DAILY RESEARCH
25 November 2019
: 6,100.2 : -17.1 (-0.28%) : 5,524 Mn shrs : 4,547 Bn rupiah Last Close +/- % SMMA 14,000 500 3.7 TLKM 4,050 30 0.7 UNTR 22,750 650 2.9 TCPI 5,300 225 4.4 BMRI 7,075 -100 -1.4 CPIN 6,750 -150 -2.2 HMSP 2,020 -20 -1.0 TKIM 11,150 -475 -4.1Foreign Net Buy / Sell (Regular Market)
Net Buy (Rpbn) Net Sell (Rpbn)
BBRI 57 BBCA 56 ACES 31 SCMA 55 EXCL 19 HMSP 31 BRPT 17 PGAS 28 JPFA 12 AKRA 19 Money Market Last Close +/- % USD/IDR 14,093 3.0 0.0 JIBOR O/N 5.0 -0.9
Dual Listing Securities
Last Close +/- % TLKM 28.6 0.1 0.2 ISAT 69.1 0.2 0.3 EIDO 24.5 -0.2 -0.8 Global Indices Last Close +/- % DJIA 27,876 109 0.4 S&P 500 3,110 7 0.2 Euro Stoxx 3,687 8 0.2 MSCI World 2,274 4 0.2 Nikkei 23,308 195 0.8 Hang Seng 26,595 128 0.5 Commodities Last Close +/- % Brent Oil 63 0.1 0.1 CPO Malay 2,748 81.0 3.0 Coal (ICE) 71 -0.2 -0.3 Market Value Market Activity Monday, 25 Nov 2019 Market Index Index Movement Market Volume Changes Changes Leading Movers Lagging Movers Changes Changes Changes
DAILY RESEARCH
Market
IHSG Diperkirakan Sideways
The Fed kembali melakukan intervensi repo dengan menambahkan
USD 80,6 miliar likuiditas ke perbankan AS pada Jumat lalu. Instrumen yang
diserap pada transaksi kali ini terdiri dari USD 64,4 miliar Treasury dan USD
16,2 miliar mortgages securities. Injeksi likuiditas ini dilakukan untuk
memastikan sistem finansial AS memiliki likuiditas yang cukup dan menjaga
level short-term rates. The Fed telah menjalankan operasi ini sejak
pertengahan September lalu. Bursa AS ditutup menguat pada perdagangan
Jumat lalu, dengan S&P naik +0,22%, Dow Jones naik +0,39%, dan Nasdaq
naik -0,16%. Sementara yield 10Y US Treasury menguat +0,39% berada di
level 1,781%. Pekan ini terdapat rilis data ekonomi penting yang dapat
diperhatikan, yaitu Personal Income MoM dan Personal Spending MoM
periode Oktober.
Di bursa domestik, IHSG kembali melemah pada perdagangan
Jumat lalu, turun -0,27% ke level 6.100,2, dengan investor asing kembali
mencatatkan net sell sebesar Rp 38,5 miliar. Terdapat rilis data ekonomi
penting pada pekan ini, yaitu Pertumbuhan Kredit YoY periode Oktober
(prev: 7,89% yoy; cons: n/a) yang akan dirilis pada Kamis depan. Sementara
bursa regional dibuka menguat pagi ini, Nikkei naik +0,81%, Hang Seng naik
+0,48% dan Kospi naik +1,08%. Sementara EIDO ditutup turun -0,81% pada
MNCN
:
MNCN Membidik Pendapatan Tumbuh 12%-14% Tahun
Depan
Farmasi
:
Impor bahan baku 2020 berkurang
MAIN
:
MAIN Memproyeksikan Pertumbuhan Penjualan Dobel
Digit Tahun ini
WTON
:
Kontrak Baru Terealisasi 61% dari Target
Highlights
Equity Research│25 November 2019
MNCN: MNCN Membidik Pendapatan Tumbuh 12%-14% Tahun Depan
PT Media Nusantara Citra Tbk (MNCN) lebih optimistis melihat prospek bisnis tahun depan. MNCN membidik
pendapatan tumbuh 12%-14% tahun depan. Target ini lebih besar disbanding target tahun ini, antara 7% hingga 10%.
(Kontan)
Comment:
Perusahaan membukukan pendapatan 9M19 sebesar Rp6,2 triliun atau +13,4% YoY yang mencerminkan 76,3%
dari estimasi FY19E SSI. Untuk 3Q19 sendiri, penjualan bersih naik +9,7% YoY namun turun -14,65% QoQ.
Pendapatan segmen iklan meningkat +12,6% YoY atas keberhasilan perusahaan dalam ekspansi ke bisnis digital
dan implementasi berbagai macam iklan kreatif. Iklan digital 9M19 naik +370,8% YoY menjadi Rp502,9 miliar
dan iklan non-digital 9M19 naik +5,3% YoY menjadi Rp5,5 triliun. MNCN menargetkan pendapatan digital akan
berkontribusi 20% dari total pendapatan pada 2022. MNCN: BUY: 10,6x PE‘20E, 0,5x PBV‘20E, TP: Rp 1.750
Farmasi: Impor bahan baku 2020 berkurang
Pelaku industri farmasi meyakini ketergantungan pada impor bahan baku obat (BBO) mulai berkurang pada 2020. Hal
ini terkait dengan pernyataan Presiden Jokowi pada rapat kabinet yang meminta pada kementerian dan lembaga
terkait untuk memangkas dan menyederhanakan regulasi pada industri farmasi. (Bisnis Indonesia)
Comment:
Saat ini sekitar 95%-96% BBO bagi industri farmasi masih tergantung pada impor, karena investasi pada 11
pabrikan pada 2016-2019 belum rampung. Bila 11 pabrikan itu sudah beroperasi, maka diperkirakan impor BBO
dapat ditekan sebesar 15% pada 2020 dan hingga 20% pada awal 2021. Bila regulasi terkait insentif pada
industri farmasi dapat dibuat dan dilaksanakan, maka diperkirakan impor BBO dapat turun hingga 50%.
Beberapa regulasi yang diperlukan adalah tingkat komponen dalam negeri (TKDN) bagi industri farmasi dan
pertunjuk teknis pengurangan pajak super terkait riset. Sektor farmasi: Neutral
Equity Research│25 November 2019
MAIN: Memproyeksikan Bisa Mencatatkan Pertumbuhan Penjualan Dobel Digit Tahun ini
PT Malindo Feedmill Tbk memperkirakan akhir tahun 2019 nanti bisa mencatatkan pertumbuhan penjualan dobel
digit. Kembali naiknya harga jual ayam dan DOC menjadi dasar pertimbangan mereka. (Kontan)
Comment:
Jika melihat kinerja pendapatan FY18, pertumbuhan penjualan sebesar +23,24% yoy menjadi Rp6,7 triliun.
Sementara laba bersih FY18 meningkat +563% yoy. Sementara Pendapatan 9M19 naik +17,2% yoy yang
ditopang oleh kenaikan pernjualan pakan ternak sebesar +25,4% yoy. Saat ini segmen pakan ternak
berkontribusi sebesar 66% terhadap pendapatan. Dengan kontribusi segmen broiler hanya sebesar 11,3%
terhadap pendapatan, kami menilai bahwa MAIN tidak terlalu terdampak dengan fluktuasi harga broiler. MAIN
akan lebih fokus ekspansi di segmen pakan dimana marjin pakan ternak cenderung stabil dibanding segmen
lainnya. MAIN: BUY: 5,3x PE‘20E, 0,9x PBV‘20E, TP: Rp 2.070
WTON: Kontrak Baru Terealisasi 61% dari Target
Kontrak baru senilai Rp5,2 triliun telah dikantongi PT Wijaya Karya Beton Tbk. sepanjang Januari-Oktober 2019.
Adapun pencapaian hingga bulan ke-10 tahun ini baru sekitar 61,17% dari target 2019 senilai Rp 8,5 triliun. (Bisnis
Indonesia)
Comment:
Dilihat dari pernyataan berita ini, WTON menurunkan target kontrak barunya yang awalnya Rp9,1triliun
menjadi Rp8,5triliun. Target baru tersebut menyerupai dengan target SSI, dimana dalam 2 bulan terakhir
WTON masih berpeluang mendapatkan kontrak besar yang didukung oleh internal grup seperti tol
Pekanbaru-Padang, Harbour Road 2, Stadion BMW dan Tol Semarang Demak. Selain target kontrak baru, perusahaan juga
merevisi turun target penjualan tahun 2019 menjadi Rp7 triliun dari awalnya Rp7,9triliun. WTON: BUY: 6,4x
Equity Research│25 November 2019
JCI Wgt Last price YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE (%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Banks BMRI BUY 4.8 7,075 (4.1) 8,665 8,900 25.8 12.2 11.6 1.7 1.5 13.8% 13.0% BBCA HOLD 11.3 31,525 21.3 32,531 32,000 1.5 26.7 23.7 4.5 3.9 16.8% 16.5% BBRI HOLD 7.6 4,210 15.0 4,726 4,450 5.7 14.0 12.5 2.5 2.2 17.6% 17.3% BBNI BUY 2.1 7,650 (13.1) 8,958 10,600 38.6 8.7 7.4 1.2 1.1 13.8% 14.6% BBTN BUY 0.3 2,100 (17.3) 2,223 2,850 35.7 10.0 7.2 0.9 0.8 8.8% 10.9% BNLI HOLD 0.4 1,010 61.6 1,300 840 -16.8 21.0 15.3 1.2 1.1 5.7% 7.3% Average 15.4 13.0 2.0 1.8 12.7% 13.3% Consumer (Staples) ICBP BUY 2.0 11,425 9.3 12,895 13,200 15.5 26.6 23.1 5.7 5.2 21.4% 22.4% INDF BUY 1.0 7,925 6.4 9,066 9,500 19.9 15.2 14.1 1.9 1.8 12.7% 12.9% KLBF SELL 1.0 1,515 (0.3) 1,738 1,450 -4.3 27.1 25.7 4.5 4.1 16.5% 15.9% ROTI SELL 0.1 1,320 10.0 1,556 900 -31.8 28.1 28.1 3.6 3.6 12.9% 12.9% UNVR HOLD 4.7 42,150 (7.2) 46,435 48,200 14.4 42.0 41.2 52.5 51.3 125.0% 124.5% Average 27.8 26.4 13.6 13.2 37.7% 37.7% Cigarette HMSP BUY 3.5 2,020 (45.6) 2,333 3,815 88.9 16.3 14.3 6.0 5.3 36.6% 37.2% GGRM BUY 1.5 53,250 (36.3) 63,150 90,100 69.2 10.0 9.4 2.0 1.8 20.4% 19.5% Average 13.1 11.9 4.0 3.6 28.5% 28.4% Healthcare MIKA BUY * 0.6 2,660 68.9 2,780 1,900 -28.6 42.7 35.9 6.4 5.3 14.9% 14.8% SILO HOLD 0.2 7,150 99.2 7,917 2,550 -64.3 91.5 86.1 1.3 1.1 1.4% 1.3% Average 67.1 61.0 3.8 3.2 8.1% 8.1% Poultry CPIN HOLD 1.6 6,750 (6.6) 5,605 8,050 19.3 24.3 22.3 5.5 4.8 22.5% 21.7% JPFA BUY 0.3 1,650 (23.3) 1,915 1,850 12.1 9.0 8.9 1.5 1.4 17.0% 15.3% MAIN BUY 0.0 1,045 (25.1) 1,243 2,070 98.1 6.4 5.3 1.0 0.9 15.8% 16.4% Average 13.2 12.2 2.7 2.4 18.4% 17.8% Retail MAPI BUY 0.3 1,035 28.6 1,289 1,150 11.1 15.7 11.8 3.3 2.6 20.9% 22.1% RALS BUY 0.1 1,025 (27.8) 1,390 2,100 104.9 15.3 15.3 1.9 1.9 12.7% 12.7% ACES HOLD 0.4 1,690 13.4 1,707 1,730 2.4 26.8 21.9 6.1 5.2 22.7% 23.8% Average 19.3 16.3 3.8 3.3 18.8% 19.5%
Pulp and Paper
INKP SELL 0.6 7,250 (37.2) #N/A N/A 11,300 55.9 4.6 5.3 0.6 0.6 13.9% 11.0%
Media MNCN BUY 0.3 1,390 101.4 1,632 1,750 25.9 9.1 7.5 1.8 1.8 20.1% 24.4% SCMA BUY 0.3 1,220 (34.8) 1,507 1,960 60.7 10.9 10.9 3.3 3.3 30.7% 30.7% Average 10.0 9.2 2.6 2.6 25.4% 27.5% Telco EXCL BUY * 0.6 3,540 78.8 4,050 3,200 -9.6 75.3 43.7 2.0 1.9 2.7% 4.4% ISAT HOLD 0.2 3,050 81.0 3,762 2,800 -8.2 51.7 49.2 1.2 1.2 2.3% 2.4% TLKM BUY 5.9 4,050 9.5 4,751 4,720 16.5 19.5 18.1 3.3 3.1 16.8% 17.3% Average 48.8 37.0 2.2 2.1 7.3% 8.1% Telco Retail
TELE BUY 0.0 272 (71.1) N/A 960 252.9 3.2 2.4 0.4 0.4 13.9% 16.0% ERAA SELL * 0.1 1,495 (32.0) 1,992 1,625 8.7 13.7 8.0 1.0 0.9 7.3% 11.0% Average 8.5 5.2 0.7 0.6 10.6% 13.5% Telco Infra TBIG BUY 0.3 1,020 41.7 1,325 5,275 417.2 6.6 6.1 1.3 1.1 19.3% 18.7% TOWR BUY 0.5 660 (4.3) 865 1,075 62.9 13.5 11.4 3.4 2.8 25.3% 3.2% Average 10.0 8.7 2.3 2.0 22.3% 10.9% Stock Rec.
Equity Research│25 November 2019
JCI Wgt Last price YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE (%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Auto ASII BUY 3.9 6,625 (19.5) 7,743 8,625 30.2 12.0 10.9 1.4 1.3 11.7% 11.7% Mining Contracting UNTR BUY 1.2 22,750 (16.8) 25,875 33,800 48.6 6.9 6.0 1.4 1.2 19.9% 20.2% DOID BUY 0.0 274 (47.8) 770 980 257.7 2.5 2.1 0.5 0.4 21.1% 19.9% Average 2.5 2.1 0.5 0.4 21.1% 19.9% Aviation GIAA HOLD 0.2 545 82.9 712 500 -8.3 39.5 39.5 1.1 1.0 2.7% 2.6% Property BSDE BUY 0.4 1,360 8.4 1,684 1,800 32.4 13.3 11.6 0.9 0.8 6.5% 6.9% PWON HOLD 0.4 575 (7.3) 735 780 35.7 13.4 12.5 1.7 1.6 13.0% 12.5% ASRI BUY 0.1 254 (18.6) 310 388 52.8 4.3 4.2 0.4 0.4 10.4% 10.3% SMRA HOLD 0.2 1,040 29.2 1,383 1,240 19.2 39.2 35.9 2.0 2.0 5.2% 5.5% SSIA BUY 0.0 715 43.0 1,049 1,100 53.8 23.8 22.3 0.8 0.8 3.5% 3.7% CTRA BUY 0.3 1,040 3.0 1,367 1,240 19.2 21.2 24.2 1.3 1.2 6.0% 5.0% DMAS BUY 0.2 306 92.5 341 346 13.1 10.2 9.6 2.0 2.0 19.7% 20.5% LPKR BUY 0.3 252 25.0 293 380 50.8 14.8 16.8 0.6 0.5 3.8% 3.3% KIJA BUY 0.1 324 17.4 370 380 17.3 19.1 21.6 1.1 1.1 5.8% 5.1% Average 17.7 17.6 1.2 1.2 8.2% 8.1% Construction PTPP BUY 0.1 1,510 (16.3) 2,330 1,850 22.5 5.3 4.9 0.7 0.6 13.1% 12.7% ADHI BUY 0.1 1,170 (26.2) 1,830 2,030 73.5 5.6 5.4 0.6 0.5 10.2% 9.4% WSKT BUY 0.3 1,375 (18.2) 2,067 2,000 45.5 5.9 5.0 0.6 0.5 10.0% 10.4% WIKA BUY 0.3 1,930 16.6 2,741 2,900 50.3 8.4 7.3 0.9 0.8 10.8% 11.3% Average 6.3 5.6 0.7 0.6 11.0% 11.0% Cement INTP SELL 1.1 19,825 7.5 19,989 19,300 -2.6 47.5 34.1 3.0 3.0 6.4% 8.7% SMGR HOLD 1.1 12,250 6.5 14,436 11,500 -6.1 26.5 24.5 2.1 2.0 8.0% 8.2% Average 37.0 29.3 2.6 2.5 7.2% 8.5% Precast WSBP HOLD 0.1 314 (16.5) 425 499 58.9 7.7 7.3 0.8 0.7 9.9% 9.0% WTON BUY 0.1 432 14.9 759 680 57.4 7.2 6.4 1.1 0.9 14.6% 14.8% Average 7.4 6.8 0.9 0.8 12.3% 11.9%
Oil and Gas
PGAS BUY 0.7 1,945 (8.3) 2,466 2,400 23.4 14.1 14.5 1.1 1.1 8.1% 7.4% AKRA HOLD 0.2 3,370 (21.4) 4,647 4,790 42.1 11.8 9.7 1.4 1.3 12.2% 13.8% MEDC BUY 0.2 645 (5.8) 970 1,300 101.6 5.4 5.0 0.5 0.6 10.0% 10.9% ELSA BUY 0.0 304 (11.6) 508 658 116.4 4.9 3.5 0.6 0.5 12.0% 14.7% Average 9.1 8.2 0.9 0.9 10.6% 11.7% Chemical TPIA SELL 2.4 8,975 51.5 4,733 3,500 -61.0 82.3 73.6 6.8 6.4 8.2% 8.6% BRPT HOLD 1.6 1,200 151.0 633 420 -65.0 10.4 9.0 0.6 0.6 5.9% 6.2% ESSA BUY 0.1 272 (15.5) 450 457 68.0 10.0 8.0 0.9 0.8 9.2% 9.6% Average 34.2 30.2 2.8 2.6 7.8% 8.2% Utilities JSMR HOLD 0.5 5,100 19.2 6,616 6,000 17.6 15.5 13.7 2.0 1.8 12.7% 12.8% Metal ANTM BUY 0.3 810 5.9 1,227 1,250 54.3 15.6 11.3 1.0 1.0 6.5% 8.9% MDKA BUY 0.3 1,065 52.1 1,460 1,700 59.6 4.6 2.6 0.6 0.5 14.1% 19.8% INCO BUY 0.5 3,300 1.2 4,170 3,900 18.2 42.4 20.0 1.2 1.0 2.7% 5.1% TINS BUY 0.1 785 4.0 1,352 1,775 126.1 6.3 8.7 0.9 0.8 14.0% 9.7% Average 17.2 10.6 0.9 0.8 9.3% 10.9% Stock Rec.
Equity Research│25 November 2019
JCI Wgt Last price YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE (%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Coal ITMG HOLD 0.2 11,525 (43.1) 13,618 17,470 51.6 3.2 3.0 0.8 0.8 23.5% 25.3% ADRO BUY 0.6 1,320 8.6 1,488 1,600 21.2 6.8 6.3 0.7 0.7 10.5% 10.5% PTBA BUY 0.4 2,430 (43.5) 2,732 4,140 70.4 4.3 3.4 1.4 1.1 32.2% 33.1% Average 4.8 4.2 1.0 0.8 22.1% 23.0% Plantation AALI BUY * 0.4 13,125 11.0 13,172 12,500 -4.8 22.2 17.9 1.3 1.2 5.8% 6.7% LSIP BUY 0.1 1,375 10.0 1,478 1,420 3.3 21.5 14.9 1.1 1.0 4.9% 6.7% TBLA BUY 0.1 895 3.5 1,299 1,300 45.3 4.3 3.9 0.9 0.8 21.1% 20.3% SIMP HOLD 0.1 368 (20.0) 500 500 35.9 11.9 1.6 0.4 0.4 3.3% 24.0% SSMS BUY 0.1 890 (28.8) 1,025 1,050 18.0 -222.5 17.1 2.1 1.9 -1.0% 11.0% Average -3253.8% 1108.2% 115.1% 105.3% 6.8% 13.8%
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Note: *: Under Review
Equity Research│25 November 2019
Global Data
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
World 2,274 3.53 0.16 (0.05) (0.52) 2.30 8.56 20.70 15.13 2,290 1,794 U.S. (S&P) 3,110 6.75 0.22 (0.32) (0.33) 2.90 9.24 24.07 18.15 3,128 2,347 U.S. (DOW) 27,876 109.33 0.39 (0.21) (0.46) 3.40 8.77 19.50 14.78 28,090 21,713 Europe 3,687 7.66 0.21 (0.25) (0.65) 1.73 10.59 22.85 17.54 3,733 2,909 Emerging Market 1,049 3.97 0.38 (0.33) (0.34) 1.23 7.69 8.57 8.19 1,099 945 FTSE 100 7,327 88.26 1.22 0.04 0.33 0.03 3.27 8.90 5.38 7,727 6,537 CAC 40 5,893 11.92 0.20 (0.27) (0.78) 2.99 10.63 24.57 19.13 5,967 4,556 Dax 13,164 26.18 0.20 (0.43) (0.59) 2.09 13.37 24.67 17.61 13,374 10,279 Indonesia 6,100 (17.12) (0.28) (0.84) (0.46) (2.43) (2.48) (1.52) 1.57 6,636 5,767 Japan 23,288 175.19 0.76 0.60 (0.55) 2.14 12.44 16.35 7.58 23,591 18,949 Australia 6,747 37.52 0.56 0.37 (0.29) 0.12 3.44 19.50 18.04 6,876 5,410 Korea 2,123 21.08 1.00 (0.11) (1.74) 1.68 8.97 4.02 3.19 2,252 1,892 Singapore 3,226 33.44 1.05 (0.13) (1.01) 1.26 3.71 5.11 5.67 3,415 2,993 Malaysia 1,597 4.65 0.29 (0.27) (0.47) 1.71 (0.78) (5.54) (5.84) 1,732 1,548 Hong Kong 26,595 128.20 0.48 (1.84) 1.02 (0.27) 1.59 2.90 2.57 30,280 24,897 China 2,885 (18.35) (0.63) (1.66) (0.21) (2.36) (0.42) 15.69 11.86 3,288 2,441 Taiwan 11,567 8.53 0.07 (0.55) (0.28) 2.40 9.76 18.91 19.65 11,668 9,319 Thailand 1,598 5.86 0.37 (0.59) (0.28) 0.28 (2.97) 2.16 (1.50) 1,748 1,547 Philipines 7,825 5.70 0.07 (1.11) (1.37) (1.24) (0.82) 4.80 6.60 8,420 7,264 1D 1D 3D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 126.70 1.90 0.64 5.01 10.02 126.70 117.21
Inflation Rate (yoy, %) 3.13 3.49 2.48
Gov Bond Yld (10yr, %) 7.07 0.00 8.29 6.93
US Fed Rate (%) 1.75 2.50 1.75
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low Indonesia 14,095 5.00 (0.04) (0.03) (0.13) (0.38) 0.99 2.09 3.44 14,655 13,893 Japan 108.78 0.12 (0.11) (0.16) (0.09) (0.10) (2.45) 0.84 4.41 114.04 104.46 UK 1.29 0.00 0.13 (0.56) (0.79) 0.19 5.19 0.76 0.19 1.34 1.20 Euro 1.10 0.00 0.01 (0.46) (0.45) (0.52) (0.72) (3.88) (2.70) 1.16 1.09 China 7.04 0.01 (0.13) (0.15) (0.43) 0.55 0.64 (2.27) (1.51) 7.18 6.67 Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 63.49 0.10 0.16 1.75 1.68 2.37 6.99 18.01 7.98 75.60 49.93 CPO 2,748 81.00 3.04 4.81 5.41 18.60 21.81 29.56 33.59 2,755 1,940 Rubber 759.00 (2.00) (0.26) 2.57 2.78 5.05 3.05 21.83 20.96 955.00 612.50 Coal 71.10 (0.20) (0.28) 1.07 3.57 2.67 10.23 (30.33) (27.82) 104.00 63.00 Iron Ore 100.58 1.25 1.26 23.20 23.31 17.98 13.01 42.50 37.54 118.96 64.71 Tin 16,328 (48.00) (0.29) 2.27 1.58 (2.84) 0.79 (16.35) (15.27) 21,914 15,705 Nickel 14,635 150.00 1.04 (0.37) (2.27) (11.30) (6.55) 36.90 33.41 18,850 10,525 Copper 5,855 26.00 0.45 (0.34) 0.10 0.64 3.03 (1.84) (6.39) 6,609 5,518 Gold 1,461 (2.80) (0.19) (0.91) (0.75) (2.72) (4.39) 14.28 19.42 1,560 1,211 Source: Bloomberg, SSI Research
Commodity Indicators Last Price Regional Indices Last Price
Exchange Rate (per USD) Last Price
Change (%) 1 Year Change (%) 1 Year
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
Equity Research│25 November 2019
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking,
Consumer (Staple) [email protected] +6221 2854 8148
Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396
William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Paper, Plantation, Telco
Infra, Chemical [email protected] +6221 2854 8387
Dessy Lapagu Coal, Metal, Mining Cont., Oil & Gas [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive, Construction, Precast, Telco [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property, Toll Road [email protected] +6221 2854 8144 Teuku Al Hafidh At Tirmidzi Aviation, Retail, Telco Retail [email protected] +6221 2854 8339
Gusti Angga Rizky Pratama Media, Poultry [email protected] +6221 2854 8322
Calista Muskitta Research Associate [email protected] +6221 2854 8331
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 Gitta Wahyu Retnani Institutional Equity Sales [email protected] +6221 2854 8365
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
Fixed Income Sales Team
R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170
Dina Afrilia Senior Fixed Income Sales [email protected] +6221 2854 8309
Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306
Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372
