BCAS Vista 19 July 2019

IDX: 6,403 (+ 0.14%)

Turnover (IDRbn): 7,398 (+ 2.05%)
Indonesia Morning Digest
INDICES Last Chg (%) YTD (%) Vol
RESEARCH (US$ mn)

RESEARCH REPORT ASIA

IDX 6,403 0.14 3.37 530
Telco Sector: 5G: Chasing mirage LQ45 1,025 0.13 4.33 315
Hang Seng 28,462 (0.46) 10.12 2,446
 Government: pending spectrum regulation
KOSPI 2,067 (0.31) 1.25 3,316
 Still seeking 4G monetization Nikkei 225 21,046 (1.97) 5.15 11,948
 Unestablished ecosystem PCOMP 8,258 0.30 10.61 73
 TLKM to lead the charge; Direct positive impact on TOWR SET 1,723 0.27 10.20 1,470
SHCOMP 2,901 (1.04) 16.33 21,652
STI 3,361 (0.11) 9.52 568

HEADLINE NEWS TWSE 10,799 (0.27) 11.02 3,169

EUROPE & USA
MACRO DAX 12,228 (0.92) 15.81 272
Dow Jones 27,223 0.01 16.70 472
 Central Bank cut 7D RR to 5.75%
FTSE 100 7,493 (0.56) 11.37 291
NASDAQ 8,207 0.27 23.69 1,830
S&P 500 2,995 0.36 19.48 2,591
INDUSTRY
ETF & ADR Last Chg (%) MoM (%) YTD (%)
 Toyota and Hyundai ready to invest IDR50tn in Indonesian electric EIDO US (USD) 26.61 1.18 4.93 7.21
car sector TLK US (USD) 30.29 0.53 8.14 15.57

 LPS sets restructuring fee at 0-0.007% of asset Source: Bloomberg

COMMODITIES Last Chg (%) MoM (%) YTD (%)
 South Japek II section III land acquisition has reached 60%
 PPN omission on imported aircraft, ship, and train Brent (USD/b) 62 (2.72) 0.98 12.76
WTI (USD/bl) 55 (2.61) 2.20 16.18
Coal (USD/ton) 74 (0.61) 4.31 (27.63)
COMPANY Copper (USD/mt) 5,983 0.05 0.57 0.30
 BBRI disbursed IDR50.3tn KUR loan in 6M19 Gold (USD/toz) 1,446 1.37 7.39 12.76

 S&P Global upgrades LPKR rating to B- Nickel (USD/mt) 14,860 2.84 24.35 39.01
Tin (USD/mt) 17,845 (0.45) (6.91) (8.37)
 TRIO to private placement
Corn (USd/mt) 430 (2.66) (7.18) 8.11
Palm oil (MYR/mt) 1,916 (0.31) (4.44) (4.39)
Soybean (USd/bu) 899 (0.17) (4.39) (3.88)
Wheat (USd/bsh) 494 (2.37) (7.84) (6.58)
Source: Bloomberg
CURNCY & RATES Last 1D 1M 2018

IDR/USD 13,960 13,983 14,326 14,390

AUD/USD 1.41 1.43 1.45 1.42
CAD/USD 1.30 1.31 1.34 1.36
CNY/USD 6.88 6.87 6.90 6.88
USD/EUR 1.13 1.12 1.12 1.15
JPY/USD 107.30 107.95 108.45 109.69
SGD/USD 1.36 1.36 1.37 1.36
JIBOR (%) 5.90 5.90 5.90 5.90
7D Repo Rate (%) 6.00 6.00 6.00 6.00
10Y Bond (%) 7.37 7.37 7.67 8.03
CDS - 5Y (bps) 87.39 86.83 102.31 137.45
Source: Bloomberg
FUND FLOWS & SECTORAL TREND
MARKET 2018 2019F MACRO 2018 2019F

EPS growth (%) 3.3 10.4 GDP Growth (%) 5.2 5.0 Foreign Flows Last 1W 1M YTD
Cons EPS growth (%) 18.6 1.1 Govt Spending (%) 4.8 6.7 In/(Out) (IDRbn)* (310) 1,420 5,120 12,986

P/E (x) 23.6 22.7 Private Spending (%) 5.0 5.1 Sector Performance Last 1D (%) 1M (%) YTD (%)
JAKAGRI Index 1,360 (0.07) (2.10) (13.08)
P/E ex UNVR, HMSP (x) 19.1 17.8 Investment (%) 6.7 6.5
JAKBIND Index 816 2.02 10.34 (4.53)
EV/EBITDA (x) 9.5 8.7 CPI (%) 3.1 3.6
JAKCONS Index 2,386 0.60 (2.43) (7.14)
P/B (x) 6.6 6.1 BI 7-day RR (%) 6.0 5.5
JAKFIN Index 1,317 (0.72) 2.97 12.01
P/B ex UNVR, HMSP (x) 3.2 2.9 IDR/USD 14,390 14,593 JAKINFRA Index 352 0.06 6.17 14.38
Yield (%) 2.5 2.5 FX Reserve (USDbn) 120.7 120.5 JAKMIND Index 1,265 0.40 (2.36) (9.29)
Gearing ex Bank (%) 18.5 19.5 CAD (%) (3.0) (2.7) JAKMINE Index 1,655 0.96 4.20 (6.81)
ROE (%) 14.9 15.1 Fiscal Budget (%) 1.8 (2.5) JAKPROP Index 496 0.06 2.50 10.67
ROA (%) 3.7 3.7 10-Y Govt bond 8.0 8.7 JAKTRAD Index 817 (0.08) 1.81 4.21

Source: BCA Sekuritas *Excluding BDMN crossing in Apr-19 & FASW

Source: Bloomberg
crossing in Jun-19

Page 1 of 8
BCAS Vista 19 July 2019

Indonesia Morning Digest

HEADLINE NEWS

MACRO
Central Bank cut 7D RR to 5.75%
Central Bank’s meeting decided to cut BI 7D RRR by 25bps to 5.75%. In addition, Central Bank also cut BI deposit facility
rate to 5% and lending facility rate to 6.5%. (Emitennews, Bisnis Indonesia)
Comments: In line with our as well as market consensus, BI has reduced its policy rate by 25bps to 5.75% on today's
BOG meeting. Furthermore, we expect another series of rate cut in the next BOG meeting as macro and global environment
are in the favor for doing expansionary move. Thus, we project the 7D RRR rate will be lowered to 5.50% by the end of
this year.

INDUSTRY
Toyota and Hyundai ready to invest IDR50tn in Indonesian electric car sector
Ministry of Industry, Airlangga Hartarto, states that Toyota Manufacturing Motor Indonesia and Hyundai Motor Indonesia
are ready to invest in electric car sector with total value of IDR50tn. Aside from them, Mitsubishi Motors Corporation is also
ready to invest JPY3bn (IDR500bn) to increase car production in Indonesia. Thus, Airlangga is optimistic that there will be
IDR100tn new investment in the automotive segment in the next 5 years. Currently, the government is still finalizing the
presidential decree to accelerate the roadmap of electric car policy. (Investor Daily, Bisnis Indonesia)

Deposit Insurance Corporation (LPS) sets restructuring fee at 0-0.007% of asset

Deposit Insurance Corporation (LPS) sets restructuring fee at 0-0.007% of asset
In order to obtain reserve fund for banking systemic risk, LPS has announced the annual fee for banking restructuring
program (PRP) at 0-0.007% of each bank’s asset. Banks will be categorized based on asset size, and banks in the lowest
bracket will not be charged. In addition, banks will have a grace period of 3 years to start paying the fee. (Kontan)

South Japek II section III land acquisition has reached 60%

Land acquisition of South Japek II section III, namely Taman Mekar – Sadang (27.9km), has reached 60%, with completion
target by end-19. Note that Japek II will connect JORR II and Cipularang toll road and is divided into 3 sections: Jati Asih
– Setu (9.3km), Setu – Taman Mekar (24.9km) and Taman Mekar – Sadang (27.9km). (Investor Daily)

PPN omission on imported aircraft, ship, and train

On 4-Jul-19, President Joko Widodo has signed government regulation (PP50/2019) which omits the value added tax (PPN)
on certain vehicles, including aircraft, ship, and train. The PPN omission on imported aircrafts also includes spare parts and
safety equipment. (Investor Daily, Detik Finance)

COMPANY
Bank Rakyat Indonesia (BBRI) disbursed IDR50.3tn KUR loan in 6M19
BBRI has disbursed IDR50.3 (58% of total 2019 KUR allocation) in KUR loan in 6M19 to 2.4mn borrowers, dominated by
micro KUR (IDR44tn). (Investor Daily)
Comments: Based our last meeting with the Management, BBRI expects to run down its 2019 KUR quota in early 4Q19.
Last year, the Bank satisfied the micro loan demand with Kupedes, which has higher loan yield.

Page 2 of 8
BCAS Vista 19 July 2019

Indonesia Morning Digest

HEADLINE NEWS

S&P Global upgrades Lippo Karawaci (LPKR) rating to B-

S&P Global upgrades its rating on LPKR to B- with Stable outlook from previously CCC+. The outlook upgrade reflects
LPKR's sufficient liquidity for the next 12-18 months following the completion of rights issue (USD787.5mn proceed) and
planned asset sales with Lippo Mall Puri to be completed in 4Q19. As of 1H19, company managed to book IDR835bn
marketing sales (+84% YoY), translating to 41.8% of FY19 target. (Company)

Trikomsel Oke (TRIO) to private placement

TRIO plans to conduct private placement to refinance its debt and fund expansion. The management has not mentioned
any details on the amount of the placement but targets to complete the corporate action by end-2019. (Investor Daily)

Page 3 of 8
BCAS Vista 19 July 2019

Indonesia Morning Digest

CORPORATE ACTION
Date Ticker Company Event Desc
19-Jul-19 IDPR Indonesia Pondasi Raya EGM Venue: Indonesia Pondasi Raya, Jl. Pegangsaan Dua Km 4,5, at 02.00 pm
19-Jul-19 BRPT Barito Pacific EGM Venue: Wisma Barito Pacific, Jl. Let Jend S Parman Kav.62-63, at 10.00 am
22-Jul-19 IKBI Sumi Indo Kabel AGM Venue: Hotel Mulia Senayan, Jl. Asia Afrika, Senayan, at 10.00 am
23-Jul-19 NIPS Nipress AGM Venue: Hotel Salak, Bogor, at 10.30 am
25-Jul-19 TDPM Tridomain Performance Material AEGM Venue: Graha CIMB Niaga, Jl. Jend Sudirman Kav. 58, at 09.30 am
25-Jul-19 MTFN Capitalinc Investment Tbk PT AEGM Venue: Grandkemang Hotel, Jl Kemang Raya 2 H, at 10.00 am
25-Jul-19 JSKY Sky Energy Indonesia Tbk PT EGM Venue: Swiss-Bell Hotel Bogor, at 10.00 am
26-Jul-19 APEX Apexindo Pratama Duta PT AEGM Venue: Apexindo Pertam duta Ofiice, SCBD Lot 28, at 10.00 am
26-Jul-19 SMDM Suryamas Dutamakmur EGM Venue: Aston at Kuningan Suites, at 10.00 am
30-Jul-19 AKKU Anugerah Kagum Karya Utama Tbk AGM Venue: Wijaya II No.168, Kebayoran Baru, at 02.00 pm
31-Jul-19 ARGO Argo Pantes AGM Venue: Ruang Training Perseroan, Jl. M.H Thamrin KM 4, Cikokol Tangerang
01-Aug-19 ISAT Indosat EGM Venue: Gedung Indosat Ooredoo, Jakarta, at 02.00 pm
01-Aug-19 TRIS Trisula International Tbk PT EGM Venue: Trisula Center, Jl. Lingkar Luar Barat Blok A No.1, at 10.00 am
07-Aug-19 ITMA Sumber Energi Andalan Tbk PT AEGM Venue: Sahid Sudirman 56th Floor, Jakarta, at 10.00 am
08-Aug-19 GMFI Garuda Maintenance Facility Ae EGM Venue: Garuda City Centre, Area Perkantoran Bandar Udara Soekarno Hatta, at 01.00 pm
08-Aug-19 LPPF Matahari Department Store Tbk EGM Venue: TBD
09-Aug-19 AISA Tiga Pilar Sejahtera Food Tbk EGM Venue: TBD
14-Aug-19 ATIC Anabatic Technologies Tbk PT EGM Venue: TBD
15-Aug-19 ELTY Bakrieland Development Tbk PT AGM Venue: TBD
15-Aug-19 MLBI Multi Bintang Indonesia Tbk PT EGM Venue: TBD
16-Aug-19 INCO Vale Indonesia Tbk PT EGM Venue: TBD
19-Aug-19 JAST Jasnita Telekomindo Tbk PT AGM Venue: E-Trade Building, Jl. KH. Wahid Hasyim No. 55, at 10.00 am
20-Aug-19 AHAP Asuransi Harta Aman Pratama Tb EGM Venue: Hotel Ibis, Jl. Hayam Wuruk No.35, at 02.00 pm
20-Aug-19 BOLT Garuda Metalindo Tbk PT EGM Venue: TBD
20-Aug-19 DWGL Dwi Guna Laksana Tbk PT EGM Venue: TBD
21-Aug-19 MYOH Samindo Resources TBK PT EGM Venue: Crown Plaza Hotel, Jl. Gatot Subroto Kav 2-3, at 02.00 pm
21-Aug-19 MAYA Bank Mayapada International Tb EGM Venue: Gedung Mayapada Tower 2 Lantai 9, at 02.00 pm
22-Aug-19 LIFE Asuransi Jiwa Sinarmas Msig Tb EGM Venue: Sinarmas Land Plaza, Tower II, Lantai 38, at 10.00 am
23-Aug-19 LUCK Sentral Mitra Informatika Tbk EGM Venue: Ruang Seminar 1 Bursa Efek Indonesia, Jakarta, at 10.00 am
28-Aug-19 NRCA Nusa Raya Cipta Tbk PT EGM Venue: Hotel Gran Melia, Jl. HR Rasuna Said Blok X-0, at 09.30 am
30-Aug-19 PGAS Perusahaan Gas Negara Tbk PT EGM Venue: TBD

Source: KSEI, IDX

Page 4 of 8
BCAS Vista 19 July 2019

Indonesia Morning Digest

DIVIDEND

Ticker Company Amount (IDR) Cum Date Ex Date Payment Date

HOKI Buyung Poetra Sembada 11.00 25-Jun-19 26-Jun-19 19-Jul-19
PIC O Pelangi Indah C anindo 5.00 25-Jun-19 26-Jun-19 19-Jul-19
C AMP C ampina Ice C ream Industry 4.25 26-Jun-19 27-Jun-19 19-Jul-19
C LPI C olorpak Indonesia 55.09 26-Jun-19 27-Jun-19 19-Jul-19
DPNS Duta Pertiwi Nusantara 6.00 26-Jun-19 27-Jun-19 19-Jul-19
SRIL Sri Rejeki Isman 3.00 26-Jun-19 27-Jun-19 19-Jul-19
ASJT Asuransi Jasa Tania 20.85 27-Jun-19 28-Jun-19 19-Jul-19
BNBA Bank Bumi Arta 11.00 27-Jun-19 28-Jun-19 19-Jul-19
DLTA Delta Djakarta 478.00 27-Jun-19 28-Jun-19 19-Jul-19
INDS Indospring 100.00 27-Jun-19 28-Jun-19 19-Jul-19
KBLI KMI Wire and C able 8.00 27-Jun-19 28-Jun-19 19-Jul-19
MARI Mahaka Radio Integra 1.35 27-Jun-19 28-Jun-19 19-Jul-19
TC PI Transcoal Pacific 15.50 27-Jun-19 28-Jun-19 19-Jul-19
MAIN Malindo Feedmill 22.00 28-Jun-19 1-Jul-19 19-Jul-19
MFIN Mandala Multifinance 50.00 28-Jun-19 1-Jul-19 19-Jul-19
SMRA Summarecon Agung 5.00 28-Jun-19 1-Jul-19 19-Jul-19
AMIN Atmindo 8.00 28-Jun-19 1-Jul-19 22-Jul-19
IGAR C hampion Pacific Indonesia 5.00 28-Jun-19 1-Jul-19 24-Jul-19
IMAS Indomobil Sukses Internasional 5.00 28-Jun-19 1-Jul-19 24-Jul-19
IMJS Indomobil Multi Jasa 1.00 28-Jun-19 1-Jul-19 24-Jul-19
MYOR Mayora Indah 29.00 28-Jun-19 1-Jul-19 24-Jul-19
PJAA Pembangunan Jaya Ancol 53.00 28-Jun-19 1-Jul-19 24-Jul-19
LC KM LC K Global Kedaton 1.00 1-Jul-19 2-Jul-19 19-Jul-19
AMFG Asahimas Flat Glass 30.00 1-Jul-19 2-Jul-19 23-Jul-19
VOKS Voksel Electric 5.00 1-Jul-19 2-Jul-19 23-Jul-19
INPP Indonesian Paradise Property 1.00 1-Jul-19 2-Jul-19 25-Jul-19
TRST Trias Sentosa 5.00 1-Jul-19 2-Jul-19 25-Jul-19
LION Lion Metal Works 10.00 2-Jul-19 3-Jul-19 23-Jul-19
LMSH Lionmesh Prima 5.00 2-Jul-19 3-Jul-19 23-Jul-19
MSIN MNC Studio International 21.00 2-Jul-19 3-Jul-19 24-Jul-19
ASDM Asuransi Dayin Mitra 73.00 2-Jul-19 3-Jul-19 25-Jul-19
MNC N Media Nusantara C itra 15.00 2-Jul-19 3-Jul-19 26-Jul-19
C EKA Wilmar C ahaya Indonesia 100.00 3-Jul-19 4-Jul-19 26-Jul-19
FISH FKS Multi Agro 150.00 3-Jul-19 4-Jul-19 26-Jul-19
JKON Jaya Konstruksi Manggala Pratama 3.30 3-Jul-19 4-Jul-19 26-Jul-19
PWON Pakuwon Jati 7.00 3-Jul-19 4-Jul-19 26-Jul-19
SSMS Sawit Sumbermas Sarana 2.72 3-Jul-19 4-Jul-19 26-Jul-19
PALM Provident Agro 2.50 4-Jul-19 5-Jul-19 22-Jul-19
SMDR Samudera Indonesia 16.00 4-Jul-19 5-Jul-19 24-Jul-19
GGRM Gudang Garam 2,600.00 4-Jul-19 5-Jul-19 25-Jul-19
C TRA C iputra Development 10.00 4-Jul-19 5-Jul-19 26-Jul-19
JEC C Jembo C able C ompany 300.00 4-Jul-19 5-Jul-19 26-Jul-19
MDKI Emdeki Utama 12.00 4-Jul-19 5-Jul-19 26-Jul-19
MIKA Mitra Keluarga 18.00 4-Jul-19 5-Jul-19 26-Jul-19
PBRX Pan Brothers 2.00 4-Jul-19 5-Jul-19 26-Jul-19
UNIC Unggul Indah C ahaya 90.00 4-Jul-19 5-Jul-19 26-Jul-19
RDTX Roda Vivatex 90.00 5-Jul-19 8-Jul-19 24-Jul-19
PANS Panin Sekuritas 100.00 5-Jul-19 8-Jul-19 25-Jul-19
BMAS Bank Maspion Indonesia 8.00 5-Jul-19 8-Jul-19 26-Jul-19
ULTJ Ultrajaya Milk Industry & Trading C ompany 12.00 5-Jul-19 8-Jul-19 26-Jul-19
BATA Sepatu Bata 5.55 5-Jul-19 8-Jul-19 30-Jul-19
ALDO Alkindo Naratama 1.10 5-Jul-19 8-Jul-19 31-Jul-19
ASBI Asuransi Bintang 10.00 5-Jul-19 8-Jul-19 31-Jul-19
ATIC Anabatic Technologies 7.00 5-Jul-19 8-Jul-19 31-Jul-19
C SAP C atur Sentosa Adiprana 4.00 5-Jul-19 8-Jul-19 31-Jul-19
INAI Indal Aluminium Industry 30.00 5-Jul-19 8-Jul-19 31-Jul-19
INKP Indah Kiat Pulp & Paper 100.00 5-Jul-19 8-Jul-19 31-Jul-19
RUIS Radiant Utama Interinsco 6.00 5-Jul-19 8-Jul-19 31-Jul-19
SHIP Sillo Maritime Perdana 15.00 5-Jul-19 8-Jul-19 31-Jul-19
TELE Tiphone Mobile Indonesia 6.00 5-Jul-19 8-Jul-19 31-Jul-19
TKIM Pabrik Kertas Tjiwi Kimia 50.00 5-Jul-19 8-Jul-19 31-Jul-19
GEMS Golden Energy Mines 55.40 8-Jul-19 9-Jul-19 19-Jul-19
ZINC Kapuas Prima C oal 0.40 8-Jul-19 9-Jul-19 1-Aug-19
Source: Bloomberg, IDX, BCA Sekuritas Estimate, *Dividend amount in USD **Stock dividend

Page 5 of 8
 Free Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%)
CP TP Mkt cap Index ADTV Rev growth (%) OP growth (%)
Ticker Rating float
(IDR) (IDR) (IDR bn) Weight (IDRbn)
(%) 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F
Automotive (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
ASII BUY 7,150 8,300 289,457 3.9 49.8 235.6 2.0 4.5 (4.9) 7.1 22,060 23,308 1.8 5.7 13.1 12.4 10.9 10.3 1.9 1.8 3.0 3.2 15.4 14.8
Banking (Overweight) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id)

Page 6 of 8
BBCA NR 30,725 n.a. 757,525 10.3 43.1 403.6 6.8 9.9 6 12.7 27,756 31,287 7.4 12.7 27.3 24.2 n.a. n.a. 4.4 3.8 0.9 1.0 17.1 16.9
BBNI BUY 8,875 11,000 165,507 2.2 41.2 222.7 12.5 13.5 9.8 11.7 16,473 18,405 9.7 11.7 10.0 9.0 n.a. n.a. 1.4 1.2 2.6 2.9 14.5 14.6
BBRI BUY 4,450 4,900 548,889 7.5 43.2 509.4 11.1 11.0 13.1 14.1 36,869 42,047 14.0 14.0 14.9 13.1 n.a. n.a. 2.7 2.4 3.0 3.4 19.0 19.3
BBTN HOLD 2,420 2,400 25,628 0.3 40.0 62.7 3.8 10.5 (10.7) 10.1 2,517 2,770 (10.4) 10.1 10.2 9.2 n.a. n.a. 1.0 0.9 2.0 2.2 10.1 10.3
BDMN HOLD 4,840 5,500 47,304 0.6 5.9 76.4 9.4 8.2 20.8 13.0 4,166 4,690 6.2 12.6 11.1 9.9 n.a. n.a. 1.0 1.0 3.0 3.1 9.7 10.2
BJBR HOLD 1,635 1,750 16,086 0.2 24.6 21.5 3.9 6.2 3.0 8.9 1,561 1,704 0.8 9.2 10.2 9.3 n.a. n.a. 1.3 1.2 5.4 5.9 1.3 1.3
BMRI BUY 7,850 9,300 366,333 5.0 40.0 388.9 11.3 11.2 10.1 12.9 28,912 32,592 15.6 12.7 12.7 11.2 n.a. n.a. 1.8 1.7 3.6 4.0 15.2 15.6
BNGA BUY 1,145 1,230 28,776 0.4 8.5 5.8 0.7 4.4 0.8 9.3 3,506 3,838 0.7 9.4 8.2 7.5 n.a. n.a. 0.7 0.6 2.4 2.7 8.6 8.7
PNBN HOLD 1,460 1,300 35,168 0.5 15.1 5.9 (1.1) 4.7 (8.0) 3.3 2,943 3,051 (5.4) 3.7 12.4 12.0 n.a. n.a. 0.9 0.8 (0.0) (0.0) 7.5 7.2
Sector 1,991,216 27.0 1,696.9 9.1 10.4 8.9 12.6 124,704 140,384 10.1 12.6 18.5 16.4 - - 2.9 2.6 2.2 2.5 15.2 15.4
Cement (Overweight) - Sandy Ham (sandy.ham@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
INTP HOLD 21,825 18,000 80,343 1.1 49.0 41.4 6.2 7.0 88.7 27.5 1,978 2,443 72.6 23.5 40.6 32.9 23.0 19.3 3.3 3.2 0.9 1.8 8.3 9.8
BCAS Vista

SMBR FULLY VALUED 1,110 1,000 11,025 0.1 24.5 14.6 3.5 6.0 (15.5) 25.5 72 119 (5.4) 65.2 151.7 91.8 52.3 45.3 3.1 3.0 0.2 0.3 2.0 3.3
SMGR HOLD 12,550 10,800 74,441 1.0 49.0 102.9 36.2 8.8 11.0 31.5 1,931 3,327 (37.3) 72.2 38.5 22.4 11.5 9.4 2.3 2.2 1.7 1.8 6.1 10.1
Indonesia Morning Digest

Sector 165,809 2.3 158.9 25.3 8.2 23.3 30.3 3,981 5,888 (7.5) 47.9 47.1 32.1 19.8 16.6 2.8 2.7 1.2 1.7 6.5 9.2
Cigarette (Overweight) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
GGRM BUY 77,225 97,000 148,588 2.0 23.8 117.7 0.4 7.3 17.4 7.1 9,088 9,758 27.2 10.5 15.0 13.6 11.6 10.8 2.7 2.4 1.3 1.9 17.5 16.5
HMSP HOLD 3,070 3,500 357,096 4.8 7.5 94.0 6.0 9.4 13.2 20.3 15,645 18,435 6.1 5.1 24.9 23.6 21.5 17.9 9.6 8.9 4.4 5.2 43.1 47.7
Sector 505,684 6.9 211.6 3.3 8.4 14.9 14.9 24,733 28,193 15.9 14.0 22.0 20.7 18.6 15.8 7.6 7.0 3.5 4.2 28.5 28.9
Coal (Underweight) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
ADRO BUY 1,300 1,700 41,582 0.6 43.7 59.0 (7.7) 3.1 (20.9) (4.2) 371 357 (11.1) (3.8) 7.9 8.2 3.4 3.6 0.8 0.7 5.9 5.7 9.9 9.1
ITMG HOLD 17,225 18,500 19,463 0.3 34.8 24.5 (11.5) (0.8) (26.2) (12.7) 212 182 (16.8) (14.0) 6.3 7.4 5.1 5.6 1.5 1.6 19.3 16.1 22.8 21.0
PTBA HOLD 2,870 3,250 33,064 0.4 34.1 110.7 7.8 (1.3) (11.9) (5.3) 5,089 4,414 (3.6) (13.3) 6.8 7.9 2.9 3.1 1.9 1.8 11.4 11.5 28.8 24.0
Sector 94,109 1.3 194.2 (0.3) 2.1 (15.8) (5.5) 13,477 12,280 (4.5) (8.9) 7.2 7.9 3.6 3.8 1.3 1.3 10.6 9.9 16.5 14.1
Consumer (Neutral) - Sandy Ham (sandy.ham@bcasekuritas.co.id), Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
ICBP BUY 10,725 12,000 125,074 1.7 19.5 57.8 7.6 7.4 13.2 10.6 4,696 5,191 2.9 10.5 26.1 23.6 12.7 11.6 5.2 4.7 1.9 2.1 19.6 19.4
INDF HOLD 7,050 7,300 61,902 0.8 49.9 59.0 7.5 5.9 11.7 7.8 4,206 4,485 1.0 6.6 14.7 13.8 6.5 6.0 1.7 1.6 3.3 3.6 12.1 12.2
KLBF HOLD 1,475 1,500 69,141 0.9 43.0 30.5 6.7 7.1 (0.0) 9.7 2,475 2,686 0.7 8.5 27.9 25.7 17.2 15.6 4.3 4.0 1.6 1.7 16.2 16.1
MYOR BUY 2,110 2,900 47,177 0.6 15.7 5.8 13.8 13.5 29.3 14.3 2,030 2,366 17.2 16.5 23.2 19.9 15.1 13.3 4.8 4.1 1.4 1.6 0.2 0.2
ROTI BUY 1,275 1,440 7,888 0.1 44.9 2.3 16.0 9.0 50.4 14.3 225 249 30.4 10.5 35.0 31.7 21.0 18.9 2.6 2.4 0.8 1.0 7.5 7.9
SIDO BUY 995 1,100 14,925 0.2 19.0 2.4 10.1 10.3 17.6 9.6 764 829 15.0 8.6 19.5 18.0 13.5 12.4 4.8 4.5 4.1 4.4 25.3 25.6
ULTJ HOLD 1,490 1,200 17,215 0.2 65.5 1.2 7.1 6.9 5.5 4.9 816 858 16.8 5.2 21.1 20.1 8.2 7.9 3.1 2.8 0.5 0.5 15.9 14.6
UNVR FULLY VALUED 45,750 41,500 349,073 4.7 15.0 114.9 3.1 3.1 7.5 4.8 7,581 7,939 (16.8) 4.7 46.0 44.0 34.7 33.1 42.8 42.1 2.0 2.2 96.3 96.5
Sector 692,394 9.4 273.9 7.4 6.8 10.9 8.2 22,792 24,603 (3.3) 7.9 35.0 32.8 23.9 22.4 23.6 23.1 2.0 2.2 22.6 22.3
Sector excl UNVR 343,321 4.7 159.1 8.5 7.7 12.4 9.7 15,211 16,664 5.2 9.6 23.7 21.5 12.8 11.6 4.2 3.7 2.0 2.2 16.4 16.4
Construction & Toll Road (Overweight) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
ADHI BUY 1,625 1,600 5,786 0.1 49.0 16.4 12.6 5.4 17.8 3.1 979 1,002 52.0 2.4 5.9 5.8 3.0 3.2 1.0 1.0 2.4 2.4 17.5 17.5
META BUY 193 280 3,418 0.0 32.9 0.0 (14.3) 29.3 (15.7) 30.7 67 89 (62.8) 32.5 42.8 32.3 11.6 9.7 0.7 0.7 0.5 0.6 2.0 2.9
PTPP BUY 2,200 2,500 13,640 0.2 48.9 59.8 37.7 15.9 14.3 14.1 1,714 1,955 6.2 14.1 8.0 7.0 2.6 2.2 0.9 0.8 1.8 2.1 11.1 11.9
WIKA BUY 2,460 2,200 22,066 0.3 34.9 58.3 16.0 17.8 17.1 18.2 1,809 2,221 4.6 22.8 12.2 9.9 3.4 3.0 1.4 1.4 2.4 2.9 19.0 23.0
WSKT HOLD 2,140 1,900 29,048 0.4 34.0 68.0 (11.2) 6.4 (10.2) 7.6 4,252 4,262 (6.0) 0.2 6.8 6.8 4.3 4.0 0.8 0.7 1.9 1.9 13.2 12.9
WTON BUY 600 620 5,229 0.1 39.8 12.9 15.0 17.2 13.9 17.2 560 708 15.2 26.3 8.9 7.1 3.9 3.1 1.4 1.3 2.9 3.5 16.8 19.0
JSMR HOLD 6,175 4,350 44,817 0.6 24.5 47.3 0.9 20.0 (5.8) 20.0 2,231 3,055 1.3 36.9 20.1 14.7 7.7 5.0 2.1 2.0 1.7 2.3 9.1 12.0
Sector 124,005 1.7 262.6 8.8 12.7 1.3 13.2 11,611 13,291 (1.5) 14.5 13.7 10.9 5.3 4.1 1.4 1.4 1.9 2.3 11.8 12.5
Hospital (Underweight) - Rachel C Sual (rachel.sual@bcasekuritas.co.id), Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id)
MIKA BUY 1,920 2,350 27,937 0.4 39.4 3.2 12.8 11.1 14.8 13.2 703 804 14.6 14.4 39.7 34.7 27.6 23.8 5.6 5.0 0.6 0.8 17.0 17.4
SILO BUY 5,350 5,400 8,698 0.1 13.2 4.0 10.5 9.8 3.7 12.1 22 26 35.0 20.7 398.3 329.9 8.9 7.5 1.4 1.4 - - 0.5 0.6
Sector 36,635 0.5 7.1 11.2 10.2 11.7 12.9 725 831 15.1 14.6 124.9 104.8 23.2 19.9 4.6 4.1 0.4 0.6 6.6 7.1
Industrial Estate (Neutral) - Indra Taurean (indra.taurean@bcasekuritas.co.id)
BEST HOLD 324 150 3,126 0.0 41.8 6.9 24.1 11.8 9.8 (0.4) 362 470 (5.5) 29.8 8.6 6.7 2.3 2.3 0.7 0.6 0.6 0.6 8.4 9.9
DMAS BUY 280 280 13,495 0.2 17.7 11.7 49.4 18.5 77.3 16.6 776 883 56.4 13.7 17.4 15.3 7.6 6.6 1.9 1.9 7.5 4.7 11.0 12.5
KIJA BUY 304 280 6,331 0.1 70.5 1.9 23.4 4.9 11.0 10.5 198 350 383.8 76.4 33.2 18.8 6.3 5.8 1.2 1.1 0.0 0.2 3.7 6.2
SSIA BUY 765 1,000 3,600 0.0 99.3 27.8 8.0 13.2 30.8 32.2 72 142 90.0 98.5 49.9 25.2 3.9 3.1 0.9 0.9 0.9 1.0 1.8 3.6
Sector 26,551 0.4 48.3 19.9 11.1 28.7 12.8 1,408 1,844 41.2 31.0 24.5 16.453 6.2 5.4 1.5 1.4 4.0 2.6 6.8 8.6
Media (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
MNCN HOLD 1,365 850 19,487 0.3 42.9 80.7 2.6 2.8 3.6 2.0 1,587 1,674 3.6 5.5 12.0 11.4 4.7 4.7 1.8 1.6 3.3 3.5 14.9 14.3
SCMA BUY 1,515 2,500 22,375 0.3 39.6 13.0 8.6 5.0 14.2 4.8 1,716 1,812 15.8 5.6 12.9 12.2 16.2 15.4 4.0 3.5 5.4 5.7 32.1 30.6
19 July 2019

Sector 41,862 0.6 93.7 5.1 3.7 8.1 3.2 3,303 3,486 9.1 5.5 12.5 11.8 10.8 10.4 2.9 2.7 4.4 4.7 21.3 20.4
 Free Net Profit (IDRbn) EPSG (%) P/E (x) EV/EBITDA (x) P/B (x) Div yield (%) ROE (%)
CP TP Mkt cap Index ADTV Rev growth (%) OP growth (%)
Ticker Rating float
(IDR) (IDR) (IDR bn) Weight (IDRbn)
(%) 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F 2019F 2020F
Metal & Mining (Neutral) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
ANTM BUY 950 1,250 22,829 0.3 35.0 62.8 13.7 6.7 45.7 17.5 1,261 1,690 44.2 34.0 18.1 13.5 6.5 5.9 1.1 1.1 1.9 2.8 6.3 8.0
INCO HOLD 3,180 3,200 31,598 0.4 20.5 31.3 (2.3) 6.6 (42.5) 81.9 30 60 (49.5) 100.0 66.7 33.3 6.7 5.3 1.1 1.0 0.9 0.5 1.6 3.1
TINS BUY 1,100 1,600 8,193 0.1 35.0 30.0 35.6 (10.0) 135.1 (17.7) 1,033 809 94.4 (21.7) 7.9 10.1 4.5 5.0 1.1 1.0 4.2 8.2 14.8 10.6

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Sector 62,619 0.9 124.2 16.9 2.4 36.7 15.1 2,729 3,380 23.0 23.9 15.4 12.6 6.3 5.5 1.1 1.0 1.7 2.3 5.1 6.0
Mining Contractor (Neutral) - Prasetya Gunadi (prasetya.gunadi@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
DOID BUY 505 1,000 4,349 0.1 50.7 9.0 4.9 1.1 4.2 0.5 75 78 (5.1) 3.5 4.2 4.1 4.1 4.0 1.1 1.0 9.4 9.8 2.6 2.7
UNTR BUY 27,275 35,000 101,739 1.4 40.4 108.6 11.2 7.3 14.0 3.9 12,172 12,240 9.4 0.6 8.4 8.3 4.4 4.2 1.7 1.5 4.5 4.8 19.8 17.8
Sector 106,088 1.4 117.6 11.3 6.7 13.8 3.7 13,255 13,376 8.7 0.9 8.2 8.1 4.4 4.1 1.6 1.5 4.7 5.0 21.6 19.2
Oil & Gas (Neutral) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
PGAS BUY 2,100 2,750 50,907 0.7 43.0 89.3 6.2 2.8 1.9 3.3 319 339 8.2 6.7 11.0 10.3 4.4 4.2 1.3 1.2 3.6 3.9 11.6 11.5
MEDC BUY 820 950 14,628 0.2 26.8 15.4 2.3 2.2 (1.0) (3.1) 43 70 NA 51.1 28.8 19.1 5.6 5.7 1.0 0.9 - 2.1 3.4 5.4
Sector 65,535 0.9 104.7 12.7 4.1 7.8 2.0 5,220 5,978 47.6 14.5 15.0 12.3 4.6 4.5 1.2 1.1 2.8 3.5 9.2 9.5
Others (Overweight) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id), Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
IMJS BUY 520 900 3,000 0.0 8.0 1.3 38.4 31.8 96.8 59.2 307 468 65.2 52.5 9.8 6.4 12.0 8.1 0.9 0.8 - - 10.4 13.0
BCAS Vista

PBID BUY 1,025 1,400 1,922 0.0 13.9 0.2 15.8 15.2 1.4 21.7 281 344 (4.6) 22.5 6.8 5.6 7.8 6.2 1.1 1.0 4.9 4.7 16.2 17.2
WOOD BUY 840 1,200 5,297 0.1 19.8 16.6 24.3 16.0 22.2 15.5 290 349 21.3 20.2 18.1 15.1 12.2 10.6 2.0 1.8 1.1 1.3 11.3 12.3
Indonesia Morning Digest

Sector 10,219 0.1 18.1 25.4 21.7 32.4 32.0 878 1,161 18.3 32.2 13.5 10.7 11.3 9.0 1.5 1.3 1.5 1.6 12.3 14.1
Petrochemical (Neutral) - Willy Suwanto (willy.suwanto@bcasekuritas.co.id)
TPIA FULLY VALUED 5,275 4,000 94,072 1.3 8.3 25.1 (5.5) 11.3 (14.2) 12.9 151 174 (14.0) 15.7 46.5 40.2 22.9 20.5 4.0 3.8 1.2 1.0 8.6 9.3
Plantation (Neutral) - Pandu Anugrah (pandu.anugrah@bcasekuritas.co.id)
AALI BUY 10,225 15,000 19,680 0.3 20.3 8.7 (7.3) 1.1 1.9 2.4 1,810 1,774 25.8 (2.0) 10.9 11.1 6.8 6.5 1.0 0.9 4.1 4.1 9.2 8.5
LSIP BUY 1,090 1,450 7,437 0.1 40.4 11.2 3.0 7.8 100.6 18.3 553 635 67.0 14.8 13.4 11.7 6.0 4.8 0.9 0.8 3.0 3.4 6.6 7.2
SGRO HOLD 2,200 2,500 4,158 0.1 27.5 0.3 19.3 7.7 27.1 20.5 206 254 267.0 23.6 20.2 16.4 10.2 9.2 1.0 1.0 2.2 2.7 5.1 6.1
SIMP HOLD 340 490 5,378 0.1 21.5 2.9 6.0 2.3 3.7 11.4 192 219 15.4 14.3 28.1 24.5 7.2 6.9 0.4 0.4 1.1 1.3 1.3 1.5
Sector 36,652 0.5 23.0 0.0 2.8 12.0 8.4 2,760 2,882 38.6 4.4 15.0 13.8 7.1 6.5 0.9 0.8 3.2 3.4 5.8 5.8
Poultry (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id)
CPIN HOLD 5,250 5,200 86,090 1.2 44.5 67.7 11.3 7.0 (25.1) 18.3 3,565 4,392 (21.7) 23.2 24.1 19.6 14.4 12.1 4.1 3.6 2.1 1.7 17.6 19.4
JPFA BUY 1,630 1,850 19,114 0.3 42.6 64.3 8.3 8.8 (30.9) 24.8 1,455 1,987 (32.9) 36.6 13.0 9.5 7.0 5.8 1.7 1.5 3.1 1.9 13.7 16.7
MAIN BUY 1,140 1,500 2,552 0.0 42.7 13.0 15.6 6.7 7.9 20.8 338 414 18.6 22.5 7.6 6.2 6.3 5.1 1.1 1.0 2.2 2.6 15.8 16.9
Sector 107,756 1.5 145.0 10.5 7.6 (25.9) 20.6 5,358 6,792 (24.3) 26.8 21.8 17.5 12.9 10.8 3.6 3.1 2.3 1.7 16.2 18.4
Property Residential (Overweight) - Indra Taurean (indra.taurean@bcasekuritas.co.id)
ASRI HOLD 352 365 6,917 0.1 32.2 3.3 (5.0) 18.7 (1.7) 18.5 1,020 1,348 5.2 32.1 6.8 5.1 6.5 5.5 0.7 0.6 2.2 2.9 12.2 14.1
BSDE BUY 1,485 1,830 28,581 0.4 39.8 19.7 9.5 7.1 33.1 12.2 2,082 2,366 60.9 13.6 13.7 12.1 10.3 8.9 0.9 0.8 0.2 0.2 5.9 6.7
CTRA BUY 1,170 1,520 21,716 0.3 53.0 40.7 2.8 3.0 (3.9) 3.6 1,193 1,320 1.1 10.6 17.9 16.2 9.4 8.8 1.2 1.2 2.5 2.6 7.2 7.2
SMRA BUY 1,180 1,475 17,024 0.2 58.9 24.1 4.7 6.7 (2.1) 9.5 499 578 11.3 15.8 34.1 29.4 9.7 9.0 1.8 1.8 0.5 0.5 9.7 10.3
Sector 74,237 1.0 87.8 3.8 7.5 7.3 11.1 4,795 5,611 23.2 17.0 19.0 16.6 9.5 8.6 1.2 1.1 1.1 1.3 7.1 7.8
Retails (Neutral) - Johanes Prasetia (johanes.prasetia@bcasekuritas.co.id), Sandy Ham (sandy.ham@bcasekuritas.co.id)
ACES HOLD 1,770 1,770 30,356 0.4 40.0 23.7 14.9 12.8 15.3 12.9 1,084 1,225 12.3 13.0 27.9 24.7 20.3 17.7 6.2 5.5 1.6 1.8 29.0 28.6
LPPF BUY 3,250 5,400 9,116 0.1 81.8 40.9 2.9 4.8 (0.3) 4.6 1,868 1,968 70.4 5.3 5.1 4.8 3.4 2.8 3.5 2.6 9.8 9.4 79.8 59.1
MAPI BUY 970 1,150 16,102 0.2 49.0 15.0 12.4 11.7 11.4 11.2 809 979 9.9 21.0 19.8 16.4 1.2 0.9 2.4 2.1 0.9 1.0 16.7 18.2
RALS BUY 1,300 1,750 9,225 0.1 37.0 13.0 7.1 6.2 5.3 6.5 634 668 8.0 5.4 13.8 13.1 11.6 10.7 2.1 2.0 4.4 4.8 17.1 17.5
Sector 64,798 0.9 92.5 9.8 9.6 6.5 8.4 4,395 4,840 30.2 10.1 20.7 18.2 11.9 10.5 4.3 3.7 3.0 3.1 25.6 24.5
Telecommunication Sector (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
EXCL BUY 3,110 3,800 33,240 0.5 33.6 30.9 8.0 7.4 (164.1) 29.0 372 781 NA 109.9 89.3 42.6 6.3 5.9 1.8 1.7 - 0.3 2.0 4.1
ISAT BUY 2,760 2,450 14,998 0.2 20.7 20.4 5.7 8.2 (61.7) (159.3) (1,906) (1,482) (20.7) (22.2) (7.9) (10.1) 5.0 4.8 1.6 1.9 - - (18.6) (17.4)
TLKM BUY 4,240 4,750 420,024 5.7 47.9 347.0 9.5 7.9 20.8 7.1 23,370 24,962 29.6 6.8 18.0 16.8 6.0 5.7 3.8 3.4 2.6 3.3 22.2 21.3
Sector 468,261 6.4 398.3 8.8 7.8 42.6 10.4 21,836 24,260 79.7 11.1 22.2 17.8 6.0 5.7 3.6 3.3 2.3 3.0 16.3 16.8
Telecommunication Retail (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
ERAA HOLD 1,980 1,850 6,316 0.1 45.2 86.6 (8.0) 8.6 (26.7) 12.2 533 656 (37.3) 23.1 10.8 8.8 8.3 7.1 1.2 1.1 3.0 3.7 11.1 12.7
MCAS BUY 3,530 4,560 3,064 0.0 69.5 7.1 40.0 33.5 129.4 79.9 135 208 (47.2) 54.7 22.8 14.7 12.4 6.6 3.4 2.5 - - 14.8 17.2
TELE BUY 560 1,000 4,089 0.1 24.9 0.0 9.7 10.8 9.5 9.7 689 804 55.1 16.7 5.8 5.0 5.2 4.8 0.9 0.8 4.3 5.0 16.1 16.5
Sector 13,469 0.2 93.8 2.9 11.8 (5.1) 17.3 1,356 1,668 (14.7) 23.0 12.0 9.0 8.3 6.3 1.6 1.3 2.7 3.3 13.5 14.8
Tower Telco (Overweight) - Aditya E Prakasa (aditya.prakasa@bcasekuritas.co.id)
TOWR BUY 750 970 38,261 0.5 49.9 8.6 10.1 7.1 9.5 8.0 2,639 2,859 20.0 8.3 14.5 13.4 8.4 7.7 3.9 3.4 3.0 3.4 28.9 26.9
Stock universe 5,109,692 69.4 4,421.6 7.4 7.8 9.0 10.6 294,166 327,091 10.4 11.2 22.7 19.9 8.7 7.9 6.1 5.7 2.5 2.9 15.1 15.3
Stock universe exc HMSP UNVR 4,403,523 59.8 4,212.8 7.5 7.8 8.8 10.3 270,940 300,717 11.2 11.0 17.8 15.3 5.6 5.1 2.9 2.6 2.4 2.7 14.2 14.4
19 July 2019
 BCAS Vista 19 July 2019

Indonesia Morning Digest

Equity Research Division Institutional Equity Market Division Sales Equity Market Division
research@bcasekuritas.co.id ecm@bcasekuritas.co.id sales@bcasekuritas.co.id

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