Target Koreksi 5,912. Weekly Strategic. Widhi Indratmo Nugroho Analyst (Ext.2051)

(1)

Senin, 04 Desember 2017

Target Koreksi 5,912

Beberapa berita ekonomi di pekan kemarin diantaranya: 1) Berdasarkan hasil survei harga mingguan

hingga pekan ketiga bulan November 2017, Bank Indonesia (BI) memperkirakan indeks harga

konsumen (IHK) bulan November 2017 akan sebesar 0.23%, sedikit lebih tinggi dibandingkan dengan

proyeksi sebelumnya yang sebesar 0.18% berdasarkan survei hingga pekan kedua November 2017.

Peningkatan inflasi tersebut disebabkan oleh kenaikan kenaikan sejumlah komoditas pangan yang

bergejolak (volatile food) seperti bawang dan cabai. Dengan perkembangan tersebut, inflasi tahunan

November 2017 diperkirakan sebesar 3.56% yoy. 2) Masih adanya beberapa dampak dari pemulihan

ekonomi di tahun 2017 membuat lembaga pemeringkat international, Moody’s Investor Service

memprediksi pertumbuhan ekonomi Indonesia di tahun 2018 hanya kan bertumbuh moderat dengan

skenario pesimistis dikisaran 4.5% (skenario optimistis sekitar 5.5%). Asumsi skenario pesimistis

dengan pertumbuhan 4.5%, bila pemerintah tak mampu melakukan tahap konstruksi pada proyek

infrastruktur dalam skala besar dan harga komoditas kembali melemah yang akan menekan

pendapatan perusahaan. Sedangkan skenario optimistis dengan pertumbuhan 5.5% dapat terjadi bila:

i)

Pemerintah kembali melanjutkan investasi di sektor infrastruktur. ii) Masih terjadi penguatan pada

harga komoditas. iii) Korporasi dapat bertumbuh sekitar 4% - 8%, sehingga dapat meningkatkan

pembiayaan investasi. iv) Terjadi peningkatan optimisme konsumen yang didukung oleh inflasi

dikisaran 4% sehingga mendorong belanja konsumen. 3) Menteri Keuangan Sri Mulyani juga

menyatakan beberapa rintangan eksternal yang berpotensi menahan laju ekonomi Indonesia,

diantaranya: i) Berlanjutnya pengetatan moneter yang bisa mempengaruhi arah pergerakan likuiditas.

ii)

Terjadinya geopolitik di semenanjung Korea yang dapat mengubah arus modal di negara-negara

berkembang dan konflik Arab Saudi dengan Iran yang dapat mempengaruhi harga komoditas seperti

minyak. iii) Proteksionisme perdagangan oleh negara tertentu. iv) Akumulasi kerentanan sistem

keuangan global yang terindikasi dari price earning ratio (PER) yang sudah terlalu tinggi. v)

Meningkatnya debt to equity ratio di beberapa negara. vi) Pemulihan ekonomi global yang hanya

sementara karena tidak didukung oleh produktivitas ekonomi dunia yang cukup tinggi. vii) Potensi

perubahan iklim jangka panjang (climate change) dimana Indonesia merupakan daerah yang sering

mengalami gempa bumi dan letusan gunung merapi (ring of fire). 4) Untuk membantu pemerintah

mencapai target pertumbuhan ekonomi 2018 sebesar 5,4%, Bank Indonesia (BI) mengeluarkan

beberapa kebijakan yang dapat memacu kredit perbankan tumbuh 10% - 12% yoy (naik dari tahun

2017, sekitar 8% yoy), diantaranya: a) Memperluas pelonggaran Giro Wajib Minimum Averaging

(GWMA) untuk perbankan syariah, memperluas cakupan mata uang ke valuta asing, serta

menyesuaikan rasio dan memperpanjang masa pemenuhan GWM rata-rata. b) Merubah kebijakan

rasio kredit terhadap agunan (Loan to Value) menjadi per segmen (jenis properti). c) Menyiapkan

aturan terkait rasio intermediasi makro prudensial (Financing to Finance Ratio) di awal tahun 2018.

Sentimen tersebut membuat IHSG melemah dalam sepekan terakhir sebesar 1.90% atau 115 point,

ditutup di level 5,952.14. Akumulasi minat jual asing tercatatkan kembali mewarnai pergerakan IHSG

dalam sepekan terakhir sebesar Rp.8.44 triliun diantaranya pada saham PSAB, BBCA, UNVE, SMRA,

BBRI, TLKM, ASII, LPKR, BMRI, dan UNTR. Namun dalam dua pekan sampai dengan empat pekan

terakhir masih terccatatkan akumulasi minat jual asing masing masing sebesar Rp.6.26 triliun,

Rp.10.02 triliun, dan Rp.11.93 triliun. Nilai tukar rupiah terhadap dolar AS dalam sepekan terakhir

relatif flat dari Rp.13,506 menjadi Rp.13,514.

Terkoreksinya IHSG dalam sepekan terakhir telah merubah kembali pola jangka pendek. Target

koreksi terdekat sementara dikisaran level 5,912 selama masih bertahan di bawah level 5,972.31. Dan

dalam sepekan kedepan pergerakan IHSG diperkirakan masih akan berfluktuatif dikisaran 5,852.22 –

6,054.59. Beberapa saham yang saat ini underprice dan mendekati PE ratio terendah diantaranya

AALI, ADHI, ADRO, AKRA, BSDE, DILD, INDF, KIJA, LPKR, LPPF, LSIP, MNCN, PGAS, PTBA,

PTPP, SCMA, SRIL, TINS, WIKA, dan WSKT. Berita ekonomi domestik di pekan ini adalah inflasi

November 2017. Sedangkan berita ekonomi global di pekan ini diantaranya Factory Orders,

International Trade, ISM Non-Mfg Index, ADP Employment Report, Productivity and Costs, EIA

Petroleum Status Report, Jobless Claims, Employment Situation, dan Consumer Sentiment.

Widhi Indratmo Nugroho

Analyst [email protected] +62 21 5785 1818 (Ext.2051) Close Weekly Return ▼ Yield to Date ▲ PE (X) Volume (miliar) ▲ Value (Rp. triliun) ▲ BI 7-Day RR IDR/USD Rp. 12.37% 5,952.14 COMPOSITE LAST TOTAL TRANSACTION -1.90% ECONOMIC INDICATORS 13,514 4.25% 45.56 59.27 22.49

Sumber: Lotus Sekuritas

JCI vs Foreign Net Buy (Sell) YTD

4,000 4,640 5,280 5,920 6,560

3-Jan-17 21-Mar-17 15-Jun-17 11-Sep-17 27-Nov-17 (40,000) (21,000) (2,000) 17,000 36,000

Composite (LHS) Net Buy YTD in Rp.bn (RHS)

SECTOR Agriculture ▼ -1.64% ▼ -1.32% Basic Industry ▼ -4.38% ▼ -0.35% Consumer Goods ▼ -1.40% ▲ 0.07% Finance ▼ -1.74% ▲ 0.23% Infrastructure ▼ -2.82% ▲ 0.60% Manufacture ▼ -2.74% ▲ 0.56% Mining ▲ 0.59% ▼ -0.54% Misc. Industry ▼ -5.44% ▲ 3.42% Property ▼ -1.56% ▼ -0.65%

Trade & Service ▲ 0.09% ▲ 0.06%

30-Nov-17 24-Nov-17

WEEKLY RETURN

SECTOR Agriculture ▼ -0.97% ▼ -3.96% Basic Industry ▼ -1.65% ▲ 5.52% Consumer Goods ▼ -12.39% ▼ -24.66% Finance ▼ -5.79% ▼ -6.07% Infrastructure ▼ -5.01% ▲ 10.72% Manufacture ▼ -14.08% ▼ -6.63% Mining ▼ -9.68% ▼ -16.94% Misc. Industry ▼ -3.63% ▲ 6.16% Property ▼ -23.77% ▼ -12.75%

Trade & Service ▲ 23.03% ▲ 6.58%

30-Nov-17 24-Nov-17

WEEKLY CAPITAL FLOW

(2)

PE Band IHSG

10 . 7 x 15 . 0 8 x 19 . 4 5 x 2 3 . 8 3 x 2 8 . 2 x -1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Dec- 03 Jul- 05 Jan-07 Jul- 08 Jan-10 Jul- 11 Dec- 12 Jul-14 Dec- 15 Jul- 17 Dec- 18

Sector Performance 2017

J C I B asic Ind Finance M ining 4,800 5,370 5,940 6,510 7,080

3-Jan-17 7-Feb- 17 15- Mar - 17 25- Apr- 17 5-Jun- 17 18-Jul- 17 23- Aug- 17 29-Sep-17 3- Nov- 17

Note: All Sectors Rebase to JCI Sumber: Lotus Sekuritas

Siklus Pergerakan Harian IHSG

J C I C y c l e Average +1 STDEV - 1 STDEV -875 1,750 2,625 3,500 4,375 5,250 6,125 7,000

Jan- 03 Sep-04 May-06 Jan-08 Sep- 09 May-11 Dec- 12 Sep- 14 Apr- 16 Dec- 17

0.43 0.56 0.69 0.82 0.95 1.08 1.21 1.34 1.47 1.60 1.73

Bottom Fishing Buy on Weakness Trading Area Sell on Strength Closing 30 November 2017

Fair value IHSG 2018 dikisaran

6,710.49

Dan saat ini IHSG berada pada PE

ratio 22.49x

Krisis Global 2008

Saat ini siklus IHSG berada

di bawah average.

Closing 30 November 2017

Selama tahun 2017, secara

garis besar beberapa sector

yang menjadi driver

penggerak IHSG sampai

dengan pecan kemarin

diantaranya finance, basic

industry, dan finance.

(3)

Siklus Pergerakan Harian Beberapa Saham LQ45 & Lainnya

Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside Stock Cycle -1 STDEV Average +1 STDEV Area TP Upside

AALI 0.93 0.87 1.04 1.22 Trading 17,810 28.6% LSIP 0.00 0.82 1.07 1.32 BoW 1,697 22.1%

ADHI 0.90 0.83 1.18 1.52 Trading 2,667 36.4% MNCN 0.00 0.86 1.18 1.50 BoW 1,913 47.2%

ADRO 0.97 0.83 1.04 1.25 Trading 2,145 26.2% MYRX 0.00 0.92 1.08 1.24 BoW 160

-AKRA 0.95 0.92 1.13 1.34 Trading 7,368 16.0% PGAS 0.00 0.92 1.08 1.23 BoW 1,995 17.3%

ANTM 0.95 0.77 0.98 1.19 Trading 802 20.6% PPRO 0.00 -8.32 3.93 16.18 Trading 218 11.2%

ASII 0.96 0.90 1.12 1.34 Trading 9,015 13.0% PTBA 0.00 0.83 1.03 1.23 BoW 14,903 32.5%

BBCA 1.11 1.00 1.10 1.21 Trading 19,569 -3.8% PTPP 0.00 0.85 1.13 1.41 BoW 4,276 66.4%

BBNI 1.16 0.90 1.14 1.38 Trading 7,769 -4.1% PW ON 0.00 0.87 1.12 1.37 BoW 726 17.1%

BBRI 1.12 0.98 1.11 1.24 Trading 16,082 401.0% SCMA 0.88 0.91 1.25 1.60 BoW 2,826 28.5%

BBTN 1.23 0.82 0.97 1.13 SoS 3,069 -4.1% SMGR 0.96 0.96 1.11 1.26 BoW 10,898 15.9%

BJBR 1.08 0.83 0.95 1.07 SoS 1,900 -23.69% SMRA 0.73 0.91 1.18 1.45 BoW 1,289 49.8%

BMRI 1.16 0.93 1.11 1.30 Trading 6,752 -8.8% SRIL 1.09 -9.21 3.52 16.24 Trading 537 45.0%

BMTR 1.04 0.85 1.14 1.42 Trading 0 -100.00% SSMS 0.96 1.00 1.12 1.24 BoW 1,900 27.1%

BRPT 1.34 0.67 0.94 1.20 SoS 2,600 14.54% TLKM 0.95 0.95 1.05 1.15 Trading 5,132 23.7%

BSDE 0.92 0.73 1.18 1.64 Trading 2,277 38.0% UNTR 1.16 0.84 1.08 1.33 Trading 33,707 0.6%

BUMI 0.95 0.47 0.85 1.22 Trading UNVR 1.04 0.98 1.10 1.23 Trading 49,308 0.0%

EXCL 0.94 0.83 1.10 1.37 Trading 3,896 26.5% WIKA 0.84 0.95 1.18 1.41 BoW 2,735 51.5%

GGRM 1.10 0.89 1.18 1.48 Trading 76,258 -0.3% WSKT 0.94 0.87 1.12 1.37 Trading 2,872 36.1%

HMSP 1.06 0.97 1.15 1.32 Trading 4,052 -1.2%

ICBP 0.98 0.96 1.10 1.23 Trading 9,300 10.1%

INCO 1.11 0.80 1.02 1.24 Trading 2,809 1.8% CTRA 1.02 0.89 1.15 1.40 Trading 1,490 21.6%

INDF 0.88 0.86 1.11 1.37 Trading 9,530 30.1% KIJA 0.96 0.84 1.10 1.35 Trading 413 37.7%

INTP 1.02 0.91 1.12 1.32 Trading 17,282 -6.2% SMCB 0.96 0.85 1.10 1.35 Trading 691 -14.1%

JSMR 0.00 0.96 1.14 1.31 BoW 6,147 -3.6% GIAA 0.90 0.85 1.01 1.16 Trading 323 4.0%

KLBF 0.00 1.00 1.20 1.39 BoW 1,815 13.5% KAEF 0.88 0.90 1.18 1.47 BoW 2,727 20.1%

LPKR 0.00 0.87 1.04 1.20 BoW 933 62.3% SMBR 0.81 0.94 1.01 1.08 BoW 559 -76.5%

LPPF 0.00 0.02 1.54 3.07 BoW 13,682 29.1% TINS 0.96 0.79 1.01 1.23 Trading 1,210 42.3%

Note: 1. TP (Target Price) Konsensus Bloomberg 2. Cycle: Posisi harga close saham di minggu terakhir

3. Posisi Cycle yang berada dibawah (-1) standard deviation, diperkirakan mempunyai ruang koreksi yang mulai terbatas

OTHERS

Pemilihan Saham

Passive Strategy

AALI ADHI ADRO AKRA ASII BBCABBTN BBNI BMRI BSDE CTRA GGRM ICBP INCO INDF INTP JSMR KLBF LPKR LPPF LSIP MNCN PGAS PTBA PTPP PWON SCMA SMGR SMRA SSMS TLKM UNTR UNVR WIKA WSKT KIJA SMCB BJBR BJTM KAEF TINS APLN DILD SRIL ANTM HMSP MYRX EXCL PPRO BRPT -60% -20% 20% 60% 100% 0. 4 1. 2 2. 0

Fairly Price Line

Over Price Area (Negative Alpha)

Under Price Area (Positive Alpha)

Beberapa saham yang berada di atas

fairly price line (security market line)

mencerminkan kondisi under price.

Investor dapat melakukan posisi beli

maupun menambah proporsi

(overweight) pada saham ini.

Sedangkan beberapa saham yang

berada di bawah fairly price line

mencerminkan kondisi over price.

Investor dapat melakukan posisi jual

atau mengurangi proporsi (underweight)

pada saham ini.

Ekspektasi pertumbuhan ekonomi

domestik di 2017 sebesar 5.1% - 5.3%.

Dan kami menaikkan target IHSG 2017

dikisaran 6,360.65 dengan BI 7 day

reverse repo rate di 4.25%.

Sensitivity to Market Expected Return

Closing 30 November 2017

(4)

Saham Underprice dan mendekati PE ratio terendah

AALI PE Band

ADHI PE Band

10 .3x 18.3 5x 26 .4x 10,000 17,000 24 ,000 31,000 38 ,000

Dec-11 Aug-13 Ap r-15 Nov-16

5.6x 10.2x 14 .8x 19x 24 x 500 1,500 2,500 3,500 4,500

Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17

Sumber: Lotus Sekuritas Sumber: Lotus Sekuritas

ADRO PE Band

AKRA PE Band

6.1x 9.15x 12.2 x 15.2 5x 18.3x 200 700 1,200 1,700 2,200

18.5x 26.9 5x 3 1.18x 35.4x 2,8 00 4,4 00 6,0 00 7,6 00 9,2 00

BSDE PE Band

DILD PE Band

7.2x 18.78x 30.35x 30.35x 41.93x 53.5x 400 1,050 1,700 2,350 3,000

9.5x 14.58x 19 .65x 24.73x 29.8 x 100 300 500 700 900

INDF PE Band

KIJA PE Band

12.2x 17.2x 2 2.2x 27.2x 32.2 x 3 ,50 0 5,10 0 6 ,70 0 8,30 0 9,90 0

16.19x 23.67x 31.16x 38 .64x 50 150 250 350 450

Dec-10 Dec-11 Dec-12 Dec-13 Jan-15 Jan-16 Jan-17

(5)

LPKR PE Band

LPPF PE Band

18.64x 28.43x 38.22x 48x 400 800 1,200 1,600 2,000

8 .6x 16.1x 2 3.6x 31.1x 38.6x 7,000 11,000 15,000 19 ,000 23 ,000

Dec-13 Jul-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

LSIP PE Band

MNCN PE Band

7.5x 11.78x 16.05x 20.33x 24.6x 600 1,350 2,100 2,850 3,600

9x 14.28x 19.55x 24.83x 30.1x 1,000 1,750 2,500 3,250 4,000

PGAS PE Band

PTBA PE Band

7.95x 10.27x 12.58x 14.89x 17.2x 1,000 2,500 4,000 5,500 7,000

4.3x 7.19x 10.08x 12.97x 15.85x 2,000 7,500 13,000 18,500 24,000

PTPP PE Band

SCMA PE Band

6.7x 14.1x 21.5x 28.9x 36.3x 400 1,600 2,800 4,000 5,200

13.7x 21.0 5x 28.4x 35.75x 43.1x 1,800 2,575 3,350 4,125

(6)

SRIL PE Band

TINS PE Band

4.4x 6.83x 9.25x 11.68 x 14.1x 50 175 30 0 425 550

9x 17.63x 26.25x 3 4.88x 43 .5x 200 600 1,000 1,400 1,800

WIKA PE Band

WSKT PE Band

9.2x 16.4x 23.6x 30.8 x 3 8x 2 50 1,2 50 2,2 50 3,2 50 4,2 50

6.8 x 13.45x 20 .1x 26.75x 33 .4x 200 950 1,700 2,450 3,200

Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17

(7)

Support Resistance Beta Volatility Bearish Bullish

AGRICULTURE Plantation & Others

Astra Ago Lestari Tbk AALI 13,850 13,800 14,475 0.77 4.67% -17.44% Overweight 13,600 14,100

PP London Sumatra Tbk LSIP 1,390 1,375 1,445 0.64 4.94% -20.11% Overweight 1,370 1,410

Sawit Sumbermas Sarana Tbk SSMS 1,495 1,395 1,495 0.73 4.81% 6.79% Overweight 1,470 1,520

MINING

Coal, Oil & Gas, Metal & Other Resources

Adaro Energy Tbk ADRO 1,700 1,680 1,785 1.67 7.02% 0.29% Overweight 1,635 1,770

Bumi Resources Tbk BUMI 300 280 314 1.22 11.67% 7.91% Not Rated 292 308

Tambang Batu Bara Bukit Asam Tbk PTBA 11,250 10,800 11,475 1.29 6.63% -10.00% Overweight 10,925 11,600

Aneka Tambang (Persero) Tbk ANTM 665 645 685 0.79 6.96% -25.70% Overweight 650 675

Vale Indonesia Tbk INCO 2,760 2,710 2,940 1.01 8.19% -2.13% Underweight 2,700 2,825

BASIC INDUSTRY Cement & Others

Indocement Tunggal Perkasa Tbk. INTP 18,425 18,375 19,225 1.48 4.80% 19.64% Underweight 17,825 19,100

Semen Gresik Tbk SMGR 9,400 9,400 10,150 1.32 4.73% 2.45% Overweight 9,125 9,700

Barito Pacific BRPT 2,270 2,170 2,290 0.63 10.49% 209.90% Not Rated 2,240 2,300

MISC.INDUSTRY Otomotif

Astra International Tbk ASII 7,975 7,975 8,600 1.41 4.72% -3.63% Overweight 7,725 8,250

Sri Rejeki Isman Tbk SRIL 370 366 384 0.71 8.21% 60.87% Overweight 364 376

CONSUMER GOODS

Foods, Cigarette, Pharmacy & Others

Indofood CBP Sukses Makmur Tbk ICBP 8,450 8,450 8,875 1.16 5.96% -1.46% Overweight 8,225 8,675

Indofood Sukses Makmur Tbk INDF 7,325 7,325 7,850 1.13 3.97% -7.57% Overweight 7,125 7,525

Unilever Indonesia Tbk UNVR 49,300 49,300 51,000 1.03 2.98% 27.06% Underweight 48,200 50,550

Gudang Garam Tbk. GGRM 76,525 76,525 81,200 0.99 4.39% 19.76% Underweight 74,900 78,400

Hanjaya Mandala Sampoerna Tbk HMSP 4,100 4,100 4,390 0.89 9.38% 7.05% Underweight 4,020 4,190

Kalbe Farma Tbk KLBF 1,600 1,600 1,675 1.19 3.87% 5.61% Overweight 1,555 1,645

PROPERTY & CONSTRUCTION

Bumi Serpong Damai Tbk BSDE 1,650 1,615 1,690 1.44 4.45% -5.98% Overweight 1,595 1,705

Lippo Karawaci Tbk LPKR 575 575 640 0.98 4.90% -20.14% Overweight 560 585

Pakuwon Jati Tbk PWON 620 620 645 1.40 4.94% 9.73% Overweight 600 640

PP Properti Tbk PPRO 196 195 204 1.16 9.88% -85.59% Overweight 191 202

Summarecon Agung Tbk SMRA 860 855 930 1.57 6.03% -35.09% Overweight 830 890

Adhi Karya (Persero) Tbk ADHI 1,955 1,955 2,050 1.02 4.91% -6.01% Overweight 1,910 2,000

PP (Persero) Tbk PTPP 2,570 2,560 2,740 0.83 4.60% -32.55% Overweight 2,520 2,620

Wijaya Karya (Persero) Tbk WIKA 1,805 1,800 1,915 0.99 4.50% -23.52% Overweight 1,765 1,845

Waskita Karya (Persero) Tbk WSKT 2,110 2,060 2,180 0.79 3.92% -17.25% Overweight 2,070 2,150

INFRASTRUCTURE

Energy, Transportation & Highway, Telecommunication, Non Building Construction

Perusahaan Gas Negara (Persero) Tbk PGAS 1,700 1,685 1,810 1.09 5.80% -37.04% Overweight 1,660 1,745

Jasa Marga Tbk JSMR 6,375 6,200 6,600 1.05 4.09% 47.57% Underweight 6,225 6,525

XL Axiata Tbk EXCL 3080 2890 3190 1.13 5.86% 33.33% Underweight 3,000 3,160

Telekomunikasi Indonesia Tbk TLKM 4,150 4,150 4,350 0.91 2.70% 4.27% Overweight 4,060 4,240

FINANCE Bank

Bank Central Asia Tbk BBCA 20,350 20,350 21,325 1.08 2.73% 31.29% Underweight 19,875 20,875

Bank Negara Indonesia BBNI 8,100 8,050 8,400 1.43 4.34% 46.61% Underweight 7,850 8,375

Bank Rakyat Indonesia (Persero) Tbk BBRI 3,210 3,210 3,400 1.49 4.14% 37.47% Overweight 3,100 3,320

Bank Tabungan Negara (Persero) Tbk BBTN 3,200 3,080 3,240 0.88 3.78% 83.91% Underweight 3,140 3,270

Bank Jabar & Banten Tbk BJBR 2,490 2,310 2,490 1.08 7.16% -26.55% Underweight 2,430 2,550

Bank Mandiri (Persero) Tbk BMRI 7,400 7,375 7,600 1.42 3.95% 27.86% Underweight 7,175 7,660

TRADE & SERVICE

Investment Company & Wholesale

AKR Corporindo Tbk AKRA 6,350 6,325 6,700 0.71 4.25% 5.83% Overweight 6,250 6,450

United Tractors Tbk UNTR 33,500 30,775 33,900 1.26 5.14% 57.65% Underweight 32,575 34,550

Matahari Departement Store Tbk LPPF 10,600 10,600 11,600 1.18 5.09% -29.92% Overweight 10,325 10,900

Global Mediacom BMTR 585 580 610 1.41 7.07% -4.88% Not Rated 560 605

Media Nusantara Citra Tbk MNCN 1,300 1,300 1,475 1.21 6.68% -25.93% Overweight 1,265 1,335

Surya Citra Media Tbk SCMA 2,200 2,180 2,300 1.00 4.79% -21.43% Overweight 2,150 2,250

Hanson International Tbk MYRX 109 103 109 0.65 8.19% -35.50% Overweight 107 111

Emiten Ticker Close Weekly Indicator YTD Performance Weekly Forecast

(8)

DISCLAMER

This report has been prepared by PT. Lotus Sekuritas on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of PT. Lotus Sekuritas.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, PT. Lotus Sekuritas makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the information of clients of PT. Lotus Sekuritas who are expected to make their own investment decisions without reliance on this report. Neither PT. Lotus Sekuritas nor any officer or employee of PT. Lotus Sekuritas accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. PT. Lotus Sekuritas and/or person connected with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication.

Wisma Keia 15th_floor Jl. Jendral Sudirman Kav. 3

Jakarta 10220 T +62 21 5785 1818 F +62 21 5785 1637

EQUITY DIVISION

Jakarta Branch Others Branch

Pluit Bandung

Kawasan CBD Pluit Blok A No.20 Komplek Paskal Hypersquare

Jl. Pluit Selatan Raya No.1 Blok C No. 15, Kebon Jeruk

Jakarta Utara 14440 Bandung 40181

T +6221 6667 5345 T +6222 8606 1027

F +6221 6667 5234 F +6222 8606 0684

Kelapa Gading Medan

Sentra Bisnis Artha Gading Jl. Cut Mutia No.15B

Jl. Boulevard Artha Gading Blok A6B Kav.7 Medan 20152

Kelapa Gading Barat T +6261 451 8855

Jakarta Utara 14240 F +6261 455 1833

T +6221 4585 6402 F +6221 4587 3961

Puri Surabaya Branch

Rukan Grand Taman Aries Niaga Blok G1 No.11 Ruko Permata Bintoro

Jl. Taman Aries Kembangan Jl. Ketampon Kav.1-2

Jakarta Barat 11620 Surabaya

T +6221 2931 9515 T +6231 562 2555