Konsolidasi Sementara

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Senin, 11 Juli 2016

Konsolidasi Sementara

Tax amnesty yang telah disahkan dalam rapat paripurna DPR pada hari Selasa 28 Juni 2016 yang mulai akan diberlakukan Juli 2016 membuat aliran dana asing yang masuk ke bursa dalam sepekan terakhir sebelum libur Hari Raya Idul Fitri semakin deras.

Tercatatkan akumulasi minat beli asing dalam sepekan sampai dengan empat pekan terakhir masing masing sebesar Rp.5.92 triliun, Rp.7.36 triliun, Rp.7.51 triliun, dan Rp.9.14 triliun. Hal ini juga yang membuat penguatan sesaat nilai tukar rupiah terhadap dolar AS dari Rp.13,296 menjadi Rp.13,172. Dan secara keseluruhan sebelum libur Hari Raya, IHSG menguat tajam sebesar 2.83% atau 137.01 poin dan ditutup di level 4,971.58. Pemerintah yang tengah fokus melakukan efisiensi dalam jalur distribusi barang dan jasa dalam mengendalikan harga pangan membuat inflasi bulan Juni terkendali sebesar 0.66% (di bulan Mei 2016 0.24%), juga menjadi sentimen positif pergerakan indeks sebelum libur Hari Raya kemarin. Pemerintah juga optimis akan laju inflasi bulan Juli akan lebih rendah karena stok pangan sudah mencukupi meskipun bertepatan dengan Hari Raya Idul Fitri.

Setelah tercapainya target IHSG sebelum libur Hari Raya Idul Fitri berdasarkan pola symmetrical triangle yang telah terbentuk sebelumnya serta diikuti juga dengan kondisi jenuh beli, membuat IHSG berpotensi membentuk pola konsolidasi dalam sepekan kedepan. Beberapa berita positif seperti 1) potensi meningkatnya penjualan mobil di bulan Juni akibat tradisi mudik Lebaran, 2) potensi meningkatnya indeks kepercayaan konsumen, 3) terus meningkatnya jumlah wisatawan asing dimana tercatatkan sampai dengan bulan Mei 2016 sebesar 915,2 ribu kunjungan (2014 dan 2015 masing masing sebesar 915.3 ribu kunjungan dan 913.8 ribu kunjungan) membuat potensi meningkatnya cadangan devisa di bulan Juni sehingga memberikan harapan akan terkendalinya nilai tukar rupiah terhadap dolar AS ditengah ketidakpastian global saat ini, diperkirakan dapat menahan peluang pelemahan IHSG yang saat ini telah jenuh beli (overbought). Dan pergerakan IHSG dalam sepekan kedepan diperkirakan akan berfluktuatif dalam rentang 4,885.95 – 5,157.34 sebagai support dan resistance.

Beberapa saham yang saat ini underprice dan mendekati PE ratio terendah diantaranya AALI, AKRA, BBCA, BBNI, BBTN, BMTR, CTRS, INDF, JSMR, KIJA, PGAS, SCMA, SMGR, dan SRIL. Dan komposisi portfolio di bulan Juli dari saham saham tersebut dengan reward to variability terbesar (5.73) diantaranya AALI (4.1%), AKRA (41.6%), BBCA (45.2%), BBNI (5.7%), BBTN (2.6%), dan BMTR (0.9%). Diharapkan dengan komposisi tersebut akan tercapai tingkat keuntungan sebesar 11.59% dengan ketidakpastian tingkat keuntungan (risiko) sebesar 1.46%, bila semua target valuasi tercapai. Beberapa berita ekonomi domestik di pekan ini diantaranya total penjualan mobil di bulan Juni 2016, Indeks Kepercayaan Konsumen Juni 2016, Cadangan Devisa Juni 2016, dan Neraca Perdagangan Juni 2016. Sedangkan berita ekonomi global di pekan ini diantaranya Job Openings and Labor Turnover Survey, Import and Export Prices, EIA Petroleum Status Report, Beige Book, Treasury Budget, Jobless Claims, Producer Price Index – Final Demand, Consumer Price Index, Retail Sales, Empire State Mfg Survey, Industrial Production, Business Inventories, 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 Rate

IDR/USD Rp.

8.24%

4,971.58 COMPOSITE LAST

TOTAL TRANSACTION 2.83%

ECONOMIC INDICATORS

13,172 6.75%

26.82 22.51 13.03

Sumber: Lautandhana Securindo

JCI vs Foreign Net Buy (Sell) YTD

4,300 4,480 4,660 4,840 5,020

4-Jan-16 2-Mar-16 2-May-16 30-Jun-16

(9,000) (2,200) 4,600 11,400 18,200

Composite (LHS) Net Buy YTD in Rp.bn (RHS) Sumber: Lautandhana Securindo

SECTOR

Agriculture ▲ 1.52% ▼ -1.07%

Basic Industry ▲ 2.91% ▼ -2.17%

Consumer Goods ▲ 1.32% ▼ -0.60%

Finance ▲ 4.25% ▲ 0.59%

Infrastructure ▲ 1.51% ▼ -1.24%

Manufacture ▲ 2.87% ▼ -0.58%

Mining ▲ 2.66% ▲ 0.86%

Misc. Industry ▲ 8.86% ▲ 0.94%

Property ▲ 1.87% ▲ 2.37%

Trade & Service ▲ 2.53% ▲ 0.44%

1-Jul-16 24-Jun-16 WEEKLY RETURN

SECTOR

Agriculture ▲ 2.99% ▲ 3.98%

Basic Industry ▲ 2.16% ▼ -0.51%

Consumer Goods ▼ -0.46% ▲ 2.17%

Finance ▲ 12.56% ▲ 6.83%

Infrastructure ▼ -5.47% ▲ 4.78%

Manufacture ▲ 9.27% ▲ 10.54%

Mining ▲ 4.44% ▼ -5.61%

Misc. Industry ▲ 14.91% ▲ 2.74%

Property ▼ -1.38% ▲ 55.00%

Trade & Service ▲ 46.36% ▲ 7.84%

1-Jul-16 24-Jun-16 WEEKLY CAPITAL FLOW

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PE Band IHSG

7 . 4 x 10 . 5 x 13 . 6 x 16 . 7 x 19 . 8 x

- 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

Dec- 03 Jun-05 Nov-06 Apr -08 Oct - 09 Mar - 11 Aug- 12 Jan- 14 Jun- 15 Dec-16

Siklus Pergerakan Harian IHSG

J C I C y c l e

Average +1 STDEV

- 1 STDEV

- 1,000 2,000 3,000 4,000 5,000 6,000

Jan- 03 Jul-04 Feb-06 Aug-07 Mar -09 Oct - 10 Apr - 12 Nov- 13 May- 15 Dec- 16 0.43 0.56 0.69 0.82 0.95 1.08 1.21 1.34 1.47 1.60 1.73

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 0.85 0.87 1.04 1.22 BoW 17,552 21.5% MYRX 0.90 0.90 1.16 1.42 Trading 0 -

ADHI 1.11 0.83 1.18 1.52 Trading 3,293 20.6% PGAS 0.89 0.92 1.08 1.23 BoW 2,986 27.6%

ADRO 1.39 0.83 1.04 1.25 SoS 841 -5.0% PTBA 1.30 0.83 1.03 1.23 SoS 7,466 -5.5%

AKRA 0.97 0.92 1.13 1.34 Trading 7,209 12.2% PTPP 1.02 0.85 1.13 1.41 Trading 4,569 19.9%

ANTM 1.52 0.77 0.98 1.19 SoS 463 -35.3% PW ON 1.28 0.87 1.12 1.37 Trading 597 -1.4%

ASII 1.14 0.90 1.12 1.34 Trading 6,974 -5.8% SCMA 1.05 0.91 1.25 1.60 Trading 3,566 10.7%

ASRI 1.29 0.85 1.15 1.44 Trading 429 -9.8% SILO 1.17 1.14 1.25 1.37 Trading 11,536 0.8%

BBCA 1.01 1.00 1.10 1.21 Trading 14,461 9.3% SMGR 0.91 0.96 1.11 1.26 BoW 10,637 15.0%

BBNI 1.05 0.90 1.14 1.38 Trading 5,762 11.9% SMRA 1.19 0.91 1.18 1.45 Trading 1,748 -3.4%

BBRI 1.01 0.98 1.11 1.24 Trading 11,728 9.1% SRIL 0.81 -9.21 3.52 16.24 Trading 295 14.3%

BBTN 1.16 0.82 0.97 1.13 SoS 1,925 13.9% SSMS 1.04 1.00 1.12 1.24 Trading 2,050 7.9%

BMRI 1.02 0.93 1.11 1.30 Trading 10,001 6.4% TBIG 1.06 1.00 1.17 1.34 Trading 6,400 -3.0%

BMTR 1.04 0.85 1.14 1.42 Trading 1,440 44.0% TLKM 1.23 0.95 1.05 1.15 SoS 4,053 2.1%

BSDE 1.20 0.73 1.18 1.64 Trading 2,223 6.3% UNTR 0.92 0.84 1.08 1.33 Trading 15,140 2.3%

CPIN 1.19 0.82 1.28 1.73 Trading 3,681 -1.3% UNVR 1.09 0.98 1.10 1.23 Trading 40,473 -7.6%

GGRM 1.18 0.89 1.18 1.48 Trading 77,418 13.4% WIKA 1.06 0.95 1.18 1.41 Trading 3,052 6.0%

HMSP 0.04 0.97 1.15 1.32 BoW 10,985 197.7% WSKT 1.28 0.87 1.12 1.37 Trading 2,745 9.8%

ICBP 1.18 0.96 1.10 1.23 Trading 16,795 -0.9%

INCO 1.03 0.80 1.02 1.24 Trading 1,859 2.4%

INDF 1.11 0.86 1.11 1.37 Trading 8,461 20.4% CTRA 1.13 0.89 1.15 1.40 Trading 1,503 5.9%

INTP 0.86 0.91 1.12 1.32 BoW 17,933 9.2% CTRP 1.36 0.82 1.10 1.38 Trading 590 -0.8%

JSMR 0.97 0.96 1.14 1.31 Trading 6,285 22.0% CTRS 1.34 0.87 1.16 1.45 Trading 3,789 33.9%

KLBF 1.10 1.00 1.20 1.39 Trading 1,467 -3.1% KIJA 1.20 0.84 1.10 1.35 Trading 430 51.4%

LPKR 1.05 0.87 1.03 1.19 Trading 1,098 -4.5% SMCB 1.03 0.85 1.10 1.35 Trading 957 -9.7%

LPPF 1.14 0.02 1.54 3.07 Trading 20,522 3.9% GIAA 1.19 0.85 1.01 1.16 SoS 456 -2.1%

LSIP 0.95 0.82 1.07 1.32 Trading 1,747 27.1% KAEF 1.11 0.90 1.18 1.47 Trading 1,364 17.1%

MNCN 1.19 0.86 1.18 1.50 Trading 2,459 10.8% SMBR 1.57 0.94 1.01 1.08 SoS 513 -13.8%

MPPA 0.86 0.90 1.16 1.42 BoW 1,561 3.4% TINS 1.10 0.79 1.01 1.23 Trading 603 -13.2%

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

Bottom Fishing Buy on Weakness

Trading Area Sell on Strength

Closing 1 Juli 2016

Saat ini IHSG berada pada PE ratio

13.03x.

Krisis Global 2008

Saat ini siklus IHSG berada

mendekati average.

Closing 1 Juli 2016

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Pemilihan Saham

Passive Strategy

AALI ADHI

ADRO AKRA

ASII ASRI

BBCA BBNI

BBRI BBTN

BMRI BMTR

BSDE

CPIN CTRA

GGRM

ICBP

INCO INDF

INTP JSMR

KLBF LPKR

LPPF LSIP

MNCN

MPPA PGAS

PTBA PTPP

PWON SCMA

SILO

SMGR

SMRA SSMS

TBIG

TLKM UNTR

UNVR WIKA WSKT

CTRP CTRS

KIJA

SMCB

BJBR BJTM

KAEF

SMBR TINS

APLN

DILD

SRIL

-50%

-20%

10%

40%

70%

0. 4 1. 2 2. 0

Saham Underprice dan mendekati PE ratio terendah

AALI PE Band AKRA PE Band

10x 13.25x 16.5x 19.75x 23x

10,000 17,000 24,000 31,000 38,000

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

16.3x 21.08x 25.85x 30.63x 35.4x

2,800 4,800 6,800 8,800

Sumber: Lautandhana Securindo Sumber: Lautandhana Securindo

BBCA PE Band BBNI PE Band

14.4x 16.52x 18.63x 20.74x 22.85x

6,000 9,250 12,500 15,750

7.1x 8.68x 10.25x 11.83x 13.4x

2,500 4,500 6,500 8,500

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.

Sensitivity to Market Expected Return

Update 1 Juli 2016

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BBTN PE Band BMTR PE Band

5.65x 8.47x 11.28x 14.09x 16.9x

500 1,000 1,500 2,000 2,500

Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16

9x 20.13x 31.25x 42.38x 53.5x

400 1,050 1,700 2,350 3,000

CTRS PE Band INDF PE Band

5.9x 10.25x 14.6x

18.95x 23.3x

600 1,450 2,300 3,150 4,000

Dec-11 Jun-12 Dec-12 Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Nov-16

12.2x 17.2x 22.2x 27.2x

32.2x

3,500 4,750 6,000 7,250 8,500

JSMR PE Band KIJA PE Band

19.2x 23.78x 28.35x 32.93 x 37.5x

3,800 4,800 5,800 6,800 7,800

8.8x 16.26x 23.72x 38.64 x

50 225 400 575 750

Dec-10 Jul-11 Feb-12 Aug-12 M ar-13 Sep-13 Apr-14 Nov-14M ay-15 Dec-15 Jul-16

PGAS PE Band SCMA PE Band

7.4 x 9.58x 11.75x 13.93x 16.1x

2,000 3,500 5,000 6,500 8,000

23.4 x 28.33x 33.2 5x 38.18 x

2,200 2,700 3,200 3,700 4,200

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

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SMGR PE Band SRIL PE Band

7.65x 11.3 9x

15.13x 18.8 7x 22 .6x

6,0 00 9,500 13,0 00 16,500 20,0 00

3 .95x 6.52x 9.08x 11.64x

14.2x

50 175 30 0 425 550

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

Efficency Portfolio saham Underprice dengan PE ratio terendah pada awal Juli 2016

KIJA R

O

N M

L K

J I

G H E F C D

A B EP

B ' C '

A '

P Q

AALI

AKRA

BBCA

BBNI BBTN

BMTR

CTRS

INDF

JSMR PGAS

SCMA SMGR

0%

20%

40%

60%

0% 20% 40% 60%

Proporsi saham Underprice dengan PE ratio terendah pada Efficient Frontier

E(r) Risk RV AALI AKRA BBCA BBNI BBTN BMTR CTRS INDF JSMR KIJA PGAS SCMA SMGR TOTAL

C' 9.34% 8.93% 0.69 0% 0% 100% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100%

B' 9.40% 1.67% 3.71 0% 1.9% 98.0% 0.1% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100%

A' 9.59% 1.57% 4.06 0% 7.9% 91.2% 0.9% 0% 0% 0% 0% 0% 0% 0% 0% 0% 100%

EP 11.59% 1.46% 5.73 4.1% 41.6% 45.2% 5.7% 2.6% 0.9% 0% 0% 0% 0% 0% 0% 0% 100%

A 13.59% 2.12% 4.91 9.1% 58.5% 16.6% 8.0% 4.7% 3.0% 0% 0% 0% 0% 0% 0% 0% 100%

B 16.09% 3.32% 3.88 16.7% 61.7% 0% 7.5% 6.9% 6.7% 0.6% 0% 0% 0% 0% 0% 0% 100%

C 18.34% 4.57% 3.31 20.6% 48.4% 0% 4.5% 7.2% 8.7% 3.2% 3.9% 3.5% 0% 0% 0% 0% 100%

D 20.59% 5.72% 3.04 22.9% 35.7% 0% 1.9% 7.2% 10.0% 4.9% 8.0% 8.2% 1.1% 0% 0% 0% 100%

E 22.84% 6.80% 2.89 25.2% 22.5% 0% 0% 7.2% 11.3% 6.5% 12.0% 12.8% 2.4% 0% 0% 0% 100%

F 25.09% 7.83% 2.79 27.5% 7.6% 0% 0% 7.0% 12.6% 8.2% 16.2% 17.3% 3.6% 0% 0% 0% 100%

G 27.34% 8.87% 2.72 28.8% 0% 0% 0% 3.1% 14.4% 10.3% 17.7% 20.3% 5.5% 0% 0% 0% 100%

H 29.59% 10.00% 2.64 27.8% 0% 0% 0% 0% 17.4% 13.3% 13.5% 19.4% 8.6% 0% 0% 0% 100%

I 31.84% 11.30% 2.53 26.0% 0% 0% 0% 0% 20.7% 16.6% 7.3% 17.3% 12.1% 0% 0% 0% 100%

J 34.09% 12.70% 2.43 24.1% 0% 0% 0% 0% 24.0% 19.9% 1.2% 15.1% 15.6% 0% 0% 0% 100%

K 36.34% 14.20% 2.33 20.5% 0% 0% 0% 0% 27.4% 23.1% 0% 9.7% 19.3% 0% 0% 0% 100%

L 38.59% 15.78% 2.24 16.4% 0% 0% 0% 0% 30.9% 26.3% 0% 3.5% 23.0% 0% 0% 0% 100%

M 40.84% 17.42% 2.16 9.7% 0% 0% 0% 0% 34.4% 29.1% 0% 0% 26.8% 0% 0% 0% 100%

N 43.09% 19.14% 2.08 0% 0% 0% 0% 0% 37.8% 31.5% 0% 0% 30.7% 0% 0% 0% 100%

O 45.34% 21.37% 1.97 0% 0% 0% 0% 0% 42.2% 16.8% 0% 0% 41.0% 0% 0% 0% 100%

P 47.59% 24.38% 1.82 0% 0% 0% 0% 0% 46.6% 2.1% 0% 0% 51.3% 0% 0% 0% 100%

Q 49.84% 29.97% 1.56 0% 0% 0% 0% 0% 21.1% 0% 0% 0% 78.9% 0% 0% 0% 100%

R 51.41% 48.70% 0.99 0% 0% 0% 0% 0% 0% 0% 0% 0% 100% 0% 0% 0% 100%

Note: - E(r): Expected Return & RV: Reward to Variability Ratio

- Komposisi Proporsi secara dinamis akan berubah seiring perubahan pada harga saham Sumber: Lautandhana Securindo

Expected Return

Risk (Downside Risk – Minimum Acceptable Return)

Titik EP adalah efficiency portfolio

dengan reward to variability ratio terbesar (5.73) yang mencerminkan komposisi AALI (4.1%), AKRA (41.6%), BBCA (45.2%), BBNI (5.7%), BBTN (2.6%), dan BMTR (0.9%).

Berdasarkan komposisi tersebut diharapkan akan tercapai tingkat keuntungan sebesar 11.59% dengan ketidakpastian tingkat keuntungan (risiko) sebesar 1.46%, bila semua target valuasi tercapai.

Efficient Frontier

Menggunakan 1478 data observasi sampai

dengan 1 Juli 2016 High Risk – High Return

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Support Resistance Beta Volatility Bearish Bullish AGRICULTURE

Plantation & Others

Astra Ago Lestari Tbk AALI 14,450 14,050 14,750 0.91 5.98% -8.83% Overweight 13,975 14,775

PP London Sumatra Tbk LSIP 1,375 1,330 1,420 0.68 5.33% 4.17% Overweight 1,340 1,395

Sawit Sumbermas Sarana Tbk SSMS 1,900 1,800 1,910 0.94 5.70% -2.56% Overweight 1,835 1,945

Charoen Pokphand Indonesia Tbk CPIN 3,730 3,590 3,830 1.47 6.07% 43.46% Underweight 3,540 3,870

MINING

Coal, Oil & Gas, Metal & Other Resources

Adaro Energy Tbk ADRO 885 820 895 1.74 7.37% 71.84% Underweight 830 920

Tambang Batu Bara Bukit Asam Tbk PTBA 7,900 7,550 8,000 1.32 6.01% 74.59% Underweight 7,525 8,150

Aneka Tambang (Persero) Tbk ANTM 715 710 745 0.81 6.78% 127.71% Underweight 695 730

Vale Indonesia Tbk INCO 1,815 1,700 1,855 0.97 6.98% 11.01% Underweight 1,750 1,860

BASIC INDUSTRY Cement & Others

Indocement Tunggal Perkasa Tbk. INTP 16,425 15,750 16,950 1.56 4.90% -26.43% Neutral 15,525 17,075

Semen Gresik Tbk SMGR 9,250 8,725 9,400 1.38 4.79% -18.86% Overweight 8,800 9,575

MISC.INDUSTRY Otomotif

Astra International Tbk ASII 7,400 6,525 7,475 1.46 4.98% 23.33% Underweight 7,025 7,675

Sri Rejeki Isman Tbk SRIL 258 256 266 0.81 7.65% -33.68% Overweight 250 262

CONSUMER GOODS

Foods, Cigarette, Pharmacy & Others

Indofood CBP Sukses Makmur Tbk ICBP 16,950 16,875 17,700 1.02 3.80% 25.79% Underweight 16,350 17,375

Indofood Sukses Makmur Tbk INDF 7,025 6,950 7,275 1.08 3.98% 35.75% Overweight 6,750 7,200

Unilever Indonesia Tbk UNVR 43,800 42,925 45,600 0.98 3.47% 18.38% Underweight 42,300 44,900

Gudang Garam Tbk. GGRM 68,250 65,300 69,400 0.75 3.96% 24.09% Overweight 66,475 69,575

Hanjaya Mandala Sampoerna Tbk HMSP 3,690 3,610 3,870 0.61 9.73% -96.07% Overweight 3,610 3,745

Kalbe Farma Tbk KLBF 1,515 1,370 1,545 1.08 3.80% 14.77% Underweight 1,455 1,555

PROPERTY & CONSTRUCTION

Alam Sutera Realty Tbk ASRI 476 466 510 1.57 6.09% 38.78% Underweight 450 495

Bumi Serpong Damai Tbk BSDE 2,090 1,990 2,210 1.52 4.84% 16.11% Underweight 1,980 2,170

Lippo Karawaci Tbk LPKR 1,150 1,055 1,170 1.29 5.60% 11.11% Underweight 1,095 1,185

Pakuwon Jati Tbk PWON 605 575 645 1.63 5.68% 21.98% Underweight 570 630

Summarecon Agung Tbk SMRA 1,810 1,675 1,840 1.61 6.26% 9.70% Underweight 1,705 1,885

Adhi Karya (Persero) Tbk ADHI 2,730 2,600 2,830 1.27 5.59% 27.57% Overweight 2,610 2,810

PP (Persero) Tbk PTPP 3,810 3,740 3,980 0.84 3.98% -1.68% Overweight 3,690 3,890

Wijaya Karya (Persero) Tbk WIKA 2,880 2,790 3,000 1.25 4.89% 9.09% Underweight 2,750 2,970

Waskita Karya (Persero) Tbk WSKT 2,500 2,440 2,580 0.86 4.17% 49.70% Overweight 2,420 2,550

INFRASTRUCTURE

Energy, Transportation & Highway, Telecommunication, Non Building Construction

Perusahaan Gas Negara (Persero) Tbk PGAS 2,340 2,310 2,370 1.06 4.55% -14.75% Overweight 2,250 2,400

Jasa Marga Tbk JSMR 5,150 5,050 5,325 1.01 3.73% -1.44% Overweight 4,970 5,275

Telekomunikasi Indonesia Tbk TLKM 3,970 3,780 4,050 0.94 2.95% 27.86% Underweight 3,840 4,060

Tower Bersama Infrastructure Tbk TBIG 6,600 6,400 6,750 0.82 4.18% 12.34% Underweight 6,400 6,725

FINANCE Bank

Bank Central Asia Tbk BBCA 13,225 12,650 13,475 1.14 3.15% -0.56% Overweight 12,700 13,600

Bank Negara Indonesia BBNI 5,150 4,790 5,275 1.46 4.58% 3.21% Overweight 4,880 5,325

Bank Rakyat Indonesia (Persero) Tbk BBRI 10,750 10,050 10,950 1.54 4.55% -5.91% Neutral 10,150 11,175

Bank Tabungan Negara (Persero) Tbk BBTN 1,690 1,625 1,735 0.90 4.35% 30.50% Overweight 1,635 1,725

Bank Mandiri (Persero) Tbk BMRI 9,400 8,925 9,700 1.41 3.92% 1.62% Underweight 8,925 9,725

TRADE & SERVICE

Investment Company & Wholesale

AKR Corporindo Tbk AKRA 6,425 6,075 6,475 0.56 4.38% -10.45% Overweight 6,300 6,500

United Tractors Tbk UNTR 14,800 13,900 15,200 1.20 4.95% -12.68% Underweight 14,175 15,250

Matahari Departement Store Tbk LPPF 19,750 19,325 20,500 0.98 4.15% 12.22% Underweight 19,075 20,250

Matahari Putra Prima Tbk MPPA 1,510 1,385 1,575 1.45 6.46% -17.26% Underweight 1,430 1,565

Media Nusantara Citra Tbk MNCN 2,220 2,110 2,250 1.24 6.49% 19.68% Overweight 2,125 2,290

Surya Citra Media Tbk SCMA 3,220 3,190 3,340 1.23 4.65% 3.87% Overweight 3,080 3,320

Global Mediacom Tbk BMTR 1,000 915 1,005 1.45 7.02% -9.09% Overweight 950 1,035

Hanson International Tbk MYRX 780 745 785 0.69 3.39% 22.83% Underweight 760 790

Siloam International Hospitals Tbk SILO 11,450 10,425 11,600 0.58 4.81% 16.84% Underweight 11,225 11,600

Emiten Ticker Close Weekly Indicator

YTD Performance Weekly Forecast

(7)

DISCLAMER

This report has been prepared by PT. Lautandhana Securindo 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. Lautandhana Securindo.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, PT. Lautandhana Securindo 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. Lautandhana Securindo who are expected to make their own investment decisions without reliance on this report. Neither PT. Lautandhana Securindo nor any officer or employee of PT. Lautandhana Securindo accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. PT. Lautandhana Securindo 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.

PT Lautandhana Securindo

Wisma Keia 15^th floor Jl. Jendral Sudirman Kav. 3

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

EQUITY DIVISION

Jakarta Branch Banten Branch

Kawasan SCBD Pluit Blok A No.20 Karawaci Office Park Blok L No.29 – 30

Jl. Pluit Selatan Raya No. 1 Lippo Karawaci, Tanggerang

Jakarta 14450 Banten 15115

T +62 21 6667 5345 T +62 21 5577 0718

F +62 21 6667 5234 F +62 21 5577 0719

Mangga Dua Square Blok F No.23 Ruko Paramount Centre Blok A No.2 Jl. Gunung Sahari Raya No.1 Jl. Raya Kelapa Dua, Gading Serpong, Tanggerang

Jakarta 14420 Banten 15810

T +62 21 6231 3288 T +62 21 2901 4800 / 2901 4731

F +62 21 6231 1365 F +62 21 2901 4656

Sentra Bisnis Artha Gading

Jl. Boulevard Artha Gading Blok A6B Kav.7

Kelapa Gading Barat Palembang Branch

Jakarta 14240 Jl. Jendral Soedirman No.149/7

T +62 21 5790 5893 Ruko Hotel Anugrah

F +62 21 5785 1639 Palembang 30116

T +62 711 365 530 F +62 711 368 234

Bandung Branch Komplek Paskal Hypersquare

Blok C No. 15, Kebon Jeruk Medan Branch

Bandung 40181 Jl. Kartini No.5

T +62 22 8606 1027 – 9 Medan 20152

F +62 22 8606 0684 T +62 61 451 8855

F +62 61 451 6836

Kampus STMIK-STIE MIKROSKIL

Surabaya Branch Jln. Thamrin No.140

Jl. Diponegoro 48D-E Surabaya 60264 T +62 31 562 2555 F +62 31 567 1398