DAILY RESEAR CH
Market Activity
Market Index : 6,701.3
Index Movement : +48.0 0.72%
Market Volume : 17,083 Mn shrs Market Value : 10,508 Bn rupiah
Last
Close +/- %
Leading Movers
BBCA 7,650 175 2.3
TLKM 4,170 50 1.2
BBRI 4,190 30 0.7
ADRO 2,430 130 5.7
Lagging Movers
DCII 46,525 -2,150 -4.4
TOWR 1,070 -50 -4.5
GEMS 7,525 -159 -2.1
BEBS 4,790 -170 -3.4
Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)
BBCA 625 BBYB 81
ARTO 150 BBRI 72
PTBA 64 BUKA 50
BBNI 62 TOWR 17
KLBF 54 BANK 11 Money Market
Last
Close +/- %
USD/IDR 14,358 -35.0 0.2
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities Last
Close +/- %
TLKM 29.0 0.2 0.8
EIDO 23.4 0.3 1.3
Global Indices Last
Close +/- %
DJIA 36,232 -5 -0.01
S&P 500 4,677 -19 -0.41
Euro Stoxx 4,306 -19 -0.44
MSCI World 3,178 -7 -0.22
STI 3,205 21 0.66
Nikkei 28,479 -9 -0.03
Hang Seng 23,493 421 1.8
Commodities*
Last
Close +/- %
Brent Oil 81.8 -0.2 -0.29
Coal (ICE) 177.0 -3.0 -1.67 CPO Malay 5,231 closed closed
Gold 1,797 8.2 0.46
Nickel 20,806 340.0 1.66
Tin 39,293 98.0 0.25
*last price per closing date
Changes Changes
Changes
Changes
Changes Friday, 07 Jan 2022
DAILY RESEARCH
10 January 2022
Market
IHSG Cenderung Melemah Mengikuti Pergerakan Bursa Global dan Regional
Pasar saham AS pada perdagangan Jumat kemarin ditutup melemah dengan Index Dow Jones turun -0.01%, S&P 500 turun -0.41% dan Nasdaq turun -0.96%.
Pergerakan indeks dipengaruhi oleh kekhawatiran pasar atas kenaikan tingkat suku bunga yang dipercepat dan rilis laporan data tenaga kerja. Terdapat tambahan 199,000 perkerjaan pada Desember 2021, lebih rendah dari proyeksi pasar di 422,000. Namun begitu, tingkat pengangguran Desember 2021 turun -0.3ppts MoM ke 3.9%, dan secara akumulatif tingkat pengangguran 2021 turun -2.8ppt dan orang yang menganggur sebesar 4.5 juta orang , lebih baik dari sebelum pandemic yaitu 3.5% dan 5.7 juta orang di Februari 2020.
Pasar komoditas terpantau bergerak mixed pada perdagangan Jumat kemarin;
harga minyak WTI turun -0.7% ke level USD 78.9/bbl, Brent flat di level USD 81.75/bbl. Harga batubara turun -1.67% ke level USD 177/ton, nikel naik +1.95% ke level USD 20,802 dan CPO flat di level MYR 5,231/ton. Harga emas terpantau naik +0.46% ke level USD 1,797.4/toz.
Pada perdagangan Jumat kemarin, bursa Asia ditutup mixed: Nikkei ditutup turun - 0.03%, Hang Seng naik +1.82% dan Shanghai turun -0.18%. Indeks EIDO ditutup naik +1.3%, dan IHSG ditutup naik +0.72% ke level 6,701.3. Asing mencatatkan net buy sebesar IDR 989.9 miliar di pasar reguler, dan net sell sebesar IDR 45.2 miliar di pasar negosiasi. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBCA (IDR 624.8 miliar), ARTO (IDR 150.3 miliar), dan PTBA (IDR 63.8 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh BBYB (IDR 80.5 miliar), BBRI (IDR 72.2 miliar), dan BUKA (IDR 49.8 miliar). Top leading movers emiten BBCA, TLKM, BBRI, sementara top lagging movers emiten DCII, TOWR, GEMS.
Terjadi penambahan 518 kasus baru COVID-19 Jumat kemarin dengan positive rate sebesar 0.3% (recovery rate: 96.5%, kasus aktif: 5.494).
Pagi ini pasar Asia dibuka merah dengan Kospi turun -1.06% dan Nikkei flat di - 0.03%. Kami memperkirakan IHSG akan bergerak melemah pada perdagangan hari ini mengikuti pergerakan bursa global dan regional.
Highlights
UNTR : Siapkan Capex Rp 10 Triliun
Equity Research│10 January 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)
11-Jan-21 11-Feb-21 11-Mar-21 11-Apr-21 11-May-21 11-Jun-21 11-Jul-21 11-Aug-21 11-Sep-21 11-Oct-21 11-Nov-21 11-Dec-21
0 10 20 30 40 50 60 70 80 90 100
11-Jan-21 1-Feb-21 22-Feb-21 15-Mar-21 5-Apr-21 26-Apr-21 17-May-21 7-Jun-21 28-Jun-21 19-Jul-21 9-Aug-21 30-Aug-21 20-Sep-21 11-Oct-21 1-Nov-21 22-Nov-21 13-Dec-21 3-Jan-22
40 90 140 190 240 290 340
11-Jan-21 10-Feb-21 12-Mar-21 11-Apr-21 11-May-21 10-Jun-21 10-Jul-21 9-Aug-21 8-Sep-21 8-Oct-21 7-Nov-21 7-Dec-21 6-Jan-22
1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000
7,000 7,500 8,000
18,000 20,000 22,000
11-Jan-21 1-Feb-21 22-Feb-21 15-Mar-21 5-Apr-21 26-Apr-21 17-May-21 7-Jun-21 28-Jun-21 19-Jul-21 9-Aug-21 30-Aug-21 20-Sep-21 11-Oct-21 1-Nov-21 22-Nov-21 13-Dec-21 3-Jan-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 %
1/9/2022 4,266,195 0.01 144,129 2 (112,447,842) 2735.79 1/8/2022 4,265,666 0.01 144,127 6 (111,993,345) 2725.46 1/7/2022 4,265,187 0.01 144,121 5 (111,993,818) 2725.77 1/6/2022 4,264,669 0.01 144,116 7 (111,434,031) 2712.96 1/5/2022 4,264,136 0.01 144,109 4 (110,445,909) 2690.11 1/4/2022 4,263,732 0.01 144,105 3 (110,446,309) 2690.37 1/3/2022 4,263,433 0.01 144,102 5 (109,984,031) 2679.71
Average 5 2708.59
Source: SSI Research, Bloomberg
Equity Research│10 January 2022
UNTR: Siapkan Capex Rp 10 Triliun
UNTR menyiapkan belanja modal sebesar US$ 750 juta atau setara Rp 10,74 triliun pada tahun ini. Dana tersebut akan digunakan untuk menopang pertumbuhan bisnis perseroan di 2022. (Investor Daily)
Comment:
Jika melihat posisi kas UNTR pada 9M21 yang sebesar IDR 31.6 triliun, nilai tersebut masih tergolong cukup untuk membiayai alokasi capex UNTR tahun ini. Kami juga menilai positif target 2022 UNTR dengan asumsi penjualan alat berat tumbuh 22-23%, penjualan batu bara meningkat 6-8%, dan penjualan emas sekitar 290-300 ribu oz.
Per 9M21, revenue UNTR tumbuh +24.4% yoy. Sebanyak 42.1% dari revenue tersebut berasal dari kontribusi
mining contracting (+9.5% yoy); 27.4% berasal dari construction machinery (+53.5% yoy); 17.8% berasal dari coal
minig (+35.9% yoy) dan sebanyak 11.% dari kotribusi gold mining (+17% yoy). Kami memperkirakan pada tahun
ini kontribusi pertumbuhan dari mining contracting masih akan dominan meski diperkirakan akan ada penurunan
volume seiring proyeksi harga batubara tahun ini yang tidak setinggi tahun 2021 lalu. UNTR: BUY: 11.9x PE '22E,
1.3x PBV '22E, TP: IDR 31,000)
Equity Research│10 January 2022
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 12.5 7,650 8,100 7,881 5.9 31.1 25.9 4.7 4.2 15.1 16.3
BBRI BUY 8.5 4,190 5,300 4,968 26.5 15.8 13.4 2.5 2.3 15.8 17.0
BMRI BUY 4.3 7,050 8,000 8,433 13.5 13.0 10.4 1.6 1.5 12.3 14.2
BBNI BUY 1.7 7,075 8,500 8,236 20.1 12.7 8.6 1.0 0.9 8.0 10.7
BBTN BUY 0.2 1,720 2,300 2,178 33.7 7.1 6.3 0.8 0.7 11.4 11.6
Average 10.9 8.5 1.1 1.0 10.6 12.2
Consumer (Staples)
ICBP BUY 1.1 8,875 12,000 11,110 35.2 15.1 13.5 3.1 2.8 20.8 20.6
KLBF BUY 1.0 1,655 1,950 1,791 17.8 25.0 22.6 4.1 3.7 16.3 16.4
UNVR HOLD 1.6 4,220 4,500 4,772 6.6 29.3 28.3 32.7 32.2 111.6 113.7
SIDO HOLD 0.3 950 970 1,027 2.1 25.5 22.4 8.1 7.7 31.9 34.3
Average 21.4 19.6 9.9 9.6 38.7 39.6
Cigarette
HMSP SELL 1.0 985 870 1,067 -11.7 14.7 12.6 3.9 3.7 26.4 29.3
GGRM BUY 0.6 31,125 36,550 34,458 17.4 7.1 6.4 1.0 0.9 13.5 14.2
Average 10.9 9.5 2.4 2.3 19.9 21.7
Healthcare
MIKA BUY 0.4 2,230 2,960 2,802 32.7 24.8 24.5 5.6 5.0 22.8 20.5
SILO BUY 0.1 8,700 11,300 11,459 29.9 20.6 20.6 2.2 2.0 10.6 9.9
HEAL BUY 0.2 1,085 5,700 1,382 425.3 5.4 5.1 1.0 0.9 19.0 17.1
Average 16.9 16.7 2.9 2.6 17.4 15.8
Poultry
CPIN BUY 1.3 6,150 7,300 6,798 18.7 26.9 25.4 4.0 3.6 14.9 14.3
JPFA BUY 0.3 1,775 2,000 2,216 12.7 10.6 9.0 1.6 1.5 15.3 16.1
MAIN BUY 0.0 690 850 781 23.2 10.1 6.7 0.7 0.6 6.8 9.4
WMUU BUY 0.0 151 340 290 125.2 n/a 2.8 n/a 1.0 n/a 34.4
Average 15.8 13.7 2.1 1.9 12.3 13.3
Retail
MAPI BUY 0.2 765 1,100 1,023 43.8 32.0 18.3 2.3 2.2 7.2 12.1
RALS BUY 0.1 655 900 824 37.4 13.9 9.6 1.1 1.0 7.7 10.2
ACES BUY 0.3 1,380 1,900 1,535 37.7 21.6 18.9 4.2 3.8 19.6 20.0
LPPF SELL 0.1 4,020 3,430 3,862 -14.7 11.5 8.5 10.2 6.4 88.3 75.2
Average 22.5 15.6 2.5 2.3 11.5 14.1
Pulp and Paper
INKP BUY 0.6 8,500 9,900 9,550 16.5 7.3 8.4 0.7 0.7 9.3 7.8
Average 7.3 8.4 0.7 0.7 9.3
Media
MNCN BUY 0.2 850 1,300 1,377 52.9 4.8 4.2 0.7 0.6 14.1 14.0
SCMA BUY 0.3 304 2,450 501 705.9 3.9 3.4 1.2 1.0 29.7 29.3
FILM SELL 0.1 840 720 655 -14.3 210.0 93.3 5.9 5.6 2.8 6.0
Average 4.3 3.8 0.9 0.8 21.9 21.7
Telco
EXCL SELL 0.4 3,020 3,000 3,757 -0.7 43.8 34.7 1.6 1.6 3.8 4.6
ISAT BUY 0.5 6,300 7,250 7,768 15.1 n/a 73.3 2.7 0.3 -5.6 0.4
TLKM SELL 5.8 4,170 4,050 4,747 -2.9 18.5 17.7 3.3 3.1 17.7 17.7
Equity Research│10 January 2022
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
Auto
ASII BUY 3.2 5,700 7,300 6,956 28.1 12.0 10.6 1.1 1.0 9.1 9.5
Average 12.0 10.6 1.1 1.0 9.1
Mining Contracting
UNTR BUY 1.1 22,175 31,000 29,612 39.8 11.9 8.8 1.3 1.2 11.2 13.8
Average 11.9 8.8 1.3 1.2 11.2
Property
BSDE BUY 0.3 1,040 1,350 1,451 29.8 11.7 9.8 0.6 0.5 4.9 5.5
PWON BUY 0.3 480 630 623 31.3 20.0 16.6 1.5 1.3 7.3 8.1
SMRA BUY 0.2 770 1,200 1,124 55.8 32.1 20.8 1.7 1.6 5.3 7.7
CTRA BUY 0.2 950 1,360 1,379 43.2 12.3 10.4 1.1 1.0 8.6 9.3
Average 17.7 12.7 0.9 0.8 4.7 5.9
Construction
PTPP BUY 0.1 1,065 1,400 1,411 31.5 17.8 16.6 0.5 0.4 2.5 2.6
ADHI BUY 0.0 935 1,420 1,208 51.9 31.2 16.1 0.6 0.6 1.9 3.4
WSKT BUY 0.3 625 1,220 922 95.2 n/a n/a 0.6 0.7 -4.2 -22.2
WIKA BUY 0.1 1,170 1,440 1,363 23.1 48.8 34.4 0.6 0.6 1.3 1.7
WEGE BUY 0.0 194 256 248 32.0 9.6 8.0 0.8 0.7 8.2 9.1
Average 26.8 18.8 0.6 0.6 1.9 -1.1
Cement
INTP BUY 0.6 10,950 13,000 13,898 18.7 24.1 18.5 1.8 1.8 7.6 9.7
SMGR BUY 0.6 7,150 13,050 11,054 82.5 15.1 14.2 1.1 1.1 7.4 7.5
Average 19.6 16.4 1.5 1.4 7.5 8.6
Precast
WSBP BUY 0.0 115 250 170 117.4 23.0 16.4 0.5 0.5 2.3 3.1
WTON BUY 0.0 250 420 325 68.0 7.6 4.7 0.6 0.5 7.9 11.4
Average 15.3 10.6 0.6 0.5 5.1 7.3
Oil and Gas
PGAS BUY 0.4 1,355 1,800 1,833 32.8 6.0 9.2 0.6 0.6 10.7 6.9
AKRA BUY 0.2 4,290 4,950 5,038 15.4 16.2 15.0 1.9 1.8 11.5 11.7
MEDC BUY 0.1 492 1,090 868 121.5 n/a 6.7 0.7 0.7 -9.9 9.7
Average 11.1 10.3 1.1 1.0 4.1 9.4
Chemical
TPIA BUY 1.6 7,250 10,250 8,717 41.4 83.3 38.4 5.0 5.0 6.0 13.0
BRPT BUY 0.9 845 1,150 1,017 36.1 105.6 42.3 4.5 4.2 4.2 9.9
ESSA SELL 0.1 490 225 N/A -54.1 n/a 19.6 1.7 1.7 -0.3 8.6
Average 94.5 33.4 3.7 3.6 3.3 10.5
Utilities
JSMR BUY 0.3 3,950 5,000 5,218 26.6 19.8 14.2 1.1 1.0 5.6 7.2
Metal
ANTM BUY 0.7 2,230 3,230 3,128 44.8 21.9 17.0 2.6 2.4 11.8 14.2
MDKA SELL 1.3 3,940 3,000 4,114 -23.9 91.0 21.4 14.3 15.6 15.7 72.9
INCO BUY 0.5 4,510 6,800 6,402 50.8 19.4 13.5 1.6 1.5 8.2 11.4
BRMS BUY 0.2 112 200 124 78.6 0.1 0.0 1.2 0.7 1792.4 3471.9
Average 20.7 413.6 5.1 5.5 7.9 24.7
Equity Research│10 January 2022
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
Upcoming IPO's
Financial Result Period
Ticker Company (Sector) Offering Shares issued Proceeds
1H21 8,011 28.6 1,041 - 1,602
Existing and recurring project development, landbank acquisition
and bond payment 34 ADCP*
Adhi Commuter Property (Properties & Real
Estate)
10-Dec 3,641 - 5,602 2 - 8 Des
SEMA*
Semacom Integrated (Industrials)
4 - 6 Jan 274
7-Jan
-121 Listing
76.5
5 1H21
180 347 25.8 62 Working Capital 30.4
130 - 200
190 - 196 765 4.4 145 - 150
Capital injection to subsidiaries and
working capital NETV*
Net Visi Media (Consumer
Cyclicals)
25-Jan 4,456 - 4,597 18 - 21 Jan n.a 7M21
ASLC*
Autopedia Sukses Lestari (Consumer
Cyclicals)
19-Jan 2,549 - 3,518 13 - 17 Jan 200 - 276 2,549 20.0 510 - 704 Working Capital and
debt payment 23 180.2 9M21
BAUT*
Mitra Angkasa Sejahtera (Consumer
27-Jan 596 - 656 20 - 25 Jan 100 -110 1,450 30.2 145 - 160 Working Capital and
debt payment 5 8.6 7M21
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
Coal
ITMG BUY 0.3 20,025 28,600 24,863 42.8 3.2 4.4 1.2 1.1 36.7 24.9
ADRO SELL 1.1 2,430 1,530 2,168 -37.0 22.5 17.1 1.4 1.5 6.3 8.7
PTBA BUY 0.4 2,790 3,500 3,164 25.4 4.4 5.2 1.3 1.1 29.3 21.7
Average 10.0 8.9 1.3 1.2 24.1 18.4
Plantation
AALI BUY 0.2 9,950 14,500 13,473 45.7 10.8 12.8 0.9 0.9 8.7 7.2
LSIP BUY 0.1 1,190 1,370 1,735 15.1 9.5 10.4 0.8 0.8 8.7 7.6
SSMS BUY 0.1 1,015 1,200 2,000 18.2 29.9 12.8 2.2 1.9 7.4 15.0
Average 19.8 13.7 1.0 0.9 7.0 8.4
Technology
ASSA BUY 0.2 3,460 4,300 4,396 24.3 108.1 58.6 7.6 6.7 7.0 11.5
EMTK HOLD 1.7 2,470 2,600 2,733 5.3 352.9 247.0 11.7 10.8 3.3 4.4
Average 127.6 83.1 5.6 5.1 6.2 9.8
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│10 January 2022
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 3,178 (7.09) (0.22) (1.97) (0.34) 4.40 (1.68) 15.41 3,262 2,650
U.S. (S&P) 4,677 (19.02) (0.41) (1.87) (0.74) 6.51 (1.87) 22.29 4,819 3,694
U.S. (DOW) 36,232 (4.81) (0.01) (0.29) 0.72 4.28 (0.29) 16.51 36,953 29,856
Europe 4,306 (18.98) (0.44) 0.17 2.54 5.71 0.17 18.13 4,415 3,474
Emerging Market 1,226 9.03 0.74 (0.60) (1.00) (2.46) (0.48) (9.41) 1,449 1,189
FTSE 100 7,485 34.91 0.47 1.11 2.65 5.49 1.36 8.90 7,530 6,397
CAC 40 7,219 (30.18) (0.42) 0.93 3.26 10.05 0.93 26.50 7,385 5,379
Dax 15,948 (104.29) (0.65) 0.40 2.08 4.88 0.40 13.51 16,290 13,311
Indonesia 6,701 47.97 0.72 1.82 0.73 3.39 1.82 7.09 6,754 5,735
Japan 28,479 (9.31) (0.03) (1.48) 0.14 1.53 (1.09) 1.21 30,796 26,955
Australia 7,441 (12.85) (0.17) (0.06) 1.18 1.64 (0.06) 10.10 7,633 6,517
Korea 2,925 (30.04) (1.02) (2.14) (2.84) (1.06) (1.77) (7.21) 3,316 2,823
Singapore 3,205 20.96 0.66 2.61 2.22 2.97 2.61 7.09 3,274 2,869
Malaysia 1,543 9.75 0.64 (1.56) 3.64 (1.33) (1.56) (5.52) 1,646 1,475
Hong Kong 23,493 420.52 1.82 0.41 (2.09) (5.41) 0.41 (15.73) 31,183 22,665
China 3,580 (6.54) (0.18) (1.10) (2.37) (0.35) (1.65) 0.26 3,732 3,313
Taiwan 18,170 (198.16) (1.08) (0.27) 1.93 9.19 (0.27) 17.50 18,620 15,090
Thailand 1,658 4.59 0.28 0.26 2.43 1.11 0.00 7.89 1,678 1,456
Philipines 7,011 (74.41) (1.05) (4.41) (2.52) 1.51 (1.57) (3.82) 7,476 6,081
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 144.90 (0.66) (1.34) 6.63 6.63 146.87 136.40
Inflation Rate (yoy, %) 1.87 1.87 1.33
Gov Bond Yld (10yr, %) 6.46 6.89 6.86 6.01
US Fed Rate (%) 0.25 0.25 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,358 (35.00) 0.24 (0.73) 0.14 (0.98) (0.73) (3.12) 14,635 13,873
Japan 115.64 0.08 (0.07) (0.28) (1.90) (2.01) (0.48) (9.84) 116.35 103.33
UK 1.36 0.00 0.06 0.86 2.43 0.01 0.47 0.58 1.42 1.32
Euro 1.14 (0.00) (0.03) 0.53 0.39 (1.69) (0.11) (6.53) 1.23 1.12
China 6.38 (0.01) 0.08 (0.34) (0.18) 1.05 (0.34) 1.58 6.58 6.34
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 81.40 (0.35) (0.43) 3.06 8.32 (1.20) 4.65 45.38 86.70 54.48
CPO 5,226 (9.00) (0.17) 1.30 0.97 5.17 1.30 32.47 5,500 3,343
Coal 177.00 (3.00) (1.67) 16.64 17.88 (21.30) 16.64 119.60 270.00 77.00
Tin 39,826 676.00 1.73 1.60 2.29 12.87 2.49 88.66 40,680 20,525
Nickel 20,734 351.00 1.72 0.71 2.70 13.52 (0.11) 14.50 21,425 15,665
Copper 9,647 116.00 1.22 (0.46) 0.54 3.95 (0.76) 17.95 10,748 7,705
Gold 1,795 (1.73) (0.10) (0.37) 0.67 2.32 (1.88) (2.66) 1,917 1,677
Silver 22.41 0.04 0.18 (2.14) 0.96 (0.77) (3.86) (10.05) 30 21
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price Regional Indices Last Price
Exchange Rate (per USD) Last Price
Equity Research│10 January 2022
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 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
Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346
M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346
Calista Muskitta Retail [email protected] +6221 2854 8331
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
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
