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OSODaily 27 Agustus 2019

ODAY TOP STOCK TRADED (LQ45) JAKARTA COMPOSITE INDEX

6,214.51 (41.09)

-0.66%

Previous 6,255.60 Lowest

6,149.02 Highest 6,230.32 Val IDR bn

8,918

Volbn 16.96 Mkt Cap IDRtr

7,176.16 Net Forg 1DIDRbn (318.29) Net ForgYTDIDRbn

60,736.6

Return YTD (%) 0.32 Month to date (%)

(2.75)

Indices

Last Chg% YTD% Americas

Dow Jones United States 25,898.83 1.05 11.02 S&P 500 United States 2,878.38 1.10 14.82 Nasdaq United States 7,853.74 1.32 18.36 EIDO United States 24.40 0.58 (1.69) EMEA

FTSE 100 United Kingdom 7,094.98 (0.47) 5.45

CAC 40 France 5,351.02 0.45 13.11 D DAX Germany 11,658.04 0.40 10.41

Asia Pacific

Nikkei Japanese 20,710.91 (2.07) 1.34 Shanghai China 2,883.44 0.49 16.18 TWSE Taiwan 10,529.78 0.08 8.33 KOSPI Korea 1,948.30 (1.81) (6.27) KLSE Malaysia 1,602.47 0.43 (4.81) ST – Times Singapore 3,127.74 (0.56) 1.36 Sensex India 36,472.93 0.63 1.75 Hangseng Hongkong 26,048.72 0.50 1.29

Sectoral Previous Lastest Chg% YTD% AGRICULTURE 1,368.97 20,261.04 1.15 2.39 MINING 1,590.04 2,897.43 (1.17) 14.82 MISC INDUSTRY 1,172.08 10,538.11 (1.74) 6.45 BASIC INDUSTRY 841.62 1,916.31 0.79 (5.37) CONSUMER GOODS 2,403.30 1,609.33 (0.55) (5.33) PROPERTY 498.20 3,110.35 (1.45) (0.11) INFRASTRUKTUR 1,216.31 36,701.16 2.16 3.95 FINANCE 1,252.95 26,179.33 (1.91) (0.64) MANUFAKTURE 1,509.39 20,261.04 1.15 2.39 TRADE 785.36 2,897.43 (1.17) 14.82 LQ 45 975.26 10,538.11 (1.74) 6.45

Commodities Previous Lastest Chg% YTD%

Oil (USD/bbl) 54.17 53.64 (0.98) 18.52 Gold (USD tr.oz) 1,526.90 1,527.15 0.02 19.24 Nickel (USD/mtrc ton) 15,660.00 15,660.00 - 46.49 Tin (USD/mtrc ton) 16,175.00 15,880.00 (1.82) (18.46) Copper (USD/mtrc ton) 5,683.00 5,633.00 (0.88) (5.57) CPO (MYR/ton) 2,210.00 2,213.00 0.14 10.43 Coal (USD/ton) 64.50 64.50 - (37.07)

Currencies

Last Chg% YTD% IDR / USD

14,243.00 (0.03) 1.03

IDR / AUD

9,626.16 0.09 5.60 IDR / EUR

15,828.54 (0.17) 3.90

IDR /SGD

10,265.89 0.09 2.82 IDR / JPY

134.48 (0.48) (2.86)

IDR / GBP

17,433.14 (0.78) 5.08 Global Macro Economics CB Rate CPI YoY GDP YoY United States 2.25 1.80 2.30 Euro Area 0.00 1.00 1.10 United Kingdom 0.75 2.10 1.20 Japan 0.10 0.50 1.20 China 4.35 2.80 6.20 Domestic macro Economics Lastest Chg% YTD% Jibor 5.00 (15.02) 28.20 GovBonds (5y) 6.73 1.11 (14.91) GovBonds (10y) 7.29 0.66 (9.16)

Inflasi YoY 3.32

Inflasi MoM 0.31 Bi rate 5.50 GDP Growth YoY (%) 5.05

Foreign Reserve (Bn) 125.90 Government Bonds Yield% Wow% Ytd% 7 Year 7.23 7.23 7.23 15 Year 7.73 7.73 7.73 20 Year 7.82 7.82 7.82 30 Year 8.06 8.06 8.06

Source: Bloomberg LP & OSO Research Team

Market Review Pada perdagangan Senin (26/08) IHSG ditutup melemah sebesar 0.66% ke level 6.214.51. Delapan dari sepuluh indeks sektoral berakhir dalam zona merah, dimana sektor industri dasar dan keuangan memimpin pelemahan masing-masing sebesar 1.97% dan 0.97%. Adapun saham yang menjadi pemberat indeks diantaranya: SMMA, BMRI, TLKM, GGRM, HMSP. Pelaku pasar asing membukukan aksi jual bersih (Netsell) senilai Rp 904 miliar. Nilai tukar rupiah terdepresiasi sebesar 0.03% ke level Rp 14.243. Global Review Pada perdagangan semalam (26/08) bursa saham Wall Street berhasil ditutup dalam zona hijau, dimana Dow Jones menguat sebesar 1.05%, S&P 500 naik 1.10% dan Nasdaq positif 1.32%. Penguatan tersebut seiring dengan pernyataan dari presiden Amerika Serikat (AS) yang meredakan kekhawatiran pasar, Trump mengatakan bahwa dirinya ingin menemui kesepakatan dagang dengan China dalam.pertemuan KTT G7 di Perancis. Selain itu pasar juga optimis bahwa The Fed akan kembali menurunkan tingkat suku bunga pada bulan depan, hal ini didukung oleh data Departemen Perdagangan AS pada bulan Juli yang menunjukkan pertumbuhan yang moderat namun pengiriman barang turun paling besar selama tiga tahun terakhir. JCI Prediction IHSG ditutup melemah sebesar 0.66% ke level 6.214. IHSG ditutup bullish candle. Adapun indikator Stochastic melemah dan MACD histogram bergerak negatif dengan Volume meningkat. Kami perkirakan IHSG bergerak menguat dengan pergerakan di kisaran 6161-6265. Major Economic Release

Coincident Index Final bulan Juni 2019 turun

ke level 100.4 dari sebelumnya di level 103.4.

Leading Economic Index Final bulan Juni 2019

turun ke level 93.3 dari sebelumnya di level

94.9.

Durable Goods Order bulan Juli 2019 naik

sebesar 2.1% lebih tinggi dari pertumbuhan

sebelumnya sebesar 1.8% (MoM).



TODAY TOP STOCK TRADED (LQ45)

Top Gainers

Last Chg% YTD% MC (T) Beta

PGAS IJ Equity

1,915 4.64 (9.67) 46.42 1.85

ADRO IJ Equity

1,120 3.23 (7.82) 35.82 1.41

ERAA IJ Equity

1,520 2.70 (30.91) 4.85 0.88

MNCN IJ Equity

1,280 1.99 85.51 18.27 0.96

AKRA IJ Equity

4,090 1.49 (4.66) 16.42 1.20

Top Losers

Last Chg% YTD% MC (T) Beta

TKIM IJ Equity

9,375 (6.02) (15.54) 29.19 2.38

INCO IJ Equity

3,130 (5.15) (3.99) 31.10 1.84

MEDC IJ Equity

730 (3.95) 6.57 13.03 1.78

PWON IJ Equity

645 (3.73) 4.03 31.06 1.40

INKP IJ Equity

6,700 (3.60) (41.99) 36.66 2.45

Top Volume

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

ANTM IJ Equity

1,030 147.2 34.6 24.75 1.73

PWON IJ Equity

645 84.7 4.0 31.06 1.40

ADRO IJ Equity

1,120 82.1 (7.8) 35.82 1.41

TLKM IJ Equity

4,330 77.6 17.1 428.94 0.78

PGAS IJ Equity

1,915 75.9 (9.7) 46.42 1.85

Top Value

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

TLKM IJ Equity

4,330 363.0 17.1 428.94 0.78

BBRI IJ Equity

4,070 237.0 11.2 502.02 1.63

ASII IJ Equity

6,575 232.4 (20.1) 266.18 1.28

ADRO IJ Equity

1,120 219.7 (7.8) 35.82 1.41

BBCA IJ Equity

29,950 198.2 15.2 738.42 1.02

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

IHSG

Indonesia 6,215 18.94 2.13 6,800

Nikkei

Japanese 20,261 14.39 1.54 24,086

Shanghai

China 2,864 13.75 1.43 3,235

TWSE

Taiwan 10,355 16.43 1.58 11,399

KOSPI

Korea 1,916 12.36 0.76 2,568

KLSE

Malaysia 1,601 20.44 1.63 1,722

ST - Times

Singapore 3,067 12.06 1.02 3,591

Sensex

India 37,421 26.01 2.82 42,714

Hangseng

Hongkong 25,680 10.01 1.14 32,537

JAKARTA COMPOSITE INDEX MOVERS

Movers

Latest Chg% YTD% MC (T) Beta

PGAS IJ Equity

1915 4.64 (9.67) 46 1.85

TOPS IJ Equity

650 8.33 (21.69) 22 0.60

ADRO IJ Equity

1120 3.23 (7.82) 36 1.41

INPP IJ Equity

935 10.00 33.57 10 (0.39)

MINA IJ Equity

2120 6.80 173.55 14 0.71

Laggard


SMMA IJ Equity

7400 (19.57) (14.45) 47 0.75

BMRI IJ Equity

7050 (1.74) (4.41) 329 1.55

TLKM IJ Equity

4330 (1.14) 17.10 429 0.78

GGRM IJ Equity

74500 (2.58) (10.91) 143 0.96

HMSP IJ Equity

2830 (1.05) (23.72) 329 1.23

Movers


OSO MANAJEMEN INVESTASI

Mutual Fund Latest 1 Month (%)

Oso Sustainability Fund

1,433.55 (3.67) Oso Syariah Equity Fund

1,308.27 (3.31)

Source: Bloomberg LP & OSO Research Team



COMPARATION OF JCI PERFORMANCE (SEAG)


OSODaily 05 April 2019


MACRO ECONOMIC & INDUSTRY NEWS Presiden Amerika Serikat Donald Trump meramalkan kesepakatan perdagangan dengan China menemui titik cerah

setelah ada gerakan positif oleh China. Pernyataan ini menenangkan pasar global yang goyah akibat perang tarif kedua negara dengan ekonomi terbesar di dunia itu. Trump mengatakan setelah KTT G7 di Prancis ia percaya China tulus ingin mencapai kesepakatan.

Penerimaan pajak Indonesia terbilang minim. Data yang dirilis pemerintah menunjukkan, penerimaan dari pajak hanya tumbuh 2,68% menjadi Rp 705,59 triliun hingga akhir Juli 2019. Realisasi penerimaan pajak ini baru memenuhi 44,73% dari target APBN 2019 yang sebesar Rp 1.577,6 triliun hingga akhir tahun. Menurut Ketua Badan Otonom Hipmi Tax Center Ajib Hamdani, pertumbuhan penerimaan pajak Indonesia sebenarnya bukan lesu, tetapi targetnya yang tidak masuk akal.

Gubernur People's Bank of China (POBC) mendesak perbankan untuk menggunakan suku bunga acuan, Loan Prime Rate (LPR), sesegera mungkin dalam menyalurkan pinjaman. Dalam pertemuan dengan pejabat 24 lembaga keuangan, Senin (26/8), Yi meminta mereka untuk menghapus suku bunga dasar dalam penentuan bunga pinjaman, dan menurunkan bunga pinjaman riil.

CORPORATES NEWS PT Bank Rakyat Indonesia Tbk (BBRI) bersiap masuk ke bisnis fintech lending. Buktinya, BRI berencana untuk

mengakuisisi perusahaan fintech di Indonesia untuk mendukung bisnis pembiayaan sektor usaha mikro, kecil dan menengah (UMKM).

PT Perusahaan Gas Negara Tbk (PGAS) berencana menaikkan anggaran belanja modal dan kenaikan capex untuk 2020 dibanding tahun ini bahkan cukup signifikan yang mencapai US$ 705 juta, naik sekitar 40% dibanding anggaran tahun ini, US$ 500 juta. Adapun serapan capex hingga pertengahan tahun ini sekitar 30%.

PT Phapros Tbk (PEHA) melebarkan sayap ke pasar ekspor yang membidik beberapa pasar di luar negeri, di antaranya Peru dan Nigeria. Penjualan ekspor ke Peru rencananya akan mulai dilakukan pada November 2019 mendatang. Adapun produk yang akan diekspor meliputi produk obat-obatan untuk penyakit tuberkulosis bernama Pro TB.

Sumitomo Mitsui Banking Corporation (SMBC) berencana melepas kepemilikan sahamnya di PT Bank BTPN Tbk (BTPN). Ini dilakukan untuk memenuhi ketentuan Bursa Efek Indonesia (BEI) terkait minimum saham publik beredar (free float) sebesar 7,5%.

PT Dafam Property Indonesia Tbk (DFAM) merencanakan pengelolaan hotel berbintang empat di kawasan Tanjung Tabalong, Kalimantan Selatan. Perseroan telah menandatangani perjanjian MoU dengan PT Linda Central Land untuk membangun hotel yang nantinya dinamakan Grand Linda Tanjung di pusat kota Tanjung Tabalong.

PT Trimitra Propertindo Tbk (LAND) pada akhir tahun lalu menggunakan dana sebesar Rp 250 miliar untuk menggarap apartemen the Canary yang menargetkan marketing sales sebesar Rp 400 miliar. Hingga saat ini, penjualan unit di apartemen The Canary sudah mencapai 70% dari target Rp 400 miliar setara dengan Rp 280 miliar.

Sumber: Kontan, Bisnis Indonesia, Iqplus

NOTE: Positive Sentiment Negative Sentiment Netral




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Negatif Stochastic : Bearish Volume : Meningkat

Recommendation : BUY Entry Buy : 1.615 – 1.630 Target Price : 1.680 – 1.695 Support : 1.590 – 1.600 Cutloss : 1.585

DAILY TECHNICAL

JPFA | PENJUALAN JAPFA COMFEED CAPAI Rp18,24 TRILIUN HINGGA JUNI 2019 PT Japfa Comfeed Indonesia Tbk (JPFA) meraih penjualan neto sebesar Rp18,24 triliun hingga periode 30 Juni 2019 naik dibandingkan penjualan neto Rp16,70 triliun di periode sama tahun sebelumnya. Laporan keuangan perseroan Kamis menyebutkan, laba bruto turun menjadi Rp3,32 triliun dari Rp3,81 triliun setelah beban pokok penjualan naik menjadi Rp14,92 triliun dari Rp12,90 triliun. Laba usaha turun menjadi Rp1,48 triliun dari laba usaha Rp2,09 triliun dan laba sebelum pajak turun menjadi Rp1,25 triliun dari laba sebelum pajak tahun sebelumnya Rp1,61 triliun dan laba periode berjalan yang diatribusikan ke pemilik entitas induk.

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 1.680. Apabila break 1.680 next harga ke level 1.695. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.585 jika sudah melewati support 1.590 – 1.600.

|JPFA|PE : 11.56x | PBV : 1.83x | ROE: 15.90% | NPM : 4.54% | DER : 1.41x | Fair Value : 1.800|

Souce: OSO Research Team

BUY

NOTE:




Technical

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


DAILY TECHNICAL

BUY |MYOR|PE : 34.17x | PBV : 5.87x | ROE: 17.21% | NPM : 6.69% | DER : 0.88x | Fair Value : -|

Racikan Mayora Indah Memperkuat Bisnis (Tamat) Cara kerja manajemen MYOR yang tetap fokus dibidangnya (makanan dan minuman ringan), kebijakan leverage yang relatif agresif tetapi tetap konservatif (DER masih kurang dari 1 kali), kebijakan dividen yang fair (sekitar 30 – 40%), power of brand yang kuat, hingga jaringan bisnisnya yang sudah merambah mancanegara menjamin perusahaan akan terus tumbuh. Posisi kas yang tidak terlalu besar sekitar Rp2 triliun dibanding asetnya senilai Rp17,7 triliun juga menunjukkan bahwa MYOR tidak sedang dalam posisi memiliki uang banyak, dan tidak tahu menahu peruntukkannya seperti kebanyakan perusahaan consumer goods lainnya.


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 2.510. Apabila berhasil menguji 2.510 next harga ke level 2.550. Hati-hati jika harga tidak mampu break up atau berbalik menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 2.390 jika sudah melewati support 2.400 – 2.420.

NOTE:




Technical

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


DAILY TECHNICAL

BUY |PNBN|PE : 11.36x | PBV : 0.85x | ROE: 7.54% | NPM : 16.09% | DER : 4.05x | Fair Value : 1.700|

PNBN Cetak Laba Bersih Sebesar Rp1,68 Triliun Bank Panin Tbk (PNBN) membukukan laba semester I 2019 sebesar Rp1,68 triliun atau naik 23,86% YoY. Pertumbuhan laba tersebut terutama ditopang oleh pendapatan bunga bersih perseroan Rp4,35 triliun, dan pendapatan operasional termasuk pendapatan komisi yang mencapai Rp1,1 triliun. Penyaluran kredit per Juni 2019 tercatat sebesar Rp153,50 triliun, tumbuh 3,74% YoY. Dari total kredit tersebut porsi segmen ritel dan segmen komersial mencapai 56% dari total kredit, sedangkan sisanya berasal dari kredit ke korporasi. Rasio Non Performing Loan (NPL) per Juni 2019 tercatat sebesar 3,0% (gross) dan 0,96% (net).


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang menguji level 1.540. Apabila break 1.540 next harga ke level 1.560. Hati-hati jika harga tidak mampu tembus 1.540 atau malah berbailk menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.465 jika sudah melewati support 1.470 – 1.475.

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 725 - 51.67 3.79 55.87 5.16 1.13 5.21 98.23 635 -12% Sell

CPIN IJ Equity 4,640 (0.22) (35.78) 3.97 19.79 12.23 13.99 21.19 22.95 4,594 -1% Sell

INKP IJ Equity 6,700 (3.60) (41.99) 0.66 6.48 2.60 4.61 10.66 113.83 11,300 69% Buy

INTP IJ Equity 20,425 (3.54) 10.70 3.44 52.55 28.29 5.47 6.48 0.50 19,321 -5% Sell

JPFA IJ Equity 1,630 3.16 (24.19) 1.96 10.08 4.62 8.00 20.16 59.63 1,718 5% Hold

SMGR IJ Equity 12,875 (1.53) 11.96 2.52 29.47 10.82 4.11 8.74 30.13 13,824 7% Hold

TKIM IJ Equity 9,375 (6.02) (15.54) 1.53 10.03 15.27 6.95 16.45 120.71 13,000 39% Buy

TPIA IJ Equity 8,425 0.30 42.19 5.88 83.11 27.38 4.18 7.14 34.35 4,568 -46% Sell

Industry Average in LQ45 2.97 33.42 13.30 6.06 12.00 60.04

Total of Industry Average 1.61 23.40 9.95 2.84 (22.99) 101.08

SECTOR CONSUMER GOODS

GGRM IJ Equity 74,500 (2.58) (10.91) 3.23 16.83 9.92 12.84 20.01 38.38 92,451 24% Buy

HMSP IJ Equity 2,830 (1.05) (23.72) 11.56 23.24 17.56 32.64 50.51 0.33 3,656 29% Buy

ICBP IJ Equity 11,750 (0.21) 12.44 6.01 28.18 16.78 13.48 22.92 9.06 12,041 2% Hold

INDF IJ Equity 7,725 (0.64) 3.69 1.94 14.26 5.57 4.98 14.36 59.18 8,278 7% Hold

KLBF IJ Equity 1,620 - 6.58 5.18 30.38 20.17 13.62 17.85 2.34 1,597 -1% Sell

UNVR IJ Equity 45,875 0.11 1.05 68.97 37.74 25.55 43.81 183.94 20.26 45,490 -1% Sell


Total of Industry Average 6.34 25.69 21.46 8.89 19.66 46.26

SECTOR INFRASTRUCTURE

EXCL IJ Equity 3,320 (0.30) 67.68 1.90 130.48 3.69 (5.11) (14.59) 125.77 3,861 16% Buy

JSMR IJ Equity 5,700 - 33.18 2.34 18.66 6.17 2.50 13.33 157.26 6,431 13% Buy

PGAS IJ Equity 1,915 4.64 (9.67) 1.29 15.19 2.54 3.11 7.41 109.43 2,478 29% Buy

TLKM IJ Equity 4,330 (1.14) 17.10 4.57 21.01 6.55 9.77 22.82 37.58 4,713 9% Buy


Total of Industry Average 3.03 36.88 176.21 (3.80) (2.44) 131.60

Source: Bloomber LP





SECTOR MINING

ADRO IJ Equity 1,120 3.23 (7.82) 0.66 4.81 1.92 7.45 14.21 32.95 1,576 41% Buy

AKRA IJ Equity 4,090 1.49 (4.66) 1.99 22.61 12.97 4.78 11.01 42.61 4,929 21% Buy

ANTM IJ Equity 1,030 1.48 34.64 1.24 30.93 9.04 2.47 4.14 50.26 1,209 17% Buy

INCO IJ Equity 3,130 (5.15) (3.99) 1.17 413.43 18.17 0.23 0.27 1.94 3,814 22% Buy

INDY IJ Equity 1,330 (2.56) (16.09) 0.53 29.87 1.00 0.46 1.74 129.53 2,125 60% Buy

ITMG IJ Equity 12,000 (0.62) (40.74) 1.03 4.00 2.22 17.45 25.70 - 18,958 58% Buy

MEDC IJ Equity 730 (3.95) 6.57 0.72 9.06 1.40 (1.14) (5.07) 202.38 1,043 43% Buy

PTBA IJ Equity 2,410 (3.21) (43.95) 1.47 5.39 3.88 19.44 29.25 5.12 3,509 46% Buy



SECTOR MISC INDUSTRY

ASII IJ Equity 6,575 - (20.06) 1.91 12.62 6.84 6.40 15.79 49.27 8,025 22% Buy

SRIL IJ Equity 338 0.60 (5.59) 0.84 5.22 2.29 6.72 17.23 139.64 Neutral #VALUE! #VALUE!



SECTOR PROPERTY

BSDE IJ Equity 1,375 (1.79) 9.56 0.92 8.78 8.68 5.69 11.01 46.06 1,695 23% Buy

CTRA IJ Equity 1,160 (4.92) 14.85 1.48 16.52 8.08 3.84 9.39 50.80 1,349 16% Buy

PTPP IJ Equity 1,860 (1.59) 3.05 0.90 8.34 3.88 2.84 11.34 74.03 2,647 42% Buy

PWON IJ Equity 645 (3.73) 4.03 2.28 11.18 8.27 11.10 22.42 36.44 765 19% Buy

WIKA IJ Equity 2,290 (2.14) 38.37 1.34 9.75 5.00 3.70 14.89 78.93 2,832 24% Buy

WSKT IJ Equity 1,750 (2.23) 4.17 1.32 12.05 4.71 1.58 11.35 224.10 2,305 32% Buy



Source: Bloomber LP





SECTOR TRADE

ERAA IJ Equity 1,520 2.70 (30.91) 1.04 9.45 4.04 4.54 11.78 88.81 1,975 30% Buy

LPPF IJ Equity 3,000 (3.23) (46.43) 4.65 9.34 5.01 15.33 45.23 - 4,783 59% Buy

MNCN IJ Equity 1,280 1.99 85.51 1.50 7.77 4.51 12.35 20.53 42.22 1,565 22% Buy

SCMA IJ Equity 1,165 0.43 (37.70) 3.43 11.98 8.67 20.52 29.07 0.33 1,889 62% Buy

UNTR IJ Equity 20,125 (1.83) (26.42) 1.37 6.69 3.00 10.84 21.57 17.95 31,008 54% 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 29,950 (0.08) 15.19 4.63 27.05 88.15 1.40 6.53 6.30 30,662 2% Hold

BBRI IJ Equity 4,070 (0.25) 11.20 2.64 14.80 90.10 2.27 7.35 64.57 4,670 15% Buy

BBNI IJ Equity 7,500 (1.64) (14.77) 1.22 9.19 92.85 1.90 5.14 82.33 10,017 34% Buy

BBTN IJ Equity 2,150 (1.83) (15.35) 0.92 8.47 103.45 2.82 3.81 188.00 2,698 25% Buy

BMRI IJ Equity 7,050 (1.74) (4.41) 1.77 12.48 100.47 2.75 5.36 56.75 8,971 27% Buy

BTPS IJ Equity 3,280 1.55 82.73 6.32 25.23 454.49 1.39 38.72 149.94 3,545 8% 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 1,120 (7.8) Negatif Trading Positif 935 1,110 1,280 1,090 1,055 1,020 1,125 1,160 1,000 Hold

AKRA IJ Equity 4,090 (4.7) Positif Trading Positif 3,720 3,930 4,135 4,025 3,945 3,825 4,145 4,225 3,765 Speculative Buy

ANTM IJ Equity 1,030 34.6 Positif Trading Negatif 850 1,010 1,165 1,030 1,005 985 1,050 1,075 970 Hold

ASII IJ Equity 6,575 (20.1) Negatif Trading Negatif 6,200 6,750 7,275 6,525 6,425 6,300 6,650 6,750 6,200 Sell

BBCA IJ Equity 29,950 15.2 Positif Trading Negatif 29,300 30,225 31,150 29,750 29,475 29,050 30,175 30,450 28,600 Hold

BBNI IJ Equity 7,500 (14.8) Positif Oversold Negatif 7,475 7,975 8,475 7,475 7,425 7,325 7,575 7,625 7,200 Speculative Buy

BBRI IJ Equity 4,070 11.2 Positif Oversold Negatif 3,990 4,270 4,555 4,040 4,010 3,970 4,080 4,110 3,910 Speculative Buy

BBTN IJ Equity 2,150 (15.4) Positif Oversold Negatif 2,140 2,300 2,460 2,145 2,130 2,105 2,170 2,185 2,075 Speculative Buy

BMRI IJ Equity 7,050 (4.4) Positif Oversold Negatif 7,025 7,475 7,925 7,075 7,025 6,975 7,125 7,175 6,850 Speculative Buy

BRPT IJ Equity 725 51.7 Positif Trading Negatif 700 740 780 720 710 700 730 740 685 Hold

BSDE IJ Equity 1,375 9.6 Positif Trading Positif 1,275 1,355 1,435 1,370 1,350 1,320 1,400 1,420 1,300 Speculative Buy

BTPS IJ Equity 3,280 82.7 Positif Trading Negatif 3,045 3,265 3,490 3,235 3,185 3,125 3,295 3,345 3,075 Hold

CPIN IJ Equity 4,640 (35.8) Positif Trading Negatif 4,350 4,835 5,325 4,630 4,570 4,530 4,670 4,730 4,460 Hold

CTRA IJ Equity 1,160 14.9 Positif Trading Negatif 1,165 1,235 1,300 1,175 1,155 1,125 1,205 1,225 1,105 Hold

ERAA IJ Equity 1,520 (30.9) Positif Oversold Negatif 1,610 1,935 2,265 1,470 1,395 1,325 1,540 1,615 1,305 Speculative Buy

EXCL IJ Equity 3,320 67.7 Negatif Trading Negatif 3,155 3,285 3,410 3,295 3,245 3,165 3,375 3,425 3,115 Sell

GGRM IJ Equity 74,500 (10.9) Positif Trading Positif 71,325 74,525 77,700 74,575 73,775 73,150 75,200 76,000 72,050 Speculative Buy

HMSP IJ Equity 2,830 (23.7) Positif Trading Positif 2,785 2,925 3,070 2,815 2,790 2,765 2,840 2,865 2,725 Speculative Buy

ICBP IJ Equity 11,750 12.4 Negatif OverBought Positif 10,375 11,225 12,075 11,625 11,450 11,100 11,975 12,150 10,925 Sell

INCO IJ Equity 3,130 (4.0) Positif Trading Positif 2,735 3,190 3,645 3,170 3,100 3,010 3,260 3,330 2,965 Speculative Buy

INDF IJ Equity 7,725 3.7 Negatif OverBought Positif 6,800 7,375 7,925 7,625 7,500 7,350 7,775 7,900 7,250 Sell

INDY IJ Equity 1,330 (16.1) Positif Trading Positif 1,280 1,405 1,530 1,330 1,310 1,275 1,365 1,385 1,255 Speculative Buy

INKP IJ Equity 6,700 (42.0) Positif Trading Positif 6,475 7,150 7,850 6,725 6,650 6,550 6,825 6,900 6,450 Speculative Buy

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 20,425 10.7 Positif Trading Negatif 21,050 21,900 22,750 20,500 20,325 20,100 20,725 20,900 19,800 Hold

ITMG IJ Equity 12,000 (40.7) Positif Strong Buy Negatif 11,175 14,725 18,275 11,925 11,825 11,625 12,125 12,225 11,450 Buy

JPFA IJ Equity 1,630 (24.2) Negatif Trading Positif 1,500 1,565 1,625 1,585 1,545 1,490 1,640 1,680 1,470 Hold

JSMR IJ Equity 5,700 33.2 Positif Trading Negatif 5,550 5,750 5,950 5,650 5,550 5,450 5,750 5,850 5,375 Hold

KLBF IJ Equity 1,620 6.6 Negatif OverBought Positif 1,355 1,490 1,620 1,595 1,570 1,495 1,670 1,695 1,475 Sell

LPPF IJ Equity 3,000 (46.4) Positif Oversold Negatif 2,900 3,335 3,765 3,020 2,980 2,940 3,060 3,100 2,895 Speculative Buy

MEDC IJ Equity 730 6.6 Positif Oversold Negatif 740 795 850 745 730 720 755 770 705 Speculative Buy

MNCN IJ Equity 1,280 85.5 Positif Trading Negatif 1,210 1,305 1,400 1,255 1,220 1,180 1,295 1,330 1,160 Hold

PGAS IJ Equity 1,915 (9.7) Positif Oversold Negatif 1,840 1,955 2,070 1,855 1,790 1,715 1,930 1,995 1,690 Speculative Buy

PTBA IJ Equity 2,410 (44.0) Positif Oversold Positif 2,305 2,540 2,775 2,430 2,395 2,360 2,465 2,500 2,320 Buy

PTPP IJ Equity 1,860 3.0 Positif Trading Positif 1,755 1,940 2,130 1,855 1,820 1,785 1,890 1,925 1,760 Speculative Buy

PWON IJ Equity 645 4.0 Positif Trading Negatif 660 695 730 650 635 610 675 690 600 Hold

SCMA IJ Equity 1,165 (37.7) Positif Oversold Negatif 1,080 1,295 1,510 1,160 1,145 1,125 1,180 1,195 1,110 Speculative Buy

SMGR IJ Equity 12,875 12.0 Positif Trading Positif 12,375 12,850 13,325 12,900 12,600 12,200 13,300 13,600 12,000 Speculative Buy

SRIL IJ Equity 338 (5.6) Positif Oversold Negatif 335 341 347 337 335 333 339 341 328 Speculative Buy

TKIM IJ Equity 9,375 (15.5) Positif Trading Positif 8,675 10,325 11,950 9,625 9,350 9,025 9,950 10,225 8,875 Speculative Buy

TLKM IJ Equity 4,330 17.1 Negatif Trading Positif 4,100 4,285 4,470 4,315 4,265 4,235 4,345 4,395 4,170 Hold

TPIA IJ Equity 8,425 42.2 Negatif Strong Sell Positif 5,825 7,250 8,700 8,400 8,325 8,250 8,475 8,550 8,125 Sell

UNTR IJ Equity 20,125 (26.4) Positif Oversold Negatif 18,700 22,425 26,125 20,075 19,950 19,750 20,275 20,400 19,450 Speculative Buy

UNVR IJ Equity 45,875 1.0 Negatif Trading Positif 43,200 44,625 46,050 45,350 44,825 44,100 46,075 46,600 43,450 Hold

WIKA IJ Equity 2,290 38.4 Negatif Trading Positif 2,185 2,300 2,415 2,270 2,220 2,170 2,320 2,370 2,135 Hold

WSKT IJ Equity 1,750 4.2 Positif Oversold Positif 1,660 1,855 2,050 1,755 1,730 1,715 1,770 1,795 1,685 Buy

source: Bloomberg Lp



MAJOR ECONOMIC RELEASE CALENDAR

Date Event Country Act Prev Cons

26-Aug-19 Japan, Leading Economic Index Final JUN JPY 100.4 94.9 93.3

Japan, Coincident Index Final JUN JPY 93.3 103.4 100.4

US Durable Goods Orders MoM JUL USD 2.1%

1.8%

US Dallas Fed Manufacturing Index AUG USD 2.7 -6.3

US Durable Goods Orders Ex Transp MoM JUL USD 1.4% 1.2%

27-Aug-19 GB Construction PMI AUG GBR 45.3

US Markit Manufacturing PMI Final AUG USD 50.4

US ISM Manufacturing PMI AUG USD 51.2

US Construction Spending MoM JUL USD -1.3%

US IBD/TIPP Economic Optimism SEP USD 55.1

US ISM Manufacturing Employment AUG USD 51.7

US ISM Manufacturing New Orders AUG USD 50.8

US ISM Manufacturing Prices AUG USD 45.1

28-Aug-19 China, Caixin Services PMI AUG CNY 51.6

China, Caixin Composite PMI AUG CNY 50.9

US Balance of Trade JUL USD $-55.2B

US Exports JUL USD $206.3B

US Imports JUL USD $261.5B

US Total Vehicle Sales AUG USD 16.8M

US API Crude Oil Stock Change AUG/30 USD -3.5M

29-Aug-19 Japan, Foreign Bond Investment AUG/24 JPY ¥499.7B

Japan, Stock Investment by Foreigners AUG/24 JPY ¥-359.6B

Japan, Consumer Confidence AUG JPY 37.8

Indonesia, Loan Growth YoY JUL IDN 9.92%

US GDP Growth Rate QoQ 2nd Est Q2 USD 3.1% 2%

US Wholesale Inventories MoM Adv JUL USD 0%

US Corporate Profits QoQ Prel Q2 USD -3.1%

US GDP Price Index QoQ 2nd Est Q2 USD 0.8% 2.4%

US Goods Trade Balance Adv JUL USD $-74.16B

US Initial Jobless Claims AUG/24 USD 209K 215K

US Continuing Jobless Claims AUG/17 USD 1674K 1680K

US Pending Home Sales MoM JUL USD 2.8% 0.1%

US Pending Home Sales YoY JUL USD 1.6%

US EIA Natural Gas Stocks Change 23/AUG USD 59Bcf 60Bcf

Source: Bloomberg Lp

https://tradingeconomics.com/japan/coincident-index

https://tradingeconomics.com/japan/leading-economic-index

https://tradingeconomics.com/japan/leading-economic-index

https://tradingeconomics.com/japan/coincident-index

https://tradingeconomics.com/united-states/durable-goods-orders

https://tradingeconomics.com/united-states/dallas-fed-manufacturing-index

https://tradingeconomics.com/united-states/durable-goods-orders-ex-defense

https://tradingeconomics.com/united-states/gdp-growth

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

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

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



CORPORATE ACTION

RUPS

Date Time Company Event Place

28-Aug-19 9:30 NRCA RUPSLB Hotel Gran Meli Lt 1 14:00 BMRI RUPSLB

29-Aug-19 10:00 LINK RUPSLB 10:00 TRIL RUPSLB Jl Guntur No 45

14:00 BBTN RUPSLB

30-Aug-19 9:30 CNTX RUPSLB Pabrik Perseroan

14:00 ASRM RUPSLB Hotel Borobudur Banda B Room

14:00 BBNI RUPSLB Menara BNI Lt 6 14:00 PGAS RUPSLB

2-Sep-19 10:00 BTPS RUPSLB Menara BTPN, CBD Mega Kuningan 14:00 BBRI RUPSLB

5-Sep-19 8:30 URBN RUPSLB Hotel Grandhika Iskandarsyah

10:00 MPRO RUPSLB Mayapada Tower 2

11-Sep-19 10:00 BTPN RUPSLB Menara BTPN Lt 27 10:00 COCO RUPSLB Bandung

12-Sep-19 14:00 MKNT RUPSLB Jakarta

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

Dividend

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

IKBI Cash Dividen 30-Jul-19 31-Jul-19 1-Aug-19 22-Aug-19 8.8 AKRA Cash Dividen 5-Aug-19 6-Aug-19 7-Aug-19 16-Aug-19 50 SMSM Cash Dividen 8-Aug-19 9-Aug-19 12-Aug-19 23-Aug-19 15

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

Kencana Energy Tbk Bahana, RHB, Mirae Asset Sekuritas TBA TBA 250 - 420 977

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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