L A P O R A N H A R I A N

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L A P O R A N H A R I A N

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH

Equity

LAPORAN RISET

HEAL:One of Healthcare’s Key Players Key Highlights:

 HEAL initiation

 Brief introduction to HEAL

 Revenue composition and capital structure

 Specialties, JKN competitive advantage

 How do HEAL fare against other hospital players Analyst: Erlangga Aditya Guntoro ([email protected])

RINGKASAN BERITA

 PTPP beri pinjaman Rp 162,41 miliar untuk Indonesia Ferry Properti. PT PP Tbk (PTPP) memberikan pinjaman kepada anak usahanya yaitu PT Indonesia Ferry properti (IFPRO) sebesar Rp 162,41 miliar dengan bunga 8,1% per tahun atau 0,675% per bulan. PTPP memiliki saham IFPRO sebesar 49%. Pinjaman ini bersifat non revolving dengan jangka waktu pinjaman selama 12 bulan dengan memperhatikan perjanjian PTPP dengan perbankan. Manajemen PTPP menjelaskan pinjaman ini diperlukan oleh IFPRO karena kondisi bisnis yang sedang dalam fase pembangunan terutama untuk pengembangan dermaga eksklusif di Merak, dermaga eksklusif di Bakauheni, dan proyek hotel tahap I dan tahap II di Labuan Bajo. "Oleh karenanya sustainabilitas operasional harus tetap dijaga demi memberikan kontribusi yang positif bagi perseroan di masa mendatang," tulis manajemen PTPP, Selasa (2/3). IFPRO merupakan perusahaan yang bergerak di bidang penyelenggaraan jasa, perdagangan, pembangunan dan properti. Selain PTPP, pemegang saham IFPRO adalah PT ASDP Indonesia Ferry dengan kepemilikan 51%. (Kontan)

 SSMS siapkan belanja modal Rp 550 miliar di 2021. PT Sawit Sumbermas Sarana Tbk (SSMS) menyiapkan anggaran belanja modal atau capital expenditure (capex) sebesar Rp 550 miliar untuk tahun 2021, sekitar 95% dari capex tersebut akan digunakan perusahaan untuk kebutuhan non-planting. CFO SSMS Hartono Jap menjelaskan, untuk kebutuhan non-planting, perusahaan akan alokasi belanja modal sebesar Rp 520 miliar. Dan sisanya baru akan digunakan untuk program planting. "Program non-planting seperti pengembangan dan perawatan infrastruktur kami, seperti perawatan mesin, pabrik, pembangunan jalan di perkebunan atau daerah sekitar perusahaan, perawatan perkebunan dan pemupukan kelapa sawit," ujar dia, Selasa (2/3). Selanjutnya, Hartono menambahkan bahwa pengembangan program non-planting dapat menjadi faktor kunci untuk meningkatkan efektivitas operasionalnya, yaitu untuk menjaga hasil buah yang baik sehingga menghasilkan harga yang premium. (Kontan)

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_Equity

Akumulasi Beli/-Jual Bersih Asing

Nilai Tukar USD/IDR dan IHSG

Pergerakan IHSG

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 5,000,000 10,000,000 15,000,000 20,000,000 10 /1 /2 020 10 /6 /2 020 10 /9 /2 020 10 /1 4/2020 10 /1 9/2020 10 /2 2/2020 10 /2 7/2020 11 /4 /2 020 11 /9 /2 020 11 /1 2/2020 11 /1 7/2020 11 /2 0/2020 11 /2 5/2020 11 /3 0/2020 12 /3 /2 020 12 /8 /2 020 12 /1 4/2020 12 /1 7/2020 12 /2 2/2020 12 /2 9/2020 1/5/ 20 21 1/8/ 20 21 1/13 /2 021 1/18 /2 02 1 1/21 /2 021 1/26 /2 021 1/29 /2 021 2/3/ 20 21 2/8/ 20 21 2/11 /2 021 2/17 /2 021 2/22 /2 021

Accumulation JCI Index

13,000 13,500 14,000 14,500 15,000 15,500 16,000 4,000 4,500 5,000 5,500 6,000 6,500 7,000 10/1/2020 11/1/2020 12/1/2020 1/1/2021 2/1/2021 3/1/2021

JCI Index USDIDR

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Oct-20 Oct-20 Oct-20 Nov-20 Nov-20 Dec-20 Dec-20 Jan-21 Jan-21 Feb-21 Feb-21 Volume JCI Index

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Equity

TARGET HARGA SAHAM

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Last Potential

Capitalization (Bn) (%) 1 Year FY18F FY18F Ratio 1 Year (Current) Float Shares 2020 2020 Price Upside

Banking

BBCA IJ Equity 864,774 15.21 11.00 22.26 3.82 2.02 6.97 15.13 17.77 44.88 BUY 34,200 35,075 -2.49% BBNI IJ Equity 114,689 2.02 13.39 8.88 1.27 0.66 53.54 2.82 -8.89 39.98 NOT RATED - 6,150 #VALUE! BBRI IJ Equity 591,959 10.41 11.16 11.49 2.00 1.03 68.12 9.24 20.60 43.22 HOLD 4,100 4,800 -14.58% BMRI IJ Equity 308,000 5.42 18.76 12.28 1.67 0.65 51.96 8.70 -5.04 37.95 BUY 7,250 6,600 9.85% Cement

SMGR IJ Equity 69,399 1.22 5.88 20.62 1.46 3.51 67.19 8.40 12.97 48.99 BUY 11,000 11,700 -5.98% Telecommunication

TLKM IJ Equity 342,755 6.03 4.07 17.49 3.95 4.30 44.42 18.76 5.66 47.91 BUY 4,000 3,460 15.61% ISAT IJ Equity 30,294 0.53 -38.76 32.20 1.60 -0.83 215.44 -5.83 166.75 20.71 BUY 3,265 5,575 -41.43% EXCL IJ Equity 24,089 0.42 64.29 52.53 1.45 0.82 175.72 1.94 -10.02 33.60 BUY 3,500 2,250 55.56% Automotive

ASII IJ Equity 225,696 3.97 6.86 16.45 2.02 2.40 40.66 10.65 1.53 49.81 BUY 7,000 5,575 25.56%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Construction

WIKA IJ Equity 16,370 0.29 28.60 7.92 0.87 0.28 78.48 6.70 5.27 34.94 BUY 1,400 1,825 -23.29% ADHI IJ Equity 5,163 0.09 48.50 7.37 0.87 0.15 153.96 5.44 100.68 48.99 BUY 840 1,450 -42.07% PTPP IJ Equity 10,447 0.18 11.70 8.06 1.03 0.69 104.84 3.45 56.69 48.95 BUY 1,175 1,685 -30.27% WSKT IJ Equity 20,225 0.36 17.28 6.03 1.54 0.35 237.92 -18.09 54.31 33.95 HOLD 775 1,490 -47.99% WTON IJ Equity 3,085 0.05 27.80 4.41 0.29 0.16 82.60 8.15 18.00 32.08 BUY 320 354 -9.60% WSBP IJ Equity 6,907 0.12 39.00 7.11 1.09 0.18 74.76 -12.46 52.53 32.98 UR UR 262 #VALUE! Toll Road

JSMR IJ Equity 30,193 0.53 -9.68 18.53 2.22 -1.91 185.14 4.67 -9.63 24.39 BUY 5,300 4,160 27.40% Property

BSDE IJ Equity 26,782 0.47 -20.00 6.90 0.98 -0.34 39.96 3.26 31.09 38.63 BUY 890 1,265 -29.64% PWON IJ Equity 27,933 0.49 18.69 12.13 2.17 0.65 26.51 8.14 10.48 31.29 HOLD 445 580 -23.28% SMRA IJ Equity 13,128 0.23 20.60 26.42 1.70 1.28 94.90 2.63 11.66 65.14 SELL 615 910 -32.42%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Agriculture

AALI IJ Equity 21,268 0.37 -16.32 12.33 1.08 -0.76 29.22 4.47 17.45 20.32 HOLD 8,300 11,050 -24.89% TBLA IJ Equity 5,048 0.09 n.a n.a n.a n.a 149.97 10.56 59.79 44.65 BUY 1,185 945 25.40% Metal

ANTM IJ Equity 65,604 1.15 89.30 43.10 1.15 0.48 47.19 2.41 368.84 34.95 BUY 900 2,730 -67.03% INCO IJ Equity 58,376 1.03 62.00 22.96 21.32 0.37 0.00 4.18 135.00 20.49 BUY 4,500 5,875 -23.40% TINS IJ Equity 15,268 0.27 79.80 12.94 0.98 0.16 219.85 -19.73 256.52 35.00 BUY 1,200 2,050 -41.46% Coal

PTBA IJ Equity 31,451 0.55 12.09 9.07 2.09 0.75 3.42 16.00 41.86 31.20 BUY 2,750 2,730 0.73% Consumer

UNVR IJ Equity 260,374 4.58 9.80 44.14 54.08 4.50 80.51 140.20 1.33 15.01 BUY 9,400 6,825 37.73% INDF IJ Equity 55,097 0.97 7.12 12.58 1.65 1.77 42.38 13.50 -1.96 49.92 BUY 9,200 6,275 46.61% ICBP IJ Equity 101,459 1.78 10.03 24.12 4.65 2.40 8.81 20.09 -12.28 19.47 BUY 11,800 8,700 35.63% GGRM IJ Equity 71,913 1.26 8.64 16.32 3.01 1.89 34.19 17.86 -24.49 23.78 BUY 56,000 37,375 49.83% HMSP IJ Equity 167,498 2.95 5.32 33.44 12.66 6.29 1.17 34.44 -8.45 7.50 HOLD 1,900 1,440 31.94% Pharmaceutical

KLBF IJ Equity 72,656 1.28 4.52 24.14 4.14 5.34 4.89 16.18 32.12 42.55 HOLD 1,815 1,550 17.10% KAEF IJ Equity 19,994 0.35 22.20 21.00 4.01 0.95 111.92 -0.25 441.35 9.97 UR - 3,600 #VALUE! Healthcare

MIKA IJ Equity 41,599 0.73 2.11 43.73 7.13 20.73 0.11 16.74 25.35 38.07 BUY 2,980 2,920 2.05% Retail

ACES IJ Equity 26,583 0.47 16.84 25.05 5.66 1.49 0.00 17.88 8.11 40.03 SELL 1,400 1,550 -9.68% LPPF IJ Equity 3,637 0.06 8.08 13.41 7.33 1.66 664.33 -75.02 -55.18 69.83 SELL 1,250 1,385 -9.75% MAPI IJ Equity 14,110 0.25 68.20 23.10 2.97 0.34 25.69 -5.62 12.58 43.97 HOLD 690 850 -18.82% RALS IJ Equity 5,287 0.09 13.00 20.48 2.57 1.58 0.00 -1.52 -11.25 37.08 HOLD 590 745 -20.81% Heavy Equipment

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RESEARCH TEAM

Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id

Damhuri Nasution [email protected] Head of Research Division & Economist Ext. 3993

Kim Kwie Sjamsudin [email protected] Head of Equity Research Department Ext. 3997

(Strategy, Automotive, Cement, Infrastructure)

Ariawan [email protected] Head of Fixed Income Research Dept. Ext. 2098

(Fixed Income Market, Corporate & Government Bond)

Andri Zakarias Siregar [email protected] Head of Technical Analysis Research Dept. Ext. 2054

(Market Strategy, Currency, Commodities, Bond & Stocks)

Maxi Liesyaputra [email protected] AVP Equity Analyst Ext. 3968

(Cement, Construction, Property, Precast Concrete)

Handri Thiono [email protected] Economist Ext. 2030

Ahmad Hapiz [email protected] Fixed Income Analyst Ext. 3978

(Fixed Income Market, Corporate & Government Bond)

William Ardian Siregar [email protected] Equity Analyst Ext. 3986

(Consumer, Retail)

Posmarito Pakpahan [email protected] Equity Analyst Ext. 3981

(Banking, Telecommunication)

Firman Hidayat [email protected] Equity Analyst Ext. 2034

(Automotive, Coal, Metal, Heavy Equipment, Plantation)

Erlangga Aditya Guntoro [email protected] Equity Analyst Ext. 2036

(Pharmaceutical, Healthcare, Toll Road)

R. Venia Allani Meissalina [email protected] Research Administrator Ext. 2050

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L A P O R A N H A R I A N

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Equity

EQUITY TEAM

CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831

Reynard Poernawan ext. 3988 [email protected] Head of Equity Division

Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Sales Trading

Teguh Hendro Karno ext. 3948 [email protected] Institutional Sales Trader

Yulinda ext. 3950 [email protected] Institutional Sales Trader

M. Rudi Riyanto ext. 3919 [email protected] Institutional Sales Trader

Ardy Fardiansyah ext. 3969 [email protected] Institutional Sales Trader

Entis Sutisman ext. 3951 [email protected] AVP Institutional Sales

Ika Agustina ext. 2131 [email protected] Equity Sales

Evi nurhafiza ext. 3929 [email protected] Equity Sales

Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division

Fahma Riniarti ext. 3917 [email protected] Head of Channel Development

P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision

Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta

Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta

Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta

M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera

Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung

Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta

Agus Purwanto ext. 2090 [email protected] Branch Manager Solo

Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya

Edith Febriana ext. 2082 [email protected] Branch Manager Malang

Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar

Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan

Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang

Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru

Susan J Mengko ext. 2102 [email protected] Branch Manager Manado

Melisa ext. 2136 [email protected] Branch Manager Aceh

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RESEARCH

Equity

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PT BNI SEKURITAS

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MANADO

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