Morning Brief. NH Korindo Sekuritas Indonesia

Morning Brief

Daily | August 7, 2017

IHSG (Jakarta Composite Index)

August 4 5,777.48

Chg -3.09pts (-0.05%)

Volume (bn shares) 4.83

Value (IDR tn) 4.60

Adv 130 Dec 182 Unc 251 Untr 140

Foreign Transaction

(IDR bn)

Buy 1,783

Sell 1,963

Net Buy (Sell) (180)

Top Buy NB Val. Top Sell NS Val.

BBNI 58.11 ASII 200.22

BBRI 41.37 ICBP 32.87

LPPF 35.59 TLKM 24.11

ADRO 19.11 HMSP 23.79

BBCA 13.05 WIKA 15.38

LQ-45 Index

Top Gainers & Losers

Gainers % Losers % LPPF 3.9% EXCL -3.9% LPKR 2.8% SSMS -3.9% KLBF 2.3% ANTM -2.9% SRIL 1.7% SCMA -2.5% MNCN 1.6% BJBR -2.4%

Government Bond Yield & FX

Last Chg. Tenor: 10 year 6.9110% -0.01% USD/IDR 13,316.00 -0.08% KRW/IDR 11.83 0.04%

Global Indexes

Index Last Chg. % Dow Jones 22,092.81 66.71 0.30% S&P 500 2,476.83 4.67 0.19% Nasdaq 6,351.56 11.22 0.18% FTSE 100 7,511.71 36.94 0.49% CAC 40 5,203.44 72.95 1.42% DAX 12,297.72 143.00 1.18% Nikkei 19,952.33 (76.93) -0.38% Hang Seng 27,562.68 31.67 0.12% Shanghai 3,262.08 (10.85) -0.33% KOSPI 2,395.45 8.60 0.36% EIDO 26.62 0.00 0.00%

Commodities

Commodity Last Chg. %

Gold (USD /troy oz.) 1,258.9 (9.7) -0.77%

Crude Oil (USD /bbl) 49.58 0.55 1.12%

Coal Newcas(USD/ton) 89.10 1.35 1.54%

Gas (USD /mmbtu) 2.77 1.35 -0.93%

Nickel LME (USD /MT) 10,250 (130.0) -1.25%

CPO (MYR/Ton) 2,608 4.0 0.15%

Indonesian Market Recap

IHSG berakhir datar Jumat lalu. Investor cenderung menghindari resiko sambil

menanti data tenaga kerja AS dan pertumbuhan ekonomi Indonesia.

Top Losers: Basic Ind (-1,20%), Agri (-0,54), Infrastructure (-0,33%)

Today’s Outlook: Pertumbuhan PDB

Untuk hari ini kami mengestimasi IHSG bergerak menguat dengan support range

5727 - 5731 dan resistance range 5800-5805. Dari global data tenaga kerja

Amerika pada bulan Juli menunjukkan adanya penambahan tenaga kerja sebesar

209 ribu, lebih tinggi dari estimasi sebesar 183 ribu. Bursa global merespon

positif kuatnya data tenaga kerja ini. Dari domestik, investor perlu mencermati

dengan seksama pertumbuhan domestik bruto Indonesia pada 2Q17, yang akan

dirilis hari ini. Diperkirakan ekonomi Indonesia hanya bertumbuh 5,08% pada

2Q17. Lebih jauh lai investor perlu mencermati pertumbuhan sektor konsumsi

swasta yang pada 1Q17 hanya tumbuh 4,9%.

JCI Movement

JCI - one month Source: Bloomberg

Source: Bloomberg JCI - intraday

Stocks Recommendation (details on the next page)

Trading Buy: ITMG, ADRO, ASII

Global Market

United States

Bursa Amerika ditutup naik Jumat lalu setelah data tenaga kerja yang berhasil

melampaui estimasi.

Europe

Bursa Eropa menguat Jumat lalu. Investor mengamati rilis kinerja perusahaan

dan data tenaga kerja Amerika terbaru.

Asia

Bursa Asia bergerak melemah Jumat lalu di tengah naiknya tensi politik AS

akibat investigasi keterlibatan Rusia pada pemilu AS.

Company News

TOTL : Realisasi Kontrak 67%

DOID : Targetkan Produksi Batubara 50 Juta Ton

MAPI : Memperkuat Segmen Non F&B

TIRA :

Bentuk JV dengan Stahlindo Engineering

Domestic & Global News

Aliran Dana Asing Mulai Melambat

AS Menciptakan 209.000 Pekerjaan pada Juli

Indonesia Economic Data

Monthly Indicator Last Prev. BI 7 Day Rev Repo Rate 4.75% 4.75%

FX Reserve (USD bn) 123.09 124.95

Trd Balance (USD bn) 1.63 0.47

Exports Yoy -11.82% 24.08%

Imports Yoy -17.21% 24.03%

Inflation Yoy 3.88% 4.37%

Quarterly Indicator Last Prev.

Real GDP 5.01% 4.94%

Current Acc (USD bn) (2.40) (2.10)

Govt Spending Yoy 2.71% -4.05%

FDI (USD bn) 2.76 (7.71)

Business Confidence 103.42 106.70

Stocks Recommendation

ITMG

Last = 20600

Analysis

Data

impor

China

diperkirakan

masih

bertumbuh 18% pada bulan Juli. Hal ini

mengindikasikan masih kuatnya permintaan

batubara dari China.

Range

20250 - 21750

Action

Trading Buy. Cut Loss If Below 20250.

ADRO

Last = 1870

Analysis

Harga batubara dunia mendapatkan sentimen

positif setelah PBB memberikan sanksi kepada

Korea Utara dengan melarang ekspor

batubara.

Range

1850 - 1920

Action

Trading Buy. Cut Loss If Below 1850

ASII

Last = 7775

Analysis

Penjualan mobil pada bulan Juli 2017

diperkirakan lebih tinggi dibandingkan pada

bulan Juli 2016.

Range

7650 - 7900

Action

Trading buy. Cut Loss If Below 7650

Source: Bloomberg

Source: Bloomberg

Source: Bloomberg

Sector Rotation

Source: Bloomberg

Relative Rotation Graph - Last 10 Days

98 99 100 101 102 95.1 96.1 97.1 98.1 99.1 100.1 101.1 102.1 Agriculture Mining Infrastructure Basic Ind. Consumer Finance Misc Ind. Trade Property

Lagging

Improving

Leading

Weakening

Relative Valuation

Source: Bloomberg Last Price End of Last Year Price YTD Change (%) 1 Year Change (%) Market Cap (IDR tn) Price / BVPS Price / EPS (TTM) EV/ EBITDA (TTM) Return on Equity (%) EVA Spread (%) Dividend Yield TTM (%) Sales Growth Yoy (%) EPS Growth Yoy (%) Adjusted Beta JCI Index 9.1 6.6 6,352.2 Finance 1,790.5 BBCA 18,575 15,500 19.8 23.0 458.0 3.8 21.2 N/A 19.3 5.7 1.1 8.6 14.4 1.1 BBRI 14,925 11,675 27.8 24.6 368.2 2.4 13.3 N/A 19.4 4.5 2.9 9.7 4.0 1.5 BMRI 13,075 11,575 13.0 14.7 305.1 2.0 18.8 N/A 10.8 3.7 2.0 6.5 (32.1) 1.5 BBNI 7,275 5,525 31.7 28.8 135.7 1.5 10.1 N/A 15.6 0.7 2.9 15.2 25.3 1.4 BDMN 5,275 3,710 42.2 48.2 50.6 1.4 17.0 N/A 8.2 (0.0) 1.8 (7.9) 11.5 1.6 BBTN 2,640 1,740 51.7 39.3 28.0 1.4 9.8 N/A 15.2 (2.4) 1.9 14.6 41.1 0.9 BJBR 2,050 3,390 (39.5) 28.5 19.9 2.1 17.1 N/A 13.3 (2.3) 4.3 5.6 (16.2) 1.2 BJTM 640 570 12.3 (4.5) 9.6 1.3 9.3 N/A 15.2 3.3 6.8 2.5 16.2 1.2 Consumer 1,349.8 HMSP 3,470 3,830 (9.4) (11.9) 403.6 14.6 32.0 23.0 45.7 31 3.1 7.2 18.2 0.9 UNVR 47,575 38,800 22.6 4.3 363.0 74.0 54.0 37.3 137.1 128.4 1.8 9.8 9.4 1.0 GGRM 71,650 63,900 12.1 5.7 137.9 3.7 19.9 11.7 18.9 7.8 3.6 8.4 3.7 0.9 ICBP 8,300 8,575 (3.2) (7.0) 96.8 5.4 26.0 16.1 21.9 13.6 1.9 8.6 20.0 1.2 KLBF 1,775 1,515 17.2 3.5 83.2 6.9 35.1 23.1 20.8 5.4 1.2 8.3 14.7 1.2 INDF 8,225 7,925 3.8 (2.1) 72.2 2.4 18.3 8.7 14.5 (3.1) 2.9 4.2 47.8 1.1 ROTI 1,225 1,600 (23.4) (23.4) 6.2 4.4 27.7 14.2 16.6 (0.9) 1.1 16.0 3.5 0.9 Infrastructure 830.83 TLKM 4,670 3,962 17.9 7.8 470.7 5.5 21.5 7.9 26.3 13.4 4.2 13.5 24.4 1.0 PGAS 2,150 2,700 (20.4) (35.8) 52.1 1.2 12.7 7.3 9.4 (4.0) 3.5 (4.4) (23.5) 1.1 JSMR 5,475 4,320 26.7 (1.1) 39.7 2.7 19.5 12.9 15.5 (3.7) 1.4 69.2 28.7 1.1 EXCL 3,430 2,310 48.5 (6.0) 36.7 1.7 126.4 6.7 1.4 (9.8) N/A (6.7) N/A 1.2 TBIG 6,675 4,980 34.0 11.7 30.2 16.7 37.3 14.7 41.8 (0.9) 3.3 8.5 (6.3) 0.8 Trade 698.1 UNTR 29,200 21,250 37.4 68.8 108.9 2.5 16.6 7.9 16.3 1.0 1.8 (7.7) 29.8 1.3 LPPF 11,375 15,125 (24.8) (45.4) 33.2 18.7 15.1 10.1 157.4 89.6 4.3 9.9 13.3 1.2 SCMA 2,330 2,800 (16.8) (27.6) 34.1 8.5 22.6 15.8 39.7 21.2 1.5 6.8 (1.5) 1.0 AKRA 6,550 6,000 9.2 (2.2) 26.2 3.6 25.7 19.3 14.5 (2.0) 2.3 (23.0) (3.0) 0.7 MNCN 1,595 1,755 (9.1) (26.5) 22.8 2.5 19.1 9.8 12.9 (0.5) 2.6 4.4 17.4 1.3 ACES 1,100 835 31.7 15.2 18.9 6.1 23.4 18.3 28.1 8.4 1.5 4.1 20.8 1.3 BMTR 505 615 (17.9) (53.0) 7.2 0.8 N/A 5.8 (0.9) (4.8) 1.0 (1.1) 194.0 1.4 Property 412.6 BSDE 1,790 1,755 2.0 (14.8) 34.5 1.5 11.5 11.4 14.2 (3.2) 0.3 5.0 (17.0) 1.5 LPKR 735 720 2.1 (37.7) 17.0 0.9 23.4 14.3 4.0 (7.9) 0.3 18.6 64.8 1.0 PWON 700 565 23.9 10.2 33.7 3.6 20.1 13.6 19.4 1.4 0.6 4.7 32.4 1.4 WSKT 2,280 2,550 (10.6) (18.6) 30.9 2.7 9.1 14.3 22.5 (3.5) 1.7 68.1 63.5 0.8 SMRA 995 1,325 (24.9) (43.9) 14.4 2.3 42.7 12.6 5.5 (3.9) 0.5 (4.0) (63.6) 1.6 CTRA 1,065 1,335 (20.2) (27.8) 19.8 1.5 15.3 12.0 8.8 (4.5) 0.6 (10.3) (33.6) 1.5 PTPP 3,050 3,810 (19.9) (27.9) 18.9 2.0 19.4 9.3 15.0 (0.7) 1.6 15.8 13.5 0.8 WIKA 2,000 2,360 (15.3) (34.2) 17.9 1.5 12.2 N/A 14.8 (1.8) 1.7 15.0 68.3 0.9 ADHI 2,130 2,080 2.4 (23.4) 7.6 1.4 19.5 11.1 7.4 (4.3) 1.2 17.8 (56.6) 0.9 ASRI 354 352 0.6 (32.6) 7.0 0.9 10.5 8.5 8.9 (3.3) 0.4 (2.4) (14.7) 1.4 APLN 226 210 7.6 (28.9) 4.6 0.6 7.6 6.0 7.9 4.0 0.9 0.6 (21.3) 0.9 Misc Ind. 385.6 ASII 7,775 8,275 (6.0) (1.9) 314.8 2.7 18.1 11.2 15.8 (5.5) 2.2 (1.7) 4.8 1.4 SRIL 350 230 52.2 30.6 6.5 1.4 7.8 6.7 19.2 1.3 0.9 9.3 6.7 0.7 Basic Ind. 454.5 INTP 18,125 15,400 17.7 (0.7) 66.7 2.8 28.5 N/A 9.7 (6.4) 5.1 (13.7) (11.2) 1.5 SMGR 10,325 9,175 12.5 (0.2) 61.2 2.2 16.8 11.2 13.4 (3.7) 3.0 (3.0) 0.0 1.3 CPIN 2,810 3,090 (9.1) (27.4) 46.1 3.1 22.6 10.1 14.1 1.4 2.0 27.9 29.1 1.2 WTON 585 825 (29.1) (44.3) 5.1 2.0 18.7 10.4 11.9 (0.8) 1.7 31.3 56.7 1.1 Mining 320.9 ADRO 1,870 1,695 10.3 63.3 59.8 1.4 12.1 5.4 12.1 (4.1) 2.3 (6.0) 119.3 1.7 INCO 2,460 2,820 (12.8) (6.1) 24.4 1.0 N/A 7.5 0.0 (9.4) N/A (26.0) N/A 0.9 PTBA 13,525 12,500 8.2 30.7 31.2 2.4 9.2 6.2 28.9 9.9 2.1 2.4 1.2 1.3 ANTM 660 895 (26.3) (19.0) 15.9 0.9 239.4 25.7 0.4 (6.9) N/A (13.5) N/A 0.8 ITMG 20,600 16,875 22.1 65.8 23.3 2.0 10.4 3.6 19.2 8.9 7.7 (14.0) 100.0 1.0

Agriculture 109.4

AALI 15,125 16,775 (9.8) - 29.1 1.7 12.9 N/A 13.5 0.9 3.1 8.1 203.2 0.7 SSMS 1,365 1,400 (2.5) (14.2) 13.0 3.5 19.1 11.8 19.8 1.3 1.4 14.8 9.2 0.7 LSIP 1,405 1,740 (19.3) (5.1) 9.6 1.2 10.2 5.2 12.5 2.0 2.5 (8.2) (4.4) 0.6

Company News

Domestic & Global News

Aliran Dana Asing Mulai Melambat

Arus masuk dana asing mulai melemah. Gubernur Bank Indonesia (BI) Agus Martowardjojo mengatakan capital inflow

hingga akhir Juli 2017 tercatat sebesar Rp131 triliun. Jumlah ini sedikit lebih rendah dibandingkan pada periode yang sama

tahun lalu sebesar Rp134 triliun. Sebagian besar dana asing diinvestasikan pada instrumen Surat Utang Negara. (Kontan)

AS Menciptakan 209.000 Pekerjaan pada Juli

Menurut laporaran pemerintah AS pada Jumat, 04/08, ekonomi AS melanjutkan penguatan dengan menambahkan

209.000 pekerjaan pada Juli sementara tingkat pengangguran turun 4,3 persent yang terendah sejak Maret 2001. Para

ekonom berharap bahwa laporan tersebut menunjukan peningkatan sebesar 183.000, sedangkan tingkat pengangguran

sesuai ekspektasi. (CNBC)

TOTL : Realisasi Kontrak 67%

PT Total Bangun Persada Tbk (TOTL) memperoleh kontrak

baru Rp2,67 triliun sampai akhir Juli 2017 atau sekitar 67%

dari target kontrak baru tahun ini sebesar Rp4 triliun. Dari

target kontrak baru tahun ini, TOTL menargetkan

pendapatan usaha Rp3,1 triliun dan laba bersih sekitar

Rp250 miliar. (Bisnis Indonesia)

DOID : Targetkan Produksi Batubara 50 Juta Ton

PT Delta Dunia Makmur Tbk (DOID) optimis di akhir tahun

2017 dapat memproduksi batubara senilai 45 juta - 50

juta ton. Manajemen mengatakan, untuk kinerja

overburden removal di akhir tahun bisa mencapai 360

juta - 400 juta bcm. (Kontan)

MAPI : Memperkuat Segmen Non F&B

PT

Mitra

Adiperkasa

Tbk

(MAPI)

menargetkan

pertumbuhan pendapatan tahun ini sebesar 13% seiring

ekspansi penambahan 200 gerai baru. Manajemen

mengatakan, selama ini kontribusi non F&B sekitar 87%,

maka dari target 200 gerai baru, mayoritas akan fokus

pada produk-produk di luar makanan dan minuman.

Penambahan toko non F&B mencapai 130 gerai. (Kontan)

TIRA : Bentuk JV dengan Stahlindo Engineering

PT Tira Austenite Tbk (TIRA) melalui anak usahanya baru

saja mendirikan JV dengan Stahlindo Engineering dalam

rangka mengembangkan bisnis. Tahun ini, TIRA

menargetkan peningkatan laba bersih 566% menjadi

Rp6,29 miliar. Pendapatan diperkirakan naik sekitar 10%

menjadi Rp284,9 miliar. (Investor Daily)

Global Economic Calendar

Date

Country

Hour

Jakarta

Event

Period

Actual

Consensus

Previous

Monday

CHN

Tentative Foreign Reserves

Jun P

$3074.9b

$3056.8b

07 - Aug

GER

13:00

Industrial Production SA MoM

Jul

0.10%

1.20%

Tuesday

CHN

Tentative Imports YoY

Jul F

18.00%

17.20%

08 - Aug

CHN

Tentative Trade Balance

Jul

$45.20b

$42.80b

CHN

Tentative Exports YoY

Jul F

11.00%

11.30%

JPN

06:50

BoP Current Account Balance

Jul F

¥860.5b

¥1653.9b

Jul

Wednesday

CHN

08:30

CPI YoY

2Q A

1.50%

1.50%

09 - Aug

CHN

08:30

PPI YoY

2Q A

5.60%

5.50%

USA

18:00

MBA Mortgage Applications

Jun

--

-2.80%

USA

21:00

Wholesale Inventories MoM

Jun

0.60%

0.60%

Jul F

Thursday

JPN

06:50

Machine Orders MoM

Jul

3.70%

-3.60%

10 - Aug

JPN

06:50

PPI YoY

2.30%

2.10%

UK

15:30

Industrial Production MoM

28-Jul

0.10%

-0.10%

UK

15:30

Manufacturing Production MoM

Jul

-0.10%

-0.20%

USA

19:30

Initial Jobless Claims

--

240k

USA

19:30

PPI Final Demand MoM

3-Aug

0.10%

0.10%

Aug

Friday

GER

13:00

CPI MoM

29-Jul

0.40%

0.40%

11 - Aug

GER

13:00

CPI YoY

Jun

1.70%

1.70%

USA

19:30

CPI MoM

Jun F

0.20%

0.00%

Corporate Calendar

Date

Hour

Jakarta

Event

Period

Actual Consensus

Prev

Monday

Tentative GDP QoQ

2Q

-17.21%

2.82%

24.03%

07 - Aug

Tentative GDP YoY

2Q

-11.82%

0.38%

24.08%

Tentative Foreign Reserves

Jul

$1631.2m $744m

$474m

Tentative Net Foreign Assets IDR

Jul

48.6

--

49.5

Tuesday

Tentative Consumer Confidence Index

Jul

3.05%

--

3.13%

08 - Aug

3.88%

--

4.37%

Friday

Tentative BoP Current Account Balance

2Q

0.22%

--

0.69%

11 - Aug

Source: Bloomberg

Domestic Economic Calendar

Date

Event

Company

Monday

IPO Listing

NASA

07 - Aug

Cum Interim Dividend Date

IDR33,97 per share

Thursday

Stock Split

ULTJ (4 for 1)

10 - Aug

Friday

Annual & Extraordinary Shareholders Meeting

ITMA

11 - Aug

DISCLAIMER

This report and any electronic access hereto are restricted and intended only for the clients and related entity of PT NH

Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made

available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any

recommendation contained herein may not suitable for all investors. Although the information here is obtained from reliable

sources, it accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies,

respective employees, and agents disclaim any responsibility and liability for claims, proceedings, action, losses, expenses,

damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH

Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents liable for errors, omissions, misstatements,

negligence, inaccuracy arising herefrom.

All rights reserved by PT NH Korindo Sekuritas Indonesia

PT. NH Korindo Sekuritas Indonesia

Member of Indonesia Stock Exchange

Head Office :

Wisma Korindo 7

th

Floor

Jl. M.T. Haryono Kav. 62

Pancoran, Jakarta 12780

Indonesia

Telp: +62 21 7976202

Fax : +62 21 7976206

Branch Office BSD:

ITC BSD Blok R No.48

Jl. Pahlawan Seribu Serpong

Tangerang Selatan 15322

Indonesia

Telp : +62 21 5316 2049

Fax : +62 21 5316 1687

A Member of NH Investment & Securities Global Network

Seoul | New York | Hong Kong | Singapore | Shanghai | Beijing | Hanoi |

Jakarta

Branch Office Solo :

Jl. Ronggowarsito No. 8

Kota Surakarta

Jawa Tengah 57111

Indonesia

Telp: +62 271 664763

Fax : +62 271 661623

Disclaimer