Riset Saham Harian. IHSG berpotensi menguat sejalan dengan kenaikan bursa global. Highlights. Samuel Research 07 Agustus 2017

(1)

Riset Saham Harian

Samuel Research 07 Agustus 2017

www.samuel.co.id Page 1 of 6

IHSG berpotensi menguat sejalan dengan kenaikan bursa global

Data non-farm payrolls AS yang melebihi ekspektasi mendorong kenaikan bursa saham negara itu dan indeks Dow Jones Industrial Average mencetak record tertinggi. Optimisme terkait pertumbuhan ekonomi kembali meningkat sejalan dengan baiknya data pekerjaan tersebut serta cukup memuaskannya kinerja sejumlah besar emiten yang telah dirilis sebelumnya. Kini, investor kembali fokus pada kebijakan moneter the Fed, dimana pasar

memperkirakan ada peluang 50% bahwa the Fed akan menaikkan suku bunga lagi di bulan Desember.

Indeks dolar AS menguat menyusul baiknya data pekerjaan tersebut sehingga memperbesar peluang pelemahan rupiah saat ini. IHSG ditutup relatif flat pada jumat lalu dengan dana asing mencatatkan net sell Rp 120 miliar di pasar reguler. Melihat penguatan bursa global termasuk sejumlah bursa pagi ini, IHSG berpeluang ikut menguat hari ini.

Highlights

 Toll road: BPJT mempercepat pembangunan 13 jalan tol tambahan dalam Proyek Strategis Nasional

 Sektor ritel: Tetap ekspansi gerai

 DOID: Targetkan produksi batubara capai 50 juta ton

 Migas: Pertamina berencana impor 9,8 juta barel bensin di bulan Agustus, +13% mom

 AGRO: Laba bersih meningkat

: 5,777.5

: -3.1 (-0.05%) : 4,050 Mn shrs : 5,327 Bn rupiah

Close Last +/- %

BYAN 6,750 1025 17.9

TAMU 3,500 520 17.4

KLBF 1,775 40 2.3

BBNI 7,275 100 1.4

HMSP 3,470 -40 -1.1

BBCA 18,575 -175 -0.9

TLKM 4,670 -30 -0.6

TPIA 25,750 -800 -3.0

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

BBNI 58 ASII 200

BBRI 41 ICBP 33

LPPF 36 TLKM 24

ADRO 19 HMSP 24

BBCA 13 WIKA 15 Money Market

Last

Close +/- %

USD/IDR 13,316 -11.0 0.1

JIBOR O/N 4.3 0.0 -

Infl (MoM) 0.2 - -

Dual Listing Securities Last

Close +/- %

TLKM 35.1 -0.1 -0.3

ISAT 42.0 1.5 3.6

EIDO 26.6 0.0 0.0

World Indices Last

Close +/- %

DJIA 22,093 67 0.3

S&P 500 2,477 5 0.2

Euro Stoxx 3,507 41 1.2

MSCI World 1,968 -1 0.0

Nikkei 20,054 102 0.5

Hang Seng 27,563 32 0.1

Commodities Last

Close +/- %

Brent Oil 52 0.0 0.1

CPO Malay 2,608 4.0 0.2

Coal Newc 95 0.8 0.8

Nickel 10,210 -127.0 -1.2

Tin 20,630 -140.0 -0.7

Changes Changes

Changes

Changes Lagging Movers

Market Value

Changes Leading Movers

Market Activity

Monday, 07 Aug 2017

Market Index

Index Movement

Market Volume

(2)

Riset Saham Harian

07 Agustus 2017

www.samuel.co.id Page 2 of 6

Toll road: BPJT mempercepat pembangunan 13 jalan tol tambahan dalam Proyek Strategi s Nasional

 Badan Pengatur Jalan Tol (BPJT) mempercepat persiapan pembangunan 13 jalan tol baru yang menjadi tambahan dalam Proyek Strategis Nasional (PSN). Jumlah tol baru yang termasuk dalam PSN menjadi sebanyak 60 ruas. BPJT mempercepat pelelangan agar s eluruh proyek jalan tol bisa memasuki masa konstruksi pada 2018. Total nilai investasi seluruh proyek dan program PSN saat ini bertambah menjadi Rp 4.197 triliun. (Bisnis Indonesia). Toll Road: Neutral.

Sektor ritel: Tetap ekspansi gerai

 Perlambatan ekonomi tidak menghalangi rencana ekspansi peritel. Sejumlah peritel tetap konsisten dalam penambahan gerai baru pada sepanjang tahun ini. PT Ramayana Lestari Sentosa Tbk. (RALS) telah membuka tiga gerai per bulan Juni lalu. Adapun realisasi penambahan gerai baru RALS pada 1H17 lebih baik daripada 1H16, dimana RALS hanya membuka 2 gerai baru dan menutup 3 gerai lama.

 Hingga akhir 2017, RALS berniat untuk menambah 3 gerai baru dan reopening 3 gerai transformasi.

 Peritel lainnya, PT Matahari Department Store Tbk. (LPPF) juga konsisten menambah gerai, di mana per Juni 2017, LPPF sudah menambah 4 gerai baru dibandingkan dengan Desember 2016.

Dengan membidik total 6 – 8 gerai baru untuk tahun ini, maka manajemen LPPF berencana untuk menambah lagi 2-4 gerai baru, dengan luar Jawa sebanyak 1 – 3 gerai dan Jawa luar Jabodetabek sebanyak 1- 3 gerai baru. (Kontan). Sektor ritel: Overweight.

DOID: Targetkan produksi batubara capai 50 juta ton

 PT Delta Dunia Makmur Tbk (DOID) untuk FY’17 memproduksi batubara sebanyak 45 j uta-50 juta ton untuk kinerja pengangkutan pengupasan tanah (overburden removal) di akhir tahun bisa mencapai 360 juta- 400 juta bank cubic meter (bcm).

 Sementara itu, dalam waktu dekat DOID bakal mengumumkan kontrak baru dengan jangka waktu yang cukup panjang. (Kontan). DOID: BUY; 17E’ PE: 5.9x, PBV: 2.6x.

Migas: Pertamina berencana impor 9,8 juta barel bensin di bulan Agustus, +13% mom

 Pertamina berencana mengimpor hingga 9,8 juta barel bensin di bulan Agustus, naik 13% mom.

Sekitar 4,5 juta – 6,2 juta barel adalah RON 88 (Premium), dan 3,0 juta – 3,6 juta barel adalah RON 92 (Pertamax). (Platts). Oil and gas: Neutral.

AGRO: Laba bersih meningkat

 Anak usaha Bank BRI (BBRI) ini mencatatkan kenaikan kredit 12%ytd Juni 2017 didorong oleh segmen ritel dan menengah, sementara DPK juga tumbuh 12% pada periode yang sama.

Labanya pada 1H17 diberitakan tumbuh 7% yoy menjadi Rp 50 miliar. (Bisnis Indonesia). AGRO:

Non-Coverage, 17E’ consensus PE: 13.6x, PBV: 1.6x.

(3)

Riset Saham Harian

07 Agustus 2017

www.samuel.co.id Page 3 of 6

Stock Rec. Mkt Cap JCI Wgt Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(Rp bn) (%) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E

Banks

BMRI BUY 305,083 4.8 13075 (0.4) 13.0 13371 14400 10.1 15.4 12.5 1.7 1.5 11.3% 12.0%

BBCA HOLD 457,967 7.2 18575 (0.9) 19.8 19147 18000 -3.1 19.8 18.7 3.5 3.1 17.9% 16.5%

BBRI BUY 368,187 5.8 14925 0.5 27.8 15624 16600 11.2 13.1 11.3 2.2 1.9 16.9% 17.0%

BBNI BUY 135,669 2.1 7275 1.4 31.7 7594 7700 5.8 10.3 8.7 1.4 1.2 13.5% 14.3%

BBTN BUY 27,958 0.4 2640 1.1 51.7 2781 2870 8.7 8.9 8.3 1.3 1.1 14.4% 13.7%

BNLI BUY 19,910 0.3 710 0.0 32.4 815 890 25.4 13.4 14.8 0.9 0.8 6.7% 5.7%

Average 13.5 12.4 1.8 1.6 0.1 0.1

Consumer (Staples)

ICBP BUY 96,794 1.5 8300 0.0 (3.2) 9227 9400 13.3 25.7 23.4 5.0 4.4 19.3% 19.0%

INDF BUY 72,219 1.2 8225 (0.3) 3.8 9537 9900 20.4 15.5 13.4 2.2 2.0 14.2% 14.9%

KLBF BUY 83,203 1.3 1775 2.3 17.2 1759 1750 -1.4 33.5 29.6 6.3 5.5 18.7% 18.7%

ROTI BUY 6,201 0.1 1225 2.1 (23.4) 1353 2050 67.3 33.1 17.0 4.0 3.3 12.1% 19.6%

ULTJ BUY 14,442 0.2 5000 0.0 9.4 5750 5300 6.0 18.8 17.0 3.5 3.0 18.9% 17.5%

UNVR HOLD 362,997 5.8 47575 (0.3) 22.6 49299 45200 -5.0 50.8 45.4 59.2 51.9 116.6% 114.4%

SIDO BUY 7,440 0.1 496 (0.4) (4.6) 598 700 41.1 13.8 11.0 2.6 2.5 18.9% 22.4%

AISA BUY 3,798 0.1 1180 (0.8) (39.3) 1660 1600 35.6 6.1 5.2 0.9 0.9 14.7% 16.5%

Average 24.7 20.2 10.5 9.2 29.2% 30.4%

Cigarette

HMSP BUY 403,624 6.5 3470 (1.1) (9.4) 4057 4390 26.5 31.3 30.2 10.7 9.8 34.3% 32.4%

GGRM BUY 137,861 2.2 71650 0.8 12.1 80145 77150 7.7 20.3 19.2 2.9 2.6 14.1% 13.4%

Average 25.8 24.7 6.8 6.2 24.2% 22.9%

Healthcare

MIKA BUY 33,903 0.5 2330 3.1 (9.3) 2547 2950 26.6 43.1 39.5 8.4 7.6 19.6% 19.3%

SILO HOLD 12,096 0.2 9300 (0.5) (14.7) 12281 12500 34.4 114.8 90.3 3.8 3.5 3.3% 3.8%

Average 79.0 64.9 6.1 5.5 11.4% 11.6%

Poultry

CPIN BUY 46,078 0.7 2810 1.4 (9.1) 3077 4500 60.1 11.9 11.0 1.5 1.4 12.8% 12.4%

JPFA BUY 13,464 0.2 1180 (0.4) (18.9) 1462 1500 27.1 6.9 5.6 1.2 1.1 18.0% 18.9%

MAIN BUY 2,071 0.0 925 (0.5) (28.8) 1055 2280 146.5 5.0 4.0 0.8 0.7 15.9% 17.2%

Average 7.9 6.9 1.2 1.0 15.6% 16.2%

Retail

MAPI BUY 10,209 0.2 6150 0.4 13.9 7463 7700 25.2 40.7 29.4 2.9 2.7 7.2% 9.1%

RALS BUY 6,351 0.1 895 (0.6) (25.1) 1281 1300 45.3 12.3 9.6 1.6 1.5 13.3% 15.4%

ACES BUY 18,865 0.3 1100 0.0 31.7 1192 1300 18.2 25.0 20.4 5.6 4.7 22.4% 23.0%

LPPF BUY 33,191 0.5 11375 3.9 (24.8) 14515 19500 71.4 12.0 11.6 9.8 6.9 81.1% 60.0%

Average 22.5 17.7 5.0 3.9 31.0% 26.9%

Telco

EXCL BUY 36,660 0.6 3430 (3.9) 48.5 3754 3200 -6.7 92.7 61.3 1.7 1.7 1.8% 2.7%

ISAT BUY 35,456 0.6 6525 0.4 1.2 8087 8200 25.7 17.9 12.8 2.4 2.1 13.4% 16.7%

TLKM BUY 470,736 7.5 4670 (0.6) 17.9 4971 5000 7.1 19.5 15.1 4.7 4.0 24.0% 26.7%

TOWR BUY 43,566 0.7 4270 (0.5) 19.3 4613 4500 5.4 12.4 11.7 3.0 2.4 24.5% 20.7%

Average 35.6 25.2 3.0 2.6 15.9% 16.7%

Auto and HE

ASII BUY 314,760 5.0 7775 0.0 (6.0) 9080 9000 15.8 13.5 11.9 2.5 2.0 18.6% 16.6%

UNTR BUY 108,920 1.7 29200 0.0 37.4 31808 31500 7.9 16.8 14.8 2.5 2.2 14.7% 14.9%

Average 15.1 13.4 2.5 2.1 16.6% 15.7%

Aviation

GIAA HOLD 8,801 0.1 340 (0.6) 0.6 363 420 23.5 255.4 25.5 0.6 0.4 0.2% 1.7%

Property

BSDE BUY 34,452 0.6 1790 (0.8) 2.0 2287 2350 31.3 16.0 13.8 1.4 1.2 8.7% 8.5%

PWON BUY 33,712 0.5 660 1.4 23.9 716 710 7.6 16.1 13.5 3.1 2.6 19.2% 19.3%

ASRI HOLD 6,956 0.1 354 1.1 0.6 432 390 10.2 10.4 9.8 0.9 0.9 8.8% 8.7%

SMRA HOLD 14,355 0.2 995 0.0 (24.9) 1380 1307 31.4 43.3 33.2 1.7 1.6 4.0% 4.8%

SSIA BUY 3,153 0.1 670 0.8 54.4 915 750 11.9 14.9 12.4 1.0 0.9 6.6% 7.5%

CTRA BUY 19,767 0.3 1065 (0.5) (20.2) 1584 1580 48.4 12.4 10.3 1.3 1.1 10.3% 11.1%

DMAS BUY 9,832 0.2 204 0.0 (11.3) 294 300 47.1 11.5 9.3 1.1 1.0 9.7% 10.8%

KIJA BUY 6,539 0.1 314 0.6 8.4 380 450 43.3 13.7 12.1 1.1 1.0 7.8% 8.1%

Average 17.3 14.3 1.4 1.3 9.4% 9.8%

(4)

Riset Saham Harian

07 Agustus 2017

www.samuel.co.id Page 4 of 6

Construction

PTPP BUY 18,910 0.3 3050 (0.3) (19.9) 4512 4150 36.1 13.6 11.5 1.6 1.4 11.8% 12.6%

ADHI HOLD 7,585 0.1 2130 0.5 2.4 2682 2550 19.7 22.9 19.2 1.4 1.4 6.0% 7.1%

WSKT BUY 30,948 0.5 2280 (0.4) (10.6) 3168 3250 42.5 13.7 10.8 1.5 1.5 11.2% 13.6%

WIKA BUY 17,940 0.3 2000 (0.5) (15.3) 3002 3000 50.0 16.1 14.1 1.3 1.2 8.0% 8.3%

Average 16.6 13.9 1.4 1.4 9.3% 10.4%

Cement

INTP SELL 66,722 1.1 18125 (2.3) 17.7 15214 13500 -25.5 18.3 17.3 2.4 2.2 12.9% 12.6%

SMGR HOLD 61,243 1.0 10325 (1.4) 12.5 9925 9000 -12.8 15.1 13.7 2.0 1.8 12.9% 12.9%

SMCB SELL 6,169 0.1 805 (0.6) (10.6) 792 700 -13.0 -33.5 -26.8 0.8 0.8 -2.3% -2.8%

SMBR HOLD 29,999 0.5 3030 (1.6) 8.6 559 2300 -24.1 79.7 75.8 8.0 7.0 10.0% 9.3%

Average 19.9 20.0 3.3 2.9 8.4% 8.0%

Precast

WSBP BUY 12,653 0.2 452 1.3 (13.5) 683 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6%

WTON BUY 5,099 0.1 585 0.0 (29.1) 962 1150 96.6 15.4 13.3 1.7 1.4 10.9% 10.6%

Average 13.5 11.2 1.5 1.3 11.6% 12.1%

Oil and Gas

PGAS HOLD 52,119 0.8 2150 (0.9) (20.4) 2788 2600 20.9 11.8 9.6 1.1 1.0 9.4% 10.7%

AKRA BUY 26,201 0.4 6550 -0.38 9.2 6857 7600 16.0 22.4 22.1 3.4 3.1 15.2% 14.0%

TPIA BUY 84,639 1.4 25750 -3.0 24.7 28650 29000 12.6 21.1 19.3 3.6 3.3 17.1% 16.8%

MEDC BUY 8,764 0.1 2630 0.8 99.2 4117 4500 71.1 3.6 3.4 0.6 0.6 17.6% 16.3%

Average 14.7 13.6 2.2 2.0 15% 14%

Utilities

JSMR HOLD 39,737 0.6 5475 (1.4) 26.7 6008 5100 -6.8 20.4 20.7 2.6 2.4 12.9% 11.7%

Metal

ANTM BUY 15,860 0.3 660 (2.9) (26.3) 627 1250 89.4 7.7 4.1 0.8 0.7 10.0% 17.8%

INCO HOLD 24,443 0.4 2460 1.2 (12.8) 2306 2145 -12.8 92.6 46.3 1.0 1.0 1.1% 2.1%

TINS BUY 6,070 0.1 815 1.9 (24.2) 985 1200 47.2 38.8 24.0 1.1 1.1 2.9% 4.5%

Average 46.4 24.8 1.0 0.9 4.7% 8.1%

Coal

DOID BUY 7,358 0.1 865.0 3.0 69.6 1587.5 1600 85.0 5.9 6.1 2.6 1.8 44.0% 28.6%

ITMG BUY 23,276 0.4 20600 1.0 22.1 21727 22300 8.3 9.7 9.7 1.7 1.6 17.9% 16.6%

ADRO BUY 59,814 1.0 1870 1.4 10.3 2022 2100 12.3 14.2 12.9 1.2 1.1 8.5% 8.7%

PTBA BUY 31,163 0.5 13525 1.5 8.2 15284 15000 10.9 13.9 11.3 2.8 2.4 19.9% 21.5%

Average 10.9 10.0 2.1 1.7 22.6% 18.9%

Plantation

AALI BUY 29,111 0.5 15125 (0.3) (9.8) 17623 19800 30.9 16.6 13.9 1.8 1.7 10.7% 12.1%

LSIP BUY 9,586 0.2 1405 (1.1) (19.3) 1672 2050 45.9 12.7 9.8 1.2 1.1 9.1% 10.9%

SIMP HOLD 7,987 0.1 505 (1.0) 2.2 573 600 18.8 10.7 9.9 0.5 0.5 5.0% 5.2%

Average 13.3 11.2 1.2 1.1 8.3% 9.4%

Source: SSI Research, Bloomberg

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

(5)

Riset Saham Harian

07 Agustus 2017

www.samuel.co.id Page 5 of 6

Regional Indices 1D Change

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

World (0.95) 1,968 (0.05) (0.13) 0.34 2.85 3.74 12.37 14.63 1,971 1,657

U.S. (S&P) 4.67 2,477 0.19 0.02 0.19 2.13 3.23 10.63 13.47 2,484 2,084

U.S. (DOW) 66.71 22,093 0.30 0.59 1.20 3.17 5.17 11.79 19.14 22,093 17,884

Europe 41.04 3,507 1.18 0.86 1.14 1.26 (4.14) 6.59 17.95 3,667 2,923

Emerging Market 3.18 1,067 0.30 (0.25) 0.10 6.46 9.10 23.77 20.52 1,073 837

FTSE 100 36.94 7,512 0.49 1.19 1.95 2.19 2.94 5.16 n/a 7,599 6,654

CAC 40 72.95 5,203 1.42 1.49 1.40 1.13 (4.21) 7.02 17.98 5,442 4,311

Dax 143.00 12,298 1.18 0.38 1.11 (0.73) (3.30) 7.11 18.62 12,952 10,175

Indonesia (3.09) 5,777 (0.05) (0.48) (0.92) (0.64) 1.66 9.08 6.59 5,910 5,023

Japan 99.59 20,052 0.50 (0.14) 0.64 0.62 3.12 4.90 23.36 20,318 16,112

Australia 46.72 5,767 0.82 0.40 0.82 1.12 (1.19) 1.79 4.91 5,957 5,052

Korea 5.73 2,401 0.24 (1.09) (0.06) 0.90 7.14 18.49 18.99 2,453 1,931

Singapore (16.40) 3,327 (0.49) (0.35) (0.13) 3.02 3.00 15.47 17.62 3,355 2,761

Malaysia 2.63 1,775 0.15 0.53 0.42 0.83 0.67 8.09 6.64 1,797 1,614

Hong Kong 31.67 27,563 0.12 0.08 2.16 8.77 12.61 25.28 24.46 27,747 21,489

China (10.85) 3,262 (0.33) (0.93) 0.27 1.37 5.13 5.11 9.59 3,305 2,959

Taiwan 36.68 10,507 0.35 0.66 0.80 2.03 6.13 13.54 15.56 10,546 8,880

Thailand 0.01 1,578 0.00 0.11 (0.18) 0.56 0.59 2.29 3.92 1,601 1,343

Philipines 56.16 7,933 0.71 0.33 (1.72) 0.55 1.16 15.97 (0.47) 8,107 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) (0.02) 4.35 (0.16) (1.56) (0.50) 2.74 (6.08) 5.39 4.16

Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.47

Inflation Rate (%) n/a 0.22 n/a (68.12) 144.44 (47.62) (68.12) 0.97 (0.02)

US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50

Indo Govt Bond Yld (10yr) - % (0.02) 6.90 (0.79) (3.80) (2.76) (13.51) 0.57 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (11.00) 13316 0.08 0.06 0.06 0.36 1.18 1.18 (1.30) 13,873 12,886

Japan 0.11 110.80 (0.10) (0.07) (0.49) 2.82 5.56 5.56 (7.54) 118.66 99.54

UK 0.00 1.30 0.07 (1.32) (1.26) 1.23 5.75 5.75 0.07 1.34 1.18

Euro 0.00 1.18 0.11 (0.59) (0.47) 3.38 12.07 12.07 6.30 1.19 1.03

China 0.01 6.73 (0.17) (0.16) 0.12 1.07 3.21 3.21 (1.29) 6.96 6.62

Commodities Indicators 1D Change

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

Oil 0.02 49.60 0.04 0.02 (1.14) 12.14 7.31 (7.67) 18.66 55.24 41.10

CPO 4.00 2,608.00 0.15 (1.73) (1.77) 3.99 2.84 (16.11) 6.71 3,202.00 2,409.00

Rubber (2.50) 823.50 (0.30) 0.06 1.17 3.72 (10.59) (15.75) 22.82 1,174.00 644.00

Coal 0.80 95.35 0.85 0.69 9.35 17.50 22.24 7.86 46.69 115.00 69.00

Iron Ore 0.28 73.42 0.38 0.49 8.43 17.70 10.91 (5.94) 21.96 94.91 54.24

Tin (140.00) 20,630.00 (0.67) (0.10) (0.48) 1.93 3.56 (2.71) 14.62 21,945.00 17,950.00

Nickel (130.00) 10,250.00 (1.25) (0.39) 0.49 11.66 13.70 2.30 (3.35) 12,145.00 8,680.00

Copper 20.00 6,372.00 0.31 0.43 0.74 8.15 14.96 15.11 31.90 6,430.00 4,582.00

Gold (1.20) 1,257.10 (0.10) (1.16) (0.75) 3.92 2.46 9.15 (5.93) 1,355.00 1,123.90

Source: SSI Research, Bloomberg

Last Price

Last Price Change (%) 1 Year

Change (%) 1 Year

Last Price Change (%) 1 Year

Change (%) 1 Year

Last Price

(6)

DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 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 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 recommenda tion 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 6 of 6

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, Toll Road,

Oil and Gas [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

Nadya Swastika 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