Jumat, 21 Mei 2021
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
Cement: Signs of Improvement
What’s New?
Escalating domestic sales volume, both in 4M21 and April
2021, on the back of improving property and infrastructure
development growth. In April 2021, almost all of the areas in
Indonesia recorded volume improvement.
Key Highlights:
Higher sales volume growth in 4M21 (3.7% YoY)
compared to 3M21 (2.2% YoY)
Cement Association expect cement volume growth of
8% in FY21F(from –10.4% in FY20)
Performance growth expectation of SMGR and INTP in
FY21F.
Analyst: Maxi Liesyaputra (maxi@bnisekuritas.co.id)
RINGKASAN BERITA
Garap proyek tambang nikel Halmahera, PP Presisi raih
kontrak baru Rp 933 milliar hingga akhir April. PT PP
Presisi Tbk (PPRE) kembali dipercaya
membangun
infrastruktur tambang pada area pertambangan nikel Weda
Bay. Lokasi ini menjadi salah satu tambang nikel terbesar di
Indonesia yang berlokasi di Halmahera. Lokasi ini juga
merupakan perluasan dari pembangunan jalan hauling
yang sedang dilakukan. Dengan adanya perluasan scope of
work, PPRE membukukan total kontrak Rp 200 miliar dari
proyek pembangunan infrastruktur tambang nikel tersebut.
Perusahaan membukukan total perolehan kontrak baru
Rp933 miliar hingga akhir April, mencapai 25% dari total
target kontrak baru sebesar Rp3,7 triliun. (Kontan)
Astra & Telkom Menunggu Hasil Penggabungan
Gojek-Tokopedia. PT Astra International Tbk (ASII) dan PT Telkom
Indonesia (Persero) Tbk (TLKM) mendapat sentimen positif
dari merger Gojek-Tokopedia. Penggabungan Gojek dan
Tokopedia menciptakan super app baru yaitu GoTo.
Estimasi valuasi pasca-merger melebihi USD 40 miliar. Astra
International ikut serta dalam pendanaan Gojek seri F tahap
pertama dengan investasi USD 100 juta pada 2019. Dengan
tambahan investasi tersebut, total investasi Astra di Gojek
mencapai USD 250 juta. Investasi Astra di Gojek dimulai
pada 2018 karena Astra menyuntikkan USD 150 juta di
Gojek. (Bisnis Indonesia)
Global Indices
Closing
Change
%Chg
%Ytd
P/E
Americas
INDU Index
34,084.15
188.11
0.55
11.36
25.83
SPX Index
4,159.12
43.44
1.06
10.73
29.70
CCMP Index
13,535.74
236
1.77
5.02
89.83
IBOV Index
122,700.80
64.5
0.05
3.10
15.00
EMEA
UKX Index
7,019.79
69.59
1.00
8.66
54.07
CAC Index
6,343.58
81.03
1.29
14.27
45.60
DAX Index
15,370.26
256.7
1.70
12.04
33.10
IBEX Index
9,124.30
53.6
0.59
13.01
#N/A N/A
FTSEMIB Index
24,702.11
215.42
0.88
11.11
3.88
AEX Index
704.09
10.37
1.49
12.72
131.66
SMI Index
11,152.08
106.88
0.97
4.19
25.33
Asia / Pacific
NKY Index
28,098.25
53.8
0.19
2.38
19.72
KOSPI Index
3,162.28
-10.77
-0.34
10.05
20.24
SHCOMP Index
3,506.94
-4.021
-0.11
0.98
15.85
HSI Index
28,450.29
-143.52
-0.50
4.48
13.43
TWSE Index
16,042.36
-90.3
-0.56
8.89
17.01
SENSEX Index
49,564.86
-337.78
-0.68
3.80
30.94
SET Index
1,554.54
-7.7
-0.49
7.26
29.63
PCOMP Index
6,197.64
-48.07
-0.77
(13.19)
26.64
KLCI Index
1,575.32
-5.2
-0.33
(3.19)
18.89
FSSTI Index
3,109.81
5.6
0.18
9.35
34.81
JCI Index
5,797.60
37.013
0.64
(3.04)
28.23
Description
Last
Previous
%Chg
Market Capitalization (IDR Trillion)
6,860.66
6,816.63
0.65
Transaction Volume (Million Shares)
12,261.00
15,433.16
-20.55
Transaction Value (IDR Million)
8,855.00
8,242.88
7.43
Stocks Value (IDR)
722.21
534.10
35.22
Net Foreign (IDR Million)
(17,650.50)
(280,930.00)
-93.72
Commodities
Last
Previous
%Chg
Nickel (US$/Ton)
17,322.00
17,968.00
-3.60
Copper (US$/Ton)
10,001.50
10,405.00
-3.88
Tins (US$/Ton)
29,615.00
30,455.00
-2.76
Oil (US$/BBL) (*)
62.05
63.36
-2.07
Gas (US$/MMBTU)
2.57
2.65
-2.97
Coal (US$/Ton) (**)
99.75
99.10
0.66
CPO MALAYSIA(RM/ton)
4,681.50
4,794.00
-2.35
Gold (US$/Troy Ounce)
1,877.09
1,877.21
-0.01
JCI Sectors Performance
Weighting (%) YTD Chg (%)
1D Chg (%)
Jumat, 21 Mei 2021
L A P O R A N H A R I A N
RESEARCH
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 1 0 /1 /2 02 0 1 0 /8 /2 02 0 10 /1 5/ 2 02 0 10 /2 2/ 2 02 0 1 1 /3 /2 02 0 11 /1 0/ 2 02 0 11 /1 7/ 2 02 0 11 /2 4/ 2 02 0 1 2 /1 /2 02 0 1 2 /8 /2 02 0 12 /1 6/ 2 02 0 12 /2 3/ 2 02 0 1 /5 /2 0 21 1 /1 2 /2 02 1 1 /1 9 /2 02 1 1 /2 6 /2 02 1 2 /2 /2 0 21 2 /9 /2 0 21 2 /1 7 /2 02 1 2 /2 4 /2 02 1 3 /3 /2 0 21 3 /1 0 /2 02 1 3 /1 8 /2 02 1 3 /2 5 /2 02 1 4 /1 /2 0 21 4 /9 /2 0 21 4 /1 6 /2 02 1 4 /2 3 /2 02 1 4 /3 0 /2 02 1 5 /7 /2 0 21 5 /1 9 /2 02 1Accumulation 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
JCI Index USDIDR
No
Stock
Top Value (IDR)
1
BBCA IJ
531,427,800,000
2
PTBA IJ
303,716,600,000
3
BBRI IJ
302,488,700,000
4
TLKM IJ
240,669,900,000
5
BMRI IJ
191,745,600,000
No
Stock
Top Volume (Shares)
1
DOID IJ
475,386,500.00
2
MDLN IJ
180,860,500.00
3
ANTM IJ
148,923,800.00
4
PTBA IJ
142,137,400.00
5
ADRO IJ
134,592,000.00
No
Top Gainers
% Change
1
KARW IJ
34.55
2
JAWA IJ
34.44
3
SAFE IJ
34.12
4
WINS IJ
26.92
5
ARII IJ
25
No
Top Losers
% Change
1
INTD IJ
-6.99
2
KONI IJ
-6.98
3
MLPT IJ
-6.98
4
PNSE IJ
-6.97
5
CANI IJ
-6.95
No Leading Movers
% Change
1
TLKM IJ
4.75
2
UNVR IJ
3.21
3
BRPT IJ
6.29
4
ASII IJ
2.48
5
BBCA IJ
0.55
No Lagging Movers
% Change
1
SMMA IJ
-4.04
2
ANTM IJ
-5.10
3
MDKA IJ
-4.94
4
INCO IJ
-4.75
Jumat, 21 Mei 2021
L A P O R A N H A R I A N
3
RESEARCH
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 FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Banking
BBCA IJ Equity 782,180 13.75 -5.09 28.34 4.38 -5.57 6.97 15.75 37.90 44.89 BUY 37,150 31,725 17.10% BBNI IJ Equity 97,905 1.72 -78.66 69.12 0.85 -0.88 53.54 1.27 50.28 39.98 NOT RATED - 5,250 #VALUE! BBRI IJ Equity 477,267 8.39 -45.97 25.43 2.40 -0.55 68.12 9.24 67.14 43.22 BUY 5,000 3,870 29.20% BMRI IJ Equity 264,833 4.66 -37.71 17.49 1.46 -0.46 51.96 8.52 52.06 37.95 BUY 7,700 5,675 35.68% Cement
SMGR IJ Equity 55,015 0.97 16.87 19.67 1.64 1.17 67.19 8.41 11.59 48.99 BUY 16,500 9,275 77.90% INTP IJ Equity 44,267 0.78 -1.58 25.19 1.96 -15.96 2.26 7.64 18.94 49.00 BUY 17,600 12,025 46.36% Telecommunication
TLKM IJ Equity 313,037 5.50 11.47 15.05 3.05 1.31 54.15 20.59 1.52 47.91 BUY 4,000 3,160 26.58% ISAT IJ Equity 32,332 0.57 #N/A N/A #N/A N/A 2.72 #VALUE! 215.44 -5.83 197.50 20.71 BUY 6,700 5,950 12.61% EXCL IJ Equity 22,093 0.39 -47.76 #N/A N/A 1.13 #VALUE! 175.72 -4.13 -14.98 33.64 BUY 3,100 2,060 50.49% Automotive
ASII IJ Equity 204,442 3.59 6.86 13.56 1.27 1.98 40.66 9.57 34.84 49.81 BUY 7,000 5,050 38.61%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Construction
WIKA IJ Equity 11,795 0.21 -91.87 63.44 0.86 -0.69 157.75 1.23 41.49 34.94 BUY 2,500 1,315 90.11% ADHI IJ Equity 3,614 0.06 -96.24 218.50 0.65 -2.27 175.28 0.29 112.71 48.99 BUY 2,490 1,015 145.32% PTPP IJ Equity 7,037 0.12 -84.09 55.05 0.66 -0.65 132.47 1.15 84.71 48.95 BUY 2,030 1,135 78.85% WSKT IJ Equity 13,574 0.24 #N/A N/A #N/A N/A 1.80 #VALUE! 376.18 -58.07 71.72 33.95 BUY 1,450 1,000 45.00% WTON IJ Equity 2,405 0.04 -75.01 18.56 0.72 -0.25 82.24 3.79 26.61 32.16 BUY 470 276 70.29% WSBP IJ Equity 4,692 0.08 #N/A N/A #N/A N/A 3.77 #VALUE! 491.97 -102.45 23.40 32.98 UR UR 178 #VALUE! Toll Road
JSMR IJ Equity 29,104 0.51 -77.30 58.08 1.53 -0.75 256.03 2.65 8.77 24.39 BUY 5,300 4,010 32.17% Property
BSDE IJ Equity 24,241 0.43 -90.62 42.08 0.78 -0.46 49.67 2.09 83.20 38.63 BUY 1,500 1,145 31.00% CTRA IJ Equity 20,416 0.36 14.52 14.73 1.31 1.01 57.42 9.16 125.37 47.14 BUY 1,400 1,100 27.27% PWON IJ Equity 23,983 0.42 -65.80 25.79 1.64 -0.39 22.41 6.28 45.61 31.29 BUY 770 498 54.62% SMRA IJ Equity 13,273 0.23 -65.07 73.79 1.94 -1.13 104.10 2.53 116.98 65.14 BUY 1,200 920 30.43%
Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential
Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside
Agriculture
AALI IJ Equity 18,814 0.33 294.60 30.13 0.98 0.10 29.22 3.28 53.73 20.32 BUY 13,500 9,775 38.11% TBLA IJ Equity 4,674 0.08 3.34 6.89 0.83 n.a 149.97 10.56 71.91 44.65 BUY 1,200 875 37.14% Metal
ANTM IJ Equity 61,278 1.08 492.69 29.72 3.09 0.06 40.72 10.90 391.40 34.95 BUY 4,500 2,550 76.47% INCO IJ Equity 50,179 0.88 43.10 40.09 1.71 0.93 0.00 4.35 72.66 20.49 BUY 6,500 5,050 28.71% TINS IJ Equity 12,885 0.23 45.12 149.51 2.55 3.31 126.55 1.67 274.46 35.00 BUY 1,200 1,730 -30.64% Coal
PTBA IJ Equity 25,691 0.45 -42.59 9.07 2.09 -0.21 5.50 10.69 37.23 31.20 BUY 3,500 2,230 56.95% Consumer
UNVR IJ Equity 207,918 3.66 #N/A #N/A #N/A #N/A 80.51 101.58 -32.33 15.01 BUY 7,450 5,450 36.70% INDF IJ Equity 55,975 0.98 #N/A #N/A #N/A #N/A 67.62 16.11 -1.50 49.92 BUY 9,200 6,375 44.31% ICBP IJ Equity 96,502 1.70 30.79 14.65 3.28 0.48 63.03 24.07 -14.46 19.47 BUY 12,470 8,275 50.69% GGRM IJ Equity 63,639 1.12 -29.71 9.16 1.06 -0.31 10.57 12.23 -32.91 23.78 BUY 56,000 33,075 69.31% HMSP IJ Equity 141,908 2.50 -37.29 18.15 4.32 -0.49 1.03 21.82 -29.20 7.50 SELL 1,100 1,220 -9.84% Pharmaceutical
KLBF IJ Equity 67,735 1.19 9.03 24.36 3.70 2.70 6.34 16.00 5.89 42.56 BUY 2,000 1,445 38.41% KAEF IJ Equity 14,163 0.25 #N/A N/A ###### 2.02 #VALUE! 109.22 0.13 109.98 9.97 UR - 2,550 #VALUE! Healthcare
MIKA IJ Equity 37,183 0.65 #N/A #N/A #N/A #N/A 0.00 19.77 13.49 38.07 BUY 3,270 2,610 25.29% Retail
ACES IJ Equity 25,125 0.44 #N/A #N/A #N/A #N/A 15.96 14.86 13.10 40.03 BUY 1,700 1,465 16.04% ERAA IJ Equity 9,331 0.16 #N/A #N/A #N/A #N/A 40.19 11.96 150.00 45.20 BUY 610 585 4.27% LPPF IJ Equity 4,635 0.08 #N/A #N/A #N/A #N/A 664.33 -100.33 32.71 69.34 SELL 950 1,765 -46.18% MAPI IJ Equity 12,284 0.22 #N/A #N/A #N/A #N/A 104.50 -9.47 3.50 43.97 HOLD 800 740 8.11% RALS IJ Equity 5,003 0.09 #N/A N/A #N/A N/A 1.31 #VALUE! 16.09 -6.08 25.63 37.08 BUY 880 705 24.82% Heavy Equipment
Jumat, 21 Mei 2021
L A P O R A N H A R I A N
4
RESEARCH
Equity
RESEARCH TEAM
Phone
: +62 21 25543946 (Hunting)
Fax
: +62 21 57935831
: research@bnisekuritas.co.id
Website
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Damhuri Nasution
damhuri.nasution@bnisekuritas.co.id
Head of Research Division & Economist
Ext. 3993
Kim Kwie Sjamsudin
kim.kwie@bnisekuritas.co.id
Head of Equity Research Department
Ext. 3997
(Strategy, Automotive, Cement, Infrastructure)
Ariawan
ariawan@bnisekuritas.co.id
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Ext. 2098
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AVP Equity Analyst
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Ext. 2030
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Jumat, 21 Mei 2021
L A P O R A N H A R I A N
5
RESEARCH
Equity
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Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh
Phone: (62-651) 31109 Fax: (62-651) 31107
BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin
Phone: (62-511) 3253735 Fax: (62-651) 3253754 e-mail: banjarmasin@bnisekuritas.co.id
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