Riset Saham Harian Samuel Research
30 Januari 2017
Market Activity
Monday, 30 Jan 2017 Market Index Index Movement Market Volume Market Value Last Close
: : : :
5,312.8 -4.8 (-0.09%) Mn shrs 4,050 5,327 Bn rupiah Changes +/%
Leading Movers BBNI 5,750 BBCA 15,400 BMRI 10,975 PGAS 2,800
150 100 75 70
2.7 0.7 0.7 2.6
Lagging Movers HMSP 3,920 TLKM 3,890 KLBF 1,480 GGRM 62,800
-70 -50 -30 -600
-1.8 -1.3 -2.0 -0.9
Foreign Net Buy / Sell Net Buy (Rpbn) BBNI 234 ASII 40 SCMA 38 SMGR 20 BMRI 18
Net Sell (Rpbn) TLKM 98 BBRI 65 BUMI 30 HMSP 18 UNVR 14
Money Market Last Close 13,359 4.2 0.4
Changes +/% 23.0 -0.2 0.0 -
Dual Listing Securities Last Close TLKM 29.3 ISAT 41.9 EIDO 24.4
Changes +/% -0.1 -0.4 -0.5 -1.2 0.0 0.1
USD/IDR JIBOR O/N Infl (MoM)
World Indices
DJIA S&P 500 Euro Stoxx MSCI World Nikkei Hang Seng
Sejumlah event dapat mewarnai IHSG di minggu ini Bursa AS mayoritas ditutup sedikit melemah pada jumat lalu di tengah-tengah data GDP yang di bawah ekspektasi serta consumer sentiment yang relatif inline. Dari sisi emiten, Chevron membukukan kinerja yang kurang baik, setelah sebelumnya Microsoft dan Intel mencatatkan kinerja yang melebihi ekspektasi. Fokus di minggu ini antara lain tertuju pada data pekerjaan, FOMC meeting, dan laporan keuangan emiten. IHSG turun 0,1% pada jumat lalu dengan dana asing tercatat net buy Rp 130 miliar di pasar reguler. Dinamika politik menjelang pilkada DKI, data inflasi Januari, serta GDP 4Q16 berpotensi mewarnai pergerakan IHSG di minggu ini. Selain itu, rilis beberapa laporan keuangan emiten juga dapat mempengaruhi IHSG.
Highlights JSMR: Targetkan trafik tumbuh 5-7% di 2017 PTPP: Kontrak baru PP naik tajam ADRO: Beralih jadi perusahaan setrum Perbankan: Optimalkan kredit konsumsi Perkebunan: Pengenaan bea keluar tak ganggu
Changes
Last Close 20,094 2,295 3,303 1,803 19,348 23,361
+/-7 -2 -16 0 -119 -13
Last Close 55 3,070 84 9,430 19,897
Changes +/% -0.2 -0.3 -17.0 -0.6 -1.0 -1.1 64.0 0.7 -38.8 -0.2
% 0.0 -0.1 -0.5 0.0 -0.6 -0.1
ekspor CPO Sektor ritel: siap ekspansi
Commodities Brent Oil CPO Malay Coal Newc Nickel Tin
www.samuel.co.id
Page 1 of 7
Riset Saham Harian 30 Januari 2017
JSMR: Targetkan trafik tumbuh 5-7% di 2017
PT Jasa Marga Tbk (JSMR) menargetkan pertumbuhan volume kendaraan pada kisaran 5-7% menyentuh 1,35 miliar kendaraan. Pengoperasian Bawean – Salatiga di kuartal 1, Solo – Ngawi seksi I A di kuartal 2 menjadi salah satu pendorong pertumbuhan trafik. (Bisnis Indonesia) JSMR: Buy; 17E’PE: 15.9x, PBV: 2.2x.
PTPP: Kontrak baru PP naik tajam
PT PP Tbk (PTPP) mencatat kontrak baru senilai Rp4.3tn di Jan16, atau naik 291%YoY vs Rp1.1tn. Adapun tahun ini, target kontrak baru sebesar Rp40tn, naik dari Rp32.6tn pencapaian tahun lalu. (Investor Daily). PTPP: Buy; 18.2x P/E17E dan 2.6x PBV 17E.
ADRO: Beralih jadi perusahaan setrum PT Adaro Energy Tbk (ADRO) berencana mengubah fokus bisnisnya menjadi independent power producer (IPP) atau perusahaan listrik swasta. Tujuannya perubahan bisnis itu karena tambang batubara harus menghasilkan nilai tambah (Value Added). Perubahan haluan bisnis ADRO sejalan dengan permintaan domestik dan akan terealisasi dalam lima tahun kedepan. Nantinya IPP akan menjadi hulu, supply chain, mendukung kelanjutan suplai batubara. (Kontan). ADRO; 17E’PE: 13.1x, PBV: 1.1x. Perbankan: Optimalkan kredit konsumsi
Sejumlah bank menilai permintaan akan kredit konsumsi seperti perumahan dan kendaraan bermotor berpeluang naik di tahun ini seiring aktivitas ekonomi yang membaik di samping kebijakan uang longgar yang dikeluarkan BI.
BMRI mengincar kenaikan KPR, KKB, dan KTA masing-masing 15% di tahun ini. BBNI menargetkan kenaikan 11-14% masing-masing untuk KPR, kartu kredit, dan KTA di tahun ini. Sementara, BNGA menargetkan KPR naik 8 -10%, KTA dan kartu kredit masing-masing 20%.
Sejumlah hal seperti NPL dan regulasi perlu diperhatikan dalam kredit konsumsi. Dalam kartu kredit, adanya dorongan untuk menurunkan suku bunga maksimal menjadi 2,25% per bulan mengharuskan perbankan melakukan efisiensi demi menjaga profitabilitasnya. (Kontan) Banking: Neutral.
www.samuel.co.id
Page 2 of 7
Riset Saham Harian 30 Januari 2017
Perkebunan: Pengenaan bea keluar tak ganggu ekspor CPO
Badan Pengelola Dana Perkebunan Kelapa Sawit (BPDP-KS) mengumumkan pengenaan bea keluar (BK) sebesar US$ 18 per metric ton (MT) untuk periode Februari 2017. (Investor Daily).
Comment: Kami melihat pengenaan tariff BK tidak akan mengganggu kinerja ekspor minyak sawit nasional. Dampak kebijakan hanya bersifat sementara dan jangka pendek. Namun untuk jangka pendek harga berpeluang terkoreksi sementara merespon kebijakan tersebut. Selain itu UU BK sudah ditetapkan pada 2015 lalu. Plantation: Overweight. Sektor ritel: Siap ekspansi
Pelaku usaha ritel tetap memiliki optimisme adanya peningkatan kinerja penjualan pada tahun ini, sehingga tetap melanjutkan ekspansi pada tahun ini. Optimisme tersebut didorong oleh pertumbuhan perekonomian makro dan stabilisasi nilai tukar Rupiah.
Aprindo memprediksi pertumbuhan ritel tahun ini dapat mencapai 10-12%, hampir sama atau sedikit lebih tinggi dari pertumbuhan tahun 2016 (10%), dengan nilai total Rp200 triliun. Menurut keterangan Aprindo, ekspansi usaha akan meningkatkan kapasitas produksi, menambah pemasukan, serta meningkatkan performa. (Bisnis Indonesia). Sektor ritel: Overweight.
www.samuel.co.id
Page 3 of 7
Riset Saham Harian 30 Januari 2017 Ticker
Rec.
JCI Wgt Last price 1D Chg 5D Chg 1M Chg YTD Chg TP Cons
TP SSI
Upside
PE
(%)
(Rp)
(%)
(%)
(%)
(%)
(Rp)
(Rp)
(%)
16E
17E
PBV 16E
17E
ROE 16E
17E
Banks BMRI BBCA
BUY BUY
4.4 6.5
10975 15400
0.7 0.7
(0.23) 0.98
(5.2) (0.6)
(5.2) (0.6)
11434 16399
12400 17100
13.0 11.0
14.7 19.5
11.4 16.4
1.7 3.4
1.5 2.9
11.3% 17.6%
13.1% 17.9%
BBRI BBNI
BUY BUY
5.0 1.8
11725 5750
(0.2) 2.7
(0.64) 5.50
0.4 4.1
0.4 4.1
13037 6400
13700 6300
16.8 9.6
11.2 10.1
9.5 8.3
2.0 1.2
1.7 1.1
17.9% 12.2%
18.1% 13.4%
0.4
1925
1.0
1.85
10.6
10.6
2087
2300
19.5
8.7 12.8
7.3 10.6
1.1 1.9
1.0 1.6
12.4% 14.3%
13.1% 15.1%
BBTN BUY Average Consumer (Staples) ICBP INDF
BUY BUY
1.7 1.2
8550 8000
0.0 0.0
0.59 (0.62)
(0.3) 0.9
(0.3) 0.9
10063 9955
10300 9900
20.5 23.8
26.8 17.8
24.0 15.0
5.6 2.3
5.0 2.1
21.0% 13.2%
20.8% 14.2%
KLBF ROTI
BUY BUY
1.2 0.1
1480 1525
(2.0) (1.6)
(1.33) (7.85)
(2.3) (4.7)
(2.3) (4.7)
1752 1808
1700 2000
14.9 31.1
30.8 31.8
27.4 26.3
5.9 5.5
5.2 4.8
19.1% 17.5%
19.0% 18.1%
ULTJ UNVR
BUY BUY
0.2 5.5
4390 41700
(1.3) (0.2)
(0.23) 2.96
(3.9) 7.5
(3.9) 7.5
2703 44791
5300 45200
20.7 8.4
20.1 49.8
16.5 44.6
3.8 59.2
3.1 51.9
18.7% 18.9% 118.9% 116.6%
SIDO AISA Average
BUY BUY
0.1 0.1
570 1965
2.7 (1.3)
5.56 (1.75)
9.6 1.0
9.6 1.0
680 2427
700 2440
22.8 24.2
17.8 15.7 27.8
15.8 12.1 24.2
3.1 1.7 12.2
3.0 1.5 10.7
17.7% 10.7% 32.3%
18.9% 12.2% 32.4%
BUY
7.9
3920
(1.8)
2.35
2.3
2.3
4121
4390
12.0
38.5
34.5
12.8
11.7
33.3%
33.8%
BUY
2.1
62800
(0.9)
0.48
(1.7)
(1.7)
78001
77150
22.9
18.5 28.5
17.8 26.1
2.8 7.8
2.5 7.1
15.2% 24.2%
14.1% 24.0%
Cigarette HMSP GGRM Average
Healthcare MIKA HOLD
0.6
2470
0.0
(1.20)
(3.9)
(3.9)
3049
2950
19.4
54.0
47.4
10.0
9.1
18.5%
19.1%
BUY
0.3
11900
0.6
(1.65)
9.2
9.2
11921
12500
5.0
158.7 106.3
125.0 86.2
6.5 8.2
5.8 7.5
4.1% 11.3%
4.7% 11.9%
MAPI RALS
BUY BUY
0.2 0.2
5275 1360
1.0 (0.7)
1.44 10.57
(2.3) 13.8
(2.3) 13.8
5698 1505
6700 1750
27.0 28.7
46.7 23.1
27.5 20.9
2.7 2.7
2.5 2.5
5.8% 11.7%
9.0% 12.0%
ACES LPPF
BUY BUY
0.2 0.8
745 14950
0.0 (1.0)
1.36 0.50
(10.8) (1.2)
(10.8) (1.2)
967 19431
1000 19500
34.2 30.4
20.7 17.9
19.1 15.8
4.4 20.0
4.0 12.8
21.2% 111.9%
20.7% 81.1%
27.1
20.8
7.5
5.4
37.6%
30.7%
SILO Average Retail
Average Telco EXCL ISAT TLKM
HOLD BUY BUY
0.5 0.6 6.8
2870 6200 3890
(1.4) (0.8) (1.3)
TOWR Average
BUY
0.6
3490
(0.3)
Auto and HE ASII BUY
7.89 1.22 1.57 -
24.2 (3.9) (2.3)
24.2 (3.9) (2.3)
3114 7877 4639
2200 7200 5000
-23.3 16.1 28.5
358.8 41.6 19.8
49.5 19.1 16.2
1.4 2.5 4.4
1.4 2.2 3.9
0.4% 6.0% 22.3%
2.8% 11.7% 24.0%
(2.5)
(2.5)
4617
4500
28.9
11.4 107.9
10.1 23.7
3.3 2.9
2.5 2.5
28.8% 0.1
24.5% 0.2
5.7
8100
0.3
1.25
(2.1)
(2.1)
8782
9000
11.1
17.8
14.6
3.0
2.5
16.7%
17.2%
BUY
1.5
22600
(1.3)
2.73
6.4
6.4
24148
25050
10.8
19.5 18.6
16.4 15.5
2.1 2.5
2.0 2.2
10.7% 13.7%
11.9% 14.6%
BUY
0.2
340
0.6
0.59
0.6
0.6
388
445
30.9
17.9
13.1
0.7
0.9
3.8%
7.1%
BSDE PWON
BUY HOLD
0.6 0.5
1860 570
(0.8) (0.9)
0.81 (2.56)
6.0 0.9
6.0 0.9
2307 720
2350 710
26.3 24.6
14.6 20.5
11.8 19.0
1.6 3.4
1.4 3.0
11.1% 16.8%
11.8% 15.8%
KPIG ASRI
BUY HOLD
0.2 0.1
1470 388
(0.7) (0.5)
(2.00) (3.00)
(2.0) 10.2
(2.0) 10.2
n/a 430
1810 390
23.1 0.5
34.2 12.1
28.8 11.4
1.2 1.1
1.2 1.0
3.5% 9.0%
4.1% 8.8%
SMRA Average
BUY
0.3
1365
(2.5)
0.74
3.0
3.0
1654
1750
28.2
30.0 19.3
28.2 17.6
2.6 2.2
2.4 1.9
8.5% 11.4%
8.4% 11.2%
Construction PTPP BUY ADHI BUY
0.4 0.1
3450 2100
(2.0) (2.3)
(3.63) (1.87)
(9.4) 1.0
(9.4) 1.0
4956 2550
5100 2750
47.8 31.0
21.1 15.8
18.2 13.0
2.9 1.4
2.6 1.2
13.9% 8.9%
14.4% 9.5%
0.6 0.4
2570 2460
(0.4) (1.6)
(1.91) (0.81)
0.8 4.2
0.8 4.2
3263 3045
3250 3000
26.5 22.0
20.1 21.4
16.3 18.1
1.8 2.4
1.6 2.1
9.2% 11.2%
9.9% 11.4%
19.6
16.4
2.1
1.9
10.8%
11.3%
UNTR Average Aviation GIAA Property
WSKT WIKA
BUY BUY
Average Cement INTP SMGR
SELL HOLD
1.0 1.0
15900 9225
2.1 0.3
8.72 6.96
3.2 0.5
3.2 0.5
16199 10165
13500 9000
-15.1 -2.4
14.2 14.0
13.9 13.5
2.2 1.9
2.0 1.7
15.6% 13.7%
14.4% 12.9%
SMCB SMBR Average
SELL HOLD
0.1 0.4
900 2200
0.0 7.8
0.56 16.09
0.0 (21.1)
0.0 (21.1)
856 859
700 2300
-22.2 4.5
-90.0 66.7 1.2
-37.5 57.9 11.9
0.8 6.6 2.9
0.8 5.8 2.6
-0.9% 9.9% 0.1
-2.3% 10.0% 0.1
WSBP
BUY
0.3
580
0.9
-
4.5
4.5
693
690
19.0
28.6
22.8
2.4
2.2
8.4%
9.6%
WTON
BUY
0.1
825
(0.6)
(0.60)
0.0
0.0
1151
1150
39.4
25.6
19.5
2.6
2.1
10.2%
10.9%
27.1
21.1
2.5
2.1
9.3%
10.2%
Precast
Average
www.samuel.co.id
Page 4 of 7
Riset Saham Harian 30 Januari 2017 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 BUY TINS BUY 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 BUY AKRA BUY DOID
Upside (%)
PE 16E
17E
PBV 16E
17E
ROE 16E
17E
1.2 0.5
2800 4220
2.6 (0.5)
7.69 1.20
3.7 (2.3)
3.7 (2.3)
3099 5693
3375 5000
20.5 18.5
12.0 16.1 14.1
10.0 15.9 12.9
1.5 2.5 2.0
1.3 2.2 1.8
12.3% 15.3% 13.8%
13.5% 13.9% 13.7%
0.3 0.4 0.1 0.3 1.0 0.4
805 2340 985 14525 1725 10825
(0.6) (3.3) (1.0) 1.4 (0.3) 0.2
(9.04) 1.74 (7.08) (3.81) (0.29) (8.26)
(10.1) (17.0) (8.4) (13.9) 1.8 (13.4)
(10.1) (17.0) (8.4) (13.9) 1.8 (13.4)
918 2815 1183 18874 1867 14355
1250 3500 1200 19000 2100 15000
55.3 49.6 21.8 30.8 21.7 38.6
402.5 180.0 98.5 12.2 15.4 18.1 121.1
9.4 25.4 46.9 6.3 13.1 11.2 18.7
1.0 1.0 1.4 1.4 1.2 2.6 1.4
0.9 0.9 1.4 1.2 1.1 2.2 1.3
0.3% 0.5% 1.4% 11.3% 7.6% 14.1% 5.9%
10.0% 3.7% 2.9% 19.6% 8.5% 19.9% 10.7%
0.5 0.2 0.1
15800 1600 510
(0.2) (1.8) (1.9)
(2.47) (3.90) (1.92)
(5.8) (8.0) 3.2
(5.8) (8.0) 3.2
18618 1890 565
19800 2050 600
25.3 28.1 17.6
18.3 22.5 18.2 19.7
17.3 14.4 11.6 14.4
2.0 1.4 0.6 1.3
1.9 1.3 0.6 1.2
10.7% 6.3% 3.1% 6.7%
10.7% 9.1% 4.9% 8.2%
0.9 0.3 0.0
3160 1685 1200
(1.3) 1.2 (0.4)
(0.32) 2.3 4.33 15.8 (1.23) (7.7)
2.3 15.8 (7.7)
3606 2339 1904
4500 2200 1730
42.4 30.6 44.2
14.9 10.2 7.0 10.7
13.3 9.3 6.5 9.7
1.9 2.1 1.1 1.7
1.7 1.7 1.0 1.5
13.0% 20.7% 16.3% 16.7%
12.8% 18.7% 15.6% 15.7%
0.5 0.1
6700.0 525.0
-1.8 4.0
3.1 4.0
11.7 2.9
7632.5 825.0
7600 850
13.4 61.9
24.0 9.4 16.7
21.4 5.0 13.2
3.9 2.7 3.3
3.5 1.8 2.6
16.2% 28.7% 22.5%
16.3% 35.9% 26.1%
Average Source: SSI Research, Bloomberg Note: GIAA, PGAS, ITMG, ADRO, INCO, DOID report in USD.
www.samuel.co.id
TP SSI (Rp)
11.7 2.9
Page 5 of 7
Riset Saham Harian 30 Januari 2017
Regional Indices
1D Change Points
Last Price
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
1,803
(0.02)
(0.13)
1.23
2.98
6.65
2.98
15.44
1,811
1,460
World
(0.36)
U.S. (S&P)
(1.99)
2,295
(0.09)
0.64
1.03
2.50
7.91
2.50
18.27
2,301
1,810
U.S. (DOW) Europe
(7.13) (15.80)
20,094 3,303
(0.04) (0.48)
0.91 0.66
1.34 0.12
1.68 0.39
10.64 7.28
1.68 0.39
22.03 8.48
20,126 3,342
15,503 2,673
Emerging Market
(0.81)
916
(0.09)
0.80
2.53
6.22
1.37
6.22
23.38
930
708
FTSE 100 CAC 40
23.00 (27.26)
7,184 4,840
0.32 (0.56)
0.48 0.21
(0.19) (0.22)
0.58 (0.46)
2.69 6.41
0.58 (0.46)
n/a 9.58
7,354 4,930
5,500 3,892
Dax Indonesia
(34.36) (4.79)
11,814 5,313
(0.29) (0.09)
1.89 0.39
1.58 1.11
2.90 0.30
10.45 (1.80)
2.90 0.30
20.58 15.12
11,893 5,492
8,699 4,545
Japan
(90.23)
19,377
(0.46)
1.68
2.57
1.37
11.07
1.37
10.61
19,615
14,864
Australia
(56.49)
5,658
(0.99)
0.13
0.05
(0.15)
7.07
(0.15)
13.03
5,828
4,707
Korea
16.65
2,084
0.81
0.85
0.52
2.03
2.94
2.82
9.79
2,091
1,818
Singapore Malaysia
13.07 (5.86)
3,065 1,686
0.43 (0.35)
0.75 0.34
1.79 1.29
6.39 2.72
8.83 0.96
6.39 2.72
16.57 1.11
3,065 1,729
2,528 1,612
Hong Kong
(13.39)
23,361
(0.06)
1.79
2.07
6.18
1.77
6.18
18.68
24,364
18,279
China Taiwan
9.61 23.90
3,159 9,448
0.31 0.25
0.71 1.39
1.87 1.00
1.43 4.07
1.50 0.66
1.79 2.10
15.49 19.68
3,301 9,468
2,638 7,800
Thailand
(0.20)
1,591
(0.01)
0.76
1.78
3.10
6.45
3.10
22.28
1,601
1,271
Philipines
1.03
7,334
0.01
(0.50)
1.40
7.21
(0.96)
7.21
9.66
8,118
6,499
1D Change Points
Last Price
0.00 n/a
4.17 116.36
n/a
US Fed Rate (%) 0.00 Indo Govt Bond Yld (10yr) - % 0.01
Monetary Indicators JIBOR Overnight (%) Foreign Reserve (US$bn) Inflation Rate (%)
Exchange Rate (per US$) 1D Change Currency
Points
Indonesia Japan
23.00 (0.42)
UK Euro China Commodities Indicators
Change (%)
1 Year
1W
1M
3M
YTD
1YR
High
Low
(0.09) n/a
(25.01) 4.39
(1.53) 0.60
(1.59) 9.85
(22.88) 9.85
5.58 116.36
4.16 102.13
0.42
n/a
(10.64)
90.91
(56.25)
(56.25)
0.69
(0.45)
0.75 7.62
0.00 0.63
0.00 (3.70)
50.00 7.07
0.00 (4.42)
50.00 (9.79)
0.75 8.40
0.50 6.77
Last Price
Change (%)
1 Year
1D
3D
1W
1M
3M
YTD
1YR
High
Low
13359 114.68
(0.17) 0.37
(0.21) (1.22)
0.38 (1.72)
0.67 1.99
0.85 1.99
0.85 1.99
3.90 5.50
13,828 121.49
12,920 99.02
0.00
1.26
0.29
(0.33)
0.45
2.04
2.04
2.04
(12.76)
1.50
1.18
0.00
1.07
0.21
(0.25)
(0.41)
1.94
1.94
1.94
(1.53)
1.16
1.03
0.00
6.88
(0.01)
(0.44)
(0.17)
0.94
0.89
0.89
(4.38)
6.96
6.45
53.03
1D (0.26)
3D 0.53
1W 0.53
1M (1.28)
3M 8.89
YTD (1.28)
1YR 57.73
High 55.24
Low 26.05
1D Change
Last Price
Change (%)
1 Year
Spot Oil
Points (0.14)
CPO
(17.00)
3,070.00
(0.55)
(2.51)
(1.00)
(1.85)
10.19
(1.25)
22.65
3,202.00
2,172.00
Rubber Coal
9.50 (0.95)
1,170.50 83.50
0.82 (1.12)
3.54 (0.54)
5.17 (0.12)
23.08 (6.76)
63.82 (19.52)
19.74 (11.83)
115.56 63.57
1,170.50 112.25
526.00 51.75
Iron Ore
1.52
83.44
1.86
1.02
(0.36)
6.51
40.85
6.89
101.55
84.07
41.40
Tin
(38.75)
19,897.00
(0.19)
(2.34)
(1.47)
(6.27)
(3.39)
(6.17)
37.30
21,945.00
14,841.50
Nickel
65.00
9,475.00
0.69
(3.32)
(2.32)
(8.98)
(8.54)
(5.44)
9.47
12,145.00
7,550.00
Copper Gold
42.00 5.40
5,899.00 1,193.80
0.72 0.45
(0.74) (0.33)
2.63 (1.79)
7.86 3.81
23.15 (6.41)
6.57 3.81
28.52 6.93
6,045.50 1,377.50
4,430.00 1,116.50
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, 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
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 the subject secu rities 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 available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommenda tion 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
Page 7 of 7
