DAILY RESEAR CH
Market Activity
Market Index : 7,276.2
Index Movement : +48.8 0.68%
Market Volume : 18,399 Mn shrs Market Value : 15,348 Bn rupiah
Last
Close +/- %
Leading Movers
BMRI 8,300 450 5.7
BBCA 7,925 275 3.6
BBNI 9,375 400 4.5
ASII 7,000 100 1.4
Lagging Movers
MDKA 5,500 -200 -3.5
BBRI 4,800 -50 -1.0
ADMR 2,600 -190 -6.8
INCO 8,000 -475 -5.6
Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)
BBCA 440 EXCL 28
BMRI 333 INCO 24
BBNI 267 BOGA 22
ASII 180 TINS 19
BBRI 169 CARE 18 Money Market
Last
Close +/- %
USD/IDR 14,344 -12.0 0.1
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities Last
Close +/- %
TLKM 31.9 -0.6 -1.8
EIDO 25.0 0.2 0.6
Global Indices Last
Close +/- %
DJIA 34,793 -368 -1.05
S&P 500 4,394 -66 -1.48
Euro Stoxx 3,928 31 0.80
MSCI World 2,960 -35 -1.16
STI 3,348 13 0.39
Nikkei 27,553 335 1.23
Hang Seng 20,682 -262 -1.3
Commodities*
Last
Close +/- %
Brent Oil 108.3 1.5 1.43
Coal (ICE) 357.9 12.3 3.54 CPO Malay 6,542 -58.0 -0.88
Gold 1,948 -7.4 -0.38
Nickel 33,911 345.0 1.03
Tin 42,995 -95.0 -0.22
*last price per closing date
Changes Changes
Changes
Changes
Changes Thursday, 21 Apr 2022
DAILY RESEARCH
22 April 2022
Market
IHSG Berpotensi Bergerak Melemah Hari Ini
Bursa saham AS hari Kamis kemarin (21/04) ditutup melemah: Dow Jones -1.05%;
S&P500 -1.48%, dan Nasdaq -2.07% karena Jerome Powell mengisyaratkan kemungkinan kenaikan suku bunga hingga 50 bps di bulan Mei. Data initial jobless claim turun sebesar 184 ribu, minggu sebelumnya sebesar 186 ribu, namun lebih besar dari perkiraan consensus yang memperkirakan 180 ribu. Yield UST 10Y naik +2.71% ke level 2.92% dan USD Index naik +0.25% ke level 100.59.
Pasar komoditas bergerak mixed; minyak WTI naik +1.0% ke level USD 104/bbl, nikel naik +1.0% ke level USD 33,911/ton, batubara naik +3.5% di level USD 358/ton, sementara CPO -0.9% ke MYR 6,542/ton, dan emas -0.4% ke level USD 1,948/toz.
Bursa Asia ditutup variatif pada perdagangan Kamis (21/04): Nikkei +1.2%, Kospi +0.4%, sedangkan Hang Seng -1.3%, dan Shanghai -2.3%. IHSG ditutup menguat +0.7% ke level 7,276. Total keseluruhan net foreign buy sebesar IDR 1.19 triliun. Net buy asing di pasar regular sebesar IDR 1.8 triliun dan net sell di pasar negosiasi sebesar IDR 684 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBCA (IDR 439.2 miliar), BMRI (IDR 332.4 miliar), dan BBNI (IDR 265.6 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh EXCL (IDR 27.5 miliar), INCO (IDR 24 miliar), dan BOGA (IDR 21.9 miliar). Indeks EIDO semalam ditutup menguat +0.6%.
Kasus Covid-19 di Indonesia ada penambahan 585 kasus baru kemarin (21/04), turun -21.1% dibandingkan hari sebelumnya dengan daily positive rate 0.4%.
Recovery rate 96.9% dan kasus aktif sebanyak 31,219 pada hari yang sama.
Dari regional, pagi ini pasar Asia dibuka melemah, Nikkei -1.27% dan Kospi -0.88%.
Kami perkirakan IHSG akan bergerak melemah hari ini, seiring pergerakan negatif bursa global dan regional.
Highlights
BBCA : Laba Bersih 1Q22 Naik +14.6% yoy Menjadi IDR 8.1 Triliun
DRMA : Laba Bersih Naik +121.9% yoy di 1Q22
DRMA : Pembagian Dividen IDR 120 Miliar
Equity Research│22 April 2022
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)
21-Apr-21 21-May-21 21-Jun-21 21-Jul-21 21-Aug-21 21-Sep-21 21-Oct-21 21-Nov-21 21-Dec-21 21-Jan-22 21-Feb-22 21-Mar-22
0 20 40 60 80 100 120 140
21-Apr-21 12-May-21 2-Jun-21 23-Jun-21 14-Jul-21 4-Aug-21 25-Aug-21 15-Sep-21 6-Oct-21 27-Oct-21 17-Nov-21 8-Dec-21 29-Dec-21 19-Jan-22 9-Feb-22 2-Mar-22 23-Mar-22 13-Apr-22
40 90 140 190 240 290 340 390 440 490
21-Apr-21 21-May-21 20-Jun-21 20-Jul-21 19-Aug-21 18-Sep-21 18-Oct-21 17-Nov-21 17-Dec-21 16-Jan-22 15-Feb-22 17-Mar-22 16-Apr-22
1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500
4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000
10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000
21-Apr-21 12-May-21 2-Jun-21 23-Jun-21 14-Jul-21 4-Aug-21 25-Aug-21 15-Sep-21 6-Oct-21 27-Oct-21 17-Nov-21 8-Dec-21 29-Dec-21 19-Jan-22 9-Feb-22 2-Mar-22 23-Mar-22 13-Apr-22
1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100
COVID-19 Data Indonesia
7 Day Running Covid-19 Data
Total 1D Change Total Daily Total Closed Cases
Cases % Deaths Deaths Active Cases %
4/21/2022 6,041,269 - 155,937 - (183,874,310) 3143.64 4/20/2022 6,041,269 - 155,937 - (183,874,310) 3143.64 4/19/2022 6,041,269 0.01 155,937 34 (183,874,310) 3143.64 4/18/2022 6,040,432 0.01 155,903 37 (183,875,113) 3144.07 4/17/2022 6,039,873 0.01 155,866 22 (183,875,635) 3144.36 4/16/2022 6,039,266 0.01 155,844 24 (183,876,220) 3144.68 4/15/2022 6,038,664 0.02 155,820 26 (183,876,798) 3144.99
Average 20 3144.15
Source: SSI Research, Bloomberg
Equity Research│22 April 2022
BBCA: Laba Bersih 1Q22 Naik +14.6% yoy Menjadi IDR 8.1 Triliun
BBCA mencatatkan kenaikan laba bersih 1Q22 sebesar +14.6% menjadi IDR 8.1 triliun, inline dan mencapai 22.4% SSI forecast dan 22.2% consensus. Secara kuartalan, laba bersih ini cukup tinggi dan hanya turun -1.9% qoq. Kredit tumbuh +8.6% yoy dengan DPK tumbuh +17.5% yoy. Likuiditas sangat tinggi dengan LDR kembali turun -1.5ppt menjadi 60.5%, sedangkan NPL naik tipis +10bps qoq menjadi 2.3% dengan NPL Coverage Ratio naik +4.8ppt qoq menjadi 244.8%.
(Analyst meeting) Comment:
Kenaikan pendapatan bunga bersih di 1Q22 sebesar +2.5% yoy, disertai dengan kenaikan pendapatan non bunga sebesar +19.5% yoy. Di sisi lain, biaya provisi turun -13.4 yoy. LAR (termasuk Covid Restructured) turun -5.6ppt yoy menjadi 13.8%. Pertumbuhan kredit terjadi di semua segmen, dimana kredit korporasi tumbuh +9.2% yoy dan kredit komersial dan UKM tumbuh +8.2% yoy. Kredit konsumer juga tumbuh +7.6% yoy dan pendanaan syariah tumbuh +16.1% yoy. Di segmen kredit konsumer, KPR mampu tumbuh +9,8% yoy, KKB kembali tumbuh positif sebesar +3.6% yoy dan kartu kredit +4.4% yoy. DPK didorong oleh pertumbuhan CASA yang tumbuh +21.7% yoy dengan giro dan tabungan masing-masing naik +27.2% yoy dan +18.6% yoy. Sementara deposito berjangka hanya naik +3.1% yoy. Hal ini menyebabkan CASA berada di level 80%. BBCA: BUY: 26.9x PE '22E, 4.4x PBV '22E, TP: IDR 8,100)
DRMA: Laba Bersih Naik +121.9% yoy di 1Q22
Sepanjang 1Q22, pendapatan DRMA naik +35.6% yoy menjadi IDR 916 miliar. Gross profit dan operating profit masing- masing naik +26.1% yoy dan +99.5% yoy menjadi IDR 139 miliar dan IDR 157 miliar. Untuk net profit, naik +121.9% yoy menjadi IDR 116 miliar. (Laporan Keuangan)
Comment:
Penjualan dan laba bersih DRMA di 1Q22 masing-masing mencapai 27.1% dan 35.0% dari proyeksi SSI. Kenaikan
kinerja ini salah satunya didukung oleh adanya proyek baru DRMA dengan Hyundai yang baru dimulai di Januari
2022, sebagai penyuplai komponen mobil. Kenaikan laba bersih yang signifikan disebabkan oleh adanya kenaikan
other income karena penjualan tooling atau cetakan (mold, jig, dies) ke Hyundai sebesar IDR 52.3 miliar. Tanpa
memperhitungkan hal tersebut, laba usaha dan laba bersih DRMA tetap naik +33.2% yoy dan +21.8%. Selain itu,
kami melihat AHM kembali menjadi pelanggan terbesar DRMA (50.3% dari total sales) dan segmen 2W kembali
menjadi segmen utama DRMA (56.9% dari total pendapatan, 1Q21: 68.1%). Untuk tahun 2022, kita
memperkirakan kinerja baik DRMA akan terus berlanjut didukung oleh proyek baru dengan Hyundai,
pertumbuhan penjualan otomotif nasional, dan pengembangan produk EV. DRMA: BUY: 11.8x PE '22E, 3.3x PBV
'22E, TP: IDR 830)
Equity Research│22 April 2022
DRMA: Pembagian Dividen IDR 120 Miliar
Berdasarkan RUPST yang digelar kemarin (21/4), DRMA akan membagikan dividen sebesar IDR 120 miliar untuk tahun buku 2021. Ini merupakan aksi pembagian dividen pertama DRMA pasca listing di bursa tanggal 20 Desember 2021.
Pembagian dividen tersebut dibagi menjadi dividen interim sebesar IDR 50 miliar, yang telah didistribusikan pada 15 November 2021, dan dividen final sebesar IDR 70 miliar. (Investor Daily)
Comment:
Dengan nominal dividen final tersebut, dividen per lembar saham yang akan dibagikan DRMA adalah sebesar IDR 14.9. Jika dihitung menggunakan harga penutupan kemarin di IDR 620, dividend yield DRMA adalah 2.4%.
Dengan laba bersih di tahun 2021 tercatat sebesar IDR 301.1 miliar, maka dividend payout ratio (DPO) berada di
angka 39.9%. Sepanjang tahun 2021, DRMA mencatatkan pendapatan dan laba bersih yang masing-masing naik
+55.4% yoy dan +1,492% yoy dan telah melampaui angka prepandemi. DRMA: BUY: 11.8x PE '22E, 3.3x PBV '22E,
TP: IDR 830)
Equity Research│22 April 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Banks
BBCA HOLD 7.9 7,925 8,100 8,359 2.2 26.9 24.2 4.4 4.0 16.3 16.5
BBRI BUY 8.1 4,800 5,400 5,199 12.5 17.3 15.5 2.3 2.2 13.2 14.2
BMRI SELL 5.4 8,300 8,000 9,169 -3.6 12.3 10.9 1.7 1.6 14.2 14.9
BBNI SELL 2.5 9,375 8,500 9,192 -9.3 11.5 9.5 1.2 1.1 10.1 11.1
BBTN BUY 0.3 1,760 2,200 2,206 25.0 6.9 5.8 0.8 0.7 10.9 11.3
Average 10.2 8.8 1.2 1.1 11.7 12.4
Consumer (Staples)
ICBP BUY 0.6 7,425 12,000 10,192 61.6 11.6 10.3 2.3 2.1 20.1 20.0
INDF BUY 1.0 6,250 7,150 8,013 14.4 7.6 6.9 1.1 1.0 14.0 14.2
KLBF BUY 1.1 1,600 1,950 1,832 21.9 21.8 20.1 3.6 3.3 16.4 16.3
UNVR BUY 0.7 3,400 4,800 4,014 41.2 21.8 20.6 24.6 22.7 113.0 110.0
SIDO HOLD 0.2 930 970 1,126 4.3 21.9 20.2 7.5 7.2 34.3 35.5
Average 16.9 15.6 7.8 7.2 39.6 39.2
Cigarette
HMSP SELL 0.3 915 870 1,013 -4.9 13.7 11.7 3.6 3.4 26.4 29.3
GGRM HOLD 0.3 30,700 32,500 34,736 5.9 9.3 6.5 1.0 0.9 10.5 14.1
Average 11.5 9.1 2.3 2.2 18.4 21.7
Healthcare
MIKA HOLD 0.5 2,700 2,960 2,683 9.6 29.7 26.0 6.1 5.4 20.5 20.8
SILO BUY 0.1 1,185 1,420 1,025 19.8 22.4 19.3 2.2 2.0 9.9 10.6
HEAL BUY 0.4 1,400 5,700 1,401 307.1 6.5 5.8 1.1 1.0 17.1 16.5
Average 19.5 17.0 3.1 2.8 15.8 15.9
Poultry
CPIN BUY 1.2 5,000 7,000 6,188 40.0 21.8 20.7 3.2 2.9 14.9 14.3
JPFA BUY 0.2 1,400 1,800 2,049 28.6 9.0 9.1 1.1 1.0 12.5 11.5
MAIN HOLD 0.0 640 685 730 7.0 9.4 6.2 0.6 0.6 6.8 9.4
WMUU BUY 0.0 143 340 240 137.8 2.7 2.8 0.9 0.7 34.4 24.9
WMPP BUY 0.0 128 240 N/A 87.5 7.1 4.3 1.6 1.3 22.8 29.4
Average 10.0 8.6 1.5 1.3 18.3 17.9
Retail
MAPI BUY 0.3 920 1,100 1,043 19.6 38.5 22.0 2.8 2.7 7.2 12.1
RALS BUY 0.0 725 900 822 24.1 15.4 10.7 1.2 1.1 7.7 10.2
ACES BUY 0.3 1,075 1,900 1,328 76.7 16.8 14.7 3.3 2.9 19.6 20.0
LPPF SELL 0.2 5,650 3,430 5,883 -39.3 16.2 12.0 14.3 9.0 88.3 75.2
ERAA BUY 0.1 535 785 868 46.7 7.8 7.0 1.3 1.1 16.9 16.1
Average 18.9 13.3 4.6 3.4 27.9 26.7
Pulp and Paper
INKP BUY 0.5 7,600 9,900 10,050 30.3 6.6 7.5 0.6 0.6 9.3 7.8
ALDO BUY 0.0 1,100 2,000 2,000 81.8 20.0 16.4 1.8 1.6 9.1 9.8
Average 13.3 12.0 1.2 1.1 9.2 8.8
Media
MNCN BUY 0.3 1,065 1,300 1,271 22.1 5.3 4.8 0.7 0.7 14.1 14.0
SCMA BUY 0.2 264 340 421 28.8 14.7 10.2 2.6 2.3 17.8 22.2
FILM BUY 0.0 1,160 1,350 1,325 16.4 290.0 165.7 8.8 8.5 3.0 5.1
Average 103.3 60.2 4.0 3.8 11.7 13.8
Telco
EXCL SELL 0.5 3,240 3,000 3,772 -7.4 47.0 37.2 1.8 1.7 3.8 4.6
ISAT HOLD 0.3 7,025 7,250 7,529 3.2 n/a 81.7 3.0 0.3 -5.6 0.4
TLKM HOLD 7.8 4,620 5,000 5,070 8.2 21.0 20.1 4.3 4.0 20.2 20.1
Average 34.0 46.3 3.0 2.0 6.1 8.4
Equity Research│22 April 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Telco Infra
TBIG SELL 0.9 3,030 1,550 3,331 -48.8 59.4 52.2 9.3 8.2 15.6 15.8
TOWR BUY 0.9 1,050 1,600 1,502 52.4 16.4 14.8 4.4 3.8 27.0 25.7
MTEL BUY 0.4 800 965 1,003 20.6 66.7 44.4 2.0 1.9 3.0 4.3
Average 47.5 37.2 5.2 4.7 15.2 15.3
Auto
ASII HOLD 4.6 7,000 7,300 7,201 4.3 14.7 13.0 1.3 1.2 9.1 9.5
DRMA BUY 0.0 640 830 862 29.7 10.2 8.6 2.1 1.6 20.7 18.9
ASLC BUY 0.0 264 320 410 21.2 203.1 114.8 13.9 3.2 6.8 2.8
Average 76.0 45.5 5.8 2.0 12.2 10.4
Mining Contracting
UNTR BUY 1.5 28,125 31,000 30,938 10.2 15.1 11.2 1.7 1.5 11.2 13.8
Average 15.1 11.2 1.7 1.5 11.2
Property
BSDE BUY 0.3 970 1,480 1,394 52.6 14.7 11.1 0.5 0.5 3.5 4.4
PWON BUY 0.3 555 630 632 13.5 23.1 19.1 1.7 1.6 7.3 8.1
SMRA BUY 0.2 710 1,200 1,169 69.0 29.6 19.2 1.6 1.5 5.3 7.7
CTRA BUY 0.3 1,030 1,360 1,439 32.0 13.4 11.3 1.2 1.1 8.6 9.3
Average 18.7 13.3 0.9 0.9 4.4 5.7
Construction
PTPP BUY 0.1 945 1,400 1,293 48.1 15.8 14.8 0.4 0.4 2.5 2.6
ADHI BUY 0.0 725 1,420 973 95.9 24.2 12.5 0.4 0.4 1.9 3.4
WSKT BUY 0.1 545 1,220 916 123.9 n/a n/a 0.5 0.6 -4.2 -22.2
WIKA BUY 0.1 970 1,440 1,241 48.5 40.4 28.5 0.5 0.5 1.3 1.7
WEGE BUY 0.0 181 300 267 65.7 8.1 5.8 0.7 0.7 9.0 11.3
Average 11.9 10.3 0.5 0.6 2.4 -2.8
Cement
INTP BUY 0.6 10,150 13,000 13,643 28.1 22.3 17.2 1.7 1.7 7.6 9.7
SMGR BUY 0.6 6,075 13,050 9,569 114.8 12.8 12.1 1.0 0.9 7.4 7.5
Average 17.6 14.6 1.3 1.3 7.5 8.6
Precast
WTON BUY 0.0 220 266 287 20.9 23.2 16.9 0.6 0.5 2.4 3.2
Average 23.2 16.9 0.6 0.5 2.4 3.2
Oil and Gas
PGAS BUY 0.5 1,405 1,800 1,847 28.1 6.3 9.5 0.7 0.7 10.7 6.9
AKRA HOLD 0.3 1,025 1,040 1,040 1.5 18.3 16.3 2.2 2.1 12.0 12.6
MEDC BUY 0.1 560 1,090 883 94.6 n/a 7.7 0.8 0.7 -9.9 9.7
Average 12.3 11.1 1.2 1.1 4.3 9.7
Chemical
TPIA HOLD 1.2 10,250 10,250 9,275 0.0 117.8 54.2 7.1 7.1 6.0 13.0
BRPT BUY 0.8 890 1,150 983 29.2 111.3 44.5 4.7 4.4 4.2 9.9
ESSA SELL 0.3 1,280 225 1,100 -82.4 n/a 51.2 4.4 4.4 -0.3 8.6
Average 114.5 50.0 5.4 5.3 3.3 10.5
Utilities
JSMR BUY 0.3 3,710 4,150 5,115 11.9 21.0 13.7 1.0 1.0 5.0 7.1
Metal
ANTM BUY 0.8 2,790 4,150 432,892 48.7 21.5 18.5 2.7 2.4 12.8 13.0
MDKA SELL 2.3 5,500 3,000 5,137 -45.5 127.1 29.9 20.0 21.8 15.7 72.9
INCO SELL 0.6 8,000 6,900 7,161 -13.8 33.5 19.5 2.6 2.2 7.7 11.4
BRMS SELL 0.6 216 200 165 -7.4 0.1 0.0 2.3 1.3 1792.4 3471.9
Equity Research│22 April 2022
Potential Mkt. Cap Net Profit P/E
(IDRbn) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (x)
Source : e-ipo.co.id, *Note: Subject to OJK approval
107 6.1 8M21
100 1,500 28.7 150 Working capital and
landbank acquisition WINR*
Winner Nusantara Jaya ( Properties &
Real Estate)
25-Apr 654 19 - 21 Apr
Upcoming IPO's
Financial Result Period
Ticker Company (Sector) Listing Offering Shares issued Proceeds
IBOS*
Indo Boga Sukses (Consumer Non-
Cyclicals)
25-Apr 884 19 - 21 Apr 100 1,607 20.0 161
Capital injection to subsidiaries, working
capital and capex
9 66.3 2021
OLIV*
Oscar Mitra Sukses Sejahtera (Consumer Non-
Cyclicals)
29-Apr 230 - 288 22 - 27 Apr 100 - 125 400 21.1 40 - 50 Working Capital and
Capex 1 109.9 10M21
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Coal
ITMG BUY 0.3 27,275 33,850 32,176 24.1 4.4 4.0 1.7 1.2 39.2 29.1
ADRO SELL 1.6 3,270 3,200 3,488 -2.1 7.8 5.4 1.7 1.1 22.2 20.0
PTBA HOLD 0.5 3,720 4,000 4,098 7.5 0.5 0.4 1.8 1.5 377.7 362.9
HRUM HOLD 0.2 12,900 13,600 15,722 5.4 37.2 21.7 4.4 3.7 11.8 16.9
Average 12.5 7.9 2.4 1.9 112.7 107.2
Plantation
AALI BUY 0.2 12,975 14,500 14,961 11.8 14.1 16.7 1.2 1.2 8.7 7.2
LSIP SELL 0.1 1,460 1,370 1,673 -6.2 11.7 12.8 1.0 1.0 8.7 7.6
SSMS HOLD 0.1 1,140 1,200 2,100 5.3 33.5 14.4 2.5 2.2 7.4 15.0
TAPG BUY 0.1 670 1,050 1,021 56.7 8.8 7.4 1.7 1.4 19.2 19.4
STAA BUY 0.0 945 1,400 1,200 48.1 7.3 6.5 2.4 1.9 32.3 28.8
Average 18.4 13.4 1.4 1.2 12.3 12.9
Technology
ASSA BUY 0.2 2,820 4,300 4,392 52.5 47.8 31.3 5.5 4.7 11.5 14.9
EMTK SELL 1.5 2,820 2,600 2,550 -7.8 402.9 282.0 13.4 12.3 3.3 4.4
BUKA HOLD 0.7 372 400 675 7.5 n/a n/a 1.6 1.7 -574.9 -371.3
Average 86.5 59.2 4.1 3.6 (69.8) (39.4)
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│22 April 2022
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 2,960 (34.72) (1.16) 0.01 (2.65) (2.15) (8.41) 1.23 3,262 2,792
U.S. (S&P) 4,394 (65.79) (1.48) (1.19) (2.61) (0.10) (7.82) 6.26 4,819 4,057
U.S. (DOW) 34,793 (368.03) (1.05) 0.66 (0.04) 1.54 (4.25) 2.89 36,953 32,273
Europe 3,928 31.22 0.80 2.52 0.05 (7.13) (8.62) (2.16) 4,415 3,387
Emerging Market 1,087 (8.70) (0.79) (2.33) (3.93) (12.65) (11.78) (18.97) 1,395 1,024
FTSE 100 7,628 (1.27) (0.02) 0.68 2.02 1.79 3.30 9.94 7,687 6,788
CAC 40 6,715 90.19 1.36 2.72 0.84 (5.00) (6.12) 7.15 7,385 5,756
Dax 14,502 140.38 0.98 2.67 0.20 (7.06) (8.70) (5.34) 16,290 12,439
Indonesia 7,276 48.83 0.68 0.18 3.93 8.17 10.56 21.39 7,355 5,742
Japan 27,025 (528.07) (1.92) (0.25) (0.73) (1.81) (6.14) (7.41) 30,796 24,682
Australia 7,474 (119.29) (1.57) (0.07) 1.80 4.15 0.39 5.93 7,633 6,758
Korea 2,692 (36.03) (1.32) (0.14) (0.66) (5.01) (9.59) (15.27) 3,316 2,592
Singapore 3,348 13.14 0.39 0.19 (0.05) 1.63 7.20 5.04 3,466 3,024
Malaysia 1,598 4.57 0.29 0.07 0.79 4.67 1.96 (0.59) 1,623 1,475
Hong Kong 20,682 (262.45) (1.25) (2.99) (5.51) (17.16) (11.61) (28.08) 29,491 18,235
China 3,080 (71.24) (2.26) (4.52) (5.52) (12.57) (15.38) (11.12) 3,724 3,023
Taiwan 17,128 (20.93) (0.12) (0.68) (2.46) (4.31) (5.99) 0.18 18,620 15,160
Thailand 1,691 10.20 0.61 0.72 0.76 2.29 1.99 7.80 1,719 1,501
Philipines 7,061 (80.93) (1.13) 2.41 0.75 (3.18) (0.86) 10.07 7,552 6,081
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 139.10 (1.65) (4.01) (4.01) 1.46 146.87 136.40
Inflation Rate (yoy, %) 2.64 2.64 1.33
Gov Bond Yld (10yr, %) 6.96 8.23 7.00 6.01
US Fed Rate (%) 0.50 0.50 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,344 (12.00) 0.08 0.00 (0.03) (0.04) (0.63) 1.30 14,568 14,057
Japan 128.61 0.23 (0.18) (1.67) (6.07) (11.40) (10.52) (16.05) 129.40 107.48
UK 1.30 (0.00) (0.08) (0.31) (1.82) (3.47) (3.78) (5.92) 1.42 1.30
Euro 1.08 (0.00) (0.01) 0.21 (1.78) (4.35) (4.72) (9.84) 1.23 1.08
China 6.45 0.03 (0.49) (1.12) (1.47) (1.74) (1.47) 0.62 6.51 6.31
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 108.50 0.17 0.16 (2.86) (6.04) 23.45 39.50 65.90 139.13 64.57
CPO 6,807 (1.00) (0.01) 3.70 5.19 23.67 31.94 54.00 8,034 3,343
Coal 357.85 12.25 3.54 11.01 62.22 66.48 135.82 305.96 487.50 85.50
Tin 42,860 (135.00) (0.31) 0.16 2.65 (2.49) 10.29 59.10 51,000 26,705
Nickel 33,911 406.00 1.21 4.38 8.07 41.13 63.37 109.34 55,000 15,925
Copper 10,285 62.00 0.61 (0.56) (0.10) 3.46 5.81 8.89 10,845 8,740
Gold 1,950 (2.12) (0.11) (1.45) 1.45 5.78 6.58 9.28 2,070 1,691
Silver 24.57 (0.09) (0.38) (3.83) (0.85) 2.43 5.41 (6.03) 29 21
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price Regional Indices Last Price
Exchange Rate (per USD) Last Price
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
Equity Research│22 April 2022
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148
Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854
Fikri C Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144
Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst m.alfatih@samuel.co.id +6221 2854 8129
William Mamudi, CFTe, CMT Senior Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals yosua.zisokhi@samuel.co.id +6221 2854 8387
Andreas Kristo Saragih Construction, Toll Roads andreas.kristo@samuel.co.id +6221 2864 8303
Dessy Lapagu Aviation, Coal, Metals dessy.lapagu@samuel.co.id +6221 2854 8392
Paula Ruth Telco paula.ruth@samuel.co.id +6221 2854 8332
Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346
M. Farras Farhan Media, Poultry, Oil & Gas, Technology farras.farhan@samuel.co.id +6221 2854 8346
Pebe Peresia Automotive, Consumer Staples pebe.peresia@samuel.co.id +6221 2854 8339
Adolf Richardo Editor adolf.richardo@samuel.co.id +6221 2864 8397
Ashalia Fitri Yuliana Research Associate ashalia.fitri@samuel.co.id +6221 2854 8389
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
Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314
Widya Meidrianto Institutional Equity Sales widya.meidrianto@samuel.co.id +6221 2854 8317
Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325
Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173
Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173
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
Vincentius Darren PWM Equity Sales darren@samuel.co.id +6221 2854 8348
Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152
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
Equity Retail / Online 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
Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309
Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163
Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8369
