Riset Saham Harian
Samuel Research
25 Juli 2017
www.samuel.co.id
Page 1 of 7
IHSG cenderung bergerak flat
Bursa AS semalam ditutup mixed, menjelang rilisnya keputusan kebijakan
The Fed pada Rabu pekan ini. Sementara itu, pergolakan politik di
Washington menjadi fokus pasar setelah penasihat senior Presiden Donald
Trump, Jared Kushner, mengkonfirmasikan adanya komunikasi dengan
Rusia selama Trump menjalani kampanye kepresidenan dan masa transisi.
Untuk Bursa Eropa melambatnya laju pertumbuhan ekonomi di Eropa
menimbulkan keraguan di market. Harga minyak mentah ditutup menguat
setelah produsen utama OPEC, Arab Saudi, berjanji mengurangi ekspor di
bulan Agustus.
Dari domestik laporan kinerja emiten kuartal kedua akan mewarnai laju
IHSG. Sementara itu, menjelang FOMC meeting kewaspadaan akan
tercermin dari pergerakan aset di pasar negara berkembang dan menjadi
fokus market. Rupiah hari ini diperkirakan melemah sesaat ditengah
penguatan dollar index.
Highlights
BBTN: Laba bersih meningkat
Telekomunikasi:
Kemkominfo
mempertimbangkan
membuat
formula tarif bawah
BTPN: Laba bersih sedikit meningkat
ANTM: ANTM dan Showa Denko pecah kongsi
PPRO: Laba bersih 1H17
:
5,801.6
:
+36.2
(+0.6%)
:
4,050
Mn shrs
:
5,327
Bn rupiah
Last
Close
+/-
%
TLKM
4,650
90
2.0
BBCA
18,575
350
1.9
BMRI
13,275
225
1.7
UNVR
48,350
625
1.3
UNTR
28,300
-525
-1.8
SMBR
3,030
-180
-5.6
DNET
2,330
-120
-4.9
HMSP
3,700
-10
-0.3
Foreign Net Buy / Sell
Net Buy (Rpbn)
Net Sell (Rpbn)
BBRI
69
TLKM
277
UNVR
65
ASII
203
BBNI
52
SCMA
47
KLBF
39
BMRI
39
ADRO
27
UNTR
20
Money Market
Last
Close
+/-
%
USD/IDR
13,308
-5.0
0.0
JIBOR O/N
4.4
0.0
-Infl (MoM)
0.7
-
-Dual Listing Securities
Last
Close
+/-
%
TLKM
34.7
0.5
1.4
ISAT
41.7
0.1
0.2
EIDO
26.8
0.2
0.9
World Indices
Last
Close
+/-
%
DJIA
21,513
-67
-0.3
S&P 500
2,470
-3
-0.1
Euro Stoxx
3,453
1
0.0
MSCI World
1,955
-4
-0.2
Nikkei
20,003
27
0.1
Hang Seng
26,847
141
0.5
Commodities
Last
Close
+/-
%
Brent Oil
49
0.1
0.1
CPO Malay
2,553
-20.0
-0.8
Coal Newc
84
0.0
0.0
Nickel
9,742
258.0
2.7
Tin
20,380
-60.0
-0.3
Market Value
Changes
Leading Movers
Market Activity
Tuesday, 25 Jul 2017
Market Index
Index Movement
Market Volume
Changes
Changes
Changes
Changes
Lagging Movers
Riset Saham Harian
25 Juli 2017
www.samuel.co.id
Page 2 of 7
BBTN: Laba bersih meningkat
Pendapatan bunga bersih tercatat naik 14% yoy pada 1H17, sementara laba operasional
meningkat 18% dan laba bersih menguat 22%.
Kredit pada 1H17 meningkat 19% dengan kredit terkait perumahan menyumbang 90% dari total
kredit, sementara DPK tumbuh 18%. (Company, Investor Daily)
Comment:
Pertumbuhan kredit masih relatif kuat, jauh di atas industri yang tumbuh sekitar 9%. Dalam
program satu juta rumah, pencapaian BBTN terlihat baik. Per 1H17, pemberian pembiayaan
rumah telah mencapai 49% untuk KPR subsidi dan 76% untuk KPR non -subsidi dari total target
tahun ini.
Kualitas kredit terlihat membaik dengan NPL gross yang turun 18bps yoy menjadi 3,23% pada
1H17. NPL kredit komersial yang tergolong tinggi saat ini telah turun ke level 6,2%. Di tahun ini,
NPL gross ditargetkan di bawah 3%.
Terkait perubahan skema subsidi dari Fasilitas Likuidasi Pembiayaan Perumahan (FLPP) menjadi
Subsidi Selisih Bunga (SSB), BBTN perlu mencari tambahan dana Rp 9 triliun. Perubahan skema
itu dinilai tidak berdampak siknifikan dan tambahan dana akan dicari melalui obligasi, NCD,
dan/atau pinjaman bilateral. Manajemen juga tidak mengubah target laba bersih Rp 3 triliun di
tahun ini.
Kinerja laba bersih itu mencerminkan 41% dan 43% dari estimasi kami dan konsensus FY17.
Meski di bawah 50%, kami melihat masih ada peluang bagi BBTN untuk mengejar dan mencapai
target full year kami.
BBTN: Buy; 17E’ PE: 8.3x, PBV: 1.2x
Telekomunikasi: Kemkominfo mempertimbangkan membuat formula tarif bawah
Kementerian Komunikasi dan Informatika (Kemkominfo) mempertimbangkan untuk membuat
formula terkait tarif bawah internet yang akan digunakan oleh industri telekomunikasi. Penetapan
formula ini nantinya akan didiskusikan dengan perwakilan masyarakat, seperti Yayasan Lembaga
Konsumen Indonesia (YLKI), Badan Perlindungan Konsumen Nasional (BPKN), Komisi Pengawas
Persaingan Usaha (KPPU), termasuk Badan Regulasi Telekomunikasi Indonesia (BRTI).
PT Indosat Tbk (ISAT) mengusulkan dua hal, yaitu, pengaturan tarif bawah dan pengawasan
sanksi. Pengaturan tarif bawah harus disesuaikan dengan investasi sehingga imbal hasil operator
memadai, sementara pengawasan sanksi diberlakukan secara ex-post dan dilakukan periodic
setiap kuartal dimana operator diwajibkan untuk menghitung yield data (total pendapatan dibagi
dengan total trafik data) dan melaporkannya kepada BRTI. (Investor Daily). Telekomunikasi:
Overweight.
BTPN: Laba bersih sedikit meningkat
Penyaluran kredit tum buh 8% pada 1H17 menjadi Rp 66,3 triliun dengan NPL gross di bawah 1%.
Laba bersihnya naik 2% yoy menjadi Rp 935 miliar (53% dari konsensus FY17 atau inline).
BTPN terus mengembangkan platform digital bernama BTPN Wow yang menyasar kelompok
masyarakat menengah ke bawah yang selama ini belum tersentuh layanan perbankan, dan Jenius
untuk menyasar masyarakat yang sudah melek teknologi. (Investor Daily). BTPN: Non-Coverage.
Riset Saham Harian
25 Juli 2017
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Page 3 of 7
ANTM: ANTM dan Showa Denko pecah kongsi
PT Aneka Tambang Tbk (ANTM) berencana berpisah dengan mitranya, Showa Denko KK, di
pabrik Chemical Grade Alumina (CGA). Saat ini ANTM memiliki 80% saham PT Indonesia
Chemical Alumina (ICA), dan Showa memiliki 20%
Meskipun memiliki sebanyak 80% saham ICA, ANTM tidak menjadi pemegangsaham pengendali
ICA, karena semua kebijakan keuangan dan operasional ICA memerlukan persetujuan seluruh
pemegang saham.
Selain Showa Denko yang akan melepas kepemilikannya pada ICA, ANTM juga berencana
menjual sahamnya kepada pihak ketiga. Hal ini mengindikasikan bahwa ICA belum memberikan
profitabilitas dan level produksinya berada dibawah estimasi. (Investor Daily). ANTM: Under
Review.
PPRO: Laba bersih 1H17
PT PP Properti, Tbk (PPRO), membukukan kenaikan pendapatan +7.7%YoY di 1H17, namun laba
kotor dan laba operasi tercatat turun masing-masing -2%YoY dan -3.8%YoY.
Di sisi lain, laba bersih tercatat naik tipis +2.1%YoY didorong oleh penghasilan lain lain sebesar
Rp9.78miliar vs Rp3.57miliar di periode 1H16.
Dari atas ke bawah, marjin tercatat melemah, dengan pelemahan marjin laba bersih sebesar
-0.8% menjadi 15.3% dari 16.1% di 1H16. (Bisnis Indonesia). PPRO: Non-Coverage
; 17E’ PE:
28.1x, PBV: N/Ax.
(Rp Bn)
6M16
6M17
YoY
Revenue
974 1,049
7.7%
Gross profit
261 255
-2.0%
Operating Profit (EBIT)
222 213
-3.8%
Net income
157 161
2.1%
Gross margin
26.8%
24.3%
-2.4%
EBIT Margin
22.8%
20.3%
-2.4%
Riset Saham Harian
25 Juli 2017
www.samuel.co.id
Page 4 of 7
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 309,750 13275 1.7 14.7 12970 14400 8.5 15.6 12.7 1.8 1.5 11.3% 12.0% BBCA HOLD 457,967 18575 1.9 19.8 18770 18000 -3.1 19.8 18.7 3.5 3.1 17.9% 16.5% BBRI BUY 362,020 14675 0.0 25.7 15299 15550 6.0 12.9 11.3 2.2 1.9 16.8% 16.8% BBNI BUY 131,473 7050 1.4 27.6 7544 7700 9.2 10.0 8.4 1.3 1.2 13.5% 14.3% BBTN BUY 25,840 2440 1.2 40.2 2718 2870 17.6 8.3 7.7 1.2 1.1 14.4% 13.7% BNLI BUY 19,069 680 0.0 26.8 815 890 30.9 12.8 14.2 0.9 0.8 6.7% 5.7% Average 13.2 12.2 1.8 1.6 0.1 0.1 Consumer (Staples) ICBP BUY 100,876 8650 2.1 0.9 9485 10300 19.1 24.3 21.3 5.0 4.4 20.8% 20.9% INDF BUY 76,609 8725 1.7 10.1 9628 9900 13.5 16.4 14.3 2.3 2.1 14.2% 14.9% KLBF BUY 79,688 1700 1.2 12.2 1719 1750 2.9 32.1 28.3 6.0 5.3 18.7% 18.7% ROTI BUY 6,302 1245 (1.6) (22.2) 1514 2050 64.7 18.0 14.8 3.7 3.1 20.4% 20.8% ULTJ BUY 14,297 4950 (1.0) 8.3 5750 5300 7.1 18.6 16.8 3.5 2.9 18.9% 17.5% UNVR HOLD 368,911 48350 1.3 24.6 47655 45200 -6.5 51.7 46.1 60.2 52.7 116.6% 114.4% SIDO BUY 7,575 505 0.0 (2.9) 682 700 38.6 14.0 11.2 2.7 2.5 18.9% 22.4% AISA BUY 4,039 1255 4.1 (35.5) 2208 2500 99.2 8.0 6.6 0.9 0.8 11.7% 12.5% Average 22.9 19.9 10.5 9.2 30.0% 30.3% Cigarette HMSP BUY 430,377 3700 (0.3) (3.4) 4189 4390 18.6 33.3 32.2 11.4 10.4 34.3% 32.4% GGRM BUY 148,059 76950 1.7 20.4 79553 77150 0.3 21.8 20.6 3.1 2.8 14.1% 13.4% Average 27.6 26.4 7.2 6.6 24.2% 22.9% Healthcare MIKA BUY 29,392 2020 1.0 (21.4) 2595 2950 46.0 37.4 34.2 7.3 6.6 19.6% 19.3% SILO HOLD 13,299 10225 (0.2) (6.2) 13045 12500 22.2 126.2 99.3 4.1 3.8 3.3% 3.8% Average 81.8 66.8 5.7 5.2 11.4% 11.6% Poultry CPIN BUY 53,294 3250 3.2 5.2 3206 4500 38.5 13.7 12.7 1.8 1.6 12.8% 12.4% JPFA BUY 15,062 1320 (4.7) (9.3) 1599 1500 13.6 7.8 6.2 1.4 1.2 18.0% 18.9% MAIN BUY 2,339 1045 (0.5) (19.6) 1111 2280 118.2 5.6 4.5 0.9 0.8 15.9% 17.2% Average 9.0 7.8 1.4 1.2 15.6% 16.2% Retail MAPI BUY 10,375 6250 0.8 15.7 7484 7700 23.2 41.4 29.9 3.0 2.7 7.2% 9.1% RALS BUY 7,238 1020 (0.5) (14.6) 1410 1300 27.5 14.0 11.0 1.9 1.7 13.3% 15.4% ACES BUY 19,637 1145 2.2 37.1 1148 1300 13.5 26.0 21.2 5.8 4.9 22.4% 23.0% LPPF BUY 36,693 12575 3.5 (16.9) 16261 19500 55.1 13.3 12.8 10.8 7.7 81.1% 60.0% Average 23.7 18.7 5.4 4.2 31.0% 26.9% Telco EXCL BUY 34,201 3200 1.6 38.5 3646 3200 0.0 86.5 57.1 1.6 1.6 1.8% 2.7% ISAT BUY 33,962 6250 (0.4) (3.1) 8092 8200 31.2 17.2 12.3 2.3 2.1 13.4% 16.7% TLKM BUY 468,720 4650 2.0 17.4 4914 5000 7.5 19.4 15.0 4.7 4.0 24.0% 26.7% TOWR BUY 40,302 3950 0.0 10.3 4593 4500 13.9 11.5 10.8 2.8 2.2 24.5% 20.7% Average 33.6 23.8 2.8 2.5 15.9% 16.7% Auto and HE ASII BUY 332,977 8225 0.3 (0.6) 9314 9000 9.4 14.9 12.6 2.6 2.1 17.2% 16.4% UNTR BUY 105,563 28300 (1.8) 33.2 30983 31500 11.3 16.2 14.3 2.4 2.1 14.7% 14.9% Average 15.6 13.5 2.5 2.1 15.9% 15.7% Aviation GIAA HOLD 9,371 362 2.8 7.1 385 420 16.0 271.9 27.2 0.6 0.5 0.2% 1.7% Property BSDE BUY 33,874 1760 1.1 0.3 2260 2350 33.5 15.7 13.5 1.4 1.2 8.7% 8.5% PWON BUY 30,100 625 1.6 10.6 717 710 13.6 15.2 12.8 2.9 2.5 19.2% 19.3% ASRI HOLD 6,091 310 (1.9) (11.9) 438 390 25.8 9.1 8.6 0.8 0.7 8.8% 8.7% SMRA HOLD 15,220 1055 (1.9) (20.4) 1434 1307 23.9 45.9 35.2 1.8 1.7 4.0% 4.8% SSIA BUY 3,082 655 (3.0) 50.9 969 750 14.5 14.6 12.1 1.0 0.9 6.6% 7.5% CTRA BUY 20,695 1115 0.5 (16.5) 1606 1580 41.7 13.0 10.8 1.3 1.2 10.3% 11.1% DMAS BUY 10,025 208 4.0 (9.6) 305 300 44.2 11.8 9.5 1.1 1.0 9.7% 10.8% KIJA BUY 6,539 314 (1.3) 8.4 413 450 43.3 13.7 12.1 1.1 1.0 7.8% 8.1% Average 17.4 14.3 1.4 1.3 9.4% 9.8%
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25 Juli 2017
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Page 5 of 7
Construction PTPP BUY 18,538 2990 (2.6) (21.5) 4525 4150 38.8 13.3 11.2 1.6 1.4 11.8% 12.6% ADHI HOLD 7,620 2140 0.5 2.9 2695 2550 19.2 23.0 19.3 1.4 1.3 6.0% 6.5% WSKT BUY 30,270 2230 0.5 (12.5) 3216 3250 45.7 13.4 10.6 1.5 1.4 11.2% 13.6% WIKA BUY 17,940 2000 0.5 (15.3) 3039 3000 50.0 16.1 14.1 1.3 1.2 8.0% 8.3% Average 16.4 13.8 1.4 1.3 9.3% 10.2% Cement INTP SELL 66,630 18100 4.0 17.5 15239 13500 -25.4 18.3 17.2 2.4 2.2 12.9% 12.6% SMGR HOLD 60,205 10150 0.5 10.6 9947 9000 -11.3 14.9 13.5 1.9 1.7 12.9% 12.9% SMCB SELL 6,015 785 (0.6) (12.8) 806 700 -10.8 -32.7 -26.2 0.7 0.7 -2.3% -2.8% SMBR HOLD 29,999 3030 (5.6) 8.6 536 2300 -24.1 79.7 75.8 8.0 7.0 10.0% 9.3% Average 20.1 20.1 3.2 2.9 8.4% 8.0% Precast WSBP BUY 11,652 452 2.8 (20.4) 701 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6% WTON BUY 5,099 585 (0.8) (29.1) 990 1150 96.6 15.4 13.3 1.7 1.4 10.9% 10.6% Average 13.5 11.2 1.5 1.3 11.6% 12.1%Oil and Gas
PGAS HOLD 53,574 2210 0.0 (18.1) 2861 2600 17.6 12.1 9.9 1.1 1.1 9.4% 10.7% AKRA BUY 25800.9 6450.0 2.4 7.5 7000.0 7600 17.8 22.0 21.8 3.4 3.0 15.2% 14.0% MEDC BUY 8,564 2570 (0.8) 94.7 4117 4500 75.1 3.6 3.3 0.6 0.5 17.6% 16.3% Average 12.6 11.7 1.7 1.6 14% 14% Utilities JSMR HOLD 38,830 5350 1.4 23.8 5893 5100 -4.7 20.0 20.2 2.6 2.4 12.9% 11.7% Metal ANTM BUY 16,822 700 (0.7) (21.8) 703 1250 78.6 8.1 4.4 0.8 0.8 10.0% 17.8% INCO HOLD 21,562 2170 (0.9) (23.0) 2353 2145 -1.2 81.7 40.9 0.9 0.9 1.1% 2.1% TINS BUY 5,474 735 (1.3) (31.6) 1038 1200 63.3 35.0 21.6 1.0 1.0 2.9% 4.5% Average 41.6 22.3 0.9 0.9 4.7% 8.1% Coal DOID BUY 6549.6 770.0 -7.2 51.0 1587.5 1600 107.8 5.3 5.5 2.3 1.6 44.0% 28.6% ITMG BUY 23,672 20950 (0.9) 24.1 22015 22300 6.4 9.9 9.9 1.8 1.6 17.9% 16.6% ADRO BUY 58,694 1835 0.8 8.3 2005 2100 14.4 13.9 12.7 1.2 1.1 8.5% 8.7% PTBA BUY 29,954 13000 (1.1) 4.0 15011 15000 15.4 13.4 10.9 2.7 2.3 19.9% 21.5% Average 10.6 9.7 2.0 1.7 22.6% 18.9% Plantation AALI BUY 29,351 15250 (1.3) (9.1) 17183 19800 29.8 16.7 14.0 1.8 1.7 10.7% 12.1% LSIP BUY 9,688 1420 (1.4) (18.4) 1716 2050 44.4 12.8 9.9 1.2 1.1 9.1% 10.9% SIMP HOLD 8,383 530 (1.9) 7.3 570 600 13.2 11.3 10.4 0.6 0.5 5.0% 5.2% Average 13.6 11.4 1.2 1.1 8.3% 9.4%
Source: SSI Research, Bloomberg
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25 Juli 2017
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Page 6 of 7
Regional Indices
1D Change
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World
(3.94)
1,955
(0.20)
(0.43)
0.27
1.55
3.87
11.63
14.72
1,965
1,657
U.S. (S&P)
(2.63)
2,470
(0.11)
(0.16)
0.44
1.30
3.40
10.32
13.90
2,478
2,084
U.S. (DOW)
(66.90)
21,513
(0.31)
(0.59)
(0.54)
0.55
2.46
8.86
16.33
21,682
17,884
Europe
1.46
3,453
0.04
(1.35)
(1.80)
(2.55)
(3.63)
4.94
16.14
3,667
2,893
Emerging Market
4.09
1,064
0.39
0.46
1.05
5.20
8.31
23.43
22.46
1,064
837
FTSE 100
(75.18)
7,378
(1.01)
(0.72)
(0.36)
(0.62)
1.40
3.29
n/a
7,599
6,616
CAC 40
10.04
5,128
0.20
(1.69)
(1.96)
(2.63)
(2.85)
5.46
16.86
5,442
4,293
Dax
(31.11)
12,209
(0.25)
(1.95)
(3.00)
(4.12)
(2.07)
6.34
19.72
12,952
10,093
Indonesia
36.16
5,802
0.63
(0.09)
(0.68)
(0.48)
2.13
9.53
11.12
5,910
5,023
Japan
22.30
19,998
0.11
(0.73)
(0.01)
(0.67)
4.81
4.62
20.32
20,318
15,921
Australia
34.73
5,723
0.61
(0.67)
0.62
0.12
(2.54)
1.01
3.42
5,957
5,052
Korea
(2.94)
2,449
(0.12)
0.28
0.93
2.94
11.46
20.83
21.68
2,453
1,931
Singapore
(3.32)
3,311
(0.10)
(0.43)
0.38
3.16
4.64
14.93
13.00
3,331
2,761
Malaysia
2.83
1,762
0.16
0.27
0.39
(0.98)
(0.22)
7.33
5.62
1,797
1,614
Hong Kong
140.74
26,847
0.53
0.65
1.42
4.58
9.78
22.03
22.07
26,882
21,489
China
12.62
3,251
0.39
0.61
2.33
2.94
3.70
4.74
7.78
3,301
2,932
Taiwan
24.58
10,461
0.24
(0.43)
0.04
0.81
6.30
13.05
16.34
10,546
8,880
Thailand
3.22
1,577
0.20
0.06
0.17
(0.36)
0.93
2.19
4.24
1,601
1,343
Philipines
(27.09)
7,963
(0.34)
(0.13)
0.35
1.90
3.40
16.40
(1.07)
8,114
6,499
Monetary Indicators
1D Change
Points
1W
1M
3M
YTD
1YR
High
Low
JIBOR Overnight (%)
0.00
4.37
0.08
(13.53)
0.60
3.16
(6.07)
5.39
4.16
Foreign Reserve (US$bn)
n/a
123.09
n/a
(1.49)
1.06
5.79
12.12
124.95
111.41
Inflation Rate (%)
n/a
0.69
n/a
76.92
3550.00
64.29
4.55
0.97
(0.02)
US Fed Rate (%)
0.00
1.25
0.00
0.00
25.00
66.67
150.00
1.25
0.50
Indo Govt Bond Yld (10yr) - %
0.00
6.93
(0.33)
1.51
(1.97)
(13.06)
(3.23)
8.36
6.77
Exchange Rate (per US$)
1D Change
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
(5.00)
13308
0.04
0.08
0.15
0.15
1.24
1.24
(1.26)
13,593
12,920
Japan
0.19
111.29
(0.17)
0.56
0.70
0.51
5.09
5.09
(4.92)
118.66
99.54
UK
(0.00)
1.30
(0.06)
0.36
(0.15)
2.33
5.51
5.51
(0.91)
1.34
1.18
Euro
(0.00)
1.16
(0.05)
0.04
0.71
4.06
10.64
10.64
5.83
1.17
1.03
China
(0.02)
6.75
0.23
0.01
0.28
1.33
2.87
2.87
(1.06)
6.96
6.62
Commodities Indicators
1D Change
Spot
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil
0.10
46.44
0.22
(0.75)
0.09
7.97
(6.30)
(13.55)
7.67
55.24
39.19
CPO
(20.00)
2,553.00
(0.78)
1.11
0.63
4.55
0.91
(17.88)
10.04
3,202.00
2,253.00
Rubber
6.50
803.00
0.82
1.26
1.45
1.52
(17.22)
(17.85)
19.23
1,174.00
644.00
Coal
0.00
84.40
0.00
(3.87)
(2.48)
6.30
7.24
(10.88)
31.06
112.25
69.00
Iron Ore
(0.95)
67.84
(1.38)
0.67
9.31
23.73
6.75
(13.09)
21.58
94.91
54.24
Tin
(60.00)
20,380.00
(0.29)
0.62
1.95
5.65
3.52
(3.89)
14.95
21,945.00
17,725.00
Nickel
260.00
9,780.00
2.73
1.35
1.88
7.71
5.62
(2.40)
(6.05)
12,145.00
8,680.00
Copper
23.00
6,027.00
0.38
1.01
0.52
3.90
6.58
8.88
22.50
6,204.00
4,582.00
Gold
(1.00)
1,253.30
(0.08)
0.63
0.92
(0.12)
(0.96)
8.98
(5.02)
1,367.20
1,124.70
Source: SSI Research, Bloomberg
Last Price
Last Price
Change (%)
1 Year
Change (%)
1 Year
Last Price
Last Price
Change (%)
1 Year
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about the 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 specific recommendations or v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve an d 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 reproduced 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 recommenda tion 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
