RISET SAHAM HARIAN
Samuel Equity Research
Friday, 19 August 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
: 5,461.5 : +89.6 (+1.7%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Close +/- % HMSP 4,070 180 4.6 ASII 8,300 425 5.4 TLKM 4,250 110 2.7 ICBP 9,200 475 5.4 MNCN 1,910 -150 -7.3 ISAT 6,425 -175 -2.7 UNTR 17,500 -250 -1.4 MIKA 2,580 -50 -1.9 Foreign Net Buy / Sell
Net Buy (Rpbn) Net Sell (Rpbn)
ASII 406 PGAS 129 BBRI 262 MNCN 64 BBNI 190 KLBF 33 BMRI 146 JSMR 27 ICBP 123 UNTR 25 Money Market Last Close +/- % USD/IDR 13,117 21.0 -0.2 JIBOR O/N 4.6 0.0 -Infl (MoM) 0.7 -
-Dual Listing Securities Last Close +/- % TLKM 64.2 0.8 1.3 ISAT 36.0 0.5 1.3 EIDO 26.8 0.6 2.1 World Indices Last Close +/- % DJIA 18,598 24 0.1 S&P 500 2,187 5 0.2 Euro Stoxx 2,995 15 0.5 MSCI World 1,737 5 0.3 Nikkei 16,558 72 0.4 Hang Seng 23,023 223 1.0 Commodities Last Close +/- % WTI Oil 48 1.4 3.1 CPO Malay 2,576 -67.0 -2.5 Coal Newc 67 -1.1 -1.5 Nickel 10,319 129.5 1.3 Tin 18,420 59.0 0.3 Lagging Movers
Market Activity
Friday, 19 Aug 2016 Market Index Index Movement Market Volume Market Value Changes Leading Movers Changes Changes Changes ChangesIHSG berpeluang menguat hari ini
Data klaim pengangguran AS tercatat sedikit lebih baik dari
ekspektasi, sementara harga minyak cenderung menguat. Hal
ini mendorong kenaikan bursa AS semalam. Investor tampak
masih mencermati FOMC minutes 2 hari lalu dimana terlihat
ada perbedaan suara antara pihak yang menginginkan
kenaikan suku bunga segera dan pihak yang menginginkan
perbaikan data ekonomi lebih lanjut sebelum kenaikan bunga
berikutnya.
IHSG menguat 1,7% dengan foreign net buy Rp 1,4 triliun di
pasar reguler. Hari ini BI dijadwalkan mengumumkan suku
bunga, dimana diperkirakan ada penurunan 25 bps. Apabila
terjadi, hal itu positif terutama untuk sektor perbankan d an
properti. Melihat penguatan bursa global, EIDO, dan sejumlah
bursa di pagi ini, IHSG diperkirakan akan menguat hari ini.
Highlights
BMRI : Menargetkan kenaikan kredit korporasi 10%
INDF : Laba bersih 1H16 meningkat
JSMR : Naikkan biaya investasi
ICBP : Laba bersih 1H16 meningkat
CTRS : Marketing sales Rp1.48triliun
WIKA : Laba bersih 1H16 naik, namun di bawah
ekspektasi
BM RI: Menargetkan kenaikan kredit korporasi 10%
BMRI menargetkan kenaikan kredit korporasi 10% di tahun ini menjadi Rp 215,6
triliun, termasuk di dalamnya target kredit sindikasi Rp 42 triliun.
Hingga Juli 2016, BMRI telah mengucurkan kredit sindikasi Rp 20 triliun. Baru-baru
ini, BMRI bersama beberapa bank lainnya memberikan kredit committed kepada PT
Angkasa Pura I dengan total plafon Rp 4 triliun.
Penyaluran kredit diperkirakan membaik pada 2H16. BI menargetkan kenaikan
kredit 10-11% di tahun ini, turun dari proyeksi semula sebesar 12-14%. (Investor
Daily)
BMRI: Hold; 16E’ PE: 14.4x, PBV: 1.7x.
INDF: Laba bersih 1H16 meningkat
Pendapatan pada 1H16 naik 4,4% menjadi Rp 34,1 triliun, sementara laba
bersihnya meningkat 28,9% menjadi Rp 2,2 triliun. Beban keuangan tercatat turun
siknifikan, yakni 45,8%.(Bisnis Indonesia).
Comment:
Laba bersih itu mencerminkan 59% dan 57% dari estimasi kami dan konsensus
untuk FY16 (melebihi ekspektasi). Kami akan me-review saham INDF setelah
Analyst Meeting nanti, dengan peluang untuk upgrade target price . INDF: Buy;
16E’ PE: 19.3x, PBV: 2.4x.
JSM R: Naikkan biaya investasi
PT Jasa Marga (Persero) Tbk. (JSMR) meningkatkan perkiraan biaya investasi ruas
tol baru sebesar Rp20,98 triliun , dari Rp53,45 triliun menjadi Rp74,43 triliun.
Penambahan perkiraan biaya investasi tersebut dikarenakan JSMR memenangkan
3 lelang proyek jalan tol beberapa waktu yang lalu. Tiga ruas tol baru tersebut
antara lain Manado – Bitung sepanjang 39,9 km dengan perkiraan biaya investasi
Rp5,12 triliun, Banjarmasin – Samarinda sepanjang 99,35 km senilai Rp9,97 triliun,
dan Pandaan – Malang sepanjang 37,62km senilai Rp5,97 triliun.
Dengan adanya penambahan ruas tol baru tersebut, panjang seluruh 17 jalan tol
baru yang sedang dibangun oleh JSMR tersebut bertambah menjadi 711,71km.
(Bisnis Indonesia).
JSMR: Buy, 16E’PE:19.5x, PBV: 3.2x.
(Rp Bn)
1H15
1H16
YoY
1H16 /
'16E Cons
1H16 /
'16E SSI
Penjualan bersih
32,635 34,084
4.4%
Laba kotor
8,952 9,800
9.5%
Laba usaha
3,851 4,014
4.2%
Net Income
1,731 2,231
28.9%
57%
59%
Marjin laba kotor
27.4%
28.8%
1.3%
Marjin laba usaha
11.8%
11.8%
0.0%
ICBP: Laba bersih 1H16 meningkat
Pendapatan pada 1H16 naik 9,8% menjadi Rp 18,2 triliun, sementara laba
bersihnya meningkat 13,9% menjadi Rp 2,0 triliun. (Bisnis Indonesia).
Comment:
Laba bersih itu mencerminkan 57% dan 56% dari estimasi kami dan konsensus
untuk FY16 (melebihi ekspektasi). Kami akan me-review saham ICBP setelah
Analyst Meeting nanti, dengan peluang untuk upgrade target price. ICBP: Buy;
16E’ PE: 31.2x, PBV: 6.2x.
WIKA: Laba bersih 1H16 naik, namun di bawah ekspektasi
PT Wijaya Karya Tbk. (WIKA) secara keseluruhan membukukan kinerja yang solid,
baik YoY dan QoQ. Secara YoY, bottom line mencapai Rp 305 miliar (1H15: Rp220
miliar), namun angka pencapaian tersebut mentranslasikan hanya sebesar 39%
terhadap estimasi konsensus untuk total laba bersih perusahaan untuk ‘16E.
Sementara itu di level top line, WIKA juga mencatatkan kenaikan kinerja baik QoQ
dan YoY, di mana secara QoQ, WIKA berhasil membukukan kenaikan 21.3% dan
secara YoY berhasil mencatatkan kenaikan sebesar 26.3% (1H16: Rp 6.0 triliun vs
1H16: Rp4.8triliun). (Investor Daily).
WIKA: Buy, 16E’PE: 27x, PBV:4.2x.
(Rp Bn)
1H15
1H16
YoY
1H16 /
'16E Cons
1H16 /
'16E SSI
Penjualan bersih
16,551 18,175
9.8%
Laba kotor
5,077 5,760
13.5%
Laba usaha
2,192 2,737
24.9%
Net Income
1,738 1,979
13.9%
56%
57%
Marjin laba kotor
30.7%
31.7%
1.0%
Marjin laba usaha
13.2%
15.1%
1.8%
Marjin laba bersih
10.5%
10.9%
0.4%
WIKA 2Q16 results highlight
(Rp Bn)
1Q16
2Q16
QoQ
1H16
1H15
YoY 2Q16 / '16E
(Cons)
Revenue
2,726 3,308
21.3% 6,034 4,778
26.3%
33%
Gross Profit
322 521
61.8% 843 598
41.0%
38%
Operating Profit
235 381
62.1% 616 414
48.8%
37%
Net Income
94 211
124.5% 305 220
38.6%
39%
Gross Margin
11.8%
15.7%
3.9%
14.0%
12.5%
1.5%
EBIT Margin
8.6%
11.5%
2.9%
10.2%
8.7%
1.5%
Net Margin
3.4%
6.4%
2.9%
5.1%
4.6%
0.5%
CTRS: M arketing sales Rp1.48triliun
PT Ciputra Surya Tbk (CTRS) membukukan angka pra penjualan sebesar Rp1.48tn
(7M16) atau hanya sekitar 37.4% dari FY16E target. (Rp3.96tn). ( Kontan).
Comment:
Pencapaian pada periode tersebut cenderung tidak jauh berbeda dengan beberapa
emiten developer lain, meskipun ada yang telah mencapai 40% dari target akhir
tahun di periode 1H16 bulan lalu.
Kinerja di kuartal berjalan, terutama 3Q16 akan menjadi salah satu indikasi
tercapainya target tahun ini, mengingat dampak penerapan relaksasi LTV da n
pencabutan larangan KPR kedua rumah inden akan mulai terlihat secepatnya pada
periode tersebut.
Proyek baru di Citraland Lampung yang memberikan kontribusi sebesar
Rp220miliar,
sejak
pertama
kali
diperkenalkan
masih
kami
harapkan
menyumbangkan angka pra penjualan kedepannya (target Rp250miliar). Di sisi
lain, proyek Babarsari Junction di Yogyakarta berpotensi tertunda sementara
(masih dalam proses perizinan). CTRS: Non Coverage 15.84x P/E16E dan 2.53x
Ticker Rec. JCI Wgt Last price 1D Chg 1M Chg YTD Chg TP Cons TP SSI Upside
(%) (Rp) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E Banks
BMRI HOLD 4.5 11425 0.9 13.1 23.5 10244 10300 -9.8 14.4 11.7 1.7 1.5 12.0% 13.2% n/a n/a
BBCA HOLD 6.3 15200 0.5 6.3 14.3 15033 14900 -2.0 19.7 16.7 3.6 3.1 18.3% 18.4% n/a n/a
BBRI HOLD 5.0 12100 0.0 2.5 5.9 12032 11500 -5.0 11.7 10.2 2.3 2.0 19.5% 19.2% n/a n/a
BBNI HOLD 1.9 5875 1.3 4.9 17.7 5949 5500 -6.4 9.8 8.2 1.3 1.1 13.1% 14.0% n/a n/a
BBTN BUY 0.3 1925 0.3 6.6 48.6 2082 2300 19.5 8.7 7.7 1.1 1.0 12.4% 12.6% n/a n/a
Consumer (Staples)
ICBP BUY 1.8 9200 5.4 7.4 36.5 8831 8250 -10.3 31.2 28.0 6.2 5.5 19.7% 19.5% 21.6 18.4
INDF BUY 1.2 8250 4.4 9.3 59.4 8889 8000 -3.0 19.3 15.8 2.4 2.2 12.6% 14.0% 9.8 8.7
KLBF HOLD 1.4 1715 0.9 7.9 29.9 1718 1700 -0.9 36.5 30.6 6.8 6.0 18.7% 19.6% 24.6 20.7
ROTI BUY 0.1 1570 2.3 (3.7) 24.1 1636 1670 6.4 28.5 21.8 5.6 4.6 19.6% 21.2% 13.8 12.2
ULTJ BUY 0.2 4750 1.1 12.6 20.4 n/a 5000 5.3 21.7 18.1 4.9 4.1 22.6% 22.5% 13.8 11.8
UNVR HOLD 5.9 45575 0.5 3.2 23.2 44152 45200 -0.8 54.5 48.7 64.7 56.8 118.9% 116.6% 38.0 34.8 Cigarette HMSP HOLD 8.1 4070 4.6 9.7 8.2 4199 4390 7.9 39.9 35.8 13.3 12.1 33.3% 33.8% 28.6 25.9 GGRM BUY 2.2 67500 4.2 (6.1) 22.7 76043 77150 14.3 19.8 19.1 3.0 2.7 15.2% 14.1% 12.8 11.8 Healthcare MIKA BUY 0.6 2580 (1.9) 1.6 7.5 3046 2950 14.3 56.1 49.6 10.4 9.5 18.6% 19.0% 30.3 27.3 SILO HOLD 0.2 11750 16.0 6.8 19.9 11905 8600 -26.8 167.9 129.1 7.5 7.2 4.5% 5.6% 20.6 16.8 Retail MAPI BUY 0.1 4480 1.1 1.4 18.1 4750 5800 29.5 24.1 14.5 2.2 1.9 9.2% 13.4% 7.9 6.3 RALS BUY 0.1 1230 0.0 18.3 90.7 1114 1420 15.4 20.8 13.8 2.4 2.2 11.7% 15.8% 18.2 17.0 ACES HOLD 0.3 995 4.2 3.1 20.6 984 950 -4.5 34.3 25.5 5.8 4.9 16.8% 19.2% 19.3 17.2 LPPF HOLD 1.0 21000 0.4 0.1 19.3 22130 23150 10.2 24.1 21.6 25.7 16.1 106.4% 74.5% 19.2 17.2 Telco EXCL BUY 0.7 3690 1.4 (5.4) 2.5 4514 4550 23.3 24.3 23.8 2.0 1.9 8.4% 8.1% 6.8 5.9 ISAT HOLD 0.6 6425 (2.7) (8.9) 16.8 7622 6600 2.7 29.1 19.5 2.6 2.3 8.9% 12.0% 4.2 3.7 TLKM HOLD 7.3 4250 2.7 2.2 37.5 4493 3500 -17.6 25.6 22.7 5.2 4.7 20.5% 20.5% 8.3 7.5 Auto and HE ASII HOLD 5.7 8300 5.4 13.3 38.3 8014 6800 -18.1 19.3 16.2 3.1 2.7 15.9% 16.8% 15.3 14.7 UNTR BUY 1.1 17500 (1.4) 8.0 3.2 16894 20500 17.1 15.1 13.4 1.6 1.5 10.7% 11.4% 4.1 3.6 Aviation GIAA BUY 0.2 462 1.3 (1.3) 49.5 481 490 6.1 9.7 9.4 0.7 0.7 7.2% 7.7% 4.1 4.0 Property BSDE BUY 0.7 2230 (0.9) 11.5 23.9 2330 2350 5.4 17.4 14.2 1.9 1.7 11.1% 11.8% 12.7 11.1 PWON BUY 0.5 650 0.0 4.0 31.0 666 590 -9.2 23.2 21.7 3.9 3.4 17.0% 15.8% 9.3 8.1
KPIG BUY 0.2 1455 0.3 (3.6) 3.2 n/a 1810 24.4 33.8 28.5 1.2 1.2 3.5% 4.1% n/a n/a
ASRI HOLD 0.2 540 0.9 10.7 57.4 439 390 -27.8 16.9 15.4 1.5 1.4 9.0% 9.1% 7.5 6.6 SMRA BUY 0.5 1870 0.3 7.8 13.3 1826 1750 -6.4 30.2 28.8 3.4 3.0 11.2% 10.5% 12.3 11.0 Construction PTPP HOLD 0.4 4560 2.7 16.9 17.7 4817 4000 -12.3 27.1 22.4 6.3 5.2 23.1% 23.2% 11.7 10.3 ADHI HOLD 0.2 2780 1.1 (0.7) 29.9 3395 2700 -2.9 26.0 21.6 2.0 1.9 7.6% 8.6% 8.2 7.2 WSKT BUY 0.6 2770 (1.1) 1.8 65.9 3062 2900 4.7 45.4 35.5 3.9 3.5 8.6% 10.0% 24.0 20.3 WIKA BUY 0.3 3270 2.2 14.3 23.9 3202 3300 0.9 26.8 22.4 4.1 3.7 15.4% 16.4% 11.8 10.2 Cement INTP HOLD 1.2 18525 0.1 11.6 (17.0) 17661 18000 -2.8 14.3 12.9 2.6 2.4 18.3% 18.6% 8.9 7.5 SMGR HOLD 1.1 11225 1.6 17.8 (1.5) 10683 10000 -10.9 14.3 12.9 2.3 2.1 16.2% 16.3% 6.8 5.7 SMCB SELL 0.2 1170 0.4 6.4 17.6 963 920 -21.4 -146.3 97.5 1.1 1.1 -0.7% 1.1% 11.4 9.3 Utility PGAS BUY 1.3 3170 7.5 5.7 15.5 3018 3400 7.3 15.5 14.5 2.0 1.9 12.9% 12.9% 8.7 7.7 JSMR BUY 0.6 5225 (1.9) (5.9) 0.0 6412 6500 24.4 18.6 19.6 3.0 2.8 16.2% 14.3% 11.5 11.0
Coal and Metal
ANTM SELL 0.3 785 4.0 (4.3) 150.0 703 560 -28.7 -43.6 71.4 1.4 1.4 -3.2% 1.9% 33.1 26.2 INCO HOLD 0.5 2830 9.3 14.6 73.1 2427 2800 -1.1 207.3 29.6 1.2 1.1 0.6% 3.7% 11.4 7.6 TINS HOLD 0.1 855 4.9 (0.6) 69.3 705 650 -24.0 20.9 17.1 1.1 1.0 5.1% 6.0% 6.3 5.5 ITMG HOLD 0.2 12100 (0.6) 0.8 111.4 10994 8800 -27.3 9.8 12.7 1.1 1.1 11.5% 9.0% 3.1 3.3 ADRO BUY 0.6 1170 2.2 14.1 127.2 1068 1100 -6.0 17.1 14.3 0.8 0.8 4.6% 5.4% 14.5 11.2 PTBA BUY 0.4 10375 3.0 5.9 129.3 10767 12000 15.7 14.9 10.3 2.4 2.1 16.1% 20.3% 13.1 8.1 Plantation AALI BUY 0.5 16600 0.0 9.6 9.9 16593 17000 2.4 19.2 18.2 2.1 2.0 10.7% 10.7% 14.4 13.1 LSIP BUY 0.2 1585 3.6 7.1 20.1 1656 1830 15.5 17.0 13.3 1.4 1.3 8.1% 9.7% 6.5 5.3 SIMP BUY 0.1 515 2.0 8.2 55.1 501 600 16.5 17.8 12.0 0.6 0.6 3.3% 4.8% 6.0 5.6 Poultry
CPIN BUY 1.1 3870 0.5 (1.0) 48.8 3993 4800 24.0 18.3 15.9 2.4 2.1 13.0% 13.2% n/a n/a
JPFA BUY 0.3 1595 2.9 27.1 151.2 1648 2000 25.4 10.6 9.5 2.0 1.7 19.1% 17.7% 8.6 11.3
EV/EBITDA (x)
Regional Indices
1D Change
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World
5.19
1,737
0.30
0.34
0.04
2.24
6.71
4.45
0.63
1,745
1,460
U.S. (S&P)
4.80
2,187
0.22
(0.14)
0.06
1.07
7.20
7.00
5.16
2,194
1,810
U.S. (DOW)
23.76
18,598
0.13
(0.21)
(0.08)
0.21
6.67
6.73
7.20
18,668
15,370
Europe
14.76
2,995
0.50
(1.69)
(1.76)
2.19
2.61
(8.33)
(12.67)
3,524
2,673
Emerging Market
6.73
916
0.74
0.09
0.69
5.56
17.21
15.40
9.03
919
687
FTSE 100
9.81
6,869
0.14
(1.04)
(0.66)
2.56
13.47
10.04
n/a
6,955
5,500
CAC 40
19.38
4,437
0.44
(1.35)
(1.49)
2.47
3.61
(4.31)
(9.15)
5,012
3,892
Dax
65.36
10,603
0.62
(1.27)
(1.30)
6.23
8.24
(1.30)
(0.74)
11,431
8,699
Indonesia
89.60
5,461
1.67
1.57
0.69
5.58
16.10
18.91
21.79
5,476
4,034
Japan
65.14
16,551
0.40
(0.27)
(2.18)
(1.03)
(0.57)
(13.04)
(18.16)
20,522
14,864
Australia
7.58
5,515
0.14
(0.30)
(0.28)
1.18
3.61
4.14
2.51
5,611
4,707
Korea
1.76
2,057
0.09
0.46
0.41
2.00
5.67
4.89
6.08
2,065
1,801
Singapore
(6.37)
2,837
(0.22)
(1.05)
(1.14)
(2.83)
3.54
(1.59)
(6.72)
3,105
2,528
Malaysia
0.55
1,695
0.03
0.27
0.96
1.46
3.74
0.14
7.10
1,729
1,504
Hong Kong
223.38
23,023
0.98
0.40
1.96
6.23
16.90
5.06
(0.62)
23,587
18,279
China
(5.44)
3,104
(0.17)
(0.67)
3.38
2.22
10.59
(12.29)
(18.19)
3,811
2,638
Taiwan
4.80
9,123
0.05
(0.28)
(0.10)
0.97
12.68
9.41
13.72
9,200
7,203
Thailand
15.38
1,547
1.00
(0.14)
(0.07)
3.69
11.63
20.11
12.17
1,558
1,221
Philipines
6.62
7,953
0.08
(0.09)
(0.36)
(1.04)
7.07
14.39
8.28
8,118
6,084
Monetary Indicators
1D Change
Points
1W
1M
3M
YTD
1YR
High
Low
JIBOR Overnight (%)
(0.00)
4.65
(0.02)
(1.76)
6.13
(38.80)
(17.12)
8.26
4.63
Foreign Reserve (US$bn)
n/a
111.41
n/a
1.48
3.43
5.17
3.59
111.41
100.24
Inflation Rate (%)
n/a
0.69
n/a
4.55
253.33
(28.13)
(25.81)
0.96
(0.45)
US Fed Rate (%)
0.00
0.50
0.00
0.00
0.00
0.00
100.00
0.50
0.25
Indo Govt Bond Yld (10yr) - %
0.00
6.81
0.25
(3.40)
(13.39)
(22.08)
(21.03)
9.90
6.77
Exchange Rate (per US$)
1D Change
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
21.00
13117
(0.16)
(0.06)
0.01
(0.22)
5.12
5.12
5.37
14,736
12,978
Japan
0.41
100.30
(0.41)
0.01
1.00
5.80
19.86
19.86
23.43
123.76
99.02
UK
(0.00)
1.32
(0.14)
0.80
1.78
0.30
(10.76)
(10.76)
(16.14)
1.58
1.28
Euro
(0.00)
1.13
(0.11)
0.56
1.61
2.91
4.42
4.42
2.00
1.17
1.05
China
(0.00)
6.63
0.05
0.10
0.04
1.11
(2.07)
(2.07)
(3.55)
6.70
6.32
Commodities Indicators
1D Change
Spot
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil
0.01
48.23
0.02
3.54
8.41
8.02
0.15
30.21
18.21
51.67
26.05
CPO
(67.00)
2,576.00
(2.53)
(1.75)
3.70
13.08
0.59
3.66
25.05
2,793.00
1,863.00
Rubber
(3.50)
651.00
(0.53)
(0.91)
(1.21)
(1.96)
(7.40)
20.67
(4.96)
728.50
506.50
Coal
(1.05)
67.05
(1.54)
(0.81)
(1.18)
10.19
31.86
32.51
13.74
68.30
48.80
Iron Ore
0.50
58.80
0.86
(0.84)
(3.13)
3.52
9.50
35.48
2.80
132.60
37.50
Tin
59.00
18,420.00
0.32
1.07
0.46
2.89
9.77
26.24
17.44
18,650.00
13,223.80
Nickel
130.00
10,350.00
1.27
(1.52)
(3.59)
(1.85)
19.86
17.35
(0.10)
11,030.00
7,550.00
Copper
35.00
4,809.00
0.73
0.88
(0.80)
(2.63)
4.26
2.21
(4.49)
5,440.50
4,318.00
Gold
(1.10)
1,350.10
(0.08)
(0.03)
1.07
1.34
7.59
27.34
19.68
1,377.50
1,046.20
Source: SSI Research, Bloomberg
Last Price
Last Price
Change (%)
1 Year
Change (%)
1 Year
Last Price
Change (%)
1 Year
Change (%)
1 Year
Research Team
Andy Ferdinand, CFA
Head Of Equity Research,Strategy,
Banking, Consumer
[email protected]
+6221 2854 8148
Rangga Cipta
Economist
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+6221 2854 8396
Muhamad Makky Dandytra, CFTe
Technical Analyst
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+6221 2854 8382
Adrianus Bias Prasuryo
Telco, Cement, Construction, Utility
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+6221 2854 8392
Akhmad Nurcahyadi, CSA
Auto, Heavy Equipment, Property,
Cigarette, Media, Aviation, Healthcare
[email protected]
+6221 2854 8144
Marlene Tanumihardja
Retail, Poultry, Small Caps
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+6221 2854 8387
Sharlita Lutfiah Malik
Mining, Plantation
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+6221 2854 8339
Adde Chandra Kurniawan
Research Associate
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Private Wealth Management
Evelyn Satyono
Head of PWM /
Head of Institutional Marketing
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+6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor
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+6221 2854 8129
Ronny Ardianto
Institutional Equity Sales
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+6221 2854 8399
Clarice Wijana
Institutional Equity Sales
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+6221 2854 8395
Wahyudi Budiono
Dealer
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+6221 2854 8152
Equity Sales Team
Kelvin Siwah Long
Head of Equities
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+6221 2854 8150
Yulianah
Institutional Equity Sales
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+6221 2854 8146
Indra S. Affandi
Institutional Equity Sales
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+6221 2854 8334
Lucia Irawati
Head of Retail Equity Sales
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+6221 2854 8173
Ferry Khusaeri
Equity Sales
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+6221 2854 8304
Iwan Setiadi
Equity Sales
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+6221 2854 8313
Lia Chaterina
Equity Sales
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+6221 2854 8315
Amelia Sintama
Equity Sales
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Salt World Widjaja
Equity Sales
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Jovita Widjaja
Equity Sales
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James Wihardja
Equity Sales
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Joseph Soegandhi
Equity Sales
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+6221 2854 8872
Dian Anggraeni
Equity Sales
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+6221 2854 8301
Sylviawati
Equity Sales
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+6221 2854 8112
Verawati Gunawan
Equity Sales
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Cenni Liawisusi
Equity Sales
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+6221 2854 8303
Frans Ferdiansah
Equity Sales
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+6221 2854 8337
Muhamad Faisyal
Dealer
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+6221 2854 8155
Mira Dwi Astuti
Dealer
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+6221 2854 8369
Bismar Ferryaman
Dealer
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+6221 2854 8368
Online Trading Sales Team
Nugroho Nuswantoro
Head Of Marketing OLT
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+6221 2854 8372
Wahyu Widodo
Marketing
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+6221 2854 8371
Rina Lestari
Customer Service
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+6221 2854 8180
Martha Lamtiurma Tampubolon
Customer Service
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+6221 2854 8182
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.
