Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH Penutupan Americas INDU Index 17,732.75 SPX Index 2,081.24 CCMP Index 5,073.64 IBOV Index 48,138.89 EMEA UKX Index 6,329.93 CAC Index 4,915.10 RTSSTD Index 12,062.29 IBEX Index 10,354.70 FTSEMIB Index 22,191.99 AEX Index 469.00 SMI Index 9,008.65 Asia / Pacific NKY Index 19,745.33 HSI Index 22,500.22 SHCOMP Index 3,617.06 TWSE Index 8,477.20 KOSPI Index 1,990.90 JCI Index 4,518.94 SET Index 1,384.97 PCOMP Index 6,825.38 SENSEX Index 25,841.92 FSSTI Index 2,919.83 Deskripsi Kapitalisasi Pasar (IDR Triliun) Volume Transaksi (Juta Saham) Nilai Transaksi (IDR Juta) Nilai/ saham (IDR) Net Asing (IDR Juta) Komoditas Nikel/Nickel (US$/Ton) Tembaga/Copper (US$/Ton) Timah/Tins (US$/Ton) Minyak/Oil (US$/BBL) (*) Gas (US$/MMBTU) Batu Bara/Coal (US$/Ton) (**) Emas/Gold (USD/OZ) CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton) (*) WTI Cushing (**) McCloskey Newscatle ADR Stocks Saham Telkom
Bloomberg Code Kode TLK US
Perubahan
%Prb
%Ytd
P/E
PERKIRAAN PASAR HARI INI
-4.41 -2.34 -1.564 703.31
-0.02 -0.11 -0.03 1.48
(0.51) 1.09 7.13 (3.74)
15.84 18.59 30.84 27.89
Sentimen Regional Memicu Penguatan Terbatas IHSG
50.96 8.38 8.85 93.6 100.43 3.07 17.69
0.81 0.17 0.07 0.91 0.45 0.66 0.20
(3.60) 15.03 29.72 0.73 16.73 10.49 0.28
28.87 22.53 9.26 20.06 3.88 25.92 18.45
-114.48 311.96 48.594 136.73 1.99 21.03 8.15 52.46 359.4 33.75 Terakhir 4,767.97 2,935.00 3,681.00 1,254.17 (66,046.38)
-0.58 1.41 1.36 1.64 0.10 0.47 0.59 0.77 1.41 1.17
13.15 (4.68) 11.82 (8.92) 3.93 (13.55) (7.53) (5.60) (6.03) (13.23) Sebelumnya 4,748.02 2,193.38 3,107.82 1,416.91 (3,436.00)
20.55 9.89 18.95 13.36 13.39 25.59 18.10 19.58 20.52 13.54 %Prb 0.42 33.81 18.44 -11.49 1,822.19
Sebelumnya 8,980.00 4,611.00 14,600.00 40.75 1.96 52.75 1,082.20 607.50 2,099.00
%Prb -0.33 0.42 0.34 -0.52 5.83 0.00 -0.05 0.82 -0.33
Terakhir 8,950.00 4,630.50 14,650.00 40.54 2.08 52.75 1,081.69 612.50 2,092.00
Terakhir (US$) Last (US$) 41.10
% Prb %Change -0.24
Konversi (Rp) Conv (Rp) 14,021.27
Indeks global kembali ditutup bervariasi pada perdagangan semalam. Mayoritas indeks AS melemah, dimana Dow melemah tipis 0,02% ke level 17.732. Berbeda dengan indeks zona Eropa yang ditutup menguat rata-rata 0,6% setelah pada perdagangan sebelumnya melemah rata-rata 0,5%. Saat ini, minyak dunia berada di level USD 40,62 per barrel. Pelaku pasar nampaknya sudah siap mengantisipasi kemungkinan dari kenaikan Fed Fund Rate pada bulan Desember mendatang. Apalagi The Fed mengisyaratkan suku bunga nantinya akan dinaikkan secara bertahap. Kami menilai keputusan menaikkan suku bunga secara bertahap ini jauh lebih baik bagi pasar daripada ketidakpastian kapan suku bunga The Fed akan dinaikkan. Terlihat pergerakan indeks global dan regional pada perdagangan kemarin merespon positif risalah The Fed tersebut. Disisi lain, tertahannya laju indeks AS pada perdagangan semalam dipicu oleh earning result dari beberapa emiten di AS yang mengecewakan. Padahal data klaim penggangguran di AS mencatatkan penurunan dari sebelumnya 276.000 menjadi 271.000. Seiring itu pada indeks domestik, IHSG ditutup menguat 0,5% ke level 4.518 pada perdagangan kemarin. Laju IHSG kemarin ditopang oleh pergerakan indeks regional yang menguat setelah pengumuman risalah The Fed. Meskipun demikian, kami melihat perdagangan IHSG kemarin cenderung sepi, dan investor asing pun kemarin masih mencatatkan penjualan bersih senilai Rp 66 miliar. Kami memprediksikan IHSG hari ini kembali melanjutkan penguatannya ditopang oleh sentimen positif indeks regional. Kendati demikian, laju pergerakan IHSG hari ini cenderung tertahan merespon keputusan Bank of Japan yang akan tetap mempertahankan target quantitative easing nya senilai USD 80 triliun per tahun dan tidak akan menambah stimulus moneternya meski saat ini perekonomian Jepang kembali memasuki masa resesi. Adapun saham pilihan kami hari ini antara lain BBRI, TLKM, UNTR, JSMR, PWON, ANTM, SILO, dan SIDO dengan rentang indeks antara 4.485 – 4.550. Analyst: Thennesia Debora (
[email protected])
Terakhir (Rp) Last (Rp) 2,815.00
Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id
Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH
RINGKASAN BERITA
Perusahaan reasuransi PT Maskapai Reasuransi Indonesia Tbk (MREI) atau Marein mencatat kinerja laba yang lumayan hingga bulan September kemarin. Hal tersebut diantaranya terbantu oleh kinerja underwriting yang lebih baik.
diberi nama PT Sky Vision Network (SVN) pada tahun depan. Tak hanya itu, SVN juga akan melantai di Bursa Efek Indonesia (BEI). PT Kalbe Farma Tbk (KLBF) ingin mengembangkan produk vitamin dan suplemen premium. Maka, emiten farmasi ini menggandeng perusahaan asal Australia, Blackmores Ltd. KLBF bersama Blackmores melalui anak usahanya masing-masing PT Sanghiang Perkasa dan Blackmores International Pte Ltd, mendirikan PT Kalbe Blackmores Nutrition.
PT Kresna Graha Investama Tbk
(KREN), emiten investasi
menyatakan akan melakukan penawaran umum saham perdana (Initial Public Offering/IPO) pada anak usahanya yakni PT Kresna Life. Langkah tersebut dilakukan guna mengembangkan usaha perseroan kedepannya.
Operator di sektor jalan tol, PT Citra Marga Nusaphala Persada Tbk (CMNP) mengalokasikan belanja modal (capital expenditure/capex) sebesar Rp 2,9 triliun pada tahun 2016, atau melonjak signifikan dari tahun ini sebesar Rp 1,134 triliun. Dananya digunakan untuk konstruksi pembangunan dua jalan tol yang sedang dalam tahap konstruksi.
PT Benakat Integra Tbk (BIPI) bakal menggarap proyek pembangkit listrik tenaga uap (PLTU) berkapasitas 35 megawatt (MW) pada 2016.
PT Bank Tabungan Pensiunan Negara (BTPN) akan membantu mengimplememtasikan program laku pandai ke pelaku Usaha Mikro Kecil dan Menengah (UMKM) di Provinsi Sulawesi Utara (Sulut).
Top Value (IDR) 236,620,300,000 221,847,500,000 211,687,100,000 200,198,800,000 175,723,500,000
No 1 2 3 4 5
Stock ANTM IJ MYRX IJ BIPI IJ LPKR IJ SIMA IJ
Top Volume (Shares) 486,667,100.00 154,753,000.00 122,811,400.00 105,147,100.00 100,010,800.00
No Top Gainers 1 ANTM IJ 2 INDX IJ 3 PGLI IJ 4 BACA IJ 5 PJAA IJ
% change 20.78 19.2 16.92 14.29 14.08
No 1 2 3 4 5
% change -10 -9.73 -9.66 -9.51 -9.35
Top Losers MTSM IJ SDMU IJ JAWA IJ KARW IJ SAFE IJ
No Leading Movers 1 PGAS IJ 2 BMRI IJ 3 BBNI IJ 4 INDF IJ 5 CPIN IJ
% change 5.67 1.74 3.48 4.63 4.14
No Lagging Movers 1 ASII IJ 2 TLKM IJ 3 BBCA IJ 4 TOWR IJ 5 HMSP IJ
% change -1.57 -1.23 -0.96 -4.43 -0.67
PT Bank Mandiri Tbk (BMRI) memprediksi penurunan giro wajib minimum (GWM) primer dalam rupiah dari 8% menjadi 7,5% oleh Bank Indonesia akan berefek positif ke kinerja perseroan.
Stock BBRI IJ BBCA IJ TLKM IJ ASII IJ PGAS IJ
Grup MNC akan merestrukturisasi perusahaannya. PT Global Mediacom Tbk (BMTR) berencana membentuk anak usaha yang
No 1 2 3 4 5
14,990 5,000
12,310
4,500
9,630
4,000
6,950
3,500
4,270
PT Waskita Karya Tbk (WSKT) menjajaki pinjaman sekitar Rp 2-3 triliun dari sejumlah bank BUMN. Kredit tersebut akan digunakan untuk mendanai konstruksi proyek kereta api ringan (light rail transit/LRT) di Palembang yang senilai Rp 5 triliun. (Sumber : IQplus, Kontan, Indonesia Finance Today)
Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id
3,000 1-Jan
1,590 11-Mar
20-May
29-Jul
7-Oct
Volume (RHS) (Bn Shares)
JCI (LHS)
16-Dec
Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH TARGET HARGA SAHAM Market Capitalization (Bn)
EPS Growth PER 1 Year FY15F
PBV FY15F
PEG DER (x) ROE (%) Ratio
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2015
TP (Rp/share) 2015
Banking BBCA IJ Equity BBNI IJ Equity BBRI IJ Equity BMRI IJ Equity BBTN IJ Equity Average
330,377 102,568 255,943 233,333 12,839 187,012
15.62 19.05 1.30 9.16 27.60 14.55
15.02 8.10 13.50 9.43 8.90 10.99
4.20 1.79 2.20 2.41 0.90 2.30
1.43 0.45 0.59 0.65 0.30 0.68
0.08 0.10 0.12 0.07 0.09 0.09
17.00 24.00 23.10 22.20 11.10 19.48
0.84 -21.08 -1.92 -14.33 -9.50 -9.20
50.84 39.82 43.25 40.00 38.92
BUY NOT RATED BUY UNDER REVIEW BUY
15,800 13,500 1,200
Cement INTP IJ Equity SMGR IJ Equity SMBR IJ Equity SMCB IJ Equity Average
77,214 68,657 3,030 11,494 40,099
5.20 3.60 -10.35 -29.98 -7.88
16.29 16.12 13.76 29.07 18.81
3.25 3.42 0.87 2.18 2.43
-19.59 -19.58 -1.61 5.30 -8.87
0.01 0.16 0.01 0.62 0.20
19.98 21.21 6.30 7.50 13.75
-10.20 -24.98 -18.55 -42.85 -24.15
35.97 48.99 23.76 19.36
HOLD HOLD HOLD HOLD
17,400 10,850 334 1,020
Telecommunication TLKM IJ Equity ISAT IJ Equity Average
294,336 21,736 158,036
1.63 28.57 15.10
9.24 23.70 16.47
3.81 1.40 2.61
0.88 1.07 0.98
0.10 1.50 0.80
16.20 6.30 11.25
13.90 9.44 11.67
48.81 20.71
BUY BUY
3,300 4,500
Transportation GIAA IJ Equity TAXI IJ Equity SOCI IJ Equity WINS IJ Equity Average
11,331 2,189 3,882 1,300 4,675
-3594.00 -10.82 -25.18 -1210.00
10.28 15.12 6.81 6.95 11.69
0.80 2.16 1.15 0.58 1.44
-0.09 1.09 0.15 0.54 0.38
0.91 1.57 0.71 0.48 1.05
7.82 14.28 16.90 8.28 12.93
0.23 -13.81 -74.21 -29.26
13.53 49.00 15.00 42.44
BUY BUY BUY UNDER REVIEW
600 925 825 -
Automotive ASII IJ Equity IMAS IJ Equity Average
274,276 9,637 141,957
-1.17 -127.70 -64.44
14.86 42.83 28.84
2.73 1.32 2.02
-25.96 -0.09 -13.03
0.73 2.33 1.53
18.40 6.06 12.23
-5.12 -27.86 -16.49
49.85 10.46
HOLD HOLD
6,580 3,500
PBV FY15F
PEG Ratio
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2015
TP (Rp/share) 2015
Market Capitalization (Bn)
EPS Growth PER 1 Year FY15F
DER (x) ROE (%)
Construction WIKA IJ Equity ADHI IJ Equity PTPP IJ Equity WSKT IJ Equity TOTL IJ Equity WTON IJ Equity Average
18,263 4,170 18,813 24,346 3,001 9,543 13,023
7.81 -20.17 26.44 35.86 -15.76 6.84
23.90 10.77 24.56 35.06 15.56 25.05 22.48
3.79 1.98 6.19 5.86 3.23 3.90 4.16
1.51 0.74 0.72 1.20 0.99 3.12 1.38
0.76 1.16 1.01 1.11 0.00 0.09 0.69
15.85 18.41 25.23 16.72 20.73 15.55 18.75
23.25 -25.72 94.09 139.91 15.70 39.44 47.78
34.87 49.00 49.00 48.48 33.68 27.80
HOLD BUY BUY BUY BUY BUY
3,180 2,550 4,090 2,050 840 1,090
Infrastructure PGAS IJ Equity JSMR IJ Equity Average
102,542 40,460 71,501
-25.00 36.56 5.78
12.48 23.10 17.79
2.54 3.49 3.02
-0.98 1.25 0.13
0.68 1.35 1.02
20.35 15.11 17.73
-20.47 -0.23 -10.35
43.03 29.99
HOLD BUY
3,000 6,500
Oil & Gas MEDC IJ Equity ELSA IJ Equity RUIS IJ Equity ENRG IJ Equity Average
8,248 3,474 177 3,214 3,778
-17.63 72.15 88.12 -78.83 15.95
90.22 17.48 5.17 8.44 0.77
0.78 1.37 0.66 0.46 371.08
-5.12 0.24 0.06 -0.11 -0.11
1.20 0.48 2.52 1.09 1.47
0.87 8.09 13.50 5.51 12.87
-28.86 -13.05 16.81 -25.00 -12.53
49.00 41.08 32.26 93.46
HOLD Not Rated Not Rated HOLD
2,525
Property ASRI IJ Equity APLN IJ Equity BKSL IJ Equity BSDE IJ Equity CTRA IJ Equity CTRP IJ Equity CTRS IJ Equity BEST IJ Equity SSIA IJ Equity MDLN IJ Equity PWON IJ Equity LPKR IJ Equity SMRA IJ Equity KIJA IJ Equity Average
11,200 7,442 2,951 32,623 19,109 3,444 5,007 4,206 4,352 6,392 20,083 27,462 25,319 5,281 12,491
25.17 0.41 -91.53 37.37 35.09 -6.69 30.80 -47.84 -39.69 -70.99 122.07 107.38 26.86 297.85 30.45
7.92 7.65 12.14 12.83 14.19 6.57 9.20 8.18 9.68 9.27 10.11 15.10 18.15 7.10 10.58
1.59 1.06 0.53 2.11 2.56 0.93 1.83 1.22 1.59 1.20 2.96 1.65 3.97 0.97 1.73
0.33 0.51 0.03 -0.42 1.68 0.18 0.92 0.41 0.61 -4.32 -0.56 -0.44 -3.22 0.08 -0.30
1.08 1.01 0.26 0.28 0.54 0.60 0.15 0.16 0.48 0.68 0.63 0.64 0.80 0.62 0.57
20.06 13.85 4.35 16.41 18.00 14.10 19.90 14.95 16.46 12.90 29.28 10.94 21.90 13.65 16.20
14.41 22.00 -24.61 7.75 15.53 -24.50 14.19 -7.58 23.38 25.73 12.76 17.31 49.92 11.49 11.27
48.30 29.86 67.19 38.06 69.17 43.75 37.34 41.97 68.45 64.04 42.38 100.00 67.69 80.03
BUY HOLD HOLD BUY HOLD HOLD BUY BUY BUY HOLD BUY HOLD BUY BUY
570 395 90 2,260 980 470 3,040 445 1,010 435 520 1,260 1,580 350
Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id
120
Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH TARGET HARGA SAHAM Market Capitalization (Bn)
EPS Growth PER 1 Year FY15F
PBV FY15F
PEG DER (x) ROE (%) Ratio
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2015
TP (Rp/share) 2015
Agriculture AALI IJ Equity BWPT IJ Equity LSIP IJ Equity SGRO IJ Equity SIMP IJ Equity Average
39,920 12,547 10,746 3,166 9,569 15,189
-60.04 -27.82 -17.83 -49.46 -57.26 -42.48
31.09 2.81 11.40 18.40 20.06 16.75
2.79 0.61 1.13 1.02 0.43 1.20
-0.52 -0.10 -0.64 -0.37 -0.35 -0.40
20.42 2.50 0.17 0.81 0.90 4.96
8.97 21.64 9.92 5.52 2.13 9.64
-3.60 -58.87 -25.96 -24.34 -35.22 -29.60
20.32 29.41 40.52 32.95 21.60
HOLD BUY HOLD HOLD HOLD
20,500 510 1,400 1,770 500
Metal ANTM IJ Equity INCO IJ Equity TINS IJ Equity Average
6,105 25,685 4,916 12,235
-208.20 -56.74 30.97 -77.99
5.53 19.44 4.87 28.44
0.37 0.78 0.70 1.26
-0.03 -0.34 0.16 2.49
0.83 0.28 0.71 0.75
6.61 4.02 14.38 4.91
-43.04 -26.34 -51.05 -40.14
34.99 20.49 35.00
HOLD HOLD HOLD
460 2,050 525
Mining ADRO IJ Equity BUMI IJ Equity HRUM IJ Equity ITMG IJ Equity PTBA IJ Equity Average
21,591 2,161 3,001 13,955 17,511 11,644
-23.80
15.07
0.73
-0.63
0.91
4.86
1,090
45.70 7.61 10.66 19.76
0.54 1.00 1.60 0.97
0.05 -0.16 -0.27 -0.26
0.13 0.49 0.79 0.58
1.18 13.20 14.77 8.50
40.97 62.26 29.27 34.93 29.34
BUY
980.52 -46.60 -39.26 217.71
-39.47 -65.52 -51.96 -48.59 -26.65 -46.44
HOLD HOLD HOLD
890 9,400 6,500
Consumer UNVR IJ Equity INDF IJ Equity ICBP IJ Equity MYOR IJ Equity AISA IJ Equity ROTI IJ Equity GGRM IJ Equity Average
307,108 57,512 70,409 22,784 6,437 5,720 88,027 79,714
7.28 64.29 17.22 -61.28 4.27 19.35 24.01 10.73
35.74 19.01 31.60 23.89 22.00 48.81 21.58 28.95
39.20 2.74 5.19 7.18 3.10 7.94 2.98 9.76
2.71 2.04 2.01 1.70 1.22 1.22 1.75 1.81
0.26 0.54 0.10 1.12 0.89 0.45 0.31 0.52
99.40 13.63 20.60 31.00 16.61 21.50 15.80 31.22
33.03 0.24 22.52 -12.57 -17.02 -17.07 -9.82 -0.10
15.01 49.92 19.47 66.93 53.76 29.25 23.53
HOLD BUY HOLD BUY BUY BUY HOLD
40,000 7,600 15,800 32,000 3,150 1,450 52,000
Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id
Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH RESEARCH TEAM Research Division : +62 21 25543946 Thendra Crisnanda Fax No. : +62 21 57935831 (Equity Analyst)
[email protected] [email protected]
Richard Jerry (Equity Analyst)
Heru Irvansyah (Economist)
[email protected]
[email protected]
ext: 2098 Construction, Property, Infrastructure, Automotive, Cement
ext: 2032 Telecommunication, Tower Infrastructure, Banking
ext: 2030 Macroeconomic and Financial Market
Norico Gaman (Head of Research Division)
Yasmin Soulisa (Equity Analyst)
Dessy Lapagu (Equity Analyst)
R. Venia Allani Meissalina (Research Assistant)
[email protected]
[email protected]
[email protected]
[email protected]
ext: 3934 Investment Strategy
ext: 3987 Plantation, Coal Mining, Metal Mining, Oil & Gas
ext: 2051 Poultry, Crops, Fishing
ext: 2050 Data Administrator
Andri Zakarias Siregar (Technical Analyst)
Ankga Adiwirasta (Equity Analyst)
Thennesia Deboa (Equity Analyst)
Indah Lestari Permata Herlina (Research Assistant)
[email protected]
[email protected] [email protected]
[email protected]
ext: 2054 Market Strategy, Commodities, Currency, Bond & Stocks
ext: 3986 Consumer Goods, Pharmaceutical, Retail, Health Care
ext: 2073 Data Administrator
ext: 2132 Transportation
Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id
Jum’at, 20 November 2015
LAPORAN HARIAN RESEARCH EQUITY TEAM CM Fax No
: +62 21 25543946 : +62 21 57935831
Sukanto
ext. 3997
[email protected]
Equity Division Head
Jufrani Amsal
ext. 3957
[email protected]
Channel Distribution Division Head
Entis Sutisman
ext. 3945
[email protected]
Head of Local Institution Department
Chandrawati
ext. 3941
[email protected]
Head of HO Retail Department
Yulinda
ext. 3950
[email protected]
Institutional Sales
Teguh Hendro
ext. 3948
[email protected]
Institutional Sales
Danovan Yazir
ext. 3929
[email protected]
Institutional Sales
Dharmawan P.
ext. 3916
[email protected]
Institutional Sales
Fachrial Bayu
ext. 3966
[email protected]
Institutional Sales
Jericho Biere
ext. 3932
[email protected]
Institutional Sales
Michelle Robin
ext. 3919
[email protected] Institutional Sales
Dini Desita
ext. 3981
[email protected]
Client Relation
Putri Erinasari
ext. 3920
[email protected]
Client Relation
[email protected]
Client Relation
Anindyah Nurahmah ext. 2140
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Jum’at, 20 November 2015
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[email protected] PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698 Fax: (62-761) 856279 e-mail:
[email protected] MANADO BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado Phone: (62-431) 847256 Fax: (62-24) 847256 e-mail:
[email protected] ACEH Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) 31109 Fax: (62-651) 31107 BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735 Fax: (62-651) 3253754 e-mail:
[email protected]
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