DAILY. IHSG Berpotensi Melemah Hari Ini. Highlights. Market DAILY RESEARCH

(1)

DAILY RESEAR CH

Market Activity

Market Index : 7,182.8

Index Movement : -10.5 -0.15%

Market Volume : 27,532 Mn shrs Market Value : 16,334 Bn rupiah

Last

Close +/- %

Leading Movers

GOTO 384 6 1.6

BYAN 58,900 3950 7.2

ARTO 8,900 375 4.4

ADMR 2,450 210 9.4

Lagging Movers

BBCA 7,500 -100 -1.3

BBNI 8,675 -325 -3.6

TLKM 4,050 -50 -1.2

CPIN 4,950 -200 -3.9

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

BMRI 563 BBNI 141

BBRI 322 TLKM 76

ASII 184 PNLF 60

GOTO 75 ACES 45

ADMR 71 ISAT 37 Money Market

Last

Close +/- %

USD/IDR 14,563 70.0 -0.5

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 28.3 -0.6 -2.2

EIDO 23.8 -0.8 -3.2

Global Indices Last

Close +/- %

DJIA 32,273 -638 -1.94

S&P 500 4,018 -98 -2.38

Euro Stoxx 3,724 -64 -1.70

MSCI World 2,722 -61 -2.21

STI 3,210 -16 -0.50

Nikkei 28,247 12 0.04

Hang Seng 21,869 -146 -0.7

Commodities*

Last

Close +/- %

Brent Oil 123.1 -0.5 -0.41

Coal (ICE) 361.0 -4.1 -1.11 CPO Malay 6,208 -256.0 -3.96

Gold 1,850 -5.7 -0.31

Nickel 27,956 -776.0 -2.70

Tin 37,100 1,027.0 2.85

*last price per closing date

Changes Changes

Changes

Changes Thursday, 09 Jun 2022

DAILY RESEARCH

10 June 2022

Market

IHSG Berpotensi Melemah Hari Ini

Bursa saham AS hari Kamis (9/6) ditutup melemah: Dow Jones -1.94%; S&P500 - 2.38%, dan Nasdaq -2.75%. Kekhawatiran terhadap data inflasi AS yang dijadwalkan rilis hari ini (10/6) menjadi salah satu pemicunya. Inflasi AS diperkirakan masih bertahan di level 8.3% yoy di Mei 2022, namun hal ini meningkatkan keyakinan pasar bahwa the Fed akan kembali menaikan suku bunga acuan sebesar 50 bps di Juni dan Juli 2022. Data initial jobless claim naik menjadi 229 ribu (prev: 202 ribu) dan diatas ekspektasi (205 ribu). Yield UST 10Y naik ke level 3.04% dan USD Index juga naik ke level 103.22.

Pasar komoditas bergerak melemah; CPO -4.0% ke MYR 6,208/ton, tembaga -2.0%

ke level USD 436/ton, batubara -1.1% di level USD 361/ton, minyak WTI -1.0% ke level USD 121/bbl, dan emas -0.3% ke level USD 1,850/toz.

Bursa Asia ditutup mayoritas melemah pada perdagangan Kamis (9/6): Shanghai - 0.8%, Hang Seng -0.7%, sementara Kospi dan Nikkei flat 0.0%. IHSG ditutup melemah -0.14% ke level 7,183. Total keseluruhan net foreign buy sebesar IDR 1.16 triliun. Net buy asing di pasar regular sebesar IDR 904 milyar dan net sell di pasar negosiasi sebesar IDR 261.2 miliar. Net buy asing tertinggi di pasar reguler dicatatkan oleh BMRI (IDR 562.8 miliar), BBRI (IDR 322 miliar), dan ASII (IDR 183.8 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh BBNI (IDR 141.2 miliar), TLKM (IDR 75.6 miliar), dan PNLF (IDR 60 miliar). Indeks EIDO semalam ditutup melemah -1.88%.

Kasus Covid-19 di Indonesia ada penambahan 556 kasus baru kemarin (9/6), naik +6.9% dibandingkan hari sebelumnya dengan daily positive rate 0.8%. Recovery rate 97.3% dan kasus aktif 4,061 pada hari yang sama.

Dari dalam negeri, kemarin rilis data indeks keyakinan konsumen bulan Mei yang naik menjadi 128.9 (prev: 113.1). Dari regional, pagi ini pasar Asia dibuka melemah, Nikkei -0.89% dan Kospi -1.11%. IHSG diperkirakan melemah hari ini seiring sentimen negatif bursa global dan regional serta melemahnya harga-harga komoditas.

Highlights

 ADHI : Kontrak Baru hingga April 2022 Mencapai IDR 8.2 Triliun

 TLKM : Rencana untuk Memaksimalkan Nilai Data Center (DC) di 1H23F

(2)

Equity Research│10 June 2022

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)

9-Jun-21 9-Jul-21 9-Aug-21 9-Sep-21 9-Oct-21 9-Nov-21 9-Dec-21 9-Jan-22 9-Feb-22 9-Mar-22 9-Apr-22 9-May-22

0 20 40 60 80 100 120 140

9-Jun-21 30-Jun-21 21-Jul-21 11-Aug-21 1-Sep-21 22-Sep-21 13-Oct-21 3-Nov-21 24-Nov-21 15-Dec-21 5-Jan-22 26-Jan-22 16-Feb-22 9-Mar-22 30-Mar-22 20-Apr-22 11-May-22 1-Jun-22

40 90 140 190 240 290 340 390 440 490

9-Jun-21 9-Jul-21 8-Aug-21 7-Sep-21 7-Oct-21 6-Nov-21 6-Dec-21 5-Jan-22 4-Feb-22 6-Mar-22 5-Apr-22 5-May-22 4-Jun-22

1,500 2,500 3,500 4,500 5,500 6,500 7,500 8,500

21 1 21 -21 21 -21 -21 -22 -22 -22 -22 -22 22

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

21 1 -21 -21 21 -21 -21 -22 -22 -22 -22 -22 22

10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000 50,000

9-Jun-21 30-Jun-21 21-Jul-21 11-Aug-21 1-Sep-21 22-Sep-21 13-Oct-21 3-Nov-21 24-Nov-21 15-Dec-21 5-Jan-22 26-Jan-22 16-Feb-22 9-Mar-22 30-Mar-22 20-Apr-22 11-May-22 1-Jun-22

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 Daily Total Closed Cases

Cases % Deaths Deaths Active Cases %

6/9/2022 6,056,017 - 156,604 - (161,698,992) 2770.06 6/8/2022 6,056,017 - 156,604 - (161,698,992) 2770.06 6/7/2022 6,056,017 - 156,604 - (161,698,992) 2770.06 6/6/2022 6,056,017 - 156,604 - (161,698,992) 2770.06 6/5/2022 6,056,017 - 156,604 - (161,698,992) 2770.06 6/4/2022 6,056,017 - 156,604 - (161,607,832) 2768.55 6/3/2022 6,056,017 0.01 156,604 4 (161,607,832) 2768.55

Average 1 2769.63

Source: SSI Research, Bloomberg

(3)

ADHI: Kontrak Baru hingga April 2022 Mencapai IDR 8.2 Triliun

ADHI merealisasikan perolehan kontrak baru sebesar IDR 8.2 triliun hingga April 2022, tumbuh 128% YoY. Beberapa kontrak baru yang diperoleh ADHI antara lain Pekerjaan Jalan Tol Yogyakarta – Bawen, Kawasan Budidaya Udang di Kab. Kebumen, dan Rehabilitasi Bendungan Pacal di Bojonegoro. Dari sisi pemberi kerja, kontrak baru 4M22 terdiri dari Proyek Investasi dan Swasta sebesar 70%, Pemerintah 22% dan BUMN sebesar 8%. Dari sisi tipe proyek, kontrak baru 4M22 terdiri dari proyek Jalan dan Jembatan sebesar 57%, gedung sebesar 11% dan proyek infrastruktur lainnya sebesar 32%. (Investor Daily)

Comment:

Pencapain kontrak baru ADHI di 4M22 setara dengan 29.7% dari estimasi SSI dan sedikit lebih tinggi dibandingkan run rate 4M21 yang sebesar 23.7%. Adapun proyeksi kontrak baru SSI sebesar IDR 27.6 triliun, tumbuh 82% dibandingkan dengan realisasi kontrak baru 2021 yang sebesar IDR 15.2 triliun. Kami mempertahankan proyeksi kontrak baru seiring dengan run rate yang lebih tinggi. ADHI: (BUY: 13.3x PE '22E, 0.5x PBV '22E, TP: IDR 1,420)

TLKM: Rencana untuk Memaksimalkan Nilai Data Center (DC) di 1H23F

Emiten telekomunikasi Telkom Indonesia (TLKM) saat ini sedang dalam proses untuk mengonsolidasikan data centernya ke PT Sigma Tata Sedaya, yang nantinya akan berganti nama menjadi PT Telkom Data Center. Ke depannya, TLKM berencana untuk memaksimalkan nilai bisnis data centernya melalui private placement atau IPO. Untuk merealisasikan salah satu dari kedua opsi tersebut, TDC berencana untuk bermitra dengan pihak swasta. Saat ini, kapasitas DC TLKM mencapai 1.3K rak, dengan luas lokasi mencapai 107K m2 dan aset di 18 lokasi (4 negara). Sesuai dengan roadmap TLKM hingga 2024F, TLKM mengharapkan pertumbuhan ekuitas dari DC, layanan IT B2B, perusahaan digital, dan inisiatif strategis lainnya, bersama dengan pertumbuhan organik. (Investor Daily)

Comment:

Pada harga saat ini, berita ini mungkin akan memberikan sedikit sentimen positif kepada TLKM, karena berita ini memberikan sedikit kejelasan tentang roadmap strategis jangka panjang perseroan.

Kami akan terus memantau perkembangan bisnis DC TLKM, namun tampaknya masih butuh waktu untuk meningkatkan sumbangsihnya pada laba konsolidasi TLKM. TLKM diperdagangkan pada ~7x EV/EBITDA FY22F dan ~18x PE FY22F. Kami juga akan memantau pengumuman Fed rate sekitar pertengahan Juni. TLKM:

(BUY: 17.6x PE '22E, 3.5x PBV '21E, TP: IDR 5,000)

(4)

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) (%) 22A 23E 22A 23E 22A 23E

Banks

BBCA HOLD 7.6 7,500 8,100 8,374 8.0 25.4 22.9 4.2 3.8 16.3 16.5

BBRI BUY 7.6 4,490 5,400 5,352 20.3 16.2 14.5 2.1 2.1 13.2 14.2

BMRI SELL 5.6 8,425 8,000 9,922 -5.0 12.5 11.1 1.8 1.6 14.2 14.9

BBNI SELL 2.3 8,675 8,500 10,071 -2.0 10.6 8.8 1.1 1.0 10.1 11.1

BBTN BUY 0.2 1,625 2,200 2,288 35.4 6.3 5.4 0.7 0.6 10.9 11.3

Average 9.8 8.4 1.2 1.1 11.7 12.4

Consumer (Staples)

ICBP BUY 0.7 8,625 12,000 10,324 39.1 13.5 12.0 2.7 2.4 20.1 20.0

INDF HOLD 1.1 6,875 7,150 8,272 4.0 8.4 7.6 1.2 1.1 14.0 14.2

KLBF BUY 1.2 1,635 1,950 1,874 19.3 22.3 20.5 3.7 3.3 16.4 16.3

UNVR SELL 1.0 4,820 4,800 4,477 -0.4 30.9 29.2 34.9 32.1 113.0 110.0

SIDO BUY 0.2 975 1,110 1,153 13.8 20.3 17.8 7.9 7.3 38.7 41.2

Average 19.1 17.4 10.1 9.3 40.5 40.3

Cigarette

HMSP SELL 0.4 1,130 870 1,049 -23.0 16.9 14.5 4.4 4.2 26.4 29.3

GGRM HOLD 0.4 31,525 32,500 31,863 3.1 9.6 6.7 1.0 0.9 10.5 14.1

Average 13.2 10.6 2.7 2.6 18.4 21.7

Healthcare

MIKA BUY 0.5 2,620 2,960 2,767 13.0 28.8 25.2 5.9 5.2 20.5 20.8

SILO BUY 0.1 1,110 1,410 1,349 27.0 21.0 18.1 2.1 1.9 9.9 10.6

HEAL SELL 0.4 1,365 1,140 1,514 -16.5 31.9 11.3 5.5 4.6 17.1 41.2

Average 27.2 18.2 4.5 3.9 15.8 24.2

Poultry

CPIN BUY 1.2 4,950 7,000 6,382 41.4 21.6 20.5 3.2 2.9 14.9 14.3

JPFA BUY 0.3 1,430 1,800 2,091 25.9 9.2 9.3 1.2 1.1 12.5 11.5

MAIN BUY 0.0 610 685 802 12.3 8.9 5.9 0.6 0.6 6.8 9.4

WMUU BUY 0.0 138 340 160 146.4 2.6 2.7 0.9 0.7 34.4 24.9

WMPP BUY 0.0 122 240 N/A 96.7 6.8 4.1 1.5 1.2 22.8 29.4

Average 9.8 8.5 1.5 1.3 18.3 17.9

Retail

MAPI BUY 0.3 950 1,100 1,120 15.8 22.7 18.4 2.8 2.6 12.1 14.0

RALS BUY 0.0 620 900 857 45.2 13.2 9.1 1.0 0.9 7.7 10.2

ACES BUY 0.2 945 1,900 1,204 101.1 14.8 12.9 2.9 2.6 19.6 20.0

LPPF SELL 0.2 4,990 3,430 6,742 -31.3 14.3 10.6 12.6 8.0 88.3 75.2

ERAA BUY 0.1 505 785 864 55.4 7.3 6.6 1.2 1.1 16.9 16.1

Average 14.5 11.5 4.1 3.0 28.9 27.1

Pulp and Paper

INKP BUY 0.6 8,275 9,900 10,000 19.6 7.1 8.2 0.7 0.6 9.3 7.8

ALDO BUY 0.0 1,040 2,000 N/A 92.3 18.9 15.5 1.7 1.5 9.1 9.8

Average 13.0 11.8 1.2 1.1 9.2 8.8

Media

MNCN BUY 0.3 1,000 1,300 1,367 30.0 5.0 4.5 0.7 0.6 14.1 14.0

SCMA BUY 0.1 214 340 368 58.9 8.2 6.9 1.8 1.6 22.2 23.0

FILM BUY 0.1 1,810 2,000 1,650 10.5 452.5 120.7 13.7 12.9 3.0 10.7

Average 155.2 44.0 5.4 5.0 13.1 15.9

Telco

EXCL BUY 0.4 2,600 3,000 3,745 15.4 37.7 29.9 1.4 1.4 3.8 4.6

ISAT BUY 0.3 6,425 7,250 7,385 12.8 n/a 74.7 2.7 0.3 -5.6 0.4

TLKM BUY 6.9 4,050 5,000 5,082 23.5 18.4 17.6 3.7 3.5 20.2 20.1

Average 28.0 40.7 2.6 1.7 6.1 8.4

(5)

Telco Infra

TBIG SELL 0.8 2,810 1,550 3,310 -44.8 55.1 48.4 8.6 7.6 15.6 15.8

TOWR BUY 0.8 940 1,600 1,426 70.2 13.2 12.2 3.4 3.0 25.7 24.2

MTEL BUY 0.4 710 965 991 35.9 59.2 39.4 1.8 1.7 3.0 4.3

Average 42.5 33.4 4.6 4.1 14.8 14.8

Auto

ASII HOLD 4.7 7,200 7,500 7,946 4.2 13.7 12.9 1.3 1.3 9.5 9.3

DRMA BUY 0.0 610 830 854 36.1 8.7 7.7 2.1 1.7 24.5 22.5

ASLC BUY 0.0 189 320 300 69.3 82.2 45.0 2.3 2.3 2.8 5.0

Average 34.9 21.9 1.9 1.8 12.3 12.3

Mining Contracting

UNTR SELL 1.8 32,400 31,000 34,507 -4.3 17.4 12.9 2.0 1.8 11.2 13.8

Average 17.4 12.9 2.0 1.8 11.2

Property

BSDE BUY 0.2 920 1,480 1,368 60.9 10.6 9.4 0.5 0.4 4.4 4.6

PWON BUY 0.3 492 630 644 28.0 20.5 17.0 1.5 1.4 7.3 8.1

SMRA BUY 0.2 665 1,080 1,174 62.4 31.7 21.5 1.3 1.2 4.0 5.6

CTRA BUY 0.3 965 1,360 1,493 40.9 12.5 10.6 1.1 1.0 8.6 9.3

Average 17.8 13.0 0.8 0.8 4.4 5.3

Construction

PTPP BUY 0.1 950 1,110 1,267 16.8 18.6 14.6 0.4 0.4 2.1 2.4

ADHI BUY 0.0 770 1,420 883 84.4 13.3 4.7 0.5 0.4 3.4 8.7

WSKT BUY 0.1 565 1,220 811 115.9 n/a n/a 0.5 0.7 -4.2 -22.2

WIKA BUY 0.1 965 1,440 1,261 49.2 40.2 28.4 0.5 0.5 1.3 1.7

WEGE BUY 0.0 178 300 275 68.5 8.0 5.7 0.7 0.6 9.0 11.3

Average 13.3 10.2 0.5 0.6 2.3 -2.8

Cement

INTP BUY 0.6 9,500 13,000 12,673 36.8 20.9 16.1 1.6 1.6 7.6 9.7

SMGR BUY 0.7 7,000 13,050 9,918 86.4 14.8 13.9 1.1 1.0 7.4 7.5

Average 17.8 15.0 1.3 1.3 7.5 8.6

Precast

WTON BUY 0.0 214 266 279 24.3 22.5 16.5 0.5 0.5 2.4 3.2

Average 22.5 16.5 0.5 0.5 2.4 3.2

Oil and Gas

PGAS SELL 0.6 1,680 1,600 1,809 -4.8 9.3 7.6 0.8 0.7 8.5 9.5

AKRA SELL 0.3 1,170 1,040 1,146 -11.1 18.6 17.2 2.3 2.2 12.6 12.7

MEDC BUY 0.1 645 1,090 883 69.0 8.8 4.7 0.9 0.7 9.7 15.3

Average 12.2 9.8 1.3 1.2 10.3 12.5

Chemical

TPIA HOLD 1.2 10,000 10,250 9,275 2.5 114.9 52.9 6.9 6.9 6.0 13.0

BRPT BUY 0.8 805 1,150 900 42.9 100.6 40.3 4.3 4.0 4.2 9.9

ESSA SELL 0.3 1,030 225 1,410 -78.2 n/a 41.2 3.6 3.6 -0.3 8.6

Average 107.8 44.8 4.9 4.8 3.3 10.5

Utilities

JSMR HOLD 0.3 3,950 4,150 5,031 5.1 14.6 12.0 1.0 1.0 7.1 8.1

Metal

ANTM BUY 0.7 2,400 4,150 3,421 72.9 18.5 15.9 2.4 2.1 12.8 13.0

MDKA SELL 2.2 5,150 3,000 5,811 -41.7 119.0 28.0 18.7 20.4 15.7 72.9

INCO SELL 0.6 7,650 6,900 8,377 -9.8 32.0 18.6 2.5 2.1 7.7 11.4

BRMS HOLD 0.6 222 225 225 1.4 74.0 74.0 1.8 1.3 2.4 1.8

Average 60.9 478.4 5.6 5.9 6.9 19.8

(6)

Potential Mkt. Cap Net Profit P/E

(IDRbn) Period Price (IDR) mn shares % (IDRbn) Usage (IDRbn) (x)

Source : e-ipo.co.id, *Note: Subject to OJK approval

32 24.5 2021

132 - 142 950 0.7 125 - 135 Working Capital NPII*

Mandiri Mineral Perkasa (Basic

Materials)

14-Jun 17,912 - 19,269 8 - 10 Jun

Upcoming IPO's

Financial Result Period

Ticker Company (Sector) Listing Offering Shares issued Proceeds

Coal

ITMG SELL 0.5 35,000 33,850 36,396 -3.3 5.1 7.4 1.5 1.1 29.1 15.2

ADRO SELL 1.8 3,600 3,200 3,948 -11.1 8.6 6.0 1.9 1.2 22.2 20.0

PTBA SELL 0.6 4,070 4,000 4,366 -1.7 0.5 0.5 1.9 1.7 377.7 362.9

HRUM BUY 0.2 2,180 2,720 3,101 24.8 31.4 18.3 3.7 3.1 11.8 16.9

Average 11.4 8.0 2.3 1.8 110.2 103.7

Plantation

AALI BUY 0.2 11,475 14,500 15,702 26.4 14.7 12.9 1.1 1.0 7.2 7.8

LSIP HOLD 0.1 1,355 1,370 1,624 1.1 10.8 11.9 0.9 0.9 8.7 7.6

SSMS HOLD 0.1 1,200 1,200 2,000 0.0 35.3 15.2 2.6 2.3 7.4 15.0

TAPG BUY 0.1 675 1,050 1,113 55.6 7.5 7.8 1.5 1.3 19.2 19.4

STAA BUY 0.0 1,185 1,400 1,550 18.1 9.2 8.1 3.0 2.3 32.3 28.8

Average 18.5 13.0 1.4 1.3 12.1 13.0

Technology

ASSA BUY 0.1 2,170 2,600 3,714 19.8 29.3 18.5 3.7 3.1 12.5 16.5

EMTK BUY 1.0 1,790 2,600 2,750 45.3 179.0 149.2 7.8 7.1 4.4 4.8

BUKA BUY 0.6 290 370 625 27.6 2.2 n/a 1.3 1.4 61.3 -4.8

Average 40.1 35.3 3.0 2.7 21.3 13.2

Source: SSI Research, Bloomberg

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

(7)

Chg (Pts)

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

World 2,722 (61.44) (2.21) (2.06) 1.67 (5.21) (15.78) (9.50) 3,262 2,603

U.S. (S&P) 4,018 (97.95) (2.38) (3.81) 0.67 (6.08) (15.70) (4.78) 4,819 3,810

U.S. (DOW) 32,273 (638.11) (1.94) (2.93) 0.08 (3.04) (11.19) (6.31) 36,953 30,636

Europe 3,724 (64.48) (1.70) (1.86) 4.77 2.00 (13.35) (9.07) 4,415 3,387

Emerging Market 1,067 (6.59) (0.61) 0.60 5.95 (3.23) (13.38) (22.61) 1,387 983

FTSE 100 7,476 (116.79) (1.54) (1.73) 3.22 5.31 1.24 5.47 7,687 6,788

CAC 40 6,358 (90.17) (1.40) (2.18) 3.95 2.44 (11.11) (2.87) 7,385 5,756

Dax 14,199 (247.19) (1.71) (1.98) 4.91 5.63 (10.61) (8.81) 16,290 12,439

Indonesia 7,183 (10.48) (0.15) 0.48 5.32 3.74 9.14 17.61 7,355 5,885

Japan 27,977 (269.50) (0.95) 0.78 6.92 8.90 (2.83) (3.39) 30,796 24,682

Australia 6,962 (58.05) (0.83) (3.83) (1.27) (2.37) (6.49) (4.67) 7,633 6,758

Korea 2,598 (27.63) (1.05) (2.30) 0.05 (3.08) (12.76) (19.44) 3,316 2,547

Singapore 3,210 (16.18) (0.50) (0.53) (0.76) (0.96) 2.75 1.49 3,466 3,038

Malaysia 1,510 (14.15) (0.93) (2.81) (2.89) (4.48) (3.69) (4.44) 1,620 1,475

Hong Kong 21,869 (145.54) (0.66) 2.70 11.39 4.69 (6.53) (23.90) 29,395 18,235

China 3,239 (24.84) (0.76) 1.78 6.69 (1.73) (11.01) (10.30) 3,724 2,864

Taiwan 16,621 (49.17) (0.29) (0.32) 3.48 (4.66) (8.77) (3.13) 18,620 15,617

Thailand 1,641 4.45 0.27 (1.12) 1.14 (0.35) (0.98) 0.99 1,719 1,512

Philipines 6,759 (11.03) (0.16) 1.07 0.56 (5.14) (5.11) (1.70) 7,552 6,270

Foreign Reserves (US$Bn) 135.60 (0.04) (4.13) (6.42) (0.59) 146.87 135.60

Inflation Rate (yoy, %) 3.55 3.55 1.33

Gov Bond Yld (10yr, %) 7.20 13.03 7.44 6.01

US Fed Rate (%) 1.00 1.00 0.25

Chg (Pts)

Indonesia 14,563 70.00 (0.48) (0.55) (0.03) (1.48) (2.13) (2.11) 14,738 14,057

Japan 134.08 (0.28) 0.21 (2.39) (2.71) (13.38) (14.17) (18.46) 134.56 108.72

UK 1.25 (0.00) (0.07) (0.03) 1.36 (4.60) (7.74) (11.94) 1.42 1.22

Euro 1.06 (0.00) (0.04) (0.99) 0.80 (3.40) (6.66) (12.79) 1.22 1.04

China 6.69 0.01 (0.13) (0.48) 0.57 (5.60) (5.03) (4.56) 6.81 6.31

Chg (Pts)

Oil (Brent) 122.82 (0.25) (0.20) 2.59 19.87 12.34 57.91 69.36 139.13 64.60

CPO 6,480 28.00 0.43 (3.56) (2.09) (14.96) 25.61 65.94 8,034 3,343

Coal 361.00 (4.05) (1.11) (7.61) 2.12 (15.43) 137.89 204.64 487.50 121.50

Tin 36,740 (360.00) (0.97) 5.97 (1.02) (16.89) (5.46) 17.72 51,000 29,280

Nickel 28,023 (832.00) (2.88) (1.30) (0.57) #N/A N/A 35.01 54.52 55,000 17,085

Copper 9,615 (115.00) (1.18) 1.77 4.09 (3.86) (1.09) (3.64) 10,845 8,740

Gold 1,847 (1.45) (0.08) (0.25) 0.45 (7.54) 0.95 (2.74) 2,070 1,691

Silver 21.65 (0.04) (0.18) (1.25) 1.82 (16.44) (7.11) (22.64) 28 20

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.

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri C Permana Senior Economist [email protected] +6221 2854 8144

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129

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

Yosua Zisokhi Cement , Cigarette, Paper, Plantation,Telco Infra, Chemicals [email protected] +6221 2854 8387

Andreas Kristo Saragih Construction, Toll Roads [email protected] +6221 2864 8303

Paula Ruth Telco [email protected] +6221 2854 8332

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas, Technology [email protected] +6221 2854 8346

Pebe Peresia Automotive, Consumer Staples [email protected] +6221 2854 8339

Adolf Richardo Editor [email protected] +6221 2864 8397

Ashalia Fitri Yuliana Research Associate [email protected] +6221 2854 8389

Muhammad Gibran Research Associate [email protected] +6221 2854 8392

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Widya Meidrianto Institutional Equity Sales [email protected] +6221 2854 8317

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Hisdi Liem Head of PWM Equity Sales [email protected] +6221 2854 8188

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

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

Vincentius Darren PWM Equity Sales [email protected] +6221 2854 8348

Wahyudi Budiyono Dealer [email protected] +6221 2854 8152

Fixed Income Sales Team

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

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 2854 8384

Nadya Attahira Fixed Income Sales Associate [email protected] +6221 2854 8305

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

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

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Andry Sukanto, AWP,CSA,CTA Head of Private Group & Individual Sales [email protected] +6221 2854 8308

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Michael Alexander Equity Retail [email protected] +6221 2854 8369