Riset Saham Harian
Samuel Research
19 Juli 2017
www.samuel.co.id
Page 1 of 6
Kinerja 1H17 warnai IHSG
Bursa AS semalam ditutup mixed, menjelang rilisnya earnings season pada
1H17, investor mengalihkan sebagian besar fokus mereka pada kinerja
masing-masing perusahaan. Saham seperti Goldman, Netflix menjadi
perhatian pasar saat ini. sementara itu Bursa saham Eropa ditutup melemah,
tertekan kinerja emiten yang mengecewakan serta penyesuaian ekspektasi
terhadap kenaikan suku bunga oleh bank-bank sentral Eropa. Harga minyak
mentah melemah setelah American Petroleum Institute (API) merilis data
yang menunjukkan persediaan minyak AS meningkat sebesar 1,63 juta barel.
Dari domestik laporan kinerja emiten kuartal kedua akan mewarnai laju
IHSG, serta penantian terhadap BI Repo Rate menjadi salah satu faktor
pergerakan market. Harga komoditas yang membaik juga menjaga
ekspektasi surplus dagang yang melebar, membuat sentiment positif di
market. Rupiah di perdagangan hari ini diperkirakan masih menguat
mengikuti pelemahan dollar di pasar global.
Highlights
RIMO: Memburu marketing sales Rp 1,5 triliun
LINK: Membidik pasar Batam dan Medan
Perbankan: Kredit diperkirakan bisa tumbuh 12%
:
5,822.4
:
-18.9
(-0.32%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
GGRM
76,750
950
1.3
RIMO
294
40
15.7
TOPS
1,155
230
24.9
MEGA
3,000
180
6.4
UNVR
47,650
-675
-1.4
HMSP
3,780
-30
-0.8
BBRI
14,900
-100
-0.7
ASII
8,675
-50
-0.6
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
WSKT
11
BBRI
138
LPPF
11
ASII
118
BMRI
10
TLKM
80
AKRA
9
BBNI
52
MEDC
9
UNTR
48
Money Market
Last
Close
+/-
%
USD/IDR
13,309
-19.0
0.1
JIBOR O/N
4.4
0.0
-Infl (MoM)
0.7
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
34.6
0.0
0.0
ISAT
41.8
0.4
0.9
EIDO
27.1
-0.1
-0.2
World Indices
Last
Close
+/-
%
DJIA
21,575
-55
-0.3
S&P 500
2,461
1
0.1
Euro Stoxx
3,479
-38
-1.1
MSCI World
1,950
1
0.1
Nikkei
19,975
-25
-0.1
Hang Seng
26,525
54
0.2
Commodities
Last
Close
+/-
%
Brent Oil
49
-0.2
-0.3
CPO Malay
2,513
-24.0
-0.9
Coal Newc
87
3.0
3.6
Nickel
9,748
179.5
1.9
Tin
20,095
105.0
0.5
Market Value
Changes
Leading Movers
Market Activity
Wednesday, 19 Jul 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
Riset Saham Harian
19 Juli 2017
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Page 2 of 6
RIMO: Memburu marketing sales Rp 1,5 triliun
RIMO menargetkan marketing sales Rp 1,5 triliun di tahun ini melalui bisnis properti di Jakarta,
Pontianak, dan Banjarmasin. Ini adalah tahun pertama perusahaan memasuki bisnis properti.
Saat ini saham seri B perusahaan dimiliki mayoritas oleh Benny Tjokrosaputro (50,2%).
Perusahaan memiliki 3 unit bisnis, yaitu Rimo Land, Rimo Property, dan Rimo Retail Bahan
Bangunan. (Kontan). RIMO: Non-Coverage.
LINK: Membidik pasar Batam dan Medan
Pendapatan tahun ini ditargetkan naik 13-15% menjadi Rp 3,33-3,39 triliun, antara lain didukung
oleh pengembangan bisnis ke Batam dan Medan. Hingga 1Q17, penggunaan jasa kabel optik
perusahaan mencapai 1,86 juta homepassed. Di tahun ini ditargetkan penambahan 120.000
-150.000 pengguna baru.
Capex dialokasikan Rp 1 triliun di tahun ini untuk ekspansi dan maintenance. (Kontan). LINK:
Non-Coverage.
Perbankan: Kredit diperkirakan bisa tumbuh 12%
Survei BI terbaru menunjukkan sejumlah pihak memperkirakan kredit tumbuh 12,4% di tahun ini
atau lebih rendah dari hasil survei sebelumnya sebesar 13,2%. Hingga Mei lalu, kredit naik
8,6%yoy dan bankir menilai pertumbuhan kredit bisa meningkat pada 2H17. Secara umum, bank
masih selektif dalam mengucurkan kredit demi menjaga kualitas aset. (Kontan). Banking:
Riset Saham Harian
19 Juli 2017
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Page 3 of 6
Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE
(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E
Banks BMRI BUY 315,583 13525 (0.4) 16.8 12179 14000 3.5 15.9 12.9 1.8 1.6 11.3% 12.0% BBCA HOLD 452,419 18350 0.3 18.4 18708 18000 -1.9 19.5 18.4 3.5 3.0 17.9% 16.5% BBRI BUY 367,571 14900 (0.7) 27.6 15066 15550 4.4 13.1 11.5 2.2 1.9 16.8% 16.8% BBNI BUY 130,541 7000 (0.4) 26.7 7340 7700 10.0 9.9 8.3 1.3 1.2 13.5% 14.3% BBTN BUY 25,734 2430 (0.8) 39.7 2734 2870 18.1 8.2 7.7 1.2 1.1 14.4% 13.7% BNLI BUY 19,910 710 3.6 32.4 815 890 25.4 13.4 14.8 0.9 0.8 6.7% 5.7% Average 13.3 12.3 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 100,584 8625 (0.3) 0.6 9485 10300 19.4 24.2 21.2 5.0 4.4 20.8% 20.9% INDF BUY 77,048 8775 0.0 10.7 9628 9900 12.8 16.5 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 77,344 1650 0.3 8.9 1733 1750 6.1 31.1 27.5 5.8 5.1 18.7% 18.7% ROTI BUY 6,454 1275 (0.8) (20.3) 1533 2050 60.8 18.5 15.7 3.8 3.2 20.5% 20.2% ULTJ BUY 14,586 5050 0.0 10.5 5750 5300 5.0 19.0 17.2 3.6 3.0 18.9% 17.5% UNVR HOLD 363,570 47650 (1.4) 22.8 47404 45200 -5.1 50.9 45.4 59.3 52.0 116.6% 114.4% SIDO BUY 7,650 510 1.0 (1.9) 682 700 37.3 14.2 11.3 2.7 2.5 18.9% 22.4% AISA BUY 5,053 1570 5.7 (19.3) 2208 2500 59.2 10.1 8.3 1.2 1.0 11.7% 12.5% Average 23.1 20.1 10.5 9.2 30.0% 30.2% Cigarette HMSP BUY 439,682 3780 (0.8) (1.3) 4196 4390 16.1 34.1 32.9 11.7 10.6 34.3% 32.4% GGRM BUY 147,674 76750 1.3 20.1 79553 77150 0.5 21.7 20.5 3.1 2.8 14.1% 13.4% Average 27.9 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 28,010 1925 0.8 (25.1) 2674 2950 53.2 35.6 32.6 7.0 6.3 19.6% 19.3% SILO HOLD 12,941 9950 (3.6) (8.7) 13409 12500 25.6 122.8 96.6 4.0 3.7 3.3% 3.8% Average 79.2 64.6 5.5 5.0 11.4% 11.6% Poultry CPIN BUY 53,621 3270 (0.3) 5.8 3225 4500 37.6 13.8 12.8 1.8 1.6 12.8% 12.4% JPFA BUY 16,146 1415 (1.0) (2.7) 1577 1500 6.0 8.3 6.7 1.5 1.3 18.0% 18.9% MAIN BUY 2,384 1065 (0.9) (18.1) 1159 2280 114.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.3 8.0 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,334 6225 0.8 15.3 7474 7700 23.7 41.2 29.8 3.0 2.7 7.2% 9.1% RALS BUY 7,628 1075 (0.5) (10.0) 1391 1300 20.9 14.7 11.6 2.0 1.8 13.3% 15.4% ACES BUY 19,808 1155 1.8 38.3 1144 1300 12.6 26.3 21.4 5.9 4.9 22.4% 23.0% LPPF BUY 36,766 12600 (0.2) (16.7) 16220 19500 54.8 13.3 12.8 10.8 7.7 81.1% 60.0% Average 23.9 18.9 5.4 4.3 31.0% 26.9% Telco EXCL BUY 34,736 3250 (1.2) 40.7 3596 3200 -1.5 87.8 58.0 1.6 1.6 1.8% 2.7% ISAT BUY 34,234 6300 0.0 (2.3) 8143 8200 30.2 17.3 12.4 2.3 2.1 13.4% 16.7% TLKM BUY 466,704 4630 (0.4) 16.9 4902 5000 8.0 19.3 14.9 4.6 4.0 24.0% 26.7% TOWR BUY 40,200 3940 (0.3) 10.1 4580 4500 14.2 11.5 10.8 2.8 2.2 24.5% 20.7% Average 34.0 24.0 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 351,195 8675 (0.6) 4.8 9290 9000 3.7 15.7 13.3 2.7 2.2 17.2% 16.4% UNTR BUY 104,351 27975 0.1 31.6 30486 31500 12.6 16.0 14.2 2.4 2.1 14.7% 14.9% Average 15.9 13.8 2.5 2.2 15.9% 15.7% Aviation GIAA HOLD 9,164 354 (2.2) 4.7 385 420 18.6 265.9 26.6 0.6 0.4 0.2% 1.7% Property BSDE BUY 33,778 1755 (1.1) 0.0 2260 2350 33.9 15.7 13.5 1.4 1.2 8.7% 8.5% PWON BUY 29,377 610 (1.6) 8.0 722 710 16.4 14.9 12.4 2.9 2.4 19.2% 19.3% ASRI HOLD 6,249 318 (0.6) (9.7) 438 390 22.6 9.4 8.8 0.8 0.8 8.8% 8.7% SMRA HOLD 16,447 1140 (5.0) (14.0) 1528 1307 14.6 49.6 38.0 2.0 1.8 4.0% 4.8% SSIA BUY 3,129 665 (2.2) 53.2 969 750 12.8 14.8 12.3 1.0 0.9 6.6% 7.5% CTRA BUY 21,901 1180 (4.5) (11.6) 1606 1580 33.9 13.7 11.5 1.4 1.3 10.3% 11.1% DMAS BUY 9,158 190 0.0 (17.4) 305 300 57.9 10.8 8.7 1.0 0.9 9.7% 10.8% KIJA BUY 6,664 320 0.0 10.5 413 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 17.8 14.7 1.4 1.3 9.4% 9.8%
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Construction PTPP BUY 18,600 3000 0.3 (21.3) 4554 4150 38.3 13.3 11.3 1.6 1.4 11.8% 12.6% ADHI HOLD 7,050 1980 (1.0) (4.8) 2628 2550 28.8 21.3 17.8 1.3 1.2 6.0% 6.5% WSKT BUY 30,405 2240 (0.4) (12.2) 3259 3250 45.1 13.4 10.6 1.5 1.4 11.2% 13.6% WIKA BUY 18,388 2050 (1.9) (13.1) 3044 3000 46.3 16.5 14.4 1.3 1.2 8.0% 8.3% Average 16.1 13.5 1.4 1.3 9.3% 10.2% Cement INTP SELL 64,514 17525 (2.1) 13.8 15329 13500 -23.0 17.7 16.7 2.3 2.1 12.9% 12.6% SMGR HOLD 61,095 10300 2.0 12.3 9947 9000 -12.6 15.1 13.7 2.0 1.8 12.9% 12.9% SMCB SELL 5,977 780 0.0 (13.3) 806 700 -10.3 -32.5 -26.0 0.7 0.7 -2.3% -2.8% SMBR HOLD 31,881 3220 (1.8) 15.4 536 2300 -28.6 84.7 80.5 8.5 7.5 10.0% 9.3% Average 21.3 21.2 3.4 3.0 8.4% 8.0% Precast WSBP BUY 11,863 452 (1.3) (18.9) 701 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,055 580 (3.3) (29.7) 990 1150 98.3 15.3 13.2 1.7 1.4 10.9% 10.6% Average 13.4 11.1 1.5 1.3 11.6% 12.1%Oil and Gas
PGAS HOLD 53,816 2220 0.5 (17.8) 2889 2600 17.1 12.2 9.9 1.1 1.1 9.4% 10.7% AKRA BUY 25500.9 6375.0 1.2 6.3 7000.0 7600 19.2 21.8 21.5 3.3 3.0 15.2% 14.0% MEDC BUY 9,131 2740 0.7 107.6 4213 4500 64.2 3.8 3.6 0.7 0.6 17.6% 16.3% Average 12.6 11.7 1.7 1.6 14% 14% Utilities JSMR HOLD 38,467 5300 0.5 22.7 5886 5100 -3.8 19.8 20.0 2.6 2.3 12.9% 11.7% Metal ANTM BUY 17,182 715 (0.7) (20.1) 703 1250 74.8 8.3 4.5 0.8 0.8 10.0% 17.8% INCO HOLD 20,369 2050 (1.9) (27.3) 2349 2145 4.6 77.2 38.6 0.9 0.8 1.1% 2.1% TINS BUY 5,549 745 (1.3) (30.7) 1100 1200 61.1 35.5 21.9 1.0 1.0 2.9% 4.5% Average 40.3 21.7 0.9 0.9 4.7% 8.1% Coal DOID BUY 7485.3 880.0 2.9 72.5 1587.5 1600 81.8 6.0 6.3 2.6 1.8 44.0% 28.6% ITMG BUY 21,921 19400 (2.8) 15.0 21072 19000 -2.1 9.1 9.1 1.6 1.5 17.9% 16.6% ADRO BUY 54,216 1695 (0.3) 0.0 2005 2100 23.9 12.8 11.7 1.1 1.0 8.5% 8.7% PTBA BUY 29,666 12875 (0.6) 3.0 15139 15000 16.5 13.3 10.8 2.6 2.3 19.9% 21.5% Average 10.3 9.5 2.0 1.7 22.6% 18.9% Plantation AALI BUY 29,159 15150 (0.2) (9.7) 17853 19800 30.7 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,688 1420 (1.4) (18.4) 1736 2050 44.4 12.8 9.9 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 0.0 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.7 11.5 1.2 1.1 8.3% 9.4%
Source: SSI Research, Bloomberg
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19 Juli 2017
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Page 5 of 6
Regional Indices
1D Change
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World
1.07
1,950
0.06
0.08
0.87
0.68
6.25
11.33
14.77
1,951
1,657
U.S. (S&P)
1.47
2,461
0.06
0.52
1.45
0.29
5.24
9.91
13.72
2,464
2,084
U.S. (DOW)
(54.99)
21,575
(0.25)
0.10
0.77
0.21
5.74
9.17
16.25
21,682
17,884
Europe
(37.67)
3,479
(1.07)
(1.39)
0.41
(2.82)
1.69
5.72
18.68
3,667
2,893
Emerging Market
1.68
1,053
0.16
0.59
2.26
3.98
10.53
22.15
21.32
1,054
837
FTSE 100
(13.91)
7,390
(0.19)
(0.31)
0.82
(1.78)
3.88
3.46
n/a
7,599
6,616
CAC 40
(56.90)
5,173
(1.09)
(1.19)
0.64
(2.59)
3.39
6.40
19.47
5,442
4,293
Dax
(156.77)
12,430
(1.25)
(1.67)
(0.05)
(3.56)
3.44
8.27
24.54
12,952
9,924
Indonesia
(18.93)
5,822
(0.32)
(0.13)
0.85
1.40
3.85
9.92
12.56
5,910
5,023
Japan
(27.47)
19,972
(0.14)
(0.63)
(1.10)
(0.47)
8.36
4.49
19.43
20,318
15,921
Australia
34.11
5,722
0.60
(0.76)
0.84
(1.44)
(1.42)
0.98
4.96
5,957
5,052
Korea
(0.13)
2,426
(0.01)
0.47
1.43
2.32
13.45
19.71
20.28
2,430
1,931
Singapore
7.84
3,306
0.24
2.18
2.71
1.81
5.75
14.76
13.24
3,308
2,761
Malaysia
(0.27)
1,755
(0.02)
0.07
(0.01)
(1.90)
0.92
6.89
5.05
1,797
1,614
Hong Kong
54.36
26,525
0.21
0.68
2.50
2.32
11.33
20.56
22.39
26,619
21,489
China
11.10
3,188
0.35
(0.95)
(0.48)
1.37
0.53
2.70
4.97
3,301
2,932
Taiwan
23.72
10,481
0.23
0.20
0.63
2.25
8.73
13.27
16.01
10,546
8,880
Thailand
(2.57)
1,572
(0.16)
(0.50)
0.15
(0.61)
0.28
1.85
5.33
1,601
1,343
Philipines
18.42
7,953
0.23
0.20
1.21
0.12
5.72
16.26
(1.03)
8,118
6,499
Monetary Indicators
1D Change
Points
1W
1M
3M
YTD
1YR
High
Low
JIBOR Overnight (%)
0.04
4.39
(0.03)
(1.85)
0.56
3.73
(5.65)
5.39
4.16
Foreign Reserve (US$bn)
n/a
123.09
n/a
(1.49)
1.06
5.79
12.12
124.95
111.41
Inflation Rate (%)
n/a
0.69
n/a
76.92
3550.00
64.29
4.55
0.97
(0.02)
US Fed Rate (%)
0.00
1.25
0.00
0.00
25.00
66.67
150.00
1.25
0.50
Indo Govt Bond Yld (10yr) - %
0.00
6.96
(1.89)
2.46
(1.74)
(12.77)
(1.40)
8.36
6.77
Exchange Rate (per US$)
1D Change
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
(19.00)
13309
0.14
0.29
0.62
(0.15)
1.23
1.23
(1.66)
13,593
12,920
Japan
(0.18)
111.89
0.16
0.57
1.14
(0.32)
4.53
4.53
(5.16)
118.66
99.54
UK
(0.00)
1.30
(0.01)
(0.45)
1.20
2.37
5.66
5.66
(0.55)
1.34
1.18
Euro
(0.00)
1.16
(0.02)
0.71
1.23
3.61
9.84
9.84
4.82
1.16
1.03
China
(0.02)
6.75
0.35
0.55
0.83
1.08
2.94
2.94
(0.62)
6.96
6.62
Commodities Indicators
1D Change
Spot
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil
(0.18)
46.22
(0.39)
(0.69)
1.60
4.57
(8.37)
(13.96)
3.52
55.24
39.19
CPO
(24.00)
2,513.00
(0.95)
(1.14)
(2.07)
1.17
1.62
(19.17)
10.32
3,202.00
2,253.00
Rubber
1.50
793.00
0.19
0.32
(0.13)
0.63
(19.25)
(18.87)
19.43
1,174.00
644.00
Coal
3.00
86.55
3.59
4.59
4.53
6.46
5.42
(8.61)
33.56
112.25
69.00
Iron Ore
(0.45)
62.06
(0.72)
(1.49)
2.26
13.73
(5.35)
(20.50)
7.93
94.91
53.60
Tin
105.00
20,095.00
0.53
1.06
1.08
1.52
3.27
(5.23)
12.25
21,945.00
17,672.50
Nickel
180.00
9,780.00
1.88
6.19
7.12
9.40
5.05
(2.40)
(7.25)
12,145.00
8,680.00
Copper
11.00
6,007.00
0.18
2.23
2.25
6.07
7.81
8.52
21.62
6,204.00
4,582.00
Gold
0.80
1,242.70
0.06
1.24
1.94
(0.21)
(3.04)
8.06
(6.73)
1,367.20
1,124.70
Source: SSI Research, Bloomberg
Last Price
Last Price
Change (%)
1 Year
Change (%)
1 Year
Last Price
Last Price
Change (%)
1 Year
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly relat ed to the inclusion of specific recommendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve an d maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reproduced or copied or made ava ilable to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recomm endation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia
