May 23, 2017
Andy Wibowo Gunawan
+62-21-515-1140
[email protected]
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ITMG: Strong results to continue
Market Index Last Trade JCI
Chg (%)
5,749.4 27.2 1,003.7 25,391.3 2,304.0 7,496.3 20,894.8 6,133.6
MSCI Indonesia MSCI EM HANG SENG KOSPI FTSE DJIA NASDAQ
MoM
-0.7 -0.7 0.8 0.9 0.1 0.3 0.4 0.8
YoY
2.2 4.4 3.5 4.7 6.4 5.0 1.3 2.9
22.1 25.5 26.2 27.1 17.8 21.7 18.9 27.7
Untuk 2Q17F, kami memperkirakan hasil keuangan yang lebih kuat dari Indo Tambangraya Megah (ITMG) didukung oleh peningkatan perkiraan produksi batubara pada kuartal kedua. Ke depan, ITMG berencana untuk melakukan diversifikasi operasi bisnisnya ke midstream (misalnya, Dengan membangun perusahaan perdagangan batubara) dan hilir (misalnya, Pembangkit tenaga termal). Kami yakin ITMG akan mendapatkan keuntungan dari mengoperasikan perusahaan perdagangan batubara karena akan menjadi sumber informasi mengenai kondisi pasar batubara global. Dengan menjaga perkiraan pendapatan kami tidak berubah, kami mempertahankan target harga 12 bulan ke depan untuk ITMG di IDR22.100. 1Q17 review: Strong financial results on the back of higher ASP
Valuation 2017F JCI
P/E (x)
P/B (x)
16.4
ROE (%)
2.5
18.4
Key Rates Last Trade Chg (bps) BI 7-Day RR
4.75 3yr 6.76 10yr 6.99 *since introduced in Aug 2016
MoM
0 0 -6
0 11 -11
YoY
-50* -63 -94
Untuk 1Q17, ITMG membukukan hasil keuangan yang solid dengan laba bersih USD57.2 juta (mencapai masing-masing 32,4% dan 29,0% dari target tahun 2017F target setahun penuh kami). Hasil yang kuat terutama didorong oleh kenaikan harga jual rata-rata (ASP) sebesar USD67,5/ton (+ 41,5% YoY; + 12,9% QoQ). 2Q17 forecast: Coal production outlook brighter Pada 1Q17, produksi batubara ITMG turun menjadi 5,4 juta ton (-18,2% QoQ) karena curah hujan yang lebih tinggi pada kuartal pertama. Namun, perusahaan optimistis produksi batu bara akan meningkat menjadi 5,8 juta ton pada 2Q17 karena membaiknya kondisi cuaca. Diversification to midstream and downstream coal businesses
FX Last Trade USD/IDR
Chg (%)
13,302.00 1,118.65 111.30 6.89
USD/KRW USD/JPY USD/CNY
MoM
-0.2 -0.7 0.0 -0.1
0.1 -1.0 1.4 0.0
YoY
-1.8 -5.4 1.9 5.0
WTI
Chg (%)
51.1 1,260.6 74.8 2,900.0 169.0 9,360.0 5,703.0 20,480.0
Gold Coal Palm Oil Rubber Nickel Copper Tin
MoM
0.9 0.4 2.0 0.5 0.0 2.0 0.4 0.4
2.3 -1.2 -11.2 8.1 -1.1 0.2 1.4 3.3
Maintain TP of IDR22,100 Dengan menjaga perkiraan pendapatan kami tidak berubah, kami mempertahankan TP 12-bulan kami untuk ITMG di IDR22.100 - Buy.
Commodities Last Trade
Ke depan, ITMG akan melakukan diversifikasi operasi bisnisnya ke midstream dan hilir. Untuk bisnis midstream, pihaknya akan mengembangkan perusahaan logistik, perdagangan, dan pemasaran batubara. Untuk bisnis hilir, perusahaan berencana membangun pembangkit listrik tenaga panas.
YoY
1.3 0.9 46.8 12.9 23.2 10.1 25.0 24.0
ITMG’s trailing P/E band
JCI Index VS MSCI Emerging Markets (pt)
JCI
(pt)
MSCI EM
1,100
5,500
950 4,500 3,500 05/13
800
05/14
05/15
Mirae Asset Sekuritas Indonesia
(pt)
5,500
JCI
05/16
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
650 05/17
MSCI EM
(pt) 1,100
May 23, 2017 Embun Pagi
Mirae Asset Sekuritas Indonesia cartoon
2 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Local flashes PBRX: Pan Brothers bakal tambah 10 gerai Salt and Pepper. Meski perolehan bisnis di awal tahun ini kurang memuaskan, produsen garmen PT Pan Brothers Tbk mengaku tetap optimistis mengejar target tahun ini. Berkaca dari laporan keuangan kuartal I2017, pendapatan emiten berkode PBRX ini tercatat tumbuh 10% menjadi US$ 100 juta. Tapi laba bersih turun 60% menjadi, hanya US$ 1 juta. Menurut Anne Sutanto, CEO PT Pan Brothers, di kuartal II dan kuartal III biasanya lebih ada pergerakan pertumbuhan. Apalagi menjelang peak season Lebaran. "Target pertumbuhan tiap kuartal ke kuartal selanjutnya sama dengan target tahunan kami, tumbuh 15%," urai Anne. (Kontan) INTP: Indocement bagikan dividen Rp 929 per saham. Perusahaan industri dasar produk semen, PT Indocement Tunggal Prakarsa Tbk (INTP) membagikan dividen sebesar Rp 929 per saham. Sementara jumlah dividen yang dibagikan mencapai Rp 3,42 triliun atau setara dengan 88,4% dari keseluruhan total laba bersih tahun buku 2016. Keputusan tersebut diambil dalam Rapat Umum Pemegang Saham Tahunan (RUPST) INTP tahun buku 2016. (Kontan) BJBR: Bank BJB layani peserta BPJS Ketenagakerjaan. Badan Penyelenggara Jaminan Sosial (BPJS) Ketenagakerjaan bekerja sama dengan PT Bank Pembangunan Jawa Barat dan Banten (Bank BJB) untuk menjadi salah satu jaringan pelayanan dari BPJS Ketenagakerjaan. Kerja sama ini untuk membuka pelayanan kepada masyarakat pekerja yang tersebar di seluruh Indonesia dalam mendapatkan perlindungan jaminan sosial ketenagakerjaan yaitu Jaminan Kecelakaan Kerja (JKK), Jaminan Hari Tua (JHT), Jaminan Pensiun (JP), dan Jaminan Kematian (JKM). (Kontan) PNBN: Panin Bank targetkan kredit tumbuh 6%-8% di 2017. PT Bank Pan Indonesia Tbk (Panin Bank) menargetkan pertumbuhan kredit lebih tinggi dari realisasi 2016 lalu. Pada 2017 ini bank berkode emiten PNBN ini menargetkan pertumbuhan kredit 6% sampai 8% secara tahunan atau year on year (yoy). Herwidayatmo, Direktur Utama Panin Bank mengatakan, target pertumbuhan kredit ini akan disokong oleh kredit komersial dan konsumer. Sebagai gambaran saja, saat ini komposisi utama kredit Panin Bank adalah di sektor komersial. (Kontan) SUPR: Laba Solusi Tunas Pratama hingga Maret 2017 mencapai Rp69,1 miliar. PT Solusi Tunas Pratama Tbk (SUPR) meraih laba yang dapat didistribusikan kepada pemilik entitas induk sebesar Rp69,10 miliar hingga periode 31 Maret 2017 meningkat dibandingkan laba Rp56,03 miliar di periode sama tahun sebelumnya. Laporan keuangan perseroan Senin menyebutkan, pendapatan naik menjadi Rp478,73 miliar dari pendapatan Rp465,90 miliar dan beban pokok pendapatan naik jadi Rp89,18 miliar dari Rp83,67 miliar. (Iqplus) AMRT: Sumber Alfaria bagi dividen Rp4,35 per lembar. PT Sumber Alfaria Tbk (AMRT) akan membagikan dividen tunai tahun 2016 sebesar Rp4,35 per lembar saham kepada pemegang sahamnya. Menurut keterangan perseroan Senin, keputusan itu berdasarkan hasil RUPS Perseroan yang digelar 18 Mei lalu di Tangerang, dimana total dividen yang akan dibagikan mencapai Rp180,6 miliar. (Iqplus) LCGP: Eureka Prima raih laba Rp4,79 miliar di 2016. PT Eureka Prima Jakarta Tbk (LCGP) meraih laba sebesar Rp4,79 miliar hingga periode 31 Desember 2016 usai mencatat rugi sebesar Rp4,34 miliar di periode tahun sebelumnya. Laporan keuangan perseroan menyebutkan, penjualan bersih turun tajam menjadi Rp21,54 miliar dari penjualan bersih Rp41,67 miliar tahun sebelumnya dan beban pokok penjualan turun jadi Rp15,28 miliar dari Rp21,83 miliar. (Iqplus)
Mirae Asset Sekuritas Indonesia
3
May 23, 2017 Embun Pagi
Technical analysis Tasrul
+62-21-515-1140
[email protected]
Jakarta Composite Index (JCI) – Limited upside IHSG akan menguji center line pada uptrend channel. IHSG saat masih dalam pola uptrend jangka pendek relatif valid yang dimulai sejak 86 hari terakhir dengan r-squared = 0.9171 dan bergerak normal dalam rentang +/-1.74 std.deviasi dari centerline. Peluang IHSG bergerak di luar pergerakan normal sekitar 8.29% atau sekitar 7 bar chart. Rata-rata volatilitas normal pergerakan IHSG saat ini sebesar +/0.46% atau sekitar +/- 26.5 point. sebagaimana terlihat pada Figure 1.
Summary Item
Data
Close (May 22, 2017)
Item
Data
5,749.4 (-0.7%)Trading range
Average index performance (%)
5,730-5,769
Target 5.65 86 - Daily 0.9171 - Weekly
Period r-squared Volatility (+/-, %)
5,769 5,789
0.46 - Monthly 26.5 Stop loss
Volatility (+/-, point)
5,971 5,696
Source: Mirae Asset Sekuritas Indonesia Research
Figure 1. Daily trend - Uptrend ^JKSE [ ^JKSE ] - Daily - 5/22/2017 Open: 5,837 High: 5,874 Low: 5,743 Close: 5,749 Chg. -0.7% Prev. Avg. Price: 5,789.1 Volatility (+) : 0.0035 Volatility (-) : -0.0034 V-Ratio : 1.01
5,874.44 5,832.1 5,818.11
_____ 5,809.2 _____ 5,769.1 5,729.9
5,749.44 5,740.7 5,740.7 5,695.86 5,663.28 5,606.95
Optimization Trading System - ©2010 ^JKSE - Volume = 6,123,727,360.00, Avg.Volume = 6,524,762,112.00
Optimization Trading System - ©2010 5 13 19 27 2017 9
6,524,762,112 6,123,727,360 16
23
30 Feb 6
13
20
27 Mar 6
13
20
27
Apr
10
17
25
May 8
15
22
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
4 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Aliran dana masuk dan volatilitas kenaikkan indeks mulai tertahan Pada Figure 2, terlihat dari hasil optimalisasi terakhir, kenaikkan indikator MFI optimized mulai tertahan,sementara itu indikator W%R optimized dan RSI optimized cenderung turun dengan volume sekitar rata-rata . Daily resistance di 5,769 dan daily support di 5,730. Stop loss level di 5,696. Figure 2. Daily MFI optimized, W%R optimized & RSI optimized ^JKSE - MFI Smoothed = 30.57
30.5676 ^JKSE - Will%R Smoothed = -72.13
-72.1293
^JKSE - RSI Smoothed = 39.85
39.8493
^JKSE [ ^JKSE ] - Daily - 5/18/2017 Open: 5,590 High: 5,645 Low: 5,578 Close: 5,645 Chg. 0.5% Prev. Avg. Price: 5,623 Volatility (+) : 0.0031 Volatility (-) : -0.0033 V-Ratio : 0.93 UpperBand: 5,640.18 LowerBand: 5,604.19
_____ 5,640.2 _____ 5,604.2
5,667.8 5,645.45 5,604.51
Optimization Trading System - ©2010 ^JKSE - Volume = 7,097,311,744.00, Avg.Volume = 6,659,181,056.00
Optimization Trading System - ©2010 2017 9 16 23
30 Feb 6
13
20
27 Mar 6
13
20
27
Apr
10
17
25
May
8
15
7,097,311,744 6,659,181,056
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Mirae Asset Sekuritas Indonesia
5
May 23, 2017 Embun Pagi
IHSG akan coba tetap bertahan diatas level 5,730 sebagai daily support. Untuk mampu naik lebih lanjut IHSG saat ini harus mampu minimal bertahan diatas ratarata masing-masing periode (positive area) . Pada Figure 3,4 dan 5 terlihat perkiraan normal trading range untuk masing-masing periode. Figure 3. Daily, target : 5,657 ^JKSE [ ^JKSE ] - Daily - 5/18/2017 Open: 5,590 High: 5,645 Prev. Avg. Price: 5,623 Volatility (+) : 0.0031 Volatility (-) : -0.0033 V-Ratio : 0.93 UpperBand: 5,640.18 LowerBand: 5,604.19
Figure 4. Weekly, target : 5,679
Figure 5. Monthly,target : 5,804
^JKSE [ ^JKSE ] - Weekly - 5/18/2017 Open: 5,690 High: Prev. Avg. Price: 5,640 Volatility (+) : 0.0140 Volatility (-) : -0.0125 V-Ratio : 1.12 UpperBand: 5,718.84 LowerBand: 5,569.49
^JKSE [ ^JKSE ] - Monthly - 5/18/2017 Open: 5,704 High: Prev. Avg. Price: 5,656 Volatility (+) : 0.0412 Volatility (-) : -0.0415 V-Ratio : 0.99 UpperBand: 5,889.20 LowerBand: 5,421.45 _____ 5,889.2 5,804
x
_____ 5,718.8 5,645.45
5,679
5,656 5,645.45
5,657
_____ 5,421.4
5,640 5,645.45
_____ 5,640.2
_____ 5,569.5
5,496
5,587
5,623 _____ 5,604.2
^JKSE - Volume = 7,097,311,744.00 ^JKSE - Volume = 24,631,123,968.00
^JKSE - Volume = 81,339,703,296.00
7,097,311,744
81,339,703,296 24,631,123,968 Apr
May
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Feb
Mar
Apr
May
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
2016
2017
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Source: Mirae Asset Sekuritas Indonesia Research
6 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Stocks on our focus list Indah Kiat Pulp & Paper (INKP) – Trading Buy Harga akan coba naik dan tembus center line pada uptrend channel. Secara umum harga saham ini masih bergerak pada uptrend channel yang masih relatif valid (r-squared = 0.881) selama41 hari terakhir yang bergerak normal dalam rentang +/- 1.56 std.deviasi dari center line. Peluang harga keluar dari pergerakan normal sekitar 11.87 % (sekitar 5 bar chart ). Rata-rata volatilitas normal pergerakkan harga saham ini sepanjang uptrend channel sebesar +/- 4.34 % atau sekitar +/- 114.58 (potensi naik dan turun secara normal maksimum/minimum sebesar 110 – 120 rupiah) dari level penutupan terakhir sebagaimana terlihat pada Figure 6.
Summary Item
Data
Close (May 22, 2017) Relative Avg. Price performance to JCI (%) β (beta) Corelation Period
Item
Data
2,640 (+7.3%)Trading range 43.91Target 0.67 - Daily 0.82 - Weekly 41 - Monthly
r-squared
2,570-2,750 2,750 2,830 2,940
0.881Stop loss 4.34 114.58
Volatility (+/-, %) Volatility (+/-, Rp.)
2,300
Source: Mirae Asset Sekuritas Indonesia Research
Figure 6. Daily trend – Uptrend Indah Kiat Pulp [ INKP.JK ] - Daily - 5/22/2017 Open: 2,510 High: 2,650 Low: 2,420 Close: 2,640 Chg. 7.3% Prev. Avg. Price: 2,570.0 Volatility (+) : 0.0433 Volatility (-) : -0.0360 V-Ratio : 1.20
2,998.29
2,754.3 2,707.98 2,640 2,600.2
_____ 2,681.3
_____ 2,477.4
2,545.0
2,417.67 2,296.21
Optimization Trading System - ©2010 INKP.JK - Volume = 10,143,400.00, Avg.Volume = 11,914,322.00
11,914,322 10,143,400 Optimization Trading System - ©2010 13 20 27 Mar 6
13
20
27
Apr
10
17
25
May
8
15
22
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Mirae Asset Sekuritas Indonesia
7
May 23, 2017 Embun Pagi
Aliran dana keluar mulai tertahandan volatilitas harga naik masih terlihat. Pada Figure 7, terlihat dari hasil optimalisasi terakhir, indikator MFI Optimized akan menguji support trend line, W%R Optimized dan RSI Optimized saat ini cenderung naik dengan volumesekitar rata-rata. Hal ini mengindikasikan potensi kenaikkan masih terlihat.Daily resistance terdekat di 2,680 sebelum lanjut ke 2,750. Daily support terdekat di 2,550. Cut loss level di 2,300.
Figure 7. Daily, MFI optimized, W%R optimized & RSI optimized INKP.JK - MFI Smoothed = 37.93
37.9342
INKP.JK - Will%R Smoothed = -34.47 -34.4711
INKP.JK - RSI Smoothed = 78.93 78.9286
Indah Kiat Pulp [ INKP.JK ] - Daily - 5/22/2017 Open: 2,510 High: 2,650 Low: 2,420 Close: 2,640 Chg. 7.3% Prev. Avg. Price: 2,570.0 Volatility (+) : 0.0433 Volatility (-) : -0.0360 V-Ratio : 1.20
_____ 2,681.3
2,754.3 2,640 2,600.2
_____ 2,477.4 2,545.0
2,296.21
Optimization Trading System - ©2010 INKP.JK - Volume = 10,143,400.00, Avg.Volume = 11,914,322.00
11,914,322 10,143,400 Optimization Trading System - ©2010 Dec
2017
Feb
Mar
Apr
May
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Source: Mirae Asset Sekuritas Indonesia Research
8 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Harga akan coba naik dan bertahan diatas rata-rata pada masing-masing periode. Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan diatas rata-rata masing-masing periode (positive area) . Pada Figure 8,9 dan 10 terlihat perkiraan normal trading range untuk masing-masing periode.
Figure 8. Daily : 2,570 – 2,750
Figure 9. Weekly : 2,570 – 2,830
Indah Kiat Pulp [ INKP.JK ] - Daily - 5/22/2017 Open: 2,510 Prev. Avg. Price: 2,570.0 Volatility (+) : 0.0433 Volatility (-) : -0.0360 V-Ratio : 1.20
Figure 10. Monthly : 2,530 -2,940
Indah Kiat Pulp [ INKP.JK ] - Weekly - 5/28/2017 Open: 2,510 Prev. Avg. Price: 2,570.0 Volatility (+) : 0.0727 Volatility (-) : -0.0363 V-Ratio : 2.00
Indah Kiat Pulp [ INKP.JK ] - Monthly - 5/22/2017 Open: Prev. Avg. Price: 2,580.0 Volatility (+) : 0.1127 Volatility (-) : -0.0681 V-Ratio : 1.66 2,937.5
2,754.3
2,640
2,570
2,570
_____ 2,477.4
_____ 2,870.7
2,831.9 _____ 2,756.8
_____ 2,681.3
2,580
2,640
_____ 2,476.8
2,545.0
_____ 2,404.4
2,544.2
2,460.2
INKP.JK - Volume = 205,525,312.00
INKP.JK - Volume = 10,143,400.00
INKP.JK - Volume = 10,143,400.00
2,640
2,527
205,525,312
10,143,400 10,143,400 25
May
8
15
22
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Mirae Asset Sekuritas Indonesia
Mar
Apr
May 28
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Oct
2017
Apr
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Source: Mirae Asset Sekuritas Indonesia Research
9
May 23, 2017 Embun Pagi
Media Nusantara Citra (MNCN) – Trading Buy Harga akan coba naik mendekati lower band pada uptrend channel . Secara umum harga saham ini juga masih bergerak dalam pola uptrend channel yang masih relatif valid (r-squared = 0,740) selama 63 hari terakhir dan bergerak normal dalam rentang +/- 1.1.3 std.deviasi dari center line. Peluang harga keluar dari pergerakan normal sekitar 25.99 % (sekitar 16 bar chart ). Volatilitas normal pergerakan harga saham ini sepanjang uptrend channel sebesar +/- 1.84% atau sekitar +/- 33.16 (potensi naik dan turun secara normal maksimum/minimum sebesar 30-35 rupiah) dari level penutupan terakhir sebagaimana terlihat pada Figure 11.
Summary Item
Data
Close (May 22, 2017)
Item
Data 1,765-1,895
1,800(+1.7%)Trading range
Relative Avg. Price performance to JCI (%) β (beta) Corelation Period
4.08 Target (0.12) - Daily 0.74 - Weekly 63 - Monthly
1,820 1,890 1,970
r-squared
0.740Stop loss
1,720
Volatility (+/-, %)
1.84 33.16
Volatility (+/-, Rp.) Source: Mirae Asset Sekuritas Indonesia Research
Figure 11. Daily trend – Uptrend Media Nusantara Citra Tbk [ MNCN.JK ] - Daily - 5/22/2017 Open: 1,775 High: 1,840 Low: 1,760 Close: 1,800 Chg. 1.7% Prev. Avg. Price: 1,800.0 Volatility (+) : 0.0129 Volatility (-) : -0.0195 V-Ratio : 0.66
2,092.39
2,031.35 1,956.4 1,956.4 1,895.7 1,881.45 1,862.91 _____ 1,823.2
1,820.4 1,800
_____ 1,764.9 1,748.63
Optimization Trading System - ©2010 MNCN.JK - Volume = 15,895,000.00, Avg.Volume = 16,442,062.00
16,442,062 15,895,000 Optimization Trading System - ©2010 27 2017 9 16 23
30 Feb 6
13
20
27 Mar 6
13
20
27
Apr
10
17
25
May
8
15
22
Created w ith AmiBroker - advanced charting and technical analysis softw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
10 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Aliran dana masuk dan volatilitas harga naik masih terlihat. Pada Figure 12, terlihat dari hasil optimalisasi indikator MFI optimized ,indikator W%R optimized dan RSI Optimized masih cenderung naik dengan volume sekitar rata-rata. Hal ini mengindikasikan potensi kenaikan masih terlihat. Daily resistance di 1,895. Daily support saat ini di 1,765. Cut loss level di 1,720.
Figure 12. Daily, MFI optimized ,W%R optimized & RSI optimized MNCN.JK - MFI Smoothed = 27.24
27.2435 MNCN.JK - Will%R Smoothed = -74.55
-74.5501 MNCN.JK - RSI Smoothed = 22.56
22.5581
Media Nusantara Citra Tbk [ MNCN.JK ] - Daily - 5/22/2017 Open: 1,775 High: 1,840 Low: 1,760 Close: 1,800 Chg. 1.7% Prev. Avg. Price: 1,800.0 Volatility (+) : 0.0129 Volatility (-) : -0.0195 V-Ratio : 0.66
1,895.7 1,862.91 _____ 1,823.2 _____ 1,764.9
1,800 1,748.63
Optimization Trading System - ©2010 MNCN.JK - Volume = 15,895,000.00, Avg.Volume = 16,442,062.00 16,442,062 15,895,000 Optimization Trading System - ©2010 Oct Nov
Dec
2017
Feb
Mar
Apr
May
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Source: Mirae Asset Sekuritas Indonesia Research
Mirae Asset Sekuritas Indonesia
11
May 23, 2017 Embun Pagi
Harga saat ini akan coba naik dan bertahan diatas rata-rata pada masing-masing periode. Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan diatas rata-rata masing-masing periode (positive area) . Pada Figure 13,14 dan 15 terlihat perkiraan normal trading range untuk masing-masing periode.
Figure 13. Daily : 1,760 – 1,820
Figure 14. Weekly : 1,740 – 1,890
Figure 15. Monthly : 1,630 – 1,970
x
Media Nusantara Citra Tbk [ MNCN.JK ] - Daily - 5/22/2017 Prev. Avg. Price: 1,800.0 Volatility (+) : 0.0129 Volatility (-) : -0.0195 V-Ratio : 0.66
Media Nusantara Citra Tbk [ MNCN.JK ] - Weekly - 5/28/2017 Prev. Avg. Price: 1,800.0 Volatility (+) : 0.0346 Volatility (-) : -0.0438 V-Ratio : 0.79
Media Nusantara Citra Tbk [ MNCN.JK ] - Monthly - 5/22/2017 Prev. Avg. Price: 1,856.7 Volatility (+) : 0.0952 Volatility (-) : -0.0962 V-Ratio : 0.99
_____ 2,033.5 1,885.3
1,971.4
_____ 1,862.2 1,856.7 1,800 _____ 1,823.2
1,800
1,800
1,823.2 1,800
_____ 1,678.1 1,800 _____ 1,721.1
1,738.1
1,626.8
_____ 1,764.9 1,764.9
MNCN.JK - Volume = 232,789,216.00
MNCN.JK - Volume = 15,895,000.00
MNCN.JK - Volume = 15,895,000.00
15,895,000
232,789,216 15,895,000
17
25
May
8
15
22
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Source: Mirae Asset Sekuritas Indonesia Research
2017
Apr
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Source: Mirae Asset Sekuritas Indonesia Research
2016
2017
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Source: Mirae Asset Sekuritas Indonesia Research
12 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Ace Hardware Indonesia (ACES) – Trading Buy Harga akan coba naik dan tembus center line pada uptrend channel. Secara umum harga saham coba naik dan tembus center line pada uptrend channel yang masih relatif valid dengan r-squared = 0.896 selama 57 hari terakhir dan bergerak normal dalam rentang +/-1.62 std.deviasi dari centerline. Peluang harga keluar dari pergerakan normalnya sekitar 10.43 % (sekitar 6 bar chart ). Volatilitas normal pergerakan harga saham ini sepanjang uptrend channel sebesar +/-02.21% atau sekitar +/-21.40 (potensi naik dan turun secara normal maksimum/minimum sebesar 20 rupiah) dari level penutupan terakhir sebagaimana terlihat pada Figure 16.
Summary Item
Data
Close (May 22, 2017) Relative Avg. Price performance to JCI (%) β (beta)
Item
Data
970(0.0%) Normal trading range 11.19Target 1.33 - Daily
Corelation r-squared
0.94 - Weekly 57 - Monthly 0.896 Stop loss
Volatility (+/-, %) Volatility (+/-, Rp.)
2.21 21.40
Period
955-1,005 990 1,005 1,055 940
Source: Mirae Asset Sekuritas Indonesia Research
Figure 16. Daily Trend – Uptrend Ace Hardware Ind [ ACES.JK ] - Daily - 5/22/2017 Open: 965 High: 990 Low: 955 Close: 970 Chg. 0.0% Prev. Avg. Price: 971.7 Volatility (+) : 0.0177 Volatility (-) : -0.0173 V-Ratio : 1.02
1,050.92 1,039.18 1,005 _____ 988.9 _____ 954.9
997.253 997.253 970 955.325 943.587
Optimization Trading System - ©2010 ACES.JK - Volume = 18,037,700.00, Avg.Volume = 14,433,460.00
18,037,700 14,433,460
Optimization Trading System - ©2010 16 23 30 Feb 6
13
20
27 Mar 6
13
20
27
Apr
10
17
25
May
8
15
22
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Mirae Asset Sekuritas Indonesia
13
May 23, 2017 Embun Pagi
Aliran dana mausk dan volatilitas harga naik masih terlihat. Pada Figure 17, terlihat dari hasil optimalisasi, indikator MFI Optimized ,W%R Optimized dan RSI Optimized cenderung naik dengan volume sekitar rata-rata. Dengan demikian diperkirakan potensi kenaikkan masih terlihat. Perkiraan daily resistance terdekat ke 1,005. Daily support terdekat di 950. Cut loss level di 940..
Figure 17. Daily MFI Optimized , W%R Optimized & RSI Optimized ACES.JK - MFI Smoothed = 89.40
89.4033
ACES.JK - Will%R Smoothed = -33.68 -33.6813
ACES.JK - RSI Smoothed = 56.37
56.366
Ace Hardware Ind [ ACES.JK ] - Daily - 5/22/2017 Open: 965 High: 990 Low: 955 Close: 970 Chg. 0.0% Prev. Avg. Price: 971.7 Volatility (+) : 0.0177 Volatility (-) : -0.0173 V-Ratio : 1.02
1,005 _____ 988.9 _____ 954.9
970 960.406 918.444
Optimization Trading System - ©2010 ACES.JK - Volume = 18,037,700.00, Avg.Volume = 14,433,460.00
18,037,700 14,433,460 Optimization Trading System - ©2010 Dec
2017
Feb
Mar
Apr
May
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Source: Mirae Asset Sekuritas Indonesia Research
14 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Harga akan coba naik dan bertahan diatas rata-rata pada masing-masing periode. Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan diatas rata-rata masing-masing periode (positive area) . Pada Figure 18,19 dan 20 terlihat perkiraan normal trading range untuk masing-masing periode. Figure 18. Daily : 950-990
Figure 19. Weekly : 940-1,005
Ace Hardware Ind [ ACES.JK ] - Daily - 5/22/2017 Open: Prev. Avg. Price: 971.7 Volatility (+) : 0.0177 Volatility (-) : -0.0173 V-Ratio : 1.02
_____ 988.9
Figure 20. Monthly : 905-1,055
Ace Hardware Ind [ ACES.JK ] - Weekly - 5/28/2017 Open: Prev. Avg. Price: 971.7 Volatility (+) : 0.0388 Volatility (-) : -0.0324 V-Ratio : 1.20 1,007.6 _____ 1,009.4
987.2
Ace Hardware Ind [ ACES.JK ] - Monthly - 5/22/2017 Open: Prev. Avg. Price: 963.3 Volatility (+) : 0.0895 Volatility (-) : -0.0670 V-Ratio : 1.34 1,056.8 _____ 1,049.6
970
970 971.7
963.3
_____ 940.2
971.7 970
_____ 898.8 938.6
905.0
_____ 954.9 953.2
ACES.JK - Volume = 238,974,496.00
ACES.JK - Volume = 18,037,700.00
ACES.JK - Volume = 18,037,700.00
238,974,496 18,037,700 18,037,700 17
25
May
8
15
22
Created w ith AmiBroker - advanced charting and technical analysis sof tw are. http://w w w .amibroker.com
Source: Mirae Asset Sekuritas Indonesia Research
Relative Avg.Price Performance to JCI (%) β (beta) Correlation Period r-squared Volatility (+/-%) Volatility (+/- point or Rp)
Buy Sell BoW SoS Trading Buy Trading Sell
Mar
Apr
May 28
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Source: Mirae Asset Sekuritas Indonesia Research
2016
2017
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Source: Mirae Asset Sekuritas Indonesia Research
: Persentase kenaikan harga saham dari rata-rata sejak IHSG memulai uptrend-nya : Indikator sensitivitas harga saham terhadap IHSG, beta diatas 1 berarti harga makin sensitif terhadap pergerakan IHSG dan sebaliknya : Ukuran kuat hubungan (korelasi) pergerakan harga saham dibanding dengan pergerakan IHSG : Periode uptrend / downtrend yang valid dari pergerakan harga saham : Koefisien determinasi, menunjukkan persentase gerakan yang dapat dijelaskan dengan regresi linier.Nilai R2 terletak antara 0 – 1, dan kecocokan model dikatakan lebih baik kalau R2 semakin mendekati 1 (validitas uptrend atau downtrend makin valid) : Besaran volatilitas normal maksimal/minimal dari pergerakan harga harian selama harga saham bergerak normal pada trend channel dalam persentase. : Besaran volatilitas normal maksimal/minimal dari pergerakan harga harian selama Harga saham bergerak
: Beli, harga sudah menyentuh atau jatuh di bawah support dan indikator teknikal berada di oversold area. : Jual, harga sudah menyentuh atau tembus resistance normal dan indikator berada di overbought area. : Buy on Weakness, beli ketika harga sudah melemah, dimana volume tekanan jual mulai berkurang dan harga mendekatisupport, serta indikator teknikal sudah berada di oversold area. : Sell on Strength, jual ketika kenaikan harga sudah mulai terbatas dimana volume beli mulai berkurang dan harga mendekati resistance, serta indikator teknikal sudah berada di overbought area. : Beli dan jual kembali secepatnya jika harga sudah mencapai level resistance terdekat, karena kenaikan harga relatif tidak stabil atau hanya sementara. : Jual dan beli kembali secepatnya jika harga sudah mencapai level support terdekat karena koreksi harga relative tidak stabil atau hanya sementara.
analyzed by : Tasrul,
[email protected], +62-21- 5151140
Mirae Asset Sekuritas Indonesia
15
May 23, 2017 Embun Pagi
Chart 21. JCI Vs. USD/IDR (pt)
Chart 22. JCI performance (absolute vs. relative)
JCI (L)
(IDR)
USD/IDR (R)
(%, %p)
Absolute
24
6,000 13,700
5,800
Relative 21.2
20 16
5,600 13,500 5,400
12 8 4
5,200
13,300
5,000
1.1
13,100 2/20
3/20
4/17
-0.7 -1.5
-2.9
-8
5/15
1D
1W
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Note: Relative to MSCI EM Index Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 23. Foreigner’s net purchase (EM)
Chart 24. Energy price
(USDmn) 1,200
1 Day
(D-3M=100) 115
5 Days 949
1,000
1.5
0 -4
4,800
2.2
CPO
-6.0 1Y
1M
WTI
Coal
110 105
800
100 600
488
452 400
90
200 0
95
0
51 90
33
85
5 9
5
80 -44
-200 Korea
-121 Taiwan Indonesia Thailand Philippines
75 India
Note: The latest figure for India are May 19th, 2017 Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Copper
3/21
4/18
5/16
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 25. Non-ferrous metal price (D-3M=100)
2/21
Chart 26. Precious metal price Nickel
Tin
(D-3M=100)
105
110
100
105
Silver
Gold
Platinum
100
95
95 90 90 85
85 80
80 2/20
3/20
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
4/17
5/15
2/20
3/20
4/17
5/15
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
16 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Table. Key valuation metrics Price
Market Cap
(IDR)
(IDRbn)
1D
1W
1M
1Y
FY16
FY17
FY16
FY17
FY16
FY17
5,749
6,330,193
-0.7
1.1
1.5
22.0
16.5
14.3
2.5
2.3
18.4
25.6
BBCA BMRI BBRI BBNI BBTN
17,650 12,525 14,625 6,825 2,550
435,161 292,250 360,786 127,277 27,005
-1.4 -2.9 0.9 1.9 0.8
-3.3 3.3 2.3 4.6 10.4
1.0 9.9 13.2 11.0 9.4
35.5 44.0 49.2 55.8 55.0
18.5 19.6 10.9 9.1 13.3
19.0 14.7 12.8 9.6 13.7
3.4 1.8 1.9 1.2 1.0
3.4 1.8 2.2 1.3 1.3
20.4 10.3 20.2 13.9 7.6
18.9 12.7 18.2 14.5 10.2
HMSP GGRM ICBP INDF KLBF UNVR
3,810 74,250 8,750 8,700 1,570 47,450
443,172 142,864 102,042 76,390 73,594 362,044
-4.0 -2.9 -3.8 0.6 -0.6 -2.7
-1.0 0.9 1.4 2.7 3.0 -1.1
-2.1 15.7 4.2 8.4 -0.6 4.2
-1.8 2.4 9.5 26.5 12.1 11.5
34.8 18.4 27.8 18.3 30.9 46.3
32.6 18.8 26.0 17.0 29.0 50.0
13.0 3.1 5.7 2.4 6.0 62.9
12.4 3.2 5.1 2.4 5.5 65.3
38.6 17.3 21.8 14.7 20.6 134.1
38.5 18.0 21.2 14.9 19.1 138.2
AALI LSIP SSMS
14,550 1,505 1,700
28,004 10,268 16,193
-1.7 -1.0 0.6
-0.7 0.3 -2.3
0.3 9.9 2.1
3.7 2.4 -9.3
14.8 20.0 22.5
14.3 12.9 22.1
1.9 1.6 3.9
1.6 1.3 4.1
14.1 7.9 18.3
11.3 9.9 18.4
EXCL JSMR PGAS TBIG TLKM SOCI GIAA
2,990 5,075 2,370 5,875 4,470 340 346
31,957 36,834 57,452 26,622 450,576 2,400 8,957
-2.3 1.5 0.9 -0.4 -1.3 1.2 0.6
-4.2 5.1 -2.1 4.0 2.5 5.6 0.6
-0.3 13.5 -1.7 -2.5 1.6 -9.1 -6.5
-6.6 -2.2 6.3 -10.6 23.4 -10.5 -23.8
60.8 15.6 15.3 17.4 20.3 8.2 31.7
79.2 19.3 11.1 21.3 19.3 5.1 21.1
1.2 2.3 1.5 14.3 4.7 0.6 2.6
1.5 2.5 1.3 9.2 4.7 N/A 2.7
2.1 15.7 9.8 83.6 24.3 7.4 8.6
1.4 12.9 12.6 52.0 24.2 10.1 13.2
SMGR CPIN INTP JPFA
9,400 3,070 18,000 1,170
55,756 50,342 66,262 13,350
2.2 2.7 0.0 -2.5
5.6 0.7 1.1 8.8
8.0 -7.0 12.5 -23.3
4.4 -5.5 10.6 30.0
12.0 22.6 14.6 7.7
15.2 17.4 19.7 7.5
1.9 3.6 2.2 1.9
1.8 3.0 2.4 1.3
16.3 16.5 15.5 28.6
12.2 19.1 12.1 19.4
ITMG ADRO ANTM INCO PTBA
15,175 1,435 695 1,945 10,750
17,147 45,900 16,701 19,326 24,769
-3.7 -2.0 -0.7 0.8 -0.5
0.2 -3.4 13.9 3.2 -1.1
-19.3 -22.0 -0.7 -9.5 -13.7
87.9 114.2 5.3 29.2 70.6
10.4 12.0 298.3 N/A 13.1
6.4 8.3 60.6 36.6 7.8
1.5 1.3 1.2 1.1 2.5
1.3 1.0 0.9 0.8 1.9
15.0 11.1 0.4 0.1 20.5
19.9 11.7 2.6 1.7 25.7
UNTR AKRA BMTR LPPF MNCN MPPA SCMA SILO
24,400 6,450 635 15,900 1,800 810 2,890 11,800
91,015 25,801 9,016 46,395 25,697 4,356 42,256 15,347
1.0 1.2 0.8 3.6 1.7 0.6 1.0 -1.7
-0.6 2.4 -0.8 5.8 -6.5 -1.8 1.0 -0.4
-9.4 -2.3 17.6 19.5 0.6 -12.4 0.7 -16.5
84.8 4.9 -43.3 -11.9 -20.0 -35.5 -11.3 27.6
15.8 23.5 41.8 21.9 17.7 211.4 27.2 150.3
13.7 21.0 N/A 20.9 14.4 26.5 23.4 113.6
1.9 3.5 0.9 23.8 2.7 3.3 11.9 4.5
2.0 3.3 N/A 15.5 2.3 1.8 10.3 4.8
12.7 15.7 2.0 136.4 15.4 1.6 45.7 3.5
15.4 16.0 N/A 86.2 16.9 4.7 46.6 4.2
BSDE ADHI ASRI CTRA LPKR PTPP PWON SMRA WIKA WSKT
1,800 2,300 328 1,170 745 3,080 645 1,370 2,380 2,420
34,644 8,190 6,445 21,716 17,193 19,096 31,063 19,765 21,348 32,848
0.8 1.3 0.6 -1.3 0.7 2.7 1.6 3.4 3.5 6.6
0.0 5.5 -0.6 0.0 -2.6 13.7 3.2 2.2 6.7 7.1
-1.1 0.4 -5.2 -10.0 -3.9 -4.0 5.7 -1.4 0.4 0.8
0.0 -6.9 -13.7 -11.5 -20.3 -5.0 26.5 -11.0 14.7 -2.0
18.8 23.6 13.6 19.9 18.6 23.1 16.3 61.3 14.4 17.3
14.6 13.9 7.8 16.8 16.3 13.5 15.5 47.1 16.8 13.5
1.6 1.4 1.0 2.2 0.9 2.4 3.1 3.1 1.8 3.1
1.5 1.3 0.8 1.6 0.8 1.8 2.9 2.8 1.6 2.1
9.1 5.9 7.5 9.8 5.0 14.4 21.0 5.1 12.9 16.6
10.5 9.9 11.1 11.0 5.3 14.3 19.9 6.4 10.3 17.0
ASII
8,775
355,243
0.3
0.9
-4.1
38.2
22.1
18.0
3.0
2.9
14.2
16.6
Company Name
Ticker
Jakarta Composite Index FINANCIALS Bank Central Asia Bank Mandiri Persero Bank Rakyat Indonesia Persero Bank Negara Indonesia Persero Bank Tabungan Negara Persero
JCI
CONSUMER HM Sampoerna Gudang Garam Indofood CBP Sukses Makmur Indofood Sukses Makmur Kalbe Farma Unilever Indonesia AGRICULTURAL Astra Agro Lestari PP London Sumatera Indonesia Sawit Sumbermas Sarana INFRASTRUCTURE XL Axiata Jasa Marga Perusahaan Gas Negara Tower Bersama Infrastructure Telekomunikasi Indonesia Soechi Lines Garuda Indonesia BASIC-INDUSTRIES Semen Indonesia Charoen Pokphand Indonesia Indocement Tunggal Prakarsa Japfa Comfeed Indonesia MINING Indo Tambangraya Megah Adaro Energy Aneka Tambang Vale Indonesia Tambang Batubara Bukit Asam TRADE United Tractors AKR Corporindo Global Mediacom Matahari Department Store Media Nusantara Citra Matahari Putra Prima Surya Citra Media Siloam International Hospital PROPERTY Bumi Serpong Damai Adhi Karya Alam Sutera Realty Ciputra Development Lippo Karawaci Pembangunan Perumahan Pakuwon Jati Summarecon Agung Wijaya Karya Waskita Karya MISCELLANEOUS Astra International
Price Performance (%)
P/E(X)*
P/B(X)*
ROE(%)*
Source: Bloomberg, Mirae Asset Sekuritas Indonesia *Note: Valuation metrics based on Bloomberg consensus estimates
Mirae Asset Sekuritas Indonesia
17
May 23, 2017 Embun Pagi
Sector performance
Top 10 market cap performance
Name
Index
Agricultural Mining Basic-Industry Miscellaneous Industry Consumer Goods Property & Construction Infrastructure Finance Trade Composite
Chg (%)
1,809.7 1,362.7 626.3 1,482.3 2,516.2 496.5 1,154.5 928.6 907.0 5,749.4
Ticker -0.2 -1.2 0.5 0.2 -2.5 1.1 -0.8 -0.6 0.4 -0.7
Price
INAF IJ KPIG IJ KAEF IJ INKP IJ WSKT IJ BTEK IJ BDMN IJ TINS IJ LPPF IJ WIKA IJ
Market Cap (IDRbn) 3910 1320 2990 2640 2420 965 5425 910 15900 2380
Chg (%)
12,118 9,096 16,606 14,443 32,848 5,584 51,997 6,777 46,395 21,348
14.33 10.46 7.94 7.32 6.6 6.04 5.34 5.20 3.6 3.48
Source: Bloomberg
Top 5 leading movers
Top 5 lagging movers
Name
Chg (%)
BBRI IJ BDMN IJ BBNI IJ WSKT IJ LPPF IJ
Close 0.9 5.3 1.9 6.6 3.6
Name 14,625 5,425 6,825 2,420 15,900
HMSP UNVR BMRI BBCA TLKM
Chg (%) IJ IJ IJ IJ IJ
Close -4.0 -2.7 -2.9 -1.4 -1.3
3,810 47,450 12,525 17,650 4,470
Source: Bloomberg
Economic Calendar Time 12:30am 1:00am 6:00am 8:10am 11:30am 1:00pm 1:00pm 2:00pm 2:00pm 2:30pm 2:30pm 3:00pm 3:00pm 3:00pm 3:30pm 4:00pm 5:00pm 7:30pm 8:00pm 8:45pm 8:45pm 9:00pm 9:00pm
Currency AUD GBP USD USD JPY CHF EUR EUR EUR EUR EUR EUR EUR EUR GBP GBP GBP CAD USD USD USD USD USD
Detail RBA Assist Gov Debelle Speaks Prime Minister May Speaks FOMC Member Brainard Speaks FOMC Member Evans Speaks All Industries Activity m/m Trade Balance German Final GDP q/q French Flash Manufacturing PMI French Flash Services PMI German Flash Manufacturing PMI German Flash Services PMI German Ifo Business Climate Flash Manufacturing PMI Flash Services PMI Public Sector Net Borrowing Inflation Report Hearings CBI Realized Sales Wholesale Sales m/m FOMC Member Kashkari Speaks Flash Manufacturing PMI Flash Services PMI New Home Sales Richmond Manufacturing Index
Forecast
Previous
-0.4% 2.87B 0.6% 55.2 56.8 58.0 55.5 113.1 56.5 56.5 8.0B
0.7% 3.10B 0.6% 55.1 56.7 58.2 55.4 112.9 56.7 56.4 4.4B
12 1.1%
38 -0.2%
53.2 53.3 611K 15
52.8 53.1 621K 20
Note: Time is based on Indonesian local time Source: Forex Factory
18 Mirae Asset Sekuritas Indonesia
May 23, 2017 Embun Pagi
Disclaimers This report is prepared strictly for private circulation only to clients of PT Mirae Asset Sekuritas Indonesia (MASI). It is purposed only to person having professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of MASI and/or its affiliated companies and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of MASI, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither MASI, its affiliated companies or their respective employees or agents accepts liability for any errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position, make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided to you. © PT Mirae Asset Sekuritas Indonesia 2016.
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