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 , 17 F ebr uar y 2017
PRICE CHART
MARKET NEWS
^JKSE - Weekly 2/10/2017 Open 5369.52, Hi 5400.17, Lo 5349.46, Clos e 5371.67 (0.2%) MA(Close,21) = 5,298.42
Indeks pada perdagangan kemarin bergerak fluktuatif antara teritori positif – negatif dalam kisaran 5357.71 – 5395.28. Pola pergerakan indeks tersebut mengindikasikan bahwa indeks masih berada di fase konsolidasi antara level 5335-5410. Indeks akhirnya ditutup melemah tipis -2.67 pada level 5378.00 dengan nilai transaksi mencapai Rp7.77 triliun. Menguatnya indeks global direspon netral oleh pelaku pasar BEI dan indeks kawasan regional yang cenderung mixed. Pergerakan saham-saham yang cenderung mixed dan diwarnai oleh aksi profit taking/jual pada saham-saham lapis kedua dan ketiga seperti BUMI (-11.44%), ELTY (-15.19%), DEWA (-16.25%), ENRG (-23.53%), UNSP (-16.67%), BRMS (-18.26%) dll.
5,500 5,400 5,371.67 5,298.42 5,300 5,200 5,100 5,000 4,900 4,800 4,700 4,600 4,500 4,400 4,300 4,200 4,100 4,000 3,900
2013
Apr
Jul
Oc t
2014
Apr
Jul
Oct
2015
Apr
J ul
Oct
2016
Apr
Jul
Oct
2017
3,800
^JKSE - RSI(14) = 57.00 70 56.9986
30 ^JKSE - Volume = 111,074,377,728.00, MA( Volume,5) = 80,920,666,112.00
111,074,377,728 80,000M 80,920,666,112 60,000M 40,000M 20,000M
Faktor global cenderung netral, indeks Dow Jones dan Nasdaq ditutup mixed-flat berturut-turut +0.04% dan -0.08%. Pola pergerakan indeks global tersebut menunjukkan indeks sedang melakukan konsolidasi, setelah mengalami penguatan signifikan dalam beberapa hari perdagangan terakhir. Namun demikian, pelaku pasar regional dan BEI diperkirakan masih akan dibayang-bayangi oleh kekhawatiran seiring dengan meningkatnya ekspektasi bahwa The Fed kemungkinan akan menaikkan suku bunga AS pada meeting bulan Maret 2017. Ketua The Fed Yellen menyatakan bahwa inflasi AS bergerak menuju target The Fed sebesar 2% dan ekonomi AS terus mengalami peningkatan. Sementara itu, Bank Indonesia kemarin kembali mempertahankan suku bunga acuan BI 7-Day RR pada level 4.75% atau sesuai dengan ekspektasi ekonom, sehingga pengaruhnya diperkirakan cenderung netral. Aspek teknikal, indeks BEI pada perdagangan hari ini diperkirakan akan bergerak naik setelah pada perdagangan kemarin sempat melakukan rebound pada sesi kedua dari level rendahnya. Range pergerakan indeks untuk hari ini diperkirakan berada di kisaran 5340-5415.
Created with Ami Brok er - adv anc ed c hart ing and tec hnic al analy s is s of t ware. ht tp: // www.am ibroker.c om
KEY INDICES
MSCI Indonesia MSCI Asia-Ex Japan KLCI FSSTI SET Hang Seng Nikkei Shanghai Comp Dow Jones
LPKR– BUY
INTP – BUY
Harga membentuk candlestick bullish sehingga aksi beli dapat dilakukan di level Rp765 dengan target keuntungan di level Rp805.
Pergerakan indikator harian masih positif dan diatas level 50 sehingga aksi beli dapat dilakukan di level Rp15,600 dengan target keuntungan di level Rp16,800.
6,217.2 563.9 1,707.6 3,096.7 1,576.1 24,107.7 19,347.5 3,229.6 20,619.8
YTD (%) 0.2 0.3 (0.1) 0.3 0.2 0.5 (0.5) 0.5 0.0
Source: Bloomberg
TOP VOLUME Stock Energi Mega Bakrieland Bumi Resources Darma Henwa Bakrie Sumatera
W H AT ’ S I N T H E PA C K
Chg (%) 11.8 1.7 (2.2) 8.2 2.7 112.8 (90.5) 16.6 7.9
Prev Close
Price (Rp) 52 67 356 67 55
Chg (%) (23.5) (15.2) (11.4) (16.3) (16.7)
Price (Rp) 2,580 4,840 23,825 1,700 3,500
Chg (%) 16.7 5.9 3.5 3.3 2.0
Price (Rp) 52 127 55 67 67
Chg (%) (23.5) (23.0) (16.7) (16.3) (15.2)
Vol (‘000) 5,894,760 3,374,199 1,491,315 1,101,146 777,339
TOP GAINERS Stock Medco Energi Bank Danamon United Tractors Adaro Energy Charoen Pokphand
Vol (‘000) 34,977 3,442 4,085 53,570 6,968
TOP LOSERS Stock Energi Mega Polaris Investama Bakrie Sumatera Darma Henwa Bakrieland
Vol (‘000) 5,894,760 58,781 777,339 1,101,146 3,374,199
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 53.36 80.00 11,070 19,700 1,237 3,151
Chg (%) 0.5 0.0 1.3 (0.9) 0.9 (4.7)
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 , 17 F ebr uar y 2017
TRADERS’ CORNER
Lippo Karawaci (LPKR IJ) Technical buy with 5% potential return Resistance : Rp780 & Rp805 Support : Rp745 & Rp715 Pergerakan harga saham LPKR pada perdagangan kemarin membentuk candlestick bullish dan menyentuh garis atas bollinger band. Hal ini diyakini akan kembali memicu penguatan lanjutan pada perdagangan hari ini. Pergerakan indikator harian RSI juga turut memberikan signal positif disertai dengan naiknya volume perdagangan yang cukup signifikan. Aksi beli dapat dilakukan di level Rp765 dengan target keuntungan di level Rp805.
Indocement Tunggal Prakarsa (INTP IJ) Technical buy with 7% potential return Resistance : Rp16,100 & Rp16,800 Support : Rp15,350 & Rp15,000 Walaupun pergerakan harga saham INTP belum memberikan signal yang positif, akan tetapi harga terlihat dapat bertahan diatas garis moving average 20-harinya. Pergerakan indikator harian RSI juga terlihat masih dapat bertahan diatas level 50 yang berarti masih di wilayah positif sehingga harga diperkirakan dapat melanjutkan penguatannya untuk beberapa hari mendatang. Aksi beli dapat dilakukan di level Rp15,600 dengan target keuntungan di level Rp16,800.
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 , 17 F ebr uar y 2017
CORPORATE NEWS Ekonomi RI: Bank Indonesia mempertahankan BI7-Day RR pada level 4.75%, setelah mempertimbangkan tantangan global seperti kebijakan fiskal dan perdagangan AS serta risiko meningkatnya inflasi seiring dengan kenaikan harga barang yang diatur oleh pemerintah. (Investor Daily) Neraca perdagangan Indonesia pada Januari 2017 mencatatkan surplus hingga US$1.4 miliar atau merupakan yang terbesar sejak Januari 2014. Hal tersebut ditopang oleh kenaikan ekspor sebesar 27.71% yoy menjadi US$13.38 miliar. Kenaikan ekspor tersebut lebih tinggi dari kenaikan impor Januari 2017 sebesar 14.54% yoy menjadi US$11.99 miliar. (Investor Daily) Pakuwon Jati (PWON): Perseroan melalui anak usahanya, Pakuwon Prima telah menerbitkan surat utang baru senilai US$250 juta atau Rp3.25 triliun. Surat utang tersebut dengan bunga sebesar 5% per tahun dan jatuh tempo pada 14 Februari 2024. Dana hasil penerbitan tersebut akan digunakan untuk melunasi surat utang lama yang akan jatuh tempo pada tahun 2019 dan tujuan umum Perseroan. (Investor Daily) Delta Dunia Makmur (DOID): Perseroan melalui anak usahanya, PT Bukit Makmur Mandiri Utama (BUMA) telah melunasi utang senilai US$454 juta pada 14 Februari 2017. Dana untuk pelunasan utang tersebut berasal dari hasil penerbitan senior notes senilai US$350 juta dan pinjaman bank senilai US$100 juta. Manajemen Perseroan menyatakan pelunasan utang lebih awal tersebut dapat meningkatkan kinerja keuangan Perseroan karena bunga utang baru lebih rendah dari bunga utang yang dilunasi. (Investor Daily) Atlas Resources (ARII): Perseroan dan anak usahanya melepas 100% saham PT Berau Bara Energi kepada PT Andalan Satria Permai senilai Rp50 miliar. (Investor Daily) Bank Permata (BNLI): Perseroan berencana melakukan rights issue tambahan senilai Rp3 triliun pada semester I tahun 2017. Perseroan pada Juni 2016 juga telah melakukan rights issue senilai Rp5.5 triliun sebagai bagian dari rencana untuk meningkatkan cadangan modal bank sebesar Rp8.5 triliun. (Investor Daily) Bank Maybank (BNII): Pendapatan bunga bersih 2016 naik 10.8% menjadi Rp6.61 triliun (vs 2015 sebesar Rp5.96 triliun) dan laba bersih 2016 naik 71% menjadi Rp1.95 triliun (vs 2015 sebesar Rp1.14 triliun). (Investor Daily) Bank Permata (BNLI): Pendapatan bunga bersih 2016 turun 5% menjadi Rp6.16 triliun vs laba bersih 2015 sebesar Rp6.49 triliun. Perseroan membukukan rugi bersih 2016 sebesar Rp6.48 triliun vs laba bersih 2015 sebesar Rp247 miliar. Kerugian Perseroan tersebut terutama berasal dari kerugian penurunan nilai aset keuangan (impairment) kredit sebesar Rp11.67 triliun. (Bisnis Indonesia) Unilever Indonesia (UNVR): Penjualan 2016 naik 9.58% menjadi Rp40 triliun vs penjualan 2015 sebesar Rp36.5 triliun. Laba bersih 2016 naik 9.2% menjadi Rp6.4 triliun vs laba bersih 2015 sebesar Rp5.8 triliun. (Bisnis Indonesia) Vale Indonesia (INCO): Produksi nikel matte Perseroan 2016 turun 4.43% menjadi 77,581 metrik ton vs produksi 2015 sebanyak 81,178 metrik ton. Penurunan produksi 2016 karena produksi 4Q16 sebesar 19,581 metrik ton atau 12.2% lebih rendah dari 4Q15 sebanyak 22,203 metrik ton. (Bisnis Indonesia) Metrodata Electronics (MTDL): Perseroan menargetkan pertumbuhan pendapatan sebesar 6% dan pertumbuhan laba bersih sebesar 9%-10% di tahun ini. Alokasi belanja modal sekitar Rp210 miliar. Perseroan juga berencana menambah merk baru asal mancanegera pada tahun ini dimana mayoritas atau 80% merk berupa kategori hardware. (Kontan) Nusa Konstruksi Enjiniring (DGIK): Perseroan menargetkan kontrak baru tahun ini sebesar Rp2.5 triliun atau 2.5 kali lipat lebih dibandingkan realisasi kontrak baru tahun lalu yang mencapai Rp963 miliar. 70% dari target kontrak baru tersebut dari proyek gedung sedangkan sisanya 30% dari kontruksi proyek infrastruktur. Perseroan juga mengalokasikan belanja modal sebesar Rp125 miliar tahun ini. (Kontan)
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
M a r k e t
M o n i t o r
Fri day , 17 F ebr uar y 2017
Adhi Karya (ADHI): Pendapatan 2016 naik 18% menjadi Rp11.06 triliun vs pendapatan 2016 sebesar Rp9.38 triliun. Laba bersih 2016 turun 32.3% menjadi Rp313.45 miliar vs laba bersih 2015 sebesar Rp463.68 miliar. (Bisnis Indonesia) Hanson International (MYRX): Perseroan menargetkan penjualan 200.000 unit rumah dari Proyek Citra Maja Raya dan Serpong Kencana mulai tahun ini hingga 5 tahun kedepan. Penjualan 200.000 unit rumah tersebut setara dengan marketing sales sekitar Rp50 triliun. Perseroan masih memiliki kurang lebih 3.700 ha tanah mentah yang belum dikembangkan. (Kontan)
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
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 , 17 F ebr uar y 2017
Disclosures/Disclaimers This report is prepared by PT UOB Kay Hian Securities (“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
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 , 17 F ebr uar y 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 Securities, 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 Securities. All rights reserved. http://research.uobkayhian.com
w w w . u t r a d e . c o . i d
6
