Riset Saham Harian. Pasar global dan domestik turun tertekan. Highlights. Samuel Research 16 Nopember 2017

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Riset Saham Harian

Samuel Research 16 Nopember 2017

www.samuel.co.id Page 1 of 6

Pasar global dan domestik turun tertekan

Indeks AS semalam ditutup melemah ditengah penurunan harga minyak dunia dan uncertainty seputar tax reform. Penurunan tercatat ke level terendahnya dalam tiga pekan terakhir. Pasar di Eropa juga mengalami hal yang sama didorong oleh beberapa data perdagangan di AS dan Asia yang dilaporkan tertekan. Pagi ini beberapa bursa di wilayah Asia Pasifik yang telah memulai perdagangannya tercatat menguat.

Dari update data makro, AS akan melaporkan data industrial production dan housing market indeks, sementara dari pasar dalam negeri, setelah terbitnya data impor yang lebih besar dari ekspor, inivestor tengah menantikan data penjualan 2W dan 4W serta 7D RR rate yang diproyeksikan tidak berubah.

Sementara itu, dari pasar komoditas dunia, harga emas ditransaksikan naik ditengah laporan angka inflasi MoM yang tercatat naik. Harga minyak dunia yang tercatat turun didorong oleh IEA yang menurunkan outlook permintaan dan proyeksi penambahan produksi negara non-OPEC (1.4mn barrels/day di 2018).

Nilai tukar rupiah diperdagangkan menguat ke Rp13.534 dari Rp13.554 di hari sebelumnya, sementara pasar EIDO melemah.

Highlights

 BBTN: Menurunkan bunga KPR

 BBNI: Bekerja sama dengan Pelindo; restrukturisasi kredit ke IBFN

 Inalum: tidak perlu tender offer

 ADHI: Pastikan IPO 3 anak usaha

: 5,972.3

: -16.0 (-0.27%) : 4,050 Mn shrs : 5,327 Bn rupiah

Close Last +/- %

BBCA 21,025 550 2.7

TLKM 4,130 50 1.2

GGRM 76,950 1000 1.3

KPIG 1,280 230 21.9

ASII 8,175 -125 -1.5

BBNI 7,675 -200 -2.5

BBRI 3,140 -30 -0.9

EMTK 8,400 -600 -6.7

Foreign Net Buy / Sell

Net Buy (Rpbn) Net Sell (Rpbn)

BUMI 40 UNVR 93

BBCA 30 ADRO 51

BBTN 28 LPKR 42

TLKM 14 BBNI 36

PTPP 13 ASII 34 Money Market

Last

Close +/- %

USD/IDR 13,534 -20.0 0.1

JIBOR O/N 3.9 0.0 -

Infl (MoM) 0.0 - -

Dual Listing Securities

Close Last +/- %

TLKM 30.4 0.5 1.8

ISAT 49.7 -0.7 -1.3

EIDO 26.5 -0.1 -0.2

World Indices Last

Close +/- %

DJIA 23,271 -138 -0.6

S&P 500 2,565 -14 -0.6

Euro Stoxx 3,546 -11 -0.3

MSCI World 2,021 -11 -0.5

Nikkei 22,123 95 0.4

Hang Seng 28,852 -300 -1.0

Commodities Last

Close +/- %

Brent Oil 62 -0.3 -0.5

CPO Malay 2,732 -5.0 -0.2

Coal Newc 95 -0.4 -0.5

Nickel 11,647 -90.5 -0.8

Tin 19,417 -151.0 -0.8

Changes Changes

Changes

Changes Lagging Movers

Market Value

Changes Leading Movers

Market Activity

Thursday, 16 Nov 2017

Market Index

Index Movement

Market Volume

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Riset Saham Harian

16 Nopember 2017

www.samuel.co.id Page 2 of 6

BBTN: Menurunkan bunga KPR

 Saat ini rata-rata suku bunga KPR non subsidi BBTN sebesar 9,5% dan ada peluang untuk menurunkan hingga 100 bps di tahun depan sejalan dengan penurunan BI RR rate di tahun ini.

Perseroan meyakini permintaan KPR bisa semakin naik jika bunganya diturunkan.

 Untuk rumah non subsidi, perseroan telah menyalurkan KPR untuk 155 ribu unit rumah per Oktober 2017. (Investor Daily) BBTN: Hold; 17E’ PE: 10.7x, PBV: 1.5x.

BBNI: Bekerja sama dengan Pelindo; restrukturisasi kredit ke IBFN

 BBNI menerbitkan e-Integrated Port Card, bekerja sama dengan Pelindo IV di Makassar. Hal ini merupakan langkah awal dalam membangun transaksi non tunai di kawasan Indonesia Timur.

Diharapkan kerja sama ini dapat memperbesar basis nasabah dan fee -based income BBNI.

 Sementara itu, BBNI terus berupaya merestrukturisasi kredit bermasalahnya. Diberitakan bahwa proses perdamaian sebagai bagian dari restrukturisasi kredit PT Intan Barupara na Finance Tbk (IBFN) tengah didiskusikan. BBNI memiliki piutang Rp 492 miliar dari IBFN. (Investor Daily, Bisnis Indonesia). BBNI: Buy; 17E’ PE: 10.8x, PBV: 1.5x

Inalum: tidak perlu tender offer

 PT Indonesia Asahan Aluminium (Persero) atau Inalum tidak perlu melakukan penawaran tender (tender offer) setelah rampungnya proses pengalihan saham (inbreng) tiga emiten BUMN tambang kepada Inalum. Sebab, saat ini pemegang saham pengendali (PSP) ketiga emiten BUMN tambang tersebut adalah pemerintah Indonesia. Sedangkan Inalum merupakan perusahaan 100%

sahamnya dimiliki pemerintah Indoensia. Meski menjadi anak usaha inalum, tapi ultimate shareholder ketiga emiten tambang tersebut masih milik pemerintah Indonesia.

 Pembentukan holding BUMN Tambang yang diharapkan dapat terealisasi sesuai jadwal pada akhir tahun ini akan memberikan manfaat bagi seluruh pemangku kepentingan. Holding ini akan menciptakan BUMN industri pertambangan dengan skala usaha yang besar sekaligus mampu bersaing di tingkat regional. (Investor Daily). Sektor tambang: Neutral

ADHI: Pastikan IPO 3 anak usaha

 PT Adhi Karya (Persero) Tbk, (ADHI) memastikan tiga anak usahanya akan IPO secara bertahap pada periode 2018-2020. Pada 2018 PT Adhi Persada Gedung akan terlebih dahulu IPO dengan target perolehan Rp 1 triliun.

 Selai aksi korporasi IPO, ADHI juga akan memisahkan (spin off) unit bisnis Transit Oriented

Development (TOD) menjadi anak usaha tersendiri. (Investor Daily). ADHI: Buy; 17E’ PE: 24.0x,

PBV: 1.4x

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Riset Saham Harian

16 Nopember 2017

www.samuel.co.id Page 3 of 6

Stock Rec. Mkt Cap JCI Wgt Last price 1D Chg YTD Chg TP Cons TP SSI Upside PE PE PBV PBV ROE ROE

(Rp bn) (%) (Rp) (%) (%) (Rp) (Rp) (%) 17E 18E 17E 18E 17E 18E

Banks

BMRI BUY 325,500 5.0 6975 0.4 20.5 7231 7900 13.3 16.4 13.3 1.9 1.6 11.3% 12.0%

BBCA HOLD 518,372 7.9 21025 2.7 35.6 20909 21300 1.3 22.4 21.1 4.0 3.5 17.9% 16.5%

BBRI BUY 387,306 5.9 3140 (0.9) 34.5 3288 3560 13.4 13.7 11.9 2.3 2.0 16.9% 17.0%

BBNI BUY 143,128 2.2 7675 (2.5) 38.9 8170 8400 9.4 10.8 9.3 1.5 1.3 13.6% 14.0%

BBTN HOLD 31,452 0.5 2970 0.7 70.7 3339 3300 11.1 10.7 9.0 1.5 1.3 13.7% 14.3%

BNLI BUY 17,807 0.3 635 0.0 18.4 818 890 40.2 12.0 13.2 0.8 0.8 6.7% 5.7%

Average 14.3 13.0 2.0 1.7 13.3% 13.3%

Consumer (Staples)

ICBP BUY 100,001 1.5 8575 0.3 0.0 9219 9600 12.0 26.5 24.2 5.1 4.6 19.3% 19.0%

INDF BUY 69,146 1.1 7875 (0.9) (0.6) 9521 9900 25.7 14.8 12.9 2.1 1.9 14.2% 14.9%

KLBF BUY 74,766 1.2 1595 (0.3) 5.3 1752 1750 9.7 30.1 26.6 5.6 5.0 18.7% 18.7%

ROTI BUY 8,012 0.1 1295 (2.3) (19.1) 1333 1620 25.1 35.0 18.0 4.2 3.5 12.1% 19.6%

UNVR HOLD 373,679 5.8 48975 0.0 26.2 49615 49400 0.9 52.1 47.2 68.1 59.9 130.7% 127.1%

SIDO BUY 8,025 0.1 535 0.9 2.9 556 550 2.8 16.3 15.6 2.5 2.3 15.5% 15.0%

AISA HOLD 2,655 0.0 825 (2.9) (57.6) 1022 980 18.8 4.5 3.9 0.6 0.5 13.1% 13.2%

Average 25.6 21.2 12.6 11.1 31.9% 32.5%

Cigarette

HMSP BUY 468,762 7.3 4030 (0.5) 5.2 4171 4390 8.9 36.3 35.0 12.4 11.4 34.3% 32.4%

GGRM BUY 148,059 2.3 76950 1.3 20.4 80692 77150 0.3 21.1 19.8 3.3 2.9 15.6% 14.8%

Average 28.7 27.4 7.9 7.1 24.9% 23.6%

Healthcare

MIKA BUY 27,210 0.4 1870 (2.1) (27.2) 2396 2950 57.8 34.6 31.7 6.8 6.1 19.6% 19.3%

SILO HOLD 16,258 0.3 10000 2.0 (7.7) 10885 10700 7.0 123.5 101.0 4.0 3.8 3.3% 3.7%

Average 79.0 66.4 5.4 4.9 11.4% 11.5%

Poultry

CPIN BUY 49,030 0.8 2990 (2.6) (3.2) 3073 2700 -9.7 12.6 11.7 1.6 1.5 12.8% 12.4%

JPFA HOLD 14,948 0.2 1310 0.4 (10.0) 1631 1500 14.5 11.3 10.7 1.5 1.3 13.0% 12.4%

MAIN BUY 1,903 0.0 850 0.0 (34.6) 914 1250 47.1 5.1 4.0 0.7 0.6 14.6% 16.1%

Average 9.7 8.8 1.3 1.1 13.5% 13.7%

Retail

MAPI BUY 10,832 0.2 6525 0.0 20.8 8175 7900 21.1 43.2 31.2 3.1 2.8 7.2% 9.1%

RALS BUY 6,386 0.1 900 (1.6) (24.7) 1144 1250 38.9 12.3 9.7 1.6 1.5 13.3% 15.4%

ACES BUY 21,352 0.3 1245 0.0 49.1 1335 1400 12.4 28.3 23.1 6.4 5.3 22.4% 23.0%

LPPF BUY 30,346 0.5 10400 (1.0) (31.2) 12159 13200 26.9 11.0 10.6 8.9 6.3 81.1% 60.0%

Average 23.7 18.6 5.0 4.0 31.0% 26.9%

Media

MNCN BUY 20,558 0.3 1440 (0.3) (17.9) 1869 2000 38.9 11.5 9.8 2.1 1.9 18.2% 19.3%

SCMA HOLD 29,024 0.4 1985 (0.8) (29.1) 2338 2300 15.9 17.6 16.0 7.0 5.8 39.6% 36.3%

Average 14.5 12.9 4.5 3.8 28.9% 27.8%

Telco

EXCL BUY 35,591 0.6 3330 (0.9) 44.2 3984 3200 -3.9 90.0 59.5 1.7 1.6 1.8% 2.7%

ISAT BUY 30,702 0.5 5650 (1.7) (12.4) 7825 8200 45.1 15.5 11.1 2.1 1.9 13.4% 16.7%

TLKM BUY 416,304 6.4 4130 1.2 4.2 4892 5000 21.1 17.2 13.3 4.1 3.6 24.0% 26.7%

TOWR BUY 40,302 0.6 3950 (1.0) 10.3 4900 4500 13.9 11.5 10.8 2.8 2.2 24.5% 20.7%

Average 33.6 23.7 2.7 2.3 15.9% 16.7%

Auto and HE

ASII BUY 330,953 5.1 8175 (1.5) (1.2) 9047 9000 10.1 14.2 12.6 2.6 2.1 18.6% 16.6%

UNTR BUY 121,975 1.9 32700 (2.5) 53.9 37145 38500 17.7 17.5 15.7 2.7 2.4 15.5% 15.5%

Average 15.9 14.1 2.7 2.3 17.1% 16.0%

Aviation

GIAA HOLD 8,801 0.1 340 0.6 0.6 367 420 23.5 255.4 25.5 0.6 0.4 0.2% 1.7%

Property

BSDE BUY 31,565 0.5 1640 (1.8) (6.6) 2264 2350 43.3 14.6 12.6 1.3 1.1 8.7% 8.5%

PWON BUY 30,100 0.5 625 (1.6) 10.6 725 767 22.7 15.2 12.8 2.9 2.5 19.2% 19.3%

ASRI BUY 7,703 0.1 392 1.0 11.4 440 448 14.3 14.5 14.0 1.0 0.9 6.7% 6.6%

SMRA HOLD 13,417 0.2 930 1.6 (29.8) 1244 1110 19.4 41.2 30.8 1.7 1.7 4.1% 5.7%

SSIA BUY 2,658 0.0 565 (0.9) 30.2 783 750 32.7 37.7 21.7 0.9 0.8 2.3% 3.8%

CTRA BUY 21,530 0.3 1160 (2.9) (13.1) 1463 1580 36.2 17.1 14.9 1.5 1.4 8.8% 9.7%

DMAS BUY 8,483 0.1 176 0.0 (23.5) 283 300 70.5 10.0 8.0 1.0 0.9 9.7% 10.8%

KIJA BUY 6,414 0.1 308 0.0 6.3 375 450 46.1 13.4 11.8 1.0 1.0 7.8% 8.1%

Average 20.5 15.8 1.4 1.3 8.4% 9.0%

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Construction

PTPP BUY 17,050 0.3 2750 0.0 (27.8) 4131 4150 50.9 12.2 10.3 1.4 1.3 11.8% 12.6%

ADHI BUY 7,941 0.1 2230 1.4 7.2 2720 2550 14.3 24.0 20.1 1.4 1.4 6.0% 7.1%

WSKT BUY 29,048 0.4 2140 (0.5) (16.1) 2848 3250 51.9 7.3 6.1 1.3 1.2 18.4% 19.8%

WIKA BUY 17,761 0.3 1980 (1.0) (16.1) 2701 3000 51.5 16.0 13.9 1.3 1.2 8.0% 8.3%

Average 14.9 12.6 1.4 1.3 11.0% 12.0%

Cement

INTP SELL 71,784 1.1 19500 (3.3) 26.6 18183 13500 -30.8 19.7 18.6 2.5 2.3 12.9% 12.6%

SMGR HOLD 58,425 0.9 9850 (0.5) 7.4 11151 9000 -8.6 14.4 13.1 1.9 1.7 12.9% 12.9%

SMCB SELL 6,284 0.1 820 0.0 (8.9) 645 700 -14.6 -34.2 -27.3 0.8 0.8 -2.3% -2.8%

SMBR HOLD 27,392 0.4 2760 (1.1) (1.1) 585 2300 -16.7 72.6 69.0 7.3 6.4 10.0% 9.3%

Average 18.2 18.3 3.1 2.8 8.4% 8.0%

Precast

WSBP BUY 10,597 0.2 452 0.0 (27.6) 628 690 52.7 11.6 9.0 1.4 1.2 12.3% 13.6%

WTON BUY 6,014 0.1 690 (0.7) (16.4) 958 1150 66.7 18.2 15.7 2.0 1.7 10.9% 10.6%

Average 14.9 12.4 1.7 1.4 11.6% 12.1%

Oil and Gas

PGAS BUY 43,029 0.7 1775 (2.7) (34.3) 1987 2200 23.9 16.1 12.1 1.0 0.9 5.9% 7.5%

AKRA BUY 27,744 0.4 6925 -3.48 15.4 7600 7600 9.7 23.6 23.4 3.6 3.3 15.2% 14.0%

TPIA BUY 101,651 1.6 28500 0.2 40.6 25453 29000 1.8 23.3 21.4 4.0 3.6 17.1% 16.8%

MEDC BUY 10,664 0.2 800 0.0 142.4 1076 1125 40.6 4.4 4.2 0.8 0.7 17.6% 16.3%

Average 16.9 15.3 2.3 2.1 14% 14%

Utilities

JSMR HOLD 46,632 0.7 6425 0.4 48.7 6613 5100 -20.6 24.0 24.2 3.1 2.8 12.9% 11.7%

Metal

ANTM HOLD 15,860 0.2 660 (2.9) (26.3) 778 700 6.1 220.0 220.0 0.8 0.8 0.4% 0.4%

INCO HOLD 30,206 0.5 3040 (3.5) 7.8 3093 2145 -29.4 114.5 57.2 1.3 1.2 1.1% 2.1%

TINS BUY 6,703 0.1 900 (1.1) (16.3) 1209 1200 33.3 16.1 12.0 1.2 1.1 7.3% 9.3%

Average 116.8 96.4 1.1 1.1 2.9% 3.9%

Coal

DOID BUY 7,057 0.1 825.0 -3.5 61.8 1526.7 1600 93.9 10.3 5.9 3.0 1.9 28.6% 33.1%

ITMG BUY 22,599 0.3 20000 (2.8) 18.5 23553 22300 11.5 9.4 9.4 1.7 1.6 17.9% 16.6%

ADRO BUY 55,496 0.9 1735 (4.4) 2.4 2267 2200 26.8 9.7 9.4 1.1 1.1 11.3% 11.4%

PTBA BUY 25,864 0.4 11225 (4.9) (10.2) 14563 15000 33.6 11.1 6.5 2.0 1.7 18.2% 26.5%

Average 10.1 7.8 1.9 1.6 19.0% 21.9%

Plantation

AALI BUY 27,908 0.4 14500 (0.2) (13.6) 16931 17800 22.8 13.3 13.1 1.6 1.6 12.4% 12.0%

LSIP BUY 10,200 0.2 1495 (0.7) (14.1) 1709 1750 17.1 12.9 12.3 1.2 1.1 9.0% 9.0%

SIMP HOLD 7,987 0.1 505 (1.0) 2.2 542 600 18.8 10.7 9.9 0.5 0.5 5.0% 5.2%

Average 12.3 11.7 1.1 1.1 8.8% 8.7%

Source: SSI Research, Bloomberg

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

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Riset Saham Harian

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www.samuel.co.id Page 5 of 6

Regional Indices 1D Change

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

World (10.85) 2,021 (0.53) (0.72) (1.04) (0.44) 3.43 15.41 19.00 2,054 1,697

U.S. (S&P) (14.25) 2,565 (0.55) (0.68) (1.15) 0.27 3.91 14.55 17.81 2,597 2,172

U.S. (DOW) (138.19) 23,271 (0.59) (0.64) (1.24) 1.37 5.66 17.75 23.34 23,602 18,826

Europe (10.66) 3,546 (0.30) (1.34) (2.99) (1.68) 1.75 7.76 17.16 3,709 2,984

Emerging Market (7.20) 1,111 (0.64) (1.54) (2.08) (1.83) 4.80 28.86 31.16 1,139 840

FTSE 100 (41.81) 7,373 (0.56) (0.81) (2.09) (2.05) (0.81) 3.22 n/a 7,599 6,679

CAC 40 (14.33) 5,301 (0.27) (1.48) (3.11) (1.15) 2.41 9.03 17.78 5,536 4,480

Dax (57.11) 12,976 (0.44) (1.15) (3.03) (0.21) 5.81 13.02 21.69 13,526 10,403

Indonesia (15.98) 5,972 (0.27) (0.82) (1.27) 0.38 1.36 12.76 15.17 6,082 5,023

Japan 94.70 22,123 0.43 (1.15) (3.26) 4.08 12.13 15.74 23.85 23,382 17,764

Australia (0.74) 5,934 (0.01) (1.47) (1.92) 1.48 2.57 4.72 11.37 6,052 5,286

Korea (8.39) 2,518 (0.33) (0.48) (1.27) 1.54 7.24 24.27 27.21 2,562 1,961

Singapore (30.39) 3,369 (0.89) (1.50) (1.54) 1.37 2.74 16.94 20.57 3,431 2,794

Malaysia (10.62) 1,723 (0.61) (1.11) (1.22) (1.79) (2.86) 4.95 5.86 1,797 1,616

Hong Kong (300.43) 28,852 (1.03) (0.92) (0.19) 0.55 5.26 31.14 29.49 29,320 21,489

China (27.02) 3,403 (0.79) (0.88) (0.38) 0.71 4.81 9.63 6.16 3,450 3,017

Taiwan (56.53) 10,631 (0.53) (0.95) (1.74) (1.33) 3.31 14.88 18.62 10,859 8,936

Thailand (12.37) 1,690 (0.73) 0.06 (1.42) (2.11) 7.83 9.55 14.62 1,730 1,466

Philipines (106.20) 8,273 (1.27) (1.90) (2.76) (2.07) 2.82 20.95 18.76 8,605 6,499

Monetary Indicators 1D Change

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

JIBOR Overnight (%) (0.01) 3.90 (0.18) 0.55 (15.71) (7.87) (7.31) 4.96 3.89

Foreign Reserve (US$bn) n/a 126.55 n/a (2.21) (0.95) 8.75 10.01 129.40 111.47

Inflation Rate (%) n/a 0.01 n/a (92.31) (95.45) (97.62) (92.86) 0.97 (0.07)

US Fed Rate (%) 0.00 1.25 0.00 0.00 0.00 66.67 150.00 1.25 0.50

Indo Govt Bond Yld (10yr) - % (0.00) 6.66 0.30 1.60 (3.49) (16.43) (13.95) 8.36 6.25

Exchange Rate (per US$) 1D Change

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

Indonesia (20.00) 13534 0.15 (0.04) (0.13) (0.38) (0.45) (0.45) (1.26) 13,645 13,145

Japan 0.10 112.98 (0.09) 0.57 0.43 (0.70) 3.52 3.52 (3.45) 118.66 107.32

UK (0.00) 1.32 (0.01) 0.41 0.19 (0.61) 6.73 6.73 5.84 1.37 1.20

Euro (0.00) 1.18 (0.10) 0.96 1.18 (0.14) 12.00 12.00 10.18 1.21 1.03

China (0.01) 6.62 0.18 0.26 0.06 (0.52) 4.85 4.85 3.55 6.96 6.44

Commodities Indicators 1D Change

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

Oil (0.03) 55.30 (0.05) (2.57) (3.27) 6.61 18.21 2.94 21.35 57.92 42.05

CPO (5.00) 2,732.00 (0.18) (2.81) (3.57) (0.91) 3.25 (12.13) (2.84) 3,202.00 2,390.00

Rubber (5.00) 758.50 (0.65) (0.85) (2.44) (5.54) (7.84) (22.40) (3.44) 1,174.00 758.50

Coal (0.45) 94.55 (0.47) (1.92) (2.63) (1.46) 1.72 (0.16) (0.42) 100.00 71.25

Iron Ore 0.86 62.15 1.40 1.79 1.02 1.01 (18.27) (20.38) (21.92) 94.91 54.24

Tin (151.00) 19,417.00 (0.77) (0.53) (0.73) (6.36) (4.11) (8.43) (4.91) 21,609.00 18,750.00

Nickel (90.00) 11,690.00 (0.76) (3.47) (7.95) (0.26) 12.95 16.67 3.50 13,030.00 8,680.00

Copper 14.00 6,773.00 0.21 (0.19) (1.20) (1.58) 6.18 22.36 22.59 7,177.00 5,381.50

Gold 0.40 1,278.10 0.03 (0.06) (0.73) (1.78) 0.02 11.14 4.43 1,358.50 1,124.70

Source: SSI Research, Bloomberg

Last Price

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Change (%) 1 Year

Last Price Change (%) 1 Year

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Last Price

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DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve an d maintain independence and objectivity in making any recommendations. This document is f or information only and f or 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 recommenda tion contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia

www.samuel.co.id Page 6 of 6

Research Team

Andy Ferdinand, CFA Head Of Equity Research, Strategy,

Banking, Consumer [email protected] +6221 2854 8148

Ahmad Mikail Economist [email protected] +6221 2854 8396

Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382 Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction

Healthcare, Heavy Equipment, Property [email protected] +6221 2854 8144 Arandi Ariantara Cement, Telecommunication, Toll Road,

Oil and Gas [email protected] +6221 2854 8392

Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387

Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339

Nadya Swastika 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