DAILY RESEAR CH
Market Activity
Market Index : 7,210.8
Index Movement : +83.5 1.17%
Market Volume : 21,803 Mn shrs Market Value : 13,943 Bn rupiah
Last
Close +/- %
Leading Movers
MDKA 5,525 450 8.9
BBCA 7,850 100 1.3
ADMR 2,790 370 15.3
UNTR 28,600 1450 5.3
Lagging Movers
BBRI 4,610 -20 -0.4
BUKA 348 -8 -2.2
CPIN 5,500 -50 -0.9
BANK 2,270 -70 -3.0
Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)
TLKM 291 ADRO 47
BBRI 178 BUMI 42
BBCA 164 BMRI 35
ADMR 124 ESSA 18
UNTR 117 NATO 17 Money Market
Last
Close +/- %
USD/IDR 14,362 3.0 0.0
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities Last
Close +/- %
TLKM 31.7 0.3 0.9
EIDO 24.8 0.2 0.8
Global Indices Last
Close +/- %
DJIA 34,721 138 0.40
S&P 500 4,488 -12 -0.27
Euro Stoxx 3,858 56 1.48
MSCI World 3,012 -2 -0.06
STI 3,383 -21 -0.62
Nikkei 26,986 97 0.36
Hang Seng 21,872 63 0.3
Commodities*
Last
Close +/- %
Brent Oil 102.8 2.2 2.19
Coal (ICE) 299.5 12.0 4.17
CPO Malay 6,303 44.0 0.70
Gold 1,946 11.0 0.57
Nickel 34,585 1.0 0.00
Tin 43,710 110.0 0.25
*last price per closing date
Changes Changes
Changes
Changes
Changes Friday, 08 Apr 2022
DAILY RESEARCH
11 April 2022
Market
Terdorong Sentimen Global dan Regional, IHSG Berpotensi Terkoreksi
Pada penutupan Jumat lalu (08/4), pasar AS bergerak cenderung melemah. Dow Jones menguat +0.4%, S&P 500 melemah -0.27%, dan Nasdaq melemah -1.34%.
Perhatian pasar AS pada minggu ini akan tertuju pada rilis rilis data consumer dan producer CPI pada hari rabu waktu setempat serta data retail sales dan consumer sentiment pada hari kamis waktu setempat. Yield UST 10Y meningkat ke level 2.72%, dan USD index meningkat +0.18% ke level 99.79.
Pasar komoditas terpantau bergerak menguat pada Jumat (08/4) kemarin; minyak WTI menguat +1.88% ke level USD 97.84/bbl, Brent menguat +1.76% ke level USD 102.35/bbl. Harga batubara menguat +3.53% ke level USD 291.6/ton, nikel menguat +2.63% ke level USD 34,584, dan CPO menguat +1.07% ke level MYR 6,681.
Sedangkan harga emas terpantau flat di level USD 1,932/toz).
Bursa Asia bergerak mixed pada Jumat (08/4) kemarin. Kospi menguat +0.17%, Nikkei menguat +0.36%, Hang Seng menguat +0.3%, dan Shanghai menguat +0.5%.
IHSG ditutup menguat +1.17% pada perdagangan Jumat lalu (08/4) ke level 7,210, dengan net buy sebesar IDR 1.4 triliun. Di pasar reguler, investor asing mencatatkan net buy sebesar IDR 1.3 triliun, dan pada pasar negosiasi tercatat net buy sebesar IDR 45.7 miliar. Angka net buy asing tertinggi di pasar reguler dicatatkan oleh TLKM (IDR 290.7 miliar), BBRI (IDR 178.1 miliar), dan BBCA (IDR 164.3 miliar). Sementara itu, angka net sell asing tertinggi di pasar reguler dicetak ADRO (IDR 46.6 miliar), BUMI (IDR 41.7 miliar), dan BMRI (IDR 35.2 miliar). Top leading movers adalah MDKA, BBCA, dan ADMR, sedangkan BBRI, BUKA, dan CPIN menjadi top lagging movers.
Terjadi penambahan 1,071 kasus baru COVID-19 di Indonesia pada hari Minggu (10/4) namun dengan jumlah kasus sembuh yang meningkat lebih besar +2,493.
Daily positive sebesar 0.1% dan overall positive rate sebesar 9.8% (recovery rate:
96.2%; kasus aktif: 72,679).
Pagi ini Kospi dibuka melemah -0.23% dan Nikkei dibuka melemah -0.63%. Kami memperkirakan IHSG akan terkoreksi hari ini, seiring dengan sentimen beragam dari pergerakan bursa global dan bursa regional.
Highlights
MAPI : Membukukan Laba Bersih IDR 438.9 Miliar di FY21
Equity Research│11 April 2022
COMMODITIES
Gold: Gold 100 Oz Futures (USD/Troi oz) Oil: Generic 1st Crude Oil, Brent (USD/Barel)
Coal: Newcastle Coal (USD/MT) CPO: Bursa Malaysia Crude Palm Oil (MYR/MT)
Pulp: Generic Bleached Softwood Craft Pulp (CNY/MT) Nickel: London Metal Exchange Nickel Future (USD/MT)
12-Apr-21 12-May-21 12-Jun-21 12-Jul-21 12-Aug-21 12-Sep-21 12-Oct-21 12-Nov-21 12-Dec-21 12-Jan-22 12-Feb-22 12-Mar-22
0 20 40 60 80 100 120 140
12-Apr-21 3-May-21 24-May-21 14-Jun-21 5-Jul-21 26-Jul-21 16-Aug-21 6-Sep-21 27-Sep-21 18-Oct-21 8-Nov-21 29-Nov-21 20-Dec-21 10-Jan-22 31-Jan-22 21-Feb-22 14-Mar-22 4-Apr-22
40 90 140 190 240 290 340 390 440 490
12-Apr-21 12-May-21 11-Jun-21 11-Jul-21 10-Aug-21 9-Sep-21 9-Oct-21 8-Nov-21 8-Dec-21 7-Jan-22 6-Feb-22 8-Mar-22 7-Apr-22
1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500
4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000
10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000 55,000
12-Apr-21 3-May-21 24-May-21 14-Jun-21 5-Jul-21 26-Jul-21 16-Aug-21 6-Sep-21 27-Sep-21 18-Oct-21 8-Nov-21 29-Nov-21 20-Dec-21 10-Jan-22 31-Jan-22 21-Feb-22 14-Mar-22 4-Apr-22
1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100
COVID-19 Data Indonesia
7 Day Running Covid-19 Data
Total 1D Change Total Daily Total Closed Cases
Cases % Deaths Deaths Active Cases %
4/10/2022 6,031,636 - 155,597 - (178,568,453) 3060.53 4/9/2022 6,031,636 0.02 155,597 41 (178,568,453) 3060.53 4/8/2022 6,030,168 0.03 155,556 47 (178,569,880) 3061.28 4/7/2022 6,028,413 0.03 155,509 45 (178,571,588) 3062.17 4/6/2022 6,026,324 0.04 155,464 43 (178,573,632) 3063.23 4/5/2022 6,023,924 0.14 155,421 257 (174,436,833) 2995.73 4/4/2022 6,015,748 - 155,164 - (167,284,625) 2880.78
Average 62 3026.32
Source: SSI Research, Bloomberg
Equity Research│11 April 2022
MAPI: Membukukan Laba Bersih IDR 438.9 Miliar di FY21
Sepanjang 2021, pendapatan MAPI naik +24.1%% yoy menjadi IDR 18.4 triliun. Laba kotornya naik +24.5% yoy menjadi IDR 7.7 triliun, dengan GPM sebesar 41.8% (FY20: 41.6%). MAPI berhasil membukukan laba usaha sebesar IDR 1.2 triliun (FY20: rugi -IDR 57 miliar), dan laba bersih sebanyak IDR 438,9 miliar (FY20: IDR rugi -554 miliar). (Laporan Keuangan) Comment:
Angka penjualan dan laba bersih MAPI di 2021 masing-masing mencapai 104.5% dan 110.8% dari proyeksi SSI.
Secara stand alone, di 4Q21 pendapatan MAPI naik cukup signifikan (+115.3% qoq, +37.0% yoy) menjadi IDR 6.3 triliun, setelah sebelumnya di 3Q21 mengalami penurunan kinerja akibat PPKM darurat. Selain itu, secara seasonality pendapatan MAPI di 4Q21 memang cenderung lebih tinggi dibandingkan kuartal lain, dan menyumbang 28.5% dari total pendapatan tahunan MAPI secara rata-rata di 5 tahun terakhir. Laba kotor MAPI naik +137.1% yoy menjadi IDR 2.7 triliun dengan GPM sebesar 42.1% (3Q21: 38.2%). Laba operasional MAPI naik menjadi IDR 846 miliar (FY20: -IDR 296 miliar), dengan laba bersih sebesar IDR 522 miliar (FY20-: rugi -IDR 355 miliar). Pertumbuhan kinerja MAPI juga didorong oleh penurunan rasio opex/sales menjadi 28.8% (3Q21: 48.3%).
Sepanjang FY21, MAPI telah membuka beberapa gerai pertama untuk sejumlah brand baru dalam naungannya, diantaranya Digiplus (Mei 2021 - elektronik) dan Subway (Oktober 2021 - restoran sandwich asal US). MAPI:
Under review (Previous: MAPI: BUY: 26.3x PE '22E, 3.2x PBV '22E, TP: IDR 1,100)
Equity Research│11 April 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Banks
BBCA HOLD 8.7 7,850 8,100 8,359 3.2 31.9 26.6 4.8 4.3 15.1 16.3
BBRI BUY 8.6 4,610 5,400 5,163 17.1 19.4 16.6 2.4 2.2 12.5 13.2
BMRI HOLD 5.6 7,700 8,000 9,140 3.9 14.2 11.4 1.7 1.6 12.3 14.2
BBNI HOLD 2.4 8,425 8,500 9,131 0.9 14.4 10.3 1.3 1.0 8.8 10.1
BBTN BUY 0.3 1,645 2,200 2,212 33.7 7.3 6.4 0.8 0.7 11.1 10.9
Average 12.0 9.4 1.3 1.1 10.7 11.7
Consumer (Staples)
ICBP BUY 0.7 7,450 12,000 10,745 61.1 12.6 11.3 2.6 2.3 20.8 20.6
INDF BUY 1.1 6,125 7,150 8,235 16.7 7.7 7.4 1.1 1.0 14.7 14.0
KLBF BUY 1.2 1,580 1,950 1,829 23.4 23.8 21.6 3.9 3.5 16.3 16.4
UNVR BUY 0.8 3,540 4,800 4,158 35.6 24.6 22.7 28.8 25.7 117.1 113.0
SIDO HOLD 0.2 935 970 1,121 3.7 25.1 22.0 8.0 7.6 31.9 34.3
Average 18.8 17.0 8.9 8.0 40.2 39.7
Cigarette
HMSP SELL 0.3 910 870 1,032 -4.4 13.6 11.7 3.6 3.4 26.4 29.3
GGRM HOLD 0.4 30,800 32,500 35,446 5.5 9.3 6.5 1.0 0.9 10.5 14.1
Average 11.5 9.1 2.3 2.2 18.4 21.7
Healthcare
MIKA BUY 0.5 2,400 2,960 2,689 23.3 26.7 26.4 6.1 5.4 22.8 20.5
SILO BUY 0.1 1,190 1,420 1,128 19.3 22.5 22.5 2.4 2.2 10.6 9.9
HEAL BUY 0.4 1,300 5,700 1,368 338.5 6.5 6.1 1.2 1.0 19.0 17.1
Average 18.5 18.3 3.2 2.9 17.4 15.8
Poultry
CPIN HOLD 1.4 5,500 5,800 6,933 5.5 24.0 22.7 3.6 3.2 14.9 14.3
JPFA HOLD 0.3 1,650 1,800 2,081 9.1 9.5 10.6 1.5 1.3 15.5 12.5
MAIN HOLD 0.0 675 685 730 1.5 9.9 6.6 0.7 0.6 6.8 9.4
WMUU BUY 0.0 159 340 240 113.8 7.2 3.0 1.6 1.0 21.8 34.4
WMPP BUY 0.0 140 240 240 71.4 12.7 7.8 2.2 1.8 17.2 22.8
Average 12.7 10.1 1.9 1.6 15.2 18.7
Retail
MAPI BUY 0.3 845 1,100 1,021 30.2 35.4 20.2 2.5 2.4 7.2 12.1
RALS BUY 0.0 760 900 844 18.4 16.2 11.2 1.2 1.1 7.7 10.2
ACES BUY 0.3 1,085 1,900 1,393 75.1 17.0 14.9 3.3 3.0 19.6 20.0
LPPF SELL 0.2 5,975 3,430 5,485 -42.6 17.1 12.7 15.1 9.5 88.3 75.2
ERAA BUY 0.2 545 785 891 44.0 7.9 7.2 1.3 1.2 16.9 16.1
Average 18.7 13.2 4.7 3.4 27.9 26.7
Pulp and Paper
INKP BUY 0.6 7,925 9,900 10,050 24.9 6.8 7.8 0.6 0.6 9.3 7.8
ALDO BUY 0.0 1,010 2,000 2,000 98.0 18.4 15.1 1.7 1.5 9.1 9.8
Average 12.6 11.4 1.2 1.0 9.2 8.8
Media
MNCN BUY 0.3 955 1,300 1,253 36.1 5.4 4.8 0.8 0.7 14.1 14.0
SCMA BUY 0.2 288 490 430 70.1 18.5 16.2 5.5 4.7 29.7 29.3
FILM BUY 0.0 1,120 1,350 1,350 20.5 280.0 160.0 8.5 8.2 3.0 5.1
Average 101.3 60.3 4.9 4.5 15.6 16.2
Telco
EXCL BUY 0.4 2,690 3,000 3,765 11.5 39.0 30.9 1.5 1.4 3.8 4.6
ISAT BUY 0.2 5,325 7,250 7,529 36.2 n/a 61.9 2.2 0.2 -5.6 0.4
TLKM HOLD 8.6 4,580 5,000 5,099 9.2 20.8 19.9 4.2 4.0 20.2 20.1
Equity Research│11 April 2022
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Telco Infra
TBIG SELL 0.9 2,970 1,550 3,223 -47.8 58.2 51.2 9.1 8.1 15.6 15.8
TOWR BUY 1.0 1,040 1,600 1,345 53.8 16.3 14.6 4.4 3.8 27.0 25.7
MTEL BUY 0.4 760 965 1,003 27.0 63.3 42.2 1.9 1.8 3.0 4.3
Average 45.9 36.0 5.1 4.6 15.2 15.3
Auto
ASII HOLD 5.1 7,000 7,300 7,147 4.3 14.7 13.0 1.3 1.2 9.1 9.5
DRMA BUY 0.0 555 830 862 49.5 11.6 8.8 2.4 1.8 20.8 20.7 ASLC BUY 0.0 226 320 410 41.6 173.8 98.3 11.9 2.8 6.8 2.8
Average 66.7 40.0 5.2 1.9 12.2 11.0
Mining Contracting
UNTR HOLD 1.7 28,600 31,000 30,310 8.4 15.4 11.4 1.7 1.6 11.2 13.8
Average 15.4 11.4 1.7 1.6 11.2
Property
BSDE BUY 0.3 970 1,480 1,406 52.6 14.7 11.1 0.5 0.5 3.5 4.4
PWON BUY 0.3 496 630 617 27.0 20.7 17.1 1.5 1.4 7.3 8.1
SMRA BUY 0.3 720 1,200 1,145 66.7 30.0 19.5 1.6 1.5 5.3 7.7
CTRA BUY 0.3 990 1,360 1,413 37.4 12.9 10.9 1.1 1.0 8.6 9.3
Average 18.2 12.9 0.9 0.8 4.4 5.7
Construction
PTPP BUY 0.1 960 1,400 1,293 45.8 16.0 15.0 0.4 0.4 2.5 2.6
ADHI BUY 0.0 710 1,420 1,030 100.0 23.7 12.2 0.4 0.4 1.9 3.4
WSKT BUY 0.2 545 1,220 891 123.9 n/a n/a 0.5 0.6 -4.2 -22.2
WIKA BUY 0.1 965 1,440 1,268 49.2 40.2 28.4 0.5 0.5 1.3 1.7
WEGE BUY 0.0 182 300 267 64.8 8.2 5.8 0.7 0.7 9.0 11.3
Average 12.1 10.4 0.5 0.6 2.4 -2.8
Cement
INTP BUY 0.7 10,450 13,000 13,669 24.4 23.0 17.7 1.7 1.7 7.6 9.7
SMGR BUY 0.8 6,675 13,050 9,569 95.5 14.1 13.3 1.0 1.0 7.4 7.5
Average 18.5 15.5 1.4 1.4 7.5 8.6
Precast
WTON BUY 0.0 216 266 293 23.1 6.5 4.1 0.5 0.5 7.9 11.4
Average 6.5 4.1 0.5 0.5 7.9 11.4
Oil and Gas
PGAS BUY 0.6 1,395 1,800 1,847 29.0 6.2 9.4 0.7 0.6 10.7 6.9
AKRA BUY 0.3 920 1,040 1,033 13.0 16.4 14.6 2.0 1.8 12.0 12.6
MEDC BUY 0.1 560 1,090 850 94.6 n/a 7.7 0.8 0.7 -9.9 9.7
Average 11.3 10.6 1.2 1.1 4.3 9.7
Chemical
TPIA SELL 1.4 10,750 10,250 7,750 -4.7 123.6 56.9 7.4 7.4 6.0 13.0
BRPT BUY 0.9 890 1,150 1,025 29.2 111.3 44.5 4.7 4.4 4.2 9.9
ESSA SELL 0.4 1,515 225 1,100 -85.1 n/a 60.6 5.2 5.2 -0.3 8.6
Average 117.4 54.0 5.8 5.7 3.3 10.5
Utilities
JSMR BUY 0.3 3,710 4,150 5,014 11.9 21.0 13.7 1.0 1.0 5.0 7.1
Metal
ANTM BUY 0.9 2,800 3,230 3,178 15.4 27.5 21.4 3.2 3.0 11.8 14.2
MDKA SELL 2.5 5,525 3,000 4,826 -45.7 127.7 30.0 20.1 21.9 15.7 72.9
INCO SELL 0.6 7,575 6,900 6,998 -8.9 31.7 18.4 2.5 2.1 7.7 11.4
BRMS SELL 0.8 244 200 165 -18.0 0.1 0.0 2.7 1.4 1792.4 3471.9
Average 46.7 457.2 6.2 6.4 364.7 714.1
Equity Research│11 April 2022
Potential Mkt. Cap Net Profit P/E
(IDRbn) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (x)
Source : e-ipo.co.id, *Note: Subject to OJK approval
9 66.3 2021
OLIV*
Oscar Mitra Sukses Sejahtera (Consumer Non-
Cyclicals)
29-Apr 230 - 288 22 - 27 Apr 100 - 125 400 21.1 40 - 50 Working Capital and
Capex 1 109.9 10M21
65 - 100 1,607 20.0 104 - 161
Capital injection to subsidiaries, working
capital and capex IBOS*
Indo Boga Sukses (Consumer Non-
Cyclicals)
25-Apr 575 - 884 19 - 21 Apr
122 20 10M21
1,180 - 1,480 254 12.3 300 - 376
Lending facility to subsidiary, capex and
working capital MTMH* Murni Sadar
(Healthcare) 20-Apr 2,441 - 3,061 13 - 18 Apr
-8,169 n.a 7M21
SICO*
Sigma Energy Compressindo (Energy)
8-Apr 216 4 - 6 Apr 230 270 29.7 62
Capex, working capital and debt
payment
7 17.1 9M21
338 40,615 3.4 13728
Working Capital and capital injection to
subsidiaries GOTO*
GoTo Gojek Tokopedia (Technology)
11-Apr 400,315 1 - 7 Apr
Upcoming IPO's
Financial Result Period
Ticker Company (Sector) Listing Offering Shares issued Proceeds
TLDN*
Teladan Prima Agro (Consumer Non-
Cyclicals)
12-Apr 7,509 4 - 8 Apr 580 518 4.0 300 269 24 9M21
Debt payment, capex and capital injection
to subsidiaries
WINR*
Winner Nusantara Jaya ( Properties &
Real Estate)
18-Apr 654 - 915 12 - 14 Apr 100 - 140 1,500 28.7 150 - 210 Working capital and 107 6.1 8M21
landbank acquisition
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 22A 23E 22A 23E 22A 23E
Coal
ITMG BUY 0.4 27,475 33,850 31,075 23.2 4.5 4.0 1.7 1.2 39.2 29.1
ADRO HOLD 1.7 3,160 3,200 3,130 1.3 7.5 5.2 1.7 1.0 22.2 20.0
PTBA BUY 0.5 3,600 4,000 4,006 11.1 0.5 0.4 1.7 1.5 377.7 362.9
HRUM HOLD 0.2 12,900 13,600 15,163 5.4 37.2 21.7 4.4 3.7 11.8 16.9
Average 12.4 7.8 2.4 1.8 112.7 107.2
Plantation
AALI BUY 0.2 12,750 14,500 14,636 13.7 13.8 16.4 1.2 1.2 8.7 7.2
LSIP SELL 0.2 1,470 1,370 1,669 -6.8 11.8 12.9 1.0 1.0 8.7 7.6
SSMS HOLD 0.1 1,145 1,200 2,100 4.8 33.7 14.5 2.5 2.2 7.4 15.0
TAPG BUY 0.1 680 1,050 1,039 54.4 8.9 7.6 1.7 1.5 19.2 19.4
Average 20.1 14.4 1.3 1.1 9.0 10.2
Technology
ASSA BUY 0.1 2,360 4,300 4,544 82.2 73.8 40.0 5.2 4.6 7.0 11.5
EMTK SELL 1.7 2,840 2,600 2,575 -8.5 405.7 284.0 13.5 12.4 3.3 4.4
BUKA BUY 0.7 348 400 766 14.9 n/a n/a 1.5 1.6 -574.9 -371.3
Average 108.4 72.1 4.3 3.9 (88.1) (51.8)
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│11 April 2022
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 3,012 (1.88) (0.06) (2.25) 6.06 (5.67) (6.79) 3.51 3,262 2,792
U.S. (S&P) 4,488 (11.93) (0.27) (1.27) 6.75 (4.77) (5.83) 8.71 4,819 4,057
U.S. (DOW) 34,721 137.55 0.40 (0.28) 5.39 (4.22) (4.45) 2.72 36,953 32,273
Europe 3,858 56.36 1.48 (1.54) 4.65 (9.88) (10.24) (3.03) 4,415 3,387
Emerging Market 1,128 1.87 0.17 (2.90) 3.89 (9.26) (8.45) (15.22) 1,395 1,024
FTSE 100 7,670 117.75 1.56 1.75 7.18 2.38 3.86 10.90 7,687 6,788
CAC 40 6,548 86.54 1.34 (2.04) 4.60 (8.84) (8.46) 6.14 7,385 5,756
Dax 14,284 205.52 1.46 (1.13) 4.81 (10.40) (10.08) (6.24) 16,290 12,439
Indonesia 7,211 83.47 1.17 1.87 4.16 8.47 9.56 18.79 7,216 5,742
Japan 26,869 (116.43) (0.43) (3.13) 6.78 (4.79) (6.68) (9.74) 30,796 24,682
Australia 7,517 39.41 0.53 0.05 6.42 1.72 0.98 7.47 7,633 6,758
Korea 2,705 4.20 0.16 (1.93) 1.63 (7.61) (9.17) (13.64) 3,316 2,592
Singapore 3,383 (20.95) (0.62) (1.05) 4.11 4.22 8.31 6.24 3,466 3,024
Malaysia 1,607 6.50 0.41 0.30 2.49 2.75 2.54 (0.31) 1,623 1,475
Hong Kong 21,872 63.03 0.29 (0.57) 6.41 (7.86) (6.52) (23.79) 29,491 18,235
China 3,252 15.16 0.47 (0.45) (1.75) (8.85) (10.66) (5.76) 3,724 3,023
Taiwan 17,285 105.91 0.62 (2.57) 0.11 (5.49) (5.13) 2.55 18,620 15,160
Thailand 1,686 3.59 0.21 (0.55) 1.69 1.13 1.71 7.64 1,719 1,501
Philipines 7,018 91.99 1.33 (1.89) (1.32) (0.96) (1.47) 7.22 7,552 6,081
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 139.10 (1.65) (4.01) (4.01) 1.46 146.87 136.40
Inflation Rate (yoy, %) 2.64 2.64 1.33
Gov Bond Yld (10yr, %) 6.80 5.19 6.85 6.01
US Fed Rate (%) 0.50 0.50 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,362 3.00 (0.02) 0.04 0.25 (0.38) (0.76) 1.20 14,635 14,057
Japan 124.52 0.18 (0.14) (1.39) (5.81) (7.40) (7.58) (12.16) 125.09 107.48
UK 1.30 0.00 0.02 (0.68) (0.08) (4.46) (3.73) (5.20) 1.42 1.30
Euro 1.09 0.00 0.12 (0.75) (0.20) (4.20) (4.22) (8.57) 1.23 1.08
China 6.37 0.00 (0.07) (0.03) (0.73) 0.18 (0.14) 2.92 6.56 6.31
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 101.00 (1.78) (1.73) (6.07) (10.36) 20.64 29.85 60.44 139.13 62.41
CPO 6,307 94.00 1.51 5.89 (7.43) 20.69 22.25 55.96 8,034 3,343
Coal 299.50 12.00 4.17 18.85 (29.64) 69.21 97.36 250.50 487.50 85.50
Tin 43,710 110.00 0.25 (2.36) (10.15) 9.75 12.48 69.45 51,000 25,300
Nickel 33,855 157.00 0.47 1.90 #N/A N/A 63.28 63.10 101.18 55,000 15,925
Copper 10,324 12.00 0.12 (0.29) 1.12 7.01 6.20 14.60 10,845 8,740
Gold 1,944 (3.25) (0.17) 0.60 (2.22) 6.74 6.29 12.21 2,070 1,691
Silver 24.76 (0.01) (0.04) 0.92 (4.28) 8.70 6.25 (0.21) 29 21
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
Equity Research│11 April 2022
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148
Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854
Fikri C Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144
Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst m.alfatih@samuel.co.id +6221 2854 8129
William Mamudi, CFTe, CMT Senior Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382
Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals yosua.zisokhi@samuel.co.id +6221 2854 8387
Andreas Kristo Saragih Construction, Toll Roads andreas.kristo@samuel.co.id +6221 2864 8303
Dessy Lapagu Aviation, Coal, Metals dessy.lapagu@samuel.co.id +6221 2854 8392
Paula Ruth Telco paula.ruth@samuel.co.id +6221 2854 8332
Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346
M. Farras Farhan Media, Poultry, Oil & Gas, Technology farras.farhan@samuel.co.id +6221 2854 8346
Pebe Peresia Automotive, Consumer Staples pebe.peresia@samuel.co.id +6221 2854 8339
Adolf Richardo Editor adolf.richardo@samuel.co.id +6221 2864 8397
Ashalia Fitri Yuliana Research Associate ashalia.fitri@samuel.co.id +6221 2854 8389
Equity Institutional Team
Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312
Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399
Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314
Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325
Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173
Suryanti Salim Sales Trader suryanti.salim@samuel.co.id +6221 2854 8173
Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173
Private Wealth Management
Evelyn Satyono Head of PWM Equity Sales evelyn.satyono@samuel.co.id +6221 2854 8380
Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395
Gitta Wahyu Retnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365
Vincentius Darren PWM Equity Sales darren@samuel.co.id +6221 2854 8348
Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152
Fixed Income Sales Team
R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170
Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306
Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337
Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384
Equity Retail / Online Team
Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872
Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372
Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309
Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163
Widya Meidrianto Equity Retail widya.meidrianto@samuel.co.id +6221 2854 8317
Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8369
