Riset Saham Harian. IHSG berpotensi menguat hari ini. Highlights. Samuel Research 16 Mei 2017

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Riset Saham Harian

Samuel Research 16 Mei 2017

www.samuel.co.id Page 1 of 7

IHSG berpotensi menguat hari ini

Bursa Wall Street semalam ditutup menguat dengan mayoritas kenaikan pada saham – saham berbasis keuangan dan energi, terutama setelah kenaikan harga minyak dunia. Harga minyak naik sekitar 2% kemarin, menyusul pernyataan Arab Saudi dan Rusia mengenai pemangkasan produksi yang kemungkinan akan dilakukan hingga tahun 2018 mendatang.

Mayoritas bursa AS mengalami rebound setelah bergerak dengan tren melemah pada minggu lalu menyusul data penjualan ritel AS yang tercatat lebih buruk dari ekspektasi. Sementara itu, US$ ditutup dengan

kecenderungan melemah terhadap mayoritas mata uang lainnya. Serupa dengan bursa Wall Street, mayoritas bursa Eropa menguat, didorong oleh naiknya harga minyak dan rilisnya laporan keuangan emiten.

Mayoritas bursa regional di Asia hari ini turut dibuka menguat, mendapat sentimen dari bursa global pada perdagangan semalam. Selain itu, kami melihat kekhawatiran para pelaku pasar mengenai ketegangan di wilayah Korea mulai memudar, setelah sebelumnya diberitahukan bahwa Korea Utara tengah melakukan uji coba rudal balistik dengan kemampuan nuklir.

IHSG pada perdagangan kemarin ditutup menguat ke level 5688.87 (+0.24%) sejalan dengan penguatan pada sebagian besar indeks regional dan Eropa.

EIDO dan nilai tukar Rupiah juga tercatat menguat. Ragam katalis positif di atas mendukung kenaikan IHSG pada hari ini.

Highlights

 Toll Road: Tol Surabaya – Mojokerto bisa difungsikan saat mudik

 Automotive: Gaikindo tunggu perubahan PPnBM

 Batubara: Mineral & Batu Bara Tembus Rp13Triliun

 SMGR: Berencana refinancing utang hingga sebesar Rp 2 triliun di tahun ini

 ITMG: Kinerja 1Q17 inline dengan estimasi

 INTP: Penjualan bulan April naik 8% yoy, 4M17 turun 2% yoy

 Oil and gas: Arab Saudi dan Rusia sepakat memperpanjang periode pemangkasan produksi hingga Maret 2018

: 5,688.9

: +13.7 (+0.2%) : 4,050 Mn shrs : 5,327 Bn rupiah

CloseLast +/- %

UNVR 48,000 1200 2.6

BBRI 14,300 275 2.0

BBCA 18,250 250 1.4

INTP 17,800 800 4.7

TLKM 4,360 -40 -0.9

BBNI 6,525 -150 -2.2

MYOR 2,150 -70 -3.2

SMBR 3,260 -120 -3.6

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

BBRI 288 ASII 25

BMRI 73 ITMG 11

UNVR 66 ACES 8

TLKM 45 BBTN 8

HMSP 38 KLBF 8 Money Market

Last

Close +/- %

USD/IDR 13,304 -26.0 0.2

JIBOR O/N 4.4 -0.1 -

Infl (MoM) 0.1 - -

Dual Listing Securities Last

Close +/- %

TLKM 32.8 -0.4 -1.1

ISAT 41.0 0.8 1.9

EIDO 26.9 0.2 0.7

World Indices Last

Close +/- %

DJIA 20,982 85 0.4

S&P 500 2,402 11 0.5

Euro Stoxx 3,642 4 0.1

MSCI World 1,902 9 0.5

Nikkei 19,986 116 0.6

Hang Seng 25,372 215 0.9

Commodities Last

Close +/- %

Brent Oil 52 0.2 0.3

CPO Malay 2,609 30.0 1.2

Coal Newc 72 -0.4 -0.6

Nickel 9,200 -84.5 -0.9

Tin 20,045 70.0 0.4

Changes Changes

Changes

Changes Lagging Movers

Market Value

Changes Leading Movers

Market Activity Tuesday, 16 May 2017 Market Index Index Movement Market Volume

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Riset Saham Harian

16 Mei 2017

Toll Road: Tol Surabaya – Mojokerto bisa difungsikan saat mudik

 Pemerintah daerah Jawa Timur melalui Dinas Pekerjaan Umum Bina Marga, menargetkan jalan tol Surabaya – Mojokerto akan diuji coba atau difungsikan saat musim arus mudik Lebaran 2017. Hal ini menyusul progres konstruksi tol tersebut yang sudah mencapai 84,9%.

Apabila sukses diuji coba, maka jalan tol sepanjang 36,27 km tersebut akan beroperasi seluruhnya mulai Oktober ini. (Investor Daily). Toll Road: Neutral

Automotive: Gaikindo tunggu perubahan PPnBM

 Gabungan Industri Kendaraan Bermotor Indonesia (Gaikindo) belum sepakat dengan pemerintah mengenai volume produksi sedan yang ditargetkan pemerintah (2020) dan masih berjuang menurunkan besaran PPnBM terhadap jenis mobil tersebut.

 Mengacu pada PP No. 22/2014 tentang Perubahan Atas PP No. 41/2013 tentang Barang Kena Pajak yang Tergolong Mewah Berupa Kendaraan Bermotor yang Dikenai PPnBm, dengan tarif : Sedan 30%-125%, 2W silinder hingga 1.500 cc dikenai tarif 30%, 1.500- 3.000cc 40% dan beberapa golongan lainnya.

 Adapun target produksi sedan di tahun 2020 sebanyak 110.000unit. (Bisnis Indonesia).

Automotive: Neutral

Batubara: Mineral & Batu Bara Tembus Rp13Triliun

 Realisasi penerimaan negara bukan pajak dari sektor pertambangan mineral dan batu bara selama Januari—Mei 2017 telah mencapai Rp13 triliun atau 40% dari target 2017 sebesar Rp32,4 triliun. Jumlah tersebut berdasarkan perhitungan yang dilakukan Kementerian ESDM bersama dengan Kementerian Keuangan Hal ini menandakan target PNBP mineral dan batu bara pada tahun ini bisa tercapai. Komoditas batu bara menyumbang sekitar 80% dari total penerimaan negara dari sektor mineral dan batu bara setiap tahunnya. (Bisnis Indonesia).

Batubara: Overweight

SMGR: Berencana refinancing utang hingga se besar Rp 2 triliun di tahun ini

 PT Semen Indonesia Tbk (SMGR) berencana refinancing utang hingga sebesar Rp 2 triliun di tahun ini. Hal ini dilakukan untuk mengurangi beban keuangan. Untuk itu, SMGR berencana menerbitkan obligasi sebesar Rp 5 triliun yang dilakukan dalam 2 tahap. Diharapkan biaya keuangan tahun 2017 dapat turun sebesar Rp 60 miliar.

 Obligasi ini berjangka waktu 5 tahun dengan kisaran kupon sebesar 8,0% - 8,8%. PT Pemeringkat Efek Indonesia (Pefindo) telah memberikan peringkat AA+. (Investor Daily).

SMGR: HOLD; 17E’ PE: 13.0x, PBV: 1.7x.

ITMG: Kinerja 1Q17 inline dengan estimasi

 PT Indotambangraya Megah Tbk (ITMG) mencetak laba bersih 1Q17 meningkat 148% yoy ke USD 57 Juta. Tumbuhnya pendapatan sebesar 11% yoy sejalan dengan penurunan beban operasional, menjadi katalis lonjakan laba bersih ITMG Laba bersih 1Q17 tercatat inline dengan estimasi kami (30%). (Company Release). ITMG: BUY; 17E’ PE: 6.5x, PBV: 1.3x.

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Riset Saham Harian

16 Mei 2017

INTP: Penjualan bulan April naik 8% yoy, 4M17 turun 2% yoy

 PT Indocement Tunggal Prakarsa Tbk (INTP) melaporkan penjualan semen bulan April meningkat 8% yoy, seiring dengan peningkatan penjualan di Jawa sebesar 9% yoy melalui penjualan brand Rajawali. Namun di 4M17, penjualan semen turun 2% yoy. (Perseroan).

INTP: SELL; 17E’ PE: 18.0x, PBV: 2.3x.

Oil and gas: Arab Saudi dan Rusia sepakat memperpanjang periode pemangkasan produksi hingga Maret 2018

 Harga minyak mentah naik ke level US$ 52/barrel menyusul keputusan Arab Saudi dan Rusia untuk memperpanjang periode pemangkasan produksi hingga akhir Maret 2018. Namun lonjakan ini masih bersifat sementara karena belum adanya persetujuan dari anggota OPEC lainnya. (Bisnis Indonesia). Oil and gas: Neutral.

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Riset Saham Harian

16 Mei 2017

Stock Rec. Mkt Cap 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 HOLD 282,917 12125 1.0 4.8 11757 12400 2.3 12.6 12.2 1.7 1.5 13.1% 12.4%

BBCA HOLD 449,954 18250 1.4 17.7 18121 17400 -4.7 19.4 18.3 3.5 3.0 17.9% 16.5%

BBRI BUY 352,769 14300 2.0 22.5 14035 15550 8.7 12.6 11.1 2.1 1.9 16.8% 16.8%

BBNI BUY 121,682 6525 (2.2) 18.1 6976 7100 8.8 9.0 7.8 1.2 1.1 13.9% 14.2%

BBTN BUY 24,463 2310 0.0 32.8 2544 2570 11.3 7.8 7.3 1.1 1.0 14.4% 13.7%

Average 12.3 11.3 1.9 1.7 15.2% 14.7%

Consumer (Staples)

ICBP BUY 100,584 8625 0.3 0.6 9491 10300 19.4 24.2 21.2 5.0 4.4 20.8% 20.9%

INDF BUY 74,414 8475 0.0 6.9 9776 9900 16.8 15.9 13.8 2.3 2.1 14.2% 14.9%

KLBF BUY 71,485 1525 (0.7) 0.7 1702 1750 14.8 28.8 25.4 5.4 4.8 18.7% 18.7%

ROTI BUY 8,099 1600 (4.5) 0.0 1808 2050 28.1 23.2 19.8 4.7 4.0 20.5% 20.2%

ULTJ BUY 12,276 4250 0.0 (7.0) 5350 5300 24.7 16.0 14.5 3.0 2.5 18.9% 17.5%

UNVR HOLD 366,240 48000 2.6 23.7 45680 45200 -5.8 51.3 45.8 59.8 52.3 116.6% 114.4%

SIDO BUY 7,950 530 0.0 1.9 693 700 32.1 14.7 11.8 2.8 2.6 18.9% 22.4%

AISA BUY 6,727 2090 (0.5) 7.5 2524 2500 19.6 9.2 6.6 1.4 1.2 15.6% 17.9%

Average 22.9 19.9 10.6 9.2 30.5% 30.9%

Cigarette

HMSP BUY 447,825 3850 0.3 0.5 4147 4390 14.0 34.7 33.5 11.9 10.8 34.3% 32.4%

GGRM BUY 141,613 73600 (0.4) 15.2 77572 77150 4.8 20.8 19.7 2.9 2.6 14.1% 13.4%

Average 27.8 26.6 7.4 6.7 24.2% 22.9%

Healthcare

MIKA BUY 32,885 2260 (0.9) (12.1) 2933 2950 30.5 41.9 38.3 8.2 7.4 19.6% 19.3%

SILO HOLD 15,412 11850 (1.3) 8.7 13784 12500 5.5 146.3 115.0 4.8 4.4 3.3% 3.8%

Average 94.1 76.7 6.5 5.9 11.4% 11.6%

Poultry

CPIN BUY 50,014 3050 1.7 (1.3) 3210 4500 47.5 12.9 12.0 1.7 1.5 12.8% 12.4%

JPFA BUY 12,266 1075 (2.3) (26.1) 1683 2200 104.7 5.9 5.4 1.1 0.9 18.7% 17.6%

MAIN BUY 2,295 1025 (0.5) (21.2) 1463 2280 122.4 5.5 4.4 0.9 0.8 15.9% 17.2%

Average 8.1 7.2 1.2 1.1 15.8% 15.8%

Retail

MAPI BUY 10,458 6300 (2.3) 16.7 7139 7700 22.2 41.7 30.1 3.0 2.7 7.2% 9.1%

RALS BUY 9,722 1370 0.0 14.6 1457 1750 27.7 21.1 16.7 2.5 2.3 12.0% 13.9%

ACES HOLD 16,293 950 (4.0) 13.8 994 900 -5.3 23.2 19.8 5.1 4.3 22.2% 21.8%

LPPF BUY 43,842 15025 1.5 (0.7) 15863 19500 29.8 15.9 15.3 12.9 9.2 81.1% 60.0%

Average 25.5 20.5 5.9 4.6 30.6% 26.2%

Telco

EXCL BUY 33,346 3120 2.3 35.1 3504 3200 2.6 84.3 55.7 1.6 1.5 1.8% 2.7%

ISAT BUY 39,939 7350 2.4 14.0 8373 8200 11.6 20.2 14.5 2.7 2.4 13.4% 16.7%

TLKM BUY 439,488 4360 (0.9) 10.0 4783 5000 14.7 18.2 14.1 4.4 3.7 24.0% 26.7%

TOWR BUY 37,445 3670 1.9 2.5 4579 4500 22.6 10.7 10.0 2.6 2.1 24.5% 20.7%

Average 33.3 23.6 2.8 2.4 15.9% 16.7%

Auto and HE

ASII BUY 352,207 8700 0.3 5.1 9351 9000 3.4 15.7 13.4 2.7 2.2 17.2% 16.4%

UNTR BUY 91,575 24550 0.7 15.5 29198 31500 28.3 14.1 12.4 2.1 1.9 14.7% 14.9%

Average 14.9 12.9 2.4 2.0 15.9% 15.7%

Aviation

GIAA HOLD 8,905 344 1.2 1.8 372 420 22.1 258.4 25.8 0.6 0.4 0.2% 1.7%

Property

BSDE BUY 34,644 1800 (0.6) 2.6 2332 2350 30.6 17.3 14.5 1.1 0.8 6.2% 5.8%

PWON BUY 30,100 625 1.6 10.6 716 710 13.6 15.2 12.8 2.9 2.5 19.2% 19.3%

ASRI HOLD 6,484 330 0.0 (6.3) 444 390 18.2 9.7 9.2 0.9 0.8 8.8% 8.7%

SMRA BUY 19,332 1340 (0.4) 1.1 1611 1550 15.7 27.7 26.1 2.3 2.1 8.4% 8.2%

SSIA BUY 3,176 675 (0.7) 55.5 912 750 11.1 15.0 12.5 1.0 0.9 6.6% 7.5%

CTRA BUY 21,716 1170 (0.4) (12.4) 1581 1580 35.0 11.5 9.4 1.3 1.2 11.0% 12.4%

DMAS BUY 11,375 236 0.9 2.6 308 300 27.1 16.9 13.9 1.3 1.2 8.0% 8.9%

KIJA BUY 6,695 324 0.6 11.0 400 450 38.9 14.1 12.5 1.1 1.0 7.8% 8.1%

Average 15.9 13.9 1.5 1.3 9.5% 9.8%

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Riset Saham Harian

16 Mei 2017

Construction

PTPP BUY 16,802 2710 0.0 (28.9) 4709 4150 53.1 12.0 10.2 1.4 1.3 11.8% 12.6%

ADHI HOLD 7,763 2180 0.0 4.8 2693 2550 17.0 23.4 19.6 1.4 1.3 6.0% 6.5%

WSKT BUY 30,677 2260 1.3 (11.4) 3346 3250 43.8 13.5 10.7 1.6 1.5 11.7% 14.2%

WIKA BUY 20,003 2230 1.8 (5.5) 3086 3000 34.5 18.0 15.7 1.4 1.3 8.0% 8.3%

Average 16.8 14.1 1.5 1.3 9.4% 10.4%

Cement

INTP SELL 65,526 17800 4.7 15.6 15833 13500 -24.2 18.0 17.0 2.3 2.1 12.9% 12.6%

SMGR HOLD 52,791 8900 0.6 (3.0) 9700 9000 1.1 13.0 11.8 1.7 1.5 12.9% 12.9%

SMCB SELL 6,897 900 1.1 0.0 757 700 -22.2 -37.5 -30.0 0.8 0.8 -2.3% -2.8%

SMBR HOLD 32,084 3260 (3.6) 16.8 539 2300 -29.4 85.8 81.5 8.6 7.6 10.0% 9.3%

Average 19.8 20.1 3.4 3.0 8.4% 8.0%

Precast

WSBP BUY 12,653 480 0.8 (13.5) 703 690 43.8 18.9 12.3 1.5 1.3 8.0% 10.6%

WTON BUY 5,621 645 (0.8) (21.8) 1087 1150 78.3 17.0 14.7 1.8 1.6 10.9% 10.6%

Average 17.9 13.5 1.7 1.4 9.4% 10.6%

Oil and Gas

PGAS HOLD 58,664 2420 1.5 (10.4) 2988 2600 7.4 13.3 10.8 1.2 1.2 9.4% 10.7%

AKRA BUY 25200.9 6300.0 -0.8 5.0 7086.7 7600 20.6 21.5 21.3 3.3 3.0 15.2% 14.0%

MEDC BUY 8,531 2560 13.3 93.9 4263 4500 75.8 3.6 3.3 0.6 0.5 17.6% 16.3%

Average 12.8 11.8 1.7 1.6 14% 14%

Utilities

JSMR BUY 35,056 4830 0.4 11.8 5626 5000 3.5 18.2 24.2 2.5 2.4 13.9% 9.8%

Metal

ANTM BUY 14,659 610 (1.6) (31.8) 890 1250 104.9 7.1 3.8 0.7 0.7 10.0% 17.8%

INCO BUY 18,730 1885 0.0 (33.2) 2645 3500 85.7 20.5 11.9 0.8 0.7 3.7% 6.2%

TINS BUY 6,219 835 (1.8) (22.3) 1253 1200 43.7 39.8 24.6 1.1 1.1 2.9% 4.5%

Average 22.4 13.4 0.9 0.8 5.5% 9.5%

Coal

DOID BUY 7434.2 875.0 4.8 71.6 1587.5 1600 82.9 6.0 6.2 2.6 1.8 44.0% 28.6%

ITMG BUY 17,118 15150 (5.0) (10.2) 21409 19000 25.4 6.5 5.8 1.3 1.2 19.6% 20.5%

ADRO BUY 47,499 1485 0.3 (12.4) 2022 2100 41.4 11.3 10.2 1.0 0.9 8.5% 8.7%

PTBA BUY 25,057 10875 (0.9) (13.0) 15346 15000 37.9 11.2 9.1 2.2 2.0 19.9% 21.5%

Average 8.7 7.8 1.8 1.5 23.0% 19.8%

Plantation

AALI BUY 28,197 14650 (0.3) (12.7) 18116 19800 35.2 16.1 13.5 1.7 1.6 10.7% 12.1%

LSIP BUY 10,234 1500 0.7 (13.8) 1757 2050 36.7 13.5 10.5 1.2 1.1 9.1% 10.9%

SIMP BUY 9,727 615 (0.8) 24.5 582 600 -2.4 14.0 10.8 0.7 0.6 4.9% 5.8%

Average 14.5 11.6 1.2 1.1 8.2% 9.6%

Source: SSI Research, Bloomberg

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

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Riset Saham Harian

16 Mei 2017

Regional Indices 1D Change

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

World 8.67 1,902 0.46 0.55 0.43 3.79 3.54 8.59 15.36 1,902 1,567

U.S. (S&P) 11.42 2,402 0.48 0.11 0.12 3.15 2.35 7.30 16.24 2,404 1,992

U.S. (DOW) 85.33 20,982 0.41 0.19 (0.14) 2.58 1.76 6.17 18.47 21,169 17,063

Europe 4.36 3,642 0.12 (0.11) (0.01) 5.62 9.99 10.68 23.40 3,667 2,678

Emerging Market 7.86 1,010 0.78 0.99 1.98 5.19 6.83 17.16 26.69 1,012 781

FTSE 100 18.98 7,454 0.26 0.94 2.10 1.73 2.42 4.36 n/a 7,460 5,789

CAC 40 11.98 5,417 0.22 0.31 0.64 6.83 10.57 11.42 25.63 5,442 3,956

Dax 36.63 12,807 0.29 0.39 0.89 5.76 8.93 11.55 28.68 12,832 9,214

Indonesia 13.65 5,689 0.24 (0.14) 0.10 1.29 5.78 7.40 20.23 5,746 4,691

Japan 109.28 19,979 0.55 0.09 0.69 8.96 3.26 4.52 21.33 19,992 14,864

Australia 23.70 5,862 0.41 (0.28) 0.38 (0.47) 0.79 3.46 9.39 5,957 5,051

Korea 10.57 2,301 0.46 0.21 0.37 7.79 10.54 13.56 16.94 2,323 1,893

Singapore 8.92 3,264 0.27 0.44 1.07 3.00 5.41 13.31 19.30 3,275 2,703

Malaysia 2.78 1,779 0.16 0.68 0.90 2.75 4.16 8.34 9.71 1,785 1,612

Hong Kong 215.25 25,372 0.86 1.42 3.23 4.57 5.24 15.32 27.60 25,386 19,632

China 6.72 3,090 0.22 1.23 0.38 (4.80) (4.32) (0.43) 8.40 3,301 2,781

Taiwan 50.00 10,037 0.50 0.69 1.00 3.12 2.72 8.47 24.41 10,037 8,004

Thailand (6.52) 1,537 (0.42) (1.47) (2.01) (3.28) (2.45) (0.36) 10.00 1,601 1,343

Philipines (42.60) 7,773 (0.55) (0.27) (2.38) 1.88 6.72 13.63 3.48 8,118 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) (0.07) 4.43 0.41 0.13 0.48 4.55 (10.59) 5.58 4.16

Foreign Reserve (US$bn) n/a 123.25 n/a 1.19 5.44 5.92 14.43 123.25 103.59

Inflation Rate (%) n/a 0.09 n/a 550.00 (90.72) (78.57) 120.00 0.97 (0.02)

US Fed Rate (%) 0.00 1.00 0.00 0.00 33.33 33.33 100.00 1.00 0.50

Indo Govt Bond Yld (10yr) - % 0.00 7.06 (1.01) 0.20 (6.58) (11.48) (8.73) 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (26.00) 13304 0.20 0.41 0.04 (0.14) 1.27 1.27 0.03 13,698 12,920

Japan (0.05) 113.74 0.04 0.11 0.21 (4.25) 2.83 2.83 (4.14) 118.66 99.02

UK 0.00 1.29 0.09 0.16 (0.21) 2.72 4.59 4.59 (10.38) 1.50 1.18

Euro 0.00 1.10 0.09 1.14 1.02 3.21 4.45 4.45 (2.97) 1.14 1.03

China (0.01) 6.89 0.09 0.14 0.16 (0.19) 0.75 0.75 (5.41) 6.96 6.52

Commodities Indicators 1D Change

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

Oil 0.19 49.04 0.39 2.53 6.89 (7.78) (8.10) (8.71) 2.77 55.24 39.19

CPO 30.00 2,609.00 1.16 1.56 3.61 4.23 (12.10) (16.08) 1.91 3,202.00 2,172.00

Rubber 19.00 917.50 2.11 4.98 1.27 (6.19) (19.94) (6.14) 30.88 1,174.00 644.00

Coal (0.40) 72.15 (0.55) (2.30) (1.70) (12.12) (9.42) (23.81) 40.78 112.25 69.00

Iron Ore (2.42) 57.38 (4.05) (2.30) (7.24) (21.64) (33.19) (26.49) 3.20 94.91 46.80

Tin 70.00 20,045.00 0.35 1.56 1.14 2.30 1.02 (5.47) 20.34 21,945.00 15,494.00

Nickel (80.00) 9,235.00 (0.86) 1.26 0.98 (5.28) (15.51) (7.83) 6.89 12,145.00 8,329.00

Copper 53.50 5,613.00 0.96 2.05 2.31 (1.39) (7.48) 1.40 21.30 6,204.00 4,483.50

Gold 0.40 1,230.40 0.03 0.51 1.18 (4.38) (0.79) 6.99 (3.44) 1,377.50 1,124.70

Source: SSI Research, Bloomberg

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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

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

Equity Sales Team

Kelvin Long Head of Equities [email protected] +6221 2854 8150

Yulianah Institutional Equity Sales [email protected] +6221 2854 8146

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

Online Trading Sales Team

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Wahyu Widodo Marketing [email protected] +6221 2854 8371

Aben Epapras Marketing [email protected] +6221 2854 8389