1 www.samuel.co.id : 5,031.3 : -21.5 -0.43% : 7,274 Mn shrs : 5,558 Bn rupiah Last Close +/- % BBCA 31,000 500 1.6 BNGA 830 75 9.9 BYAN 12,875 475 3.8 LIFE 7,500 300 4.2 BBRI 3,110 -30 -1.0 BMRI 5,175 -75 -1.4 SMMA 17,500 -500 -2.8 ASII 4,830 -70 -1.4
Foreign Net Buy / Sell (Regular Market)
Net Buy (Rpbn) Net Sell (Rpbn)
BBCA 147 ASII 23 UNVR 25 INDF 19 BBRI 22 BBTN 19 CPIN 21 TLKM 18 MDKA 19 WSBP 13 Money Market Last Close +/- % USD/IDR 14,435 40.0 -0.3 JIBOR O/N 5.9 0.0
Dual Listing Securities
Last Close +/- % TLKM 21.2 -0.1 -0.2 EIDO 19.0 -0.1 -0.3 Global Indices Last Close +/- % DJIA 26,075 369 1.4 S&P 500 3,185 33 1.0 Euro Stoxx 3,296 35 1.1 MSCI World 2,260 19 0.8 STI 2,653 -17 -0.6 Nikkei 22,573 282 1.3 Hang Seng 25,727 -483 -1.8 Commodities Last Close +/- % Brent Oil 43 -0.4 -1.0 CPO Malay 2,384 6.0 0.3 Coal (ICE) 54 -0.5 -1.0 Nickel 13,489 268.0 2.0 Tin 17,379 -32.0 -0.2 Changes Changes Leading Movers Lagging Movers Changes Changes Changes Market Value Market Activity Friday, 10 Jul 2020 Market Index Index Movement Market Volume
DAILY RESEARCH
Market
IHSG Berpeluang Menguat Mengikuti Pergerakan
Positif Bursa Global
Pasar AS menguat pada hari Jumat lalu setelah berita positif tentang
potensi penanganan COVID-19 dari Gilead dengan remdesivir yang dikabarkan
terbukti mampu menurunkan resiko mortalitas sebesar 62% dibandingkan
dengan penanganan standar. Hal ini kembali meningkatkan harapan untuk
pemulihan ekonomi. Disisi lain, pada hari Sabtu kasus positif COVID-19 harian
kembali mencetak rekor sebesar 66,528 kasus. Dow ditutup menguat +1.4%,
S&P 500 menguat +1%, sedangkan Nasdaq naik +0.6% dan mencapai level
tertingginya dalam sejarah.
Sementara IHSG ditutup melemah -0.46% ke level 5,031.3 pada Jumat
lalu dengan investor asing mencatatkan Net Buy pada pasar reguler hanya
sebesar IDR 46.8 miliar. Hari ini akan ada rilis PMI Indonesia untuk 2Q20. Pasar
juga menunggu hasil Rapat Dewan Gubernur BI pada 15-16 Juli yang
diperkirakan berpotensi untuk kembali memotong tingkat suku bunga. Selain
itu minggu ini juga ada rilis Neraca Perdagangan Indonesia untuk Juni yang
kami perkirakan akan mencatatkan surplus sekitar USD 500-650 juta.
Harga emas masih bergerak di USD 1,807 per troy ounce, sedangkan
harga minyak Brent kembali naik +2.1% ke level USD 43.24 per barrel dan WTI
menguat +2.35% ke USD 40.55 per barrel.
Pagi ini Nikkei dibuka menguat +1.28% dan Kospi menguat +0.94%.
Kami perkirakan IHSG kembali berpeluang menguat mengikuti bursa global.
CTRA :
Membukukan
marketing sales IDR 2.0 triliun pada 1H20
Highlights
Equity Research│13 July 2020
CTRA: Membukukan marketing sales IDR 2.0 triliun pada 1H20
PT Ciputra Development (CTRA) membukukan marketing sales senilai IDR 2.0 triliun hingga 1H20, setara
dengan -16% yoy dari periode sebelumnya. Marketing sales monthly stand-alone mulai beranjak naik dari
bulan terendahnya yaitu April IDR 154 miliar, hingga ke Mei (IDR 310 miliar) dan Juni (IDR 412 miliar).
Permintaan dari Jakarta dan sekitarnya, Medan dan Semarang terlihat relatif baik, namun Surabaya masih
lemah. (Perusahaan)
Comment:
Kami melihat terjadi perubahan struktur pada marketing sales CTRA di periode 1H20, menjaga
peraihan marketing sales cukup baik meski di periode pandemi. Penjualan rumah tapak dan tanah lot
mendominasi penjualan hingga 92% pada 1H20, dibanding periode sebelumnya yang hanya
berkontribusi 53%, sementara sisanya berasal dari proyek apartemen, kantor dan mix-use
developments. Disisi lain, profil pembayaran terlihat lebih konservatif dengan porsi mortgage lebih
besar (56%), lainnya 17% menggunakan cash, dan sisanya installment
.CTRA: BUY: 13.5x PE ‘20E, 0.7x
PBV ‘20E, TP: IDR 650
Equity Research│13 July 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Banks BMRI BUY 4.3 5,175 (32.6) 7,700 5,876 48.8 8.4 8.4 1.1 1.0 12.7% 11.6% BBCA HOLD 13.5 31,000 (7.3) 32,000 30,311 3.2 31.6 24.8 4.2 3.7 13.2% 14.8% BBRI HOLD 6.8 3,110 (29.3) 3,000 3,234 -3.5 15.0 10.7 2.0 1.8 13.2% 16.8% BBNI BUY 1.5 4,670 (40.5) 6,000 4,918 28.5 12.6 6.2 0.7 0.6 5.4% 10.0% BBTN BUY 0.2 1,295 (38.9) 2,850 1,201 120.1 4.5 4.2 0.5 0.4 10.9% 10.6% BNLI HOLD 0.6 1,285 1.6 1,376 1,366 7.1 23.8 22.2 1.4 1.4 6.1% 6.1% Average 16.0 12.7 1.6 1.5 10.3% 11.7% Consumer (Staples) ICBP HOLD 1.9 9,225 (17.3) 9,300 10,294 0.8 18.8 16.7 3.7 3.2 19.6% 19.1% INDF BUY 1.0 6,500 (18.0) 9,500 7,766 46.2 11.5 10.6 1.5 1.4 12.9% 13.2% KLBF HOLD 1.2 1,470 (9.3) 1,600 1,549 8.8 23.3 22.3 3.9 3.6 16.8% 16.1% UNVR BUY 5.4 7,925 (5.7) 9,800 8,856 23.7 37.8 37.4 46.7 46.1 123.7% 123.4% Average 22.9 21.7 14.0 13.6 43.3% 42.9% Cigarette HMSP BUY 3.4 1,650 (21.4) 2,750 1,931 66.7 13.3 12.3 4.4 4.0 33.2% 32.6% GGRM BUY 1.6 46,875 (11.6) 71,700 56,662 53.0 15.1 11.8 1.7 1.6 11.2% 13.4% Average 14.2 12.1 3.1 2.8 22.2% 23.0% Healthcare MIKA BUY 0.6 2,370 (11.2) 2,900 2,498 22.4 45.6 43.9 7.7 3.8 17.0% 8.6% SILO BUY 0.1 5,075 (27.0) 9,000 6,789 77.3 41.9 29.9 1.2 1.2 3.0% 4.0% HEAL BUY 0.2 2,960 (17.3) 5,000 4,096 68.9 36.1 27.7 3.7 3.3 10.3% 12.0% Average 41.2 33.8 4.2 2.8 10.1% #DIV/0! Poultry CPIN HOLD 1.8 6,000 (7.7) 5,800 4,861 -3.3 24.7 21.7 4.1 3.6 16.5% 16.7% JPFA BUY 0.2 1,150 (25.1) 1,500 1,360 30.4 6.1 5.7 1.0 0.9 17.0% 16.2% MAIN BUY 0.0 605 (39.8) 1,400 610 131.4 4.1 3.7 0.6 0.5 14.1% 14.0% Average 11.6 10.4 1.9 1.7 15.9% 15.6% Retail MAPI BUY 0.2 715 (32.2) 1,350 857 88.8 10.1 8.9 1.5 1.3 15.4% 14.8% RALS BUY 0.1 560 (47.4) 1,400 614 150.0 4.8 4.4 0.8 0.8 17.3% 17.3% ACES BUY 0.5 1,555 4.0 1,900 1,517 22.2 22.9 20.5 4.8 4.2 21.2% 20.7% Average 12.6 11.3 2.4 2.1 18.0% 17.6%
Pulp and Paper
INKP HOLD 0.8 7,775 1.0 7,175 9,800 -7.7 5.7 5.4 0.6 0.6 11.0% 10.7% Average 5.7 5.4 0.6 0.6 11.0% Media MNCN BUY 0.2 905 (44.5) 1,750 1,252 93.4 4.9 4.4 0.9 0.8 17.5% 17.3% SCMA BUY 0.3 1,235 (12.4) 1,550 1,234 25.5 10.6 10.6 2.8 2.5 26.4% 23.8% Average 7.8 7.5 1.8 1.6 22.0% 20.5% Telco EXCL BUY 0.5 2,860 (9.2) 3,500 3,467 22.4 29.8 27.5 1.5 1.5 5.1% 5.4%
ISAT HOLD 0.2 2,560 (12.0) 2,800 2,948 9.4 n/a n/a 1.2 1.2 -9.7% -2.2%
TLKM BUY 5.5 3,110 (20.6) 4,300 3,999 38.3 15.0 13.8 2.5 2.4 16.9% 17.5%
Average 22.4 20.7 1.8 1.7 4.1% 6.9%
Telco Retail
TELE BUY 0.0 121 (59.7) 250 N/A 106.6 2.1 2.1 0.2 0.2 9.1% 8.4%
ERAA BUY 0.1 1,315 (26.7) 1,625 1,380 23.6 7.0 5.7 0.8 0.7 11.0% 11.9% Average 4.6 3.9 0.5 0.4 10.1% 10.1% Telco Infra TBIG HOLD 0.5 1,125 (8.5) 1,145 1,252 1.8 29.6 28.8 5.3 4.7 17.8% 16.3% TOWR HOLD 1.0 1,065 32.3 1,050 1,066 -1.4 20.1 18.4 4.8 4.1 23.9% 22.4% Average 24.8 23.6 5.0 4.4 20.9% 19.3% Stock Rec.
Equity Research│13 July 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Auto ASII BUY 3.5 4,830 (30.3) 7,500 5,115 55.3 9.0 8.2 1.0 0.9 10.8% 10.9% Average 9.0 8.2 1.0 0.9 10.8% Mining Contracting UNTR BUY 1.2 17,925 (16.7) 22,300 19,940 24.4 5.6 4.2 1.2 0.8 22.1% 19.7% Average 5.6 4.2 1.2 0.8 22.1% Aviation GIAA BUY 0.1 258 (48.2) 650 300 151.9 2.6 2.3 0.5 0.4 17.5% 16.9% Average 2.6 2.3 0.5 0.4 17.5% Property BSDE BUY 0.3 745 (40.6) 820 1,037 10.1 11.1 10.6 0.4 0.4 3.7% 3.6% PWON BUY 0.3 406 (28.8) 650 554 60.1 6.7 6.2 1.1 0.9 16.5% 15.4% ASRI BUY 0.0 130 (45.4) 360 112 176.9 3.3 3.9 0.2 0.2 7.1% 5.5% LPKR BUY 0.2 158 (34.7) 380 190 140.5 14.4 12.2 0.4 0.4 2.5% 2.9% SMRA BUY 0.2 595 (40.8) 1,500 759 152.1 13.5 10.8 1.1 1.0 8.0% 9.2% CTRA BUY 0.2 650 (37.5) 1,150 853 76.9 13.5 13.0 0.7 0.7 5.5% 5.5% Average 10.4 9.5 0.7 0.6 7.2% Industrial Estate SSIA BUY 0.0 382 (41.7) 1,100 379 188.0 10.1 10.1 0.4 0.4 4.3% 4.2% DMAS BUY 0.2 179 (39.5) 346 222 93.3 5.4 5.1 1.1 1.1 21.0% 21.9%
KIJA BUY 0.1 145 (50.3) 325 N/A 124.1 13.2 11.2 0.5 0.4 4.0% 3.4%
Average 9.6 8.8 0.7 0.6 9.8% 8.0% Construction PTPP BUY 0.1 985 (37.9) 2,100 1,128 113.2 4.5 4.2 0.3 0.3 6.5% 7.3% ADHI BUY 0.0 635 (46.0) 1,800 910 183.5 3.1 2.8 0.3 0.3 10.0% 10.0% WSKT BUY 0.2 715 (51.9) 1,750 792 144.8 3.1 2.9 0.3 0.3 9.0% 8.7% WIKA BUY 0.2 1,240 (37.7) 1,600 1,573 29.0 12.9 8.4 0.6 0.6 5.0% 7.1% Average 5.9 4.6 0.4 0.4 7.6% 8.3% Cement INTP HOLD 0.8 11,600 (39.0) 12,200 15,141 5.2 26.8 15.1 1.9 1.9 7.0% 12.3% SMGR BUY 1.0 9,425 (21.5) 11,300 11,408 19.9 18.9 17.3 1.5 1.5 8.2% 8.5% Average 22.8 16.2 1.7 1.7 7.6% 10.4% Precast WSBP BUY 0.1 202 (33.6) 410 300 103.0 4.6 4.0 0.6 0.5 12.1% 12.7% WTON BUY 0.0 298 (33.8) 620 480 108.1 4.2 3.6 0.7 0.6 15.6% 16.0% Average 4.4 3.8 0.6 0.5 13.8% 14.3%
Oil and Gas
PGAS SELL 0.5 1,135 (47.7) 700 1,113 -38.3 19.2 14.4 0.7 0.7 3.6% 4.6% AKRA BUY 0.2 2,420 (38.7) 4,790 3,253 97.9 12.9 11.0 1.1 1.1 8.7% 9.9% MEDC BUY 0.1 460 (46.8) 850 508 84.8 4.6 4.9 0.3 0.3 7.1% 7.0% Average 12.3 10.1 0.7 0.7 6.5% 7.1% Chemical TPIA BUY 2.1 6,650 (35.9) 7,575 5,150 13.9 54.5 54.5 4.7 4.7 8.6% 8.6% BRPT SELL 2.0 1,220 (19.2) 1,075 680 -11.9 9.1 9.1 0.6 0.6 6.2% 6.2%
ESSA BUY 0.0 156 (41.8) 280 N/A 79.5 4.6 4.6 0.4 0.4 9.6% 9.6%
Average 22.7 22.7 1.9 1.9 8.2% 8.1% Utilities JSMR BUY 0.6 4,410 (14.8) 6,000 5,161 36.1 14.3 13.7 1.6 1.4 11.0% 10.6% Metal ANTM BUY 0.3 645 (23.2) 1,250 700 93.8 9.0 7.9 0.8 0.1 8.9% 1.0% MDKA HOLD 0.6 1,485 38.8 1,600 1,616 7.7 19.0 11.8 4.8 3.8 25.2% 31.9% INCO BUY 0.5 3,090 (15.1) 3,900 3,228 26.2 18.7 9.7 1.2 1.1 6.4% 11.1%
TINS BUY 0.1 625 (24.2) 1,775 650 184.0 n/a #DIV/0! 0.9 #DIV/0! -0.7% #DIV/0!
Average 15.6 9.8 2.3 1.6 13.5% 14.7%
Equity Research│13 July 2020
JCI Wgt Last price YTD Chg TP SSI TP Cons SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E
Coal ITMG BUY 0.2 7,450 (35.1) 12,070 8,791 62.0 2.8 3.5 1.1 2.0 37.8% 57.3% ADRO BUY 0.6 1,085 (30.2) 1,600 1,223 47.5 5.7 5.7 0.6 0.5 9.9% 9.3% PTBA HOLD 0.4 2,070 (22.2) 1,870 2,309 -9.7 8.6 12.9 1.3 1.4 15.7% 10.6% Average 5.7 7.4 1.0 1.3 21.1% 25.7% Plantation AALI BUY 0.3 8,475 (41.9) 16,000 9,377 88.8 11.5 13.7 0.8 0.8 6.9% 5.7% LSIP BUY 0.1 845 (43.1) 1,610 1,033 90.5 13.6 9.9 0.6 0.6 4.7% 6.2% TBLA BUY 0.1 580 (41.7) 980 680 69.0 3.6 3.4 0.5 0.5 14.3% 14.3% SIMP BUY 0.1 268 (38.0) 388 276 44.8 24.4 15.8 0.3 0.3 1.2% 1.8% SSMS BUY 0.1 795 (5.9) 1,050 990 32.1 15.3 10.9 1.7 1.5 11.0% 13.8% Average 13.7 10.7 0.8 73.2% 7.6% 8.3%
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│13 July 2020
Global DataChg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
World 2,260 18.86 0.84 0.31 (0.21) 4.40 15.48 (4.19) 2.12 2,435 1,579 U.S. (S&P) 3,185 32.99 1.05 1.26 1.76 4.73 15.33 (1.42) 5.68 3,394 2,192 U.S. (DOW) 26,075 369.21 1.44 0.72 0.96 1.83 11.48 (8.63) (4.60) 29,569 18,214 Europe 3,296 35.05 1.07 (0.76) 0.06 4.52 13.95 (11.99) (5.76) 3,867 2,303 Emerging Market 1,069 (10.42) (0.96) (0.08) 0.83 8.33 21.08 (4.07) 1.75 1,151 752 FTSE 100 6,095 45.79 0.76 (1.53) (1.01) (0.16) 4.33 (19.19) (18.79) 7,727 4,899 CAC 40 4,970 49.47 1.01 (1.45) (0.73) 2.71 10.29 (16.85) (10.81) 6,111 3,632 Dax 12,634 144.25 1.15 0.13 0.84 5.73 19.58 (4.64) 2.52 13,795 8,256 Indonesia 5,031 (21.54) (0.43) 0.89 1.16 3.09 8.81 (20.13) (21.06) 6,468 3,912 Japan 22,573 282.00 1.27 0.60 (0.62) 1.20 18.53 (4.58) 4.09 24,116 16,358 Australia 6,005 85.28 1.44 1.42 (0.17) 2.68 11.46 (10.17) (10.33) 7,197 4,403 Korea 2,168 17.79 0.83 0.42 (0.91) 1.68 18.75 (1.35) 3.90 2,277 1,439 Singapore 2,653 (16.84) (0.63) (1.37) 0.61 (5.28) 3.16 (17.69) (20.59) 3,387 2,208 Malaysia 1,592 8.59 0.54 1.60 2.52 2.96 17.39 0.19 (4.65) 1,682 1,208 Hong Kong 25,727 (482.75) (1.84) (0.96) 1.40 5.87 5.87 (8.73) (9.64) 29,175 21,139 China 3,383 (67.27) (1.95) 1.14 7.31 15.88 21.57 10.92 15.45 3,457 2,647 Taiwan 12,074 (119.01) (0.98) (0.16) 1.38 5.63 19.55 0.64 11.54 12,273 8,524 Thailand 1,351 (15.31) (1.12) (1.65) (1.72) (2.32) 9.19 (14.52) (22.01) 1,746 969 Philipines 6,197 4.80 0.08 (1.12) (2.75) (4.31) 10.45 (20.70) (23.88) 8,420 4,039
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 131.70 0.89 8.87 1.95 6.36 131.70 120.97
Inflation Rate (yoy, %) 1.96 3.12 1.96
Gov Bond Yld (10yr, %) 7.08 (3.54) 8.38 6.51
US Fed Rate (%) 0.25 2.50 0.25
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 14,435 40.00 (0.28) 0.03 0.61 (3.15) 10.01 (3.94) (2.09) 16,625 13,577 Japan 106.87 (0.06) 0.06 0.36 0.45 0.43 0.84 1.63 0.97 112.23 101.19 UK 1.26 0.00 0.10 0.19 1.14 0.23 0.95 (4.70) 0.94 1.35 1.14 Euro 1.13 0.00 0.08 (0.19) 0.00 (0.12) 3.62 0.86 0.45 1.15 1.06 China 7.00 0.01 (0.11) 0.17 0.92 0.84 0.49 (0.55) (1.84) 7.18 6.84 Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 42.81 (0.43) (0.99) (1.11) (0.67) 10.53 34.88 (35.14) (35.84) 71.95 15.98 CPO 2,384 6.00 0.25 1.49 1.53 2.10 4.33 (21.89) 21.45 3,140 1,944 Rubber 786.50 (6.00) (0.76) (1.69) (2.30) (3.32) 12.36 2.95 (2.18) 837.50 685.00 Coal 54.00 (0.55) (1.01) (3.66) (0.83) 1.50 (9.09) (20.24) (31.03) 77.25 50.50 Tin 17,379 (32.00) (0.18) 2.04 2.83 0.33 15.30 1.17 (4.24) 18,009 13,375 Nickel 13,515 266.00 2.01 0.34 3.99 3.91 15.79 (3.64) 4.04 18,850 10,865 Copper 6,412 112.00 1.78 3.62 6.56 8.55 27.74 3.85 7.95 6,430 4,371 Gold 1,805 2.90 0.16 (0.87) 0.63 4.20 3.14 18.78 27.80 1,830 1,401
Source: Bloomberg, SSI Research
Commodity Indicators Last Price
Regional Indices Last Price
Exchange Rate (per USD) Last Price
Index
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 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│13 July 2020
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking, Consumer (Staple) suria.dharma@samuel.co.id +6221 2854 8148
Ahmad Mikail Zaini Economist ahmad.mikail@samuel.co.id +6221 2854 8396
William Mamudi, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Chem., Paper, Plantation, Poultry,Telco Infra, yosua.zisokhi@samuel.co.id +6221 2854 8387
Dessy Lapagu Aviation, Coal, Metal, Media, Retail dessy.lapagu@samuel.co.id +6221 2854 8392
Selvi Ocktaviani Automotive, Construction, Mining Cont., Precast,Telco, Toll Roads selvi.ocktaviani@samuel.co.id +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil & Gas ilham.akbar@samuel.co.id +6221 2854 8144
Calista Muskitta Research Associate calista.muskitta@samuel.co.id +6221 2854 8331
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380
Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399
Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395
Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325
Gitta Wahyu Retnani Institutional Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365
Equity Sales Team
Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150
Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146
Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173
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
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372
Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371
