Bursa Saham AS Kembali Terkoreksi, IHSG Diperkirakan akan Kembali Melemah.

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DAILY RESEARCH

Market

: 4,194.9

: +89.5 2.18%

: 6,515 Mn shrs : 10,028 Bn rupiah Last

Close +/- %

TLKM 2,880 260 9.9

HMSP 1,345 190 16.5

UNVR 6,225 575 10.2

GGRM 39,475 6575 20.0

BMRI 4,460 -330 -6.9

BBRI 2,810 -120 -4.1

BBNI 3,640 -270 -6.9

ASII 3,780 -80 -2.1

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

BBCA 38 BBNI 246

GGRM 31 BBRI 178

BTPS 10 BMRI 173

SMGR 8 TLKM 59

HMSP 7 ASII 59 Money Market

Last

Close +/- %

USD/IDR 15,960 47.0 -0.3

JIBOR O/N 5.0 -0.9

Dual Listing Securities Last

Close +/- %

TLKM 17.2 0.8 5.1

ISAT 38.6 -1.6 -3.9

EIDO 12.9 -0.4 -3.0

Global Indices Last

Close +/- %

DJIA 19,174 -913 -4.5

S&P 500 2,305 -104 -4.3

Euro Stoxx 2,549 94 3.8

MSCI World 1,651 -44 -2.6

STI 2,411 100 4.3

Nikkei 16,607 54 0.3

Hang Seng 22,805 1,096 5.0

Commodities Last

Close +/- %

Brent Oil 26 -1.1 -4.1

CPO Malay 2,288 72.0 3.2

Coal (ICE) 67 0.3 0.5

Nickel 11,180 -19.0 -0.2

Tin 13,980 70.0 0.5

Market Value Market Activity Monday, 23 Mar 2020 Market Index Index Movement Market Volume

Changes Changes

Leading Movers

Lagging Movers

Changes

Bursa Saham AS Kembali Terkoreksi, IHSG Diperkirakan akan Kembali Melemah.

Menteri Keuangan, Sri Mulyani Indrawati mengatakan, pertumbuhan ekonomi Indonesia hingga akhir tahun bergantung pada cara penanganan Covid-19, baik di dalam negeri maupun seluruh dunia. Menteri Keuangan bersama dengan Kementerian Keuangan telah membuat beberapa skenario terkait durasi Covid-19 dan kemungkinan terjadinya lockdown. Sri Mulyani memperkirakan, pertumbuhan ekonomi Indonesia tahun ini masih bisa tumbuh 4% dengan skenario moderat. Pertumbuhan ekonomi Indonesia bisa hanya tumbuh 2,5% bahkan 0% jika durasi Covid-19 lebih dari 3 sampai 6 bulan terutama jika penanganan bencana Covid-19 dengan cara lockdown.

Sementara itu bursa saham AS kembali ditutup melemah Jumat pekan lalu (20/3). Dow Jones terkoreksi sebesar -4,55%, S&P 500 turun - 4,34%, sedangkan Nasdaq ditutup negatif -3,79%. Bursa saham eropa ditutup positif. FTSE dan Euro Stoxx masing-masing naik sebesar +0,76% dan +3,85%.

Pada pagi hari ini (20/3), bursa saham Asia dibuka mixed. Nikkei dibuka naik +0,43%, Kospi terkoreksi sebesar -5,96% dan ASX turun sebesar-7,03%.

IHSG pada Jumat kemarin (20/3) ditutup menguat sebesar +2,18% ke level 4,149,94. Investor Asing Jumat lalu (20/3) mencatatkan keseluruhan Net Sell sebesar Rp794,1 miliar. Pasar Reguler Asing mencatatkan Net Sell sebesar Rp865,9 miliar, dan pada Pasar Negosiasi tercatat Net Buy sebesar Rp71,8 miliar. Kami perkirakan IHSG akan kembali terkoreksi mengikuti melemahnya bursa saham AS dan regional.

DAILY RESEARCH

 Sektor Nikel : Produksi dan Penjualan Nikel Merosot

 WIKA : Laba Ditopang Hasil KSO dan Divestasi Jalan Tol Highlights

23 March 2020

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Equity Research│23 March 2020

Sektor Nikel: Produksi dan Penjualan Nikel Merosot

Tak hanya bijih atau ore, penyebaran Covid-19 yamg cepat mengganjal produksi dan penjualan produk olahan nikel yang dihasilkan smelter di dalam negeri. Penurunan produksi juga terjadi lantaran permintaan dari smelter domestik pun ikut merosot. (Kontan)

Comment:

Secara akumulai, produksi nikel ore memang sudah menurun sebagai efek percepatan larangan ekspor nickel ore per 1 Januari 2020. Ditambah efek pandemi coronavirus, kami menilai, industri nikel nasional masih akan mengalami pelemahan selama 1H20 ini. Efek pandemi yang terjadi di Indonesia dan Philippine sebagai negara eksportir nikel kami perkirakan akan mempengaruhi secara signifikan industri nikel secara global. Sektor Nikel: NEUTRAL

WIKA: Laba Ditopang Hasil KSO dan Divestasi Jalan Tol

PT Wijaya Karya berhasil membukukan kenaikan laba di akhir 2019 meski pendapatan turun. Laba bersih pemilik entitas induk mencapai Rp 2,28 triliun, naik 31,8% secara tahunan dari 2018. Di periode sama, pendapatan WIKA merosot 12.68% jadi Rp 27,2 triliun dari Rp 31,16 triliun pada 2018. (Kontan)

Comment:

WIKA berhasil membukukan peningkatan laba mengungguli perusahaan karya lainnya. Kinerja 2019

ditopang oleh hasil KSO sebesar Rp 939 miliar dan other income sebesar Rp 185 miliar. Sebagian dari

pendapatan lain-lain tersebut merupakan hasil keuntungan divestasi jalan tol Surabaya Mojokerto pada

2Q19 lalu. WIKA: BUY: 10,1x PE '20E, 1,1x PBV '20E, TP: Rp 2.600

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JCI Wgt Last price YTD Chg TP Cons TP SSI SSI Upside PE PE PBV PBV ROE ROE

(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Banks

BMRI BUY 4.4 4,460 (41.9) 8,550 9,300 108.5 7.6 7.3 1.0 0.9 13.4% 12.7%

BBCA BUY 12.4 23,675 (29.2) 32,215 32,000 35.2 20.1 17.9 3.4 3.0 16.8% 16.4%

BBRI BUY 7.3 2,810 (36.1) 4,672 4,450 58.4 9.3 8.9 1.6 1.5 17.6% 16.4%

BBNI BUY 1.4 3,640 (53.6) 8,317 10,000 174.7 4.4 4.0 0.6 0.5 12.6% 12.7%

BBTN BUY 0.2 945 (55.4) 2,094 2,850 201.6 4.5 3.3 0.4 0.4 8.8% 10.9%

BNLI BUY 0.6 1,065 (15.8) 1,225 1,498 40.7 22.2 19.7 1.3 1.2 5.7% 6.1%

Average 11.3 10.2 1.4 1.2 12.5% 12.5%

Consumer (Staples)

ICBP BUY 2.2 8,975 (19.5) 12,249 13,200 47.1 20.9 18.1 4.5 4.1 21.4% 22.4%

INDF BUY 1.1 5,750 (27.4) 9,233 9,500 65.2 11.1 10.2 1.4 1.3 12.7% 12.9%

KLBF BUY 1.0 980 (39.5) 1,518 1,450 48.0 17.5 16.6 2.9 2.6 16.5% 15.9%

UNVR BUY 5.1 6,225 (25.9) 8,645 9,800 57.4 6.3 5.9 7.9 7.3 125.4% 123.7%

Average 13.9 12.7 4.2 3.8 44.0% 43.7%

Cigarette

HMSP BUY 3.3 1,345 (36.0) 2,130 2,750 104.5 10.8 10.8 4.0 3.6 36.6% 33.2%

GGRM BUY 1.6 39,475 (25.5) 59,571 71,700 81.6 7.4 12.7 1.5 1.4 20.4% 11.2%

Average 9.1 11.8 2.7 2.5 28.5% 22.2%

Healthcare

MIKA BUY 0.6 2,000 (25.1) 2,861 2,900 45.0 40.0 38.5 7.0 6.5 17.5% 17.0%

SILO BUY 0.2 4,860 (30.1) 8,250 9,000 85.2 61.5 40.2 1.2 1.2 2.0% 3.0%

Average 50.8 39.3 4.1 3.9 9.7% 10.0%

Poultry

CPIN BUY 1.5 4,210 (35.2) 5,502 5,800 37.8 21.6 17.3 3.3 2.9 15.1% 16.5%

JPFA BUY 0.2 835 (45.6) 1,982 1,950 133.5 6.0 4.5 0.9 0.8 14.6% 17.0%

MAIN BUY 0.0 442 (56.0) 1,188 1,400 216.7 4.0 3.0 0.5 0.4 11.6% 14.1%

Average 10.5 8.3 1.5 1.3 13.7% 15.9%

Retail

MAPI BUY 0.2 476 (54.9) 1,128 1,350 183.6 7.2 6.7 1.5 1.0 20.9% 15.4%

RALS BUY 0.1 505 (52.6) 1,148 1,400 177.2 4.8 4.4 0.8 0.8 17.2% 17.3%

ACES BUY 0.4 1,115 (25.4) 1,640 1,900 70.4 18.9 16.4 4.0 3.5 21.1% 21.2%

Average 10.3 9.2 2.1 1.8 19.7% 18.0%

Pulp and Paper

INKP BUY 0.4 3,470 (54.9) 10,400 7,175 106.8 2.2 2.5 0.3 0.3 13.9% 11.0%

Average 2.2 2.5 0.3 0.3 13.9% 11.0%

Media

MNCN BUY 0.3 880 (46.0) 1,621 1,750 98.9 5.8 4.7 0.9 0.8 16.2% 17.5%

SCMA BUY 0.2 750 (46.8) 1,582 1,550 106.7 7.2 6.5 1.9 1.7 26.5% 26.4%

Average 6.5 5.6 1.4 1.3 21.4% 22.0%

Telco

EXCL BUY 0.4 1,595 (49.4) 3,682 3,900 144.5 24.2 16.1 0.9 0.8 3.7% 5.3%

ISAT BUY 0.2 1,375 (52.7) 3,272 3,450 150.9 n/a n/a 0.6 0.6 -3.2% -2.2%

TLKM BUY 6.1 2,880 (27.5) 4,491 4,700 63.2 15.8 13.0 2.4 2.3 15.4% 17.8%

Average 20.0 14.5 1.3 1.3 5.3% 7.0%

Telco Retail

TELE BUY 0.0 78 (74.0) N/A 250 220.5 0.9 1.4 0.1 0.1 13.9% 9.1%

ERAA BUY 0.1 995 (44.6) 2,017 1,625 63.3 9.1 5.3 0.7 0.6 7.3% 11.0%

Average 5.0 3.3 0.4 0.4 10.6% 10.1%

Telco Infra

TBIG BUY 0.4 835 (32.1) 1,253 1,145 37.1 25.3 22.0 4.5 3.9 17.7% 17.8%

TOWR BUY 0.7 630 (21.7) 988 1,050 66.7 13.4 11.9 3.4 2.8 25.0% 23.9%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Auto

ASII BUY 3.3 3,780 (45.4) 7,340 7,500 98.4 7.5 7.0 0.8 0.8 10.9% 10.8%

Average 7.5 7.0 0.8 0.8 10.9% 10.8%

Mining Contracting

UNTR BUY 1.2 14,850 (31.0) 22,476 22,300 50.2 5.1 4.6 1.2 1.0 22.9% 22.1%

Average 5.1 4.6 1.2 1.0 22.9% 22.1%

Aviation

GIAA BUY 0.1 159 (68.1) 704 650 308.8 1.8 1.6 0.3 0.3 19.5% 17.5%

Average 1.8 1.6 0.3 0.3 19.5% 17.5%

Property

BSDE BUY 0.3 675 (46.2) 1,599 1,800 166.7 4.3 6.1 0.4 0.4 10.4% 6.9%

PWON BUY 0.3 304 (46.7) 694 650 113.8 5.0 5.0 1.0 0.8 19.4% 16.5%

ASRI BUY 0.0 101 (57.6) 283 360 256.4 2.3 2.5 0.2 0.2 8.4% 7.1%

LPKR BUY 0.2 141 (41.7) 269 380 169.5 n/a 12.8 0.3 0.3 -0.7% 2.5%

SMRA BUY 0.1 460 (54.2) 1,271 1,500 226.1 12.4 10.5 0.9 0.8 7.3% 8.0%

CTRA BUY 0.2 555 (46.6) 1,311 1,150 107.2 11.6 13.5 0.7 0.7 5.9% 4.8%

Average 7.1 8.4 0.6 0.5 8.4% 7.7%

Industrial Estate

SSIA BUY 0.0 432 (34.0) 917 1,100 154.6 18.0 11.4 0.5 0.5 2.8% 4.3%

DMAS BUY 0.1 136 (54.1) 292 346 154.4 4.4 4.1 0.9 0.9 20.3% 21.0%

KIJA BUY 0.1 185 (36.6) 330 325 75.7 n/a 16.8 0.7 0.7 -1.1% 4.0%

Average 11.2 10.8 0.7 0.7 7.3% 9.8%

Construction

PTPP BUY 0.1 555 (65.0) 1,786 2,100 278.4 3.4 2.5 0.2 0.2 5.3% 6.5%

ADHI BUY 0.0 416 (64.6) 1,579 1,800 332.7 2.3 2.0 0.2 0.2 9.5% 10.0%

WSKT BUY 0.1 452 (69.6) 1,529 1,750 287.2 2.8 2.0 0.2 0.2 7.1% 9.0%

WIKA BUY 0.2 830 (58.3) 2,531 2,600 213.3 3.5 3.2 0.4 0.3 10.9% 10.8%

Average 3.0 2.4 0.2 0.2 8.2% 9.1%

Cement

INTP BUY 0.9 11,125 (41.5) 18,314 19,300 73.5 26.7 19.1 1.7 1.7 6.4% 8.7%

SMGR BUY 0.9 7,050 (41.3) 13,709 11,300 60.3 15.2 14.1 1.2 1.2 8.0% 8.2%

Average 21.0 16.6 1.5 1.4 7.2% 8.5%

Precast

WSBP BUY 0.1 118 (61.2) 329 410 247.5 3.8 2.7 0.4 0.3 9.4% 12.1%

WTON BUY 0.0 197 (56.2) 559 620 214.7 3.3 2.8 0.5 0.4 14.9% 15.6%

Average 3.5 2.7 0.4 0.4 12.1% 13.8%

Oil and Gas

PGAS BUY 0.4 695 (68.0) 2,160 2,090 200.7 5.0 5.2 0.4 0.4 8.1% 7.4%

AKRA BUY 0.1 1,600 (59.5) 4,309 4,790 199.4 5.6 4.6 0.7 0.6 12.2% 13.8%

MEDC BUY 0.1 328 (62.1) 980 850 159.1 3.7 3.3 0.3 0.2 6.9% 7.1%

Average 4.8 4.4 0.4 0.4 9.0% 9.5%

Chemical

TPIA BUY 2.4 6,350 (38.8) 6,000 7,575 19.3 58.3 52.0 4.8 4.5 8.2% 8.6%

BRPT BUY 1.0 525 (65.2) 840 1,075 104.8 4.6 3.9 0.3 0.2 5.9% 6.2%

ESSA BUY 0.0 126 (53.0) N/A 280 122.2 4.6 3.7 0.4 0.4 9.2% 9.6%

Average 22.5 19.9 1.8 1.7 7.8% 8.2%

Utilities

JSMR BUY 0.4 2,690 (48.0) 6,404 6,000 123.0 9.9 8.7 1.1 1.0 10.7% 11.0%

Average 9.9 8.7 1.1 1.0 10.7% 11.0%

Metal

ANTM BUY 0.2 374 (55.5) 1,006 1,250 234.2 7.2 5.2 0.5 0.5 6.5% 8.9%

MDKA BUY 0.5 970 (9.3) 1,566 1,600 64.9 22.2 12.4 3.9 3.1 17.7% 25.2%

INCO BUY 0.3 1,510 (58.5) 3,590 3,900 158.3 19.4 9.1 0.6 0.6 3.1% 6.4%

Average 16.3 8.9 1.7 1.4 9.1% 13.5%

Stock Rec.

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(%) (Rp) (%) (Rp) (Rp) (%) 19E 20E 19E 20E 19E 20E

Coal

ITMG BUY 0.2 6,825 (40.5) 12,976 12,070 76.8 2.8 2.6 0.7 1.0 26.5% 37.8%

ADRO BUY 0.5 745 (52.1) 1,490 1,600 114.8 5.0 3.9 0.4 0.4 8.2% 9.9%

PTBA BUY 0.4 1,800 (32.3) 2,689 2,580 43.3 3.2 2.6 1.0 0.9 31.9% 32.9%

Average 3.6 3.0 0.7 0.7 22.2% 26.9%

Plantation

AALI BUY 0.2 4,730 (67.5) 14,662 16,000 238.3 43.0 6.4 0.5 0.4 1.1% 6.9%

LSIP BUY 0.1 560 (62.3) 1,571 1,610 187.5 28.0 9.0 0.5 0.4 1.6% 4.7%

TBLA BUY 0.1 450 (54.8) 835 980 117.8 2.2 2.8 0.5 0.4 21.1% 14.3%

SIMP BUY 0.1 189 (56.3) N/A 388 105.3 6.1 17.2 0.2 0.2 3.3% 1.2%

SSMS BUY 0.2 840 (0.6) 1,067 1,050 25.0 n/a 16.2 2.0 1.8 -1.0% 11.0%

Average 19.8 10.3 0.7 0.7 5.2% 7.6%

Source: SSI Research, Bloomberg

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

Stock Rec.

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Global Data

Chg (Pts)

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

World 1,651 (43.51) (2.57) (1.86) (3.04) (31.29) (29.77) (30.00) (21.19) 2,435 1,627

U.S. (S&P) 2,305 (104.47) (4.34) (8.87) (14.98) (30.94) (28.51) (28.66) (17.70) 3,394 2,281 U.S. (DOW) 19,174 (913.21) (4.55) (9.72) (17.30) (33.87) (32.84) (32.81) (24.81) 29,569 18,917

Europe 2,549 94.42 3.85 0.71 (1.45) (32.94) (32.52) (31.95) (22.91) 3,867 2,303

Emerging Market 803 36.82 4.80 1.96 (3.59) (25.92) (27.74) (27.94) (24.20) 1,151 752

FTSE 100 5,191 39.17 0.76 (1.97) (3.27) (29.89) (31.91) (31.18) (27.98) 7,727 4,899

CAC 40 4,049 193.30 5.01 1.43 (1.69) (32.85) (32.85) (32.27) (23.17) 6,111 3,632

Dax 8,929 318.52 3.70 (0.11) (3.28) (34.25) (32.87) (32.61) (21.43) 13,795 8,256

Indonesia 4,195 89.52 2.18 (5.87) (14.52) (28.68) (33.48) (33.41) (35.71) 6,636 3,918

Japan 16,607 54.09 0.33 (2.38) (4.73) (29.27) (30.27) (29.80) (23.15) 24,116 16,358

Australia 4,472 (345.03) (7.16) (9.72) (10.60) (37.36) (34.10) (33.10) (27.82) 7,197 4,408

Korea 1,469 (96.73) (6.18) (7.65) (14.31) (32.06) (33.32) (33.14) (32.81) 2,277 1,439

Singapore 2,411 99.74 4.32 (1.78) (8.48) (24.22) (24.99) (25.20) (24.95) 3,415 2,304

Malaysia 1,303 83.56 6.85 3.72 (3.08) (14.89) (19.26) (17.97) (21.80) 1,695 1,208

Hong Kong 22,805 1,095.94 5.05 (1.97) (5.11) (16.49) (18.28) (19.10) (21.67) 30,280 21,139

China 2,746 43.49 1.61 (1.22) (4.91) (9.67) (7.33) (9.98) (11.55) 3,288 2,647

Taiwan 9,234 552.75 6.37 (2.18) (8.83) (20.98) (23.19) (23.03) (13.21) 12,198 8,524

Thailand 1,127 83.05 7.95 8.89 (0.15) (24.60) (28.36) (28.65) (31.53) 1,748 969

Philipines 4,779 155.34 3.36 (17.52) (24.78) (35.16) (39.30) (38.85) (40.37) 8,420 4,039

Foreign Reserves (US$Bn) 130.40 (0.99) 2.97 0.94 5.78 131.70 120.35

Inflation Rate (yoy, %) 2.98 3.49 2.48

Gov Bond Yld (10yr, %) 8.08 4.84 8.15 6.51

US Fed Rate (%) 0.25 2.50 0.25

Chg (Pts)

Indonesia 15,960 47.00 (0.29) (4.93) (7.41) (13.85) (12.35) (13.12) (11.10) 16,225 13,577

Japan 110.68 (0.25) 0.23 (2.35) (4.38) 0.04 (1.16) (1.87) (0.64) 112.40 101.19

UK 1.16 (0.00) (0.17) 0.01 (5.39) (10.17) (10.26) (12.43) (12.02) 1.35 1.14

Euro 1.07 (0.00) (0.17) (2.24) (4.59) (1.70) (3.78) (4.84) (5.68) 1.15 1.06

China 7.10 (0.01) 0.18 (1.27) (1.23) (1.02) (1.26) (1.87) (5.66) 7.18 6.69

Chg (Pts)

Oil (Brent) 25.88 (1.10) (4.08) 4.02 (13.88) (55.76) (61.02) (60.79) (61.39) 75.60 24.52

CPO 2,288 72.00 3.25 1.69 0.79 (11.66) (21.43) (25.03) 5.73 3,140 1,943

Rubber 717.50 1.00 0.14 (3.69) (2.51) (8.19) (6.64) (6.09) (21.46) 955.00 707.50

Coal 66.75 0.35 0.53 0.68 1.99 (0.52) 0.15 (1.40) (26.53) 90.00 63.00

Iron Ore 83.01 (2.20) (2.58) (1.83) (0.28) 1.16 (2.49) (3.44) (1.21) 118.96 76.24

Tin 13,980 70.00 0.50 (1.71) (12.26) (15.63) (19.40) (18.62) (34.73) 21,589 13,375

Nickel 11,225 (25.00) (0.22) (4.71) (8.89) (11.40) (22.72) (19.96) (15.08) 18,850 11,085

Copper 4,810 (15.00) (0.31) (6.49) (11.90) (16.03) (22.11) (22.09) (25.51) 6,609 4,371

Gold 1,498 12.90 0.87 1.33 0.74 (8.97) 0.89 (1.45) 14.11 1,704 1,266

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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DISCLAIMER: Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking,

Consumer (Staple) suria.dharma@samuel.co.id +6221 2854 8148

Ahmad Mikail Zaini Economist ahmad.mikail@samuel.co.id +6221 2854 8396

William Mamudi, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Paper, Plantation, Telco

Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387

Dessy Lapagu Coal, Metal, Mining Cont., Oil & Gas dessy.lapagu@samuel.co.id +6221 2854 8392

Selvi Ocktaviani Automotive, Construction, Precast, Telco selvi.ocktaviani@samuel.co.id +6221 2854 8393 Ilham Akbar Healthcare, Ind. Estate, Property, Toll Road ilham.akbar@samuel.co.id +6221 2854 8144 Teuku Al Hafidh At Tirmidzi Aviation, Retail, Telco Retail teuku.hafidh@samuel.co.id +6221 2854 8339

Calista Muskitta Research Associate calista.muskitta@samuel.co.id +6221 2854 8331

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales evelyn.satyono@samuel.co.id +6221 2854 8380

Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399

Clarice Wijana Institutional Equity Sales clarice.wijana@samuel.co.id +6221 2854 8395

Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325

Gitta Wahyu Retnani Institutional Equity Sales gitta.wahyu@samuel.co.id +6221 2854 8365

Equity Sales Team

Kelvin Long Head of Equities kelvin.long@samuel.co.id +6221 2854 8150

Yulianah Institutional Equity Sales yulianah@samuel.co.id +6221 2854 8146

Lucia Irawati Retail Equity Sales lucia.irawati@samuel.co.id +6221 2854 8173

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income virine.sundari@samuel.co.id +6221 2854 8170

Rudianto Nugroho Fixed Income Sales rudianto.nugroho@samuel.co.id +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales sany.rizal@samuel.co.id +6221 2854 8337

Online Trading Sales Team

Nugroho Nuswantoro Head of Marketing Online Trading nugroho.nuswantoro@samuel.co.id +6221 2854 8372

Wahyu Widodo Marketing wahyu.widodo@samuel.co.id +6221 2854 8371

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129