Thursday, October 8, 2020

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Today’s Market:



IHSG diperkirakan bergerak mixed dengan kecenderungan

menguat. Bursa AS ditutup menguat pada perdagangan

Rabu (10/07). Harga batubara turun ke level USD 58.0 per

Mt. Crude oil turun ke level USD 39.94 per barrel. Rupiah

sedikit melemah terhadap Dollar AS di level Rp 14,710.

10Yr Government Bonds Yield stabil di level 6.91%.



Dari global, Presiden AS, Donald Trump mendesak senat

untuk menyetujui stimulus terhadap industri penerbangan

sebesar USD 25 milyar dan bisnis kecil sebesar USD 135

milyar.



Dari dalam negeri, realisasi anggaran PEN hingga akhir

September 2020 mencapai Rp 318,5 triliun atau 45,8%

dari total anggaran yang sebesar Rp 695,2 triliun.



Sehubungan dengan emiten, Waskita Beton Precast

(WSBP), mendapatkan penurunan dari Fitch ratings pada

obligasi tanpa jaminan dengan nilai sebesar Rp 2 triliun

dari CCC- ke CC.



Sehubungan dengan emiten, Vale Indonesia (INCO) resmi

mengalihkan 1,98 miliar (20% sahamnya) kepada PT

In-donesia Asahan Aluminium (Inalum) atau Mind Id. Nilai

divestasi ini mencapai Rp 5,52 triliun



Secara teknikal indeks hari Selasa (09/29), IHSG

dipred-iksi bergerak di kisaran 4.950-5.075.

Source: Bloomberg, Sinarmas Investment Research

See pg. 6-8 for Technical Corner

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

IHSG naik sebanyak 5.1 poin (0.1%) ke level 5004.33.

Sementara LQ45 turun sebanyak 0.1 poin (0.01%) ke level

764.09. Foreign net sell sebesar Rp 2034.66 miliar.

ID X S ta tis tic s C lo s ing

JCI 5,004.33

Transactio n Value Regular M arket (IDR tn) 5.629

Transactio n Vo lume Regular M arket (mn shares) 9,268

Fo reign Net B uy (Sell) (IDR bn) (2,035)

Fo reign Net B uy (Sell) (3.09)

To tal M arket Capitalizatio n (IDR tn) 5,837.15

LQ45 764.09 (0.01) (29.21) EIDO 18.06 0.39 (36.48) IDX 16.58 0.36 (33.25) DOW JONES 28,303.46 1.91 14.50 S&P 500 3,419.45 1.74 27.90 NA SDA Q 11,364.60 1.88 64.62 FTSE 5,946.25 (0.06) (22.65) NIKKEI 23,422.82 (0.05) 2.89 HA NG SENG 24,242.86 1.09 (18.97)

STRA ITS TIM ES 2,538.36 0.36 (25.41)

KLSE 1,489.56 (1.32) (17.10) USD/IDR 14,710.00 0.00 5.74 EUR/IDR 17,364.71 0.00 10.08 JP Y/IDR 139.63 0.00 8.02 SGD/IDR 10,836.27 0.00 4.82 A UD/IDR 10,484.57 0.00 7.45 GB P /IDR 19,011.93 0.00 4.00

Crude Oil (USD/barrel) 39.94 7:45:35 A M (34.59)

Co al (USD/mn to ns) 58.00 10/7/2020 (14.33)

Natural Gas (USD/mmB tu) 2.59 7:43:58 A M 18.50

Go ld (USD/o unce) 1,886.50 7:55:41 A M 24.34 Nickel (USD/mn to ns) 14,604.00 10/7/2020 4.13 Tins (USD/mn to ns) 18,110.00 10/7/2020 5.44 CP O (M YR/mn to ns) 2,990.00 10/7/2020 (1.68) Rubber (JP Y/kg) 220.00 7:29:43 A M 24.08 Wheat (USD/bushel) 607.50 7:44:28 A M 8.72 Co rn (USD/bushel) 389.50 7:45:28 A M 0.45 C o m m o ditie s

O the r Indic e s C lo s ing 1-D a y C hg (%) Y T D C hg (%) C urre nc y S po t R a te R a te (ID R ) 1-D a y C hg (%) Y T D C hg (%) P ric e La s t T ra ns a c tio n Y T D C hg (%)

Thursday, October 8, 2020

0 2,000 4,000 6,000 8,000 10, 000 12, 000 14,000 16, 000 18, 000 3,000 3,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 M illi on s

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Daily Corporate and Industry News

Jawa Timur diumumkan terbebas dari zona merah Covid-19 oleh Satuan Gugus Tugas Covid-19 Nasional. Source:

Kontan

Realisasi anggaran PEN hingga akhir September 2020 mencapai Rp318,5 triliun atau 45,8% dari total anggaran yang

sebesar Rp695,2 triliun. Source: IQPlus

Bisnis peer to peer (P2P) lending tumbuh menjadi sekitar Rp 121,87 triliun per Agustus 2020 (+122,74% yoy).

Source: Kontan

Badan Koordinasi Penanaman Modal (BKPM) menyatakan, disetujuinya Rancangan Undang-Undang Cipta Kerja (RUU

Ciptaker) oleh DPR untuk disahkan menjadi UU pada Senin (5/10) lalu langsung direspons positif investor. Sejak itu,

sebanyak 153 perusahaan asing diklaim telah menyatakan kesiapannya untuk masuk berinvestasi ke Indonesia.

Source: Investor Daily

Menteri Keuangan (Menkeu) sedang menyusun aturan turunan RUU Cipta Kerja berupa peraturan pemerintah (PP)

terkait Lembaga Pengelola Investasi atau sovereign wealth fund (SWF). PP yang ditargetkan selesai dalam seminggu

dan modal awal LPI yang diperkirakan bisa mencapai Rp 75 triliun, sehingga diharapkan dapat menarik dana

inves-tasi hingga Rp 225 triliun atau USD 15 miliar. Source: Investor Daily

Vale Indonesia (INCO) resmi mengalihkan 1,98 miliar (20% sahamnya) kepada PT Indonesia Asahan Aluminium

(Inalum) atau Mind Id. Nilai divestasi ini mencapai Rp 5,52 triliun. Source: Kontan

Barito Pacific (BRPT) segera merealisasikan penerbitan obligasi pro lingkungan atau green bond bernilai US$ 1,1

mil-iar atau setara sekitar Rp 16,17 triliun. Obligasi dibagi menjadi 2 bagian dengan nilai sebesar US$ 320 juta dengan

tenor 8 tahun dan US$ 790 juta berdurasi 18 tahun. Source: Kontan

Waskita Beton Precast (WSBP), mendapatkan penurunan dari Fitch ratings pada obligasi tanpa jaminan dengan nilai

sebesar Rp 2 triliun dari CCC- ke CC. Source: Kontan

KKR & Co LP melalui Demeter Indo Investment Pte Ltd membeli sebanyak 98,53 juta (1,59%) saham Nippon

In-dosari Corpindo (ROTI). Dengan demikian, KKR memiliki 19,64% saham perusahaan roti terbesar di Indonesia

dengan merek dagang Sari Roti tersebut. Source: Investor Daily

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World Equity Indices

Source: Bloomberg, Sinarmas Investment Research

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

WO R LD E Q UIT Y IN D IC E S N O T IC KE R 1 INDU Index 29,568.57 18,213.65 (234.98) (0.82) 24.33 24.13 4.54 4.27 8,839.64 8,839.64 2 SP X Index 3,588.11 2,191.86 188.67 5.84 26.52 25.43 3.82 3.63 29,659.36 29,659.36 3 CCM P Index 12,074.06 6,631.42 2,392.00 26.66 66.90 37.01 6.03 5.64 18,137.00 18,137.00 4 SP TSX Index 17,970.51 11,172.73 (635.13) (3.72) 25.23 23.53 1.78 1.52 2,514.04 1,893.82 5 M EXB OL Index 45,955.41 32,503.25 (6,122.23) (14.06) 22.53 21.48 1.76 1.65 4,852.01 225.96 6 SX5E Index 3,867.28 2,302.84 (511.72) (13.66) 37.13 21.48 1.78 1.71 3,035.87 3,573.82 7 UKX Index 7,689.67 4,898.79 (1,596.19) (21.16) 106.77 19.37 1.48 1.46 1,635.78 2,113.26 8 CA C Index 6,111.41 3,632.06 (1,096.06) (18.33) 43.38 25.05 1.51 1.47 1,556.22 1,831.98 9 DA X Index 13,795.24 8,255.65 (320.44) (2.42) 39.75 20.11 1.62 1.53 1,194.28 1,405.91

10 IB EX Index 10,100.20 5,814.50 (2,639.10) (27.64) # N/A N/A 28.52 1.10 1.05 453.49 533.84

11 FTSEM IB Index 25,483.05 14,153.09 (4,071.29) (17.32) 77.90 22.41 1.05 0.98 450.56 530.40 12 A EX Index 632.12 389.60 (49.98) (8.27) 72.23 23.39 s 1.70 762.75 897.91 13 SM I Index 11,270.00 7,650.23 (429.06) (4.04) 23.44 19.76 2.74 2.60 1,213.61 1,324.17 14 A S51 Index 7,197.20 4,402.50 (586.28) (8.77) 36.34 21.02 2.00 1.93 1,893.94 1,352.84 15 A S30 Index 7,289.70 4,429.10 (500.00) (7.35) 38.95 22.13 1.31 1.94 2,098.60 1,499.03 16 SHSZ300 Index 4,901.21 3,503.19 490.82 11.98 17.96 15.69 2.07 1.90 37,846.43 5,573.03 17 SHA SHR Index 3,625.48 2,773.54 176.63 5.53 17.42 14.47 1.57 1.43 38,603.38 5,684.49 18 SZA SHR Index 2,442.26 1,624.49 447.34 24.82 48.09 24.26 3.15 3.27 30,668.87 4,516.11 19 HSI Index 29,174.92 21,139.26 (3,946.89) (14.00) 12.91 12.82 1.05 1.03 23,537.28 3,037.07 20 HSCEI Index 11,502.47 8,290.34 (1,538.77) (13.78) 9.15 9.37 1.06 1.02 21,309.33 2,749.59 21 SENSEX Index 42,273.87 25,638.90 (1,374.79) (3.33) 29.55 25.33 2.88 2.84 78,400.10 1,069.02 22 NIFTY Index 12,430.50 7,511.10 (429.60) (3.53) 30.23 25.33 2.81 2.74 93,242.61 1,271.41 23 JCI Index 6,348.53 3,911.72 (1,295.21) (20.56) 9.94 18.55 1.69 1.71 5,837,146.17 396.11 24 LQ45 Index 1,036.62 566.05 (250.38) (24.68) 14.20 17.18 1.86 1.79 3,597,450.88 244.13 25 KSE100 Index 43,468.22 27,046.71 (885.12) (2.17) 11.13 7.22 1.17 0.95 6,129.55 37.28 26 NKY Index 24,115.95 16,358.19 (127.80) (0.54) 38.82 23.52 1.82 1.75 364,097.97 3,436.18 27 NEY Index 356.77 249.78 (8.90) (2.54) 27.47 22.59 1.26 1.00 439,293.44 4,145.84 28 TP X Index 1,747.20 1,199.25 (70.95) (4.12) 26.32 21.57 1.20 1.16 628,344.01 5,930.01 29 FB M KLCI Index 1,618.01 1,207.80 (99.20) (6.24) 21.82 17.36 1.52 1.44 962.86 231.69 30 NZSE Index 2,019.39 1,356.73 81.57 4.24 51.66 35.71 2.44 2.47 166.27 109.52 31 P COM P Index 8,216.92 4,039.15 (1,947.38) (24.92) 19.58 20.69 1.48 1.43 7,489.40 154.52 32 FSSTI Index 3,285.72 2,208.42 (684.47) (21.24) 19.15 16.61 0.88 0.88 446.75 328.69 33 KOSP I Index 2,458.17 1,439.43 201.83 9.18 29.51 17.39 0.93 0.99 1,561,938.52 1,348.56 34 TWSE Index 13,031.70 8,523.63 749.23 6.25 20.67 18.78 1.94 2.03 38,525.68 1,339.28 35 SET Index 1,642.50 969.08 (316.13) (20.01) 21.10 22.21 1.41 1.42 13,692.21 438.42 36 SET50 Index 1,107.13 628.97 (271.07) (25.37) 19.63 21.75 1.51 1.46 8,979.94 287.53 37 VNINDEX Index 1,028.97 649.10 (41.27) (4.29) 15.14 16.54 2.01 2.10 3,326,336.87 143.40

T ra iling F o rwa rd _{C urre nc y}D o m a in US D LO W P O IN T % T ra iling F o rwa rd A s ia / P a c if ic A m e ric a 5 2 - WE E K C H A N G E Y T D P E R ( x) P B V ( x) M A R KE T C A P ( B n) E uro pe H IG H

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LQ45

Source: Bloomberg, Sinarmas Investment Research

HIGH LOW POINT % 2019 2020E 2019 2020E

1 ACES IJ 1,545 1,890 970 710#N/A Requesting Data...85.03 #N/A Requesting Data...31.26 5.00 26,496.75 2 ADRO IJ 1,130 1,715 610 (565) (33.33) 11.96 8.52 1.27 0.69 36,144.14 3 AKRA IJ 2,600 4,350 1,405 (3,400) (56.67) 23.56 12.74 3.51 1.16 10,438.21 4 ANTM IJ 715 1,025 338 (180) (20.11) 331.88 70.61 1.17 0.94 17,182.00 5 ASII IJ 4,630 7,250 3,220 (3,645) (44.05) 22.10 12.36 2.99 1.21 187,438.85 6 BBCA IJ 28,775 35,300 21,625 13,275 85.65 18.55 30.70 3.40 3.92 709,447.91 7 BBNI IJ 4,670 8,075 2,970 (855) (15.48) 9.04 15.33 1.18 0.78 87,089.23 8 BBRI IJ 3,120 4,760 2,160 785 33.62 10.90 18.66 1.95 1.96 384,838.93 9 BBTN IJ 1,225 2,240 720 (515) (29.60) 7.05 11.31 0.96 0.73 12,972.75 10 BMRI IJ 5,550 8,050 3,660 (238) (4.11) 19.56 15.77 1.80 1.36 259,000.00 11 BSDE IJ 785 1,485 585 (970) (55.27) 18.61 14.38 1.64 0.50 16,619.52 12 BTPS IJ 3,300 5,125 1,790 #VALUE! #VALUE! #N/A N/A 27.42 #N/A N/A 4.18 25,422.21

13 CPIN IJ 5,900 7,750 3,800 2,810 90.94 22.55 - - - 96,748.20 14 CTRA IJ 680 1,230 394 (655) (49.06) 24.19 15.56 1.63 0.78 12,621.01 15 ERAA IJ 1,535 1,980 805 935 155.83 6.60 20.31 0.52 0.96 4,896.65 16 EXCL IJ 2,180 3,730 1,315 (130) (5.63) 57.28 15.80 1.16 - 23,339.11 17 GGRM IJ 42,950 59,075 30,625 (20,950) (32.79) 18.41 9.36 3.11 1.52 82,639.58 18 HMSP IJ 1,510 2,360 1,085 (2,320) (60.57) 39.50 16.30 13.04 5.26 175,640.30 19 ICBP IJ 10,000 12,500 7,750 1,425 16.62 31.51 19.65 5.69 3.97 116,619.08 20 INCO IJ 3,440 4,030 1,340 620 21.99 - - 1.13 1.11 34,181.01 21 INDF IJ 7,125 8,300 5,000 (800) (10.09) 18.57 11.25 2.40 1.58 62,560.54 22 INKP IJ 8,800 9,975 3,020 7,845 821.47 1.90 10.30 0.14 0.76 48,144.65 23 INTP IJ 10,825 21,025 8,650 (4,575) (29.71) 14.65 27.33 2.17 1.73 39,849.33 24 ITMG IJ 8,100 13,800 5,650 (8,775) (52.00) 10.56 8.46 1.51 0.71 9,152.39 25 JPFA IJ 1,135 1,860 760 (320) (21.99) 7.71 11.67 1.87 1.15 13,309.66 26 JSMR IJ 3,710 5,800 2,230 (610) (14.12) 15.60 29.59 2.29 1.36 26,926.70 27 KLBF IJ 1,590 1,695 830 75 4.95 30.88 27.79 5.96 4.28 74,531.44

28 MDKA IJ 1,715 2,120 890 1,331 346.61 #N/A N/A 38.79 3.32 5.06 37,554.37 29 MIKA IJ 2,530 2,910 1,570 (40) (1.56) 53.37 57.21 10.60 7.62 36,043.26 30 MNCN IJ 785 1,780 695 (970) (55.27) 18.15 5.04 2.68 - 11,677.74 31 PGAS IJ 975 2,460 605 (1,725) (63.89) 15.88 16.54 1.53 0.66 23,635.47 32 PTBA IJ 1,965 2,870 1,385 (535) (21.40) 12.78 7.81 2.53 1.23 22,638.10 33 PTPP IJ 870 1,855 484 (2,940) (77.17) 19.32 18.89 2.45 0.42 5,393.91 34 PWON IJ 354 650 266 (211) (37.35) 16.29 10.42 3.13 1.05 17,048.50 35 SCMA IJ 1,180 1,625 600 (1,620) (57.86) 27.23 15.96 11.95 3.12 17,434.11 36 SMGR IJ 9,475 13,450 5,475 300 3.27 12.04 27.47 1.87 - 56,201.15 37 SMRA IJ 565 1,250 350 (760) (57.36) 61.22 32.67 3.06 1.07 8,151.13

38 SRIL IJ 198 302 113 (32) (13.91) 5.29 3.36 0.95 #N/A N/A 4,049.53

39 TBIG IJ 1,340 1,405 730 344 34.54 25.23 27.85 14.27 5.19 30,360.38 40 TKIM IJ 5,950 12,475 3,750 5,220 715.07 18.94 #N/A N/A 0.15 #N/A N/A 18,523.68 41 TLKM IJ 2,660 4,302 2,417 (1,320) (33.17) 20.28 12.80 4.67 2.39 263,505.50 42 TOWR IJ 1,025 1,180 575 309 43.16 20.71 19.30 6.13 5.09 52,289.99 43 UNTR IJ 22,275 25,175 12,000 1,025 4.82 15.84 11.13 1.94 1.34 83,088.76 44 UNVR IJ 8,000 9,200 5,275 240 3.09 46.31 40.31 62.93 52.50 305,200.00 45 _{WIKA IJ} 1,160 2,200 675 (1,200) (50.85) 15.13 14.04 1.85 0.66 10,405.14 MARKET CAP (Bn)

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Macro data

Source: Bloomberg, Sinarmas Investment Research

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

D escriptio n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%) Property (1.56) (2.21) 10.60 (33.90) Basic Industry 0.31 4.57 (0.65) (24.14) Trade (0.56) (0.26) (0.95) (18.22) Finance 0.28 4.78 (7.99) (19.58) M iscellaneous Industry 0.24 3.27 (7.42) (30.78) Consumer 0.63 1.49 (4.88) (9.57) Infrastructure 0.09 3.39 (4.02) (28.56) Agriculture 0.01 1.20 (5.35) (24.49) M ining (0.42) 0.46 (5.37) (13.59) Sep-20 A ug-20 0.89 3.61 1.42 1.32 -0.05 -0.05 135.15 137.04 F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%) USD/IDR 14,710.00 - 0.20 (5.74) USD/CNY 6.79 0.37 0.85 2.54 USD/EUR 0.85 (0.01) 0.07 (4.71) USD/JPY 106.06 (0.08) (0.03) 2.40 USD/SGD 1.36 0.03 0.85 (0.99) USD/AUD 1.40 0.11 1.16 (1.61) USD/GBP 0.77 (0.03) 0.45 2.59 (in %) 4.60 0.15 1.46 5.81 6.91 7.43 Indonesia 5-Year Government Bonds Yield

Indonesia 10-Year Government Bonds Yield Indonesia 15-Year Government Bonds Yield

Lending and D epo sit R ates

JIBOR (in IDR) LIBOR (in GBP) SIBOR ( in USD) Inflation M oM (in %) Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

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Technical Corner

www.sinarmassekuritas.co.id

See important disclaimer at the end of this report

JCI : MIXED MENGUAT

Last price

: 5.004

Support

: 4.950, 4.928

Resistance

: 5.023, 5.075

JCI pada hari ini kami perkirakan akan bergerak MIXED MENGUAT dengan range 4.950 – 5.075. JCI breakout

Resistance 5.000, berpeluang melanjutkan penguatan dengan mencoba Resistance 5.023 dan 5.075. Namun, bila

JCI tidak berhasil bertahan diatas 5.000, akan menguji Support 4.950 dan 4.928. Indikator MACD dan Stoc osc

mengindikasikan pola Uptrend.

Jakarta Composite Index (JCI)

Summary of portfolio:

Stock

Recommendation

Comment

BBCA

HOLD

BBCA breakout Resistance 28.575, berpeluang melanjutkan penguatan dengan

mencoba Resistance 29.000 dan 29.125. Namun, bila BBCA tidak berhasil

bertahan diatas 28.575, akan kembali menguji Support 28.300 dan 28.000.

ITMG

HOLD

ITMG tidak berhasil bertahan diatas Resistance 8.225, berpeluang menguji

Support 8.050 dan 7.975. Namun, bila ITMG berhasil breakout 8.225 akan

mencoba Resistance 8.300 dan 8.375.

AALI

HOLD

AALI breakdown Support 10.400, berpeluang menguji Support 10.325 dan

10.250. Namun, bila AALI bertahan diatas 10.400, akan mencoba Resistance

10.500 dan 10.600.

KLBF

BUY ON WEAKNESS

KLBF breakout Resistance 1.585, berpeluang melanjutkan penguatan dengan

mencoba break Resistance 1.610 dan 1.630. Namun, bila KLBF tidak bertahan

diatas 1.585, akan menguji Support 1.560 dan 1.545.

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BBCA : HOLD

Last price

: 28.775

Target price

: 29.475 (5.6%)

Stop loss

: 27.000 (-3.3%)

BBCA breakout Resistance 28.575, berpeluang melanjutkan penguatan dengan mencoba Resistance 29.000 dan

29.125. Namun, bila BBCA tidak berhasil bertahan diatas 28.575, akan kembali menguji Support 28.300 dan 28.000.

BBCA dilihat dari Indikator MACD dan Stoc osc mengindikasikan pola Uptrend.

ITMG : HOLD

Last price

: 8.100

Target price

: 8.675 (5.8%)

Stop loss

: 7.800 (-4.9%)

ITMG tidak berhasil bertahan diatas Resistance 8.225, berpeluang menguji Support 8.050 dan 7.975. Namun, bila

ITMG berhasil breakout 8.225 akan mencoba Resistance 8.300 dan 8.375. ITMG dllihat dari Indikator MACD dan Stoc

osc mengindikasikan pola Downtrend.

Support

: 28.575, 28.300

Resistance

: 29.000, 29.125

Support

: 8.050, 7.975

Resistance

: 8.225, 8.300

Indo Tambangraya Megah Tbk (ITMG)

Bank Central Asia Tbk (BBCA)

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Astra Agro Lestari Tbk (AALI)

Kalbe Farma Tbk (KLBF)

AALI : HOLD

Last price

: 10.375

Target price

: 11.350 (13.2%)

Stop loss

: 9.500 (-5.2%)

AALI breakdown Support 10.400, berpeluang menguji Support 10.325 dan 10.250. Namun, bila AALI bertahan diatas

10.400, akan mencoba Resistance 10.500 dan 10.600. AALI dilihat dari Indikator MACD membentuk pola Sideways

dan Stoc osc mengindikasikan pola Downtrend.

KLBF : BUY ON WEAKNESS

Last price

: 1.590

Target price

: 1.650 (4.4%)

Entry point

: 1.580

Stop loss

: 1.540 (-2.5%)

KLBF breakout Resistance 1.585, berpeluang melanjutkan penguatan dengan mencoba break Resistance 1.610 dan

1.630. Namun, bila KLBF tidak bertahan diatas 1.585, akan menguji Support 1.560 dan 1.545. KLBF dilihat dari

Indi-kator MACD mulai membentuk pola Uptrend dan Stoc osc mengindikasikan pola Golden Cross.

Support

: 10.325, 10.250

Resistance

: 10.500, 10.600

Support

: 1.580, 1.560

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Commodities

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DEPUTY HEAD OF RESEARCH

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Property, Industrial Estate

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EQUITY ANALYST

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Consumer, Retail, Cement

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RESEARCH ASSOCIATE

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Tobacco, Plantation

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RESEARCH ASSOCIATE

Kharel Devin Fielim

Media, Poultry, Construction

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TECHNICAL ANALYST

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DISCLAIMER

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