SIDO : A +23% yoy Sales Growth in 9M21
Transcript of SIDO : A +23% yoy Sales Growth in 9M21
1 www.samuel.co.id
DAILY
RESEAR
CH
Market Activity
Market Index : 6,658.8
Index Movement : +25.4 0.38%
Market Volume : 20,616 Mn shrs
Market Value : 14,523 Bn rupiah
Last
Close +/- %
Leading Movers
BBRI 4,410 90 2.1
BBNI 7,075 325 4.8
BRIS 2,250 120 5.6
ARTO 13,425 300 2.3
Lagging Movers
BBCA 7,525 -125 -1.6
UNVR 5,100 -125 -2.4
BBHI 4,590 -310 -6.3
BUKA 705 -25 -3.4
Foreign Net Buy / Sell (Regular Market)
Net Buy (IDR bn) Net Sell (IDR bn)
BBRI 529 BBCA 172
BMRI 149 UNVR 37
BRIS 70 ABMM 31
TOWR 66 INDF 20
ANTM 52 UNTR 17
Money Market
Last
Close +/- %
USD/IDR 14,110 35.0 -0.2
JIBOR O/N 5.9 0.0 -0.3
Dual Listing Securities
Last
Close +/- %
TLKM 26.8 -0.1 -0.5
EIDO 24.6 -0.1 -0.4
Global Indices
Last
Close +/- %
DJIA 35,259 -36 -0.10
S&P 500 4,486 15 0.34
Euro Stoxx 4,151 -32 -0.75
MSCI World 3,114 5 0.15
STI 3,174 0 0.00
Nikkei 29,025 -43 -0.15
Hang Seng 25,410 79 0.3
Commodities*
Last
Close +/- %
Brent Oil 84.3 -0.5 -0.62
Coal (ICE) 235.0 -6.3 -2.63
CPO Malay 4,948 86.0 1.77
Gold 1,765 -2.8 -0.16
Nickel 19,970 57.5 0.29
Tin 37,943 655.0 1.76
*last price per closing date
Changes
Changes
Changes
Changes
Changes
Monday, 18 Oct 2021
JCI to Go Up as Global Market Strengthens
US exchanges closed relatively higher; S&P +0.84%, Nasdaq +2.11%, while Dow
Jones declined -0.10%, driven by market optimism regarding 3Q21 financial
statements that will be released by a number of companies this week, including
Tesla, Netflix, Verizon, and IBM. In addition, the upward movement of commodity
prices, partly driven by OPEC+'s failure to meet production targets and Russia's
decision not to deliver more natural gas to Europe, also served as positive sentiment
for the market. UST 10Y yield rose to 1.59%, while USD Index was relatively flat
(+0.03%) at 93.96.
Commodity market was quite mixed; WTI oil rose +0.1% to USD 82.5/bbl, while
Brent oil fell -0.2% to USD 84.1/bbl. Tin moved up +1.8% to USD 37.942/ton, gold
declined -0.15% to USD 1,765/toz, CPO rose +1.8% to RM 4,948/ton, and nickel rose
+0.3% to USD 19.9/ton.
EIDO index fell -0.36% to 24.6, while JCI closed up +0.36% to 6.658 yesterday
(10/18), with the largest foreign inflow the regular market recorded by BBRI (IDR
528.8 billion), followed by BMRI (IDR 148.7 billion), and BRIS (IDR). 70 billion).
Meanwhile, the largest foreign outflow in the regular market was recorded by BBCA
(IDR 171.9 billion), followed by UNVR (IDR 37.3 billion), and ABMM (IDR 31 billion).
The transportation and logistics sector was the top sector gainer, while the non-
cyclical consumer sector was the top sector loser.
As many as 626 new COVID-19 cases were reported in Indonesia yesterday (10/18),
with a positive rate of 0.4%. Meanwhile, 1,593 patients recovered (recovery rate:
96.2%). So far, 107 million people in Indonesia have received their first dose of
COVDI-19 vaccine (+477 thousand on 10/18; 51.7% of the total target) and 63
million people have received their second dose (+456 thousand on 10/18; 30.2% of
the total target).
Nikkei opened +1.6% and Kospi +0.7% this morning. We expect JCI to move higher
today, in line with positive sentiment from global and regional markets.
DAILY RESEARCH
19 October 2021
Market
Highlights
ERAA : A Partnership with Paris Baguette
SIDO : A +23% yoy Sales Growth in 9M21
Equity Research│19 October 2021
www.samuel.co.id 2
COMMODITIESGold: Gold 100 Oz Futures (USD/Troi oz) Oil: Generic 1st Crude Oil, Brent (USD/Barel)
Coal: Newcastle Coal (USD/MT) CPO: Bursa Malaysia Crude Palm Oil (MYR/MT)
Pulp: Generic Bleached Softwood Craft Pulp (CNY/MT) Nickel: London Metal Exchange Nickel Future (USD/MT)
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COVID-19 Data
Indonesia
7 Day Running Covid-19 Data
Total 1D Change Total Daily Total Closed Cases
Cases % Deaths Deaths Active Cases %
10/18/2021 4,235,384 0.01 142,999 47 (58,640,183) 1484.53
10/17/2021 4,234,758 0.02 142,952 19 (58,075,110) 1471.39
10/16/2021 4,234,011 0.02 142,933 44 (57,305,977) 1453.47
10/15/2021 4,233,014 0.02 142,889 41 (56,331,948) 1430.78
10/14/2021 4,232,099 0.02 142,848 37 (55,322,247) 1407.21
10/13/2021 4,231,046 0.03 142,811 48 (54,317,345) 1383.78
10/12/2021 4,229,813 0.03 142,763 47 (53,520,150) 1365.31
Average 40 1428.07
Source: SSI Research, Bloomberg
Equity Research│19 October 2021
www.samuel.co.id 3
ERAA: A Partnership with Paris Baguette
A subsidiary of PT Erajaya Swaswembada Tbk (ERAA), Erajaya Food & Nourishment, has announced its joint
venture partnership with Paris Baguette. Through this partnership, Paris Baguette officially penetrates the
Indonesian market. Paris Baguette itself is a popular fast-casual bakery from South Korea which is famous for
its innovative and quality cakes and breads. The first Paris Baguette outlet in Indonesia will be opened in
November 2021 in Jakarta. (Kontan)
Comment:
ERAA had started to diversify its business lines in May 2020, when the company acquired a South Korean skincare
company, The Face Shop. Now, the company is expanding its business line to F&B under its subsidiary, Erajaya
Food & Nourishment. However, retail distribution and sales of cellular phones and tablets remain the main
contributor to ERAA's revenue (1H21: 80.2% of total sales). Our outlook on ERAA is quite positive, especially
considering that Apple (ERAA is the largest distributor of Apple products in Indonesia) has just released the latest
iPhone at the beginning of 4Q21.ERAA: Under review (Previous: ERAA: BUY: 2.9x PE '21E, 0.3x PBV '21E, TP:
IDR 1,625)
SIDO: A +23% yoy Sales Growth in 9M21
SIDO managed to record a +23% growth in sales in 9M21 to IDR 2.8 trillion, with net profit growth of +35.1%
yoy to IDR 865 billion. This was partly driven by an increase in export sales of +38% yoy. SIDO is optimistic that
its revenue and net profit growth this year could exceed >15% and >25%, respectively. (Bisnis Indonesia)
Comment:
SIDO's performance improvement is also driven by increasing public awareness of health in the midst of the
COVID-19 pandemic. In 3Q21 alone, SIDO recorded higher revenue from all its business segments, starting from
herbal medicine and supplements (+27% qoq), food and beverages (+39.3% qoq), and pharmaceuticals (+13.6%
qoq). The herbal medicine and supplements segment is the largest contributor to the company's revenue (63%)
and is also the business segment with the highest GPM (68%). SIDO continues to innovate and expand its business
with several strategies, including launching new products, expanding its export market, and digitalization. SIDO:
Under review (Previous: SIDO: BUY: 22.0x PE '21E, 6.9x PBV '21E, TP: IDR 970)
Equity Research│19 October 2021
www.samuel.co.id 4
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 20A 21E 20A 21E 20A 21E
Banks
BBCA HOLD 11.9 7,525 8,100 6,643 7.6 6.8 5.8 1.0 0.9 14.7 15.7
BBRI BUY 8.1 4,410 5,300 4,635 20.2 28.1 16.6 2.9 2.6 10.3 15.8
BMRI BUY 4.3 7,175 8,000 7,926 11.5 19.6 14.1 1.8 1.7 9.1 12.1
BBNI BUY 1.7 7,075 8,500 7,242 20.1 44.2 10.2 1.2 1.0 2.6 9.7
BBTN BUY 0.2 1,840 2,300 1,997 25.0 12.1 7.6 1.0 0.9 8.1 11.4
Average 25.3 10.6 1.3 1.2 6.6 11.1
Consumer (Staples)
ICBP BUY 1.3 9,300 12,000 11,182 29.0 21.5 16.5 4.3 3.7 19.9 22.1
INDF BUY 0.8 6,775 9,500 8,350 40.2 12.2 12.3 1.5 1.3 11.9 11.0
KLBF BUY 0.9 1,440 1,750 1,704 21.5 24.4 22.2 3.9 3.6 16.0 16.0
UNVR SELL 2.3 5,100 4,500 5,100 -11.8 27.1 26.8 39.5 38.9 145.7 145.0
SIDO BUY 0.3 795 970 948 22.0 25.6 22.0 7.4 6.9 29.1 31.5
Average 22.2 19.9 11.3 10.9 44.5 45.1
Cigarette
HMSP SELL 1.5 1,150 870 1,176 -24.3 15.5 15.8 4.4 4.4 28.5 28.1
GGRM HOLD 0.8 35,150 38,240 34,082 8.8 8.0 7.8 1.1 1.1 14.2 13.9
Average 11.8 11.8 2.8 2.8 21.4 21.0
Healthcare
MIKA BUY 0.4 2,260 3,500 3,043 54.9 37.9 35.7 6.6 6.0 17.5 16.8
SILO BUY 0.2 8,650 10,800 10,463 24.9 120.1 33.1 2.4 2.3 2.0 6.8
HEAL BUY 0.2 1,155 1,380 1,442 19.5 10.6 9.2 1.4 1.2 13.3 13.5
Average 56.2 26.0 3.5 3.2 10.9 12.4
Poultry
CPIN BUY 1.3 6,350 7,300 7,345 15.0 36.1 27.7 4.9 4.5 13.7 16.4
JPFA BUY 0.3 1,945 2,200 2,469 13.1 24.3 12.8 2.0 1.7 8.0 13.1
MAIN BUY 0.0 830 1,380 1,107 66.3 n/a 12.2 0.9 0.8 -0.9 6.8
WMUU BUY 0.0 181 340 340 87.8 n/a 8.2 n/a 1.8 n/a 21.8
Average 30.2 17.6 2.6 2.4 7.0 12.1
Retail
MAPI HOLD 0.2 885 950 905 7.3 n/a 26.8 2.7 2.7 -10.4 10.0
RALS BUY 0.1 785 900 717 14.6 n/a 16.7 1.3 1.3 -1.5 7.7
ACES BUY 0.3 1,475 1,900 1,490 28.8 31.4 23.0 5.1 4.5 16.1 19.6
LPPF BUY 0.1 2,780 3,150 2,622 13.3 n/a 5.3 12.6 6.5 -147.3 122.8
Average 31.4 22.2 3.0 2.8 1.4 12.4
Pulp and Paper
INKP HOLD 0.6 9,175 9,900 9,475 7.9 10.5 12.7 0.8 0.8 7.6 6.0
Average 10.5 12.7 0.8 0.8 7.6
Media
MNCN BUY 0.2 920 1,650 1,353 79.3 5.8 4.8 0.8 0.7 13.6 14.6
SCMA BUY 0.3 1,920 2,450 2,386 27.6 24.6 21.6 7.3 6.3 29.7 29.3
Average 15.2 13.2 4.0 3.5 21.6 21.9
Telco
EXCL SELL 0.4 3,090 3,000 3,494 -2.9 88.3 44.8 1.7 1.7 1.9 3.8
ISAT BUY 0.4 5,650 7,250 7,253 28.3 n/a 65.7 2.4 0.3 -5.6 0.4
TLKM HOLD 5.0 3,790 4,050 4,363 6.9 18.0 16.8 3.1 3.0 17.2 17.7
Average 53.2 42.4 2.4 1.6 4.5 7.3
Telco Retail
ERAA BUY 0.1 660 1,625 836 146.2 3.5 2.9 0.4 0.3 11.0 11.9
Telco Infra
TBIG SELL 0.8 2,900 2,500 3,269 -13.8 60.4 46.0 10.0 6.3 16.5 13.7
TOWR BUY 0.8 1,185 1,600 1,664 35.0 21.2 18.5 5.9 5.0 27.9 27.0
Average 40.8 32.3 7.9 5.7 22.2 20.4
Equity Research│19 October 2021
www.samuel.co.id 5
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 20A 21E 20A 21E 20A 21E
Auto
ASII HOLD 3.3 6,225 6,750 6,794 8.4 14.0 12.7 1.3 1.2 9.0 9.6
Average 14.0 12.7 1.3 1.2 9.0
Mining Contracting
UNTR BUY 1.3 26,300 31,000 29,223 17.9 14.2 10.5 1.6 1.4 11.2 13.8
Average 14.2 10.5 1.6 1.4 11.2
Property
BSDE BUY 0.3 1,160 1,350 1,457 16.4 17.3 13.0 0.7 0.6 4.0 4.9
PWON HOLD 0.3 525 530 614 1.0 40.4 14.2 1.0 1.7 2.6 12.1
ASRI SELL 0.1 204 130 208 -36.3 15.7 7.3 0.4 0.3 2.3 4.7
LPKR SELL 0.1 161 140 197 -13.0 n/a n/a 0.4 0.4 -0.5 -0.2
SMRA BUY 0.2 945 1,200 1,107 27.0 78.8 39.4 2.0 2.1 2.5 5.3
CTRA BUY 0.3 1,120 1,360 1,350 21.4 15.8 12.0 1.4 1.2 8.6 10.2
Average 33.6 17.2 1.0 1.1 3.3 6.2
Industrial Estate
SSIA BUY 0.0 490 700 810 42.9 n/a 44.5 0.6 0.6 -1.6 1.3
DMAS BUY 0.1 220 250 252 13.6 14.7 12.9 1.4 1.6 9.6 12.7
KIJA SELL 0.0 162 150 N/A -7.4 14.7 12.5 0.6 0.4 4.0 3.4
Average 14.7 23.3 0.9 0.9 4.0 6.1
Construction
PTPP BUY 0.1 1,330 1,900 1,291 42.9 60.5 10.8 0.6 0.5 0.9 4.9
ADHI BUY 0.1 1,190 1,800 1,042 51.3 49.6 11.6 0.7 0.7 1.5 6.1
WSKT BUY 0.2 1,015 1,220 1,026 20.2 n/a n/a 0.8 1.0 -44.6 -4.2
WIKA HOLD 0.2 1,430 1,440 1,254 0.7 14.9 9.7 0.7 0.7 5.0 7.1
Average 41.6 10.7 0.7 0.7 -9.3 3.5
Cement
INTP BUY 0.6 11,475 16,250 13,564 41.6 31.9 26.5 1.9 1.8 5.8 6.9
SMGR BUY 0.7 8,900 13,050 11,446 46.6 23.4 18.8 1.5 1.4 6.3 7.4
Average 27.6 22.6 1.7 1.6 6.1 7.2
Precast
WSBP BUY 0.1 173 230 140 32.9 15.7 4.7 0.5 0.4 2.9 8.9
WTON BUY 0.0 304 450 310 48.0 27.6 8.2 0.8 0.7 2.9 8.9
Average 21.7 6.4 0.6 0.6 2.9 8.9
Oil and Gas
PGAS BUY 0.5 1,525 1,680 1,608 10.2 19.1 9.1 1.5 1.4 8.0 15.3
AKRA HOLD 0.2 4,390 4,400 4,334 0.2 19.1 17.4 2.0 1.9 10.6 11.0
MEDC BUY 0.2 630 1,090 855 73.0 n/a 8.6 0.9 0.8 -9.9 9.7
Average 19.1 11.7 1.5 1.4 2.9 12.0
Chemical
TPIA BUY 1.8 7,200 10,250 8,971 42.4 496.6 82.8 5.0 5.0 1.0 6.0
BRPT BUY 1.1 955 1,150 1,145 20.4 199.6 122.0 5.1 5.1 2.5 4.2
ESSA SELL 0.1 362 225 575 -37.8 n/a n/a 2.5 1.2 -20.0 -0.5
Average 348.1 102.4 4.2 3.8 -5.5 3.2
Utilities
JSMR BUY 0.4 4,450 5,000 5,144 12.4 67.4 22.4 1.3 1.2 2.0 5.6
Metal
ANTM BUY 0.8 2,510 3,230 3,275 28.7 40.5 24.6 3.1 2.9 7.7 11.7
MDKA SELL 1.0 3,320 3,000 3,337 -9.6 n/a 18.0 12.1 13.2 15.7 72.9
INCO BUY 0.6 5,125 6,700 6,334 30.7 44.2 27.2 1.7 1.7 3.9 6.1
TINS HOLD 0.2 1,725 1,775 1,710 2.9 n/a 1960.2 2.4 2.9 -4.2 0.1
Average 42.3 507.5 4.8 5.2 5.8 22.7
Equity Research│19 October 2021
www.samuel.co.id 6
Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)
(%) (IDR) (IDR) (IDR) (%) 20A 21E 20A 21E 20A 21E
Coal
ITMG SELL 0.4 25,675 19,700 24,703 -23.3 44.0 8.4 2.4 1.9 5.4 22.1
ADRO SELL 0.8 1,875 1,530 2,073 -18.4 17.4 13.2 1.1 1.1 6.3 8.7
PTBA BUY 0.4 2,860 3,200 3,189 11.9 13.4 8.3 2.0 1.5 14.6 18.0
Average 24.9 10.0 1.8 1.5 8.8 16.3
Plantation
AALI BUY 0.2 10,325 12,300 11,945 19.1 23.8 17.1 1.1 1.0 4.4 5.9
LSIP SELL 0.1 1,450 1,370 1,640 -5.5 14.2 11.6 1.1 1.0 7.5 8.3
TBLA BUY 0.1 890 980 1,050 10.1 7.4 6.0 0.7 0.6 8.9 10.3
SIMP SELL 0.1 496 388 N/A -21.8 45.1 29.2 0.5 0.5 1.2 1.8
SSMS HOLD 0.1 1,140 1,200 1,900 5.3 33.5 14.4 2.5 2.2 7.4 15.0
Average 24.8 15.6 1.2 1.1 5.9 8.3
Technology
ASSA SELL 0.2 3,400 3,000 3,950 -11.8 132.3 80.4 8.0 7.3 6.1 9.1
EMTK BUY 1.2 1,660 2,800 3,050 68.7 48.8 110.7 8.2 4.5 16.7 4.1
Average 59.9 55.3 5.0 3.7 9.0 9.1
Source: SSI Research, Bloomberg
Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.
Equity Research│19 October 2021
www.samuel.co.id 7
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
World 3,114 4.55 0.15 2.95 0.56 4.65 15.76 28.79 3,174 2,276
U.S. (S&P) 4,486 15.09 0.34 2.87 1.21 3.68 19.45 28.78 4,546 3,234
U.S. (DOW) 35,259 (36.15) (0.10) 2.21 1.95 1.65 15.20 23.25 35,631 26,144
Europe 4,151 (31.51) (0.75) 1.94 0.50 5.67 16.85 28.03 4,253 2,921
Emerging Market 1,283 (0.66) (0.05) 2.34 0.29 (2.60) (0.64) 13.82 1,449 1,101
FTSE 100 7,204 (30.20) (0.42) 0.80 3.45 5.25 11.51 22.42 7,244 5,526
CAC 40 6,673 (54.42) (0.81) 1.56 1.57 5.99 20.21 35.01 6,914 4,513
Dax 15,474 (112.89) (0.72) 1.81 (0.10) 2.26 12.80 20.38 16,030 11,450
Indonesia 6,659 25.43 0.38 3.08 8.57 10.66 11.37 29.89 6,685 5,064
Japan 29,188 162.25 0.56 3.39 (4.30) 5.55 6.35 23.31 30,796 22,948
Australia 7,401 19.63 0.27 1.65 (0.04) 1.57 12.35 18.80 7,633 5,904
Korea 3,023 16.35 0.54 3.66 (3.74) (6.81) 5.20 28.82 3,316 2,267
Singapore 3,174 (0.09) (0.00) 1.94 3.34 2.01 11.60 24.78 3,237 2,421
Malaysia 1,606 7.69 0.48 2.24 3.71 5.66 (1.31) 5.79 1,696 1,452
Hong Kong 25,410 78.79 0.31 2.87 1.96 (7.57) (6.69) 3.53 31,183 23,681
China 3,568 (4.23) (0.12) (0.66) (1.27) 0.82 2.74 7.71 3,732 3,210
Taiwan 16,705 (75.73) (0.45) 0.39 (3.31) (6.09) 13.39 29.42 18,034 12,481
Thailand 1,644 5.58 0.34 0.28 1.12 5.65 13.42 36.00 1,658 1,187
Philipines 7,220 6.35 0.09 1.34 4.44 9.60 1.12 19.95 7,432 5,914
1D 1D 1W 1M 3M YTD 1YR High Low
Foreign Reserves (US$Bn) 146.90 1.46 7.15 8.10 8.69 146.90 133.56
Inflation Rate (yoy, %) 1.60 1.68 1.33
Gov Bond Yld (10yr, %) 6.10 (8.51) 6.86 5.86
US Fed Rate (%) 0.25 0.25 0.25
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Indonesia 14,110 35.00 (0.25) 0.69 0.94 2.89 (0.43) 4.24 14,718 13,865
Japan 114.30 (0.02) 0.02 (0.60) (4.25) (4.23) (9.67) (7.76) 114.46 102.59
UK 1.37 0.00 0.15 1.16 0.65 0.52 0.56 6.16 1.42 1.29
Euro 1.16 0.00 0.10 0.80 (0.89) (1.51) (4.86) (1.25) 1.23 1.15
China 6.43 (0.01) 0.09 0.32 0.56 0.94 1.51 3.94 6.75 6.36
Chg (Pts)
1D 1D 1W 1M 3M YTD 1YR High Low
Oil (Brent) 84.22 (0.11) (0.13) 0.96 11.79 22.73 62.59 97.61 86.04 35.74
CPO 5,175 76.00 1.49 1.95 14.54 20.35 33.00 73.37 5,180 2,879
Coal 235.00 (6.35) (2.63) (8.74) 32.28 55.63 191.93 308.70 270.00 57.15
Tin 37,814 614.00 1.65 3.94 10.76 12.54 86.05 106.41 38,249 17,540
Nickel 19,997 (23.00) (0.11) 4.59 3.30 4.86 20.37 27.76 20,705 14,930
Copper 10,196 (85.00) (0.83) 6.84 9.49 8.16 31.29 51.28 10,748 6,670
Gold 1,766 1.09 0.06 0.33 0.10 (2.58) (6.98) (7.25) 1,966 1,677
Silver 23.25 0.05 0.23 3.04 4.39 (7.66) (11.95) (4.68) 30 21
Source: Bloomberg, SSI Research
Change (%) 1 Year
Change (%) 1 Year
Change (%) 1 Year
Commodity Indicators Last Price
Regional Indices Last Price
Exchange Rate (per USD) Last Price
DISCLAIMER: Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the 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 views in his 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 for information only and for 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 recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia
Equity Research│19 October 2021
www.samuel.co.id 8
Research Team
Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148
Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854
Fikri Permana Senior Economist [email protected] +6221 2854 8144
William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382
Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129
Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387
Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392
Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346
M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346
Calista Muskitta Retail [email protected] +6221 2854 8331
Pebe Peresia Consumer Staples [email protected] +6221 2854 8339
Andreas Kristo Saragih Constructions, Toll Roads [email protected] +6221 2864 8303
Adolf Richardo Editor [email protected] +6221 2864 8854
Ashalia Fitri Research Associate [email protected] +6221 2854 8163
Equity Institutional Team
Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312
Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399
Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314
Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329
Fachruly Fiater Sales Trader [email protected] +6221 2854 8325
Lucia Irawati Sales Trader [email protected] +6221 2854 8173
Suryanti Salim Sales Trader [email protected] +6221 2854 8173
Muhammad Faisal Dealer [email protected] +6221 2854 8173
Private Wealth Management
Evelyn Satyono Head of PWMEquity Sales [email protected] +6221 2854 8380
Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395
GittaWahyuRetnani PWM Equity Sales [email protected] +6221 2854 8365
WahyudiBudiyono Dealer [email protected] +6221 2854 8152
Fixed Income Sales Team
R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170
Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306
Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337
Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384
Fendy Fixed Income Sales [email protected] +6221 28548385
Equity Retail / Online Team
Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872
Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372
Damargumilang Head of Equity Retail [email protected] +6221 2854 8309
Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163
Michael Alexander Equity Retail [email protected] +6221 2854 8163
Albertha Palma Equity Assistant [email protected] +6221 2854 8163