DAILY RESEAR CH
Market Activity
Market Index : 6,817.8
Index Movement : -102.2 -1.48%
Market Volume : 29,925 Mn shrs Market Value : 19,177 Bn rupiah
Last
Close +/- %
Leading Movers
ADRO 2,480 160 6.9
UNTR 25,200 1200 5.0
ITMG 26,975 3000 12.5
ASII 5,700 50 0.9
Lagging Movers
BBRI 4,390 -90 -2.0
TLKM 4,240 -110 -2.5
ARTO 15,275 -675 -4.2
BMRI 7,700 -175 -2.2
Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)
BBNI 258 TLKM 148
BBCA 204 BMRI 54
PTBA 108 MDKA 49
INCO 87 BBRI 39
ITMG 79 UNTR 32 Money Market
Last
Close +/- %
USD/IDR 14,383 45.0 -0.3
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities Last
Close +/- %
TLKM 29.3 -0.6 -2.1
EIDO 24.0 48.1 -0.5
Global Indices Last
Close +/- %
DJIA 33,224 92 0.28
S&P 500 4,289 63 1.50
Euro Stoxx 3,829 -144 -3.63
MSCI World 2,906 -3 -0.12
STI 3,276 -117 -3.45
Nikkei 25,971 -479 -1.81
Hang Seng 22,902 -759 -3.2
Commodities*
Last
Close +/- %
Brent Oil 99.1 2.2 2.31
Coal (ICE) 271.0 33.9 14.27 CPO Malay 6,786 532.0 8.51
Gold 1,926 15.9 0.83
Nickel 24,726 -125.5 -0.51
Tin 44,935 547.0 1.23
*last price per closing date
Changes Changes
Changes
Changes
Changes Thursday, 24 Feb 2022
DAILY RESEARCH
25 February 2022
Market
IHSG Berpotensi Rebound Hari Ini
Bursa saham AS semalam (24/2) ditutup menguat: Dow Jones +0.28%; S&P500 +1.50%, dan Nasdaq +3.34%, seiring dengan aksi buy on weakness yang dilakukan para investor pasca melemahnya pasar akibat tekanan dari tensi Rusia-Ukraina.
Selain itu, pasar tampaknya memperkirakan The Fed akan cenderung lebih dovish setelah invasi Rusia ke Ukraina dan memperkecil kenaikan Fed Rate bulan depan dari 50 bps ke 25 bps. Terkait situasi Rusia-Ukraina, presiden AS Joe Biden mengumumkan akan memberikan sanksi ekonomi tambahan ke Rusia sebagai upaya untuk memperlemah ekonomi Rusia. Yield UST 10Y turun -0.4% ke level 1.97% dan USD Index naik +0.9% di level 97.05.
Harga komoditas mayoritas bergerak menguat pada Kamis (24/2); minyak WTI naik +0.8% ke level USD 92.81/barel, batubara menguat +14.3% di level USD 237/ton, CPO menguat +8.5% ke level MYR 6,786/ton, timah +1.2% ke USD 44,935/ton, emas +0.8% ke USD 1,926 toz, sementara nikel melemah -0.5% ke level USD 24,725/ton.
Bursa Asia ditutup melemah pada Kamis (24/2): Hang Seng -3.21%, Kospi -2.60%, Nikkei -1.81%, dan Shanghai -1.70. IHSG ditutup melemah -1.47% ke level 6,818., dengan total net foreign buy sebesar IDR 899.7 milyar. Di pasar reguler, investor asing mencatatkan net buy sebesar IDR 826.4 miliar, dan pada pasar negosiasi tercatat net buy asing sebesar IDR 73.3 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBNI (IDR 258.2 miliar), BBCA (IDR 203.8 miliar), dan PTBA (IDR 108.1 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh TLKM (IDR 147.9 miliar), BMRI (IDR 54.4 miliar), dan MDKA (IDR 48.8 miliar). ADRO, UNTR, dan ITMG menjadi top leading movers, sementara BBRI, TLKM, dan ARTO menjadi top lagging movers. Indeks EIDO ditutup melemah -0.46%.
Indonesia mencatatkan 57,426 kasus baru COVID-19 pada Kamis (24/2) (-6.6% lebih rendah dibanding hari sebelumnya), dengan daily positivity rate 19.9%. Sementara itu, sebanyak 317 pasien meninggal dan 42,518 orang dinyatakan sembuh (recovery rate 86.4%).
Pagi ini pasar regional dibuka menguat, Nikkei +0.95% dan Kospi +1.22%. Kami meyakini IHSG berpotensi rebound hari ini, seiring dengan sentimen positif dari pergerakan bursa global dan regional, serta potensi penguatan emiten berbasis komoditas akibat naiknya harga sejumlah komoditas.
Highlights
AALI : Kenaikan Laba Bersih +100.4% yoy di 4Q21 (FY21: +136.6% yoy)
TLKM : PT Telkomsel Ekosistem Digital (TED) Mendirikan JV di Bidang Gaming
Equity Research│25 February 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)
24-Feb-21 24-Mar-21 24-Apr-21 24-May-21 24-Jun-21 24-Jul-21 24-Aug-21 24-Sep-21 24-Oct-21 24-Nov-21 24-Dec-21 24-Jan-22
0 20 40 60 80 100 120
24-Feb-21 17-Mar-21 7-Apr-21 28-Apr-21 19-May-21 9-Jun-21 30-Jun-21 21-Jul-21 11-Aug-21 1-Sep-21 22-Sep-21 13-Oct-21 3-Nov-21 24-Nov-21 15-Dec-21 5-Jan-22 26-Jan-22 16-Feb-22
40 90 140 190 240 290 340
24-Feb-21 26-Mar-21 25-Apr-21 25-May-21 24-Jun-21 24-Jul-21 23-Aug-21 22-Sep-21 22-Oct-21 21-Nov-21 21-Dec-21 20-Jan-22 19-Feb-22
1,500 2,500 3,500 4,500 5,500 6,500 7,500
eb-21 ar-21 r-21 ay-21 un-21 -Jul-21 ug-21 ep-21 t-21 ov-21 ec-21 an-22 eb-22
4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000
eb-21 ar-21 pr-21 ay-21 un-21 -Jul-21 g-21 ep-21 t-21 ov-21 ec-21 an-22 eb-22
10,000 12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000
24-Feb-21 17-Mar-21 7-Apr-21 28-Apr-21 19-May-21 9-Jun-21 30-Jun-21 21-Jul-21 11-Aug-21 1-Sep-21 22-Sep-21 13-Oct-21 3-Nov-21 24-Nov-21 15-Dec-21 5-Jan-22 26-Jan-22 16-Feb-22
1,400 1,500 1,600 1,700 1,800 1,900 2,000
COVID-19 Data Indonesia
7 Day Running Covid-19 Data
Total 1D Change Total Dai l y Total Cl osed Cases
Cases % Deaths Deaths Acti ve Cases %
2/24/2022 5,408,328 1.07 147,342 317 (139,319,529) 2676.02 2/23/2022 5,350,902 1.16 147,025 227 (139,376,638) 2704.73 2/22/2022 5,289,414 1.10 146,798 257 (139,437,899) 2736.17 2/21/2022 5,231,923 0.66 146,541 176 (139,495,133) 2766.23 2/20/2022 5,197,505 0.94 146,365 163 (139,529,375) 2784.55 2/19/2022 5,149,021 1.17 146,202 158 (139,577,696) 2810.76 2/18/2022 5,089,637 1.19 146,044 216 (139,636,922) 2843.55
Average 216 2760.29
Source: SSI Research, Bloomberg
Equity Research│25 February 2022
AALI: Kenaikan Laba Bersih +100.4% yoy di 4Q21 (FY21: +136.6% yoy)
Pada FY21, AALI membukukan kenaikan pendapatan +29.3% yoy menjadi IDR 24.3 triliun. Gross profit perseroan naik +63.0% yoy menjadi IDR 4.8 triliun dengan GPM 19.9% (vs 12.2% FY20). Operating profit AALI juga meningkat +86.2%
yoy menjadi IDR 3.4 triliun, dan net profitnya tumbuh +136.6% yoy menjadi IDR 1.97 triliun. (Laporan Keuangan) Comment:
Kinerja AALI pada 4Q21 lebih baik dibandingkan 4Q20, meskipun lebih rendah dari 3Q21. Pada 4Q21, pendapatan AALI mencapai IDR 6.3 triliun (+15.0% yoy, -12.2% qoq)., dengan laba kotor sebesar IDR 1.2 triliun (+16.5% yoy, - 12.8% qoq) dan laba bersih sebesar IDR 502 miliar (+100.4% yoy, -38.7% qoq). Kami masih menunggu data volume penjualan. Terkait produksi, pada FY21, produksi FFB AALI turun -6.6%, namun produksi CPO naik +3.1%, olein +20.2%, PKO -8.1%. Angka pendapatan AALI sejalan dengan proyeksi SSI dan konsensus (102%), sementara laba bersihnya mencapai 111.1% dari target SSI dan 89.5% dari target konsensus). AALI: (BUY: 12.6x PE '22E, 1.1x PBV '22E, TP: IDR 14,500)
TLKM: PT Telkomsel Ekosistem Digital (TED) Mendirikan JV di Bidang Gaming
TED dan PT Aplikasi Multimedia Anak Bangsa mendirikan perusahaan patungan (joint venture / JV) di bidang gaming bernama PT Games Karya Nusantara dengan merek Majamojo. PT Aplikasi Multimedia Anak Bangsa adalah bagian dari GoTo. TED adalah anak usaha Telkomsel. TLKM memiliki 65% dari Telkomsel. TED akan menjadi pemegang saham mayoritas dari JV tersebut. Fokus Majamojo terletak pada pengembangan game melalui kerja sama dengan perusahaan pengembang pihak ketiga. Fokus Majamojo adalah untuk menjadi perusahaan penerbit game (publisher) dan mendorong game buatan lokal terutama pada mobile game. Sementara itu, Shibuya Data Count memperkirakan pertumbuhan rata-rata tahunan (compound annual growth rate/CAGR) industri game Asia Tenggara akan mencapai 8,5% pada periode 2020-2025. (Investor Daily, Perusahaan)
Comment:
Kami memperkirakan masih perlu waktu sampai bisnis digital Telkomsel dapat membawa dampak yang signifikan bagi TLKM. Namun, bisnis digital diperkirakan akan membantu Telkomsel untuk mendapatkan nilai lebih dari infrastruktur data selulernya, seiring dengan meningkatnya penetrasi smartphone dan semakin banyak konsumen yang menggunakan aplikasi digital untuk memenuhi kebutuhan sehari-hari mereka. TLKM saat ini diperdagangkan pada 7.6x 22F EV/EBITDA, dan kami memberikan rekomendasi BUY untuk TLKM dengan TP IDR 5000. Memang ada risiko penurunan akibat tertekannya IHSG, tetapi kami memperkirakan harga saham TLKM masih cukup menarik saat ini karena diperdagangkan mendekati ~3% di atas rata-rata historis dengan perkiraan dividend yield mencapai 3.6 % (dividen aktual akan tergantung pada persetujuan pemegang saham dalam RUPS).
TLKM: (BUY: 19.3x PE '22E, 3.9x PBV '22E, TP: IDR 5,000)
Equity Research│25 February 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 12.8 8,000 8,100 8,237 1.3 32.5 27.1 4.9 4.4 15.1 16.3
BBRI BUY 8.7 4,390 5,300 4,946 20.7 16.5 14.0 2.6 2.4 15.8 17.0
BMRI HOLD 4.6 7,700 8,000 8,759 3.9 14.2 11.4 1.7 1.6 12.3 14.2
BBNI HOLD 1.8 7,825 8,500 8,634 8.6 13.4 9.6 1.2 1.0 8.8 10.1
BBTN BUY 0.2 1,740 2,300 2,213 32.2 7.2 6.4 0.8 0.7 11.4 11.6
Average 11.6 9.1 1.3 1.1 10.9 12.0
Consumer (Staples)
ICBP BUY 1.0 8,525 12,000 11,099 40.8 14.5 13.0 3.0 2.7 20.8 20.6
KLBF BUY 1.0 1,630 1,950 1,837 19.6 24.6 22.3 4.0 3.6 16.3 16.4
UNVR BUY 1.4 3,690 4,800 4,515 30.1 25.6 23.7 30.0 26.7 117.1 113.0
SIDO HOLD 0.3 955 970 1,103 1.6 25.7 22.5 8.2 7.7 31.9 34.3
Average 20.5 18.5 9.4 8.4 39.8 39.4
Cigarette
HMSP SELL 1.0 970 870 1,052 -10.3 14.5 12.4 3.8 3.6 26.4 29.3
GGRM BUY 0.6 32,050 36,550 35,110 14.0 7.3 6.6 1.0 0.9 13.5 14.2
Average 10.9 9.5 2.4 2.3 19.9 21.7
Healthcare
MIKA BUY 0.4 2,190 2,960 2,750 35.2 24.3 24.1 5.5 4.9 22.8 20.5
SILO BUY 0.1 7,525 11,300 10,560 50.2 17.8 17.8 1.9 1.8 10.6 9.9
HEAL BUY 0.2 1,045 5,700 1,379 445.5 5.2 4.9 1.0 0.8 19.0 17.1
Average 15.8 15.6 2.8 2.5 17.4 15.8
Poultry
CPIN SELL 1.2 5,825 5,800 6,805 -0.4 25.4 24.1 3.8 3.4 14.9 14.3
JPFA HOLD 0.2 1,580 1,600 2,172 1.3 9.4 8.0 1.4 1.3 15.3 16.1
MAIN HOLD 0.0 660 685 784 3.8 9.6 6.4 0.7 0.6 6.8 9.4
WMUU BUY 0.0 138 340 290 146.4 6.3 2.6 1.4 0.9 21.8 34.4
WMPP BUY 0.0 132 240 240 81.8 12.0 7.3 2.1 1.7 17.2 22.8
Average 12.6 9.7 1.9 1.6 15.2 19.4
Retail
MAPI BUY 0.2 790 1,100 1,020 39.2 33.1 18.9 2.4 2.3 7.2 12.1
RALS BUY 0.0 630 900 812 42.9 13.4 9.3 1.0 0.9 7.7 10.2
ACES BUY 0.2 1,060 1,900 1,488 79.2 16.6 14.5 3.2 2.9 19.6 20.0
LPPF SELL 0.2 4,480 3,430 3,868 -23.4 12.8 9.5 11.3 7.1 88.3 75.2
ERAA BUY 0.1 560 1,625 864 190.2 3.0 2.4 0.3 0.3 11.0 11.9
Average 15.8 10.9 3.7 2.7 26.8 25.9
Pulp and Paper
INKP BUY 0.5 7,975 9,900 9,533 24.1 6.9 7.9 0.6 0.6 9.3 7.8
ALDO BUY 0.0 1,085 2,000 2,000 84.3 19.7 16.2 1.8 1.6 9.1 9.8
Average 13.3 12.0 1.2 1.1 9.2 8.8
Media
MNCN BUY 0.2 870 1,300 1,264 49.4 4.9 4.3 0.7 0.6 14.1 14.0
SCMA BUY 0.2 244 490 441 100.8 15.6 13.7 4.6 4.0 29.7 29.3
FILM HOLD 0.1 1,040 1,100 1,100 5.8 346.7 104.0 6.8 5.9 1.9 5.7
Average 122.4 40.7 4.0 3.5 15.2 16.3
Telco
EXCL HOLD 0.4 2,770 3,000 3,732 8.3 40.1 31.8 1.5 1.5 3.8 4.6
ISAT BUY 0.4 5,500 7,250 7,404 31.8 n/a 64.0 2.3 0.2 -5.6 0.4
TLKM BUY 5.8 4,240 5,000 4,837 17.9 19.3 18.4 3.9 3.7 20.2 20.1
Average 29.7 38.1 2.6 1.8 6.1 8.4
Equity Research│25 February 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 0.8 2,920 1,550 3,248 -46.9 57.3 50.3 8.9 7.9 15.6 15.8
TOWR BUY 0.7 1,015 1,600 1,671 57.6 15.9 14.3 4.3 3.7 27.0 25.7
Average 36.6 32.3 6.6 5.8 21.3 20.7
Auto
ASII BUY 3.1 5,700 7,300 6,991 28.1 12.0 10.6 1.1 1.0 9.1 9.5
DRMA BUY 0.0 580 830 830 43.1 12.1 9.2 2.5 1.9 20.8 20.7
Average 12.0 9.9 1.8 1.5 14.9 15.1
Mining Contracting
UNTR BUY 1.2 25,200 31,000 29,152 23.0 13.6 10.1 1.5 1.4 11.2 13.8
Average 13.6 10.1 1.5 1.4 11.2
Property
BSDE BUY 0.2 915 1,480 1,459 61.7 13.9 10.5 0.5 0.5 3.5 4.4
PWON BUY 0.3 448 630 620 40.6 18.7 15.4 1.4 1.3 7.3 8.1
SMRA BUY 0.2 675 1,200 1,124 77.8 28.1 18.2 1.5 1.4 5.3 7.7
CTRA BUY 0.2 915 1,360 1,384 48.6 11.9 10.1 1.0 0.9 8.6 9.3
Average 16.8 11.9 0.8 0.8 4.4 5.7
Construction
PTPP BUY 0.1 935 1,400 1,374 49.7 15.6 14.6 0.4 0.4 2.5 2.6
ADHI BUY 0.0 780 1,420 1,206 82.1 26.0 13.4 0.5 0.5 1.9 3.4
WSKT BUY 0.2 560 1,220 914 117.9 n/a n/a 0.5 0.6 -4.2 -22.2
WIKA BUY 0.1 1,015 1,440 1,343 41.9 42.3 29.9 0.5 0.5 1.3 1.7
WEGE BUY 0.0 170 256 252 50.6 8.4 7.0 0.7 0.6 8.2 9.1
Average 12.0 10.8 0.5 0.6 2.2 -3.5
Cement
INTP BUY 0.5 10,475 13,000 14,129 24.1 23.0 17.7 1.7 1.7 7.6 9.7
SMGR BUY 0.6 6,900 13,050 10,162 89.1 14.6 13.7 1.1 1.0 7.4 7.5
Average 18.8 15.7 1.4 1.4 7.5 8.6
Precast
WTON BUY 0.0 216 266 313 23.1 6.5 4.1 0.5 0.5 7.9 11.4
Average 6.5 4.1 0.5 0.5 7.9 11.4
Oil and Gas
PGAS BUY 0.5 1,440 1,800 1,874 25.0 6.4 9.7 0.7 0.7 10.7 6.9
AKRA BUY 0.2 785 990 1,031 26.1 14.8 13.7 1.7 1.6 11.5 11.7
MEDC BUY 0.2 635 1,090 868 71.7 n/a 8.7 0.9 0.8 -9.9 9.7
Average 10.6 10.7 1.1 1.0 4.1 9.4
Chemical
TPIA BUY 1.9 8,925 10,250 8,717 14.8 102.6 47.2 6.2 6.2 6.0 13.0
BRPT BUY 1.0 930 1,150 1,017 23.7 116.3 46.5 4.9 4.6 4.2 9.9
ESSA SELL 0.1 650 225 N/A -65.4 n/a 26.0 2.2 2.2 -0.3 8.6
Average 109.4 39.9 4.4 4.3 3.3 10.5
Utilities
JSMR BUY 0.3 3,410 5,000 4,973 46.6 17.1 12.2 1.0 0.9 5.6 7.2
Metal
ANTM BUY 0.7 2,220 3,230 2,904 45.5 21.8 16.9 2.6 2.4 11.8 14.2
MDKA SELL 1.2 3,840 3,000 4,122 -21.9 88.7 20.9 14.0 15.2 15.7 72.9
INCO BUY 0.5 5,100 6,800 6,105 33.3 22.0 15.3 1.8 1.7 8.2 11.4
BRMS BUY 0.3 167 200 175 19.8 0.1 0.0 1.8 1.0 1792.4 3471.9
Average 21.9 472.1 5.2 5.5 7.9 24.7
Equity Research│25 February 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
6.4 9M21
505 - 558 1 - 8 Mar 2
5,112 - 6,581 2 - 8 Mar 470 - 605 877 8.1 412 - 531 Capex 805
SMKM*
Sumber Mas Konstruksi (Infrastructures)
7-Mar 188 - 439 24 Feb - 2 Mar 150 - 350 250 20.0 38 - 88 9M21
Working Capital and research &
development
12 15.3
Upcoming IPO's
Financial Result Period
Ticker Company (Sector) Listing Offering Shares issued Proceeds
BIKE*
Sepeda Bersama Indonesia (Consumer Cyclicals)
21-Mar
133.8 8M21
95 - 105 505 30.0 122 - 135 Capex and working capital
STAA*
Sumber Tani Agung Resources (Consumer Non-
Cyclicals)
10-Mar NANO* Nanotech Indonesia
Global (Industrials) 10-Mar
233-247 14 - 17 Mar 160 - 170 323 25.0 52 - 55 Working Capital 20 7.7 9M21
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 HOLD 0.4 26,975 28,600 25,663 6.0 4.2 6.0 1.6 1.5 36.7 24.9
ADRO SELL 1.1 2,480 1,530 2,407 -38.3 23.0 17.5 1.5 1.5 6.3 8.7
PTBA BUY 0.4 3,170 3,500 3,201 10.4 5.0 5.9 1.5 1.3 29.3 21.7
HRUM HOLD 0.3 12,400 13,600 14,006 9.7 35.7 20.8 4.2 3.5 11.8 16.9
Average 17.0 12.6 2.2 2.0 21.0 18.0
Plantation
AALI BUY 0.2 11,600 14,500 13,209 25.0 12.6 14.9 1.1 1.1 8.7 7.2
LSIP SELL 0.1 1,470 1,370 1,676 -6.8 11.8 12.9 1.0 1.0 8.7 7.6
SSMS HOLD 0.1 1,110 1,200 2,000 8.1 32.6 14.1 2.4 2.1 7.4 15.0
TAPG BUY 0.1 755 1,050 1,048 39.1 9.9 8.4 1.9 1.6 19.2 19.4
Average 19.7 14.1 1.3 1.1 9.0 10.2
Technology
ASSA BUY 0.1 2,320 4,300 4,279 85.3 72.5 39.3 5.1 4.5 7.0 11.5
EMTK BUY 1.4 2,070 2,600 2,617 25.6 295.7 207.0 9.8 9.0 3.3 4.4
BUKA BUY 0.5 336 400 834 19.0 n/a n/a 1.5 1.5 -574.9 -371.3
Average 86.1 56.6 3.7 3.3 (88.1) (51.8)
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│25 February 2022
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 2,906 (3.39) (0.12) (2.60) (3.31) (9.14) (10.08) 3.69 3,262 2,670
U.S. (S&P) 4,289 63.20 1.50 (4.16) (2.75) (8.78) (10.02) 9.25 4,819 3,723
U.S. (DOW) 33,224 92.07 0.28 (4.90) (3.32) (7.21) (8.57) 3.95 36,953 30,548
Europe 3,829 (144.12) (3.63) (6.90) (6.10) (10.81) (10.91) 3.91 4,415 3,622
Emerging Market 1,155 (51.99) (4.31) (7.08) (5.51) (7.84) (6.26) (16.12) 1,403 1,148
FTSE 100 7,207 (290.80) (3.88) (4.38) (2.23) (1.41) (2.40) 8.35 7,687 6,466
CAC 40 6,521 (259.62) (3.83) (6.13) (4.63) (7.84) (8.84) 12.75 7,385 5,688
Dax 14,052 (579.26) (3.96) (7.96) (7.09) (11.72) (11.54) 1.24 16,290 13,673
Indonesia 6,818 (102.24) (1.48) (0.25) 3.80 1.77 3.59 8.40 6,930 5,742
Japan 25,971 (478.79) (1.81) (5.42) (4.28) (11.96) (9.80) (13.91) 30,796 25,776
Australia 7,041 50.57 0.72 (2.50) 1.14 (4.94) (5.42) 3.03 7,633 6,649
Korea 2,649 (70.73) (2.60) (3.47) (2.63) (11.12) (11.04) (14.55) 3,316 2,592
Singapore 3,276 (116.94) (3.45) (4.81) 0.87 1.69 4.88 10.17 3,466 2,921
Malaysia 1,574 (12.25) (0.77) (1.94) 4.31 3.71 0.41 (0.48) 1,642 1,475
Hong Kong 22,902 (758.72) (3.21) (7.63) (5.54) (7.43) (2.12) (23.85) 30,453 22,665
China 3,430 (59.19) (1.70) (1.10) (0.09) (4.30) (5.76) (4.33) 3,724 3,313
Taiwan 17,595 (461.18) (2.55) (3.69) (0.60) (0.34) (3.43) 6.94 18,620 15,160
Thailand 1,663 (33.73) (1.99) (2.85) 1.44 0.87 0.31 11.09 1,719 1,488
Philipines 7,212 (151.98) (2.06) (3.05) (1.04) (2.13) 1.26 6.75 7,552 6,081
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 141.30 (2.49) (2.86) (2.49) 2.39 146.87 136.40
Inflation Rate (yoy, %) 2.18 2.18 1.33
Gov Bond Yld (10yr, %) 6.52 1.04 6.86 6.01
US Fed Rate (%) 0.25 0.25 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,383 45.00 (0.31) (0.45) (0.28) (0.87) (0.90) (2.07) 14,635 14,057
Japan 115.47 (0.06) 0.05 (0.40) (1.38) (0.10) (0.34) (8.02) 116.35 105.85
UK 1.34 0.00 0.02 (1.52) (0.87) 0.46 (1.10) (4.51) 1.42 1.32
Euro 1.12 0.00 0.05 (1.10) (0.91) (0.10) (1.51) (8.02) 1.23 1.11
China 6.33 0.01 (0.23) 0.15 0.02 1.00 0.43 2.02 6.58 6.31
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 99.08 2.24 2.31 6.57 14.85 20.46 27.38 47.79 105.79 60.27
CPO 6,993 (94.00) (1.33) 16.39 28.22 31.08 35.55 73.35 7,093 3,343
Coal 271.00 33.85 14.27 33.04 23.18 47.68 78.58 243.04 274.00 79.25
Tin 44,935 552.00 1.24 2.83 2.23 15.60 15.63 69.44 45,210 22,875
Nickel 24,396 (162.00) (0.66) 4.23 1.53 19.89 17.53 26.06 25,135 15,665
Copper 9,866 (49.00) (0.49) (1.27) (0.75) 1.60 1.50 7.16 10,748 8,570
Gold 1,907 2.88 0.15 0.44 3.18 6.59 4.24 7.69 1,974 1,677
Silver 24.25 0.03 0.13 1.37 1.84 2.75 4.04 (11.58) 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.
Equity Research│25 February 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 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
Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325
Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173
Suryanti Salim Sales Trader suryanti.salim@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
Retno Sekar Datu Fixed Income Sales retno.sekar@samuel.co.id +6221 28548307
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
Widya Meidrianto Equity Retail widya.meidrianto@samuel.co.id +6221 2854 8317
Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8369
