Serapan Anggaran PEN IDR Triliun Hingga Akhir September

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: 5,004.3

: +5.1 0.10%

: 9,867 Mn shrs : 5,639 Bn rupiah Last

Close +/- %

BBCA 28,775 275 1.0

HMSP 1,510 45 3.1

BNLI 1,360 180 15.3

CPIN 5,900 175 3.1

BBRI 3,120 -70 -2.2

POLL 8,375 -625 -6.9

BRPT 855 -20 -2.3

INCO 3,440 -180 -5.0

Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)

BMRI 66 BBRi 380

BBCA 37 PGAS 30

UNVR 23 BRMS 19

MDKA 20 INDF 15

BBNI 13 ADRO 13 Money Market

Last

Close +/- %

USD/IDR 14,710 -25.0 0.2

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 18.3 0.1 0.7

EIDO 18.1 0.1 0.4

Global Indices Last

Close +/- %

DJIA 28,303 531 1.9

S&P 500 3,419 59 1.7

Euro Stoxx 3,233 0 0.0

MSCI World 2,409 27 1.1

STI 2,538 9 0.4

Nikkei 23,505 82 0.4

Hang Seng 24,243 262 1.1

Commodities Last

Close +/- %

Brent Oil 42 0.1 0.3

Coal (ICE) 61 -0.6 -1.0

CPO Malay 2,833 46.0 1.7

Nickel 14,582 83.0 0.6

Tin 18,078 -70.0 -0.4

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Wednesday, 07 Oct 2020 Market Index

Index Movement Market Volume

DAILY RESEARCH

Market

Serapan Anggaran PEN IDR 318.48 Triliun Hingga Akhir September

Setelah sebelumnya memutuskan untuk menunda pembicaraan stimulus ekonomi hingga setelah pemilu AS, Trump kembali memberikan pesan pada Rabu pagi waktu AS, untuk mendorong kesepakatan USD 1,200 stimulus untuk warga AS dan paket stimulus lainnya untuk industri airlines serta bisnis kecil dan melemah. Perdagangan pasar saham AS ditutup positif setelahnya, S&P 500 naik +1.74%, Dow Jones +1.91%, dan Nasdaq +1.88%.

Sementara yield 10Y Treasury masih bergerak uptrend dalam seminggu terakhir yang saat ini berada di level 0.784%.

Penambahan kasus COVID-19 Indonesia pada Rabu kemarin sebanyak 4,538 kasus, sedikit lebih tinggi dari rerata tujuh hari terakhir 4,101 kasus.

Pada hari yang sama, 3,854 kasus dinyatakan sembuh, yang juga sedikit lebih tinggi dari rerata kesembuhan tujuh hari terakhir 3,621 kasus.

Kementerian Keuangan (Kemenkeu) mencatat realisasi anggaran Program Pemulihan Ekonomi Nasional (PEN) sampai dengan akhir September mencapai IDR 318.48 triliun atau setara 45.8% dari pagu anggaran IDR 695.2 hingga akhir tahun. Realisasi ini meningkat dari akhir bulan Agustus lalu sebanyak IDR 268.3 triliun (38.6% dari pagu).

Bursa regional Nikkei dan Kospi pagi ini diperdagangkan positif (+0.36%

& +0.74%), sementara kami melihat sentimen domestik masih menjadi faktor dominan bagi perdagangan bursa domestik hingga akhir pekan menyusul pengesahan UU Cipta Kerja pada awal minggu ini.



BNLI : Berencana untuk berintegrasi dengan Bangkok Bank dan

menjadi bank BUKU IV



INCO : MIND ID Resmi Kendalikan 20% Saham Vale



WSKT : Lunasi obligasi, dapat pinjaman dari BNI

Highlights

8 October 2020

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Equity Research│8 October 2020

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

10/7/2020 315,714 1.46 4,538 11.88 240,291 3,854 11,472 98 63,951 79.74 10/6/2020 311,176 1.32 4,056 11.98 236,437 3,844 11,374 121 63,365 79.64 10/5/2020 307,120 1.19 3,622 (9.27) 232,593 4,140 11,253 102 63,274 79.40 10/4/2020 303,498 1.33 3,992 (0.37) 228,453 3,401 11,151 96 63,894 78.95 10/3/2020 299,506 1.36 4,007 (7.18) 225,052 3,712 11,055 83 63,399 78.83 10/2/2020 295,499 1.48 4,317 3.43 221,340 2,853 10,972 116 63,187 78.62 10/1/2020 291,182 1.45 4,174 (2.57) 218,487 3,540 10,856 116 61,839 78.76

Average 4,101 3,621 105 79.13

Source: SSI Research, Bloomberg

COMMODITIES

Gold: Gold 100 Oz Futures Dec20 (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)

8-Oct-19 8-Nov-19 8-Dec-19 8-Jan-20 8-Feb-20 8-Mar-20 8-Apr-20 8-May-20 8-Jun-20 8-Jul-20 8-Aug-20 8-Sep-20

0 10 20 30 40 50 60 70 80

40 45 50 55 60 65 70 75 80

1,500 1,700 1,900 2,100 2,300 2,500 2,700 2,900 3,100 3,300

4,000 4,100 4,200 4,300 4,400 4,500 4,600 4,700 4,800 4,900 5,000

10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

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BNLI: Berencana untuk berintegrasi dengan Bangkok Bank dan menjadi bank BUKU IV

BNLI akan melakukan integrasi dengan Bangkok Bank Kantor Cabang Indonesia (BBI) yang akan rampung pada Desember 2020. Usai merampungkan integrasi tersebut, BNLI akan masuk kategori bank BUKU IV dengan modal inti di atas Rp 30 triliun. Penyelesaian rencana integrasi akan ditandai dengan pengalihan aset berkualitas baik dan liabilitas tertentu Bangkok Bank Kantor Cabang Indonesia secara hukum kepada BNLI, dan selanjutnya dilakukan pencabutan izin usaha Bangkok Bank Kantor Cabang Indonesia dalam waktu dua tahun sejak tanggal efektif integrasi. (Investor Daily)

Comment:

Integrasi tersebut menyatukan kekuatan Bangkok Bank, salah satu bank terdiversifikasi di Asia yang telah hadir di Indonesia selama 52 tahun dengan BNLI, salah satu dari 15 bank terbesar di Indonesia.

Untuk para pemegang saham BNLI diberikan pilihan untuk menjual sahamnya kepada perseroan atau tetap menjadi pemegang saham BNLI pasca integrasi. Apabila memilih menjual sahamnya, BNLI akan membeli dengan harga Rp 1.338 per saham. Penyelesaian pembelian saham akan dilakukan dalam waktu 10 hari kerja setelah tanggal efektif integrasi atau paling lambat 13 Januari 2021. BNLI akan membeli hingga 2.804.273.920 saham yang merupakan 10% dari jumlah saham ditempatkan BNLI.

BNLI: HOLD: 23.4x PE '21E, 1.4x PBV '21E, TP: IDR 1,376

INCO: MIND ID Resmi Kendalikan 20% Saham Vale

Vale Canada Ltd dan Sumitomo Metal Mining Co Ltd telah menyelesaikan penjualan dan pengalihan 20%

kepemilikan saham di PT Vale Indonesia (INCO) kepada PT Indonesia Asahan Aluminium (Inalum) atau Mining Industry Indonesia (MIND ID). Nilai transaksinya mencapai Rp 5,52 triliun. (Investor Daily)

Comment:

Transaksi tersebut dilakukan pada harga sekitar IDR 2,770-2,780/share atau dibawah harga saham INCO yang sekarang sebesar IDR 3,440/share. Aksi pelepasan tersebut menurut kami sudah di ekspektasi pasar, karena penandatanganannya (SPA/share purchase agreement) telah terlebih dahulu dilakukan pada Juni 2020 lalu. Dengan telah dipenuhinya divestasi tersebut, maka INCO berhak mendapatkan izin tambang yang akan jatuh tempo pada 2025 mendatang. INCO memiliki hak untuk melakukan perpanjangan izin operasi 2x10 tahun atau hingga 2045. Target berikutnya untuk INCO adalah pembangunan smelter di Pomalaa dan Bahodopi yang di ekspektasi akan selesai pada 1H21.

INCO: BUY: 18.9x PE '21E, 1.1x PBV '21E, TP: IDR 4,000

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WSKT: Lunasi obligasi, dapat pinjaman dari BNI

PT Waskita Karya Tbk (WSKT) meraih pinjaman sebesar Rp 2 triliun dari PT Bank Negara Indonesia Tbk (BBNI).

Pinjaman ini digunakan perseroan untuk melunasi obligasi jatuh tempo. Pinjaman tunai ber tenor enam bulan tersebut diraih perseroan pada 2 Oktober 2020 dengan tingkat bunga 9,5%. (Investor Daily)

Comment:

WSKT menghadapi 2 obligasi jatuh tempo pada tanggal 6 dan 16 Oktober 2020 dengan total berkisar IDR 2.5 triliun. Pada posisi akhir Jun-20, kas WSKT memang cukup rendah hanya IDR 1.36 triliun.

Pinjaman dari BNI bertenor pendek, nampaknya digunakan hanya untuk bridging sementara

menunggu pembayaran proyek terutama proyek tol. Divestasi tol Becakayu sebesar IDR 550 miliar

diharapkan dapat membantu likuiditas. WSKT: BUY: 30.0x PE '21E, 0.3x PBV '21E, TP: IDR 600

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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 4.6 5,550 (27.7) 7,700 6,855 38.7 12.4 8.6 1.4 1.3 11.1% 14.7%

BBCA BUY 12.6 28,775 (13.9) 32,000 33,239 11.2 29.3 23.0 4.0 3.6 13.7% 15.8%

BBRI BUY 6.8 3,120 (29.1) 3,800 3,881 21.8 19.9 11.7 2.1 1.8 10.3% 15.8%

BBNI BUY 1.5 4,670 (40.5) 6,000 5,696 28.5 12.9 6.4 0.7 0.6 5.4% 10.0%

BBTN BUY 0.2 1,225 (42.2) 1,500 1,507 22.4 4.2 4.0 0.5 0.4 10.9% 10.6%

BNLI HOLD 0.7 1,360 7.5 1,376 1,356 1.2 25.2 23.4 1.5 1.4 6.1% 6.1%

Average 17.3 12.9 1.7 1.5 9.6% 12.2%

Consumer (Staples)

ICBP HOLD 2.1 10,000 (10.3) 9,300 12,024 -7.0 20.3 18.1 4.0 3.5 19.6% 19.1%

INDF BUY 1.1 7,125 (10.1) 9,500 8,728 33.3 12.7 11.6 1.6 1.5 12.9% 13.2%

KLBF BUY 1.3 1,590 (1.9) 1,750 1,788 10.1 25.2 24.1 4.2 3.9 16.8% 16.1%

UNVR BUY 5.5 8,000 (4.8) 9,800 8,993 22.5 38.1 37.7 47.2 46.6 123.7% 123.4%

Average 24.1 22.9 14.3 13.9 43.3% 42.9%

Cigarette

HMSP HOLD 3.1 1,510 (28.1) 1,520 1,759 0.7 17.6 17.4 53.9 5.4 307.1% 30.9%

GGRM BUY 1.5 42,950 (19.0) 71,700 57,286 66.9 13.8 10.8 1.6 1.4 11.2% 13.4%

Average 15.7 14.1 27.7 3.4 159.2% 22.1%

Healthcare

MIKA BUY 0.6 2,530 (5.2) 3,000 2,589 18.6 48.7 46.9 8.3 4.0 17.0% 8.6%

SILO HOLD 0.1 4,820 (30.6) 4,900 5,575 1.7 39.8 28.4 1.2 1.1 3.0% 4.0%

HEAL BUY 0.2 3,300 (7.8) 5,000 4,205 51.5 40.2 30.8 4.2 3.7 10.3% 12.0%

Average 42.9 35.3 4.5 3.0 10.1% 8.2%

Poultry

CPIN HOLD 1.7 5,900 (9.2) 5,800 5,719 -1.7 24.3 21.3 4.0 3.6 16.5% 16.7%

JPFA BUY 0.2 1,135 (26.1) 1,600 1,342 41.0 18.0 8.0 1.1 1.0 6.0% 12.2%

MAIN BUY 0.0 530 (47.3) 700 640 32.1 265.0 7.3 0.6 0.5 0.2% 7.2%

Average 102.4 12.2 1.9 1.7 7.6% 12.0%

Retail

MAPI BUY 0.2 590 (44.1) 1,350 815 128.8 8.3 7.4 1.3 1.1 15.4% 14.8%

RALS BUY 0.1 530 (50.2) 1,400 645 164.2 4.6 4.2 0.8 0.7 17.3% 17.3%

ACES BUY 0.5 1,545 3.3 1,900 1,759 23.0 22.7 20.3 4.8 4.2 21.2% 20.7%

Average 11.9 10.6 2.3 2.0 18.0% 17.6%

Pulp and Paper

INKP SELL 0.9 8,800 14.3 6,900 8,950 -21.6 10.5 10.9 0.8 0.7 7.2% 6.5%

Average 10.5 10.9 0.8 0.7 7.2%

Media

MNCN BUY 0.2 785 (51.8) 1,390 1,357 77.1 4.2 3.8 0.7 0.7 17.5% 17.3%

SCMA BUY 0.3 1,180 (16.3) 1,550 1,492 31.4 10.2 10.2 2.7 2.4 26.4% 23.8%

Average 7.2 7.0 1.7 1.5 22.0% 20.5%

Telco

EXCL BUY 0.4 2,180 (30.8) 3,500 3,402 60.6 22.7 21.0 1.2 1.1 5.1% 5.4%

ISAT BUY 0.2 2,080 (28.5) 2,800 3,083 34.6 n/a n/a 1.0 1.0 -9.7% -2.2%

TLKM BUY 4.7 2,660 (32.1) 4,300 3,868 61.7 12.9 11.8 2.2 2.1 16.9% 17.5%

Average 17.8 16.4 1.4 1.4 4.1% 6.9%

Telco Retail

ERAA HOLD 0.1 1,535 (14.5) 1,625 1,804 5.9 8.2 6.7 0.9 0.8 11.0% 11.9%

Telco Infra

TBIG BUY 0.5 1,340 8.9 1,490 1,442 11.2 27.9 26.3 4.6 4.1 16.5% 15.6%

TOWR BUY 0.9 1,025 27.3 1,300 1,260 26.8 17.4 16.0 4.8 4.0 27.7% 25.2%

Average 22.6 21.1 4.7 4.1 22.1% 20.4%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Auto

ASII BUY 3.4 4,630 (33.1) 7,500 5,759 62.0 8.6 7.9 0.9 0.9 10.8% 10.9%

Average 8.6 7.9 0.9 0.9 10.8%

Mining Contracting

UNTR HOLD 1.5 22,275 3.5 22,300 25,695 0.1 6.9 5.2 1.5 1.0 22.1% 19.7%

Average 6.9 5.2 1.5 1.0 22.1%

Aviation

GIAA BUY 0.1 228 (54.2) 650 255 185.1 2.3 2.0 0.4 0.3 17.5% 16.9%

Average 2.3 2.0 0.4 0.3 17.5%

Property

BSDE BUY 0.3 785 (37.5) 950 980 21.0 11.7 11.2 0.4 0.4 3.7% 3.6%

PWON BUY 0.3 354 (37.9) 460 513 29.9 5.8 5.4 1.0 0.8 16.5% 15.4%

ASRI BUY 0.0 112 (52.9) 140 137 25.0 2.8 3.4 0.2 0.2 7.1% 5.5%

LPKR BUY 0.2 131 (45.9) 170 186 29.8 11.9 10.1 0.3 0.3 2.5% 2.9%

SMRA BUY 0.1 565 (43.8) 775 805 37.2 12.8 10.3 1.0 0.9 8.0% 9.2%

CTRA BUY 0.2 680 (34.6) 950 892 39.7 14.2 13.6 0.8 0.7 5.5% 5.5%

Average 9.9 9.0 0.6 0.6 7.2% 7.0%

Industrial Estate

SSIA BUY 0.0 444 (32.2) 550 498 23.9 49.3 24.7 0.5 0.5 1.0% 2.0%

DMAS HOLD 0.2 232 (21.6) 250 256 7.8 7.0 6.6 1.5 1.5 21.0% 21.9%

KIJA SELL 0.1 206 (29.5) 150 160 -27.2 18.7 15.8 0.8 0.5 4.0% 3.4%

Average 25.0 15.7 0.9 0.8 8.7% 7.7%

Construction

PTPP BUY 0.1 870 (45.1) 1,200 1,152 37.9 22.3 6.9 0.4 0.3 1.6% 5.0%

ADHI BUY 0.0 525 (55.3) 700 762 33.3 2.5 2.3 0.3 0.2 10.0% 10.0%

WSKT BUY 0.1 540 (63.6) 600 684 11.1 n/a 30.0 0.3 0.3 -7.3% 1.1%

WIKA BUY 0.2 1,160 (41.7) 1,600 1,452 37.9 12.1 7.9 0.6 0.6 5.0% 7.1%

Average 12.3 11.8 0.4 0.4 2.3% 5.8%

Cement

INTP BUY 0.7 10,825 (43.1) 12,200 14,510 12.7 30.1 25.0 1.8 1.7 5.8% 6.9%

SMGR BUY 1.0 9,475 (21.0) 10,800 11,756 14.0 42.3 25.1 1.6 1.5 3.8% 6.1%

Average 36.2 25.0 1.7 1.6 4.8% 6.5%

Precast

WSBP BUY 0.1 148 (51.3) 170 272 14.9 3.4 2.9 0.4 0.4 12.1% 12.7%

WTON BUY 0.0 232 (48.4) 340 430 46.6 3.3 2.8 0.5 0.4 15.6% 16.0%

Average 3.3 2.8 0.5 0.4 13.8% 14.3%

Oil and Gas

PGAS SELL 0.4 975 (55.1) 700 1,296 -28.2 16.5 12.3 0.6 0.6 3.6% 4.6%

AKRA BUY 0.2 2,600 (34.2) 3,800 3,597 46.2 13.5 11.8 1.2 1.2 9.1% 10.0%

MEDC BUY 0.2 346 (52.8) 950 510 174.6 6.1 2.7 0.4 0.3 5.9% 12.1%

Average 12.0 8.9 0.7 0.7 6.2% 8.9%

Chemical

TPIA HOLD 2.5 7,800 (24.8) 7,575 6,425 -2.9 63.9 63.9 5.5 5.5 8.6% 8.6%

BRPT BUY 1.4 855 (43.4) 1,075 705 25.7 6.4 6.4 0.4 0.4 6.2% 6.2%

ESSA BUY 0.0 144 (46.3) 280 N/A 94.4 4.2 4.2 0.4 0.4 9.6% 9.6%

Average 24.9 24.9 2.1 2.1 8.2% 8.1%

Utilities

JSMR BUY 0.5 3,710 (28.3) 4,700 4,915 26.7 46.4 14.8 1.1 1.0 2.4% 6.9%

Metal

ANTM BUY 0.3 715 (14.9) 960 918 34.3 102.1 65.0 1.0 1.0 0.9% 1.5%

MDKA HOLD 0.7 1,715 60.3 1,600 2,068 -6.7 22.0 13.6 5.5 4.3 25.2% 31.9%

INCO BUY 0.6 3,440 (5.5) 4,000 3,942 16.3 21.9 18.9 1.2 1.1 5.2% 6.0%

TINS BUY 0.1 700 (15.2) 1,775 995 153.6 n/a 795.5 1.0 1.2 -4.2% 0.1%

Average 48.7 223.2 2.2 1.9 6.8% 9.9%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 20E 21E 20E 21E 20E 21E

Coal

ITMG HOLD 0.2 8,100 (29.4) 8,080 9,193 -0.2 3.1 3.8 1.2 2.2 37.8% 57.3%

ADRO BUY 0.6 1,130 (27.3) 1,600 1,309 41.6 5.9 5.9 0.6 0.6 9.9% 9.3%

PTBA HOLD 0.4 1,965 (26.1) 1,870 2,336 -4.8 8.2 12.3 1.3 1.3 15.7% 10.6%

Average 5.7 7.3 1.0 1.3 21.1% 25.7%

Plantation

AALI HOLD 0.4 10,375 (28.8) 11,100 12,294 7.0 31.1 18.3 1.0 1.0 3.4% 5.5%

LSIP HOLD 0.1 915 (38.4) 1,000 1,186 9.3 17.6 15.8 0.7 0.7 4.1% 4.4%

TBLA BUY 0.1 735 (26.1) 980 1,114 33.3 4.5 4.3 0.7 0.6 14.3% 14.3%

SIMP BUY 0.1 304 (29.6) 388 470 27.6 27.6 17.9 0.3 0.3 1.2% 1.8%

SSMS BUY 0.1 800 (5.3) 1,050 1,100 31.3 15.4 11.0 1.7 1.5 11.0% 13.8%

Average 19.2 13.4 0.9 0.8 6.8% 8.0%

Source: SSI Research, Bloomberg

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

Stock Rec.

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Chg (Pts)

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

World 2,409 26.83 1.13 1.23 2.34 6.96 2.16 13.43 2,500 1,579

U.S. (S&P) 3,419 58.50 1.74 1.68 2.63 7.87 5.84 18.19 3,588 2,192

U.S. (DOW) 28,303 530.70 1.91 1.88 2.92 8.58 (0.82) 8.18 29,569 18,214

Europe 3,233 0.13 0.00 1.25 (1.04) (1.60) (13.66) (5.81) 3,867 2,303

Emerging Market 1,108 5.43 0.49 2.13 1.87 3.53 (0.61) 11.46 1,151 752

FTSE 100 5,946 (3.69) (0.06) 1.37 0.27 (3.41) (21.16) (16.76) 7,690 4,899

CAC 40 4,882 (13.46) (0.27) 1.64 (1.84) (1.99) (18.33) (10.53) 6,111 3,632

Dax 12,929 22.55 0.17 1.32 (0.31) 3.47 (2.42) 8.01 13,795 8,256

Indonesia 5,004 5.11 0.10 2.76 (4.57) (1.42) (20.56) (17.14) 6,349 3,912

Japan 23,505 82.32 0.35 1.38 0.99 4.75 (0.64) 8.88 24,116 16,358

Australia 6,076 39.12 0.65 3.45 1.13 2.62 (9.10) (7.86) 7,197 4,403

Korea 2,401 13.63 0.57 4.01 (0.06) 11.20 9.23 17.32 2,458 1,439

Singapore 2,538 9.10 0.36 2.91 1.34 (4.91) (21.24) (18.40) 3,286 2,208

Malaysia 1,490 (19.91) (1.32) (1.01) (1.96) (5.93) (6.24) (4.44) 1,618 1,208

Hong Kong 24,243 262.21 1.09 3.27 (1.55) (7.22) (14.00) (6.37) 29,175 21,139

China 3,218 (6.31) (0.20) (1.88) (5.65) 6.35 5.51 10.77 3,459 2,647

Taiwan 12,746 42.14 0.33 2.28 0.65 4.73 6.25 15.69 13,032 8,524

Thailand 1,264 13.56 1.08 2.16 (2.33) (7.25) (20.01) (21.61) 1,643 969

Philipines 5,868 (42.76) (0.72) 0.06 (2.75) (6.64) (24.92) (24.35) 8,217 4,039

Foreign Reserves (US$Bn) 135.15 (1.38) 2.61 4.62 8.70 137.04 120.97

Inflation Rate (yoy, %) 1.42 2.98 1.32

Gov Bond Yld (10yr, %) 6.91 (4.82) 8.38 6.51

US Fed Rate (%) 0.25 2.00 0.25

Chg (Pts)

Indonesia 14,710 (25.00) 0.17 1.16 0.20 (1.84) (5.74) (3.72) 16,625 13,577

Japan 106.01 0.03 (0.03) (0.45) 0.02 1.18 2.45 1.02 112.23 101.19

UK 1.29 0.00 0.03 0.25 (0.45) 2.48 (2.52) 5.76 1.35 1.14

Euro 1.18 0.00 0.03 0.15 (0.10) 3.85 4.93 7.38 1.20 1.06

China 6.79 (0.03) 0.37 0.27 0.85 4.02 2.54 5.26 7.18 6.75

Chg (Pts)

Oil (Brent) 42.10 0.11 0.26 2.86 5.83 (2.75) (36.21) (27.71) 71.75 15.98

CPO 2,833 46.00 1.65 4.38 2.20 20.60 (7.18) 28.42 3,140 1,944

Rubber 851.50 3.00 0.35 2.78 6.11 6.44 11.45 19.09 851.50 685.00

Coal 61.35 (0.60) (0.97) 4.69 22.95 9.46 (9.38) (11.79) 77.25 47.50

Tin 18,078 (70.00) (0.39) 3.61 (1.29) 6.15 5.24 10.86 18,421 13,375

Nickel 14,604 84.00 0.58 0.60 (3.83) 8.43 4.13 (17.61) 17,805 10,865

Copper 6,679 149.00 2.28 0.10 (1.62) 7.93 8.18 16.72 6,878 4,371

Gold 1,884 (2.70) (0.14) (1.47) (2.64) 3.49 23.99 25.60 2,074 1,446

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(9)

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

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 Aviation, Coal, Metal [email protected] +6221 2854 8392

Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil & Gas [email protected] +6221 2854 8144

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Private Wealth Management

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

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

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

Teguh Suwarno Fixed Income Sales [email protected] +6221 2854 8384

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371