Tren Positif Pasar Regional, IHSG Diproyeksi Menguat

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DAILY RESEARCH

: 4,546.0

: -2.7 -0.06%

: 4,396 Mn shrs : 5,051 Bn rupiah

Last

Close +/- %

BBRI 2,480 110 4.6

BBCA 23,825 425 1.8

BMRI 4,070 210 5.4

TPIA 6,925 375 5.7

TLKM 3,180 -90 -2.8

UNVR 8,050 -200 -2.4

HMSP 1,770 -65 -3.5

POLL 8,725 -650 -6.9

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

BBRI 231 BBCA 226

UNVR 46 KLBF 29

ICBP 29 TLKM 28

TOWR 21 BBNI 23

BNLI 20 PGAS 15 Money Market

Last

Close +/- %

USD/IDR 14,710 -60.0 0.4

JIBOR O/N 5.0 -0.9

Dual Listing Securities Last

Close +/- %

TLKM 20.6 -0.1 -0.6

EIDO 15.7 -0.4 -2.2

Global Indices Last

Close +/- %

DJIA 24,465 -9 0.0

S&P 500 2,955 7 0.2

Euro Stoxx 2,971 66 2.3

MSCI World 2,082 10 0.5

STI 2,500 -56 -2.2

Nikkei 20,945 204 1.0

Hang Seng 22,952 22 0.1

Commodities Last

Close +/- %

Brent Oil 36 0.0 0.1

CPO Malay 2,167 -40.0 -1.8

Coal (ICE) 56 0.0 0.0

Nickel 12,205 -527.5 -4.1

Tin 15,530 -119.0 -0.8

Market Value Market Activity Wednesday, 20 May 2020 Market Index

Index Movement Market Volume

Changes Changes

Leading Movers

Lagging Movers

Changes

DAILY RESEARCH

Market

Tren Positif Pasar Regional, IHSG Diproyeksi Menguat

Semalam bursa AS libur memperingati Memorial Day. Dari Asia, perdagangan kemarin 25/5/2020 bursa ditutup positif: Nikkei +1.73%, Hang Seng +0.1%, Kospi +1.24% dan Shanghai +0.15%. Sementara STI dan IHSG libur dalam rangka memperingati hari raya Idul Fitri. Perdagangan IHSG terakhir tanggal 20/5/2020 ditutup flat -0.06% ke level 4,546 ditengah net buy asing sebesar IDR 81.7 miliar di pasar reguler. Indeks EIDO Jumat lalu ditutup melemah -2.24% ke level 15.74. Dari bursa Eropa perdagangan kemarin 25/5/2020 mengalami apresiasi dimana indeks DAX Jerman naik +2.6% dan Indeks CAC 40 Prancis naik +1.9%. Pembukaan kembali bertahap setelah lockdown menjadi sentimen positif pemulihan ekonomi.

Dari regional, aksi demonstrasi di Hong Kong terkait rencana China yang akan menetapkan Undang-Undang Keamanan Nasional berakhir rusuh.

Selain itu, RUU tersebut juga menambah ketegangan antara AS-China, dimana AS mengancam akan menjatuhkan sanksi terhadap China. Presiden Taiwan pun ikut angkat bicara dengan memberi dukungan bari rakyat Hong Kong yang memprotes RUU Keamanan Nasional China.

Dari dalam negeri, pelaku pasar menunggu langkah pemerintah mencabut kebijakan PSBB dan memulai kehidupan new normal. Pagi ini Indeks Nikkei dibuka dan diperdagangankan di zona positif +1% demikian juga dengan Indeks Kospi +1.24%. Hingga kini Indonesia telah mengkonfirmasi 22,750 kasus Covid-19 dengan kasus ditutup sebanyak 30.94% (24.8% sembuh dan 6.14% meninggal). Pasar regional mengawali perdagangan minggu ini dengan tren positif, kami proyeksi IHSG akan ikut menguat.

 ICBP : Sepakati perjanjian jual beli dengan Pinehill & Steele Lake

 Oil & Gas: 14 kontrak gas industri diamandemen

 TOWR : Targetkan bangun 1,700 menara tahun ini



Highlights

26 May 2020

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Equity Research│26 May 2020

ICBP: Menyepakati perjanjian jual beli dengan Pinehill dan Steele Lake

ICBP telah menyepakati perjanjian jual beli saham bersyarat dengan Pinehill Corpora Limited dan Steele Lake Limited. Harga pembelian seluruh saham telah disepakati sebesar USS 2.99 miliar atau setara dengan IDR 44.33 triliun (asumsi kurs IDR 14,785 per dolar AS). Jumlah ini akan dibayarkan untuk saham yang dijual Pinehill Company sebesar USD 1.53 miliar atau setara dengan IDR 22.61 triliun, serta saham yang dijual Steele Lake sebesar USD 1.47 miliar atau setara dengan IDR 21.72 triliun. (Bisnis Indonesia)

Comment:

Sumber pembiayaan untuk pembayaran harga pembelian sebesar USD 300 juta (IDR 4.43 triliun) akan menggunakan dana kas perseroan yang dihasilkan dari kegiatan usaha. Sedangkan sisanya akan dibiayai dari fasilitas pinjaman dari lembaga perbankan. Hingga 31 Maret 2020, ICBP memiliki total aset sebesar IDR 42.1 triliun, dan total liabilitas sebesar IDR 13.32 triliun. Sedangkan, kas akhir periode ICBP mencapai IDR 8.87 triliun. Tingginya kebutuhan dana pinjaman akan meningkatkan ratio net gearing ICBP dari -0.22x menjadi 1.32x. Besarnya potensi beban bunga yang besar akibat peningkatan pinjaman ini akan membuat profit guarantee sebesar USD 128 juta dari adanya transaksi ini kemungkinan hanya memberikan sedikit tambahan profit kepada ICBP. ICBP: Under review (Previous:

ICBP: BUY: 19.4x PE ‘20E, 4.3x PBV ‘20E, TP: IDR 13,200)

Oil and Gas: 14 Kontrak gas industri diamandemen

Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) menyatakan sebanyak 14 Perjanjian Penyesuaian Harga Gas Bumi telah ditandatangani. Penyesuaian kontrak gas ini ditandangani oleh empat produsen gas dan 11 pembeli gas, guna merealisasikan kebijakan harga gas industri USD 6 per MMBTU. (Investor Daily)

Comment:

Jumlah total volume yang ditandatangani tersebut berjumlah lebih dari 330 BBTUD, atau sekitar 28%

dari total volume yang diatur dalam Kepmen ESDM No 89K/2020 sejumlah 1,188 BBTUD.

Penandatangan tersebut hingga saat ini belum diikuti dengan kejelasan akan kompensasi yang dapat diterima distributor dalam pengimplementasian penurunan harga gas sesuai dengan Kepmen. Hingga 19 May lalu, PGAS belum menerapkan penurunan ASP pada tujuh sektor yang tercantum dalam Kepmen diatas yang disebabkan oleh belum jelasnya kompensasi yang dapat diterima kepada PGAS.

Oil and Gas: Underweight

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TOWR: Targetkan bangun 1,700 menara tahun ini

PT Sarana Menara Nusantara Tbk (TOWR) akan membangun sebanyak 1,700 menara baru sampai akhir tahun 2020. Perseroan juga menargetkan penambahan 2,000-3,000 titik sewa baru tahun ini. Di sisi lain, perseroan tengah membidik pembangunan 40,000 kilometer (km) jaringan serat fiber optik hingga penghujung tahun 2020. Adam mengatakan, hingga kuartal I-2020, perseroan telah merampungkan 30,600 km jaringan serat fiber optik, sehingga tersisa 9,400 km untuk diselesaikan sampai dengan akhir tahun ini. Lebih lanjut, Perseroan telah menyerap anggaran belanja modal (capex) sebanyak Rp 3.5 triliun tahun ini. Secara rinci, sebanyak Rp 2.1 triliun telah digunakan untuk akuisisi menara milik XL Axiata dan sisanya digunakan untuk penambahan tower dan jaringan serat fiber optik. (Investor Daily)

Comment:

Kami menilai target penambahan 1,700 menara (setara dengan ~Rp 1.7 triliun) dapat tercapai dengan kondisi keuangan Perseroan yang memadai dengan DER dibawah 5x serta Net Debt/Ebitda 3x. Selain itu, kami juga menilai permintaan sewa menara dari operator telekomunikasi juga akan terus ada yang akan digunakan untuk memperluas jaringannya. TOWR: BUY: 16.2x PE ‘20E, 3.9x PBV ‘20E, TP:

IDR 1,050

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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 3.7 4,070 (47.0) 6,297 7,700 89.2 6.9 9.1 9.1 0.9 131.2% 9.4%

BBCA BUY 11.5 23,825 (28.7) 29,843 32,000 34.3 20.2 18.1 3.4 3.0 16.8% 16.4%

BBRI BUY 6.0 2,480 (43.6) 3,141 3,000 21.0 8.9 12.0 1.5 1.6 16.4% 13.2%

BBNI BUY 1.3 3,600 (54.1) 5,045 7,200 100.0 4.4 4.0 0.5 0.5 12.6% 12.7%

BBTN BUY 0.2 770 (63.7) 1,216 2,850 270.1 3.6 2.7 0.3 0.3 8.8% 10.9%

BNLI HOLD 0.7 1,275 0.8 1,272 1,376 7.9 26.6 23.6 1.5 1.4 5.7% 6.1%

Average 11.8 11.6 2.7 1.3 31.9% 11.5%

Consumer (Staples)

ICBP BUY 2.2 9,600 (13.9) 11,120 13,200 37.5 22.3 19.4 4.8 4.3 21.4% 22.4%

INDF BUY 1.1 6,425 (18.9) 7,905 9,500 47.9 12.4 11.4 1.6 1.5 12.7% 12.9%

KLBF BUY 1.2 1,340 (17.3) 1,475 1,600 19.4 22.7 21.3 3.9 3.6 17.2% 16.8%

UNVR BUY 6.1 8,050 (4.2) 8,643 9,800 21.7 8.1 38.4 50.9 47.5 627.1% 123.7%

Average 16.4 22.6 15.3 14.2 169.6% 43.9%

Cigarette

HMSP BUY 4.1 1,770 (15.7) 1,869 2,750 55.4 14.3 14.3 5.2 4.7 36.6% 33.2%

GGRM BUY 1.8 47,525 (10.3) 55,569 71,700 50.9 8.9 15.3 1.8 1.7 20.4% 11.2%

Average 11.6 14.8 3.5 3.2 28.5% 22.2%

Healthcare

MIKA BUY 0.7 2,320 (13.1) 2,434 2,900 25.0 46.4 44.6 8.1 7.6 17.5% 17.0%

SILO BUY 0.2 5,500 (20.9) 6,332 9,000 63.6 69.6 45.5 1.4 1.4 2.0% 3.0%

Average 58.0 45.0 4.8 4.5 9.7% 10.0%

Poultry

CPIN BUY 1.5 4,690 (27.8) 4,469 5,800 23.7 24.1 19.3 3.6 3.2 15.1% 16.5%

JPFA BUY 0.2 895 (41.7) 1,238 1,950 117.9 6.4 4.8 0.9 0.8 14.6% 17.0%

MAIN BUY 0.0 500 (50.2) 577 1,400 180.0 4.5 3.4 0.5 0.5 11.6% 14.1%

Average 11.7 9.1 1.7 1.5 13.7% 15.9%

Retail

MAPI BUY 0.2 700 (33.6) 775 1,350 92.9 10.6 9.9 2.2 1.5 20.9% 15.4%

RALS BUY 0.1 585 (45.1) 589 1,400 139.3 5.5 5.0 0.9 0.9 17.2% 17.3%

ACES BUY 0.4 1,305 (12.7) 1,311 1,900 45.6 22.1 19.2 4.7 4.1 21.1% 21.2%

Average 12.7 11.4 2.6 2.2 19.7% 18.0%

Pulp and Paper

INKP BUY 0.5 4,890 (36.5) N/A 7,175 46.7 3.1 3.6 0.4 0.4 13.9% 11.0%

Average 3.1 3.6 0.4 0.4 13.9% 11.0%

Media

MNCN BUY 0.2 855 (47.5) 1,164 1,750 104.7 5.6 4.6 0.9 0.8 16.2% 17.5%

SCMA BUY 0.2 805 (42.9) 1,004 1,550 92.5 7.7 6.9 2.1 1.8 26.5% 26.4%

Average 6.7 5.8 1.5 1.3 21.4% 22.0%

Telco

EXCL BUY 0.5 2,400 (23.8) 3,392 3,500 45.8 35.8 25.0 1.3 1.3 3.7% 5.1%

ISAT BUY 0.2 1,975 (32.1) 3,009 2,800 41.8 n/a n/a 0.9 0.9 -3.2% -9.7%

TLKM BUY 6.2 3,180 (19.9) 4,229 4,700 47.8 17.5 14.3 2.7 2.6 15.4% 17.8%

Average 26.6 19.7 1.6 1.6 5.3% 4.4%

Telco Retail

TELE BUY 0.0 110 (63.3) N/A 250 127.3 1.3 1.9 0.2 0.2 13.9% 9.1%

ERAA BUY 0.1 1,135 (36.8) 1,100 1,625 43.2 10.4 6.1 0.8 0.7 7.3% 11.0%

Average 5.9 4.0 0.5 0.4 10.6% 10.1%

Telco Infra

TBIG HOLD 0.5 1,045 (15.0) 1,214 1,145 9.6 31.7 27.5 5.6 4.9 17.7% 17.8%

TOWR BUY 0.9 920 14.3 1,028 1,050 14.1 19.6 17.4 4.9 4.1 25.0% 23.9%

Average 25.6 22.4 5.3 4.5 21.4% 20.9%

Stock Rec.

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

Auto

ASII BUY 3.2 3,970 (42.7) 5,015 7,500 88.9 7.9 7.4 0.9 0.8 10.9% 10.8%

Average 7.9 7.4 0.9 0.8 10.9% 10.8%

Mining Contracting

UNTR BUY 1.1 14,600 (32.2) 20,624 22,300 52.7 5.0 4.5 1.2 1.0 22.9% 22.1%

Average 5.0 4.5 1.2 1.0 22.9% 22.1%

Aviation

GIAA BUY 0.1 222 (55.4) 315 650 192.8 2.5 2.3 0.5 0.4 19.5% 17.5%

Average 2.5 2.3 0.5 0.4 19.5% 17.5%

Property

BSDE BUY 0.2 605 (51.8) 1,115 1,800 197.5 3.9 5.5 0.4 0.4 10.4% 6.9%

PWON BUY 0.3 340 (40.4) 588 650 91.2 5.6 5.6 1.1 0.9 19.4% 16.5%

ASRI BUY 0.0 107 (55.0) 132 360 236.4 2.4 2.7 0.2 0.2 8.4% 7.1%

LPKR BUY 0.2 143 (40.9) 234 380 165.7 n/a 13.0 0.3 0.3 -0.7% 2.5%

SMRA BUY 0.1 418 (58.4) 875 1,500 258.9 11.3 9.5 0.8 0.8 7.3% 8.0%

CTRA BUY 0.2 490 (52.9) 966 1,150 134.7 10.2 12.0 0.6 0.6 5.9% 4.8%

Average 6.7 8.0 0.6 0.5 8.4% 7.7%

Industrial Estate

SSIA BUY 0.0 292 (55.4) 427 1,100 276.7 12.2 7.7 0.3 0.3 2.8% 4.3%

DMAS BUY 0.1 137 (53.7) 207 346 152.6 4.4 4.2 0.9 0.9 20.3% 21.0%

KIJA BUY 0.1 135 (53.8) N/A 325 140.7 n/a 12.3 0.5 0.5 -1.1% 4.0%

Average 8.3 8.0 0.6 0.6 7.3% 9.8%

Construction

PTPP BUY 0.1 640 (59.6) 1,349 2,100 228.1 3.9 2.9 0.2 0.2 5.3% 6.5%

ADHI BUY 0.0 496 (57.8) 967 1,800 262.9 2.7 2.4 0.3 0.2 9.5% 10.0%

WSKT BUY 0.2 580 (60.9) 966 1,750 201.7 3.6 2.5 0.3 0.2 7.1% 9.0%

WIKA BUY 0.2 960 (51.8) 1,515 2,600 170.8 4.1 3.8 0.4 0.4 10.9% 10.8%

Average 3.6 2.9 0.3 0.3 8.2% 9.1%

Cement

INTP BUY 0.8 10,775 (43.4) 15,434 12,200 13.2 29.9 24.9 1.7 1.7 5.7% 7.0%

SMGR BUY 1.0 8,525 (29.0) 11,438 11,300 32.6 18.4 17.1 1.5 1.4 8.0% 8.2%

Average 24.2 21.0 1.6 1.6 6.9% 7.6%

Precast

WSBP BUY 0.1 153 (49.7) 305 410 168.0 4.9 3.5 0.5 0.4 9.4% 12.1%

WTON BUY 0.0 218 (51.6) 593 620 184.4 3.6 3.1 0.5 0.5 14.9% 15.6%

Average 4.3 3.3 0.5 0.4 12.1% 13.8%

Oil and Gas

PGAS BUY 0.4 830 (61.8) 1,012 2,090 151.8 6.0 6.2 0.5 0.5 8.1% 7.4%

AKRA BUY 0.2 2,210 (44.1) 3,411 4,790 116.7 7.7 6.3 0.9 0.9 12.2% 13.8%

MEDC BUY 0.2 460 (46.8) 777 850 84.8 5.2 4.6 0.4 0.3 6.9% 7.1%

Average 6.3 5.7 0.6 0.6 9.0% 9.5%

Chemical

TPIA HOLD 2.4 6,925 (33.3) 7,200 7,575 9.4 63.5 56.8 5.2 4.9 8.2% 8.6%

BRPT SELL 2.2 1,225 (18.9) 880 1,075 -12.2 10.7 9.1 0.6 0.6 5.9% 6.2%

ESSA BUY 0.0 147 (45.1) N/A 280 90.5 5.4 4.3 0.5 0.4 9.2% 9.6%

Average 26.5 23.4 2.1 2.0 7.8% 8.2%

Utilities

JSMR BUY 0.5 3,700 (28.5) 4,381 6,000 62.2 13.6 12.0 1.5 1.3 10.7% 11.0%

Average 13.6 12.0 1.5 1.3 10.7% 11.0%

Metal

ANTM BUY 0.2 520 (38.1) 718 1,250 140.4 10.0 7.2 0.6 0.6 6.5% 8.9%

MDKA BUY 0.6 1,350 26.2 1,488 1,600 18.5 30.9 17.3 5.5 4.4 17.7% 25.2%

INCO BUY 0.6 2,960 (18.7) 2,988 3,900 31.8 38.0 17.9 1.2 1.1 3.1% 6.4%

TINS BUY 0.1 460 (44.2) 836 1,775 285.9 3.7 5.1 0.5 0.5 14.0% 9.7%

Stock Rec.

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

Coal

ITMG BUY 0.2 7,675 (33.1) 9,524 12,070 57.3 3.1 2.9 0.8 1.1 26.5% 37.8%

ADRO BUY 0.6 980 (37.0) 1,197 1,600 63.3 6.6 5.1 0.5 0.5 8.2% 9.9%

PTBA BUY 0.4 1,920 (27.8) 2,209 2,580 34.4 3.4 2.8 1.1 0.9 31.9% 32.9%

Average 4.4 3.6 0.8 0.8 22.2% 26.9%

Plantation

AALI BUY 0.2 6,550 (55.1) 9,419 16,000 144.3 59.5 8.9 0.7 0.6 1.1% 6.9%

LSIP BUY 0.1 710 (52.2) 1,124 1,610 126.8 35.5 11.5 0.6 0.5 1.6% 4.7%

TBLA BUY 0.1 540 (45.7) 835 980 81.5 2.6 3.3 0.5 0.5 21.1% 14.3%

SIMP BUY 0.1 208 (51.9) 296 388 86.5 6.7 18.9 0.2 0.2 3.3% 1.2%

SSMS BUY 0.2 930 10.1 675 1,050 12.9 n/a 17.9 2.2 2.0 -1.0% 11.0%

Average 26.1 12.1 0.8 0.8 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 2,082 9.93 0.48 0.37 0.99 4.74 (7.83) (11.73) (0.63) 2,435 1,579

U.S. (S&P) 2,955 6.94 0.24 1.11 3.20 4.18 (5.52) (8.52) 4.58 3,394 2,192

U.S. (DOW) 24,465 (8.96) (0.04) 1.07 3.29 2.90 (9.66) (14.27) (4.38) 29,569 18,214

Europe 2,971 65.88 2.27 0.98 2.04 5.78 (16.95) (20.66) (11.32) 3,867 2,303

Emerging Market 911 6.15 0.68 (2.00) (1.49) 3.64 (12.64) (18.23) (7.63) 1,151 752

FTSE 100 5,993 (21.97) (0.37) (0.15) 3.34 4.19 (14.60) (20.54) (17.65) 7,727 4,899

CAC 40 4,540 95.35 2.15 0.95 0.92 3.34 (20.14) (24.06) (14.61) 6,111 3,632

Dax 11,391 317.41 2.87 1.49 3.01 10.21 (10.83) (14.02) (5.16) 13,795 8,256

Indonesia 4,546 (2.70) (0.06) 0.85 (0.18) 0.98 (22.72) (27.84) (23.62) 6,468 3,912

Japan 20,945 203.61 0.98 1.91 2.50 8.74 (6.60) (11.46) (0.81) 24,116 16,358

Australia 5,661 45.81 0.82 2.00 1.83 7.99 (15.60) (15.30) (12.31) 7,197 4,403

Korea 2,003 8.41 0.42 0.24 1.13 6.03 (3.55) (8.86) (2.07) 2,277 1,439

Singapore 2,500 (55.51) (2.17) (3.16) (0.94) (0.73) (20.85) (22.43) (21.14) 3,387 2,208

Malaysia 1,437 (15.35) (1.06) 0.90 2.37 4.88 (4.27) (9.57) (10.11) 1,695 1,208

Hong Kong 22,952 22.10 0.10 (5.93) (4.11) (3.69) (14.03) (18.58) (16.09) 29,175 21,139

China 2,818 4.21 0.15 (2.28) (2.00) 0.34 (5.69) (7.61) (1.23) 3,127 2,647

Taiwan 10,871 60.03 0.56 (0.34) 1.22 5.06 (4.92) (9.39) 5.26 12,198 8,524

Thailand 1,321 17.01 1.30 (0.09) 2.68 4.94 (3.32) (16.39) (18.16) 1,748 969

Philipines 5,539 (65.30) (1.17) (0.30) (0.05) 1.36 (22.93) (29.12) (28.50) 8,420 4,039

Foreign Reserves (US$Bn) 127.88 5.71 (2.90) (1.01) 2.88 131.70 120.35

Inflation Rate (yoy, %) 2.67 3.12 2.59

Gov Bond Yld (10yr, %) 7.54 (6.82) 8.38 6.51

US Fed Rate (%) 0.25 2.50 0.25

Chg (Pts)

Indonesia 14,710 (60.00) 0.41 1.02 1.05 4.78 (6.53) (5.74) (1.71) 16,625 13,577

Japan 107.75 0.04 (0.04) (0.13) (0.04) (0.46) 2.49 0.80 1.63 112.23 101.19

UK 1.22 0.00 0.07 (0.19) (0.43) (1.86) (5.46) (7.97) (3.78) 1.35 1.14

Euro 1.09 0.00 0.03 (0.45) (0.20) 0.66 0.18 (2.78) (2.62) 1.15 1.06

China 7.14 0.00 (0.01) (0.61) (0.38) (0.69) (1.73) (2.43) (3.35) 7.18 6.84

Chg (Pts)

Oil (Brent) 35.57 0.04 0.11 (1.36) 2.66 65.90 (33.43) (46.11) (48.22) 71.95 15.98

CPO 2,167 (40.00) (1.81) (0.69) 3.73 4.43 (17.35) (29.00) 5.35 3,140 1,943

Rubber 743.50 (6.50) (0.87) 0.61 1.85 6.21 (5.29) (2.68) (18.30) 939.00 685.00

Coal 56.10 0.00 0.00 (0.36) 4.08 6.76 (14.55) (17.13) (30.53) 80.00 50.50

Iron Ore 91.36 (0.26) (0.28) 1.24 5.69 10.32 7.70 6.27 (3.40) 118.96 76.24

Tin 15,530 (119.00) (0.76) 0.26 2.73 4.23 (6.60) (9.59) (20.85) 19,629 13,375

Nickel 12,250 (528.00) (4.13) (1.63) 3.33 1.96 (2.23) (12.66) 2.25 18,850 10,865

Copper 5,289 (102.00) (1.89) (1.24) 2.07 3.06 (8.27) (14.34) (10.79) 6,343 4,371

Gold 1,729 (6.80) (0.39) (1.34) (0.33) 0.26 5.38 13.77 34.68 1,778 1,274

Source: Bloomberg, SSI Research

Change (%) 1 Year

Commodity Indicators Last Price Regional Indices Last Price

Exchange Rate (per USD) Last Price

(8)

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. All rights reserved by PT Samuel Sekuritas Indonesia

Research Team

Suria Dharma Head of Equity Research, Strategy,

Banking, Consumer (Staple) [email protected] +6221 2854 8148

Ahmad Mikail Zaini Economist [email protected] +6221 2854 8396

William Mamudi, CMT Technical Analyst [email protected] +6221 2854 8382

Yosua Zisokhi Cement , Cigarette, Chem., Paper,

Plantation, Poultry,Telco Infra, [email protected] +6221 2854 8387 Dessy Lapagu Aviation, Coal, Metal, Media, Retail [email protected] +6221 2854 8392 Selvi Ocktaviani Automotive, Construction, Mining

Cont., Precast,Telco, Toll Roads [email protected] +6221 2854 8393

Ilham Akbar Healthcare, Ind. Estate, Property,Oil

& Gas [email protected] +6221 2854 8144

Calista Muskitta Research Associate [email protected] +6221 2854 8331

Private Wealth Management

Evelyn Satyono Head of PWM / Institutional Sales [email protected] +6221 2854 8380

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395

Fachruly Fiater Institutional Equity Sales [email protected] +6221 2854 8325

Gitta Wahyu Retnani Institutional Equity Sales [email protected] +6221 2854 8365

Equity Sales Team

Kelvin Long Head of Equities [email protected] +6221 2854 8150

Yulianah Institutional Equity Sales [email protected] +6221 2854 8146

Lucia Irawati Retail Equity Sales [email protected] +6221 2854 8173

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Online Trading Sales Team

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Wahyu Widodo Marketing [email protected] +6221 2854 8371

Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129