DAILY. IHSG Diperkirakan Melanjutkan Penguatan. Highlights. Market DAILY RESEARCH

(1)

DAILY RESEAR CH

Market Activity

Market Index : 6,888.2

Index Movement : +70.4 1.03%

Market Volume : 22,155 Mn shrs Market Value : 20,764 Bn rupiah

Last

Close +/- %

Leading Movers

BBRI 4,550 160 3.6

ARTO 16,175 900 5.9

TLKM 4,340 100 2.4

BBCA 8,050 50 0.6

Lagging Movers

BRPT 890 -40 -4.3

GEMS 6,200 -450 -6.8

TCPI 9,000 -300 -3.2

INDF 6,200 -125 -2.0

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

ARTO 807 BMRI 235

BBRI 347 BBCA 86

SMGR 86 ADRO 74

ASII 80 ANTM 30

EMTK 79 BRPT 26 Money Market

Last

Close +/- %

USD/IDR 14,367 -16.0 0.1

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 29.7 -0.5 -1.7

EIDO 24.3 -0.2 -0.9

Global Indices Last

Close +/- %

DJIA 33,893 -166 -0.49

S&P 500 4,374 -11 -0.24

Euro Stoxx 3,924 -46 -1.17

MSCI World 2,978 -2 -0.08

STI 3,242 -52 -1.59

Nikkei 26,527 50 0.19

Hang Seng 22,713 -54 -0.2

Commodities*

Last

Close +/- %

Brent Oil 101.0 3.1 3.12

Coal (ICE) 274.5 23.0 9.15 CPO Malay 6,775 454.0 7.18

Gold 1,901 13.1 0.69

Nickel 25,044 343.0 1.39

Tin 44,470 -719.0 -1.69

*last price per closing date

Changes Changes

Changes

Changes Monday, 28 Feb 2022

DAILY RESEARCH

1 March 2022

Market

IHSG Diperkirakan Melanjutkan Penguatan

Bursa AS ditutup cenderung melemah pada Senin (28/2); DJIA turun -0.49% ke level 33,892, begitu juga S&P500 (-0.24%) sementara Nasdaq menguat +0.41%. Tensi geopolitik Rusia - Ukraina masih menjadi fokus pasar; AS dan negara sekutunya di Eropa telah memberlakukan sanksi ekonomi kepada bank sentral Rusia, sementara Rusia menyikapi jatuhnya nilai tukar rubel terhadap dolar AS pasca sanksi ekonomi dengan menaikkan suku bunga acuannya dari 9.5% ke 20%.

Makin panasnya tensi Rusia-Ukraina juga turut menghambat suplai komoditas, mendorong kenaikan harga di pasar global. Pada Senin (28/2), harga emas bergerak naik +1.01%; diikuti minyak Brent (+4.08%); CPO (+5.6%); dan batubara (+15.1%).

EIDO ditutup naik +0.29%, sementara IHSG menguat +1.03% pada Jumat (25/2) ke level 6,888 dengan BBRI, ARTO dan TLKM sebagai top leading movers. Net buy asing di pasar regular terpantau mencapai IDR 1.44 triliun. Saham yang mencatatkan nilai net buy asing tertinggi adalah ARTO (IDR 806.9 miliar), BBRI (IDR 346.9 miliar), dan SMGR (IDR 86 miliar) sementara net sell asing tertinggi dicetak oleh BMRI (IDR 234.5 miliar), BBCA (IDR 86.1 miliar), dan ADRO (IDR 73.8 miliar).

Sebanyak 25,054 kasus COVID-19 baru dilaporkan di Indonesia pada Senin (28/2) dengan total positivity rate sebesar 39.1% (total recovery rate: 87.4%, kasus aktif:

554,698).

Pada Selasa (1/3) ini, Indonesia akan merilis dua data ekonomi; data Inflasi Indonesia periode Feb-22 dengan konsensus sebesar +2.2% yoy/+0.03% mom (prev:

+2.18% yoy/+0.56% mom), serta data PMI manufaktur periode Feb-22 (konsensus:

52.9). Kami memperkirakan dua data tersebut akan turut mempengaruhi pergerakan pasar saham Indonesia hari ini, di samping perkembangan situasi global.

Meski demikian, penguatan harga komoditas global diperkirakan berpotensi turut mendorong kenaikan saham emiten komoditas dalam negeri, yang juga berpotensi mengangkat IHSG hari ini.

Highlights

 ASII : Kenaikan Laba Bersih +24.9% pada FY21

 EXCL : Pengumuman Rencana Penjualan dan Penyewaan

Kembali Menara

(2)

Equity Research│1 March 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)

1-Mar-21 1-Apr-21 1-May-21 1-Jun-21 1-Jul-21 1-Aug-21 1-Sep-21 1-Oct-21 1-Nov-21 1-Dec-21 1-Jan-22 1-Feb-22

0 20 40 60 80 100 120

1-Mar-21 22-Mar-21 12-Apr-21 3-May-21 24-May-21 14-Jun-21 5-Jul-21 26-Jul-21 16-Aug-21 6-Sep-21 27-Sep-21 18-Oct-21 8-Nov-21 29-Nov-21 20-Dec-21 10-Jan-22 31-Jan-22 21-Feb-22

40 90 140 190 240 290 340

1-Mar-21 31-Mar-21 30-Apr-21 30-May-21 29-Jun-21 29-Jul-21 28-Aug-21 27-Sep-21 27-Oct-21 26-Nov-21 26-Dec-21 25-Jan-22 24-Feb-22

1,500 2,500 3,500 4,500 5,500 6,500 7,500

4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

12,000 14,000 16,000 18,000 20,000 22,000 24,000 26,000

1-Mar-21 22-Mar-21 12-Apr-21 3-May-21 24-May-21 14-Jun-21 5-Jul-21 26-Jul-21 16-Aug-21 6-Sep-21 27-Sep-21 18-Oct-21 8-Nov-21 29-Nov-21 20-Dec-21 10-Jan-22 31-Jan-22 21-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 %

2/28/2022 5,564,448 0.45 148,335 262 (144,792,164) 2702.09 2/27/2022 5,539,394 0.64 148,073 229 (139,189,194) 2612.72 2/26/2022 5,504,418 0.85 147,844 258 (139,223,941) 2629.31 2/25/2022 5,457,775 0.91 147,586 244 (139,270,326) 2651.78 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

Average 256 2673.26

Source: SSI Research, Bloomberg

(3)

ASII: Kenaikan Laba Bersih +24.9% pada FY21

Angka penjualan ASII naik +33.4% yoy sepanjang 2021 menjadi IDR 233.5 triliun. Laba kotor dan laba operasional ASII tumbuh masing-masing +32.4% yoy dan +98.4% yoy menjadi IDR 51.0 triliun dan IDR 25.5 triliun. Laba bersih ASII juga meningkat +24.9% yoy menjadi IDR 20.2 triliun. (Laporan Keuangan)

Comment:

Jika tanpa memperhitungkan one-off gain dari penjualan saham Bank Permata pada 2020, kenaikan laba bersih ASII mencapai +96.4% yoy. Pendapatan dan laba bersih ASII di FY21 masing-masing mencerminkan 106.7% dan 104.7% dari proyeksi SSI. Hampir semua segmen bisnis ASII membukukan kenaikan pendapatan, termasuk segmen otomotif (yang menyumbang 41.4% pendapatan ASII pada FY21) yang pendapatannya naik +42.4% yoy.

Secara stand alone, pendapatan ASII di 4Q21 naik +47.8% yoy (+10.1% qoq) menjadi IDR 66.1 triliun, sementara laba bersihnya tumbuh pesat +145.6% yoy (-15.1% qoq) menjadi IDR 5.2 triliun. Penurunan laba bersih ASII secara kuartalan pada 4Q21 terjadi akibat kenaikan opex/sales ratio menjadi 11.4% (3Q21: 10.1%). ASII: (BUY: 12.2x PE '22E, 1.1x PBV '22E, TP: IDR 7,300)

EXCL: Pengumuman Rencana Penjualan dan Penyewaan Kembali Menara

EXCL (yang mayoritas sahamnya dikuasai oleh Axiata Investments (Indonesia) Sdn. Bhd) berencana menjual 859 menara kepada PT Edotco Infrastruktur Indonesia (yang terafiliasi dengan EXCL dan Axiata) dengan harga IDR 750 miliar, +4% lebih tinggi dari perkiraan nilai pasar. Harga tersebut akan dibayarkan secara bertahap: IDR 500 miliar pada tanggal penutupan transaksi, dan sisa IDR 250 miliar akan dibayarkan 3 tahun setelah tanggal penutupan transaksi. Kemudian ~92% dari menara tersebut akan disewa kembali oleh dengan biaya sewa bulanan sebesar IDR 10.5 juta (+5% lebih tinggi dari tarif sewa menara independen lainnya). Dengan demikian, nilai kontrak sewa 12 tahun untuk menara-menara tersebut menjadi IDR 1.2 triliun. (Kontan, Perusahaan) Comment:

Berita ini setidaknya akan memberi sedikit sentimen positif untuk EXCL, dengan potensi keuntungan dari penjualan menara dan potensi neraca yang lebih baik untuk mendukung ekpansi lebih lanjut guna mempertahankan daya saing perseroan, meskipun beberapa investor mungkin akan mempertanyakan biaya sewa yang lebih tinggi dari harga pasar.

Kami akan terus memonitor rincian lebih lanjut dari rencana transaksi dan penutupan transaksi tersebut. EXCL

diperdagangkan pada 4.4x 22F EV/EBITDA, tidak berbeda jauh dengan ISAT. EXCL: (HOLD: 41.4x PE '22E, 1.6x

PBV '22E, TP: IDR 3,000)

(4)

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 8,050 8,100 8,237 0.6 32.7 27.3 4.9 4.5 15.1 16.3

BBRI BUY 8.9 4,550 5,300 4,946 16.5 17.1 14.5 2.7 2.5 15.8 17.0

BMRI HOLD 4.5 7,700 8,000 8,711 3.9 14.2 11.4 1.7 1.6 12.3 14.2

BBNI HOLD 1.9 8,000 8,500 8,646 6.3 13.7 9.8 1.2 1.0 8.8 10.1

BBTN BUY 0.2 1,775 2,300 2,223 29.6 7.3 6.5 0.8 0.8 11.4 11.6

Average 11.7 9.3 1.3 1.1 10.9 12.0

Consumer (Staples)

ICBP BUY 1.0 8,500 12,000 11,099 41.2 14.4 12.9 3.0 2.7 20.8 20.6

KLBF BUY 1.0 1,645 1,950 1,831 18.5 24.8 22.5 4.1 3.7 16.3 16.4

UNVR BUY 1.4 3,680 4,800 4,507 30.4 25.6 23.6 29.9 26.7 117.1 113.0

SIDO SELL 0.3 975 970 1,103 -0.5 26.2 22.9 8.4 7.9 31.9 34.3

Average 20.6 18.6 9.4 8.5 39.8 39.4

Cigarette

HMSP SELL 1.0 965 870 1,052 -9.8 14.4 12.4 3.8 3.6 26.4 29.3

GGRM BUY 0.6 31,400 36,550 35,110 16.4 7.2 6.5 1.0 0.9 13.5 14.2

Average 10.8 9.4 2.4 2.3 19.9 21.7

Healthcare

MIKA BUY 0.4 2,220 2,960 2,746 33.3 24.7 24.4 5.6 5.0 22.8 20.5

SILO BUY 0.1 7,800 11,300 10,560 44.9 18.4 18.4 1.9 1.8 10.6 9.9

HEAL BUY 0.2 1,065 5,700 1,379 435.2 5.3 5.0 1.0 0.9 19.0 17.1

Average 16.1 15.9 2.9 2.6 17.4 15.8

Poultry

CPIN HOLD 1.2 5,800 5,800 6,839 0.0 25.3 24.0 3.8 3.4 14.9 14.3

JPFA HOLD 0.2 1,570 1,600 2,076 1.9 9.3 8.0 1.4 1.3 15.3 16.1

MAIN HOLD 0.0 665 685 784 3.0 9.7 6.5 0.7 0.6 6.8 9.4

WMUU BUY 0.0 139 340 290 144.6 6.3 2.6 1.4 0.9 21.8 34.4

WMPP BUY 0.0 130 240 240 84.6 11.8 7.2 2.0 1.6 17.2 22.8

Average 12.5 9.7 1.9 1.6 15.2 19.4

Retail

MAPI BUY 0.2 785 1,100 1,008 40.1 32.9 18.8 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 1,070 1,900 1,482 77.6 16.7 14.7 3.3 2.9 19.6 20.0

LPPF SELL 0.2 4,570 3,430 3,868 -24.9 13.1 9.7 11.5 7.3 88.3 75.2

ERAA BUY 0.1 555 1,625 864 192.8 3.0 2.4 0.3 0.3 11.0 11.9

Average 15.8 11.0 3.7 2.7 26.8 25.9

Pulp and Paper

INKP BUY 0.5 8,075 9,900 9,350 22.6 7.0 8.0 0.6 0.6 9.3 7.8

ALDO BUY 0.0 1,105 2,000 2,000 81.0 20.1 16.5 1.8 1.6 9.1 9.8

Average 13.5 12.2 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 0.2 258 490 441 89.9 16.5 14.5 4.9 4.2 29.7 29.3

FILM HOLD 0.1 1,045 1,100 1,100 5.3 348.3 104.5 6.8 5.9 1.9 5.7

Average 123.3 41.1 4.1 3.6 15.2 16.3

Telco

EXCL HOLD 0.4 2,860 3,000 3,737 4.9 41.4 32.9 1.6 1.5 3.8 4.6

ISAT BUY 0.4 5,475 7,250 7,381 32.4 n/a 63.7 2.3 0.2 -5.6 0.4

TLKM BUY 5.9 4,340 5,000 4,922 15.2 19.7 18.9 4.0 3.8 20.2 20.1

(5)

Telco Infra

TBIG SELL 0.8 2,940 1,550 3,248 -47.3 57.6 50.7 9.0 8.0 15.6 15.8

TOWR BUY 0.7 1,035 1,600 1,636 54.6 16.2 14.6 4.4 3.8 27.0 25.7

Average 36.9 32.6 6.7 5.9 21.3 20.7

Auto

ASII BUY 3.1 5,800 7,300 7,098 25.9 12.2 10.8 1.1 1.0 9.1 9.5

DRMA BUY 0.0 615 830 830 35.0 12.8 9.8 2.7 2.0 20.8 20.7

Average 12.5 10.3 1.9 1.5 14.9 15.1

Mining Contracting

UNTR BUY 1.2 24,900 31,000 29,102 24.5 13.4 9.9 1.5 1.4 11.2 13.8

Average 13.4 9.9 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 0.3 458 630 619 37.6 19.1 15.8 1.4 1.3 7.3 8.1

SMRA BUY 0.2 695 1,200 1,124 72.7 29.0 18.8 1.5 1.5 5.3 7.7

CTRA BUY 0.2 925 1,360 1,382 47.0 12.0 10.2 1.0 0.9 8.6 9.3

Average 17.1 12.1 0.8 0.8 4.4 5.7

Construction

PTPP BUY 0.1 955 1,400 1,371 46.6 15.9 14.9 0.4 0.4 2.5 2.6

ADHI BUY 0.0 760 1,420 1,206 86.8 25.3 13.1 0.5 0.4 1.9 3.4

WSKT BUY 0.2 570 1,220 914 114.0 n/a n/a 0.5 0.7 -4.2 -22.2

WIKA BUY 0.1 1,010 1,440 1,387 42.6 42.1 29.7 0.5 0.5 1.3 1.7

WEGE BUY 0.0 166 256 252 54.2 8.2 6.8 0.7 0.6 8.2 9.1

Average 12.1 10.9 0.5 0.6 2.2 -3.5

Cement

INTP BUY 0.6 10,950 13,000 14,003 18.7 24.1 18.5 1.8 1.8 7.6 9.7

SMGR BUY 0.6 7,200 13,050 10,162 81.3 15.2 14.3 1.1 1.1 7.4 7.5

Average 19.6 16.4 1.5 1.4 7.5 8.6

Precast

WTON BUY 0.0 214 266 313 24.3 6.5 4.0 0.5 0.5 7.9 11.4

Average 6.5 4.0 0.5 0.5 7.9 11.4

Oil and Gas

PGAS BUY 0.5 1,440 1,800 1,906 25.0 6.4 9.7 0.7 0.7 10.7 6.9

AKRA BUY 0.2 755 990 1,031 31.1 14.2 13.2 1.6 1.6 11.5 11.7

MEDC BUY 0.2 600 1,090 868 81.7 n/a 8.2 0.9 0.8 -9.9 9.7

Average 10.3 10.4 1.1 1.0 4.1 9.4

Chemical

TPIA BUY 1.9 9,025 10,250 8,717 13.6 103.7 47.8 6.2 6.2 6.0 13.0

BRPT BUY 0.9 890 1,150 1,017 29.2 111.3 44.5 4.7 4.4 4.2 9.9

ESSA SELL 0.1 670 225 N/A -66.4 n/a 26.8 2.3 2.3 -0.3 8.6

Average 107.5 39.7 4.4 4.3 3.3 10.5

Utilities

JSMR BUY 0.3 3,380 5,000 4,938 47.9 17.0 12.1 0.9 0.9 5.6 7.2

Metal

ANTM BUY 0.6 2,220 3,230 2,904 45.5 21.8 16.9 2.6 2.4 11.8 14.2

MDKA SELL 1.2 3,870 3,000 4,122 -22.5 89.4 21.0 14.1 15.3 15.7 72.9

INCO BUY 0.6 5,400 6,800 5,985 25.9 23.3 16.2 1.9 1.9 8.2 11.4

BRMS HOLD 0.3 184 200 175 8.7 0.1 0.0 2.0 1.1 1792.4 3471.9

Average 22.5 465.2 5.2 5.6 7.9 24.7

(6)

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

Coal

ITMG HOLD 0.4 26,675 28,600 26,970 7.2 4.2 5.9 1.5 1.5 36.7 24.9

ADRO SELL 1.0 2,450 1,530 2,466 -37.6 22.7 17.3 1.4 1.5 6.3 8.7

PTBA BUY 0.4 3,140 3,500 3,341 11.5 4.9 5.9 1.4 1.3 29.3 21.7

HRUM BUY 0.3 12,275 13,600 14,056 10.8 35.4 20.6 4.2 3.5 11.8 16.9

Average 16.8 12.4 2.1 1.9 21.0 18.0

Plantation

AALI BUY 0.2 11,350 14,500 13,888 27.8 12.3 14.6 1.1 1.0 8.7 7.2

LSIP SELL 0.1 1,420 1,370 1,676 -3.5 11.4 12.5 1.0 0.9 8.7 7.6

SSMS HOLD 0.1 1,120 1,200 2,000 7.1 32.9 14.2 2.4 2.1 7.4 15.0

TAPG BUY 0.1 720 1,050 1,026 45.8 9.5 8.0 1.8 1.6 19.2 19.4

Average 19.6 14.0 1.2 1.1 9.0 10.2

Technology

ASSA BUY 0.1 2,540 4,300 4,246 69.3 79.4 43.1 5.6 4.9 7.0 11.5

EMTK BUY 1.4 2,070 2,600 2,620 25.6 295.7 207.0 9.8 9.0 3.3 4.4

BUKA BUY 0.5 338 400 819 18.3 n/a n/a 1.5 1.5 -574.9 -371.3

Average 87.4 57.2 3.7 3.4 (88.1) (51.8)

Source: SSI Research, Bloomberg

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

(7)

Chg (Pts)

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

World 2,978 (2.25) (0.08) 0.96 (3.52) (3.56) (7.85) 6.98 3,262 2,670

U.S. (S&P) 4,374 (10.71) (0.24) 0.58 (3.14) (4.23) (8.23) 14.77 4,819 3,723

U.S. (DOW) 33,893 (166.15) (0.49) (0.55) (3.53) (1.71) (6.73) 9.57 36,953 30,548

Europe 3,924 (46.46) (1.17) (1.54) (7.11) (6.10) (8.71) 5.87 4,415 3,656

Emerging Market 1,171 (0.68) (0.06) (2.93) (3.52) (4.52) (4.93) (14.03) 1,395 1,148

FTSE 100 7,458 (31.21) (0.42) (0.35) (1.03) 4.04 1.00 13.20 7,687 6,483

CAC 40 6,659 (93.60) (1.39) (1.91) (6.21) (3.24) (6.91) 14.95 7,385 5,756

Dax 14,461 (106.21) (0.73) (1.83) (7.42) (6.54) (8.96) 3.20 16,290 13,807

Indonesia 6,888 70.35 1.03 (0.07) 3.88 5.42 4.66 10.36 6,930 5,742

Japan 26,864 337.05 1.27 (0.17) (0.79) (3.84) (6.70) (9.44) 30,796 25,776

Australia 7,136 86.48 1.23 (0.36) 1.85 (1.39) (4.15) 5.10 7,633 6,649

Korea 2,699 22.42 0.84 (1.63) 1.35 (6.92) (9.35) (10.41) 3,316 2,592

Singapore 3,242 (52.23) (1.59) (5.65) (0.23) 4.65 3.80 9.06 3,466 2,949

Malaysia 1,608 16.56 1.04 1.62 6.35 7.44 2.60 2.63 1,642 1,475

Hong Kong 22,713 (54.16) (0.24) (6.03) (4.58) (4.00) (2.93) (22.88) 29,912 22,406

China 3,462 10.90 0.32 (0.81) 3.00 (3.20) (4.88) (2.51) 3,724 3,313

Taiwan 17,652 57.63 0.33 (3.18) (0.13) 1.29 (3.11) 10.65 18,620 15,160

Thailand 1,685 5.28 0.31 (0.54) 1.41 5.93 1.66 12.28 1,719 1,488

Philipines 7,311 98.78 1.37 (1.45) (0.69) 5.24 2.64 6.37 7,552 6,081

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, %) 6.51 (0.75) 6.86 6.01

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,367 (16.00) 0.11 (0.27) (0.11) (0.69) (0.79) (1.98) 14,635 14,057

Japan 115.24 0.24 (0.21) (0.14) (0.46) (2.13) (0.14) (7.36) 116.35 106.68

UK 1.34 (0.00) (0.01) (1.22) (0.76) 1.05 (0.84) (3.63) 1.42 1.32

Euro 1.12 (0.00) (0.08) (1.02) (0.55) (0.97) (1.41) (6.96) 1.23 1.11

China 6.31 (0.01) 0.13 0.41 0.82 0.87 0.74 2.49 6.58 6.31

Chg (Pts)

Oil (Brent) 97.97 3.85 4.09 2.70 7.41 38.83 25.96 48.15 105.79 60.27

CPO 6,798 26.00 0.38 6.99 17.51 37.33 31.77 76.30 7,530 3,343

Coal 251.50 30.55 13.83 20.13 12.91 65.46 65.73 203.19 286.00 80.50

Tin 45,224 754.00 1.70 2.43 5.12 15.90 16.38 76.22 45,880 22,875

Nickel 24,282 (79.00) (0.32) (0.28) 8.75 22.04 16.98 30.71 25,705 15,665

Copper 9,884 10.50 0.11 (0.15) 3.97 4.67 1.68 8.89 10,748 8,570

Gold 1,906 (2.85) (0.15) 0.40 5.83 6.98 4.21 10.50 1,974 1,677

Silver 24.40 (0.06) (0.22) 1.17 7.73 9.31 4.66 (8.19) 29 21

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri C Permana Senior Economist [email protected] +6221 2854 8144

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129

William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals [email protected] +6221 2854 8387

Andreas Kristo Saragih Construction, Toll Roads [email protected] +6221 2864 8303

Dessy Lapagu Aviation, Coal, Metals [email protected] +6221 2854 8392

Paula Ruth Telco [email protected] +6221 2854 8332

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346

Pebe Peresia Automotive, Consumer Staples [email protected] +6221 2854 8339

Adolf Richardo Editor [email protected] +6221 2864 8397

Ashalia Fitri Yuliana Research Associate [email protected] +6221 2854 8389

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Suryanti Salim Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365

Vincentius Darren PWM Equity Sales [email protected] +6221 2854 8348

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384

Retno Sekar Datu Fixed Income Sales [email protected] +6221 28548307

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

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

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Widya Meidrianto Equity Retail [email protected] +6221 2854 8317

Michael Alexander Equity Retail [email protected] +6221 2854 8369