Riset Saham Harian. Kondisi geopolitik mewarnai bursa global. Highlights. Samuel Research 12 April 2017

(1)

Riset Saham Harian

Samuel Research 12 April 2017

www.samuel.co.id Page 1 of 7

Kondisi geopolitik mewarnai bursa global

Mayoritas indeks utama bursa AS dan Eropa melemah pada perdagangan terakhirnya seiring kondisi geopolitik di kawasan Korea yang masih tegang terutama sejak kapal perang AS mendekati wilayah Korea Utara belum lama ini, sementara konflik di Syria yang melibatkan AS dan Rusia juga masih menyisakan kekhawatiran. Sejumlah investor tampak beralih ke safe haven sehingga harga emas menguat.

Kemarin, IHSG ditutup melemah 0.29% ke level 5,628 seiring dengan pelemahan pada sebagian besar pasar Asia. Dana asing membukukan net sell di pasar reguler Rp 31 miliar. Seiring pelemahan EIDO dan sebagian besar bursa semalam, serta dibuka melemahnya beberapa bursa pagi ini, tekanan pada IHSG diperkirakan masih relatif besar. Selain itu, earnings season 1Q17 berpotensi mewarnai pergerakan IHSG ke depannya hingga akhir bulan ini.

Highlights

 PGAS: Saka Energi menargetkan produksi 2017 sebesar 50.000 boe/d, naik 32% yoy

 Semen: Penjualan Maret naik 4% yoy, 1Q17 naik 1% yoy

 AALI: Bagikan dividen Rp 902.6 Miliar

 AALI: Bangun Dua Pabrik Baru di 2017

 WSKT: Utamakan divestasi Rp15tn

 WTON: Targetkan tambah kontrak baru

 AMRT: Terbitkan obligasi Rp1 triliun

 KIJA: Kembangkan SOHO : 5,627.9

: -16.4 (-0.29%) : 4,050 Mn shrs : 5,327 Bn rupiah

CloseLast +/- %

TLKM 4,150 50 1.2

BBCA 17,450 100 0.6

TPIA 27,000 600 2.3

EMTK 10,000 300 3.1

BMRI 11,750 -300 -2.5

HMSP 3,920 -50 -1.3

BBRI 12,900 -200 -1.5

UNVR 44,900 -400 -0.9

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

BBCA 78 ASII 127

TLKM 50 UNTR 62

PTPP 37 ICBP 43

INDF 37 BMRI 28

UNVR 24 BBRI 24 Money Market

Last

Close +/- %

USD/IDR 13,281 -6.0 0.0

JIBOR O/N 4.5 0.1 -

Infl (MoM) 0.0 - -

Dual Listing Securities Last

Close +/- %

TLKM 31.0 0.2 0.5

ISAT 40.3 0.3 0.7

EIDO 26.1 0.0 -0.2

World Indices Last

Close +/- %

DJIA 20,651 -7 0.0

S&P 500 2,354 -3 -0.1

Euro Stoxx 3,470 -10 -0.3

MSCI World 1,848 1 0.1

Nikkei 18,569 -179 -1.0

Hang Seng 24,088 -174 -0.7

Commodities Last

Close +/- %

Brent Oil 56 0.2 0.3

CPO Malay 2,556 16.0 0.6

Coal Newc 83 -1.8 -2.2

Nickel 9,802 -342.0 -3.4

Tin 20,023 -272.0 -1.3

Market Value

Changes Leading Movers

Market Activity Wednesday, 12 Apr 2017 Market Index

Index Movement Market Volume

Changes Changes

Changes

Changes Lagging Movers

(2)

Riset Saham Harian

12 April 2017

PGAS: Saka Energi menargetkan produksi 2017 sebesar 50.000 boe/d, naik 32% yoy

 Anak usaha PT Perusahaan Gas Negara Tbk (PGAS), PT Saka Energi menargetkan produksi gas di 2017 sebesar 50.000 boe/d,naik 32% yoy dibanding realisasi produksi 2016.

Blok Sesulu di Kalimantan Timur dan blok Pangkah menjadi sumber produksi S aka di 2017.

(Kontan) PGAS: Hold 13.4x P/E17E dan 1.3x PBV 17E.

Semen: Penjualan Maret naik 4% yoy, 1Q17 naik 1% yoy

 Penjualan semen nasional di bulan Maret naik 4% yoy menjadi 5,02 juta ton, penjualan di Jawa tumbuh 8,6% yoy menjadi 2,81 juta ton, sementara Sumatera naik 1,9%.

 Penjualan di 1Q17 naik 1% yoy menjadi 14,75 juta ton dimana kenaikan ini dipicu oleh pembangunan jalan tol, bendungan irigasi dan proyek strategis lainnya. (Investor Daily).

Cement: Underweight

AALI: Bagikan dividen Rp 902.6 Miliar

 PT Astra Agro Lestari Tbk (AALI) sepakat menggunakan 45% dari laba bersih tahun lalu atau sebesar Rp 902,6 miliar sebagai dividen final. Jumlah itu setara dengan Rp 469 per saham.

total dividen sudah termasuk dividen interim yang telah dibayarkan pada 17 Oktober 2016 sebesar Rp 99 per saham. (Investor Daily) AALI: Buy 15.9x P/E17E dan 1.7x PBV 17E.

AALI: Bangun Dua Pabrik Baru di 2017

 PT Astra Agro Lestari Tbk akan bangun pabrik pencampuran pupuk dan pabrik penyulingan minyak inti sawit senilai Rp 300 miliar. Pertama, pabrik pencampuran pupuk (fertilizerblending plant) berkapasitas 100.000 ton per tahun yang berlokasi di Kalimantan Tengah dan pabrik penyulingan minyak inti sawit atau Palm Kernel Oil (PKO) berkapasitas 400 ton per tahun di Sulawesi. (Kontan) AALI: Buy 15.9x P/E17E dan 1.7x PBV 17E.

WSKT: Utamakan divestasi Rp15tn

 PT Waskita Karya, Tbk (WSKT) akan mengutamakan skema divestasi (sekitar Rp15tn) menghimpun kebutuhan dana tahun ini sekitar Rp35tn. Sejumlah investor telah tertarik dengan beberapa ruas jalan yang dimiliki WSKT.

 Pasca divestasi dilakukan WSKT akan melanjutkan dengan proses penerbitan surat hutang dan pengajuan hutang bank masing-masing Rp10tn, dengan target perolehan dana di 1H17.

 Adapun WSKT telah mencatat kontrak baru sebesar Rp12tn dari target Rp80tn tahun ini.

(Bisnis Indonesia). WSKT: Buy 13.5x P/E17E dan 1.6x PBV 17E.

WTON: Targetkan tambah kontrak baru

 PT Wijaya Karya, Tbk (WTON) akan mendapat tambahan nilai kontrak baru dari HSR Jakarta-Bandung dengan nilai konstruksi sepanjang 143.2km sekitar US$4.7miliar.

 Tahun ini target kontrak baru sebesar Rp5.4tn-Rp6tn. (Kontan). WTON: Buy 20.4x P/E17E dan 2.2x PBV 17E.

(3)

Riset Saham Harian

12 April 2017

AMRT: Terbitkan obligasi Rp1 triliun

 PT Sumber Alfaria Trijaya Tbk. (AMRT) akan menggelar Penawaran Umum Berkelanjutan untuk refinancing. AMRT akan merilis PUBII dengan total target perolehan dana maksimal Rp3 triliun secara bertahap.

 Emisi yang akan dirilis untuk tahap pertama adalah Obligasi Berkelanjutan II AMRT tahap I senilai Rp1 triliun. Obligasi terdiri dari 2 seri, yakni seri A bertenor 3 tahun dan seri B bertenor 5 tahun.

 AMRT akan menggunakan seluruh dana hasil penerbitan obligasi ini untuk pelunasan Obligasi I Sumber Alfaria Trijaya Tahap I tahun 2014 senilai Rp1 triliun.

 AMRT akan memulai masa penawaran awal pada 12 – 28 April 2017. Tanggal efektif atas rencana ini diperkirakan pada 15 Mei 2017. Masa penawaran umum diperkirakan berlangsung pada 17 – 18 Mei 2017. (Kontan). AMRT: Non coverage

KIJA: Kembangkan SOHO

 Kawasan Industri Jababeka, Tbk (KIJA), tidak hanya berfokus pada bisnis lahan industri namn juga terus aktif mengembangkan proyek residential dimana saat ini tengah mengembangkan proyek SOHO (Small Office Home Office).

 BUlan depan rencananya KIJA akan meluncurkan proyek SOHO Cortex tahap III dan ruko Hollywood Boulevard tahap II. Masingmasing proyek itu akan berisi 35 unit.

 Adapun satu unit SOHO Cortex memiliki luas bangunan 60 meter

 persegi (m²) dengan harga jual mulai Rp 600 juta. Sementara unit ruko Hollywood Boulevard memiliki luas bangunan 90 m². Harga jual Rp 1.6 miliar per unit. (Kontan). KIJA: Buy 10.9x P/E17E dan 1.1x PBV 17E.

(4)

Riset Saham Harian

12 April 2017

Ticker Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E

Banks

BMRI HOLD 274,167 11750 (2.5) 1.5 11588 12400 5.5 12.2 11.8 1.6 1.5 13.1% 12.4%

BBCA BUY 430,230 17450 0.6 12.6 17271 17100 -2.0 18.6 17.5 3.3 2.9 17.9% 16.5%

BBRI BUY 318,232 12900 (1.5) 10.5 13540 13500 4.7 11.3 10.0 1.9 1.7 16.8% 16.8%

BBNI BUY 118,885 6375 (1.2) 15.4 6889 6600 3.5 8.3 7.5 1.2 1.1 14.5% 14.4%

BBTN BUY 24,569 2320 (0.4) 33.3 2456 2570 10.8 7.9 7.3 1.1 1.0 14.4% 13.7%

Average 11.7 10.8 1.8 1.6 15.3% 14.8%

Consumer (Staples)

ICBP BUY 94,753 8125 (0.6) (5.2) 9425 10300 26.8 22.8 20.0 4.7 4.2 20.8% 20.9%

INDF BUY 70,024 7975 0.0 0.6 9831 9900 24.1 15.0 13.0 2.1 1.9 14.2% 14.9%

KLBF BUY 72,656 1550 0.0 2.3 1701 1700 9.7 28.7 25.4 5.5 4.8 19.0% 19.0%

ROTI BUY 8,099 1600 (1.5) 0.0 1806 2050 28.1 23.2 19.8 4.7 4.0 20.5% 20.2%

ULTJ BUY 12,131 4200 1.2 (8.1) 5350 5300 26.2 15.8 14.3 3.0 2.5 18.9% 17.5%

UNVR HOLD 342,587 44900 (0.9) 15.7 44980 45200 0.7 48.0 42.8 55.9 49.0 116.6% 114.4%

SIDO BUY 8,550 570 (0.9) 9.6 683 700 22.8 15.8 12.6 3.0 2.8 18.9% 22.4%

AISA BUY 7,371 2290 4.1 17.7 2548 2440 6.6 14.0 13.3 1.7 1.5 12.2% 11.5%

Average 22.9 20.2 10.1 8.8 30.1% 30.1%

Cigarette

HMSP BUY 455,967 3920 (1.3) 2.3 4150 4390 12.0 35.3 34.1 12.1 0.3 34.3% 1.0%

GGRM BUY 125,932 65450 (2.3) 2.4 77347 77150 17.9 18.5 17.5 2.6 2.3 14.1% 13.4%

Average 26.9 25.8 7.4 1.3 24.2% 7.2%

Healthcare

MIKA BUY 36,522 2510 (0.4) (2.3) 3036 2950 17.5 46.5 42.5 9.1 8.2 19.6% 19.3%

SILO HOLD 17,818 13700 0.7 25.7 13369 12500 -8.8 169.1 133.0 5.5 5.1 3.3% 3.8%

Average 107.8 87.8 7.3 6.7 11.4% 11.6%

Poultry

CPIN BUY 52,474 3200 (3.0) 3.6 3312 4500 40.6 13.5 12.5 1.7 1.6 12.8% 12.4%

JPFA BUY 18,599 1630 (0.3) 12.0 2015 2200 35.0 9.0 8.2 1.7 1.4 18.7% 17.6%

MAIN BUY 2,821 1260 (2.3) (3.1) 1612 2280 81.0 6.8 5.4 1.1 0.9 15.9% 17.2%

Average 9.8 8.7 1.5 1.3 15.8% 15.8%

Retail

MAPI BUY 10,624 6400 2.4 18.5 6894 7700 20.3 42.4 30.6 3.0 2.8 7.2% 9.1%

RALS BUY 8,267 1165 0.0 (2.5) 1518 1750 50.2 17.9 14.2 2.2 2.0 12.0% 13.9%

ACES HOLD 15,521 905 (3.2) 8.4 946 825 -8.8 22.1 18.9 4.9 4.1 22.2% 21.8%

LPPF BUY 38,808 13300 (1.3) (12.1) 15735 19500 46.6 14.1 13.5 11.4 8.1 81.1% 60.0%

Average 24.1 19.3 5.4 4.2 30.6% 26.2%

Telco

EXCL BUY 31,423 2940 0.3 27.3 3397 3200 8.8 79.5 52.5 1.5 1.4 1.8% 2.7%

ISAT BUY 38,853 7150 0.0 10.9 8368 7200 0.7 22.1 13.9 2.6 2.2 11.7% 16.2%

TLKM BUY 418,320 4150 1.2 4.3 4656 5000 20.5 17.3 13.4 4.2 3.6 24.0% 26.7%

TOWR BUY 39,281 3850 1.3 7.5 4510 4500 16.9 11.2 10.5 2.7 2.2 24.5% 20.7%

Average 32.5 22.6 2.7 2.4 15.5% 16.6%

Auto and HE

ASII BUY 347,146 8575 (0.3) 3.6 9205 9000 5.0 15.5 13.2 2.7 2.2 17.2% 16.4%

UNTR BUY 108,174 29000 1.4 36.5 28266 27500 -5.2 16.0 14.2 2.4 2.2 15.2% 15.3%

Average 15.8 13.7 2.5 2.2 16.2% 15.9%

Aviation

GIAA HOLD 9,319 360 (1.6) 6.5 368 420 16.7 #DIV/0! 27.0 0.6 0.5 #DIV/0! 1.7%

Property

BSDE BUY 34,163 1775 (2.7) 1.1 2335 2350 32.4 17.1 14.3 1.1 0.8 6.2% 5.8%

PWON BUY 26,969 560 3.7 (0.9) 701 710 26.8 13.7 11.4 2.6 2.2 19.2% 19.3%

ASRI HOLD 6,799 346 (0.6) (1.7) 426 390 12.7 10.2 9.6 0.9 0.8 8.8% 8.7%

SMRA BUY 19,476 1350 0.0 1.9 1520 1550 14.8 27.9 26.3 2.3 2.1 8.4% 8.2%

SSIA BUY 3,741 795 8.2 83.2 844 750 -5.7 17.7 14.7 1.2 1.1 6.6% 7.5%

CTRA BUY 21,437 1155 4.5 (13.5) 1630 1580 36.8 11.3 9.3 1.2 1.2 11.0% 12.4%

DMAS BUY 11,471 238 3.5 3.5 319 300 26.1 17.0 14.0 1.4 1.2 8.0% 8.9%

KIJA BUY 6,777 328 (0.6) 12.3 400 450 37.2 10.9 9.6 1.1 1.0 10.1% 10.3%

Average 15.7 13.7 1.5 1.3 9.8% 10.1%

(5)

Riset Saham Harian

12 April 2017

Construction

PTPP BUY 19,592 3160 3.9 (17.1) 4846 4150 31.3 14.0 11.9 1.7 1.5 11.8% 12.6%

ADHI HOLD 7,691 2160 0.5 3.8 2580 2550 18.1 23.2 19.5 1.4 1.3 6.0% 6.5%

WSKT BUY 30,541 2250 (0.9) (11.8) 3308 3250 44.4 13.5 10.7 1.6 1.5 11.7% 14.2%

WIKA BUY 19,644 2190 (0.9) (7.2) 3083 3000 37.0 17.7 15.4 1.4 1.3 8.0% 8.3%

Average 17.1 14.4 1.5 1.4 9.4% 10.4%

Cement

INTP SELL 60,740 16500 (2.5) 7.1 15905 13500 -18.2 16.7 15.7 2.2 2.0 12.9% 12.6%

SMGR HOLD 52,197 8800 (1.9) (4.1) 9918 9000 2.3 12.9 11.7 1.7 1.5 12.9% 12.9%

SMCB SELL 6,897 900 0.0 0.0 793 700 -22.2 -37.5 -30.0 0.8 0.8 -2.3% -2.8%

SMBR HOLD 34,333 3490 (1.1) 25.1 458 2300 -34.1 91.8 87.3 9.2 8.1 10.0% 9.3%

Average 21.0 21.2 3.5 3.1 8.4% 8.0%

Precast

WSBP BUY 13,128 498 0.8 (10.3) 703 690 38.6 19.6 12.8 1.6 1.4 8.0% 10.6%

WTON BUY 6,754 775 (0.6) (6.1) 1123 1150 48.4 20.4 17.6 2.2 1.9 10.9% 10.6%

Average 20.0 15.2 1.9 1.6 9.4% 10.6%

Oil and Gas

PGAS HOLD 58,907 2430 (0.8) (10.0) 3006 2600 7.0 13.4 10.8 1.3 1.2 9.4% 10.7%

AKRA BUY 25500.3 6375.0 0.4 6.3 7189.1 7600 19.2 21.8 21.5 3.3 3.0 15.2% 14.0%

MEDC BUY 11,330 3400 1.2 157.6 3534 4500 32.4 5.6 6.5 1.0 0.9 17.7% 13.4%

Average 13.6 13.0 1.9 1.7 0.1 0.1

Utilities

JSMR BUY 33,677 4640 (0.4) 7.4 5583 5000 7.8 17.5 23.2 2.4 2.3 13.9% 9.8%

Metal

ANTM BUY 16,822 700 (0.7) (21.8) 991 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8%

INCO BUY 22,555 2270 (0.4) (19.5) 2885 3500 54.2 24.7 14.4 0.9 0.9 3.7% 6.2%

TINS BUY 7,150 960 (2.5) (10.7) 1253 1200 25.0 45.7 28.2 1.3 1.3 2.9% 4.5%

Average 26.2 15.7 1.0 1.0 5.5% 9.5%

Coal

DOID BUY 9573.8 1150.0 7.5 125.5 1133.3 1050 -8.7 9.6 7.2 3.6 2.3 37.5% 32.4%

ITMG BUY 22,542 19950 (0.7) 18.2 20963 19000 -4.8 8.6 7.6 1.7 1.6 19.6% 20.5%

ADRO BUY 59,814 1870 (1.1) 10.3 1985 2100 12.3 14.2 12.9 1.2 1.1 8.5% 8.7%

PTBA BUY 29,896 12975 (0.4) 3.8 15158 15000 15.6 13.4 10.9 2.7 2.3 19.9% 21.5%

Average 11.4 9.6 2.3 1.8 21.4% 20.8%

Plantation

AALI BUY 27,908 14500 (0.5) (13.6) 17895 19800 36.6 15.9 13.3 1.7 1.6 10.7% 12.1%

LSIP BUY 9,416 1380 (1.4) (20.7) 1754 2050 48.6 12.4 9.7 1.1 1.1 9.1% 10.9%

SIMP BUY 10,043 635 (1.6) 28.5 587 600 -5.5 14.4 11.1 0.7 0.6 4.9% 5.8%

Average 14.3 11.4 1.2 1.1 8.2% 9.6%

Source: SSI Research, Bloomberg

Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID report in USD.

(6)

Riset Saham Harian

12 April 2017

Regional Indices 1D Change

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

World 1.10 1,848 0.06 0.13 0.10 0.11 3.61 5.52 12.39 1,869 1,567

U.S. (S&P) (3.38) 2,354 (0.14) (0.16) (0.27) (0.79) 3.67 5.13 14.17 2,401 1,992

U.S. (DOW) (6.72) 20,651 (0.03) (0.06) (0.18) (1.20) 3.82 4.50 16.53 21,169 17,063

Europe (10.40) 3,470 (0.30) (0.56) (0.33) 1.57 5.58 5.46 17.94 3,508 2,678

Emerging Market (3.56) 954 (0.37) (0.75) (1.53) 3.06 6.45 10.69 14.87 980 781

FTSE 100 16.56 7,366 0.23 0.85 0.60 0.31 1.00 3.12 n/a 7,447 5,789

CAC 40 (5.59) 5,102 (0.11) (0.38) 0.01 2.17 4.89 4.93 17.39 5,135 3,956

Dax (61.17) 12,139 (0.50) (0.75) (1.16) 1.47 5.37 5.73 24.36 12,376 9,214

Indonesia (16.37) 5,628 (0.29) (0.92) (0.42) 4.40 6.33 6.25 16.53 5,680 4,691

Japan (187.98) 18,560 (1.00) (0.56) (1.60) (5.33) (3.00) (2.90) 16.52 19,668 14,864

Australia 9.83 5,939 0.17 1.31 1.07 2.83 2.99 4.82 19.36 5,950 4,927

Korea 2.67 2,127 0.13 (1.17) (1.59) 1.39 1.89 4.94 7.33 2,182 1,893

Singapore (6.70) 3,175 (0.21) (0.03) (0.14) 1.32 6.07 10.21 12.79 3,190 2,703

Malaysia (3.68) 1,736 (0.21) (0.21) (0.65) 1.06 3.46 5.73 1.22 1,760 1,612

Hong Kong (173.72) 24,088 (0.72) (0.76) (0.71) 2.21 5.52 9.49 17.48 24,657 19,595

China 19.57 3,289 0.60 0.24 2.06 2.37 5.44 5.97 8.77 3,301 2,781

Taiwan (50.12) 9,832 (0.51) (0.66) 0.21 2.12 4.49 6.26 15.25 9,977 8,000

Thailand 1.59 1,583 0.10 0.04 0.12 2.78 0.89 2.58 14.25 1,601 1,343

Philipines (16.51) 7,601 (0.22) 0.48 2.08 6.37 4.64 11.12 4.04 8,118 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) 0.12 4.47 0.56 0.73 (1.06) 5.63 (8.58) 5.58 4.16

Foreign Reserve (US$bn) n/a 121.81 n/a 1.62 4.68 4.68 13.26 121.81 103.59

Inflation Rate (%) n/a (0.02) n/a (108.70) (104.76) (104.76) (110.53) 0.97 (0.45)

US Fed Rate (%) 0.00 1.00 0.00 33.33 33.33 33.33 100.00 1.00 0.50

Indo Govt Bond Yld (10yr) - % 0.00 7.09 0.55 (5.82) (7.39) (11.13) (5.41) 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (6.00) 13281 0.05 0.41 0.35 0.56 1.45 1.45 (1.15) 13,698 12,920

Japan 0.03 109.65 (0.03) 1.31 0.96 4.77 6.67 6.67 (1.01) 118.66 99.02

UK 0.00 1.25 0.00 0.97 0.06 2.23 1.22 1.22 (12.50) 1.50 1.18

Euro 0.00 1.06 0.04 0.17 (0.51) (0.41) 0.87 0.87 (6.82) 1.16 1.03

China (0.01) 6.89 0.16 0.08 (0.07) 0.32 0.77 0.77 (6.28) 6.96 6.46

Commodities Indicators 1D Change

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

Oil 0.14 53.54 0.26 2.49 4.67 10.41 1.00 (0.34) 26.96 55.24 37.61

CPO 16.00 2,556.00 0.63 (2.81) (0.47) (6.10) (17.15) (17.79) (3.87) 3,202.00 2,172.00

Rubber (14.00) 998.50 (1.38) (4.04) (3.11) (10.25) (1.33) 2.15 41.13 1,174.00 644.00

Coal (1.85) 82.55 (2.19) (6.78) (6.72) 6.04 0.43 (12.83) 68.30 112.25 69.00

Iron Ore (2.66) 76.49 (3.36) (4.64) (4.64) (12.05) (2.40) (2.01) 41.13 94.91 46.80

Tin (272.00) 20,023.00 (1.34) (1.69) (0.13) 3.40 (5.31) (5.57) 19.50 21,945.00 15,494.00

Nickel (340.00) 9,840.00 (3.34) (2.38) (1.40) (0.56) (3.34) (1.80) 14.95 12,145.00 8,329.00

Copper 20.00 5,767.00 0.35 (1.55) (0.22) 0.61 0.93 4.18 23.66 6,204.00 4,483.50

Gold 3.10 1,275.60 0.24 1.59 2.30 6.18 6.32 10.92 1.23 1,377.50 1,124.70

Source: SSI Research, Bloomberg

Last Price

Last Price Change (%) 1 Year

Change (%) 1 Year

Last Price

Last Price Change (%) 1 Year

Change (%) 1 Year

(7)

DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this 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 f or information only and f or 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 recommenda tion 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, comp leteness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia

Research Team

Andy Ferdinand, CFA Head Of Equity Research, Strategy,

Banking, Consumer andy.ferdinand@samuel.co.id +6221 2854 8148

Rangga Cipta Economist rangga.cipta@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, Utility 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

Aben Epapras Marketing aben.epapras@samuel.co.id +6221 2854 8389