4 september, 2018 - miraeasset.co.id · dengan pos indonesia dapat semakin mendorong pergerakan...
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Christine Natasya +62-21-515-1140 natasya@miraeasset.co.id
To subscribe to our Daily Focus, please contact us at research@miraeasset.co.id
Mirae Asset Sekuritas Indonesia
Operating profit and operating profit margin
Source: Company data, Mirae Asset Sekuritas Indonesia Research
4 September, 2018
GGRM 2Q18 review: Bottom line slightly above forecasts
Untuk 2Q18, GGRM membukukan laba bersih sebesar IDR1.66tr (-12% QoQ; +
35% YoY), secara kumulatif di 1H18 menjadi IDR3.5tr (+13.8% YoY). Kami
percaya angka 1H18 sedikit diatas estimasi setahun penuh, dengan capaian
laba bersih sebesar 42% terhadap perkiraan kami dan konsensus (vs 40% di
1H17).
Double-digit revenue growth supported by higher volume
GGRM membukukan pendapatan 2Q18 sebesar IDR23.3tr, tumbuh dua digit
YoY (+15%) dan +6.1% QoQ. Untuk 1H18, total pendapatan IDR45.3tr (+13%
YoY), sesuai dengan perkiraan kami (run-rate 50% terhadap perkiraan FY kami,
vs. 47-48% dalam tiga tahun terakhir ). Mempertimbangkan pertumbuhan
pendapatan yang double dijit dan kenaikan ASP yang kecil, kami
memperkirakan pertumbuhan volume GGRM c.3% YoY di 2Q18, lebih tinggi
dari pertumbuhan volume industri, yang negatif (-1% YoY).
Gross margin contracted, but net margin expanded
Pada 2Q18, marjin kotor sedikit turun menjadi 19.6% (vs. 20.1% di 1Q18 dan
19.9% di 2Q17), karena kenaikan harga di bulan Maret dan akhir Juni tidak
mengimbangi kenaikan cukai. Meskipun demikian, margin OP meningkat 0.8%p
YoY menjadi 9.7% (vs 8.9% pada 2Q17), tertolong efisiensi opex selama kuartal
tersebut. Transportasi, A&P dan biaya pemasaran (porsi terbesar dari SG&A)
hanya tumbuh 1.6% YoY, meskipun pertumbuhan penjualan lebih tinggi di
kuartal ini. Selain itu, rasio finance cost terhadap penjualan turun menjadi 0.4%
(vs 0.6% pada 2Q17), dan ada keuntungan forex sebesar IDR33bn (vs. IDR3bn
di 1Q18 dan kerugian F/X sebesar IDR4.2bn di 2Q17). Sehingga, net marjin juga
meningkat 1%p menjadi 7.1% di 2Q18 (vs 6.1% di 2Q17).
Reiterate Buy with TP of IDR89,000
Kami berharap arus kas GGRM tetap solid. Dengan asumsi pembangunan
airport yang dibagi selama 5 tahun, capex akan menjadi sekitar IDR2tr per
tahun yang mana masih tergolong rendah dibandingkan capex perseroan yang
tinggi selama 2013-15. Kami maintain buy GGRM dengan target IDR89,000.
Market Index
Last Trade Chg (%) MoM YoY
JCI 5,967.6 -0.8 0.2 3.5
MSCI Indonesia 23.4 0.1 -3.4 -13.8
MSCI EM 1,047.1 -0.8 -1.6 -2.5
HANG SENG 27,712.5 -0.6 0.8 0.5
KOSPI 2,307.0 -0.2 0.8 -1.0
FTSE 7,504.6 1.0 -3.0 0.3
DJIA 25,964.8 -0.1 2.1 18.2
NASDAQ 8,109.5 0.3 3.5 25.7
Valuation
2018F P/E (x) P/B (x) ROE (%)
JCI 15.4 2.3 16.9
Key Rates
Last Trade Chg (bps) MoM YoY
BI 7-Day RR 5.50 0 0 75
3yr 7.90 27 48 164
10yr 8.32 11 49 162
FX
Last Trade Chg (%) MoM YoY
USD/IDR 14,815.00 0.7 1.5 10.3
USD/KRW 1,110.30 -0.2 -1.2 -2.0
USD/JPY 111.07 0.0 -0.3 1.2
USD/CNY 6.82 -0.2 0.1 4.6
Commodities
Last Trade Chg (%) MoM YoY
WTI 69.8 -0.6 1.9 33.2
Gold 1,201.3 -0.2 -0.5 -9.9
Coal 116.3 0.9 -1.0 21.3
Palm Oil 2,209.0 0.4 1.8 -17.6
Rubber 123.1 0.1 3.9 -11.8
Nickel 12,790.0 -0.1 -5.6 6.3
Copper 5,967.0 -0.1 -3.9 -13.7
Tin 18,840.0 -0.8 -3.1 -7.9
JCI Index VS MSCI Emerging Markets
550
800
1,050
1,300
1,550
5,000
5,500
6,000
6,500
7,000
01/17 05/17 09/17 01/18 05/18
JCI MSCI EM(pt)
(pt)
650
800
950
1,100
3,500
4,500
5,500
04/13 01/14 10/14 07/15 04/16
(pt) JCI MSCI EM (pt)
8.9%
9.7%
4%
6%
8%
10%
12%
14%
16%
18%
0
800
1,600
2,400
3,200
4,000
1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
Operating profit margin (R) Operating profit (L)(IDRbn)
4 September, 2018
2
Embun Pagi
Mirae Asset Sekuritas Indonesia
Mirae Asset Sekuritas Indonesia cartoon
4 September, 2018
3
Embun Pagi
Mirae Asset Sekuritas Indonesia
Local flashes
MCAS: Gandeng Pos Indonesia, M Cash Integrasi (MCAS) hadirkan layanan multi
biller POSPAY. PT M Cash Integrasi Tbk (MCAS) dan PT Pos Indonesia mengumumkan
kerjasama kesepakatan multi biller POSPAY, sekaligus untuk menghadirkan layanan
digital locker M Box Pos. Martin Suharlie, Direktur Utama MCAS mengatakan kolaborasi
dengan Pos Indonesia dapat semakin mendorong pergerakan ekonomi digital Indonesia,
dengan memudahkan masyarakat untuk melakukan transaksi online dan mengakses
berbagai produk digital sesuai dengan kebutuhan mereka. (Kontan)
WOOD: Dollar AS menguat, Integra Indocabinet (WOOD) optimistis kinerja tumbuh
20%. PT Integra Indocabinet Tbk (WOOD) optimis bisnisnya tahun bergerak maju.
Selain didorong penguatan mata uang dollar, WOOD juga dapat angin segar dari
berbagai proyek dan permintaan di hari raya. Manajemen yakin pendapatan perusahaan
bisa tumbuh 20% tahun ini. "Umumnya untuk kinerja keuangan, kami masih optimis
untuk bisa mencapai target pertumbuhan 20% di akhir tahun," ujar Wang Sutrisna,
Direktur WOOD (Kontan)
MGRO: Bangun Pabrik, MGRO Tak Kesulitan Pendanaan. Emiten pengolahan sawit PT
Mahkota Group Tbk. (MGRO) mengakui tak mengalami kesulitan dalam mendanai
proyek hilirisasi senilai Rp330 miliar. Presiden Direktur Mahkota Group Usli Sarsi
menyampaikan, pengembangan industri hilir berupa pembangunan pabrik refinery
berkapasitas 1.500 ton per hari dan kernel crushing plant 200--400 ton per hari di
Kabupaten Bengkalis, Riau, dapat berjalan bulan ini.“Untuk pendanaan kami tidak ada
kesulitan. Ada dana dari kas internal, kemudian hasil IPO. Saat ini kami dalam proses
pengajuan pinjaman perbankan sekitar Rp50—Rp100 miliar,” tuturnya kepada Bisnis,
Senin (3/9).(Bisnis Indonesia)
AKRA: Divestasi Aset, AKRA Raup Rp787,03 Miliar. PT AKR Corporindo Tbk. (AKRA)
menerima pembayaran hasil penjualan aset Khalista sebesar Rp787,03 miliar pada 31
Agustus 2018. Direktur AKRA Suresh Vembu menyebutkan, pada 31 Agustus 2018
perseroan telah menerima hasil penjualan aset milik anak usaha perseroan, Khalista
Chemical Industries Ltd. Sisa penjualan aset itu mencapai 365,48 juta yuan atau setara
dengan Rp787,03 miliar.“Total penerimaan dari penjualan tanah Khalista di China
adalah 838,52 juta yuan,” paparnya dalam keterbukaan informasi (Bisnis Indonesia)
KAEF: Kimia Farma (KAEF) Tambah 3 Gerai Apotek di Arab Saudi. PT Kimia Farma
(Persero) Tbk. menambah tiga gerai apotek di Arab Saudi pada Agustus 2018.“Jumlah
gerai sudah 34 karena Agustus 2018 kemarin kami buka tiga gerai apotek di Madinah,”
ujar Direktur Utama Kimia Farma Honesti Basyir Secara detail, Sekretaris Perusahaan
Kimia Farma Ganti Winarno mengklaim bahwa keberadaan gerai ritel di Jeddah,
Makkah, dan Madinah mendapatkan respons positif. Menurutnya, kehadiran Kimia
Farma Dawaa membantu khususnya jemaah haji dan umroh dari Indonesia dan luar
Indonesia. (Bisnis Indonesia)
PCAR: Prima Cakrawala Abadi (PCAR) Terkendala Pasokan & Harga Rajungan. PT
Prima Cakrawala Abadi Tbk. kini tengah berjuang untuk mengatasi kerugian yang
melebar, akibat seretnya pasokan bahan baku. Direktur Utama Prima Cakrawala Abadi
Raditya Wardhana mengatakan, perseroan masih terkendala tingginya harga bahan
baku. Hingga Juni 2018, nilai bahan baku yang tersedia untuk dipakai senilai Rp89,26
miliar, naik 33,3% dari posisi Rp66,92 miliar pada periode yang sama tahun sebelumnya.
Dia mengatakan, nilai penjualan cenderung meningkat karena adanya peningkatan dari
harga jual. Produsen rajungan ini mencatatkan peningkatan penjualan, akan tetapi rugi
yang dicetak kian melebar. (Bisnis Indonesia)
4 September, 2018
4
Embun Pagi
Mirae Asset Sekuritas Indonesia
Technical analysis
Tasrul +62-21-515-1140 tasrul@miraeasset.co.id
Jakarta Composite Index (JCI) – Consolidation
IHSG akan coba bertahan diatas normal upper band pada down trend channel.
IHSG masih dalam pola downtrend yang relatif valid (r-squared = 0.6782) sejak 148
hari terakhir dimana bergerak normal dalam rentang +/-0.99 std.deviasi dari centerline.
Peluang IHSG bergerak di luar pergerakan normal sekitar 32.18% atau sekitar 48 bar
chart. Rata-rata volatilitas normal pergerakan IHSG secara harian saat ini antara +0.51%
/ - 0.67% atau +30.44/ -39.99 point (rata-rata pergerakan normal positif / negatif selama
periode analisis) sebagaimana terlihat pada Figure 1.
Summary
Item Data Item Data
Close (Sept 3, 2018) 5,967.58(-0.845%) Trading range 5,943 - 6,013
Average index performance (%) (3.95) Target
Period 149 - Daily 6,013
r-squared 0.6782 - Weekly 6,062
Volatility (+/-, %) +0.51/ -0.67 - Monthly 6,137
Volatility (+/-, point) +30.44/ -39.99 Stop loss 5,900
Source: Mirae Asset Sekuritas Indonesia Research
Figure 1. Daily , Short term trend – Downtrend
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,013.7
_____ 5,943.2
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
^JKSE [ ^JKSE ] - Daily - 9/3/2018 Open: 6,025 High: 6,027 Low: 5,955 Close: 5,968 Vol. 4,448,536,064
Prev . Av g. Price: 5,983.1
R-Squared: 0.6782
Period: 149
Std.Dev : 0.99
Volatility (+) : 0.0051
Volatility (-) : -0.0067
V-Ratio : 0.76
Chg.: -0.845%
5,967.58
5,966.4
5,917.91
5,899.81
5,734.49
5,734.49
5,569.16
5,393.29
6,075.69
Feb Mar Apr May Jun Jul Aug Sep
^JKSE - Volume = 4,448,536,064.00, EMA(Volume,17) = 5,858,241,024.00
4,448,536,064
5,858,241,024
4 September, 2018
5
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana keluar dan volatilitas indeks turun masih terlihat.
Pada Figure 2, terlihat dari hasil optimalisasi terakhir pada periode daily. Indikator MFI
optimized dan indikator W%R optimized masih cenderung turun. Figure 3 pada
periode weekly ,indikator MFI optimized , indikator RSI optimized dan Stochastic %D
optimized masih bergerak turun. Daily resistance terdekat di 6,013 dan support di
5,943.Cut loss level di 5,900.
Figure 2. Daily, Short term trend, MFI optimized & W%R optimized
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
^JKSE - MFI Smoothed = 69.30
69.3024
^JKSE - Will%R Smoothed = -25.95
-25.9532
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
_____ 6,013.8_____ 5,943.4
^JKSE [ ^JKSE ] - Daily - 9/3/2018 Open: 6,025 High: 6,027 Low: 5,955 Close: 5,968 Vol. 4,448,536,064
Prev . Av g. Price: 5,983.1
R-Squared: 0.6782
Period: 149
Std.Dev : 0.99
Volatility (+) : 0.0051
Volatility (-) : -0.0066
V-Ratio : 0.77
Chg.: -0.85%
5,917.91
5,966.4
5,967.58
6,021.5
Feb Mar Apr May Jun Jul Aug Sep
^JKSE - Volume = 4,448,536,064.00, Exponential Mov ing Av erage(Volume,17) = 5,858,241,024.00
4,448,536,064
5,858,241,024
4 September, 2018
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Mirae Asset Sekuritas Indonesia
Figure 3. Weekly Trend – Uptrend, MFI optimized,RSI optimized & Stochastic %D optimized
Source: Mirae Asset Sekuritas Indonesia Research
IHSG akan coba bertahan diatas level 5,983
Pada pergerakkan daily, rata-rata koreksi normal sekitar -0.66%, saat ini di -0.85%.
Sementara itu pada pergerakkan weekly koreksi normal rata-rata sekitar -1,40%,
sementara saat ini di level -0.85%. Pada pergerakan monthly saat ini di level -0.85%,
normal sekitar -2.87%.Dengan demikian potensi koreksi pada pergerakan daily mulai
terbatas.Pada Figure 4,5 dan 6 terlihat perkiraan normal trading range untuk masing-
masing periode.
Figure 4. Daily : 5,943 – 6,013 Figure 5. Weekly : 5,899 – 6,062 Figure 6. Monthly : 5,812 – 6,137
x
x
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
^JKSE - MFI Smoothed = 84.40 84.3999
^JKSE - RSI Smoothed = 53.28
53.2782
^JKSE - Stochastic %D = 65.66, MA = 59.90
65.6562
59.8969
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
^JKSE [ ^JKSE ] - Weekly - 9/9/2018 Open: 6,025 High: 6,027 Low: 5,955 Close: 5,968 Vol. 4,448,536,064
Prev . Av g. Price: 5,983.1
R-Squared: 0.8663
Period: 158
Std.Dev : 1.50
Volatility (+) : 0.0129
Volatility (-) : -0.0128
V-Ratio : 1.01
Chg.: -0.85%
6,782.56
6,433.72
6,431.84
6,084.88
5,977.89
5,967.58
5,792.48
7,071.19
Oct 2016 Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul
^JKSE - Volume = 4,448,536,064.00, EMA(Volume,21) = 27,778,881,536.00
4,448,536,064
27,778,881,536
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,013.8
_____ 5,943.4
5,983.1
^JKSE [ ^JKSE ] - Daily - 9/3/2018 Open: 6,025
Prev . Av g. Price: 5,983.1
R-Squared: 0.6782
Period: 149
Std.Dev : 0.99
Volatility (+) : 0.0051
Volatility (-) : -0.0066
V-Ratio : 0.77
Chg.: -0.85%
5,967.58
20 27 Sep
^JKSE - Volume = 4,448,536,064.00
4,448,536,064
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,062.4
_____ 5,899.4
5,983.1
^JKSE [ ^JKSE ] - Weekly - 9/9/2018 Open:
Prev . Av g. Price: 5,983.1
R-Squared: 0.8663
Period: 158
Std.Dev : 1.50
Volatility (+) : 0.0132
Volatility (-) : -0.0140
V-Ratio : 0.95
Chg.: -0.85%
5,967.58
Jun Aug Sep
^JKSE - Volume = 4,448,536,064.00
4,448,536,064
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,136.9
_____ 5,811.5
5,983.1
^JKSE [ ^JKSE ] - Monthly - 9/30/2018 Open:
Prev . Av g. Price: 5,983.1
R-Squared: 0.8521
Period: 38
Std.Dev : 1.45
Volatility (+) : 0.0257
Volatility (-) : -0.0287
V-Ratio : 0.90
Chg.: -0.85%
5,967.58
2018 Jul
^JKSE - Volume = 4,448,536,064.00
4,448,536,064
4 September, 2018
7
Embun Pagi
Mirae Asset Sekuritas Indonesia
Stocks on our focus list
Japfa Comfeed Indonesia (JPFA) - Daily, Trading Buy
Harga akan coba naik mendekati center line pada uptrend channel.
Secara umum harga saham ini masih bergerak pada uptrend channel yang masih
relatif valid (r-squared = 0.803) selama 66 hari terakhir yang bergerak normal dalam
rentang +/- 1.28 std.deviasi dari center line. Peluang harga keluar dari pergerakan
normal sekitar +19.69 % (sekitar 13 bar chart ). Rata-rata volatilitas normal pergerakan
harga saat ini antara +3.14/-2.62atau +70.02 rupiah/-58.43 rupiah (rata-rata
pergerakan normal positif / negatif, selama periode analisis) sebagaimana terlihat pada
Figure 7.
Summary
Item Data Item Data
Close (Sept 3, 2018) 2,230(+1.364%) Trading range 2,180 - 2,290
0Relative Avg. Price performance to JCI (%) 20.66 Target
β (beta) 0.87 - Daily 2,290
Corelation (0.44) - Weekly 2,340
Period 65 - Monthly 2,540
r-squared 0.803 Stop loss 2,100
Volatility (+/-, %) +3.14/ -2.62
Volatility (+/-, Rp.) 70.02/ -58.43
Source: Mirae Asset Sekuritas Indonesia Research
Figure 7. Daily trend – Uptrend
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,290.6
_____ 2,179.1
Optimization Trading System - ©2010 - Powered by AMTA Optimization Trading System - ©2010 - Powered by AMTA Optimization Trading System - ©2010 - Powered by AMTA Optimization Trading System - ©2010 - Powered by AMTA
Japfa Comfeed In [ JPFA.JK ] - Daily - 9/3/2018 Open: 2,200 High: 2,260 Low: 2,200 Close: 2,230 Vol. 5,363,800
Prev . Av g. Price: 2,230.0
R-Squared: 0.8031
Period: 65
Std.Dev : 1.29
Volatility (+) : 0.0272
Volatility (-) : -0.0228
V-Ratio : 1.19
Chg.: 1.364% 2,230
2,184.01
2,159.73
2,095.89
2,023.09
2,319.11
2,319.11
2,478.49
2,615.13
May Jun Jul Aug Sep
JPFA.JK - Volume = 5,363,800.00, EMA(Volume,28) = 10,383,932.00
5,363,800
10,383,932
4 September, 2018
8
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana masuk dan volatilitas harga naik masih telihat
Pada Figure 8, terlihat dari hasil optimalisasi terakhir terlihat pada indikator MFI
optimized dan indikator Stochastic %D optimized cenderung naik lebih lanjut. Daily
support di 2,180 dan resistance di 2,290. Cut loss level di 2,100.
Figure 8. Daily , MFI optimized & Stochastic%D
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
JPFA.JK - MFI Smoothed = 80.53
80.5266
JPFA.JK - Stochastic %D = 68.18, MA = 41.94
68.1818
41.9448
_____ 2,300.1
_____ 2,171.6
Optimization Trading System - ©2010 Optimization Trading System - ©2010
Japfa Comfeed In [ JPFA.JK ] - Daily - 9/3/2018 Open: 2,200 High: 2,260 Low: 2,200 Close: 2,230 Vol. 5,363,800
Prev . Av g. Price: 2,230.0
R-Squared: 0.8031
Period: 65
Std.Dev : 1.29
Volatility (+) : 0.0314
Volatility (-) : -0.0262
V-Ratio : 1.20
Chg.: 1.36%
2,230
2,184.01
2,095.89
Mar Apr May Jun Jul Aug Sep
JPFA.JK - Volume = 5,363,800.00, EMA(Volume,28) = 10,383,932.00
5,363,800
10,383,932
4 September, 2018
9
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga akan coba naik dan bertahan diatas rata-rata pada masing-masing periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area). Pada pergerakkan daily harga
saat ini di level +1.36%, normal kenaikan sekitar +2.72 % .Pada pergerakkan weekly di
level +1.36%, normal kenaikan sekitar +5.00 % sementara itu pada pergerakan monthly
saat ini di +1.36% dan normal kenaikan sekitar level +14.01% . Dengan demikian potensi
kenaikan secara umum masih terlihat. Pada Figure 9,10 dan 11 terlihat perkiraan
normal trading range untuk masing-masing periode.
Figure 9. Daily : 2,180– 2,290 Figure 10. Weekly : 2,140– 2,340 Figure 11. Monthly : 2,060 – 2,540
x`x`
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,290.6
_____ 2,179.1
1,498.3
1,545.7
2,230
Japfa Comfeed In [ JPFA.JK ] - Daily - 9/3/2018
Prev . Av g. Price: 2,230.0
R-Squared: 0.8031
Period: 65
Std.Dev : 1.29
Volatility (+) : 0.0272
Volatility (-) : -0.0228
V-Ratio : 1.19
Chg.: 1.36%
2,230
20 27 Sep
JPFA.JK - Volume = 5,363,800.00
5,363,800
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,341.5
_____ 2,135.5
2,230
Japfa Comfeed In [ JPFA.JK ] - Weekly - 9/9/2018
Prev . Av g. Price: 2,230.0
R-Squared: 0.7539
Period: 40
Std.Dev : 1.15
Volatility (+) : 0.0500
Volatility (-) : -0.0424
V-Ratio : 1.18
Chg.: 1.36%
2,230
Jun Aug Sep
JPFA.JK - Volume = 5,363,800.00
5,363,800
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,542.4
_____ 2,061.0
2,230
Japfa Comfeed In [ JPFA.JK ] - Monthly - 9/30/2018
Prev . Av g. Price: 2,230.0
R-Squared: 0.7343
Period: 195
Std.Dev : 1.11
Volatility (+) : 0.1401
Volatility (-) : -0.0758
V-Ratio : 1.85
Chg.: 1.36%
2,230
2018 Jul
JPFA.JK - Volume = 5,363,800.00
5,363,800
4 September, 2018
10
Embun Pagi
Mirae Asset Sekuritas Indonesia
Petrosea (PTRO) – Weekly, Trading Buy
Harga akan coba bertahan diatas normal lower band pada uptrend channel.
Secara umum harga saham ini juga masih bergerak dalam pola uptrend channel yang
masih relatif valid (r-squared = 0.819) selama 153 minggu terakhir dan bergerak normal
dalam rentang +/- 1.34 std.deviasi dari center line. Peluang harga keluar dari
pergerakan normal sekitar +18.12% (sekitar 27 bar chart ). Rata-rata volatilitas normal
pergerakan harga saat ini antara +7.32/ -5.69 atau 144.20 rupiah / -112.09 rupiah (rata-
rata pergerakan normal positif / negatif, selama periode analisis) sebagaimana
sebagaimana terlihat pada Figure 12.
Summary
Item Data Item Data
Close (Sept 3, 2018) 1,970(+6.20%) Trading range 1,860 - 2,100
Relative Avg. Price performance to JCI (%) 38.94 Target
β (beta) 1.18 - Daily 2,000
Corelation 0.91 - Weekly 2,100
Period 153 - Monthly 2,330
r-squared 0.819 Stop loss 1,700
Volatility (+/-, %) +7.32/ -5.69
Volatility (+/-, Rp.) +144.20/ -112.09
Source: Mirae Asset Sekuritas Indonesia Research
Figure 12. Weekly trend – Uptrend
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,097.7
_____ 1,857.5
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Petrosea Tbk [ PTRO.JK ] - Weekly - 9/9/2018 Open: 1,855 High: 2,020 Low: 1,865 Close: 1,970 Vol. 9,740,800
Prev . Av g. Price: 1,951.7
R-Squared: 0.8188
Period: 153
Std.Dev : 1.34
Volatility (+) : 0.0748
Volatility (-) : -0.0483
V-Ratio : 1.55
Chg.: 6.20%
1,970
1,874.58
1,713.32
1,695.97
1,496.26
2,073.62
2,073.62
2,172.92
2,451.27
2,650.98
Oct 2016 Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul
PTRO.JK - Volume = 9,740,800.00, EMA(Volume,10) = 9,513,816.00
9,740,800
9,513,816
4 September, 2018
11
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana masuk dan volatilitas harga naik masih terlihat.
Pada Figure 13, terlihat dari hasil optimalisasi indikator MFI optimized & Will%R
optimized masih cenderung naik. Daily dan Weekly resistance di 2,000 dan 2,100
Sementara itu daily dan weekly support di 1,890 dan 1,860. Cut loss level di 1,700.
Figure 13. Weekly, MFI optimized & Will%R optimized
,
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
PTRO.JK - MFI Smoothed = 82.11 82.1132
PTRO.JK - Will%R Smoothed = -31.75
-31.7523
PTRO.JK - Stochastic %D = 56.83, MA = 41.89
56.8306
41.887
_____ 2,097.7
_____ 1,857.5
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Petrosea Tbk [ PTRO.JK ] - Weekly - 9/9/2018 Open: 1,855 High: 2,020 Low: 1,865 Close: 1,970 Vol. 9,740,800
Prev . Av g. Price: 1,951.7
R-Squared: 0.8188
Period: 153
Std.Dev : 1.34
Volatility (+) : 0.0748
Volatility (-) : -0.0483
V-Ratio : 1.55
Chg.: 6.20%
1,970
1,874.58
1,713.32
2,172.92
Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul
PTRO.JK - Volume = 9,740,800.00, EMA(Volume,10) = 9,513,816.00
9,740,800
9,513,816
4 September, 2018
12
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga saat ini akan coba naik dan bertahan diatas rata-rata pada masing-masing
Periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area) . Lebih lanjut potensi kenaikan
normal harga pada pergerakkan daily sekitar +2.66%, saat ini di level 6.20%. Sementara
itu pada pergerakkan weekly potensi kenaikan normal sekitar +7.48% saat ini harga di
level +6.20% dan pada pergerakan monthly kenaikan normal sekitar +19.33% saat ini di
+6.20% dengan demikian potensi kenaikan masih terlihat. Pada Figure 14,15 dan 16
terlihat perkiraan normal trading range untuk masing-masing periode.
Figure 14. Daily : 1,890 – 2,000 Figure 15. Weekly : 1,860– 2,100 Figure 16. Monthly : 1,780 – 2,330
x
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,003.5
_____ 1,898.1
1,556.7
1,951.7
Petrosea Tbk [ PTRO.JK ] - Daily - 9/3/2018
Prev . Av g. Price: 1,951.7
R-Squared: 0.7340
Period: 143
Std.Dev : 1.11
Volatility (+) : 0.0266
Volatility (-) : -0.0274
V-Ratio : 0.97
Chg.: 6.20% 1,970
20 27 Sep
PTRO.JK - Volume = 9,740,800.00 9,740,800
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,097.7
_____ 1,857.5
1,951.7
Petrosea Tbk [ PTRO.JK ] - Weekly - 9/9/2018
Prev . Av g. Price: 1,951.7
R-Squared: 0.8188
Period: 153
Std.Dev : 1.34
Volatility (+) : 0.0748
Volatility (-) : -0.0483
V-Ratio : 1.55
Chg.: 6.20%
1,970
Jun Aug Sep
PTRO.JK - Volume = 9,740,800.00
9,740,800
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 2,329.0
_____ 1,779.5
1,951.7
Petrosea Tbk [ PTRO.JK ] - Monthly - 9/30/2018
Prev . Av g. Price: 1,951.7
R-Squared: 0.8340
Period: 37
Std.Dev : 1.39
Volatility (+) : 0.1933
Volatility (-) : -0.0882
V-Ratio : 2.19
Chg.: 6.20%
1,970
2018 Jul
PTRO.JK - Volume = 9,740,800.00
9,740,800
4 September, 2018
13
Embun Pagi
Mirae Asset Sekuritas Indonesia
Indika Energy (INDY) – Weekly, Trading Buy
Harga akan coba bertahan diatas center line band pada uptrend channel.
Secara umum potensi kenaikan masih terlihat dan harga akan coba bertahan diatas
center line pada uptrend channel yang masih relatif valid dengan r-squared 0.791
selama 91 minggu terakhir dan bergerak normal dalam rentang +/-1.25 std.deviasi dari
centerline. Peluang harga keluar dari pergerakan normalnya sekitar +20.91% (sekitar 19
bar chart ). Rata-rata volatilitas normal pergerakan harga saat ini antara +0.64%/ -5.17%
atau +20.16rupiah / -162.86 rupiah (rata-rata pergerakan normal positif / negatif,
selama periode analisis) sebagaimana terlihat pada Figure 17.
Summary
Item Data Item Data
Close (Sept 3, 2018)) 3,150(-3.67%) Normal trading range 3,120 - 3,280
Relative Avg. Price performance to JCI (%) 132.58 Target
β (beta) 1.07 - Daily 3,280
Corelation 0.84 - Weekly 3,400
Period 91 - Monthly 4,030
r-squared 0.791 Stop loss 3,070
Volatility (+/-, %) +0.64/ -5.17
Volatility (+/-, Rp.) +20.16/-162.86
Source: Mirae Asset Sekuritas Indonesia Research
Figure 17. Weekly Trend – Uptrend
Source: Mirae Asset Sekuritas Indonesia Research
,
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 3,425.7
_____ 3,031.5
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Indika Energy Tb [ INDY.JK ] - Weekly - 9/9/2018 Open: 3,270 High: 3,270 Low: 3,150 Close: 3,150 Vol. 11,423,400
Prev . Av g. Price: 3,190.0
R-Squared: 0.7909
Period: 91
Std.Dev : 1.25
Volatility (+) : 0.0739
Volatility (-) : -0.0497
V-Ratio : 1.49
Chg.: -3.67%
3,150
3,065.15
3,235.45
3,479.7
3,543.53
4,250.52
4,250.52
5,021.34
5,435.89
2016 Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul
INDY.JK - Volume = 11,423,400.00, EMA(Volume,17) = 81,099,136.00
11,423,400
81,099,136
4 September, 2018
14
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana masuk masih terlihat dan volatilitas harga turun sementara akan tertahan.
Pada Figure 18, terlihat dari hasil optimalisasi. Indikator MFI optimized cenderung naik
dan indkator Will%R optimized relatif flat.. Dengan demikian diperkirakan potensi
kenaikan masih terlihat . Perkiraan daily dan weekly support di 3,120 dan 3,020. Daily
dan weekly resistance di 3,280 dan 3,400. Cut loss level di 3,070.
Figure 18. Weekly,MFI optimized & Will %R optimized
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
INDY.JK - MFI Smoothed = 74.51
74.5076
INDY.JK - Will%R Smoothed = -77.51
-77.5057
_____ 3,358.4_____ 3,028.9
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Indika Energy Tb [ INDY.JK ] - Weekly - 9/9/2018 Open: 3,270 High: 3,270 Low: 3,150 Close: 3,150 Vol. 11,423,400
Prev . Av g. Price: 3,190.0
R-Squared: 0.7909
Period: 91
Std.Dev : 1.25
Volatility (+) : 0.0528
Volatility (-) : -0.0505
V-Ratio : 1.05
Chg.: -3.67%
3,150
2,402.65
3,235.45
3,543.53
Oct 2016 Apr Jul Oct 2017 Apr Jul Oct 2018 Apr Jul
INDY.JK - Volume = 11,423,400.00, EMA(Volume,17) = 81,099,136.00
11,423,400
81,099,136
4 September, 2018
15
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga akan coba bertahan diatas rata-rata pada masing-masing periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area) . Jika dilihat lebih lanjut potensi
koreksi normal pada pergerakkan daily sekitar -2.27%, saat ini di level -3.67%. Pada
pergerakkan weekly koreksi normal sekitar -5.17%, saat ini di level -3.67% dan pada
pergerakkan monthly di level -3.67 % sementara saat ini -8.87%. Dengan demikian
potensi koreksi mulai tertahan. Pada Figure 19,20 dan 21 terlihat perkiraan normal
trading range untuk masing-masing periode.
Figure 19. Daily : 3,120 – 3,280 Figure 20. Weekly : 3,020 – 3,400 Figure 21. Monthly : 2,900 – 4,030
,
,
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Relative Avg.Price Performance to JCI (%) : Persentase kenaikan harga saham dari rata-rata sejak IHSG memulai uptrend-nya β (beta) : Indikator sensitivitas harga saham terhadap IHSG, beta diatas 1 berarti harga makin sensitif terhadap pergerakan IHSG dan sebaliknya Correlation : Ukuran kuat hubungan (korelasi) pergerakan harga saham dibanding dengan pergerakan IHSG selama periode analisis. Period : Periode uptrend / downtrend yang valid dari pergerakan harga saham. r-squared : Koefisien determinasi, menunjukkan persentase gerakan yang dapat dijelaskan dengan regresi linier.Nilai R2 terletak antara 0 – 1, dan kecocokan model dikatakan lebih baik kalau R2 semakin mendekati 1 (validitas uptrend atau downtrend makin valid) Volatility (+/-%) : Besaran volatilitas normal positif/negatif dari pergerakan harga harian selama harga saham bergerak normal pada trend channel dalam persentase. Volatility (+/- point or Rp) : Besaran volatilitas normal positifl/negatif dari pergerakan harga harian selama harga saham bergerak dalam periode analisis.
Buy: : Beli, harga sudah menyentuh atau jatuh di bawah support dan indikator teknikal berada di oversold area. Sell: : Jual, harga sudah menyentuh atau tembus resistance normal dan indikator berada di overbought area. BoW: : Buy on Weakness, beli ketika harga sudah melemah, dimana volume tekanan jual mulai berkurang dan harga mendekati support, serta indikator teknikal sudah berada di oversold area. SoS: : Sell on Strength, jual ketika kenaikan harga sudah mulai terbatas dimana volume beli mulai berkurang dan harga mendekati resistance, serta indikator teknikal sudah berada di overbought area. Trading Buy: : Beli dan jual kembali secepatnya jika harga sudah mencapai level resistance terdekat, karena kenaikan harga relatif tidak stabil atau hanya sementara. Trading Sell : Jual dan beli kembali secepatnya jika harga sudah mencapai level support terdekat karena koreksi harga relatif tidak stabil atau hanya sementara.
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 3,278.7
_____ 3,117.7
4,046.7
3,190.0
Indika Energy Tb [ INDY.JK ] - Daily - 9/3/2018
Prev . Av g. Price: 3,190.0
R-Squared: 0.7978
Period: 414
Std.Dev : 1.27
Volatility (+) : 0.0278
Volatility (-) : -0.0227
V-Ratio : 1.23
Chg.: -3.67%
3,150
20 27 Sep
INDY.JK - Volume = 11,423,400.00
11,423,400
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 3,395.5
_____ 3,025.1
3,190.0
Indika Energy Tb [ INDY.JK ] - Weekly - 9/9/2018
Prev . Av g. Price: 3,190.0
R-Squared: 0.7909
Period: 91
Std.Dev : 1.25
Volatility (+) : 0.0644
Volatility (-) : -0.0517
V-Ratio : 1.25
Chg.: -3.67%
3,150
Jun Aug Sep
INDY.JK - Volume = 11,423,400.00
11,423,400
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 4,033.7
_____ 2,907.1
3,190.0
Indika Energy Tb [ INDY.JK ] - Monthly - 9/30/2018
Prev . Av g. Price: 3,190.0
R-Squared: 0.7920
Period: 35
Std.Dev : 1.25
Volatility (+) : 0.2645
Volatility (-) : -0.0887
V-Ratio : 2.98
Chg.: -3.67%
3,150
2018 Jul
INDY.JK - Volume = 11,423,400.00
11,423,400
4 September, 2018
16
Embun Pagi
Mirae Asset Sekuritas Indonesia
Chart 22. JCI Vs. USD/IDR Chart 23. JCI performance (absolute vs. relative)
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Note: Relative to MSCI EM Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 24. Foreigner’s net purchase (EM) Chart 25. Energy price
V
Note: The latest figure for India are Aug 31th, 2018
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 26. Non-ferrous metal price Chart 27. Precious metal price
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia
13,600
14,000
14,400
14,800
5,400
5,800
6,200
6,600
6/4 7/2 7/30 8/27
(IDR) (pt) JCI (L) USD/IDR (R)
-0.8 -1.0 -0.7
2.6
0.0
1.2 1.8
6.0
-4
0
4
8
1D 1W 1M 1Y
Absolute Relative(%, %p)
0 14
-21 -57 -13
-409
562
979
3
-228
-5
-440 -600
-400
-200
0
200
400
600
800
1,000
1,200
Korea Taiwan Indonesia Thailand Philippines India
1 Day 5 Days (USDmn) (USDmn)
80
90
100
110
120
6/4 7/2 7/30 8/27
CPO WTI Coal(D-3M=100) (D-3M=100)
80
90
100
110
120
06/18 07/18 07/18 08/18
(D-3M=100) Copper Nickel Tin
80
85
90
95
100
105
06/18 07/18 07/18 08/18
(D-3M=100) Silver Gold Platinum
4 September, 2018
17
Embun Pagi
Mirae Asset Sekuritas Indonesia
Table. Key valuation metrics
Company Name Ticker Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)*
(IDR) (IDRbn) 1D 1W 1M 1Y FY18 FY19 FY18 FY19 FY18 FY19
Jakarta Composite Index JCI 5,968 6,756,123 -0.8 -1.0 -0.7 2.6 15.4 13.6 2.3 2.1 16.9 4.1
FINANCIALS
Bank Central Asia BBCA 24,775 610,828 -0.1 0.0 5.7 31.3 23.2 26.5 4.1 4.7 19.1 19.0
Bank Mandiri Persero BMRI 6,700 312,667 -2.9 -3.9 -6.9 2.7 18.1 15.3 2.2 1.9 13.0 12.8
Bank Rakyat Indonesia Persero BBRI 3,170 391,006 -0.3 -6.2 -4.8 6.6 15.3 14.0 2.7 2.4 18.5 18.2
Bank Negara Indonesia Persero BBNI 7,850 146,392 0.6 2.3 -0.6 9.0 13.6 10.9 1.9 1.5 14.7 14.7
Bank Tabungan Negara Persero BBTN 2,750 29,123 0.0 -0.7 12.2 -9.8 18.1 16.9 1.7 1.7 9.9 10.5
CONSUMER
HM Sampoerna HMSP 3,790 440,846 -1.0 4.1 0.5 5.9 43.4 33.9 16.1 12.5 37.1 37.4
Gudang Garam GGRM 71,800 138,150 -1.6 -2.3 -4.3 7.1 20.8 18.5 3.8 3.2 19.0 18.1
Indofood CBP Sukses Makmur ICBP 8,700 101,459 0.3 -1.1 -0.9 0.3 27.3 26.3 5.3 5.2 20.5 20.7
Indofood Sukses Makmur INDF 6,375 55,975 0.0 -4.5 0.0 -23.9 16.1 12.8 2.1 1.8 13.9 14.4
Kalbe Farma KLBF 1,320 61,875 -1.9 1.5 1.5 -22.1 33.0 25.4 6.0 4.7 19.1 19.3
Unilever Indonesia UNVR 43,675 333,240 -0.4 -0.1 -2.8 -14.3 60.9 46.1 82.4 62.4 141.8 143.6
AGRICULTURAL
Astra Agro Lestari AALI 13,400 25,791 -0.7 -1.1 8.5 -8.8 12.6 12.8 1.4 1.4 11.4 11.3
PP London Sumatera Indonesia LSIP 1,350 9,211 -3.2 -1.8 11.6 -0.7 12.7 11.4 1.2 1.1 9.7 10.0
Sawit Sumbermas Sarana SSMS 1,280 12,192 -1.5 -0.4 -1.9 -14.7 18.2 16.6 3.5 3.1 21.0 19.4
INFRASTRUCTURE
XL Axiata EXCL 3,080 32,919 -3.1 3.4 12.8 -16.8 84.6 79.9 1.5 1.5 1.8 1.8
Jasa Marga JSMR 4,480 32,515 -1.1 -3.9 -10.4 -22.8 21.1 14.1 3.1 2.0 15.3 14.9
Perusahaan Gas Negara PGAS 2,050 49,695 -4.2 -1.9 16.5 3.3 21.5 17.3 1.0 1.0 4.5 5.6
Tower Bersama Infrastructure TBIG 5,650 25,602 1.8 1.8 0.0 -13.1 12.3 21.0 9.2 12.6 99.8 61.6
Telekomunikasi Indonesia TLKM 3,490 351,792 0.0 0.9 0.9 -24.7 19.9 14.9 4.7 3.6 25.0 25.9
Soechi Lines SOCI 156 1,101 -0.6 -2.5 -6.6 -42.6 5.6 2.1 0.4 N/A 7.1 11.3
Garuda Indonesia GIAA 216 5,592 -0.9 -3.6 -6.1 -32.9 23.0 10.9 1.9 1.2 8.3 11.4
BASIC-INDUSTRIES
Semen Indonesia SMGR 9,275 55,015 -1.9 -1.3 3.9 -7.0 29.1 24.2 2.0 1.9 7.0 7.8
Charoen Pokphand Indonesia CPIN 5,025 82,400 0.9 1.9 6.7 84.1 19.7 32.4 3.1 5.2 16.8 16.4
Indocement Tunggal Prakarsa INTP 16,950 62,397 -4.4 -3.1 14.5 -10.3 43.4 30.2 3.3 2.4 7.3 8.1
Japfa Comfeed Indonesia JPFA 2,230 26,150 1.4 3.7 5.7 88.2 14.8 21.4 1.6 2.7 11.0 12.8
MINING
Indo Tambangraya Megah ITMG 27,550 31,129 -2.7 6.4 -5.0 45.0 6.6 8.5 1.7 2.0 27.1 25.3
Adaro Energy ADRO 1,855 59,334 -0.5 -2.1 -4.4 2.2 9.1 7.8 1.3 1.2 14.6 14.1
Aneka Tambang ANTM 830 19,946 -4.6 -7.3 -7.8 16.9 110.0 N/A 0.8 1.1 0.7 -0.5
Vale Indonesia INCO 3,560 35,373 -6.3 -8.7 -14.2 18.3 N/A N/A 1.2 1.3 -0.8 -0.6
Tambang Batubara Bukit Asam PTBA 4,100 47,235 1.2 1.0 -8.9 75.2 5.8 12.6 1.9 3.4 37.3 29.3
TRADE
United Tractors UNTR 34,100 127,198 -0.9 -2.4 -2.3 14.8 17.8 16.8 2.9 3.0 17.2 17.2
AKR Corporindo AKRA 3,610 14,493 0.0 -6.0 -14.7 -47.3 28.1 12.8 3.4 1.9 16.7 15.2
Global Mediacom BMTR 428 6,077 -0.9 -4.0 -2.3 -12.7 16.5 N/A 0.9 N/A 5.3 N/A
Matahari Department Store LPPF 7,375 21,520 -1.7 8.9 3.9 -27.3 15.3 10.9 12.5 8.1 91.2 90.4
Media Nusantara Citra MNCN 905 12,920 0.0 -5.7 -13.0 -37.4 11.8 8.9 1.9 1.2 16.3 15.4
Matahari Putra Prima MPPA 200 1,506 -1.0 -1.0 -15.3 -66.9 N/A N/A 2.1 0.5 -69.0 -11.5
Surya Citra Media SCMA 2,040 29,828 -2.9 -1.4 1.0 -4.2 27.2 19.7 9.3 7.7 36.3 41.9
Siloam International Hospital SILO 3,050 4,959 -1.6 2.0 5.2 -71.3 140.2 43.7 2.5 0.8 2.0 2.5
PROPERTY
Bumi Serpong Damai BSDE 1,195 23,000 -0.4 -5.9 -10.8 -34.3 6.6 7.7 1.3 1.0 21.4 12.9
Adhi Karya ADHI 1,475 5,252 -1.0 -2.3 -8.1 -26.1 13.0 10.2 1.1 0.9 9.1 8.5
Alam Sutera Realty ASRI 318 6,249 -2.5 -2.5 -1.9 -8.1 5.1 5.3 0.8 0.8 17.8 12.8
Ciputra Development CTRA 835 15,498 -1.2 -6.2 -14.4 -28.6 24.7 15.9 1.6 1.1 6.9 8.4
Lippo Karawaci LPKR 358 8,265 0.6 2.9 -2.2 -53.2 18.1 8.3 0.5 0.4 3.0 5.3
Pembangunan Perumahan PTPP 1,850 11,470 -2.6 -2.4 -5.1 -32.7 11.3 8.0 1.4 1.0 13.8 13.1
Pakuwon Jati PWON 510 24,561 -1.0 -2.9 -4.7 -22.7 17.6 12.5 3.2 2.3 19.7 19.6
Summarecon Agung SMRA 655 9,450 -0.8 -5.1 -14.4 -35.5 37.6 33.0 2.1 1.4 5.7 4.9
Wijaya Karya WIKA 1,545 13,859 -0.3 -2.8 -1.6 -19.7 11.6 11.3 1.1 1.1 10.0 10.0
Waskita Karya WSKT 1,875 25,451 -1.1 -3.4 -9.9 -12.4 7.8 7.7 2.1 1.6 31.0 22.7
MISCELLANEOUS
Astra International ASII 7,100 287,433 -2.1 -6.3 -0.4 -8.4 17.8 14.7 2.7 2.3 16.0 15.9
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
*Note: Valuation metrics based on Bloomberg consensus estimates
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Sector performance Top 10 market cap performance
Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%)
Agricultural 1,637.2 -0.5 EPMT IJ 1915 5,187 12.98
Mining 1,955.7 -1.7
ABMM IJ 2220 6,112 8.29
Basic-Industry 818.2 -1.9 PLIN IJ 3400 12,070 5.59
Miscellaneous Industry 1,217.1 -1.8 TELE IJ 825 6,024 5.10
Consumer Goods 2,417.5 -0.8 AGRO IJ 382 7,050 4.95
Property & Construction 443.3 -1.2
PNBN IJ 885 21,318 4.12
Infrastructure 1,032.0 -0.5 BFIN IJ 650 10,379 3.17
Finance 1,085.8 -0.4 SIDO IJ 855 12,825 3.01
Trade 850.0 -0.3 TBLA IJ 1200 6,411 3.00
Composite 5,967.6 -0.8 RALS IJ 1305 9,260 2.76 Source: Bloomberg
Top 5 leading movers Top 5 lagging movers
Name Chg (%) Close Name Chg (%) Close
BBNI IJ 0.6 7,850 BMRI IJ -2.9 6,700
PNBN IJ 4.1 885 ASII IJ -2.1 7,100
NASA IJ 16.9 498 HMSP IJ -1.0 3,790
CPIN IJ 0.9 5,025 INKP IJ -3.0 18,525
BDMN IJ 1.1 6,875 INTP IJ -4.4 16,950 Source: Bloomberg
Economic Calendar
Time Currency Detail Forecast Previous
12:30am AUD Cash Rate 1.50% 1.50%
12:30am AUD RBA Rate Statement
3:00am EUR Spanish Unemployment Change -27.1K
3:15am CHF CPI m/m 0.0% -0.2%
4:30am GBP Construction PMI 54.9 55.8
5:00am EUR PPI m/m 0.3% 0.4%
5:30am AUD RBA Gov Lowe Speaks
8:15am GBP Inflation Report Hearings
9:30am CAD Manufacturing PMI 56.9
9:45am USD Final Manufacturing PMI 54.5 54.5
10:00am USD ISM Manufacturing PMI 57.6 58.1
10:00am USD Construction Spending m/m 0.5% -1.1%
10:00am USD ISM Manufacturing Prices 74.0 73.2
Tentative USD IBD/TIPP Economic Optimism 58.0
Tentative NZD GDT Price Index -3.6%
All Day USD Total Vehicle Sales 16.7M 16.8M
6:30pm AUD AIG Services Index 53.6
9:00pm NZD ANZ Commodity Prices m/m -3.2%
9:30pm AUD GDP q/q 0.8% 1.0%
9:45pm CNY Caixin Services PMI 52.7 52.8
11:35pm JPY 10-y Bond Auction 0.13|4.2
Note: Time is based on Indonesian local time
Source: Forex Factory
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Embun Pagi
Mirae Asset Sekuritas Indonesia
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