DAILY. Rekor Baru Kasus COVID-19, IHSG Berpotensi Kembali Tertekan. Highlights. Market DAILY RESEARCH. Otomotif: Penjualan Wholesales Semester 1/2021

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DAILY RESEAR CH

Market

Market Activity

Market Index : 5,979.2

Index Movement : -32.8 -0.55%

Market Volume : 15,760 Mn shrs Market Value : 8,884 Bn rupiah

Last

Close +/- %

Leading Movers

ARTO 14,550 375 2.6

EMTK 2,550 50 2.0

SMMA 10,975 425 4.0

BRIS 2,350 60 2.6

Lagging Movers

BBRI 3,710 -70 -1.9

ASII 4,730 -170 -3.5

BBCA 29,950 -275 -0.9

HMSP 1,115 -30 -2.6

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

BANK 104 BBCA 148

INCO 82 TLKM 51

ANTM 43 ASII 48

ARTO 30 BBNI 18

EXCL 26 NICL 14 Money Market

Last

Close +/- %

USD/IDR 14,480 16.0 -0.1

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 21.0 -0.1 -0.2

EIDO 20.0 0.0 -0.2

Global Indices Last

Close +/- %

DJIA 34,933 44 0.13

S&P 500 4,374 5 0.12

Euro Stoxx 4,100 5 0.12

MSCI World 3,059 -1 -0.02

STI 3,153 -14 -0.43

Nikkei 28,608 -110 -0.38

Hang Seng 27,787 -176 -0.6

Commodities Last

Close +/- %

Brent Oil 74.8 -1.7 -2.26

Coal (ICE) 144.3 2.3 1.62

CPO Malay 4,021 44.0 1.11

Gold 1,828 2.3 1.09

Nickel 18,570 -198.5 -1.06

Tin 32,661 280.0 0.86

Changes Changes

Changes

Changes Wednesday, 14 Jul 2021

Rekor Baru Kasus COVID-19, IHSG Berpotensi Kembali Tertekan

Bursa AS ditutup mixed semalam; DJIA naik +0.13% ke level 34,933, diikuti S&P500 (+0.12%) sementara Nasdaq melemah -0.22%. AS baru saja merilis data PPI (Producer Price Index)-nya untuk periode Jun-21, yang menunjukkan kenaikan +1%

mom/+7.3% yoy, melebihi kenaikan bulan sebelumnya (May-21: +0.8% mom/+6.6%

yoy) maupun ekspektasi konsensus +0.6% mom/+6.8% yoy. Mayoritas investor kami perkirakan akan memilih menunggu rilis laporan keuangan 2Q21 para emiten yang telah dimulai minggu ini. Di pasar komoditas, harga minyak Brent ditutup pada level USD 74.7/barel, sementara emas di level USD 1,828.6/toz.

EIDO ditutup melemah -0.15%%, sementara IHSG kemarin (14/7) turun -0.55% ke level 5,979 dengan BBRI, ASII, dan BBCA sebagai top lagging movers. Net buy asing di pasar reguler terpantau mencapai IDR 125.6 miliar. Saham yang mencatatkan nilai net sell tertinggi adalah BBCA (IDR 147.5 miliar), diikuti TLKM (IDR 50.9 miliar), dan ASII (IDR 48.4 miliar) sementara net buy tertinggi dicatatkan oleh BANK (IDR 104.1 miliar), disusul INCO (IDR 82.1 miliar), dan ANTM (IDR 42.9 miliar). Sepanjang minggu ini (Senin-Rabu), IHSG melemah -1% dengan total net buy asing di pasar reguler mencapai IDR 319 miliar.

Indonesia kembali memecahkan rekor jumlah kasus COVID-19 harian dan jumlah pasien meninggal kemarin (14/7), dengan 54,517 kasus baru (Selasa: 47,899) dan 991 pasien meninggal (Selasa: 864), sementara 17,762 pasien sembuh (Selasa:

20,123). Dengan tambahan kasus baru tersebut, jumlah total kasus COVID-19 yang ditemukan di Indonesia telah mencapai 2,670,046 kasus dengan recovery rate sebesar 80.8% per 14 Juli 2021 (13 Juli 2021: 81.8%).

Kami memperkirakan bahwa IHSG berpotensi menurun kembali hari ini, didorong oleh kekhawatiran investor bahwa PPKM Darurat akan kembali diperpanjang seiring dengan belum menurunnya lonjakan kasus COVID-19 di dalam negeri, serta masih kuatnya tekanan atas perekonomian Indonesia. Meski demikian, ada momentum akumulasi pada sektor komoditas metal yang masih mencatatkan kenaikan

DAILY RESEARCH

 Otomotif: Penjualan Wholesales Semester 1/2021

15 July 2021

Highlights

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Equity Research│15 July 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)

14-Jul-20 14-Aug-20 14-Sep-20 14-Oct-20 14-Nov-20 14-Dec-20 14-Jan-21 14-Feb-21 14-Mar-21 14-Apr-21 14-May-21 14-Jun-21

0 10 20 30 40 50 60 70 80 90

40 60 80 100 120 140 160

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

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

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 %

7/14/2021 2,670,046 2.08 54,517 - 2,157,363 17,762 69,210 991 443,473 83.39 7/13/2021 2,615,529 1.87 47,899 - 2,139,601 20,123 68,219 864 407,709 84.41 7/12/2021 2,567,630 1.60 40,427 11.69 2,119,478 34,754 67,355 891 380,797 85.17 7/11/2021 2,527,203 1.45 36,197 3.14 2,084,724 32,615 66,464 1,007 376,015 85.12 7/10/2021 2,491,006 1.43 35,094 (7.95) 2,052,109 28,561 65,457 826 373,440 85.01 7/9/2021 2,455,912 1.58 38,124 (0.70) 2,023,548 28,975 64,631 871 367,733 85.03 7/8/2021 2,417,788 1.61 38,391 11.67 1,994,573 21,185 63,760 852 359,455 85.13

Average 41,521 26,282 900 84.75

Source: SSI Research, Bloomberg

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Equity Research│15 July 2021

Sektor Otomotif: Penjualan Wholesales Semester 1/2021

Sepanjang semester pertama 2021, penjualan wholesales 4W domestik tercatat sebesar 393,469 unit atau naik 50.8%

yoy. Sementara itu, penjualan domestik 4W LCGC meningkat sebesar +34.5% secara tahunan menjadi 73,609 unit di periode yang sama. (Data Gaikindo)

Comment:

Pada 1H21 penjualan wholesales 4W domestik grup Astra tercatat sebesar 209,815 unit (+50.4% yoy), sedangkan

penjualan non-Astra sebesar 183,654 unit (+51.2% yoy). Dengan demikian, pangsa pasar grup Astra sebesar

53.3%, naik dari posisi akhir tahun 2020 sebesar 50.8%. Untuk segmen LCGC, penjualan grup Astra 1H21 sebanyak

53,856 unit, naik +35% yoy dengan pangsa pasar 73%. Penjualan 4W tertinggi sepanjang 1H21 masih dipegang

brand Toyota 122,693 unit, disusul Daihatsu 74,827 unit, dan Mitsubishi 62,020 unit. Penjualan 4W sepanjang

3Q21 diperkirakan akan menurun akibat pemberlakuan PPKM darurat. Namun, relaksasi PPnBM yang akan

berlaku hingga akhir tahun diharapkan dapat mendorong minat masyarakat, sehingga target penjualan 4W

domestik sebesar 750 ribu unit masih dapat tercapai. Sektor Otomotif: Neutral

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Equity Research│15 July 2021

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

Banks

BBCA BUY 10.4 29,950 40,500 37,170 35.2 27.2 23.2 4.0 3.6 14.7 15.7

BBRI BUY 6.4 3,710 5,300 4,975 42.9 23.6 13.9 2.4 2.2 10.3 15.8

BMRI BUY 3.7 5,700 8,000 7,965 40.4 15.5 11.2 1.4 1.4 9.1 12.1

BBNI BUY 1.2 4,580 8,500 7,149 85.6 28.6 6.6 0.8 0.6 2.6 9.7

BBTN BUY 0.2 1,230 2,300 2,150 87.0 8.1 5.1 0.7 0.6 8.1 11.4

Average 17.4 7.6 0.9 0.9 6.6 11.1

Consumer (Staples)

ICBP BUY 1.4 8,700 12,000 11,505 37.9 15.0 14.8 3.4 2.9 22.3 19.9

INDF BUY 0.8 6,625 9,500 8,649 43.4 11.9 12.0 1.4 1.3 11.9 11.0

KLBF BUY 0.9 1,365 1,750 1,732 28.2 23.1 21.0 3.7 3.4 16.0 16.0

UNVR BUY 2.8 5,100 7,900 6,405 54.9 27.1 26.8 39.5 38.9 145.7 145.0

SIDO BUY 0.3 760 970 932 27.6 24.4 21.0 7.1 6.6 29.1 31.5

Average 20.3 19.1 11.0 10.6 45.0 44.7

Cigarette

HMSP BUY 1.8 1,115 1,460 1,247 30.9 15.1 15.3 4.3 4.3 28.5 28.1

GGRM SELL 1.1 40,500 38,240 38,277 -5.6 9.2 8.9 1.3 1.2 14.2 13.9

Average 12.1 12.1 2.8 2.8 21.4 21.0

Healthcare

MIKA BUY 0.6 2,740 3,500 3,153 27.7 46.0 43.3 8.1 7.3 17.5 16.8

SILO SELL 0.2 10,000 9,100 9,543 -9.0 714.3 303.0 2.7 2.7 0.4 0.9

HEAL SELL 0.3 6,000 5,700 6,169 -5.0 55.0 47.6 7.3 6.4 13.3 13.5

Average 271.8 131.3 6.0 5.5 10.4 10.4

Poultry

CPIN BUY 1.5 6,400 7,300 7,317 14.1 36.4 27.9 5.0 4.6 13.7 16.4

JPFA BUY 0.3 1,645 2,400 2,527 45.9 20.6 10.8 1.7 1.4 8.0 13.1

MAIN BUY 0.0 670 890 1,095 32.8 n/a 9.9 0.7 0.7 -0.9 6.8

WMUU BUY 0.0 170 370 370 117.6 #DIV/0! 7.1 #DIV/0! 1.7 #DIV/0! 23.1

Average 28.5 16.2 2.5 2.2 7.0 12.1

Retail

MAPI BUY 0.2 640 975 921 52.3 n/a 17.8 2.0 4.1 -10.4 23.1

RALS BUY 0.1 615 900 764 46.3 n/a 13.1 1.0 1.0 -1.5 7.7

ACES BUY 0.4 1,470 1,900 1,568 29.3 31.3 23.0 5.0 4.5 16.1 19.6

LPPF SELL 0.1 2,230 1,100 1,350 -50.7 n/a 17.3 3.8 5.9 -35.0 34.1

Average 31.3 17.9 2.7 3.2 1.4 16.8

Pulp and Paper

INKP SELL 0.5 7,025 7,000 N/A -0.4 8.1 9.7 0.6 0.6 7.6 6.0

Average 8.1 9.7 0.6 0.6 7.6

Media

MNCN BUY 0.2 820 1,650 1,425 101.2 5.1 4.2 0.7 0.6 13.6 14.6

SCMA HOLD 0.4 2,090 2,200 2,091 5.3 26.1 23.8 6.4 5.6 24.4 23.7

Average 15.6 14.0 3.5 3.1 19.0 19.1

Telco

EXCL BUY 0.4 2,490 3,000 3,185 20.5 71.1 36.1 1.4 1.4 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,230 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.3 3,060 4,050 4,156 32.4 14.6 13.5 2.5 2.4 17.2 17.7

Average 42.9 38.4 2.1 1.3 4.5 7.3

Telco Retail

ERAA BUY 0.1 575 1,625 787 182.6 3.1 2.5 0.3 0.3 11.0 11.9

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Equity Research│15 July 2021

Auto

ASII BUY 2.7 4,730 6,750 6,725 42.7 10.6 9.6 1.0 0.9 9.0 9.6

Average 10.6 9.6 1.0 0.9 9.0

Mining Contracting

UNTR BUY 1.0 18,600 31,000 27,822 66.7 10.0 7.4 1.1 1.0 11.2 13.8

Average 10.0 7.4 1.1 1.0 11.2

Property

BSDE BUY 0.3 910 1,350 1,460 48.4 13.6 10.2 0.5 0.5 4.0 4.9

PWON BUY 0.3 410 530 603 29.3 31.5 11.1 0.8 1.3 2.6 12.1

ASRI SELL 0.0 158 130 220 -17.7 12.2 5.6 0.3 0.3 2.3 4.7

LPKR SELL 0.2 150 140 199 -6.7 n/a n/a 0.3 0.3 -0.5 -0.2

SMRA BUY 0.2 770 1,200 1,034 55.8 45.3 26.6 1.5 1.4 3.4 5.4

CTRA BUY 0.2 875 1,100 1,334 25.7 20.8 16.2 1.1 1.0 5.1 6.2

Average 24.7 13.9 0.8 0.8 2.8 5.5

Industrial Estate

SSIA BUY 0.0 432 700 680 62.0 n/a 39.3 0.5 0.5 -1.6 1.3

DMAS BUY 0.1 196 250 260 27.6 13.1 11.5 1.2 1.5 9.6 12.7

KIJA SELL 0.0 169 150 N/A -11.2 15.4 13.0 0.6 0.4 4.0 3.4

Average 14.2 21.3 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 845 1,900 1,431 124.9 38.4 6.9 0.4 0.3 0.9 4.9

ADHI BUY 0.0 670 1,800 1,298 168.7 27.9 6.5 0.4 0.4 1.5 6.1

WSKT BUY 0.2 850 1,400 1,217 64.7 n/a n/a 0.7 0.8 -44.6 -7.4

WIKA BUY 0.1 980 1,400 1,559 42.9 10.2 6.7 0.5 0.5 5.0 7.1

Average 25.5 6.7 0.5 0.5 -9.3 2.6

Cement

INTP BUY 0.5 10,375 16,250 15,684 56.6 28.8 24.0 1.7 1.7 5.8 6.9

SMGR BUY 0.7 8,525 13,050 13,163 53.1 22.4 18.0 1.4 1.3 6.3 7.4

Average 25.6 21.0 1.5 1.5 6.1 7.2

Precast

WSBP BUY 0.1 141 230 175 63.1 12.8 3.8 0.4 0.3 2.9 8.9

WTON BUY 0.0 232 450 384 94.0 21.1 6.3 0.6 0.6 2.9 8.9

Average 17.0 5.0 0.5 0.4 2.9 8.9

Oil and Gas

PGAS BUY 0.3 975 1,700 1,511 74.4 17.7 13.9 0.6 0.6 3.3 4.1

AKRA BUY 0.2 3,040 4,000 3,986 31.6 13.2 12.1 1.4 1.3 10.6 11.0

MEDC BUY 0.2 580 1,090 877 87.9 n/a 7.9 0.9 0.8 -9.9 9.7

Average 15.5 11.3 0.9 0.9 1.3 8.3

Chemical

TPIA HOLD 2.5 9,850 10,250 8,950 4.1 679.3 113.2 6.8 6.8 1.0 6.0

BRPT BUY 1.1 820 1,150 1,034 40.2 171.4 104.7 4.4 4.4 2.5 4.2

ESSA SELL 0.1 344 225 540 -34.6 n/a n/a 2.4 1.2 -20.0 -0.5

Average 425.3 109.0 4.5 4.1 -5.5 3.2

Utilities

JSMR BUY 0.4 3,500 5,000 5,317 42.9 53.0 17.6 1.0 1.0 2.0 5.6

Metal

ANTM BUY 0.9 2,590 3,230 3,472 24.7 41.8 25.4 3.2 3.0 7.7 11.7

MDKA SELL 1.0 2,970 2,030 3,164 -31.6 n/a 16.1 10.8 11.8 15.7 72.9

INCO BUY 0.7 5,250 6,730 6,066 28.2 36.2 36.2 1.8 1.8 5.0 5.0

TINS BUY 0.2 1,610 1,775 1,633 10.2 n/a 1829.5 2.3 2.7 -4.2 0.1

Average 39.0 476.8 4.5 4.8 6.1 22.4

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Equity Research│15 July 2021

Coal

ITMG SELL 0.2 14,900 13,550 16,851 -9.1 10.3 10.3 1.5 1.7 14.3 16.7

ADRO BUY 0.6 1,220 1,530 1,633 25.4 8.4 8.4 0.7 0.7 8.5 8.8

PTBA BUY 0.3 2,070 2,900 2,798 40.1 9.7 8.3 1.4 1.2 14.6 14.2

Average 9.5 9.0 1.2 1.2 12.5 13.2

Plantation

AALI BUY 0.2 7,375 13,800 12,740 87.1 21.3 13.4 0.7 0.7 3.5 5.3

LSIP BUY 0.1 1,070 1,730 1,553 61.7 10.5 8.6 0.7 0.7 7.1 8.3

TBLA BUY 0.1 790 980 1,180 24.1 6.5 5.3 0.7 0.6 11.0 12.2

SIMP SELL 0.1 412 388 N/A -5.8 37.5 24.2 0.4 0.4 1.2 1.8

SSMS BUY 0.1 795 1,500 1,377 88.7 23.4 10.1 1.7 1.5 7.4 15.0

Average 19.8 12.3 0.9 0.8 6.0 8.5

Source: SSI Research, Bloomberg

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

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Equity Research│15 July 2021

Chg (Pts)

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

World 3,059 (0.69) (0.02) 1.20 1.37 3.97 13.70 33.05 3,071 2,273

U.S. (S&P) 4,374 5.09 0.12 0.37 2.80 6.05 16.46 36.80 4,394 3,128

U.S. (DOW) 34,933 44.44 0.13 0.72 1.57 3.56 14.14 31.12 35,092 25,992

Europe 4,100 4.94 0.12 0.51 (1.06) 2.66 15.39 21.35 4,166 2,921

Emerging Market 1,338 (1.38) (0.10) 1.66 (2.91) (0.22) 3.63 25.49 1,449 1,045

FTSE 100 7,091 (33.53) (0.47) (0.84) (1.13) 1.54 9.76 12.69 7,218 5,526

CAC 40 6,558 (0.09) (0.00) 0.47 (1.22) 5.20 18.14 28.37 6,687 4,513

Dax 15,789 (0.66) (0.00) 0.61 0.38 3.50 15.09 22.10 15,811 11,450

Indonesia 5,979 (32.82) (0.55) (1.07) (1.80) (1.65) 0.00 17.80 6,505 4,755

Japan 28,608 (109.75) (0.38) 0.85 (2.83) (3.49) 4.24 24.68 30,715 21,710

Australia 7,355 22.64 0.31 0.38 (0.34) 4.19 11.65 21.51 7,406 5,763

Korea 3,265 (6.57) (0.20) 0.37 0.19 2.21 13.62 48.27 3,316 2,178

Singapore 3,153 (13.66) (0.43) 0.37 (0.68) (0.99) 10.88 19.04 3,237 2,421

Malaysia 1,512 (7.24) (0.48) (1.17) (4.37) (5.96) (7.06) (4.62) 1,696 1,452

Hong Kong 27,787 (175.95) (0.63) (0.62) (2.97) (3.49) 2.04 9.05 31,183 23,124

China 3,529 (38.02) (1.07) (0.71) (0.79) 3.81 1.60 4.97 3,732 3,175

Taiwan 17,846 (1.77) (0.01) (0.03) 2.73 4.50 21.13 46.24 18,018 12,066

Thailand 1,570 (1.29) (0.08) (0.44) (3.24) 1.85 8.30 15.90 1,643 1,187

Philipines 6,835 40.28 0.59 (1.55) (2.03) 4.52 (4.26) 13.61 7,432 5,692

Foreign Reserves (US$Bn) 137.09 0.51 (0.00) 0.88 4.08 138.80 133.60

Inflation Rate (yoy, %) 1.33 1.68 1.32

Gov Bond Yld (10yr, %) 6.42 (9.15) 7.10 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,480 16.00 (0.11) 0.02 (1.91) 0.85 (2.97) (0.21) 14,950 13,865

Japan 110.02 0.05 (0.05) (0.27) 0.05 (1.15) (6.15) (2.80) 111.66 102.59

UK 1.39 (0.00) (0.02) 0.52 (1.60) 0.51 1.37 10.09 1.42 1.25

Euro 1.18 (0.00) (0.03) (0.09) (2.41) (1.11) (3.13) 3.70 1.23 1.14

China 6.47 0.00 (0.01) 0.06 (1.09) 0.94 0.90 8.29 7.02 6.36

Chg (Pts)

Oil (Brent) 74.76 (1.73) (2.26) 1.81 2.61 12.29 44.32 74.27 77.84 35.74

CPO 4,080 46.00 1.14 5.84 19.51 1.19 4.86 60.69 4,839 2,557

Coal 144.30 2.30 1.62 10.79 19.26 60.78 79.25 160.47 144.60 47.50

Tin 32,661 280.00 0.86 3.06 3.19 24.58 60.69 88.68 33,181 16,795

Nickel 18,581 (197.00) (1.05) 1.48 0.55 13.45 11.85 36.78 20,110 13,070

Copper 9,343 (70.00) (0.74) (1.19) (6.31) 2.95 20.30 43.76 10,748 6,226

Gold 1,826 (1.13) (0.06) 1.31 (1.75) 3.54 (3.79) 0.89 2,075 1,677

Silver 26.22 (0.03) (0.12) 1.10 (5.22) 1.43 (0.69) 35.03 30 19

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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Equity Research│15 July 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

Lionel Priyadi Macro Strategy dan Equity lionel.priyadi@samuel.co.id +6221 2854 8854

Fikri Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144

William Mamudi, CFTe, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, 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

Nashrullah Putra Media, Poultry nashrullah.putra@samuel.co.id +6221 2854 8739

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346

Calista Muskitta Research Associate calista.muskitta@samuel.co.id +6221 2854 8331

Adolf Richardo Editor, Translator adolf.richardo@samuel.co.id +6221 2854 8396

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312

Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399

Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325

Henry Sutanto Institutional Equity Sales hensry.sutanto@samuel.co.id +6221 2854 8329

Sylviawati Customer Service sylviawati@samuel.co.id +6221 2854 8193

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

Gitta Wahyu Retnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

Equity Retail Team

Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

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

Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384

Online Trading Sales Team

Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372