Jelang Disahkannya UU Brexit, IHSG Diperkerikan Menguat Terbatas

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DAILY RESEARCH

: 6,244.1 : -5.1 (-0.08%) : 4,129 Mn shrs : 4,226 Bn rupiah Last Close +/- % BMRI 7,925 150 1.9 TLKM 3,920 40 1.0 TPIA 9,975 175 1.8 BTPS 4,890 190 4.0 UNVR 8,175 -150 -1.8 BBCA 34,050 -150 -0.4 ASII 6,975 -75 -1.1 DMND 1,350 -180 -11.8

Foreign Net Buy / Sell (Regular Market) Net Buy (Rpbn) Net Sell (Rpbn)

BMRI 265 BBCA 221 TLKM 88 BBRI 87 UNTR 37 TOWR 18 GGRM 28 UNVR 17 MDKA 19 BRPT 16 Money Market Last Close +/- % USD/IDR 13,583 -56.0 0.4 JIBOR O/N 5.0 -0.9

Dual Listing Securities Last Close +/- % TLKM 28.5 0.2 0.7 ISAT 71.4 -0.7 -1.0 EIDO 26.1 -0.1 -0.5 Global Indices Last Close +/- % DJIA 28,990 -170 -0.6 S&P 500 3,295 -30 -0.9 Euro Stoxx 3,779 42 1.1 MSCI World 2,395 -11 -0.4 STI 3,240 5 0.2 Nikkei 23,370 -457 -1.9 Hang Seng 27,950 41 0.1 Commodities Last Close +/- % Brent Oil 59 -1.3 -2.2 CPO Malay 2,861 -64.0 -2.2 Coal (ICE) 68 0.0 -0.1 Nickel 12,892 -404.5 -3.0 Tin 16,810 -173.0 -1.0 Market Value Market Activity Monday, 27 Jan 2020 Market Index Index Movement Market Volume Changes Changes Leading Movers Lagging Movers Changes Changes Changes

DAILY RESEARCH

Market

Jelang Disahkannya UU Brexit, IHSG Diperkerikan

Menguat Terbatas

Keyakinan investor terhadap aset keuangan Inggris membaik jelang

implementasi Brexit pada 31 Januari, usai disahkannya UU Brexit pekan lalu

oleh Parlemen. Data yang dirilis oleh EPFR Global menunjukan, sejak

Desember 2019 tercatat USD 1,9 Miliar masuk ke dalam reksadana ekuitas

Inggris. Sedangkan wabah virus corona di China telah menewaskan 26 orang

dan menginfeksi lebih dari 800 orang dalam sepekan terakhir, meningkatkan

kekhawatiran masyarakat.

Pada akhir pekan lalu (24/01), bursa AS di tutup melemah. Dow

Jones melemah sebesar -0,58%, S&P -0,90%, dan Nasdaq -0,93%. Sementara

itu, bursa Eropa ditutup positif. FTSE dan Euro Stoxx masing-masing

menguat sebesar +1,04% dan +1,13%. Nikkei hari ini (27/01) dibuka

melemah sebesar -1,79%. Sedangkan mayoritas di bursa regional Asia Pasific

pada hari ini libur karena tahun baru China.

Dari berita dalam negeri, Lembaga pemeringkat Fitch Ratings (Fitch)

pada akhir pekan lalu mempertahankan peringkat sovereign credit rating

Indonesia pada level BBB dengan outlook stabil atau investment grade.

Jumat pekan lalu (24/01), IHSG ditutup ke level 6,244.1 atau flat sebesar

-0,082%. Investor Asing pada Jumat kemarin mencatatkan keseluruhan Net

Buy sebesar Rp 125,1 miliar. Di mana pada Pasar Reguler Asing mencatatkan

Net Buy sebesar Rp 13,0 miliar, dan pada Pasar Negosiasi tercatat Net Buy Rp

112,1 miliar. Kami perkirakan IHSG pada hari ini akan menguat terbatas.



PTPP

:

Berhasil Percepat Pembangunan Runway 3 Bandara

Soekarno Hatta



SMRA

:

Summarecon Incar Marketing Sales Rp 4,5 triliun



BMRI

:

Laba bersih FY19 tumbuh +9,9% yoy dengan 4Q19 naik

+14,% yoy

Highlights

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Equity Research│27 January 2020

PTPP: Berhasil Percepat Pembangunan Runway 3 Bandara Soekarno Hatta

PT PP (Persero) Tbk (PTPP) telah menuntaskan pengerjaan proyek pembangunan runway 3 Bandara Soekarno Hatta

akhir 2019 atau lebih cepat dari taget awal Februari 2020. Proyek pembangunan tersebut juga telah diresmikan oleh

Presiden Republik Indonesia Joko Widodo akhir pekan lalu. (Investor Daily)

Comment:

Nilai kontrak pembangunan runway tersebut mencapai Rp1,33 triliun. Pembangunan dibagi dua seksi, seksi 1

dengan nilai kontrak Rp726,47 miliar sementara seksi 2 dengan nilai kontrak Rp658,86 miliar. Selain bandara

Soekarno Hatta, PTPP juga telah berpengalaman mengerjakan pembangunan bandara, salah satu proyek

bandara besar adalah Bandra Kulon Progo Yogyakarta dengan nilai kontrak mencapai Rp4,8 triliun. PTPP: BUY:

6,7x PE ‘20E, 0,5x PBV ‘20E, TP: Rp2.100

SMRA: Summarecon Incar Marketing Sales Rp 4,5 triliun

Summarecon Agung (SMRA) membidik marketing sales 2020 sebesar Rp 4,5 triliun, naik 9,75% dari realisasi

marketing sales tahun 2019 yaitu sekitar Rp 4,1 triliun. SMRA juga menganggarkan Rp 2,7 triliun capital expenditure

untuk 2020, naik 12% dari anggaran tahun lalu yaitu Rp 2,4 triliun, dengan sebagian besar pendanaan capex berasal

dari kas internal. (Kontan)

Comment:

Kami melihat target marketing sales tahun 2020 ini cukup realistis dengan kondisi properti saat ini dan strategi

yang digunakan SMRA untuk menyasar first hand buyer dengan menjual unit dibawah Rp ~2 miliar per unit.

Namun, kesukseksan SMRA pada 2019 juga didukung oleh strategi SMRA yang tidak menunda peluncuran

produk pada masa Pilpres tidak seperti developer lainnya. Sehingga kami perkirakan persaingan pada 2020 ini

akan lebih ketat seiring dengan tidak adanya lagi penundaan peluncuran produk baru dari 1H20 oleh developer

lainnya. SMRA: BUY: 21,3x PE ‘20E, 1,7x PBV ‘20E, TP: Rp1.500

BMRI: Laba bersih FY19 tumbuh +9,9% yoy dengan 4Q19 naik +14,5 yoy

BMRI mencetak laba bersih Rp27,5 triliun atau tumbuh 9,9% yoy sepanjang 2019. Laba bersih 4Q19 sendiri tumbuh

+14,5% yoy. BMRI menutup tahun lalu dengan torehan laba, kredit, dan DPK di atas rata-rata pertumbuhan industri.

Kredit tumbuh +10,7% yoy menjadi Rp907,5 triliun dengan DPK tumbuh +11% yoy. (Analyst Meeting)

Comment:

Pertumbuhan kredit disokong oleh pembiayaan kepada proyek infrastruktur yang berkontribusi 23% terhadap

total portofolio kredit. Penyaluran dana kepada infrastruktur naik +14,6% yoy menjadi Rp209 triliun per

Desember 2019. Listrik dan transportasi mendominasi kredit bertenor panjang ini. Keduanya berkontribusi

hampir separuh dari total portofolio. Kedua proyek ini, masing-masing tumbuh +27,0% yoy dan +15,8% yoy.

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Equity Research│27 January 2020

Secara persentase, pertumbuhan kredit infrastruktur tertinggi diraih oleh perumahan dan fasilitas kota, dengan

capaian +71,5% yoy menjadi Rp17,2 triliun. Lalu disusul oleh telematik yang naik +67,3% yoy menjadi Rp24,6

triliun dan terkait jalan naik +43,9% yoy menjadi Rp22,8 triliun. Pertumbuhan tersebut tercatat dengan kualitas

aset yang terjaga. Rasio NPL turun -42bps menjadi 2,3%. Disis lain, DPK, tunbuh +11% yoy menjadi Rp933,1

triliun. Pertumbuhan kredit dan DPK tersebut menaikkan aset BMRI.sebesar +9,6% yoy menjadi Rp1.318,2

triliun dan mempertahankan BMRI sebagai bank terbesar kedua dari segi aset. BMRI: BUY: 12,3x PE ‘20E, 1,7x

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Equity Research│27 January 2020

JCI Wgt Last price YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Banks BMRI BUY 5.3 7,925 BBCA HOLD 11.9 BBRI HOLD 8.3 4,740 BBNI BUY 2.0 7,700 BBTN BUY 0.3 2,070 BNLI SELL 0.5 1,220 Average Consumer (Staples) ICBP BUY 2.0 INDF BUY 1.0 8,200 KLBF HOLD 1.0 1,540 UNVR BUY 4.5 8,175 Average Cigarette HMSP BUY 3.6 2,160 GGRM BUY 1.6 Average Healthcare MIKA BUY 0.5 2,520 SILO BUY 0.2 6,750 Average Poultry CPIN SELL 1.7 7,175 JPFA BUY 0.3 1,585 MAIN BUY 0.0 925 Average Retail MAPI BUY 0.2 1,015 RALS BUY 0.1 1,155 ACES BUY 0.4 1,630 Average 3.3 8,739 8,900 12.3 13.6 12.3 1.9 1.7 13.8% 13.7% 34,050 1.9 33,260 32,000 -6.0 28.9 25.8 4.8 4.2 16.8% 16.4% 7.7 4,743 4,450 -6.1 15.7 15.0 2.8 2.5 17.6% 16.4% (1.9) 8,874 10,600 37.7 8.8 7.9 1.2 1.1 13.8% 14.0% (2.4) 2,234 2,850 37.7 9.8 7.1 0.9 0.8 8.8% 10.9% (3.6) 1,230 840 -31.1 25.4 22.6 1.5 1.4 5.7% 6.1% 17.0 15.1 2.2 1.9 12.7% 12.9% 11,700 4.9 12,594 13,200 12.8 27.2 23.6 5.8 5.3 21.4% 22.4% 3.5 9,314 9,500 15.9 15.8 14.6 2.0 1.9 12.7% 12.9% (4.9) 1,711 1,450 -5.8 27.5 26.1 4.5 4.2 16.5% 15.9% (2.7) 8,965 49,000 499.4 8.2 7.8 10.3 9.6 125.4% 123.7% 19.7 18.0 5.7 5.2 44.0% 43.7% 2.9 2,222 2,750 27.3 17.4 17.4 6.4 5.8 36.6% 33.2% 58,300 10.0 58,692 71,700 23.0 10.9 18.7 2.2 2.1 20.4% 11.2% 14.2 18.1 4.3 3.9 28.5% 22.2% (5.6) 2,821 2,900 15.1 50.4 48.5 8.8 8.2 17.5% 17.0% (2.9) 8,304 9,000 33.3 85.4 55.8 1.7 1.7 2.0% 3.0% 67.9 52.1 5.3 4.9 9.7% 10.0% 10.4 5,844 5,800 -19.2 36.8 29.5 5.5 4.9 15.1% 16.5% 3.3 1,977 1,950 23.0 11.4 8.5 1.7 1.4 14.6% 17.0% (8.0) 1,307 1,400 51.4 8.3 6.2 1.0 0.9 11.6% 14.1% 18.8 14.7 2.7 2.4 13.7% 15.9% (3.8) 1,302 1,350 33.0 15.4 14.3 3.2 2.2 20.9% 15.4% 8.5 1,269 1,400 21.2 17.2 9.6 2.2 1.8 12.7% 18.8% 9.0 1,667 1,900 16.6 27.6 24.0 5.8 5.1 21.1% 21.2% 20.1 16.0 3.7 3.0 18.2% 18.5%

Pulp and Paper

INKP SELL 0.6 7,975 3.6 N/A 7,175 -10.0 5.1 5.9 0.7 0.6 13.9% 11.0%

Average 5.1 5.9 0.7 0.6 13.9% 11.0% Media MNCN HOLD 0.3 1,690 3.7 1,804 1,750 3.6 11.0 9.1 1.8 1.6 16.2% 17.5% SCMA HOLD 0.3 1,545 9.6 1,760 1,550 0.3 14.9 13.3 3.9 3.5 26.5% 26.4% Average 13.0 11.2 2.9 2.6 21.4% 22.0% Telco EXCL BUY 0.5 3,190 1.3 3,963 3,900 22.3 48.3 32.2 1.8 1.7 3.7% 5.3% ISAT BUY 0.2 2,340 (19.6) 3,834 3,450 47.4 n/a n/a 1.1 1.1 -3.2% -2.2% TLKM BUY 5.6 3,920 (1.3) 4,756 4,700 19.9 21.5 17.7 3.3 3.1 15.4% 17.8%

Average 34.9 24.9 2.1 2.0 5.3% 7.0%

Telco Retail

TELE HOLD 0.0 248 (17.3) N/A 250 0.8 2.9 4.4 0.4 0.4 13.9% 9.1%

ERAA HOLD 0.1 1,710 (4.7) 1,991 1,625 -5.0 15.7 9.1 1.1 1.0 7.3% 11.0% Average 9.3 6.7 0.8 0.7 10.6% 10.1% Telco Infra TBIG SELL 0.4 1,195 (2.8) 1,348 1,050 -12.1 38.5 35.1 7.4 5.8 19.3% 16.4% TOWR HOLD 0.6 825 2.5 890 905 9.7 18.3 16.5 4.4 3.8 24.2% 22.9% Average 28.4 25.8 5.9 4.8 21.7% 19.7% Stock Rec.

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Equity Research│27 January 2020

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Auto ASII HOLD 4.1 6,975 0.7 7,964 7,500 7.5 13.9 13.0 1.5 1.4 10.9% 10.8% Average 13.9 13.0 1.5 1.4 10.9% 10.8% Mining Contracting UNTR BUY 1.1 20,200 (6.2) 26,218 22,300 10.4 6.9 6.3 1.6 1.4 22.9% 22.1% Average 6.9 6.3 1.6 1.4 22.9% 22.1% Aviation GIAA BUY 0.2 412 (17.3) 693 650 57.8 4.5 3.9 0.8 0.7 17.8% 18.5% Average 4.5 3.9 0.8 0.7 17.8% 18.5% Property BSDE BUY 0.3 1,185 (5.6) 1,622 1,800 51.9 7.6 10.7 0.8 0.7 10.4% 6.9% PWON BUY 0.4 570 - 708 650 14.0 9.3 9.3 1.8 1.5 19.4% 16.5% ASRI BUY 0.1 212 (10.9) 292 360 69.8 4.8 5.3 0.4 0.4 8.4% 7.1% LPKR BUY 0.2 236 (2.5) 289 380 61.0 n/a 21.5 0.6 0.5 -0.7% 2.5% SMRA BUY 0.2 935 (7.0) 1,333 1,500 60.4 25.3 21.3 1.8 1.7 7.3% 8.0% CTRA BUY 0.3 990 (4.8) 1,330 1,150 16.2 20.6 24.1 1.2 1.2 5.9% 4.8% Average 13.5 15.4 1.1 1.0 8.4% 7.7% Industrial Estate SSIA BUY 0.0 685 4.6 1,013 1,100 60.6 28.5 18.0 0.8 0.8 2.8% 4.3% DMAS BUY 0.2 280 (5.4) 360 346 23.6 9.0 8.5 1.8 1.8 20.3% 21.0% KIJA HOLD 0.1 298 2.1 348 325 9.1 n/a 27.1 1.1 1.1 -1.1% 4.0%

Average 18.8 17.9 1.3 1.2 7.3% 9.8% Construction PTPP BUY 0.1 1,495 (5.7) 2,118 2,100 40.5 8.0 6.7 0.5 0.5 6.7% 7.4% ADHI BUY 0.1 1,085 (7.7) 1,750 1,800 65.9 6.0 5.2 0.6 0.5 9.5% 10.0% WSKT BUY 0.3 1,310 (11.8) 1,848 1,750 33.6 8.0 5.7 0.6 0.5 7.1% 9.0% WIKA BUY 0.3 1,960 (1.5) 2,692 2,600 32.7 8.4 7.7 0.9 0.8 10.9% 10.8% Average 7.6 6.3 0.6 0.6 8.6% 9.3% Cement INTP HOLD 1.0 18,825 (1.1) 20,608 19,300 2.5 45.1 32.4 2.9 2.8 6.4% 8.7% SMGR SELL 1.1 12,975 8.1 14,980 11,300 -12.9 28.0 26.0 2.2 2.1 8.0% 8.2% Average 36.6 29.2 2.6 2.5 7.2% 8.5% Precast WSBP BUY 0.1 288 (5.3) 373 410 42.4 9.3 6.5 0.9 0.8 9.4% 12.1% WTON BUY 0.1 420 (6.7) 736 620 47.6 7.0 5.9 1.0 0.9 14.9% 15.6% Average 8.1 6.2 1.0 0.9 12.1% 13.8%

Oil and Gas

PGAS BUY 0.7 1,880 (13.4) 2,382 2,090 11.2 13.6 14.0 1.1 1.0 8.1% 7.4% AKRA BUY 0.2 3,490 (11.6) 4,390 4,790 37.2 12.2 10.0 1.5 1.4 12.2% 13.8% MEDC BUY 0.2 740 (14.5) 1,095 850 14.9 8.3 7.4 0.6 0.5 6.9% 7.1% Average 11.4 10.5 1.1 1.0 9.0% 9.5% Chemical TPIA SELL 2.6 9,975 (3.9) 6,350 7,575 -24.1 91.5 81.8 7.5 7.1 8.2% 8.6% BRPT SELL 1.8 1,375 (8.9) 840 1,075 -21.8 12.0 10.3 0.7 0.6 5.9% 6.2% ESSA BUY 0.0 242 (9.7) 450 280 15.7 8.9 7.1 0.8 0.7 9.2% 9.6% Average 37.4 33.0 3.0 2.8 7.8% 8.2% Utilities JSMR BUY 0.5 5,075 (1.9) 6,528 6,000 18.2 18.7 16.5 2.0 1.8 10.7% 11.0% Average 18.7 16.5 2.0 1.8 10.7% 11.0% Metal ANTM BUY 0.3 785 (6.5) 1,101 1,250 59.2 15.1 10.9 1.0 1.0 6.5% 8.9% MDKA BUY 0.4 1,190 11.2 1,611 1,600 34.5 27.3 15.2 4.8 3.8 17.7% 25.2% INCO BUY 0.5 3,310 (9.1) 4,048 3,900 17.8 42.5 20.0 1.3 1.3 3.1% 6.4% Average 28.3 15.4 2.4 2.0 9.1% 13.5% Stock Rec.

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Equity Research│27 January 2020

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Coal ITMG HOLD 0.2 11,700 2.0 13,634 12,070 3.2 4.7 4.4 1.2 1.7 26.5% 37.8% ADRO BUY 0.6 1,380 (11.3) 1,502 1,600 15.9 9.3 7.2 0.8 0.7 8.2% 9.9% PTBA HOLD 0.4 2,370 (10.9) 2,750 2,580 8.9 4.2 3.5 1.3 1.1 31.9% 32.9% Average 6.1 5.0 1.1 1.2 22.2% 26.9% Plantation AALI BUY 0.3 12,075 (17.2) 15,123 16,000 32.5 109.8 16.5 1.2 1.1 1.1% 6.9% LSIP BUY 0.1 1,215 (18.2) 1,580 1,610 32.5 60.8 19.6 1.0 0.9 1.6% 4.7% TBLA BUY 0.1 885 (11.1) 1,195 980 10.7 4.2 5.5 0.9 0.8 21.1% 14.3% SIMP HOLD 0.1 386 (10.6) 500 388 0.5 12.5 35.1 0.4 0.4 3.3% 1.2% SSMS BUY 0.1 810 (4.1) 1,045 1,050 29.6 n/a 15.6 1.9 1.7 -1.0% 11.0% Average 46.8 18.4 1.1 1.0 5.2% 7.6%

Source: SSI Research, Bloomberg

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

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Equity Research│27 January 2020

Global Data

Chg (Pts)

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

World 2,395 (10.83) (0.45) (0.62) (0.82) 1.29 7.76 1.56 19.65 2,419 1,980 U.S. (S&P) 3,295 (30.07) (0.90) (0.76) (0.64) 1.71 9.03 2.00 23.67 3,338 2,624 U.S. (DOW) 28,990 (170.36) (0.58) (0.71) (1.05) 1.20 7.54 1.58 17.19 29,374 24,324 Europe 3,779 42.31 1.13 (0.26) (0.76) (0.08) 4.26 0.91 19.47 3,814 3,125 Emerging Market 1,119 (2.81) (0.25) (1.24) (2.29) 0.07 8.07 0.42 8.43 1,151 957 FTSE 100 7,586 78.31 1.04 (0.32) (1.15) (0.77) 3.57 0.58 11.41 7,727 6,734 CAC 40 6,024 52.47 0.88 (0.36) (1.25) (0.22) 5.28 0.77 22.30 6,110 4,879 Dax 13,577 188.26 1.41 0.15 0.37 1.80 5.29 2.47 20.34 13,640 10,864 Indonesia 6,244 (5.10) (0.08) 0.10 (0.76) (1.35) (0.13) (0.88) (3.68) 6,636 5,767 Japan 23,827 31.74 0.13 (0.85) (1.06) (0.04) 4.51 0.72 14.70 24,116 20,111 Australia 7,091 2.58 0.04 0.34 0.37 3.94 5.21 6.08 20.06 7,145 5,849 Korea 2,246 (21.12) (0.93) (0.73) (0.09) 2.56 7.69 2.21 4.71 2,277 1,892 Singapore 3,240 5.46 0.17 (0.22) (1.25) 0.42 1.71 0.53 1.18 3,415 3,040 Malaysia 1,573 (1.63) (0.10) (0.91) (1.44) (2.35) 0.18 (1.00) (7.54) 1,732 1,548 Hong Kong 27,950 40.52 0.15 (0.13) (3.81) (0.98) 4.81 (0.85) 1.38 30,280 24,900 China 2,977 (84.23) (2.75) (3.85) (3.17) (0.21) 1.21 (2.41) 14.85 3,288 2,560 Taiwan 12,119 28.42 0.24 0.22 0.04 1.33 8.36 1.01 22.54 12,198 9,828 Thailand 1,570 (4.15) (0.26) (0.34) (1.93) (0.55) (1.49) (0.65) (3.33) 1,748 1,543 Philipines 7,623 7.06 0.09 2.10 (1.28) (2.45) (3.78) (2.45) (5.34) 8,420 7,426

Foreign Reserves (US$Bn) 129.18 2.01 3.90 7.07 7.07 129.18 120.08

Inflation Rate (yoy, %) 2.72 3.49 2.48

Gov Bond Yld (10yr, %) 6.63 (0.05) 8.16 6.60

US Fed Rate (%) 1.75 2.50 1.75

Chg (Pts)

Indonesia 13,583 (56.00) 0.41 0.63 0.46 2.92 3.50 2.08 4.32 14,528 13,577 Japan 108.95 (0.33) 0.30 0.82 1.13 0.45 0.00 (0.31) 0.37 112.40 104.46 UK 1.31 (0.00) (0.02) (0.55) 0.46 (0.06) 1.61 (1.41) (0.71) 1.35 1.20 Euro 1.10 0.00 0.06 (0.55) (0.57) (1.30) (0.61) (1.61) (3.47) 1.15 1.09 China 6.94 0.04 (0.52) (1.09) (0.92) 1.01 1.76 0.30 (2.17) 7.18 6.67 Chg (Pts)

Oil (Brent) 59.07 (1.62) (2.67) (6.55) (9.40) (13.34) (4.76) (10.50) (4.17) 75.60 55.88 CPO 2,861 (64.00) (2.19) (0.90) 0.85 (2.12) 20.01 (6.26) 24.55 3,140 1,943 Rubber 775.00 (7.50) (0.96) (2.08) (2.33) 1.17 7.42 1.44 3.33 955.00 707.50 Coal 68.10 (0.05) (0.07) (4.02) (4.76) 0.44 0.89 0.59 (31.32) 99.10 63.00 Iron Ore 89.30 0.00 0.00 (0.59) 0.29 5.59 4.75 3.87 23.63 118.96 67.08 Tin 16,810 (173.00) (1.02) (4.08) (5.40) (1.85) 0.42 (2.14) (20.41) 21,914 15,705 Nickel 12,950 (400.00) (3.00) (5.23) (6.90) (9.69) (23.19) (7.66) 10.03 18,850 11,605 Copper 5,926 (61.00) (1.02) (3.80) (5.53) (4.65) 0.78 (4.02) 0.07 6,609 5,518 Gold 1,579 7.30 0.46 1.45 1.21 4.29 5.16 3.93 21.65 1,613 1,266

Source: Bloomberg, SSI Research

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

Change (%) 1 Year Change (%) 1 Year

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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

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 views in his 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 for information only and for 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 recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable,

Equity Research│27 January 2020

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer (Staple) [email protected] +6221 2854 8148

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

William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Paper, Plantation, Telco

Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Coal, Metal, Mining Cont., Oil & Gas [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive, Construction, Precast, Telco [email protected] +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property, Toll Road [email protected] +6221 2854 8144 Teuku Al Hafidh At Tirmidzi Aviation, Retail, Telco Retail [email protected] +6221 2854 8339

Gusti Angga Rizky Pratama Media, Poultry [email protected] +6221 2854 8322

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

Private Wealth Management

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

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

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

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

Fixed Income Sales Team

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

Dina Afrilia Senior Fixed Income Sales [email protected] +6221 2854 8309

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

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

Wahyu Widodo Marketing [email protected] +6221 2854 8371