DAILY. Bursa Global Naik, IHSG Berpotensi Menguat. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market Activity

Market Index : 6,552.9

Index Movement : -38.5 -0.58%

Market Volume : 19,527 Mn shrs Market Value : 9,670 Bn rupiah

Last

Close +/- %

Leading Movers

ISAT 7,325 400 5.8

BEBS 1,945 190 10.8

MASA 4,900 180 3.8

SCMA 438 18 4.3

Lagging Movers

TLKM 3,700 -100 -2.6

BBCA 7,400 -75 -1.0

ARTO 15,000 -500 -3.2

EMTK 1,855 -70 -3.6

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

BMRI 120 BUKA 38

BBRI 64 ASII 37

KLBF 53 PGAS 30

ITMG 53 ARTO 20

PTBA 39 EXCL 19 Money Market

Last

Close +/- %

USD/IDR 14,248 80.0 -0.6

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 25.7 -0.6 -2.1

EIDO 23.6 -0.3 -1.3

Global Indices Last

Close +/- %

DJIA 35,914 94 0.26

S&P 500 4,614 8 0.18

Euro Stoxx 4,280 30 0.70

MSCI World 3,191 16 0.50

STI 3,219 21 0.65

Nikkei 29,647 754 2.61

Hang Seng 25,154 -223 -0.9

Commodities*

Last

Close +/- %

Brent Oil 84.7 0.3 0.39

Coal (ICE) 145.0 -9.9 -6.39 CPO Malay 4,951 -71.0 -1.41

Gold 1,796 11.9 0.67

Nickel 19,685 237.5 1.22

Tin 37,138 249.5 0.68

*last price per closing date

Changes Changes

Changes

Changes Monday, 01 Nov 2021

Bursa Global Naik, IHSG Berpotensi Menguat

Bursa saham AS ditutup menguat semalam; S&P +0.18%, Nasdaq +0.63%, dan Dow Jones +0.26% (ketiganya menutup sesi di angka penutupan tertingginya masing- masing), didukung dengan kenaikan harga sejumlah komoditas, earnings season yang cukup memuaskan, serta optimisme investor terkait prospek pasar bulan ini.

Pekan ini, pasar AS bersiap untuk rilis sejumlah data ekonomi, seperti hasil pertemuan the Fed, initial jobless claims, serta nonfarm payroll. Yield UST 10 tahun naik +0.79%, sementara USD Index melemah -0.26% ke 93.87.

Di pasar komoditas, harga minyak WTI melemah -0.2% ke level USD 83.8/bbl, sementara Brent naik +0.1% di level USD 84.5/bbl. Harga sejumlah komoditas lain juga terpantau menguat; timah +0.7% ke USD 37,137/ton, emas +0.67% ke USD 1,795/toz, dan nikel +1.2% ke USD 19.685/ton. Sementara itu, CPO turun -1.4% ke angka RM 4,951/ton.

Indeks EIDO ditutup melemah -1.25% ke level USD 23.6, dan IHSG ditutup melemah -0.58% ke level 6,552 pada perdagangan kemarin (1/11) dengan net buy asing sebesar IDR 220.2 miliar di pasar reguler, dan net sell asing sebesar IDR 131.2 miliar di pasar negosiasi. Net buy asing tertinggi di pasar reguler dicatatkan oleh BMRI (IDR 119.1 miliar), BBRI (IDR 64 miliar), dan KLBF (IDR 53.2 miliar). Sementara itu, net sell asing tertinggi di pasar reguler dicetak oleh BUKA (IDR 38.3 miliar), ASII (IDR 37.3 miliar), dan PGAS (IDR 29.9 miliar). Top sector gainer kemarin adalah saktor transportasi logistik, sedangkan top sector looser adalah sektor teknologi.

Sebanyak 403 kasus COVID-19 baru dilaporkan di Indonesia kemarin (1/11) dengan positive rate sebesar 0.3%, dengan angka pasien sembuh harian sebesar 784 (recovery rate: 96.3%). Terkait vaksinasi, sejauh ini 120 juta orang Indonesia telah menerima vaksinasi dosis 1 (+390 ribu pada Senin (1/11); 57.6% dari total penduduk) dan 74 juta jiwa menerima dosis kedua (+394 ribu pada Senin (1/11).

Pagi ini bursa Asia dibuka mixed dengan Nikkei -0.32% dan Kospi +1.33%. Kami memperkirakan IHSG akan bergerak menguat hari ini, seiring dengan sentimen positif dari bursa global.

DAILY RESEARCH

2 November 2021

Market Highlights

 MIKA : Laba Bersih 3Q21 Turun -11.1% qoq (9M21: +68.0% yoy)

 ADHI : Laba 3Q21 Naik +3.1% yoy (9M21: +10.6% yoy)

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Equity Research│2 November 2021

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)

2-Nov-20 2-Dec-20 2-Jan-21 2-Feb-21 2-Mar-21 2-Apr-21 2-May-21 2-Jun-21 2-Jul-21 2-Aug-21 2-Sep-21 2-Oct-21

0 10 20 30 40 50 60 70 80 90 100

2-Nov-20 23-Nov-20 14-Dec-20 4-Jan-21 25-Jan-21 15-Feb-21 8-Mar-21 29-Mar-21 19-Apr-21 10-May-21 31-May-21 21-Jun-21 12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21

40 90 140 190 240 290 340

2-Nov-20 2-Dec-20 1-Jan-21 31-Jan-21 2-Mar-21 1-Apr-21 1-May-21 31-May-21 30-Jun-21 30-Jul-21 29-Aug-21 28-Sep-21 28-Oct-21

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000 5,500 6,000

ov-20 ec-20 Jan-21 an-21 ar-21 Apr-21 ay-21 ay-21 un-21 -Jul-21 ug-21 ep-21 ct-21

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

ov-20 ec-20 Jan-21 an-21 ar-21 Apr-21 ay-21 ay-21 un-21 -Jul-21 ug-21 ep-21 ct-21

10,000 12,000 14,000 16,000 18,000 20,000 22,000

2-Nov-20 23-Nov-20 14-Dec-20 4-Jan-21 25-Jan-21 15-Feb-21 8-Mar-21 29-Mar-21 19-Apr-21 10-May-21 31-May-21 21-Jun-21 12-Jul-21 2-Aug-21 23-Aug-21 13-Sep-21 4-Oct-21 25-Oct-21

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 Dai l y Total Cl osed Cases

Cases % Deaths Deaths Acti ve Cases %

11/1/2021 4,244,761 0.01 143,423 18 (69,597,645) 1739.61 10/31/2021 4,244,358 0.01 143,405 17 (69,189,735) 1730.16 10/30/2021 4,243,835 0.01 143,388 27 (67,960,630) 1701.40 10/29/2021 4,243,215 0.02 143,361 28 (67,000,015) 1678.99 10/28/2021 4,242,532 0.02 143,333 34 (66,014,419) 1656.01 10/27/2021 4,241,809 0.02 143,299 29 (65,031,612) 1633.11 10/26/2021 4,241,090 0.01 143,270 35 (64,166,189) 1612.96

Average 27 1678.89

Source: SSI Research, Bloomberg

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MIKA: Laba Bersih 3Q21 Turun -11.1% qoq (9M21: +68.0% yoy)

PT Mitra Keluarga Karyasehat (MIKA) mencatatkan kenaikan pendapatan sebesar +47.1% yoy pada 9M21 menjadi IDR 3.4 triliun. Pendapatan dari rawat inap tumbuh +49.0% yoy ke angka IDR 2.23 triliun, sementara pendapatan rawat jalan tumbuh +43.5% yoy menjadi IDR 1.16 triliun di 9M21. Laba kotor 9M21 tumbuh +58.1% yoy dengan GPM sebesar 50.8%.

Terkait laba bersih, MIKA membukukan pertumbuhan laba bersih sebesar +68.0% yoy menjadi IDR 882.8 miliar pada 9M21, dengan NPM sebesar 25.9%. (Laporan Keuangan)

Comment:

Secara stand alone 3Q21, pendapatan MIKA naik +16.3% yoy, meski ada penurunan secara kuartalan sebesar- 14.3% qoq. Pendapatan rawat inap secara kuartalan mengalami penurunan -16.6% qoq karena pendapatan dari obat dan perlengkapan medis turun -18.4% qoq. Sementara itu, pendapatan dari inpatient rooms juga turun - 17.7% qoq, meski ada pertumbuhan secara tahunan sebesar +14.2% yoy. Terkait pendapatan rawat jalan, pada 3Q21 terjadi penurunan -14.3% qoq, meski ada kenaikan secara tahunan sebesar +16.3% yoy. Terkait volume, pada 3Q21 inpatient days turun -7.2% qoq (+21.7% yoy) dengan penurunan pasien COVID-19 yang dirawat inap sebesar -29.0% qoq. Jumlah tempat tidur operasional MIKA pada 3Q21 tercatat sebesar 3,252 tempat tidur, naik +0.15% qoq & +5.7% yoy. Pada bottom line, MIKA mencatatkan laba bersih sebesar IDR 266.3 miliar pada 3Q21 atau tumbuh +12.5% yoy, meski ada penurunan kuartalan sebesar-11.1% qoq di 3Q21. MIKA: (BUY: 24.5x PE '22E, 5.0x PBV '22E, TP: IDR 2,960)

ADHI: Laba 3Q21 Naik +3.1% yoy (9M21: +10.6% yoy)

Adhi Karya (ADHI) melaporkan kinerja keuangan 3Q21 dengan laba sebesar IDR 9 miliar (+3.1% yoy) dan laba akumulatif 9M21 sebesar IDR 17 miliar (+10.6% yoy). Pendapatan di 3Q21 relatif stabil di IDR 2.9 triliun dan pendapatan 9M21 turun -13.1% yoy ke IDR 7.35 triliun. (Laporan keuangan)

Comment:

Kinerja di 3Q21 ditopang oleh pengelolaan biaya yang baik dengan meningkatnya gross profit margin sebanyak

+2.4ppt yoy ke 14.2% dan turunnya rasio SGA/Sales ke 5.4% dari sebelumnya di 6%. Secara akumulatif, gross

profit margin dan operating profit margin naik +1.2ppt yoy ke 14.8% dan 8.1%, namun net profit margin tidak

berubah di 0.2%. Selain itu, kinerja 9M21 ditopang oleh laba JV yang naik +124% yoy dengan adanya laba dari

proyek JV seperti proyek MRT Jakarta Phase 2 dan proyek pembangunan jalan. Singkatnya, pencapaian

pendapatan dan laba di 9M21 setara dengan 60% dan 16% dari proyeksi SSI. Kami mempertahankan rating BUY

dengan TP di IDR 1,420. ADHI: (BUY: 18.3x PE '22E, 0.6x PBV '22E, TP: IDR 1,420)

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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) (%) 20A 21E 20A 21E 20A 21E

Banks

BBCA HOLD 11.9 7,400 8,100 8,758 9.5 33.6 28.7 4.9 4.5 14.7 15.7

BBRI BUY 7.9 4,230 5,300 4,798 25.3 26.9 15.9 2.8 2.1 10.3 13.1

BMRI BUY 4.3 7,175 8,000 8,153 11.5 19.6 14.1 1.8 1.7 9.1 12.1

BBNI BUY 1.6 6,850 8,500 8,283 24.1 42.8 12.3 1.1 1.0 2.6 8.0

BBTN BUY 0.2 1,790 2,300 2,211 28.5 11.8 7.4 0.9 0.8 8.1 11.4

Average 24.7 11.2 1.3 1.2 6.6 10.5

Consumer (Staples)

ICBP BUY 1.2 8,800 12,000 11,243 36.4 20.4 15.6 4.1 3.5 19.9 22.1

INDF BUY 0.7 6,275 9,500 8,416 51.4 11.3 11.4 1.3 1.2 11.9 11.0

KLBF BUY 1.0 1,590 1,950 1,753 22.6 27.3 24.0 4.3 3.9 15.7 16.3

UNVR HOLD 2.0 4,420 4,500 4,812 1.8 23.5 23.3 34.3 33.7 145.7 145.0

SIDO BUY 0.3 840 970 971 15.5 27.0 22.6 7.8 7.2 29.0 31.9

Average 21.9 19.4 10.4 9.9 44.5 45.3

Cigarette

HMSP SELL 1.4 1,025 870 1,119 -15.1 13.9 15.3 3.9 4.0 28.5 26.4

GGRM BUY 0.8 33,725 38,240 35,924 13.4 7.7 7.4 1.1 1.0 14.2 13.9

Average 10.8 11.4 2.5 2.5 21.4 20.1

Healthcare

MIKA BUY 0.4 2,230 2,960 2,997 32.7 37.8 24.8 6.5 5.6 17.1 22.8

SILO BUY 0.2 8,600 10,800 10,848 25.6 119.4 33.0 2.3 2.2 2.0 6.8

HEAL BUY 0.2 1,140 1,380 1,439 21.1 10.5 9.0 1.4 1.2 13.3 13.5

Average 55.9 22.3 3.4 3.0 10.8 14.4

Poultry

CPIN BUY 1.3 6,200 7,300 7,336 17.7 35.2 27.1 4.8 4.4 13.7 16.4

JPFA BUY 0.3 1,750 2,200 2,322 25.7 21.9 11.5 1.8 1.5 8.0 13.1

MAIN BUY 0.0 740 1,380 1,009 86.5 n/a 10.9 0.8 0.7 -0.9 6.8

WMUU BUY 0.0 188 340 340 80.9 n/a 8.5 n/a 1.9 n/a 21.8

Average 28.6 16.5 2.5 2.2 7.0 12.1

Retail

MAPI BUY 0.2 900 1,130 930 25.6 n/a 34.4 2.8 2.7 -10.4 7.9

RALS BUY 0.1 730 900 717 23.3 n/a 15.5 1.2 1.2 -1.5 7.7

ACES BUY 0.3 1,425 1,900 1,496 33.3 30.3 22.3 4.9 4.4 16.1 19.6

LPPF HOLD 0.1 3,070 3,150 2,622 2.6 n/a 5.8 13.9 7.2 -147.3 122.8

Average 30.3 24.0 3.0 2.8 1.4 11.7

Pulp and Paper

INKP BUY 0.6 8,325 9,900 9,475 18.9 9.6 11.5 0.7 0.7 7.6 6.0

Average 9.6 11.5 0.7 0.7 7.6

Media

MNCN BUY 0.2 895 1,650 1,337 84.4 5.6 4.6 0.8 0.7 13.6 14.6

SCMA BUY 0.4 438 490 465 11.9 28.1 24.6 8.3 7.2 29.7 29.3

Average 16.8 14.6 4.5 3.9 21.6 21.9

Telco

EXCL HOLD 0.4 3,000 3,000 3,558 0.0 85.7 43.5 1.7 1.6 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,527 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM HOLD 4.9 3,700 4,050 4,437 9.5 17.6 16.4 3.0 2.9 17.2 17.7

Average 51.7 41.8 2.4 1.6 4.5 7.3

Telco Retail

ERAA BUY 0.1 640 1,625 843 153.9 3.4 2.8 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.8 2,820 2,500 3,189 -11.3 58.8 44.8 9.7 6.1 16.5 13.7

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Auto

ASII BUY 3.2 6,025 6,750 6,917 12.0 13.5 12.2 1.2 1.2 9.0 9.6

Average 13.5 12.2 1.2 1.2 9.0

Mining Contracting

UNTR BUY 1.1 23,600 31,000 29,599 31.4 12.7 9.4 1.4 1.3 11.2 13.8

Average 12.7 9.4 1.4 1.3 11.2

Property

BSDE BUY 0.3 1,095 1,350 1,453 23.3 16.3 12.3 0.6 0.6 4.0 4.9

PWON HOLD 0.3 510 530 612 3.9 39.2 13.8 1.0 1.7 2.6 12.1

ASRI SELL 0.0 187 130 208 -30.5 14.4 6.7 0.3 0.3 2.3 4.7

LPKR SELL 0.1 147 140 198 -4.8 n/a n/a 0.3 0.3 -0.5 -0.2

SMRA BUY 0.2 930 1,200 1,112 29.0 77.5 38.8 2.0 2.1 2.5 5.3

CTRA BUY 0.3 1,060 1,360 1,359 28.3 25.2 19.6 1.3 1.2 5.1 6.2

Average 34.5 18.2 0.9 1.0 2.7 5.5

Industrial Estate

SSIA BUY 0.0 490 700 900 42.9 n/a 44.5 0.6 0.6 -1.6 1.3

DMAS HOLD 0.1 230 250 252 8.7 15.3 13.5 1.5 1.7 9.6 12.7

KIJA SELL 0.0 156 150 N/A -3.8 14.2 12.0 0.6 0.4 4.0 3.4

Average 14.8 23.4 0.9 0.9 4.0 5.6

Construction

PTPP BUY 0.1 1,200 1,400 1,292 16.7 57.1 20.0 0.5 0.5 0.9 2.5

ADHI BUY 0.1 1,060 1,420 1,084 34.0 151.4 35.3 0.7 0.7 0.4 1.9

WSKT BUY 0.2 925 1,220 1,001 31.9 n/a n/a 0.8 0.9 -44.6 -4.2

WIKA BUY 0.1 1,250 1,440 1,235 15.2 13.0 8.5 0.6 0.6 5.0 7.1

Average 73.9 21.3 0.7 0.7 -9.5 1.8

Cement

INTP BUY 0.6 11,950 16,250 13,580 36.0 33.2 27.6 1.9 1.9 5.8 6.9

SMGR BUY 0.7 9,225 13,050 11,509 41.5 24.2 19.5 1.5 1.4 6.3 7.4

Average 28.7 23.5 1.7 1.7 6.1 7.2

Precast

WSBP BUY 0.1 155 230 140 48.4 14.1 4.2 0.4 0.4 2.9 8.9

WTON BUY 0.0 270 450 310 66.7 24.5 7.3 0.7 0.6 2.9 8.9

Average 19.3 5.7 0.6 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,480 1,680 1,675 13.5 18.5 8.8 1.5 1.3 8.0 15.3

AKRA HOLD 0.2 4,200 4,400 4,748 4.8 18.3 16.7 1.9 1.8 10.6 11.0

MEDC BUY 0.2 560 1,090 837 94.6 n/a 7.7 0.8 0.7 -9.9 9.7

Average 18.4 11.0 1.4 1.3 2.9 12.0

Chemical

TPIA BUY 1.9 7,600 10,250 9,444 34.9 524.1 87.4 5.2 5.2 1.0 6.0

BRPT BUY 1.1 935 1,150 1,167 23.0 195.4 119.4 5.0 5.0 2.5 4.2

ESSA SELL 0.1 338 225 540 -33.4 n/a n/a 2.3 1.2 -20.0 -0.5

Average 359.8 103.4 4.2 3.8 -5.5 3.2

Utilities

JSMR BUY 0.4 4,120 5,000 5,108 21.4 62.4 20.7 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.7 2,330 3,230 3,259 38.6 37.6 22.8 2.9 2.7 7.7 11.7

MDKA SELL 1.0 3,100 3,000 3,311 -3.2 n/a 16.8 11.3 12.3 15.7 72.9

INCO BUY 0.6 4,800 6,700 6,448 39.6 41.4 25.5 1.6 1.6 3.9 6.1

TINS BUY 0.1 1,560 1,775 1,710 13.8 n/a 1772.7 2.2 2.7 -4.2 0.1

Average 39.5 459.5 4.5 4.8 5.8 22.7

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Revenue Net Profit

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

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

Upcoming 2021 IPO's

WMPP*

Widodo Makmur Perkasa (Consumer

Non-Cyclicals)

27 Oct - 9 Nov 160 - 220 22 - 24 Nov n.a. 8,333 25.0 1,333 - 1,833 26-Nov

7H21

25-Nov 141 1

Business expansion, capital injection to

subsidiary, debt payment and working capital

25-Nov 1,167 47 1H21

2,707 126 1H21

3,227 701

BINO* Perma Plasindo

(Industrials) 28 Oct - 5 Nov 120 - 145 18 - 23 Nov n.a. 435 52 - 64

Debt payment and lending facility to

subsidiary 20

25,240 29 19,794 - 24,902 22-Nov

Listing Financial Result

Period Dayamitra

Telekomunikasi (Infrastructures)

MTEL* Business expantion

and working capital 26 Oct - 4 Nov 775 - 975 16 - 18 Nov n.a.

Ticker Company (Sector) Book Building Offering Shares issued Proceeds

1H21

n.a. 1,024 15.1 436 - 538

Capital injection to subsidiary, working capital, business expansion and debt

payment DEPO*

Caturkarda Depo Bangunan (Consumer

Cyclicals)

1 - 8 Nov 426 - 525 18 - 23 Nov

Coal

ITMG SELL 0.3 22,250 19,700 25,330 -11.5 38.2 7.3 2.1 1.6 5.4 22.1

ADRO SELL 0.7 1,685 1,530 2,116 -9.2 15.6 11.9 1.0 1.0 6.3 8.7

PTBA BUY 0.4 2,670 3,200 3,286 19.9 12.5 4.2 1.8 1.2 14.6 29.3

Average 22.1 7.8 1.6 1.3 8.8 20.0

Plantation

AALI BUY 0.2 10,725 12,300 12,685 14.7 24.8 17.7 1.1 1.0 4.4 5.9

LSIP SELL 0.1 1,375 1,370 1,660 -0.4 13.5 11.0 1.0 0.9 7.5 8.3

TBLA BUY 0.1 865 980 1,100 13.3 7.1 5.8 0.6 0.6 8.9 10.3

SIMP SELL 0.1 486 388 N/A -20.2 44.2 28.6 0.5 0.5 1.2 1.8

SSMS HOLD 0.1 1,130 1,200 1,900 6.2 33.2 14.3 2.5 2.1 7.4 15.0

Average 24.6 15.5 1.1 1.0 5.9 8.3

Technology

ASSA SELL 0.2 3,370 3,000 3,883 -11.0 131.1 79.7 7.9 7.2 6.1 9.1

EMTK BUY 1.4 1,855 2,800 3,050 50.9 54.6 123.7 9.1 5.0 16.7 4.1

Average 60.9 58.3 5.2 3.9 9.0 9.1

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 3,191 15.81 0.50 0.73 5.55 3.69 18.61 37.40 3,191 2,292

U.S. (S&P) 4,614 8.29 0.18 1.03 5.89 4.97 22.83 41.09 4,620 3,234

U.S. (DOW) 35,914 94.28 0.26 0.48 4.62 2.80 17.34 35.52 36,010 26,144

Europe 4,280 29.91 0.70 2.20 6.08 3.98 20.49 41.76 4,292 2,954

Emerging Market 1,265 (0.22) (0.02) (2.43) 1.44 (2.21) (2.07) 13.44 1,449 1,102

FTSE 100 7,289 51.05 0.71 0.91 3.72 2.92 12.82 28.89 7,303 5,555

CAC 40 6,893 62.95 0.92 2.69 5.76 3.26 24.17 46.94 6,914 4,582

Dax 15,806 117.52 0.75 1.33 4.29 1.53 15.22 34.08 16,030 11,551

Indonesia 6,553 (38.46) (0.58) (1.10) 5.20 7.49 9.60 28.11 6,687 5,074

Japan 29,502 (145.15) (0.49) 1.36 2.54 6.19 7.50 26.64 30,796 23,097

Australia 7,344 (26.68) (0.36) (1.33) 2.21 (1.97) 11.49 23.40 7,633 5,904

Korea 3,027 47.86 1.61 (0.73) 0.25 (6.09) 5.34 31.59 3,316 2,268

Singapore 3,219 20.88 0.65 0.54 5.50 1.83 13.19 31.76 3,237 2,424

Malaysia 1,531 (31.39) (2.01) (3.59) 0.42 2.54 (5.92) 4.40 1,696 1,452

Hong Kong 25,154 (222.92) (0.88) (3.74) 2.35 (4.12) (7.63) 2.84 31,183 23,681

China 3,544 (2.86) (0.08) (1.81) (0.66) 2.31 2.06 9.90 3,732 3,210

Taiwan 17,068 80.83 0.48 1.03 3.00 (2.49) 15.85 35.56 18,034 12,481

Thailand 1,614 (9.65) (0.59) (1.25) 0.54 5.81 11.35 34.24 1,658 1,191

Philipines 7,055 (103.03) (1.44) (3.22) 1.89 12.51 (1.19) 11.55 7,432 6,081

Foreign Reserves (US$Bn) 146.90 1.46 7.15 8.10 8.69 146.90 133.56

Inflation Rate (yoy, %) 1.66 1.68 1.33

Gov Bond Yld (10yr, %) 6.10 (7.72) 6.86 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

Indonesia 14,248 80.00 (0.56) (0.63) 0.42 1.23 (1.39) 2.75 14,635 13,865

Japan 114.06 0.06 (0.05) 0.09 (2.74) (4.16) (9.48) (8.19) 114.70 102.59

UK 1.37 (0.00) (0.10) (0.84) 0.30 (1.67) (0.14) 5.68 1.42 1.29

Euro 1.16 (0.00) (0.08) 0.01 (0.21) (2.30) (5.07) (0.38) 1.23 1.15

China 6.40 (0.01) 0.12 (0.19) 0.74 1.01 2.02 4.58 6.75 6.36

Chg (Pts)

Oil (Brent) 84.64 (0.07) (0.08) (2.04) 6.76 16.12 63.40 117.19 86.70 35.74

CPO 5,173 (54.00) (1.03) (1.35) 12.16 11.10 32.95 59.07 5,440 3,118

Coal 139.00 (11.90) (7.89) (28.83) (38.43) (9.00) 72.67 134.60 270.00 60.10

Tin 36,970 82.00 0.22 (1.30) 9.27 6.70 81.89 108.58 38,800 17,640

Nickel 19,702 254.00 1.31 (2.97) 9.63 0.77 18.59 29.99 21,425 14,930

Copper 9,555 59.00 0.62 (3.17) 4.68 (1.78) 23.04 42.22 10,748 6,670

Gold 1,793 (0.69) (0.04) (0.02) 1.30 (1.15) (5.57) (5.43) 1,966 1,677

Silver 24.02 (0.02) (0.10) (0.56) 5.91 (5.46) (9.02) (0.28) 30 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.

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri Permana Senior Economist [email protected] +6221 2854 8144

William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346

Calista Muskitta Retail [email protected] +6221 2854 8331

Pebe Peresia Consumer Staples [email protected] +6221 2854 8339

Andreas Kristo Saragih Constructions, Toll Roads [email protected] +6221 2864 8303

Adolf Richardo Editor [email protected] +6221 2864 8854

Ashalia Fitri Research Associate [email protected] +6221 2854 8163

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Suryanti Salim Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

GittaWahyuRetnani PWM Equity Sales [email protected] +6221 2854 8365

WahyudiBudiyono Dealer [email protected] +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384

Fendy Fixed Income Sales [email protected] +6221 28548385

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Michael Alexander Equity Retail [email protected] +6221 2854 8163

Albertha Palma Equity Assistant [email protected] +6221 2854 8163