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OSODaily 19 September 2019

ODAY TOP STOCK TRADED (LQ45) JAKARTA COMPOSITE INDEX

6,276.63 39.94

0.64%

Previous 6,236.69 Lowest

6,236.48 Highest 6,276.63 Val IDR bn

7.863

Volbn 13.415 Mkt Cap IDRtr

7,197.03 Net Forg 1DIDRbn (338.06) Net ForgYTDIDRbn

55,144.33

Return YTD (%) 1.33 Month to date (%)

(0.82)

Indices

Last Chg% 6,306.74 Americas

Dow Jones United States 27,147.08 0.13 16.37 S&P 500 United States 3,006.73 0.03 19.94 Nasdaq United States 8,177.39 (0.11) 23.24 EIDO United States 25.36 (0.12) 2.18 EMEA

FTSE 100 United Kingdom 7,314.05 (0.09) 8.71

CAC 40 France 5,620.65 0.09 18.81 D DAX Germany 12,389.62 0.14 17.34

Asia Pacific

Nikkei Japanese 21,960.71 1.28 11.12 Shanghai China 2,978.12 0.25 19.72 TWSE Taiwan 10,874.50 0.51 12.36 KOSPI Korea 2,070.73 0.86 2.33 KLSE Malaysia 1,604.30 (0.30) (5.39) ST – Times Singapore 3,183.00 (0.51) 3.20 Sensex India 36,481.09 0.23 1.37 Hangseng Hongkong 26,790.24 (0.13) 3.51

Sectoral Previous Last Chg% YTD% AGRICULTURE 1,401.29 1,387.60 (0.98) (11.30) MINING 1,677.44 1,671.12 (0.38) (5.93) MISC INDUSTRY 1,156.37 1,187.63 2.70 (14.83) BASIC INDUSTRY 892.72 894.96 0.25 4.71 CONSUMER GOODS 2,234.08 2,243.41 0.42 (12.68) PROPERTY 497.63 501.51 0.78 12.01 INFRASTRUKTUR 1,214.64 1,221.61 0.57 14.78 FINANCE 1,252.62 1,265.92 1.06 7.68 MANUFAKTURE 1,470.64 1,481.06 0.71 (8.47) TRADE 806.76 805.03 (0.21) 2.70 LQ 45 985.92 991.84 0.60 0.93

Commodities Previous Lastest Chg% YTD%

Oil (USD/bbl) 59.34 58.11 (2.07) 28.34 Gold (USD tr.oz) 1,501.38 1,494.00 (0.49) 16.17 Nickel (USD/mtrc ton) 17,045.00 17,200.00 0.91 60.90 Tin (USD/mtrc ton) 16,850.00 16,670.00 (1.07) (14.40) Copper (USD/mtrc ton) 5,821.00 5,814.00 (0.12) (2.53) CPO (MYR/ton) 2,213.00 2,199.00 (0.63) 9.73 Coal (USD/ton) 69.65 68.75 (1.29) (32.93)

Currencies

Last Chg% YTD% IDR / USD

14,067.00 (0.18) 2.30

IDR / AUD

9,613.87 0.52 5.74 IDR / EUR

15,530.98 (0.01) 5.89

IDR /SGD

10,228.75 (0.04) 3.19 IDR / JPY

129.98 0.19 0.50

IDR / GBP

17,508.66 (0.35) 4.62 Global Macro Economics CB Rate CPI YoY GDP YoY United States 2.00 1.70 2.30 Euro Area 0.00 1.00 1.20 United Kingdom 0.75 1.70 1.20 Japan 0.10 0.50 1.00 China 4.35 2.80 6.20 Domestic macro Economics Lastest Chg% YTD% Jibor 5.00 (15.02) 28.20 GovBonds (5y) 6.62 - (16.23) GovBonds (10y) 7.24 (0.01) (9.76)

Inflasi YoY 3.49

Inflasi MoM 0.12 Bi rate 5.50 GDP Growth YoY (%) 5.05

Foreign Reserve (Bn) 126.40 Government Bonds Yield% Wow% Ytd% 7 Year 7.24 7.04 7.04 15 Year 7.68 7.68 7.68 20 Year 7.80 7.80 7.80 30 Year 8.06 8.06 8.06

Source: Bloomberg LP & OSO Research Team

Market Review Pada perdagangan Rabu (18/09) IHSG ditutup menguat sebesar 0.62% ke level 6.276.63. Tujuh dari sepuluh indeks sektoral berakhir dalam zona hijau, dimana sektor aneka industri dan keuangan memimpin penguatan masing-masing sebesar 2.26% dan 1.06%. Adapun saham yang menjadi penggerak indeks diantaranya ; BMRI, ASII, SMMA, HMSP, BBNI. Pelaku pasar asing membukukan aksi jual bersih (Netsell) senilai Rp 338 miliar. Nilai tukar rupiah terdepresiasi sebesar 0.18% ke level 14.067. Global Review Pada perdagangan Rabu (18/09) bursa saham Wall Street ditutup bervariasi dimana Dow Jones dan S&P 500 ditutup menguat sebesar 0.13% dan 0.03% sedangkan Nasdaq melemah 0.11%. Pergerakan pada indeks cenderung dipengaruhi oleh pemangkasan suku bunga dari The Fed sebesar 25 basis poin (bps) ke level 2% sesuai dengan perkiraan pasar sebelumnya. The Fed menilai pemangkasan tersebut seiring dengan adanya pertumbuhan ekonomi yang solid serta adanya peningkatan jumlah tenaga kerja beberapa bulan terakhir. Sementara itu gubernur The Fed yakni, Jerome Powell mengatakan bahwa dirinya akan bertindak agresif untuk menjaga pertumbuhan ekonomi AS ditengah adanya ketidakpastian prospek ekonomi. Selain itu The Fed juga memperkirakan suku bunga ini akan bertahan hingga tahun 2020. JCI Prediction

IHSG ditutup menguat sebesar 0.64% ke level 6.276. IHSG ditutup bullish candle. Adapun indikator berpeluang Stochastic golden cross dan MACD histogram bergerak negatif dengan Volume turun. Kami perkirakan IHSG mampu bergerak menguat dengan pergerakan di kisaran 6262-6353. Major Economic Release

Inflation Rate United Kingdom Bulan Agustus

tercatat sebesar 1.7% lebih rendah dari

sebelumnya sebesar 2.1% (MoM).

Housing Starts United States pada Agustus 2019

naik sebesar 12.3% dibandingkan sebelumnya

yang turun 1.5% (MoM).

Building Permits United States bulan Agustus

naik sebesar 7.7% dibandingkan sebelumnya

yang naik sebesar 6.9% (MoM).

Fed Interest Rate Decision turun ke level 2% dari

sebelumnya di level 2.25%.

EIA Crude Oil Stocks Change periode 13

September naik sebanyak 1.058 juta barel.



TODAY TOP STOCK TRADED (LQ45)

Top Gainers

Last Chg% YTD% MC (T) Beta

BTPS IJ Equity

3,290 5.79 83.29 25.35 0.52

INCO IJ Equity

3,740 4.18 14.72 37.16 1.87

ASII IJ Equity

6,700 3.47 (18.54) 271.24 1.28

BMRI IJ Equity

7,200 3.23 (2.37) 336.00 1.55

CTRA IJ Equity

1,140 3.17 12.87 21.16 2.04

Top Losers

Last Chg% YTD% MC (T) Beta

MEDC IJ Equity

755 (3.82) 10.22 13.47 1.73

ERAA IJ Equity

1,920 (3.03) (12.73) 6.12 0.89

ITMG IJ Equity

12,925 (2.82) (36.17) 14.60 1.34

BRPT IJ Equity

1,035 (2.82) 116.53 92.13 1.36

INDY IJ Equity

1,435 (2.38) (9.46) 7.48 1.46

Top Volume

Last Volume (Mn) YTD% MC (T) Beta

HMSP IJ Equity

2,370 137.4 (36.1) 275.67 1.21

PGAS IJ Equity

2,210 85.5 4.2 53.57 1.86

BRPT IJ Equity

1,035 79.3 116.5 92.13 1.36

ANTM IJ Equity

1,065 77.5 39.2 25.59 1.74

BBRI IJ Equity

4,240 76.4 15.8 522.99 1.63

Top Value

Last Value (Bn) YTD% MC (T) Beta

BBCA IJ Equity

30,200 555.9 16.2 744.58 1.02

BBRI IJ Equity

4,240 454.2 15.8 522.99 1.63

GGRM IJ Equity

55,425 390.1 (33.7) 106.64 0.93

PGAS IJ Equity

2,210 370.1 4.2 53.57 1.86

TLKM IJ Equity

4,250 367.3 14.9 421.01 0.79

BENCHMARK INDICES COMPARISON Indices Country Latest P/E PBV Target 2019F Asia Pacific

IHSG

Indonesia 6,277 19.89 2.07 6,800

Nikkei

Japanese 21,961 15.59 1.66 23,978

Shanghai

China 2,986 14.49 1.50 3,288

TWSE

Taiwan 10,929 17.31 1.67 11,446

KOSPI

Korea 2,071 13.36 0.82 2,557

KLSE

Malaysia 1,599 19.38 1.61 1,688

ST - Times

Singapore 3,167 12.45 1.06 3,568

Sensex

India 36,554 25.40 2.75 42,655

Hangseng

Hongkong 26,754 10.34 1.18 32,131

JAKARTA COMPOSITE INDEX MOVERS

Movers

Latest Chg% YTD% MC (T) Beta

BMRI IJ Equity

7200 3.23 (2.37) 336 1.55

ASII IJ Equity

6700 3.47 (18.54) 271 1.28

SMMA IJ Equity

10000 13.64 15.61 64 0.67

HMSP IJ Equity

2370 1.72 (36.12) 276 1.21

BBNI IJ Equity

7900 1.94 (10.23) 147 1.62

Laggard


BRPT IJ Equity

1035 (2.82) 116.53 92 1.36

UNVR IJ Equity

46675 (0.59) 2.81 356 1.08

TLKM IJ Equity

4250 (0.47) 14.94 421 0.79

BYAN IJ Equity

16600 (2.35) (16.48) 55 (0.02)

FILM IJ Equity

500 (20.63) (26.47) 5 (0.89)

Movers


OSO MANAJEMEN INVESTASI

Mutual Fund Latest 1 Month (%) YTD% Oso Sustainability Fund

1,434.43 (1.95) (4.97)

Oso Syariah Equity Fund

1,156.67 (14.26) 136.98

Source: Bloomberg LP & OSO Research Team



COMPARATION OF JCI PERFORMANCE (SEAG)


OSODaily 05 April 2019


MACRO ECONOMIC & INDUSTRY NEWS

Pemerintah berusaha untuk mengerem impor dengan tujuan mempersempit defisit neraca transaksi berjalan (TB) atau Current Account Deficit (CAD). Namun, rupanya ini memiliki potensi untuk memunculkan persoalan di sektor lain. Impor pada Agustus 2019 lalu tercatat turun sebesar 15,6% (yoy) menjadi US$ 14,20 miliar. Namun, ini menjadi indikator yang tidak baik bagi sisi produksi, ekspansi, dan terutama investasi.

Suku bunga di pasar repurchase agreement (repo) Amerika Serikat turun pada Rabu (18/9) pagi setelah operasi Federal Reserve New York yang menyuntikkan dana segar US$ 75 miliar ke dalam sistem perbankan semalam sebagai upaya untuk menenangkan pasar. Biaya pinjaman overnight untuk bank dan dealer Wall Street yang menggunakan US Treasury sebagai jaminan ditetapkan sebesar 2,25%-2,60%.

Pertumbuhan Indeks harga konsumen di Inggris pada bulan lalu jatuh ke level terendah sejak Desember 2016. Kantor Statistik Nasional (ONS) mencatat harga barang dan jasa yang dibayar oleh konsumen hanya naik 1,7% pada bulan Agustus setelah mengalami kenaikan 2,1% pada bulan Juli. Data ONS juga menunjukkan harga rumah di Inggris naik hanya naik 0,7% pada bulan Juli dengan secara tahunan. Data ini menjadi kenaikan terkecil sejak 2012 karena pelemahan di pasar London yang menyebar ke bagian Inggris yang lainnya.

CORPORATES NEWS PT Bank Mandiri Tbk (BMRI) memandang bisnis kredit non tunai atau bank garansi masih memiliki prospek

pertumbuhan yang bagus sejalan dengan pertumbuhan GDP Indonesia. Selama periode Januari- Agustus 2019, bisnis bank garansi Bank Mandiri tumbuh sekitar 18% secara year on year (yoy).

Pemerintah Provinsi Bangka Belitung tengah merampungkan Rencana Zonasi Wilayah Pesisir dan Pulau-pulau Kecil (RZWP3K). Zonasi tersebut akan mengatur penambangan timah di kawasan laut daerah tersebut. Merespon zonasi itu, PT Timah Tbk (TINS) pun berkepentingan untuk mengamankan Izin Usaha Pertambangan (IUP) timah mereka agar tetap bisa ditambang. Sebab, tiga perempat IUP tambang laut yang dimiliki TINS berada di Bangka Belitung.

PT Bank Mandiri Tbk (BMRI) kembali mengucurkan kredit investasi ke PT Antam Tbk (ANTM) berupa pemberian fasilitas pinjaman investasi dari BANK MANDIRI sebesar US$129 juta yang ditujukan untuk membiayai pinjaman investasi ANTAM sebelumnya yang akan jatuh tempo pada Juni 2024.

PT Metropolitan land Tbk (MTLA) mencatatkan marketing sales Rp 1,26 triliun hingga Agustus ini. Adapun penopangnya dari segmen menengah dan menengah bawah. Hingga akhir tahun ini, perseroan membidik pendapatan pra penjualan sebesar Rp 2,2 triliun. Dengan sisa waktu yang tak lagi banyak perseroan masih optimis dapat mencapainya.

PT Kalbe Genexine Biologixs (KG Bio) yakni perusahaan patungan (joint venture) antara PT Kalbe Farma Tbk (KLBF) dan Genexine Inc. baru saja mendapat lisensi eksklusif produk Immuno Oncology dari Shanghai Henlius Biotech Inc China pada Kamis (12/9). Namun butuh waktu cukup lama agar produk ini bisa beredar di pasar.

PT Adira Dinamika Multifinance (ADMF) alias Adira Finance berniat menerbitkan obligasi Rp 1,19 triliun. Obligasi ini merupakan bagian dari Obligasi Berkelanjutan IV Adira Finance dengan total target dana Rp 9 triliun.

PT Pembangunan Jaya Ancol Tbk (PJAA) mendapatkan pinjaman dari Bank DKI sebesar Rp 300 miliar. Kredit tersebut akan digunakan sebagai sumber dana capital expenditure (capex) dan operational expenditure (opex) perusahaan itu di sisa tahun ini.

Sumber: Kontan, Bisnis Indonesia, Iqplus

NOTE: Positive Sentiment Negative Sentiment Netral




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Ke Arah Positif Stochastic : Bullish Volume : Meningkat

Recommendation : BUY Entry Buy : 6.600 – 6.700 Target Price : 6.850 – 6.925 Support : 6.525 – 6.575 Cutloss : 6.500

DAILY TECHNICAL

BUY |ASII|PE : 13.84x | PBV : 1.53x | ROE: 11.07% | NPM : 8.43% | DER : 0.97x | Fair Value :7.400|

Penjualan Mobil Diprediksi Turun, Ini Strategi Astra International (ASII) Penjualan mobil nasional (wholesales) PT Astra International Tbk (ASII) pada Agustus naik tipis 1,45% menjadi 90.403 unit dibandingkan bulan Juli yang mencapai 89.105 unit. Pangsa pasar Astra pada Agustus juga naik menjadi 52% dibandingkan bulan sebelumnya sebesar 50%. Adapun penjualan mobil sepanjang Januari-Agustus 2019 tercatat mencapai 660.286 unit atau turun 13,5% dari periode yang sama tahun 2018 yang mencapai 763.444 unit. Untuk meningkatkan penjualan mobil ASII akan memaksimalkan penjualan secara online dan offline. Lebih rincinya, untuk online Astra mengoptimalkan fitur-fitur yang ada di situsnya, sebagai contoh situs auto2000.

Souce: OSO Research Team

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang menguji level 6.850 . Apabila break 6.850 next harga ke level 6.925. Hati-hati jika harga tidak mampu tembus 6.850 atau malah berbailk menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 6.500 jika sudah melewati support 6.525 – 6.575.

NOTE:




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Positif Stochastic : Bullish Volume : Meningkat

Recommendation : BUY Entry Buy : 1.390 – 1.405 Target Price : 1.440 – 1.455 Support : 1.375 – 1.385 Cutloss : 1.370

DAILY TECHNICAL

Punya Landbank Besar, Bumi Serpong Damai (BSDE) Fokus Kembangkan Properti di Jabodetabek PT Bumi Serpong Damai Tbk (BSDE ). masih fokus mengembangkan proyek properti di sekitar Jabodetabek. Di kawasan itu, perseroan memiliki total land bank seluas 2.843 hektare. Direktur Bumi Serpong Damai Hermawan Wijaya mengatakan wacana pemindahan ibu kota Indonesia ke Kalimantan Timur dimaksudkan untuk memindahkan pusat pemerintahan. Di sisi lain, Jakarta dan sekitarnya masih akan menjadi pusat bisnis di Indonesia. BSDE berkomitmen akan terus melanjutkan pengembangan kawasan BSD City. Dalam pemberitaan baru-baru ini disebutkan bahwa pemerintah juga menjadikan BSD City sebagai salah satu acuan pengembangan konsep Ibu Kota baru.

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 1.440. Apabila break 1.440 next harga ke level 1.455. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.370 jika sudah melewati support 1.375 – 1.385

|BSDE|PE : 6.47x | PBV : 0.83x | ROE: 12.83% | NPM : 58.10% | DER : 0.63x | Fair Value : 1.690|


BUY

NOTE:




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Positif Stochastic : Bullish Volume : Meningkat

Recommendation : BUY Entry Buy : 770 – 780 Target Price : 800 – 810 Support : 765 – 770 Cutloss : 760

DAILY TECHNICAL

BUY |SSIA|PE : -55x | PBV : 0.85x | ROE: -1.56% | NPM : -1.86% | DER : 0.76x | Fair Value : 900|

Per Agustus 2019, Surya Semesta Internusa (SSIA) raup kontrak baru Rp 1,73 triliun PT Surya Semesta Internusa Tbk (SSIA), per Agustus 2019, membukukan perolehan kontrak baru senilai Rp 1,73 triliun. Perolehan tersebut setara 49,43% dari target senilai Rp 3,5 triliun tahun ini. Dalam sisa waktu yang sempit, manajemen SSIA mengaku tetap optimistis mencapai nilai kontrak baru. melalui anak usahanya PT Nusa Raya Cipta Tbk (NRCA), SSIA mengampit proyek utama Carstensz Apartement Paramount Serpong dan JHL Galeri Gading Serpong. Selain itu juga 57 Promanade Thamrin, Musim Mas 1 Martubung dan pabrik Harvestar Gresik.


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 800. Apabila berhasil menguji 800 next harga ke level 810. Hati-hati jika harga tidak mampu break up atau berbalik menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 760 jika sudah melewati support 765 – 770.

NOTE:




Sector Rotation

Mingguan

Bulanan



FUNDAMENTAL ANALYSIS (LQ 45)

Last Price Change (%) Chg. Ytd (%) PBV (x) PE (x) P/EBITDA ROA (%) ROE (%) DER (x) Fair Value Up-Side Recommendation

SECTOR BASIC INDUSTRY

BRPT IJ Equity 1,035 (2.82) 116.53 5.51 81.18 7.50 1.13 5.21 98.23 550 -47% Sell

CPIN IJ Equity 5,350 1.90 (25.95) 4.58 22.81 14.10 13.99 21.19 22.95 4,716 -12% Sell

INKP IJ Equity 7,075 (1.39) (38.74) 0.71 6.97 2.79 4.61 10.66 113.83 11,300 60% Buy

INTP IJ Equity 20,775 (0.36) 12.60 3.50 53.45 28.77 5.47 6.48 0.50 19,598 -6% Sell

JPFA IJ Equity 1,590 2.25 (26.05) 1.91 9.83 4.50 8.00 20.16 59.63 1,760 11% Buy

SMGR IJ Equity 12,825 0.79 11.52 2.51 29.36 10.78 4.11 8.74 30.13 14,405 12% Buy

TKIM IJ Equity 10,675 (2.06) (3.83) 1.78 11.63 17.70 6.95 16.45 120.71 13,000 22% Buy

TPIA IJ Equity 8,475 1.80 43.04 6.02 85.09 28.04 4.18 7.14 34.35 4,423 -48% Sell

Industry Average in LQ45 3.31 37.54 14.27 6.06 12.00 60.04

Total of Industry Average 1.78 25.50 8.31 2.26 (23.73) 101.08

SECTOR CONSUMER GOODS

GGRM IJ Equity 55,425 1.46 (33.72) 2.40 12.52 7.38 12.84 20.01 38.38 79,797 44% Buy

HMSP IJ Equity 2,370 1.72 (36.12) 9.68 19.46 14.71 32.64 50.51 0.33 3,192 35% Buy

ICBP IJ Equity 11,875 (0.63) 13.64 6.08 28.48 16.96 13.48 22.92 9.06 12,210 3% Hold

INDF IJ Equity 7,875 1.29 5.70 1.98 14.53 5.68 4.98 14.36 59.18 8,355 6% Hold

KLBF IJ Equity 1,680 - 10.53 5.37 31.51 20.92 13.62 17.85 2.34 1,609 -4% Sell

UNVR IJ Equity 46,675 (0.59) 2.81 70.17 38.39 25.99 43.81 183.94 20.26 45,456 -3% Sell


Total of Industry Average 6.30 25.62 19.61 9.21 19.82 46.26

SECTOR INFRASTRUCTURE

EXCL IJ Equity 3,500 1.74 76.77 2.00 130.48 3.89 (5.11) (14.59) 125.77 3,914 12% Buy

JSMR IJ Equity 5,675 1.79 32.59 2.33 18.58 6.14 2.50 13.33 157.26 6,445 14% Buy

PGAS IJ Equity 2,210 1.38 4.25 1.51 17.85 2.99 3.11 7.41 109.43 2,426 10% Buy

TLKM IJ Equity 4,250 (0.47) 14.94 4.48 20.63 6.43 9.77 22.82 37.58 4,720 11% Buy


Total of Industry Average 3.09 39.83 213.54 (3.85) (62.30) 131.60

Source: Bloomber LP





SECTOR MINING

ADRO IJ Equity 1,405 (2.09) 15.64 0.85 6.15 2.45 7.45 14.21 32.95 1,575 12% Buy

AKRA IJ Equity 3,970 - (7.46) 1.93 21.95 12.58 4.78 11.01 42.61 4,929 24% Buy

ANTM IJ Equity 1,065 1.43 39.22 1.29 31.98 9.34 2.47 4.14 50.26 1,256 18% Buy

INCO IJ Equity 3,740 4.18 14.72 1.42 502.81 22.10 0.23 0.27 1.94 4,269 14% Buy

INDY IJ Equity 1,435 (2.38) (9.46) 0.58 32.81 1.10 0.46 1.74 129.53 2,125 48% Buy

ITMG IJ Equity 12,925 (2.82) (36.17) 1.13 4.38 2.43 17.45 25.70 - 18,198 41% Buy

MEDC IJ Equity 755 (3.82) 10.22 0.76 9.06 1.47 (1.14) (5.07) 202.38 1,043 38% Buy

PTBA IJ Equity 2,550 (0.78) (40.70) 1.76 6.19 4.26 19.91 29.69 5.12 3,140 23% Buy



SECTOR MISC INDUSTRY

ASII IJ Equity 6,700 3.47 (18.54) 1.95 12.86 6.97 6.40 15.79 49.27 7,977 19% Buy

SRIL IJ Equity 328 (0.61) (8.38) 0.83 5.15 2.26 6.72 17.23 139.64 Neutral #VALUE! #VALUE!



SECTOR PROPERTY

BSDE IJ Equity 1,405 1.44 11.95 0.94 8.97 8.87 5.69 11.01 46.06 1,706 21% Buy

CTRA IJ Equity 1,140 3.17 12.87 1.46 16.24 7.94 3.84 9.39 50.80 1,355 19% Buy

PTPP IJ Equity 1,820 0.55 0.83 0.88 8.16 3.80 2.84 11.34 74.03 2,551 40% Buy

PWON IJ Equity 675 (0.74) 8.87 2.39 11.70 8.66 11.10 22.42 36.44 765 13% Buy

WIKA IJ Equity 2,020 - 22.05 1.18 8.60 4.41 3.70 14.89 78.93 2,788 38% Buy

WSKT IJ Equity 1,700 (1.45) 1.19 1.28 11.71 4.57 1.58 11.35 224.10 2,259 33% Buy



Source: Bloomber LP





SECTOR TRADE

ERAA IJ Equity 1,920 (3.03) (12.73) 1.32 11.94 5.10 4.54 11.78 88.81 1,947 1% Hold

LPPF IJ Equity 3,000 (0.33) (46.43) 4.65 9.34 5.01 15.33 45.23 - 4,783 59% Buy

MNCN IJ Equity 1,285 0.78 86.23 1.51 7.80 4.53 12.35 20.53 42.22 1,568 22% Buy

SCMA IJ Equity 1,275 (0.78) (31.82) 3.75 13.11 9.48 20.52 29.07 0.33 1,835 44% Buy

UNTR IJ Equity 22,525 (1.42) (17.64) 1.53 7.49 3.36 10.84 21.57 17.95 30,275 34% Buy



Last Price Change (%) Chg. Ytd (%) PBV (x) PE (x) LDR (%) NPL NIM (%) DER (x) Fair Value Up-Side Recommendation

SECTOR FINANCE

BBCA IJ Equity 30,200 0.17 16.15 4.67 27.27 88.15 1.40 6.53 6.30 31,078 3% Hold

BBRI IJ Equity 4,240 (0.24) 15.85 2.75 15.41 90.10 2.27 7.35 64.57 4,682 10% Buy

BBNI IJ Equity 7,900 1.94 (10.23) 1.29 9.68 92.85 1.90 5.14 82.33 9,912 25% Buy

BBTN IJ Equity 2,270 2.71 (10.63) 0.97 8.94 103.45 2.82 3.81 188.00 2,665 17% Buy

BMRI IJ Equity 7,200 3.23 (2.37) 1.81 12.74 100.47 2.75 5.36 56.75 9,001 25% Buy

BTPS IJ Equity 3,290 5.79 83.29 6.34 25.31 454.49 1.39 38.72 149.94 3,653 11% Buy



Source: Bloomber LP



TECHNICAL ANALYSIS (LQ 45)



TECHNICAL ANALYSIS (LQ 45)

Ticker Last YtD% MA5 RSI Rec MACD Trend

Bollinger Band

Pivot Point

Support Resistance Stop Loss

Level Recommendation

Lower Middle Upper 1 2 1 2

ADRO IJ Equity 1,405 15.6 Positif OverBought Positif 970 1,260 1,555 1,405 1,395 1,365 1,435 1,445 1,345 Hold

AKRA IJ Equity 3,970 (7.5) Positif Trading Negatif 3,915 4,115 4,315 3,960 3,935 3,890 4,005 4,030 3,830 Hold

ANTM IJ Equity 1,065 39.2 Positif Trading Negatif 995 1,080 1,160 1,065 1,045 1,035 1,075 1,095 1,015 Hold

ASII IJ Equity 6,700 (18.5) Positif Trading Positif 6,325 6,600 6,900 6,600 6,525 6,400 6,725 6,800 6,300 Speculative Buy

BBCA IJ Equity 30,200 16.2 Positif Trading Positif 29,825 30,125 30,450 30,075 29,950 29,825 30,200 30,325 29,375 Speculative Buy

BBNI IJ Equity 7,900 (10.2) Positif Trading Positif 7,350 7,650 7,950 7,850 7,800 7,725 7,925 7,975 7,600 Speculative Buy

BBRI IJ Equity 4,240 15.8 Negatif Trading Positif 4,065 4,200 4,335 4,240 4,215 4,190 4,265 4,290 4,125 Hold

BBTN IJ Equity 2,270 (10.6) Negatif Trading Positif 1,970 2,120 2,270 2,240 2,210 2,170 2,280 2,310 2,135 Hold

BMRI IJ Equity 7,200 (2.4) Positif Trading Positif 6,875 7,075 7,275 7,125 7,075 6,975 7,225 7,275 6,875 Speculative Buy

BRPT IJ Equity 1,035 116.5 Positif OverBought Negatif 730 970 1,210 1,040 1,020 990 1,070 1,090 975 Sell

BSDE IJ Equity 1,405 12.0 Negatif Trading Positif 1,300 1,360 1,415 1,395 1,380 1,360 1,415 1,430 1,340 Hold

BTPS IJ Equity 3,290 83.3 Positif Trading Positif 2,960 3,165 3,375 3,195 3,100 3,005 3,290 3,385 2,960 Speculative Buy

CPIN IJ Equity 5,350 (26.0) Positif OverBought Positif 4,480 4,970 5,450 5,250 5,175 4,980 5,450 5,525 4,905 Hold

CTRA IJ Equity 1,140 12.9 Positif Trading Positif 990 1,100 1,215 1,125 1,100 1,075 1,150 1,175 1,060 Speculative Buy

ERAA IJ Equity 1,920 (12.7) Negatif Trading Positif 1,340 1,655 1,970 1,960 1,895 1,840 2,015 2,080 1,810 Hold

EXCL IJ Equity 3,500 76.8 Negatif Trading Negatif 3,205 3,395 3,590 3,495 3,440 3,405 3,530 3,585 3,355 Sell

GGRM IJ Equity 55,425 (33.7) Positif Oversold Negatif 55,425 68,175 80,925 55,450 54,550 54,100 55,900 56,800 53,275 Speculative Buy

HMSP IJ Equity 2,370 (36.1) Positif Oversold Negatif 2,350 2,700 3,055 2,380 2,320 2,290 2,410 2,470 2,255 Speculative Buy

ICBP IJ Equity 11,875 13.6 Positif Trading Negatif 11,675 11,900 12,125 11,925 11,850 11,775 12,000 12,075 11,600 Hold

INCO IJ Equity 3,740 14.7 Positif Trading Negatif 3,130 3,610 4,095 3,675 3,575 3,485 3,765 3,865 3,430 Hold

INDF IJ Equity 7,875 5.7 Positif Trading Negatif 7,525 7,825 8,125 7,850 7,800 7,775 7,875 7,925 7,650 Hold

INDY IJ Equity 1,435 (9.5) Positif Trading Positif 1,275 1,415 1,550 1,450 1,430 1,405 1,475 1,495 1,385 Speculative Buy

INKP IJ Equity 7,075 (38.7) Positif Trading Positif 6,575 6,950 7,325 7,150 7,050 6,975 7,225 7,325 6,850 Speculative Buy

source: Bloomberg Lp



Ticker Last YtD% MA5 RSI Rec MACD Trend

Bollinger Band

Pivot Point

Support Resistance Stop Loss

Level Recommendation

Lower Middle Upper 1 2 1 2

INTP IJ Equity 20,775 12.6 Negatif Trading Negatif 20,225 21,175 22,150 20,750 20,525 20,025 21,250 21,475 19,725 Sell

ITMG IJ Equity 12,925 (36.2) Positif Oversold Positif 11,325 13,200 15,075 13,100 12,925 12,725 13,300 13,475 12,550 Buy

JPFA IJ Equity 1,590 (26.0) Positif Trading Positif 1,505 1,585 1,665 1,580 1,560 1,540 1,600 1,620 1,520 Speculative Buy

JSMR IJ Equity 5,675 32.6 Negatif Trading Positif 5,250 5,500 5,750 5,600 5,500 5,400 5,700 5,800 5,325 Hold

KLBF IJ Equity 1,680 10.5 Negatif OverBought Negatif 1,620 1,665 1,710 1,675 1,675 1,665 1,685 1,685 1,640 Strong Sell

LPPF IJ Equity 3,000 (46.4) Positif Oversold Positif 2,960 3,025 3,090 3,010 3,000 2,990 3,020 3,030 2,945 Buy

MEDC IJ Equity 755 10.2 Positif Trading Positif 715 750 790 765 755 745 775 785 735 Speculative Buy

MNCN IJ Equity 1,285 86.2 Positif Trading Positif 1,225 1,275 1,325 1,280 1,265 1,250 1,295 1,310 1,230 Speculative Buy

PGAS IJ Equity 2,210 4.2 Negatif OverBought Positif 1,795 1,980 2,165 2,180 2,140 2,080 2,240 2,280 2,050 Sell

PTBA IJ Equity 2,550 (40.7) Positif Trading Positif 2,320 2,515 2,710 2,565 2,535 2,515 2,585 2,615 2,475 Speculative Buy

PTPP IJ Equity 1,820 0.8 Positif Trading Positif 1,745 1,835 1,925 1,820 1,805 1,785 1,840 1,855 1,760 Speculative Buy

PWON IJ Equity 675 8.9 Positif Trading Positif 605 650 700 680 670 660 690 700 650 Speculative Buy

SCMA IJ Equity 1,275 (31.8) Positif Trading Positif 1,135 1,240 1,340 1,280 1,270 1,250 1,300 1,310 1,230 Speculative Buy

SMGR IJ Equity 12,825 11.5 Negatif Trading Negatif 12,350 13,000 13,650 12,700 12,550 12,250 13,000 13,150 12,075 Sell

SRIL IJ Equity 328 (8.4) Positif Oversold Negatif 328 334 339 330 327 326 331 334 321 Speculative Buy

TKIM IJ Equity 10,675 (3.8) Negatif Trading Positif 9,125 10,025 10,925 10,800 10,550 10,275 11,075 11,325 10,125 Hold

TLKM IJ Equity 4,250 14.9 Positif Trading Negatif 4,140 4,310 4,480 4,255 4,225 4,205 4,275 4,305 4,140 Hold

TPIA IJ Equity 8,475 43.0 Positif Trading Negatif 8,125 8,775 9,425 8,475 8,375 8,325 8,525 8,625 8,200 Hold

UNTR IJ Equity 22,525 (17.6) Positif Trading Positif 19,175 21,600 24,000 22,600 22,400 22,075 22,925 23,125 21,750 Speculative Buy

UNVR IJ Equity 46,675 2.8 Negatif Trading Negatif 45,375 47,100 48,850 46,725 46,500 46,325 46,900 47,125 45,625 Sell

WIKA IJ Equity 2,020 22.1 Positif Oversold Negatif 1,885 2,120 2,355 2,025 1,990 1,965 2,050 2,085 1,935 Speculative Buy

WSKT IJ Equity 1,700 1.2 Positif Oversold Positif 1,675 1,740 1,800 1,715 1,695 1,670 1,740 1,760 1,645 Buy

source: Bloomberg Lp



MAJOR ECONOMIC RELEASE CALENDAR

Date Event Country Act Prev Cons

18-Sep-19 Japan, Balance of Trade AUG JPY ¥-136.3B ¥-250.7B ¥-355.9B

Japan, Exports YoY AUG JPY -8.2% -1.5% -10.90%

Japan, Imports YoY AUG JPY -12% -1.20% -11.20%

GB Inflation Rate YoY AUG GBR 1.7% 2.10% 1.90%

GB Inflation Rate MoM AUG GBR 0.4% 0% 0.50%

GB PPI Input YoY AUG GBR -0.8% 0.9% -0.50%

GB PPI Input MoM AUG GBR -0.1% 0.6% -0.20%

US Building Permits AUG USD 1.419M 1.317M 1.3M

US Building Permits MoM AUG USD 7.7% 6.9%

US Housing Starts AUG USD 1.364M 1.215M 1.25M

US Housing Starts MoM AUG USD 12.3% -1.5%

US EIA Crude Oil Stocks Change 13/SEP USD 0.781M -6.912M -2.889M

US EIA Gasoline Stocks Change 13/SEP USD 1.058M -0.682M -1.033M

US Fed Interest Rate Decision USD 2% 2.25% 2%

19-Sep-19 Japan, BoJ Interest Rate Decision JPY -0.1% -0.1%

Japan, All Industry Activity Index MoM JUL JPY -0.8%

Indonesia, Interest Rate Decision IDN 5.50% 5.25%

Indonesia, Lending Facility Rate SEP IDN 6.25% 6%

Indonesia, Deposit Facility Rate SEP IDN 4.75% 4.5%

GB Retail Sales YoY AUG GBR 3.3% 2.9%

GB Retail Sales MoM AUG GBR 0.2% 0%

GB BoE Interest Rate Decision GBR 0.75% 0.75%

US Current Account Q2 USD $-130.4B $-127.8B

US Initial Jobless Claims SEP/14 USD 204K 213K

US Continuing Jobless Claims SEP/07 USD 1670K 1672K

US Existing Home Sales MoM JUL USD 2.5% -0.4%

US Existing Home Sales AUG USD 5.42M 5.37M

US CB Leading Index MoM AUG USD 0.5% 0.1%

US EIA Natural Gas Stocks Change 13/SEP USD 78Bcf

20-Sep-19 Japan, Inflation Rate YoY AUG JPY 0.5%

Japan, Inflation Rate MoM AUG JPY 0.1%

Japan, Foreign Bond Investment SEP/14 JPY ¥724.4B

Japan, Stock Investment by Foreigners SEP/14 JPY ¥-161.3B

Indonesia, Motorbike Sales YoY JUN IDN -4.7%

US Baker Hughes Oil Rig Count 20/SEP USD 733

Source: Bloomberg Lp

https://tradingeconomics.com/japan/balance-of-trade

https://tradingeconomics.com/japan/balance-of-trade

https://tradingeconomics.com/japan/exports

https://tradingeconomics.com/japan/exports

https://tradingeconomics.com/japan/imports

https://tradingeconomics.com/japan/imports

https://tradingeconomics.com/united-kingdom/inflation-cpi

https://tradingeconomics.com/united-kingdom/inflation-cpi

https://tradingeconomics.com/united-kingdom/inflation-rate-mom

https://tradingeconomics.com/united-kingdom/inflation-rate-mom

https://tradingeconomics.com/united-kingdom/calendar

https://tradingeconomics.com/united-kingdom/calendar

https://tradingeconomics.com/united-states/building-permits



https://tradingeconomics.com/united-states/housing-starts



https://tradingeconomics.com/united-states/crude-oil-stocks-change

https://tradingeconomics.com/united-states/gasoline-stocks-change

https://tradingeconomics.com/united-states/interest-rate

https://tradingeconomics.com/japan/interest-rate

https://tradingeconomics.com/indonesia/interest-rate

https://tradingeconomics.com/indonesia/lending-rate

https://tradingeconomics.com/indonesia/deposit-interest-rate

https://tradingeconomics.com/united-kingdom/retail-sales-annual

https://tradingeconomics.com/united-kingdom/retail-sales

https://tradingeconomics.com/united-kingdom/interest-rate

https://tradingeconomics.com/united-states/current-account

https://tradingeconomics.com/united-states/jobless-claims

https://tradingeconomics.com/united-states/continuing-jobless-claims

https://tradingeconomics.com/united-states/existing-home-sales



CORPORATE ACTION

RUPS

Date Time Company Event Place

17-Sep-19 14:00 PANI RUPSLB Aula Serbaguna Dahlia Apartemen Kedoya

18-Sep-19 10:00 INAF RUPSLB Hotel Borobudur Jakarta 14:00 KAEF RUPSLB Hotel Borobudur Jakarta

25-Sep-19 9:00 KONI RUPSLB Hotel Lumire 13:00 RIGS RUPS Hotel Park Rigs Arion Kemang 14:00 BYAN RUPSLB Mercantile Athletic Club WTC I

14:00 GOLL RUPSLB Plaza Mutiara 14:00 MDKA RUPSLB Grand Aston

26-Sep-19 9:00 MICE RUPSLB Kantor Pusat MICE 10:00 TIRA RUPSLB Ruang Seminar TIRA 10:30 NIPS RUPSLB Hotel Salak Bogor Lt 4

27-Sep-19 10:00 HEXA RUPS Kantor Pusat HEXA

11:00 VINS RUPSLB Gedung Graha BIP

14:00 ACST RUPSLB Ruang Seminar BEI 14:00 ENRG RUPSLB Bakrie Tower Lt 25 14:30 BSSR RUPSLB TBA

30-Sep-19 9:00 EXCL RUPSLB XL Axiata Tower Lt 36

9:30 HRTA RUPSLB Hotel Ibis Styles Tanah Abang

14:00 ARTO RUPSLB Hotel Grand Mercure Jakarta

14:00 CITA RUPSLB Hotel Le meridien Jakarta Dividend

Code Status Cum- Date Ex-Date Recording Date Pay -Date Ammount (IDR)/Share

TGKA Cash Dividen 6-Sep-19 9-Sep-19 10-Sep-19 19-Sep-19 35

IPO Company Underwriter Offering Date Listing Date IPO Price Shares (Mn)

Gunung Raja Paksi Tbk Kresna Sekuritas 13 - 16 September 2019 19-Sep-19 840 1,240

Optima Prima Metal Sinergi Tbk Sinarmas Sekuritas 12 - 16 September 2019 23-Sep-19 135 400

Nusantara Almazia Tbk Sinarmas Sekuritas 17 - 18 September 2019 25-Sep-19 220 461

Trinitan Metals & Minerals Tbk Mirae Asset Sekuritas 23 - 27 September 2019 1-Oct-19 270 - 300 333

Source: KSEI and OSO Research Team



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Research Team

Ike Widiawati Head of Research +62 21 2991 5300 ([email protected])

Rifqiyati Research Analyst +62 21 2991 5300 (Rifqiyati @oso-securities.com)

Sukarno Alatas Research Analyst +62 21 2991 5300 ([email protected])

Mochammad Cahyo Research Analyst +62 21 2991 5300 ([email protected])

Michelle Abadi Research Associate +62 21 2991 5300 ([email protected])

Disclosure Of Interests

As of the date of this report, 1. The research analysts primarily responsible for the preparation of all or part of this report hereby certify that:

the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities

and issuers; and

no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views

expressed in this research report.

2. The research analysts primarily responsible for the preparation of all or part of this report, or his/her associate(s), do not have any interest (including any direct or indirect ownership of securities, arrangement for financial accommodation or serving as an officer) in any company mentioned in this report

3. PT OSO Securities Indonesia on a business in Indonesia in investment banking, proprietary trading or agency broking in relation

to securities

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