I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
PRICE CHART
MARKET NEWS
5,700
^JKSE - Weekly 3/24/2017 Open 5552.39, Hi 5581.18, Lo 5486.85, Close 5567.13 (0.5%) MA(Close,21) = 5,311.57, BBTop( Close,21,2) = 5,552.91, BBBot(Close,21,2) = 5,070.23
Indeks BEI pada perdagangan kemarin ditutup menguat karena aksi spekulatif beli yang terjadi pada detik terakhir penutupan indeks sehingga diperkirakan penguatan indeks tersebut tidak merefleksikan kondisi pasar sepanjang perdagangan kemarin yang bergerak di teritorial negatif (mengalami tekanan jual). Pergerakan saham-saham unggulan yang cenderung mixed-flat dan perdagangan yang didominasi oleh aktifnya saham-saham lapis ketiga yang cenderung spekulatif menyebabkan indeks bergerak fluktuatif. Indeks akhirnya ditutup menguat tipis +0.44 poin pada level 5592.95, setelah sempat menyentuh level terendah harian pada level 5555.37. Perdagangan juga diramaikan oleh aktifitas saham sektor komoditas yang mengalami kenaikan harga menyusul sentimen positif menguatnya harga minyak mentah dunia.
5,600 5,567.13 5,552.91 5,500 5,400 5,311.57 5,300 5,200 5,100 5,070.23 5,000 4,900 4,800 4,700 4,600 4,500 4,400 4,300 4,200 4,100 4,000 3,900 3,800 Apr
Jul
Oct
2014
Apr
Jul
Oct
2015
Apr
Jul
Oct
2016
Apr
Jul
Oct
2017
^JKSE - RSI(14) = 66.01 70 66.0078
30 100,000M
^JKSE - Volume = 39,325,220,864.00, MA( Volume,5) = 50,565,476,352.00
80,000M 60,000M 50,565,476,352 39,325,220,864 40,000M 20,000M Creat ed wit h A miBroker - advanced chart ing and t echnical analysis sof t ware. ht t p: / /www. amibroker.com
Indeks Dow Jones dan Nasdaq pada perdagangan semalam ditutup menguat tipis akibat sentimen positif aksi beli pada saham-saham sektor keuangan dan menguatnya harga minyak mentah dunia ke atas level US$50 per barel. Menguatnya indeks global tersebut diperkirakan pengaruhnya cenderung netral terhadap indeks kawasan regional dan BEI pada hari ini. Faktor berita disalah satu media pagi ini mengenai kemungkinan S&P masih belum akan menaikkan peringkat Indonesia diperkirakan dapat memberikan sentimen negatif terhadap pasar, mengingat kenaikan indeks 2 minggu terakhir dipicu oleh berita bahwa RI berpeluang mendapatkan peringkat Investment Grade dari S&P. Aspek teknikal, indeks pada perdagangan hari ini diperkirakan akan bergerak netral sampai dengan menguat tipis seiring terjadinya aksi pembalikan arah pada akhir perdagangan kemarin. Range pergerakan indeks harian diperkirakan akan berada di kisaran 5,550-5640.
KEY INDICES Chg (%) (4.2) (2.0) (1.2) (11.3) 4.9 (91.0) (154.3) (31.1) 69.2
Prev Close MSCI Indonesia MSCI Asia-Ex Japan KLCI FSSTI SET Hang Seng Nikkei Shanghai Comp Dow Jones
6,497.4 585.1 1,749.3 3,173.2 1,579.9 24,301.1 19,063.2 3,210.2 20,728.5
YTD (%) (0.1) (0.3) (0.1) (0.4) 0.3 (0.4) (0.8) (1.0) 0.3
Source: Bloomberg
TOP VOLUME W H AT ’ S I N T H E PA C K
GGRM – BUY
SMRA – BUY
Harga kembali menguat dan membentuk candlestick bullish sehingga aksi beli dapat dilakukan di level Rp66,000 dengan target keuntungan di level Rp69,000.
Harga melakukan rebound sehingga aksi beli dapat dilakukan di level Rp1,330 dengan target keuntungan di level Rp1,460.
Stock Sentul City Bumi Resources Darma Henwa Trada Maritime Elnusa
Price (Rp) 95 328 65 112 390
Chg (%) (1.0) (1.2) (3.0) 3.7 (1.5)
Vol (‘000) 418,262 156,791 108,714 94,759 87,249
Price (Rp) 3,540 12,925 1,910 112 4,300
Chg (%) 7.3 5.5 4.4 3.7 3.6
Vol (‘000) 28,299 7,215 743 94,759 5
TOP GAINERS Stock Medco Energi Tambang Batubara Bisi International Trada Maritime Sinar Mas Agro
TOP LOSERS Stock Bentoel Int'l Astra Otoparts Pakuwon Jati Bank Permata Bank Mega
Price (Rp) 430 2,680 595 665 2,990
Chg (%) (10.4) (7.6) (4.0) (3.6) (3.5)
Vol (‘000) 10 77 68,778 12,270 2
COMMODITY TREND Crude Oil NYMEX (US$/bbl) Coal Fut Newc (US$/tonne) Nickel 3M LME Tin 3M LME Gold SPOT (US$/oz) CPO Fut Msia (MYR/tonne)
Closing 50.35 80.70 10,135 20,145 1,250 2,831
Chg (%) 1.7 (0.1) 0.9 (0.1) (0.1) (1.5)
Source: Bloomberg
w w w . u t r a d e . c o . i d
1
I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
TRADERS’ CORN ER
Gudang Garam (GGRM IJ) Technical buy with 4,5% potential return Resistance : Rp67,750 & Rp68,750. Support : Rp65,000 & Rp64,400 Pergerakan harga saham GGRM pada perdagangan kemarin terlihat melakukan penguatan lanjutan dan membentuk candlestick bullish. Harga juga dapat bertahan diatas garis moving average 20harinya dan mendekati garis resistance di level Rp66,000. Jika terjadi penembusan terhadap garis resistance tersebut maka akan memicu penguatan lanjutan menuju area resistance berikutnya di level Rp68,750. Aksi beli dapat dilakukan di level Rp66,000 dengan target keuntungan di level Rp69,000.
Summarecon Agung (SMRA IJ) Technical buy with 9% potential return Resistance : Rp1,400 & Rp1,460 Support : Rp1,300 & Rp1,275 Harga saham SMRA melakukan rebound dengan membentuk pola pembalikan candlestick yang dinamakan pola hammer. Harga juga membentuk bullish candlestick pada perdagangan kemarin sehingga memberikan konfirmasi teknikal yang positif. Pergerakan indikator harian RSI juga menunjukkan hal yang sama dengan melakukan pembalikan setelah sempat melemah sebelumnya. Aksi beli dapat dilakukan di level Rp1,330 dengan target keuntungan di level Rp1,460.
w w w . u t r a d e . c o . i d
2
I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
CORPORATE NEWS Bank Permata (BNLI): Perseroan akan melakukan penawaran umum terbatas VIII sebanyak-banyaknya 24 miliar saham baru dengan nilai nominal Rp125 per saham. Rasio rights akan ditetapkan kemudian. Dana hasil rights issue akan digunakan untuk memperkokoh struktur permodalan perseroan dan seluruhnya akan digunakan untuk membiayai peningkatan aset produktif dalam rangka pengembangan usaha. (Kontan) Nippon Indosari Corpindo (ROTI): Perseroan menargetkan pendapatan tahun ini akan tumbuh 20% yoy menjadi Rp3 triliun seiring dengan penambahan 12 hingga 20 jenis produk baru. Sepanjang tahun ini perseroan juga mengalokasikan belanja modal sebesar Rp398 miliar untuk pemeliharaan dan perbaikan fasilitas produksi. (Kontan) Lotte Chemical Titan (FPNI): Perseroan akan meningkatkan utilitas pabrik polietilena hingga 90% dari saat ini hanya 76%. Produksi polietiliena tahun lalu mencapai 340.000 ton dari total kapasitas produksi sebesar 450.000 ton. Perseroan memasarkan sekitar 85% produksinya untuk pasar domestik dan 15% untuk pasar ekspor. Sekitar 50% penjualan domestik menyasar daerah Jabodetabek. (Kontan) Blue Bird (BIRD): Perseroan akan meremajakan sekitar 4.000 kendaraan yang sudah tua dengan dana belanja modal tahun ini yang mencapai Rp1 triliun. Saat ini perseroan memiliki 26.000 unit taksi reguler dan 1.000 unit taksi Silver Bird. Perseroan juga memiliki 600 unit bus dan 5.000 unit kendaraan yang bisa disewa. (Kontan) IPO: Industri dan Perdagangan Bintraco Dharma, perseroan yang bergerak di bidang perdagangan, diler resmi, jasa-jasa termasuk jasa pembiayaan yang berhubungan dengan kendaraan bermotor, melakukan penawaran umum perdana saham sebanyak 150 juta saham atau 10% dari modal ditempatkan dan disetor penuh dengan harga penawaran Rp1.750 per saham. Bertindak sebagai penjamin pelaksana emisi efek adalah Ciptadana Sekuritas Asia dan CIMB Sekuritas Indonesia. Masa penawaran umum tanggal 31 Maret – 4 April 2017, penjatahan tanggal 6 April 2017, refund tanggal 7 April 2017, listing di BEI pada tanggal 10 April 2017. (Bisnis Indonesia) Ekonomi RI: Berdasarkan conference summary Standard &Poor’s (S&P), S&P masih berat menaikkan peringkat (rating) Indonesia karena beberapa faktor yaitu 1) meski mulai konsisten, masih perlu kajian lebih lanjut atas keseimbangan fiskal, 2) pertumbuhan PDB masih lambat dan 3) ada kekhawatiran memburuknya kualitas kredit bank dan penurunan laba korporasi dalam jangka panjang. (Kontan) Kinerja 2016
Saham SCMA BEST GZCO BUKK TRAM MLPL KREN INKP TKIM MFIN APLI PUDP
Pendapatan 2016 2015 4,524.1 4,237.9 824.40 686.98 544.8 491.6 1,605.4 1,189.0 26.9 33.7 17,814.2 17,739.5 277.4 182.6 2,720.5 2,834.2 996.9 1,062.5 1,484.3 1,700.4 319.7 260.7 144.0 136.4
% 7% 20% 11% 35% -20% 0% 52% -4% -6% -13% 23% 6%
Laba(Rugi) Bersih 2016 2015 1,500.9 1,523.5 335.9 211.6 (1,535.0) (30.7) 65.2 58.6 (16.7) (69.2) 243.6 (1,180.7) 165.0 56.2 202.7 222.8 7.65 1.45 255.28 246.5 25.10 1.85 22.9 27.5
% -1% 59% 11% 194% -9% 428% 4% 1257% -17%
Keterangan: dalam miliar Rp kecuali TRAM, INKP, TKIM dalam juta US$
w w w . u t r a d e . c o . i d
3
I N D O N E S I A
R e t a i l
S ah am CSAP LT LS IN DS N RC A SPM A S S IA G GRM P JA A T OT O P O LY C P IN B IS I M PM X K LB F M API IM A S U LTJ T RS T B U DI M A IN W IIM M TD L A C ES K IJA R IC Y ES SA IBS T
M a r k e t
P e nd ap ata n 2 01 6 20 15 7 ,96 7.9 7 ,2 84 .5 6,4 38 .1 0 6,46 5.9 0 1 ,63 7.0 1 ,6 59 .5 2 ,47 6.3 3 ,6 00 .6 1 ,93 2.4 1 ,6 21 .5 3 ,79 6.9 4 ,8 67 .9 76 ,27 4.1 70 ,3 65 .6 1,28 4 1 ,13 2 2 ,06 9.0 2 ,2 78 .6 19 5.6 2 00 .5 38 ,25 6.8 29 ,9 20 .6 1 ,85 2.1 1 ,4 37 .5 17 ,72 2.5 16 ,6 39 .6 19 ,37 4.2 17 ,8 87 .4 14 ,14 9.6 12 ,8 32 .8 15 ,04 9.5 18 ,0 99 .9 4 ,68 5.9 4 ,3 93 .9 2 ,24 9.4 2 ,4 57 .3 2 ,46 7.6 2 ,3 78 .8 5 ,24 6.3 4 ,7 75 .0 1 ,68 5.8 1 ,8 39 .4 10 ,04 8.2 9 ,9 60 .1 4 ,88 4.1 4 ,6 94 .9 2 ,93 1.0 3 ,1 39 .9 1 ,22 1.5 1 ,1 11 .1 2 9.1 40 .5 70 3.1 5 06 .4
M o n i t o r
% 9% 0% -1 % -3 1% 1 9% -2 2% 8% 1 3% -9 % -2 % 2 8% 2 9% 7% 8% 1 0% -1 7% 7% -8 % 4% 1 0% -8 % 1% 4% -7 % 1 0% -2 8% 3 9%
Lab a(R u g i) B er sih 2 01 6 20 15 7 2.3 4 0.6 6 0.1 4.1 4 9.7 0.9 10 1.1 19 8.3 8 1.1 (4 2.6) 6 2.5 30 2.5 6,67 7.1 6 ,43 5.6 13 0.8 29 0.8 1 68 .6 0 2 85 .2 0 6 .0 2 2.3 2 ,2 20 .6 0 1,8 36 .9 0 33 6.1 26 3.9 3 60 .7 0 28 4.9 2 ,2 99 .7 0 2 ,00 4.2 2 08 .5 0 3 0.1 (2 89 .4 0) (4 5.7) 7 02 .3 0 5 19 .1 0 33 .7 9 25 .3 0 33 .6 5 19 .6 0 2 88 .5 0 ( 66 .0 1) 1 06 .1 5 1 30 .9 0 2 20 .6 6 2 26 .6 0 7 10 .5 8 5 88 .3 0 4 36 .6 0 3 38 .6 0 11 .4 7 11 .0 4 0 .2 7 5 .2 4 4 44 .8 5 3 14 .8 0
Fri day , 31 M ar c h 2017
% 7 8% 13 77 % 51 87 % -4 9% -7 9% 4% -5 5% -4 1% 16 4% 2 1% 2 7% 2 7% 1 5% 59 3% 3 5% 3 4% 7 2% -1 9% -3 % 2 1% 2 9% 4% -9 5% 4 1%
K e t er a n ga n : d ala m m ilia r R p k ec u a li P O L Y, ESS A d al am ju t a US $
Saham EPMT KINO GDST JPST CPRO CMNP IMPC ERAA MASA JSPT GDYR ECII GWSA DLTA PADI LPGI DMAS SMCB NIRO TELE PBRX ASRI SSMS
Pendapatan 2016 2015 18,936.2 17,476.1 3,493.0 3,603.8 757.2 913.8 89.8 135.3 8,597.2 8,975.1 2,311.7 1,523.6 1,135.3 1,147.8 20,547.1 20,007.6 229.8 237.0 1,078.6 1,136.4 154.5 154.6 1,659.8 1,780.6 141.4 83.7 1,658.6 1,573.1 7.9 19.2 1,147.8 1,076.9 1,593.8 2,285.9 9,458.4 9,239.0 263.6 505.1 27,310.1 22,039.7 482.2 418.5 2,715.9 2,783.7 2,722.6 2,371.8
% 8% -3% -17% -34% -4% 52% -1% 3% -3% -5% 0% -7% 69% 5% -59% 7% -30% 2% -48% 24% 15% -2% 15%
Laba(Rugi) Bersih 2016 2015 556.2 547.1 180.6 262.9 31.7 (55.2) (12.1) 20.1 (1,987.8) (1,200.0) 489.8 454.1 102.5 76.8 263.7 226.0 (6.7) (26.8) 124.5 212.1 1.7 (0.1) (32.2) 33.0 207.9 1,264.1 253.7 190.5 (13.4) (2.9) 83.2 77.7 757.2 1,367.9 (112.6) (150.9) (37.2) (33.5) 468.2 370.4 14.6 9.4 508.8 596.5 591.6 543.6
% 2% -31% -160% 8% 33% 17% -75% -41% -84% 33% 357% 7% -45% -25% 11% 26% 55% -15% 9%
Keterangan: d alam miliar Rp kecuali MASA, GDYR, PBRX dalam juta US$
w w w . u t r a d e . c o . i d
4
I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
Waran No.
Waran
Kode
1
WARAN SERI I BUANA LISTYA TAMA Tbk
BULL-W
170
22-Mei-14
2
WARAN SERI II KRESNA GRAHA SEKURINDO Tbk
KREN-W
180
08-Jul-14
3
WARAN SERI I POOL ADVISTA INDONESIA Tbk
POOL-W
262
11-Jul-14
4
WARAN SERI I STAR PETROCHEM Tbk
STAR-W
102
13-Jul-14
5
WARAN SERI V CLIPAN FI NANCE INDONESI A Tbk
CFIN-W5
450
06-Okt-14
6
WARAN SERI II ASURANSI MULTI ARTHA GUNA Tbk
AMAG-W2
175
09-Okt-14
7
WARAN SERI V PANIN FINANCIAL Tbk
PNLF-W5
130
07-Nop-14
8
WARAN SERI I CENTRAL OMEGA RESOURCES Tbk
DKFT-W
250
05-Des-14
9
WARAN SERI I EUREKA PRIMA JAKARTA Tbk
LCGP-W
0
10-Nop-14
WARAN SERI I INOVIS I INFRACOM Tbk WARAN SERI I BEKASI FAJAR INDUSTRI AL ESTATE Tbk
INVS-W
165 200
08-Mei-15 10-Apr-15
Waran Seri I Gading Development Tbk WARAN SERI I NIRVANA DEVELOPMENT Tbk
GAMA-W
13
NIRO-W
105 110
16-Jul-15 11-Sep-15
14
WARAN SERI I BANK SINAR MAS Tbk
BSIM-W
149
11-Des-15
15
WARAN SERI II SUGIH ENERGY Tbk
SUGI-W
100
21-Mei-15
16
Waran Seri I Bank Windu Kentjana International Tbk
MCOR-W
200
10-Jul-15
17
WARAN SERI I SOLUSI TUNAS PRATAMA Tbk
SUPR-W
4800 28-Agust-15
18 19
WARAN SERI II MOBILE-8 TELECOM Tbk WARAN SERI I NUSA RAYA CIPTA Tbk
FREN-W NRCA-W
1000 1.050
05-Jan-16 27-Jun-16
20
WARAN SERI VI BANK VICTORIA INTERNATIONAL Tbk
BVIC-W3
100
01-Jul-16
21
WARAN SERI I VICTORI A INVESTAMA Tbk
VICO-W
125
08-Jul-16
22
WARAN SERI II PANORAMA TRANSPORTASI Tbk
WEHA-W
175
12-Jul-16
23
WARAN SERI I MULTI AGRO GEMILANG PLANTATION Tbk
MAGP-W
160
15-Jul-16
24
MCOR-W2
25
WARAN SERI II BANK WINDU KENTJANA INTERNATIONAL Tbk WARAN SERI I TIPHONE MOBI LE INDONESIA Tbk
TELE-W
190 310
02-Des-16 10-Jan-17
26
WARAN SERI I ASURANSI MITRA MAPARYA Tbk
AS MI-W
360
13-Jan-17
27
WARAN SERI I BANK PANIN SYARIAH Tbk
PNBS-W
110
14-Jan-17
28
WARAN SERI II BANK SINARMAS TBK
BSIM-W2
250
29-Jun-17
29
Waran Seri I Trisula International Tbk
TRIS-W
300
28-Jun-17
30
Waran Seri I Tri Banyan Tirta Tbk
ALTO-W
260
07-Jul-17
31
BIPP-W
32
Waran Seri III Bhuwanatala Indah Permai Tbk WARAN SERI I SARASWATI GRIYA LESTARI Tbk
HOTL-W
100 220
13-Des-17 09-Jan-18
33
WARAN SERI II BANK CAPITAL INDONESIA Tbk
BACA-W
100
08-Okt-18
34
WARAN SERI I ARPENI PRATAMA OCEAN LINE Tbk
APOL-W
120
28-Jun-22
10 11 12
w w w . u t r a d e . c o . i d
BEST-W
EXE_Price
Maturity
5
I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
Disclosures/Disclaimers This report is prepared by PT UOB Kay Hian Sekuritas (“PT UOBKH”), a licensed broker dealer registered in the Republic of Indonesia and a member of the Indonesia Stock Exchange (“IDX”) This report is provided for information only and is not an offer or a solicitation to deal in securities or to enter into any legal relations, nor an advice or a recommendation with respect to such securities. This report is prepared for general circulation. It does not have regard to the specific investment objectives, financial situation and the particular needs of any recipient hereof. Advice should be sought from a financial adviser regarding the suitability of the investment product, taking into account the specific investment objectives, financial situation or particular needs of any person in receipt of the recommendation, before the person makes a commitment to purchase the investment product. This report is confidential. This report may not be published, circulated, reproduced or distributed in whole or in part by any recipient of this report to any other person without the prior written consent of PT UOBKH. This report is not directed to or intended for distribution to or use by any person or any entity who is a citizen or resident of or located in any locality, state, country or any other jurisdiction as PT UOBKH may determine in its absolute discretion, where the distribution, publication, availability or use of this report would be contrary to applicable law or would subject PT UOBKH and its associates and its officers, employees and representatives to any registration, licensing or other requirements within such jurisdiction. The information or views in the report (“Information”) has been obtained or derived from sources believed by PT UOBKH to be reliable. However, PT UOBKH makes no representation as to the accuracy or completeness of such sources or the Information and PT UOBKH accepts no liability whatsoever for any loss or damage arising from the use of or reliance on the Information PT UOBKH and its associate may have issued other reports expressing views different from the Information and all views expressed in all reports of PT UOBKH and its connected persons are subject to change without notice. PT UOBKH reserves the right to act upon or use the Information at any time, including before its publication herein. Except as otherwise indicated below, (1) PT UOBKH, its associates and its officers, employees and representatives may, to the extent permitted by law, transact with, perform or provide broking, underwriting, corporate finance-related or other services for or solicit business from, the subject corporation(s) referred to in this report; (2) PT UOBKH, its associate and its officers, employees and representatives may also, to the extent permitted by law, transact with, perform or provide broking or other services for or solicit business from, other persons in respect of dealings in the securities referred to in this report or other investments related thereto; (3) the officers, employees and representatives of PT UOBKH may also serve on the board of directors or in trustee positions with the subject corporation(s) referred to in this report. (All of the foregoing is hereafter referred to as the “Subject Business”); and (4) PT UOBKH may otherwise have an interest (including a proprietary interest) in the subject corporation(s) referred to in this report. As of the date of this report, no analyst responsible for any of the content in this report has any proprietary position or material interest in the securities of the corporation(s) which are referred to in the content they respectively author or are otherwise responsible for. IMPORTANT DISCLOSURES FOR U.S. PERSONS This research report is prepared by PT UOBKH, a company authorized, as noted above, to engage in securities activities in Indonesia. PT UOBKH is not a registered broker-dealer in the United States and, therefore, is not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report is provided for distribution by PT UOBKH (whether directly or through its US registered broker dealer affiliate named below) to “major U.S. institutional investors” in reliance on the exemption from registration provided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). All US persons that receive this document by way of distribution from or which they regard as being from PT UOBKH by their acceptance thereof represent and agree that they are a major institutional investor and understand the risks involved in executing transactions in securities. Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information provided in this research report should do so only through UOB Kay Hian (U.S.) Inc (“UOBKHUS”), a registered brokerdealer in the United States. Under no circumstances should any recipient of this research report effect any transaction to buy or sell securities or related financial instruments through PT UOBKH UOBKHUS accepts responsibility for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to and intended to be received by a U.S. person other than a major U.S. institutional investor. The analyst whose name appears in this research report is not registered or qualified as a research analyst with the Financial Industry Regulatory Authority (“FINRA”) and may not be an associated person of UOBKHUS and, therefore, may not be subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.
w w w . u t r a d e . c o . i d
6
I N D O N E S I A
R e t a i l
M a r k e t
M o n i t o r
Fri day , 31 M ar c h 2017
Analyst Certification/Regulation AC Each research analyst of PT UOBKH who produced this report hereby certifies that (1) the views expressed in this report accurately reflect his/her personal views about all of the subject corporation(s) and securities in this report; (2) the report was produced independently by him/her; (3) he/she does not carry out, whether for himself/herself or on behalf of PT UOBKH or any other person, any of the Subject Business involving any of the subject corporation(s) or securities referred to in this report; and (4) he/she has not received and will not receive any compensation that is directly or indirectly related or linked to the recommendations or views expressed in this report or to any sales, trading, dealing or corporate finance advisory services or transaction in respect of the securities in this report. However, the compensation received by each such research analyst is based upon various factors, including PT UOBKH total revenues, a portion of which are generated from PT UOBKH business of dealing in securities. Reports are distributed in the respective countries by the respective entities and are subject to the additional restrictions listed in the following table. General This report is not intended for distribution, publication to or use by any person or entity who is a citizen or resident of or located in any country or jurisdiction where the distribution, publication or use of this report would be contrary to applicable law or regulation. Hong Kong This report is distributed in Hong Kong by UOB Kay Hian (Hong Kong) Limited ("UOBKHHK"), which is regulated by the Securities and Futures Commission of Hong Kong. Neither the analyst(s) preparing this report nor his associate, has trading and financial interest and relevant relationship specified under Para. 16.4 of Code of Conduct in the listed corporation covered in this report. UOBKHHK does not have financial interests and business relationship specified under Para. 16.5 of Code of Conduct with the listed corporation covered in this report. Where the report is distributed in Hong Kong and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKHHK (and not the relevant foreign research house) in Hong Kong in respect of any matters arising from, or in connection with, the analysis or report; and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Hong Kong who is not a professional investor, or institutional investor, UOBKHHK accepts legal responsibility for the contents of the analyses or reports only to the extent required by law. Indonesia This report is distributed in Indonesia by PT UOB Kay Hian Sekuritas, which is regulated by Financial Services Authority of Indonesia (“OJK”). Where the report is distributed in Indonesia and contains research analyses or reports from a foreign research house, please note recipients of the analyses or reports are to contact PT UOBKH (and not the relevant foreign research house) in Indonesia in respect of any matters arising from, or in connection with, the analysis or report. Malaysia Where the report is distributed in Malaysia and contains research analyses or reports from a foreign research house, the recipients of the analyses or reports are to contact UOBKHM (and not the relevant foreign research house) in Malaysia, at +603-21471988, in respect of any matters arising from, or in connection with, the analysis or report as UOBKHM is the registered person under CMSA to distribute any research analyses in Malaysia. Singapore This report is distributed in Singapore by UOB Kay Hian Private Limited ("UOBKH"), which is a holder of a capital markets services licence and an exempt financial adviser regulated by the Monetary Authority of Singapore. Where the report is distributed in Singapore and contains research analyses or reports from a foreign research house, please note: (i) recipients of the analyses or reports are to contact UOBKH (and not the relevant foreign research house) in Singapore in respect of any matters arising from, or in connection with, the analysis or report; and (ii) to the extent that the analyses or reports are delivered to and intended to be received by any person in Singapore who is not an accredited investor, expert investor or institutional investor, UOBKH accepts legal responsibility for the contents of the analyses or reports only to the extent required by law. Thailand This report is distributed in Thailand by UOB Kay Hian Securities (Thailand) Public Company Limited, which is regulated by the Securities and Exchange Commission of Thailand. United This report is being distributed in the UK by UOB Kay Hian (U.K.) Limited, which is an authorised person in the meaning Kingdom of the Financial Services and Markets Act and is regulated by The Financial Conduct Authority. Research distributed in the UK is intended only for institutional clients. United This report cannot be distributed into the U.S. or to any U.S. person or entity except in compliance with applicable U.S. States of laws and regulations. It is being distributed in the U.S. by UOB Kay Hian (US) Inc, which accepts responsibility for its America contents. Any U.S. person or entity receiving this report and wishing to effect transactions in any securities referred to in (‘U.S.’) the report should contact UOB Kay Hian (US) Inc. directly.
Copyright 2017, PT UOB Kay Hian Sekuritas. All rights reserved. http://research.uobkayhian.com
w w w . u t r a d e . c o . i d
7