TOWR : Laba 2Q21 tumbuh +15.1% yoy (+14.% qoq) Laba 2Q21 ...

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DAILY

RESEAR

CH

Market

Market Activity

Market Index : 6,113.2

Index Movement : +23.7 0.39%

Market Volume : 23,677 Mn shrs

Market Value : 10,490 Bn rupiah

Last

Close +/- %

Leading Movers

DCII 43,000 3900 10.0

BMRI 5,950 125 2.1

ARTO 16,500 300 1.9

UNVR 4,170 90 2.2

Lagging Movers

EMTK 2,120 -90 -4.1

TLKM 3,370 -30 -0.9

BRPT 1,095 -30 -2.7

BBNI 5,250 -75 -1.4

Foreign Net Buy / Sell (Regular Market)

Net Buy (IDR bn) Net Sell (IDR bn)

BBCA 359 ADRO 46

BUKA 98 INKP 22

BMRI 89 ERAA 21

ASII 54 DMMX 20

TLKM 33 BBNI 18

Money Market

Last

Close +/- %

USD/IDR 14,398 5.0 0.0

JIBOR O/N 5.9 0.0

Dual Listing Securities

Last

Close +/- %

TLKM 23.4 -0.1 -0.2

EIDO 20.9 -0.1 -0.3

Global Indices

Last

Close +/- %

DJIA 35,406 39 0.11

S&P 500 4,496 10 0.22

Euro Stoxx 4,181 3 0.07

MSCI World 3,126 4 0.12

STI 3,107 0 0.00

Nikkei 27,725 -5,111 -0.03

Hang Seng 25,694 -34 -0.1

Commodities

Last

Close +/- %

Brent Oil 72.3 1.2 -0.13

Coal (ICE) 170.8 0.8 -0.66

CPO Malay 4,364 61.0 1.42

Gold 1,791 0.8 0.44

Nickel 19,166 100.0 0.52

Tin 32,915 79.0 0.24

Changes

Changes

Changes

Changes

Changes

Wednesday, 25 Aug 2021

Minim Sentimen, IHSG Diperkirakan Sideways

Bursa AS semalam ditutup menguat; DJIA naik +0.11% ke level 35,405, diikuti

S&P500 (+0.22%) dan Nasdaq (+0.15%). Pasar menguat menjelang The Feds Jackson

Hole symposium dengan perhatian utama adalah rencana tapering serta data

ekonomi terkini yang dapat mempengaruhi kebijakan hingga akhir tahun. Dari pasar

komoditas, harga minyak Brent ditutup pada level USD 71.9/barel (+1.2%); emas di

level USD 1,791/toz (-0.9%) dan nikel pada level USD 19,168/ton (+0.6%).

EIDO ditutup melemah -0.33%, sementara IHSG menguat +0.4% pada Rabu (25/8)

ke level 6,113 dengan DCII, BMRI dan ARTO sebagai top leading movers. Net buy

asing di pasar reguler terpantau mencapai IDR 538.6 miliar. Saham yang

mencatatkan nilai net buy tertinggi adalah BBCA (IDR 359.1 miliar), BUKA (IDR 98.9

miliar), dan BMRI (IDR 89.2 miliar) sementara net sell asing tertinggi dicetak oleh

ADRO (IDR 46.8 miliar), INKP (IDR 22.9 miliar), dan ERAA (IDR 21.4 miliar). Sepanjang

minggu ini (Senin-Rabu), IHSG menguat +1.4% dengan total net buy asing di pasar

reguler mencapai IDR 775.5 miliar.

Sebanyak 18,671 kasus COVID-19 baru dilaporkan di Indonesia kemarin (25/8)

(Selasa: 19,106), dengan 33,703 pasien sembuh (Selasa: 35,082) dan 1,041 pasien

meninggal (Selasa: 1,038). Secara kumulatif, jumlah total kasus COVID-19 yang

ditemukan di Indonesia telah mencapai 4,026,837 kasus dengan tingkat

kesembuhan (recovery rate) sebesar 90.4% per 25 Agustus 2021 (24 Agustus 2021:

90.0%). Angka vaksinasi dosis 1 tumbuh 542,523 (Selasa: 689,094) menjadi total

59,011,333 sementara vaksinasi dosis 2 tumbuh 453,507 (Selasa: 594,774) menjadi

total 33,094,505.

Per hari ini, 26-30 Agustus 2021, mulai diberlakukan ganjil genap Jakarta dengan

lokasi dikurangi dari 8 titik menjadi 3 titik untuk ruas jalan Sudirman; M.H. Thamrin

dan H.R. Rasuna Said. Dengan tren kasus positif yang menurun, aturan PPKM Level

3 diharapkan dapat terus dilonggarkan hingga akhir tahun dan memberikan efek

positif untuk mendorong aktivitas ekonomi. IHSG pada hari ini minim sentimen

dengan bursa global wait and see atas rapat The Feds.

DAILY RESEARCH

MIKA : Buyback Saham Maksimal IDR 200 Milyar

Perbankan : Kredit terkontraksi tipis -0.3% yoy di Juli

TOWR : Laba 2Q21 tumbuh +15.1% yoy (+14.% qoq)

LPPF : Laba 2Q21 naik ke IDR 627.9bn

26 August 2021

Highlights

Equity Research│26 August 2021

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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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2,100

COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Daily 1D Change Total Daily Total Daily Total Closed Cases

Cases % Cases % Recovered Recovered Deaths Deaths Active Cases %

8/25/2021 4,026,837 0.47 18,671 - 2,947,646 - 129,293 1,041 949,898 76.41

8/24/2021 4,008,166 0.48 19,106 - 2,947,646 - 128,252 1,038 932,268 76.74

8/23/2021 3,989,060 0.24 9,604 (22.60) 2,947,646 - 127,214 842 914,200 77.08

8/22/2021 3,979,456 0.31 12,408 (25.90) 2,947,646 - 126,372 1,030 905,438 77.25

8/21/2021 3,967,048 0.42 16,744 (16.30) 2,947,646 - 125,342 1,361 894,060 77.46

8/20/2021 3,950,304 0.51 20,004 (9.29) 2,947,646 - 123,981 1,348 878,677 77.76

8/19/2021 3,930,300 0.56 22,053 39.86 2,947,646 - 122,633 1,492 860,021 78.12

Average 16,941 - 1,165 77.26

Source: SSI Research, Bloomberg


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3

MIKA: Buyback Saham Maksimal IDR 200 Milyar

PT Mitra Keluarga Karyasehat (MIKA) melaksanakan pembelian kembali saham (buyback) secara bertahap sejak tanggal

23 Agustus sampai 22 November 2021 sebanyak-banyaknya IDR 200 milyar dengan jumlah saham maksimum 83 juta

lembar saham atau 0.6% dari seluruh saham yang ditempatkan dan disetor penuh. Harga pembelian saham maksimum

sebesar IDR 2,400 per saham. (Bisnis Indonesia)

Comments:

Aksi buyback tersebut karena manajemen meyakini bahwa saat ini MIKA diperdagangkan pada valuasi menarik

pada 17.12x 21F EV/EBITDA (dibawah -2.2 SD rata-rata EV/EBITDA selama 5 tahun) dan secara ytd, saham

MIKA juga melemah -14.65%. Jika dilihat dari kas MIKA saat ini berjumlah IDR 1.69 triliun sehingga MIKA

melakukan buyback dengan kas internal dan current ratio sebesar 5.4x. Setelah melakukan buyback saham,

kas MIKA menjadi sejumlah IDR 1.49 triliun dengan perkiraan current ratio 5.1x dan jumlah saham yang beredar

menjadi 14.16 triliun lembar saham. MIKA: Under review (Previous: MIKA: BUY 40.3x PE '21E, 7.4x PBV '21E,

TP: IDR 3,500)

Perbankan: Kredit terkontraksi tipis -0.3% yoy di Juli

Menurut data BI, kredit perbankan terkontraksi -0.3% yoy di Juli setelah Juni mengalami pertumbuhan tipis +0.4%. Kredit

investasi terkontraksi -0.7% yoy di Juli (vs Juni -0.8% yoy), sedangkan kredit modal kerja tumbuh tipis +0.2% yoy (vs Juni

+0.1% yoy). Di sisi lain, kredit konsumsi tumbuh paling tinggi +2.3% yoy (vs Juni +1.9% yoy). (Investor Daily)

Comment:

Kredit investasi di sektor utama seperti industri pengolahan kembali terkontraksi -0.5% yoy di Juli (vs Juni +0.4%

yoy), sedangkan perdagangan, hotel & restoran (PHR) terkontraksi-4.4% yoy (vs Juni -3.1% yoy). Sedangkan

kredit modal kerja banyak terbantu oleh sektor pertanian, peternakan, kehutanan, dan perikanan, serta sektor

PHR. Sektor perkebunan kelapa sawit juga menjadi salah satu faktor peningkatan kredit modal kerja.

Sedangkan pertumbuhan kredit konsumsi disebabkan oleh perbaikan penyaluran KPR dan kredit multiguna.

Banking Sector: Overweight


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4

TOWR: Laba 2Q21 tumbuh +15.1% yoy (+14.% qoq)

Pada 2Q21, TOWR berhasil mendorong pertumbuhan pendapatan +8.0% yoy (+3.0% qoq) menjadi IDR 2.0 triliun. Seiring

dengan hal tersebut, EBITDA juga terangkat +7.9% yoy (+3.0% qoq) menjadi IDR 1.7 triliun. Laba bersih juga terangkat

+15.1% yoy (+14.1% qoq) menjadi IDR 900.5 miliar. Secara akumulatif, pendapatan 1H21 TOWR naik +7.8% yoy menjadi

IDR 3.97 triliun dan laba bersih terangkat +29.9% yoy menjadi IDR 1.69 triliun. (Laporan keuangan)

Comment:

Pencapaian TOWR di 1H21 ini terbantu dengan penambahan 304 menara baru (+1.4% yoy), serta 2,036 tenant

(+5.3% yoy). Selain itu, fiber optic juga naik +82.2% yoy menjadi 51,676 km. Pencapaian laba bersih 1H21

mencerminkan 51.7% target FY21F SSI dan 53.8% target konsensus. Struktur keuangan juga sangat solid,

dengan rasio net debt / EBITDA sebesar 2.2x, jauh lebih rendah dibanding batas yang disyaratkan perbankan

(6.5x). Dengan demikian, target penambahan 500-1,000 menara setiap tahunnya cukup mudah tercapai.

TOWR: Under review (Prev: BUY: 20.3x PE '21E, 5.1x PBV '21E, TP: IDR 1,300)

LPPF: Laba 2Q21 naik ke IDR 627.9bn

Pendapatan 2Q21 LPPF tercatat sebesar IDR 2.4 triliun, meningkat +241.9% yoy (+107.1% qoq). Laba bersih LPPF pada

2Q21 tercatat sebesar IDR 627.9 miliar, jauh lebih baik dari angka pada periode yang sama tahun sebelumnya (2Q20:

rugi bersih IDR -263.9 miliar) maupun kuartal sebelumnya (1Q21: rugi bersih -95.4 miliar). Secara akumulatif

pendapatan 1H21 LPPF tumbuh +58.4% yoy ke IDR angka 3.56 triliunm dengan laba bersih sebesar IDR 532.5 miliar

(1H20: rugi bersih IDR -357.9 miliar).

Comment:

Pendapatan bersih LPPF 1H21 mencapai 155.2% target consensus. Kenaikan pendapatan bersih LPPF terutama

didorong oleh penjualan ritel yang naik ke angka IDR 2.19 triliun pada 1H21 (+52.1% yoy) dari IDR 1.44 trilliun

pada periode yang sama tahun sebelumnya. Sementara itu, penjualan konsinyasi juga meningkat +79.7% yoy

ke angka IDR 1.36 triliun dari sebelumnya IDR 760.0 miliar pada 1H20. Meski demikian, perusahaan masih

terdampak oleh pembatasan aktivitas social, di mana 70% dari gerai LPPF terdampak oleh PPKM. Kami masih

mempertahankan view konservatif untuk LPPF. LPPF: Under review (LPPF: SELL: 17.8x PE '21E, 6.1x PBV '21E,

TP: IDR 1,100)


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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) (%) 20E* 21E 20E* 21E 20E* 21E

Banks

BBCA BUY 11.0 33,000 40,500 36,437 22.7 30.0 25.6 4.4 4.0 14.7 15.7

BBRI BUY 6.5 3,890 5,300 4,814 36.2 24.8 14.6 2.6 2.3 10.3 15.8

BMRI BUY 3.8 5,950 8,000 7,904 34.5 16.2 11.7 1.5 1.4 9.1 12.1

BBNI BUY 1.3 5,250 8,500 7,057 61.9 32.8 7.6 0.9 0.7 2.6 9.7

BBTN BUY 0.2 1,400 2,300 2,017 64.3 9.2 5.8 0.7 0.7 8.1 11.4

Average 19.4 8.4 1.0 0.9 6.6 11.1

Consumer (Staples)

ICBP BUY 1.3 8,225 12,000 11,453 45.9 19.0 14.6 3.8 3.2 19.9 22.1

INDF BUY 0.8 6,325 9,500 8,551 50.2 11.4 11.5 1.4 1.3 11.9 11.0

KLBF BUY 0.9 1,340 1,750 1,733 30.6 22.7 20.6 3.6 3.3 16.0 16.0

UNVR BUY 2.2 4,170 5,900 5,331 41.5 22.2 21.9 32.3 31.8 145.7 145.0

SIDO BUY 0.3 800 970 940 21.3 25.7 22.1 7.5 7.0 29.1 31.5

Average 20.2 18.1 9.7 9.3 44.5 45.1

Cigarette

HMSP SELL 1.6 975 870 1,198 -10.8 13.2 13.4 3.8 3.8 28.5 28.1

GGRM BUY 0.9 32,375 38,240 35,112 18.1 7.4 7.1 1.0 1.0 14.2 13.9

Average 10.3 10.2 2.4 2.4 21.4 21.0

Healthcare

MIKA BUY 0.5 2,330 3,500 3,073 50.2 39.1 36.8 6.9 6.2 17.5 16.8

SILO BUY 0.2 8,125 10,800 10,544 32.9 112.8 31.1 2.2 2.1 2.0 6.8

HEAL BUY 0.2 1,140 1,380 1,407 21.1 10.5 9.0 1.4 1.2 13.3 13.5

Average 54.1 25.7 3.5 3.2 10.9 12.4

Poultry

CPIN BUY 1.5 6,600 7,300 7,348 10.6 37.5 28.8 5.1 4.7 13.7 16.4

JPFA BUY 0.3 1,760 2,400 2,512 36.4 22.0 11.6 1.8 1.5 8.0 13.1

MAIN BUY 0.0 755 1,380 1,098 82.8 n/a 11.1 0.8 0.8 -0.9 6.8

WMUU BUY 0.0 152 370 370 143.4 n/a 6.4 n/a 1.5 n/a 23.1

Average 29.8 17.2 2.6 2.3 7.0 12.1

Retail

MAPI BUY 0.2 695 975 870 40.3 n/a 19.3 2.2 4.5 -10.4 23.1

RALS BUY 0.1 640 900 725 40.6 n/a 13.6 1.0 1.0 -1.5 7.7

ACES BUY 0.3 1,410 1,900 1,526 34.8 30.0 22.0 4.8 4.3 16.1 19.6

LPPF SELL 0.1 2,290 1,100 1,289 -52.0 n/a 17.8 3.9 6.1 -35.0 34.1

Average 30.0 18.3 2.7 3.3 1.4 16.8

Pulp and Paper

INKP HOLD 0.5 6,800 7,000 N/A 2.9 7.8 9.4 0.6 0.6 7.6 6.0

Average 7.8 9.4 0.6 0.6 7.6

Media

MNCN BUY 0.2 845 1,650 1,355 95.3 5.3 4.4 0.7 0.6 13.6 14.6

SCMA BUY 0.4 1,950 2,200 2,331 12.8 24.4 22.2 5.9 5.2 24.4 23.7

Average 14.8 13.3 3.3 2.9 19.0 19.1

Telco

EXCL BUY 0.4 2,680 3,000 3,291 11.9 76.6 38.8 1.5 1.5 1.9 3.8

ISAT BUY 0.5 5,650 7,250 7,243 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM BUY 4.6 3,370 4,050 4,174 20.2 16.0 14.9 2.8 2.6 17.2 17.7

Average 46.3 39.8 2.2 1.4 4.5 7.3

Telco Retail

ERAA BUY 0.1 580 1,625 790 180.2 3.1 2.5 0.3 0.3 11.0 11.9

Telco Infra

TBIG SELL 1.0 3,070 1,550 3,181 -49.5 64.0 60.2 10.5 9.4 16.5 15.6

TOWR SELL 0.9 1,320 1,300 1,567 -1.5 22.8 20.6 6.2 5.2 27.2 25.3

Average 43.4 40.4 8.4 7.3 21.9 20.4


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6



Auto

ASII BUY 2.9 5,150 6,750 6,577 31.1 11.5 10.5 1.0 1.0 9.0 9.6

Average 11.5 10.5 1.0 1.0 9.0

Mining Contracting

UNTR BUY 1.0 19,125 31,000 27,456 62.1 10.3 7.6 1.2 1.1 11.2 13.8

Average 10.3 7.6 1.2 1.1 11.2

Property

BSDE BUY 0.3 920 1,350 1,419 46.7 13.7 10.3 0.5 0.5 4.0 4.9

PWON BUY 0.3 446 530 599 18.8 34.3 12.1 0.9 1.5 2.6 12.1

ASRI SELL 0.0 160 130 214 -18.8 12.3 5.7 0.3 0.3 2.3 4.7

LPKR HOLD 0.1 135 140 193 3.7 n/a n/a 0.3 0.3 -0.5 -0.2

SMRA BUY 0.2 795 1,200 1,053 50.9 46.8 27.4 1.6 1.5 3.4 5.4

CTRA BUY 0.2 860 1,100 1,324 27.9 20.5 15.9 1.0 1.0 5.1 6.2

Average 25.5 14.3 0.8 0.8 2.8 5.5

Industrial Estate

SSIA BUY 0.0 496 700 810 41.1 n/a 45.1 0.6 0.6 -1.6 1.3

DMAS BUY 0.1 180 250 252 38.9 12.0 10.6 1.1 1.3 9.6 12.7

KIJA SELL 0.0 172 150 N/A -12.8 15.6 13.2 0.6 0.4 4.0 3.4

Average 13.8 23.0 0.8 0.8 4.0 5.6

Construction

PTPP BUY 0.1 880 1,900 1,345 115.9 40.0 7.2 0.4 0.4 0.9 4.9

ADHI BUY 0.0 720 1,800 1,084 150.0 30.0 7.0 0.5 0.4 1.5 6.1

WSKT BUY 0.1 790 1,400 1,006 77.2 n/a n/a 0.6 0.8 -44.6 -7.4

WIKA BUY 0.1 940 1,400 1,449 48.9 9.8 6.4 0.5 0.5 5.0 7.1

Average 26.6 6.8 0.5 0.5 -9.3 2.6

Cement

INTP BUY 0.6 11,250 16,250 14,177 44.4 31.3 26.0 1.8 1.8 5.8 6.9

SMGR BUY 0.8 9,425 13,050 11,933 38.5 24.7 19.9 1.6 1.5 6.3 7.4

Average 28.0 22.9 1.7 1.6 6.1 7.2

Precast

WSBP BUY 0.1 141 230 175 63.1 12.8 3.8 0.4 0.3 2.9 8.9

WTON BUY 0.0 234 450 367 92.3 21.3 6.3 0.6 0.6 2.9 8.9

Average 17.0 5.1 0.5 0.4 2.9 8.9

Oil and Gas

PGAS BUY 0.3 1,030 1,700 1,486 65.0 18.7 14.7 0.6 0.6 3.3 4.1

AKRA HOLD 0.2 3,750 4,000 4,158 6.7 16.3 14.9 1.7 1.6 10.6 11.0

MEDC BUY 0.2 498 1,090 882 118.9 n/a 6.8 0.7 0.7 -9.9 9.7

Average 17.5 12.1 1.0 1.0 1.3 8.3

Chemical

TPIA BUY 2.1 8,600 10,250 9,760 19.2 593.1 98.9 5.9 5.9 1.0 6.0

BRPT HOLD 1.4 1,095 1,150 1,027 5.0 228.8 139.8 5.8 5.8 2.5 4.2

ESSA SELL 0.1 344 225 593 -34.6 n/a n/a 2.4 1.2 -20.0 -0.5

Average 411.0 119.3 4.7 4.3 -5.5 3.2

Utilities

JSMR BUY 0.4 3,940 5,000 5,102 26.9 59.7 19.8 1.2 1.1 2.0 5.6

Metal

ANTM BUY 0.8 2,300 3,230 3,335 40.4 37.1 22.5 2.9 2.6 7.7 11.7

MDKA BUY 0.8 2,700 3,000 3,366 11.1 n/a 14.7 9.8 10.7 15.7 72.9

INCO BUY 0.7 5,000 6,700 6,376 34.0 43.1 26.5 1.7 1.6 3.9 6.1

TINS BUY 0.1 1,455 1,775 1,700 22.0 n/a 1653.4 2.1 2.5 -4.2 0.1

Average 40.1 429.3 4.1 4.4 5.8 22.7


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7



Coal

ITMG SELL 0.2 15,400 13,550 18,330 -12.0 10.6 10.6 1.5 1.8 14.3 16.7

ADRO BUY 0.5 1,255 1,530 1,688 21.9 8.7 8.7 0.7 0.8 8.5 8.8

PTBA BUY 0.3 2,090 2,900 2,725 38.8 9.8 8.4 1.4 1.2 14.6 14.2

Average 9.7 9.2 1.2 1.2 12.5 13.2

Plantation

AALI BUY 0.2 8,475 12,300 11,906 45.1 19.6 14.0 0.9 0.8 4.4 5.9

LSIP BUY 0.1 1,100 1,370 1,563 24.5 10.8 8.8 0.8 0.7 7.5 8.3

TBLA BUY 0.1 785 980 1,000 24.8 6.5 5.3 0.6 0.5 8.9 10.3

SIMP SELL 0.1 438 388 N/A -11.4 39.8 25.8 0.5 0.5 1.2 1.8

SSMS BUY 0.1 825 1,500 1,465 81.8 24.3 10.4 1.8 1.6 7.4 15.0

Average 20.2 12.9 0.9 0.8 5.9 8.3

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.


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8

Chg (Pts)

1D 1D 1W 1M 3M YTD 1YR High Low

World 3,126 3.83 0.12 2.04 1.47 5.26 16.20 27.79 3,130 2,276

U.S. (S&P) 4,496 9.96 0.22 2.18 1.91 7.36 19.70 30.57 4,502 3,209

U.S. (DOW) 35,406 39.24 0.11 1.27 0.98 3.19 15.68 25.34 35,631 26,144

Europe 4,181 3.04 0.07 (0.20) 1.91 3.71 17.69 24.56 4,242 2,921

Emerging Market 1,275 5.30 0.42 3.48 (0.37) (5.67) (1.24) 13.93 1,449 1,053

FTSE 100 7,150 24.34 0.34 (0.27) 1.77 1.75 10.67 18.27 7,224 5,526

CAC 40 6,676 12.17 0.18 (1.38) 1.49 4.46 20.27 32.25 6,914 4,513

Dax 15,861 (45.19) (0.28) (0.66) 1.55 2.65 15.61 20.25 16,030 11,450

Indonesia 6,113 23.74 0.39 (0.08) 0.11 5.11 2.24 14.47 6,505 4,755

Japan 27,725 (7.30) (0.03) 0.50 (0.39) (3.20) 1.02 19.04 30,715 22,595

Australia 7,532 28.88 0.38 0.40 1.86 6.19 14.34 23.14 7,633 5,763

Korea 3,147 8.51 0.27 1.58 (2.42) (0.68) 9.51 32.81 3,316 2,267

Singapore 3,107 (0.13) (0.00) (0.76) (1.00) (1.23) 9.27 22.24 3,237 2,421

Malaysia 1,570 16.43 1.06 2.92 3.79 (0.51) (3.53) 1.30 1,696 1,452

Hong Kong 25,694 (33.97) (0.13) (0.67) (1.90) (11.90) (5.64) 0.79 31,183 23,124

China 3,540 25.91 0.74 1.58 2.10 (1.47) 1.94 6.33 3,732 3,202

Taiwan 17,046 227.13 1.35 1.31 (2.06) 2.42 15.70 32.83 18,034 12,150

Thailand 1,600 13.51 0.85 3.13 3.58 2.03 10.43 21.02 1,643 1,187

Philipines 6,822 143.33 2.15 2.13 7.05 7.58 (4.45) 15.02 7,432 5,696


Foreign Reserves (US$Bn) 137.34 0.18 (1.05) 1.06 1.68 138.80 133.60

Inflation Rate (yoy, %) 1.52 1.68 1.32

Gov Bond Yld (10yr, %) 6.15 (9.37) 7.02 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)


Indonesia 14,398 5.00 (0.03) (0.17) 0.59 (0.49) (2.42) 1.74 14,950 13,865

Japan 109.98 (0.04) 0.04 (0.22) 0.37 (0.75) (6.12) (3.63) 111.66 102.59

UK 1.38 0.00 0.01 0.92 (0.39) (2.51) 0.69 4.19 1.42 1.27

Euro 1.18 0.00 0.00 0.83 (0.26) (3.44) (3.63) (0.49) 1.23 1.16

China 6.48 0.00 (0.07) 0.14 0.11 (1.00) 0.80 6.75 6.90 6.36

Chg (Pts)


Oil (Brent) 72.25 1.20 1.69 5.89 (2.50) 5.24 39.48 57.54 77.84 35.74

CPO 4,589 60.00 1.32 0.81 1.03 4.99 17.94 68.65 4,839 2,720

Coal 166.30 2.30 1.40 (0.72) 13.32 48.15 106.58 240.78 169.00 49.75

Tin 32,915 79.00 0.24 (6.98) (4.59) 11.69 61.94 89.60 35,955 16,960

Nickel 19,170 96.00 0.50 1.50 (1.04) 12.50 15.39 28.00 20,110 14,045

Copper 9,356 (20.00) (0.21) 3.47 (1.68) (5.67) 20.47 43.30 10,748 6,269

Gold 1,791 0.44 0.02 0.62 (0.34) (5.55) (5.63) (8.34) 1,993 1,677

Silver 23.86 0.02 0.07 2.61 (5.30) (13.81) (9.63) (13.24) 30 22

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


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Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Strategy and Equity [email protected] +6221 2854 8854

Fikri Permana Senior Economist [email protected] +6221 2854 8144

William Mamudi, CFTe, CMT Technical Analyst [email protected] +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Portfolio Advisor [email protected] +6221 2854 8129

Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal, Retail [email protected] +6221 2854 8392

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

Nashrullah Putra Media, Poultry [email protected] +6221 2854 8346

Calista Muskitta Retail, Research Associate [email protected] +6221 2854 8331

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 PWM Equity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

Gitta Wahyu Retnani PWM Equity Sales [email protected] +6221 2854 8365

Wahyudi Budiyono 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

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

Ashalia Fitri Equity Assistant [email protected] +6221 2854 8163

mailto:[email protected]

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