DAILY. Highlights. Market DAILY RESEARCH. TLKM : Pertumbuhan Laba Bersih +11.5% yoy pada 1Q21

(1)

DAILY

RESEAR

CH

Market

Market Activity Market Index : 6,013.0 Index Movement : +38.5 0.64% Market Volume : 13,882 Mn shrs Market Value : 8,478 Bn rupiah

Last Close +/- % Leading Movers BBCA 32,050 450 1.4 TLKM 3,200 60 1.9 BBRI 4,160 30 0.7 EMTK 2,280 50 2.2 Lagging Movers TPIA 9,950 -150 -1.5 CPIN 6,900 -150 -2.1 HMSP 1,310 -15 -1.1 GEMS 3,850 -280 -6.8

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

BMRI 58 TLKM 62 BBCA 46 ASII 57 BBRI 39 MDKA 31 TBIG 29 JPFA 17 UNVR 27 PGAS 17 Money Market Last Close +/- % USD/IDR 14,450 -50.0 0.3 JIBOR O/N 5.9 0.0

Dual Listing Securities Last Close +/- % TLKM 22.5 0.7 3.0 EIDO 21.9 0.1 0.6 Global Indices Last Close +/- % DJIA 34,060 240 0.7 S&P 500 4,211 28 0.7 Euro Stoxx 3,997 -18 -0.5 MSCI World 2,963 11 0.4 STI 3,222 2 0.1 Nikkei 29,054 0 0.0 Hang Seng 29,303 232 0.8 Commodities Last Close +/- % Brent Oil 69 1.3 1.9 Coal (ICE) 91 1.8 2.0 CPO Malay 4,421 0.0 0.0 Nickel 17,233 -175.0 -1.0 Tin 28,475 -64.0 -0.22 Changes Changes Changes Changes Changes Thursday, 29 Apr 2021

IHSG Diharapkan Melanjutkan Penguatan

Bursa saham AS ditutup menguat: Dow Jones +0.71%, S&P500 +0.68%,

Nasdaq +0.22% disebabkan kinerja 1Q21 beberapa perusahaan yang sudah

keluar menunjukkan hasil yang melampaui ekspektasi pasar. Ekonomi AS

tumbuh +6.4% qoq pada 1Q21, jauh lebih baik dari kuartal sebelumnya

tumbuh +4.3% qoq. Presiden Joe Biden meluncurkan paket stimulus USD 1.8

triliun yang ditargetkan untuk keluarga di AS. Powell mengumumkan suku

bunga akan ditahan di level 0.25%. Pada pasar komoditas pagi ini bervariasi,

WTI -0.25% di level USD 64.85/bbl dan brent +1.29% pada USD 68.56/bbl,

batu bara +2.64%, CPO -1.62%, emas -0.23%, sedangkan nickel -0.03%.

Bursa Asia kemarin ditutup bervariasi, Hang Seng +0.80%, Shanghai

+0.52%, Nikkei +0.21%, dan Kospi -0.23%. Dari indeks EIDO ditutup menguat

+0.60%. Rupiah juga terapresiasi kemarin didukung sentimen positif dari

global terkait optimisme pemulihan ekonomi. Pada perdagangan kemarin,

IHSG ditutup naik +0.64% ke level 6,013. Investor asing mencatatkan

keseluruhan net buy sebesar IDR 83.2 miliar. Net buy asing tertinggi di pasar

reguler dicatatkan oleh BMRI (IDR 58.2 miliar), BBCA (IDR 46.1 miliar), dan

BBRI (IDR 39.4 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh

TLKM (IDR 62.3 miliar), ASII (IDR 56.6 miliar), dan MDKA (IDR 30.9 miliar).

Top leading movers emiten BBCA, TLKM, BBRI, sementara top lagging

movers emiten TPIA, CPIN, HMSP.

Kasus positif Covid 5,833 (+11.3% daily), jumlah tes 55,483 (+35.1%

daily), jumlah recovered 6,015 (-24.8% daily). Total kasus Covid di Indonesia

saat ini 1,662,868 (17.0% positive rate). Vaksinasi di Indonesia untuk dosis 1

telah diberikan pada 12.2 juta orang yang telah mencapai 6.8% target

(+27.3% daily, +167,877), sedangkan dosis 2 total sudah diberikan pada 7.5

juta orang (-1.9% daily, +191,913).

Sri Mulyani melaporkan, kerugian ekonomi Indonesia akibat Covid-19

mencapai IDR 1.356 triliun, setara dengan 8.8% dari PDB tahun 2020. BI

memprediksi target partumbuhan ekonomi Indonesia hingga 4.3-5.3%

tahun ini menunjukkan adanya keyakinan pada perekonomian Indonesia.

Selain itu, banyak perusahaan yang akan membagikan dividen menjadi

sentimen positif yang menggairahkan pasar, sehingga IHSG diharapkan

melanjutkan rebound. Pagi ini Nikkei dan Kospi masing-masing

dibuka-0.16% dan +0.07%.

DAILY RESEARCH



TLKM :

Pertumbuhan Laba Bersih +11.5% yoy pada 1Q21



UNVR :

Laba bersih 1Q21 turun -8.8% yoy



JPFA

:

Kenaikan Laba Bersih 1Q21 +150% yoy



PTBA :

Kenaikan Laba Bersih +0.6% yoy/+38% qoq pada 1Q21



30 April 2021

(2)

Equity Research│30 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-M ar -2 0 1-Ap r-20 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-Au g-20 1-Sep -2 0 1-O ct-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-Ap r-21 0 10 20 30 40 50 60 70 80 1-M ar -2 0 1-A pr -2 0 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-Au g-20 1-Sep -2 0 1-Oc t-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-A pr -2 1 40 50 60 70 80 90 100 110 1-M ar -2 0 1-Ap r-20 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-A ug -2 0 1-Sep -2 0 1-Oc t-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-Ap r-21 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 1-M ar -2 0 1-A pr -2 0 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-Au g-20 1-Sep -2 0 1-O ct-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-Ap r-21 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 1-M ar -2 0 1-Ap r-20 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-Au g-20 1-Sep -2 0 1-Oc t-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-A pr -2 1 10,000 12,000 14,000 16,000 18,000 20,000 22,000 1-M ar -2 0 1-A pr -2 0 1-M ay -2 0 1-Ju n-20 1-Ju l-2 0 1-A ug -2 0 1-Sep -2 0 1-O ct-2 0 1-N ov -2 0 1-D ec -2 0 1-Ja n -2 1 1-Feb -2 1 1-M ar -2 1 1-A pr -2 1 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

%

4/29/2021 1,662,868 0.35 5,833 11.30 1,517,432 6,015 45,334 218 100,102

93.98 4/28/2021 1,657,035 0.32 5,241 12.56 1,511,417 4,818 45,116 177 100,502

93.93 4/27/2021 1,651,794 0.28 4,656 (21.67) 1,506,599 4,884 44,939 168 100,256

93.93 4/26/2021 1,647,138 0.36 5,944 35.03 1,501,715 5,589 44,771 177 100,652

93.89 4/25/2021 1,641,194 0.27 4,402 (3.13) 1,496,126 3,804 44,594 94 100,474

93.88 4/24/2021 1,636,792 0.28 4,544 (16.41) 1,492,322 4,953 44,500 154 99,970

93.89 4/23/2021 1,632,248 0.33 5,436 (12.93) 1,487,369 5,920 44,346 174 100,533

93.84 Average

5,151

5,140

166

93.91

(3)

Equity Research│30 April 2021

TLKM: Pertumbuhan Laba Bersih +11.5% yoy pada 1Q21

Sepanjang FY20, PT Telkom Indonesia Tbk (TLKM) membukukan kinerja pendapatan IDR 136.46 triliun (+0.7% yoy).

Pendapatan per segmen, terjadi penurunan pada pendapatan dari segmen selular sebesar -4% yoy, diikuti segmen

enterprise (-5% yoy). Namun, terjadi kenaikan pada pendapatan dari segmen consumer (+18% yoy) dan wholesales

(+10% yoy). Laba bersih TLKM pada FY20 tercatat sebesar IDR 20.8 triliun (+11.5% yoy) dengan margin 15.2% (+140

bps yoy). TLKM kembali membukukan penurunan nilai investasi sebesar -IDR 763 miliar, termasuk didalamnya

penyisihan penuh pada 24% investasi di Tiphone (-IDR 455 miliar) dan 20% investasi di Indonusa (-IDR 210 miliar).

(Laporan Keuangan)

Comment:

Stand alone 4Q20, TLKM membukukan pendapatan IDR 36.5 triliun (+10.4% qoq/ +10.9% yoy), pendapatan

kuartalan tertinggi yang pernah dibukukan Telkom. Pendapatan segmen mobile +4%qoq/-4% yoy dari strategi

agresif Unlimited, segmen consumer +6% qoq/+29% yoy memperlihatkan pertumbuhan permintaan produk

Indihome, segmen enterprise kembali meningkat +68% qoq/+66% yoy dan menyumbang laba setelah

mengalami penurunan akibat dampak COVID-19 dengan kebijakan WFH. Laba bersih 4Q20 sebesar IDR 4.1

triliun (-27.5% qoq/+87.2% yoy), dengan kenaikan beban operasional dan menyisahkan margin laba bersih

11.3% (-590 bps qoq/+460 bps yoy). TLKM: BUY: 13.7x PE '21E, 2.4x PBV '21E, TP: IDR 4,300.

UNVR: Laba bersih 1Q21 turun -8.8% yoy

PT Unilever Indonesia (UNVR) mencatatkan penjualan selama 1Q21 sebesar IDR 10.2 triliun (-7.8% yoy, -2.2% qoq),

laba kotor sebesar IDR 5.3 triliun (-7.6% yoy, -3.6% qoq), laba operasional IDR 2.2 triliun (-6.8% yoy, -5.8% qoq), dan

laba bersih IDR 1.69 triliun (-8.8% yoy, -1.6% qoq) (Laporan keuangan).

Comments:

Pencapaian UNVR pada 1Q21 cenderung lemah, merefleksikan 22% dan 23% proyeksi FY21F SSI dan consensus.

Secara marjin, GPM dan OPM masih terjaga di level 52.4% dan 21.6%, naik tipis +10bps dan +23 bps, sementara

itu NPM sedikit terkoreksi ke 16.2% (18bps). Penurunan topline terjadi akibat segmen HPC yang terkoreksi

-4.8% yoy dan -12.7% qoq, marjin HPC pun terkoreksi -30bps yoy. Namun segmen FNR terlihat sudah mulai pulih,

walaupun kenaikannya cenderung flat +3.3% yoy dan 3.7% qoq, dan terjadi peningkatan marjin +204bps yoy.

(4)

Equity Research│30 April 2021

JPFA: Kenaikan Laba Bersih 1Q21 +150% yoy

PT Japfa Comfeed Indonesia (JPFA) mencatatkan kenaikan penjualan sebesar +11.6% yoy (-10.6% qoq) menjadi IDR

10.7 triliun. Laba kotornya naik +52.6% yoy (-16.3% qoq) menjadi IDR 2,791 triliun, diikuti laba operasionalnya yang

naik +83.2% yoy (-17.6% qoq). Terakhir, laba bersih perseroan melesat hingga +150.3% yoy dan +30.1% qoq ke angka

IDR 859 miliar (Laporan Keuangan)

Comments:

JPFA mencatatkan angka laba bersih yang fantastis pada 1Q21, merefleksikan 49% dan 52% dari target FY21F

SSI dan consensus sekaligus menjadi catatan terbaiknya dalam lima tahun terakhir. Terjadi peningkatan marjin

yang signifikan (GPM +697 bps yoy, OPM +483bps yoy, dan NPM +442bps yoy). Pencapaian luar biasa JPFA

pada 1Q21 terutama didorong oleh pulihnya segmen DOC dan Commercial Farm. Penjualan segmen DOC

tumbuh +14.5% qoq dan 30.4% yoy, dengan laba operasional sebesar IDR 626 miliar (+84.7% qoq dan 1,152%

yoy). Segmen commercial farm mencatatkan penjualan +7.0% qoq dan +33.7% yoy dengan laba operasional IDR

275 miliar (1Q20: rugi operasional IDR 136 miliar). Sementara itu, walaupun margin operasionalnya tertekan

-343 bps yoy, segmen feeds masih mencatatkan pertumbuhan penjualan +13.1% yoy dan 16.9% qoq. Kami

perkirakan kuartal kedua 2021 akan lebih baik lagi untuk JPFA, mengingat dorongan permintaan yang lebih

tinggi memasuki momen Ramadhan dan Lebaran, serta harga DOC dan Livebird yang lebih tinggi. JPFA: BUY:

13.0x PE '21E, 1.7x PBV '21E, TP: IDR 2,400

PTBA: Kenaikan Laba Bersih +0.6% yoy/+38% qoq pada 1Q21

Pendapatan PTBA turun -23% yoy/-11.9% qoq menjadi IDR 3.9T juta pada 1Q21. Laba kotor dan laba operasi

masing-masing tumbuh flat secara yoy namun naik secara qoq, laba kotor naik +45.8% qoq dan laba operasi naik +55.3% qoq.

Laba bersih PTBA pada 1Q21 tercatat sebesar IDR 909 milia, +0.6% yoy/+38% qoq. (Laporan Keuangan)

Comment:

Efisiensi menjadi fokus utama perusahaan untuk mendukung kinerja keuangan. Margin laba kotor meningkat

menjadi 38.6% yoy (1Q20: 29.8%; 4Q20: 23.4%), begitu juga dengan margin laba operasi yang meningkat

menjadi 23.9% (1Q21: 18.4%; 4Q20: 13.5%). Kami optimis terhadap potensi pemulihan kinerja PTBA pada tahun

ini, baik dari sisi volume maupun tren kenaikan harga batubara global. PTBA: BUY: 8.4x PE '21E, 1.4x PBV '21E,

(5)

Equity Research│30 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 11.7 BBRI BUY 7.6 4,160 BMRI BUY 4.3 6,225 BBNI BUY 1.6 5,875 BBTN BUY 0.3 1,615 Average Consumer (Staples) ICBP BUY 1.5 INDF BUY 0.9 6,525 KLBF BUY 1.0 1,470 UNVR BUY 3.4 6,050 SIDO BUY 0.4 805 Average Cigarette HMSP BUY 2.3 1,310 GGRM BUY 1.0 Average Healthcare MIKA BUY 0.6 2,610 SILO SELL 0.2 HEAL HOLD 0.2 Average Poultry CPIN HOLD 1.7 JPFA BUY 0.3 1,975 MAIN HOLD 0.0 865 32,050 40,500 37,872 26.4 29.1 24.8 4.3 3.9 14.7 15.7 5,300 5,136 27.4 26.5 15.6 2.7 2.5 10.3 15.8 8,000 7,975 28.5 17.0 12.2 1.5 1.5 9.1 12.1 8,500 7,288 44.7 36.7 8.5 1.0 0.8 2.6 9.7 2,300 2,219 42.4 10.6 6.7 0.9 0.8 8.1 11.4 21.4 9.1 1.1 1.0 6.6 11.1 8,625 12,000 12,162 39.1 17.5 15.7 3.4 3.0 19.6 19.1 9,500 8,752 45.6 11.7 11.8 1.4 1.3 11.9 11.0 1,750 1,783 19.0 24.9 22.6 4.0 3.6 16.0 16.0 7,900 7,937 30.6 32.2 30.6 46.9 43.2 145.7 141.4 970 918 20.5 25.9 22.2 7.5 7.0 29.1 31.5 22.4 20.6 12.6 11.6 44.5 43.8 1,460 1,318 11.5 h 17.9 5.0 5.0 28.5 28.1 36,125 44,400 38,381 22.9 8.2 8.0 1.2 1.1 14.2 13.9 8.2 13.0 3.1 3.1 21.4 21.0 3,500 3,191 34.1 43.8 41.3 7.7 6.9 17.5 16.8 8,200 5,400 8,686 -34.1 585.7 248.5 2.2 2.2 0.4 0.9 4,600 5,000 4,816 8.7 42.2 36.5 5.6 4.9 13.3 13.5 223.9 108.8 5.2 4.7 10.4 10.4 6,900 7,300 6,779 5.8 39.2 30.1 5.4 4.9 13.7 16.4 2,400 2,113 21.5 24.7 13.0 2.0 1.7 8.0 13.1 890 960 2.9 n/a 12.7 0.9 0.9 -0.9 6.8

Average 31.9 18.6 2.8 2.5 7.0 12.1

Retail

MAPI HOLD 0.2 800 850 961 6.3 n/a 80.0 1.5 8.6 -7.4 10.8 RALS BUY 0.1 795 900 842 13.2 n/a 16.9 1.3 1.3 -1.5 7.7 ACES BUY 0.4 1,485 1,900 1,790 27.9 31.6 23.2 5.1 4.5 16.1 19.6 LPPF SELL 0.1 1,900 1,100 1,213 -42.1 n/a 14.7 3.2 5.0 -35.0 34.1

Average 31.6 40.0 2.6 4.8 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 0.2 995 1,400 1,559 40.7 6.1 5.5 0.9 0.8 14.9 14.3 SCMA BUY 0.3 1,550 2,200 2,084 41.9 19.4 17.6 4.7 4.2 24.4 23.7 Average 12.7 11.6 2.8 2.5 19.6 19.0 Telco EXCL BUY 0.3 2,090 3,300 3,197 57.9 9.8 19.5 1.1 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 4.7 3,200 4,300 4,239 34.4 14.3 13.7 2.6 2.4 17.8 17.8 Average 12.1 16.6 2.0 1.9 7.7 7.4 Telco Retail ERAA BUY 0.1 625 1,625 629 160.0 3.3 2.7 0.4 0.3 11.0 11.9 Telco Infra TBIG SELL 0.9 2,740 1,550 2,279 -43.4 57.1 53.7 9.4 8.4 16.5 15.6 TOWR BUY 0.9 1,130 1,300 1,431 15.0 19.5 17.7 5.3 4.5 27.2 25.3 Stock Rec.

(6)

Equity Research│30 April 2021

Auto ASII BUY 3.3 5,425 6,750 6,796 24.4 12.2 11.0 1.1 1.1 9.0 9.6 Average 12.2 11.0 1.1 1.1 9.0 Mining Contracting UNTR BUY 1.2 21,375 31,000 27,913 45.0 11.5 8.5 1.3 1.2 11.2 13.8 Average 11.5 8.5 1.3 1.2 11.2 Aviation GIAA BUY 0.1 328 650 455 98.2 3.3 2.9 0.6 0.5 17.5 16.9 Average 3.3 2.9 0.6 0.5 17.5 Property BSDE BUY 0.4 1,165 1,350 1,462 15.9 17.4 13.1 0.7 0.6 4.0 4.9 PWON SELL 0.4 535 530 630 -0.9 41.2 14.5 1.1 1.8 2.6 12.1 ASRI SELL 0.1 200 130 252 -35.0 15.4 7.1 0.4 0.3 2.3 4.7 LPKR SELL 0.2 220 140 205 -36.4 n/a n/a 0.5 0.5 -0.5 -0.2 SMRA SELL 0.2 985 950 1,035 -3.6 57.9 34.0 1.9 1.8 3.4 5.4 CTRA SELL 0.3 1,145 1,100 1,327 -3.9 27.3 21.2 1.4 1.3 5.1 6.2

Average 31.8 18.0 1.0 1.1 2.8 5.5

Industrial Estate

SSIA BUY 0.0 454 700 668 54.2 n/a 41.3 0.5 0.5 -1.6 1.3 DMAS HOLD 0.2 242 250 274 3.3 16.1 14.2 1.5 1.8 9.6 12.7

KIJA SELL 0.1 177 150 N/A -15.3 16.1 13.6 0.6 0.5 4.0 3.4

Average 16.1 23.0 0.9 0.9 4.0 5.6 Construction PTPP BUY 0.1 1,240 1,900 1,956 53.2 56.4 10.1 0.5 0.5 0.9 4.9 ADHI BUY 0.1 1,160 1,800 1,608 55.2 48.3 11.3 0.7 0.7 1.5 6.1 WSKT BUY 0.2 1,135 2,200 1,310 93.8 n/a 10.9 0.7 0.6 -15.2 5.6 WIKA BUY 0.2 1,460 2,400 2,086 64.4 15.2 9.9 0.8 0.7 5.0 7.1 Average 40.0 10.5 0.7 0.6 -1.9 5.9 Cement INTP BUY 0.7 13,125 16,250 16,748 23.8 36.5 30.3 2.1 2.1 5.8 6.9 SMGR BUY 0.9 10,550 13,050 14,289 23.7 27.7 22.3 1.7 1.7 6.3 7.4 Average 32.1 26.3 1.9 1.9 6.1 7.2 Precast WSBP BUY 0.1 208 230 243 10.6 18.9 5.6 0.5 0.5 2.9 8.9 WTON BUY 0.0 302 450 477 49.0 27.5 8.2 0.8 0.7 2.9 8.9 Average 23.2 6.9 0.7 0.6 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,230 1,700 1,614 38.2 22.4 17.6 0.7 0.7 3.3 4.1 AKRA BUY 0.2 3,240 4,000 4,137 23.5 14.1 12.9 1.5 1.4 10.6 11.0 MEDC BUY 0.2 620 1,090 830 75.8 n/a 8.5 0.9 0.8 -9.9 9.7

Average 18.2 13.0 1.0 1.0 1.3 8.3

Chemical

TPIA HOLD 2.6 9,950 10,250 9,113 3.0 686.2 114.4 6.9 6.9 1.0 6.0 BRPT BUY 1.4 985 1,150 1,210 16.8 205.9 125.8 5.2 5.2 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 446.0 120.1 4.9 4.5 -5.5 3.2

Utilities

JSMR BUY 0.4 4,130 5,000 5,469 21.1 62.6 20.8 1.2 1.2 2.0 5.6 Metal

ANTM BUY 0.9 2,510 3,230 3,393 28.7 40.5 24.6 3.1 2.9 7.7 11.7 MDKA SELL 0.9 2,560 2,030 2,948 -20.7 n/a 13.9 9.3 10.1 15.7 72.9 INCO BUY 0.7 4,650 6,730 6,096 44.7 32.1 32.1 1.6 1.6 5.0 5.0

(7)

Equity Research│30 April 2021

Coal ITMG BUY 0.2 12,000 13,550 14,653 12.9 8.3 8.3 1.2 1.4 14.3 16.7 ADRO BUY 0.6 1,255 1,530 1,639 21.9 8.7 8.7 0.7 0.8 8.5 8.8 PTBA BUY 0.4 2,420 3,200 3,036 32.2 9.6 8.4 1.5 1.4 15.8 16.4 Average 8.8 8.4 1.1 1.2 12.9 14.0 Plantation AALI BUY 0.3 9,275 13,800 13,522 48.8 26.7 16.9 0.9 0.9 3.5 5.3 LSIP BUY 0.1 1,290 1,730 1,607 34.1 12.6 10.3 0.9 0.9 7.1 8.3 TBLA BUY 0.1 890 980 1,190 10.1 7.4 6.0 0.8 0.7 11.0 12.2 SIMP SELL 0.1 555 388 513 -30.1 50.5 32.6 0.6 0.6 1.2 1.8 SSMS BUY 0.1 900 1,500 1,234 66.7 26.5 11.4 2.0 1.7 7.4 15.0 Average 24.7 15.4 1.0 1.0 6.0 8.5

Source: SSI Research, Bloomberg

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

(8)

Equity Research│30 April 2021

Chg (Pts)

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

World 2,963 11.43 0.39 0.58 5.39 11.33 10.16 44.35 2,973 1,953 U.S. (S&P) 4,211 28.29 0.68 1.85 6.05 13.39 12.12 43.27 4,219 2,767 U.S. (DOW) 34,060 239.98 0.71 0.72 2.68 13.60 11.28 38.27 34,257 22,790 Europe 3,997 (18.13) (0.45) (0.45) 1.98 14.81 12.51 36.51 4,041 2,708 Emerging Market 1,365 (0.42) (0.03) 0.85 3.65 2.63 5.67 47.53 1,449 887 FTSE 100 6,961 (2.19) (0.03) 0.33 3.69 8.65 7.75 17.97 7,040 5,526 CAC 40 6,303 (4.41) (0.07) 0.56 3.88 16.73 13.53 37.85 6,352 4,195 Dax 15,154 (137.98) (0.90) (1.09) 0.97 12.81 10.46 39.52 15,502 10,161 Indonesia 6,013 38.48 0.64 0.31 0.46 2.57 0.57 27.49 6,505 4,460 Japan 29,054 62.08 0.21 1.91 (1.12) 5.03 5.87 46.95 30,715 19,449 Australia 7,082 17.61 0.25 0.38 4.29 7.19 7.52 28.25 7,097 5,170 Korea 3,174 (7.40) (0.23) (0.38) 3.68 6.65 10.46 62.98 3,266 1,894 Singapore 3,222 2.02 0.06 1.06 1.78 10.99 13.28 22.76 3,236 2,421 Malaysia 1,609 1.82 0.11 0.75 (0.17) 2.69 (1.15) 16.53 1,696 1,372 Hong Kong 29,303 231.92 0.80 1.91 3.26 3.60 7.61 18.91 31,183 22,520 China 3,475 17.83 0.52 0.28 0.96 (0.23) 0.05 21.50 3,732 2,802 Taiwan 17,567 (0.87) (0.00) 2.75 6.91 16.04 19.24 59.81 17,709 10,659 Thailand 1,590 13.67 0.87 1.42 0.20 8.42 9.74 22.19 1,606 1,187 Philipines 6,488 18.37 0.28 1.12 0.69 (1.89) (9.13) 13.80 7,432 5,396

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, %) 6.48 (17.73) 8.12 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,450 (50.00) 0.35 0.48 (0.03) (2.91) (2.77) 5.85 15,138 13,865 Japan 108.88 (0.05) 0.05 (0.92) 1.69 (3.63) (5.17) (1.56) 110.97 102.59 UK 1.40 0.00 0.05 0.54 1.22 2.11 2.06 10.78 1.42 1.21 Euro 1.21 0.00 0.02 0.21 3.35 0.52 (0.76) 10.66 1.23 1.08 China 6.47 (0.01) 0.11 0.28 1.51 (0.66) 0.85 9.34 7.18 6.42 Chg (Pts)

Oil (Brent) 68.56 1.29 1.92 4.83 5.51 22.69 32.36 204.17 71.38 22.87 CPO 3,936 (133.00) (3.27) 1.08 6.61 16.17 9.33 94.85 4,084 1,944 Rubber 1,029.00 11.50 1.13 1.63 (10.13) 14.65 9.76 49.13 1,262.50 691.50 Coal 90.50 1.80 2.03 2.72 (2.69) 0.61 12.42 76.59 99.00 47.50 Tin 30,875 (254.00) (0.82) 9.66 12.60 33.09 50.28 100.92 31,752 14,970 Nickel 17,257 (172.00) (0.99) 7.43 6.42 (2.45) 3.88 40.13 20,110 11,800 Copper 9,885 9.00 0.09 5.15 11.51 25.83 27.29 87.89 10,008 5,060 Gold 1,772 3.70 0.21 (0.31) 3.38 (4.09) (6.41) 5.20 2,074 1,669

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices 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

Equity Research│30 April 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

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

Ahmad Fadillah Oil & Gas ahmad.fadillah@samuel.co.id +6221 2854 8144

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

Thita Rossiana Putri Admin & Sales Support Fixed Income Thita.rossiana@samuel.co.id +62-21 2854 8385

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