RISET SAHAM HARIAN
Samuel Equity Research
Wednesday, 11 January 2017
www.samuel.co.id
DISCLAIMERS : Anal yst Certification : The vi ews express ed in this research acc urat el y reflect t he personal views of t he anal ys t(s) about t he s ubjec t s ecurities or issuers and no part of the c ompens ation of the an alys t(s) was, is, or will be direc tl y or indirec tl y related t o the incl usion of s pecific recommendati ons or vi ews in this res earch. The anal yst(s) princi pall y res ponsible for the pr eparati on of this r esearch has t aken reasonable car e to ac hi eve and maintain i ndependence and obj ecti vit y in maki ng any rec ommendati ons . This document is for inf ormation onl y and f or the use of the recipient . It is not to be repr oduced or copied or made available to ot hers. Under no circumst anc es is it t o be considered as an off er t o s ell or solicitation t o buy any s ecurit y. Any r ecommendation c ontai ned in this report may not be s uit able f or all invest ors. Mor eover, although the i nfor mation cont ained herein has been obtained from sources believed t o be r eliabl e, its accurac y, c omplet eness and reli abilit y c annot be guaranteed. All rights res er ved by PT Samuel Sekuritas Indonesi a.
:
5,309.9
:
-6.4
(-0.12%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
BMRI
11,400
125
1.1
ASII
8,200
50
0.6
INDF
7,975
150
1.9
BBRI
11,800
50
0.4
EMTK
8,400
-1000
-10.6
HMSP
3,950
-20
-0.5
TLKM
4,000
-20
-0.5
CPIN
3,130
-80
-2.5
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
ASII
28
UNVR
52
BBNI
21
TLKM
40
BBTN
18
BSDE
33
BMRI
14
SSIA
31
BBRI
13
PTPP
17
Money Market
Last
Close
+/-
%
USD/IDR
13,308
-57.0
0.4
JIBOR O/N
4.2
0.0
-Infl (MoM)
0.4
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
29.6
-0.4
-1.4
ISAT
41.0
0.1
0.4
EIDO
24.6
0.0
0.2
World Indices
Last
Close
+/-
%
DJIA
19,856
-32
-0.2
S&P 500
2,269
0
0.0
Euro Stoxx
3,306
-3
-0.1
MSCI World
1,780
3
0.2
Nikkei
19,362
60
0.3
Hang Seng
22,745
186
0.8
Commodities
Last
Close
+/-
%
Brent Oil
54
-1.3
-2.4
CPO Malay
3,034
-23.0
-0.8
Coal Newc
81
-0.5
-0.7
Nickel
10,583
225.3
2.2
Tin
21,175
15.0
0.1
Market Value
Changes
Leading Movers
Market Activity
Wednesday, 11 Jan 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
IHSG bergerak flat cenderung menguat
Bursa AS keseluruhan tercatat mixed, ditengah pelemahan harga
minyak yang menekan saham energi, mengimbangi penguatan
sektor kesehatan dan finansial. Saat ini fokus investor masih
bersikap
wait and see
menjelang musim laporan kinerja emiten dan
pelantikan Presiden AS pada 20 Jan
’
17 mendatang. Disisi lain
bursa Eropa ditutup menguat didorong oleh penguatan saha m ritel,
setelah beberapa perusahaan membukukan pertumbuhan penjualan
signifikan, dampak dari penjualan natal yang melampau estimasi.
Harga minyak mentah melemah di tengah spekulasi bahwa pasokan
minyak mentah AS meningkat dan keraguan pasar atas kepatuhan
OPEC mengenai pengurangan produksi.
Bursa APAC pagi ini dibuka menguat dan EIDO tercatat naik tipis.
IHSG kami prediksikan bergerak flat cenderung menguat merespon
aksi pasar global. Fokus domestik tertuju terhadap keputusan
relaksasi ekspor mineral yang masih ditunggu serta kepastian dari
isu reshuffle Kabinet Jokowi. Rupiah kembali menguat pada pada
perdagangan Selasa bersamaan dengan mayoritas kurs di Asia
Highlights
WSBP
: Akan menggunakan 45% dana IPO
JSM R
: Menargetkan trafik 1,35 miliar kendaaraan di 2016,
turun 2% y-y
ANTM
: Boost produksi dan penjualan
Semen
: Presiden ingin semen satu harga
Plantation
: Ekspor minyak sawit bisa tembus US$ 20.6 M
Perbankan
: Aturan bunga deposito direncanakan berubah
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WSBP: Akan menggunakan 45% dana IPO
PT Waskita Beton Precast, Tbk (WSBP) berencana menggunakan dana hasil IPO
sekitar 45% untuk mendukung ekspansi usaha tahun ini. Dana setara Rp1.9tn akan
digunakan untuk belanja modal dengan target kontrak baru sekitar Rp1 2.3tn.
(
Bisnis Indonesia
).
WSBP: Buy; 22.8x P/E17E dan 2.2x PBV 17E.
JSM R: Menargetkan trafik 1,35 miliar kendaaraan di 2016, turun 2% y-y
Di tahun 2016, PT Jasa Marga Tbk (JSMR) menargetkan volume lalu lintas
sebanyak 1,35 miliar kendaraan, lebih rendah 2% y-y, lebih rendah 4% dari target
semula sebesar 1,41 miliar. Hal ini disebabkan oleh kehilangan sumber pendapatan
dari jalan tol Jakarta Outer Ring Road (JORR) Seksi S, yakni Pondok Pinang
Jagorawi (tol TB Simatupang) yang kepemilikannya dialihkan ke PT Hutama Karya
(Persero) sejak Maret 2016. (
Kontan
)
JSMR: Buy; 17E’ PE: 16.1x, PBV: 2.2x.
Semen: Presiden ingin semen satu harga
Presiden Joko Widodo mengharapkan tambahan rute tol laut pada 2017 bisa
menurunkan sejumlah harga barang di wilayah timur, salah satunya harga semen.
Saat ini harga semen di pulau Jawa sekitar Rp 70.000/sak, sementara di Wamena,
harga semen melambung menjadi Rp 800.000 – Rp 2,5 juta /sak.
Untuk menurunkan biaya logistik dan disparitas harga di kawasan timur Indonesia,
Menteri Perhubungan Budi Karya Sumadi mengatakan pemerintah menyiapkan Rp
150 miliar anggaran untuk mendanai program jembatan udara sebagai penunjang
program tol laut. Pemerintah telah menyepakati penambahan trayek tol laut pada
2017 menjadi 13 trayek dari saat ini 6 trayek. (
Bisnis Indonesia
).
Comment:
Harga semen satu harga ini didukung oleh penambahan trayek dan alokasi
anggaran pemerintah, sehingga kami melihat hal ini sebagai katalis positif untuk
industri semen. Di 11M16, wilayah timur Indonesia (Sulawesi, Nusa Tenggara dan
Maluku & Papua) berkontribusi sekitar 17% dari total permintaan domestik, dengan
pertumbuhan volume sebesar 9% y-y. Masih mempertahankan underweight
sembari menunggu realisasi dari kebijakan ini.
Cement: Underweight.
Plantation: Ekspor minyak sawit bisa tembus US$ 20.6 M
Indonesia berpotensi mengekspor 27,5 juta ton minyak sawit dan produk
turunannya tahun ini, naik 7,01% dari realisasitahun lalu yang mencapai 25,7 juta
ton. produksi CPO diproyeksikan membaik tahun ini. Perbaikan terjadisebaga i
dampak kondisi cuaca yang semakin mendukung setelah tertekan El Nino 2015
-2016.
Ekspor produk hilir sawit mendominasi hingga 75,6% dari total ekspor
sawitIndonesia. Peningkatan ekspor produk hilir diyakini berlanjut tahun ini.
(
Investor Daily
).
Plantation: Overweight.
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ANTM : Boost produksi dan penjualan
Potensi kenaikan harga nikel ditanggapi positif oleh PT Antam (Persero) Tbk
(ANTM).
Terutama
setelah
Perusahaan
merampungkandan
menambah
pengembanganuntuk komoditas nikel yang dikelola. Pada tahu2017 Antam
menargetkan produksi nikel lebih tinggi dari tahun lalu hingga 24 ribu ton nikel
dalam feronikel (TNi). (
Investor Daily
).
ANTM: Buy; 17E’ PE: 123.6x, PBV: 1.1x.
Perbankan: Aturan bunga deposito direncanakan berubah
OJK berencana memperkecil jarak antara batas atas bunga deposito BUKU IV dan
III. Saat ini jarak tersebut sebesar 25 bps dan akan diperkecil menjadi 10 -15 bps
demi mencegah perang bunga deposito. OJK akan mempelajari situasi likuiditas
dan kondisi pasar terlebih dahulu seperti efek dari dana repatriasi amnesti pajak
dan rencana kenaikan suku bunga AS.
Kalangan perbankan menilai, jarak antara BUKU III dan BUKU IV yang mengecil
akan membuat dana pihak ketiga mengalir ke bank-bank BUKU IV dan
menyebabkan penurunan likuiditas pada bank BUKU III. (
Kontan
)
Banking:
Neutral
.
Sektor Ritel: Kebut Ekspansi
Meningkatkan jumlah gerai menjadi tema utama ekspansi bagi PT Kimia Farma
(Persero) Tbk (KAEF) dan PT Fast Food Indonesia Tbk. (FAST) pada tahun ini,
seiring dengan upaya perluasan jaringan distribusi untuk memacu kinerja usaha.
FAST akan mengalokasikan dana sebesar Rp350 miliar pada tahun ini untuk
penambahan 30 gerai pada 2017 dan perluasan jaringan distribusi, sedangkan
KAEF akan menambah minimal 100 apotek pada 2017, dengan investasi Rp200
miliar. (
Bisnis Indonesia
).
Sektor Ritel: Overweight
.
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Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E
Banks
BMRI BUY 4.6 11400 1.1 0.88 3.9 (1.5) 11161 12400 8.8 15.2 11.9 1.7 1.6 11.3% 13.1% n/a n/a BBCA BUY 6.5 15400 0.3 (2.38) 4.8 (0.6) 16403 17100 11.0 19.5 16.4 3.4 2.9 17.6% 17.9% n/a n/a BBRI BUY 5.0 11800 0.4 (0.84) 2.8 1.1 12949 13700 16.1 11.2 9.6 2.0 1.7 17.9% 18.1% n/a n/a BBNI BUY 1.8 5600 0.9 2.28 2.3 1.4 6379 6300 12.5 9.9 8.1 1.2 1.1 12.2% 13.4% n/a n/a BBTN BUY 0.3 1835 0.8 7.94 6.1 5.5 2082 2300 25.3 8.3 7.0 1.0 0.9 12.4% 13.1% n/a n/a
Average 12.8 10.6 1.9 1.6 14.3% 15.1% n/a n/a
Consumer (Staples) ICBP BUY 1.8 8775 (0.3) 2.03 (0.8) 2.3 10125 10300 17.4 27.5 24.6 5.8 5.1 21.0% 20.8% 20.6 17.5 INDF BUY 1.2 7975 1.9 3.24 (0.9) 0.6 9946 9900 24.1 17.8 15.0 2.3 2.1 13.2% 14.2% 9.5 8.5 KLBF BUY 1.3 1550 0.6 2.65 (1.6) 2.3 1752 1700 9.7 32.3 28.7 6.2 5.5 19.1% 19.0% 22.2 18.6 ROTI BUY 0.1 1655 (1.5) 4.42 9.6 3.4 1763 2000 20.8 31.2 23.3 5.9 4.9 18.9% 21.1% 14.5 12.8 ULTJ BUY 0.2 4450 (1.1) (2.63) (3.3) (2.6) 2703 5300 19.1 20.4 16.7 3.8 3.2 18.7% 18.9% 12.8 11.0 UNVR BUY 5.3 40100 (0.1) 3.28 (3.3) 3.4 44027 45200 12.7 47.9 42.8 57.0 49.9 118.9% 116.6% 33.4 30.6 SIDO BUY 0.1 525 (0.9) 2.94 (3.7) 1.0 670 700 33.3 16.4 14.6 2.9 2.8 17.7% 18.9% 7.4 5.9 AISA BUY 0.1 1995 0.8 1.01 (0.3) 2.6 2399 2440 22.3 16.0 12.2 1.7 1.5 10.7% 12.2% 14.2 12.8 Average 27.6 23.7 12.0 10.5 32.5% 32.8% 17.2 15.0 Cigarette HMSP BUY 8.0 3950 (0.5) 3.95 (0.8) 3.1 4222 4390 11.1 38.8 34.7 12.9 11.7 33.3% 33.8% 27.8 25.1 GGRM BUY 2.1 63000 (0.9) (0.47) (5.9) (1.4) 77997 77150 22.5 18.5 17.8 2.8 2.5 15.2% 14.1% 12.1 11.1 Average 28.7 26.3 7.9 7.1 24.2% 24.0% 19.9 18.1 Healthcare MIKA HOLD 0.6 2500 0.0 0.81 (1.6) (2.7) 3084 2950 18.0 54.6 48.0 10.1 9.2 18.5% 19.1% 29.3 26.4 SILO BUY 0.3 11500 (1.1) 2.68 12.2 5.5 11262 12500 8.7 153.4 120.8 6.2 5.6 4.1% 4.7% 22.7 18.6 Average 104.0 84.4 8.2 7.4 11.3% 11.9% 26.0 22.5 Retail MAPI BUY 0.2 5275 0.0 1.93 2.4 (2.3) 5659 6700 27.0 46.7 27.5 2.7 2.5 5.8% 9.0% 8.9 7.1 RALS BUY 0.2 1225 (2.0) 4.70 2.5 2.5 1474 1500 22.4 22.3 18.8 2.4 2.3 11.0% 12.1% 18.1 16.9 ACES BUY 0.2 765 (2.5) (5.56) (9.5) (8.4) 973 1000 30.7 21.3 19.6 4.5 4.1 21.2% 20.7% 14.6 12.8 LPPF BUY 0.8 15675 0.6 4.15 1.8 3.6 19771 21300 35.9 21.5 19.0 21.0 13.5 97.7% 71.2% 14.2 12.7 Average 27.9 21.2 7.7 5.6 33.9% 28.3% 13.9 12.4 Telco EXCL HOLD 0.5 2670 1.1 17.11 12.2 15.6 3116 2200 -17.6 333.8 46.0 1.3 1.3 0.4% 2.8% 5.6 4.9 ISAT BUY 0.6 6050 (0.4) (3.97) (3.6) (6.2) 7614 7200 19.0 40.6 18.7 2.4 2.2 6.0% 11.7% 4.0 3.6 TLKM BUY 7.0 4000 (0.5) 1.27 1.0 0.5 4775 5000 25.0 20.4 16.7 4.6 4.0 22.3% 24.0% 7.8 7.1 TOWR BUY 0.6 3500 0.0 (2.23) (2.8) (2.2) 4750 4500 28.6 11.5 10.2 3.3 2.5 28.8% 24.5% 8.4 7.7 Average 101.6 22.9 2.9 2.5 0.1 0.2 6.5 5.8 Auto and HE ASII BUY 5.8 8200 0.6 - 4.8 (0.9) 8813 9000 9.8 18.0 14.8 3.0 2.6 16.7% 17.2% 15.1 14.6 UNTR BUY 1.4 21950 0.2 4.52 (3.7) 3.3 24131 25050 14.1 18.9 15.9 2.0 1.9 10.7% 11.9% 5.3 4.6 Average 18.5 15.4 2.5 2.2 13.7% 14.6% 10.2 9.6 Aviation GIAA BUY 0.2 338 (0.6) (0.59) (10.1) 0.0 395 445 31.7 17.8 13.0 0.7 0.9 3.8% 7.1% 1.0 3.2 Property BSDE BUY 0.6 1740 (3.1) 0.58 (4.1) (0.9) 2369 2350 35.1 13.6 11.1 1.5 1.3 11.1% 11.8% 10.1 8.8 PWON HOLD 0.5 580 (0.9) - (10.1) 2.7 720 710 22.4 20.8 19.3 3.5 3.1 16.8% 15.8% 8.3 7.2 KPIG BUY 0.2 1450 (3.3) (2.68) (3.0) (3.3) n/a 1810 24.8 33.7 28.4 1.2 1.2 3.5% 4.1% n/a n/a ASRI HOLD 0.1 374 0.0 4.47 (4.1) 6.3 435 390 4.3 11.7 11.0 1.0 1.0 9.0% 8.8% 5.9 5.1 SMRA BUY 0.3 1325 (3.6) 1.15 (10.5) 0.0 1679 1750 32.1 29.1 27.3 2.5 2.3 8.5% 8.4% 9.1 8.2 Average 18.8 17.2 2.1 1.9 11.4% 11.2% 8.3 7.3 Construction PTPP BUY 0.4 3760 0.3 1.90 (5.3) (1.3) 5016 5100 35.6 23.0 19.8 3.2 2.9 13.9% 14.4% 12.4 10.8 ADHI BUY 0.1 2240 3.7 8.21 2.8 7.7 2561 2750 22.8 16.8 13.9 1.5 1.3 8.9% 9.5% 6.4 5.6 WSKT BUY 0.6 2580 1.6 1.57 0.4 1.2 3277 3250 26.0 20.1 16.4 1.9 1.6 9.2% 9.9% 22.3 19.0 WIKA BUY 0.4 2530 4.5 5.42 0.8 7.2 3053 3000 18.6 22.0 18.6 2.5 2.1 11.2% 11.4% 13.2 11.4 Average 20.5 17.2 2.3 2.0 10.8% 11.3% 13.6 11.7 Cement INTP SELL 1.0 15250 (1.3) (0.33) (6.2) (1.0) 16253 13500 -11.5 13.6 13.3 2.1 1.9 15.6% 14.4% 7.1 6.0 SMGR HOLD 0.9 9125 0.0 0.27 (1.9) (0.5) 10214 9000 -1.4 13.9 13.4 1.9 1.7 13.7% 12.9% 5.5 4.5 SMCB SELL 0.1 900 (0.6) (0.55) (7.2) 0.0 887 700 -22.2 -90.0 -37.5 0.8 0.8 -0.9% -2.3% 9.9 8.1 SMBR HOLD 0.4 2370 0.0 (12.22) (10.9) (15.1) 861 2300 -3.0 71.8 62.4 7.1 6.2 9.9% 10.0% 49.1 44.2 Average 2.3 12.9 3.0 2.7 0.1 0.1 17.9 15.7 Precast WSBP BUY 0.3 580 1.8 6.42 (1.7) NA 693 690 19.0 28.6 22.8 2.4 2.2 8.4% 9.6% 23.0 18.0 WTON BUY 0.1 850 2.4 4.29 (1.2) 3.0 1102 1150 35.3 26.4 20.1 2.7 2.2 10.2% 10.9% 19.3 15.0 Average 27.5 21.4 2.6 2.2 9.3% 10.2% 21.1 16.5 EV/EBITDA (x) PE PBV ROE
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Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E
Utility
PGAS BUY 1.2 2740 (0.7) (2.84) (3.5) 1.5 3125 3375 23.2 11.8 9.8 1.4 1.3 12.3% 13.5% 7.7 6.8 JSMR BUY 0.5 4260 (0.5) (1.39) (2.3) (1.4) 5633 5000 17.4 16.3 16.1 2.5 2.2 15.3% 13.9% 10.5 10.1
Average 14.0 12.9 2.0 1.8 13.8% 13.7% 9.1 8.4
Coal and Metal
ANTM BUY 0.4 865 1.2 (2.26) (8.5) (3.4) 837 990 14.5 432.5 123.6 1.1 1.1 0.3% 0.9% 35.5 28.2 INCO BUY 0.5 2880 1.1 3.60 (13.0) 2.1 3123 3500 21.5 221.5 31.3 1.2 1.2 0.5% 3.7% 14.8 9.6 TINS BUY 0.1 1110 1.4 0.45 (10.5) 3.3 1189 1200 8.1 111.0 52.9 1.6 1.5 1.4% 2.9% 8.3 7.2 ITMG BUY 0.3 15775 (2.8) (8.82) (4.7) (6.5) 18207 19000 20.4 13.3 6.8 1.5 1.3 11.3% 19.6% 5.9 6.5 ADRO BUY 0.9 1685 (2.0) (3.16) 0.3 (0.6) 1828 2100 24.6 15.0 12.8 1.1 1.1 7.6% 8.5% 9.9 8.7 PTBA BUY 0.5 12050 0.2 (5.68) (5.1) (3.6) 14168 15000 24.5 20.2 12.4 2.8 2.5 14.1% 19.9% 15.2 9.4 Average 135.6 40.0 1.6 1.4 5.9% 9.2% 14.9 11.6 Plantation AALI BUY 0.6 16875 1.0 1.66 (3.3) 0.6 18043 19800 17.3 19.5 18.5 2.1 2.0 10.7% 10.7% 14.6 13.2 LSIP BUY 0.2 1720 3.3 (1.43) (1.7) (1.1) 1812 2050 19.2 24.2 15.5 1.5 1.4 6.3% 9.1% 7.1 5.8 SIMP BUY 0.1 500 0.0 (0.99) (1.0) 1.2 565 600 20.0 17.9 11.4 0.6 0.6 3.1% 4.9% 6.0 5.5 Average 20.5 15.1 1.4 1.3 6.7% 8.2% 9.2 8.2 Poultry CPIN BUY 0.9 3130 (2.5) (0.32) (0.9) 1.3 3606 4500 43.8 14.8 13.2 1.9 1.7 13.0% 12.8% 12.2 11.2 JPFA BUY 0.3 1490 1.7 (1.65) (9.7) 2.4 2316 2200 47.7 9.0 8.2 1.9 1.5 20.7% 18.7% 8.1 10.9 MAIN BUY 0.0 1240 0.0 (0.40) (4.2) (4.6) 1904 1730 39.5 7.3 6.7 1.2 1.0 16.3% 15.6% 10.2 8.5 Average 10.3 9.4 1.7 1.4 16.7% 15.7% 10.2 10.2 Other Sectors AKRA BUY 0.4 6250.0 5.0 7.3 -2.3 4.2 7443.8 7600 21.6 22.4 20.0 3.6 3.2 16.2% 16.3% 14.7 11.9 DOID BUY 0.1 535.0 -0.9 1.9 0.9 4.9 na 850 58.9 9.6 5.0 2.7 1.8 28.7% 35.9% 4.5 4.1 Average 16.0 12.5 3.2 2.5 22.5% 26.1% 9.6 8.0
Source: SSI Research, Bloomberg
Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID report in USD.
EV/EBITDA (x)
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Regional Indices 1D ChangePoints 1D 3D 1W 1M 3M YTD 1YR High Low
World 2.68 1,780 0.15 (0.20) 0.32 1.11 3.51 1.62 13.97 1,784 1,460 U.S. (S&P) 0.00 2,269 0.00 (0.00) 0.49 0.41 6.19 1.34 17.95 2,282 1,810 U.S. (DOW) (31.85) 19,856 (0.16) (0.22) (0.13) 0.50 9.53 0.47 21.08 20,000 15,451 Europe (2.76) 3,306 (0.08) (0.31) (0.27) 3.40 9.45 0.48 9.21 3,334 2,673 Emerging Market 7.26 886 0.83 0.45 1.99 0.89 (3.59) 2.72 19.68 930 687 FTSE 100 37.70 7,275 0.52 1.11 1.36 4.62 2.89 1.86 n/a 7,285 5,500 CAC 40 0.66 4,888 0.01 (0.25) (0.23) 2.61 9.31 0.53 13.34 4,930 3,892 Dax 19.31 11,583 0.17 (0.01) (0.01) 3.39 9.51 0.89 17.90 11,637 8,699 Indonesia (6.44) 5,310 (0.12) (0.29) 0.64 0.03 (1.34) 0.25 18.91 5,492 4,409 Japan 55.83 19,357 0.29 (0.84) 1.27 1.90 13.70 1.27 9.38 19,615 14,864 Australia 24.60 5,785 0.43 0.52 0.85 4.04 5.57 2.11 17.30 5,828 4,707 Korea 9.90 2,055 0.48 0.29 0.46 1.50 1.14 1.41 8.45 2,074 1,818 Singapore 24.48 3,006 0.82 1.76 3.69 1.69 5.25 4.35 10.97 3,006 2,528 Malaysia 4.15 1,672 0.25 0.74 2.23 1.87 0.20 1.85 2.10 1,729 1,601 Hong Kong 186.16 22,745 0.83 1.28 2.68 (0.07) (3.42) 3.38 14.36 24,364 18,279 China (9.57) 3,162 (0.30) (0.12) 0.82 (2.20) 3.15 1.87 4.81 3,301 2,638 Taiwan 7.22 9,350 0.08 (0.09) 0.83 (0.46) 1.41 1.04 20.05 9,430 7,628 Thailand 8.02 1,572 0.51 0.07 1.89 3.00 9.01 1.89 27.35 1,576 1,221 Philipines 88.00 7,364 1.21 2.15 7.33 4.56 (2.08) 7.66 17.11 8,118 6,084
Monetary Indicators 1D Change
Points 1W 1M 3M YTD 1YR High Low
JIBOR Overnight (%) (0.00) 4.17 (1.61) (6.98) (1.58) (1.48) (27.79) 5.80 4.17
Foreign Reserve (US$bn) n/a 116.36 n/a 4.39 0.60 9.85 9.85 116.36 102.13
Inflation Rate (%) n/a 0.42 n/a (10.64) 90.91 (56.25) (56.25) 0.69 (0.45)
US Fed Rate (%) 0.00 0.75 0.00 50.00 50.00 0.00 50.00 0.75 0.50
Indo Govt Bond Yld (10yr) - % (0.00) 7.73 (1.43) 0.90 8.37 (3.05) (11.95) 8.83 6.77
Exchange Rate (per US$) 1D Change
Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia (57.00) 13308 0.43 0.50 1.29 0.15 1.24 1.24 4.25 13,969 12,920
Japan 0.04 115.81 (0.03) 1.04 1.24 (0.68) 0.99 0.99 1.68 121.69 99.02
UK 0.00 1.22 0.07 (0.83) (1.12) (3.90) (1.26) (1.26) (16.21) 1.50 1.18
Euro 0.00 1.06 0.02 0.23 0.64 (0.74) 0.37 0.37 (2.79) 1.16 1.03
China (0.02) 6.92 0.23 (0.65) 0.61 (0.21) 0.34 0.34 (5.06) 6.96 6.45
Commodities Indicators 1D Change
Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low
Oil 0.14 50.96 0.28 (5.61) (4.32) (1.05) 0.33 (5.14) 62.24 55.24 26.05 CPO (23.00) 3,034.00 (0.75) (0.52) (2.19) (0.43) 19.12 (2.41) 21.70 3,202.00 2,172.00 Rubber 11.50 1,003.00 1.16 1.88 1.98 14.50 48.81 2.61 95.33 1,003.00 514.50 Coal (0.55) 80.60 (0.68) (4.56) (10.19) 1.07 (1.53) (14.89) 55.45 112.25 51.75 Iron Ore (0.42) 78.37 (0.53) 0.50 0.40 (2.35) 35.66 0.40 78.52 83.70 40.60 Tin 15.00 21,175.00 0.07 0.10 0.38 0.52 4.96 (0.14) 54.13 21,945.00 13,223.80 Nickel 225.00 10,615.00 2.17 3.11 7.11 (7.45) 0.90 5.94 24.01 12,145.00 7,550.00 Copper 167.00 5,758.00 2.99 3.19 4.69 (1.17) 18.76 4.02 28.38 6,045.50 4,318.00 Gold 2.50 1,188.00 0.21 1.24 1.95 2.36 (5.28) 3.30 8.37 1,377.50 1,071.10
Source: SSI Research, Bloomberg
Last Price
Last Price Change (%) 1 Year
Change (%) 1 Year
Last Price Change (%) 1 Year
Change (%) 1 Year
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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
Adde Chandra Kurniawan
Research Associate
adde.kurniawan@samuel.co.id
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Private Wealth Management
Evelyn Satyono
Head of PWM /
Head of Institutional Marketing
evelyn.satyono@samuel.co.id
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Muhamad Alfatih CSA, CTA, CFTe
Senior Technical Portfolio Advisor
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Ronny Ardianto
Institutional Equity Sales
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Clarice Wijana
Institutional Equity Sales
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Wahyudi Budiono
Dealer
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Equity Sales Team
Kelvin Siwah Long
Head of Equities
kelvin.long@samuel.co.id
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Yulianah
Institutional Equity Sales
yulianah@samuel.co.id
+6221 2854 8146
Indra S. Affandi
Institutional Equity Sales
indra.siswandi@samuel.co.id
+6221 2854 8334
Lucia Irawati
Head of Retail Equity Sales
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Ferry Khusaeri
Equity Sales
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Iwan Setiadi
Equity Sales
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Lia Chaterina
Equity Sales
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Equity Sales
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Jovita Widjaja
Equity Sales
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Equity Sales
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Joseph Soegandhi
Equity Sales
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Equity Sales
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Equity Sales
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Verawati Gunawan
Equity Sales
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Cenni Liawisusi
Equity Sales
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Frans Ferdiansah
Equity Sales
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Muhamad Faisyal
Dealer
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Wulan Budi Setyowati
Dealer
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Dealer
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Nugroho Nuswantoro
Head Of Marketing OLT
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Wahyu Widodo
Marketing
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Rina Lestari
Customer Service
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Martha Lamtiurma Tampubolon
Customer Service
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Mohamad Andhika Prasetia
Customer Service
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+6221 2854 8183
DISCLAIMERS : 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 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 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. All rights reserved by PT Samuel Sekuritas Indonesia.
