Selasa, 12 September 2017
RESEARCH
LAPORAN HARIAN Penutupan Americas INDU Index 22,057.37 SPX Index 2,488.11 CCMP Index 6,432.26 IBOV Index 74,319.22 EMEA UKX Index 7,413.59 CAC Index 5,176.71 RTSSTD Index 13,165.64 IBEX Index 10,322.60 FTSEMIB Index 22,134.11 AEX Index 523.96 SMI Index 8,982.23 Asia / Pacific NKY Index 19,735.82 HSI Index 27,955.13 SHCOMP Index 3,376.42 TWSE Index 10,572.16 KOSPI Index 2,366.73 JCI Index 5,871.88 SET Index 1,637.54 PCOMP Index 8,049.31 SENSEX Index 31,882.16 FSSTI Index 3,228.51 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 Kode TLK US
Perkembangan Industri/Perusahaan PT Summarecon Agung Tbk (SMRA) PT GMF AeroAsia Tbk
Perubahan
%Prb
%Ytd
P/E
259.58 26.68 72.073 1240.37
1.19 1.08 1.13 1.70
11.61 11.13 19.49 23.40
18.79 21.29 39.63 23.21
35.99 63.22 84.31 193 357.45 5.14 70.18
0.49 1.24 0.64 1.91 1.64 0.99 0.79
3.79 6.47 (10.66) 10.38 15.07 8.44 9.27
25.10 18.45 7.14 15.84 3.88 19.68 24.04
190.05 286.66 11.176 -37.79 7.65 14.762 1.93 26.56 194.64 -0.05 Terakhir 6,440.49 5,341.00 4,394.00 822.69 (615,618.38) Terakhir 11,765.00 6,748.00 20,750.00 48.07 2.30 99.55 1,324.86 705.00 2,760.50
0.97 1.04 0.33 -0.36 0.32 0.25 0.12 0.33 0.61 0.00
3.25 27.07 8.79 14.25 16.79 10.86 6.13 17.67 19.74 12.07 Sebelumnya 6,424.18 4,825.78 4,087.29 846.97 (2,733,183.50) Sebelumnya 11,590.00 6,693.00 20,550.00 47.48 2.09 98.45 1,327.46 750.00 2,734.50
17.83 13.93 17.72 16.22 15.31 23.30 17.14 22.01 23.48 11.53 %Prb 0.25 10.68 7.50 -2.87 -77.48 %Prb 1.51 0.82 0.97 1.24 10.13 1.12 -0.20 -6.00 0.95
Equity
PERKIRAAN PASAR HARI INI IHSG Berpotensi Untuk Bergerak Naik Pada bursa global, sebelumnya Senin indeks Dow menguat +1,19% ke level 22.057. Sementara itu Nasdaq naik +0,13% diikuti S&P menguat +0,08%. Pada bursa Eropa, DAX Frankfurt ditutup naik +1,39% diikuti CAC Paris menguat +1,24% serta FTSE London naik +0,49%. Pada bursa domestik, IHSG Senin mengawali minggumencatatkan penguatan yang ditutup naik +15 poin berada padalevel 5.871 dengan nilai jual bersih asing mencapai Rp616 miliar. Penguatan sektor terbesar terjadi pada sektor propertiyang naik +1,4% diikuti sektor pertanian yang naik +1,3% sedangkan penurunan terbesar terjadi pada sektor perdaganganyang turun -0,2%. Pada penutupan IHSG Senin kemarin, nilaitukar Rupiah terhadap US Dollar menguat pada level IDR 13.173 per USD. Sentimen pasar yang diperkirakan akan mempengaruhi pergerakan IHSG yaitu masih dari badai di US yang berpotensi mempengaruhi pasar properti dan keuangan. Fokus investor berikutnya adalah indikator ekonomi China dan inflasi Inggris. Indeks hari ini diperkirakan akan bergerak naik pada rentang 5.864-5.877 dengan saham pilihan hari ini adalah INDY, LPPF, ADRO, TLKM. Analyst: Dessy Lapagu (
[email protected])
PERKEMBANGAN INDUSTRI / PERUSAHAAN Terakhir (US$) Last (US$) 35.72
% Prb %Change 0.68 Rekomendasi BUY NOT RATED
Konversi (Rp) Conv (Rp) 11,777.82
Terakhir (Rp)
Marketing Sales PT Summarecon Agung (SMRA) Capai Rp 1,8 Triliun. BUY. Analyst: Maxi Liesyaputra.
GMF Targetkan Perolehan Dana IPO Sebesar USD 250 Juta. NOT RATED. Analyst: Thennesia Debora.
Last (Rp) 4,710.00 TP (Rp) 1,720 -
Daily Report dapat dilihat di website BNI Sekuritas : www.bnisekuritas.co.id
Selasa, 12 September 2017
RESEARCH
LAPORAN HARIAN RINGKASAN BERITA
PT Ancora Indonesia Resources Tbk (OKAS) berencana mengambil alih tambang emas dan tembaga di Lombok Barat, Nusa Tenggara Barat senilai US$2 juta.
PT Apexindo Pratama Duta Tbk (APEX) telah menerima kontrak baru dari PT Pertamina Geothermal Energy untuk jasa pekerja semi Integrated Project Management (IPM) untuk pengeboran darat di wilayah Lahendong, Sulawesi Utara.
PT Rimo International Lestari Tbk (RIMO) melalui entitas anak perusahaan yang dimiliki 90% PT Matahari Pontianak Indah Mal telah melakukan akuisisi sebesar 90% saham dalam PT Indo Putra Khatulistiwa.
Untuk ekspansi bisnis di sektor tenaga listrik, PT HD Capital Tbk (HADE) akan mengakuisisi PT Panca Sinergi Perkasa dengan nilai Rp382,32 miliar.
PT Ciputra Development Tbk (CTRA) membukukan pendapatan prapenjualan (marketing sales) senilai Rp3,85 triliun sepanjang 8 bulan pertama tahun ini.
Equity
No 1 2 3 4 5
Stock INDY IJ BBRI IJ TLKM IJ PGAS IJ ASII IJ
Top Value (IDR) 353,944,600,576 249,353,715,712 214,046,654,464 194,099,429,376 182,532,833,280
No 1 2 3 4 5
Stock MYRX IJ BUMI IJ RIMO IJ META IJ IIKP IJ
Top Volume (Shares) 469,542,500.00 400,596,400.00 326,552,900.00 315,733,400.00 274,272,800.00
No 1 2 3 4 5
Top Gainers TRIM IJ BAPA IJ PGLI IJ AGRS IJ SIMA IJ
% Change 30.43 27.84 23.08 22.76 19.51
No 1 2 3 4 5
Top Losers ASJT IJ BRAM IJ PTSN IJ GMTD IJ MBAP IJ
% Change -24.68 -19.55 -19.05 -14.02 -12.45
(Sumber: www.iqplus.info)
Akumulasi Beli Bersih Asing 35,000,000
6,000 Accumulation
JCI Index
30,000,000 5,800 25,000,000 20,000,000
5,600
15,000,000 5,400 10,000,000 5,000,000
5,200
No Leading Movers 1 HMSP IJ 2 ASII IJ 3 MKPI IJ 4 INTP IJ 5 BBCA IJ
% Change 1.62 0.96 10.15 1.97 0.27
No Lagging Movers 1 PGAS IJ 2 UNVR IJ 3 BMRI IJ 4 BBRI IJ 5 LPPF IJ
% Change -5.34 -0.54 -0.56 -0.33 -3.49
-5,000,000 -10,000,000
3/01/2017 10/01/2017 17/01/2017 24/01/2017 31/01/2017 7/02/2017 14/02/2017 22/02/2017 1/03/2017 8/03/2017 15/03/2017 22/03/2017 30/03/2017 6/04/2017 13/04/2017 25/04/2017 3/05/2017 10/05/2017 18/05/2017 26/05/2017 5/06/2017 12/06/2017 19/06/2017 4/07/2017 11/07/2017 18/07/2017 25/07/2017 1/08/2017 8/08/2017 15/08/2017 23/08/2017 30/08/2017 7/09/2017
0 5,000
4,800
Nilai Tukar USD/IDR dan IHSG JCI Index 6,000
5,800
USDIDR 13,600 13,500 13,400
5,600 13,300 5,400 13,200 5,200 13,100 5,000
4,800
13,000 12,900
2
Selasa, 12 September 2017
RESEARCH
LAPORAN HARIAN
Equity
PERKEMBANGAN INDUSTRI / PERUSAHAAN Berita: Marketing Sales PT Summarecon Agung (SMRA) Capai Rp 1,8 Triliun SMRA membukukan marketing sales sejumlah Rp 1,8 triliun pada 8M17, turun 7,8% dibandingkan periode yang sama tahun 2016. Pada Agustus 2017 perseroan membukukan marketing sales Rp 304,2 miliar, ditunjang oleh peluncuran Sapphire Commercial di Summarecon Karawang. Opini Analis: Perolehan marketing sales pada 8M17 mencapai 53% dari target FY17 SMRA sejumlah Rp 3,5 triliun. Kami masih optimis bahwa perseroan akan dapat mencapai target marketing sales pada FY17 didukung oleh rencana peluncuran beberapa klaster pada 2H17. Kinerja perusahaan diharapkan dapat tumbuh positif ke depan dimana perusahaan diperkirakan akan mencatat pertumbuhan pendapatan dan laba bersih masing-masing 2,9% YoY menjadi Rp 5,6 triliun dan 10,0% YoY menjadi Rp 342,9 miliar pada FY17. Sementara itu, perolehan marjin laba operasi diperkirakan 27,0%, sedangkan marjin laba bersih mencapai 6,2% di tahun ini dari marjin laba operasi dan marjin laba bersih masing-masing sebesar 26,1% dan 5,8% di tahun lalu. Pada sisi lain, perusahaan diperkirakan dapat mencatat ROE sebesar 5,3% dan ROA sebesar 1,6% pada FY17 dibandingkan perolehan ROE sebesar 5,0% dan ROA sebesar 1,5% di FY16. Saat ini, saham SMRA diperdagangkan pada forward 2017E PER dan PBV masing-masing sebesar 42,1x dan 2,2x, lebih tinggi dibandingkan rata-rata industri dengan PER dan PBV masing-masing sebesar 16,6x dan 1,7x. Kami merekomendasikan BUY untuk SMRA dengan target harga (TP) sebesar Rp 1.720 per saham. Income statement (Rp billion)
Revenue Operating profit Interest expense Pretax income Minority interest Net income Basic EPS EBITDA
2014 5,756.98 2,096.07 (304.38) 1,936.31 (232.40) 1,385.08 96.01 2,236.80
2015 5,623.56 1,791.40 (483.49) 1,382.18 (208.89) 855.19 59.28 1,934.67
2016 5,397.95 1,409.94 (633.53) 877.50 (293.39) 311.67 21.60 1,589.78
2017E 5,556.53 1,497.53 (674.99) 902.96 (293.39) 342.86 23.77 1,681.09
2018E 6,402.27 1,659.42 (729.43) 1,050.38 (293.39) 436.88 30.28 1,857.64
2014 1,770.78 0.00 87.38 656.34 3,340.51 5,855.02 368.09 9,649.56 15,872.67
2015 1,503.55 0.00 152.04 709.29 4,924.81 7,289.68 420.47 11,048.11 18,758.26
2016 2,075.65 0.00 548.85 543.26 5,531.05 8,698.81 451.34 11,660.17 20,810.32
2017E 1,340.36 0.00 111.13 693.56 6,428.63 8,573.68 496.48 12,694.39 21,764.55
2018E 2,407.94 0.00 128.05 799.11 6,669.55 10,004.64 546.13 13,334.75 23,885.52
302.65 506.02 2,885.60 3,694.27 3,876.43 1,885.51 5,761.94 9,456.22 992.92 5,423.54
529.12 983.43 2,897.13 4,409.69 5,214.39 1,604.44 6,818.83 11,228.51 1,516.94 6,012.81
463.14 1,402.31 2,351.92 4,217.37 6,024.33 2,403.06 8,427.39 12,644.76 1,922.60 6,242.96
532.62 1,039.54 2,422.49 3,994.65 6,965.59 2,398.98 9,364.57 13,359.22 1,922.60 6,482.96
612.51 1,351.40 2,390.77 4,354.68 8,310.68 2,508.94 10,819.61 15,174.29 1,922.60 6,788.78
Balance sheet (Rp billion)
Cash Short-term investment Accounts receivable Other current assets Inventories Total current assets Fixed assets Other long-term assets Total Assets Liabilities and Shareholders' Equity Accounts payable Short-term borrowings Other short-term liabilities Total Current Liabilities Long-term borrowings Other long-term liabilities Total Long-Term Liabilities Total Liabilities Minority interest Total Equity
Analyst: Maxi Liesyaputra (
[email protected])
3
Selasa, 12 September 2017
LAPORAN HARIAN
RESEARCH
Equity
PERKEMBANGAN INDUSTRI / PERUSAHAAN Berita: GMF Targetkan Perolehan Dana IPO Sebesar USD 250 Juta Anak usaha PT Garuda Indonesia (Persero) Tbk (GIAA) yang bergerak di bisnis perawatan dan perbaikan pesawat / Maintenance Repair and Overhaul (MRO), PT Garuda Maintenance Facility (GMF), akan melakukan penawaran saham perdana pada 10 Oktober 2017. Jumlah saham yang akan diterbitkan sekitar 10,89 miliar saham atau sebesar 30% dari saham ditempatkan dan disetor. Harga penawaran berkisar Rp390 – Rp510 per saham dengan PER antara 14,5x – 18,9x. Perolehan dana dari IPO ini ditargetkan sekitar USD 200 juta – USD 250 juta dimana 60% dana tersebut akan digunakan untuk investasi dan ekspansi, 25% akan digunakan untuk modal kerja dan operasional perusahaan, dan sisanya akan digunakan untuk pendanaan kembali (refinancing) utang perusahaan. Opini Analis: Kami menilai positif rencana IPO GMF ini. Bisnis penerbangan yang terus berkembang membuat permintaan akan pesawat terbang terus meningkat setiap tahunnya. Hal inilah yang membuat bisnis MRO tumbuh subur. Kedepannya, perkembangan industri MRO baik di global maupun domestik diperkirakan akan terus berkembang. Sebagai pemain MRO terbesar di Indonesia, GMF memiliki pangsa pasar (market share) sebesar 32% dari keseluruhan market MRO di Indonesia. Kami menilai dengan PER dikisaran 14,5x – 18,9x membuat GMF cukup menarik karena jika dibandingkan dengan kompetitornya di regional. Valuasi GMF bisa dikatakan murah karena peers nya dikisaran PER 21x – 22x. Apalagi potensi bisnis MRO baik di domestik maupun global masih sangat besar. Rekomendasi: NOT RATED. Analyst: Thennesia Debora (
[email protected])
4
Selasa, 12 September 2017
LAPORAN HARIAN
RESEARCH
Equity
TARGET HARGA SAHAM Market Capitalization (Bn)
EPS Growth 1 Year
PER FY17F
PBV FY17F
PEG Ratio
DER (x)
ROE (%)
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2017
TP (Rp/share) 2017
Banking BBCA IJ Equity BBNI IJ Equity BBRI IJ Equity BMRI IJ Equity BBTN IJ Equity BJBR IJ Equity BJTM IJ Equity BNGA IJ Equity BDMN IJ Equity Average
441,325 126,345 366,954 301,000 27,322 19,490 10,238 33,174 51,997 153,094
11.00 19.05 17.60 37.10 16.30 8.10 13.23 149.62 14.02 32.24
15.40 7.42 12.10 15.10 10.50 9.30 6.56 8.88 8.80 10.10
2.70 1.00 2.10 1.60 1.50 1.70 1.06 0.60 0.81 1.39
1.40 0.39 0.69 0.41 0.64 1.15 0.50 0.06 0.63 0.62
9.12 60.70 51.60 37.92 146.13 163.47 30.39 47.89 62.36 67.73
19.27 14.00 20.76 10.61 16.21 20.00 15.23 7.28 8.08 14.60
39.69 58.48 54.76 47.39 57.61 120.27 67.00 163.00 81.42 76.62
50.84 40.90 43.24 40.00 39.95 25.00 20.15 8.52 32.48
HOLD NOT RATED BUY SELL BUY SELL SELL BUY HOLD
20,000 14,150 11,850 3,000 1,650 620 1,425 4,875
Cement INTP IJ Equity SMGR IJ Equity SMBR IJ Equity SMCB IJ Equity Average
66,354 55,460 33,587 6,475 40,469
3.83 13.38 -15.00 54.20 14.10
16.29 16.12 13.76 29.07 18.81
3.25 3.42 0.87 2.18 2.43
4.26 1.20 -0.92 0.54 1.27
0.41 20.48 20.03 102.35 35.81
13.23 15.33 8.58 -3.45 8.42
15.94 11.20 648.21 -13.53 165.46
49.00 48.99 23.86 19.36
SELL SELL HOLD HOLD
15,800 10,050 334 1,020
Telecommunication TLKM IJ Equity ISAT IJ Equity EXCL IJ Equity Average
460,656 40,211 33,026 177,964
19.10 26.00 2,602.00 882.37
21.60 20.00 28.01 23.20
4.90 2.10 1.03 2.68
1.13 0.77 0.01 0.64
30.13 166.99 86.60 94.57
25.13 8.56 2.13 11.94
28.80 13.21 -5.56 12.15
48.80 20.71 33.64
HOLD BUY BUY
4,750 7,800 3,600
Transportation GIAA IJ Equity BIRD IJ Equity TAXI IJ Equity SOCI IJ Equity WINS IJ Equity HITS IJ Equity Average
9,060 10,559 266 2,400 1,090 5,574 4,825
55.76 20.23 -123.53 0.00 0.00 30.03 -2.92
13.75 9.45 39.75 8.22 13.35 37.78 20.38
0.87 1.52 0.41 0.90 0.27 9.97 2.32
0.25 0.47 -0.32 0.00 0.00 1.26 0.28
167.75 39.54 205.90 79.85 43.64 166.24 117.15
-9.88 11.47 -22.28 7.39 -7.87 13.54 -1.27
-22.52 3.55 -30.68 -10.48 29.81 4.67 -4.28
14.92 15.83 49.00 15.00 42.18 21.64
HOLD UNDER REVIEW HOLD BUY HOLD HOLD
350
Automotive ASII IJ Equity IMAS IJ Equity Average
356,255 3,180 179,718
10.69 1,750.00 880.35
19.74 36.50 28.12
2.34 0.69 1.52
1.85 0.02 0.93
50.68 224.34 137.51
15.45 -1.57 6.94
42.65 -28.97 6.84
45.10 10.34
BUY HOLD
9,850 1,000
Market Capitalization (Bn)
EPS Growth 1 Year
PER FY17F
PBV FY17F
PEG Ratio
DER (x)
ROE (%)
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2017
TP (Rp/share) 2017
Construction WIKA IJ Equity ADHI IJ Equity PTPP IJ Equity WSKT IJ Equity TOTL IJ Equity WTON IJ Equity WSBP IJ Equity Average
21,707 8,368 19,282 32,848 2,609 5,970 13,312 14,871
85.30 51.20 23.80 29.40 22.20 29.00 32.10 39.00
9.78 8.99 17.05 16.87 9.04 19.99 20.19 14.56
1.16 1.06 1.89 2.67 2.27 2.50 2.22 1.97
0.11 0.18 0.72 0.57 0.41 0.69 0.63 0.47
53.99 73.90 52.97 129.87 2.72 26.89 45.32 55.09
n.a 6.12 14.97 19.50 25.14 11.89 14.53 15.36
13.95 -5.55 -4.41 -5.88 35.24 -25.09 n.a 1.38
34.93 49.00 59.75 33.96 33.67 40.00 40.00
BUY BUY BUY BUY BUY BUY BUY
3,500 2,800 4,700 3,700 1,200 1,020 725
Infrastructure PGAS IJ Equity JSMR IJ Equity Average
58,180 36,834 47,507
8.80 16.80 12.80
9.84 13.57 11.71
1.32 1.93 1.63
1.12 0.81 0.96
91.56 153.36 122.46
9.40 16.78 13.09
9.64 -2.94 3.35
43.03 34.41
BUY BUY
3,300 6,550
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 PPRO IJ Equity Average
6,563 4,039 4,365 35,703 22,180 n.a n.a 2,701 3,317 3,534 31,304 17,308 19,837 6,736 15,050 13,280
3.20 5.60 65.40 13.20 21.30 17.10 15.80 20.10 9.80 8.40 20.70 18.60 -4.80 19.70 16.20 16.69
8.10 5.60 22.10 13.22 15.99 16.83 9.17 7.48 7.28 5.77 15.10 12.23 29.04 11.23 49.46 15.24
0.90 0.55 0.51 1.56 2.13 0.88 1.35 0.69 0.69 0.60 3.10 0.97 2.78 1.13 6.04 1.59
2.53 1.00 0.34 1.00 0.75 0.98 0.58 0.37 0.74 0.69 0.73 0.66 -6.05 0.57 3.05 0.53
108.99 69.60 14.83 31.40 46.59 60.61 18.73 49.88 73.25 68.19 47.55 61.89 90.95 63.23 60.05 57.72
2.21 12.85 4.94 11.23 8.75 2.63 13.90 10.45 2.15 10.28 17.57 3.98 5.75 7.14 13.69 8.50
-12.83 -17.80 0.00 -0.28 -10.19 n.a n.a 8.37 11.52 -25.93 22.95 -21.07 -13.16 29.37 181.41 11.72
56.11 27.09 78.54 38.94 74.53 43.70 37.34 41.79 71.69 78.85 47.80 94.75 67.69 76.55 40.77
BUY BUY BUY BUY BUY HOLD BUY BUY BUY BUY HOLD BUY BUY BUY BUY
460 290 110 2,225 1,700 470 4,050 410 930 565 760 1,000 1,720 380 291
Towers TOWR IJ Equity TBIG IJ Equity Average
37,649 26,622 32,135
19.72 25.69 22.71
13.75 16.80 15.28
3.06 13.10 8.08
0.70 0.65 0.68
83.30 1,164.18 623.74
33.06 41.79 37.43
-9.18 -4.81 -7.00
66.02 48.04
BUY HOLD
4,800 6,000
125 485 200 800
5
Selasa, 12 September 2017
LAPORAN HARIAN
RESEARCH
Equity
TARGET HARGA SAHAM Market Capitalization (Bn)
EPS Growth 1 Year
PER FY17F
PBV FY17F
PEG Ratio
DER (x)
ROE (%)
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2017
TP (Rp/share) 2017
Agriculture AALI IJ Equity BWPT IJ Equity LSIP IJ Equity SGRO IJ Equity SIMP IJ Equity Average
28,485 9,079 10,405 3,837 9,490 12,259
6.36 30.47 39.97 31.79 38.98 29.51
23.64 n.a. 16.50 12.53 13.23 16.48
2.52 1.15 1.56 1.09 0.58 1.38
3.72 n.a 0.41 0.39 0.34 1.22
23.31 135.41 0.00 86.18 51.22 59.23
16.13 -6.15 11.92 13.46 3.78 7.83
7.79 14.17 4.46 5.76 25.78 11.59
20.32 34.46 40.41 27.22 21.45
BUY BUY BUY BUY BUY
19,100 350 1,920 2,140 565
Metal ANTM IJ Equity INCO IJ Equity TINS IJ Equity Average
16,822 19,426 6,517 14,255
90.00 100.72 85.00 91.91
681.00 11.55 90.55 261.03
0.50 0.64 1.71 0.95
7.57 0.11 1.07 2.92
53.80 5.97 30.66 30.14
0.36 0.61 4.57 1.85
5.26 28.67 36.68 23.54
34.96 20.49 35.00
BUY BUY BUY
880 2,750 1,300
Mining ADRO IJ Equity HRUM IJ Equity ITMG IJ Equity PTBA IJ Equity Average
47,339 5,840 17,740 25,173 24,023
27.10 46.20 45.60 -35.15 20.94
20.39 5.10
2.54 0.64
0.00 0.00 0.00 -0.58 -0.15
37.88 0.00 0.00 22.45 15.08
12.08 4.82 19.20 24.66 15.19
122.70 168.32 108.15 74.70 118.47
42.82 28.85 29.07 34.98
UNDER REVIEW UNDER REVIEW UNDER REVIEW BUY 14,900
Consumer UNVR IJ Equity INDF IJ Equity ICBP IJ Equity MYOR IJ Equity AISA IJ Equity ROTI IJ Equity GGRM IJ Equity Average
374,442 76,170 104,666 50,307 6,920 7,871 147,241 109,660
11.80 10.61 12.20 19.00 23.50 20.52 14.00 15.95
52.42 15.01 16.08 1.13 18.96 27.69 18.66 21.42
63.54 2.31 3.12 0.27 1.82 6.30 3.17 11.50
4.44 1.41 1.32 0.06 0.81 1.35 1.33 1.53
50.87 51.03 11.05 68.50 66.56 69.03 49.93 52.42
103.83 14.56 21.33 24.10 16.23 21.64 16.98 31.24
16.05 26.93 16.10 39.70 53.51 11.20 11.87 25.05
15.01 49.92 19.47 66.93 48.21 30.63 23.91
BUY BUY BUY HOLD BUY BUY HOLD
53,500 9,700 10,600 1,600 2,200 1,450 62,000
Pharmaceutical KLBF IJ Equity KAEF IJ Equity Average
73,828 16,384 45,106
8.10 7.50 7.80
30.55 57.81 44.18
5.25 7.83 6.54
3.77 7.71 5.74
2.27 32.90 17.59
19.77 12.58 16.17
14.34 129.83 72.08
43.39 9.97
BUY BUY
1,800 3,000
Healthcare SILO IJ Equity MIKA IJ Equity Average
15,607 31,430 23,518
24.00 20.30 22.15
169.98 70.45 120.22
6.86 20.90 13.88
7.08 3.47 5.28
4.64 0.00 2.32
3.53 20.69 12.11
31.47 -20.30 5.58
37.05 18.00
BUY HOLD
12,000 2,800
Market Capitalization (Bn)
EPS Growth 1 Year
PER FY17F
PBV FY17F
PEG Ratio
DER (x)
ROE (%)
Total Return 1 Year (Current)
% of Free Float Shares
Rec 2017
TP (Rp/share) 2017
50,342 13,807 2,418 22,189
3.82 22.11 24.67 16.87
25.19 14.46 9.23 16.29
4.06 2.46 1.58 2.70
6.59 0.65 0.37 2.54
46.69 62.62 89.79 66.37
14.85 25.54 17.10 19.16
-8.71 38.38 -26.04 1.21
44.22 37.02 42.91
BUY BUY BUY
4,075 2,065 2,080
Crops BISI IJ Equity
5,040
20.05
14.53
2.31
0.72
0.00
17.33
7.48
45.92
BUY
2,200
Fishery DPUM IJ Equity
1,754
104.24
17.14
2.02
0.16
23.47
7.27
-63.64
40.12
BUY
1,050
Retail ACES IJ Equity LPPF IJ Equity MAPI IJ Equity MPPA IJ Equity RALS IJ Equity Average
16,807 46,249 10,458 4,356 9,615 17,497
10.81 4.04 71.00 94.10 17.10 39.41
23.97 20.44 22.21
4.77 16.54 10.66
2.22 5.06 n.a n.a n.a 3.64
0.18 0.00 140.36 30.87 0.00 34.28
24.26 117.13 8.06 1.56 12.06 32.61
14.71 -9.37 62.85 -34.55 108.05 28.34
40.03 82.52 44.00 23.68 29.61
BUY
Wholesaler MPMX IJ Equity
3,727
56.43
3.49
0.34
0.06
123.76
7.62
101.35
26.54
BUY
950
Heavy Equipment UNTR IJ Equity
92,787
2.01
15.22
1.34
7.57
2.56
14.28
82.47
40.50
BUY
27,900
Media Equipment MNCN IJ Equity SCMA IJ Equity Average
25,911 43,134 34,522
26.34 20.08 23.21
14.49 23.93 19.21
2.36 10.54 6.45
0.55 1.19 0.87
0.42 0.11 0.27
18.07 46.47 32.27
-22.37 -12.03 -17.20
41.67 39.64
BUY BUY
2,160 3,450
Chemical Distribution AKRA IJ Equity
25,801
14.61
20.94
3.32
1.43
0.64
17.43
5.09
40.82
HOLD
6,925
Textile SRIL IJ Equity
6,061
24.84
6.13
1.08
0.25
2.27
17.70
29.20
43.88
BUY
500
Oil & Gas MEDC IJ Equity
9,364
0.51
3.72
0.76
7.29
1.63
6.25
78.71
38.85
BUY
4,330
Basic Industry KRAS IJ Equity
10,641
-0.01
-33.74
0.53
3,374.00
94.86
-9.48
8.82
34.77
BUY
990
Poultry CPIN IJ Equity JPFA IJ Equity MAIN IJ Equity Average
1,200 UNDER REVIEW UNDER REVIEW UNDER REVIEW BUY 1,565
6
Selasa, 12 September 2017
LAPORAN HARIAN
RESEARCH
Equity
RESEARCH TEAM Phone Fax Email Website
: +62 21 25543946 (Hunting) : +62 21 57935831 :
[email protected] : www.bnisekuritas.co.id
Norico Gaman (Head of Research Division)
[email protected] Ext: 3934 Investment Strategy
Thennesia Debora (Equity Analyst)
[email protected] Ext: 2123 Transportation, Automotive, Heavy Equipment, Plantation
Ahmad Hapiz (Fixed Income Analyst)
[email protected] Ext: 3968 Fixed Income Market, Corporate & Government Bond
Maxi Liesyaputra (Head of Equity Research Department)
[email protected] Ext: 3968 Construction, Property, Infrastructure, Cement
Ariawan (Head of Fixed Income Research Department)
[email protected] Ext: 2098 Fixed Income Market, Corporate & Government Bond
Andri Zakarias Siregar (Head of Technical Analysis Research Department)
[email protected] Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks
Richard Jerry (Equity Analyst)
[email protected] Ext: 2032 Telecommunication, Banking, Tower Infrastructure, Insurance
Ankga Adiwirasta (Equity Analyst)
[email protected] Ext: 3986 Consumer Goods, Pharmaceutical, Health Care, Manufacture, Metal Mining
Dessy Lapagu (Equity Analyst)
[email protected] Ext: 2051 Poultry, Crops, Fishery, Retail, Coal Mining
R. Venia Allani Meissalina (Research Analyst/Assistant)
[email protected] Ext: 2050 Data Administrator
Indah Lestari Permata H. (Research Analyst/Assistant)
[email protected] Ext: 2073 Data Administrator
7
Selasa, 12 September 2017
RESEARCH
LAPORAN HARIAN
Equity
EQUITY TEAM CM Fax No
: +62 21 25543946 (Hunting) : +62 21 57935831
Sukanto
ext. 3997
[email protected]
Head of Equity Division
Entis Sutisman
ext. 3945
[email protected]
Head of Equity Department
Fian Pusparini
ext. 3958
[email protected]
Head of Institutional Relation
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
Dini Desita
ext. 3981
[email protected]
Client Relation
Putri Erinasari
ext. 3920
[email protected]
Client Relation
Iffa Rizqi Izzata
ext. 3931
[email protected]
Client Relation
Jufrani Amsal
ext. 3957
[email protected]
Head of Channel Distribution Division
Fahma Riniarti
ext. 3917
[email protected]
Head of Channel Development
P. Sariningsih
ext. 3984
[email protected]
Head of Branch Supervision
Teuku Hafez
ext. 2084
[email protected]
Branch Manager Mangga Dua, Jakarta
Hapsari
ext. 2078
[email protected]
Branch Manager Puri Indah, Jakarta
Fadjar H S
ext. 2111
[email protected]
Branch Manager Central Park, Jakarta
M. Yasrul
ext. 2081
[email protected]
Branch Manager Wisma Bumiputera
Fahmi Lubis
ext. 2079
[email protected]
Branch Manager Bandung
Rifaat Annur
ext. 2091
[email protected]
Branch Manager Yogyakarta
Agus Purwanto
ext. 2090
[email protected]
Branch Manager Solo
Achmad Ridwan
ext. 2088
[email protected]
Branch Manager Surabaya
Edith Febriana
ext. 2082
[email protected]
Branch Manager Malang
Ni Nyoman Citasti ext.2080
[email protected]
Branch Manager Denpasar
Nirmasari N.
ext. 2083
[email protected]
Branch Manager Medan
Ari Magdalena
ext. 2086
[email protected]
Branch Manager Palembang
Rini Wati
ext. 2085
[email protected]
Branch Manager Pekanbaru
Allen Makalew
ext. 2102
[email protected]
Branch Manager Manado
Melisa
ext. 2136
[email protected]
Branch Manager Aceh
Yuniar Fariza D
ext. 2064
[email protected]
Branch Manager Banjarmasin
8
RESEARCH
Equity
MAIN OFFICE - JAKARTA PT BNI SEKURITAS th
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