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16 Mei 2018
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Defisit neraca perdagangan mewarnai IHSG
Bursa AS ditutup melemah setelah adanya lonjakan imbal hasil obligasi
pemerintah AS ke level tertingginya sejak Juli 2011. Sementara data
penjualan ritel yang kuat memicu kekhawatiran inflasi dan meningkatkan
ekspektasi kenaikan suku bunga dari The Fed. Saat ini fokus juga tertuju
pada perundingan tingkat tinggi antara China dan AS yang akan dimulai
pekan ini di Washington mengenai resolusi tarif impor
Defisit neraca perdagangan sebesar US$1,6 miliar pada bulan April 2018
diperkirakan akan mewarnai pergerakan indeks. IHSG kami perkirakan
cenderung flat, dengan EIDO ditutup melemah. Rupiah diperkirakan bergerak
di rentang Rp13.950/USD – Rp14.000/USD.
Highlights
BBTN: Terus mengincar pertumbuhan
BWPT: Tak pengaruh pemilu malaysia
ELSA: Merampungkan proyek seismik di Papua Barat
Sektor Batubara: Produksi China Naik 4,5% di April’18
: 5,838.1 : -109.0 (-1.83%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Close +/- % INKP 14,200 675 5 TKIM 10,500 775 8 MABA 715 135 23 FREN 83 17 26 BBCA 22,200 -775 -3.4 TLKM 3,370 -170 -4.8 BMRI 6,850 -350 -4.8 BBRI 3,070 -120 -3.8Foreign Net Buy / Sell (Regular Market)
Net Buy YTD (Rpbn): -36,943 Net Buy (Rpbn) Net Sell (Rpbn)
INKP 100 TLKM 353 BBNI 17 BMRI 146 ERAA 15 BBRI 139 PGAS 11 BBCA 119 ASII 10 UNTR 48 Money Market Last Close +/- % USD/IDR 14,037 67.0 -0.5 JIBOR O/N 4.0 0.0 -Infl (MoM) 0.1 -
-Dual Listing Securities
Last Close +/- % TLKM 23.8 -1.3 -5.0 ISAT 52.9 -0.1 -0.2 EIDO 24.2 -1.0 -3.9 World Indices Last Close +/- % DJIA 24,706 -193 -0.8 S&P 500 2,711 -19 -0.7 Euro Stoxx 3,564 -1 0.0 MSCI World 2,120 -16 -0.8 Nikkei 22,745 -73 -0.3 Hang Seng 31,152 -389 -1.2 Commodities Last Close +/- % Brent Oil 78 -0.4 -0.5 CPO Malay 2,436 17.0 0.7 Coal (ICE) 107 2.5 2.4 Nickel 14,381 -77.0 -0.5 Tin 20,950 -68.0 -0.3 Market Value Changes Leading Movers Market Activity Wednesday, 16 May 2018 Market Index Index Movement Market Volume Changes Changes Changes Changes Lagging Movers
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BBTN: Terus mengincar pertumbuhan
BBTN terus mengupayakan pertumbuhan dalam situasi sulit saat ini serta dalam jangka
panjang.
Perseroan tengah merencanakan pendirian anak usaha di bidang asuransi jiwa dan manajer
investasi (MI). MI tersebut nantinya akan mendukung program Tapera yang akan segera
dijalankan pemerintah dan yang diharapkan dapat menjadi sumber dana murah bagi BBTN ke
depannya.
Fee based income ditargetkan tumbuh 31% di tahun ini, antara lain dengan menggandeng
lembaga pemerintah dalam menyediakan layanan perbankan.
BBTN selama ini telah menggandeng PT Pos Indonesia dalam menyediakan layanan
perbankan e’Batarapos kepada masyarakat. Di tahun ini, ditargetkan pertumbuhan jumlah
tabungan e’Batarapos sebesar Rp 1,4 triliun menjadi Rp 4,4 triliun. Pada 1Q18, total dana
pihak ketiga BBTN sebesar Rp 194 triliun atau naik 23%yoy (target tahun ini: +19 -22%).
(Investor Daily, Kontan).
BBTN: Under Review; 18E’ PE: 8.9x, PBV: 1.3x.
BWPT: Tak pengaruh pemilu malaysia
The Federal Land Development Authority (Felda) diyakini tak akan melepas saham BWPT,
seiring perubahan situasi politik di Malaysia setelah Pemilu yang mengantarkan Mahathir
Mohamad sebagai perdana menteri menggantikan Najib Razak.
Pelepasan saham diyakini hanya akan menyebabkan kerugian, karena harga BWPT dalam
tiga tahun ke depan diperkirakan di atas nilai investasi Felda. Tahun lalu, Felda melalui FIC
Properties Sdn Bhd mengakuisisi 37% saham Eagle High sebesar US$ 500 juta atau setara
Rp 580 per saham. (Investor Daily). BWPT: Non-Coverage.
ELSA: Merampungkan proyek seismik di Papua Barat
PT Elnusa Tbk (ELSA) telah merampungkan proyek seismik di Papua Barat. ELSA
memproyeksikan pendapatan 2018 sebesar Rp 3 triliun di 1H18, hingga di 1Q18 telah
mengantongi pendapatan sebesar Rp 1,4 triliun. Proyek di Papua Barat berkontribusi 20
–
25% dari target 2018. Di periode Januari
– April 2018, total kontrak baru yang dikantongi
mencapai Rp 400 miliar. (Bisnis Indonesia). ELSA: Not-rated.
Sektor Batubara: Produksi China Naik 4,5% di April’18
Berdasarkan data Biro Statistik Nasional China, volume produksi naik 4.4% mom pada
April’18 ke 9.78 juta metric ton per hari. Hingga Ytd tingkat produksi naik 3.8% di 1,1 miliar
ton. Penambang batu bara di China mendorong produksi ke level tertinggi tahun ini setelah
pemerintah memberlakukan pembatasan terhadap beberapa impor bahan bakar tersebut.
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Stock Rec. JCI Wgt Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE (%) (Rp) (%) (%) (Rp) (Rp) (%) 18E 19E 18E 19E 18E 19E
Banks BMRI BUY 4.9 6850 (4.9) (14.4) 8749 9000 31.4 12.9 11.0 1.8 1.6 13.6% 14.3% BBCA HOLD 8.3 22200 (3.4) 1.4 24146 23700 6.8 21.1 19.6 3.6 3.1 17.0% 16.0% BBRI BUY 5.8 3070 (3.8) (15.7) 3838 4000 30.3 11.5 10.6 2.0 1.8 17.7% 16.8% BBNI BUY 2.3 8075 (1.5) (18.4) 9793 10000 23.8 9.4 8.7 1.4 1.2 14.5% 14.2% BBTN HOLD 0.5 2940 (2.0) (17.6) 3772 3500 19.0 8.9 7.6 1.3 1.1 14.3% 14.7% BNLI BUY 0.2 500 (1.0) (20.0) 791 890 78.0 13.9 13.5 0.6 0.6 4.4% 4.4% Average 12.9 11.8 1.8 1.6 13.6% 13.4% Consumer (Staples) ICBP BUY 1.5 8200 (1.8) (7.9) 9288 10200 24.4 22.8 20.9 4.3 3.9 19.1% 18.6% INDF BUY 0.9 6475 0.4 (15.1) 8800 8400 29.7 12.3 11.1 1.7 1.5 13.6% 13.8% KLBF BUY 1.0 1385 (4.2) (18.0) 1602 1650 19.1 23.5 21.1 4.4 3.9 18.5% 18.6% ROTI BUY 0.1 1125 (2.6) (11.8) 1304 1620 44.0 17.0 14.5 3.1 2.7 18.3% 18.3% UNVR HOLD 5.6 47450 (3.8) (15.1) 49154 49900 5.2 46.6 43.2 59.5 54.1 127.7% 125.2% Average 24.4 22.1 14.6 13.2 39.4% 38.9% Cigarette HMSP SELL * 6.6 3680 (2.4) (22.2) 4311 3900 6.0 33.2 31.0 11.3 10.2 34.0% 32.8% GGRM BUY 2.0 68175 (1.8) (18.6) 84950 83700 22.8 17.6 17.0 2.6 2.3 14.8% 13.6% Average 25.4 24.0 6.9 6.3 24.4% 23.2% Healthcare MIKA BUY 0.4 1780 0.0 (1.7) 2091 2050 15.2 34.7 28.6 5.2 4.2 14.9% 14.6% SILO UR 0.2 7000 5.3 (26.9) 9732 10700 52.9 103.6 89.7 1.5 1.2 1.4% 1.4% Average 69.2 59.2 3.3 2.7 8.2% 8.0% Poultry CPIN BUY 0.9 3500 0.0 16.7 3876 4300 22.9 18.3 12.2 3.2 2.7 17.5% 22.3% JPFA BUY 0.3 1610 0.3 23.8 1829 1800 11.8 11.8 9.3 1.7 1.4 14.0% 15.5% MAIN BUY 0.0 715 (0.7) (3.4) 803 850 18.9 22.3 14.9 0.7 0.7 3.2% 4.6% Average 17.5 12.1 1.9 1.6 11.6% 14.1% Retail MAPI BUY 0.2 8300 0.3 33.9 9327 9300 12.0 27.9 17.6 3.4 2.9 12.3% 16.5% RALS BUY 0.2 1380 4.2 15.0 1420 1550 12.3 23.4 20.6 2.6 2.5 11.2% 12.2% ACES BUY 0.3 1125 (8.5) (2.6) 1475 1550 37.8 21.6 18.4 5.5 4.7 25.4% 25.3% LPPF BUY 0.4 9200 (1.9) (8.0) 12350 13200 43.5 12.4 11.6 7.9 5.9 63.2% 50.6% Average 21.3 17.1 4.8 4.0 28.0% 26.2% Media MNCN BUY 0.3 1275 (4.5) (0.8) 1830 2000 56.9 8.4 7.8 1.6 1.5 19.3% 18.8% SCMA BUY 0.5 2400 (1.2) (3.2) 2879 3000 25.0 19.5 15.2 7.1 5.5 36.3% 35.8% Average 14.0 11.5 4.4 3.5 27.8% 27.3% Telco EXCL BUY 0.3 1750 (7.9) (40.9) 3718 3200 82.9 23.3 14.7 0.8 0.8 3.6% 5.5% ISAT BUY 0.3 3280 (1.5) (31.7) 5703 8200 150.0 6.7 6.2 1.1 1.0 16.3% 16.2% TLKM BUY 5.2 3370 (4.8) (23.4) 4503 5000 48.4 12.7 11.1 3.3 3.0 25.9% 26.7% TOWR BUY 0.4 2860 0.0 (28.5) 4500 4500 57.3 9.9 9.0 2.0 1.7 20.2% 19.2% Average 13.1 10.2 1.8 1.6 16.5% 16.9% Auto and HE ASII BUY 4.3 6925 (1.4) (16.6) 8774 9400 35.7 13.9 12.4 2.0 1.8 14.7% 14.7% UNTR BUY 2.0 34700 (3.1) (2.0) 42236 41500 19.6 15.5 12.1 2.5 2.2 16.2% 18.3% Average 14.7 12.2 2.3 2.0 15.4% 16.5% Aviation GIAA HOLD 0.1 258 (0.8) (14.0) 321 295 14.3 189.0 18.7 0.5 0.4 0.3% 2.1%
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Property BSDE BUY 0.5 1635 (2.4) (3.8) 2162 1950 19.3 6.0 5.5 0.9 0.7 14.6% 13.6% PWON BUY 0.4 525 (6.3) (23.4) 733 767 46.1 12.8 10.7 2.2 1.8 16.8% 17.2% ASRI SELL 0.1 340 0.0 (4.5) 422 310 -8.8 5.5 5.4 0.7 0.7 12.3% 12.4% SMRA SELL 0.2 855 0.0 (9.5) 1134 782 -8.5 34.2 32.3 1.6 1.6 4.6% 5.1% SSIA HOLD 0.0 505 (1.0) (1.9) 749 490 -3.0 30.4 26.6 0.8 0.8 2.6% 2.9% CTRA BUY 0.3 1000 (1.5) (15.6) 1445 1180 18.0 20.2 18.9 1.0 1.0 5.0% 5.1% DMAS HOLD 0.1 144 0.0 (15.8) 250 156 8.3 10.3 9.6 0.9 0.8 8.8% 8.7% KIJA SELL 0.1 240 0.0 (16.1) 240 210 -12.5 53.3 47.1 0.8 0.8 1.5% 1.7% Average 21.6 19.5 1.1 1.0 8.3% 8.3% Construction PTPP BUY 0.2 2200 0.5 (16.7) 3830 4150 88.6 8.3 6.3 1.0 0.9 12.6% 14.6% ADHI BUY 0.1 1805 0.3 (4.2) 2790 3250 80.1 10.1 7.1 0.9 0.8 9.1% 11.4% WSKT BUY 0.4 1985 (1.2) (10.2) 3289 3250 63.7 7.3 6.8 1.0 1.0 14.3% 14.8% WIKA BUY 0.2 1405 3.7 (9.4) 2262 3000 113.5 9.9 8.6 0.8 0.7 8.3% 8.5% Average 8.9 7.2 1.0 0.9 11.1% 12.3% Cement INTP SELL 1.1 18800 (4.1) (14.4) 17852 13300 -29.3 25.2 21.4 2.4 2.3 9.6% 10.5% SMGR BUY 0.8 8900 (1.1) (10.1) 10145 12000 34.8 14.9 13.7 1.6 1.5 10.7% 10.7% SMCB SELL 0.1 745 (0.7) (10.8) 824 700 -6.0 -10.2 -12.2 0.8 0.8 -7.7% -6.6% Average 10.0 7.6 1.6 1.5 4.2% 4.9% Precast WSBP BUY 0.2 372 (0.5) (8.8) 611 580 55.9 8.7 7.4 1.1 0.9 12.4% 12.5% WTON BUY 0.1 448 0.4 (10.4) 701 750 67.4 9.3 8.1 1.0 0.8 10.2% 9.8% Average 9.0 7.8 1.0 0.9 11.3% 11.2%Oil and Gas
PGAS BUY 0.7 1875 (2.1) 7.1 2660 3000 60.0 12.8 11.8 1.0 0.9 7.5% 7.7% AKRA BUY 0.3 4750 -0.21 -25.2 6014 7000 47.4 13.8 13.0 2.1 1.9 15.2% 14.7% TPIA SELL 1.7 6050 -1.6 0.8 5600 5480 -9.4 24.7 22.2 4.2 3.6 16.8% 16.2% BRPT HOLD 0.5 2300 -3.4 1.8 2598 2400 4.3 15.8 14.0 1.2 1.0 7.6% 7.4% MEDC BUY 0.3 1210 0.0 36.0 1875 2000 65.3 8.4 6.3 1.2 1.0 13.8% 15.9% Average 15.1 13.5 1.9 1.7 12.2% 12.4% Utilities JSMR BUY 0.5 4100 (1.2) (35.9) 6073 7500 82.9 12.3 9.3 1.8 1.6 14.3% 16.8% Metal ANTM BUY 0.3 820 0.6 31.2 1076 1050 28.0 74.5 37.3 1.2 1.1 1.6% 3.1% INCO BUY 0.5 3500 2.6 21.1 3746 3600 2.9 42.6 29.3 1.4 1.4 3.3% 4.7% TINS BUY 0.1 955 2.7 23.2 1297 1150 20.4 14.5 11.8 1.2 1.1 8.1% 9.4% Average 43.9 26.1 1.3 1.2 4.3% 5.7% Coal DOID BUY 0.1 860.0 -1.1 20.3 1576.0 1500 74.4 5.9 5.4 2.0 1.5 34.4% 27.3% ITMG BUY 0.5 26325 1.6 27.2 34449 38000 44.3 9.5 9.0 2.0 1.9 20.8% 20.8% ADRO BUY 0.8 1715 2.4 (7.8) 2633 3050 77.8 6.2 5.9 0.9 0.9 15.0% 14.5% PTBA BUY 0.6 3530 (0.8) 43.5 3776 4000 13.3 9.5 10.7 2.7 2.4 28.1% 22.0% Average 7.8 7.7 1.9 1.6 24.6% 21.2% Plantation AALI HOLD 0.4 12000 (0.4) (8.7) 15438 13500 12.5 10.7 10.5 1.2 1.2 11.3% 11.1% LSIP BUY 0.1 1115 0.5 (21.5) 1648 1950 74.9 9.3 8.4 0.9 0.8 9.3% 9.8% SIMP HOLD 0.1 525 (0.9) 13.1 593 550 4.8 10.7 10.3 0.5 0.5 5.0% 5.0% Average 10.2 9.7 0.9 0.8 8.6% 8.6%
Source: SSI Research, Bloomberg
Note: GIAA, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Note: *: Under Review
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Regional Indices 1D Change
Points 1D 3D 1W 1M 3M YTD 1YR High Low
World (16.11) 2,120 (0.75) (0.56) 0.48 0.96 (0.84) 0.79 11.21 2,250 1,873 U.S. (S&P) (18.68) 2,711 (0.68) (0.43) 1.48 1.26 (0.76) 1.42 12.95 2,873 2,353 U.S. (DOW) (193.00) 24,706 (0.78) (0.13) 1.42 0.54 (2.03) (0.05) 17.76 26,617 20,553 Europe (1.45) 3,564 (0.04) (0.15) 0.18 3.58 4.01 1.72 (2.13) 3,709 3,262 Emerging Market (18.63) 1,150 (1.59) (1.22) 0.57 (1.12) (4.12) (0.71) 13.32 1,279 985 FTSE 100 12.00 7,723 0.16 0.29 2.08 7.29 5.87 0.46 n/a 7,793 6,867 CAC 40 12.48 5,553 0.23 0.13 0.57 4.52 5.14 4.53 2.72 5,567 4,995 Dax (7.67) 12,970 (0.06) (0.41) 0.45 4.67 4.16 0.41 1.29 13,597 11,727 Indonesia (109.04) 5,838 (1.83) (1.18) (0.80) (7.14) (11.43) (8.14) 3.38 6,693 5,578 Japan (72.97) 22,745 (0.32) (0.06) 1.50 4.17 4.72 (0.09) 14.18 24,129 19,240 Australia 12.28 6,110 0.20 (0.10) 0.03 4.60 3.49 0.74 4.44 6,150 5,630 Korea (12.58) 2,446 (0.51) (1.28) 0.08 (0.47) 1.00 (0.87) 6.56 2,607 2,267 Singapore (22.23) 3,540 (0.62) 0.07 (0.08) 1.23 2.81 4.04 9.68 3,642 3,190 Malaysia (2.22) 1,848 (0.12) 0.09 0.09 (1.63) 0.54 2.86 3.94 1,896 1,708 Hong Kong (389.05) 31,152 (1.23) 1.11 2.46 2.76 0.12 4.12 22.96 33,484 25,025 China 18.09 3,192 0.57 0.56 0.97 2.62 (0.22) (3.48) 2.54 3,587 3,022 Taiwan (77.66) 10,875 (0.71) 1.06 1.71 (0.73) 4.35 2.18 8.41 11,270 9,896 Thailand (6.24) 1,767 (0.35) 1.14 0.38 (0.02) (2.16) 0.75 14.26 1,853 1,536 Philipines 133.86 7,886 1.73 4.38 4.68 0.20 (8.44) (7.86) 1.22 9,078 7,499
Monetary Indicators 1D Change
Points 1W 1M 3M YTD 1YR High Low
JIBOR Overnight (%) (0.02) 4.03 (0.07) 20.44 16.92 3.45 (8.84) 4.96 3.89
Foreign Reserve (US$bn) n/a 124.90 n/a (0.88) (5.36) (4.07) 1.34 131.98 123.09
Inflation Rate (%) n/a 0.10 n/a (50.00) (83.87) (85.92) 11.11 0.71 (0.07)
US Fed Rate (%) 0.00 1.75 0.00 0.00 16.67 16.67 75.00 1.75 1.00
Indo Govt Bond Yld (10yr) - % 0.00 7.09 (4.02) 7.39 10.36 12.23 0.62 7.39 6.09
Exchange Rate (per US$) 1D Change
Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 67.00 14037 (0.48) 0.34 0.11 (1.87) (3.34) (3.34) (5.22) 14,088 13,145
Japan (0.05) 110.30 0.05 (0.83) (0.51) (2.88) 2.17 2.17 2.56 114.73 104.56
UK 0.00 1.35 0.02 (0.27) (0.31) (5.82) (0.06) (0.06) 4.55 1.44 1.26
Euro (0.00) 1.18 (0.06) (0.94) (0.17) (4.43) (1.45) (1.45) 6.75 1.26 1.11
China 0.04 6.38 (0.60) (0.44) (0.11) (1.58) 2.03 2.03 8.09 6.90 6.24
Commodities Indicators 1D Change
Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (0.29) 71.02 (0.41) 0.45 (0.17) 7.25 15.14 17.54 45.95 71.92 42.05 CPO 17.00 2,436.00 0.70 2.40 4.24 1.46 (2.79) (2.68) (6.63) 2,876.00 2,329.00 Rubber (5.00) 645.00 (0.77) 0.47 0.47 2.87 (12.13) (11.95) (29.70) 960.50 610.50 Coal 2.50 107.35 2.38 6.71 7.67 16.68 5.35 5.61 48.79 109.65 71.50 Iron Ore 1.05 65.46 1.63 0.75 0.63 5.39 (11.93) (7.52) 14.08 80.91 54.24 Tin (68.00) 20,950.00 (0.32) 0.41 (0.38) (0.73) (3.42) 4.25 4.51 22,104.00 18,866.50 Nickel (75.00) 14,425.00 (0.52) 3.93 3.89 3.48 1.94 13.05 56.20 16,690.00 8,680.00 Copper (77.00) 6,808.00 (1.12) (1.58) 0.93 (0.32) (5.21) (6.06) 21.29 7,312.50 5,485.00 Gold 1.80 1,292.10 0.14 (2.17) (1.59) (4.11) (4.55) (1.09) 4.51 1,365.80 1,204.00
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 related 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 reprod uced 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 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
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Research Team
Andy Ferdinand, CFA Head Of Equity Research, Strategy,
Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148
Ahmad Mikail Economist ahmad.mikail@samuel.co.id +6221 2854 8396
Muhamad Makky Dandytra, CFTe Technical Analyst makky.dandytra@samuel.co.id +6221 2854 8382
Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction
Healthcare, Heavy Equipment, Property akhmad.nurcahyadi@samuel.co.id +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Toll Road, Oil and Gas arandi.ariantara@samuel.co.id +6221 2854 8392
Marlene Tanumihardja Poultry, Retail, Small Caps marlene@samuel.co.id +6221 2854 8387
Sharlita Lutfiah Malik Mining, Plantation sharlita.malik@samuel.co.id +6221 2854 8339
Nadya Swastika Research Associate nadya.swastika@samuel.co.id +6221 2854 8338
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129
Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399
Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395
Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325
Equity Sales Team
Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150
Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146
Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372
Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371
