DAILY. IHSG Berpotensi Menguat. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market

Market Activity

Market Index : 6,110.2

Index Movement : -18.9 -0.31%

Market Volume : 21,306 Mn shrs Market Value : 10,010 Bn rupiah

Last

Close +/- %

Leading Movers

SMMA 10,250 275 2.8

BUKA 870 15 1.8

SLIS 5,200 700 15.6

BDMN 2,580 140 5.7

Lagging Movers

BBCA 32,475 -250 -0.8

BBRI 3,660 -40 -1.1

ASII 5,400 -125 -2.3

ARTO 14,700 -250 -1.7

Foreign Net Buy / Sell (Regular Market) Net Buy (IDR bn) Net Sell (IDR bn)

BUKA 118 BBNI 41

BMRI 117 EXCL 30

TLKM 78 ARTO 26

ASII 41 INKP 26

ICBP 31 ERAA 23 Money Market

Last

Close +/- %

USD/IDR 14,243 -5.0 0.0

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 24.2 0.1 0.4

EIDO 21.6 0.0 0.0

Global Indices Last

Close +/- %

DJIA 34,814 237 0.68

S&P 500 4,481 38 0.85

Euro Stoxx 4,146 -46 -1.09

MSCI World 3,128 12 0.37

STI 3,059 -22 -0.71

Nikkei 30,512 -158 -0.52

Hang Seng 25,033 -469 -1.8

Commodities*

Last

Close +/- %

Brent Oil 75.5 1.9 2.53

Coal (ICE) 180.6 1.3 0.73

CPO Malay 4,440 100.0 2.30

Gold 1,794 -10.5 -0.58

Nickel 20,031 398.0 2.03

Tin 33,408 638.0 1.91

*last price per closing date

Changes Changes

Changes

Changes Wednesday, 15 Sep 2021

IHSG Berpotensi Menguat

Bursa AS ditutup menguat; DJIA naik +0.68% ke level 34,814 diikuti S&P500 (+0.85%) dan Nasdaq (+0.82%); dengan pasar wait and see atas data ketenagakerjaan AS yang akan dirilis kamis minggu ini. Dari pasar komoditas, harga minyak Brent ditutup pada level USD 75.5/barel (+2.7%); emas di level USD 1,795/toz (-0.7%) dan nikel sebesar USD 19,935/ton (+1.7%).

EIDO ditutup flat 0.00% di level 21.62, sementara IHSG melemah -0.31% pada Rabu (15/9) ke level 6,110 dengan BBCA, BBRI dan ASII sebagai top lagging movers. Net buy asing di pasar reguler terpantau mencapai IDR 363.3 miliar.

Saham yang mencatatkan nilai net sell tertinggi adalah BBNI (IDR 40.8 miliar), EXCL (IDR 30.1 miliar), dan ARTO (IDR 25.5 miliar) sementara net buy asing tertinggi dicetak oleh BUKA (IDR 117.6 miliar), BMRI (IDR 117.4 miliar), dan TLKM (IDR 77.7 miliar). Sepanjang minggu ini (Senin-Rabu), IHSG menguat +0.25% dengan total net buy asing di pasar reguler mencapai IDR 666.6 miliar.

Sebanyak 3,948 kasus COVID-19 baru dilaporkan di Indonesia kemarin (15/9) (Selasa: 4,128), dengan 11,046 pasien sembuh (Selasa: 11,246) dan 267 pasien meninggal (Selasa: 250). Secara kumulatif, jumlah total kasus COVID-19 yang ditemukan di Indonesia telah mencapai 4,178,164 kasus dengan tingkat kesembuhan (recovery rate) sebesar 94.6% per 15 September 2021 (14 September 2021: 94.5%). Akumulasi vaksinasi dosis 1 sebanyak 75.1 juta (36.1% dari total sasaran vaksinasi nasional sebanyak 208.3 juta).

Rilis data terkini adalah Trade Balance Indonesia per Aug-21 yang surplus USD 4.74 miliar (prev: USD 2.6 miliar; cons: USD 2.4 miliar) didukung oleh pertumbuhan ekspor dan kenaikan harga komoditas. Kami menilai, bursa global saat ini cenderung menguat tipis atas ekspektasi perbaikan ekonomi sementara bursa domestik berpotensi bergerak atraktif di tengah net buy asing pada minggu ini.

Selain itu, mayoritas harga komoditas cenderung dalam tren positif. IHSG pada hari ini kami perkirakan berpotensi menguat.

DAILY RESEARCH

 MIKA : Buyback Saham Tahap Kedua Maksimal IDR 200 Miliar

 RANC : Blibli Berencana Mengakuisisi 51% Saham Supra Boga



16 September 2021

Highlights

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Equity Research│16 September 2021

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)

15 -S ep -2 0 15 -O ct- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -A pr -2 1 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -A ug -2 1

0 10 20 30 40 50 60 70 80 90

15 -S ep -2 0 15 -Oc t- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -A pr -2 1 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -Au g- 21

40 60 80 100 120 140 160 180 200

15 -S ep -2 0 15 -O ct- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -Ap r- 21 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -Au g- 21

1,500 2,000 2,500 3,000 3,500 4,000 4,500 5,000

15 -S ep -2 0 15 -O ct- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -A pr -2 1 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -Au g- 21

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

15 -S ep -2 0 15 -O ct- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -A pr -2 1 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -A ug -2 1

10,000 12,000 14,000 16,000 18,000 20,000 22,000

15 -S ep -2 0 15 -O ct- 20 15 -N ov -2 0 15 -D ec -2 0 15 -J an -2 1 15 -F eb -2 1 15 -M ar -2 1 15 -Ap r- 21 15 -M ay -2 1 15 -J un -2 1 15 -J ul -2 1 15 -A ug -2 1

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100

COVID-19 Data Indonesia

7 Day Running Covid-19 Data

Total 1D Change Total Dai l y Total Cl osed Cases

Cases % Deaths Deaths Acti ve Cases %

9/15/2021 4,178,164 0.09 139,682 267 1,090,836 73.89 9/14/2021 4,174,216 0.10 139,415 250 1,087,155 73.96 9/13/2021 4,170,088 0.06 139,165 276 1,083,277 74.02 9/12/2021 4,167,511 0.09 138,889 188 1,080,976 74.06 9/11/2021 4,163,732 0.12 138,701 270 1,077,385 74.12 9/10/2021 4,158,731 0.13 138,431 315 1,072,654 74.21 9/9/2021 4,153,355 0.14 138,116 334 1,067,593 74.30

Average 271 74.08

Source: SSI Research, Bloomberg

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Equity Research│16 September 2021

MIKA: Buyback Saham Tahap Kedua Maksimal IDR 200 Miliar

PT Mitra Keluarga Karyasehat (MIKA) sebelumnya sudah melaksanakan pembelian kembali saham (buyback) secara bertahap sejak tanggal 23 Agustus - 14 September 2021 sebanyak 48 juta lembar saham atau senilai IDR 112.9 miliar.

MIKA berencana melakukan buyback saham tahap kedua tanggal 15 September – 14 Desember 2021 berjumlah maksimal 80 juta lembar saham atau maksimum senilai IDR 200 miliar dari seluruh saham yang ditempatkan dan disetor penuh. Harga pembelian saham maksimum sebesar IDR 2,500 per saham. (Press Release)

Comments:

Aksi buyback tersebut karena manajemen meyakini bahwa saat ini MIKA diperdagangkan pada valuasi menarik, saat ini di 19.27x 21F EV/EBITDA (dibawah -1.8 SD rata-rata EV/EBITDA selama 5 tahun) dan secara ytd, saham MIKA juga melemah -11.35%. Pembelian tahap kedua ini masih akan dilakukan menggunakan kas internal perusahaan. Setelah melakukan buyback saham, kas MIKA menjadi sejumlah IDR 1.37 triliun dengan perkiraan current ratio 4.9x dan jumlah saham yang beredar menjadi 14.11 triliun lembar saham. MIKA: Under review (Previous: MIKA: BUY: 38.4x PE '21E, 6.4x PBV '21E, TP: IDR 3,500)

RANC: Blibli Berencana Mengakuisisi 51% Saham Supra Boga

Perusahaan e-commerce Global Digital Niaga yang juga dikenal sebagai Blibli, telah menandatangani perjanjian untuk mengakuisisi 797.9 juta saham RANC atau sekitar 51% dari saham Supra Boga Lestari (RANC) melalui negosiasi langsung dengan pemegang saham tertentu. Nilai dari akuisisi tersebut adalah sebesar ~ IDR 1.76 tn berdasarkan harga terakhir per hari Rabu (15/9). (Bloomberg)

Comments:

Aksi korporasi ini kami perkirakan sejalan dengan rencana Blibli untuk memanfaatkan momentum e-goceries

dan ke depannya dapat menjadi kontributor signifikan bagi top line perusahaan. Gross margin RANC per 1H21

sebesar 26.9% (2Q21: 27.0%), lebih tinggi daripada GPM 1H20 sebesar 26.5%. Saat ini market cap dari RANC

adalah sebesar IDR 3.44 tn. RANC: non-coverage

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Equity Research│16 September 2021

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

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

Banks

BBCA BUY 10.7 32,475 40,500 36,482 24.7 29.5 25.2 4.3 3.9 14.7 15.7

BBRI BUY 7.4 3,660 5,300 4,695 44.8 23.3 13.8 2.4 2.2 10.3 15.8

BMRI BUY 3.8 6,125 8,000 7,919 30.6 16.7 12.0 1.5 1.5 9.1 12.1

BBNI BUY 1.3 5,350 8,500 7,209 58.9 33.4 7.7 0.9 0.7 2.6 9.7

BBTN BUY 0.2 1,395 2,300 2,009 64.9 9.2 5.8 0.7 0.7 8.1 11.4

Average 19.8 8.5 1.0 1.0 6.6 11.1

Consumer (Staples)

ICBP BUY 1.3 8,375 12,000 11,119 43.3 19.4 14.9 3.9 3.3 19.9 22.1

INDF BUY 0.7 6,250 9,500 8,421 52.0 11.2 11.3 1.3 1.2 11.9 11.0

KLBF BUY 0.9 1,490 1,750 1,735 17.4 25.3 22.9 4.0 3.7 16.0 16.0

UNVR BUY 2.1 4,040 5,900 5,290 46.0 21.5 21.3 31.3 30.8 145.7 145.0

SIDO BUY 0.3 790 970 940 22.8 25.4 21.8 7.4 6.9 29.1 31.5

Average 20.6 18.4 9.6 9.2 44.5 45.1

Cigarette

HMSP SELL 1.6 995 870 1,182 -12.6 13.4 13.6 3.8 3.8 28.5 28.1

GGRM BUY 0.8 32,000 38,240 34,202 19.5 7.3 7.1 1.0 1.0 14.2 13.9

Average 10.4 10.3 2.4 2.4 21.4 21.0

Healthcare

MIKA BUY 0.5 2,430 3,500 3,047 44.0 40.8 38.4 7.1 6.4 17.5 16.8

SILO BUY 0.2 8,625 10,800 10,633 25.2 119.8 33.0 2.4 2.2 2.0 6.8

HEAL BUY 0.2 1,200 1,380 1,432 15.0 11.0 9.5 1.5 1.3 13.3 13.5

Average 57.2 27.0 3.7 3.3 10.9 12.4

Poultry

CPIN BUY 1.5 6,600 7,300 7,313 10.6 37.5 28.8 5.1 4.7 13.7 16.4

JPFA BUY 0.3 1,915 2,400 2,512 25.3 23.9 12.6 1.9 1.6 8.0 13.1

MAIN BUY 0.0 785 1,380 1,106 75.8 n/a 11.5 0.8 0.8 -0.9 6.8

WMUU BUY 0.0 177 340 340 92.1 n/a 8.0 n/a 1.8 n/a 21.8

Average 30.7 17.7 2.6 2.4 7.0 12.1

Retail

MAPI BUY 0.2 770 950 858 23.4 n/a 23.3 2.4 2.3 -10.4 10.0

RALS BUY 0.1 660 900 721 36.4 n/a 14.0 1.1 1.1 -1.5 7.7

ACES BUY 0.3 1,380 1,900 1,490 37.7 29.4 21.6 4.7 4.2 16.1 19.6

LPPF SELL 0.1 2,810 1,100 2,294 -60.9 n/a 21.8 4.8 7.4 -35.0 34.1

Average 29.4 19.6 2.7 2.5 1.4 12.4

Pulp and Paper

INKP SELL 0.6 7,525 7,000 9,900 -7.0 8.6 10.4 0.7 0.6 7.6 6.0

Average 8.6 10.4 0.7 0.6 7.6

Media

MNCN BUY 0.2 845 1,650 1,335 95.3 5.3 4.4 0.7 0.6 13.6 14.6

SCMA HOLD 0.4 2,060 2,200 2,331 6.8 25.8 23.4 6.3 5.5 24.4 23.7

Average 15.5 13.9 3.5 3.1 19.0 19.1

Telco

EXCL HOLD 0.4 3,000 3,000 3,314 0.0 85.7 43.5 1.7 1.6 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,113 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.6 3,450 4,050 4,215 17.4 16.4 15.3 2.8 2.7 17.2 17.7

Average 51.1 41.5 2.3 1.5 4.5 7.3

Telco Retail

ERAA BUY 0.1 575 1,625 801 182.6 3.1 2.5 0.3 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.9 2,990 2,500 3,306 -16.4 62.3 47.5 10.3 6.5 16.5 13.7

TOWR BUY 0.9 1,350 1,600 1,621 18.5 24.1 21.1 6.7 5.7 27.9 27.0

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Equity Research│16 September 2021

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

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

Auto

ASII BUY 2.9 5,400 6,750 6,584 25.0 12.1 11.0 1.1 1.0 9.0 9.6

Average 12.1 11.0 1.1 1.0 9.0

Mining Contracting

UNTR BUY 1.1 21,650 31,000 27,450 43.2 11.7 8.6 1.3 1.2 11.2 13.8

Average 11.7 8.6 1.3 1.2 11.2

Property

BSDE BUY 0.3 1,000 1,350 1,416 35.0 14.9 11.2 0.6 0.6 4.0 4.9

PWON BUY 0.3 480 530 594 10.4 36.9 13.0 1.0 1.6 2.6 12.1

ASRI SELL 0.0 179 130 218 -27.4 13.8 6.4 0.3 0.3 2.3 4.7

LPKR SELL 0.1 155 140 197 -9.7 n/a n/a 0.4 0.3 -0.5 -0.2

SMRA BUY 0.2 870 1,200 1,084 37.9 72.5 36.3 1.8 1.9 2.5 5.3

CTRA BUY 0.2 990 1,100 1,324 11.1 23.6 18.3 1.2 1.1 5.1 6.2

Average 32.3 17.0 0.9 1.0 2.7 5.5

Industrial Estate

SSIA BUY 0.0 510 700 810 37.3 n/a 46.4 0.6 0.6 -1.6 1.3

DMAS BUY 0.1 194 250 252 28.9 12.9 11.4 1.2 1.4 9.6 12.7

KIJA SELL 0.0 159 150 N/A -5.7 14.5 12.2 0.6 0.4 4.0 3.4

Average 13.7 23.3 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 1,060 1,900 1,239 79.2 48.2 8.6 0.5 0.4 0.9 4.9

ADHI BUY 0.0 895 1,800 972 101.1 37.3 8.7 0.6 0.5 1.5 6.1

WSKT BUY 0.2 875 1,400 987 60.0 n/a n/a 0.7 0.8 -44.6 -7.4

WIKA BUY 0.1 1,110 1,400 1,227 26.1 11.6 7.6 0.6 0.5 5.0 7.1

Average 32.3 8.3 0.6 0.6 -9.3 2.6

Cement

INTP BUY 0.5 10,625 16,250 14,106 52.9 29.5 24.5 1.7 1.7 5.8 6.9

SMGR BUY 0.7 8,900 13,050 11,980 46.6 23.4 18.8 1.5 1.4 6.3 7.4

Average 26.4 21.7 1.6 1.5 6.1 7.2

Precast

WSBP BUY 0.1 146 230 140 57.5 13.3 3.9 0.4 0.3 2.9 8.9

WTON BUY 0.0 256 450 307 75.8 23.3 6.9 0.7 0.6 2.9 8.9

Average 18.3 5.4 0.5 0.5 2.9 8.9

Oil and Gas

PGAS BUY 0.4 1,100 1,700 1,521 54.5 20.0 15.7 0.7 0.6 3.3 4.1

AKRA BUY 0.2 3,860 4,400 4,240 14.0 16.8 15.3 1.8 1.7 10.6 11.0

MEDC BUY 0.2 510 1,090 883 113.7 n/a 7.0 0.8 0.7 -9.9 9.7

Average 18.4 12.7 1.1 1.0 1.3 8.3

Chemical

TPIA BUY 2.0 7,000 10,250 8,971 46.4 482.8 80.5 4.8 4.8 1.0 6.0

BRPT BUY 1.3 995 1,150 1,093 15.6 207.9 127.1 5.3 5.3 2.5 4.2

ESSA SELL 0.1 312 225 593 -27.9 n/a n/a 2.2 1.1 -20.0 -0.5

Average 345.4 103.8 4.1 3.7 -5.5 3.2

Utilities

JSMR BUY 0.4 3,910 5,000 5,108 27.9 59.2 19.6 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.8 2,490 3,230 3,376 29.7 40.2 24.4 3.1 2.9 7.7 11.7

MDKA BUY 0.8 2,720 3,000 3,314 10.3 n/a 14.8 9.9 10.8 15.7 72.9

INCO BUY 0.7 4,960 6,700 6,459 35.1 42.8 26.3 1.7 1.6 3.9 6.1

TINS BUY 0.2 1,505 1,775 1,883 17.9 n/a 1710.2 2.1 2.6 -4.2 0.1

Average 41.5 443.9 4.2 4.5 5.8 22.7

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Equity Research│16 September 2021

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

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

Coal

ITMG HOLD 0.3 18,000 19,700 19,001 9.4 30.9 5.9 1.7 1.3 5.4 22.1

ADRO BUY 0.6 1,390 1,530 1,683 10.1 12.9 9.8 0.8 0.8 6.3 8.7

PTBA BUY 0.4 2,410 2,900 2,732 20.3 11.3 9.7 1.7 1.4 14.6 14.2

Average 18.4 8.5 1.4 1.2 8.8 15.0

Plantation

AALI BUY 0.2 8,500 12,300 11,879 44.7 19.6 14.0 0.9 0.8 4.4 5.9

LSIP BUY 0.1 1,085 1,370 1,583 26.3 10.6 8.7 0.8 0.7 7.5 8.3

TBLA BUY 0.1 785 980 990 24.8 6.5 5.3 0.6 0.5 8.9 10.3

SIMP SELL 0.1 428 388 N/A -9.3 38.9 25.2 0.5 0.5 1.2 1.8

SSMS BUY 0.1 830 1,500 1,080 80.7 24.4 10.5 1.8 1.6 7.4 15.0

Average 20.0 12.7 0.9 0.8 5.9 8.3

Technology

ASSA HOLD 0.1 2,780 3,000 3,125 7.9 108.2 65.7 6.6 6.0 6.1 9.1

EMTK BUY 1.6 1,965 2,800 3,133 42.5 57.8 131.0 9.7 5.3 16.7 4.1

Average 52.6 55.0 4.7 3.4 9.0 9.1

Source: SSI Research, Bloomberg

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

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Equity Research│16 September 2021

Chg (Pts)

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

World 3,116 (10.02) (0.32) (0.98) (0.29) 3.27 15.84 29.41 3,174 2,276

U.S. (S&P) 4,443 (25.68) (0.57) (1.70) (0.56) 4.42 18.29 31.31 4,546 3,209

U.S. (DOW) 34,578 (292.06) (0.84) (1.49) (2.64) 0.53 12.97 23.52 35,631 26,144

Europe 4,192 2.14 0.05 (0.79) (0.90) 1.16 17.99 25.79 4,253 2,921

Emerging Market 1,296 (5.40) (0.41) (1.33) 1.19 (5.96) 0.38 16.50 1,449 1,053

FTSE 100 7,034 (34.37) (0.49) (1.61) (2.56) (1.93) 8.88 15.21 7,224 5,526

CAC 40 6,653 (23.96) (0.36) (1.09) (3.52) 0.20 19.84 31.28 6,914 4,513

Dax 15,723 21.57 0.14 (0.76) (1.59) (0.04) 14.61 18.95 16,030 11,450

Indonesia 6,129 40.94 0.67 0.27 (0.17) 0.66 2.51 20.16 6,505 4,820

Japan 30,469 (201.25) (0.66) 0.95 8.91 3.49 11.02 29.90 30,796 22,948

Australia 7,408 (29.60) (0.40) (1.39) (2.90) 0.38 12.46 25.66 7,633 5,763

Korea 3,156 7.42 0.24 (0.21) (0.47) (3.14) 9.84 29.16 3,316 2,267

Singapore 3,080 6.06 0.20 (0.91) (2.69) (2.98) 8.32 23.92 3,237 2,421

Malaysia 1,556 (14.62) (0.93) (1.77) 3.35 (1.64) (4.41) 1.58 1,696 1,452

Hong Kong 25,502 (311.58) (1.21) (3.23) (3.37) (10.95) (6.35) 3.11 31,183 23,124

China 3,663 (52.77) (1.42) (0.38) 4.16 2.98 5.46 11.13 3,732 3,202

Taiwan 17,435 (11.41) (0.07) 0.03 2.67 0.37 18.34 35.73 18,034 12,150

Thailand 1,624 (9.92) (0.61) (0.77) 6.25 0.09 12.04 26.25 1,658 1,187

Philipines 6,920 (47.78) (0.69) 0.11 9.50 (0.81) (3.07) 14.99 7,432 5,825

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

Foreign Reserves (US$Bn) 144.80 5.43 6.16 6.55 5.66 144.80 133.56

Inflation Rate (yoy, %) 1.59 1.68 1.33

Gov Bond Yld (10yr, %) 6.14 (11.21) 6.97 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)

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

Indonesia 14,248 (5.00) 0.04 (0.25) 0.88 (0.32) (1.39) 4.44 14,919 13,865

Japan 109.69 0.00 0.00 0.51 (0.41) 0.36 (5.87) (3.87) 111.66 102.59

UK 1.38 (0.00) (0.01) 0.28 (0.29) (1.95) 1.02 7.14 1.42 1.27

Euro 1.18 (0.00) (0.01) (0.12) 0.20 (2.67) (3.39) (0.38) 1.23 1.16

China 6.44 (0.01) 0.21 0.44 0.56 (0.62) 1.38 5.78 6.83 6.36

Chg (Pts)

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

Oil (Brent) 73.93 0.33 0.45 1.83 4.73 (0.08) 42.72 82.41 77.84 35.74

CPO 4,631 14.00 0.30 0.13 2.23 30.12 19.02 57.41 4,923 2,823

Coal 177.45 (0.05) (0.03) 0.14 2.72 41.34 120.43 249.66 172.25 50.70

Tin 33,408 (90.00) (0.27) 4.10 (5.42) 5.55 64.37 84.02 35,955 16,960

Nickel 19,623 (103.00) (0.52) 0.60 (0.17) 6.19 18.12 28.47 20,705 14,045

Copper 9,442 (120.50) (1.26) 0.98 (1.34) (5.31) 21.58 38.93 10,748 6,269

Gold 1,804 (1.01) (0.06) 0.80 0.90 (2.99) (5.00) (7.71) 1,974 1,677

Silver 23.84 (0.01) (0.06) (0.43) 0.01 (13.81) (9.69) (12.14) 30 22

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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, its accuracy, completeness and reliability cannot be

Equity Research│16 September 2021

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

Lionel Priyadi Macro Equity Strategist lionel.priyadi@samuel.co.id +6221 2854 8854

Fikri Permana Senior Economist fikri.permana@samuel.co.id +6221 2854 8144

William Mamudi, CFTe, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129 Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail dessy.lapagu@samuel.co.id +6221 2854 8392

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas farras.farhan@samuel.co.id +6221 2854 8346

Calista Muskitta Retail calista.muskitta@samuel.co.id +6221 2854 8331

Pebe Peresia Consumer Goods pebe.peresia@samuel.co.id +6221 2854 8339

AshaliaFitri Research Associate ashalia.fitri@samuel.co.id +6221 2854 8163

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312

Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399

Anthony Yunus Institutional Equity Sales anthony.yunus@samuel.co.id +6221 2854 8314

Henry Sutanto Institutional Equity Sales henry.sutanto@samuel.co.id +6221 2854 8329

Fachruly Fiater Sales Trader fachruly.fiater@samuel.co.id +6221 2854 8325

Lucia Irawati Sales Trader lucia.irawati@samuel.co.id +6221 2854 8173

Suryanti Salim Sales Trader suryanti.salim@samuel.co.id +6221 2854 8173

Muhammad Faisal Dealer m.faisal@samuel.co.id +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Clarice Wijana PWM Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

GittaWahyuRetnani PWM Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

WahyudiBudiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170

Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337

Julio Simangunsong Fixed Income Sales julio.natanael@samuel.co.id +6221 28548384

Equity Retail / Online Team

Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372

Damargumilang Head of Equity Retail damargumilang@samuel.colid +6221 2854 8309

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

Michael Alexander Equity Retail michael.alexander@samuel.co.id +6221 2854 8163

Albertha Palma Equity Assistant albertha.palma@samuel.co.id +6221 2854 8163