IHSG Berpeluang Bergerak Terbatas menunggu implementasi PPKM mikro

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1 www.samuel.co.id

: 6,181.7 : -27.2 -0.44% : 17,657 Mn shrs : 18,305 Bn rupiah Last Close +/- % BBRI 4,620 160 3.6 MAYA 7,300 1200 19.7 BBCA 34,900 300 0.9 TPIA 11,275 200 1.8 ASII 5,825 -275 -4.5 TLKM 3,200 -80 -2.4 BRIS 2,830 -130 -4.4 BRPT 1,145 -45 -3.8

Foreign Net Buy / Sell (Regular Market)

Net Buy (IDR bn) Net Sell (IDR bn)

BBRI 699 ASII 326 BBCA 125 ICBP 253 BBNI 17 TLKM 106 ADRO 13 BMRI 96 MIKA 12 PGAS 81 Money Market Last Close +/- % USD/IDR 13,995 -8.0 0.1 JIBOR O/N 5.9 0.0

Dual Listing Securities

Last Close +/- % TLKM 23.2 -0.4 -1.6 EIDO 23.8 -0.3 -1.1 Global Indices Last Close +/- % DJIA 31,376 -10 0.0 S&P 500 3,911 -4 -0.1 Euro Stoxx 3,661 -4 -0.1 MSCI World 2,799 3 0.1 STI 2,935 4 0.1 Nikkei 29,454 -52 -0.2 Hang Seng 29,476 157 0.5 Commodities Last Close +/- % Brent Oil 61 0.5 0.9 Coal (ICE) 86 1.2 1.4 CPO Malay 3,378 122.0 3.7 Nickel 18,343 200.3 1.1 Tin 24,445 376.0 1.6 Market Value Market Activity Tuesday, 09 Feb 2021 Market Index Index Movement Market Volume Changes Changes Leading Movers Lagging Movers Changes Changes Changes

DAILY RESEARCH

Summary

IHSG Berpeluang Bergerak Terbatas menunggu

implementasi PPKM mikro

Bursa saham AS ditutup bervariasi pada perdagangan semalam dimana Dow

flat -0.03%, S&P500 -0.11% namun Nasdaq menguat tipis +0.14%. Para investor wait

and see masih menunggu realisasi stimulus COVID-19 yang sudah disetujui oleh

Kongres. Meski demikian, terdapat sentimen positif dari data lapangan kerja. Pada

Desember 2020, penciptaan lapangan kerja AS mencapai 6.65 juta naik 74 ribu dari

bulan sebelumnya. Di sisi lain, PHK yang terjadi turun 243 ribu menjadi 1.81 juta.

Dari pasar komoditas, harga minyak cenderung menguat dimana Brent naik

+1.06% dan WTI +0.45%. Harga minyak Brent menyentuh level 61.2 yang merupakan

level tertinggi sejak Januari 2020 lalu. Penguatan terjadi disamping optimisme stimulus

AS akan meningkatkan permintaan mintak, ada pula sentimen dari OPEC+ menjalankan

komitmen untuk tidak menahan produksi minyak serta pengurangan 1 juta barel/hari

oleh Arab Saudi dan 260 ribu barel/hari oleh Lybia.

IHSG pada perdagangan kemarin melemah -0.44% di tengah aksi net sell

investor asing di pasar reguler sebanyak IDR 546.4 miliar. Sentimen negatif datang dari

pernyataan gubernur BI dalam Rapat Kerja dengan Komisi XI DPR, yang menyebutkan

pemulihan ekonomi tidak secepat perkiraan sebelumnya. Hari ini IHSG diproyeksikan

akan bergerak terbatas dengan kecenderungan melemah mengikuti pergerakan bursa

global. Investor diperkirakan akan menunggu implementasi PPKM mikro dan

mencermati pernyataan menteri kesehatan yang mengatakan akan terjadi lonjakan

kasus COVID-19 dalam waktu dekat dengan penerapan tes yang lebih maksimal.

Sentimen positif dari dalam negeri adalah kasus sembuh harian COVID-19 lebih tinggi

dibandingkan penambahan kasus baru. Pada hari kemarin, kasus sembuh mencapai

10,424 kasus, sedangkan kasus baru hanya 8,700 kasus. Dengan demikian kasus aktif di

Indonesia mencapai 169,351 kasus, masih merupakan kasus aktif tertinggi di Asia.

Selain itu vaksinasi terus berjalan dengan penambahan 30,822 jiwa yang mendapat

vaksinasi tahap I dan 50,183 jiwa mendapat vaksinasi tahap II. Secara total masyarakat

Indonesia yang mendapat vaksinasi tahap I mencapai 845 ribu dan 221 ribu telah

menerima vaksinasi tahap II. Pagi ini Nikkei terpantau turun -0.35% dan Kospi

meningkat +0.25%.



SMRA

:

Marketing Sales 1M21 +48% yoy



Poultry :

Instruksi Culling Februari 2021

          

10 February 2021

Highlights

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Equity Research│10 February 2021

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total

1D Change Daily 1D Change

Total

Daily

Total

Daily

Total

Closed Cases

Cases

%

Cases

%

Recovered Recovered Deaths

Deaths Active Cases

%

2/9/2021 1,174,779 0.75 8,700 5.56 973,452 10,424 31,976 213 169,351

85.58 2/8/2021 1,166,079 0.71 8,242 (23.88) 963,028 13,038 31,763 207 171,288

85.31 2/7/2021 1,157,837 0.94 10,827 (10.93) 949,990 10,806 31,556 163 176,291

84.77 2/6/2021 1,147,010 1.07 12,156 3.46 939,184 12,204 31,393 191 176,433

84.62 2/5/2021 1,134,854 1.05 11,749 2.75 926,980 9,674 31,202 201 176,672

84.43 2/4/2021 1,123,105 1.03 11,434 (4.59) 917,306 11,641 31,001 231 174,798

84.44 2/3/2021 1,111,671 1.09 11,984 15.46 905,665 9,135 30,770 189 175,236

84.24 Average

10,727

10,989

199

84.77 Source: SSI Research, Bloomberg

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)

5-Feb -2 0 5-M ar -2 0 5-Ap r-20 5-M ay -2 0 5-Ju n-20 5-Ju l-2 0 5-A ug -2 0 5-Sep -2 0 5-O ct-2 0 5-N ov -2 0 5-D ec -2 0 5-Ja n -2 1 5-Feb -2 1 0 10 20 30 40 50 60 70 5-Feb -2 0 5-M ar -2 0 5-A pr -2 0 5-M ay -2 0 5-Ju n-20 5-Ju l-2 0 5-Au g-20 5-Sep -2 0 5-O ct-2 0 5-N ov -2 0 5-D ec -2 0 5-Ja n -2 1 5-Feb -2 1 40 50 60 70 80 90 100 5-Feb -2 0 5-M ar -2 0 5-A pr -2 0 5-M ay -2 0 5-Ju n-20 5-Ju l-2 0 5-A ug -2 0 5-Sep -2 0 5-Oc t-2 0 5-N ov -2 0 5-D ec -2 0 5-Ja n -2 1 5-Feb -2 1 1,500 2,000 2,500 3,000 3,500 4,000 4,500 4,000 4,500 5,000 5,500 6,000 6,500 7,000 10,000 11,000 12,000 13,000 14,000 15,000 16,000 17,000 18,000 19,000 5-Feb -2 0 5-M ar -2 0 5-A pr -2 0 5-M ay -2 0 5-Ju n-20 5-Ju l-2 0 5-Au g-20 5-Sep -2 0 5-Oc t-2 0 5-N ov -2 0 5-D ec -2 0 5-Ja n -2 1 5-Feb -2 1 1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

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Equity Research│10 February 2021

SMRA: Marketing Sales 1M21 +48% yoy

PT Summarecon Agung (SMRA) mencatatkan marketing sales sebesar IDR 508 miliar pada 1M21, naik +48%

yoy dari 1M20 sebesar IDR 344 miliar. Pencapaian ini ditopang oleh penjualan produk rumah tapak yang

menyumbang IDR 379 miliar, tumbuh +64% yoy dari periode sebelumnya. Dari segi wilayah proyek,

Summarecon Bogor menjadi penyumbang terbesar, berkontribusi ~38%, lalu diikuti oleh Bandung ~28%.

(Perusahaan)

Comment:

Pencapaian bulan pertama ini terbilang sangat baik, dimana SMRA menargetkan penjualan sebesar

3.5 triliun hingga akhir tahun. Produk rumah tapak dengan ASP dibawah IDR 2.5 miliar kembali

menopang penjualan sesuai perkiraan kami. Penjualan proyek teranyar Summarecon Bogor kembali

mendominasi penjualan seperti di 4Q20, meski dengan nilai yang lebih rendah. Sementara itu, proyek

andalan Serpong diharapkan dapat mulai berkontribusi besar mulai 2Q21.

Poultry: Instruksi Culling Februari 2021

Kementerian Pertanian menginstruksikan untuk melakukan pengurangan produksi DOC FS sebanyak 56.59

juta ekor melalui cutting HE Fertil sebesar 60.79 juta ekor yang akan dilaksanakan pada 5Februari-6Maret

2021. (Kementerian Pertanian)

Comments:

Potensi produksi DOC FS untuk bulan Februari 2021 sebanyak 298.3 juta ekor dan potensi demand

sebanyak 219.7 juta ekor. Maka dari itu terdapat potensi surplus sebesar 78.6 juta ekor atau sebesar

35.7%. Dengan adanya pemotongan sebesar 60.7 juta ekor ini artinya potensi surplus menipis menjadi

sekitar ~8.1%. Sesuai dugaan kami sebelumnya, arahan culling harus dilakukan secara rutin setiap

bulannya dengan jumlah sekitar ~60 juta DOC FS. Hal ini akan membuat harga broiler stabil di harga

atasnya (IDR 18,000-22,000 per ekor). Poultry: Overweight

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Equity Research│10 February 2021

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E 21E 20E 21E 20E 21E

Banks BMRI BUY 4.4 6,500 BBCA HOLD 12.4 BBRI BUY 8.2 4,620 BBNI BUY 1.7 6,225 BBTN HOLD 0.3 Average Consumer (Staples) ICBP BUY 1.5 INDF BUY 0.8 6,150 KLBF BUY 1.0 1,520 UNVR BUY 3.9 7,100 SIDO BUY 0.3 775 Average Cigarette HMSP HOLD 2.3 GGRM BUY 1.1 Average Healthcare MIKA HOLD 0.6 SILO BUY 0.1 5,250 HEAL BUY 0.2 4,110 Average Poultry CPIN BUY 1.4 5,900 JPFA BUY 0.2 1,465 8,000 7,964 23.1 17.7 12.8 1.6 1.5 9.1 12.1 34,900 35,300 37,466 1.1 31.2 27.0 4.8 4.3 15.4 16.1 5,300 4,980 14.7 29.4 17.4 3.0 2.7 10.3 15.8 8,500 7,112 36.5 38.9 9.0 1.0 0.9 2.6 9.7 1,735 1,800 2,063 3.7 13.2 7.2 1.1 0.9 7.9 12.9 26.1 14.7 2.3 2.1 9.1 13.3 8,800 12,000 12,011 36.4 17.9 16.0 3.5 3.0 19.6 19.1 9,500 8,685 54.5 11.0 11.1 1.3 1.2 11.9 11.0 1,750 1,811 15.1 25.8 23.4 4.1 3.8 16.0 16.0 9,800 8,355 38.0 32.0 31.4 42.8 41.5 133.7 132.2 920 902 18.7 25.7 22.7 7.2 6.7 27.9 29.7 22.5 20.9 11.8 11.3 41.8 41.6 1,390 1,460 1,386 5.0 16.2 16.0 49.6 4.9 307.1 30.9 38,775 44,400 41,365 14.5 8.8 8.6 1.3 1.2 14.2 13.9 12.5 12.3 25.4 3.1 160.7 22.4 2,990 3,000 3,070 0.3 58.6 55.4 9.0 8.1 15.3 14.7 5,800 5,680 10.5 375.0 159.1 1.4 1.4 0.4 0.9 5,000 4,558 21.7 37.7 32.6 5.0 4.4 13.3 13.5 157.1 82.4 5.1 4.7 9.6 9.7 7,300 6,759 23.7 33.5 25.8 4.6 4.2 13.7 16.4 1,800 1,721 22.9 21.9 9.0 1.4 1.2 6.4 13.8

MAIN BUY 0.0 690 890 852 29.0 n/a 10.1 0.7 0.7 -0.9 6.8

Average 27.7 15.0 2.2 2.1 6.4 12.3

Retail

MAPI BUY 0.2 745 850 954 14.1 n/a 74.5 1.4 8.0 -7.4 10.8

RALS BUY 0.1 725 900 778 24.1 n/a 15.4 1.2 1.2 -1.5 7.7

ACES BUY 0.4 1,670 1,900 1,840 13.8 35.5 26.1 5.7 5.1 16.1 19.6

LPPF SELL 0.0 1,275 1,100 1,069 -13.7 n/a 9.9 2.2 3.4 -35.0 34.1

Average 35.5 38.7 2.8 4.8 2.4 12.7

Pulp and Paper

INKP SELL 1.1 13,975 7,000 9,875 -49.9 16.1 19.3 1.2 1.2 7.6 6.0 Average 16.1 19.3 1.2 1.2 7.6 Media MNCN BUY 0.2 1,090 1,400 1,521 28.4 6.6 6.0 1.0 0.9 14.9 14.3 SCMA SELL 0.5 2,160 1,750 2,258 -19.0 27.3 24.5 5.6 4.7 20.6 19.2 Average 17.0 15.3 3.3 2.8 17.7 16.8 Telco EXCL BUY 0.4 2,330 3,300 3,598 41.6 10.6 23.5 1.2 1.1 11.0 4.8

ISAT SELL 0.4 5,650 3,100 4,683 -45.1 n/a 148.7 2.5 2.4 -3.2 1.6

TLKM BUY 4.6 3,200 4,300 4,113 34.4 14.3 13.7 2.6 2.4 17.8 17.8 Average 12.5 62.0 2.1 2.0 8.5 8.1 Telco Retail ERAA SELL 0.1 2,830 1,625 2,445 -42.6 15.1 12.3 1.7 1.5 11.0 11.9 Telco Infra Stock Rec.

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Equity Research│10 February 2021

Auto ASII BUY 3.4 5,825 6,750 6,753 15.9 13.1 11.8 1.2 1.1 9.0 9.6 Average 13.1 11.8 1.2 1.1 9.0 Mining Contracting UNTR BUY 1.3 23,525 31,000 30,459 31.8 12.7 9.4 1.4 1.3 11.2 13.8 Average 12.7 9.4 1.4 1.3 11.2 Aviation GIAA BUY 0.1 342 650 428 90.1 3.5 3.0 0.6 0.5 17.5 16.9 Average 3.5 3.0 0.6 0.5 17.5 Property BSDE HOLD 0.4 1,205 1,250 1,402 3.7 20.8 16.7 0.7 0.7 3.5 4.1 PWON SELL 0.4 530 525 620 -0.9 40.8 23.0 1.1 1.0 2.6 4.4 ASRI SELL 0.1 236 130 235 -44.9 18.2 8.4 0.4 0.4 2.3 4.7 LPKR SELL 0.2 199 140 197 -29.6 n/a n/a 0.5 0.4 -0.5 -0.2 SMRA HOLD 0.2 795 800 972 0.6 29.4 21.5 2.6 2.3 8.9 10.9

CTRA HOLD 0.3 1,025 1,100 1,192 7.3 24.4 19.0 1.2 1.2 5.1 6.2

Average 26.7 17.7 1.1 1.0 3.6 5.0

Industrial Estate

SSIA BUY 0.0 545 650 616 19.3 n/a 38.9 0.7 0.6 -1.6 1.6 DMAS BUY 0.2 224 250 271 11.6 14.9 13.2 1.4 1.7 9.6 12.7 KIJA SELL 0.1 174 150 230 -13.8 15.8 13.4 0.6 0.5 4.0 3.4 Average 15.4 21.8 0.9 0.9 4.0 5.3 Construction PTPP HOLD 0.2 1,730 1,900 1,915 9.8 78.6 14.1 0.7 0.7 0.9 4.9 ADHI BUY 0.1 1,460 1,800 1,735 23.3 60.8 14.2 0.9 0.9 1.5 6.1 WSKT BUY 0.3 1,520 2,200 1,645 44.7 n/a 14.6 0.9 0.8 -15.2 5.6 WIKA BUY 0.3 1,950 2,200 2,213 12.8 20.3 13.3 1.0 0.9 5.0 7.1 Average 53.3 14.0 0.9 0.8 -1.9 5.9 Cement INTP BUY 0.7 13,900 16,250 16,669 16.9 38.6 32.1 2.3 2.2 5.8 6.9 SMGR BUY 0.9 10,900 13,570 13,897 24.5 23.4 17.4 1.8 1.7 7.6 9.5 Average 31.0 24.8 2.0 1.9 6.7 8.2 Precast WSBP SELL 0.1 262 230 267 -12.2 23.8 7.1 0.7 0.6 2.9 8.9 WTON BUY 0.0 366 450 485 23.0 33.3 9.9 1.0 0.9 2.9 8.9 Average 28.5 8.5 0.8 0.8 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,430 1,700 1,715 18.9 26.0 20.4 0.9 0.8 3.3 4.1

AKRA BUY 0.2 3,250 3,800 3,951 16.9 15.0 13.2 1.5 1.4 10.1 10.9

MEDC BUY 0.3 690 1,090 868 58.0 n/a 9.5 1.0 0.9 -9.9 9.7

Average 20.5 14.3 1.1 1.1 1.2 8.2

Chemical

TPIA SELL 2.9 11,275 10,250 9,925 -9.1 777.6 129.6 7.8 7.8 1.0 6.0

BRPT SELL 1.6 1,150 1,120 1,205 -2.6 240.3 146.9 6.1 6.1 2.5 4.2 ESSA SELL 0.1 226 225 313 -0.4 n/a n/a 1.6 0.8 -20.0 -0.5

Average 509.0 138.2 5.1 4.9 -5.5 3.2

Utilities

JSMR BUY 0.5 4,520 5,000 5,693 10.6 68.5 22.7 1.4 1.3 2.0 5.6

Metal

ANTM SELL 1.0 2,730 1,480 2,807 -45.8 143.7 97.5 3.6 3.6 2.5 3.7 MDKA SELL 0.8 2,550 2,030 2,595 -20.4 n/a 13.9 9.3 10.1 15.7 72.9

INCO BUY 0.9 5,950 6,730 6,407 13.1 41.0 41.0 2.1 2.0 5.0 5.0

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Equity Research│10 February 2021

Coal ITMG HOLD 0.2 12,575 13,550 14,360 7.8 8.7 8.7 1.2 1.4 14.3 16.7 ADRO BUY 0.6 1,210 1,530 1,703 26.4 8.3 8.3 0.7 0.7 8.5 8.8 PTBA HOLD 0.4 2,590 2,830 2,958 9.3 13.8 9.5 2.0 1.6 14.3 16.5 Average 10.3 8.8 1.3 1.3 12.4 14.0 Plantation AALI BUY 0.3 11,450 13,800 14,925 20.5 33.0 20.8 1.2 1.1 3.5 5.3 LSIP HOLD 0.1 1,370 1,370 1,546 0.0 3.1 2.8 1.1 1.0 33.6 37.0 TBLA SELL 0.1 995 980 1,135 -1.5 8.2 6.7 0.9 0.8 11.0 12.2 SIMP SELL 0.1 428 388 475 -9.3 38.9 25.2 0.5 0.5 1.2 1.8 SSMS BUY 0.2 1,135 1,500 1,683 32.2 33.4 14.4 2.5 2.1 7.4 15.0 Average 23.3 14.0 1.2 1.1 11.3 14.3

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD. Stock Rec.

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Equity Research│10 February 2021

Chg (Pts)

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

World 2,799 2.66 0.10 2.21 1.64 11.63 4.03 15.97 2,803 1,579 U.S. (S&P) 3,911 (4.36) (0.11) 2.22 2.26 10.16 4.13 17.54 3,918 2,192 U.S. (DOW) 31,376 (9.93) (0.03) 2.24 0.89 7.61 2.51 7.81 31,439 18,214 Europe 3,661 (4.38) (0.12) 1.97 0.44 6.35 3.05 (3.48) 3,867 2,303 Emerging Market 1,409 9.32 0.67 1.18 4.11 19.43 9.13 29.64 1,414 752 FTSE 100 6,532 8.03 0.12 0.23 (4.97) 3.73 1.10 (12.29) 7,548 4,899 CAC 40 5,692 5.51 0.10 2.31 (0.27) 5.03 2.52 (5.39) 6,111 3,632 Dax 14,012 (48.11) (0.34) 1.28 (0.27) 6.45 2.14 3.84 14,169 8,256 Indonesia 6,182 (27.19) (0.44) 2.28 (1.22) 13.16 3.39 3.86 6,505 3,912 Japan 29,454 (52.02) (0.18) 2.82 4.67 18.26 7.32 24.35 29,586 16,358 Australia 6,838 17.08 0.25 0.20 1.19 7.85 3.81 (2.48) 7,197 4,403 Korea 3,091 6.21 0.20 (1.24) (1.94) 26.01 7.57 40.43 3,266 1,439 Singapore 2,935 3.87 0.13 0.62 (1.94) 8.51 3.22 (7.20) 3,234 2,208 Malaysia 1,586 12.80 0.81 0.36 (2.88) 0.70 (2.52) 2.81 1,696 1,208 Hong Kong 29,476 156.72 0.53 0.78 5.73 12.07 8.24 8.20 30,191 21,139 China 3,603 71.04 2.01 1.98 0.94 7.24 3.76 24.67 3,637 2,647 Taiwan 15,802 96.18 0.61 4.39 2.19 21.80 7.26 36.08 16,238 8,524 Thailand 1,518 1.84 0.12 2.15 (1.18) 13.20 4.76 (1.11) 1,562 969 Philipines 7,066 41.07 0.58 2.88 (3.08) 0.43 (1.04) (4.92) 7,511 4,039

Foreign Reserves (US$Bn) 138.00 1.55 3.25 1.55 4.78 138.00 120.97

Inflation Rate (yoy, %) 1.55 2.98 1.32

Gov Bond Yld (10yr, %) 6.22 (5.72) 8.38 5.86

US Fed Rate (%) 0.25 1.75 0.25

Chg (Pts)

Indonesia 13,995 (8.00) 0.06 0.21 0.93 0.50 0.39 (2.02) 16,625 13,655 Japan 104.60 0.01 (0.01) 0.41 (0.33) 0.67 (1.29) 4.94 112.23 101.19 UK 1.38 (0.00) (0.03) 1.22 2.18 4.08 1.05 6.95 1.38 1.14 Euro 1.21 (0.00) (0.03) 0.66 (0.30) 2.54 (0.83) 11.03 1.23 1.06 China 6.44 (0.01) 0.20 0.34 0.72 3.02 1.43 8.53 7.18 6.42 Chg (Pts)

Oil (Brent) 61.09 0.53 0.88 6.32 9.11 44.08 17.93 12.15 61.34 15.98 CPO 3,378 122.00 3.75 3.33 (8.92) 7.85 (6.17) 21.77 3,751 1,944 Rubber 953.50 6.00 0.63 3.64 1.44 (9.19) 1.71 24.89 1,262.50 685.00 Coal 86.15 1.15 1.35 5.06 1.71 38.62 7.02 23.07 92.00 47.50 Tin 24,445 376.00 1.56 (0.12) 15.13 33.72 18.99 51.14 25,001 13,375 Nickel 18,370 203.00 1.12 3.80 3.98 16.61 10.58 43.85 18,515 10,865 Copper 8,148 110.50 1.37 4.76 0.20 17.81 4.91 43.87 8,238 4,371 Gold 1,836 (0.70) (0.04) 0.09 0.01 (2.18) (3.04) 16.42 2,074 1,451

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

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DISCLAIMER: Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or

Equity Research│10 February 2021

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer Staples [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco

Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property,Oil &

Gas [email protected] +6221 2854 8144

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8739

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312 Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325

Sylviawati Customer Service [email protected] +6221 2854 8193

Private Wealth Management

Evelyn Satyono Head of PWM Equity Sales [email protected] +6221 2854 8380

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

Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365

Equity Retail Team

Kelvin Long Head of Retail Equity Sales [email protected] +6221 2854 8150

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

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

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170 Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Online Trading Sales Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372