Riset Saham Harian Samuel Research
11 Juli 2017
Market Activity
IHSG Berpeluang Menguat
Tuesday, 11 Jul 2017 Market Index Index Movement Market Volume Market Value
: : : :
5,771.5 -43.3 (-0.74%) Mn shrs 4,050 5,327 Bn rupiah
Last Close Leading Movers BBNI RIMO UNTR TBIG
Changes +/%
6,850 240 27,625 7,400
125 50 425 300
1.9 26.3 1.6 4.2
Lagging Movers UNVR BBRI TLKM BBCA
46,725 14,725 4,570 18,300
-1375 -325 -60 -200
-2.9 -2.2 -1.3 -1.1
Foreign Net Buy / Sell Net Buy (Rpbn) BBCA 17 BBNI 16 PGAS 14 UNTR 13 WSBP 7
Bursa AS dan bursa Eropa pada perdagangan Senin kemarin ditutup menguat, seiring dengan ekspektasi para pelaku pasar yang mulai optimis mengenai pertumbuhan ekonomi global yang mulai naik pada 2Q17 ini dan kinerja keuangan para emiten yang lebih baik. Rilis data ketenagakerjaan di AS yang diluar ekspektasi pasar masih menjadi penggerak mayoritas bursa global, di mana rilis data tersebut memberikan kepercayaan diri bagi investor mengenai pertumbuhan global. Harga minyak WTI juga rebound dan ditutup pada level 44.6 dolar AS/barrel. Sementara itu, pada penutupan perdagangan kemarin, IHSG terkoreksi ke
Net Sell (Rpbn) BBRI 155 ASII 114 BMRI 84 TLKM 78 BBTN 34
level 5771.51 (-0.74%) di tengah mixed-nya bursa Asia dan menguatnya bursa Eropa. Pagi ini, beberapa bursa regional Asia dibuka menguat. Oleh karena itu, hari ini, IHSG berpotensi rebound, mengikuti euforia dari pergerakan bursa lainnya baik regional Asia dan global semalam.
Money Market Last Close 13,389 4.4 0.7
Changes +/% -11.0 0.1 0.0 -
Dual Listing Securities Last Close TLKM 34.2 ISAT 41.0 EIDO 26.8
Changes +/% -0.1 -0.4 0.4 1.1 -0.1 -0.3
USD/IDR JIBOR O/N Infl (MoM)
World Indices
DJIA S&P 500 Euro Stoxx MSCI World Nikkei Hang Seng
Last Close 21,409 2,427 3,478 1,917 20,120 25,500
Changes +/% -6 0.0 2 0.1 14 0.4 4 0.2 39 0.2 159 0.6
Last Close 47 2,568 81 8,971 19,993
Changes +/% 0.3 0.6 40.0 1.6 0.0 -0.1 76.5 0.9 318.0 1.6
Highlights
Perbankan: Kualitas KUR terjaga, opsi obligasi marak
Automotive: Patimban pacu otomotif
CPO: Harga CPO menanjak
Metal: 17 Smelter nikel berhenti operasi RALS: Penjualan 6M17 relatif sesuai ekspektasi
BSDE: Sinarmas akuisisi perusahaan di London
Commodities
Brent Oil CPO Malay Coal Newc Nickel Tin
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Page 1 of 7
Riset Saham Harian 11 Juli 2017 Perbankan: Kualitas KUR terjaga, opsi obligasi marak
Kualitas KUR secara nasional hingga pertengahan tahun ini relatif baik atau mencatatkan NPL gross mendekati nol persen. BJBR dan BPD Sumut membukukan NPL KUR masing -masing sebesar 0% dan 0,17%. Sektor perdagangan masih menjadi penerima KUR terbesar.
Sejumlah bankir tengah mengawasi kemungkinan kenaikan NPL paska Lebaran. Hal ini tidak terlepas dari kebiasaan sejumlah nasabah meminjam uang untuk membeli keperluan seperti sepeda motor sebelum mudik Lebaran lalu mengalami kesulitan membayar cicilannya setelah Lebaran.
Perbankan secara umum, terutama bank-bank kecil, memilih penghimpunan dana secara nonkonvensional seperti melalui emisi obligasi untuk mendukung likuiditasnya. Sejumlah bankir menilai saat ini kecenderungan suku bunga deposito masih belum meningkat. (Kontan, Bisnis Indonesia). Banking: Overweight.
Automotive: Patimban pacu otomotif
Pemerintah mengharapkan Pelabuhan Patimban di Subang, Jawa Barat dapat memicu produktivitas industri otomotif nasional. Adapun anggaran proyek pembangunan pelabuhan tersebut sekitar Rp43.22tn, dengan kapasitas terminal 250K TeU dan kapasitas car terminal 242.500 CBU dengan total investasi yang dibutuhkan sebesar Rp17.63tn. (Bisnis Indonesia). Automotive Sector: Neutral.
CPO: Harga CPO menanjak
harga CPO di bursa Malaysia kontrak September 2017 naik 40 poin atau 1,57%menuju 2.594 ringgit (US$603,68) per ton. hal ini sejaland engan menurunya level inventory
Malaysian Palm Oil Board (MPOB) melaporkan stok CPO pada Juni 2017 turun 1,9% mom menjadi1,53 juta ton. Hal ini berkebalikan dari pestimasi pekan lalu. Namun hal ini tidak sejalan
dengan kenaikan demand, volume ekspormelemah 8,4% mom menjadi 1,38 juta ton. Di 2h17 volume suplai dari Indonesia dan Malaysia diperkirakan meningkat seiring dengan pulihnya cuaca.sedangkan permintaan diperkirakan lebih rendah menahan kenaikan harga. (Bisnis Indonesia). CPO: Neutral.
Metal: 17 Smelter nikel berhenti operasi
Sebanyak 17 fasilitas pemurnian mineral (smelter) nikel menghentikan operasinya pada semester kedua tahun ini.Hal ini disebabkan oleh belum membaiknya harga nikel di London Metal Exchange (LME). Harga nikel terpuruk sejak semester kedua 2016 dan berlanjut hingga saat ini.
Salah satu berhenti operasi 17 smelter itu lantaran biaya produksi lebih tinggi ketimbang harga komoditas. (Investor Daily). Nickel: Neutral.
RALS: Penjualan 6M17 relatif sesuai ekspektasi
RALS mencatatkan kenaikan penjualan pada Jun’17 sebesar 200%MoM, dan secara YoY, penjualan 6M17 tercatat naik sebesar 14% (total penjualan selama 6M17 mencapai Rp4.98 triliun vs 6M16: Rp 4.4 triliun), relatif sesuai ekspektasi kami.
SSSG pada Jun’17 tercatat 14% pada tingkat nasional, sementara SSSG luar pulau Jawa tercatat lebih tinggi daripada tingkat nasional, yakni: 16,6% (Company). RALS: BUY; 16.7x P/E17E dan 2.0x PBV 17E.
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Page 2 of 7
Riset Saham Harian 11 Juli 2017 BSDE: Sinarmas akuisisi perusahaan di London
Sinarmas Land, Ltd induk usaha BSDE mengakuisisi perusahaan properti di London yaitu Horseferry Property Ltd. Adapun nilai transaksi akuisis tersebut mencapai 188.6juta atau setara dengan Rp3.6triliun. Adapun untuk BSDE, ekspansi usaha terus dilakukan diantaranya adalah pengembangan properti seperti Apartemen Klaska Residence di Surabaya dan penambahan green office di BSD ataupun di Jakarta. Capex yang dianggarkan tahun ini juga untuk mendukung ekspansi anak usahanya PT Duta Pertiwi Tbk (DUTI) untuk membangun proyek mix used bernama South Gate.
Akuisisi lahan juga akan dilakukan terus dan saat ini BSDE telah memiliki SK pengembangan seluas 6.000ha. Perusahaan juga mentargetkan kontribusi penjualan lahan sekitar Rp1.5tn dari total target marketing sales sebesar Rp7.3tn. (Investor Daily). BSDE: BUY; 20.9x P/E17E dan 1.8x PBV 17E.
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Page 3 of 7
Riset Saham Harian 11 Juli 2017 Stock
Rec.
Mkt Cap
Last price
1D Chg
YTD Chg
TP Cons
TP SSI
Upside
PE
PE
PBV
PBV
ROE
ROE
(Rp bn)
(Rp)
(%)
(%)
(Rp)
(Rp)
(%)
17E
18E
17E
18E
17E
18E
Banks BMRI BBCA
BUY HOLD
305,667 451,187
13100 18300
(1.1) (1.1)
13.2 18.1
12270 18764
14000 18000
6.9 -1.6
15.4 19.5
12.5 18.4
1.7 3.5
1.5 3.0
11.3% 17.9%
12.0% 16.5%
BBRI BBNI
BUY BUY
363,253 127,743
14725 6850
(2.2) 1.9
26.1 24.0
15078 7145
15550 7350
5.6 7.3
13.0 9.4
11.4 8.2
2.2 1.3
1.9 1.2
16.8% 13.9%
16.8% 14.2%
BBTN BNLI
BUY BUY
25,310 18,789
2390 670
(4.4) (1.5)
37.4 24.9
2722 815
2870 890
20.1 32.8
8.1 12.6
7.5 14.0
1.2 0.8
1.0 0.8
14.4% 6.7%
13.7% 5.7%
13.0
12.0
1.8
1.6
0.1
0.1
Average Consumer (Staples) ICBP INDF
BUY BUY
99,126 75,512
8500 8600
0.0 (1.7)
(0.9) 8.5
9435 9603
10300 9900
21.2 15.1
23.9 16.2
20.9 14.1
5.0 2.3
4.4 2.1
20.8% 14.2%
20.9% 14.9%
KLBF ROTI
BUY BUY
74,297 5,948
1585 1175
(2.5) (1.7)
4.6 (26.6)
1724 1654
1750 2050
10.4 74.5
29.9 17.0
26.4 14.5
5.6 3.5
4.9 2.9
18.7% 20.5%
18.7% 20.2%
ULTJ UNVR
BUY HOLD
13,922 356,512
4820 46725
(0.5) (2.9)
5.5 20.4
5750 47699
5300 45200
10.0 -3.3
18.1 49.9
16.4 44.5
3.4 58.2
2.9 51.0
18.9% 116.6%
17.5% 114.4%
SIDO AISA
BUY BUY
498 1565
2.0 0.0
(4.2) (19.5)
682 2264
700 2500
40.6 59.7
13.8 10.0
11.0 8.3
2.6 1.2
2.5 1.0
18.9% 11.7%
22.4% 12.5%
22.4
19.5
10.2
9.0
30.0%
30.2%
34.1 21.7
33.0 20.5
11.7 3.1
10.7 2.7
34.3% 14.1%
32.4% 13.4%
27.9
26.7
7.4
6.7
24.2%
22.9%
35.7 134.0
32.7 105.3
7.0 4.4
6.3 4.0
19.6% 3.3%
19.3% 3.8%
84.8
69.0
5.7
5.2
11.4%
11.6%
7,470 5,037
Average Cigarette HMSP GGRM
BUY BUY
440,846 147,193
3790 76500
0.3 0.2
(1.0) 19.7
4193 79139
4390 77150
15.8 0.8
Average Healthcare MIKA SILO
BUY HOLD
28,083 14,112
1930 10850
0.8 0.9
(24.9) (0.5)
2683 13436
2950 12500
52.8 15.2
Average Poultry CPIN JPFA
BUY BUY
52,966 16,260
3230 1425
0.3 2.5
4.5 (2.1)
3225 1574
4500 1500
39.3 5.3
13.6 8.4
12.7 6.7
1.8 1.5
1.6 1.3
12.8% 18.0%
12.4% 18.9%
MAIN Average
BUY
2,395
1070
0.5
(17.7)
1159
2280
113.1
5.8 9.3
4.6 8.0
0.9 1.4
0.8 1.2
15.9% 15.6%
17.2% 16.2%
Retail MAPI
BUY
10,666
6425
0.0
19.0
7474
7700
19.8
42.5
30.7
3.1
2.8
7.2%
9.1%
RALS ACES
BUY BUY
7,699 18,779
1085 1095
0.5 (1.8)
(9.2) 31.1
1491 1112
1750 1300
61.3 18.7
16.7 24.9
13.2 20.3
2.0 5.6
1.8 4.7
12.0% 22.4%
13.9% 23.0%
LPPF Average
BUY
36,036
12350
(3.5)
(18.3)
16241
19500
57.9
13.1 24.3
12.6 19.2
10.6 5.3
7.5 4.2
81.1% 30.7%
60.0% 26.5%
Telco EXCL
BUY
33,453
3130
(2.2)
35.5
3579
3200
2.2
84.6
55.9
1.6
1.5
1.8%
2.7%
ISAT TLKM
BUY BUY
33,555 460,656
6175 4570
2.9 (1.3)
(4.3) 15.3
8165 4870
8200 5000
32.8 9.4
17.0 19.0
12.2 14.7
2.3 4.6
2.0 3.9
13.4% 24.0%
16.7% 26.7%
TOWR Average
BUY
39,281
3850
(2.5)
7.5
4580
4500
16.9
11.2 32.9
10.5 23.3
2.7 2.8
2.2 2.4
24.5% 15.9%
20.7% 16.7%
Auto and HE ASII BUY
355,243
8775
0.0
6.0
9304
9000
2.6
15.9
13.5
2.7
2.2
17.2%
16.4%
103,045
27625
1.6
30.0
30486
31500
14.0
15.8 15.9
14.0 13.7
2.3 2.5
2.1 2.1
14.7% 15.9%
14.9% 15.7%
(1.7)
1.8
385
420
22.1
258.4
25.8
0.6
0.4
0.2%
1.7%
UNTR Average
BUY
Aviation GIAA
HOLD
8,905
344
Property BSDE
BUY
34,740
1805
0.6
2.8
2303
2350
30.2
16.1
13.9
1.4
1.2
8.7%
8.5%
PWON ASRI
BUY HOLD
30,100 6,209
625 316
(3.8) (0.6)
10.6 (10.2)
726 438
710 390
13.6 23.4
15.2 9.3
12.8 8.8
2.9 0.8
2.5 0.8
19.2% 8.8%
19.3% 8.7%
SMRA SSIA
HOLD BUY
17,456 2,894
1210 615
0.0 0.0
(8.7) 41.7
1570 975
1307 750
8.0 22.0
52.6 13.7
40.3 11.4
2.1 0.9
1.9 0.9
4.0% 6.6%
4.8% 7.5%
CTRA DMAS
BUY BUY
21,994 9,447
1185 196
0.0 (1.0)
(11.2) (14.8)
1588 309
1580 300
33.3 53.1
13.8 11.1
11.5 9.0
1.4 1.1
1.3 1.0
10.3% 9.7%
11.1% 10.8%
KIJA Average
BUY
6,612
320
(0.6)
10.5
446
450
40.6
13.9 18.2
12.3 15.0
1.1 1.5
1.0 1.3
7.8% 9.4%
8.1% 9.8%
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Page 4 of 7
Riset Saham Harian 11 Juli 2017 Construction PTPP BUY
19,840
3200
(3.3)
(16.0)
4592
4150
29.7
14.2
12.0
1.7
1.5
11.8%
ADHI
HOLD
7,727
2170
(0.9)
4.3
2702
2550
17.5
23.3
19.5
1.4
1.3
6.0%
6.5%
WSKT WIKA
BUY BUY
30,541 19,734
2250 2200
0.9 0.0
(11.8) (6.8)
3224 3044
3250 3000
44.4 36.4
13.5 17.7
10.7 15.5
1.6 1.4
1.5 1.3
11.7% 8.0%
14.2% 8.3%
17.2
14.4
1.5
1.4
9.4%
10.4%
-23.3 -10.0
17.8 14.7
16.8 13.3
2.3 1.9
2.1 1.7
12.9% 12.9%
12.6% 12.9%
Average
12.6%
Cement INTP SMGR
SELL HOLD
64,790 59,315
17600 10000
(4.2) (2.0)
14.3 9.0
15547 9921
13500 9000
SMCB
SELL
5,900
770
(1.9)
(14.4)
770
700
-9.1
-32.1
-25.7
0.7
0.7
-2.3%
-2.8%
SMBR
HOLD
33,168
3350
1.5
20.1
536
2300
-31.3
88.2
83.8
8.8
7.8
10.0%
9.3%
22.1
22.0
3.4
3.1
8.4%
8.0%
Average Precast WSBP
BUY
12,021
456
(1.7)
(17.8)
704
690
51.3
17.9
11.7
1.4
1.2
8.0%
10.6%
WTON Average
BUY
5,055
580
(2.5)
(29.7)
1013
1150
98.3
15.3 16.6
13.2 12.4
1.7 1.5
1.4 1.3
10.9% 9.4%
10.6% 10.6%
2350
0.4
(13.0)
2889
2600
10.6
12.9
10.5
1.2
1.1
9.4%
10.7%
6300.0 2270
-0.4 0.4
5.0 72.0
7000.0 4213
7600 4500
20.6 98.2
21.5 3.1
21.3 3.0
3.3 0.6
3.0 0.5
15.2% 17.6%
14.0% 16.3%
12.5
11.6
1.7
1.5
14%
14%
19.6
26.0
2.7
2.5
13.9%
9.8%
Oil and Gas PGAS
HOLD
AKRA MEDC
BUY BUY
56,968 25200.9 7,565
Average Utilities JSMR Metal
BUY
37,741
5200
(1.4)
20.4
ANTM
BUY
INCO TINS
HOLD BUY
5884
5000
-3.8
16,942
705
(0.7)
18,531 5,213
1865 700
0.0 (2.1)
(21.2)
760
1250
77.3
8.2
4.4
0.8
0.8
10.0%
17.8%
(33.9) (34.9)
2434 1100
2145 1200
15.0 71.4
70.2 33.3
35.1 20.6
0.8 1.0
0.7 0.9
1.1% 2.9%
2.1% 4.5%
37.2
20.0
0.9
0.8
4.7%
8.1%
44.0% 17.9%
28.6% 16.6%
Average Coal DOID ITMG
BUY BUY
6889.9 20,593
810.0 18225
-2.4 (0.1)
58.8 8.0
ADRO
BUY
PTBA Average
BUY
51,018
1595
(0.9)
(5.9)
27,822
12075
(2.6)
(3.4)
AALI LSIP
BUY
29,063
15100
0.0
(10.0)
BUY
9,825
1440
0.7
(17.2)
SIMP
HOLD
8,699
550
(0.9)
11.3
1587.5 20965
1600 19000
97.5 4.3
5.5 8.6
5.8 8.6
2.4 1.5
1.6 1.4
2008
2100
31.7
12.1
11.0
1.0
1.0
8.5%
8.7%
15240
15000
24.2
12.4 9.7
10.1 8.9
2.5 1.9
2.2 1.6
19.9% 22.6%
21.5% 18.9%
17890
19800
31.1
16.6
13.9
1.8
1.7
10.7%
12.1%
1720
2050
42.4
13.0
10.1
1.2
1.1
9.1%
10.9%
570
600
9.1
11.7
10.8
0.6
0.6
5.0%
5.2%
13.7
11.6
1.2
1.1
8.3%
9.4%
Plantation
Average Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID report in USD.
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Page 5 of 7
Riset Saham Harian 11 Juli 2017 Regional Indices
1D Change Points
Last Price
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
World U.S. (S&P)
3.93 2.25
1,917 2,427
0.21 0.09
0.42 (0.21)
(0.09) 0.17
(0.30) (0.18)
3.75 3.13
9.47 8.42
14.38 13.58
1,939 2,454
1,657 2,084
U.S. (DOW) Europe
(5.82) 14.22
21,409 3,478
(0.03) 0.41
(0.32) (0.01)
0.28 (0.39)
0.64 (3.01)
3.67 0.23
8.33 5.70
17.46 20.54
21,563 3,667
17,884 2,843
Emerging Market
6.81
1,009
0.68
0.31
0.26
(0.87)
5.75
17.05
19.20
1,023
832
FTSE 100 CAC 40
19.11 20.48
7,370 5,166
0.26 0.40
0.03 (0.28)
(0.10) (0.58)
(2.09) (2.53)
0.06 1.25
3.18 6.24
n/a 21.13
7,599 5,442
6,591 4,207
Dax Indonesia
57.24 (43.29)
12,446 5,772
0.46 (0.74)
(0.06) (0.92)
(0.24) (2.35)
(2.89) 1.69
2.53 2.55
8.40 8.96
26.57 13.86
12,952 5,910
9,690 5,018
Japan Australia
19.53 (12.14)
20,101 5,712
0.10 (0.21)
0.53 (0.81)
0.34 (1.24)
0.44 0.61
7.21 (3.66)
5.16 0.82
27.96 7.03
20,318 5,957
15,376 5,052
Korea
2.06
2,384
0.09
(0.15)
0.15
0.10
12.26
17.65
19.89
2,403
1,931
Singapore Malaysia
17.34 (2.80)
3,246 1,757
0.54 (0.16)
(0.07) (0.62)
0.71 (0.65)
(0.24) (1.78)
2.26 1.23
12.69 7.03
12.87 6.24
3,275 1,797
2,761 1,614
Hong Kong China
159.21 (5.33)
25,500 3,213
0.63 (0.17)
(0.09) 0.17
(1.10) 0.52
(2.04) 1.72
5.86 (2.32)
15.91 3.51
22.12 7.27
26,090 3,301
20,840 2,932
Taiwan Thailand
(7.34) (0.20)
10,290 1,569
(0.07) (0.01)
(1.10) (0.30)
(1.18) (0.34)
0.88 0.18
4.65 (0.74)
11.20 1.72
17.11 7.82
10,546 1,601
8,728 1,343
Philipines
(51.86)
7,837
(0.66)
(0.14)
(0.37)
(1.91)
3.11
14.57
(0.35)
8,118
6,499
3M 0.64
YTD 2.76
1YR (11.29)
High 5.39
Low 4.16
Monetary Indicators
1D Change
JIBOR Overnight (%)
Points 0.01
Foreign Reserve (US$bn)
Change (%)
Last Price 4.35
1W (0.47)
1M (0.69)
1 Year
n/a
123.09
n/a
(1.49)
1.06
5.79
12.12
124.95
111.41
Inflation Rate (%) US Fed Rate (%)
n/a 0.00
0.69 1.25
n/a 0.00
76.92 25.00
3550.00 25.00
64.29 66.67
4.55 150.00
0.97 1.25
(0.02) 0.50
Indo Govt Bond Yld (10yr) - %
0.00
7.16
4.19
3.68
1.00
(10.24)
0.85
8.36
6.77
1D Change Points
Last Price
Indonesia
(3.00)
Japan UK Euro China
Exchange Rate (per US$) Currency
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
13400
0.02
(0.27)
(0.24)
(0.77)
0.54
0.54
(2.22)
13,593
12,920
0.19 (0.00)
114.23 1.29
(0.17) (0.03)
(0.88) (0.72)
(0.83) (0.33)
(3.75) 1.72
2.39 4.35
2.39 4.35
(10.01) (0.93)
118.66 1.35
99.54 1.18
(0.00) (0.00)
1.14 6.80
(0.03) 0.03
(0.24) (0.03)
0.44 (0.05)
1.72 (0.08)
8.36 2.08
8.36 2.08
3.06 (1.58)
1.14 6.96
1.03 6.62
1D Change Points
Last Price
1D
3D
1W
1M
3M
YTD
1YR
High
Low
Oil CPO
0.18 40.00
44.58 2,568.00
0.41 1.58
(2.07) 1.82
(5.29) 3.09
(2.73) 6.12
(16.52) 1.10
(17.01) (17.40)
(0.40) 15.36
55.24 3,202.00
39.19 2,172.00
Rubber Coal
0.00 (0.05)
794.00 80.90
0.00 (0.06)
0.00 (0.80)
0.00 3.39
(2.28) 0.25
(21.58) (4.15)
(18.77) (14.57)
16.85 35.17
1,174.00 112.25
644.00 69.00
Commodities Indicators Spot
Iron Ore Tin Nickel Copper Gold
Change (%)
1 Year
0.59
60.69
0.98
(0.43)
(1.49)
9.77
(20.66)
(22.25)
10.95
94.91
53.60
318.00 80.00
19,993.00 9,000.00
1.62 0.90
0.85 (1.75)
(2.31) (4.15)
5.62 0.22
(1.49) (11.59)
(5.72) (10.18)
12.17 (8.91)
21,945.00 12,145.00
17,672.50 8,680.00
(4.00) (0.50)
5,824.00 1,212.70
(0.07) (0.04)
(0.29) (0.87)
(1.75) (0.53)
0.34 (4.47)
1.34 (4.70)
5.21 5.45
23.64 (10.61)
6,204.00 1,376.50
4,582.00 1,124.70
Source: SSI Research, Bloomberg
www.samuel.co.id
Page 6 of 7
Research Team Andy Ferdinand, CFA
Head Of Equity Research, Strategy, Banking, Consumer
[email protected]
+6221 2854 8148
Rangga Cipta
Economist
[email protected]
+6221 2854 8396
Muhamad Makky Dandytra, CFTe
Technical Analyst
[email protected]
+6221 2854 8382
Akhmad Nurcahyadi, CSA
Auto, Aviation, Cigarette, Construction Healthcare, Heavy Equipment, Property
[email protected]
+6221 2854 8144
Arandi Ariantara
Cement, Telecommunication, Toll Road, Oil and Gas
[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
Nadya Swastika
Research Associate
[email protected]
+6221 2854 8338
Evelyn Satyono
Head of PWM / Institutional Sales
[email protected]
+6221 2854 8380
Muhamad Alfatih CSA, CTA, CFTe
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
Fachruly Fiater
Institutional Equity Sales
[email protected]
+6221 2854 8325
Kelvin Long
Head of Equities
[email protected]
+6221 2854 8150
Yulianah
Institutional Equity Sales
[email protected]
+6221 2854 8146
Lucia Irawati
Retail Equity Sales
[email protected]
+6221 2854 8173
Nugroho Nuswantoro
Head of Marketing Online Trading
[email protected]
+6221 2854 8372
Wahyu Widodo
Marketing
[email protected]
+6221 2854 8371
Aben Epapras
Marketing
[email protected]
+6221 2854 8389
Private Wealth Management
Equity Sales Team
Online Trading Sales Team
DISCLAIMERS : Analyst Certification : The v iews expressed in this research accurately ref lect the personal views of the analyst(s) about th e 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 v iews in this research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve an d maintain independence and objectivity in making any recommendations. This document is f or information only and f or the use of the recipient. It is not to be reproduced or copied or made avai lable to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recomme ndation contained in this report may not be suitable f or all investors. Moreover, although the inf ormation contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserv ed by PT Samuel Sekuritas Indonesia
www.samuel.co.id
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