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

ANTM: 1Q21 Earnings Above Estimates from Upstream Boost

What’s New?

We reiterate BUY on ANTM and retain our TP of IDR4,500 based on DCF valuation method, underpinned by ANTM’s 1Q21 results which came above BNIS and consensus estimates.

Key Highlights:

 Strong 1Q21 earnings of IDR630b, forming 33% of BNIS and 26.4% of consensus FY21F estimates.

 Potential high margin from the processed of bauxite and nickel ore reserves.

 Robust refined nickel sales volume target boosted by higher production from several downstream projects expansion further.

Analyst: Firman Hidayat ([email protected]) RINGKASAN BERITA

 Pendapatan dan Laba PP Presisi Tumbuh Dobel Digit di 1Q21. PT PP Presisi Tbk (PPRE) mencatatkan kenaikan

pendapatan dan laba sebesar dobel digit di 1Q21. Berdasarkan laporan keuangan per 31 Maret 2021, PPRE membukukan pendapatan senilai Rp665,58 miliar atau naik 20,54 persen dari periode sama tahun lalu Rp552,14 miliar. Laba yang dapat diatribusikan kepada pemilik entitas induk tumbuh 21,61 persen menjadi Rp17,05 miliar dari sebelumnya Rp14,02 miliar. Segmen usaha konstruksi masih menjadi kontributor terbesar kinerja perseroan yaitu sebesar 84,3 persen. Pendapatan usaha dari konstruksi tercatat senilai Rp561,55 miliar atau tumbuh 34,11 persen year on year. Peningkatan tersebut sebagian besar berasal dari penyelesaian dan progres proyek-proyek infrastruktur strategis nasional, seperti Sirkuit Mandalika, Bendungan Manikin, Patimban Port, Tol Manado - Bitung, Bendungan Way Sekampung, proyek rekonstruksi paved shoulder taxiway - Bandar Udara Internasional Sultan Aji Muhammad Sulaiman. (Bisnis Indonesia)

 HERO Bukukan Pendapatan Rp1,76 triliun di 1Q21. PT Hero

Supermarket Tbk (HERO) membukukan pendapatan bersih sebesar Rp1,76 triliun di 1Q21, merosot dibandingkan dengan realisasi pendapatan bersih perusahaan pada periode sama tahun sebelumnya sebesar Rp2,61 triliun. Beban pokok pendapatan HERO berhasil ditekan menjadi sebesar Rp1,26 triliun dari tahun sebelumnya sebesar Rp1,89 triliun. Laba kotor perusahaan mengalami penurunan menjadi Rp494,08 miliar di 1Q21, turun dibandingkan dengann periode sama tahun sebelumnya sebesar Rp702,59 miliar. HERO juga berhasil menekan beban usaha pada periode itu menjadi sebesar Rp514,89 miliar dari Rp774,48 miliar. Selain itu, HERO juga berhasil mencatat peningkatan penghasilan lainnya bersih menjadi sebesar Rp68,42 miliar dari Rp48,68 miliar. (IQ Plus) Global Indices Closing Change %Chg %Ytd P/E

Americas INDU Index 34,113.23 238.38 0.70 11.46 26.21 SPX Index 4,192.66 11.49 0.27 11.62 30.63 CCMP Index 13,895.12 -67.56 -0.48 7.81 95.18 IBOV Index 119,209.50 315.7 0.27 0.16 22.61 EMEA UKX Index 6,969.81 8.33 0.12 7.88 56.51 CAC Index 6,307.90 38.42 0.61 13.63 49.85 DAX Index 15,236.47 100.56 0.66 11.06 41.93 IBEX Index 8,893.70 78.7 0.89 10.16 #N/A N/A FTSEMIB Index 24,419.97 278.81 1.15 9.84 3.88 AEX Index 712.13 4.57 0.65 14.01 181.83 SMI Index 11,119.00 96.66 0.88 3.88 25.35 Asia / Pacific NKY Index 28,812.63 -241.34 -0.83 4.99 30.72 KOSPI Index 3,127.20 -20.66 -0.66 8.83 19.80 SHCOMP Index 3,446.86 -28.045 -0.81 (0.75) 15.80 HSI Index 28,357.54 -367.34 -1.28 4.14 13.56 TWSE Index 17,222.35 -344.31 -1.96 16.90 20.76 SENSEX Index 48,718.52 -63.84 -0.13 2.03 31.44 SET Index 1,583.13 -7.33 -0.46 9.23 38.61 PCOMP Index 6,369.28 -1.59 -0.02 (10.79) 26.82 KLCI Index 1,590.73 -10.92 -0.68 (2.24) 20.69 FSSTI Index 3,184.76 -33.51 -1.04 11.99 39.15 JCI Index 5,952.60 -43.019 -0.72 (0.44) 27.34

Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,046.64 7,095.12 -0.68 Transaction Volume (Million Shares) 16,990.00 16,458.05 3.23 Transaction Value (IDR Million) 7,732.00 8,431.74 -8.30 Stocks Value (IDR) 455.09 512.32 -11.17 Net Foreign (IDR Million) 106,452.50 186,268.50 -42.85

Commodities Last Previous %Chg Nickel (US$/Ton) 17,674.00 17,257.00 2.42 Copper (US$/Ton) 9,825.00 9,885.00 -0.61 Tins (US$/Ton) 28,690.00 28,475.00 0.76 Oil (US$/BBL) (*) 64.49 63.58 1.43 Gas (US$/MMBTU) 2.60 2.41 7.87 Coal (US$/Ton) (**) 92.80 91.60 1.31 CPO MALAYSIA(RM/ton) 4,400.00 4,403.50 -0.08 Gold (US$/Troy Ounce) 1,792.90 1,792.88 0.00

JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)

JCI Index 100.00 -0.44 -0.20

Finance 100.00 2.10 0.28

Consumer Goods 100.00 -11.48 -0.56 Infrastructure Utility and Transportation 100.00 3.55 1.00 Basic Industry and Chemicals 100.00 1.90 1.00 Trade Services and Investment 100.00 13.81 -0.55

Mining 100.00 1.26 5.81

Construction Property and Real Estate 100.00 -11.43 1.00 Miscellaneous Industries 100.00 -4.10 -1.83

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_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 10 /1 /2 02 0 10 /8 /2 020 10 /1 5/2020 10 /2 2/2020 11 /3 /2 020 11 /1 0/2020 11 /1 7/2020 11 /2 4/2020 12 /1 /2 020 12 /8 /2 020 12 /1 6/2020 12 /2 3/20 20 1/5/ 20 21 1/12 /2 021 1/19 /2 021 1/26 /2 021 2/2/ 20 21 2/9/ 20 21 2/17 /2 021 2/24 /2 021 3/3/ 20 21 3/10 /2 021 3/18 /2 02 1 3/25 /2 021 4/1/ 20 21 4/9/ 20 21 4/16 /2 021 4/23 /2 021 4/30 /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

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 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21

Volume JCI Index

No

Stock

Top Value (IDR)

1 BBRI IJ

455,265,600,000

2 ANTM IJ

432,365,400,000

3 TLKM IJ

393,842,500,000

4 BBCA IJ

268,782,700,000

5 BMRI IJ

197,333,600,000

No

Stock

Top Volume (Shares)

1 BUMI IJ

790,403,100.00

2 FREN IJ

597,071,600.00

3 BKSL IJ

465,217,600.00

4 MLPL IJ

333,001,100.00

5 ANTM IJ

171,047,200.00

No

Top Gainers

% Change

1 BUDI IJ

34.4

2 INTD IJ

34.29

3 AGRS IJ

24.85

4 BMAS IJ

24.83

5 SMDR IJ

24.66 No

Top Losers

% Change

1 LPPF IJ

-6.94

2 AGAR IJ

-6.92

3 MLPT IJ

-6.89

4 APEX IJ

-6.83

5 INPS IJ

-6.82

No Leading Movers

% Change

1 MYOR IJ

4.07

2 DNET IJ

4.76

3 BMAS IJ

24.83

4 POLL IJ

6.87

5 BRMS IJ

13.98 No Lagging Movers

% Change

1 BMRI IJ

-2.02

2 BBRI IJ

-0.99

3 UNVR IJ

-1.67

4 BRPT IJ

-3.50

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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 Price Last Potential

Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 20 March '15 Price Upside

Banking

BBCA IJ Equity 787,728 13.85 -5.09 28.54 4.41 -5.61 6.97 15.75 25.72 44.89 BUY 34,200 31,950 7.04% BBNI IJ Equity 103,966 1.83 -78.66 73.40 0.90 -0.93 53.54 1.27 37.01 39.98 NOT RATED - 5,575 #VALUE! BBRI IJ Equity 494,532 8.70 -45.97 26.35 2.49 -0.57 68.12 9.24 50.35 43.22 HOLD 4,100 4,010 2.24% BMRI IJ Equity 282,333 4.96 -37.71 18.65 1.55 -0.49 51.96 8.52 40.30 37.95 BUY 7,250 6,050 19.83% Cement

SMGR IJ Equity 60,353 1.06 16.87 21.63 1.77 1.28 67.19 8.40 30.88 48.99 BUY 11,000 10,175 8.11% Telecommunication

TLKM IJ Equity 314,027 5.52 11.47 15.09 3.06 1.32 54.15 20.59 -4.85 47.91 BUY 4,000 3,170 26.18% ISAT IJ Equity 34,098 0.60 #N/A N/A #N/A N/A 2.87 #VALUE! 215.44 -5.83 191.86 20.71 BUY 3,265 6,275 -47.97% EXCL IJ Equity 22,093 0.39 -47.76 #N/A N/A 1.13 #VALUE! 175.72 -4.13 -18.27 33.64 BUY 3,500 2,060 69.90% Automotive

ASII IJ Equity 219,623 3.86 6.86 14.57 1.37 2.12 40.66 9.57 48.62 49.81 BUY 7,000 5,425 29.03%

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 12,917 0.23 -91.87 69.47 0.94 -0.76 157.75 1.23 57.39 34.94 BUY 1,400 1,440 -2.78% ADHI IJ Equity 4,095 0.07 -96.24 170.74 0.74 -1.77 175.28 0.39 115.59 48.99 BUY 840 1,150 -26.96% PTPP IJ Equity 7,471 0.13 -84.09 58.44 0.70 -0.69 132.47 1.15 87.32 48.95 BUY 1,175 1,205 -2.49% WSKT IJ Equity 14,728 0.26 #N/A N/A #N/A N/A 1.96 #VALUE! 376.18 -58.07 80.15 33.95 HOLD 775 1,085 -28.57% WTON IJ Equity 2,580 0.05 -75.01 19.91 0.78 -0.27 82.24 3.79 25.42 32.16 BUY 320 296 8.11% WSBP IJ Equity 5,272 0.09 -22.85 #N/A N/A 0.85 #VALUE! 74.76 -12.46 43.36 32.98 UR UR 200 #VALUE! Toll Road

JSMR IJ Equity 29,757 0.52 -77.30 59.39 1.56 -0.77 256.03 2.65 30.63 24.39 BUY 5,300 4,100 29.27% Property

BSDE IJ Equity 25,511 0.45 -90.62 44.29 0.84 -0.49 49.67 0.95 70.92 38.63 BUY 890 1,205 -26.14% PWON IJ Equity 26,006 0.46 -65.80 27.96 1.78 -0.42 22.41 6.28 42.86 31.29 HOLD 445 540 -17.59% SMRA IJ Equity 14,138 0.25 -65.07 78.60 2.07 -1.21 104.10 2.53 120.72 65.14 SELL 615 980 -37.24%

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 18,140 0.32 294.60 29.05 0.95 0.10 29.22 3.28 58.55 20.32 HOLD 8,300 9,425 -11.94% TBLA IJ Equity 4,728 0.08 3.34 6.97 0.84 n.a 149.97 10.56 72.23 44.65 BUY 1,185 885 33.90% Metal

ANTM IJ Equity 60,558 1.06 492.69 29.38 3.18 0.06 40.72 6.18 399.90 34.95 BUY 900 2,520 -64.29% INCO IJ Equity 45,409 0.80 43.10 35.99 1.54 0.83 0.00 4.35 77.82 20.49 BUY 4,500 4,570 -1.53% TINS IJ Equity 12,810 0.23 45.12 #N/A N/A 2.59 #VALUE! 126.55 -6.68 269.10 35.00 BUY 1,200 1,720 -30.23% Coal

PTBA IJ Equity 26,267 0.46 -42.59 9.07 2.09 -0.21 5.50 13.63 43.30 31.20 BUY 2,750 2,280 20.61% Consumer

UNVR IJ Equity 225,085 3.96 #N/A #N/A #N/A #N/A 80.51 101.58 -26.96 15.01 BUY 9,400 5,900 59.32% INDF IJ Equity 56,853 1.00 #N/A #N/A #N/A #N/A 67.62 16.11 3.49 49.92 BUY 9,200 6,475 42.08% ICBP IJ Equity 99,709 1.75 30.79 15.14 3.39 0.49 63.03 24.07 -11.39 19.47 BUY 11,800 8,550 38.01% GGRM IJ Equity 69,075 1.21 -29.71 9.94 1.15 -0.33 10.57 12.23 -20.75 23.78 BUY 56,000 35,900 55.99% HMSP IJ Equity 151,795 2.67 -37.29 19.41 4.62 -0.52 1.03 21.82 -12.87 7.50 HOLD 1,900 1,305 45.59% Pharmaceutical

KLBF IJ Equity 67,266 1.18 9.03 24.19 3.67 2.68 6.34 16.00 1.50 42.56 HOLD 1,815 1,435 26.48% KAEF IJ Equity 15,162 0.27 #N/A N/A 859.80 2.17 #VALUE! 109.22 0.25 105.26 9.97 UR - 2,730 #VALUE! Healthcare

MIKA IJ Equity 38,323 0.67 #N/A #N/A #N/A #N/A 0.00 19.77 39.52 38.07 BUY 2,980 2,690 10.78% Retail

ACES IJ Equity 25,382 0.45 #N/A #N/A #N/A #N/A 0.00 17.88 -1.53 40.03 SELL 1,400 1,480 -5.41% LPPF IJ Equity 4,399 0.08 #N/A #N/A #N/A #N/A 664.33 -100.33 37.30 69.34 SELL 1,250 1,675 -25.37% MAPI IJ Equity 13,280 0.23 #N/A #N/A #N/A #N/A 104.50 -9.61 22.14 43.97 HOLD 690 800 -13.75% RALS IJ Equity 5,393 0.09 #N/A N/A #N/A N/A 1.38 #VALUE! 16.09 -3.52 42.50 37.08 HOLD 590 760 -22.37% 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) Aurellia Setiabudi [email protected] Deputy Head of Equity Research Department

(Property, Pharmaceutical, Healthcare, Cigarette)

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

(Cement, Construction, 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, Multifinance)

Firman Hidayat [email protected] Equity Analyst Ext. 2034

(Automotive, Coal, Metal, Heavy Equipment, Plantation) Erlangga Aditya Guntoro [email protected] Equity Analyst Ext. 2036

(Toll Road, Poultry, Media)

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

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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 Sales 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 Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin

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RESEARCH

Equity

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th_{Floor, Jl. Jend. Sudirman Kav. 76-78}

Jakarta 12910, Indonesia Phone: (62-21) 25543946 (Hunting)

Fax: (62-21) 57935831 e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: [email protected]

JAKARTA - Puri Indah

Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610

Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]

JAKARTA - Central Park

Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215 Fax: (62-21) 29034216 email: [email protected]

JAKARTA - Wisma Bumiputera

Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: [email protected] YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

MALANG

Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

ACEH

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

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.