RISET SAHAM HARIAN
Samuel Equity Research Wednesday, 07 December 2016
www.samuel.co.id DISCLAIMERS : Anal yst Certification : The vi ews express ed in this research acc urat el y reflect t he personal views of t he anal ys t(s) about t he s ubjec t s ecurities or issuers and no part of the c ompens ation of the analys t(s) was, is, or will be direc tl y or indirec tl y related t o the incl usion of s pecific recommendati ons or vi ews in this res earch. The anal yst(s) princi pall y res ponsible for the pr eparati on of this r esearch has t aken reasonable car e to ac hi eve and maintain i ndependence and obj ecti vit y in maki ng any rec ommendati ons . This document is for inf ormation onl y and f or the use of the recipient . It is not to be repr oduced or copied or made available to ot hers. Under no circumst anc es is it t o be considered as an off er t o s ell or solicitation t o buy any s ecurit y. Any r ecommendation c ontai ned in this report may not be s uit able f or all invest ors. Mor eover, although the i nfor mation cont ained herein has been obtained from sources believed t o be r eliabl e, its accurac y, c omplet eness and reli abilit y c annot be guaranteed. All rights res er ved by PT Samuel Sekuritas Indonesi a.
: 5,273.0 : +4.7 (+0.1%) : 4,050 Mn shrs : 5,327 Bn rupiah Last Close +/- % BBRI 11,325 200 1.8 BJBR 2,250 360 19.0 KLBF 1,570 45 3.0 PGAS 2,830 80 2.9 TLKM 3,910 -50 -1.3 HMSP 3,920 -30 -0.8 UNVR 41,800 -50 -0.1 ICBP 8,700 -175 -2.0
Foreign Net Buy / Sell
Net Buy (Rpbn) Net Sell (Rpbn)
BBNI 43 TLKM 124 ADRO 23 BMRI 104 BUMI 21 UNVR 39 JSMR 21 BJBR 26 BBRI 21 ASII 24 Money Market Last Close +/- % USD/IDR 13,383 -47.0 0.3 JIBOR O/N 4.2 0.0 -Infl (MoM) 0.5 -
-Dual Listing Securities Last Close +/- % TLKM 28.8 0.0 0.1 ISAT 41.2 0.2 0.4 EIDO 24.3 0.1 0.5 World Indices Last Close +/- % DJIA 19,252 36 0.2 S&P 500 2,212 8 0.3 Euro Stoxx 3,101 48 1.6 MSCI World 1,728 10 0.6 Nikkei 18,415 54 0.3 Hang Seng 22,675 170 0.8 Commodities Last Close +/- % Brent Oil 54 -1.0 -1.8 CPO Malay 3,156 49.0 1.6 Coal Newc 79 -3.2 -3.8 Nickel 11,583 -30.5 -0.3 Tin 21,305 -85.0 -0.4 Changes Changes Changes Changes Lagging Movers Market Value Changes Leading Movers Market Activity Wednesday, 07 Dec 2016 Market Index Index Movement Market Volume
IHSG berpeluang melanjutkan penguatan
Bursa AS ditutup menguat dengan saham Goldman Sachs memimpin penguatan. Spekulasi adanya kebijakan presiden terpilih AS Donald Trump dengan optimisme akan memicu pertumbuhan ekonomi selain itu, spekulasi investor mengenai pertemuan The Fed dan Bank Sentral Eropa (ECB) menjadi fokus pasar saat ini. sama halnya, Bursa Eropa menguat, setelah saham perbankan melonjak naik sejalan dengan hasil referendum di mana para voters menolak referendum konstitusional. Harga minyak ditutup melemah menyusul kekhawatiran rekor produksi dan reaksi produsen shale-oil AS bisa merusak kesepakatan OPEC untuk memangkas output. Mayoritas bursa Asia dibuka menguat sejalan dengan pengutan bursa global. IHSG hari ini berpeluang melanjutkan penguatannya setelah penguatan nilai tukar Rupiah terhadap dolar AS menjadi sentiment positif dan sejalan dengan penguatan bursa global. Faktor global akan lebih mendominasi pergerakan rupiah hingga minggu depan, di mana FOMC Meeting yang diperkirakan menaikan Fed rate dijadwalkan.
Highlights
WSKT: Rencana sinergi ruas tol
PTPP: Targetkan Rp13tn dari IPO
M API: Potensi menambah keuntungan pada bisnis F&B
Utilities: Penyerapan anggaran PUPR capai 74%
Perbankan: NPL diperkirakan membaik
Minyak dan gas: ESDM dorong pakai kontrak gross split
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WSKT: Rencana sinergi ruas tol
PT Waskita Karya, Tbk (WSKT), salah satu anak usahanya di segmen bisnis tol road berencana melakukan kerjasama melalui kepemilikan saham ruas rol Cibitung -Cilincing.
Kemungkinan kerjasama tersebut dalam rangka meningkatkan sinergi logistic seiring dengan rencana pengintegrasian pengelolaan ruas tol Cimanggis-Cibitung dan Cibitung-Cilincing.
Cimanggis Cibitung dikelola oleh PT Cimanggis CIbitung Tollways yang sahamnya dikuasai Waskita Toll Road (anak usaha WSKT) sebesar 90%, sedangkan ruas Cibitung-Cilincing (34.20km) dimiliki oleh PT MTD CTP Expressway sebagai pemegang saham majority (55%). (Bisnis Indonesia). WSKT. Buy 15.8x P/E17E dan 1.6x PBV 17E.
PTPP: Targetkan Rp13tn dari IPO
PT PP (Persero), Tbk (PTPP) rencana melepas anak usahanya melalui IPO dengan target perolehan dana Rp13tn. Adapun ketiga anak usaha tersebut adalah PT PP Pracetak (Rp3.5tn), PT PP Peralatan (Rp3.8tn) dan PT PP Energi (Rp5.7tn)
PTPP kedepannya memiliki rencana memperkuat posisinya di bidang energy salah satunya melalui pengerjaan beberapa proyek PLN.
Sementara PT PP Pracetak precast, akan fokus memperkuat bisnis precast high rise. Adapu kapasitas pabrik yang dioperasikan oleh perusahaan saat ini sebesar 180K ton p.a di Cilegon dan di Sadang sebesar 160K p.a. (Bisnis Indonesia). PTPP. Buy 20.9x P/E17E dan 3.0x PBV 17E.
M API: Potensi menambah keuntungan pada bisnis F&B
Bagi PT Mitra Adiperkasa Tbk. (MAPI), bisnis makanan dan minuman di Indonesia masih menyimpan potensi besar untuk dikembangkan karena menawarkan marjin yang menggiurkan. Maka, MAPI berencana untuk melanjutkan ekspansi di segmen makanan dan minuman pada tahun 2017.
MAPI berencana untuk menambah 60 gerai baru untuk bisnis F&B pada tahun depan. Dan rencana penambahan gerai F&B pada tahun depan pun masih lebih besar daripada realisasi tahun 2016. Sebagai gambaran, hingga kuartal III/2016, pertumbuhan laba sebelum pajak pada segmen kafe dan restoran mencapai 159% dibandingkan dengan kuartal yang sama tahun 2014. Adapun penjualan segmen ritel pada kuartal III/2016 dalam dua tahun terakhir hanya bertumbuh 5%.
Corporate Secretary perusahaan menuturkan, pada 2017 MAPI akan melakukan penambahan seluas 60,000 meter persegi gerai yang terdiri dari department store, specialty store, dan F&B. (Bisnis Indonesia). MAPI: Buy, 17E’PE:24.9x, PBV: 2.3x.
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Utilities: Penyerapan anggaran PUPR capai 74%
Realisasi penyerapan anggaran di Kementerian Pekerjaan Umum dan Perumahan (PUPR) hingga 5 Desember mencapai 73,7% atau setara dengan Rp 72,8 triliun dari pagu APBNP 2016 sebesar Rp 98,7 triliun dengan progres fisik mencapai 76,6%. Menteri PUPR, Basoeki Hadimoeljono mengatakan jumlah serapan tersebut masih jauh dari target akhir tahun sebesar 94%. (Bisnis Indonesia) Utilities: Neutral.
Perbankan: NPL diperkirakan membaik
NPL gross perbankan diperkirakan menurun dari 3,1% pada Sep’16 menjadi 2,8 -2,9% pada akhir 2017. Meski berpotensi membaik, Lembaga Penjamin Simpanan (LPS) menilai faktor resiko masih besar karena kondisi eksternal seperti kebijakan Presiden Trump.
OJK mengkaji kemungkinan dicabutnya aturan bunga deposito maksimal bagi bank BUKU III dan IV seiring likuiditas yang dinilai cukup memadai. Sementara itu, karena distribusi dana yang tidak merata, bank BUKU I dan II cenderung menaikkan suku bunga deposito. (Investor Daily).
Comment:
Kami melihat angka NPL gross perbankan secara nominal sudah relatif flat akhir -akhir ini. Dengan pertumbuhan kredit tahun depan yang diperkirakan lebih tinggi dari tahun ini (2017F: 10-11%, 2016E: 7-9%), NPL gross secara persentase berpotensi menurun di 2017, sejalan dengan perkiraan dari LPS. Biaya provisi di tahun depan kami lihat akan lebih kecil dari tahun ini, namun kami juga melihat adanya faktor resiko siknifikan dari kondisi eksternal seperti kenaikan suku bunga AS dan kebijakan Trump.
Terkait likuiditas, kami tidak melihat adanya ancaman serius ke depannya karena: 1.) Posisi LDR yang masih sekitar 92% sehingga masih memiliki ruang, 2.) Potensi masuknya dana repatriasi tax amnesty Rp 100 triliun, 3.) GWM primer rupiah yang saat ini 6,5% sehingga masih punya ruang penurunan, serta 4.) Rencana pemberlakuan GWM averaging yang dapat memberikan fleksibilitas dalam likuiditas. Banking: Neutral
Minyak dan gas: ESDM dorong pakai kontrak gross split
Kementerian Energi dan Sumber Daya Mineral (ESDM) berencana menerbitkan peraturan menteri mengenai penggunaan skema gross split dalam kontrak bagi hasil. Namun wacana ini diduga akan membatasi pengawasan oleh pemerintah dan berpotensi melanggar UUD 1945.
Bagi hasil milik pemerintah dari produksi migas pun nantinya akan dihitung dan dievaluasi berdasarkan lima criteria, yaitu: cadangan migas, lokasi cadangan migas, kriteria lapangan marginal, tingkat kesulitan produksi migas dan jenis lapangan minyak. (Kontan) Utilities: Neutral.
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Batubara: Kenaikan royalti bayangi produsen batubara
Kementerian Energi dan Sumber Daya Mineral (ESDM) belum berencana menaikkan royalti batubara pemegang Izin Usaha Pertambangan (IUP), seiring menguatnya harga komoditas tersebut beberapa bulan terakhir. Pada Desember ini Harga Batubara Acuan bahkan menembus level US$ 100 per ton. Saat ini masih mengamati pergerakan harga batubara. Oleh sebab itu belum ada rencana untuk menaikkan royalti batubara di 2017 nanti. (Investor Daily). Coal: Overweight.
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Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E
Banks
BMRI HOLD 4.3 10650 0.0 3.15 (6.4) 15.1 11106 10300 -3.3 14.2 11.1 1.6 1.5 11.3% 13.1% n/a n/a
BBCA BUY 6.3 14675 0.2 2.26 (4.7) 10.3 16381 17100 16.5 18.6 15.6 3.3 2.8 17.6% 17.9% n/a n/a
BBRI BUY 4.9 11325 1.8 7.35 (9.0) (0.9) 13022 13700 21.0 10.8 9.2 1.9 1.7 17.9% 18.1% n/a n/a
BBNI BUY 1.7 5375 0.9 5.39 (3.6) 7.7 6356 6300 17.2 9.5 7.7 1.2 1.0 12.2% 13.4% n/a n/a
BBTN BUY 0.3 1760 6.0 8.64 (6.1) 35.9 2188 2300 30.7 8.0 6.7 1.0 0.9 12.4% 13.1% n/a n/a
Average 12.2 10.1 1.8 1.6 14.3% 15.1% n/a n/a
Consumer (Staples) ICBP BUY 1.8 8700 (2.0) 3.26 (6.2) 29.1 10267 10300 18.4 27.3 24.4 5.7 5.1 21.0% 20.8% 20.4 17.3 INDF BUY 1.2 7500 (0.3) (0.33) (8.0) 44.9 9936 9900 32.0 16.7 14.1 2.2 2.0 13.2% 14.2% 9.1 8.2 KLBF HOLD 1.3 1570 3.0 7.53 (7.1) 18.9 1736 1700 8.3 32.7 29.1 6.3 5.5 19.1% 19.0% 22.5 18.9 ROTI BUY 0.1 1520 (0.7) 3.75 (5.0) 20.2 1754 2000 31.6 28.7 21.4 5.4 4.5 18.9% 21.1% 13.4 11.9 ULTJ BUY 0.2 4640 0.9 1.98 (2.3) 17.6 5367 5300 14.2 21.3 17.4 4.0 3.3 18.7% 18.9% 13.4 11.5 UNVR HOLD 5.6 41800 (0.1) 2.89 (5.0) 13.0 44665 45200 8.1 49.9 44.7 59.4 52.1 118.9% 116.6% 34.9 31.9 SIDO BUY 0.1 550 (0.9) - 0.0 0.0 655 730 32.7 17.1 15.3 3.0 2.9 17.7% 18.9% 7.8 6.2 AISA BUY 0.1 1915 0.3 2.13 (4.7) 58.3 2428 2240 17.0 15.3 11.7 1.6 1.4 10.7% 12.2% 13.9 12.6 Average 27.7 23.8 12.3 10.8 32.5% 32.8% 17.4 15.1 Cigarette HMSP HOLD 8.0 3920 (0.8) 2.35 (1.5) 4.3 4272 4390 12.0 38.5 34.5 12.8 11.7 33.3% 33.8% 27.6 24.9 GGRM BUY 2.3 67450 (0.2) 6.98 1.5 22.6 77171 77150 14.4 19.8 19.1 3.0 2.7 15.2% 14.1% 12.8 11.8 Average 29.2 26.8 7.9 7.2 24.2% 24.0% 20.2 18.4 Healthcare MIKA HOLD 0.7 2560 1.6 1.59 (9.9) 6.7 3142 2950 15.2 56.0 49.1 10.3 9.4 18.5% 19.1% 30.1 27.1 SILO BUY 0.2 10825 0.7 4.76 8.9 12.2 11655 12500 15.5 144.4 113.7 5.9 5.3 4.1% 4.7% 18.9 15.4 Average 100.2 81.4 8.1 7.4 11.3% 11.9% 24.5 21.2 Retail MAPI HOLD 0.2 5175 1.5 3.92 (9.2) 36.4 5491 5500 6.3 45.8 27.0 2.7 2.4 5.8% 9.0% 8.8 7.0 RALS BUY 0.1 1170 1.7 (0.85) (11.7) 81.4 1465 1570 34.2 21.3 18.0 2.3 2.2 11.0% 12.1% 17.1 16.0 ACES BUY 0.3 870 (1.7) (0.57) 0.0 5.5 974 960 10.3 24.2 22.3 4.8 4.2 20.0% 18.7% 16.7 14.8 LPPF BUY 0.8 14700 1.7 0.34 (7.1) (16.5) 20866 23150 57.5 17.8 15.4 19.7 12.7 110.6% 82.3% 13.3 11.9 Average 27.3 20.7 7.4 5.4 36.8% 30.5% 14.0 12.4 Telco EXCL BUY 0.4 2280 0.4 8.06 0.4 (36.7) 3171 4550 99.6 285.0 29.2 1.1 1.1 0.4% 3.7% 5.2 4.5 ISAT HOLD 0.6 6300 0.0 1.61 (1.2) 14.5 7631 6600 4.8 38.7 17.1 2.5 2.3 6.5% 13.2% 4.1 3.7 TLKM BUY 6.9 3910 (1.3) 1.82 (5.8) 26.5 4732 5000 27.9 19.9 16.3 4.5 3.9 22.3% 24.0% 7.6 7.0 Average 114.5 20.9 2.7 2.4 9.8% 13.7% 5.7 5.1 Auto and HE ASII BUY 5.6 7850 (0.3) 1.95 (4.6) 30.8 8679 9000 14.6 17.2 14.2 2.9 2.4 16.7% 17.2% 14.6 14.1 UNTR BUY 1.5 23250 (1.1) 6.77 4.4 37.2 24011 25050 7.7 20.1 16.9 2.2 2.0 10.7% 11.9% 5.6 4.9 Average 18.6 15.5 2.5 2.2 13.7% 14.6% 10.1 9.5 Aviation GIAA HOLD 0.2 378 1.1 6.78 6.8 22.3 394 445 17.7 19.9 14.5 0.8 1.0 3.8% 7.1% ##### 3.4 Property BSDE HOLD 0.6 1865 0.8 8.12 (9.9) 3.6 2415 2350 26.0 14.6 11.9 1.6 1.4 11.1% 11.8% 10.7 9.4 PWON HOLD 0.6 670 0.8 (2.19) (6.9) 35.1 748 710 6.0 24.1 22.3 4.0 3.5 16.8% 15.8% 9.6 8.4
KPIG BUY 0.1 1210 3.4 10.00 (15.1) (14.2) n/a 1810 49.6 28.1 23.7 1.0 1.0 3.5% 4.1% n/a n/a
ASRI HOLD 0.1 382 1.1 5.52 (9.9) 11.4 450 438 14.7 11.9 11.1 1.1 1.0 9.0% 8.9% 5.9 5.1 SMRA HOLD 0.4 1465 1.4 5.40 1.0 (11.2) 1760 1750 19.5 32.2 30.2 2.7 2.5 8.5% 8.4% 9.9 8.9 Average 20.7 18.9 2.4 2.1 11.4% 11.3% 9.0 8.0 Construction PTPP BUY 0.4 3960 1.5 4.16 4.9 7.5 5084 5100 28.8 24.3 20.9 3.4 3.0 13.9% 14.4% 10.2 9.0 ADHI BUY 0.1 1880 (0.8) 1.90 (13.4) (12.1) 2660 2750 46.3 14.1 11.7 1.3 1.1 8.9% 9.5% 5.2 4.6 WSKT BUY 0.6 2490 0.4 4.62 (0.4) 49.1 3331 3250 30.5 19.4 15.8 1.8 1.6 9.2% 9.9% 21.5 18.3 WIKA BUY 0.4 2400 (2.4) 1.69 (2.2) (1.8) 3131 3000 25.0 20.9 17.7 2.3 2.0 11.2% 11.4% 12.6 10.8 Average 19.7 16.5 2.2 1.9 10.8% 11.3% 12.4 10.7 Cement INTP HOLD 1.0 15925 (0.2) 0.16 0.0 (28.7) 16366 18000 13.0 14.2 13.9 2.2 2.0 15.6% 14.4% 7.5 6.3 SMGR HOLD 1.0 9225 0.0 6.03 (0.8) (19.1) 10533 10000 8.4 13.9 13.4 1.9 1.7 13.8% 13.0% 5.6 4.6 SMCB SELL 0.1 895 (1.1) (5.79) (4.8) (10.1) 912 920 2.8 29.3 19.0 0.8 0.7 2.6% 3.9% 9.9 8.1 Average 19.2 15.4 1.6 1.5 10.7% 10.4% 7.6 6.3 Precast
WSBP BUY 0.3 565 (1.7) - n/a n/a 706 690 22.1 27.9 22.2 2.4 2.1 8.4% 9.6% 22.5 17.6
WTON BUY 0.1 850 (1.7) 6.25 (2.3) 3.0 1129 1150 35.3 26.4 20.1 2.7 2.2 10.2% 10.9% 19.3 15.0
Average 27.1 21.1 2.5 2.2 9.3% 10.2% 20.9 16.3
EV/EBITDA (x)
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Ticker Rec. JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons TP SSI Upside
(%) (Rp) (%) (%) (%) (%) (Rp) (Rp) (%) 16E 17E 16E 17E 16E 17E 16E 17E
Utility
PGAS BUY 1.2 2830 2.9 8.02 14.1 3.1 3054 3375 19.3 12.1 10.1 1.5 1.4 12.3% 13.5% 18.7 17.7
JSMR BUY 0.5 4300 (1.4) 2.87 (4.0) (17.5) 5771 6500 51.2 16.4 16.2 2.5 2.3 15.3% 13.9% 10.1 9.7
Average 14.3 13.1 2.0 1.8 13.8% 13.7% 14.4 13.7
Coal and Metal
ANTM BUY 0.4 960 (0.5) (1.54) 5.5 205.7 816 840 -12.5 480.0 137.1 1.2 1.2 0.3% 0.9% 38.4 30.6 INCO HOLD 0.6 3370 (1.7) (3.71) 18.2 106.1 2564 2800 -16.9 259.2 36.6 1.4 1.4 0.5% 3.7% 222.3 143.5 TINS HOLD 0.2 1280 (1.5) 2.40 9.4 153.5 848 850 -33.6 128.0 61.0 1.8 1.8 1.4% 2.9% 9.5 8.3 ITMG BUY 0.3 16750 (2.8) 6.01 0.9 192.6 17688 19000 13.4 14.1 7.2 1.6 1.4 11.3% 19.6% 86.6 98.1 ADRO BUY 1.0 1730 0.0 6.13 2.7 235.9 1818 2100 21.4 15.4 13.1 1.2 1.1 7.6% 8.5% 90.1 80.3 PTBA BUY 0.5 13050 (3.2) 12.99 0.0 188.4 14046 15000 14.9 21.9 13.5 3.1 2.7 14.1% 19.9% 16.5 10.2 Average 153.1 44.7 1.7 1.6 5.9% 9.2% 77.2 61.8 Plantation AALI BUY 0.6 17800 1.1 4.71 18.7 17.9 17674 17000 -4.5 20.6 19.5 2.2 2.1 10.7% 10.7% 15.3 13.9 LSIP BUY 0.2 1890 1.3 3.56 29.9 43.2 1743 1830 -3.2 26.6 17.0 1.7 1.6 6.3% 9.1% 7.9 6.5 SIMP BUY 0.1 510 0.0 (0.97) 3.7 53.6 558 600 17.6 18.2 11.6 0.6 0.6 3.1% 4.9% 6.0 5.6 Average 21.8 16.0 1.5 1.4 6.7% 8.2% 9.7 8.7 Poultry CPIN BUY 0.9 3170 1.6 (1.55) (10.2) 21.9 3820 4800 51.4 15.0 13.4 1.9 1.7 13.0% 12.8% 12.4 11.3 JPFA BUY 0.3 1580 0.6 (4.82) (16.8) 148.8 2319 2240 41.8 9.5 8.7 2.0 1.6 20.7% 18.7% 8.6 11.3 MAIN BUY 0.1 1300 (0.8) (1.14) (19.8) (14.8) 2073 2280 75.4 7.6 7.0 1.2 1.1 16.3% 15.6% 10.6 8.7 Average 10.7 9.7 1.7 1.5 16.7% 15.7% 10.5 10.4 Other Sectors AKRA HOLD 0.5 6475.0 -0.4 -0.4 -3.7 -9.8 7350.0 6900 6.6 23.2 20.7 3.8 3.4 16.2% 16.3% 15.2 12.2 DOID BUY 0.1 525.0 -3.7 1.9 11.7 872.2 na 850 61.9 9.4 5.0 2.7 1.8 28.7% 35.9% 26.5 25.5 Average 16.3 12.8 3.2 2.6 22.5% 26.1% 20.9 18.9
Source: SSI Research, Bloomberg
Note: GIAA, PGAS, ITMG, ADRO, INCO report in USD.
EV/EBITDA (x)
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Regional Indices 1D Change
Points 1D 3D 1W 1M 3M YTD 1YR High Low
World 9.72 1,728 0.57 1.10 0.92 2.50 (1.12) 3.91 2.45 1,750 1,460 U.S. (S&P) 7.52 2,212 0.34 0.97 0.34 3.79 1.19 8.23 6.51 2,214 1,810 U.S. (DOW) 35.54 19,252 0.18 0.31 0.68 5.43 3.92 10.48 8.58 19,275 15,451 Europe 48.01 3,101 1.57 2.30 2.05 3.04 0.29 (5.10) (7.72) 3,395 2,673 Emerging Market 7.52 861 0.88 0.36 0.35 (3.72) (6.97) 8.48 6.65 930 687 FTSE 100 33.01 6,780 0.49 0.40 0.12 (0.40) (0.97) 8.61 n/a 7,130 5,500 CAC 40 57.62 4,632 1.26 1.56 1.77 3.83 1.63 (0.11) (2.62) 4,803 3,892 Dax 90.49 10,775 0.85 2.29 1.46 3.04 0.21 0.30 (1.02) 10,993 8,699 Indonesia 4.66 5,273 0.09 1.43 2.65 (2.10) (2.01) 14.80 16.62 5,492 4,331 Japan 72.27 18,433 0.39 0.04 0.68 7.31 8.35 (3.16) (6.42) 19,869 14,864 Australia 28.01 5,457 0.52 0.23 0.30 3.92 0.60 3.04 5.84 5,611 4,707 Korea 6.06 1,996 0.30 1.28 0.63 (0.08) (3.20) 1.76 1.64 2,074 1,818 Singapore 6.07 2,949 0.21 0.70 2.43 5.29 1.92 2.30 1.66 2,964 2,528 Malaysia 4.76 1,630 0.29 0.20 0.17 (1.26) (3.54) (3.71) (2.53) 1,729 1,601 Hong Kong 169.60 22,675 0.75 (0.89) (0.27) (0.55) (4.49) 3.47 2.13 24,364 18,279 China (5.06) 3,200 (0.16) (2.25) (2.54) 2.12 3.48 (9.59) (9.54) 3,685 2,638 Taiwan 90.11 9,251 0.98 (0.14) 0.64 0.66 (0.09) 10.95 9.42 9,400 7,628 Thailand 14.82 1,516 0.99 0.41 1.05 0.95 1.97 17.74 13.72 1,558 1,221 Philipines 29.73 6,806 0.44 (0.86) (0.28) (5.43) (10.67) (2.10) (1.53) 8,118 6,084
Monetary Indicators 1D Change
Points 1W 1M 3M YTD 1YR High Low
JIBOR Overnight (%) 0.00 4.20 (0.13) 3.46 (1.61) (44.68) (28.04) 8.26 4.20
Foreign Reserve (US$bn) n/a 115.04 n/a (0.55) 3.26 8.60 14.22 115.67 102.13
Inflation Rate (%) n/a 0.47 n/a 235.71 2450.00 (51.04) 123.81 0.96 (0.45)
US Fed Rate (%) 0.00 0.50 0.00 0.00 0.00 0.00 100.00 0.50 0.25
Indo Govt Bond Yld (10yr) - % (0.05) 8.01 (2.30) 9.26 16.50 (8.37) (6.34) 9.11 6.77
Exchange Rate (per US$) 1D Change
Currency Points 1D 3D 1W 1M 3M YTD 1YR High Low
Indonesia (47.00) 13383 0.35 1.27 1.42 (2.20) 3.03 3.03 3.45 14,095 12,920
Japan 0.19 114.21 (0.17) (0.61) 0.22 (8.54) 5.26 5.26 8.02 123.56 99.02
UK (0.00) 1.27 (0.21) (0.60) 1.17 2.07 (14.14) (14.14) (15.96) 1.52 1.18
Euro (0.00) 1.07 (0.04) 0.47 1.18 (2.96) (1.36) (1.36) (1.14) 1.16 1.05
China 0.00 6.88 (0.01) 0.05 0.33 (1.53) (5.64) (5.64) (6.88) 6.92 6.42
Commodities Indicators 1D Change
Spot Points 1D 3D 1W 1M 3M YTD 1YR High Low
Oil 0.01 50.94 0.02 (1.43) 3.03 13.48 11.96 37.53 35.30 52.42 26.05 CPO 49.00 3,156.00 1.58 2.97 3.48 15.56 22.42 27.00 30.95 3,157.00 2,172.00 Rubber 10.50 853.50 1.25 2.09 2.09 17.32 29.02 58.20 42.37 853.50 506.50 Coal (3.15) 79.00 (3.83) (4.01) (10.73) (26.00) 12.06 56.13 48.36 112.25 51.75 Iron Ore (0.13) 79.54 (0.16) (1.84) (0.69) 24.81 38.33 83.27 94.47 81.03 37.50 Tin (85.00) 21,305.00 (0.40) (0.05) 2.53 (0.65) 8.15 46.01 43.17 21,945.00 13,223.80 Nickel (30.00) 11,610.00 (0.26) 3.57 4.78 10.99 14.84 31.63 29.29 12,145.00 7,550.00 Copper (66.00) 5,884.00 (1.11) 1.61 3.14 17.89 27.36 25.06 27.58 6,045.50 4,318.00 Gold 0.20 1,169.00 0.02 (0.64) (0.15) (8.63) (13.10) 10.25 8.70 1,377.50 1,046.70
Source: SSI Research, Bloomberg
Last Price
Last Price Change (%) 1 Year
Change (%) 1 Year
Last Price Change (%) 1 Year
Change (%) 1 Year
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Research Team
Andy Ferdinand, CFA Head Of Equity Research,Strategy,
Banking, Consumer
[email protected] +6221 2854 8148
Rangga Cipta Economist [email protected] +6221 2854 8396
Muhamad Makky Dandytra, CFTe Technical Analyst [email protected] +6221 2854 8382
Akhmad Nurcahyadi, CSA Auto, Aviation, Cigarette, Construction
Healthcare, Heavy Equipment, Property
[email protected] +6221 2854 8144
Arandi Ariantara Cement, Telecommunication, Utility [email protected] +6221 2854 8392
Marlene Tanumihardja Poultry, Retail, Small Caps [email protected] +6221 2854 8387
Sharlita Lutfiah Malik Mining, Plantation [email protected] +6221 2854 8339
Adde Chandra Kurniawan Research Associate [email protected] +6221 2854 8338
Private Wealth Management
Evelyn Satyono Head of PWM /
Head of Institutional Marketing
[email protected] +6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129
Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399
Clarice Wijana Institutional Equity Sales [email protected] +6221 2854 8395
Wahyudi Budiono Dealer [email protected] +6221 2854 8152
Equity Sales Team
Kelvin Siwah Long Head of Equities [email protected] +6221 2854 8150
Yulianah Institutional Equity Sales [email protected] +6221 2854 8146
Indra S. Affandi Institutional Equity Sales [email protected] +6221 2854 8334
Lucia Irawati Head of Retail Equity Sales [email protected] +6221 2854 8173
Ferry Khusaeri Equity Sales [email protected] +6221 2854 8304
Iwan Setiadi Equity Sales [email protected] +6221 2854 8313
Lia Chaterina Equity Sales [email protected] +6221 2854 8315
Amelia Sintama Equity Sales [email protected] +6221 2854 8308
Salt World Widjaja Equity Sales [email protected] +6221 2854 8163
Jovita Widjaja Equity Sales [email protected] +6221 2854 8314
James Wihardja Equity Sales [email protected] +6221 2854 8397
Joseph Soegandhi Equity Sales [email protected] +6221 2854 8872
Dian Anggraeni Equity Sales [email protected] +6221 2854 8301
Sylviawati Equity Sales [email protected] +6221 2854 8112
Verawati Gunawan Equity Sales [email protected] +6221 2854 8312
Cenni Liawisusi Equity Sales [email protected] +6221 2854 8303
Frans Ferdiansah Equity Sales [email protected] +6221 2854 8337
Muhamad Faisyal Dealer [email protected] +6221 2854 8155
Wulan Budi Setyowati Dealer [email protected] +6221 2854 8369
Bismar Ferryaman Dealer [email protected] +6221 2854 8368
Online Trading Sales Team
Nugroho Nuswantoro Head Of Marketing OLT [email protected] +6221 2854 8372
Wahyu Widodo Marketing [email protected] +6221 2854 8371
Rina Lestari Customer Service [email protected] +6221 2854 8180
Martha Lamtiurma Tampubolon Customer Service [email protected] +6221 2854 8182
Mohamad Andhika Prasetia Customer Service [email protected] +6221 2854 8183
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