Didorong katalis domestik, IHSG diperkirakan melanjutkan penguatan

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www.samuel.co.id 1

DAILY RESEARCH

Market

: 6,376.8

: +17.6 0.28%

: 26,563 Mn shrs : 11,621 Bn rupiah

Last

Close +/- %

ARTO 10,950 700 6.8

BBRI 4,850 50 1.0

BNII 458 62 15.7

ASII 5,675 100 1.8

EMTK 2,110 -130 -5.8

HMSP 1,405 -35 -2.4

BRPT 1,065 -25 -2.3

BBNI 6,025 -125 -2.0

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

BBRI 108 BBNI 64

BBCA 101 BSDE 20

BMRI 69 INDF 15

TLKM 67 BABP 15

KLBF 30 GGRM 12 Money Market

Last

Close +/- %

USD/IDR 14,245 -80.0 0.6

JIBOR O/N 5.9 0.0

Dual Listing Securities Last

Close +/- %

TLKM 24.1 -0.1 -0.2

EIDO 23.4 -0.1 -0.5

Global Indices Last

Close +/- %

DJIA 31,270 -121 -0.4

S&P 500 3,820 -51 -1.3

Euro Stoxx 3,713 5 0.1

MSCI World 2,742 -27 -1.0

STI 3,000 27 0.9

Nikkei 29,227 -332 -1.1

Hang Seng 29,880 785 2.7

Commodities Last

Close +/- %

Brent Oil 64 1.4 2.2

Coal (ICE) 86 0.7 0.8

CPO Malay 3,841 25.0 0.7

Nickel 17,375 -1,259.8 -6.8

Tin 25,225 385.0 2

Changes Changes

Leading Movers

Lagging Movers

Changes

Changes Market Value

Market Activity Wednesday, 03 Mar 2021 Market Index Index Movement Market Volume

Didorong katalis domestik, IHSG diperkirakan melanjutkan penguatan

Pasar saham AS ditutup melemah semalam; DJIA melemah -0.39% ke level 31,270, diikuti S&P500 (-1.31%) dan Nasdaq (-2.70%). Melemahnya saham sejumlah perusahaan teknologi seperti Microsoft dan Amazon dan laju pertumbuhan UST yield merupakan faktor utama yang menekan pasar saham AS semalam. Pasar komoditas cenderung mixed semalam, dengan harga minyak WTI dan emas menurun masing- masing sebanyak -0.86% dan -0.49% ke level USD 60.87/Bbl dan USD 1,708/t oz.

Sebaliknya, harga minyak Brent dan batubara Newcastle menguat masing-masing sebesar +2.18% dan +0.45% ke level USD 64.07/Bbl dan USD 87.95/ton.

Indeks EIDO ditutup melemah -0.47%, sementara IHSG menguat +0.28% ke level 6,376 dengan ARTO, BBRI, dan BNII sebagai top leading movers. Net sell asing pada pasar reguler mencapai IDR 356.7 miliar. Saham dengan nilai net buy asing tertinggi di pasar reguler adalah BBRI (IDR 108.2 miliar), BBCA (IDR 101.3 miliar), dan BMRI (IDR 69 miliar) sementara net sell tertinggi dicatat oleh BBNI (IDR 64.6 miliar), diikuti BSDE (IDR 20.5 miliar), dan INDF (IDR 15.8 miliar). Sepanjang minggu ini (Senin-Rabu), IHSG telah menguat +2.16% dengan net buy asing di pasar reguler sebesar IDR 513 miliar.

Sebanyak 6,808 kasus COVID-19 baru dilaporkan di Indonesia kemarin (Selasa: 5,712), sementara 9,053 pasien sembuh (Selasa: 8,948) dan 203 meninggal (Selasa: 323).

Dengan tambahan kasus baru tersebut, jumlah total kasus COVID-19 yang ditemukan di Indonesia telah mencapai 1,353,834 kasus dengan rasio kasus ditutup sebesar 89.1%

per 3 Maret 2021 (2 Maret 2021: 88.9%).

Kami memperkirakan bahwa sektor perbankan, komoditas, serta properti masih menjadi primadona di kalangan investor saat ini. Pasar domestik masih akan menjadi katalis utama bagi pergerakan IHSG hari ini, di tengah pelemahan yang terjadi di bursa global. Selain itu, program vaksinasi sudah mulai menunjukan pertumbuhan positif, terlihat dari jumlah kasus baru per hari yang cenderung menurun. Kami memperkirakan bahwa IHSG berpeluang untuk menguat hari ini, didorong oleh katalis domestik.

DAILY RESEARCH

 PTPP: Penerbitan Obligasi Senilai Idr 2 Triliun Tinggal Selangkah Lagi

 MIKA: Bangun Dua Rumah Sakit Highlights

4 March 2021

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Equity Research│4 March 2021

www.samuel.co.id 2

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

3/3/2021 1,353,834 0.51 6,808 19.19 1,169,916 9,053 36,721 203 147,197 89.13 3/2/2021 1,347,026 0.43 5,712 (14.49) 1,160,863 8,948 36,518 193 149,645 88.89 3/1/2021 1,341,314 0.50 6,680 20.14 1,151,915 9,212 36,325 159 153,074 88.59 2/28/2021 1,334,634 0.42 5,560 (10.44) 1,142,703 6,649 36,166 185 155,765 88.33 2/27/2021 1,329,074 0.47 6,208 (24.59) 1,136,054 7,382 35,981 195 157,039 88.18 2/26/2021 1,322,866 0.63 8,232 (3.07) 1,128,672 7,261 35,786 268 158,408 88.03 2/25/2021 1,314,634 0.65 8,493 12.74 1,121,411 8,686 35,518 264 157,705 88.00

Average 6,813 8,170 210 88.45

Source: SSI Research, Bloomberg

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)

1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20 1-Aug-20 1-Sep-20 1-Oct-20 1-Nov-20 1-Dec-20 1-Jan-21 1-Feb-21 1-Mar-21

0 10 20 30 40 50 60 70 80

40 50 60 70 80 90 100

1,500 2,000 2,500 3,000 3,500 4,000 4,500

4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000

10,000 12,000 14,000 16,000 18,000 20,000 22,000

1,400 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200

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PTPP: Penerbitan Obligasi senilai IDR 2 Triliun tinggal selangkah lagi

PT PP Tbk (PTPP) masih memproses rencana penerbitan obligasi senilai IDR 2 triliun. PTPP menunjuk Mandiri Sekuritas sebagai underwriter bersama tiga pihak lainnya: BNI Sekuritas, BRI Sekuritas dan Samuel Sekuritas.

PTPP juga akan membagi emisi tersebut dalam dua jenis yaitu obligasi dengan nilai pokok IDR 1.5 triliun dan sukuk senilai IDR 500 miliar. Jangka waktu emisi bertenor tiga tahun dan lima tahun. (Kontan)

Comment:

Tujuan penerbitan obligasi sebagian untuk refinancing obligasi lama yang jatuh tempo Juli senilai IDR 1.04 triliun, sisanya untuk modal kerja dan Capex. PTPP merencanakan capex senilai IDR 6.2 trilliun tahun ini. Posisi September 2020, PTPP mencatatkan DER 1.4x, salah satu yang terendah dibanding peers, sehingga kami menilai PTPP masih punya ruang dalam pendanaan. Dari sisi kontrak baru, PTPP mencetak pencapaian IDR 810 miliar kontrak baru pada bulan Jan-2021. Terbaru, PTPP juga baru saja memenangkan kontrak baru Proyek Mandalika Urban and Tourism Infrastructure Project di NTB senilai IDR 940 miliar. PTPP: BUY: 13.3x PE '21E, 0.7x PBV '21E, TP: IDR 1,900

MIKA: Bangun Dua Rumah Sakit

PT Mitra Keluarga Karyasehat (MIKA) berencana melanjutkan ekspansi dengan menambah dua rumah sakit baru yang akan terealisasikan dalam 2022, sementara pada Q120 MIKA sudah membuka rumah sakitnya yang ke 26 di Kabupaten Siduarjo. MIKA telah menyiapkan capex IDR 350 milyar untuk bangun rumah sakit dan penambahan alat medis baru, serta dalam proses akuisisi rumah sakit, yaitu PT Rumah kasih Indonesia.

(Kontan) Comment:

Pembangunan rumah sakit ini berasal dari capex yang dianggarkan perusahaan dari cash dan MIKA belum berencana menambah utangnya di tahun ini. MIKA berencana menambah kapasitas tempat tidur pada masing-masing rumah sakit baru dengan total 200 tempat tidur masing-masing. Pembukaan rumah sakit ini akan membuka peluang dalam pertumbuhan pendapatan MIKA. Pada 4Q20, MIKA diperkirakan meraup pendapatan sebesar IDR 1.1 triliun (+25.8 qoq). Pada FY20F net profit akan diperkirakan tumbuh sebesar IDR 930 milyar (+17.5% yoy). Kami memperkirakan pendapatan MIKA FY21F bisa tumbuh +9.1% karena adanya penambahan tempat tidur operasional tahun ini. MIKA: BUY:

53.7x 21F PE, 37.2 21F EV/EBITDA, TP: IDR 3,400.

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www.samuel.co.id 4

JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20E 21E 20E 21E 20E 21E

Banks

BBCA BUY 12.0 35,000 40,500 37,829 15.7 31.8 27.1 4.7 4.3 14.7 15.7

BBRI HOLD 8.3 4,850 5,300 5,135 9.3 30.9 18.2 3.2 2.9 10.3 15.8

BMRI BUY 4.3 6,600 8,000 8,018 21.2 18.0 13.0 1.6 1.6 9.1 12.1

BBNI BUY 1.6 6,025 8,500 7,332 41.1 37.7 8.7 1.0 0.8 2.6 9.7

BBTN HOLD 0.3 2,120 2,300 2,192 8.5 13.9 8.8 1.1 1.0 8.1 11.4

Average 23.2 10.1 1.2 1.1 6.6 11.1

Consumer (Staples)

ICBP BUY 1.4 8,725 12,000 12,022 37.5 17.7 15.8 3.5 3.0 19.6 19.1

INDF BUY 0.8 6,300 9,500 8,570 50.8 11.3 11.4 1.4 1.3 11.9 11.0

KLBF BUY 1.0 1,550 1,750 1,842 12.9 26.3 23.8 4.2 3.8 16.0 16.0

UNVR BUY 3.7 6,875 7,900 8,108 14.9 36.6 34.7 53.3 49.1 145.7 141.4

SIDO BUY 0.3 800 970 921 21.3 25.7 22.1 7.5 7.0 29.1 31.5

Average 23.5 21.6 14.0 12.8 44.5 43.8

Cigarette

HMSP HOLD 2.3 1,405 1,460 1,342 3.9 16.3 16.1 50.2 5.0 307.1 30.9

GGRM BUY 1.0 37,000 44,400 40,982 20.0 8.4 8.2 1.2 1.1 14.2 13.9

Average 12.4 12.2 25.7 3.1 160.7 22.4

Healthcare

MIKA BUY 0.6 2,930 3,400 3,075 16.0 49.2 46.3 8.6 7.8 17.5 16.8

SILO HOLD 0.1 5,550 5,800 5,800 4.5 396.4 168.2 1.5 1.5 0.4 0.9

HEAL BUY 0.2 4,160 5,000 4,745 20.2 38.2 33.0 5.1 4.5 13.3 13.5

Average 161.3 82.5 5.1 4.6 10.4 10.4

Poultry

CPIN BUY 1.5 6,375 7,300 6,745 14.5 36.2 27.8 5.0 4.6 13.7 16.4

JPFA BUY 0.3 1,585 1,800 1,802 13.6 20.1 9.8 1.6 1.5 7.9 15.3

MAIN BUY 0.0 705 890 852 26.2 n/a 10.4 0.8 0.7 -0.9 6.8

Average 28.1 16.0 2.4 2.3 6.9 12.8

Retail

MAPI HOLD 0.2 820 850 961 3.7 n/a 82.0 1.5 8.8 -7.4 10.8

RALS BUY 0.1 735 900 844 22.4 n/a 15.6 1.2 1.2 -1.5 7.7

ACES BUY 0.4 1,550 1,900 1,826 22.6 33.0 24.2 5.3 4.7 16.1 19.6

LPPF SELL 0.1 1,360 1,100 1,098 -19.1 n/a 10.5 2.3 3.6 -35.0 34.1

Average 33.0 40.6 2.7 4.9 2.4 12.7

Pulp and Paper

INKP SELL 1.0 12,975 7,000 9,875 -46.1 14.9 17.9 1.1 1.1 7.6 6.0

Average 14.9 17.9 1.1 1.1 7.6

Media

MNCN BUY 0.2 1,140 1,400 1,536 22.8 7.0 6.3 1.0 0.9 14.9 14.3

SCMA SELL 0.4 1,905 1,750 2,269 -8.1 24.1 21.6 5.0 4.2 20.6 19.2

Average 15.5 14.0 3.0 2.5 17.7 16.8

Telco

EXCL BUY 0.3 2,240 3,300 3,405 47.3 10.5 20.9 1.1 1.1 10.8 5.2

ISAT SELL 0.4 5,650 3,100 5,620 -45.1 n/a 148.7 2.5 2.4 -3.2 1.6

TLKM BUY 4.8 3,440 4,300 4,146 25.0 15.4 14.7 2.7 2.6 17.8 17.8

Average 13.0 61.4 2.1 2.1 8.5 8.2

Telco Retail

ERAA SELL 0.1 2,680 1,625 2,483 -39.4 14.3 11.7 1.6 1.4 11.0 11.9

Telco Infra

TBIG SELL 0.7 2,170 1,550 2,041 -28.6 45.2 42.5 7.5 6.6 16.5 15.6

TOWR HOLD 0.9 1,265 1,300 1,326 2.8 21.8 19.8 5.9 5.0 27.2 25.3

Average 33.5 31.2 6.7 5.8 21.9 20.4

Stock Rec.

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Auto

ASII BUY 3.2 5,675 6,750 6,765 18.9 12.7 11.5 1.1 1.1 9.0 9.6

Average 12.7 11.5 1.1 1.1 9.0

Mining Contracting

UNTR BUY 1.2 22,775 31,000 30,141 36.1 12.3 9.1 1.4 1.3 11.2 13.8

Average 12.3 9.1 1.4 1.3 11.2

Aviation

GIAA BUY 0.1 354 650 428 83.6 3.6 3.1 0.6 0.5 17.5 16.9

Average 3.6 3.1 0.6 0.5 17.5

Property

BSDE HOLD 0.4 1,250 1,350 1,466 8.0 18.7 14.0 0.7 0.7 4.0 4.9

PWON SELL 0.4 590 525 629 -11.0 45.4 25.7 1.2 1.1 2.6 4.4

ASRI SELL 0.1 244 130 238 -46.7 18.8 8.7 0.4 0.4 2.3 4.7

LPKR SELL 0.2 202 140 197 -30.7 n/a n/a 0.5 0.5 -0.5 -0.2

SMRA HOLD 0.2 880 950 970 8.0 51.8 30.3 1.7 1.6 3.4 5.4

CTRA SELL 0.3 1,170 1,100 1,231 -6.0 27.9 21.7 1.4 1.3 5.1 6.2

Average 32.5 20.1 1.0 0.9 2.8 4.2

Industrial Estate

SSIA BUY 0.0 505 700 641 38.6 n/a 45.9 0.6 0.6 -1.6 1.3

DMAS HOLD 0.2 234 250 274 6.8 15.6 13.8 1.5 1.7 9.6 12.7

KIJA SELL 0.0 166 150 N/A -9.6 15.1 12.8 0.6 0.4 4.0 3.4

Average 15.3 24.1 0.9 0.9 4.0 4.7

Construction

PTPP BUY 0.1 1,635 1,900 2,029 16.2 74.3 13.3 0.7 0.7 0.9 4.9

ADHI BUY 0.1 1,415 1,800 1,806 27.2 59.0 13.7 0.9 0.8 1.5 6.1

WSKT BUY 0.3 1,455 2,200 1,722 51.2 n/a 14.0 0.9 0.8 -15.2 5.6

WIKA BUY 0.2 1,785 2,400 2,250 34.5 18.6 12.1 0.9 0.9 5.0 7.1

Average 50.6 13.3 0.8 0.8 -1.9 5.9

Cement

INTP BUY 0.7 13,400 16,250 16,895 21.3 37.2 30.9 2.2 2.1 5.8 6.9

SMGR BUY 0.9 11,325 13,050 14,133 15.2 29.7 23.9 1.9 1.8 6.3 7.4

Average 33.5 27.4 2.0 2.0 6.1 7.2

Precast

WSBP SELL 0.1 258 230 290 -10.9 23.5 7.0 0.7 0.6 2.9 8.9

WTON BUY 0.0 352 450 496 27.8 32.0 9.5 0.9 0.8 2.9 8.9

Average 27.7 8.2 0.8 0.7 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,465 1,700 1,784 16.0 26.6 20.9 0.9 0.9 3.3 4.1

AKRA BUY 0.2 3,380 3,800 3,966 12.4 15.6 13.7 1.6 1.5 10.1 10.9

MEDC BUY 0.2 665 1,090 870 63.9 n/a 9.1 1.0 0.9 -9.9 9.7

Average 21.1 14.6 1.1 1.1 1.2 8.2

Chemical

TPIA HOLD 2.5 9,775 10,250 9,925 4.9 674.1 112.4 6.7 6.7 1.0 6.0

BRPT SELL 1.4 1,150 1,120 1,198 -2.6 240.3 146.9 6.1 6.1 2.5 4.2

ESSA HOLD 0.0 208 225 313 8.2 n/a n/a 1.4 0.7 -20.0 -0.5

Average 457.2 129.6 4.8 4.5 -5.5 3.2

Utilities

JSMR BUY 0.4 4,130 5,000 5,757 21.1 62.6 20.8 1.2 1.2 2.0 5.6

Metal

ANTM BUY 0.9 2,700 3,230 3,282 19.6 43.5 26.5 3.3 3.1 7.7 11.7

MDKA SELL 0.8 2,750 2,030 2,873 -26.2 n/a 14.9 10.0 10.9 15.7 72.9

INCO BUY 0.8 5,925 6,730 6,461 13.6 40.9 40.9 2.1 2.0 5.0 5.0

Stock Rec.

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Coal

ITMG BUY 0.2 11,925 13,550 14,962 13.6 8.2 8.2 1.2 1.4 14.3 16.7

ADRO BUY 0.5 1,185 1,530 1,670 29.1 8.2 8.2 0.7 0.7 8.5 8.8

PTBA HOLD 0.4 2,710 2,830 2,999 4.4 14.4 9.9 2.1 1.6 14.3 16.5

Average 10.3 8.8 1.3 1.2 12.4 14.0

Plantation

AALI BUY 0.3 10,975 13,800 14,555 25.7 31.6 20.0 1.1 1.1 3.5 5.3

LSIP HOLD 0.1 1,325 1,370 1,580 3.4 3.0 2.7 1.0 1.0 33.6 37.0

TBLA HOLD 0.1 935 980 1,135 4.8 7.7 6.3 0.9 0.8 11.0 12.2

SIMP SELL 0.1 460 388 495 -15.7 41.8 27.1 0.5 0.5 1.2 1.8

SSMS BUY 0.1 1,005 1,500 1,490 49.3 29.6 12.7 2.2 1.9 7.4 15.0

Average 22.8 13.7 1.1 1.0 11.3 14.3

Source: SSI Research, Bloomberg

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

Stock Rec.

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Chg (Pts)

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

World 2,742 (26.56) (0.96) (0.67) (0.58) 3.87 1.92 22.23 2,838 1,579

U.S. (S&P) 3,820 (50.57) (1.31) (2.69) (0.27) 4.17 1.69 27.18 3,950 2,192

U.S. (DOW) 31,270 (121.43) (0.39) (2.16) 1.78 4.34 2.17 20.65 32,010 18,214

Europe 3,713 5.06 0.14 0.18 1.94 4.90 4.51 8.54 3,743 2,303

Emerging Market 1,378 18.37 1.35 (0.42) (0.69) 10.15 6.72 32.78 1,449 752

FTSE 100 6,675 61.72 0.93 0.25 2.64 1.91 3.33 (2.06) 6,904 4,899

CAC 40 5,830 20.33 0.35 0.55 3.95 3.94 5.02 6.68 5,871 3,632

Dax 14,080 40.23 0.29 0.74 0.14 5.87 2.63 16.10 14,197 8,256

Indonesia 6,377 17.55 0.28 2.01 4.41 9.75 6.65 12.86 6,505 3,912

Japan 29,227 (331.93) (1.12) (3.12) 3.12 9.26 6.50 38.52 30,715 16,358

Australia 6,766 (51.88) (0.76) (0.99) 0.01 1.99 2.72 6.97 6,938 4,403

Korea 3,060 (23.48) (0.76) 2.15 (0.91) 12.01 6.47 48.57 3,266 1,439

Singapore 3,000 26.50 0.89 2.59 3.26 5.65 5.51 (0.82) 3,048 2,208

Malaysia 1,588 18.58 1.18 1.98 0.22 (2.06) (2.38) 6.61 1,696 1,208

Hong Kong 29,880 784.56 2.70 0.55 2.63 11.34 9.73 13.95 31,183 21,139

China 3,577 68.31 1.95 0.36 2.14 3.84 2.99 18.77 3,732 2,647

Taiwan 16,212 264.85 1.66 (1.41) 3.22 14.71 10.04 42.30 16,579 8,524

Thailand 1,543 40.04 2.66 2.85 4.07 6.45 6.49 11.95 1,562 969

Philipines 6,943 23.22 0.34 1.88 0.57 (2.69) (2.76) 1.10 7,432 4,039

Foreign Reserves (US$Bn) 138.00 1.55 3.25 1.55 4.78 138.00 120.97

Inflation Rate (yoy, %) 1.38 2.96 1.32

Gov Bond Yld (10yr, %) 6.53 (0.20) 8.38 5.86

US Fed Rate (%) 0.25 1.25 0.25

Chg (Pts)

Indonesia 14,245 (80.00) 0.56 (1.12) (1.68) (0.74) (1.37) 0.27 16,625 13,865

Japan 107.01 0.00 0.00 (0.75) (1.37) (2.65) (3.51) 0.49 111.71 101.19

UK 1.39 (0.00) (0.14) (0.57) 1.92 3.68 1.94 8.26 1.42 1.14

Euro 1.21 (0.00) (0.04) (0.96) 0.79 (0.52) (1.29) 8.28 1.23 1.06

China 6.47 (0.00) 0.04 (0.17) (0.09) 1.16 0.92 7.73 7.18 6.42

Chg (Pts)

Oil (Brent) 64.07 1.37 2.19 (4.43) 9.60 31.53 23.69 23.54 67.70 15.98

CPO 3,545 35.00 1.00 (2.90) 13.51 9.24 (1.53) 48.14 3,791 1,944

Rubber 1,136.50 (7.00) (0.61) 4.27 23.40 14.22 21.23 47.60 1,262.50 685.00

Coal 85.55 0.65 0.77 8.29 7.47 15.14 6.27 28.74 92.00 47.50

Tin 25,255 385.00 1.55 (12.73) 3.76 33.55 22.93 50.85 30,500 13,375

Nickel 17,417 (1,255.00) (6.72) (11.63) (1.29) 9.17 4.84 37.30 20,110 10,865

Copper 9,102 (69.00) (0.75) (2.22) 16.05 18.59 17.20 60.62 9,617 4,371

Gold 1,711 (5.10) (0.30) (3.59) (4.45) (6.90) (9.63) 4.12 2,074 1,451

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 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 views in his research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is for information only and for 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 recommendation contained in this report may not be suitable for all investors.

Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed.

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8

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer Staples suria.dharma@samuel.co.id +6221 2854 8148

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

William Mamudi, CFTe, CMT Technical Analyst william.mamudi@samuel.co.id +6221 2854 8382 Muhamad Alfatih CSA, CTA,

CFTe Senior Technical Portfolio Advisor m.alfatih@samuel.co.id +6221 2854 8129

Yosua Zisokhi Cement , Cigarette,Paper,

Plantation,Telco Infra, Chemical yosua.zisokhi@samuel.co.id +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Retail dessy.lapagu@samuel.co.id +6221 2854 8392 Selvi Ocktaviani Automotive,Construction, Mining Cont.,

Precast,Telco, Toll Roads selvi.ocktaviani@samuel.co.id +6221 2854 8393

Nashrullah Putra Media, Poultry nashrullah.putra@samuel.co.id +6221 2854 8739

Olivia Laura Anggita Healthcare, Property olivia.laura@samuel.co.id +6221 2854 8393

Ahmad Fadillah Oil & Gas ahmad.fadillah@samuel.co.id +6221 2854 8144

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

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales benny.soebagjo@samuel.co.id +6221 2854 8312 Ronny Ardianto Institutional Equity Sales ronny.ardianto@samuel.co.id +6221 2854 8399 Fachruly Fiater Institutional Equity Sales fachruly.fiater@samuel.co.id +6221 2854 8325 Henry Sutanto Institutional Equity Sales hensry.sutanto@samuel.co.id +6221 2854 8329

Sylviawati Customer Service sylviawati@samuel.co.id +6221 2854 8193

Private Wealth Management

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

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

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

Wahyudi Budiyono Dealer wahyudi.budiyono@samuel.co.id +6221 2854 8152

Equity Retail Team

Kelvin Long Head of Retail Equity Sales kelvin.long@samuel.co.id +6221 2854 8150

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

Salt World Widjaja Retail Equity Sales salt@samuel.co.id +6221 2854 8163

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

Rahmawati Fixed Income Sales rahmawati@samuel.co.id +6221 2854 8385

Online Trading Sales Team

Joseph Soegandhi Head of OLT joseph.soegandhi@samuel.co.id +6221 2854 8872

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