Riset Saham Harian. IHSG Berpeluang Melanjutkan Pelemahan. Highlights

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Riset Saham Harian

Samuel Equity Research 24 Oktober 2018

www.samuel.co.id Page 1 of 7

IHSG Berpeluang Melanjutkan Pelemahan

Bursa saham AS melemah pada perdagangan terakhirnya setelah saham- saham sektor industri melaporkan kinerja dibawah estimasi.

Saham Caterpillar turun 7,6% setelah mempertahankan proyeksi labanya untuk 2018. Sementara itu, saham 3M Co tergelincir 4,4%

setelah memangkas prospek laba full year seiring tantangan terkait mata uang asing. Hal ini menghidupkan kembali kekhawatiran atas dampak meningkatnya biaya pinjaman, upah dan tariff. Sementara kekhawatiran seputar pemilu paruh waktu yang akan berlangsung di AS dan penolakan anggaran Italia menjadi fokus investor.

Kemarin, IHSG ditutup melemah dengan dana asing mencatatkan net sell di pasar regular Rp 77, 8 miliar. Hari ini IHSG berpeluang melanjutkan pelemahan tertekan oleh sentimen global.

Highlights

 UNVR: Inovasi membantu pertumbuhan

 SSIA: Lanjutkan akuisisi lahan di Subang

 MEDC: Akan menggelar RUPSLB untuk persetujuan memangkas harga saham baru

 SIDO: Laba bersih tumbuh 26%YoY

 Perbankan: (1) KPA Meikarta (2) Pengetatan likuiditas

 TLKM: Telkomsel perkenalkan telco big data

 TPIA: Akan atur strategi untuk menyiasati kenaikan harga minyak : 5,797.9

: -42.5 (-0.73%) : 6,185 Mn shrs : 4,705 Bn rupiah Last

Close +/- %

ASII 7,350 75 1.0

MYOR 2,680 60 2.3

TOPS 840 25 3.1

MPRO 392 78 24.8

TLKM 3,700 -100 -2.6

BBCA 22,950 -200 -0.9

GGRM 78,000 -2,025 -2.5

BBRI 3,020 -30 -1.0

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

PGAS 134 BBCA 95

BMRI 31 PTBA 54

BBRI 30 UNTR 48

HMSP 18 ASII 45

SMGR 17 ADRO 23 Money Market

Last

Close +/- %

USD/IDR 15,192 3.0 0.0

JIBOR O/N 5.8 0.0

Dual Listing Securities Last

Close +/- %

TLKM 24.7 -0.2 -0.9

ISAT 49.1 -1.1 -2.1

EIDO 21.8 0.0 0.0

Global Indices Last

Close +/- %

DJIA 25,191 -126 -0.5

S&P 500 2,741 -15 -0.6 Euro Stoxx 3,141 -49 -1.5 MSCI World 2,034 -20 -1.0

Nikkei 22,102 91 0.4

Hang Seng 25,347 -807 -3.1 Commodities

Last

Close +/- %

Brent Oil 76 0.0 -0.1

CPO Malay 2,218 -19.0 -0.8

Coal (ICE) 110 -0.3 -0.3

Nickel 12,315 -158.5 -1.3

Tin 19,341 83.0 0.4

Market Value Market Activity Wednesday, 24 Oct 2018 Market Index

Index Movement Market Volume

Changes Changes Leading Movers

Lagging Movers

Changes

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Riset Saham Harian

24 Oktober 2018

UNVR: Inovasi membantu pertumbuhan

 Sebagaimana diberitakan sebelumnya, hingga 9M18, pendapatan tumbuh 0,9%yoy menjadi Rp 31,5 triliun. Di 3Q18 saja, tanpa memasukkan bisnis Spreads, penjualan tumbuh 5,5%. Inovasi berkelanjutan dinilai membantu pertumbuhan. Belum lama ini perusahaan meluncurkan saus sambal dengan merek Jawara dan produk perawatan tubuh bermerek Korea Glow.

 UNVR menjual bisnis Spreads pada 3Q18 senilai Rp 2,8 triliun. Sebagaimana terlampir di keterbukaan informasi sebelumnya, penjualan aset itu mencakup penjualan aset berupa hak mendistribusikan sejumlah merek seperti Frytol, Blue Band Master, Blue Band, dan Blue Band Gold. (Kontan, Investor Daily)

UNVR: HOLD; 19E’ PE: 41.1x, PBV: 57.8x, TP: 49,900

SSIA: Lanjutkan akuisisi lahan di Subang

 PT Surya Semesta Internusa, Tbk (SSIA), Jan-Sept18 telah mengakuisisi total luas lahan 1.034ha. (Kontan)

Comment:

 Perkembangan akuisisi lahan dari izin pengembangan seluas 2,000ha sejalan dengan ekspektasi kami.

 Rencana pengembangan Subang Smart City akan memberikan benefit pada SSIA (lihat report-report Company Update SSIA kami sebelumnya).

 Di sisi lain, dampak positif pada perbaikan laba bersih kami perkirakan baru akan terluhat secepatnya di laporan keuangan 3Q19. Laporan kinerja terakhir SSIA pada 1H18 mencatat rugi bersih -Rp56miliar, atau turun sangat tajam dibandingkan tahun sebelumnya (laba bersih) Rp1.23tn.

 Kami tengah melakukan roll over FY19E untuk saham SSIA.

SSIA: HOLD; P/E’19E: 78.6x, PBV’19E: 0.5x, TP: Rp 564

MEDC: Akan menggelar RUPSLB untuk persetujuan memangkas harga saham baru

PT Medco Energi Internasional Tbk (MEDC) berniat membatalkan rencana penambahan modal tanpa hak memesan efek terlebih dahulu (PMTHMETD) meski telah mendapat izin dari pemegang saham pada 14 Mei 2018 di harga Rp 1.306/saham. Sebagai gantinya, MEDC akan meminta persetujuan pemegang saham untuk PMTHMETD dengan jumlah saham baru yang sama namun dengan harga penawaran yang berbeda. Berdasarkan prospectus, harga saham baru akan dipasang di Rp 868/saham, dimana merupakan harga rata-rata pada 31 Agustus 2018 – 5 Oktober 2018. Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) rencananya akan digelar di tanggal 15 November 2018.

(Kontan) MEDC: BUY; 19E’PE: 9.4x, PBV: 3.0x, TP: Rp 1,500

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Riset Saham Harian

24 Oktober 2018

SIDO: Laba bersih tumbuh 26%YoY

 PT Industri Jamu dan Farmasi Sido Muncul Tbk. (SIDO) baru saja merilis laporan keuangan 9M18 dengan kenaikan laba bersih 26%YoY dan pendapatan sebesar 5%YoY.

Kenaikan pendapatan yang tipis turut disebabkan oleh turunnya penjualan pada divisi F&B meskipun divisi jamu herbal dan suplemen mengalami pertumbuhan dan farmasi mengalami pertumbuhan (+7%YoY dan +13%).

 Komposisi penjualan pada 9M18 tertinggi masih dipegang oleh divisi Herbal dan Suplemen, disusul oleh F&B dan Farmasi (66%, 30%, dan 4%).

 Sementara itu, kenaikan laba bersih perusahaan turut didorong oleh turunnya beban pokok penjualan SIDO (turunnya biaya bahan baku dan beban produksi tidak langsung, terutama biaya royalti). Kenaikan laba operasional sebesar 22%YoY turut mendongkrak naik laba bersih pada 9M18, meskipun terdapat kenaikan biaya iklan.

 Adapun secara QoQ, laba bersih tercatat naik sebesar 64%, sementara pendapatan tercatat naik 53%. (Financial Performance Snapshot dan Investor Relation SIDO).

SIDO: Non – coverage.

Perbankan: (1) KPA Meikarta (2) Pengetatan likuiditas

 Total portofolio KPA perbankan yang disalurkan ke Meikarta mencapai Rp 8 triliun dan ada di 12 bank. Sejauh ini pembayaran lancar karena masalahnya ada di proyek, bukan di debitur. Pembiayaan bank ke proyek Meikarta diestimasi tidak ada karena Meikarta memakai dana dari China.

 LDR perbankan mencapai 93,2% per Agustus 2018, menandakan likuiditas yag mulai ketat. Hingga akhir tahun ini, kredit diperkirakan tumbuh 10% dan DPK tumbuh di bawah 8%, dengan LDR di atas 91,2%. Suku bunga perbankan masih dalam tren peningkatan.

(Kontan, Investor Daily) Banking: Neutral

TLKM: Telkomsel perkenalkan telco big data

Anak usaha PT Telekomunikasi Indonesia Tbk (TLKM), PT Telekomunikasi Seluler (Telkomsel) memperkenalkan Mobile Consumer Insight (MSIGHT) sebagai upaya untuk mendukung transformasi digital Indonesia menuju revolusi Industri 4.0. MSIGHT akan memperkenalkan kapabilitas dan manfaat dari layanan Telco Big Data kepada komunitas industri, pemerintah dan start-up. . (Kontan) TLKM: HOLD 19E’ PE: 19.1x, PBV: 3.5x, TP: Rp 3,700

TPIA: Akan atur strategi untuk menyiasati kenaikan harga minyak

 PT Chandra Asri Petrochemical Tbk (TPIA) berencana meningkatkan volume produksi dan akan mengkaji ulang harga jual dengan penyesuaian harga berkisar 5 – 10%.

Kenaikan harga minyak yang sudah melebihi level USD 70/barel akan menekan kinerja TPIA, karena 80% dari biaya produksi adalah biaya bahan baku. Tingkat utilisasi pabrik saat ini mencapai 90% (Kontan) TPIA: Under Review

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Riset Saham Harian

24 Oktober 2018

Stock Rec. JCI Wgt Last price YTD Chg TP Cons TP SSI PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) 18E 19E 18E 19E 18E 19E

Banks

BMRI BUY 4.6 6425 (19.7) 8141 8200 12.6 11.1 1.7 1.5 13.1% 13.4%

BBCA HOLD 8.7 22950 4.8 24861 26250 22.4 20.5 3.8 3.3 16.9% 16.2%

BBRI BUY 5.7 3020 (17.0) 3734 3800 11.7 10.4 2.0 1.8 17.2% 16.9%

BBNI BUY 2.0 7125 (28.0) 8936 9050 9.0 7.7 1.2 1.1 13.7% 14.3%

BBTN HOLD 0.4 2300 (35.6) 3272 2800 7.3 6.4 1.0 0.9 13.6% 13.9%

BNLI BUY 0.2 472 (24.5) 592 610 23.6 15.7 0.6 0.6 2.6% 3.7%

Average 14.4 12.0 1.7 1.5 12.8% 13.1%

Consumer (Staples)

ICBP BUY 1.6 8750 (1.7) 9735 10200 24.3 22.3 4.6 4.2 19.1% 18.6%

INDF BUY 0.8 5800 (23.9) 8207 8400 11.0 9.9 1.5 1.4 13.6% 13.8%

KLBF HOLD 1.0 1320 (21.9) 1399 1450 24.4 23.2 4.2 3.9 17.4% 16.7%

UNVR HOLD 5.3 44500 (20.4) 45778 49900 43.7 40.5 55.8 50.7 127.7% 125.2%

Average 25.9 24.0 16.5 15.0 44.4% 43.6%

Cigarette

HMSP SELL * 6.9 3810 (19.5) 4125 3900 34.3 32.1 11.7 10.6 34.0% 32.8%

GGRM BUY 2.3 78000 (6.9) 85588 83700 18.5 18.0 3.1 2.8 16.8% 15.3%

Average 26.4 25.1 7.4 6.7 25.4% 24.1%

Healthcare

MIKA BUY 0.3 1405 (22.4) 1829 2050 27.4 22.6 4.1 3.3 14.9% 14.6%

SILO HOLD 0.1 2380 (75.1) 3636 3250 35.2 30.4 0.5 0.4 1.4% 1.4%

Average 31.3 26.5 2.3 1.9 8.2% 8.0%

Poultry

CPIN HOLD 1.4 5575 85.8 5702 5500 21.9 19.3 4.9 4.2 22.5% 21.6%

JPFA BUY 0.4 1955 50.4 2741 2750 8.1 7.1 1.8 1.5 22.3% 21.2%

MAIN BUY 0.0 1225 65.5 1567 1400 8.3 5.7 1.1 0.9 13.2% 16.7%

Average 12.8 10.7 2.6 2.2 19.3% 19.8%

Retail

MAPI BUY 0.2 795 28.2 1016 930 26.5 16.9 3.3 2.8 12.3% 16.4%

RALS BUY 0.1 1205 0.4 1578 1550 20.4 18.0 2.3 2.2 11.2% 12.2%

ACES BUY 0.4 1375 19.0 1582 1550 24.6 20.8 6.7 5.7 27.3% 27.2%

Average 23.8 18.6 4.1 3.5 17.0% 18.6%

Pulp and Paper

INKP HOLD 1.1 13150 143.5 22450 20000 9.2 7.5 1.4 1.2 15.0% 15.7%

Media

MNCN BUY 0.2 780 (39.3) 1363 1500 6.9 6.7 1.1 1.1 16.5% 15.8%

SCMA BUY 0.4 1685 (32.1) 2294 3000 13.7 10.7 5.0 3.8 36.3% 35.8%

Average 10.3 8.7 3.1 2.4 26.4% 25.8%

Telco

EXCL BUY 0.5 2820 (4.7) 3715 3380 122.6 26.1 1.4 1.3 1.1% 5.1%

ISAT BUY 0.2 2660 (44.6) 3645 7400 5.4 5.0 0.9 0.8 16.3% 16.2%

TLKM HOLD 5.7 3700 (15.9) 4143 3700 19.2 19.1 3.8 3.5 19.7% 18.3%

TOWR BUY 0.4 498 (37.8) 828 900 8.6 7.8 1.7 1.5 20.2% 19.2%

Average 38.9 14.5 1.9 1.8 14.3% 14.7%

Auto and HE

ASII BUY 4.6 7350 (11.4) 8596 9400 14.7 13.1 2.2 1.9 14.7% 14.8%

UNTR BUY 1.9 32125 (9.3) 42502 41500 14.4 11.2 2.3 2.0 16.2% 18.3%

Average 14.5 12.2 2.2 2.0 15.4% 16.5%

Aviation

GIAA HOLD 0.1 202 (32.7) 276 295 148.0 14.6 0.4 0.3 0.3% 2.1%

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Riset Saham Harian

24 Oktober 2018

Property

BSDE BUY 0.3 1135 (33.2) 1841 2350 4.1 3.8 0.6 0.5 14.6% 13.6%

PWON BUY 0.4 488 (28.8) 701 767 11.9 10.0 2.0 1.7 16.8% 17.2%

ASRI HOLD 0.1 286 (19.7) 350 310 4.8 4.6 0.6 0.5 11.9% 11.2%

SMRA SELL * 0.1 615 (34.9) 907 782 24.6 23.2 1.1 1.2 4.6% 5.1%

SSIA HOLD 0.0 484 (6.0) 623 564 116.3 78.6 0.6 0.5 0.5% 0.7%

CTRA BUY 0.2 810 (31.6) 1300 1580 16.4 15.3 0.8 0.8 5.0% 5.1%

DMAS HOLD 0.1 126 (26.3) 196 156 9.1 8.7 0.8 0.7 8.7% 8.4%

KIJA SELL 0.1 216 (24.5) 240 203 48.5 42.3 0.7 0.7 1.5% 1.7%

Average 29.5 23.3 0.9 0.8 7.9% 7.9%

Construction

PTPP BUY 0.1 1535 (41.9) 3163 3350 7.6 6.9 0.8 0.7 10.9% 10.7%

ADHI BUY 0.1 1265 (32.9) 2331 3250 7.1 5.0 0.6 0.6 9.1% 11.4%

WSKT BUY 0.3 1555 (29.6) 2683 3250 5.7 5.3 0.8 0.8 14.3% 14.8%

WIKA BUY 0.2 1240 (20.0) 2159 1850 7.7 6.2 0.7 0.6 8.6% 9.4%

Average 7.0 5.8 0.7 0.7 10.7% 11.6%

Cement

INTP SELL 0.9 16350 (25.5) 16130 13300 21.9 18.6 2.1 2.0 9.6% 10.5%

SMGR BUY 0.8 9100 (8.1) 10277 12000 15.2 14.0 1.6 1.5 10.7% 10.7%

SMCB SELL 0.2 1610 92.8 732 700 -22.1 -26.4 1.7 1.7 -7.7% -6.6%

Average 5.0 2.1 1.8 1.7 4.2% 4.9%

Precast

WSBP BUY 0.1 340 (16.7) 496 580 8.0 6.8 1.0 0.8 12.4% 12.5%

WTON BUY 0.0 314 (37.2) 657 750 7.1 6.8 0.8 0.7 11.5% 10.0%

Average 7.5 6.8 0.9 0.8 11.9% 11.3%

Oil and Gas

PGAS BUY 0.9 2350 34.3 2622 3000 16.4 14.3 1.5 1.4 9.1% 9.7%

AKRA BUY 0.2 3600 (43.3) 5242 6000 7.7 10.0 1.6 1.4 20.4% 14.3%

TPIA SELL * 1.2 4470 (25.5) 4768 5480 18.2 16.4 3.1 2.7 16.8% 16.2%

BRPT HOLD 0.5 1830 (19.0) 2244 2400 12.5 11.2 1.0 0.8 7.6% 7.4%

ESSA BUY 0.1 306 58.4 444 457 42.5 11.2 1.4 1.1 3.2% 9.5%

MEDC BUY 0.2 870 (2.2) 1313 1500 11.9 9.4 3.9 3.0 32.6% 32.5%

Average 18.2 12.1 2.1 1.7 14.9% 14.9%

Utilities

JSMR BUY 0.5 4260 (33.4) 5782 7500 12.8 9.7 1.8 1.6 14.3% 16.8%

Metal

ANTM BUY 0.3 755 20.8 1218 1050 68.6 34.3 1.1 1.1 1.6% 3.1%

INCO BUY 0.5 3150 9.0 5004 5200 22.1 21.5 1.2 1.2 5.3% 5.4%

TINS BUY 0.1 680 (12.3) 1163 5200 10.3 9.4 0.8 0.8 8.1% 8.4%

Average 33.7 21.7 1.0 1.0 5.0% 5.6%

Coal

DOID BUY 0.1 810.0 13.3 1430.0 1450 5.5 5.1 1.9 1.4 34.4% 27.3%

ITMG BUY 0.4 24750 19.6 32455 32500 9.0 8.4 1.9 1.8 20.8% 20.8%

ADRO BUY 0.8 1700 (8.6) 2537 2410 7.3 7.0 1.0 0.9 13.7% 12.8%

PTBA BUY 0.8 4510 83.3 4845 5300 7.7 6.5 3.4 3.0 44.5% 46.5%

Average 7.4 6.7 2.0 1.8 28.3% 26.8%

Plantation

AALI BUY 0.4 12050 (8.4) 14262 15200 12.0 9.8 1.2 1.2 10.3% 11.8%

LSIP BUY 0.1 1260 (11.3) 1449 1420 11.2 10.7 1.0 0.9 8.7% 8.8%

TBLA BUY 0.1 905 (26.1) 1360 1500 5.1 4.1 1.1 0.9 20.7% 21.8%

SIMP HOLD 0.1 478 3.0 517 520 21.7 18.4 0.5 0.5 2.3% 2.7%

Average 12.5 10.7 0.9 0.9 10.5% 11.3%

Source: SSI Research, Bloomberg

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

Note: *: Under Review

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Riset Saham Harian

24 Oktober 2018

Global Data

Regional Indices Last Price Chg (Pts)

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

World 2,034 (19.55) (0.95) (1.38) (2.66) (7.26) (5.45) (3.31) 0.12 2,250 2,009

U.S. (S&P) 2,741 (15.19) (0.55) (1.01) (2.46) (6.12) (2.83) 2.51 6.68 2,941 2,533 U.S. (DOW) 25,191 (125.98) (0.50) (0.74) (2.35) (5.16) (0.20) 1.91 7.46 26,952 23,243 Europe 3,141 (49.15) (1.54) (2.20) (3.57) (7.90) (9.83) (10.36) (13.01) 3,709 3,132 Emerging Market 961 (22.33) (2.27) (1.13) (2.36) (7.85) (11.09) (17.08) (13.72) 1,279 950 FTSE 100 6,955 (87.59) (1.24) (1.02) (1.48) (6.75) (9.78) (9.53) (7.59) 7,904 6,867

CAC 40 4,968 (85.62) (1.69) (2.91) (3.97) (9.29) (8.58) (6.49) (7.92) 5,657 4,956

Dax 11,274 (250.06) (2.17) (2.72) (4.27) (8.72) (11.15) (12.72) (13.36) 13,597 11,229 Indonesia 5,798 (42.54) (0.73) (0.81) (0.05) (1.43) (2.26) (8.78) (2.59) 6,693 5,558

Japan 22,102 91.09 0.41 (1.91) (3.24) (7.41) (1.82) (2.91) 1.36 24,448 20,347

Australia 5,850 7.21 0.12 (1.50) (1.50) (5.44) (6.63) (3.54) (0.80) 6,374 5,725

Korea 2,113 7.39 0.35 (1.98) (2.49) (9.65) (7.31) (14.35) (15.14) 2,607 2,095

Singapore 3,031 (46.67) (1.52) (1.25) (0.10) (5.83) (7.93) (10.92) (9.09) 3,642 3,030 Malaysia 1,698 (24.87) (1.44) (2.33) (2.26) (5.70) (3.71) (5.52) (2.22) 1,896 1,658 Hong Kong 25,347 (806.60) (3.08) (0.42) (0.39) (7.83) (11.57) (15.28) (9.97) 33,484 25,090

China 2,595 (60.05) (2.26) 4.36 1.90 (7.24) (10.69) (21.54) (23.42) 3,587 2,449

Taiwan 9,775 (199.08) (2.00) (1.79) (2.06) (10.91) (11.10) (8.15) (9.02) 11,270 9,741 Thailand 1,659 (9.35) (0.56) (2.15) (2.22) (5.56) (1.03) (5.43) (2.01) 1,853 1,585 Philipines 7,198 (38.54) (0.53) 0.79 3.01 (3.17) (3.35) (15.90) (13.07) 9,078 6,791 Monetary Indicators Last Chg (Pts)

JIBOR Overnight (%) 5.75 (0.01) 6.06 3.89

Foreign Reserves (US$Bn) 114.85 (2.61) (4.17) (11.79) (11.25) 131.98 114.85

Inflation Rate (yoy, %) 2.88 3.61 2.88

Gov Bond Yld (10yr, %) 8.66 (0.01) 8.90 6.09

US Fed Rate (%) 2.25 2.25 1.25

Exchange Rate (per USD) Last Price Chg (Pts)

Indonesia 15,192 3.00 (0.02) 0.01 0.07 (2.15) (4.57) (10.69) (10.85) 15,284 13,268

Japan 112.40 (0.04) 0.04 0.13 0.22 0.36 (1.07) 0.26 1.33 114.73 104.56

UK 1.30 0.00 0.02 (0.69) (0.98) (1.02) (1.21) (3.90) (1.13) 1.44 1.27

Euro 1.15 0.00 0.01 (0.36) (0.25) (2.35) (1.84) (4.44) (2.46) 1.26 1.13

China 6.94 (0.01) 0.14 (0.01) (0.37) (1.17) (2.01) (6.22) (4.30) 6.95 6.24

Commodity Indicators Last Price Chg (Pts)

Oil (WTI) 66.34 (0.09) (0.14) (4.02) (4.89) (7.96) (3.18) 9.80 26.43 76.90 51.55

CPO 2,218 (19.00) (0.85) (0.94) (1.16) 3.50 2.26 (11.39) (20.42) 2,857 2,137

Rubber 663.00 0.50 0.08 0.45 0.76 (1.85) (0.82) (9.49) (15.76) 784.50 610.50

Coal 110.40 (0.30) (0.27) (0.14) 2.41 (1.60) (1.74) 8.61 14.52 118.00 90.60

Iron Ore 68.85 (0.26) (0.38) 2.23 2.23 6.20 17.13 (2.73) 14.56 76.88 57.85

Tin 19,341 83.00 0.43 1.60 0.66 1.46 (1.16) (3.76) (1.70) 22,104 18,662

Nickel 12,375 (155.00) (1.24) 0.20 (1.75) (6.60) (7.65) (3.02) 4.34 16,690 10,740

Copper 6,196 (46.00) (0.74) 0.63 (0.31) (2.62) 1.08 (14.50) (11.54) 7,348 5,773

Gold 1,232 (2.40) (0.19) 0.46 0.56 2.68 0.51 (5.71) (3.46) 1,366 1,160

Source: Bloomberg, SSI Research

Change (%) 1 Year

(7)

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Research Team

Andy Ferdinand, CFA Head of Equity Research, Strategy,

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

Ahmad Mikail Economist [email protected] +6221 2854 8396

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

Akhmad Nurcahyadi, CSA

Property, Construction, Cement, Toll Road, Aviation, Automotive, Mining Contractor, Cigarette, Healthcare

[email protected] +6221 2854 8144

Arandi Ariantara Oil and Gas, Chemical, Coal, Telco,

Telco Retail [email protected] +6221 2854 8392

Marlene Tanumihardja Consumer (Poultry, Retail, Small Cap),

Pulp and Paper, Media [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Metal, Telco Infrastructure, Plantation,

Small Cap [email protected] +6221 2854 8339

Albertha Palma 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