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OSODaily 13 September 2019

ODAY TOP STOCK TRADED (LQ45) JAKARTA COMPOSITE INDEX

6,342.17 (39.78)

-0.62%

Previous 6,381.95 Lowest

6,337.52 Highest 6,414.48 Val IDR bn

8.826

Volbn 13.992 Mkt Cap IDRtr

7,276.93 Net Forg 1DIDRbn (494.15) Net ForgYTDIDRbn

55,939.11

Return YTD (%) 2.38 Month to date (%)

0.22

Indices

Last Chg% 6,306.74 Americas

Dow Jones United States 27,182.45 0.17 16.53 S&P 500 United States 3,009.57 0.29 20.05 Nasdaq United States 8,194.47 0.30 23.50 EIDO United States 25.89 0.19 4.31 EMEA

FTSE 100 United Kingdom 7,344.67 0.09 9.16

CAC 40 France 5,642.86 0.44 19.28 D DAX Germany 12,410.25 0.41 17.53

Asia Pacific

Nikkei Japanese 21,759.61 0.84 9.64 Shanghai China 3,008.81 0.75 21.55 TWSE Taiwan 10,790.35 0.34 11.31 KOSPI Korea 2,032.08 0.84 0.40 KLSE Malaysia 1,602.30 (0.08) (5.30) ST – Times Singapore 3,204.52 (0.30) 4.11 Sensex India 37,270.82 (0.45) 2.87 Hangseng Hongkong 27,159.06 (0.26) 4.81

Sectoral Previous 21,318.42 0.36 6.90 AGRICULTURE 1,359.49 1,352.81 (0.49) (13.53) MINING 1,724.63 1,705.84 (1.09) (3.98) MISC INDUSTRY 1,222.80 1,198.04 (2.03) (14.08) BASIC INDUSTRY 914.27 905.84 (0.92) 5.98 CONSUMER GOODS 2,377.80 2,369.05 (0.37) (7.79) PROPERTY 499.43 500.02 0.12 11.67 INFRASTRUKTUR 1,211.24 1,194.65 (1.37) 12.25 FINANCE 1,268.69 1,264.95 (0.29) 7.59 MANUFAKTURE 1,545.91 1,533.85 (0.78) (5.21) TRADE 819.26 814.78 (0.55) 3.94 LQ 45 1,002.55 992.62 (0.99) 1.01

Commodities Previous Lastest Chg% YTD%

Oil (USD/bbl) 55.75 55.09 (1.18) 21.18 Gold (USD tr.oz) 1,497.25 1,499.27 0.13 16.71 Nickel (USD/mtrc ton) 17,850.00 17,990.00 0.78 68.29 Tin (USD/mtrc ton) 17,775.00 17,125.00 (3.66) (12.07) Copper (USD/mtrc ton) 5,772.50 5,833.00 1.05 (2.21) CPO (MYR/ton) 2,114.00 2,105.00 (0.43) 5.04 Coal (USD/ton) 67.65 68.15 0.74 (33.51)

Currencies

Last Chg% YTD% IDR / USD

13,994.00 0.42 2.83

IDR / AUD

9,628.74 0.09 5.58 IDR / EUR

15,430.10 0.54 6.59

IDR /SGD

10,175.59 0.07 3.73 IDR / JPY

129.74 0.96 0.69

IDR / GBP

17,242.93 0.45 6.24 Global Macro Economics CB Rate CPI YoY GDP YoY United States 2.25 1.80 2.30 Euro Area 0.00 1.00 1.20 United Kingdom 0.75 2.10 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) 6.70 (0.25) (15.29) GovBonds (10y) 7.26 (0.32) (9.56)

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 7.17 7.17 7.17 15 Year 7.70 7.70 7.70 20 Year 7.82 7.82 7.82 30 Year 8.03 8.03 8.03

Source: Bloomberg LP & OSO Research Team

Market Review Pada perdagangan kemarin (12/09) IHSG ditutup melemah sebesar 0.62% ke level 6.342.17. Sembilan dari sepuluh indeks sektoral berakhir dalam zona merah, dimana sektor aneka industri dan infrastruktur memimpin pelemahan masing-masing sebesar 2.06% dan 1.37%. Adapun saham yang menjadi pemberat indeks diantaranya ; BBCA, TLKM, ASII, UNVR, BRPT. Pelaku pasar asing membukukan aksi jual bersih (Netsell) senilai Rp 494 miliar. Nilai tukar rupiah terapresiasi sebesar 0.42% ke level 13.994. Global Review Pada perdagangan Kamis (12/09) bursa saham Wall Street kompak ditutup dalam zona hijau, dimana Dow Jones, S&P 500 dan Nasdaq menguat masing-masing sebesar 0.17%, 0.29% dan 0.30% penguatan tersebut seiring dengan langkah positif presiden Amerika Serikat (AS) Donald Trump mengumumkan penundaan tarif impor barang China selama 14 hari kedepan, langkah tersebut diambil setelah kemarin China mengecualikan tarif impor terhadap sejumlah barang AS dan berjanji akan membeli lebih banyak lagi produk pertanian AS. Sementara sentimen positif lain juga datang dari European Central Bank yang resmi menurunkan suku bunga acuan sebesar 10 basis poin menjadi -0.50%. JCI Prediction IHSG ditutup melemah sebesar 0.62% ke level 6.342. IHSG ditutup bearish candle. Adapun indikator Stochastic dead cross dan MACD histogram bergerak turun dengan Volume turun. Kami perkirakan IHSG kembali bergerak melemah dengan pergerakan di kisaran 6281-6353. Major Economic Release

PPI Japan pada Agustus 2019 tercatat turun

sebesar 0.9% lebih tinggi dibandingkan

penurunan sebelumnya sebesar 0.6% (YoY).

Inflation Rate United States pada Agustus 2019

tercatat sebesar 1.7% lebih rendah

dibandingkan sebelumnya sebesar 1.8% (YoY).

Initial Jobless Claims periode 07 September

turun menjadi sebesar 204 ribu dari

sebelumnya sebesar 219 ribu.



TODAY TOP STOCK TRADED (LQ45)

Top Gainers

Last Chg% YTD% MC (T) Beta

SMGR IJ Equity

12,475 2.46 8.48 74.00 1.54

EXCL IJ Equity

3,350 2.45 69.19 35.80 1.17

HMSP IJ Equity

2,820 1.44 (23.99) 328.02 1.20

BBTN IJ Equity

2,210 1.38 (12.99) 23.40 2.16

BSDE IJ Equity

1,370 1.11 9.16 26.37 1.64

Top Losers

Last Chg% YTD% MC (T) Beta

ITMG IJ Equity

14,075 (3.76) (30.49) 15.90 1.34

BTPS IJ Equity

3,060 (3.47) 70.47 23.57 0.52

CPIN IJ Equity

5,200 (3.26) (28.03) 85.27 1.56

BRPT IJ Equity

1,050 (3.23) 119.67 93.46 1.36

TKIM IJ Equity

10,200 (2.86) (8.11) 31.75 2.36

Top Volume

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

ERAA IJ Equity

1,800 119.2 (18.2) 5.74 0.88

BBRI IJ Equity

4,280 87.1 16.9 527.92 1.64

BRPT IJ Equity

1,050 83.2 119.7 93.46 1.36

HMSP IJ Equity

2,820 81.9 (24.0) 328.02 1.20

TLKM IJ Equity

4,170 70.4 12.8 413.09 0.79

Top Value

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

BBRI IJ Equity

4,280 489.2 16.9 527.92 1.64

TLKM IJ Equity

4,170 376.2 12.8 413.09 0.79

BMRI IJ Equity

7,150 288.8 (3.1) 333.67 1.55

BBCA IJ Equity

30,100 272.4 15.8 742.12 1.02

BBNI IJ Equity

7,875 233.0 (10.5) 146.86 1.62

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

IHSG

Indonesia 6,342 20.10 2.10 6,800

Nikkei

Japanese 21,760 15.44 1.65 23,995

Shanghai

China 3,031 14.69 1.52 3,317

TWSE

Taiwan 10,828 17.15 1.65 11,416

KOSPI

Korea 2,049 13.22 0.81 2,555

KLSE

Malaysia 1,601 19.40 1.62 1,689

ST - Times

Singapore 3,195 12.56 1.07 3,572

Sensex

India 37,098 25.78 2.79 42,698

Hangseng

Hongkong 27,088 10.50 1.20 32,129

JAKARTA COMPOSITE INDEX MOVERS

Movers

Latest Chg% YTD% MC (T) Beta

HMSP IJ Equity

2820 1.44 (23.99) 328 1.21

BBRI IJ Equity

4280 0.71 16.94 528 1.64

POLL IJ Equity

4470 7.97 155.43 37 0.32

SMGR IJ Equity

12475 2.46 8.48 74 1.53

BNGA IJ Equity

1045 3.98 14.21 26 1.21

Laggard


BBCA IJ Equity

30100 (1.31) 15.77 742 1.02

TLKM IJ Equity

4170 (1.88) 12.77 413 0.79

ASII IJ Equity

6750 (2.53) (17.93) 273 1.28

UNVR IJ Equity

46075 (1.18) 1.49 352 1.07

BRPT IJ Equity

1050 (3.23) 119.67 93 1.35

Movers


OSO MANAJEMEN INVESTASI

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

1,448.09 (0.75) (4.06)

Oso Syariah Equity Fund

1,181.12 (13.29) 141.99

Source: Bloomberg LP & OSO Research Team



COMPARATION OF JCI PERFORMANCE (SEAG)


OSODaily 05 April 2019


MACRO ECONOMIC & INDUSTRY NEWS

Sesuai proyeksi, Bank Sentral Eropa (ECB) akhirnya memangkas suku bunga deposito sebesar 10 basis poin menjadi

-0,5%. Ini merupakan rekor suku bunga deposito terendah.Selain itu, ECB akan kembali melakukan pembelian

obligasi sebesar 20 miliar euro per bulan mulai November nanti.

Pemerintah memberikan fasilitas pengurangan pajak penghasilan (PPh) super atau superdeduction tax bagi wajib

pajak (WP) badan yang melakukan kegiatan vokasi. Namun untuk memastikan efektivitasnya, pemerintah juga

menetapkan ketentuan evaluasi dari kegiatan praktik kerja, pemagangan, dan pembelajaran yang diselenggarakan

oleh perusahaan. Jika dinilai tak efektif, pemerintah tak segan mencabut insentif tersebut untuk tahun-tahun

berikutnya.

Pemerintah dan Badan Anggaran (Banggar) DPR RI memutuskan mengurangi alokasi anggaran bantuan pendanaan

dalam rangka penyetaraan penghasilan tetap (Siltap) untuk perangkat desa. Dalam RAPBN 2020, anggaran yang

diusulkan untuk bantuan penyetaraan Siltap perangkat desa awalnya sebesar Rp 3,7 triliun. Namun, anggaran

tersebut dipangkas Rp 2,58 triliun menjadi hanya tinggal Rp 1,12 triliun untuk tahun depan.

CORPORATES NEWS PT XL Axiata Tbk (EXCL) telah mencapai 90% purchase order pembangunan base transceiver station (BTS)

keseluruhan untuk tahun ini.Hingga akhir tahun, EXCL menargetkan bisa membangun 21.000 BTS baru yang

didominasi oleh BTS 4G.

PT Kimia Farma Tbk (KAEF) berencana melakukan aksi korporasi berupa penerbitan right issue tahun depan.

Tercatat hingga saat ini, 90,03% saham KAEF dimiliki oleh Negara Republik Indonesia, sementara 9,9% lainnya

dimiliki oleh publik. Padahal, Badan Anggaran (Banggar) DPR pada tahun 2020 menyetujui Penyertaan Modal

Negara (PMN) hanya akan disalurkan kepada delapan Badan Usaha Milik Negara (BUMN) saja, di mana KAEF tidak

termasuk di dalamnya. Dengan demikian, kepemilikan saham negara di KAEF memungkinkan terdelusi kurang lebih

22,14%. Dari semula 90,03% menjadi 70,13%.

PT PP Properti Tbk (PPRO) bersiap lakukan penjualan senilai Rp 1,8 triliun pada triwulan IV nanti. Adapun hal

tersebut dari penjualan besar dari proyek di Grand Sungkono Lagoon (GSL) dan Grand Samaya di Surabaya, serta

dari proyek Mazhoji di Depok.

Pendapatan PT Bali Bintang Sejahtera Tbk (BOLA) terdongkrak setelah masuk ke papan atas Liga 1 Indonesia.

Berdasarkan laporan keuangan pada semester I/2019, pendapatan BOLA tumbuh sebesar 40,53% menjadi Rp72,64

miliar dibandingkan dengan periode yang sama pada tahun lalu senilai Rp51,69 miliar.

PT Adhi Karya (Persero) Tbk (ADHI) mencatatkan perolehan kontrak baru senilai Rp6,8 triliun hingga Agustus 2019.

Realisasi kontrak pada bulan kedelapan didominasi oleh proyek pembangunan dermaga di Surabaya senilai

Rp310,9 miliar dan Rumah Sakit Harapan Kita Jakarta senilai Rp265,1 miliar.

PT Bank MNC Internasional Tbk (BABP) akan melaksanakan penambahan modal dengan Hak Memesan Efek

Terlebih Dahulu (HMETD) atau rights issue pada Desember 2019. Perusahaan akan menerbitkan sebanyak-

banyaknya 4.126.506.825 saham dengan harga nominal Rp 50.

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 : 1.030 – 1.045 Target Price : 1.065 – 1.080 Support : 1.025 – 1.030 Cutloss : 1.020

DAILY TECHNICAL

PEFINDO Telah Menegaskan Peringkat “Idaaa” Untuk PT Bank CIMB Niaga Tbk (Bank CIMB Niaga) Dan Registrasi Rak Yang Luar Biasa Obligasi II / 2016. Pada saat yang sama, PEFINDO telah menegaskan peringkat "idAAA (sy)" ke Registrasi Rak Bank Sukuk

Mudharabah I / 2018 dan peringkat "idAA" untuk Obligasi Subordinasi III / 2018 Bank. Prospek untuk peringkat kredit perusahaan adalah “stabil”. Obligor dengan peringkat idAAA memiliki peringkat tertinggi yang diberikan oleh PEFINDO. Kapasitas obligor untuk memenuhi keuangan jangka panjangnya komitmen, relatif dibandingkan dengan obligor Indonesia lainnya, lebih tinggi. Instrumen pembiayaan berbasis syariah dengan peringkat idAAA (sy) memiliki peringkat tertinggi yang diberikan oleh PEFINDO. Kapasitas penerbit untuk memenuhi komitmen keuangan jangka panjangnya berdasarkan pembiayaan syariah kontrak, relatif terhadap emiten Indonesia lainnya, lebih unggul. Keamanan hutang dengan peringkat idAA berbeda dari hutang dengan peringkat tertinggi hanya untuk gelar kecil. Kapasitas obligor untuk memenuhi komitmen keuangan jangka panjangnya pada keamanan utang, relatif terhadap orang Indonesia lainnya obligor, sangat kuat.

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 1.065. Apabila break 1.065 next harga ke level 1.080. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.020 jika sudah melewati support 1.025 – 1.030,

|BNGA|PE : 6.66x | PBV : 0.63x | ROE: 9.52% | NPM : 14.22% | DER : 5.54x | Fair Value : 1.500|

Souce: OSO Research Team

BUY

NOTE:




Technical

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

Recommendation : BUY Entry Buy : 830 – 840 Target Price : 855 – 865 Support : 820 – 825 Cutloss : 815

DAILY TECHNICAL

BUY |HOKI|PE : 17.50x | PBV : 3.36x | ROE: 18.96% | NPM : 6.56% | DER : 0.39x | Fair Value :950|

Semester Pertama, Laba Bersih HOKI Naik Jadi Rp56,44 Miliar PT Buyung Poetra Sembada Tbk (HOKI ) membukukan kenaikan laba bersih di Semester I -2019 (unaudited) menjadi Rp56,44 miliar dari Rp50,48 miliar pada semester pertama tahun sebelumnya. Berdasarkan keterbukaan informasi HOKI yang dirilis Bursa Efek Indonesia (BEI) di Jakarta, Selasa (30/7), kenaikan laba bersih tersebut ditopang perolehan penjualan bersih di paruh pertama tahun ini yang mencapai Rp859,49 miliar atau meningkat dari raihan pada Semester I-2018 sebesar Rp764,46 miliar. Sementara itu, pada enam bulan pertama tahun ini beban pokok penjualan HOKI tercatat sebesar Rp736,9 miliar atau meningkat dari Rp655,14 miliar.


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang menguji level 855. Apabila break 855 next harga ke level 865. Hati-hati jika harga tidak mampu tembus 855 atau malah berbailk menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 815 jika sudah melewati support 820 – 825.

NOTE:




Technical

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

Recommendation : BUY Entry Buy : 1.195 – 1.205 Target Price : 1.235 – 1.260 Support : 1.175 – 1.180 Cutloss : 1.170

DAILY TECHNICAL

BUY |RALS|PE : 7.26x | PBV : 2.09x | ROE: 28.80% | NPM : 16.90% | DER : 0.52x | Fair Value : 1.400|

Ramayana Genjot Penjualan e-Commerce Menjadi 10% PT Ramayana Insan Lestari Tbk (RALS) menyatakan akan meningkatkan kontribusi penjualan e-commerce menjadi 10% terhadap total penjualan perusahaan dari saat ini masih sekitar 0,5%. Manajemen dalam paparan materi publikasi dikutip Senin (26/8) mengatakan, cara yang tengah ditempuh adalah bekerja sama dengan 3 marketplace terbesar di Indonesia, yakni Shopee, Lazada, dan Tokopedia. Penjualan online memiliki potensi yang sangat besar. Sebagai gambaran, penjualan online di negara maju seperti China dan Amerika mencapai 11-12% dari total bisnis ritel, sedangkan penjualan online di Indonesia baru sekitar 2-3%. Adapun, penjualan online tersebut saat ini masih terbatas di kalangan menengah (B dan B+), dan mayoritas pembelian produk gadget.


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 1.235. Apabila berhasil menguji 1.235 next harga ke level 1.260. Hati-hati jika harga tidak mampu break up atau berbalik menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.170 jika sudah melewati support 1.175 – 1.180.

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 1,050 (3.23) 119.67 5.63 82.94 7.66 1.13 5.21 98.23 630 -40% Sell

CPIN IJ Equity 5,200 (3.26) (28.03) 4.45 22.17 13.71 13.99 21.19 22.95 4,573 -12% Sell

INKP IJ Equity 7,075 (2.08) (38.74) 0.71 7.02 2.81 4.61 10.66 113.83 11,300 60% Buy

INTP IJ Equity 20,325 (0.25) 10.16 3.43 52.29 28.15 5.47 6.48 0.50 19,764 -3% Sell

JPFA IJ Equity 1,630 (1.21) (24.19) 1.96 10.08 4.62 8.00 20.16 59.63 1,760 8% Hold

SMGR IJ Equity 12,475 2.46 8.48 2.44 28.55 10.49 4.11 8.74 30.13 14,405 15% Buy

TKIM IJ Equity 10,200 (2.86) (8.11) 1.71 11.19 17.03 6.95 16.45 120.71 13,000 27% Buy

TPIA IJ Equity 9,300 - 56.96 6.66 94.04 30.99 4.18 7.14 34.35 4,423 -52% Sell

Industry Average in LQ45 3.37 38.54 14.43 6.06 12.00 60.04

Total of Industry Average 1.79 25.83 10.45 2.27 (23.71) 101.08

SECTOR CONSUMER GOODS

GGRM IJ Equity 68,275 (1.16) (18.36) 2.96 15.42 9.10 12.84 20.01 38.38 91,020 33% Buy

HMSP IJ Equity 2,820 1.44 (23.99) 11.52 23.15 17.50 32.64 50.51 0.33 3,618 28% Buy

ICBP IJ Equity 11,925 (0.21) 14.11 6.10 28.60 17.03 13.48 22.92 9.06 12,128 2% Hold

INDF IJ Equity 7,550 (2.58) 1.34 1.90 13.93 5.45 4.98 14.36 59.18 8,335 10% Buy

KLBF IJ Equity 1,690 0.60 11.18 5.40 31.70 21.05 13.62 17.85 2.34 1,604 -5% Sell

UNVR IJ Equity 46,075 (1.18) 1.49 69.27 37.90 25.66 43.81 183.94 20.26 45,456 -1% Sell


Total of Industry Average 6.37 25.99 19.96 9.21 19.82 46.26

SECTOR INFRASTRUCTURE

EXCL IJ Equity 3,350 2.45 69.19 1.92 130.48 3.72 (5.11) (14.59) 125.77 3,923 17% Buy

JSMR IJ Equity 5,400 (2.26) 26.17 2.22 17.68 5.84 2.50 13.33 157.26 6,444 19% Buy

PGAS IJ Equity 1,995 (1.72) (5.90) 1.37 16.23 2.72 3.11 7.41 109.43 2,428 22% Buy

TLKM IJ Equity 4,170 (1.88) 12.77 4.40 20.24 6.31 9.77 22.82 37.58 4,717 13% Buy


Total of Industry Average 3.16 41.38 227.54 (4.08) (63.67) 131.60

Source: Bloomber LP





SECTOR MINING

ADRO IJ Equity 1,435 (2.38) 18.11 0.87 6.32 2.52 7.45 14.21 32.95 1,612 12% Buy

AKRA IJ Equity 4,040 (1.22) (5.83) 1.96 22.34 12.81 4.78 11.01 42.61 4,929 22% Buy

ANTM IJ Equity 1,120 (0.44) 46.41 1.35 33.63 9.83 2.47 4.14 50.26 1,256 12% Buy

INCO IJ Equity 3,850 (0.52) 18.10 1.47 521.28 22.91 0.23 0.27 1.94 4,188 9% Buy

INDY IJ Equity 1,510 (0.33) (4.73) 0.61 34.77 1.17 0.46 1.74 129.53 2,125 41% Buy

ITMG IJ Equity 14,075 (3.76) (30.49) 1.24 4.81 2.66 17.45 25.70 - 18,714 33% Buy

MEDC IJ Equity 760 (0.65) 10.95 0.77 9.06 1.49 (1.14) (5.07) 202.38 1,043 37% Buy

PTBA IJ Equity 2,620 (2.60) (39.07) 1.60 5.86 4.22 19.44 29.25 5.12 3,514 34% Buy



SECTOR MISC INDUSTRY

ASII IJ Equity 6,750 (2.53) (17.93) 1.96 12.95 7.02 6.40 15.79 49.27 7,983 18% Buy

SRIL IJ Equity 332 (1.19) (7.26) 0.84 5.25 2.31 6.72 17.23 139.64 Neutral #VALUE! #VALUE!



SECTOR PROPERTY

BSDE IJ Equity 1,370 1.11 9.16 0.92 8.75 8.65 5.69 11.01 46.06 1,706 25% Buy

CTRA IJ Equity 1,105 (2.21) 9.41 1.41 15.74 7.70 3.84 9.39 50.80 1,355 23% Buy

PTPP IJ Equity 1,885 - 4.43 0.91 8.45 3.93 2.84 11.34 74.03 2,600 38% Buy

PWON IJ Equity 675 (2.17) 8.87 2.39 11.70 8.66 11.10 22.42 36.44 765 13% Buy

WIKA IJ Equity 2,070 (2.82) 25.08 1.21 8.81 4.52 3.70 14.89 78.93 2,817 36% Buy

WSKT IJ Equity 1,765 (0.56) 5.06 1.33 12.16 4.75 1.58 11.35 224.10 2,276 29% Buy



Source: Bloomber LP





SECTOR TRADE

ERAA IJ Equity 1,800 0.28 (18.18) 1.24 11.19 4.78 4.54 11.78 88.81 1,947 8% Buy

LPPF IJ Equity 3,060 (2.24) (45.36) 4.74 9.53 5.11 15.33 45.23 - 4,783 56% Buy

MNCN IJ Equity 1,300 0.39 88.41 1.53 7.89 4.59 12.35 20.53 42.22 1,568 21% Buy

SCMA IJ Equity 1,315 (1.87) (29.68) 3.87 13.52 9.78 20.52 29.07 0.33 1,835 40% Buy

UNTR IJ Equity 23,050 (1.91) (15.72) 1.57 7.66 3.43 10.84 21.57 17.95 30,275 31% 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 30,100 (1.31) 15.77 4.65 27.18 88.15 1.40 6.53 6.30 30,749 2% Hold

BBRI IJ Equity 4,280 0.71 16.94 2.78 15.56 90.10 2.27 7.35 64.57 4,709 10% Buy

BBNI IJ Equity 7,875 (1.56) (10.51) 1.29 9.65 92.85 1.90 5.14 82.33 9,912 26% Buy

BBTN IJ Equity 2,210 1.38 (12.99) 0.95 8.71 103.45 2.82 3.81 188.00 2,665 21% Buy

BMRI IJ Equity 7,150 - (3.05) 1.80 12.65 100.47 2.75 5.36 56.75 9,009 26% Buy

BTPS IJ Equity 3,060 (3.47) 70.47 5.90 23.54 454.49 1.39 38.72 149.94 3,653 19% Buy



Source: Bloomber LP



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 1,435 18.1 Negatif OverBought Positif 890 1,165 1,445 1,455 1,430 1,400 1,485 1,510 1,380 Sell

AKRA IJ Equity 4,040 (5.8) Positif Trading Negatif 3,915 4,115 4,315 4,065 4,030 3,995 4,100 4,135 3,935 Hold

ANTM IJ Equity 1,120 46.4 Negatif OverBought Negatif 1,000 1,085 1,165 1,125 1,110 1,100 1,135 1,150 1,085 Strong Sell

ASII IJ Equity 6,750 (17.9) Negatif Trading Positif 6,275 6,550 6,825 6,825 6,750 6,650 6,925 7,000 6,550 Hold

BBCA IJ Equity 30,100 15.8 Negatif Trading Positif 29,725 30,100 30,450 30,300 30,075 29,825 30,550 30,775 29,375 Hold

BBNI IJ Equity 7,875 (10.5) Negatif Trading Positif 7,325 7,650 8,000 8,000 7,850 7,725 8,125 8,275 7,600 Hold

BBRI IJ Equity 4,280 16.9 Negatif Trading Positif 4,040 4,175 4,310 4,300 4,250 4,220 4,330 4,380 4,155 Hold

BBTN IJ Equity 2,210 (13.0) Negatif Trading Positif 1,950 2,130 2,315 2,220 2,165 2,140 2,245 2,300 2,105 Hold

BMRI IJ Equity 7,150 (3.1) Negatif Trading Positif 6,825 7,150 7,450 7,200 7,100 6,975 7,325 7,425 6,875 Hold

BRPT IJ Equity 1,050 119.7 Negatif OverBought Positif 605 890 1,175 1,060 1,035 990 1,105 1,130 975 Sell

BSDE IJ Equity 1,370 9.2 Positif Trading Positif 1,300 1,350 1,405 1,370 1,350 1,340 1,380 1,400 1,320 Speculative Buy

BTPS IJ Equity 3,060 70.5 Negatif Trading Negatif 2,985 3,185 3,390 3,115 3,035 2,955 3,195 3,275 2,910 Sell

CPIN IJ Equity 5,200 (28.0) Negatif OverBought Positif 4,415 4,815 5,225 5,300 5,200 5,075 5,425 5,525 5,000 Sell

CTRA IJ Equity 1,105 9.4 Negatif Trading Negatif 970 1,135 1,300 1,125 1,100 1,080 1,145 1,170 1,060 Sell

ERAA IJ Equity 1,800 (18.2) Negatif Trading Positif 1,300 1,675 2,045 1,840 1,715 1,650 1,905 2,030 1,625 Hold

EXCL IJ Equity 3,350 69.2 Positif Trading Negatif 3,145 3,360 3,570 3,335 3,255 3,205 3,385 3,465 3,155 Hold

GGRM IJ Equity 68,275 (18.4) Negatif Oversold Negatif 64,450 72,100 79,775 69,800 64,775 61,575 73,000 78,025 60,650 Speculative Buy

HMSP IJ Equity 2,820 (24.0) Negatif Trading Positif 2,560 2,815 3,065 2,825 2,745 2,695 2,875 2,955 2,650 Hold

ICBP IJ Equity 11,925 14.1 Positif OverBought Negatif 11,525 11,850 12,175 11,950 11,875 11,775 12,050 12,125 11,600 Sell

INCO IJ Equity 3,850 18.1 Negatif OverBought Positif 3,075 3,555 4,035 3,855 3,790 3,735 3,910 3,975 3,680 Sell

INDF IJ Equity 7,550 1.3 Positif Trading Negatif 7,525 7,825 8,100 7,650 7,550 7,450 7,750 7,850 7,350 Hold

INDY IJ Equity 1,510 (4.7) Negatif OverBought Positif 1,265 1,390 1,510 1,520 1,505 1,480 1,545 1,560 1,460 Sell

INKP IJ Equity 7,075 (38.7) Negatif Trading Positif 6,375 7,050 7,750 7,200 7,050 6,950 7,300 7,450 6,825 Hold

source: Bloomberg Lp



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

INTP IJ Equity 20,325 10.2 Positif Oversold Negatif 20,400 21,525 22,675 20,350 20,075 19,625 20,800 21,075 19,325 Speculative Buy

ITMG IJ Equity 14,075 (30.5) Negatif Trading Positif 11,225 13,075 14,950 14,400 14,000 13,675 14,725 15,125 13,475 Hold

JPFA IJ Equity 1,630 (24.2) Negatif OverBought Positif 1,485 1,570 1,655 1,640 1,620 1,590 1,670 1,690 1,565 Sell

JSMR IJ Equity 5,400 26.2 Negatif Trading Positif 5,225 5,550 5,875 5,475 5,400 5,300 5,575 5,650 5,225 Hold

KLBF IJ Equity 1,690 11.2 Negatif OverBought Negatif 1,515 1,630 1,745 1,675 1,660 1,625 1,710 1,725 1,600 Strong Sell

LPPF IJ Equity 3,060 (45.4) Negatif Trading Positif 2,895 3,075 3,250 3,115 3,030 2,955 3,190 3,275 2,910 Hold

MEDC IJ Equity 760 10.9 Negatif Trading Positif 715 755 790 765 750 740 775 790 730 Hold

MNCN IJ Equity 1,300 88.4 Negatif Trading Positif 1,220 1,275 1,330 1,300 1,285 1,270 1,315 1,330 1,250 Hold

PGAS IJ Equity 1,995 (5.9) Negatif Trading Positif 1,830 1,945 2,065 2,025 1,980 1,945 2,060 2,105 1,915 Hold

PTBA IJ Equity 2,620 (39.1) Negatif OverBought Positif 2,290 2,480 2,670 2,665 2,610 2,565 2,710 2,765 2,525 Sell

PTPP IJ Equity 1,885 4.4 Negatif Trading Positif 1,725 1,860 1,995 1,900 1,875 1,855 1,920 1,945 1,825 Hold

PWON IJ Equity 675 8.9 Negatif Trading Positif 600 655 705 685 670 660 695 710 650 Hold

SCMA IJ Equity 1,315 (29.7) Negatif Trading Positif 1,130 1,220 1,310 1,335 1,300 1,265 1,370 1,405 1,245 Hold

SMGR IJ Equity 12,475 8.5 Positif Oversold Negatif 12,525 13,075 13,650 12,350 12,175 11,875 12,650 12,825 11,675 Speculative Buy

SRIL IJ Equity 332 (7.3) Negatif Trading Positif 331 336 342 334 330 326 338 342 321 Hold

TKIM IJ Equity 10,200 (8.1) Negatif Trading Positif 9,125 10,000 10,875 10,450 10,200 9,950 10,700 10,950 9,800 Hold

TLKM IJ Equity 4,170 12.8 Positif Trading Negatif 4,205 4,345 4,485 4,195 4,160 4,125 4,230 4,265 4,065 Hold

TPIA IJ Equity 9,300 57.0 Negatif Strong Sell Negatif 7,650 8,600 9,550 9,275 9,200 9,075 9,400 9,475 8,950 Strong Sell

UNTR IJ Equity 23,050 (15.7) Negatif OverBought Positif 19,000 21,000 23,025 23,350 22,900 22,500 23,750 24,200 22,150 Sell

UNVR IJ Equity 46,075 1.5 Positif Trading Negatif 44,000 46,650 49,300 46,425 45,975 45,425 46,975 47,425 44,750 Hold

WIKA IJ Equity 2,070 25.1 Negatif Trading Negatif 1,920 2,190 2,460 2,115 2,065 2,025 2,155 2,205 1,990 Sell

WSKT IJ Equity 1,765 5.1 Negatif Trading Positif 1,660 1,760 1,865 1,775 1,755 1,735 1,795 1,815 1,710 Hold

source: Bloomberg Lp



MAJOR ECONOMIC RELEASE CALENDAR

Date Event Country Act Prev Cons

12-Sep-19 Japan, PPI MoM AUG JPY -0.3% 0% -0.6%

Japan, PPI YoY AUG JPY -0.9% -0.6% -1.3%

Japan, Foreign Bond Investment SEP/07 JPY ¥724.4B ¥1495.7B

Japan, Stock Investment by Foreigners SEP/07 JPY ¥-161.3B ¥-89.5B US Inflation Rate YoY AUG USD 1.7%

1.8% 1.8%

US Inflation Rate MoM AUG USD 0.1% 0.3% 0.1%

US Initial Jobless Claims SEP/07 USD 204K 219K

US Continuing Jobless Claims AUG/31 USD 1670K 1674K

US EIA Natural Gas Stocks Change 06/SEP USD 78Bcf 84Bcf US Monthly Budget Statement AUG USD $-200B $-120B 13-Sep-19 Japan, Industrial Production YoY Final JUL JPY

-3.8% 0.7

Japan, Industrial Production MoM Final JUL JPY

-3.3% 1.3%

Japan, Capacity Utilization MoM JUL JPY

-2.6% China, FDI (YTD) YoY AUG CNY

7.3%

China, New Yuan Loans AUG CNY

CNY1060B CNY1225B

China, Outstanding Loan Growth YoY AUG CNY

12.6% 12.5%

China, Total Social Financing AUG CNY

CNY1010B CNY 1650B

China, M2 Money Supply YoY AUG CNY

8.1% 8.1%

US Retail Sales MoM AUG USD

0.7% 0.3%

US Export Prices YoY AUG USD

-0.9% US Export Prices MoM AUG USD

0.2% -0.3%

US Import Prices YoY AUG USD

-1.8%

US Import Prices MoM USD

0.2% -0.4%

US Retail Sales YoY AUG USD

3.4% US Business Inventories MoM JUL USD

0% 0.1%

16-Sep-19 China, Fixed Asset Investment (YTD) YoY AUG CNY

5.7%

China, Industrial Production YoY AUG CNY

4.8%

China, Retail Sales YoY AUG CNY

7.6%

Indonesia, Balance of Trade AUG IDN

$-0.06B

Indonesia, Exports YoY AUG IDN

-5.12% Indonesia, Imports YoY AUG IDN

-15.21%

Source: Bloomberg Lp

https://tradingeconomics.com/japan/producer-prices

https://tradingeconomics.com/japan/machinery-orders

https://tradingeconomics.com/japan/producer-prices-change

https://tradingeconomics.com/japan/machinery-orders

https://tradingeconomics.com/japan/foreign-bond-investment

https://tradingeconomics.com/japan/foreign-stock-investment

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

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

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

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

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

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

https://tradingeconomics.com/united-states/natural-gas-stocks-change

https://tradingeconomics.com/united-states/government-budget-value

https://tradingeconomics.com/japan/industrial-production

https://tradingeconomics.com/japan/industrial-production-mom

https://tradingeconomics.com/china/banks-balance-sheet

https://tradingeconomics.com/china/loan-growth

https://tradingeconomics.com/china/loans-to-private-sector

https://tradingeconomics.com/china/money-supply-m2

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

https://tradingeconomics.com/united-states/business-inventories



CORPORATE ACTION

RUPS

Date Time Company Event Place

12-Sep-19 14:00 MKNT RUPSLB Jakarta

16-Sep-19 TBA PSSI RUPSLB TBA

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 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)

Bhakti Agung Propertindo Tbk MNC Sekuritas 03 - 09 September 2019 16-Sep-19 150 1,677

Telefast Indonesia Tbk Sinarmas Sekuritas 09 - 11 September 2019 17-Sep-19 180 416

Gunung Raja Paksi Tbk Kresna Sekuritas 13 - 16 September 2019 19-Sep-19 825 - 900 1,240

Optima Prima Metal Sinergi Tbk Sinarmas Sekuritas 12 - 16 September 2019 23-Sep-19 125 - 135 400

Nusantara Almazia Tbk Sinarmas Sekuritas 17 - 18 September 2019 25-Sep-19 200 - 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



Disclaimer This report has been prepared by PT OSO Sekuritas Indonesia on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstance.is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of PT. OSO Sekuritas Indonesia. We expressly disclaim any responsibility or liability (express or implied) of PT. OSO Sekuritas Indonesia, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither PT. OSO Sekuritas Indonesia, its affiliated companiesor their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by PT. OSO Sekuritas Indonesia or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards tothe specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.

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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