RISET SAHAM HARIAN. Bursa global melemah, IHSG diprediksi flat

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RISET SAHAM HARIAN

Samuel Equity Research

Monday, 19 December 2016

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 analys 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 ecuri t 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.

: 5,231.7 : -22.7 (-0.43%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Close _+/- _% BJBR 2,950 550 22.9 SMGR 9,175 200 2.2 CPIN 3,250 70 2.2 AMRT 540 25 4.9 TLKM 3,820 -90 -2.3 ASII 7,575 -175 -2.3 BBRI 11,275 -125 -1.1 UNTR 21,975 -575 -2.5 Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

SMGR 13 ASII 141 CPIN 13 BBRI 134 LPPF 11 TLKM 120 JSMR 10 UNVR 79 BSDE 10 LPKR 59 Money Market Last Close +/- % USD/IDR 13,393 -5.0 0.0 JIBOR O/N 4.2 0.0 -Infl (MoM) 0.5 -

-Dual Listing Securities Last Close +/- % TLKM 28.5 -0.5 -1.6 ISAT 41.0 -0.3 -0.8 EIDO 23.8 -0.1 -0.5 World Indices Last Close +/- % DJIA 19,843 -9 0.0 S&P 500 2,258 -4 -0.2 Euro Stoxx 3,259 10 0.3 MSCI World 1,755 0 0.0 Nikkei 19,373 -28 -0.1 Hang Seng 22,021 -39 -0.2 Commodities Last Close +/- % Brent Oil 55 0.1 0.2 CPO Malay 3,161 0.0 0.0 Coal Newc 85 1.1 1.3 Nickel 11,136 -130.0 -1.2 Tin 21,312 -48.0 -0.2 Market Value Changes Leading Movers

Market Activity

Monday, 19 Dec 2016 Market Index Index Movement Market Volume Changes Changes Changes Changes Lagging Movers

Bursa global mele mah, IHSG diprediksi flat

Bursa saham AS ditutup melemah pada perdagangan Jumat,

setelah kapal perang Angkatan Laut Cina menyita drone selam AS,

hal ini meningkatkan sentimen

risk-off

pada bursa. Saat ini investor

masih dilanda kekhawatiran dan berpaling ke saham defensif serta

obligasi. Sementara itu bursa Eropa menguat, seiring fokus investor

global lebih memilih saham dibanding obligasi setelah The Fed

menaikkan suku bunga acuan. Harga minyak menguat dipicu oleh

melemahnya nilai tukar dolar AS. Minyak mentah masih

mempertahankan tren kenaikannya di tengah eskpektasi menipisnya

surplus pasokan terhadap permintaan.

Dari regional Asia, mayotitas bursa juga turut dibuka melemah,

yang kami lihat dikarenakan terdorong oleh pelemahan pada bursa

global. IHSG hari ini kami perkirakan bergerak flat ditengah

minimnya berita

– berita baik yang bersifat sentimen negatif dan

positif. Rupiah melemah cukup tajam pada perdagangan Jum’at

sejalan dengan pelemahan yang terjadi di Asia. Namun, untuk

jangka menengah penguatan Rupiah bisa kembali didorong

penguatan surplus perdagangan yang diperkirakan konsisten

Highlights



ASII

: Astra jajaki pinjaman US$200juta



JSM R

: Operasikan 235km jalan tol baru



BUM I

: Kaji bangun PLTU 3.000 MW



BSDE

: Jual lahan Rp1.4tn

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7 ASII: Astra jajaki pinjaman US$200juta



PT Astra International Tbk (ASII), tengah menjajaki pinjaman sebesar US$200juta.

Sebelumnya Astra telah menghimpun dana sebesar US$00juta dari delapan bank di

4Q14 untuk kebutuhan pelunasan hutang dan modal kerja.



Di sisi lain, anak usaha ASII, Astra Sedaya Finance juga berniat mengumpulkan

dana sekitar Rp5.4-Rp6,2tn hingga tahun depan. Selain itu kajian penerbitan PUB

III juga tengah dilakukan. (

Investor Daily

).

ASII: Buy; 13.7x P/E17E dan 2.4x PBV

17E.

JSM R: Operasikan 235km jalan tol baru



PT Jasa Marga Tbk akan mengoperasikan sektiar 235 km di enam ruas jalan tol

baru pada tahu depan. Langkah ini sebagai upaya perusahaan untuk mendukung

percepatan pembangunan jalan tol baru sepanjang 1.000 km. Keenam ruas tol yang

akan dioperasikan tersebut adalah tol Semarang-Solo sepanjang 17.5km dan tol

Surabaya-Mojokerto sepanjang 15.5km.



Jalan tol Solo-Ngawi yang memiliki total panjang 90,25 km, pembangunannya ini

menggunakan skema Kerjasama Pemerintah dan Badan Usaha (KPBU).

Pemerintah memberikan dukungan konstruksi untuk meningkatkan tingkat

kelayakan finansial ruas tol ini melalui pembangunan konstruksi Solo (Kartosuro)

hingga Karanganyar sepanjang 20,9 km. Adapun sisanya sepanjang 69,35 km

dilaksanakan oleh PT Solo Ngawi Jaya. (

Investor Daily

)

JSMR: Buy; 17E’ PE:

17.0x, PBV: 2.4x.

BUM I: Kaji bangun PLTU 3.000 MW



PT Bumi Resources Tbk (BUMI) tengah merancang pembangunan proyek

pembangkit listrik tenaga uap (PLTU) berkapasitas 3.000 Megawatt. pembangunan

PLTU itu akan dilakukandi berbagai wilayah Tanah Air.



BUMI mengklaim telah mengantongi perizinan untuk proyek tersebut. Nantinya,

anak-anak usaha BUMI juga bakal turut ambil bagian dalam proyek pembangunan

percepatan PLTU tersebut.



BUMI akan meng ajak mitra strategis, salah satunya dari China. Pendanaan untuk

pembangunan proyek PLTU bakal diperoleh dari pinjaman perbankan asing.



Saat ini BUMI tengah membangun proyek PLTU berkapasitas 3x18 MW. Power

plant berbahanbaku batu bara itu dibangun pada pertambangan anak usaha, PT

Kaltim Prima Coal (KPC). (

Bisnis Indonesia

) BUMI: Non-Coverage.

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7 BSDE: Jual lahan Rp1.4tn



PT Bumi Sepong Damai, Tbk (BSDE) mendapatkan tambahan

pre-sales

senilai

Rp1.4tn dari penjualan lahan 19ha dari perusahaan patungan yang didirikan

bersama Mitsubishi Corporation.



Lahan tersebut akan dikembangankan menjadi kawasan

mixed use

dengan

rencana awal pembangunan 1.000

landed house

. Penjualan tersebut mendorong

pra penjualan total tercatat sebesar Rp5.5tn.



Selain itu, perusahaan juga berpotensi mencatat penjualan

pre sales

sebesar

Rp900miliar dari penjualan lahan untuk pembangunan tol Serpong-Balaraja. (

Bisnis

Indonesia

). BSDE: Buy; 11.2x P/E17E dan 1.3x PBV 17E.

Retail: Menutup target dengan gerai baru di ujung tahun



Menjelang akhir tahun para pemain industri retail berlomba menggelar p romosi dan

menambah gerai baru. Lotte Mart membuka dua gerai menjelang akhir tahun.

Yang pertama berupa hypermarket Lotte pada November 2016 di Surabaya

Jawa Timur, dan yang kedua di Green Pramuka pada 2 2 Desember

2016.Sementara Matahari Department Store membuka gerai baru di Bogor Jawa

barat dan Ketapang Kali mantan Barat.



Matahari Department Store dalam setahun bisa membuka antara delapan sampai

10 gerai anyar. Namun, pembukaan gerai anyar di periode akhir tahun ini tidak

serta merta mendongkrak penjualan pada 2016. Untuk tahun depan, Matahari

memperkirakan masih bisa menambah gerai anyar lagi minimal delapan gerai.

Tambahan gerai ini diharapkan bisa mendongkrak penjualan 2017 sampai dengan

10-20%. (

Kontan

) Retail: 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 4.4 10800 0.5 (1.59) (1.1) 16.8 11031 12400 14.8 14.4 11.3 1.6 1.5 11.3% 13.1% n/a n/a BBCA BUY 6.3 14700 (0.7) - (0.2) 10.5 16251 17100 16.3 18.6 15.7 3.3 2.8 17.6% 17.9% n/a n/a BBRI BUY 4.9 11325 0.4 (1.31) (1.5) (0.9) 13048 13700 21.0 10.8 9.2 1.9 1.7 17.9% 18.1% n/a n/a BBNI BUY 1.8 5500 2.8 0.46 5.3 10.2 6341 6300 14.5 9.7 7.9 1.2 1.1 12.2% 13.4% n/a n/a BBTN BUY 0.3 1685 (0.9) (2.60) 1.5 30.1 2158 2300 36.5 7.6 6.4 0.9 0.8 12.4% 13.1% n/a n/a

Average 12.2 10.1 1.8 1.6 14.3% 15.1% n/a n/a

Consumer (Staples) ICBP BUY 1.8 8575 (0.6) INDF BUY 1.2 7775 0.3 KLBF BUY 1.3 1520 (0.7) ROTI BUY 0.1 1490 (2.0) ULTJ BUY 0.2 4600 0.0 UNVR BUY 5.4 39950 (0.1) SIDO BUY 0.1 545 (0.9) AISA BUY 0.1 1970 (1.5) Average Cigarette HMSP BUY 8.1 3960 (1.0) GGRM BUY 2.2 64425 (1.7) Average Healthcare MIKA HOLD 0.6 2500 (0.4) SILO BUY 0.2 9975 (0.5) Average Retail MAPI BUY 0.1 5075 0.5 RALS BUY 0.1 1145 (0.9) ACES BUY 0.3 845 (2.9) LPPF BUY 0.8 14800 2.1 Average Telco EXCL HOLD 0.4 2300 (0.4) ISAT BUY 0.6 6000 (2.4) TLKM BUY 6.9 3850 0.8 TOWR BUY 0.6 3600 0.0 Average Auto and HE ASII BUY 5.5 7650 1.0 UNTR BUY 1.4 21550 (1.9) Average Aviation GIAA BUY 0.2 364 1.1 Property BSDE BUY 0.6 1750 (0.6) PWON HOLD 0.5 575 (2.5) KPIG BUY 0.2 1375 4.6 ASRI HOLD 0.1 366 0.0 SMRA BUY 0.4 1400 0.4 Average Construction PTPP BUY 0.4 3900 0.5 ADHI BUY 0.1 2130 0.9 WSKT BUY 0.6 2480 0.0 WIKA BUY 0.4 2500 0.0 Average Cement INTP SELL 1.1 16300 (0.5) SMGR HOLD 1.0 9250 0.8 SMCB SELL 0.1 905 (1.1) SMBR HOLD 0.5 2640 0.8 Average Precast WSBP BUY 0.3 570 0.9 WTON BUY 0.1 860 (0.6) Average EV/EBITDA (x) PE PBV ROE (3.11) (5.8) 27.3 10109 10300 20.1 26.9 24.1 5.7 5.0 21.0% 20.8% 20.1 17.1 (3.42) 0.0 50.2 9920 9900 27.3 17.3 14.6 2.3 2.1 13.2% 14.2% 9.3 8.4 (3.49) 3.8 15.2 1783 1700 11.8 31.7 28.1 6.1 5.4 19.1% 19.0% 21.8 18.2 (1.32) (3.9) 17.8 1763 2000 34.2 28.1 21.0 5.3 4.4 18.9% 21.1% 13.2 11.7 - 0.2 16.6 5400 5300 15.2 21.1 17.3 3.9 3.3 18.7% 18.9% 13.3 11.4 (3.62) (0.7) 8.0 43996 45200 13.1 47.7 42.7 56.7 49.8 118.9% 116.6% 33.3 30.5 - 0.0 (0.9) 640 700 28.4 17.0 15.1 3.0 2.9 17.7% 18.9% 7.7 6.2 (1.50) (0.8) 62.8 2427 2240 13.7 15.8 12.1 1.7 1.5 10.7% 12.2% 14.1 12.8 27.1 23.3 11.9 10.4 32.5% 32.8% 17.0 14.8 (0.50) 4.2 5.3 4255 4390 10.9 38.9 34.8 12.9 11.8 33.3% 33.8% 27.9 25.2 (3.77) 2.1 17.1 77849 77150 19.8 18.9 18.2 2.9 2.6 15.2% 14.1% 12.3 11.3 28.9 26.5 7.9 7.2 24.2% 24.0% 20.1 18.3 (1.57) (9.4) 4.2 3109 2950 18.0 54.6 48.0 10.1 9.2 18.5% 19.1% 29.3 26.4 (2.68) 0.4 3.4 11149 12500 25.3 133.0 104.8 5.4 4.9 4.1% 4.7% 19.6 16.0 93.8 76.4 7.8 7.0 11.3% 11.9% 24.5 21.2 (1.46) 5.7 33.7 5617 6700 32.0 44.9 26.4 2.6 2.4 5.8% 9.0% 8.6 6.9 (4.18) (7.7) 77.5 1465 1500 31.0 20.8 17.6 2.3 2.1 11.0% 12.1% 16.6 15.6 - (0.6) 2.4 980 1000 18.3 23.5 21.7 5.0 4.5 21.2% 20.7% 16.2 14.3 (3.90) (2.6) (15.9) 20287 21300 43.9 20.3 17.9 19.8 12.8 97.7% 71.2% 13.4 12.0 27.4 20.9 7.4 5.4 33.9% 28.3% 13.7 12.2 (3.36) (1.7) (36.1) 3173 2200 -4.3 287.5 39.7 1.1 1.1 0.4% 2.8% 5.2 4.5 (4.38) (4.0) 9.1 7661 7200 20.0 40.3 18.5 2.4 2.2 6.0% 11.7% 4.0 3.6 (2.78) (3.0) 24.6 4692 5000 29.9 19.6 16.0 4.4 3.9 22.3% 24.0% 7.5 6.9 - (3.0) (24.2) 4838 4500 25.0 11.8 10.5 3.4 2.6 28.8% 24.5% 8.6 7.9 89.8 21.2 2.8 2.4 0.1 0.2 6.3 5.7 (2.24) (2.5) 27.5 8721 9000 17.6 16.8 13.8 2.8 2.4 16.7% 17.2% 14.3 13.8 (5.48) 1.2 27.1 24056 25050 16.2 18.6 15.6 2.0 1.9 10.7% 11.9% 5.2 4.5 17.7 14.7 2.4 2.1 13.7% 14.6% 9.7 9.2 (3.19) 9.6 17.8 395 445 22.3 19.2 14.0 0.7 1.0 3.8% 7.1% 1.1 3.3 (3.58) (4.1) (2.8) 2369 2350 34.3 13.7 11.1 1.5 1.3 11.1% 11.8% 10.1 8.8 (10.85) (16.1) 15.9 726 710 23.5 20.6 19.1 3.5 3.0 16.8% 15.8% 8.2 7.1 (8.03) 12.7 (2.5) n/a 1810 31.6 32.0 27.0 1.1 1.1 3.5% 4.1% n/a n/a (6.15) (5.2) 6.7 436 390 6.6 11.4 10.8 1.0 0.9 9.0% 8.8% 5.8 5.0 (5.41) 3.7 (15.2) 1711 1750 25.0 30.8 28.9 2.6 2.4 8.5% 8.4% 9.5 8.6 19.1 17.5 2.2 1.9 11.4% 11.2% 8.4 7.4 (1.76) 1.1 5.9 5034 5100 30.8 23.9 20.5 3.3 3.0 13.9% 14.4% 12.1 10.6 (2.29) 7.0 (0.5) 2594 2750 29.1 16.0 13.2 1.4 1.3 8.9% 9.5% 6.0 5.3 (3.50) 6.9 48.5 3278 3250 31.0 19.3 15.7 1.8 1.6 9.2% 9.9% 21.4 18.2 (0.40) 5.9 2.3 3043 3000 20.0 21.7 18.4 2.4 2.1 11.2% 11.4% 13.1 11.3 20.2 17.0 2.2 2.0 10.8% 11.3% 13.1 11.4 0.31 9.4 (27.0) 16151 13500 -17.2 14.6 14.2 2.3 2.1 15.6% 14.4% 7.7 6.5 (0.54) 9.8 (18.9) 10350 9000 -2.7 14.1 13.6 1.9 1.8 13.7% 12.9% 5.6 4.6 (6.70) 0.6 (9.0) 920 700 -22.7 -90.5 -37.7 0.8 0.9 -0.9% -2.3% 10.0 8.1 (0.75) 10.0 807.2 382 2300 -12.9 80.0 69.5 7.9 6.9 9.9% 10.0% 54.7 49.2 4.5 14.9 3.2 2.9 0.1 0.1 19.5 17.1 (3.39) 0.0 NA 693 690 21.1 28.1 22.4 2.4 2.1 8.4% 9.6% 22.7 17.7 - 4.9 4.2 1094 1150 33.7 26.7 20.3 2.7 2.2 10.2% 10.9% 19.4 15.2 27.4 21.4 2.6 2.2 9.3% 10.2% 21.1 16.5

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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 2750 0.7 (3.17) 15.1 0.2 3058 3375 22.7 11.8 9.8 1.5 1.3 12.3% 13.5% 7.7 6.7

JSMR BUY 0.6 4490 (0.4) 2.98 5.4 (13.9) 5812 5000 11.4 17.1 16.9 2.6 2.4 15.3% 13.9% 10.8 10.4

Average 14.5 13.4 2.0 1.8 13.8% 13.7% 9.2 8.6

Coal and Metal

ANTM BUY 0.4 885 0.0 (6.35) (1.7) 181.8 820 990 11.9 442.5 126.4 1.1 1.1 0.3% 0.9% 36.1 28.7 INCO BUY 0.6 3220 (0.6) (2.72) 3.5 96.9 2811 3500 8.7 247.7 35.0 1.3 1.3 0.5% 3.7% 16.4 10.6 TINS BUY 0.2 1170 (0.8) (5.65) 11.4 131.7 1153 1200 2.6 117.0 55.7 1.6 1.6 1.4% 2.9% 8.7 7.6 ITMG BUY 0.3 17425 1.2 5.29 18.3 204.4 18207 19000 9.0 14.7 7.5 1.7 1.5 11.3% 19.6% 6.5 7.2 ADRO BUY 1.0 1695 2.1 0.89 13.0 229.1 1828 2100 23.9 15.1 12.8 1.1 1.1 7.6% 8.5% 9.9 8.7 PTBA BUY 0.5 12550 0.4 (1.18) 12.8 177.3 14121 15000 19.5 21.0 12.9 3.0 2.6 14.1% 19.9% 15.8 9.8 Average 143.0 41.7 1.6 1.5 5.9% 9.2% 15.6 12.1 Plantation AALI BUY 0.6 17300 0.6 (0.86) 13.8 14.5 17584 19800 14.5 20.0 19.0 2.1 2.0 10.7% 10.7% 14.9 13.5 LSIP BUY 0.2 1815 0.3 3.71 13.4 37.5 1773 2050 12.9 25.6 16.4 1.6 1.5 6.3% 9.1% 7.6 6.2 SIMP BUY 0.1 505 1.0 - 2.6 52.1 558 600 18.8 18.0 11.5 0.6 0.6 3.1% 4.9% 6.0 5.6 Average 21.2 15.6 1.4 1.4 6.7% 8.2% 9.5 8.4 Poultry CPIN BUY 0.9 3220 (0.9) 1.90 (3.6) 23.8 3734 4500 39.8 15.2 13.6 2.0 1.7 13.0% 12.8% 12.5 11.4 JPFA BUY 0.3 1675 (0.6) 1.52 (4.3) 163.8 2326 2200 31.3 10.1 9.2 2.1 1.7 20.7% 18.7% 9.0 11.7 MAIN BUY 0.0 1245 0.0 (3.86) (6.0) (18.4) 1989 1730 39.0 7.3 6.7 1.2 1.0 16.3% 15.6% 10.3 8.5 Average 10.9 9.8 1.7 1.5 16.7% 15.7% 10.6 10.5 Other Sectors AKRA BUY 0.4 6150.0 0.8 -3.9 -11.8 -14.3 7400.0 7600 23.6 22.0 19.6 3.6 3.2 16.2% 16.3% 14.5 11.7 DOID BUY 0.1 535.0 0.0 0.9 18.9 890.7 na 850 58.9 9.6 5.0 2.7 1.8 28.7% 35.9% 4.5 4.1 Average 15.8 12.3 3.2 2.5 22.5% 26.1% 9.5 7.9

Source: SSI Research, Bloomberg

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

EV/EBITDA (x)

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Regional Indices 1D Change

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

World 0.23 1,755 0.01 (0.51) (0.31) 3.38 3.03 5.53 7.41 1,776 1,460 U.S. (S&P) (3.96) 2,258 (0.18) (0.60) (0.06) 3.49 5.56 10.48 12.59 2,278 1,810 U.S. (DOW) (8.83) 19,843 (0.04) (0.34) 0.44 5.17 9.51 13.88 15.85 19,966 15,451 Europe 9.50 3,259 0.29 0.70 1.93 7.89 9.80 (0.25) (0.05) 3,314 2,673 Emerging Market (2.25) 856 (0.26) (2.37) (2.44) 1.41 (4.60) 7.84 8.44 930 687 FTSE 100 12.63 7,012 0.18 0.62 0.83 3.48 2.91 12.32 n/a 7,130 5,500 CAC 40 14.04 4,833 0.29 0.61 1.45 7.30 9.99 4.23 4.50 4,857 3,892 Dax 37.61 11,404 0.33 1.06 1.79 6.93 9.93 6.15 7.50 11,452 8,699 Indonesia (22.71) 5,232 (0.43) (1.17) (1.36) 1.19 (1.69) 13.90 17.07 5,492 4,409 Japan (30.93) 19,370 (0.16) 0.61 1.12 7.81 17.26 1.77 2.02 19,869 14,864 Australia 31.57 5,565 0.57 (0.36) 0.03 3.83 5.09 5.07 8.97 5,611 4,707 Korea (4.03) 2,038 (0.20) 0.07 0.54 3.22 1.11 3.92 3.18 2,074 1,818 Singapore 7.09 2,938 0.24 (0.59) (0.62) 3.49 3.01 1.91 2.98 2,981 2,528 Malaysia 0.80 1,638 0.05 (0.46) (0.36) 0.86 (0.84) (3.23) (0.37) 1,729 1,601 Hong Kong (38.65) 22,021 (0.18) (1.90) (3.25) (1.45) (6.50) 0.49 1.22 24,364 18,279 China 5.30 3,123 0.17 (1.02) (3.40) (2.19) 3.20 (11.76) (12.74) 3,685 2,638 Taiwan (33.57) 9,327 (0.36) (0.59) (0.70) 3.53 1.90 11.86 12.95 9,430 7,628 Thailand 2.86 1,523 0.19 (0.50) (0.19) 3.30 2.00 18.21 18.49 1,558 1,221 Philipines (4.60) 6,851 (0.07) (0.44) (2.73) (3.07) (9.57) (1.46) (0.24) 8,118 6,084

Monetary Indicators 1D Change

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

JIBOR Overnight (%) 0.00 4.20 0.58 13.22 (0.46) (44.68) (28.21) 8.26 4.20

Foreign Reserve (US$bn) n/a 111.47 n/a (3.10) (1.83) 5.23 11.20 115.67 102.13

Inflation Rate (%) n/a 0.47 n/a 235.71 2450.00 (51.04) 123.81 0.96 (0.45)

US Fed Rate (%) 0.00 0.75 50.00 50.00 50.00 50.00 50.00 0.75 0.50

Indo Govt Bond Yld (10yr) - % 0.01 7.98 4.22 3.11 13.78 (8.70) (10.63) 8.86 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (5.00) 13393 0.04 (0.63) (0.49) (0.11) 2.95 2.95 5.08 13,985 12,920

Japan (0.30) 117.63 0.26 (0.50) (2.22) (5.79) 2.20 2.20 3.03 121.69 99.02

UK 0.00 1.25 0.01 (0.53) (1.44) 0.02 (15.19) (15.19) (16.04) 1.50 1.18

Euro 0.00 1.05 0.12 (0.68) (1.61) (1.56) (3.66) (3.66) (4.13) 1.16 1.04

China 0.01 6.96 (0.21) (0.84) (0.77) (1.17) (6.72) (6.72) (7.02) 6.96 6.45

Commodities Indicators 1D Change

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

Oil 0.16 52.06 0.31 2.00 (1.46) 13.94 20.23 40.55 49.90 54.51 26.05 CPO 0.00 3,161.00 0.00 2.93 2.40 10.72 23.24 27.20 31.54 3,202.00 2,172.00 Rubber 1.50 953.00 0.16 8.79 8.79 19.80 42.45 76.65 60.03 953.00 506.50 Coal 1.10 84.75 1.32 3.92 6.27 (5.31) 17.87 67.49 60.82 112.25 51.75 Iron Ore (1.02) 81.46 (1.24) (2.68) 0.41 4.12 48.11 87.70 114.93 83.70 39.50 Tin (48.00) 21,312.00 (0.22) (0.64) 1.17 6.29 11.63 46.06 45.65 21,945.00 13,223.80 Nickel (130.00) 11,170.00 (1.15) (1.93) (2.62) (1.41) 14.86 26.64 27.66 12,145.00 7,550.00 Copper (96.50) 5,635.50 (1.68) (0.96) (3.27) 3.73 17.70 19.78 22.27 6,045.50 4,318.00 Gold 1.40 1,137.30 0.12 (2.16) (2.35) (5.91) (13.43) 7.26 6.79 1,377.50 1,058.50

Source: SSI Research, Bloomberg

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Research Team

Andy Ferdinand, CFA Head Of Equity Research,Strategy, Banking, Consumer

[email protected] +6221 2854 8148

Rangga Cipta Economist [email protected] +6221 2854 8396

Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382

Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property

[email protected] +6221 2854 8144

Arandi Ariantara Cement, Telecommunication, Utility [email protected] +6221 2854 8392

Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339

Adde Chandra Kurniawan Research Associate [email protected] +6221 2854 8338

Private Wealth Management

Evelyn Satyono Head of PWM /

Head of Institutional Marketing

[email protected] +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129

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

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

Wahyudi Budiono Dealer [email protected] +6221 2854 8152

Equity Sales Team

Kelvin Siwah Long Head of Equities [email protected] +6221 2854 8150

Yulianah Institutional Equity Sales [email protected] +6221 2854 8146

Indra S. Affandi Institutional Equity Sales [email protected] +6221 2854 8334

Lucia Irawati Head of Retail Equity Sales [email protected] +6221 2854 8173

Ferry Khusaeri Equity Sales [email protected] +6221 2854 8304

Iwan Setiadi Equity Sales [email protected] +6221 2854 8313

Lia Chaterina Equity Sales [email protected] +6221 2854 8315

Amelia Sintama Equity Sales [email protected] +6221 2854 8308

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

Jovita Widjaja Equity Sales [email protected] +6221 2854 8314

James Wihardja Equity Sales [email protected] +6221 2854 8397

Joseph Soegandhi Equity Sales [email protected] +6221 2854 8872

Dian Anggraeni Equity Sales [email protected] +6221 2854 8301

Sylviawati Equity Sales [email protected] +6221 2854 8112

Verawati Gunawan Equity Sales [email protected] +6221 2854 8312

Cenni Liawisusi Equity Sales [email protected] +6221 2854 8303

Frans Ferdiansah Equity Sales [email protected] +6221 2854 8337

Muhamad Faisyal Dealer [email protected] +6221 2854 8155

Wulan Budi Setyowati Dealer [email protected] +6221 2854 8369

Bismar Ferryaman Dealer [email protected] +6221 2854 8368

Online Trading Sales Team

Nugroho Nuswantoro Head Of Marketing OLT [email protected] +6221 2854 8372

Wahyu Widodo Marketing [email protected] +6221 2854 8371

Rina Lestari Customer Service [email protected] +6221 2854 8180

Martha Lamtiurma Tampubolon Customer Service [email protected] +6221 2854 8182

Mohamad Andhika Prasetia Customer Service [email protected] +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.