DAILY. Minim Sentimen, IHSG Berpeluang Melanjutkan Pelemahan. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market

Market Activity

Market Index : 5,993.2

Index Movement : -45.1 -0.75%

Market Volume : 12,260 Mn shrs Market Value : 6,953 Bn rupiah

Last

Close +/- %

Leading Movers

BANK 3,700 150 4.2

UNTR 22,475 475 2.2

SMMA 13,600 275 2.1

BYAN 12,550 400 3.3

Lagging Movers

BBRI 4,230 -80 -1.9

BBCA 30,825 -350 -1.1

UNVR 6,100 -125 -2.0

TLKM 3,280 -40 -1.2

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn) 35

UNTR 37 TAPG 204

PGAS 25 ASII 81

MNCN 25 BBCA 80

ANTM 25 BMRI 76

INDF 20 BBRI 46 Money Market

Last

Close +/- %

USD/IDR 14,530 32.0 -0.2

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 22.9 0.1 0.4

EIDO 21.7 0.2 0.7

Global Indices Last

Close +/- %

DJIA 34,137 316 0.9

S&P 500 4,173 38 0.9

Euro Stoxx 3,976 36 0.9

MSCI World 2,933 17 0.6

STI 3,155 -37 -1.2

Nikkei 28,509 -592 -2.0

Hang Seng 28,622 -514 -1.8

Commodities Last

Close +/- %

Brent Oil 65 -1.2 -1.9

Coal (ICE) 88 -2.1 -2.3

CPO Malay 4,341 110.0 2.6

Nickel 16,166 161.0 1.0

Tin 26,939 117.0 0.44

Changes Changes

Changes

Changes Wednesday, 21 Apr 2021

Minim Sentimen, IHSG Berpeluang Melanjutkan Pelemahan

Bursa AS ditutup menguat semalam; DJIA naik +0.93% ke level 34,137, diikuti S&P500 (+0.93%) dan Nasdaq (+1.19%). Pasar menunjukkan pergerakan positif seiring dengan ekspektasi positif investor terhadap laporan kinerja periode 1Q21 beberapa yang diperkirakan akan rilis bulan ini. Dari pasar komoditas, pagi ini harga minyak WTI terpantau melemah -0.3% ke level USD 61/barel, sementara emas menguat tipis +0.9% ke level USD 1,794/t oz.

EIDO ditutup menguat +0.74% pada akhir perdagangan kemarin (21/4), sementara IHSG turut ditutup melemah -0.75% ke level 5,993 dengan BBRI, BBCA, UNVR sebagai top lagging movers. Net sell asing di pasar reguler terpantau mencapai IDR 577.7 miliar. Saham dengan nilai net sell tertinggi adalah TAPG (IDR 203.7 miliar), disusul ASII (IDR 81.1 miliar), dan BBCA (IDR 80.1 miliar) sementara net buy asing tertinggi dicatatkan oleh UNTR (IDR 37.1 miliar), PGAS (IDR 25.4 miliar), dan MNCN (IDR 25.1 miliar). Sepanjang minggu ini (Senin-Rabu), IHSG melemah -1.53% dengan net sell asing di pasar reguler mencapai IDR 897.8 miliar.

Sebanyak 7,314 kasus COVID-19 baru dilaporkan di Indonesia kemarin (Selasa:

6,728), dengan 5,720 pasien sembuh (Selasa: 5,549) dan 230 meninggal (Selasa:

210). Dengan tambahan kasus baru tersebut, jumlah total kasus COVID-19 yang ditemukan di Indonesia telah mencapai 1,620,569 kasus dengan rasio kasus ditutup sebesar 93.8% per 21 April 2021 (20 April 2021: 93.6%).

Hari ini, IHSG kami perkirakan akan melanjutkan pelemahan seiring minimnya sentimen dari data ekonomi maupun sentimen global dan regional. Pelemahan harga komoditas serta potensi kenaikan kasus positif COVID-19 akibat mudik saat bulan Ramadhan ini dapat menjadi faktor pemberat pasar.

DAILY RESEARCH



UNTR : Pertumbuhan Laba Bersih +2.5% yoy pada 1Q21



AALI : Penurunan Laba Bersih -56.25 yoy di 1Q21



ASII : Kinerja 1Q21: Laba Bersih -22.5% yoy/+75.4% qoq



SSIA : Rugi Bersih –IDR 87.5 Miliar pada FY20



22 April 2021

Highlights

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Equity Research│22 April 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

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100 110

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

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 %

4/21/2021 1,620,569 0.35 5,720 3.08 1,475,456 7,314 44,007 230 101,106 93.76 4/20/2021 1,614,849 0.34 5,549 12.06 1,468,142 6,728 43,777 210 102,930 93.63 4/19/2021 1,609,300 0.31 4,952 8.00 1,461,414 6,349 43,567 143 104,319 93.52 4/18/2021 1,604,348 0.29 4,585 (9.05) 1,455,065 4,873 43,424 96 105,859 93.40 4/17/2021 1,599,763 0.32 5,041 (6.00) 1,450,192 5,963 43,328 132 106,243 93.36 4/16/2021 1,594,722 0.34 5,363 (13.18) 1,444,229 5,975 43,196 123 107,297 93.27 4/15/2021 1,589,359 0.39 6,177 9.21 1,438,254 6,362 43,073 167 108,032 93.20

Average 5,341 6,223 157 93.45

Source: SSI Research, Bloomberg

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UNTR: Pertumbuhan Laba Bersih +2.5% yoy pada 1Q21

PT United Tractors Tbk 1Q21 membukukan pendapatan IDR 17.9 triliun (-2.3% yoy/+28.9% qoq) pada 1Q21, dengan laba kotor sebesar IDR 3.5 triliun (-17yoy/+24.6% yoy). Laba bersih perusahaan tercatat sebesar IDR 1.867 triliun (+2.5% yoy/+180.8% qoq), dengan margin laba bersih sebesar 10.4% (+40 bps yoy/+560 bps qoq). (Laporan Keuangan)

Comment:

Pendapatan UNTR dari segmen coal mining dan gold mining mengalami kenaikan masing-masing sebesar +18%

yoy dan +15% yoy. Kenaikan pada pendapatan coal mining terjadi seiring dengan kenaikan volume penjualan menjadi 3.7 juta ton (+16.8% yoy). Sementara itu, penyebab utama kenaikan pendapatan dari gold mining pada 1Q21 adalah kenaikan harga jual emas menjadi USD 1,659/ounce (1Q20: USD 1,448/ounce) ,sedangkan volume penambangan emas pada 1Q21 tidak berbeda dengan 1Q20, yaitu 95,000 ounce. Pendapatan dari segmen construction machinery cenderung flat, sementara pendapatan dari segmen mining contracting dan construction industry menurun -15% yoy dan -20% yoy. Kendati demikian, beberapa beban non operasional mengalami penurunan, sehingga laba bersih perusahaan meningkat. Pada 1Q21, beban bunga turun -60% yoy dan beban lain-lain (net) juga turun -62.4% yoy, yang disebabkan turunnya nilai kerugian nilai tukar mata uang asing dari 555 miliar pada 1Q20 menjadi 66 miliar. UNTR: BUY: 9.0x PE '21E, 1.2x PBV '21E, TP: IDR 31,000

ASII: Kinerja 1Q21 Laba Bersih -22.5% yoy/+75.4% qoq

PT Astra International Tbk 1Q21 membukukan pendapatan IDR 51.7 triliun (-4.3% yoy/+15.7% qoq). Laba bruto sebesar IDR 10.6 triliun (-12.3 yoy/+16% qoq), dengan margin laba kotor 20.5% (-190bps yoy). Laba operasional IDR 4.53 triliun (-21% yoy/+109% qoq), dengan margin operasional 8.8% (-180 bps yoy). Laba bersih sebesar IDR 3.73 triliun (-22.5% yoy/+75.4% qoq), dengan margin laba bersih 1Q21 sebesar 7.2% (-170 bps yoy/+240 bps qoq).

(Laporan Keuangan)

Comment:

Secara tahunan, kinerja marjin laba ASII menurun, baik pada laba kotor, laba operasional maupun laba bersih.

Pada bagian non operasional, penurunan pada beban bunga -40% yoy, namun juga pada pendapatan lain-lain

(net) -24% yoy dan bagian laba JV dan entitas asosiasi -28% yoy. Secara kuartalan, sekalipun marjin kotor flat,

namun terjadi kenaikan marjin cukup besar baik marjin operasional maupun marjin laba bersih. ASII mampu

menurunkan beban operasional terutama beban penjualan -24.6% qoq. Pada bagian non operasional, beban

bunga turun -24.1% qoq disertai peningkatan pendapatan lain-lain (net) +11.6% qoq dan bagian laba JV dan

entitas asosiasi +27.2% qoq. ASII: Under review (Previous: ASII: BUY: 10.6x PE '21E, 1.0x PBV '21E, TP: IDR

6,750)

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AALI: Laba bersih 1Q21 turun -56.2% yoy, -35.3% qoq

Sepanjang 1Q21, Pendapatan AALI naik +5.0% yoy (-8.2% qoq) menjadi IDR 5.0 triliun. Laba operasi tumbh +2.9% yoy (-11.7% qoq) menjadi IDR 658 miliar. Namun laba bersih terkoreksi -56.2% yoy, -35.3% qoq menjadi IDR 162 miliar.

(Laporan keuangan)

Comment:

Pendapatan AALI ditopang oleh blended ASP yang tumbuh +12.6% yoy, +6.6% qoq di tengah volume penjualan yang turun -6.8% yoy dan -13.8% qoq. Pencapaian pendapatan AALI mencerminkan 24.9% target FY21F SSI.

GPM sebesar 18.5%, turun tipis -0.8ppt yoy, +0.2pptqoq, OPM juga terjaga stabil di 13.1%. Namun laba bersih yang turun dalam dikarenakan AALI mengalami kenaikan beban lain-lain seperti kerugian kontrak Forward berjangka sebesar IDR 384 miliar, dari sebelumnya mengalami keuntungan IDR 26 miliar di 1Q20. Laba bersih 1Q21 AALI mencerminkan 14.0% target FY21F SSI dan 12.6% target konsensus. AALI: BUY: 17.8x PE '21E, 0.9x

PBV '21E, TP: IDR 13,800

SSIA: Kerugian Bersih IDR -87.5 Miliar pada FY20

PT Surya Semesta Internusa Tbk (SSIA) mencatatkan penurunan pendapatan -26.4% yoy menjadi IDR 2.9 triliun di tahun 2020. Laba kotor turun -41.8% yoy sebesar IDR 635 miliar dengan GPM sebesar 21.6% (2019: 27.2%).

Penurunan juga terlihat pada bottom line perusahaan di FY20, yang tercatat mengalami kerugian bersih IDR -87.5 miliar (IDR 92.3 miliar di FY19) dengan NPM -3.0%. (Laporan Keuangan)

Comment:

Pada 4Q20, pendapatan perusahaan mengalami penurunan -18.6% yoy dan laba kotor turun -27.9% yoy.

Namun secara kuartalan, pendapatan tumbuh 24.7% qoq dan laba kotor tumbuh hingga +228.1% qoq. Laba bersih pada 4Q20 tumbuh +9.9% yoy menjadi IDR 110.3 miliar setelah mengalami rugi bersih di 3Q20 sebesar IDR -75.0 miliar. Kuartal empat merupakan satu-satunya kuartal dimana SSIA mencatatkan laba bersih, setelah 1Q20-3Q20 berturut-turut mengalami kerugian dengan total mencapai IDR -179.9 miliar. Laba bersih FY20 turun karena pendapatan konstruksi, yang menyumbang 70.6% dari pendapatan, turun -20.3% yoy serta pendapatan hotel perusahaan juga menurun drastis hingga -73.5% yoy. Under review (Previous: SSIA: BUY:

42.2x PE '21E, 0.5x PBV '21E, TP: IDR 700)

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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 11.3 30,825 40,500 38,044 31.4 28.0 23.9 4.1 3.7 14.7 15.7

BBRI BUY 7.7 4,230 5,300 5,135 25.3 26.9 15.9 2.8 2.5 10.3 15.8

BMRI BUY 4.2 6,125 8,000 7,958 30.6 16.7 12.0 1.5 1.5 9.1 12.1

BBNI BUY 1.6 5,775 8,500 7,254 47.2 36.1 8.3 1.0 0.8 2.6 9.7

BBTN BUY 0.3 1,610 2,300 2,224 42.9 10.6 6.7 0.9 0.8 8.1 11.4

Average 21.1 9.0 1.1 1.0 6.6 11.1

Consumer (Staples)

ICBP BUY 1.5 8,800 12,000 12,049 36.4 17.9 16.0 3.5 3.0 19.6 19.1

INDF BUY 0.9 6,775 9,500 8,698 40.2 12.2 12.3 1.5 1.3 11.9 11.0

KLBF BUY 1.0 1,495 1,750 1,780 17.1 25.3 23.0 4.1 3.7 16.0 16.0

UNVR BUY 3.5 6,100 7,900 7,962 29.5 32.4 30.8 47.3 43.6 145.7 141.4

SIDO BUY 0.4 785 970 918 23.6 25.2 21.7 7.3 6.8 29.1 31.5

Average 22.6 20.7 12.7 11.7 44.5 43.8

Cigarette

HMSP BUY 2.3 1,325 1,460 1,305 10.2 h 18.2 5.1 5.1 28.5 28.1

GGRM BUY 1.0 36,200 44,400 38,815 22.7 8.2 8.0 1.2 1.1 14.2 13.9

Average 8.2 13.1 3.1 3.1 21.4 21.0

Healthcare

MIKA BUY 0.6 2,590 3,500 3,169 35.1 43.5 40.9 7.6 6.9 17.5 16.8

SILO SELL 0.2 6,525 5,400 6,417 -17.2 466.1 197.7 1.8 1.8 0.4 0.9

HEAL HOLD 0.2 4,570 5,000 4,816 9.4 41.9 36.3 5.6 4.9 13.3 13.5

Average 183.8 91.6 5.0 4.5 10.4 10.4

Poultry

CPIN SELL 1.8 7,525 7,300 6,769 -3.0 42.8 32.9 5.9 5.4 13.7 16.4

JPFA HOLD 0.4 2,210 2,400 2,061 8.6 27.6 14.5 2.2 1.9 8.0 13.1

MAIN SELL 0.0 905 890 960 -1.7 n/a 13.3 1.0 0.9 -0.9 6.8

Average 35.2 20.2 3.0 2.7 7.0 12.1

Retail

MAPI HOLD 0.2 790 850 968 7.6 n/a 79.0 1.4 8.5 -7.4 10.8

RALS HOLD 0.1 830 900 820 8.4 n/a 17.7 1.4 1.4 -1.5 7.7

ACES BUY 0.4 1,485 1,900 1,801 27.9 31.6 23.2 5.1 4.5 16.1 19.6

LPPF SELL 0.1 1,540 1,100 1,121 -28.6 n/a 11.9 2.6 4.1 -35.0 34.1

Average 31.6 40.0 2.6 4.8 2.4 12.7

Pulp and Paper

INKP SELL 0.8 9,450 7,000 N/A -25.9 10.9 13.0 0.8 0.8 7.6 6.0

Average 10.9 13.0 0.8 0.8 7.6

Media

MNCN BUY 0.2 995 1,400 1,577 40.7 6.1 5.5 0.9 0.8 14.9 14.3

SCMA BUY 0.3 1,565 2,200 2,106 40.6 19.6 17.8 4.8 4.2 24.4 23.7

Average 12.8 11.6 2.8 2.5 19.6 19.0

Telco

EXCL BUY 0.3 2,020 3,300 3,248 63.4 9.5 18.9 1.0 1.0 10.8 5.2

ISAT BUY 0.5 5,650 6,700 6,216 18.6 n/a n/a 2.4 2.4 -5.6 -0.9

TLKM BUY 4.9 3,280 4,300 4,237 31.1 14.7 14.0 2.6 2.5 17.8 17.8

Average 12.1 16.4 2.0 2.0 7.7 7.4

Telco Retail

ERAA BUY 0.1 625 1,625 600 160.0 3.3 2.7 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.9 2,580 1,550 2,173 -39.9 53.8 50.6 8.9 7.9 16.5 15.6

TOWR BUY 0.8 1,100 1,300 1,377 18.2 19.0 17.2 5.2 4.3 27.2 25.3

Average 36.4 33.9 7.0 6.1 21.9 20.4

Stock Rec.

(6)

Auto

ASII BUY 3.2 5,225 6,750 6,840 29.2 11.7 10.6 1.1 1.0 9.0 9.6

Average 11.7 10.6 1.1 1.0 9.0

Mining Contracting

UNTR BUY 1.3 22,475 31,000 28,679 37.9 12.1 9.0 1.4 1.2 11.2 13.8

Average 12.1 9.0 1.4 1.2 11.2

Aviation

GIAA BUY 0.1 328 650 404 98.2 3.3 2.9 0.6 0.5 17.5 16.9

Average 3.3 2.9 0.6 0.5 17.5

Property

BSDE BUY 0.4 1,170 1,350 1,459 15.4 17.5 13.1 0.7 0.7 4.0 4.9

PWON HOLD 0.4 505 530 637 5.0 38.8 13.6 1.0 1.7 2.6 12.1

ASRI SELL 0.1 202 130 245 -35.6 15.5 7.2 0.4 0.3 2.3 4.7

LPKR SELL 0.2 197 140 220 -28.9 n/a n/a 0.5 0.4 -0.5 -0.2

SMRA SELL 0.2 980 950 1,000 -3.1 57.6 33.8 1.9 1.8 3.4 5.4

CTRA SELL 0.3 1,145 1,100 1,313 -3.9 27.3 21.2 1.4 1.3 5.1 6.2

Average 31.4 17.8 1.0 1.0 2.8 5.5

Industrial Estate

SSIA BUY 0.0 464 700 668 50.9 n/a 42.2 0.6 0.5 -1.6 1.3

DMAS HOLD 0.2 236 250 274 5.9 15.7 13.9 1.5 1.8 9.6 12.7

KIJA SELL 0.1 174 150 N/A -13.8 15.8 13.4 0.6 0.5 4.0 3.4

Average 15.8 23.1 0.9 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,235 1,900 1,964 53.8 56.1 10.0 0.5 0.5 0.9 4.9

ADHI BUY 0.1 1,105 1,800 1,825 62.9 46.0 10.7 0.7 0.6 1.5 6.1

WSKT BUY 0.2 1,065 2,200 1,428 106.6 n/a 10.2 0.6 0.6 -15.2 5.6

WIKA BUY 0.2 1,425 2,400 2,087 68.4 14.8 9.7 0.7 0.7 5.0 7.1

Average 39.0 10.2 0.6 0.6 -1.9 5.9

Cement

INTP BUY 0.7 12,675 16,250 16,830 28.2 35.2 29.3 2.1 2.0 5.8 6.9

SMGR BUY 0.9 10,450 13,050 14,363 24.9 27.4 22.0 1.7 1.6 6.3 7.4

Average 31.3 25.7 1.9 1.8 6.1 7.2

Precast

WSBP BUY 0.1 197 230 243 16.8 17.9 5.3 0.5 0.5 2.9 8.9

WTON BUY 0.0 298 450 477 51.0 27.1 8.1 0.8 0.7 2.9 8.9

Average 22.5 6.7 0.6 0.6 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,250 1,700 1,558 36.0 22.7 17.9 0.8 0.7 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 0.2 555 1,090 873 96.4 n/a 7.6 0.8 0.7 -9.9 9.7

Average 18.1 12.6 1.0 0.9 1.3 8.3

Chemical

TPIA HOLD 2.7 10,250 10,250 9,113 0.0 706.9 117.8 7.1 7.1 1.0 6.0

BRPT BUY 1.3 940 1,150 1,210 22.3 196.4 120.1 5.0 5.0 2.5 4.2

ESSA SELL 0.1 386 225 540 -41.7 n/a n/a 2.7 1.3 -20.0 -0.5

Average 451.7 118.9 4.9 4.5 -5.5 3.2

Utilities

JSMR BUY 0.5 4,170 5,000 5,476 19.9 63.2 21.0 1.2 1.2 2.0 5.6

Metal

ANTM BUY 0.9 2,370 3,230 3,355 36.3 38.2 23.2 2.9 2.7 7.7 11.7

MDKA SELL 0.8 2,280 2,030 2,962 -11.0 n/a 12.4 8.3 9.0 15.7 72.9

INCO BUY 0.6 4,160 6,730 6,309 61.8 28.7 28.7 1.4 1.4 5.0 5.0

TINS BUY 0.2 1,580 1,775 1,917 12.3 n/a 1795.5 2.2 2.7 -4.2 0.1

Stock Rec.

(7)

Coal

ITMG BUY 0.2 12,150 13,550 14,622 11.5 8.4 8.4 1.2 1.4 14.3 16.7

ADRO BUY 0.6 1,180 1,530 1,639 29.7 8.1 8.1 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,390 3,200 3,052 33.9 9.4 8.3 1.5 1.4 15.8 16.4

Average 8.7 8.3 1.1 1.2 12.9 14.0

Plantation

AALI BUY 0.3 9,800 13,800 14,087 40.8 28.2 17.8 1.0 0.9 3.5 5.3

LSIP BUY 0.1 1,310 1,730 1,612 32.1 12.8 10.5 0.9 0.9 7.1 8.3

TBLA HOLD 0.1 905 980 1,218 8.3 7.5 6.1 0.8 0.7 11.0 12.2

SIMP SELL 0.1 550 388 513 -29.5 50.0 32.4 0.6 0.6 1.2 1.8

SSMS BUY 0.1 930 1,500 1,245 61.3 27.4 11.8 2.0 1.8 7.4 15.0

Average 25.2 15.7 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.

(8)

Chg (Pts)

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

World 2,933 17.20 0.59 (0.30) 4.39 6.43 9.03 49.01 2,959 1,928

U.S. (S&P) 4,173 38.48 0.93 1.18 6.65 8.31 11.11 52.51 4,191 2,727

U.S. (DOW) 34,137 316.01 0.93 1.20 4.63 9.50 11.54 48.30 34,257 22,790

Europe 3,976 35.95 0.91 0.00 3.72 10.38 11.93 40.27 4,041 2,708

Emerging Market 1,337 (10.74) (0.80) (0.31) 0.04 (4.02) 3.53 50.44 1,449 872

FTSE 100 6,895 35.42 0.52 (0.64) 2.52 2.99 6.73 19.49 7,040 5,526

CAC 40 6,211 45.44 0.74 0.03 4.06 11.71 11.87 40.77 6,319 4,195

Dax 15,196 66.46 0.44 (0.09) 3.68 9.53 10.77 45.90 15,502 10,161

Indonesia 5,993 (45.08) (0.75) (0.94) (4.89) (4.98) 0.24 31.21 6,505 4,441

Japan 28,509 (591.83) (2.03) (3.76) (2.28) (0.43) 3.88 48.96 30,715 18,858

Australia 6,997 (20.28) (0.29) (0.36) 3.63 2.90 6.23 34.02 7,095 5,101

Korea 3,172 (49.04) (1.52) (0.71) 4.49 0.99 10.38 67.27 3,266 1,845

Singapore 3,155 (37.11) (1.16) (0.77) 0.86 5.47 10.94 23.73 3,222 2,421

Malaysia 1,597 (10.99) (0.68) (0.11) (1.25) (0.01) (1.88) 15.54 1,696 1,360

Hong Kong 28,622 (513.81) (1.76) (0.97) (0.91) (2.80) 5.11 19.79 31,183 22,520

China 3,473 (0.01) (0.00) 1.65 0.86 (3.71) (0.00) 22.12 3,732 2,758

Taiwan 17,202 (121.76) (0.70) 1.99 6.26 7.39 16.76 66.89 17,324 10,140

Thailand 1,580 (0.03) (0.00) 0.87 0.87 5.48 9.02 25.22 1,606 1,187

Philipines 6,439 (61.03) (0.94) (1.28) 0.69 (8.61) (9.81) 15.53 7,432 5,391

Foreign Reserves (US$Bn) 137.10 (1.23) 0.88 0.88 13.33 138.80 127.88

Inflation Rate (yoy, %) 1.37 2.67 1.32

Gov Bond Yld (10yr, %) 6.45 (17.79) 8.12 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,530 32.00 (0.22) 0.50 (0.87) (3.65) (3.30) 6.46 15,598 13,865

Japan 108.02 (0.06) 0.06 0.69 0.77 (3.93) (4.42) (0.25) 110.97 102.59

UK 1.39 0.00 0.00 1.04 0.48 1.79 1.91 12.95 1.42 1.21

Euro 1.20 0.00 0.02 0.58 0.87 (1.10) (1.47) 11.22 1.23 1.07

China 6.49 (0.01) 0.14 0.60 0.27 (0.44) 0.57 9.27 7.18 6.42

Chg (Pts)

Oil (Brent) 65.32 (1.25) (1.88) (1.89) 1.22 16.43 26.10 237.92 71.38 15.98

CPO 3,894 89.00 2.34 10.85 4.56 18.57 8.17 88.66 4,066 1,944

Rubber 1,016.00 (6.50) (0.64) (2.07) (11.54) 10.43 8.37 44.63 1,262.50 690.00

Coal 88.15 (2.10) (2.33) (1.78) (6.02) 3.34 9.50 69.36 99.00 47.50

Tin 28,259 109.50 0.39 1.77 0.75 25.29 37.55 91.17 31,000 14,940

Nickel 16,199 161.00 1.00 (1.09) (0.61) (11.94) (2.49) 32.81 20,110 11,775

Copper 9,445 123.00 1.32 4.08 4.28 17.75 21.62 87.77 9,617 4,974

Gold 1,795 2.50 0.14 1.66 3.29 (3.29) (5.17) 3.92 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

(9)

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

Ahmad Mikail Zaini Economist ahmad.mikail@samuel.co.id +6221 2854 8396

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 8393

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

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

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales

s

+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

Kelvin Long Head of Retail Equity Sales kelvin.long@samuel.co.id +6221 2854 8150

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

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