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
T ues day , 23 M ay 2017
PRICE CHART
MARKET NEWS
^JKSE - Weekly 5/12/2017 Open 5699.3, Hi 5745.85, Lo 5636.2, Close 5675.22 ( -0.1% ) MA(Close,21) = 5,448.42
5,800 5,675.22
Indeks pada perdagangan kemarin dibuka menguat signifikan karena masih adanya sentimen positif Standard & Poor’s menaikan peringkat utang RI menjadi investment grade. Namun demikian, penguatan harga yang begitu cepat dalam 2 hari terakhir dimanfaatkan investor untuk melakukan aksi profit taking. Indeks yang pada awal pembukaan sesi I menguat hingga level tertinggi 5874.44 langsung tertekan secara gradual dan akhirnya melemah hingga ke level 5743.39. Pergerakan indeks yang sangat fluktuatif dalam rentang lebar sekitar 131 poin tersebut memberikan sentimen negatif terhadap pergerakan saham-saham lapis kedua dan ketiga. Indeks akhirnya ditutup melemah -42.44 poin pada level 5749.44 dengan nilai transaksi sekitar level Rp7.13 triliun.
5,600 5,448.42 5,400
5,200
5,000
4,800
4,600
4,400
4,200
4,000
3,800
3,600 Jul
Oct
2013
Apr
Jul
Oct
2014
Apr
Jul
Oct
2015
Apr
Jul
Oct
2016
Apr
Jul
Oct
2017
Apr
^JKSE - RSI( 14) = 68.25 68.254 70
30 ^JKSE - Volume = 29,189,877,760.00, MA( Volume,5) = 28,577,568,768.00 80,000M 60,000M 40,000M 29,189,877,760 20,000M 28,577,568,768 Creat ed wi th Am iBroker - advanced chart ing and t echnical analy sis sof t ware. htt p:/ / www. amibroker.com
Indeks Dow Jones dan Nasdaq ditutup menguat masing-masing +0.43% dan +0.82% akibat reaksi positif investor terhadap berita kunjungan Trump ke Israel dan Arab Saudi akan membawa deal-deal yang dapat membawa stabilitas keamanan di kawasan Timur Tengah dan meningkatkan kerjasama perdagangan dengan AS. Saham-saham sektor pertahanan dan aerospace serta investasi mengalami penguatan dan memberikan kontribusi terhadap penguatan indeks global. Menguatnya indeks global diperkirakan cenderung netral pengaruhnya terhadap indeks kawasan regional yang pagi ini bergerak mixed sehingga pengaruhnya diperkirakan juga netral terhadap indeks BEI hari ini. Pola perdagangan kemarin yang sangat volatile mengindikasikan bahwa investor masih akan menunggu efek positif dari naiknya peringkat utang RI terhadap pertumbuhan ekonomi RI dan kinerja emiten di BEI. Aspek teknikal indeks, pergerakan indeks pada perdagangan kemarin sempat melemah tajam sehingga pergerakan hari ini diperkirakan akan mengalami rebound. Grafik volatilitas yang naik tajam menunjukkan bahwa pergerakan indeks akan terlihat bervariatif dalam waktu dekat ini. Range pergerakan indeks untuk hari ini diperkirakan akan berkisar di area 5650-5850.
W H AT ’ S I N T H E PA C K
WSKT – BUY
SMGR – BUY
Harga membuka gap up dan membentuk candlestick bullish sehingga aksi beli dapat dilakukan di level Rp2,410 dengan target keuntungan di level Rp2,650.
Harga kembali membentuk candlestick bullish sehingga aksi beli dapat dilakukan di level Rp9,400 dengan target keuntungan di level Rp9,875.
KEY INDICES Chg (%) (28.8) 5.8 6.7 (3.3) 8.1 216.5 87.5 (15.0) 90.0
Prev Close MSCI Indonesia MSCI Asia-Ex Japan KLCI FSSTI SET Hang Seng Nikkei Shanghai Comp Dow Jones
6,806.7 615.1 1,775.0 3,213.6 1,557.7 25,391.3 19,678.3 3,075.7 20,894.8
YTD (%) (0.4) 0.9 0.4 (0.1) 0.5 0.9 0.4 (0.5) 0.4
Source: Bloomberg
TOP VOLUME Stock Bumi Resources Elnusa Inti Agri Resources Darma Henwa Telkom Indonesia
Price (Rp) 398 320 238 54 4,470
Chg (%) 0.5 1.3 0.0 (1.8) (1.3)
Vol (‘000) 522,063 149,916 112,685 102,170 92,800
TOP GAINERS Stock Indah Kiat Bank Danamon Timah Wijaya Karya Panin Financial
Price (Rp) 2,640 5,425 910 2,380 242
Chg (%) 7.3 5.3 5.2 3.5 3.4
Vol (‘000) 10,143 8,344 19,008 51,685 41,093
TOP LOSERS
SSMS – BUY Beli dengan target harga Rp2,200
Stock Delta Dunia Bank CIMB Niaga Indika Energy Indo Tambangraya Trada Maritime
Price (Rp) 865 1,260 775 15,175 94
Chg (%) (5.5) (4.2) (3.7) (3.7) (3.1)
Vol (‘000) 51,549 13,788 46,882 3,504 22,908
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 50.73 74.80 9,395 20,480 1,256 2,900
Chg (%) 0.8 0.7 0.4 0.4 0.2 0.5
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
T ues day , 23 M ay 2017
MONEY TALK
BUY
SAWIT SUMBERMAS SARANA (SSMS IJ) VALUATION
Rekomendasi BUY dengan target harga Rp2,200 per saham berdasarkan rata-rata P/E selama 4 tahun terakhir sebesar 22.8x.
Share Price
Rp1,700
Target Price
Rp2,200
Upside
29.4%
INVESTMENT HIGHLIGHTS
Lokasi perkebunan yang strategis. Perkebunan perseroan dekat dengan pabrik pengolahan CPO milik pelanggan, pelabuhan Kumai, bandara Iskandar, dan berada sepanjang jalan Trans Kalimantan. Luas lahan total 95.770 ha yang berlokasi di Kalimantan Tengah dengan lahan yang telah tertanam sebanyak 70.240 ha. Perseroan masih memiliki 15.143 ha lahan yang belum tertanam sebagai dasar untuk ekspansi organik dengan rencana penanaman sekitar 4.000 ha hingga 5.000 ha per tahun. Pertumbuhan luas area tertanam mencapai CAGR sebesar 14.6% sepanjang 10 tahun terakhir.
Produktivitas perkebunan yang berada diatas rata-rata. Yield TBS (tandan buah segar) perseroan berada di level 19.2 metrik ton per ha di tahun 2016 atau diatas rata-rata sekitar 14.9 metrik ton per ha. Untuk Oil Extraction Rate (OER) di sekitar 23.4% dibandingkan rata-rata sebesar 22.4%. Sementara itu, yield CPO di sekitar 4.5 metrik ton per ha pada tahun 2016 atau diatas rata-rata sekitar 3.6 metrik ton per ha.
Kinerja operasional dan keuangan yang masih solid. Penjualan selama 2016 tercatat sebesar Rp2.7 triliun atau naik 14.8% ditengah terjadinya penurunan 9.8% yoy pada produksi CPO yang mencapai 289.653 metrik ton. Sepanjang kuartal I/2017, pertumbuhan penjualan mencapai 44.6% menjadi Rp715.4 miliar dari Rp494.5 miliar pada periode yang sama tahun lalu. Laba bersih tahun 2016 masih stabil dengan sedikit kenaikan 0.8% yoy menjadi Rp591.7 miliar. Sementara itu, laba bersih pada 1Q17 telah mencapai Rp239.1 miliar atau meningkat 60% dari Rp149.1 miliar pada 1Q16.
Expansi non organik dan peningkatan kapasitas pabrik. Perseroan akan melanjutkan strategi akusisi untuk penambahan lahan dengan target sekitar 80.000 ha hingga 2020. Sementara itu, perseroan juga menganggarkan belanja modal sebesar Rp350 miliar untuk membangun 2 pabrik pengolahan kelapa sawit. Utilisasi pabrik juga akan ditingkatkan dari saat ini 60% menjadi 80%-90% setelah akusisi lahan. Kapasitas pengolahan ditargetkan akan naik 180 MT per jam menjadi 555 MT per jam di tahun 2020.
Valuasi yang masih relatif murah. Berdasarkan rata-rata P/E selama 4 tahun terakhir sebesar 22.8x, saham SSMS memiliki nilai wajar pada Rp2,200 per saham. BUY
COMPANY DESCRIPTION Perseroan merupakan perusahaan kelapa sawit dengan tingkat efektifitas yang tinggi dan memiliki profil usia perkebunan yang menarik sehingga dipercaya dapat memberikan pertumbuhan usaha yang pesat dalam beberapa tahun kedepan. Saat ini kegiatan usaha utama perseroan dan entitas anak meliputi penanaman tanaman kelapa sawit, panen, dan pengolahan TBS yang menghasilkan CPO, inti sawit (palm kernel/PK), dan PKO dengan pangsa pasar di dalam negeri. GICS sector Bloomberg ticker:
Consumer Staples SSMS IJ
Shares issued (m):
9,525.0
Market cap (Rpbn):
16,192.5
Market cap (US$m):
1,217.2
3-mth avg t’over (US$m):
4.0
PRICE CHART
KEY FINANCIALS Year to 31 Dec (Rpbn) Net turnover EBITDA Operating profit Net profit (rep./act.) EPS P/E (x) P/BV (x) Dividend yield (%) Net margin Net debt/(cash) to equity (%) Interest coverage (x) ROE (%)
2014
2015
2016E
2017F
2018F
2,616 1,172 976 719 75.0 21.95 5.79 0.014 28.1% 0.57 4.84 29.4%
2,372 1,105 899 561 58.9 34.29 6.16 n.a 22.8% 87.99 4.74 18.8%
2,723 1,223 981 592 62.1 22.54 3.86 n.a 21.7% 83.09 6.38 18.3%
3,122 n.a 1,178 733 77.0 22.08 4.06 n.a 23.5% 0.00 0.00 18.4%
4,439 n.a 1,733 1,181 124.0 13.71 3.32 n.a 26.6% 0.00 0.00 24.2%
Source: Bloomberg
ANALYST Suradi Tanadi +62 21399 33970
[email protected]
Source: SSMS, Bloomberg, UOB Kay Hian
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
T ues day , 23 M ay 2017
MONEY TALK
Bloomberg Consensus Recommendation 7/29/2016 Target Price Upside
Buy 100%
Income Statement Revenue Gross Income Operating Income Pretax Income Net Income Adjusted* EPS Adjusted Dividends Per Share Payout Ratio (%) EBITDA
12/15 2372 1247 899 775 561 59 n.a n.a 1105
12/16E 2723 1466 981 847 592 62 n.a n.a 1223
Sell 0%
Hold 0% 2,000 16%
12/17F 3122 1695 1178 968 733 77 n.a n.a n.a
12/18F 4439 2424 1733 1560 1181 124 n.a n.a n.a
Price @ 22 Mei 17
Valuation Ratios P/E EV/EBIT EV/EBITDA P/S P/B Div Yield Profitability Ratios % Gross Margin EBITDA Margin Operating Margin Profit Margin Return on Assets Return on Equity
Peer Comparison
Ticker
Astra Agro Lestari PP London Sumatera Sampoerna Agro Eagle High Plantations Average Sawit Sumbermas Sarana
AALI IJ LSIP IJ SGRO IJ BWPT IJ
14,550 1,505 2,010 284
Market Cap (Rpbn) 28,004.2 10,268.4 3,798.9 8,953.2
SSMS IJ
1,700
16,192.5
-----PE----FY14 FY15 (x) (x) 9.75 39.44 11.34 16.70 11.28 15.50 10.91 n.a. 10.8 23.9 22.4 29.9
12/15 34.3 23.6 19.2 7.8 6.2 -
12/16E 22.5 16.5 13.3 4.9 3.9 -
12/17F 22.1 5.2 4.1 -
12/18F 13.7 3.6 3.3 -
52.6 46.6 37.9 22.8 7.9 18.8
53.8 44.9 36.0 21.7 8.4 18.3
54.3 37.7 23.5 8.5 18.4
54.6 39.0 26.6 12.0 24.2
-----P/B----FY14 FY15 (x) (x) 2.14 2.16 1.48 1.41 1.29 1.20 1.34 1.40 1.6 1.5 5.9 5.4
Yield FY15 (%) 0.00 2.43 1.23 n.a. 1.2 n.a.
Source: Bloomberg, UOB Kay Hian
Technical View S SMS .JK - We e k l y 5 /2 2 /2 0 17 Op e n 1 6 9 5 , Hi 1 7 3 5 , L o 1 6 9 0 , Cl o s e 1 7 1 0 (1 .2 % ) MA(C lo s e ,2 0 ) = 1 ,6 1 4 .7 5 2 ,4 0 0
Sawit Sumbermas Sarana (SSMS IJ)
2 ,3 0 0 2 ,2 0 0
2 ,1 0 0
2 ,0 0 0
Resistance: Rp1,760/Rp1,920 Support: Rp1,625/Rp1,520
1 ,9 0 0
1 ,8 0 0 1 ,7 1 0 1 ,7 0 0 1 ,6 1 4 .7 5 1 ,6 0 0
1 ,5 0 0
1 ,4 0 0
1 ,3 0 0 1 ,2 0 0
1 ,1 0 0
1 ,0 0 0
J ul
O ct
2015
Ap r
Ju l
Oc t
2016
Ap r
J ul
O ct
2017
Ap r
S SMS .JK - R SI(1 4 ) = 5 6 .6 4 70 5 6 .6 3 6 4
Target Harga: Rp2,050 Outlook: Grafik mingguan SSMS menunjukkan trend konsolidasi. Hal ini terlihat dari pembentukan pola pennant disertai dengan menurunnya volume. Namun demikian, untuk outlook jangka panjang, trend masih bergerak ke arah bullish. Hal ini terlihat dari garis moving average 20minggu yang masih bergerak naik. Selain itu, indikator mingguan juga masih bertahan diatas garis tengahnya yang merupakan daerah bullish. Pergerakan harga sepanjang tahun 2015-2016 berkisar di Rp1,500 – Rp2,050, sehingga diyakini harga juga akan menyentuh range atas setelah sempat terpuruk ke level Rp1,300 akhir tahun lalu.
30 S SMS .JK - Vo l u m e = 1 0 ,5 4 4 ,600 .0 0 , MA( Vo lu m e ,5 ) = 8 4 ,4 1 8 ,8 5 6 .0 0
350M 300M 250M 200M 8 4 ,4 1 8 5 ,8 0M 56 14 0 ,6 0M 1 0 ,5 4 00
Cre ated with AmiBrok er - adv a nce d c harti ng a nd te chn ic al ana ly s is s oftware . h ttp ://www.a mi brok er.co m
w w w . u t r a d e . c o . i d
Strategi: Harga berpotensi untuk melaju ke level Rp2,050 yang juga merupakan level resistance kunci. Aksi beli di level harga sekarang merupakan risk-reward ratio yang cukup menarik dan harga berada di dekat daerah support.
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
T ues day , 23 M ay 2017
TRADERS’ CORNER
Waskita Karya (WSKT IJ) Technical buy with 10% potential return Resistance : Rp2,500 & Rp2,650 Support : Rp2,310 & Rp2,230 Pergerakan harga saham WSKT pada perdagangan kemarin sempat membuka gap up dan membentuk candlestick bullish yang signifikan. Hal ini merupakan signal teknikal positif dan diperkirakan masih akan terus berlanjut pada perdagangan hari ini. Pergerakan indikator terlihat membentuk convergence sehingga aksi beli dapat dilakukan di level Rp2,410 dengan target keuntungan di level Rp2,650.
Semen Indonesia (SMGR IJ) Technical buy with 5% potential return Resistance : Rp9,675 & Rp9,875 Support : Rp9,225 & Rp9,025 Pergerakan harga saham SMGR kembali membentuk candlestick bullish. Harga juga sudah beberapa kali menyentuh garis atas bollinger band sehingga pergerakan hari ini diperkirakan masih akan terus menguat. Pergerakan indikator harian RSI juga masih mendukung pergerakan harga disertai dengan peningkatan volume perdagangan yang cenderung meningkat. Aksi beli dapat dilakukan di level Rp9,400 dengan target keuntungan di level Rp9,875.
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
T ues day , 23 M ay 2017
CORPORATE NEWS IPO: Trafoindo Prima Perkasa Tbk, menetapkan harga penawaran saham IPO pada level Rp320-400 per saham berdasarkan proyeksi price earning to ratio sebesar 9x12x. Perseroan menargetkan perolehan dana sebesar Rp384.52 miliar hingga Rp480.65 miliar dari penawaran saham IPO sebanyak 1.2 miliar saham. (Investor Daily) Indocement Tunggal Perkasa (INTP): Perseroan akan membagikan dividen sebesar Rp929 per saham atau setara dengan 88.4% dari laba bersih 2016 sebesar Rp3.87 triliun. Cum dividen di pasar reguler pada tanggal 30 Mei 2017 dan dividen akan dibayarkan pada tanggal 22 Juni 2017. (Investor Daily) Elnusa (ELSA): Perseroan akan membagikan dividen sebesar Rp4.26 per saham dengan cum dividen di pasar reguler tanggal 29 Mei 2017. (Investor Daily) Voksel (VOKS): Perseroan akan membagikan dividen sebesar Rp20 per saham dengan cum dividen di pasar reguler tanggal 29 Mei 2017. (Bisnis Indonesia) Mitra Pinasthika Mustika (MPMX): Perseroan akan membagikan dividen final sebesar Rp25 per saham dengan cum dividen di pasar reguler tanggal 29 Mei 2017. (Bisnis Indonesia) IPO: PT Integra Indocabinet Tbk, akan melakukan penawaran perdana saham (IPO) sebanyak 2.69 miliar saham atau setara dengan 35% dari modal disetor penuh dan ditempatkan setelah IPO. Perseroan bergerak di bidang produksi mebel berbahan dasar kayu dan produk kayu lainnya, konsesi hutan, ritel dan distribusi mebel serta perlengkapan dekorasi rumah. Dana IPO akan digunakan untuk belanja modal sebesar 56%, pelunasan utang sebesar 33%, dan sisanya untuk modal kerja. Masa penawaran awal tanggal 24 Mei – 6 Juni 2017, masa penawaran umum tanggal 19-20 Juni 2017 dan perkiraan listing tanggal 23 Juni 2017. Bertindak sebagai penjamin pelaksana emisi adalah PT Bahana Sekuritas, DBS Vickers, dan BCA Sekuritas. (Investor Daily) Puradelta Lestari (DMAS): Perseroan pada 2Q17 akan menjual lahan seluas 7 ha sehingga total lahan yang telah dijual pada 1H17 ditargetkan sebesar 36 ha (60% dari target penjualan lahan 2017 sebesar 60 ha). Perseroan pada tahun ini menganggarkan belanja modal sebesar Rp900 miliar dan sekitar Rp700 miliar akan digunakan untuk pengembangan infrastruktur kawasan. Sementara itu, Perseroan akan membagikan dividen sebesar Rp15 per saham atau setara dengan 95% dari laba bersih 2016. (Bisnis Indonesia) Pan Brothers (PBRX): Perseroan membangun 2 pabrik baru di bawah bendera PT Eco Smart Garment di Jawa Tengah dan ditargetkan selesai pada akhir 2017. Kedua pabrik tersebut membutuhnya investasi sebesar US$30 juta dan memiliki kapasitas sebesar 21 juta potong garmen. Perseroan pada tahun ini menganggarkan belanja modal sebesar US$37 juta yang akan digunakan untuk pembangunan pabrik sebesar US$30 juta dan sisanya untuk pemeliharaan mesin-mesin. (Bisnis Indonesia) Lautan Luas (LTLS): Perseroan melakukan penawaran umum obligasi berkelanjutan II Lautan Luas dengan total nilai emisi sebesar Rp1 triliun. Untuk tahap I perseroan akan menawarkan obligasi dengan nilai sebesar Rp200 miliar. Obligasi ini terdiri dari 2 seri yaitu seri A dengan tenor 3 tahun dan seri B dengan tenor 5 tahun. Perseroan sudah mendapatkan hasil pemeringkatan dari Pefindo dengan peringkat idA- (Single A minus). Dana yang diperoleh akan digunakan sebagai modal kerja. Masa penawaran awal akan dimulai pada 23 Mei – 5 Juni 2017. (Kontan)
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
T ues day , 23 M ay 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
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
T ues day , 23 M ay 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
7
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
T ues day , 23 M ay 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 2016, 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
8
