RISET SAHAM HARIAN Samuel Equity Research
Wednesday, 07 December 2016
Market Activity
IHSG berpeluang melanjutkan penguatan
Wednesday, 07 Dec 2016 Market Index Index Movement Market Volume Market Value
: : : :
Last Close
5,273.0 +4.7 (+0.1%) Mn shrs 4,050 5,327 Bn rupiah Changes +/%
Leading Movers BBRI 11,325 BJBR 2,250 KLBF 1,570 PGAS 2,830
200 360 45 80
1.8 19.0 3.0 2.9
Lagging Movers TLKM 3,910 HMSP 3,920 UNVR 41,800 ICBP 8,700
-50 -30 -50 -175
-1.3 -0.8 -0.1 -2.0
Foreign Net Buy / Sell Net Buy (Rpbn) BBNI 43 ADRO 23 BUMI 21 JSMR 21 BBRI 21
Net Sell (Rpbn) TLKM 124 BMRI 104 UNVR 39 BJBR 26 ASII 24
Last Close 13,383 4.2 0.5
Changes +/% -47.0 0.3 0.0 -
Dual Listing Securities Last Close TLKM 28.8 ISAT 41.2 EIDO 24.3
Changes +/% 0.0 0.1 0.2 0.4 0.1 0.5
World Indices
DJIA S&P 500 Euro Stoxx MSCI World Nikkei Hang Seng
Changes
Last Close 19,252 2,212 3,101 1,728 18,415 22,675
+/36 8 48 10 54 170
Last Close 54 3,156 79 11,583 21,305
Changes +/% -1.0 -1.8 49.0 1.6 -3.2 -3.8 -30.5 -0.3 -85.0 -0.4
% 0.2 0.3 1.6 0.6 0.3 0.8
Commodities Brent Oil CPO Malay Coal Newc Nickel Tin
memimpin penguatan. Spekulasi adanya kebijakan presiden terpilih AS Donald Trump dengan optimisme akan memicu pertumbuhan ekonomi
selain itu, spekulasi investor mengenai pertemuan The
Fed dan Bank Sentral Eropa (ECB) menjadi fokus pasar saat ini. sama halnya, Bursa Eropa menguat, setelah saham perbankan melonjak naik sejalan dengan hasil referendum di mana para voters menolak referendum konstitusional. Harga minyak ditutup melemah menyusul kekhawatiran rekor produksi dan reaksi produsen shaleoil AS bisa merusak kesepakatan OPEC untuk memangkas output. Mayoritas bursa Asia dibuka menguat sejalan dengan pengutan bursa global. IHSG hari ini berpeluang melanjutkan penguatannya setelah penguatan nilai tukar Rupiah terhadap dolar AS menjadi
Money Market
USD/IDR JIBOR O/N Infl (MoM)
Bursa AS ditutup menguat dengan saham Goldman Sachs
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sentiment positif dan sejalan dengan penguatan bursa global. Faktor global akan lebih mendominasi pergerakan rupiah hingga minggu depan, di mana FOMC Meeting yang diperkirakan menaikan Fed rate dijadwalkan. Highlights
WSKT: Rencana sinergi ruas tol
PTPP: Targetkan Rp13tn dari IPO
MAPI: Potensi menambah keuntungan pada bisnis F&B
Utilities: Penyerapan anggaran PUPR capai 74%
Perbankan: NPL diperkirakan membaik
Minyak dan gas: ESDM dorong pakai kontrak gross split
Batubara: Kenaikan royalti bayangi produsen batubara
DISCLAIMERS : Anal yst Certification : The vi ews express ed in this research acc uratel y reflect the personal views of the anal ys t(s) about the s ubjec t s ecurities or issuers and no part of the c ompens ation of the analys t(s) was, is, or will be direc tl y or indirec tl y related to the incl usion of s pecific recommendati ons or vi ews in this res earch. The anal yst(s) princi pall y res ponsible for the pr eparati on of this r esearch has taken reasonable car e to ac hi eve and maintain i ndependence and obj ecti vity in maki ng any rec ommendati ons . This document is for information onl y and for the use of the recipient. It is not to be repr oduced or copied or made available to others. Under no circumstanc es is it to be considered as an off er to s ell or solicitation to buy any s ecurity. Any r ecommendation c ontai ned in this report may not be s uitable for all investors. Mor eover, although the i nfor mation contained herein has been obtained from sources believed to be r eliabl e, its accurac y, c ompleteness and reli ability c annot be guaranteed. All rights res er ved by PT Samuel Sekuritas Indonesi a.
WSKT: Rencana sinergi ruas tol PT Waskita Karya, Tbk (WSKT), salah satu anak usahanya di segmen bisnis tol road berencana melakukan kerjasama melalui kepemilikan saham ruas rol Cibitung Cilincing. Kemungkinan kerjasama tersebut dalam rangka meningkatkan sinergi logistic seiring dengan rencana pengintegrasian pengelolaan ruas tol Cimanggis-Cibitung dan Cibitung-Cilincing. Cimanggis Cibitung dikelola oleh PT Cimanggis CIbitung Tollways yang sahamnya dikuasai Waskita Toll Road (anak usaha WSKT) sebesar 90%, sedangkan ruas Cibitung-Cilincing (34.20km) dimiliki oleh PT MTD CTP Expressway sebagai pemegang saham majority (55%). (Bisnis Indonesia). WSKT. Buy 15.8x P/E17E dan 1.6x PBV 17E. PTPP: Targetkan Rp13tn dari IPO PT PP (Persero), Tbk (PTPP) rencana melepas anak usahanya melalui IPO dengan target perolehan dana Rp13tn. Adapun ketiga anak usaha tersebut adalah PT PP Pracetak (Rp3.5tn), PT PP Peralatan (Rp3.8tn) dan PT PP Energi (Rp5.7tn) PTPP kedepannya memiliki rencana memperkuat posisinya di bidang energy salah satunya melalui pengerjaan beberapa proyek PLN. Sementara PT PP Pracetak precast, akan fokus memperkuat bisnis precast high rise. Adapu kapasitas pabrik yang dioperasikan oleh perusahaan saat ini sebesar 180K ton p.a di Cilegon dan di Sadang sebesar 160K p.a. (Bisnis Indonesia). PTPP. Buy 20.9x P/E17E dan 3.0x PBV 17E. MAPI: Potensi menambah keuntungan pada bisnis F&B Bagi PT Mitra Adiperkasa Tbk. (MAPI), bisnis makanan dan minuman di Indonesia masih menyimpan potensi besar untuk dikembangkan karena menawarkan marjin yang menggiurkan. Maka, MAPI berencana untuk melanjutkan ekspansi di segmen makanan dan minuman pada tahun 2017. MAPI berencana untuk menambah 60 gerai baru untuk bisnis F&B pada tahun depan. Dan rencana penambahan gerai F&B pada tahun depan pun masih lebih besar daripada realisasi tahun 2016. Sebagai gambaran, hingga kuartal III/2016, pertumbuhan laba sebelum pajak pada segmen kafe dan restoran mencapai 159% dibandingkan dengan kuartal yang sama tahun 2014. Adapun penjualan segmen ritel pada kuartal III/2016 dalam dua tahun terakhir hanya bertumbuh 5%. Corporate Secretary perusahaan menuturkan, pada 2017 MAPI akan melakukan penambahan seluas 60,000 meter persegi gerai yang terdiri dari department store, specialty store, dan F&B. (Bisnis Indonesia). MAPI: Buy, 17E’PE:24.9x, PBV: 2.3x.
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Utilities: Penyerapan anggaran PUPR capai 74% Realisasi penyerapan anggaran di Kementerian Pekerjaan Umum dan Perumahan (PUPR) hingga 5 Desember mencapai 73,7% atau setara dengan Rp 72,8 triliun dari pagu APBNP 2016 sebesar Rp 98,7 triliun dengan progres fisik mencapai 76,6%. Menteri PUPR, Basoeki Hadimoeljono mengatakan jumlah serapan tersebut masih jauh dari target akhir tahun sebesar 94%. (Bisnis Indonesia) Utilities: Neutral. Perbankan: NPL diperkirakan membaik NPL gross perbankan diperkirakan menurun dari 3,1% pada Sep’16 menjadi 2,8 2,9% pada akhir 2017. Meski berpotensi membaik, Lembaga Penjamin Simpanan (LPS) menilai faktor resiko masih besar karena kondisi eksternal seperti kebijakan Presiden Trump. OJK mengkaji kemungkinan dicabutnya aturan bunga deposito maksimal bagi bank BUKU III dan IV seiring likuiditas yang dinilai cukup memadai. Sementara itu, karena distribusi dana yang tidak merata, bank BUKU I dan II cenderung menaikkan suku bunga deposito. (Investor Daily). Comment: Kami melihat angka NPL gross perbankan secara nominal sudah relatif flat akhir akhir ini. Dengan pertumbuhan kredit tahun depan yang diperkirakan lebih tinggi dari tahun ini (2017F: 10-11%, 2016E: 7-9%), NPL gross secara persentase berpotensi menurun di 2017, sejalan dengan perkiraan dari LPS. Biaya provisi di tahun depan kami lihat akan lebih kecil dari tahun ini, namun kami juga melihat adanya faktor resiko siknifikan dari kondisi eksternal seperti kenaikan suku bunga AS dan kebijakan Trump. Terkait likuiditas, kami tidak melihat adanya ancaman serius ke depannya karena: 1.) Posisi LDR yang masih sekitar 92% sehingga masih memiliki ruang, 2.) Potensi masuknya dana repatriasi tax amnesty Rp 100 triliun, 3.) GWM primer rupiah yang saat ini 6,5% sehingga masih punya ruang penurunan, serta 4.) Rencana pemberlakuan GWM averaging yang dapat memberikan fleksibilitas dalam likuiditas. Banking: Neutral Minyak dan gas: ESDM dorong pakai kontrak gross split Kementerian Energi dan Sumber Daya Mineral (ESDM) berencana menerbitkan peraturan menteri mengenai penggunaan skema gross split dalam kontrak bagi hasil. Namun wacana ini diduga akan membatasi pengawasan oleh pemerintah dan berpotensi melanggar UUD 1945. Bagi hasil milik pemerintah dari produksi migas pun nantinya akan dihitung dan dievaluasi berdasarkan lima criteria, yaitu: cadangan migas, lokasi cadangan migas, kriteria lapangan marginal, tingkat kesulitan produksi migas dan jenis lapangan minyak. (Kontan) Utilities: Neutral.
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Page 3 of 8
Batubara: Kenaikan royalti bayangi produsen batubara Kementerian Energi dan Sumber Daya Mineral (ESDM) belum berencana menaikkan royalti batubara pemegang Izin Usaha Pertambangan (IUP), seiring menguatnya harga komoditas tersebut beberapa bulan terakhir. Pada Desember ini Harga Batubara Acuan bahkan menembus level US$ 100 per ton. Saat ini masih mengamati pergerakan harga batubara. Oleh sebab itu belum ada rencana untuk menaikkan royalti batubara di 2017 nanti. (Investor Daily). Coal: Overweight.
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Page 4 of 8
Ticker
Rec.
JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons (%)
(Rp)
(%)
(%)
PE
PBV
ROE
EV/EBITDA (x)
TP SSI
Upside
(%)
(%)
(Rp)
(Rp)
(%)
16E
17E
16E
17E
16E
17E
16E
17E
Banks BMRI BBCA
HOLD BUY
4.3 6.3
10650 14675
0.0 0.2
3.15 2.26
(6.4) (4.7)
15.1 10.3
11106 16381
10300 17100
-3.3 16.5
14.2 18.6
11.1 15.6
1.6 3.3
1.5 2.8
11.3% 17.6%
13.1% 17.9%
n/a n/a
n/a n/a
BBRI
BUY
4.9
11325
1.8
7.35
(9.0)
(0.9)
13022
13700
21.0
10.8
9.2
1.9
1.7
17.9%
18.1%
n/a
n/a
BBNI
BUY
1.7
5375
0.9
5.39
(3.6)
7.7
6356
6300
17.2
9.5
7.7
1.2
1.0
12.2%
13.4%
n/a
n/a
BBTN
BUY
0.3
1760
6.0
8.64
(6.1)
35.9
2188
2300
30.7
8.0
6.7
1.0
0.9
12.4%
13.1%
n/a
n/a
12.2
10.1
1.8
1.6
14.3%
15.1%
n/a
n/a 17.3
Average Consumer (Staples) ICBP BUY
1.8
8700
(2.0)
3.26
(6.2)
29.1
10267
10300
18.4
27.3
24.4
5.7
5.1
21.0%
20.8%
20.4
INDF
BUY
1.2
7500
(0.3)
(0.33)
(8.0)
44.9
9936
9900
32.0
16.7
14.1
2.2
2.0
13.2%
14.2%
9.1
8.2
KLBF
HOLD
1.3
1570
3.0
7.53
(7.1)
18.9
1736
1700
8.3
32.7
29.1
6.3
5.5
19.1%
19.0%
22.5
18.9
ROTI
BUY
0.1
1520
(0.7)
3.75
(5.0)
20.2
1754
2000
31.6
28.7
21.4
5.4
4.5
18.9%
21.1%
13.4
11.9
ULTJ
BUY
0.2
4640
0.9
1.98
(2.3)
17.6
5367
5300
14.2
21.3
17.4
4.0
3.3
18.7%
18.9%
13.4
11.5
UNVR
HOLD
5.6
41800
(0.1)
2.89
(5.0)
13.0
44665
45200
8.1
49.9
44.7
59.4
52.1
118.9% 116.6%
34.9
31.9
SIDO
BUY
0.1
550
(0.9)
-
0.0
0.0
655
730
32.7
17.1
15.3
3.0
2.9
17.7%
18.9%
7.8
6.2
AISA
BUY
0.1
1915
0.3
2.13
(4.7)
58.3
2428
2240
17.0
15.3
11.7
1.6
1.4
10.7%
12.2%
13.9
12.6
27.7
23.8
12.3
10.8
32.5%
32.8%
17.4
15.1
38.5 19.8
34.5 19.1
12.8 3.0
11.7 2.7
33.3% 15.2%
33.8% 14.1%
27.6 12.8
24.9 11.8
29.2
26.8
7.9
7.2
24.2%
24.0%
20.2
18.4
Average Cigarette HMSP GGRM
HOLD BUY
8.0 2.3
3920 67450
(0.8) (0.2)
2.35 6.98
(1.5) 1.5
4.3 22.6
4272 77171
4390 77150
12.0 14.4
Average Healthcare MIKA HOLD SILO Average Retail MAPI
0.7
2560
1.6
1.59
(9.9)
6.7
3142
2950
15.2
56.0
49.1
10.3
9.4
18.5%
19.1%
30.1
27.1
BUY
0.2
10825
0.7
4.76
8.9
12.2
11655
12500
15.5
144.4 100.2
113.7 81.4
5.9 8.1
5.3 7.4
4.1% 11.3%
4.7% 11.9%
18.9 24.5
15.4 21.2
3.92
(9.2)
36.4
5491
5500
6.3
45.8
27.0
2.7
2.4
5.8%
9.0%
8.8
7.0
(0.85) (11.7) (0.57) 0.0
81.4 5.5
1465 974
1570 960
34.2 10.3
21.3 24.2
18.0 22.3
2.3 4.8
2.2 4.2
11.0% 20.0%
12.1% 18.7%
17.1 16.7
16.0 14.8
HOLD
0.2
5175
1.5
RALS ACES
BUY BUY
0.1 0.3
1170 870
1.7 (1.7)
LPPF Average Telco
BUY
0.8
14700
1.7
0.34
(7.1)
(16.5)
20866
23150
57.5
17.8 27.3
15.4 20.7
19.7 7.4
12.7 5.4
110.6% 36.8%
82.3% 30.5%
13.3 14.0
11.9 12.4
EXCL ISAT
BUY HOLD
0.4 0.6
2280 6300
0.4 0.0
8.06 1.61
0.4 (1.2)
(36.7) 14.5
3171 7631
4550 6600
99.6 4.8
285.0 38.7
29.2 17.1
1.1 2.5
1.1 2.3
0.4% 6.5%
3.7% 13.2%
5.2 4.1
4.5 3.7
TLKM Average
BUY
6.9
3910
(1.3)
1.82
(5.8)
26.5
4732
5000
27.9
19.9 114.5
16.3 20.9
4.5 2.7
3.9 2.4
22.3% 9.8%
24.0% 13.7%
7.6 5.7
7.0 5.1
Auto and HE ASII BUY
5.6
7850
(0.3)
1.95
(4.6)
30.8
8679
9000
14.6
17.2
14.2
2.9
2.4
16.7%
17.2%
14.6
14.1
BUY
1.5
23250
(1.1)
6.77
4.4
37.2
24011
25050
7.7
20.1 18.6
16.9 15.5
2.2 2.5
2.0 2.2
10.7% 13.7%
11.9% 14.6%
5.6 10.1
4.9 9.5
Aviation GIAA Property
HOLD
0.2
378
1.1
6.78
6.8
22.3
394
445
17.7
19.9
14.5
0.8
1.0
3.8%
7.1%
#####
3.4
BSDE PWON
HOLD HOLD
0.6 0.6
1865 670
0.8 0.8
8.12 (2.19)
(9.9) (6.9)
3.6 35.1
2415 748
2350 710
26.0 6.0
14.6 24.1
11.9 22.3
1.6 4.0
1.4 3.5
11.1% 16.8%
11.8% 15.8%
10.7 9.6
9.4 8.4
KPIG ASRI
BUY HOLD
0.1 0.1
1210 382
3.4 1.1
10.00 5.52
(15.1) (9.9)
(14.2) 11.4
n/a 450
1810 438
49.6 14.7
28.1 11.9
23.7 11.1
1.0 1.1
1.0 1.0
3.5% 9.0%
4.1% 8.9%
n/a 5.9
n/a 5.1
SMRA Average
HOLD
0.4
1465
1.4
5.40
1.0
(11.2)
1760
1750
19.5
32.2 20.7
30.2 18.9
2.7 2.4
2.5 2.1
8.5% 11.4%
8.4% 11.3%
9.9 9.0
8.9 8.0
0.4
3960
1.5
4.16
4.9
7.5
5084
5100
28.8
24.3
20.9
3.4
3.0
13.9%
14.4%
10.2
9.0
0.1 0.6 0.4
1880 2490 2400
(0.8) 0.4 (2.4)
1.90 4.62 1.69
(13.4) (0.4) (2.2)
(12.1) 49.1 (1.8)
2660 3331 3131
2750 3250 3000
46.3 30.5 25.0
14.1 19.4 20.9
11.7 15.8 17.7
1.3 1.8 2.3
1.1 1.6 2.0
8.9% 9.2% 11.2%
9.5% 9.9% 11.4%
5.2 21.5 12.6
4.6 18.3 10.8
19.7
16.5
2.2
1.9
10.8%
11.3%
12.4
10.7
15.6% 13.8%
14.4% 13.0%
7.5 5.6
6.3 4.6
UNTR Average
Construction PTPP BUY ADHI WSKT WIKA
BUY BUY BUY
Average Cement INTP SMGR
HOLD HOLD
1.0 1.0
15925 9225
(0.2) 0.0
0.16 6.03
0.0 (0.8)
(28.7) (19.1)
16366 10533
18000 10000
13.0 8.4
14.2 13.9
13.9 13.4
2.2 1.9
2.0 1.7
SMCB
SELL
0.1
895
(1.1)
(5.79)
(4.8)
(10.1)
912
920
2.8
29.3
19.0
0.8
0.7
2.6%
3.9%
9.9
8.1
19.2
15.4
1.6
1.5
10.7%
10.4%
7.6
6.3
Average Precast WSBP
BUY
0.3
565
(1.7)
-
n/a
n/a
706
690
22.1
27.9
22.2
2.4
2.1
8.4%
9.6%
22.5
17.6
WTON
BUY
0.1
850
(1.7)
6.25
(2.3)
3.0
1129
1150
35.3
26.4
20.1
2.7
2.2
10.2%
10.9%
19.3
15.0
27.1
21.1
2.5
2.2
9.3%
10.2%
20.9
16.3
Average
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Page 5 of 8
Ticker
Rec.
JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons (%) (Rp) (%) (%) (%) (%) (Rp)
Utility PGAS BUY JSMR BUY Average Coal and Metal ANTM BUY INCO HOLD TINS HOLD ITMG BUY ADRO BUY PTBA BUY Average Plantation AALI BUY LSIP BUY SIMP BUY Average Poultry BUY CPIN BUY JPFA BUY MAIN Average Other Sectors HOLD AKRA BUY DOID
1.2 0.5
2830 4300
2.9 (1.4)
0.4 0.6 0.2 0.3 1.0 0.5
960 3370 1280 16750 1730 13050
0.6 0.2 0.1
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Upside (%)
PE
PBV
ROE
EV/EBITDA (x)
16E
17E
16E
17E
16E
17E
16E
17E
14.1 (4.0)
3.1 (17.5)
3054 5771
3375 6500
19.3 51.2
12.1 16.4 14.3
10.1 16.2 13.1
1.5 2.5 2.0
1.4 2.3 1.8
12.3% 15.3% 13.8%
13.5% 13.9% 13.7%
18.7 10.1 14.4
17.7 9.7 13.7
(0.5) (1.7) (1.5) (2.8) 0.0 (3.2)
(1.54) 5.5 (3.71) 18.2 2.40 9.4 6.01 0.9 6.13 2.7 12.99 0.0
205.7 106.1 153.5 192.6 235.9 188.4
816 2564 848 17688 1818 14046
840 2800 850 19000 2100 15000
-12.5 -16.9 -33.6 13.4 21.4 14.9
480.0 259.2 128.0 14.1 15.4 21.9 153.1
137.1 36.6 61.0 7.2 13.1 13.5 44.7
1.2 1.4 1.8 1.6 1.2 3.1 1.7
1.2 1.4 1.8 1.4 1.1 2.7 1.6
0.3% 0.5% 1.4% 11.3% 7.6% 14.1% 5.9%
0.9% 3.7% 2.9% 19.6% 8.5% 19.9% 9.2%
38.4 222.3 9.5 86.6 90.1 16.5 77.2
30.6 143.5 8.3 98.1 80.3 10.2 61.8
17800 1890 510
1.1 1.3 0.0
4.71 18.7 3.56 29.9 (0.97) 3.7
17.9 43.2 53.6
17674 1743 558
17000 1830 600
-4.5 -3.2 17.6
20.6 26.6 18.2 21.8
19.5 17.0 11.6 16.0
2.2 1.7 0.6 1.5
2.1 1.6 0.6 1.4
10.7% 6.3% 3.1% 6.7%
10.7% 9.1% 4.9% 8.2%
15.3 7.9 6.0 9.7
13.9 6.5 5.6 8.7
0.9 0.3 0.1
3170 1580 1300
1.6 0.6 (0.8)
(1.55) (10.2) (4.82) (16.8) (1.14) (19.8)
21.9 148.8 (14.8)
3820 2319 2073
4800 2240 2280
51.4 41.8 75.4
15.0 9.5 7.6 10.7
13.4 8.7 7.0 9.7
1.9 2.0 1.2 1.7
1.7 1.6 1.1 1.5
13.0% 20.7% 16.3% 16.7%
12.8% 18.7% 15.6% 15.7%
12.4 8.6 10.6 10.5
11.3 11.3 8.7 10.4
0.5 0.1
6475.0 525.0
-0.4 -3.7
-0.4 1.9
-9.8 872.2
7350.0 na
6900 850
6.6 61.9
23.2 9.4 16.3
20.7 5.0 12.8
3.8 2.7 3.2
3.4 1.8 2.6
16.2% 28.7% 22.5%
16.3% 35.9% 26.1%
15.2 26.5 20.9
12.2 25.5 18.9
Average Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO report in USD.
8.02 2.87
TP SSI (Rp)
-3.7 11.7
Page 6 of 8
Regional Indices
1D Change Points
World
9.72
Last Price
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
1,728
0.57
1.10
0.92
2.50
(1.12)
3.91
2.45
1,750
1,460
U.S. (S&P)
7.52
2,212
0.34
0.97
0.34
3.79
1.19
8.23
6.51
2,214
1,810
U.S. (DOW)
35.54
19,252
0.18
0.31
0.68
5.43
3.92
10.48
8.58
19,275
15,451
Europe
48.01
3,101
1.57
2.30
2.05
3.04
0.29
(5.10)
(7.72)
3,395
2,673
Emerging Market
7.52
861
0.88
0.36
0.35
(3.72)
(6.97)
8.48
6.65
930
687
FTSE 100
33.01
6,780
0.49
0.40
0.12
(0.40)
(0.97)
8.61
n/a
7,130
5,500
CAC 40
57.62
4,632
1.26
1.56
1.77
3.83
1.63
(0.11)
(2.62)
4,803
3,892
Dax
90.49
10,775
0.85
2.29
1.46
3.04
0.21
0.30
(1.02)
10,993
8,699
Indonesia
4.66
5,273
0.09
1.43
2.65
(2.10)
(2.01)
14.80
16.62
5,492
4,331
Japan
72.27
18,433
0.39
0.04
0.68
7.31
8.35
(3.16)
(6.42)
19,869
14,864
Australia
28.01
5,457
0.52
0.23
0.30
3.92
0.60
3.04
5.84
5,611
4,707
Korea
6.06
1,996
0.30
1.28
0.63
(0.08)
(3.20)
1.76
1.64
2,074
1,818
Singapore
6.07
2,949
0.21
0.70
2.43
5.29
1.92
2.30
1.66
2,964
2,528
Malaysia
4.76
1,630
0.29
0.20
0.17
(1.26)
(3.54)
(3.71)
(2.53)
1,729
1,601
169.60
22,675
0.75
(0.89)
(0.27)
(0.55)
(4.49)
3.47
2.13
24,364
18,279
China
(5.06)
3,200
(0.16)
(2.25)
(2.54)
2.12
3.48
(9.59)
(9.54)
3,685
2,638
Taiwan
90.11
9,251
0.98
(0.14)
0.64
0.66
(0.09)
10.95
9.42
9,400
7,628
Thailand Philipines
14.82 29.73
1,516 6,806
0.99 0.44
0.41 (0.86)
1.05 (0.28)
0.95 (5.43)
1.97 (10.67)
17.74 (2.10)
13.72 (1.53)
1,558 8,118
1,221 6,084
1D Change Points
Last Price
0.00 n/a
4.20 115.04
Inflation Rate (%)
n/a
US Fed Rate (%)
0.00
Hong Kong
Monetary Indicators JIBOR Overnight (%) Foreign Reserve (US$bn)
Indo Govt Bond Yld (10yr) - % (0.05) Exchange Rate (per US$) 1D Change
Change (%)
1 Year
1W
1M
3M
YTD
1YR
High
Low
(0.13) n/a
3.46 (0.55)
(1.61) 3.26
(44.68) 8.60
(28.04) 14.22
8.26 115.67
4.20 102.13
0.47
n/a
235.71
2450.00
(51.04)
123.81
0.96
(0.45)
0.50
0.00
0.00
0.00
0.00
100.00
0.50
0.25
8.01
(2.30)
9.26
16.50
(8.37)
(6.34)
9.11
6.77
Last Price
Change (%)
1 Year
Currency
Points
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Indonesia
(47.00)
13383
0.35
1.27
1.42
(2.20)
3.03
3.03
3.45
14,095
12,920
Japan
0.19
114.21
(0.17)
(0.61)
0.22
(8.54)
5.26
5.26
8.02
123.56
99.02
UK
(0.00)
1.27
(0.21)
(0.60)
1.17
2.07
(14.14)
(14.14)
(15.96)
1.52
1.18
Euro
(0.00)
1.07
(0.04)
0.47
1.18
(2.96)
(1.36)
(1.36)
(1.14)
1.16
1.05
China
0.00
6.88
(0.01)
0.05
0.33
(1.53)
(5.64)
(5.64)
(6.88)
6.92
6.42
Commodities Indicators
1D Change
Spot Oil
Points 0.01
CPO Rubber Coal
Last Price
Change (%)
1 Year
50.94
1D 0.02
3D (1.43)
1W 3.03
1M 13.48
3M 11.96
YTD 37.53
1YR 35.30
High 52.42
Low 26.05
49.00
3,156.00
1.58
2.97
3.48
15.56
22.42
27.00
30.95
3,157.00
2,172.00
10.50 (3.15)
853.50 79.00
1.25 (3.83)
2.09 (4.01)
2.09 (10.73)
17.32 (26.00)
29.02 12.06
58.20 56.13
42.37 48.36
853.50 112.25
506.50 51.75
Iron Ore
(0.13)
79.54
(0.16)
(1.84)
(0.69)
24.81
38.33
83.27
94.47
81.03
37.50
Tin
(85.00)
21,305.00
(0.40)
(0.05)
2.53
(0.65)
8.15
46.01
43.17
21,945.00
13,223.80
Nickel
(30.00)
11,610.00
(0.26)
3.57
4.78
10.99
14.84
31.63
29.29
12,145.00
7,550.00
Copper Gold
(66.00) 0.20
5,884.00 1,169.00
(1.11) 0.02
1.61 (0.64)
3.14 (0.15)
17.89 (8.63)
27.36 (13.10)
25.06 10.25
27.58 8.70
6,045.50 1,377.50
4,318.00 1,046.70
Source: SSI Research, Bloomberg
www.samuel.co.id
Page 7 of 8
Research Team Andy Ferdinand, CFA
[email protected]
+6221 2854 8148
Rangga Cipta
Head Of Equity Research,Strategy, Banking, Consumer Economist
[email protected]
+6221 2854 8396
Muhamad Makky Dandytra, CFTe
Technical Analyst
[email protected]
+6221 2854 8382
Akhmad Nurcahyadi, CSA
[email protected]
+6221 2854 8144
Arandi Ariantara
Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property Cement, Telecommunication, Utility
[email protected]
+6221 2854 8392
Marlene Tanumihardja
Poultry, Retail, Small Caps
[email protected]
+6221 2854 8387
Sharlita Lutfiah Malik
Mining, Plantation
[email protected]
+6221 2854 8339
Adde Chandra Kurniawan
Research Associate
[email protected]
+6221 2854 8338
[email protected]
+6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe
Head of PWM / Head of Institutional Marketing Senior Technical Portfolio Advisor
[email protected]
+6221 2854 8129
Ronny Ardianto
Institutional Equity Sales
[email protected]
+6221 2854 8399
Clarice Wijana
Institutional Equity Sales
[email protected]
+6221 2854 8395
Wahyudi Budiono
Dealer
[email protected]
+6221 2854 8152
Kelvin Siwah Long
Head of Equities
[email protected]
+6221 2854 8150
Yulianah
Institutional Equity Sales
[email protected]
+6221 2854 8146
Indra S. Affandi
Institutional Equity Sales
[email protected]
+6221 2854 8334
Lucia Irawati
Head of Retail Equity Sales
[email protected]
+6221 2854 8173
Ferry Khusaeri
Equity Sales
[email protected]
+6221 2854 8304
Iwan Setiadi
Equity Sales
[email protected]
+6221 2854 8313
Lia Chaterina
Equity Sales
[email protected]
+6221 2854 8315
Amelia Sintama
Equity Sales
[email protected]
+6221 2854 8308
Salt World Widjaja
Equity Sales
[email protected]
+6221 2854 8163
Jovita Widjaja
Equity Sales
[email protected]
+6221 2854 8314
James Wihardja
Equity Sales
[email protected]
+6221 2854 8397
Joseph Soegandhi
Equity Sales
[email protected]
+6221 2854 8872
Dian Anggraeni
Equity Sales
[email protected]
+6221 2854 8301
Sylviawati
Equity Sales
[email protected]
+6221 2854 8112
Verawati Gunawan
Equity Sales
[email protected]
+6221 2854 8312
Cenni Liawisusi
Equity Sales
[email protected]
+6221 2854 8303
Frans Ferdiansah
Equity Sales
[email protected]
+6221 2854 8337
Muhamad Faisyal
Dealer
[email protected]
+6221 2854 8155
Wulan Budi Setyowati
Dealer
[email protected]
+6221 2854 8369
Bismar Ferryaman
Dealer
[email protected]
+6221 2854 8368
Nugroho Nuswantoro
Head Of Marketing OLT
[email protected]
+6221 2854 8372
Wahyu Widodo
Marketing
[email protected]
+6221 2854 8371
Rina Lestari
Customer Service
[email protected]
+6221 2854 8180
Martha Lamtiurma Tampubolon
Customer Service
[email protected]
+6221 2854 8182
Mohamad Andhika Prasetia
Customer Service
[email protected]
+6221 2854 8183
Private Wealth Management Evelyn Satyono
Equity Sales Team
Online Trading Sales Team
DISCLAIMERS : Analyst Certification : The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia.
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