DAILY RESEARCH
Market
: 4,649.1
: +22.4 0.48%
: 5,840 Mn shrs : 5,148 Bn rupiah Last
Close +/- %
ASII 4,090 240 6.2
HMSP 1,660 55 3.4
ICBP 10,100 500 5.2
UNVR 7,250 125 1.8
BBCA 27,975 -200 -0.7
BMRI 4,670 -100 -2.1
BBRI 2,790 -30 -1.1
CPIN 4,370 -170 -3.7
Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)
ASII 29 BBRI 152
ICBP 22 BMRI 58
UNVR 11 PGAS 35
SMGR 11 KLBF 18
GGRM 4 BBCA 17 Money Market
Last
Close +/- %
USD/IDR 15,880 -370.0 2.3
JIBOR O/N 5.0 -0.9
Dual Listing Securities Last
Close +/- %
TLKM 19.9 0.4 2.3
ISAT 51.2 0.6 1.2
EIDO 15.4 0.1 0.4
Global Indices Last
Close +/- %
DJIA 23,719 286 1.2
S&P 500 2,790 40 1.4
Euro Stoxx 2,893 42 1.5
MSCI World 1,972 1 0.1
STI 2,571 32 1.3
Nikkei 19,499 153 0.8
Hang Seng 24,300 330 1.4
Commodities Last
Close +/- %
Brent Oil 32 0.3 1.0
CPO Malay 2,285 11.0 0.5
Coal (ICE) 59 -0.3 -0.6
Nickel 11,630 165.5 1.4
Tin 15,073 601.0 4.2
Market Value Market Activity Monday, 13 Apr 2020 Market Index Index Movement Market Volume
Changes Changes
Leading Movers
Lagging Movers
Changes
Changes
Changes
Kesepakatan OPEC+ Untuk Memotong 10%
Produksi Minyak Tidak Berhasil Memperbaiki Harga Minyak Dunia
Minggu lalu pasar di AS ditutup pada hari Kamis menyambut Jumat Agung dan Paskah. Pasar masih dibayangi oleh penyebaran COVID-19, harga minyak dan resiko perlambatan ekonomi. The Fed mengumumkan program bantuan USD 2,3 triliun untuk membantu usaha kecil dengan pendapatan dibawah USD 2,5 miliar. Di pagi harinya, Departemen Tenaga Kerja baru saja mengumumkan 6,2 juta klaim pengangguran baru di minggu sebelumnya.
Dow akhirnya ditutup menguat +1,2% dan S&P 500 ditutup menguat +1,5%.
Sedangkan Nasdaq ditutup menguat 0,8%.
Kasus COVID-19 telah menembus 1,8 juta dengan jumlah kematian telah melebihi 100 ribu jiwa. AS sendiri saat ini telah mencatatkan 535 ribu dengan jumlah kematian telah melewati 20 ribu jiwa. Sementara itu volatilitas harga minyak kembali tertekan walau OPEC dan Rusia telah bersepakat untuk memotong produksi sebesar 10% atau sekitar 10 juta bpd.
Hal ini disebabkan sebelumnya diperkirakan pemotongan adalah sebesar 20 juta bpd. Harga minyak Brent turun -4,1%% menjadi USD 31,5 per barrel, sedangkan WTI turun lebih dalam -9,3% ke USD 22,8 per barrel.
Pagi ini Nikkei dibuka turun -1% dan Kospi dibuka turun -0,7%. Kami memperkirakan IHSG kemungkinan akan kembali melemah dengan minimnya sentimen positif.
ADHI : Kinerja Keuangan FY19
Highlights
DAILY RESEARCH
13 April 2020
Equity Research│13 April 2020
ADHI: Kinerja Keuangan FY19
PT Adhi Karya Tbk membukukan pendapatan FY19 sebesar Rp15,308 miliar, turun -2,2% dari pencapaian tahun sebelumnya sebesar Rp15,655 miliar. Laba bersih ADHI FY19 sebesar Rp663.8 miliar (+3.1% yoy).
(Bisnis Indonesia) Comment:
Laba bersih ADHI FY19 tetap tumbuh positif ditengah penurunan pendapatan. Hal ini didukung oleh pendapatan JV FY19 sebesar Rp340 miliar meningkat 153% dari tahun sebelumnya yang sebesar Rp134 miliar. Pencapaian laba bersih ADHI FY19 setara dengan 102.8% proyeksi SSI dan 99.2%
proyeksi konsensus. Sementara untuk kinerja 4Q19, ADHI membukukan laba sebesar Rp312.6 miliar
(+1.3% yoy & +129.5% qoq). ADHI: Under review (Previous - ADHI: BUY: 2,8x PE ‘20E, 0,3x PBV ‘20E,
TP: Rp 1.800)
Equity Research│13 April 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Banks
BMRI BUY 4.2 4,670 (39.2) 7,695 9,300 99.1 7.9 7.6 1.1 1.0 13.4% 12.7%
BBCA BUY 13.2 27,975 (16.3) 30,844 32,000 14.4 23.7 21.2 4.0 3.5 16.8% 16.4%
BBRI BUY 6.6 2,790 (36.6) 4,347 4,450 59.5 9.3 8.8 1.6 1.4 17.6% 16.4%
BBNI BUY 1.4 3,990 (49.2) 7,290 7,200 80.5 4.8 4.4 0.6 0.6 12.6% 12.7%
BBTN BUY 0.2 920 (56.6) 1,903 2,850 209.8 4.4 3.2 0.4 0.3 8.8% 10.9%
BNLI BUY 0.6 1,110 (12.3) 1,225 1,498 35.0 23.1 20.6 1.3 1.2 5.7% 6.1%
Average 12.2 11.0 1.5 1.3 12.5% 12.5%
Consumer (Staples)
ICBP BUY 2.3 10,100 (9.4) 11,536 13,200 30.7 23.5 20.4 5.0 4.6 21.4% 22.4%
INDF BUY 1.1 6,375 (19.6) 8,532 9,500 49.0 12.3 11.3 1.6 1.5 12.7% 12.9%
KLBF BUY 1.0 1,140 (29.6) 1,475 1,600 40.4 19.3 18.1 3.3 3.0 17.2% 16.8%
UNVR BUY 5.3 7,250 (13.7) 8,577 9,800 35.2 7.3 6.9 9.2 8.5 125.4% 123.7%
Average 15.6 14.2 4.8 4.4 44.2% 43.9%
Cigarette
HMSP BUY 3.7 1,660 (21.0) 1,942 2,750 65.7 13.4 13.4 4.9 4.4 36.6% 33.2%
GGRM BUY 1.8 47,825 (9.8) 58,392 71,700 49.9 9.0 15.4 1.8 1.7 20.4% 11.2%
Average 11.2 14.4 3.4 3.1 28.5% 22.2%
Healthcare
MIKA BUY 0.5 1,910 (28.5) 2,695 2,900 51.8 38.2 36.7 6.7 6.2 17.5% 17.0%
SILO BUY 0.2 5,325 (23.4) 8,250 9,000 69.0 67.4 44.0 1.3 1.3 2.0% 3.0%
Average 52.8 40.4 4.0 3.8 9.7% 10.0%
Poultry
CPIN BUY 1.4 4,370 (32.8) 5,095 5,800 32.7 22.4 18.0 3.4 3.0 15.1% 16.5%
JPFA BUY 0.2 920 (40.1) 1,667 1,950 112.0 6.6 4.9 1.0 0.8 14.6% 17.0%
MAIN BUY 0.0 480 (52.2) 960 1,400 191.7 4.3 3.2 0.5 0.5 11.6% 14.1%
Average 11.1 8.7 1.6 1.4 13.7% 15.9%
Retail
MAPI BUY 0.2 545 (48.3) 959 1,350 147.7 8.3 7.7 1.7 1.2 20.9% 15.4%
RALS BUY 0.1 605 (43.2) 789 1,400 131.4 5.7 5.2 1.0 0.9 17.2% 17.3%
ACES BUY 0.4 1,190 (20.4) 1,480 1,900 59.7 20.2 17.5 4.3 3.7 21.1% 21.2%
Average 11.4 10.1 2.3 1.9 19.7% 18.0%
Pulp and Paper
INKP BUY 0.5 4,910 (36.2) N/A 7,175 46.1 3.1 3.6 0.4 0.4 13.9% 11.0%
Average 3.1 3.6 0.4 0.4 13.9% 11.0%
Media
MNCN BUY 0.3 1,120 (31.3) 1,526 1,750 56.3 7.3 6.0 1.2 1.1 16.2% 17.5%
SCMA BUY 0.2 830 (41.1) 1,409 1,550 86.7 8.0 7.2 2.1 1.9 26.5% 26.4%
Average 7.7 6.6 1.7 1.5 21.4% 22.0%
Telco
EXCL BUY 0.4 2,150 (31.7) 3,488 3,500 62.8 32.1 22.4 1.2 1.2 3.7% 5.1%
ISAT BUY 0.2 1,955 (32.8) 3,050 3,450 76.5 n/a n/a 0.9 0.9 -3.2% -2.2%
TLKM BUY 6.0 3,120 (21.4) 4,309 4,700 50.6 17.1 14.1 2.6 2.5 15.4% 17.8%
Average 24.6 18.2 1.6 1.5 5.3% 6.9%
Telco Retail
TELE BUY 0.0 132 (56.0) N/A 250 89.4 1.6 2.3 0.2 0.2 13.9% 9.1%
ERAA BUY 0.1 1,095 (39.0) 1,279 1,625 48.4 10.0 5.9 0.7 0.6 7.3% 11.0%
Average 5.8 4.1 0.5 0.4 10.6% 10.1%
Telco Infra
TBIG BUY 0.4 950 (22.8) 1,149 1,145 20.5 28.8 25.0 5.1 4.5 17.7% 17.8%
TOWR BUY 0.7 700 (13.0) 954 1,050 50.0 14.9 13.2 3.7 3.2 25.0% 23.9%
Average 21.8 19.1 4.4 3.8 21.4% 20.9%
Stock Rec.
Equity Research│13 April 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Auto
ASII BUY 3.2 4,090 (40.9) 6,414 7,500 83.4 8.2 7.6 0.9 0.8 10.9% 10.8%
Average 8.2 7.6 0.9 0.8 10.9% 10.8%
Mining Contracting
UNTR BUY 1.2 17,125 (20.4) 21,472 22,300 30.2 5.9 5.3 1.4 1.2 22.9% 22.1%
Average 5.9 5.3 1.4 1.2 22.9% 22.1%
Aviation
GIAA BUY 0.1 210 (57.8) 382 650 209.5 2.3 2.1 0.5 0.4 19.5% 17.5%
Average 2.3 2.1 0.5 0.4 19.5% 17.5%
Property
BSDE BUY 0.3 845 (32.7) 1,370 1,800 113.0 5.4 7.6 0.6 0.5 10.4% 6.9%
PWON BUY 0.4 404 (29.1) 608 650 60.9 6.6 6.6 1.3 1.1 19.4% 16.5%
ASRI BUY 0.0 119 (50.0) 250 360 202.5 2.7 3.0 0.2 0.2 8.4% 7.1%
LPKR BUY 0.2 147 (39.3) 264 380 158.5 n/a 13.4 0.3 0.3 -0.7% 2.5%
SMRA BUY 0.1 500 (50.2) 1,109 1,500 200.0 13.5 11.4 1.0 0.9 7.3% 8.0%
CTRA BUY 0.2 615 (40.9) 1,192 1,150 87.0 12.8 15.0 0.8 0.7 5.9% 4.8%
Average 8.2 9.5 0.7 0.6 8.4% 7.7%
Industrial Estate
SSIA BUY 0.0 360 (45.0) 894 1,100 205.6 15.0 9.5 0.4 0.4 2.8% 4.3%
DMAS BUY 0.2 172 (41.9) 270 346 101.2 5.5 5.2 1.1 1.1 20.3% 21.0%
KIJA BUY 0.1 129 (55.8) 330 325 151.9 n/a 11.7 0.5 0.5 -1.1% 4.0%
Average 10.3 8.8 0.7 0.7 7.3% 9.8%
Construction
PTPP BUY 0.1 695 (56.2) 1,556 2,100 202.2 4.2 3.2 0.2 0.2 5.3% 6.5%
ADHI BUY 0.0 590 (49.8) 1,582 1,800 205.1 3.2 2.8 0.3 0.3 9.5% 10.0%
WSKT BUY 0.2 610 (58.9) 1,156 1,750 186.9 3.7 2.7 0.3 0.2 7.1% 9.0%
WIKA BUY 0.2 1,090 (45.2) 1,792 2,600 138.5 4.7 4.3 0.5 0.5 10.9% 10.8%
Average 4.0 3.2 0.3 0.3 8.2% 9.1%
Cement
INTP BUY 0.8 11,600 (39.0) 16,218 19,300 66.4 27.8 20.0 1.8 1.7 6.4% 8.7%
SMGR BUY 0.9 8,100 (32.5) 12,498 11,300 39.5 17.5 16.2 1.4 1.3 8.0% 8.2%
Average 22.7 18.1 1.6 1.5 7.2% 8.5%
Precast
WSBP BUY 0.1 158 (48.0) 313 410 159.5 5.1 3.6 0.5 0.4 9.4% 12.1%
WTON BUY 0.0 248 (44.9) 557 620 150.0 4.1 3.5 0.6 0.5 14.9% 15.6%
Average 4.6 3.5 0.5 0.5 12.1% 13.8%
Oil and Gas
PGAS BUY 0.4 835 (61.5) 1,218 2,090 150.3 6.1 6.2 0.5 0.5 8.1% 7.4%
AKRA BUY 0.2 1,970 (50.1) 3,510 4,790 143.1 6.9 5.6 0.8 0.8 12.2% 13.8%
MEDC BUY 0.2 515 (40.5) 938 850 65.0 5.8 5.2 0.4 0.4 6.9% 7.1%
Average 6.2 5.7 0.6 0.5 9.0% 9.5%
Chemical
TPIA HOLD 2.5 7,375 (28.9) 5,467 7,575 2.7 67.7 60.5 5.6 5.2 8.2% 8.6%
BRPT BUY 1.6 945 (37.4) 780 1,075 13.8 8.2 7.1 0.5 0.4 5.9% 6.2%
ESSA BUY 0.0 151 (43.7) N/A 280 85.4 5.5 4.4 0.5 0.4 9.2% 9.6%
Average 27.1 24.0 2.2 2.0 7.8% 8.2%
Utilities
JSMR BUY 0.4 2,840 (45.1) 5,684 6,000 111.3 10.4 9.2 1.1 1.0 10.7% 11.0%
Average 10.4 9.2 1.1 1.0 10.7% 11.0%
Metal
ANTM BUY 0.2 520 (38.1) 1,025 1,250 140.4 10.0 7.2 0.6 0.6 6.5% 8.9%
MDKA BUY 0.5 1,210 13.1 1,558 1,600 32.2 27.7 15.5 4.9 3.9 17.7% 25.2%
Stock Rec.
Equity Research│13 April 2020
JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE
(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E
Coal
ITMG BUY 0.2 7,725 (32.7) 11,843 12,070 56.2 3.1 2.9 0.8 1.1 26.5% 37.8%
ADRO BUY 0.6 1,040 (33.1) 1,368 1,600 53.8 7.0 5.4 0.6 0.5 8.2% 9.9%
PTBA BUY 0.4 1,980 (25.6) 2,502 2,580 30.3 3.5 2.9 1.1 1.0 31.9% 32.9%
Average 4.5 3.8 0.8 0.9 22.2% 26.9%
Plantation
AALI BUY 0.2 6,400 (56.1) 11,778 16,000 150.0 58.2 8.7 0.7 0.6 1.1% 6.9%
LSIP BUY 0.1 850 (42.8) 1,331 1,610 89.4 42.5 13.7 0.7 0.6 1.6% 4.7%
TBLA BUY 0.1 520 (47.7) 835 980 88.5 2.5 3.2 0.5 0.5 21.1% 14.3%
SIMP BUY 0.1 234 (45.8) N/A 388 65.8 7.5 21.3 0.2 0.2 3.3% 1.2%
SSMS HOLD 0.2 1,000 18.3 942 1,050 5.0 n/a 19.2 2.4 2.1 -1.0% 11.0%
Average 27.7 13.2 0.9 0.8 5.2% 7.6%
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Stock Rec.
Equity Research│13 April 2020
Global Data
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
World 1,972 1.28 0.07 1.64 4.81 4.80 (17.43) (16.39) (8.68) 2,435 1,579
U.S. (S&P) 2,790 39.84 1.45 4.74 10.40 (3.21) (14.56) (13.65) (3.41) 3,394 2,192
U.S. (DOW) 23,719 285.80 1.22 4.58 10.77 (5.19) (17.71) (16.89) (9.32) 29,569 18,214
Europe 2,893 41.52 1.46 3.46 7.60 (0.59) (23.66) (22.76) (15.53) 3,867 2,303
Emerging Market 888 0.58 0.06 1.64 4.02 (0.34) (22.36) (20.32) (18.45) 1,151 752
FTSE 100 5,843 164.93 2.90 4.66 6.61 (1.97) (23.00) (22.54) (21.28) 7,727 4,899
CAC 40 4,507 64.10 1.44 3.70 6.77 (2.80) (25.35) (24.61) (17.30) 6,111 3,632
Dax 10,565 231.85 2.24 4.86 10.38 0.85 (21.65) (20.26) (11.26) 13,795 8,256
Indonesia 4,649 22.38 0.48 (3.38) 2.59 (10.95) (25.91) (26.20) (28.24) 6,636 3,912
Japan 19,499 152.73 0.79 2.89 9.42 11.86 (18.25) (17.58) (10.85) 24,116 16,358
Australia 5,387 180.37 3.46 1.90 4.52 (9.30) (22.25) (19.40) (13.44) 7,197 4,403
Korea 1,861 24.49 1.33 2.96 3.84 5.04 (16.53) (15.33) (16.69) 2,277 1,439
Singapore 2,571 31.88 1.26 4.08 4.82 (9.22) (21.03) (20.22) (22.73) 3,415 2,208
Malaysia 1,358 (12.26) (0.90) (0.91) 2.02 0.95 (14.34) (14.56) (16.73) 1,695 1,208
Hong Kong 24,300 329.96 1.38 2.32 4.38 (4.30) (15.15) (13.80) (19.32) 30,280 21,139
China 2,797 (29.27) (1.04) (0.86) 0.58 (3.14) (10.24) (8.31) (12.29) 3,279 2,647
Taiwan 10,158 38.18 0.38 1.61 5.11 0.28 (16.15) (15.33) (5.99) 12,198 8,524
Thailand 1,228 17.55 1.45 1.08 7.89 8.78 (22.58) (22.27) (26.04) 1,748 969
Philipines 5,511 (139.18) (2.46) 3.06 1.89 (12.70) (29.33) (29.49) (30.38) 8,420 4,039
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 120.97 (7.23) (6.36) (6.36) (2.87) 131.70 120.35
Inflation Rate (yoy, %) 2.96 3.49 2.68
Gov Bond Yld (10yr, %) 8.04 5.03 8.38 6.51
US Fed Rate (%) 0.25 2.50 0.25
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia 15,880 (370.00) 2.33 3.36 3.87 (9.36) (12.76) (12.68) (11.00) 16,625 13,577
Japan 108.34 (0.13) 0.12 0.45 0.81 (0.66) 1.49 0.25 3.42 112.40 101.19
UK 1.25 0.00 0.04 0.62 1.87 1.48 (4.07) (6.01) (4.89) 1.35 1.14
Euro 1.09 (0.00) (0.05) 0.68 1.29 (1.58) (1.81) (2.51) (3.29) 1.15 1.06
China 7.04 (0.01) 0.10 0.14 0.79 (1.11) (1.66) (1.03) (4.55) 7.18 6.69
Chg (Pts)
1D 1D 3D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 31.78 0.30 0.95 (0.28) (6.83) (6.12) (50.50) (51.85) (55.58) 75.60 21.65
CPO 2,285 11.00 0.48 0.18 2.97 (2.56) (26.53) (25.13) 4.34 3,140 1,943
Rubber 700.00 (3.50) (0.50) 2.04 1.08 (6.23) (9.68) (8.38) (26.70) 941.50 685.00
Coal 59.40 (0.35) (0.59) (4.35) (7.55) (7.98) (17.27) (12.26) (30.44) 90.00 59.25
Iron Ore 83.14 1.51 1.85 3.50 5.01 1.51 (5.76) (3.29) (5.28) 118.96 76.24
Tin 15,073 601.00 4.15 4.88 4.38 (9.71) (12.57) (12.25) (28.11) 20,989 13,375
Nickel 11,672 165.00 1.43 3.39 3.17 (7.73) (17.13) (16.78) (11.55) 18,850 10,865
Copper 5,020 17.00 0.34 2.77 2.50 (9.31) (18.78) (18.70) (22.62) 6,609 4,371
Gold 1,725 (14.60) (0.84) 3.15 5.36 13.75 11.27 13.54 33.52 1,740 1,266
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price Regional Indices Last Price
Exchange Rate (per USD) Last Price
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
Equity Research│13 April 2020
Research Team
Suria Dharma Head of Equity Research, Strategy,
Banking, Consumer (Staple) [email protected] +6221 2854 8148
Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396
William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Chem., Paper,
Plantation, Poultry,Telco Infra, [email protected] +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Media, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive, Construction, Mining
Cont., Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil
& Gas [email protected] +6221 2854 8144
Calista Muskitta Research Associate [email protected] +6221 2854 8331
Private Wealth Management
Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380 Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325 Gitta Wahyu Retnani Institutional Equity Sales [email protected] +6221 2854 8365
Equity Sales Team
Kelvin Long Head of Equities [email protected] +6221 2854 8150
Yulianah Institutional Equity Sales [email protected] +6221 2854 8146
Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173
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
Online Trading Sales Team
Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372
Wahyu Widodo Marketing [email protected] +6221 2854 8371
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129
