DAILY. IHSG Berpotensi Melemah. Highlights. Market DAILY RESEARCH

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DAILY RESEAR CH

Market Activity

Market Index : 7,159.5

Index Movement : +27.4 0.38%

Market Volume : 32,421 Mn shrs Market Value : 13,273 Bn rupiah

Last

Close +/- %

Leading Movers

GOTO 324 4 1.3

MDKA 4,290 170 4.1

BMRI 8,650 100 1.2

BBNI 8,425 225 2.7

Lagging Movers

TLKM 4,480 -40 -0.9

PGAS 1,860 -110 -5.6

BUMI 160 -10 -5.9

BRMS 244 -12 -4.7

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

BBCA 437 BBRI 112

BMRI 210 TLKM 48

BBNI 123 ITMG 46

ASII 102 BRMS 23

AMRT 45 TBIG 20 Money Market

Last

Close +/- %

USD/IDR 14,843 -54.0 0.4

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities Last

Close +/- %

TLKM 29.7 -0.6 -2.0

EIDO 23.7 0.1 0.5

Global Indices Last

Close +/- %

DJIA 31,791 -308 -0.96

S&P 500 3,986 -44 -1.10

Euro Stoxx 3,562 -9 -0.24

MSCI World 2,645 -23 -0.88

STI 3,239 17 0.53

Nikkei 28,196 317 1.14

Hang Seng 19,949 -74 -0.37

Commodities*

Last

Close +/- %

Brent Oil 99.3 -5.8 -5.50

Coal (ICE) 414.6 -8.2 -1.94 CPO Malay 4,133 -43.0 -1.03

Gold 1,735 -14.9 -0.85

Nickel 21,417 -279.0 -1.29

Tin 24,750 closed closed

*last price per closing date

Changes Changes

Changes

Changes Tuesday, 30 Aug 2022

DAILY RESEARCH

31 August 2022

IHSG Berpotensi Melemah

Pasar saham AS pada perdagangan semalam ditutup lebih rendah dengan Index Dow Jones -0.96%, S&P 500 -1.1%, dan Nasdaq -1.12%. Indeks turun tiga hari berturut-turut dimana penurunan semalam disebabkan oleh rilis data pasar tenaga kerja dan indeks keyakinan konsumen yang solid memperkuat ekspektasi pengetatan lanjutan yang akan dilakukan oleh The Fed. JOLTS job openings bulan Juli sebesar 11.24 juta lebih baik dari consensus sebesar 10.48 juta dan indeks keyakinan konsumen bulan Agustus mencapai 103.2, lebih baik dari proyeksi sebesar 97.9. Yield UST 10Y flat di 3.11% dan Indeks dolar AS terpantau berada di level 108.68.

Pasar komoditas bergerak melemah dengan CPO turun -1.03% ke level MYR 4,133/ton, emas turun -0.85% ke level USD 1,735/toz, harga minyak turun -4.52%

ke level USD 92.48/bbl dan harga batubara turun -2.55% ke level USD 405/ton.

Kemarin, bursa Asia ditutup bervariasi dengan index Nikkei naik +1.14% sedangkan indeks Hang Seng dan Shanghai masing-masing ditutup turun -0.37% dan -0.42%.

Indeks EIDO ditutup naik +0.47%, dan IHSG ditutup menguat +0.38% ke level 7,159.5. Asing mencatatkan net buy sebesar IDR 835.3 miliar di pasar reguler, dan net buy sebesar IDR 86.4 miliar di pasar negosiasi. Net buy asing tertinggi di pasar reguler dicatatkan oleh BBCA (IDR 436.8 miliar), BMRI (IDR 210.3 miliar), dan BBNI (IDR 122.8 miliar). Net sell asing tertinggi di pasar reguler dicetak oleh BBRI (IDR 112.4 miliar), TLKM (IDR 48.3 miliar), dan ITMG (IDR 45.6 miliar). Top leading movers emiten GOTO, MDKA, BMRI, sementara top lagging movers emiten TLKM, PGAS, BUMI.

Terjadi penambahan 5,070 kasus baru COVID-19 pada hari Selasa dengan positivity rate sebesar 11.1%. Kasus aktif mencapai 45,054 kasus.

Pagi ini pasar Asia dibuka merah dengan Nikkei -0.86% dan Kospi -0.96%. Kami memperkirakan IHSG hari ini akan bergerak melemah mengikuti pergerakan bursa global, bursa regional dan pasar komoditas.

Market Highlights

 BRMS : Laba Bersih Turun -13.7% YoY di 1H22 (2Q22: -29.1% YoY)

 ICBP : Penurunan Laba Bersih -40.1% YoY di Tengah Kenaikan Pendapatan

 AMRT : Laba Bersih Naik +46.9% YoY

 ERAA : Pendapatan Naik +9.6% YoY

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Equity Research│31 August 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)

30-Aug-21 30-Sep-21 31-Oct-21 30-Nov-21 31-Dec-21 31-Jan-22 28-Feb-22 31-Mar-22 30-Apr-22 31-May-22 30-Jun-22 31-Jul-22

0 20 40 60 80 100 120 140

30-Aug-21 20-Sep-21 11-Oct-21 1-Nov-21 22-Nov-21 13-Dec-21 3-Jan-22 24-Jan-22 14-Feb-22 7-Mar-22 28-Mar-22 18-Apr-22 9-May-22 30-May-22 20-Jun-22 11-Jul-22 1-Aug-22 22-Aug-22

40 90 140 190 240 290 340 390 440 490

30-Aug-21 29-Sep-21 29-Oct-21 28-Nov-21 28-Dec-21 27-Jan-22 26-Feb-22 28-Mar-22 27-Apr-22 27-May-22 26-Jun-22 26-Jul-22 25-Aug-22

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

7,000 7,500

40,000 45,000 50,000

30-Aug-21 20-Sep-21 11-Oct-21 1-Nov-21 22-Nov-21 13-Dec-21 3-Jan-22 24-Jan-22 14-Feb-22 7-Mar-22 28-Mar-22 18-Apr-22 9-May-22 30-May-22 20-Jun-22 11-Jul-22 1-Aug-22 22-Aug-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 %

8/30/2022 6,354,245 0.08 157,541 20 (164,361,540) 2686.64 8/29/2022 6,349,175 0.05 157,521 21 (164,366,590) 2688.79 8/28/2022 6,346,304 0.05 157,500 7 (164,369,440) 2690.00 8/27/2022 6,343,076 0.07 157,493 15 (164,372,661) 2691.37 8/26/2022 6,338,906 0.07 157,478 21 (164,376,816) 2693.14 8/25/2022 6,334,357 0.08 157,457 19 (164,381,344) 2695.08 8/24/2022 6,329,143 0.09 157,438 18 (164,386,539) 2697.30

Average 17 2691.76

Source: SSI Research, Bloomberg

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Equity Research│31 August 2022

BRMS: Laba Bersih Turun -13.7% YoY di 1H22 (2Q22: -29.1% YoY)

PT Bumi Resources Minerals Tbk (BRMS) mencatatkan penurunan pendapatan -9.5% YoY sebesar USD 5.5 juta pada 1H22, karena penurunan pendapatan dari mining advisory -75% YoY, tapi secara gold sales naik +38.8% YoY karena produksi emas juga naik +34.4% YoY. Kenaikan COGS +71.4% YoY membuat laba kotor BRMS turun -33.8% YoY menjadi USD 3.1 juta dan GPM 56.3% (1H21: 77.0%). Operating profit -49.3% YoY dan pada bottom line, BRMS mencatatkan net profit after minority interest sebesar USD 3.8 miliar -13.7% YoY di 1H22 dengan NPM 68.9% (1H21: 72.3%). (Investor Daily, Laporan Keuangan)

Comment:

Secara stand-alone 2Q22, pendapatan BRMS turun -45.9% YoY dan -13.1% QoQ sebesar USD 2.5 juta. Pendapatan dari penjualan emas naik +12.1% YoY karena produksi emas secara YoY naik +10.8% YoY dan turun -1.6% QoQ dengan produksi emas flat sebesar 41 kg di 2Q22; pendapatan dari mining advisory mengalami penurunan - 94.2% YoY & & -70.0% QoQ. Laba kotor turun -15.6% YoY dan -3.5% QoQ menjadi USD 1.5 juta. Operating profit -83.8% YoY dan -29.2% QoQ dan pada bottom line, net profit after minority interest turun -29.1% YoY dan +13.7%

QoQ sebesar USD 2.0 juta di 2Q22 karena ada kenaikan pendapatan lainnya +36.0% QoQ dengan kenaikan forex

gain sekitar 6x lipat dibanding 1Q22. BRMS: Under review (Previous: BRMS: SELL: 81.3x PE '23E, 1.4x PBV '23E,

TP: IDR 225)

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Equity Research│31 August 2022

ICBP: Penurunan Laba Bersih -40.1% YoY di Tengah Kenaikan Pendapatan

Sepanjang 1H22, pendapatan ICBP naik +15.6% YoY menjadi IDR 32.6 triliun. Meski demikian, laba kotor dan EBIT perseroan justru turun masing-masing turun -0.3% YoY dan -7.6% YoY menjadi IDR 10.4 triliun dan IDR 5.9 triliun. Laba bersih ICBP turun cukup drastis (-40.1% YoY) menjadi IDR 1.9 triliun. (Laporan Keuangan)

Comment:

Meski pendapatan ICBP di 1H22 sejalan dengan proyeksi SSI (50.0%), angka laba bersihnya cukup jauh di bawah ekspektasi, hanya mencapai 27.4% dari proyeksi SSI. Kami memperkirakan hal ini disebabkan terutama oleh kerugian kurs mata uang asing (foreign exchange loss). Terkait EBIT, angkanya masih sejalan dengan proyeksi SSI, mencapai 46.9%. Sementara itu, margin EBIT ICBP turun menjadi 18.0% dari 22.6% di 1H21 (masih di dalam target ICBP, yaitu 18-20%). Di 2Q22, ICBP berhasil mencetak pertumbuhan pendapatan +17.5% YoY, namun laba kotornya turun tipis -0.8% YoY, EBIT -7.7% YoY, dengan kerugian bersih -IDR 11 miliar (2Q21: laba bersih IDR 1.5 triliun). Kami menunggu analyst meeting yang akan diselenggarakan oleh ICBP nanti sore untuk mendapatkan informasi yang lebih detail. ICBP: (BUY: 13.0x PE '23E, 2.3x PBV '23E, TP: IDR 12,000)

Results 1H22

IDR Bn 2Q21 1Q22 2Q22 QoQ YoY 1H21 1H22 YoY

Revenue 13,107 17,189 15,405 -10.4% 17.5% 28,199 32,593 15.6%

Gross Profit 4,561 5,876 4,526 -23.0% -0.8% 10,433 10,402 -0.3%

Operating Profit 2,542 3,534 2,346 -33.6% -7.7% 6,361 5,880 -7.6%

Net Profit 1,484 1,941 (11) -100.6% -100.7% 3,221 1,930 -40.1%

Gross Profit Margin 34.8% 34.2% 29.4% -481 -542 37.0% 31.9% -508

Operating Margin 19.4% 20.6% 15.2% -533 -417 22.6% 18.0% -452

Net Profit Margin 11.3% 11.3% -0.1% -1136 -1140 11.4% 5.9% -550

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Equity Research│31 August 2022

AMRT: Laba Bersih Naik +46.9% YoY

Sepanjang 1H22, pendapatan AMRT naik +13.9% yoy menjadi IDR 47.9 triliun. Gross profit dan EBIT masing-masing naik +15.8% yoy dan +40.1% yoy menjadi IDR 9.9 triliun dan IDR 1.7 triliun. Untuk net profit, naik +46.9% yoy menjadi IDR 1.3 triliun. (Laporan Keuangan)

Comment:

Penjualan dan laba bersih AMRT sejalan dengan perkiraan kami yaitu mencapai 51.5% dan 57.0% proyeksi SSI FY22F. Semua margin keuntungan AMRT meningkat, yaitu GPM menjadi 20.7% (2Q21: 20.4%), OPM menjadi 3.5% (2Q21: 2.8%), dan NPM menjadi 2.6% (2Q21: 2.0%), hal ini terjadi seiring dengan opex/sales yg turun menjadi 18.2% dari sebelumnya 18.7% di periode yang sama tahun lalu. Secara stand alone, pendapatan dan laba bersih AMRT di 2Q22 naik masing-masing +9.6% yoy dan +63.3% yoy. AMRT telah membuka 600 gerai baru di sepanjang 1H22, yaitu 60% dari targetnya (FY22F: 1,000 gerai) dengan fokus di luar pulau Jawa. AMRT: (HOLD:

34.4x PE '23E, 7.5x PBV '21E, TP: IDR 2,100)

ERAA: Pendapatan Naik +9.6% YoY

Sepanjang 1H22, pendapatan ERAA naik +9.6% YoY menjadi IDR 23.4 triliun. Laba kotor naik +10.3% YoY menjadi IDR 2.4 triliun, namun laba operasional justru turun -8.5% YoY menjadi IDR 822 miliar. Laba bersih perseroan juga turun -9.1%

YoY menjadi IDR 508 miliar. (Laporan Keuangan) Comment:

Penjualan dan laba bersih ERAA mencapai 49.6% dan 42.0% proyeksi FY22F SSI. Dengan kenaikan opex/sales ratio menjadi 7.1% (1H21: 6.4%), OPM ERAA turun -70bps menjadi 3.5%. NPM perseroan juga turun menjadi 2.2%

(1H21: 2.6%). Secara stand alone di 2Q22, pendapatan ERAA naik +13.5% YoY, sementara laba bersihnya justru

turun -24.2% YoY. Kami masih menunggu informasi yang lebih detail dari emiten. ERAA: (BUY: 5.9x PE '23E, 0.9x

PBV '23E, TP: IDR 785)

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Equity Research│31 August 2022

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 SELL 9.6 8,175 8,100 8,412 -0.9 27.7 25.0 4.5 4.1 16.3 16.5

BBRI BUY 8.7 4,260 5,400 5,404 26.8 15.4 13.8 2.0 2.0 13.2 14.2

BMRI BUY 5.7 8,650 10,000 10,207 15.6 10.3 9.3 1.7 1.6 16.6 17.0

BBNI HOLD 2.2 8,425 8,500 10,198 0.9 10.3 8.6 1.0 0.9 10.1 11.1

BBTN BUY 0.2 1,510 2,200 2,188 45.7 5.9 5.0 0.6 0.6 10.9 11.3

Average 8.9 7.6 1.1 1.0 12.5 13.1

Consumer (Staples)

ICBP BUY 0.7 8,725 12,000 11,313 37.5 14.4 13.0 2.6 2.3 18.3 18.0

INDF HOLD 1.0 6,500 7,150 8,680 10.0 7.9 7.2 1.1 1.0 14.0 14.2

KLBF BUY 1.1 1,630 1,950 1,914 19.6 21.1 18.9 3.5 3.2 16.7 16.8

UNVR HOLD 0.9 4,580 4,800 4,875 4.8 29.4 27.8 33.2 30.5 113.0 110.0

SIDO BUY 0.2 720 830 926 15.3 21.0 17.7 6.5 6.1 31.1 34.3

Average 18.8 16.9 9.4 8.6 38.6 38.7

Cigarette

HMSP SELL 0.3 910 870 978 -4.4 11.7 10.1 3.4 3.3 29.3 32.4

GGRM BUY 0.3 24,450 32,500 24,950 32.9 7.4 5.2 0.8 0.7 10.5 14.1

Average 9.5 7.7 2.1 2.0 19.9 23.2

Digital Bank

ARTO BUY 1.1 8,175 10,100 12,345 23.5 1167.9 628.8 13.5 13.2 1.2 2.1

BBHI BUY 0.4 3,400 4,100 4,100 20.6 485.7 425.0 11.8 11.5 2.4 2.7

Average 826.8 526.9 12.7 12.4 1.8 2.4

Healthcare

MIKA HOLD 0.5 2,620 2,800 2,919 6.9 35.4 32.0 5.8 5.2 16.5 16.2

SILO BUY 0.1 1,030 1,410 1,294 36.9 19.5 16.8 1.9 1.8 9.9 10.6

HEAL SELL 0.4 1,490 1,140 1,536 -23.5 34.8 12.3 6.0 5.1 17.1 41.2

Average 29.9 20.3 4.6 4.0 14.5 22.6

Poultry

CPIN BUY 1.4 5,875 7,000 6,553 19.1 22.3 20.8 3.5 3.2 15.6 15.3

JPFA BUY 0.3 1,570 1,800 2,026 14.6 10.1 10.2 1.3 1.2 12.5 11.5

MAIN BUY 0.0 615 685 554 11.4 9.0 6.0 0.6 0.6 6.8 9.4

WMUU BUY 0.0 135 340 160 151.9 2.5 2.6 0.9 0.7 34.4 24.9

WMPP BUY 0.0 176 240 N/A 36.4 9.8 5.9 2.2 1.7 22.8 29.4

Average 10.7 9.1 1.7 1.5 18.4 18.1

Retail

MAPI BUY 0.3 980 1,100 1,289 12.2 12.4 14.0 1.9 1.7 15.5 12.2

RALS BUY 0.0 600 850 654 41.7 19.4 15.8 1.1 1.1 5.9 6.9

ACES BUY 0.2 725 1,340 934 84.8 16.7 11.5 2.2 1.5 12.9 13.0

LPPF SELL 0.1 3,790 3,430 6,401 -9.5 10.8 8.0 9.6 6.0 88.3 75.2

ERAA BUY 0.1 505 785 808 55.4 7.3 6.6 1.2 1.1 16.9 16.1

AMRT HOLD 1.4 2,030 2,100 2,312 3.4 43.2 38.3 9.6 8.4 22.2 22.0

Average 18.3 15.7 4.3 3.3 26.9 24.2

Pulp and Paper

INKP BUY 0.6 8,375 9,900 9,200 18.2 7.2 8.3 0.7 0.6 9.3 7.8

ALDO BUY 0.0 695 2,000 N/A 187.8 12.6 10.4 1.2 1.0 9.1 9.8

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Equity Research│31 August 2022

Telco

EXCL HOLD 0.4 2,730 3,000 3,852 9.9 39.6 31.4 1.5 1.4 3.8 4.6

ISAT HOLD 0.3 7,225 7,250 8,232 0.3 n/a 84.0 3.0 0.3 -5.6 0.4

TLKM HOLD 7.6 4,480 4,500 5,128 0.4 17.8 17.8 3.4 3.2 18.9 17.8

Average 28.7 44.4 2.6 1.6 5.7 7.6

Telco Infra

TBIG SELL 0.6 2,890 1,550 3,324 -46.4 56.7 49.8 8.8 7.9 15.6 15.8

TOWR BUY 1.0 1,220 1,600 1,445 31.1 17.2 15.8 4.4 3.8 25.7 24.2

MTEL BUY 0.4 795 965 978 21.4 44.2 37.9 1.9 1.8 4.3 4.9

Average 39.3 34.5 5.1 4.5 15.2 15.0

Auto

ASII HOLD 4.5 6,900 7,500 8,024 8.7 13.1 12.3 1.2 1.2 9.5 9.3

DRMA BUY 0.0 710 830 854 16.9 10.1 9.0 2.5 2.0 24.5 22.5

ASLC BUY 0.0 192 320 290 66.7 83.5 45.7 2.3 2.3 2.8 5.0

Average 35.6 22.3 2.0 1.8 12.3 12.3

Mining Contracting

UNTR SELL 1.8 33,325 31,000 37,379 -7.0 17.9 13.3 2.0 1.8 11.2 13.8

Average 17.9 13.3 2.0 1.8 11.2

Property

BSDE BUY 0.3 940 1,480 1,273 57.4 10.8 9.6 0.5 0.4 4.4 4.6

PWON BUY 0.3 486 630 630 29.6 16.8 15.7 1.4 1.3 8.1 8.0

SMRA BUY 0.2 615 1,080 998 75.6 19.8 15.8 1.1 1.0 5.6 6.6

CTRA BUY 0.3 965 1,360 1,418 40.9 10.6 10.1 1.0 0.9 9.3 9.0

Average 14.3 11.5 0.8 0.7 4.9 5.4

Industrial Estate

SSIA BUY 0.0 368 570 593 54.9 30.7 9.2 0.5 0.4 1.5 4.9

Average 30.7 9.2 0.5 0.4 1.5 4.9

Construction

PTPP BUY 0.1 990 1,110 1,170 12.1 19.4 15.2 0.4 0.4 2.1 2.4

ADHI N.A 0.0 790 - 978 -100.0 13.6 4.8 0.5 0.4 3.4 8.7

WSKT BUY 0.1 545 1,220 1,013 123.9 n/a n/a 0.6 0.7 -22.2 -11.0

WIKA BUY 0.1 1,065 1,440 1,122 35.2 44.4 31.3 0.5 0.5 1.3 1.7

WEGE BUY 0.0 193 300 N/A 55.4 8.7 6.2 0.8 0.7 9.0 11.3

Average 14.0 10.7 0.6 0.6 -3.7 0.9

Cement

INTP BUY 0.5 9,300 13,000 11,309 39.8 20.4 15.7 1.6 1.5 7.6 9.7

SMGR BUY 0.7 6,550 13,050 9,659 99.2 13.8 13.0 1.0 1.0 7.4 7.5

Average 17.1 14.4 1.3 1.2 7.5 8.6

Precast

WTON BUY 0.0 236 266 270 12.7 24.8 18.2 0.6 0.6 2.4 3.2

Average 24.8 18.2 0.6 0.6 2.4 3.2

Oil and Gas

PGAS BUY 0.7 1,860 2,100 1,970 12.9 10.4 9.8 1.0 0.9 9.3 8.9

AKRA BUY 0.3 1,220 1,350 1,309 10.7 16.5 14.5 2.4 2.2 14.5 15.1

MEDC BUY 0.2 905 1,200 1,045 32.6 2.9 2.3 1.0 1.2 33.0 54.0

RAJA BUY 0.0 935 1,300 1,500 39.0 39.0 14.2 2.0 1.7 5.1 11.9

Average 17.2 10.2 1.6 1.5 15.5 22.5

Chemical

TPIA BUY 1.1 2,340 10,250 1,881 338.0 26.9 12.4 1.6 1.6 6.0 13.0

BRPT BUY 0.8 840 1,150 872 36.9 105.0 42.0 4.5 4.1 4.2 9.9

ESSA SELL 0.3 1,170 225 1,465 -80.8 n/a 46.8 4.0 4.0 -0.3 8.6

Average 65.9 33.7 3.4 3.3 3.3 10.5

Utilities

JSMR BUY 0.3 3,440 4,150 5,141 20.6 12.7 10.4 0.9 0.8 7.1 8.1

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Equity Research│31 August 2022

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

31 Aug - 5 Sep 100 - 130 1,750 25.9 175 - 227 Working Capital and

Ccapex of subsidiary 43.0 15.6 4M22

Upcoming IPO's

Financial Result Period

Ticker Company (Sector) Listing Offering Shares issued Proceeds

COAL* Black Diamond

Resources (Energy) 7-Sep 675 - 878

Metal

ANTM BUY 0.6 1,985 4,150 3,116 109.1 15.3 13.1 1.9 1.7 12.8 13.0

MDKA SELL 1.8 4,290 3,000 5,886 -30.1 99.1 23.3 15.6 17.0 15.7 72.9

INCO BUY 0.4 6,125 6,900 7,863 12.7 14.9 12.3 1.7 1.4 11.4 11.2

BRMS SELL 0.7 244 225 265 -7.8 81.3 81.3 2.0 1.4 2.4 1.8

Average 52.7 369.2 4.7 4.8 7.6 19.8

Coal

ITMG SELL 0.6 39,425 33,850 39,254 -14.1 5.8 8.3 1.7 1.3 29.1 15.2

ADRO HOLD 1.8 3,540 3,600 4,210 1.7 8.4 4.1 1.9 1.1 22.2 26.3

PTBA SELL 0.6 4,340 4,000 4,438 -7.8 0.5 0.5 2.1 1.8 377.7 362.9

HRUM BUY 0.2 1,755 2,720 2,974 55.0 14.7 12.2 2.5 2.1 16.9 17.2

Average 7.4 6.3 2.0 1.6 111.5 105.4

Plantation

AALI BUY 0.1 9,075 14,500 11,851 59.8 11.7 10.2 0.8 0.8 7.2 7.8

LSIP BUY 0.1 1,190 1,370 1,463 15.1 10.4 9.4 0.8 0.7 7.6 7.9

SSMS SELL 0.1 1,350 1,200 2,040 -11.1 39.7 17.1 2.9 2.6 7.4 15.0

TAPG BUY 0.1 760 1,050 1,006 38.2 8.4 8.8 1.6 1.5 19.2 19.4

STAA HOLD 0.0 1,355 1,400 1,700 3.3 10.5 9.3 3.4 2.7 32.3 28.8

Average 18.4 12.4 1.5 1.3 12.0 13.0

Technology

ASSA BUY 0.1 1,465 2,600 3,130 77.5 19.8 12.5 2.5 2.1 12.5 16.5

EMTK BUY 1.0 1,900 2,600 2,550 36.8 190.0 158.3 8.3 7.5 4.4 4.8

BUKA BUY 0.6 304 400 579 31.6 2.2 n/a 1.4 1.4 61.8 -1.8

GOTO BUY 7.5 324 420 358 29.6 n/a n/a 2.9 2.6 -155.5 -135.2

Average 41.3 36.4 3.1 2.7 (0.7) (4.9)

Source: SSI Research, Bloomberg

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

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Equity Research│31 August 2022

Chg (Pts)

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

World 2,645 (23.41) (0.88) (3.31) (3.68) (5.22) (18.14) (15.79) 3,262 2,467

U.S. (S&P) 3,986 (44.45) (1.10) (3.45) (3.49) (4.14) (16.37) (11.98) 4,819 3,637 U.S. (DOW) 31,791 (308.12) (0.96) (3.40) (3.21) (4.28) (12.51) (10.19) 36,953 29,653

Europe 3,562 (8.59) (0.24) (2.48) (3.94) (6.00) (17.13) (15.12) 4,415 3,357

Emerging Market 993 1.11 0.11 0.77 (0.10) (7.88) (19.42) (24.14) 1,328 958

FTSE 100 7,362 (65.68) (0.88) (2.29) (0.83) (3.23) (0.31) 3.40 7,687 6,788

CAC 40 6,210 (12.06) (0.19) (2.39) (3.70) (4.00) (13.18) (7.04) 7,385 5,756

Dax 12,961 68.15 0.53 (1.77) (3.88) (9.92) (18.41) (18.15) 16,290 12,391

Indonesia 7,159 27.43 0.38 (0.05) 3.00 0.15 8.78 16.41 7,355 5,983

Japan 28,196 316.62 1.14 (0.42) 1.42 3.36 (2.07) 0.38 30,796 24,682

Australia 6,998 (0.03) (0.00) 0.00 0.77 (2.95) (6.00) (7.12) 7,625 6,407

Korea 2,433 (17.46) (0.71) (0.57) (0.74) (9.40) (18.28) (23.94) 3,215 2,277

Singapore 3,239 17.07 0.53 (0.21) 0.86 0.21 3.70 6.03 3,466 3,038

Malaysia 1,512 10.48 0.70 1.99 1.33 (3.70) (3.54) (5.58) 1,620 1,409

Hong Kong 19,949 (74.19) (0.37) 2.29 (1.03) (6.85) (14.74) (22.91) 26,560 18,235

China 3,227 (13.51) (0.42) (1.50) (0.80) 1.28 (11.33) (8.94) 3,724 2,864

Taiwan 14,954 27.44 0.18 (0.94) (0.31) (11.03) (17.92) (14.50) 18,620 13,929

Thailand 1,639 12.93 0.79 0.36 4.00 (1.44) (1.10) 0.04 1,719 1,518

Philipines 6,690 (62.23) (0.92) (0.21) 5.93 (1.25) (6.07) (2.41) 7,552 6,055

Foreign Reserves (US$Bn) 132.20 (3.06) (2.55) (8.77) (3.74) 146.87 132.20

Inflation Rate (yoy, %) 4.94 4.94 1.59

Gov Bond Yld (10yr, %) 7.13 17.51 7.53 6.01

US Fed Rate (%) 2.50 2.50 0.25

Chg (Pts)

Indonesia 14,843 (54.00) 0.36 (0.03) 0.20 (1.92) (3.97) (3.19) 15,038 14,057

Japan 138.78 (0.01) 0.01 (1.20) (5.17) (7.28) (17.08) (20.72) 139.39 109.11

UK 1.17 0.00 0.03 (1.19) (4.82) (7.48) (13.84) (15.24) 1.39 1.16

Euro 1.00 0.00 0.08 0.56 (2.33) (6.62) (11.85) (15.12) 1.19 0.99

China 6.91 0.00 (0.04) (1.11) (2.06) (3.62) (8.03) (6.43) 6.92 6.31

Chg (Pts)

Oil (Brent) 99.31 (5.78) (5.50) (0.91) (9.73) (18.38) 27.68 35.28 139.13 65.72

CPO 4,124 (45.00) (1.08) (2.44) (5.30) (38.54) (20.06) (8.36) 8,034 3,449

Coal 414.55 (8.20) (1.94) (2.46) 2.23 3.38 173.18 141.93 487.50 136.75

Tin 23,652 (1,098.00) (4.44) (3.32) (5.57) (31.61) (39.14) (29.61) 51,000 22,980

Nickel 21,369 (264.00) (1.22) (4.36) (9.53) (27.02) 2.95 12.40 55,000 17,705

Copper 7,864 (296.50) (3.63) (2.03) (0.68) (17.59) (19.10) (16.43) 10,845 6,955

Gold 1,723 (0.69) (0.04) (1.59) (2.76) (6.21) (5.79) (4.98) 2,070 1,681

Silver 18.41 (0.02) (0.08) (3.68) (9.59) (14.57) (21.02) (22.95) 27 18

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

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Equity Research│31 August 2022

Research Team

Prasetya Gunadi Head of Equity Research, Strategy, Banking [email protected] +6221 2854 8320

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, Digital Banks [email protected] +6221 2854 8332

Olivia Laura Anggita Healthcare, Property, Industrial Estate, Coal Mining [email protected] +6221 2854 8346 M. Farras Farhan Media, Poultry, Oil & Gas, Technology [email protected] +6221 2854 8346

Pebe Peresia Automotive, Consumer Staples, Retail [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

Jonathan Guyadi Research Associate [email protected] +6221 2854 8321

Abraham Timothy Research Associate [email protected] +6221 2854 8322

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 Institutional Sales Trader [email protected] +6221 2854 8325

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

Alexander Tayus Institutional Equity Dealer [email protected] +6221 2854 8319

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

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

Equity Retail / Online Team

Joseph Soegandhi Head of Equity [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