DAILY. Wait and See Keputusan RDG BI. Highlights. Market DAILY RESEARCH. ADRO : Refinancing Utang USD 400 Juta. 20 April 2021

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DAILY RESEAR CH

Market

Market Activity

Market Index : 6,052.5

Index Movement : -33.7 -0.55%

Market Volume : 16,383 Mn shrs Market Value : 8,197 Bn rupiah

Last

Close +/- %

Leading Movers

BRIS 2,460 130 5.6

BBRI 4,380 40 0.9

DCII 12,300 500 4.2

BSDE 1,195 55 4.8

Lagging Movers

EMTK 2,450 -100 -3.9

TPIA 10,425 -250 -2.3

BMRI 6,225 -75 -1.2

INKP 9,325 -600 -6.0

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn) 35

BBRI 60 TAPG 452

BBTN 59 INKP 25

TBIG 34 BMRI 23

ITMG 33 TOWR 22

BBCA 26 ZINC 20 Money Market

Last

Close +/- %

USD/IDR 14,548 -17.0 0.1

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 23.0 -0.3 -1.4

EIDO 21.8 -0.2 -0.9

Global Indices Last

Close +/- %

DJIA 34,078 -123 -0.4

S&P 500 4,163 -22 -0.5

Euro Stoxx 4,020 -13 -0.3

MSCI World 2,944 -9 -0.3

STI 3,210 8 0.2

Nikkei 29,685 2 0.0

Hang Seng 29,106 136 0.5

Commodities Last

Close +/- %

Brent Oil 67 0.3 0.4

Coal (ICE) 92 -0.8 -0.9

CPO Malay 4,180 -11.0 -0.3

Nickel 16,088 -243.5 -1.5

Tin 26,718 102.0 0.38

Changes Changes

Changes

Changes Monday, 19 Apr 2021

Wait and See Keputusan RDG BI

Semalam bursa AS ditutup melemah: Dow Jones -0.36%; S&P 500 -0.53% dan Nasdaq -0.98%. Pasar AS mengalami koreksi setelah kenaikan tinggi pekan lalu.

Penurunan indeks diakibatkan turunnya saham-saham berbasis teknologi, seperti Facebook -1.3%, Amazon -0.8% dan Tesla -3.4%. Pelaku pasar cenderung menunggu rilis kinerja emiten 1Q21.

Sementara itu, beberapa bursa utama Asia ditutup menguat; Hang Seng (+0.47%), STI (+0.25%), dan Shanghai (+1.5%), sementara Nikkei dan Kospi keduanya flat (0.0%). IHSG sendiri ditutup melemah -0.55% ke level 6,052.5 dengan net sell asing sebesar IDR 192.9 miliar di pasar reguler. Net sell asing tertinggi dicetak oleh saham TAPG sebesar IDR 452.1 miliar, disusul INKP (IDR 25.2 miliar) dan BMRI (IDR 23 miliar). Sementara itu, net buy asing tertinggi di pasar regular dicatatkan oleh BBRI (IDR 59.8 miliar), diikuti BBTN (IDR 58.6 miliar) dan TBIG (IDR 33.7 miliar). Indeks EIDO juga ditutup menurun -0.93%. Indeks dolar AS turut melemah ke level 91.04, terendah dalam sebulan terakhir. Pagi ini, nilai tukar mata uang Rupiah terhadap dolar AS terpantau pada level IDR 14,545/USD.

Beberapa sentimen yang dapat diperhatikan diantaranya: Pergerakan beberapa harga komoditas mengalami penurunan, seperti batubara (May/Newcastle) -0.9%, CPO -0.3%, dan nikel -0.22%, namun Brent menguat +0.4%. Yield US Treasury 10Y sedikit naik kemarin menjadi 1.61% (vs 1.59% pada Jumat 16/4/2021). Hari ini, akan dilakukan rapat dewan gubenur Bank Indonesia yang akan menentukan arah kebijakan arah suku bunga acuan BI 7DRR. Konsensus Trading Economic memproyeksikan BI akan mempertahankan suku bunga di level 3.5%.

Sebanyak 4,952 kasus COVID-19 baru diumumkan di Indonesia kemarin (19/4) (+8%

daily), sementara 6,349 pasien sembuh, dengan recovery rate mencapai 90.8%.

Sejauh ini, Indonesia telah mencatat 1.609 juta kasus COVID-19. Dari program vaksinasi, per Senin (19/4), vaksin dosis pertama telah diberikan kepada 10.96 juta orang (+138,515 daily) atau setara dengan 6.0% dari target pemerintah (181.5 juta).

Sementara itu, dosis kedua telah diberikan kepada 6 juta orang (+139,811 daily).

Pagi ini Indeks Asia dibuka mixed, indeks Nikkei dibuka dan diperdagangkan di zona negatif -1.7%, sementara itu Indeks Kospi dibuka flat +0.1%. Minim sentimen disertai penurunan bursa AS, IHSG diperkirakan masih rawan koreksi.

DAILY RESEARCH

 ADRO : Refinancing Utang USD 400 Juta

20 April 2021

Highlights

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Equity Research│20 April 2021

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-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21 1-Apr-21

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100 110

1,500 2,000 2,500 3,000 3,500 4,000 4,500

-20 -20 -20 20 0 -20 -20 20 -20 -20 -21 -21 -21 -21

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

-20 -20 -20 20 0 20 -20 20 -20 -20 -21 -21 -21 21

10,000 12,000 14,000 16,000 18,000 20,000 22,000

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

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 %

4/19/2021 1,609,300 0.31 4,952 8.00 1,461,414 6,349 43,567 143 104,319 93.52 4/18/2021 1,604,348 0.29 4,585 (9.05) 1,455,065 4,873 43,424 96 105,859 93.40 4/17/2021 1,599,763 0.32 5,041 (6.00) 1,450,192 5,963 43,328 132 106,243 93.36 4/16/2021 1,594,722 0.34 5,363 (13.18) 1,444,229 5,975 43,196 123 107,297 93.27 4/15/2021 1,589,359 0.39 6,177 9.21 1,438,254 6,362 43,073 167 108,032 93.20 4/14/2021 1,583,182 0.36 5,656 (0.81) 1,431,892 5,747 42,906 124 108,384 93.15 4/13/2021 1,577,526 0.36 5,702 18.08 1,426,145 6,349 42,782 126 108,599 93.12

Average 5,354 5,945 130 93.29

Source: SSI Research, Bloomberg

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Equity Research│20 April 2021

ADRO: Refinancing Utang USD 400 Juta

ADRO mempertimbangkan untuk mengambil pinjaman sindikasi senilai USD 400 juta, yang akan digunakan untuk membayar utang yang jatuh tempo tahun ini. Pinjaman tersebut akan diberikan oleh sebuah konsorsium yang terdiri dari beberapa bank, dengan tenor lima tahun. (Investor Daily)

Comment:

Pada 2020 lalu, rasio net debt to 12M EBITDA ADRO tercatat sebesar 0.19x, dengan rasio net debt to equity

sebesar 0.04x. Posisi EBITDA margin perusahaan juga terjaga di level 35%, meski terjadi penurunan volume

produksi (-6% yoy) dan ASP (-9% yoy). Tahun ini, ADRO mengalokasikan capex sebesar USD 200-300 juta, yang

akan digunakan untuk membiayai kegiatan operasional rutin serta pengembangan bisnis. SSI menargetkan

produksi ADRO dapat tumbuh hingga +6% yoy ke level 58 juta ton tahun ini (2019: 54.5 juta ton) ,lebih besar

dari target manajemen sebesar 52-54 juta ton. Sementara itu, SSI memperkirakan harga batubara global

FY21F-22F akan stabil pada level USD 85-70/ton. ADRO 1,530

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Equity Research│20 April 2021

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E* 21E 20E* 21E 20E* 21E

Banks

BBCA BUY 11.3 31,350 40,500 38,085 29.2 28.5 24.3 4.2 3.8 14.7 15.7

BBRI BUY 7.9 4,380 5,300 5,135 21.0 27.9 16.5 2.9 2.6 10.3 15.8

BMRI BUY 4.3 6,225 8,000 7,958 28.5 17.0 12.2 1.5 1.5 9.1 12.1

BBNI BUY 1.6 5,875 8,500 7,300 44.7 36.7 8.5 1.0 0.8 2.6 9.7

BBTN BUY 0.3 1,650 2,300 2,224 39.4 10.9 6.8 0.9 0.8 8.1 11.4

Average 21.5 9.2 1.1 1.0 6.6 11.1

Consumer (Staples)

ICBP BUY 1.5 8,950 12,000 12,049 34.1 18.2 16.2 3.6 3.1 19.6 19.1

INDF BUY 0.9 6,750 9,500 8,698 40.7 12.1 12.2 1.4 1.3 11.9 11.0

KLBF BUY 1.0 1,495 1,750 1,780 17.1 25.3 23.0 4.1 3.7 16.0 16.0

UNVR BUY 3.6 6,300 7,900 7,988 25.4 33.5 31.8 48.8 45.0 145.7 141.4

SIDO BUY 0.4 800 970 918 21.3 25.7 22.1 7.5 7.0 29.1 31.5

Average 23.0 21.1 13.1 12.0 44.5 43.8

Cigarette

HMSP BUY 2.3 1,315 1,460 1,303 11.0 h 18.0 5.1 5.1 28.5 28.1

GGRM BUY 1.0 36,250 44,400 38,815 22.5 8.2 8.0 1.2 1.1 14.2 13.9

Average 8.2 13.0 3.1 3.1 21.4 21.0

Healthcare

MIKA BUY 0.5 2,590 3,500 3,169 35.1 43.5 40.9 7.6 6.9 17.5 16.8

SILO SELL 0.2 6,525 5,400 6,417 -17.2 466.1 197.7 1.8 1.8 0.4 0.9

HEAL HOLD 0.2 4,590 5,000 4,739 8.9 42.1 36.4 5.6 4.9 13.3 13.5

Average 183.9 91.7 5.0 4.5 10.4 10.4

Poultry

CPIN SELL 1.8 7,575 7,300 6,769 -3.6 43.0 33.1 5.9 5.4 13.7 16.4

JPFA HOLD 0.4 2,220 2,400 2,061 8.1 27.8 14.6 2.2 1.9 8.0 13.1

MAIN SELL 0.0 925 890 960 -3.8 n/a 13.6 1.0 0.9 -0.9 6.8

Average 35.4 20.4 3.0 2.8 7.0 12.1

Retail

MAPI HOLD 0.2 815 850 966 4.3 n/a 81.5 1.5 8.8 -7.4 10.8

RALS SELL 0.1 920 900 827 -2.2 n/a 19.6 1.5 1.5 -1.5 7.7

ACES BUY 0.4 1,480 1,900 1,820 28.4 31.5 23.1 5.1 4.5 16.1 19.6

LPPF SELL 0.1 1,555 1,100 1,121 -29.3 n/a 12.1 2.6 4.1 -35.0 34.1

Average 31.5 41.4 2.7 4.9 2.4 12.7

Pulp and Paper

INKP SELL 0.8 9,325 7,000 N/A -24.9 10.7 12.9 0.8 0.8 7.6 6.0

Average 10.7 12.9 0.8 0.8 7.6

Media

MNCN BUY 0.2 930 1,400 1,577 50.5 5.7 5.1 0.8 0.7 14.9 14.3

SCMA BUY 0.4 1,635 2,200 2,148 34.6 20.4 18.6 5.0 4.4 24.4 23.7

Average 13.1 11.9 2.9 2.6 19.6 19.0

Telco

EXCL BUY 0.3 2,030 3,300 3,307 62.6 9.5 19.0 1.0 1.0 10.8 5.2

ISAT BUY 0.5 5,650 6,700 6,216 18.6 n/a n/a 2.4 2.4 -5.6 -0.9

TLKM BUY 4.9 3,340 4,300 4,237 28.7 15.0 14.3 2.7 2.5 17.8 17.8

Average 12.3 16.6 2.0 2.0 7.7 7.4

Telco Retail

ERAA BUY 0.1 615 1,625 604 164.2 3.3 2.7 0.4 0.3 11.0 11.9

Telco Infra

Stock Rec.

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Equity Research│20 April 2021

Auto

ASII BUY 3.1 5,200 6,750 6,856 29.8 11.7 10.6 1.1 1.0 9.0 9.6

Average 11.7 10.6 1.1 1.0 9.0

Mining Contracting

UNTR BUY 1.2 22,200 31,000 28,468 39.6 11.9 8.9 1.3 1.2 11.2 13.8

Average 11.9 8.9 1.3 1.2 11.2

Aviation

GIAA BUY 0.1 332 650 404 95.8 3.4 2.9 0.6 0.5 17.5 16.9

Average 3.4 2.9 0.6 0.5 17.5

Property

BSDE BUY 0.4 1,195 1,350 1,459 13.0 17.8 13.4 0.7 0.7 4.0 4.9

PWON HOLD 0.4 505 530 637 5.0 38.8 13.6 1.0 1.7 2.6 12.1

ASRI SELL 0.1 202 130 251 -35.6 15.5 7.2 0.4 0.3 2.3 4.7

LPKR SELL 0.2 196 140 220 -28.6 n/a n/a 0.5 0.4 -0.5 -0.2

SMRA HOLD 0.2 940 950 998 1.1 55.3 32.4 1.9 1.8 3.4 5.4

CTRA SELL 0.3 1,140 1,100 1,305 -3.5 27.1 21.1 1.4 1.3 5.1 6.2

Average 30.9 17.6 1.0 1.0 2.8 5.5

Industrial Estate

SSIA BUY 0.0 470 700 668 48.9 n/a 42.7 0.6 0.6 -1.6 1.3

DMAS HOLD 0.2 238 250 274 5.0 15.9 14.0 1.5 1.8 9.6 12.7

KIJA SELL 0.1 172 150 N/A -12.8 15.6 13.2 0.6 0.4 4.0 3.4

Average 15.8 23.3 0.9 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,245 1,900 1,964 52.6 56.6 10.1 0.5 0.5 0.9 4.9

ADHI BUY 0.1 1,090 1,800 1,825 65.1 45.4 10.6 0.7 0.6 1.5 6.1

WSKT BUY 0.2 1,080 2,200 1,428 103.7 n/a 10.4 0.6 0.6 -15.2 5.6

WIKA BUY 0.2 1,405 2,400 2,087 70.8 14.6 9.6 0.7 0.7 5.0 7.1

Average 38.9 10.2 0.6 0.6 -1.9 5.9

Cement

INTP BUY 0.7 12,600 16,250 16,723 29.0 35.0 29.1 2.0 2.0 5.8 6.9

SMGR BUY 0.9 10,425 13,050 14,363 25.2 27.4 22.0 1.7 1.6 6.3 7.4

Average 31.2 25.5 1.9 1.8 6.1 7.2

Precast

WSBP BUY 0.1 202 230 243 13.9 18.4 5.5 0.5 0.5 2.9 8.9

WTON BUY 0.0 298 450 477 51.0 27.1 8.1 0.8 0.7 2.9 8.9

Average 22.7 6.8 0.7 0.6 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,190 1,700 1,620 42.9 21.6 17.0 0.7 0.7 3.3 4.1

AKRA BUY 0.2 3,160 4,000 4,137 26.6 13.7 12.5 1.4 1.4 10.6 11.0

MEDC BUY 0.2 565 1,090 880 92.9 n/a 7.7 0.8 0.8 -9.9 9.7

Average 17.7 12.4 1.0 0.9 1.3 8.3

Chemical

TPIA SELL 2.8 10,425 10,250 9,113 -1.7 719.0 119.8 7.2 7.2 1.0 6.0

BRPT BUY 1.3 950 1,150 1,210 21.1 198.5 121.3 5.0 5.0 2.5 4.2

ESSA SELL 0.1 386 225 540 -41.7 n/a n/a 2.7 1.3 -20.0 -0.5

Average 458.8 120.6 5.0 4.5 -5.5 3.2

Utilities

JSMR BUY 0.5 4,250 5,000 5,476 17.6 64.4 21.4 1.3 1.2 2.0 5.6

Metal

ANTM BUY 0.8 2,340 3,230 3,355 38.0 37.7 22.9 2.9 2.7 7.7 11.7

MDKA SELL 0.8 2,380 2,030 2,965 -14.7 n/a 12.9 8.6 9.4 15.7 72.9

INCO BUY 0.6 4,310 6,730 6,309 56.1 29.7 29.7 1.5 1.5 5.0 5.0

Stock Rec.

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Equity Research│20 April 2021

Coal

ITMG HOLD 0.2 12,600 13,550 14,622 7.5 8.7 8.7 1.2 1.4 14.3 16.7

ADRO BUY 0.6 1,185 1,530 1,639 29.1 8.2 8.2 0.7 0.7 8.5 8.8

PTBA BUY 0.4 2,420 3,200 3,052 32.2 9.6 8.4 1.5 1.4 15.8 16.4

Average 8.8 8.4 1.2 1.2 12.9 14.0

Plantation

AALI BUY 0.3 9,700 13,800 14,087 42.3 28.0 17.6 1.0 0.9 3.5 5.3

LSIP BUY 0.1 1,280 1,730 1,612 35.2 12.5 10.2 0.9 0.8 7.1 8.3

TBLA BUY 0.1 885 980 1,218 10.7 7.3 5.9 0.8 0.7 11.0 12.2

SIMP SELL 0.1 496 388 513 -21.8 45.1 29.2 0.5 0.5 1.2 1.8

SSMS BUY 0.1 900 1,500 1,245 66.7 26.5 11.4 2.0 1.7 7.4 15.0

Average 23.9 14.9 1.0 0.9 6.0 8.5

Source: SSI Research, Bloomberg

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

Stock Rec.

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Equity Research│20 April 2021

Chg (Pts)

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

World 2,944 (9.30) (0.31) 0.89 5.29 6.61 9.44 47.64 2,959 1,927

U.S. (S&P) 4,163 (22.21) (0.53) 0.85 6.39 9.59 10.84 44.83 4,191 2,727

U.S. (DOW) 34,078 (123.04) (0.36) 0.98 4.44 10.17 11.34 40.57 34,257 22,790

Europe 4,020 (13.08) (0.32) 1.46 4.77 10.92 13.15 38.16 4,041 2,708

Emerging Market 1,349 (0.14) (0.01) 1.86 0.88 (3.74) 4.44 49.95 1,449 872

FTSE 100 7,000 (19.45) (0.28) 1.61 4.34 3.85 8.35 20.42 7,040 5,526

CAC 40 6,297 9.62 0.15 2.19 4.98 11.87 13.43 39.05 6,319 4,195

Dax 15,368 (91.36) (0.59) 1.01 5.11 10.39 12.02 43.95 15,502 10,161

Indonesia 6,053 (33.72) (0.55) 1.75 (4.78) (5.87) 1.23 32.27 6,505 4,441

Japan 29,685 2.00 0.01 0.50 (0.36) 4.07 8.17 50.92 30,715 18,858

Australia 7,066 2.18 0.03 1.31 5.33 4.36 7.26 31.99 7,095 5,101

Korea 3,199 0.22 0.01 0.94 5.24 2.71 11.32 68.51 3,266 1,842

Singapore 3,210 7.96 0.25 1.13 2.40 7.03 12.87 23.55 3,222 2,421

Malaysia 1,600 (8.09) (0.50) (0.51) (1.59) (0.08) (1.65) 13.25 1,696 1,360

Hong Kong 29,106 136.44 0.47 2.29 0.40 (2.86) 6.89 19.63 31,183 22,520

China 3,478 50.93 1.49 1.89 2.14 (2.95) 0.13 21.91 3,732 2,758

Taiwan 17,263 104.47 0.61 2.39 7.42 9.22 17.18 63.07 17,294 10,140

Thailand 1,575 25.95 1.68 1.18 0.70 3.91 8.66 24.36 1,606 1,187

Philipines 6,460 (35.05) (0.54) (0.90) 0.37 (9.57) (9.52) 12.66 7,432 5,391

Foreign Reserves (US$Bn) 137.10 (1.23) 0.88 0.88 13.33 138.80 127.88

Inflation Rate (yoy, %) 1.37 2.67 1.32

Gov Bond Yld (10yr, %) 6.44 (17.20) 8.12 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,548 (17.00) 0.12 0.32 (0.96) (3.32) (3.42) 5.95 15,598 13,865

Japan 108.12 (0.05) 0.05 0.87 0.68 (4.24) (4.50) (0.46) 110.97 102.59

UK 1.40 0.00 0.02 1.74 0.90 2.45 2.33 12.43 1.42 1.21

Euro 1.20 0.00 0.03 0.78 0.91 (0.54) (1.43) 10.85 1.23 1.07

China 6.51 (0.01) 0.16 0.58 (0.02) (0.48) 0.26 8.65 7.18 6.42

Chg (Pts)

Oil (Brent) 67.05 0.28 0.42 5.96 3.91 19.95 29.44 138.78 71.38 15.98

CPO 3,710 (6.00) (0.16) 7.88 (0.38) 13.56 3.06 66.00 4,066 1,944

Rubber 1,023.50 (9.00) (0.87) (2.89) (10.88) 10.65 9.17 44.66 1,262.50 690.00

Coal 91.60 (0.80) (0.87) 6.26 (2.35) 8.34 13.79 62.70 99.00 47.50

Tin 28,053 (39.00) (0.14) 3.30 0.01 31.25 36.55 85.90 31,000 14,729

Nickel 16,121 (242.00) (1.48) (0.08) (1.09) (11.50) (2.96) 33.87 20,110 11,775

Copper 9,376 165.00 1.79 5.81 3.52 17.88 20.73 79.93 9,617 4,953

Gold 1,770 0.20 0.01 1.34 1.62 (5.18) (6.51) 3.90 2,074 1,659

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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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

Equity Research│20 April 2021

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer Staples [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382 Muhamad Alfatih CSA, CTA,

CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129

Yosua Zisokhi Cement , Cigarette,Paper,

Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8393

Ahmad Fadillah Oil & Gas [email protected] +6221 2854 8144

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

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales

s

+6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325 Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Sylviawati Customer Service [email protected] +6221 2854 8193

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

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Equity Retail Team

Kelvin Long Head of Retail Equity Sales [email protected] +6221 2854 8150

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

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

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

Online Trading Sales Team

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

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371