Riset Saham Harian. IHSG berpeluang menguat. Highlights. Samuel Research 17 Juli 2017

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Riset Saham Harian

Samuel Research 17 Juli 2017

www.samuel.co.id _{Page 1 of 7}

IHSG berpeluang menguat

Laporan keuangan sejumlah perusahaan keuangan yang melebihi ekspektasi dan antisipasi earnings season mendorong kenaikan bursa saham AS, meskipun dari sisi ekonomi, consumer sentiment, retail sales, dan inflasi tercatat lebih rendah dari ekspektasi. Inflasi yang rendah dan pernyataan Yellen sebelumnya yang cenderung mengisyaratkan kenaikan suku bunga secara tidak agresif mendorong pelemahan USD index dan kenaikan harga sejumlah komoditas.

IHSG ditutup relatif flat pada jumat lalu dengan foreign net sell tercatat Rp 777 miliar di pasar reguler. Hari ini, IHSG berpotensi menguat menyusul penguatan bursa AS dan EIDO pada jumat lalu serta penguatan sejumlah bursa saham pagi ini. Data neraca perdagangan Indonesia hari ini menjadi perhatian investor, dimana BI memperkirakan surplus kembali naik menjadi USD 1,4 miliar. Selain itu, ECB meeting terkait stimulus pada kamis

mendatang juga menjadi perhatian investor.

Highlights

 BWPT: Akan Tambah 8 Pabrik

 BWPT: Mengolah Limbah Sawit Jadi Listrik  WSKT: Laba 1H17 +118.7%YoY

 PGAS: Saka Energi tengah mencari pinjaman US$ 300 juta

 TLKM: Telkomsel tengah mencari perusahaan digital transportasi dan sistem pembayaran

 WSBP: Laba 1H17 +42.8%YoY  CPIN: Mengandalkan kemitraan

 MEDC: Targetkan produksi Blok A Aceh di awal 2018 : 5,831.8 : +1.8 (+0.0%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Close _+/- _% BMRI 13,550 150 1.1 KLBF 1,640 30 1.9 BBNI 7,100 75 1.1 BUMI 346 18 5.5 GGRM 76,150 -2750 -3.5 BBRI 14,800 -100 -0.7 BBCA 18,400 -100 -0.5 HMSP 3,790 -10 -0.3

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

BMRI 34 BBRI 337 BSDE 14 ASII 212 LPKR 13 TLKM 154 BBNI 7 BBCA 38 ROTI 6 PGAS 27 Money Market Last Close +/- % USD/IDR 13,339 -9.0 0.1 JIBOR O/N 4.4 0.0 -Infl (MoM) 0.7 -

-Dual Listing Securities Last Close +/- % TLKM 34.7 0.1 0.4 ISAT 41.3 0.0 -0.1 EIDO 27.3 0.2 0.8 World Indices Last Close +/- % DJIA 21,638 85 0.4 S&P 500 2,459 11 0.5 Euro Stoxx 3,526 -2 -0.1 MSCI World 1,948 11 0.6 Nikkei 20,119 19 0.1 Hang Seng 26,389 43 0.2 Commodities Last Close +/- % Brent Oil 49 0.1 0.2 CPO Malay 2,551 9.0 0.4 Coal Newc 83 0.2 0.2 Nickel 9,545 365.5 4.0 Tin 19,890 5.0 0.0 Market Value Changes Leading Movers Market Activity Monday, 17 Jul 2017 Market Index Index Movement Market Volume Changes Changes Changes Changes Lagging Movers

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BWPT: Akan Tambah 8 Pabrik

 PT Eagle High Plantations Tbk berencana menambah tujuh hingga delapan pabrik kelapa sawit (PKS) baru untuk mengantisipasi periode prima seluruh tanaman sawit perseroan yang mencapai 150.000 hektare. Kebutuhan dana untuk ekspansi tersebut mencapai Rp1,2 triliun. (Bisnis

Indonesia). BWPT: Non-Coverage.

BWPT: Mengolah Limbah Sawit Jadi Listrik

 PT Eagle High Plantations Tbk mulai melebarkansayap ke sektor energi.Yaitu, akan mengembangkan pembangkitlistrik tenaga biogas(PLTBG) 2,4 megawatt (MW)di Suka Damai, KabupatenTanah Bumbu, Kalimantan Selatan.

 Saat ini, proyek PLTBG Suka Damai masuk tahap konstruksi. Adapun target pengerjaan proyek 12 bulan sehingga pembangkit listrik itu diharapkan siap operasi 2018. (Kontan). BWPT: Non-Coverage.

WSKT: Laba 1H17 +118.7%YoY

 PT Waskita Karya (Persero), Tbk (WSKT) membukukan pertumbuhan pendapatan +92.3%YoY menjadi Rp15.52tn, dengan lonjakan laba kotor dan laba operasi masing -masing sebesar +80.6%YoY dan 85%YoY. Laba bers ih juga tercatat naik tajam +118.7%YoY menjadi Rp1.28tn.  Di sisi lain, marjin laba hanya membaik 1% menjadi 8.2% dari 7.3%. Laporan detail tentang kinerja

WSKT 1H17 akan kami berikan dalam bentuk Company Update. (Bisnis Indonesia). WSKT: BUY; 13.3x P/E17E dan 1.5x PBV 17E.

PGAS: Saka Energi tengah mencari pinjaman US$ 300 juta

 Anak usaha PT Perusahaan Gas Negara Tbk, PT Saka Energi Indonesia, tengah menjajaki pinjaman sebesar US$ 200 – 300 juta dari sindikasi 6 bank. Pinjaman tersebut nantinya akan digunakan untuk membiayai kebutuhan investasi, operasional serta refinancing utang kepada pemegang saham . (Investor Daily). PGAS: HOLD; 12.4x P/E17E dan 1.2x PBV 17E.

TLKM: Telkomsel tengah mencari perusahaan digital transportasi dan sistem pembayaran  Anak usaha PT Telekomunikasi Indonesia Tbk (TLKM), PT Telekomunikasi Seluler (Telkomsel) tengah mencari perusahaan digital di sektor turunan transportasi dan sistem pembayaran untuk diakuisisi. Telkomsel menyiapkan dana investasi hingga mencapai Rp 15 triliun. (Investor Daily). TLKM: BUY; 19.2x P/E17E dan 4.6x PBV 17E.

(Rp Bn) 1H16 1H17 YoY

Revenue 8,085 15,548 92.3% Gross profit 1,489 2,690 80.6% Operating Profit (EBIT) 1,246 2,304 85.0% Net income 586 1,282 118.7% Gross margin 18.4% 17.3% -1.1% EBIT Margin 15.4% 14.8% -0.6%

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WSBP: Laba 1H17 +42.8%YoY

 PT Waskita Beton Precast, Tbk (WSBP), melaporkan kinerja 1H17 yang sejalan dengan ekspektasi kami. Pendapatan dan laba masing-masing bertumbuh +42.8%YoY dan +28%YoY yang didorong oleh perolehan kontrak baru yang mencapai Rp5.57tn, dengan total nilai order book sebesar Rp15.75tn.

 Laporan detail tentang kinerja WSBP 1H17 akan kami berikan dalam bentuk Company Update.

(Bisnis Indonesia). WSBP: BUY; 17.9x P/E17E dan 1.4x PBV 17E.

CPIN: Mengandalkan kemitraan

 PT Charoen Pokphand Indonesia Tbk. (CPIN) optimis dapat memacu penjualan pakan ternak unggas tahun ini melalui pola kemitraan inti plasma dengan peternak. Angka pertumbuhan yang dibidik oleh perusahaan sekitar 7 – 8%, selaras dengan rata – rata pertumbuhan industri unggas nasional setiap tahunnya.

 Pihak manajemen CPIN menyampaikan bahwa pola kemitraan inti plasma dapat memacu target pertumbuhan, karena mampu menyerap hingga 40% dari produksi pakan ternak, sementara sisanya baru untuk dijual ke pasar eksternal.

 Hingga semester I-2017, perusahaan telah menggandeng lebih dari 10,000 peternak dengan kepemilikan setiap peternak rata – rata sekitar 7,000 – 10,000 ekor ayam. Dengan adanya kemitraan tersebut, CPIN sebagai inti dan peternak sebagai plasma. Pihak CPIN menyediakan sarana produksi ternak berupa bibit anak ayam (DOC), pakan, serta obat – obatan. Bimbingan teknis menyangkut pemilihan lokasi peternakan, konstruksi bangunan kandang, kebutuhan peralatan kandang, dan manajemen pemeliharaan juga tersedia. Selain itu, CPIN juga membantu pemasaran hasil produksi, sehingga peternak dapat terlindung dari fluktuasi harga dan pendapatan para peternak lebih terjamin.

 Penambahan populasi ayam broiler di tingkat plasma menjadi fo kus perusahaan pada semester II – 2017. Sementara itu, CPIN juga kini mulai menyusuri area produksi jagung baru untuk memastikan ketersediaan bahan baku, dan juga mulai membidik Gorontalo, Sulawesi Utara.  Kini, perusahaan tengah mencari lahan seluas 8 – 10 hektare guna membangun infrastruktur

pasca panen seperti silo dan dryer. Infrastruktur tersebut dapat beroperasi paling cepat 2 tahun. (Bisnis Indonesia). CPIN: BUY; 13.8x P/E17E dan 1.8x PBV 17E.

MEDC: Targetkan produksi Blok A Aceh di awal 2018

 PT Medco Energi Internasional Tbk (MEDC) menargetkan produksi gas dari Blok A Aceh bisa memasuki produksi awal pada 1Q18. Pertamina menjadi pembeli gas dari blok A Aceh sebanyak 58 juta metric british thermal unit per hari (mmbtu/d). Sepanjang 1Q17, MEDC mencata t kenaikan produksi migas sebesar 41,7% yoy menjadi 91,4 ribu barel setara minyak. Peningkatan volume produksi dilatarbelakangi oleh penjualan gas Senoro dan kontribusi penuh dari Blok B South Natuna . (Bisnis Indonesia). MEDC: BUY; 3.3x P/E17E dan 0.6x PBV 17E.

(Rp Bn) 1H16 1H17 YoY

Revenue 1,869 2,668 42.8% Gross profit 503 681 35.4% Operating Profit (EBIT) 469 587 25.0% Net income 341 436 28.0% Gross margin 26.9% 25.5% -1.4% EBIT Margin 25.1% 22.0% -3.1% Net Margin 18.2% 16.4% -1.9%

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Riset Saham Harian

17 Juli 2017

Stock Rec. Mkt Cap Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(Rp bn) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E

Banks BMRI BUY 316,167 13550 1.1 17.1 12179 14000 3.3 15.9 12.9 1.8 1.6 11.3% 12.0% BBCA HOLD 453,652 18400 (0.5) 18.7 18694 18000 -2.2 19.6 18.5 3.5 3.1 17.9% 16.5% BBRI BUY 365,104 14800 (0.7) 26.8 15066 15550 5.1 13.0 11.4 2.2 1.9 16.8% 16.8% BBNI BUY 132,405 7100 1.1 28.5 7340 7350 3.5 10.0 8.5 1.4 1.2 13.5% 14.3% BBTN BUY 26,157 2470 0.8 42.0 2734 2870 16.2 8.4 7.8 1.2 1.1 14.4% 13.7% BNLI BUY 19,069 680 (0.7) 26.8 815 890 30.9 12.8 14.2 0.9 0.8 6.7% 5.7% Average 13.3 12.2 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 101,459 8700 1.2 1.5 9485 10300 18.4 24.4 21.4 5.1 4.5 20.8% 20.9% INDF BUY 77,048 8775 0.3 10.7 9628 9900 12.8 16.5 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 76,875 1640 1.9 8.3 1733 1750 6.7 30.9 27.3 5.8 5.1 18.7% 18.7% ROTI BUY 6,454 1275 0.0 (20.3) 1621 2050 60.8 18.5 15.7 3.8 3.2 20.5% 20.2% ULTJ BUY 14,297 4950 0.0 8.3 5750 5300 7.1 18.6 16.8 3.5 2.9 18.9% 17.5% UNVR HOLD 370,818 48600 0.2 25.3 47404 45200 -7.0 51.9 46.3 60.5 53.0 116.6% 114.4% SIDO BUY 7,650 510 1.0 (1.9) 682 700 37.3 14.2 11.3 2.7 2.5 18.9% 22.4% AISA BUY 4,667 1450 (3.3) (25.4) 2264 2500 72.4 9.3 7.7 1.1 1.0 11.7% 12.5% Average 23.0 20.1 10.6 9.3 30.0% 30.2% Cigarette HMSP BUY 440,846 3790 (0.3) (1.0) 4196 4390 15.8 34.1 33.0 11.7 10.7 34.3% 32.4% GGRM BUY 146,519 76150 (3.5) 19.2 79553 77150 1.3 21.6 20.4 3.0 2.7 14.1% 13.4% Average 27.9 26.7 7.4 6.7 24.2% 22.9% Healthcare MIKA BUY 28,156 1935 (0.3) (24.7) 2674 2950 52.5 35.8 32.8 7.0 6.3 19.6% 19.3% SILO HOLD 13,526 10400 (1.9) (4.6) 13409 12500 20.2 128.4 101.0 4.2 3.9 3.3% 3.8% Average 82.1 66.9 5.6 5.1 11.4% 11.6% Poultry CPIN BUY 53,785 3280 0.0 6.1 3225 4500 37.2 13.8 12.9 1.8 1.6 12.8% 12.4% JPFA BUY 16,032 1405 0.0 (3.4) 1574 1500 6.8 8.3 6.6 1.5 1.3 18.0% 18.9% MAIN BUY 2,395 1070 (0.5) (17.7) 1159 2280 113.1 5.8 4.6 0.9 0.8 15.9% 17.2% Average 9.3 8.0 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,375 6250 1.6 15.7 7474 7700 23.2 41.4 29.9 3.0 2.7 7.2% 9.1% RALS BUY 7,593 1070 (2.3) (10.5) 1418 1750 63.6 16.5 13.0 2.0 1.8 12.0% 13.9% ACES BUY 19,637 1145 4.6 37.1 1138 1300 13.5 26.0 21.2 5.8 4.9 22.4% 23.0% LPPF BUY 35,453 12150 0.4 (19.7) 16241 19500 60.5 12.8 12.4 10.4 7.4 81.1% 60.0% Average 24.2 19.1 5.3 4.2 30.7% 26.5% Telco EXCL BUY 35,270 3300 0.0 42.9 3579 3200 -3.0 89.2 58.9 1.6 1.6 1.8% 2.7% ISAT BUY 34,234 6300 1.6 (2.3) 8143 8200 30.2 17.3 12.4 2.3 2.1 13.4% 16.7% TLKM BUY 463,680 4600 0.0 16.1 4895 5000 8.7 19.2 14.8 4.6 4.0 24.0% 26.7% TOWR BUY 40,200 3940 0.0 10.1 4580 4500 14.2 11.5 10.8 2.8 2.2 24.5% 20.7% Average 34.3 24.2 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 353,219 8725 0.0 5.4 9322 9000 3.2 15.8 13.4 2.7 2.2 17.2% 16.4% UNTR BUY 104,444 28000 0.0 31.8 30544 31500 12.5 16.1 14.2 2.4 2.1 14.7% 14.9% Average 15.9 13.8 2.5 2.2 15.9% 15.7% Aviation GIAA HOLD 9,164 354 1.1 4.7 385 420 18.6 265.9 26.6 0.6 0.4 0.2% 1.7% Property BSDE BUY 35,221 1830 1.7 4.3 2281 2350 28.4 16.3 14.1 1.4 1.2 8.7% 8.5% PWON BUY 29,377 610 0.0 8.0 730 710 16.4 14.9 12.4 2.9 2.4 19.2% 19.3% ASRI HOLD 6,288 320 0.0 (9.1) 438 390 21.9 9.4 8.9 0.8 0.8 8.8% 8.7% SMRA HOLD 17,456 1210 (0.8) (8.7) 1532 1307 8.0 52.6 40.3 2.1 1.9 4.0% 4.8% SSIA BUY 3,105 660 5.6 52.1 969 750 13.6 14.7 12.2 1.0 0.9 6.6% 7.5% CTRA BUY 22,829 1230 0.4 (7.9) 1610 1580 28.5 14.3 11.9 1.5 1.3 10.3% 11.1% DMAS BUY 9,447 196 (0.5) (14.8) 309 300 53.1 11.1 9.0 1.1 1.0 9.7% 10.8% KIJA BUY 6,664 320 0.0 10.5 413 450 40.6 13.9 12.3 1.1 1.0 7.8% 8.1% Average 18.4 15.1 1.5 1.3 9.4% 9.8%

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Riset Saham Harian

17 Juli 2017 www.samuel.co.id _{Page 5 of 7} Construction PTPP BUY 19,344 3120 0.0 (18.1) 4554 4150 33.0 13.9 11.7 1.6 1.5 11.8% 12.6% ADHI HOLD 7,478 2100 (4.5) 1.0 2644 2550 21.4 22.6 18.9 1.4 1.2 6.0% 6.5% WSKT BUY 30,134 2220 0.5 (12.9) 3240 3250 46.4 13.3 10.5 1.5 1.5 11.7% 14.2% WIKA BUY 19,465 2170 (0.5) (8.1) 3044 3000 38.2 17.5 15.3 1.4 1.3 8.0% 8.3% Average 16.8 14.1 1.5 1.4 9.4% 10.4% Cement INTP SELL 64,790 17600 0.0 14.3 15329 13500 -23.3 17.8 16.8 2.3 2.1 12.9% 12.6% SMGR HOLD 60,353 10175 0.7 10.9 9892 9000 -11.5 14.9 13.5 1.9 1.7 12.9% 12.9% SMCB SELL 6,015 785 (0.6) (12.8) 770 700 -10.8 -32.7 -26.2 0.7 0.7 -2.3% -2.8% SMBR HOLD 33,168 3350 (1.2) 20.1 536 2300 -31.3 88.2 83.8 8.8 7.8 10.0% 9.3% Average 22.0 22.0 3.4 3.1 8.4% 8.0% Precast WSBP BUY 12,021 456 0.0 (17.8) 704 690 51.3 17.9 11.7 1.4 1.2 8.0% 10.6% WTON BUY 5,316 610 1.7 (26.1) 990 1150 88.5 16.1 13.9 1.7 1.5 10.9% 10.6% Average 17.0 12.8 1.6 1.4 9.4% 10.6%

Oil and Gas

PGAS HOLD 54,543 2250 (0.4) (16.7) 2889 2600 15.6 12.4 10.0 1.2 1.1 9.4% 10.7% AKRA BUY 25200.9 6300.0 -0.8 5.0 7000.0 7600 20.6 21.5 21.3 3.3 3.0 15.2% 14.0% MEDC BUY 7,931 2380 (0.8) 80.3 4213 4500 89.1 3.3 3.1 0.6 0.5 17.6% 16.3% Average 12.4 11.5 1.7 1.5 14% 14% Utilities JSMR HOLD 37,922 5225 (1.4) 20.9 5840 5100 -2.4 19.5 19.7 2.5 2.3 12.9% 11.7% Metal ANTM BUY 16,701 695 (0.7) (22.3) 703 1250 79.9 8.1 4.3 0.8 0.8 10.0% 17.8% INCO HOLD 19,475 1960 0.0 (30.5) 2349 2145 9.4 73.8 36.9 0.8 0.8 1.1% 2.1% TINS BUY 5,362 720 (0.7) (33.0) 1100 1200 66.7 34.3 21.2 1.0 1.0 2.9% 4.5% Average 38.7 20.8 0.9 0.8 4.7% 8.1% Coal DOID BUY 7145.0 840.0 0.0 64.7 1587.5 1600 90.5 5.7 6.0 2.5 1.7 44.0% 28.6% ITMG BUY 22,203 19650 (0.1) 16.4 21072 19000 -3.3 9.2 9.2 1.7 1.5 17.9% 16.6% ADRO BUY 53,257 1665 2.5 (1.8) 1997 2100 26.1 12.6 11.5 1.1 1.0 8.5% 8.7% PTBA BUY 28,802 12500 0.8 0.0 15093 15000 20.0 12.9 10.5 2.6 2.3 19.9% 21.5% Average 10.1 9.3 2.0 1.6 22.6% 18.9% Plantation AALI BUY 29,207 15175 0.2 (9.5) 17959 19800 30.5 16.6 13.9 1.8 1.7 10.7% 12.1% LSIP BUY 9,859 1445 (0.3) (17.0) 1729 2050 41.9 13.0 10.1 1.2 1.1 9.1% 10.9% SIMP HOLD 8,699 550 0.0 11.3 570 600 9.1 11.7 10.8 0.6 0.6 5.0% 5.2% Average 13.8 11.6 1.2 1.1 8.3% 9.4%

Source: SSI Research, Bloomberg

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Regional Indices 1D Change

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

World 11.13 1,948 0.57 0.79 1.62 1.29 5.52 11.24 14.55 1,951 1,657 U.S. (S&P) 11.44 2,459 0.47 1.39 1.41 1.07 4.69 9.85 13.76 2,464 2,084 U.S. (DOW) 84.65 21,638 0.39 1.07 1.04 1.19 4.85 9.49 16.86 21,682 17,884 Europe (1.89) 3,526 (0.05) 1.77 1.79 (0.51) 2.25 7.15 19.17 3,667 2,893 Emerging Market 6.33 1,047 0.61 1.67 3.74 4.38 8.76 21.43 20.65 1,049 837 FTSE 100 (35.05) 7,378 (0.47) 0.66 0.37 (1.14) 0.69 3.30 n/a 7,599 6,616 CAC 40 (0.09) 5,235 (0.00) 1.84 1.75 (0.53) 3.24 7.67 19.73 5,442 4,293 Dax (9.61) 12,632 (0.08) 1.57 1.96 (0.95) 4.32 10.02 25.48 12,952 9,924 Indonesia 1.75 5,832 0.03 1.01 0.29 1.89 4.56 10.10 14.12 5,910 5,023 Japan 19.05 20,119 0.09 (0.38) 0.95 0.88 9.61 5.26 21.95 20,318 15,921 Australia (4.72) 5,760 (0.08) 1.53 0.63 (0.24) (2.20) 1.67 6.09 5,957 5,052 Korea 13.08 2,428 0.54 1.50 1.91 2.79 13.14 19.80 20.35 2,430 1,931 Singapore 51.76 3,287 1.60 2.13 1.81 1.73 4.75 14.12 12.38 3,287 2,761 Malaysia 1.22 1,755 0.07 (0.00) (0.28) (2.03) 1.22 6.90 5.19 1,797 1,614 Hong Kong 43.06 26,389 0.16 1.98 4.14 2.98 8.77 19.95 21.84 26,417 21,489 China 4.25 3,222 0.13 0.61 0.14 3.18 0.01 3.83 5.50 3,301 2,932 Taiwan (16.24) 10,444 (0.16) 0.27 1.42 2.83 7.49 12.86 16.69 10,546 8,857 Thailand (1.62) 1,578 (0.10) 0.54 0.52 0.08 0.12 2.26 5.75 1,601 1,343 Philipines (50.95) 7,886 (0.64) 0.35 (0.04) 0.05 3.92 15.28 (1.80) 8,118 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) (0.04) 4.35 0.00 (1.11) 0.57 2.85 (6.93) 5.39 4.16 Foreign Reserve (US$bn) n/a 123.09 n/a (1.49) 1.06 5.79 12.12 124.95 111.41 Inflation Rate (%) n/a 0.69 n/a 76.92 3550.00 64.29 4.55 0.97 (0.02)

US Fed Rate (%) 0.00 1.25 0.00 0.00 25.00 66.67 150.00 1.25 0.50 Indo Govt Bond Yld (10yr) - % 0.01 6.97 (2.60) 2.17 (1.43) (12.58) (2.59) 8.36 6.77

Exchange Rate (per US$) 1D Change

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

Indonesia (9.00) 13339 0.07 0.39 0.48 (0.42) 1.00 1.00 (1.88) 13,593 12,920 Japan (0.05) 112.48 0.04 0.61 1.39 (0.84) 3.98 3.98 (5.62) 118.66 99.54

UK 0.00 1.31 0.09 1.75 1.78 2.93 6.24 6.24 (1.09) 1.34 1.18

Euro (0.00) 1.15 (0.02) 0.49 0.61 2.86 9.04 9.04 3.55 1.15 1.03 China (0.01) 6.78 0.12 0.40 0.45 0.24 2.51 2.51 (1.35) 6.96 6.62

Commodities Indicators 1D Change

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

Oil 0.06 46.60 0.13 2.44 4.95 4.16 (11.49) (13.25) 1.41 55.24 39.19 CPO 9.00 2,551.00 0.35 (0.58) 0.91 5.46 1.92 (17.95) 14.14 3,202.00 2,253.00 Rubber 2.00 792.50 0.25 (0.19) (0.19) 0.76 (18.97) (18.93) 18.46 1,174.00 644.00 Coal 0.20 82.95 0.24 0.18 2.47 3.36 1.04 (12.41) 30.22 112.25 69.00 Iron Ore (1.30) 62.51 (2.04) 1.68 4.01 15.12 (6.04) (19.92) 7.59 94.91 53.60 Tin 5.00 19,890.00 0.03 0.05 1.09 2.81 1.51 (6.20) 10.09 21,945.00 17,672.50 Nickel 365.00 9,575.00 3.96 4.87 7.34 7.04 (1.79) (4.44) (7.58) 12,145.00 8,680.00 Copper 50.00 5,926.00 0.85 0.87 1.68 3.98 4.11 7.05 19.94 6,204.00 4,582.00 Gold 2.90 1,230.40 0.24 0.93 1.42 (1.97) (4.63) 6.99 (7.31) 1,367.20 1,124.70 Source: SSI Research, Bloomberg

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DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e 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 spec ific recommendations or v iews in this 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 recommendations. This document is f or information only and f or the use of the recipient. It is not to be reprod uced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia

Research Team

Andy Ferdinand, CFA Head Of Equity Research, Strategy,

Banking, Consumer [email protected] +6221 2854 8148 Rangga Cipta Economist [email protected] +6221 2854 8396 Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382 Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction

Healthcare, Heavy Equipment, Property [email protected] +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Toll Road, _{Oil and Gas} [email protected] +6221 2854 8392 Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387 Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339 Nadya Swastika Research Associate [email protected] +6221 2854 8338

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380 Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129 Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399 Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395 Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325

Equity Sales Team

Kelvin Long Head of Equities [email protected] +6221 2854 8150 Yulianah Institutional Equity Sales [email protected] +6221 2854 8146 Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

Online Trading Sales Team

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372 Wahyu Widodo Marketing [email protected] +6221 2854 8371 Aben Epapras Marketing [email protected] +6221 2854 8389