DAILY
RESEAR
CH
Market
Market Activity Market Index : 6,120.7 Index Movement : +32.2 0.53% Market Volume : 20,755 Mn shrs Market Value : 11,987 Bn rupiahLast Close +/- % Leading Movers BRPT 955 85 9.8 BBCA 30,200 300 1.0 FREN 143 22 18.2 EMTK 2,700 80 3.1 Lagging Movers BMRI 5,750 -150 -2.5 UNVR 4,330 -120 -2.7 AGRO 2,660 -190 -6.7 ASII 4,650 -60 -1.3
Foreign Net Buy / Sell (Regular Market)
Net Buy (IDR bn) Net Sell (IDR bn)
TLKM 108 AGRO 99 BBRI 56 BMRI 54 BABP 49 ASII 50 ARTO 44 PGAS 40 INCO 43 LINK 38 Money Market Last Close +/- % USD/IDR 14,483 -5.0 0.0 JIBOR O/N 5.9 0.0
Dual Listing Securities
Last Close +/- % TLKM 22.6 0.4 1.8 EIDO 20.2 0.1 0.6 Global Indices Last Close +/- % DJIA 35,085 154 0.44 S&P 500 4,419 19 0.42 Euro Stoxx 4,117 14 0.33 MSCI World 3,069 closed
-STI 3,181 39 1.24 Nikkei 27,782 -6,618 0.73 Hang Seng 26,315 841 3.3 Commodities Last Close +/- % Brent Oil 75.9 1.1 1.53 Coal (ICE) 152.4 1.2 0.79 CPO Malay 4,427 119.0 2.76 Gold 1,828 1.2 1.15 Nickel 19,537 closed -Tin 34,400 closed -Changes Changes Changes Changes Changes Thursday, 29 Jul 2021
Musim Rilis Result 1H21
Bursa saham AS menguat: Dow Jones +0.44%; S&P500 +0.42 dan Nasdaq
+0.11%. Tingkat pertumbuhan GDP AS pada 2Q21 naik 6.5% yoy meskipun
lebih rendah dari yang diperkirakan sebesar 8.5%. Initial jobless claim pada
pekan yang berakhir 24 Juli sebesar 400 ribu orang, turun -5.6% WoW. GDP
AS tumbuh dibawah perkiraan dan penurunan jobless claim dapat
berpengaruh terhadap penundaan tapering, seiring dengan kenaikan kasus
Covid di AS. Yield UST 10Y closing kemarin naik +0.23% di level 1.26% dan
USD Index turun -0.46% di level 91.89.
Pasar komoditas menguat: Brent dan WTI menguat +1.6 dan 1.7%, CPO
2.8%, nikel +1.8%. Bursa Asia kemarin ditutup menguat, Hang Seng +3.2%,
Shanghai +1.5%, Nikkei +0.7%, Kospi +0.2%. Indeks EIDO ditutup di level
+0.6%. Pada perdagangan kemarin, IHSG ditutup menguat +0.53% di level
6,120 dengan total net foreign buy sebesar IDR 51 miliar. Net buy asing
tertinggi di pasar reguler dicatatkan oleh TLKM (IDR 107.5 miliar), BBRI (IDR
56.1 miliar), dan BABP (IDR 48.6 miliar). Net sell asing tertinggi di pasar
reguler dicetak oleh AGRO (IDR 99.2 miliar), BMRI (IDR 53.7 miliar), dan ASII
(IDR 50 miliar).
Kasus positif COVID-19 Indonesia kemarin bertambah 44,479 (-9.0% daily)
secara jumlah tes mengalami penurunan -6.3% daily dengan daily positive
rate sebesar 25.1%. Kasus aktif total mencapai 553,484 (16.7% infection
rate), sehingga total kasus Covid di Indonesia saat ini sudah mencapai 3.3
juta kasus. Perkembangan vaksinasi di Indonesia pada dosis 1 telah
diberikan pada 46.2 juta penduduk yang telah mencapai 25.5% target
(+555,030), sedangkan total pemberian dosis 2 mencapai 19.6 juta
penduduk (+566,060).
Sentimen dalam negeri dari result 1H21 emiten yang banyak dirilis hari ini.
IHSG diperkirakan menguat seiring dengan penguatan bursa global dan rilis
result 1H21 emiten yang mayoritas membaik setelah Covid tahun lalu.
DAILY RESEARCH
BMRI :
Laba bersih 2Q21 naik +177% yoy dengan 1H21 naik +21.5% yoy
KLBF :
Laba bersih 2Q21 naik +9% yoy dengan 1H naik +7.9% yoy
JPFA :
Laba Bersih 2Q21 Sebesar IDR 683 Miliar, dari
Sebelumnya Rugi Bersih IDR -188 Miliar
ASII
:
Pertumbuhan Laba Bersih +61% yoy pada 1H21
30 July 2021
Equity Research│30 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)
2 9 -J u l-2 0 2 9 -A u g-2 0 2 9 -S ep -2 0 2 9 -O ct-2 0 2 9 -N o v-2 0 2 9 -D ec -2 0 2 9 -J an -2 1 2 8 -F eb -2 1 31 -M ar -2 1 3 0 -A p r-2 1 3 1 -M a y-2 1 3 0 -J u n -2 1 0 10 20 30 40 50 60 70 80 90 29 -J ul -2 0 2 9 -A u g-2 0 2 9 -S e p -2 0 29 -Oc t-20 2 9 -N o v-2 0 2 9 -D e c-2 0 2 9 -J an -2 1 2 8 -F e b -2 1 3 1 -M a r-2 1 30 -Ap r-21 3 1 -M ay -2 1 3 0 -J u n -2 1 40 60 80 100 120 140 160 2 9 -J u l-2 0 29 -Au g-20 29 -S ep -2 0 2 9 -O ct-2 0 2 9 -N o v-2 0 2 9 -D ec -2 0 29 -J an -2 1 28 -F eb -2 1 3 1 -M ar -2 1 3 0 -A p r-2 1 3 1 -M ay -2 1 30 -J un -2 1 1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 2 9 -J u l-2 0 2 9 -A u g-2 0 2 9 -S ep -2 0 2 9 -O ct-2 0 2 9 -N o v-2 0 29 -D ec -2 0 29 -J an -2 1 2 8 -F eb -2 1 3 1 -M ar -2 1 3 0 -A p r-2 1 3 1 -M ay -2 1 30 -J un -2 1 4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000 29 -J ul -2 0 2 9 -A u g-2 0 2 9 -S ep -2 0 2 9 -O ct-2 0 2 9 -N o v-2 0 2 9 -D ec -2 0 29 -J an -2 1 28 -F eb -2 1 31 -M ar -2 1 3 0 -A p r-2 1 3 1 -M ay -2 1 3 0 -J u n -2 1 10,000 12,000 14,000 16,000 18,000 20,000 22,000 2 9 -J u l-2 0 29 -Au g-20 29 -S ep -2 0 2 9 -O ct-2 0 2 9 -N o v-2 0 29 -D ec -2 0 2 9 -J an -2 1 2 8 -F eb -2 1 3 1 -M ar -2 1 30 -Ap r-21 3 1 -M a y-2 1 3 0 -J u n -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 % 7/29/2021 3,331,206 1.32 43,479 - 2,686,170 45,494 90,552 1,893 554,484 83.35 7/28/2021 3,287,727 1.48 47,791 - 2,640,676 43,856 88,659 1,824 558,392 83.02 7/27/2021 3,239,936 1.41 45,203 60.14 2,596,820 47,128 86,835 2,069 556,281 82.83 7/26/2021 3,194,733 0.89 28,228 (27.02) 2,549,692 40,374 84,766 1,487 560,275 82.46 7/25/2021 3,166,505 1.24 38,679 (14.83) 2,509,318 37,640 83,279 1,266 573,908 81.88 7/24/2021 3,127,826 1.47 45,416 (7.45) 2,471,678 39,767 82,013 1,415 574,135 81.64 7/23/2021 3,082,410 1.62 49,071 (0.88) 2,431,911 38,988 80,598 1,566 569,901 81.51 Average 42,552 41,892 1,646 82.38
Equity Research│30 July 2021
BMRI: Laba bersih 2Q21 naik +177% yoy dengan 1H21 naik +21.5% yoy
Laba bersih BMRI di 2Q21 naik +11.2% qoq atau +177% yoy menjadi IDR 6.6 triliun. Hal ini menyebabkan laba bersih
1H21 naik +21.5% yoy menjadi IDR 12.5 triliun, mencapai 52.6% FY21F SSI dan 51.7% consensus. PPOP 1H21 naik +20%
yoy dengan biaya provisi naik +6.9% yoy, sehingga laba operasional naik +29.6% yoy. Kredit tumbuh +16.4% yoy dengan
DPK tumbuh +19.7% yoy, sehingga LDR berada di level 85.9%. NPL terjaga di 3.08% atau turun -7bps qoq dengan
coverage ratio 221.9%. NIM turun tipis -5bps qoq menjadi 5.05%. (Analyst Meeting)
Comment:
Pendapatan bunga 1H21 yang tumbuh +6.4% yoy diikuti dengan biaya bunga turun -20.3% yoy, sehingga
pendapatan bunga bersih naik +21.5% yoy. Sementara PPOP 2Q21 naik +44.3% yoy dengan biaya provisi
turun -17.9% yoy, sehingga laba operasional 2Q21 naik +165.2% yoy. Pertumbuhan kredit didorong oleh
pertumbuhan kredit komersial yang tumbuh +16% yoy dan kredit mikro yang tumbuh +8.6% yoy. Begitu
pula dengan UMK yang tumbuh +16.1% yoy. Kredit korporasi yang berkontribusi sebesar 36.4% dari total
kredit tumbuh +3.5% yoy. Pertumbuhan ini juga didorong oleh dikonsolidasinya BRIS, sehingga kredit
subsidiaries naik +79% yoy. Disisi lain pertumbuhan DPK didorong oleh giro yang tumbuh +41% yoy dan
tabungan yang tumbuh +21.5% yoy. Sedangkan deposito berjangka turun -17.8% yoy. Hal ini
menyebabkan CoF turun -16bps qoq menjadi 1.8%. Walaupun demikian, loan yield juga turun -32bps qoq
menjadi 7.06%. Sehingga NIM bank only turun -9bps menjadi 4.58%. BMRI: BUY: 11.3x PE '21E, 1.4x PBV
'21E, TP: IDR 8,000
KLBF: Laba bersih 2Q21 naik +9% yoy dengan 1H naik +7.9% yoy
Laba bersih KLBF di 2Q21 naik +9% yoy atau +9.6% qoq menjadi IDR 782.8 miliar, sehingga laba bersih 1H21 naik +7.9%
yoy menjadi IDR 1.5 triliun, mencapai 49% SSIF dan 51% consensus. Penjualan 2Q21 sendiri naik +9.4% yoy atau +5.7%
qoq, sedangkan 1H21 naik +6.6% yoy. (Bisnis Indonesia)
Comment:
Walaupun terjadi kenaikan penjualan, namun karena peningkatan harga bahan baku membuat GPM
2Q21 turun menjadi 43.3% dibandingkan 44% di 1Q21, sehingga GPM 1H21 tercatat di 43.6%. Sebagai
perbandingan, GPM 1H20 tercatat di 45.3%. Namun KLBF berhasil menekan beban penjualan sehingga
turun -1% yoy di 1H21 dan beban umum dan administrasi hanya naik +5.6% yoy. KLBF: BUY: 19.9x PE '21E,
3.2x PBV '21E, TP: IDR 1,750
Equity Research│30 July 2021
JPFA: Laba Bersih 2Q21 Sebesar IDR 683 Miliar, dari Sebelumnya Rugi Bersih IDR -188 Miliar
Selama kuartal kedua 2021, PT Japfa Comfeed Indonesia (JPFA) mencatatkan pertumbuhan penjualan sebesar +44.8%
yoy (+5.3% qoq) menjadi IDR 11.3 triliun. Laba kotor perseroan meningkat +103% yoy (-13.8% qoq) menjadi IDR 2.407
triliun, diikuti laba operasional yang naik +1,035% yoy (-17.8% qoq) menjadi IDR 1.213 triliun. JPFA berhasil mencatatkan
laba bersih sebesar IDR 683 miliar pada 2Q21, berbalik dari rugi bersih sebesar IDR -188 miliar yang dicatatkan perseroan
pada 2Q20. Secara keseluruhan, selama paruh pertama 2021, penjualan naik +30.7% yoy menjadi IDR 22.1 triliun, diikuti
laba bersih yang tumbuh +892% yoy menjadi IDR 1.54 triliun. (Laporan Keuangan)
Comments:
Angka penjualan JPFA pada 1H21 mencapai 53.9% dan 51.5% dari proyeksi SSI dan konsensus, sementara untuk
laba bersih, angkanya mencapai 88.2% dari proyeksi SSI dan dan 77.2% dari konsensus. Sebelumnya, kami
memperkirakan bahwa kinerja JPFA pada 2Q21 akan lebih baik dibandingkan 1Q21. Meski ada kenaikan
penjualan sebesar +5.3% qoq pada 2Q21, di periode yang sama terjadi penyusutan margin, utamanya
disebabkan oleh margin segmen feedmill yang turun menjadi hanya 6.7% (vs. 10.9% pada 1Q21), Penurunan
tersebut disebabkan oleh kenaikan harga jagung dan SBM. Dengan harga pakan yang menjadi lebih mahal,
margin segmen DOC dan broiler ikut tertekan (-222bps dan -220bps) menjadi 32.5% dan 3.5%, meski rata-rata
harga broiler dan DOC pada 2Q21 lebih tinggi dibanding 1Q21. Penjualan dari kedua segmen tersebut naik
+1.9% dan +8.7% qoq, merefleksikan kenaikan volume penjualan saat momen Lebaran. Segmen consumer (So
Good Food) mengalami kenaikan penjualan +35.5% yoy yang diikuti kenaikan EBIT sebesar +10% yoy. Pada
2H21, kami perkirakan pencapaian JPFA tidak akan sebagus 1H21, dikarenakan diberlakukannya PPKM yang
membuat permintaan daging ayam menurun. JPFA: BUY: 10.7x PE '21E, 1.4x PBV '21E, TP: IDR 2,400
ASII: Pertumbuhan Laba Bersih +61% yoy pada 1H21
PT Astra International Tbk (ASII) mencatatkan pendapatan sebesar IDR 107.4 triliun (+20% yoy) dan laba bersih IDR 8.83
triliun (+61% yoy) pada 1H21, pertumbuhan yang cukup signifikan jika dibandingkan 1H20 (dengan catatan penjualan
saham Bank Permata tidak diperhitungkan). (Laporan Keuangan)
Comment:
Hampir semua segmen bisnis ASII mengalami kenaikan laba bersih pada 1H21, kecuali segmen IT. Peningkatan
terbesar terjadi pada segmen otomotif, yang menyumbang laba IDR 3.3 triliun (+362% yoy), diikuti segmen
pertambangan dan alat berat (IDR 2.68 triliun, +13% yoy) dan agribisnis (IDR 517 miliar ,+66% yoy). Stand alone
2Q21, ASII mencatatkan pendapatan sebesar IDR 55.7 triliun (+55.6% yoy/ +7.7% qoq) dan laba bersih sebanyak
IDR 5.1 triliun (+36.9% qoq). Pada kuartal tersebut ASII juga mengalami peningkatan margin dengan OPM
sebesar 11.5% (+270 bps qoq) dan NPM sebesar 9.2% (+200 bps qoq), yang merupakan level pre-pandemi. ASII:
Under review (Previous: ASII: BUY: 9.5x PE '21E, 0.9x PBV '21E, TP: IDR 6,750
Equity Research│30 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 10.2 30,200 40,500 36,777 34.1 27.5 23.4 4.0 3.7 14.7 15.7 BBRI BUY 6.4 3,770 5,300 4,947 40.6 24.0 14.2 2.5 2.2 10.3 15.8 BMRI BUY 3.7 5,750 8,000 7,927 39.1 15.7 11.3 1.4 1.4 9.1 12.1 BBNI BUY 1.3 4,930 8,500 7,120 72.4 30.8 7.1 0.8 0.7 2.6 9.7 BBTN BUY 0.2 1,350 2,300 2,056 70.4 8.9 5.6 0.7 0.6 8.1 11.4 Average 18.5 8.0 1.0 0.9 6.6 11.1 Consumer (Staples) ICBP BUY 1.3 8,350 12,000 11,517 43.7 19.3 14.8 3.9 3.3 19.9 22.1 INDF BUY 0.8 6,375 9,500 8,649 49.0 11.4 11.5 1.4 1.3 11.9 11.0 KLBF BUY 0.8 1,295 1,750 1,738 35.1 21.9 19.9 3.5 3.2 16.0 16.0 UNVR BUY 2.3 4,330 5,900 5,779 36.3 23.0 22.8 33.6 33.1 145.7 145.0 SIDO BUY 0.3 800 970 944 21.3 25.7 22.1 7.5 7.0 29.1 31.5 Average 20.3 18.2 10.0 9.6 44.5 45.1 Cigarette HMSP SELL 1.7 1,085 1,040 1,244 -4.1 14.7 14.9 4.2 4.2 28.5 28.1 GGRM HOLD 0.9 34,825 38,240 38,277 9.8 7.9 7.7 1.1 1.1 14.2 13.9 Average 11.3 11.3 2.7 2.6 21.4 21.0 Healthcare MIKA BUY 0.5 2,590 3,500 3,236 35.1 43.5 40.9 7.6 6.9 17.5 16.8 SILO HOLD 0.2 8,375 9,100 9,967 8.7 598.2 253.8 2.3 2.3 0.4 0.9 HEAL BUY 0.2 1,170 5,700 6,288 387.2 10.7 9.3 1.4 1.3 13.3 13.5 Average 217.5 101.3 3.8 3.5 10.4 10.4 Poultry CPIN BUY 1.4 6,375 7,300 7,357 14.5 36.2 27.8 5.0 4.6 13.7 16.4 JPFA BUY 0.3 1,630 2,400 2,531 47.2 20.4 10.7 1.6 1.4 8.0 13.1 MAIN BUY 0.0 715 890 1,105 24.5 n/a 10.5 0.8 0.7 -0.9 6.8 WMUU BUY 0.0 162 370 370 128.4 #DIV/0! 6.8 #DIV/0! 1.6 #DIV/0! 23.1
Average 28.3 16.4 2.5 2.2 7.0 12.1
Retail
MAPI BUY 0.1 630 975 893 54.8 n/a 17.5 2.0 4.0 -10.4 23.1 RALS BUY 0.1 635 900 754 41.7 n/a 13.5 1.0 1.0 -1.5 7.7 ACES BUY 0.3 1,325 1,900 1,524 43.4 28.2 20.7 4.5 4.1 16.1 19.6 LPPF SELL 0.1 1,815 1,100 1,369 -39.4 n/a 14.1 3.1 4.8 -35.0 34.1
Average 28.2 17.2 2.5 3.0 1.4 16.8
Pulp and Paper
INKP SELL 0.5 7,125 7,000 N/A -1.8 8.2 9.8 0.6 0.6 7.6 6.0
Average 8.2 9.8 0.6 0.6 7.6 Media MNCN BUY 0.2 810 1,650 1,425 103.7 5.1 4.2 0.7 0.6 13.6 14.6 SCMA SELL 0.5 2,240 2,200 2,094 -1.8 28.0 25.5 6.8 6.0 24.4 23.7 Average 16.5 14.8 3.8 3.3 19.0 19.1 Telco EXCL BUY 0.4 2,540 3,000 3,275 18.1 72.6 36.8 1.4 1.4 1.9 3.8 ISAT BUY 0.5 5,650 7,250 7,250 28.3 n/a 65.7 2.4 0.3 -5.6 0.4 TLKM BUY 4.4 3,230 4,050 4,162 25.4 15.4 14.3 2.6 2.5 17.2 17.7 Average 44.0 38.9 2.1 1.4 4.5 7.3 Telco Retail ERAA BUY 0.1 660 1,625 799 146.2 3.5 2.9 0.4 0.3 11.0 11.9 Telco Infra TBIG SELL 1.0 3,160 1,550 3,130 -50.9 65.8 62.0 10.9 9.7 16.5 15.6 TOWR SELL 1.0 1,485 1,300 1,587 -12.5 25.6 23.2 7.0 5.9 27.2 25.3 Average 45.7 42.6 8.9 7.8 21.9 20.4
Equity Research│30 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
Auto ASII BUY 2.6 4,650 6,750 6,758 45.2 10.4 9.5 0.9 0.9 9.0 9.6 Average 10.4 9.5 0.9 0.9 9.0 Mining Contracting UNTR BUY 1.0 19,750 31,000 27,426 57.0 10.6 7.9 1.2 1.1 11.2 13.8 Average 10.6 7.9 1.2 1.1 11.2 Aviation GIAA BUY 0.1 222 650 455 192.8 2.3 1.9 0.4 0.3 17.5 16.9 Average 2.3 1.9 0.4 0.3 17.5 Property BSDE BUY 0.3 935 1,350 1,451 44.4 14.0 10.5 0.6 0.5 4.0 4.9 PWON BUY 0.3 426 530 599 24.4 32.8 11.5 0.8 1.4 2.6 12.1 ASRI SELL 0.0 160 130 214 -18.8 12.3 5.7 0.3 0.3 2.3 4.7
LPKR SELL 0.1 147 140 199 -4.8 n/a n/a 0.3 0.3 -0.5 -0.2
SMRA BUY 0.2 755 1,200 1,038 58.9 44.4 26.0 1.5 1.4 3.4 5.4
CTRA BUY 0.2 890 1,100 1,337 23.6 21.2 16.5 1.1 1.0 5.1 6.2
Average 24.9 14.0 0.8 0.8 2.8 5.5
Industrial Estate
SSIA BUY 0.0 496 700 663 41.1 n/a 45.1 0.6 0.6 -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 0.0 170 150 N/A -11.8 15.5 13.1 0.6 0.4 4.0 3.4
Average 14.3 23.2 0.8 0.8 4.0 5.6
Construction
PTPP BUY 0.1 860 1,900 1,385 120.9 39.1 7.0 0.4 0.3 0.9 4.9
ADHI BUY 0.0 700 1,800 1,298 157.1 29.2 6.8 0.4 0.4 1.5 6.1
WSKT BUY 0.2 890 1,400 1,120 57.3 n/a n/a 0.7 0.8 -44.6 -7.4
WIKA BUY 0.1 970 1,400 1,529 44.3 10.1 6.6 0.5 0.5 5.0 7.1 Average 26.1 6.8 0.5 0.5 -9.3 2.6 Cement INTP BUY 0.5 9,200 16,250 15,264 76.6 25.6 21.2 1.5 1.5 5.8 6.9 SMGR BUY 0.7 8,025 13,050 13,163 62.6 21.1 16.9 1.3 1.3 6.3 7.4 Average 23.3 19.1 1.4 1.4 6.1 7.2 Precast WSBP BUY 0.0 131 230 175 75.6 11.9 3.5 0.3 0.3 2.9 8.9 WTON BUY 0.0 230 450 384 95.7 20.9 6.2 0.6 0.6 2.9 8.9 Average 16.4 4.9 0.5 0.4 2.9 8.9
Oil and Gas
PGAS BUY 0.3 1,005 1,700 1,448 69.2 18.3 14.4 0.6 0.6 3.3 4.1
AKRA BUY 0.2 3,590 4,000 4,200 11.4 15.6 14.2 1.6 1.6 10.6 11.0
MEDC BUY 0.2 510 1,090 877 113.7 n/a 7.0 0.8 0.7 -9.9 9.7
Average 16.9 11.9 1.0 0.9 1.3 8.3
Chemical
TPIA BUY 2.2 9,075 10,250 8,950 12.9 625.9 104.3 6.3 6.3 1.0 6.0
BRPT BUY 1.2 955 1,150 1,036 20.4 199.6 122.0 5.1 5.1 2.5 4.2
ESSA SELL 0.1 474 225 593 -52.5 n/a n/a 3.3 1.6 -20.0 -0.5
Average 412.7 113.1 4.9 4.3 -5.5 3.2
Utilities
JSMR BUY 0.4 3,850 5,000 5,241 29.9 58.3 19.3 1.2 1.1 2.0 5.6
Metal
ANTM BUY 0.9 2,590 3,230 3,493 24.7 41.8 25.4 3.2 3.0 7.7 11.7
MDKA SELL 0.9 2,970 2,030 3,276 -31.6 n/a 16.1 10.8 11.8 15.7 72.9
INCO BUY 0.7 5,400 6,730 5,939 24.6 37.2 37.2 1.9 1.8 5.0 5.0
TINS HOLD 0.2 1,635 1,775 1,633 8.6 n/a 1858.0 2.3 2.8 -4.2 0.1
Equity Research│30 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
Coal ITMG SELL 0.3 17,050 13,550 16,951 -20.5 11.8 11.8 1.7 2.0 14.3 16.7 ADRO BUY 0.6 1,325 1,530 1,638 15.5 9.1 9.1 0.8 0.8 8.5 8.8 PTBA BUY 0.4 2,240 2,900 2,854 29.5 10.5 9.0 1.5 1.3 14.6 14.2 Average 10.5 10.0 1.3 1.3 12.5 13.2 Plantation AALI BUY 0.2 8,250 13,800 12,794 67.3 23.8 15.0 0.8 0.8 3.5 5.3 LSIP BUY 0.1 1,130 1,730 1,551 53.1 11.1 9.0 0.8 0.7 7.1 8.3 TBLA BUY 0.1 820 980 1,180 19.5 6.8 5.5 0.7 0.7 11.0 12.2 SIMP SELL 0.1 438 388 N/A -11.4 39.8 25.8 0.5 0.5 1.2 1.8 SSMS BUY 0.1 860 1,500 1,377 74.4 25.3 10.9 1.9 1.6 7.4 15.0
Average 21.3 13.2 0.9 0.9 6.0 8.5
Source: SSI Research, Bloomberg
Equity Research│30 July 2021
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 3,069 0.63 0.02 0.75 1.49 3.58 14.11 32.32 3,082 2,276 U.S. (S&P) 4,419 18.51 0.42 1.18 2.97 4.93 17.65 35.62 4,430 3,204 U.S. (DOW) 35,085 153.60 0.44 0.75 2.31 3.01 14.63 32.20 35,172 25,992 Europe 4,117 13.74 0.33 1.42 0.23 3.00 15.88 24.74 4,166 2,921 Emerging Market 1,268 15.77 1.26 (4.39) (7.91) (7.06) (1.79) 16.71 1,449 1,053 FTSE 100 7,078 61.79 0.88 1.58 (0.13) 1.68 9.56 15.44 7,218 5,526 CAC 40 6,634 24.46 0.37 2.35 1.01 5.26 19.50 33.78 6,687 4,513 Dax 15,640 70.11 0.45 0.81 (0.32) 3.21 14.01 21.98 15,811 11,450 Indonesia 6,121 32.20 0.53 (0.27) 2.26 2.09 2.37 18.86 6,505 4,755 Japan 27,782 200.76 0.73 1.44 (3.50) (3.58) 1.23 24.37 30,715 21,710 Australia 7,417 38.10 0.52 0.42 1.43 5.57 12.60 22.58 7,448 5,763 Korea 3,243 5.79 0.18 (0.23) (1.64) 3.01 12.85 43.04 3,316 2,237 Singapore 3,181 38.86 1.24 0.68 1.60 (1.17) 11.84 25.72 3,237 2,421 Malaysia 1,513 (2.46) (0.16) (0.96) (1.29) (5.54) (7.02) (5.66) 1,696 1,452 Hong Kong 26,315 841.44 3.30 (5.08) (8.72) (8.39) (3.36) 6.49 31,183 23,124 China 3,412 50.13 1.49 (4.56) (5.00) (1.02) (1.77) 3.80 3,732 3,202 Taiwan 17,403 267.59 1.56 (0.96) (1.99) (0.93) 18.13 36.78 18,034 12,145 Thailand 1,538 0.15 0.01 (0.07) (3.15) (2.86) 6.10 16.88 1,643 1,187 Philipines 6,497 23.50 0.36 (1.22) (5.87) 1.97 (9.01) 9.58 7,432 5,692
1D 1D 1W 1M 3M YTD 1YR High Low
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, %) 6.30 (7.80) 7.02 5.86
US Fed Rate (%) 0.25 0.25 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,483 (5.00) 0.03 0.00 0.01 (0.23) (2.99) 0.41 14,950 13,865 Japan 109.48 (0.43) 0.39 0.60 0.96 (0.50) (5.69) (4.17) 111.66 102.59 UK 1.40 0.01 0.42 1.40 0.90 0.12 2.13 7.42 1.42 1.27 Euro 1.19 0.00 0.35 0.98 (0.09) (1.94) (2.70) 0.80 1.23 1.16 China 6.46 (0.03) 0.53 0.22 0.11 0.24 1.10 8.44 6.99 6.36 Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 75.88 1.14 1.53 2.83 1.50 10.68 46.49 73.44 77.84 35.74 CPO 4,673 83.00 1.81 5.44 24.61 5.70 20.10 70.67 4,839 2,674 Coal 152.40 1.20 0.79 3.89 16.34 68.40 89.32 193.08 154.50 47.50 Tin 34,400 25.00 0.07 2.92 10.43 20.54 69.25 91.19 34,990 16,795 Nickel 19,543 186.00 0.96 5.18 6.80 12.13 17.64 43.07 20,110 13,590 Copper 9,686 (72.50) (0.74) 3.63 3.17 (1.92) 24.72 49.54 10,748 6,226 Gold 1,828 20.86 1.15 1.17 3.79 3.15 (3.71) (7.25) 2,075 1,677 Silver 25.51 0.55 2.19 0.31 (1.02) (2.25) (3.38) 4.94 30 22
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price Regional Indices Last Price
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
Equity Research│30 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
