9 20.4

Stock Rec.

(5)

Auto

ASII BUY 3.0 5,050 6,750 6,700 33.7 11.3 10.3 1.0 1.0 9.0 9.6

Average 11.3 10.3 1.0 1.0 9.0

Mining Contracting

UNTR BUY 1.2 21,675 31,000 28,018 43.0 11.7 8.6 1.3 1.2 11.2 13.8

Average 11.7 8.6 1.3 1.2 11.2

Aviation

GIAA BUY 0.1 316 650 500 105.7 3.2 2.8 0.6 0.5 17.5 16.9

Average 3.2 2.8 0.6 0.5 17.5

Property

BSDE BUY 0.4 1,130 1,350 1,482 19.5 16.9 12.7 0.7 0.6 4.0 4.9

PWON HOLD 0.4 505 530 640 5.0 38.8 13.6 1.0 1.7 2.6 12.1

ASRI SELL 0.0 168 130 252 -22.6 12.9 6.0 0.3 0.3 2.3 4.7

LPKR SELL 0.2 164 140 205 -14.6 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 900 1,200 1,066 33.3 52.9 31.0 1.8 1.7 3.4 5.4

CTRA HOLD 0.3 1,070 1,100 1,341 2.8 25.5 19.8 1.3 1.2 5.1 6.2

Average 29.4 16.6 0.9 1.0 2.8 5.5

Industrial Estate

SSIA BUY 0.0 440 700 632 59.1 n/a 40.0 0.5 0.5 -1.6 1.3

DMAS BUY 0.2 220 250 274 13.6 14.7 12.9 1.4 1.6 9.6 12.7

KIJA SELL 0.1 194 150 N/A -22.7 17.6 14.9 0.7 0.5 4.0 3.4

Average 16.2 22.6 0.9 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,080 1,900 1,951 75.9 49.1 8.8 0.5 0.4 0.9 4.9

ADHI BUY 0.1 960 1,800 1,539 87.5 40.0 9.3 0.6 0.6 1.5 6.1

WSKT BUY 0.2 945 2,200 1,283 132.8 n/a 9.1 0.6 0.5 -15.2 5.6

WIKA BUY 0.2 1,235 2,400 2,001 94.3 12.9 8.4 0.6 0.6 5.0 7.1

Average 34.0 8.9 0.6 0.5 -1.9 5.9

Cement

INTP BUY 0.6 11,825 16,250 16,446 37.4 32.8 27.3 1.9 1.9 5.8 6.9

SMGR BUY 0.8 9,425 13,050 14,003 38.5 24.7 19.9 1.6 1.5 6.3 7.4

Average 28.8 23.6 1.7 1.7 6.1 7.2

Precast

WSBP BUY 0.1 168 230 243 36.9 15.3 4.5 0.4 0.4 2.9 8.9

WTON BUY 0.0 272 450 476 65.4 24.7 7.4 0.7 0.7 2.9 8.9

Average 20.0 5.9 0.6 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,105 1,700 1,582 53.8 20.1 15.8 0.7 0.6 3.3 4.1

AKRA BUY 0.2 3,120 4,000 4,137 28.2 13.6 12.4 1.4 1.4 10.6 11.0

MEDC BUY 0.3 695 1,090 865 56.8 n/a 9.5 1.0 0.9 -9.9 9.7

Average 16.8 12.6 1.0 1.0 1.3 8.3

Chemical

TPIA BUY 2.1 7,975 10,250 9,483 28.5 550.0 91.7 5.5 5.5 1.0 6.0

BRPT BUY 1.2 900 1,150 1,067 27.8 188.1 114.9 4.8 4.8 2.5 4.2

ESSA SELL 0.1 356 225 540 -36.8 n/a n/a 2.5 1.2 -20.0 -0.5

Average 369.0 103.3 4.2 3.8 -5.5 3.2

Utilities

JSMR BUY 0.4 3,870 5,000 5,427 29.2 58.6 19.4 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.8 2,330 3,230 3,423 38.6 37.6 22.8 2.9 2.7 7.7 11.7

MDKA SELL 0.8 2,480 2,030 3,015 -18.1 n/a 13.5 9.0 9.8 15.7 72.9

INCO BUY 0.7 4,670 6,730 6,133 44.1 32.2 32.2 1.6 1.6 5.0 5.0

TINS BUY 0.2 1,570 1,775 1,892 13.1 n/a 1784.1 2.2 2.7 -4.2 0.1

Average 34.9 463.2 3.9 4.2 6.1 22.4

Coal

ITMG HOLD 0.2 12,725 13,550 15,418 6.5 8.8 8.8 1.3 1.5 14.3 16.7

ADRO BUY 0.5 1,165 1,530 1,587 31.3 8.0 8.0 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,150 2,800 2,864 30.2 10.1 8.6 1.5 1.2 14.6 14.2

Stock Rec.

(6)

Coal

ITMG HOLD 0.2 12,725 13,550 15,418 6.5 8.8 8.8 1.3 1.5 14.3 16.7

ADRO BUY 0.5 1,165 1,530 1,587 31.3 8.0 8.0 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,150 2,800 2,864 30.2 10.1 8.6 1.5 1.2 14.6 14.2

Average 9.0 8.5 1.1 1.1 12.5 13.2

Plantation

AALI BUY 0.3 9,400 13,800 13,604 46.8 27.1 17.1 0.9 0.9 3.5 5.3

LSIP BUY 0.1 1,300 1,730 1,662 33.1 12.7 10.4 0.9 0.9 7.1 8.3

TBLA BUY 0.1 845 980 1,190 16.0 7.0 5.7 0.8 0.7 11.0 12.2

SIMP SELL 0.1 535 388 560 -27.5 48.6 31.5 0.6 0.6 1.2 1.8

SSMS BUY 0.1 890 1,500 1,550 68.5 26.2 11.3 1.9 1.7 7.4 15.0

Average 24.3 15.2 1.0 0.9 6.0 8.5

Source: SSI Research, Bloomberg

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

Stock Rec.

(7)

Chg (Pts)

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

World 2,943 0.92 0.03 0.31 (0.10) 5.02 9.41 42.05 2,985 2,060

U.S. (S&P) 4,156 (3.26) (0.08) (0.43) (0.58) 5.87 10.64 40.62 4,238 2,934

U.S. (DOW) 34,208 123.69 0.36 (0.51) 0.48 7.03 11.77 39.82 35,092 24,294

Europe 4,026 25.87 0.65 0.21 0.31 8.63 13.32 38.56 4,043 2,854

Emerging Market 1,330 0.74 0.06 1.42 (1.70) (3.39) 3.00 46.93 1,449 901

FTSE 100 7,018 (1.74) (0.02) (0.36) 1.15 5.39 8.63 17.10 7,164 5,526

CAC 40 6,386 42.83 0.68 0.02 2.05 10.15 15.04 43.69 6,413 4,369

Dax 15,438 67.25 0.44 0.14 1.03 10.46 12.53 39.40 15,538 10,867

Indonesia 5,773 (24.48) (0.42) (2.78) (4.05) (7.65) (3.44) 26.99 6,505 4,521

Japan 28,318 219.58 0.78 1.77 (2.42) (4.56) 3.18 38.89 30,715 20,335

Australia 7,035 4.65 0.07 0.16 (0.37) 3.79 6.80 27.98 7,173 5,495

Korea 3,160 3.63 0.12 0.21 (0.82) 5.51 9.97 60.40 3,266 1,961

Singapore 3,118 8.08 0.26 2.06 (2.38) 6.61 9.64 24.72 3,237 2,421

Malaysia 1,562 (13.15) (0.83) (1.29) (2.88) 0.30 (4.00) 8.73 1,696 1,435

Hong Kong 28,458 8.15 0.03 2.67 (2.13) (4.24) 4.51 24.11 31,183 22,520

China 3,487 (20.39) (0.58) (0.11) 0.36 (2.18) 0.39 23.91 3,732 2,802

Taiwan 16,302 259.70 1.62 3.00 (5.77) 0.55 10.65 50.79 17,709 10,719

Thailand 1,552 (2.10) (0.14) 0.19 (0.07) 4.11 7.11 19.05 1,606 1,187

Philipines 6,199 1.61 0.03 (1.12) (2.80) (8.24) (13.17) 11.92 7,432 5,396

Foreign Reserves (US$Bn) 138.80 1.24 0.58 2.14 8.54 138.80 130.54

Inflation Rate (yoy, %) 1.42 2.19 1.32

Gov Bond Yld (10yr, %) 6.46 (14.26) 7.55 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,355 (20.00) 0.14 (1.09) 1.22 (1.65) (2.12) 2.47 14,950 13,865

Japan 108.90 (0.06) 0.06 0.28 (0.75) (2.78) (5.19) (1.09) 110.97 102.59

UK 1.42 0.00 0.01 0.12 1.81 0.07 3.52 16.08 1.42 1.22

Euro 1.22 0.00 0.03 0.28 0.83 0.16 (0.25) 11.82 1.23 1.09

China 6.43 (0.00) 0.01 0.05 0.88 0.48 1.45 10.60 7.18 6.41

Chg (Pts)

Oil (Brent) 66.53 0.09 0.14 (4.22) 0.64 (0.76) 28.44 89.38 71.38 33.62

CPO 3,991 (121.00) (2.94) (6.86) 2.49 13.32 10.86 80.83 4,468 2,199

Rubber 1,075.00 4.00 0.37 (0.92) 6.17 8.15 14.67 43.33 1,262.50 749.00

Coal 107.90 5.50 5.37 6.57 22.40 36.58 34.04 93.02 108.00 47.50

Tin 32,317 (533.00) (1.62) 3.25 14.36 12.45 57.30 106.51 34,510 15,550

Nickel 16,791 (357.00) (2.08) (4.29) 3.65 (14.28) 1.07 31.41 20,110 12,090

Copper 9,882 (166.50) (1.66) (3.51) 4.62 10.91 27.24 83.31 10,748 5,246

Gold 1,884 6.80 0.36 0.85 5.98 4.84 (0.51) 8.53 2,074 1,669

Source: Bloomberg, SSI Research

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 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. All rights reserved by PT Samuel Sekuritas Indonesia

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

William Mamudi, CFTe, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco

Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail dessy.lapagu@samuel.co.id +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads selvi.ocktaviani@samuel.co.id +6221 2854 8393

Nashrullah Putra Media, Poultry nashrullah.putra@samuel.co.id +6221 2854 8739

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346

Ahmad Fadillah Oil & Gas ahmad.fadillah@samuel.co.id +6221 2854 8144

Calista Muskitta Research Associate calista.muskitta@samuel.co.id +6221 2854 8331

Adolf Richardo Editor, Translator adolf.richardo@samuel.co.id +6221 2854 8396

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312 Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Henry Sutanto Institutional Equity Sales hensry.sutanto@samuel.co.id +6221 2854 8329

Sylviawati Customer Service sylviawati@samuel.co.id +6221 2854 8193

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

Gitta Wahyu Retnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

Equity Retail Team

Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170

Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337

Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384

Thita Rossiana Putri Admin & Sales Support Fixed Income Thita.rossiana@samuel.co.id +62-21 2854 8385

Online Trading Sales Team

Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372

Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371