L A P O R A N H A R I A N

(1)

Rabu, 19 Mei 2021

L A P O R A N H A R I A N

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH

Equity

LAPORAN RISET

MAPI: Caution on its outlook in 2Q21F

What’s New?

MAPI's 1Q21 looks bright, but the inevitable economic risks

remain looming. Retain HOLD rating with higher TP at IDR

800 (pegged at -1SD EV/EBITDA) from IDR690 previously

from good 1Q21 earnings.

Key Highlights:



Better earnings on operational measures, but seems

unsustainable.



Economic risks remain, anticipate a surge in the

outbreak in 2Q21F.



Good news fully priced-in, waiting for catalyst for

sustainable rerating.

Analyst: William Siregar ([email protected])

RINGKASAN BERITA



Bumi Mineral Melihat Peningkatan Produksi Emas di

2Q21. PT Bumi Resource Minerals Tbk (BRMS)

memperkirakan produksi emasnya akan meningkat pada

2Q21 karena telah menyelesaikan pemeliharaan berkala

pabrik di Poboya, Palu. Kapasitasnya 4 ribu ton bijih per

hari. Pabrik akan beroperasi dengan kapasitas 100%

pada Mei atau Juni tahun ini. Sebelumnya, perseroan

mengharapkan pabrik mulai beroperasi pada 1Q21,

namun keterlambatan pengiriman suku cadang pabrik

dari China, penyelesaiannya sempat tertunda. Oleh

karena itu, perseroan melihat kapasitas terpakai pabrik

baru bisa mencapai 70% di 1H21. (Investor Daily)



Telkom Group Siapkan Tiga 'Start-up' Menjadi

Unicorn. MDI Ventures, perusahaan modal ventura milik

PT Telkom Indonesia Tbk (TLKM), menargetkan tiga

portofolio investasi start upnya berstatus unicorn dalam

beberapa tahun ke depan. MDI Ventures juga sedang

mempersiapkan

salah

satu

start-upnya

untuk

mengadakan penawaran umum perdana (IPO) tahun ini.

Perseroan memiliki lebih dari 50 portofolio investasi

start-up yang tiga di antaranya memiliki valuasi hampir

menjadi perusahaan unicorn dengan valuasi

USD800-900 juta. (Investor Daily)

Global Indices

Americas

INDU Index

SPX Index

CCMP Index

IBOV Index

EMEA

UKX Index

CAC Index

DAX Index

IBEX Index

FTSEMIB Index

AEX Index

SMI Index

Asia / Pacific

NKY Index

KOSPI Index

SHCOMP Index

HSI Index

TWSE Index

SENSEX Index

SET Index

PCOMP Index

KLCI Index

FSSTI Index

JCI Index

Description

Market Capitalization

Transaction

Stocks Value (IDR)

Net Foreign

Commodities

Nickel (US$/Ton)

Copper (US$/Ton)

Tins (US$/Ton)

Oil (US$/BBL) (*)

Gas (US$/MMBTU)

Coal (US$/Ton) (**)

CPO MALAYSIA(RM/ton)

Gold (US$/Troy Ounce)

JCI Sectors Closing

Change

%Chg

%Ytd

P/E

34,060.66

-267.13

-0.78

11.29

26.12 4,127.83

-35.46

-0.85

9.90

29.66 13,303.64

-75.41

-0.56

3.22

89.63 122,980.00

42.1

0.03

3.33

15.04 7,034.24

1.39

0.02

8.88

54.73 6,353.67

-13.68

-0.21

14.45

45.68 15,386.58

-10.04

-0.07

12.16

33.14 9,183.90

28.3

0.31

13.75 #N/A N/A

24,880.45

17.77

0.07

11.91

3.88

705.01

1.79

0.25

12.87

134.61 11,141.75

6.38

0.06

4.09

25.30 28,406.84

582.01

2.09

3.51

19.99 3,173.05

38.53

1.23

10.43

20.29 3,529.01

11.398

0.32

1.61

15.95 28,593.81

399.72

1.42

5.00

13.57 16,145.98

792.09

5.16

9.59

17.14 50,193.33

612.6

1.24

5.11

31.33 1,566.80

17.64

1.14

8.10

24.15 6,244.74

-38.84

-0.62

(12.54)

26.70 1,591.32

7.86

0.50 (2.21)

19.28 3,142.63

62.94

2.04

10.51

35.68 5,834.39

0.534

0.01 (2.42)

29.97

Last

%Chg

(IDR Trillion)

6,904.36

6,904.27

0.00

Volume (Million Shares)

17,187.00

16,616.35

3.43

Value (IDR Million)

9,397.00

10,618.58

-11.50

546.75

639.04 -14.44

(IDR Million)

(340,054.25)

52,033.25

-753.53

Last

%Chg

17,911.00

17,544.00

2.09 10,373.00

10,240.50

1.29 29,895.00

29,515.00

1.29

65.49

66.27 -1.18

2.61

2.69 -3.14

99.10

98.35

0.76 4,720.00

4,787.50

-1.41

1,869.21

1,869.44

-0.01

Performance

Weighting (%) YTD Chg (%)

1D Chg (%)

JCI Index

100.00 -2.42

-2.28

Finance

100.00 #N/A N/A

#N/A N/A

Consumer Goods

100.00 #N/A N/A

#N/A N/A

Infrastructure Utility and Transportation

100.00 #N/A N/A

#N/A N/A

Basic Industry and Chemicals

100.00 #N/A N/A

#N/A N/A

Trade Services and Investment

100.00 #N/A N/A

#N/A N/A

Mining

100.00 #N/A N/A

#N/A N/A

Construction Property and Real Estate

100.00 #N/A N/A

#N/A N/A

Miscellaneous Industries

100.00 #N/A N/A

#N/A N/A

Agricultural

100.00 #N/A N/A

#N/A N/A

(2)

Rabu, 19 Mei 2021

L A P O R A N H A R I A N

_RESEARCH

_Equity

Akumulasi Beli/-Jual Bersih Asing

Nilai Tukar USD/IDR dan IHSG

Pergerakan IHSG

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 0 5,000,000 10,000,000 15,000,000 20,000,000 10 /1 /2 02 0 10 /8 /2 020 10 /1 5/2020 10 /2 2/2020 11 /3 /2 020 11 /1 0/2020 11 /1 7/2020 11 /2 4/2020 12 /1 /2 020 12 /8 /2 020 12 /1 6/2020 12 /2 3/2020 1/5/ 20 21 1/12 /2 021 1/19 /2 021 1/26 /2 021 2/2/ 20 21 2/9/ 20 21 2/17 /2 02 1 2/24 /2 021 3/3/ 20 21 3/10 /2 021 3/18 /2 021 3/25 /2 021 4/1/ 20 21 4/9/20 21 4/16 /2 021 4/23 /2 021 4/30 /2 021 5/7/ 20 21

Accumulation JCI Index

13,000 13,500 14,000 14,500 15,000 15,500 16,000 4,000 4,500 5,000 5,500 6,000 6,500 7,000

JCI Index USDIDR

0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21

Volume JCI Index

No

Stock

Top Value (IDR)

1 BBCA IJ

470,424,300,000

2 ANTM IJ

465,132,200,000

3 BBRI IJ

453,637,400,000

4 MLPL IJ

406,909,200,000

5 MPPA IJ

349,309,100,000

No

Stock

Top Volume (Shares)

1 MLPL IJ

1,264,492,800.00

2 BKSL IJ

1,070,671,700.00

3 FREN IJ

519,255,300.00

4 MPPA IJ

345,790,800.00

5 ANTM IJ

179,403,400.00

No

Top Gainers

% Change

1 TMAS IJ

29.89

2 OMRE IJ

24.88

3 SAMF IJ

24.81

4 LMSH IJ

24.6

5 MLPL IJ

22.7 No

Top Losers

% Change

1 MBTO IJ

-6.98

2 RODA IJ

-6.94

3 VRNA IJ

-6.94

4 PEGE IJ

-6.92

5 KONI IJ

-6.85

No Leading Movers

% Change

1 EMTK IJ

8.37

2 ANTM IJ

3.59

3 UNTR IJ

2.22

4 SAMF IJ

24.81

5 CPIN IJ

1.56 No Lagging Movers

% Change

1 BBCA IJ

-1.69

2 TPIA IJ

-3.04

3 BRIS IJ

-4.29

4 MEGA IJ

-3.53

(3)

Rabu, 19 Mei 2021

L A P O R A N H A R I A N

3 RESEARCH

Equity

TARGET HARGA SAHAM

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Last Potential

Capitalization (Bn) (%) 1 Year FY21F FY21F Ratio 1 Year (Current) Float Shares 2021 2021 Price Upside

Banking

BBCA IJ Equity 787,728 13.85 -5.09 28.54 4.41 -5.61 6.97 15.75 36.40 44.89 BUY 34,200 31,950 7.04% BBNI IJ Equity 101,635 1.79 -78.66 71.75 0.88 -0.91 53.54 1.27 64.91 39.98 NOT RATED - 5,450 #VALUE! BBRI IJ Equity 480,967 8.46 -45.97 25.63 2.42 -0.56 68.12 9.24 83.96 43.22 HOLD 4,100 3,900 5.13% BMRI IJ Equity 275,333 4.84 -37.71 18.19 1.51 -0.48 51.96 8.52 64.04 37.95 BUY 7,250 5,900 22.88% Cement

SMGR IJ Equity 56,498 0.99 16.87 20.20 1.69 1.20 67.19 8.41 13.26 48.99 BUY 11,000 9,525 15.49% Telecommunication

TLKM IJ Equity 315,018 5.54 11.47 15.14 3.07 1.32 54.15 20.59 3.75 47.91 BUY 4,000 3,180 25.79% ISAT IJ Equity 33,147 0.58 #N/A N/A #N/A N/A 2.79 #VALUE! 215.44 -5.83 200.49 20.71 BUY 3,265 6,100 -46.48% EXCL IJ Equity 22,093 0.39 -47.76 #N/A N/A 1.13 #VALUE! 175.72 -4.13 -16.00 33.64 BUY 3,500 2,060 69.90% Automotive

ASII IJ Equity 208,490 3.67 6.86 13.83 1.30 2.02 40.66 9.57 38.92 49.81 BUY 7,000 5,150 35.92%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Construction

WIKA IJ Equity 12,244 0.22 -91.87 65.85 0.90 -0.72 157.75 1.23 55.75 34.94 BUY 1,400 1,365 2.56% ADHI IJ Equity 3,775 0.07 -96.24 228.18 0.68 -2.37 175.28 0.29 129.61 48.99 BUY 840 1,060 -20.75% PTPP IJ Equity 7,285 0.13 -84.09 56.99 0.68 -0.68 132.47 1.15 100.62 48.95 BUY 1,175 1,175 0.00% WSKT IJ Equity 13,778 0.24 #N/A N/A #N/A N/A 1.83 #VALUE! 376.18 -58.07 77.32 33.95 HOLD 775 1,015 -23.65% WTON IJ Equity 2,458 0.04 -75.01 18.97 0.74 -0.25 82.24 3.79 30.56 32.16 BUY 320 282 13.48% WSBP IJ Equity 4,824 0.08 #N/A N/A #N/A N/A 3.88 #VALUE! 491.97 -102.45 29.42 32.98 UR UR 183 #VALUE! Toll Road

JSMR IJ Equity 29,975 0.53 -77.30 59.82 1.57 -0.77 256.03 2.65 12.94 24.39 BUY 5,300 4,130 28.33% Property

BSDE IJ Equity 24,453 0.43 -90.62 42.45 0.79 -0.47 49.67 2.09 90.91 38.63 BUY 890 1,155 -22.94% PWON IJ Equity 24,561 0.43 -65.80 26.41 1.68 -0.40 22.41 6.28 52.69 31.29 HOLD 445 510 -12.75% SMRA IJ Equity 13,633 0.24 -65.07 75.79 1.99 -1.16 104.10 2.53 122.88 65.14 SELL 615 945 -34.92%

Market Weighting EPS Growth PER PBV PEG DER (x) ROE (%) Total Return % of Free Rec TP (Rp/share) Current Potential

Agriculture

AALI IJ Equity 19,247 0.34 294.60 30.82 1.01 0.10 29.22 3.28 61.60 20.32 HOLD 8,300 10,000 -17.00% TBLA IJ Equity 4,728 0.08 3.34 6.97 0.84 n.a 149.97 10.56 82.57 44.65 BUY 1,185 885 33.90% Metal

ANTM IJ Equity 62,480 1.10 492.69 30.31 3.16 0.06 40.72 10.90 401.03 34.95 BUY 900 2,600 -65.38% INCO IJ Equity 52,911 0.93 43.10 42.30 1.80 0.98 0.00 4.35 85.20 20.49 BUY 4,500 5,325 -15.49% TINS IJ Equity 13,071 0.23 45.12 151.67 2.59 3.36 126.55 1.67 283.19 35.00 BUY 1,200 1,755 -31.62% Coal

PTBA IJ Equity 26,037 0.46 -42.59 9.07 2.09 -0.21 5.50 10.69 40.18 31.20 BUY 2,750 2,260 21.68% Consumer

UNVR IJ Equity 212,686 3.74 #N/A #N/A #N/A #N/A 80.51 101.58 -32.61 15.01 BUY 9,400 5,575 68.61% INDF IJ Equity 55,975 0.98 #N/A #N/A #N/A #N/A 67.62 16.11 2.29 49.92 BUY 9,200 6,375 44.31% ICBP IJ Equity 96,794 1.70 30.79 14.69 3.29 0.48 63.03 24.07 -12.65 19.47 BUY 11,800 8,300 42.17% GGRM IJ Equity 65,034 1.14 -29.71 9.36 1.08 -0.32 10.57 12.23 -31.61 23.78 BUY 56,000 33,800 65.68% HMSP IJ Equity 146,561 2.58 -37.29 18.74 4.46 -0.50 1.03 21.82 -28.05 7.50 HOLD 1,900 1,260 50.79% Pharmaceutical

KLBF IJ Equity 67,969 1.20 9.03 24.44 3.71 2.71 6.34 16.00 5.49 42.56 HOLD 1,815 1,450 25.17% KAEF IJ Equity 14,496 0.25 #N/A N/A ###### 2.07 #VALUE! 109.22 0.13 114.04 9.97 UR - 2,610 #VALUE! Healthcare

MIKA IJ Equity 37,325 0.66 #N/A #N/A #N/A #N/A 0.00 19.77 7.88 38.07 BUY 2,980 2,620 13.74% Retail

ACES IJ Equity 24,868 0.44 #N/A #N/A #N/A #N/A 15.96 14.86 13.24 40.03 SELL 1,400 1,450 -3.45% LPPF IJ Equity 4,872 0.09 #N/A #N/A #N/A #N/A 664.33 -100.33 34.42 69.34 SELL 1,250 1,855 -32.61% MAPI IJ Equity 12,782 0.22 #N/A #N/A #N/A #N/A 104.50 -9.47 10.00 43.97 HOLD 690 770 -10.39% RALS IJ Equity 5,074 0.09 #N/A N/A #N/A N/A 1.33 #VALUE! 16.09 -6.08 31.77 37.08 HOLD 590 715 -17.48% Heavy Equipment

(4)

Rabu, 19 Mei 2021

L A P O R A N H A R I A N

4 RESEARCH

Equity

RESEARCH TEAM

Phone

: +62 21 25543946 (Hunting)

Fax

: +62 21 57935831

Email

: [email protected]

Website

: www.bnisekuritas.co.id

Damhuri Nasution

[email protected]

Head of Research Division & Economist

Ext. 3993

Kim Kwie Sjamsudin

[email protected]

Head of Equity Research Department

Ext. 3997

(Strategy, Automotive, Cement, Infrastructure)

Ariawan

[email protected]

Head of Fixed Income Research Dept.

Ext. 2098

(Fixed Income Market, Corporate & Government Bond)

Andri Zakarias Siregar

[email protected]

Head of Technical Analysis Research Dept.

Ext. 2054

(Market Strategy, Currency, Commodities, Bond & Stocks)

Aurellia Setiabudi

[email protected]

Deputy Head of Equity Research Department

(Property, Pharmaceutical, Healthcare, Cigarette)

Maxi Liesyaputra

[email protected]

AVP Equity Analyst

Ext. 3968

(Cement, Construction, Precast Concrete)

Handri Thiono

[email protected]

Economist

Ext. 2030

Ahmad Hapiz

[email protected]

Fixed Income Analyst

Ext. 3978

(Fixed Income Market, Corporate & Government Bond)

William Ardian Siregar

[email protected]

Equity Analyst

Ext. 3986

(Consumer, Retail)

Posmarito Pakpahan

[email protected]

Equity Analyst

Ext. 3981

(Banking, Telecommunication, Multifinance)

Firman Hidayat

[email protected]

Equity Analyst

Ext. 2034

(Automotive, Coal, Metal, Heavy Equipment, Plantation)

Erlangga Aditya Guntoro

[email protected]

Equity Analyst

Ext. 2036

(Toll Road, Poultry, Media)

R. Venia Allani Meissalina

[email protected]

Research Administrator

Ext. 2050

(5)

Rabu, 19 Mei 2021

L A P O R A N H A R I A N

5 RESEARCH

Equity

EQUITY TEAM

CM

: +62 21 25543946 (Hunting)

Fax No

: +62 21 57935831

Reynard Poernawan

ext. 3988

[email protected] Head of Equity Sales

Anthon Suryasaputra

ext. 3973

[email protected]

Head of Equity Sales Trading

Teguh Hendro Karno

ext. 3948

[email protected]

Institutional Sales Trader

Yulinda

ext. 3950

[email protected]

Institutional Sales Trader

M. Rudi Riyanto

ext. 3919

[email protected]

Institutional Sales Trader

Ardy Fardiansyah

ext. 3969

[email protected]

Institutional Sales Trader

Entis Sutisman

ext. 3951

[email protected]

AVP Institutional Sales

Ika Agustina

ext. 2131

[email protected]

Equity Sales

Evi nurhafiza

ext. 3929

[email protected]

Equity Sales

Jufrani Amsal

ext. 3957

[email protected]

Head of Channel Distribution Division

Fahma Riniarti

ext. 3917

[email protected]

Head of Channel Development

P. Sariningsih

ext. 3984

[email protected]

Head of Branch Supervision

Teuku Hafez

ext. 2084

[email protected]

Branch Manager Mangga Dua, Jakarta

Hapsari

ext. 2078

[email protected]

Branch Manager Puri Indah, Jakarta

Fadjar Harjo Suseno

ext. 2111

[email protected]

Branch Manager Central Park, Jakarta

M. Yasrul

ext. 2081

[email protected]

Branch Manager Wisma Bumiputera

Fahmi Lubis

ext. 2079

[email protected]

Branch Manager Bandung

Rifaat Annur

ext. 2091

[email protected]

Branch Manager Yogyakarta

Agus Purwanto

ext. 2090

[email protected]

Branch Manager Solo

Achmad Ridwan

ext. 2088

[email protected]

Branch Manager Surabaya

Edith Febriana

ext. 2082

[email protected]

Branch Manager Malang

Ni Nyoman Citasti

ext. 2080

[email protected]

Branch Manager Denpasar

Nirmasari Nasution

ext. 2083

[email protected]

Branch Manager Medan

Ari Magdalena

ext. 2086

[email protected]

Branch Manager Palembang

Rini Wati

ext. 2085

[email protected]

Branch Manager Pekanbaru

Susan J Mengko

ext. 2102

[email protected]

Branch Manager Manado

Melisa

ext. 2136

[email protected]

Branch Manager Aceh

(6)

RESEARCH

Equity

MAIN OFFICE - JAKARTA

PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th_{Floor, Jl. Jend. Sudirman Kav. 76-78}

Jakarta 12910, Indonesia Phone: (62-21) 25543946 (Hunting)

Fax: (62-21) 57935831 e-mail: [email protected] (General)

Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62-21) 6123804-5,62203890

Fax: (62-21) 6123806 e-mail: [email protected]

JAKARTA - Puri Indah

Komplek Ruko Sentra Niaga Puri Indah Blok T1 No.11-12 Kembangan Selatan Jakarta 11610

Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail: [email protected]

JAKARTA - Central Park

Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan

Phone: (62-21) 29034215 Fax: (62-21) 29034216 email: [email protected]

JAKARTA - Wisma Bumiputera

Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350 e-mail: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung - 40117 Phone: (62-22) 4213375 Fax: (62-22) 4220604 e-mail: [email protected] YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

MALANG

Jl. Buring No. 58, Malang Phone: (62-341) 321214,321213,321430

DENPASAR

Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2 Jl. Diponegoro No. 100, Denpasar - Bali

Phone: (62-361) 264376, 2753389 Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

ACEH

Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh

Phone: (62-651) 31109 Fax: (62-651) 31107

BANJARMASIN

Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

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