DAILY UPDATE September 2, 2021

MACROECONOMIC NEWS

Indonesia Economy – Indonesia saw a further slowdown in core

inflation last month as demand remained weak despite some

easing in COVID-19 curbs following a decline in daily new

confirmed cases. Core inflation in August stood at 1.31% YoY,

slower than July’s 1.4% annual increase, according to data

released by Statistics Indonesia (BPS). The overall consumer price

index (CPI) posted a 1.59% annual increase in August, slightly

more than the 1.52% logged in July. On a month-to-month (mtm)

basis, consumer prices rose a marginal 0.03% last month.

US Economy – U.S. companies added fewer jobs than expected

for a second month in August, reflecting persistent hiring

challenges. Payrolls increased by 374,000 after a revised 326,000

gain in July, the ADP report showed. In other U.S. economic data,

the IHS Markit manufacturing purchasing managers index posted

61.1 in August, down from 63.4 in July, and broadly in line with

the earlier released “flash” estimate of 61.2. A reading of 50 or

greater indicates improving conditions.

CORPORATE NEWS

META – PT Nusantara Infrastructure through PT Bintaro Serpong

Damai (BSD) has obtained IDR 750 billion worth of investment

credit facility from PT Bank Central Asia (BBCA). The credit facility

will be used for funding and developing toll road projects.

TOWR – PT Sarana Menara Nusantara will most likely to depend

on bank loan to fund expansion this year. However, the company

stated that there are still possibilities in raising fund through

bonds issuance and other debt instruments.

UNVR – PT Unilever Indonesia has realised IDR 350 billion of

capex in 1H 2021. The capex represents 1.7% of UNVR sales The

capex went towards UNVR’s saving project as well as safety

project and innovation to grow UNVR’s brand.

PTBA – PT Bukit Asam has achieved 90% completion of its USD

1.68 billion Sumsel-8 super critical coal fired powerplant project

with a capacity of 2x620 MW. The powerplant is expected to

begin full commercial operation in 1Q 2022.

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Commodities Last Price Chg %Chg

Oil NYMEX 67.92 -0.6 -0.8

Oil Brent 70.94 -0.69 -1.0

Coal Newcastle 174.6 0.35 0.2

Nickel 19332 -215 -1.1

Tin 33550 -357 -1.1

Gold 1815.2 0.3 0.0

CPO Rott 1052.5 -10 -0.9

CPO Malay 4176 -78 -1.8

Indo Gov. Bond Yields Last Yield Chg %Chg

1 year 2.98 -0.02 -0.53

3 year 4.648 0.00 0.07

5 year 5.048 0.00 0.00

10 year 6.085 0.00 -0.02

15 year 6.31 0.00 0.03

30 year 6.829 0.00 0.04

Currency

Closing Last Trade

US$ - IDR 14283 14283

US$ - Yen 110.01 109.96

Euro - US$ 1.1839 1.18

US$ - SG$ 1.3446 1.34

Equity Markets

Closing % Change

Dow Jones 35313 -0.14

NASDAQ 15309 0.33

S&P 500 4524 0.03

MSCI excl. Jap 841 0.37

Nikkei 28465 0.05

Shanghai Comp 3567 0.65

Hang Seng 26028 0.58

STI 3090 0.07

JCI 6091 -0.97

Indo ETF (IDX) 19 0.48

Indo ETF (EIDO) 21 0.33

CORPORATE NEWS – cont’d

AMRT – PT Sumber Alfaria Trijaya reported 2Q financial results:

AMRT (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 38,085 42,036 10.4% 18,751 19,239 22,797 21.6% 18.5%

Gross Profit 7,757 8,574 10.5% 3,826 4,202 4,372 14.3% 4.1%

Operating Profit 363 693 90.9% 81 430 263 226.6% -38.7%

Pretax Earnings 611 1,077 76.4% 183 622 455 149.0% -26.9%

Net Income 493 853 73.0% 143 499 354 147.7% -29.1%

EPS (IDR) 12 21 73.0% 3 12 9 147.7% -29.2%

Gross Profit Margin 20.4% 20.4% 0.0% 20.4% 21.8% 19.2% -1.2% -2.7%

Operating Profit Margin 1.0% 1.6% 0.7% 0.4% 2.2% 1.2% 0.7% -1.1%

Net Profit Margin 1.3% 2.0% 0.7% 0.8% 2.6% 1.6% 0.8% -1.0%

PTPP – PT PP reported 2Q financial results:

PTPP (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 6,745 6,457 -4.3% 3,336 2,839 3,619 8.5% 27.5%

Gross Profit 705 798 13.2% 369 405 393 6.5% -2.9%

Operating Profit 396 485 22.4% 223 267 217 -2.7% -18.7%

Pretax Earnings 39 121 211.0% 1 54 68 10298.3% 26.3%

Net Income 16 86 437.8% -6 38 48 24.8%

EPS (IDR) 3 14 366.7% -1 6 8 33.3%

Gross Profit Margin 10.5% 12.4% 1.9% 11.1% 14.3% 10.9% -0.2% -3.4%

Operating Profit Margin 5.9% 7.5% 1.6% 6.7% 9.4% 6.0% -0.7% -3.4%

Net Profit Margin 0.2% 1.3% 1.1% -0.2% 1.3% 1.3% 1.5% 0.0%

WIKA – PT Wijaya Karya reported 2Q financial results:

WIKA (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 7,133 6,767 -5.1% 2,934 3,924 2,843 -3.1% -27.6%

Gross Profit 670 547 -18.4% 161 268 278 72.6% 3.6%

Gross Profit with JV - Net 685 874 27.5% 51 482 392 672.1% -18.6%

Operating Profit 254 498 96.2% -186 311 187 -39.9%

Pretax Earnings 348 151 -56.7% 191 105 45 -76.4% -57.2%

Net Income 250 83 -66.7% 151 78 5 -96.5% -93.3%

EPS (IDR) 28 9 -66.7% 17 9 1 -96.5% -93.2%

Gross Profit Margin 9.6% 12.9% 3.3% 1.7% 12.3% 13.8% 12.1% 1.5%

Operating Profit Margin 3.6% 7.4% 3.8% -6.3% 7.9% 6.6% 12.9% -1.4%

Net Profit Margin 3.5% 1.2% -2.3% 5.2% 2.0% 0.2% -5.0% -1.8%

PTBA – PT Bukit Asam reported 2Q financial results:

PTBA (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 9,012 10,291 14.19% 3,890 3,995 6,296 61.86% 57.61%

Gross Profit 2,550 3,547 39.09% 1,025 1,018 2,529 146.64% 148.53%

Operating Profit 1,340 2,256 68.44% 398 435 1,822 357.64% 319.28%

Pretax Earnings 1,788 2,358 31.87% 601 617 1,741 189.78% 182.22%

Net Income 1,289 1,779 38.01% 386 501 1,278 231.49% 155.37%

EPS (IDR) 112 154 38.01% 33 43 111 231.49% 155.37%

Gross Profit Margin 28.3% 34.5% 6.2% 26.4% 25.5% 40.2% 13.8% 14.7%

Operating Profit Margin 14.9% 21.9% 7.1% 10.2% 10.9% 28.9% 18.7% 18.1%

Net Profit Margin 14.3% 17.3% 3.0% 9.9% 12.5% 20.3% 10.4% 7.8%

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