DAILY. IHSG Diperkirakan Bergerak Sideways. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market Activity

Market Index : 7,262.8

Index Movement : +48.0 0.67%

Market Volume : 25,508 Mn shrs Market Value : 15,002 Bn rupiah

Last

Close +/- %

Leading Movers

GOTO 374 4 1.1

ADRO 3,350 210 6.7

TLKM 4,690 60 1.3

UNTR 29,275 1325 4.7

Lagging Movers

ARTO 13,000 -300 -2.3

AMRT 1,700 -55 -3.1

BEBS 4,200 -170 -3.9

CPIN 5,225 -100 -1.9

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)

TLKM 417 BUMI 48

ITMG 110 HRUM 40

UNTR 82 DOID 32

TBIG 54 BRMS 29

EXCL 47 INCO 27 Money Market

Last

Close +/- %

USD/IDR 14,363 0.0 0.0

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 32.7 0.8 2.5

EIDO 24.9 0.3 1.3

Global Indices Last

Close +/- %

DJIA 34,565 344 1.01

S&P 500 4,447 49 1.12

Euro Stoxx 3,828 -4 -0.09

MSCI World 2,985 25 0.85

STI 3,342 12 0.36

Nikkei 26,843 509 1.93

Hang Seng 21,374 55 0.3

Commodities*

Last

Close +/- %

Brent Oil 108.8 4.1 3.96

Coal (ICE) 322.4 4.6 1.45

CPO Malay 6,485 -74.0 -1.12

Gold 1,981 4.9 0.25

Nickel 33,194 381.0 1.16

Tin 42,793 -586.0 -1.35

*last price per closing date

Changes Changes

Changes

Changes Wednesday, 13 Apr 2022

DAILY RESEARCH

14 April 2022

Market

IHSG Diperkirakan Bergerak Sideways

Bursa AS semalam ditutup menguat; Nasdaq +2.0%, DJIA +1.0%, dan S&P500 +1.1%.

Kenaikan ini terjadi setelah bursa mengalami penurunan 3 hari berturut-turut dan juga seiring dengan rilis laporan keuangan 1Q22 sejumlah emiten yang menunjukkan kinerja positif (contohnya: Blackrock). Sementara itu, pelaku pasar juga akan menantikan data retail sales dan jobless claim yang akan dirilis nanti malam. Yield UST10Y turun ke level 2.69% dan USDIndex turun ke level 99.9.

Pasar komoditas terpantau bergerak cenderung menguat; nikel +1.2% menjadi USD 33,194/ton, emas +0.3% menjadi USD 1,981/ toz, batu bara naik +1.5% ke level USD 322/ton, dan minyak +3.4% ke level USD 104/bbl, sedangkan CPO -1.1% ke level RM 6,485/ton.

Bursa Asia kemarin ditutup cenderung menguat: Hang Seng +0.3%, Nikkei +1.9%, Kospi +1.9%, sedangkan Shanghai -0.8%. EIDO ditutup naik +1.3% ke level 24.9. Di perdagangan kemarin, IHSG ditutup menguat +0.7% ke level 7,263, dengan net buy asing di pasar reguler sebesar IDR 860 miliar dan di pasar negosiasi sebesar IDR 317.1 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh TLKM (IDR 417.3 miliar), ITMG (IDR 110.0 miliar), dan UNTR (IDR 81.8 miliar). Sementara itu, net sell asing tertinggi dicatatkan oleh BUMI (IDR 48.0 miliar), HRUM (IDR 40.2 miliar), dan DOID (IDR 31.6 miliar). Top leading movers adalah GOTO, ADRO, TLKM dan top lagging movers adalah ARTO, AMRT, BEBS.

Terjadi penambahan 1,551 kasus baru COVID-19 kemarin dengan positivity rate sebesar 1.6% (recovery rate: 96.3%, kasus aktif: 66,475).

Pagi ini pasar regional dibuka bervariasi, Nikkei +0.7% dan Kospi flat +0.06%. Dengan sentimen bursa global dan regional, hari ini IHSG kami perkirakan akan bergerak sideways.

Highlights

 Otomotif : Penjualan Mobil Nasional Naik +41.1% yoy di 1Q22

 ERAA : Laba Bersih ERAA naik +65.4% yoy di 2021

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Equity Research│14 April 2022

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)

13-Apr-21 13-May-21 13-Jun-21 13-Jul-21 13-Aug-21 13-Sep-21 13-Oct-21 13-Nov-21 13-Dec-21 13-Jan-22 13-Feb-22 13-Mar-22

0 20 40 60 80 100 120 140

13-Apr-21 4-May-21 25-May-21 15-Jun-21 6-Jul-21 27-Jul-21 17-Aug-21 7-Sep-21 28-Sep-21 19-Oct-21 9-Nov-21 30-Nov-21 21-Dec-21 11-Jan-22 1-Feb-22 22-Feb-22 15-Mar-22 5-Apr-22

40 90 140 190 240 290 340 390 440 490

13-Apr-21 13-May-21 12-Jun-21 12-Jul-21 11-Aug-21 10-Sep-21 10-Oct-21 9-Nov-21 9-Dec-21 8-Jan-22 7-Feb-22 9-Mar-22 8-Apr-22

1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500

-Apr-21 -May-21 -Jun-21 12-Jul-21 -Aug-21 -Sep-21 -Oct-21 9-Nov-21 9-Dec-21 8-Jan-22 7-Feb-22 9-Mar-22 8-Apr-22

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

-Apr-21 -May-21 -Jun-21 12-Jul-21 -Aug-21 -Sep-21 -Oct-21 9-Nov-21 9-Dec-21 8-Jan-22 7-Feb-22 9-Mar-22 8-Apr-22

10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000

13-Apr-21 4-May-21 25-May-21 15-Jun-21 6-Jul-21 27-Jul-21 17-Aug-21 7-Sep-21 28-Sep-21 19-Oct-21 9-Nov-21 30-Nov-21 21-Dec-21 11-Jan-22 1-Feb-22 22-Feb-22 15-Mar-22 5-Apr-22

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100

COVID-19 Data Indonesia

7 Day Running Covid-19 Data

Total 1D Change Total Daily Total Closed Cases

Cases % Deaths Deaths Active Cases %

4/13/2022 6,036,909 0.03 155,746 29 (178,563,329) 3057.86 4/12/2022 6,035,358 0.02 155,717 43 (178,564,851) 3058.65 4/11/2022 6,033,903 0.02 155,674 48 (178,566,263) 3059.38 4/10/2022 6,032,707 0.02 155,626 29 (178,567,411) 3059.99 4/9/2022 6,031,636 0.02 155,597 41 (178,568,453) 3060.53 4/8/2022 6,030,168 0.03 155,556 47 (178,569,880) 3061.28 4/7/2022 6,028,413 0.03 155,509 45 (178,571,588) 3062.17

Average 40 3059.98

Source: SSI Research, Bloomberg

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Otomotif: Penjualan Mobil Nasional Naik +41.1% yoy di 1Q22

Berdasarkan data Gaikindo, penjualan mobil di Maret 2022 secara wholesales (pabrikan ke dealer) adalah sebesar 98,536 unit, naik +21.3% mom (+16.0% yoy). Untuk penjualan retail (dealer ke konsumen) mencapai 89,821 unit, naik +28.3% mom (+15.9% yoy). Secara kumulatif, penjualan wholesales mobil di sepanjang 1Q22 naik +41.1% yoy menjadi 263,822 unit dan penjualan retail naik +33.6% yoy menjadi 238,377 unit. Penjualan mobil secara wholesales tertinggi datang dari brand Toyota (market share: 30.7%), Daihatsu (19.3%), dan Honda (13.4%). Gaikindo masih menargetkan penjualan mobil nasional di tahun ini dapat mencapai 900.000 unit. (Bisnis Indonesia)

Comment:

Angka penjualan mobil di 1Q22 telah melebihi angka penjualan prepandemi di 1Q19 (254,332 unit), didukung oleh adanya perpanjangan insentif PPnBM di tahun ini. Angka tersebut mencapai 29.3% dari target Gaikindo, dan melebihi ekspektasi, karena rata-rata 1Q/FY dalam 3 tahun terakhir sebelum pandemi adalah 25.4%. Update untuk penjualan mobil ASII, penjualan mobil ASII di 1Q22 naik +43.7% yoy menjadi 142,039. Market share ASII juga stabil diatas 50% dari penjualan mobil nasional, yaitu 53.8%, dengan kontributor utama datang dari Toyota (57.1% dari penjualan mobil ASII) dan Daihatsu (35.8%).

ERAA: Laba Bersih ERAA naik +65.4% yoy di 2021

Sepanjang 2021, pendapatan ERAA naik +27.4% yoy menjadi IDR 43.5 triliun. Laba kotor naik +40.9% yoy menjadi IDR 4.8 triliun, dengan GPM yang naik menjadi 11.1% (FY20: 10%). Laba usaha dan laba bersih masing-masing naik +50.4%

yoy dan +65.4% yoy menjadi IDR 1.7 triliun dan 1.0 triliun. (Laporan keuangan) Comment:

Penjualan dan laba bersih ERAA di 2021 masing-masing mencapai 101.2% dan 92.2% dari proyeksi SSI. Secara stand alone, di 4Q21 pendapatan ERAA naik +25.0% qoq menjadi IDR 12.3 triliun, setelah sebelumnya -6.5% di 3Q21 akibat PPKM darurat. Selain itu, secara seasonality pendapatan ERAA di 4Q21 cenderung lebih tinggi dibandingkan kuartal lain dan menyumbang 28.6% dari total pendapatan tahunan ERAA secara rata2 di 5 tahun terakhir seiring dengan rilisnya iPhone baru. Laba kotor ERAA naik cukup signifikan +114.0% qoq menjadi IDR 1.8 triliun. Laba operasional dan laba bersih naik +76.6% qoq dan +82.5% qoq menjadi IDR 486 miliar dan 293 miliar.

Kami memperkirakan ERAA akan terus aktif melakukan ekspansi di tahun ini setelah membuka beberapa gerai

pertama untuk brand baru di tahun lalu seperti Paris Baguette dan JD Sport. ERAA: (BUY: 7.3x PE '22E, 1.2x PBV

'22E, TP: IDR 785)

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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) (%) 22A 23E 22A 23E 22A 23E

Banks

BBCA HOLD 7.8 7,800 8,100 8,359 3.8 26.4 23.9 4.3 3.9 16.3 16.5

BBRI BUY 7.8 4,610 5,400 5,163 17.1 16.6 14.9 2.2 2.1 13.2 14.2

BMRI HOLD 5.1 7,725 8,000 9,153 3.6 11.4 10.2 1.6 1.5 14.2 14.9

BBNI HOLD 2.2 8,450 8,500 9,131 0.6 10.4 8.6 1.0 0.9 10.1 11.1

BBTN BUY 0.2 1,635 2,200 2,212 34.6 6.4 5.4 0.7 0.6 10.9 11.3

Average 9.4 8.1 1.1 1.0 11.7 12.4

Consumer (Staples)

ICBP BUY 0.6 7,325 12,000 10,582 63.8 11.4 10.2 2.3 2.0 20.1 20.0

INDF BUY 1.0 6,200 7,150 8,225 15.3 7.5 6.9 1.1 1.0 14.0 14.2

KLBF BUY 1.1 1,595 1,950 1,829 22.3 21.8 20.0 3.6 3.3 16.4 16.3

UNVR BUY 0.7 3,440 4,800 4,084 39.5 22.1 20.8 24.9 22.9 113.0 110.0

SIDO HOLD 0.2 905 970 1,118 7.2 21.3 19.7 7.3 7.0 34.3 35.5

Average 16.8 15.5 7.8 7.2 39.6 39.2

Cigarette

HMSP SELL 0.3 890 870 1,032 -2.2 13.3 11.4 3.5 3.3 26.4 29.3

GGRM HOLD 0.4 31,000 32,500 35,323 4.8 9.4 6.6 1.0 0.9 10.5 14.1

Average 11.3 9.0 2.2 2.1 18.4 21.7

Healthcare

MIKA BUY 0.5 2,500 2,960 2,689 18.4 27.5 24.0 5.6 5.0 20.5 20.8

SILO BUY 0.1 1,180 1,420 1,040 20.3 22.3 19.2 2.2 2.0 9.9 10.6

HEAL BUY 0.4 1,350 5,700 1,368 322.2 6.3 5.6 1.1 0.9 17.1 16.5

Average 18.7 16.3 3.0 2.6 15.8 15.9

Poultry

CPIN BUY 1.2 5,225 7,000 6,538 34.0 22.8 21.6 3.4 3.1 14.9 14.3

JPFA BUY 0.3 1,610 1,800 2,081 11.8 10.4 10.5 1.3 1.2 12.5 11.5

MAIN HOLD 0.0 660 685 730 3.8 9.6 6.4 0.7 0.6 6.8 9.4

WMUU BUY 0.0 153 340 240 122.2 2.9 3.0 1.0 0.7 34.4 24.9

WMPP BUY 0.0 135 240 240 77.8 7.5 4.5 1.7 1.3 22.8 29.4

Average 10.6 9.2 1.6 1.4 18.3 17.9

Retail

MAPI BUY 0.3 890 1,100 1,038 23.6 37.3 21.3 2.7 2.6 7.2 12.1

RALS BUY 0.0 775 900 838 16.1 16.5 11.4 1.3 1.2 7.7 10.2

ACES BUY 0.3 1,170 1,900 1,379 62.4 18.3 16.0 3.6 3.2 19.6 20.0

LPPF SELL 0.2 6,000 3,430 5,584 -42.8 17.2 12.7 15.2 9.6 88.3 75.2

ERAA BUY 0.1 555 785 907 41.4 8.0 7.3 1.4 1.2 16.9 16.1

Average 19.5 13.7 4.8 3.5 27.9 26.7

Pulp and Paper

INKP BUY 0.5 7,700 9,900 10,050 28.6 6.6 7.6 0.6 0.6 9.3 7.8

ALDO BUY 0.0 1,040 2,000 2,000 92.3 18.9 15.5 1.7 1.5 9.1 9.8

Average 12.8 11.6 1.2 1.1 9.2 8.8

Media

MNCN BUY 0.3 950 1,300 1,246 36.8 5.3 4.7 0.8 0.7 14.1 14.0

SCMA BUY 0.2 262 340 421 29.8 14.6 10.1 2.6 2.2 17.8 22.2

FILM BUY 0.0 1,040 1,350 1,350 29.8 260.0 148.6 7.9 7.6 3.0 5.1

Average 93.3 54.5 3.7 3.5 11.7 13.8

Telco

EXCL BUY 0.4 2,720 3,000 3,765 10.3 39.4 31.3 1.5 1.4 3.8 4.6

ISAT BUY 0.2 5,300 7,250 7,529 36.8 n/a 61.6 2.2 0.2 -5.6 0.4

TLKM HOLD 7.9 4,690 5,000 5,109 6.6 21.3 20.4 4.3 4.1 20.2 20.1

Average 30.4 37.8 2.7 1.9 6.1 8.4

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Telco Infra

TBIG SELL 0.9 3,120 1,550 3,275 -50.3 61.2 53.8 9.5 8.5 15.6 15.8

TOWR BUY 0.9 1,035 1,600 1,345 54.6 16.2 14.6 4.4 3.8 27.0 25.7

MTEL BUY 0.4 750 965 1,003 28.7 62.5 41.7 1.9 1.8 3.0 4.3

Average 46.6 36.7 5.3 4.7 15.2 15.3

Auto

ASII HOLD 4.5 6,975 7,300 7,201 4.7 14.7 13.0 1.3 1.2 9.1 9.5

DRMA BUY 0.0 505 830 862 64.4 10.5 8.0 2.2 1.7 20.8 20.7

ASLC BUY 0.0 208 320 410 53.8 160.0 90.4 10.9 2.5 6.8 2.8

Average 61.7 37.1 4.8 1.8 12.2 11.0

Mining Contracting

UNTR HOLD 1.6 29,275 31,000 30,672 5.9 15.8 11.7 1.8 1.6 11.2 13.8

Average 15.8 11.7 1.8 1.6 11.2

Property

BSDE BUY 0.2 940 1,480 1,394 57.4 14.2 10.8 0.5 0.5 3.5 4.4

PWON BUY 0.3 515 630 632 22.3 21.5 17.8 1.6 1.4 7.3 8.1

SMRA BUY 0.2 690 1,200 1,172 73.9 28.8 18.6 1.5 1.4 5.3 7.7

CTRA BUY 0.3 980 1,360 1,415 38.8 12.7 10.8 1.1 1.0 8.6 9.3

Average 17.9 12.8 0.9 0.8 4.4 5.7

Construction

PTPP BUY 0.1 930 1,400 1,293 50.5 15.5 14.5 0.4 0.4 2.5 2.6

ADHI BUY 0.0 700 1,420 1,030 102.9 23.3 12.1 0.4 0.4 1.9 3.4

WSKT BUY 0.1 530 1,220 891 130.2 n/a n/a 0.5 0.6 -4.2 -22.2

WIKA BUY 0.1 940 1,440 1,268 53.2 39.2 27.6 0.5 0.5 1.3 1.7

WEGE BUY 0.0 179 300 267 67.6 8.0 5.7 0.7 0.6 9.0 11.3

Average 11.8 10.1 0.5 0.5 2.4 -2.8

Cement

INTP BUY 0.6 10,175 13,000 13,669 27.8 22.4 17.2 1.7 1.7 7.6 9.7

SMGR BUY 0.6 6,200 13,050 9,569 110.5 13.1 12.3 1.0 0.9 7.4 7.5

Average 17.7 14.8 1.3 1.3 7.5 8.6

Precast

WTON BUY 0.0 212 266 293 25.5 22.3 16.3 0.5 0.5 2.4 3.2

Average 22.3 16.3 0.5 0.5 2.4 3.2

Oil and Gas

PGAS BUY 0.5 1,360 1,800 1,847 32.4 6.1 9.2 0.6 0.6 10.7 6.9

AKRA BUY 0.2 930 1,040 1,043 11.8 16.6 14.8 2.0 1.9 12.0 12.6

MEDC BUY 0.1 520 1,090 850 109.6 n/a 7.1 0.8 0.7 -9.9 9.7

Average 11.3 10.4 1.1 1.1 4.3 9.7

Chemical

TPIA SELL 1.2 10,600 10,250 9,275 -3.3 121.8 56.1 7.3 7.3 6.0 13.0

BRPT BUY 0.8 875 1,150 983 31.4 109.4 43.8 4.6 4.3 4.2 9.9

ESSA SELL 0.4 1,430 225 1,100 -84.3 n/a 57.2 4.9 4.9 -0.3 8.6

Average 115.6 52.3 5.6 5.5 3.3 10.5

Utilities

JSMR BUY 0.3 3,770 4,150 5,115 10.1 21.3 14.0 1.1 1.0 5.0 7.1

Metal

ANTM BUY 0.8 2,790 3,230 3,191 15.8 27.4 21.3 3.2 3.0 11.8 14.2

MDKA SELL 2.2 5,525 3,000 4,966 -45.7 127.7 30.0 20.1 21.9 15.7 72.9

INCO SELL 0.5 7,425 6,900 6,998 -7.1 31.1 18.1 2.4 2.1 7.7 11.4

BRMS SELL 0.7 238 200 165 -16.0 0.1 0.0 2.6 1.4 1792.4 3471.9

Average 46.6 452.5 6.2 6.3 364.7 714.1

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Potential Mkt. Cap Net Profit P/E

(IDRbn) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (x)

Source : e-ipo.co.id, *Note: Subject to OJK approval

107 6.1 8M21

100 - 140 1,500 28.7 150 - 210 Working capital and landbank acquisition WINR*

Winner Nusantara Jaya ( Properties &

Real Estate)

20-Apr 654 - 915 12 - 14 Apr

Upcoming IPO's

Financial Result Period

Ticker Company (Sector) Listing Offering Shares issued Proceeds

MTMH* Murni Sadar

(Healthcare) 18-Apr 2,648 13 - 18 Apr 1,280 254 12.3 325 122 21.7 10M21

Lending facility to subsidiary, capex and

working capital

IBOS*

Indo Boga Sukses (Consumer Non-

Cyclicals)

25-Apr 575 - 884 19 - 21 Apr 65 - 100 1,607 20.0 104 - 161

Capital injection to subsidiaries, working

capital and capex

9 66.3 2021

OLIV*

Oscar Mitra Sukses Sejahtera (Consumer Non-

Cyclicals)

29-Apr 230 - 288 22 - 27 Apr 100 - 125 400 21.1 40 - 50 Working Capital and

Capex 1 109.9 10M21

Coal

ITMG BUY 0.4 28,175 33,850 31,075 20.1 4.6 4.1 1.8 1.2 39.2 29.1

ADRO SELL 1.7 3,350 3,200 3,212 -4.5 8.0 5.6 1.8 1.1 22.2 20.0

PTBA HOLD 0.5 3,760 4,000 4,006 6.4 0.5 0.4 1.8 1.6 377.7 362.9

HRUM HOLD 0.2 13,550 13,600 15,675 0.4 39.0 22.8 4.6 3.8 11.8 16.9

Average 13.0 8.2 2.5 1.9 112.7 107.2

Plantation

AALI BUY 0.2 12,825 14,500 14,917 13.1 13.9 16.5 1.2 1.2 8.7 7.2

LSIP SELL 0.1 1,485 1,370 1,669 -7.7 11.9 13.0 1.0 1.0 8.7 7.6

SSMS HOLD 0.1 1,135 1,200 2,100 5.7 33.4 14.4 2.5 2.1 7.4 15.0

TAPG BUY 0.1 670 1,050 1,039 56.7 8.8 7.4 1.7 1.4 19.2 19.4

Average 20.5 14.7 1.3 1.1 9.0 10.2

Technology

ASSA BUY 0.1 2,410 4,300 4,544 78.4 40.8 26.8 4.7 4.0 11.5 14.9

EMTK SELL 1.4 2,700 2,600 2,575 -3.7 385.7 270.0 12.8 11.8 3.3 4.4

BUKA BUY 0.7 348 400 713 14.9 n/a n/a 1.5 1.6 -574.9 -371.3

Average 97.9 66.7 4.1 3.7 (87.4) (51.2)

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.

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Chg (Pts)

1D 1D 1W 1M 3M YTD 1YR High Low

World 2,985 25.29 0.85 (0.96) 5.61 (5.93) (7.63) 2.46 3,262 2,792

U.S. (S&P) 4,447 49.14 1.12 (0.77) 6.55 (4.64) (6.71) 7.80 4,819 4,057

U.S. (DOW) 34,565 344.23 1.01 0.20 4.92 (3.75) (4.88) 2.47 36,953 32,273

Europe 3,828 (3.51) (0.09) 0.09 2.32 (10.40) (10.94) (3.73) 4,415 3,387

Emerging Market 1,119 8.91 0.80 (0.60) 6.10 (10.99) (9.15) (16.26) 1,395 1,024

FTSE 100 7,581 4.14 0.05 (0.09) 5.38 0.50 2.66 9.24 7,687 6,788

CAC 40 6,542 4.73 0.07 0.67 2.70 (8.41) (8.54) 5.37 7,385 5,756

Dax 14,076 (48.51) (0.34) (0.53) 1.06 (11.38) (11.38) (7.45) 16,290 12,439

Indonesia 7,263 48.00 0.67 2.23 4.47 8.51 10.35 20.04 7,355 5,742

Japan 27,144 300.26 1.12 0.95 7.25 (3.49) (5.72) (8.36) 30,796 24,682

Australia 7,523 43.48 0.58 1.07 5.22 1.74 1.05 7.11 7,633 6,758

Korea 2,710 (6.85) (0.25) 0.51 2.42 (7.27) (9.00) (14.85) 3,316 2,592

Singapore 3,342 11.97 0.36 (2.36) 3.41 1.84 7.00 5.12 3,466 3,024

Malaysia 1,597 0.05 0.00 (0.47) 1.90 2.69 1.89 (0.07) 1,623 1,475

Hong Kong 21,374 55.24 0.26 (3.20) 9.43 (12.34) (8.65) (26.04) 29,491 18,235

China 3,187 (26.51) (0.82) (2.94) (1.14) (9.50) (12.44) (6.73) 3,724 3,023

Taiwan 17,302 310.74 1.83 (1.26) 0.22 (5.99) (5.03) 2.58 18,620 15,160

Thailand 1,674 (4.12) (0.25) (1.68) 0.98 (0.34) 1.01 8.64 1,719 1,501

Philipines 6,985 89.54 1.30 (1.75) 2.46 (3.81) (1.93) 7.08 7,552 6,081

Foreign Reserves (US$Bn) 139.10 (1.65) (4.01) (4.01) 1.46 146.87 136.40

Inflation Rate (yoy, %) 2.64 2.64 1.33

Gov Bond Yld (10yr, %) 6.93 5.40 6.93 6.01

US Fed Rate (%) 0.50 0.50 0.25

Chg (Pts)

Indonesia 14,363 0.00 0.00 (0.04) (0.21) (0.47) (0.77) 1.68 14,633 14,057

Japan 125.55 (0.07) 0.06 (1.27) (5.86) (9.05) (8.34) (13.24) 126.32 107.48

UK 1.31 (0.00) (0.03) 0.29 0.85 (4.11) (3.10) (4.83) 1.42 1.30

Euro 1.09 (0.00) (0.05) 0.04 (0.52) (4.63) (4.28) (9.16) 1.23 1.08

China 6.37 0.00 (0.04) (0.13) (0.04) (0.13) (0.19) 2.76 6.54 6.31

Chg (Pts)

Oil (Brent) 108.38 (0.40) (0.37) 7.76 1.38 25.94 39.34 62.78 139.13 63.88

CPO 6,537 48.00 0.74 5.21 (5.59) 23.90 26.71 62.13 8,034 3,343

Coal 322.35 4.60 1.45 11.40 (10.87) 69.88 112.42 262.19 487.50 85.50

Tin 43,324 531.00 1.24 (1.20) (1.76) 6.94 11.49 68.94 51,000 25,650

Nickel 32,981 493.00 1.52 (1.45) #N/A N/A 48.72 58.89 104.08 55,000 15,925

Copper 10,299 (43.50) (0.42) (0.06) 1.13 3.42 5.95 15.73 10,845 8,740

Gold 1,975 (3.14) (0.16) 2.22 1.22 8.62 7.95 13.72 2,070 1,691

Silver 25.67 (0.06) (0.25) 4.35 2.49 11.78 10.13 0.97 29 21

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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.

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854

Fikri C Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst m.alfatih@samuel.co.id +6221 2854 8129

William Mamudi, CFTe, CMT Senior Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals yosua.zisokhi@samuel.co.id +6221 2854 8387

Andreas Kristo Saragih Construction, Toll Roads andreas.kristo@samuel.co.id +6221 2864 8303

Dessy Lapagu Aviation, Coal, Metals dessy.lapagu@samuel.co.id +6221 2854 8392

Paula Ruth Telco paula.ruth@samuel.co.id +6221 2854 8332

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas, Technology farras.farhan@samuel.co.id +6221 2854 8346

Pebe Peresia Automotive, Consumer Staples pebe.peresia@samuel.co.id +6221 2854 8339

Adolf Richardo Editor adolf.richardo@samuel.co.id +6221 2864 8397

Ashalia Fitri Yuliana Research Associate ashalia.fitri@samuel.co.id +6221 2854 8389

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

Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314

Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325

Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173

Suryanti Salim Sales Trader suryanti.salim@samuel.co.id +6221 2854 8173

Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173

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

Vincentius Darren PWM Equity Sales darren@samuel.co.id +6221 2854 8348

Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

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

Equity Retail / Online 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

Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

Widya Meidrianto Equity Retail widya.meidrianto@samuel.co.id +6221 2854 8317

Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8369