Riset Saham Harian Samuel Research
03 Juli 2017
Market Activity
Pasca Libur, IHSG berpeluang menguat
Monday, 03 Jul 2017 Market Index Index Movement Market Volume Market Value Last Close
: : : :
5,829.7 +11.2 (+0.2%) Mn shrs 4,050 5,327 Bn rupiah Changes +/%
Bursa AS ditutup menguat pada perdagangan Jumat lalu, seiring optimisme dari para investor pasca dirilisnya laporan ADP yang menyatakan bahwa AS berhasil menambah 253,000 lapangan pekerjaan baru pada sektor swasta
Leading Movers EMTK TPIA PLIN IIKP
11,500 26,075 4,880 300
600 1025 680 54
5.5 4.1 16.2 22.0
untuk sepanjang bulan Mei lalu. Data pada laporan tersebut menjadi sinyal
Lagging Movers POWR UNVR BBRI BBCA
1,200 48,800 15,250 18,150
-215 -200 -50 -50
-15.2 -0.4 -0.3 -0.3
korporasi.
Foreign Net Buy / Sell Net Buy (Rpbn) BBCA 46 UNVR 30 UNTR 23 PTBA 8 CPIN 6
USD/IDR JIBOR O/N Infl (MoM)
Dual Listing Securities Last Close TLKM 33.7 ISAT 40.2 EIDO 27.2
meyakinkan para pelaku pasar terhadap kontinuitas pertumbuhan laba – laba
Berlawanan dengan bursa AS, mayoritas bursa Eropa ditutup melemah, dengan penurunan utama terjadi pada saham – saham berbasis perbankan,
Net Sell (Rpbn) ASII 224 BMRI 224 BBRI 198 TLKM 104 BBNI 101
Money Market Last Close 13,328 5.0 0.4
positif bagi prospek pertumbuhan ekonomi AS, sekaligus kembali
Changes +/% 9.0 -0.1 0.5 -
setelah adanya pernyataan Hawkish dari pejabat ECB, sehingga menyebabkan sell – off baik pada pasar saham dan obligasi. Pada tanggal 22 Juni 2017 kemarin, sebelum tutup terkait libur panjang Lebaran, IHSG bergerak sideways dan ditutup menguat tipis 11.16 poin ke level 5829.7 ditengah mixednya pasar regional dan pelemahan di bursa Eropa. Pagi ini, beberapa bursa utama regional Asia cenderung dibuka mixed. Mengawali perdagangan setelah libur panjang, kami memprediksi
Changes +/% 0.0 0.1 0.5 1.1 0.1 0.3
IHSG hari ini cenderung menguat, seiring penguatan EIDO semalam dan potensi nilai tukar Rupiah yang menguat, seiring dengan cenderung melemahnya dolar AS.
World Indices
DJIA S&P 500 Euro Stoxx MSCI World Nikkei Hang Seng
Last Close 21,350 2,423 3,442 1,916 20,073 25,765
Changes +/% 63 0.3 4 0.2 -29 -0.8 -3 -0.2 40 0.2 -201 -0.8
Highlights
ADRO: Adaro logistics IPO tahun depan
TOTL: Kontrak baru 1H17 Rp1.32tn
PTPP: Nantikan pengumuman lelang
SMRA: Kembali pasarkan Raibow Springs
Commodities
Brent Oil CPO Malay Coal Newc Nickel Tin
Last Close 49 2,448 77 9,372 20,230
www.samuel.co.id
Changes +/% 0.1 0.2 -13.0 -0.5 -0.3 -0.4 99.5 1.1 -65.0 -0.3
Page 1 of 6
Riset Saham Harian 03 Juli 2017 ADRO: Adaro logistics IPO tahun depan
PT Adaro Logistics merupakan anak usaha ADRO yang potensial IPO pada 2018. Adaro Logistics akan meningkatkan diversifikasi strategis untuk mengurangi ketergantungan terhadap industribatu bara dengan mengangkut material curah nonbatu bara dan material lain yang terkait deng an industri minyak dan gas. (Bisnis Indonesia). ADRO: Buy; 17E’ PE: 12.0x, PBV: 1.0x.
TOTL: Kontrak baru 1H17 Rp1.32tn
PT Total Bangun Persada, Tbk (TOTL) membukukan kontrak baru per 1H17 sebesar Rp1.32tn atau setara dengan 33% dari target Rp4tn (FY17E).
Dari target nilai kontrak baru tersebut, TOTL mentargetkan pendapatan usaha akan mencapai Rp3.1tn sedangkan laba bersih sebesar Rp250miliar. (Bisnis Indonesia). TOTL: Non-Coverage 9.6x P/E17E dan 2.4x PBV 17E.
PTPP: Nantikan pengumuman lelang
PT Pembangunan Perumahan, Tbk (PTPP) tengah menantikan hasil lelang pengembangan proyek Bandara Kulon Progo, Yogyakarta dengan nilai investasi mencapai Rp10.9tn.
Selain itu, PTPP juga tengah mempersiapkan (telah memperoleh kontraknya) proyek kilang minyak berkapasitas 30K barel/hari senilai Rp2.3tn. PTPP sejauh ini telah mengembangkan proyek pembangkit listrik 100MW. (Kontan). PTPP: BUY; 14.0x P/E17E dan 1.6x PBV 17E.
SMRA: Kembali pasarkan Raibow Springs
PT Summarecon Agung, Tbk (SMRA) kembali memasakan proyek Rainbow Springs Condovillas di daerah Tangerang Selatan untuk mendorong pertumb uhan penjualan tahun ini. Adapun Rainbow Sprinsg Condovillas tersedia dalam empat tipe: (1) tipe 99, tipe 11 dan 121 serta 141, dengan harga per unitnya sekitar Rp1.3miliar. (Bisnis Indonesia). SMRA: HOLD; 56.1x P/E17E dan 2.2x PBV 17E.
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Page 2 of 6
Riset Saham Harian 03 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
297,500 447,488
12750 18150
0.4 (0.3)
10.2 17.1
12280 18773
14000 18000
9.8 -0.8
15.0 19.3
12.2 18.2
1.7 3.5
1.5 3.0
11.3% 17.9%
12.0% 16.5%
BBRI BBNI
BUY BUY
376,205 123,081
15250 6600
(0.3) (0.4)
30.6 19.5
15050 7134
15550 7350
2.0 11.4
13.4 9.1
11.8 7.9
2.3 1.3
2.0 1.1
16.8% 13.9%
16.8% 14.2%
BBTN BNLI
BUY BUY
27,534 19,349
2600 690
(2.6) 1.5
49.4 28.6
2706 803
2870 890
10.4 29.0
8.8 13.0
8.2 14.4
1.3 0.9
1.1 0.8
14.4% 6.7%
13.7% 5.7%
13.1
12.1
1.8
1.6
0.1
0.1
Average Consumer (Staples) ICBP INDF
BUY BUY
102,625 75,512
8800 8600
0.0 1.2
2.6 8.5
9410 9588
10300 9900
17.0 15.1
24.7 16.2
21.7 14.1
5.1 2.3
4.5 2.1
20.8% 14.2%
20.9% 14.9%
KLBF ROTI
BUY BUY
76,172 6,226
1625 1230
0.0 (2.0)
7.3 (23.1)
1724 1793
1750 2050
7.7 66.7
30.7 17.8
27.1 15.2
5.7 3.6
5.1 3.1
18.7% 20.5%
18.7% 20.2%
ULTJ UNVR
BUY HOLD
14,514 372,344
5025 48800
0.5 (0.4)
10.0 25.8
5750 47387
5300 45200
5.5 -7.4
18.9 52.1
17.1 46.5
3.6 60.8
3.0 53.2
18.9% 116.6%
17.5% 114.4%
SIDO AISA
BUY BUY
498 1665
0.0 (1.2)
(4.2) (14.4)
682 2264
700 2500
40.6 50.2
13.8 10.7
11.0 8.8
2.6 1.3
2.5 1.1
18.9% 11.7%
22.4% 12.5%
23.1
20.2
10.6
9.3
30.0%
30.2%
34.6 22.2
33.4 21.0
11.9 3.1
10.8 2.8
34.3% 14.1%
32.4% 13.4%
28.4
27.2
7.5
6.8
24.2%
22.9%
37.0 139.5
33.9 109.7
7.2 4.6
6.6 4.2
19.6% 3.3%
19.3% 3.8%
88.3
71.8
5.9
5.4
11.4%
11.6%
7,470 5,359
Average Cigarette HMSP GGRM
BUY BUY
446,661 150,656
3840 78300
0.0 (0.1)
0.3 22.5
4208 78515
4390 77150
14.3 -1.5
Average Healthcare MIKA SILO
BUY HOLD
29,101 14,697
2000 11300
0.8 (0.9)
(22.2) 3.7
2739 13436
2950 12500
47.5 10.6
Average Poultry CPIN JPFA
BUY BUY
52,146 15,518
3180 1360
3.2 0.7
2.9 (6.5)
3225 1568
4500 1500
41.5 10.3
13.4 8.0
12.5 6.4
1.7 1.4
1.6 1.2
12.8% 18.0%
12.4% 18.9%
MAIN Average
BUY
2,474
1105
0.9
(15.0)
1216
2280
106.3
6.0 9.1
4.7 7.9
0.9 1.4
0.8 1.2
15.9% 15.6%
17.2% 16.2%
Retail MAPI
BUY
11,288
6800
3.0
25.9
7457
7700
13.2
45.0
32.5
3.2
3.0
7.2%
9.1%
RALS ACES
BUY HOLD
8,693 18,179
1225 1060
(0.4) (1.9)
2.5 26.9
1492 1033
1750 900
42.9 -15.1
18.8 25.9
14.9 22.1
2.3 5.7
2.1 4.8
12.0% 22.2%
13.9% 21.8%
LPPF Average
BUY
41,361
14175
(0.5)
(6.3)
16241
19500
37.6
15.0 26.2
14.4 21.0
12.2 5.8
8.6 4.6
81.1% 30.6%
60.0% 26.2%
Telco EXCL
BUY
36,446
3410
1.5
47.6
3528
3200
-6.2
92.2
60.9
1.7
1.7
1.8%
2.7%
ISAT TLKM
BUY BUY
35,321 455,616
6500 4520
0.4 0.0
0.8 14.1
8173 4863
8200 5000
26.2 10.6
17.9 18.8
12.8 14.6
2.4 4.5
2.1 3.9
13.4% 24.0%
16.7% 26.7%
TOWR Average
BUY
38,669
3790
(0.3)
5.9
4638
4500
18.7
11.0 35.0
10.4 24.7
2.7 2.8
2.1 2.5
24.5% 15.9%
20.7% 16.7%
Auto and HE ASII BUY
361,316
8925
0.3
7.9
9304
9000
0.8
16.1
13.7
2.8
2.3
17.2%
16.4%
102,392
27450
0.9
29.2
30196
31500
14.8
15.7 15.9
13.9 13.8
2.3 2.5
2.1 2.2
14.7% 15.9%
14.9% 15.7%
0.2%
1.7%
UNTR Average
BUY
Aviation GIAA
HOLD
9,009
348
1.2
3.0
385
420
20.7
261.4
26.1
0.6
0.4
Property BSDE
BUY
35,221
1830
1.4
4.3
2303
2350
28.4
16.3
14.1
1.4
1.2
8.7%
8.5%
PWON ASRI
BUY HOLD
29,618 6,249
615 318
0.8 0.0
8.8 (9.7)
720 438
710 390
15.4 22.6
15.0 9.4
12.6 8.8
2.9 0.8
2.4 0.8
19.2% 8.8%
19.3% 8.7%
SMRA SSIA
HOLD BUY
18,611 3,035
1290 645
0.0 2.4
(2.6) 48.6
1570 930
1307 750
1.3 16.3
56.1 14.3
43.0 11.9
2.2 0.9
2.1 0.9
4.0% 6.6%
4.8% 7.5%
CTRA DMAS
BUY BUY
21,716 10,411
1170 216
0.4 (0.9)
(12.4) (6.1)
1588 309
1580 300
35.0 38.9
13.6 12.2
11.4 9.9
1.4 1.2
1.3 1.1
10.3% 9.7%
11.1% 10.8%
KIJA Average
BUY
6,789
326
1.6
12.5
446
450
38.0
14.2 18.9
12.5 15.5
1.1 1.5
1.0 1.3
7.8% 9.4%
8.1% 9.8%
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Page 3 of 6
Riset Saham Harian 03 Juli 2017 Construction PTPP
BUY
19,468
3140
(1.6)
(17.6)
4613
4150
32.2
14.0
11.8
1.6
1.5
11.8%
ADHI
HOLD
7,656
2150
0.0
3.4
2702
2550
18.6
23.1
19.4
1.4
1.3
6.0%
6.5%
WSKT
BUY
31,491
2320
0.0
(9.0)
3265
3250
40.1
13.9
11.0
1.6
1.6
11.7%
14.2%
WIKA
BUY
19,824
2210
(1.3)
(6.4)
3093
3000
35.7
17.8
15.6
1.4
1.3
8.0%
8.3%
17.2
14.4
1.5
1.4
9.4%
10.4%
Average
12.6%
Cement INTP
SELL
67,919
18450
(1.3)
19.8
15547
13500
-26.8
18.7
17.6
2.4
2.2
12.9%
12.6%
SMGR
HOLD
59,315
10000
(2.0)
9.0
9921
9000
-10.0
14.7
13.3
1.9
1.7
12.9%
12.9%
SMCB
SELL
5,747
750
0.7
(16.7)
770
700
-6.7
-31.3
-25.0
0.7
0.7
-2.3%
-2.8%
SMBR
HOLD
31,584
3190
3.6
14.3
539
2300
-27.9
83.9
79.8
8.4
7.4
10.0%
9.3%
21.5
21.4
3.3
3.0
8.4%
8.0%
Average Precast WSBP
BUY
12,653
480
0.0
(13.5)
704
690
43.8
18.9
12.3
1.5
1.3
8.0%
10.6%
WTON
BUY
5,404
620
(1.6)
(24.8)
1040
1150
85.5
16.3
14.1
1.8
1.5
10.9%
10.6%
17.6
13.2
1.6
1.4
9.4%
10.6%
12.4 22.3
10.0 22.0
1.2 3.4
1.1 3.1
9.4% 15.2%
10.7% 14.0%
Average Oil and Gas PGAS AKRA MEDC
HOLD BUY BUY
54,543 26100.9 7,631
2250 6525.0
(1.7) -1.1
(16.7) 8.8
2960 7000.0
2600 7600
15.6 16.5
2290
0.0
73.5
4213
4500
96.5
Average
3.2
3.0
0.6
0.5
17.6%
16.3%
12.6
11.7
1.7
1.5
14%
14%
20.2
26.8
2.8
2.6
13.9%
9.8%
Utilities JSMR
BUY
38,830
5350
(1.4)
23.8
ANTM
BUY
16,701
INCO
HOLD
18,382
TINS
BUY
5,437
730
5857
5000
-6.5
695
0.0
1850
(1.9)
(22.3)
760
1250
79.9
8.1
4.3
0.8
0.8
10.0%
17.8%
(34.4)
2431
2145
15.9
69.7
34.8
0.8
0.7
1.1%
(3.3)
2.1%
(32.1)
1178
1200
64.4
34.8
21.5
1.0
1.0
2.9%
4.5%
37.5
20.2
0.9
0.8
4.7%
8.1%
Metal
Average Coal DOID ITMG ADRO
BUY
850.0
-1.2
66.7
1587.5
1600
88.2
5.8
6.0
2.6
1.7
44.0%
28.6%
BUY BUY
7230.1 19,548 50,538
17300 1580
(3.1) (0.9)
2.5 (6.8)
21450 2021
19000 2100
9.8 32.9
8.1 12.0
8.1 10.9
1.5 1.0
1.4 1.0
17.9% 8.5%
16.6% 8.7%
PTBA
BUY
27,534
11950
0.8
(4.4)
15271
15000
25.5
12.3
10.0
2.5
2.2
19.9%
21.5%
9.6
8.8
1.9
1.5
22.6%
18.9%
Average Plantation AALI
BUY
28,293
14700
0.0
(12.4)
17896
19800
34.7
16.1
13.5
1.7
1.6
10.7%
12.1%
LSIP
BUY
9,347
1370
(0.4)
(21.3)
1693
2050
49.6
12.3
9.6
1.1
1.0
9.1%
10.9%
SIMP
HOLD
8,699
550
1.9
11.3
570
600
9.1
11.7
10.8
0.6
0.6
5.0%
5.2%
13.4
11.3
1.1
1.1
8.3%
9.4%
Average Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, MEDC, INCO, DOID report in USD.
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Page 4 of 6
Riset Saham Harian 03 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)
(3.17) 3.71
1,916 2,423
(0.17) 0.15
(0.79) 0.17
(0.57) (0.61)
(0.97) (0.64)
3.65 2.74
9.43 8.24
15.43 15.24
1,939 2,454
1,626 2,074
U.S. (DOW) Europe
62.60 (29.45)
21,350 3,442
0.29 (0.85)
0.18 (2.73)
(0.21) (2.87)
0.68 (4.17)
3.39 (0.89)
8.03 4.60
18.94 19.38
21,535 3,667
17,713 2,743
Emerging Market
(3.22)
1,011
(0.32)
(0.13)
(0.82)
(0.42)
4.73
17.23
20.44
1,023
817
FTSE 100 CAC 40
(37.60) (33.67)
7,313 5,121
(0.51) (0.65)
(1.64) (2.62)
(1.50) (2.76)
(3.11) (4.17)
0.41 0.68
2.38 5.31
n/a 19.81
7,599 5,442
6,432 4,062
Dax Indonesia
(91.07) 11.16
12,325 5,830
(0.73) 0.19
(2.73) 1.53
(3.21) 0.92
(3.88) 1.73
0.55 4.78
7.35 10.06
26.07 19.60
12,952 5,874
9,304 4,754
Japan
38.42
20,072
0.19
(0.29)
(0.40)
(0.52)
5.73
5.01
27.99
20,318
15,107
Australia Korea
(9.59) 1.38
5,712 2,393
(0.17) 0.06
(0.76) 0.45
(0.14) 0.19
(1.32) 0.90
(2.74) 10.41
0.81 18.10
8.87 20.42
5,957 2,403
5,052 1,931
Singapore Malaysia
(32.17) (7.69)
3,226 1,764
(0.99) (0.43)
0.22 (0.89)
0.34 (0.67)
(0.42) (0.75)
1.22 1.04
12.00 7.43
13.35 7.13
3,275 1,797
2,761 1,614
Hong Kong
(200.84)
25,765
(0.77)
(0.29)
0.37
(0.62)
6.20
17.11
23.90
26,090
20,304
China Taiwan
4.36 (26.58)
3,192 10,395
0.14 (0.26)
0.04 (1.11)
1.09 0.17
2.80 2.33
(0.93) 5.95
2.86 12.34
8.86 18.96
3,301 10,546
2,923 8,569
Thailand Philipines
(3.38) 55.10
1,575 7,843
(0.21) 0.71
(0.74) (0.42)
(0.48) (0.19)
0.46 (0.82)
(0.39) 6.83
2.06 14.66
8.98 0.16
1,601 8,118
1,343 6,499
1D Change Points
Last Price
0.50 n/a
4.96 124.95
n/a
Monetary Indicators JIBOR Overnight (%) Foreign Reserve (US$bn) Inflation Rate (%)
US Fed Rate (%) 0.00 Indo Govt Bond Yld (10yr) - % (0.00) Exchange Rate (per US$)
1D Change
Currency
Points
Indonesia Japan
9.00 (0.14)
UK Euro China Commodities Indicators
Change (%)
1 Year
1W
1M
3M
YTD
1YR
High
Low
7.52 n/a
18.52 1.38
2.04 4.25
17.28 7.38
6.94 20.62
5.39 124.95
4.16 111.41
0.39
n/a
333.33
69.57
(7.14)
62.50
0.97
(0.02)
1.25 6.83
0.00 (0.16)
25.00 (2.35)
25.00 (4.41)
66.67 (14.35)
150.00 (10.45)
1.25 8.36
0.50 6.77
Last Price
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
13328 112.25
(0.07) 0.12
(0.29) 0.04
(0.32) (0.35)
(0.19) (1.60)
1.09 4.20
1.09 4.20
(0.34) (8.63)
13,593 118.66
12,920 99.54
(0.00) (0.00)
1.30 1.14
(0.12) (0.07)
0.65 0.35
2.26 2.11
0.82 1.46
5.43 8.57
5.43 8.57
(2.08) 2.37
1.35 1.14
1.18 1.03
(0.01)
6.78
0.09
0.47
0.82
0.55
2.42
2.42
(1.96)
6.96
6.62
46.27
1D 0.50
3D 3.42
1W 6.66
3M (7.90)
YTD (13.87)
1YR (5.55)
High 55.24
Low 39.19
1D Change
Spot Oil
Points 0.23
CPO
Last Price
Change (%) 1M (2.92)
1 Year
(13.00)
2,448.00
(0.53)
0.25
0.25
(2.04)
(7.48)
(21.26)
4.04
3,202.00
2,172.00
Rubber
(0.50)
794.50
(0.06)
0.44
0.44
(15.34)
(23.97)
(18.72)
16.67
1,174.00
644.00
Coal
(0.30)
76.60
(0.39)
(3.40)
(3.53)
4.29
(8.97)
(19.11)
34.50
112.25
69.00
Iron Ore
1.82
56.06
3.36
2.75
2.24
(1.91)
(30.94)
(28.18)
6.17
94.91
53.60
Tin
(65.00)
20,230.00
(0.32)
4.33
4.87
(1.00)
0.00
(4.60)
18.48
21,945.00
17,545.00
Nickel
100.00
9,390.00
1.08
1.40
3.41
4.68
(6.33)
(6.29)
(0.58)
12,145.00
8,680.00
Copper
(3.00)
5,937.00
(0.05)
1.35
2.35
4.49
1.70
7.25
22.54
6,204.00
4,582.00
Gold
(1.00)
1,241.30
(0.08)
(0.50)
(0.29)
(2.90)
(0.88)
7.94
(7.30)
1,377.50
1,124.70
Source: SSI Research, Bloomberg
www.samuel.co.id
Page 5 of 6
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 and 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 reprod uced 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 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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