C lo sing 1-D ay C hg () YT D C hg ()

  ID X S t a t is t ic s C lo s ing

  JCI 5,709.42 Transactio n Value Regular M arket (IDR tn) 5.683 Transactio n Vo lume Regular M arket (mn shares) 7,163 Fo reign Net B uy (Sell) (IDR bn) (687) Fo reign Net B uy (Sell) (4.09) To tal M arket Capitalizatio n (IDR tn) 6,475.02 LQ45 891.13 (2.17) (17.44) EIDO 20.88 (4.04) (26.56)

  IDX 18.81 (4.27) (24.28)

DOW JONES 24,583.42 (2.41) (0.55)

  S&P 500 2,656.10 (3.09) (0.65) NA SDA Q 7,108.40 (4.43)

  2.97 FTSE 6,962.98 0.11 (9.43) NIKKEI 22,091.18 0.37 (2.96)

HA NG SENG 25,249.78 (0.38) (15.61)

  STRA ITS TIM ES 3,032.08 0.02 (10.90) KLSE 1,690.04 (0.45) (5.94)

  Volume JCI Index

  3,000 4,000 5,000 6,000 7,000

  5,000 10,000 15,000 20,000

  Sementara LQ45 turun sebanyak 19.7 poin (2.17%) ke level 891.13. Foreign net sell sebesar Rp 686.82 miliar.

  Thursday, October 25, 2018 Source: Bloomberg, Sinarmas Investment Research

   Sehubungan dengan emiten, Bank Rakyat Indonesia (BBRI) beserta anak perusahaan membukukan pendapa- tan bunga bersih hingga September 2018 sebesar Rp 57,9 triliun (+6,5% YoY). Laba bersih sebesar Rp 23,5 triliun, naik 14,6% dibandingkan dengan capaian pada periode yang sama tahun lalu senilai Rp20,5 triliun. BBRI mencat- atkan hasil kuartal III-2018 yang sejalan dengan ek- spektasi kami dan konsensus.

USD/IDR 15,188.00

  8.88 Natural Gas (USD/mmB tu) 3.18 7:49:07 A M

  See pg. 7-9 for Technical Corner www.sinarmassekuritas.co.id See important disclaimer at the end of this report IHSG turun sebanyak 88.5 poin (1.53%) ke level 5709.42.

  0.00

  10.80 EUR/IDR 17,334.77 (0.50)

  6.41 JP Y/IDR 135.81

  0.56

  11.35 SGD/IDR 11,010.17 (0.08)

  7.86 A UD/IDR 10,745.27 (0.26)

  1.51 GB P /IDR 19,588.25 (0.67)

  9.68 Co al (USD/mn to ns) 109.75 10/24/2018

   Secara teknikal indeks hari Kamis (25/10), IHSG diprediksi bergerak di kisaran 5621-5781.

   Sehubungan dengan emiten, Jasa Marga (JSMR) mencatat pendapatan hingga kuartal III-2018 sebesar Rp 27,4 tri- liun (+18,7% YoY) dengan laba bruto sebesar Rp 4,23 tri- liun (+11,6% YoY) dan laba bersih sebesar Rp 1,77 triliun (-6,8% YoY).

   Sehubungan dengan emiten, Vale Indonesia mencatatkan pendapatan hingga September 2018 sebesar USD 580 juta (+29,2% YoY). Laba bersih tercatat sebesar USD 55 juta (dibanding rugi USD 20 juta pada tahun sebelumnya). Hasil tersebut diatas ekspektasi kami dan sejalan dengan konsensus.

  6.52 Crude Oil (USD/barrel) 66.28 7:51:05 A M

  La s t T ra ns a c t io n Y T D C hg ( %) C o m m o dit ie s O t he r Indic e s C lo s ing 1- D a y C hg ( %) Y T D C hg ( %) C urre nc y S po t R a t e R a t e ( ID R ) 1- D a y C hg ( %) Y T D C hg ( %) Today’s Market:  IHSG diperkirakan bergerak melemah. Bursa AS ditutup melemah pada perdagangan Rabu (24/10). Harga crude oil stabil di level USD 66.28 per barrel. Harga batubara stabil di level USD 109.75 per Mt. Rupiah bergerak stabil terhadap Dollar AS ke level Rp 15.188. 10Yr Government Bonds Yield turun ke level 8.56%.

  4.70 P ric e

  16.39 Co rn (USD/bushel) 367.25 7:50:59 A M

  7.75 Go ld (USD/o unce) 1,235.69 8:01:04 A M (5.16) Nickel (USD/mn to ns) 12,225.00 8:00:58 A M (4.19) Tins (USD/mn to ns) 19,335.00 8:00:15 A M (3.45) CP O (M YR/mn to ns) 2,103.00 10/24/2018 (13.95) Rubber (JP Y/kg) 145.00 7:04:29 A M (29.41) Wheat (USD/bushel) 497.00 7:50:21 A M

  Daily Corporate and Industry News

Kediaman sejumlah tokoh Partai Demokrat dan atau terkait kubu Demokrat Amerika Serikat (AS) dikirimi paket

mencurigakan, yang diidentifikasi oleh aparat berpotensi sebagai alat peledak. Paket antara lain dikirim ke alamat

mantan presiden Barack Obama dan mantan calon presiden Hillary Clinton, miliarder George Soros. CNN juga pada

Rabu (24/10) melaporkan telah mengevakuasi bironya di New York karena menerima kiriman paket serupa. Source:

Investor Daily

Menteri Dalam Negeri Tjahjo Kumolo menyatakan, pengalokasian Dana Kelurahan akan diprioritaskan untuk ke-

lurahan-kelurahan di luar Pulau Jawa. Alasannya, masih banyak kelurahan di luar Pulau Jawa yang tertinggal, se-

hingga membutuhkan dana stimulan untuk memperbaiki fasilitas di wilayahnya. Source: Investor Daily

Sepanjang empat tahun menjalankan pemerintahan, Presiden Joko Widodo (Jokowi) dan Wakil Presiden Jusuf Kalla

(JK) sudah menggelontorkan dana desa senilai Rp 187 triliun guna meningkatkan kualitas hidup masyarakat di desa.

Source: Investor Daily

Berdasarkan data Otoritas Jasa Keuangan (OJK), rata-rata suku kredit perbankan mengalami kenaikan pada periode

Agustus—September 2018. Berdasarkan jenis orientasi penggunaannya, suku bunga kredit modal kerja dan kredit

investasi mengalami peningkatan masing-masing sebesar 12 bps dan 17 bps. Source: Bisnis Indonesia

Kementerian Keuangan (Kemenkeu) melelang tujuh seri Surat Utang Negara (SUN), pada Selasa (23/10) dan

mendapatkan pemasukan sebesar Rp 20 triliun. Ketujuh seri SUN tersebut adalah SPN03190124 (new issuance),

SPN12190704 (reopening), FR0077 (reopening), FR0078 (reopening), FR0065 (reopening), FR0075 (reopening), dan

FR0076 (reopening). Source: Investor Daily

Deputi Gubernur Senior Bank Indonesia (BI) Mirza Adityaswara menyatakan, keputusan untuk menaikkan suku bun-

ga acuan BI 7-Day Reverse Repo Rate ke depan sangat ditentukan oleh kemampuan Indonesia untuk memperbaiki

posisi defisit neraca transaksi berjalan (current account deficit/CAD). Bila CAD belum bisa diperbaiki, opsi untuk

menaikan suku bunga acuan akan semakin melebar. Source: Investor Daily

Pemerintah Indonesia dan Jepang telah menyepakati nota pinjaman senilai maksimal 70,210 miliar yen atau sekitar

Rp 10 triliun untuk pembangunan jalur Mass Rapid Transit (MRT) Jakarta Tahap II. Source: Investor Daily

Kementerian Energi dan Sumber Daya Mineral (ESDM) mencatat realisasi investasi sektor energi hingga kuartal keti-

ga tahun ini sebesar US$ 15,2 miliar. Realisasi tersebut baru 40,86% dari target investasi tahun ini yang ditetapkan

US$ 37,2 miliar. Source: Investor Daily

Toyota Indonesia membidik pertumbuhan ekspor mobil utuh (completely built up/CBU) 10% per tahun. Hal ini men-

jadi komitmen Toyota sejak perayaan akumulasi ekspor 1 juta unit beberapa waktu lalu. Source: Investor Daily

MRT fase 2 Bundaran Hotel Indonesia - Kampung Bandan rencana akan dilelang 2019 lantaran pemerintah Jepang

sudah memberi lampu hijau untuk menggelontorkan pinjaman maksimum ¥70,21 miliar atau setara dengan Rp9,46

triliun, berdasarkan nilai tukar Rp134,9 per yen. Source: Bisnis Indonesia

Bank Rakyat Indonesia (BBRI) beserta anak perusahaan membukukan laba bersih sebesar Rp23,5 triliun pada

kuartal III/2018, naik 14,6% dibandingkan dengan capaian pada periode yang sama tahun lalu senilai Rp20,5 triliun.

Source: Bisnis Indonesia

Bank Danamon Indonesia (BDMN) mencatat total portofolio kredit dan trade finance sampai dengan kuartal ketiga

tahun 2018 mencapai Rp 134,3 triliun, tumbuh 6% dibandingkan periode sama tahun lalu Rp 126,9 triliun. Sementa-

ra itu, laba bersih setelah pajak (NPAT) Bank Danamon pada sembilan bulan pertama tahun ini senilai Rp 3,03 triliun

atau stabil dibandingkan dengan periode sama tahun lalu. Source: Investor Daily

Lippo Cikarang (LPCK) dan Lippo Karawaci (LPKR), kini hanya memiliki kepemilikan di proyek Meikarta sebesar

49,72% sehingga tidak lagi terkonsolidasi ke laporan keuangan perusahaan. Source: Kontan

  See important disclaimer at the end of this report www.sinarmassekuritas.co.id

  Daily Corporate and Industry News

Lippo Karawaci (LPKR) membukukan pendapatan meningkat 13% secara year on year (yoy) menjadi Rp 5,6 triliun

pada semester I tahun ini. Laba bersih juga naik 135% yoy menjadi Rp 1,1 triliun untuk periode yang berakhir pada

  

30 Juni 2018 tersebut. Hal itu terutama karena keuntungan atas dekonsolidasi PT Mahkota Sentosa Utama, anak

perusahaan tidak langsung dari LPKR, dengan keuntungan bersih Rp 1,3 triliun. Source: Investor Daily

Jasa Marga (JSMR) mencatat pendapatan hingga kuartal III-2018 sebesar Rp 27,4 triliun (+18,7% YoY) dengan laba

bruto sebesar Rp 4,23 triliun (+11,6% YoY) dan laba bersih sebesar Rp 1,77 triliun (-6,8% YoY). Source: Kontan

Indika Energy (INDY) melalui Indika Logistics mengincar pendanaan dari tiga bank untuk mendanai proyek fuel stor-

age, yang merupakan kerja sama dengan PT Exxonmobil Lubricants Indonesia. Nilai proyek tersebut sebesar US$

108 juta. Source: Investor Daily

PT Cikarang Listrindo Tbk (POWR) optimistis dapat memulai ekspansinya ke pembangkit listrik jenis energi baru

terbarukan (EBT/ renewable energy) mulai 2019. Perseroan berpotensi memulainya dengan pembangkit listrik ber-

tenaga biosolar. Source: Investor Daily

PP Properti (PPRO) mulai menggarap menara ketiga bernama Tower Orlin di kawasan superblok Grand Sungkono

Lagoon (GSL), Surabaya barat. Perseroan memulai pemasaran Orlin setelah dua menara sebelumnya mendapat re-

spon positif pasar. Source: Investor Daily

Pool Advista Finance Tbk mencari dana segar melalui intital public offering (IPO). Perusahaan pembiayaan ini akan

melepas maksimal 800.000 saham baru atau setara 3,92% modal disetor dengan harga penawaran saham berkisar

Rp 125-Rp 150 per saham. Source: Kontan

  See important disclaimer at the end of this report www.sinarmassekuritas.co.id

  World Equity Indices Source: Bloomberg, Sinarmas Investment Research www.sinarmassekuritas.co.id See important disclaimer at the end of this report WO R LD E Q UIT Y IN D IC E S N O T IC KE R

  1.90 1.72 374,315.76 3,325.48

  8.06

  1.46 1.41 6,951.51

  52.60

  26 NKY Index 24,448.07 20,347.49 (673.76) (2.96)

  19.40

  15.58

  27 NEY Index 376.09 321.00 (26.66) (7.46)

  25 KSE100 Index 47,144.12 36,274.25 (1,200.36) (2.97)

  16.05

  11.89

  1.38 1.26 420,545.99 3,736.19

  28 TP X Index 1,911.31 1,602.33 (165.49) (9.11)

  16.34

  12.86

  1.41 1.27 622,206.96 5,527.78

  8.99

  3.39 3.25 4,059,723.99 267.30

  16.68

  23.83

  1.05 0.99 10,558.76 1,346.52

  21 SENSEX Index 38,989.65 32,483.84 (22.87) (0.07)

  24.56

  18.43

  3.12 2.92 60,995.78 832.59

  22 NIFTY Index 11,760.20 9,951.90 (305.95) (2.91)

  17.77

  15.42

  3.12 2.92 74,804.35 1,021.08

  23 JCI Index 6,693.47 5,557.56 (646.24) (10.17)

  24.63

  14.87

  2.58 2.46 6,475,022.65 426.32

  24 LQ45 Index 1,132.92 871.91 (188.25) (17.44)

  21.16

  29 FB M KLCI Index 1,896.03 1,657.78 (106.77) (5.94)

  16.34

  9.18

  2.08 1.92 16,381.96 496.97

  15.55

  12.73

  1.75 1.55 27,719.15 894.45

  35 SET Index 1,852.51 1,584.68 (130.34) (7.43)

  18.90

  14.97

  36 SET50 Index 1,223.67 1,043.32 (67.99) (5.99)

  1.05 0.93 1,357,829.42 1,192.66

  17.52

  14.72

  2.26 2.09 11,216.29 340.26

  37 VNINDEX Index 1,211.34 822.83 (61.51) (6.25)

  18.98

  15.84

  2.81 2.49 2,963,658.40 126.92

  34 TWSE Index 11,270.18 9,482.50 (883.46) (8.30)

  8.53

  1.67 1.57 1,055.49 253.60

  31 P COM P Index 9,078.37 6,790.58 (1,429.00) (16.70)

  30 NZSE Index 1,652.90 1,433.28

  3.96

  0.26

  19.27

  20.14

  2.03 1.87 124.78

  81.42

  22.98

  12.81

  16.62

  2.51 2.46 8,949.35 166.13

  32 FSSTI Index 3,641.65 3,029.60 (370.84) (10.90)

  11.08

  12.31

  1.22 1.15 524.99 380.29

  33 KOSP I Index 2,607.10 2,046.29 (369.91) (14.99)

  7.77

  20 HSCEI Index 13,962.53 9,975.77 (1,482.89) (12.66)

  1 INDU Index 26,951.81 23,242.75 (135.80) (0.55)

  12.34

  6 SX5E Index 3,708.82 3,128.93 (373.63) (10.66)

  18.41

  12.98

  1.67 1.51 2,705.93 3,082.86

  7 UKX Index 7,903.50 6,866.94 (724.79) (9.43)

  23.27

  1.97 1.81 1,915.69 2,468.18

  15.68

  8 CA C Index 5,657.44 4,951.16 (359.47) (6.77)

  18.43

  13.20

  1.67 1.49 1,473.87 1,679.17

  9 DA X Index 13,596.89 11,166.84 (1,726.01) (13.36)

  19.19

  12.21

  2.65 2.47 5,570.90 285.71

  19.72

  10 IB EX Index 10,643.40 8,677.40 (1,366.50) (13.61)

  3 CCM P Index 8,133.30 6,517.93 205.01

  20.65

  15.46

  3.88 3.59 6,919.98 6,919.98

  2 SP X Index 2,940.91 2,532.69 (17.51) (0.65)

  22.49

  16.31

  3.30 3.00 23,272.46 23,272.46

  2.97

  5 M EXB OL Index 51,121.23 44,429.36 (3,395.38) (6.88)

  40.71

  20.90

  3.80 3.26 11,114.36 11,114.36

  4 SP TSX Index 16,586.46 14,785.78 (1,300.00) (8.02)

  19.81

  14.47

  1.91 1.76 2,286.10 1,759.90

  1.86 1.69 1,034.44 1,178.54

  14.97

  1.39 1.28 16,385.46 2,089.58

  10.62

  16 SHSZ300 Index 4,403.34 3,009.50 (842.66) (20.91)

  16.47

  10.94

  2.05 1.96 25,425.86 3,661.56

  17 SHA SHR Index 3,757.20 2,564.94 (737.18) (21.28)

  16.86

  1.80 1.72 27,767.71 3,998.81

  14.90

  18 SZA SHR Index 2,140.56 1,267.27 (630.21) (31.73)

  29.07

  15.04

  3.12 2.92 16,725.21 2,408.59

  19 HSI Index 33,484.08 25,090.30 (4,669.37) (15.61)

  13.71

  10.48

  2.00 1.82 1,888.32 1,335.04

  18.90

  11.49

  1.91 1.75 621.91 708.54

  1.47 1.36 540.51 615.80

  11 FTSEM IB Index 24,544.26 18,474.12 (3,367.88) (15.41) 794.78

  10.14

  1.18 1.02 441.51 503.01

  12 A EX Index 576.90 507.60 (36.78) (6.75)

  18.91

  13.52

  13 SM I Index 9,616.38 8,372.90 (657.26) (7.01)

  15 A S30 Index 6,481.30 5,798.50 (240.77) (3.90)

  24.59

  15.32

  2.59 2.48 1,062.86 1,065.21

  14 A S51 Index 6,373.50 5,703.20 (236.10) (3.89)

  17.95

  14.76

  2.08 1.91 1,743.72 1,232.81

  A m e ric a 2 0 17 2 0 18 E D o m a in C urre nc y US D LO W P O IN T % 2 0 17 2 0 18 E A s ia / P a c if ic 5 2 - WE E K C H A N G E Y T D P E R ( x) P B V ( x) M A R KE T C A P ( B n) E uro pe H IG H

  LQ45 Source: Bloomberg, Sinarmas Investment Research www.sinarmassekuritas.co.id See important disclaimer at the end of this report LQ45 Index HIGH LOW POINT % 2017 2018E 2017 2018E

  5.79

  30 PGAS IJ 2,250 2,860 1,505 500

  28.57

  20.77

  14.81

  0.99 1.14 54,543.39

  31 PTBA IJ 4,300 4,940 2,135 1,840

  74.80

  9.43

  29 MYRX IJ 121 198 101

  1.91 2.91 49,538.83

  32 PTPP IJ 1,495 3,280 1,465 (1,145) (43.37)

  11.26

  5.37

  1.43 0.72 9,268.85

  33 PWON IJ 484 725 432 (201) (29.34)

  17.62

  10.69

  11 10.00 - - - - 10,491.09

  1.86 1.11 11,135.36

  34 SCMA IJ 1,625 2,980 1,625 (855) (34.48)

  26 LPKR IJ 306 710 256 (182) (37.30)

  21.11

  15.01

  3.08 1.78 29,757.27

  25 KLBF IJ 1,280 1,785 1,155 (410) (24.26)

  32.96

  24.34

  5.96 4.12 60,000.16

  18.09

  7.30

  9.45

  0.49 0.32 7,064.68

  27 LPPF IJ 4,650 11,975 4,550 (5,350) (53.50)

  15.29

  6.87

  12.53 3.67 13,568.32

  28 MNCN IJ 780 1,690 700 (505) (39.30)

  11.78

  3.20 1.92 23,309.25

  27.24

  3.29 2.66 59,820.02

  7.34

  2.91 2.27 118,618.30

  42 UNVR IJ 43,000 58,100 40,400 (12,900) (23.08)

  60.89

  42.81

  82.44 53.80 328,090.00

  43 WIKA IJ 1,225 2,190 1,205 (325) (20.97)

  11.55

  1.10 0.77 10,988.19

  17.84

  44 WSBP IJ 338 510 332 (70) (17.16)

  10.56

  7.33

  1.47 0.98 8,910.07

  45 WSKT IJ 1,540 3,150 1,535 (670) (30.32)

  7.38

  4.50

  2.14 1.11 20,903.81

  11.53

  41 UNTR IJ 31,800 40,500 30,775 (3,600) (10.17)

  15.34

  14.25

  9.30 4.83 23,760.10

  35 SMGR IJ 9,100 11,775 6,500 (800) (8.08)

  29.14

  26.47

  2.03 1.79 53,976.83

  36 SRIL IJ 344 398 302 (36) (9.47) 7.26 - 1.18 - 7,035.55

  37 SSMS IJ 1,275 1,545 1,005 (225) (15.00)

  17.92

  3.54 2.67 12,144.38

  40 TRAM IJ 194 432 139 (4) (2.02) - - - - 9,628.94

  38 TLKM IJ 3,520 4,419 3,250 (879) (19.98)

  19.68

  16.51

  4.70 3.46 348,699.00

  39 TPIA IJ 4,610 6,675 4,300 (1,390) (23.17)

  23.81

  27.59

  4.74 3.06 82,212.53

  24 JSMR IJ 4,100 6,775 3,920 (2,300) (35.94)

  50.32

  1 ADHI IJ 1,215 2,510 1,210 (670) (35.54)

  11.20

  4.11 3.72 558,435.96

  7 BBNI IJ 7,050 10,175 6,675 (2,850) (28.79)

  13.56

  8.53

  1.87 1.22 131,473.03

  8 BBRI IJ 2,950 3,920 2,720 (690) (18.96)

  15.34

  2.67 1.95 363,870.14

  23.17

  9 BBTN IJ 2,170 3,890 2,110 (1,400) (39.22)

  12.49

  6.84

  1.75 0.92 22,980.30

  10 BJBR IJ 1,800 2,580 1,795 (600) (25.00)

  19.20

  11.84

  2.31 1.70 17,453.32

  21.66

  3.42

  20.93

  28.11

  13.02

  5.45

  1.15 0.65 4,326.43

  2 ADRO IJ 1,670 2,650 1,575 (190) (10.22)

  9.06

  7.33

  1.26 0.95 53,416.56

  3 AKRA IJ 3,530 8,025 3,220 (2,820) (44.41)

  13.79

  6 BBCA IJ 22,650 25,475 20,200 750

  3.37 1.67 14,171.87

  4 ANTM IJ 740 1,015 600 115 18.40 -

  22.91

  0.81 0.95 17,782.77

  5 ASII IJ 7,300 8,750 6,100 (1,000) (12.05)

  17.83

  13.91

  2.72 2.18 295,529.94

  11 BMRI IJ 6,325 9,050 6,175 (1,675) (20.94)

  12.23

  43.45

  1.16 1.05 30,504.56

  16.13 12.43 437,355.97

  19 ICBP IJ 8,750 9,275 7,900 (150) (1.69)

  27.31

  24.20

  5.31 4.70 102,041.70

  20 INCO IJ 3,070 4,720 2,570 180 6.23 -

  25.27

  21 INDF IJ 5,700 8,500 5,500 (1,925) (25.25)

  43.54

  16.18

  11.66

  2.15 1.47 50,048.43

  22 INDY IJ 2,380 4,630 2,210 (680) (22.22)

  3.50

  4.12

  1.27 0.82 12,400.26

  23 INTP IJ 16,250 23,950 12,500 (5,700) (25.97)

  33.30

  18 HMSP IJ 3,760 5,550 3,230 (970) (20.51)

  2.24 1.63 295,166.67

  1.29 0.76 21,171.37

  12 BMTR IJ 326 755 326 (264) (44.75) - - 0.88 - 4,628.75

  13 BRPT IJ 1,820 2,720 1,510 (440) (19.47)

  30.00

  19.97

  2.16 1.18 32,380.69

  14 BSDE IJ 1,100 1,965 930 (600) (35.29)

  6.61

  8.35

  15 BUMI IJ 173 356 170 (97) (35.93)

  3.82 3.15 144,883.83

  2.57 1.90 - - 11,327.24

  16 EXCL IJ 2,760 1,710 (200) (6.76)

  85.16

  71.65

  1.46 1.34 29,498.77

  17 GGRM IJ 75,300 86,400 62,000 (8,500) (10.14)

  20.80

  17.24

  MARKET CAP (Bn) LQ45 Index CHANGE YTD PER (x) PBV (x) 24-Oct-18 52-WEEK

  Macro data S e c t o rs D e s c ript io n 1- D a y ( %) 5 - D a ys ( %) 1- M o nt h ( %) Y T D ( %)

  P ro perty (0.30) (0.04) (2.34) (17.64) B asic Industry (1.88) (1.26) (7.81)

  6.94 Trade (0.71) (2.61) (4.68) (15.44) Finance (1.14) (3.18) (2.87) (9.65) M iscellaneo us Industry (0.88)

  3.10 1.67 (9.37) Co nsumer (1.97) (3.08) (1.64) (15.67) Infrastructure (3.44) (6.28) (0.75) (14.90) A griculture (1.49) 0.60 (1.79) (5.24) M ining (1.05) (3.20) (3.65)

  17.42 E c o no m ic Indic a t o rs

  E c o no m ic P a ra m e t e rs S e p- 18 A ug- 18

  Inflatio n YTD (in %)

  1.94

  3.61 Inflatio n Yo Y (in %)

  2.88

  3.20 Inflatio n M o M (in %)

• 0.18 -0.05 Fo reign Reserves (in USD bn)

  114.85 117.93

  F O R E X S po t R a t e 1- D a y ( %) 1- M o nt h ( %) Y T D ( %)

• USD/IDR 15,197.00 (2.18) (10.80) USD/CNY

  6.94 (0.09) (1.25) (6.30) USD/EUR 0.88 (0.13)

  3.17

  5.25 USD/JP Y 111.96

  0.27

  0.90

  0.65 USD/SGD

  1.38 0.04 (1.07) (3.24) USD/A UD 1.41 (0.11)

  2.55

  10.42 USD/GB P 0.78 (0.06)

  2.28

  4.81 Le nding a nd D e po s it R a t e s ( in %) JIB OR (in IDR)

  7.63 LIB OR (in GB P )

  1.06 SIB OR ( in USD)

  1.46 Indo nesia 5-Year Go vernment B o nds Yield

  8.44 Indo nesia 10-Year Go vernment B o nds Yield

  8.56 Indo nesia 15-Year Go vernment B o nds Yield

8.83 Source: Bloomberg, Sinarmas Investment Research

  See important disclaimer at the end of this report www.sinarmassekuritas.co.id

  Te ch n ica l Cor n e r JCI : D OW N TREN D Last price : 5.709 Support : 5.669, 5.621 Resist ance : 5.781, 5.868

JCI pada hari ini kam i perkirakan kem bali bergerak m elem ah, dengan Range 5.621 — 5.781. JCI kem arin t elah

berhasil break Support 5.781 dan 5.719 dan m asih t erbuka peluang unt uk m enguj i Support berikut nya di level

5.669 dan 5.621. Nam un, j ika JCI berhasil break Resist ance 5.781, m aka JCI akan m encoba Resist ance 5.818

dan 5.868.

  Ja k a r t a Com posit e I n de x ( JCI ) Su m m a r y of por t folio: Stock Recommendation Comment

  Candle m em bent uk pola Shoot ing St ar, m asih berpeluang m enguj i Support 5.450.

CPIN HOLD

  Candle m em bent uk pola Long Black Candle, indicat or Macd dan St oc Osc m engindikasikan pola Downt rend.

PTBA REDUCE

  

MAIN BOW Ma5 diatas Ma20 yang mengindikasikan adanya penguatan lanjutan.

  Pola candle m em bent uk pola Black Spinning Top, I ndikat or Macd dan St oc Osc pola Deat h Cross ^{Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct 5,600 5,700 5,800 5,900 6,000 6,100 6,200 6,300 6,400 6,500 6,600 6,700 5868 5719 5921 5781 5621 5669 5557 COMPOSITE - Daily 10/24/2018 4:00:00 PM Open 5795.75, Hi 5818.69, Lo 5709.42, Clos e 5709.42 (-1.5%) MA(Clos e,50) = 5,863.38 5,709.42 5,863.38 Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct -100 100 COMPOSITE - MACD(12,26) = -24.61, Signal(12,26,9) = -24.36}

• ^{-24.6125 -24.3562}
^{20 80 COMPOSITE - Stoch %K(15,3) = 43.41, Stoch %D(15,3,3) = 51.51 43.4067 51.5056 COMPOSITE - RSI(15) = 41.04}

PGAS HOLD

  Ch a r oe n Pok ph a n d I n don e sia Tbk ( CPI N ) Ta m ba n g Ba t u ba r a Bu k it Asa m Tbk ( PTBA) CPI N : H OLD Last price : 5.525 Target price : 5.900 ( 6.8% ) St op loss : 5.350 ( - 3.2% )

Ent ry point 5.550 kem arin ( 22/ 10) sudah t ercapai. Nam un, CPI N belum berhasil break Resist ance 5.775 dan berpe-

luang m enguj i Support 5.450. Kam i m asih m erekom endasikan unt uk H OLD CPI N selam a belum break Support 5.350.

Nam un, j ika CPI N berhasil break Support 5.350 sebagai level CUT LOSS. CPI N kalo dilihat dari Candle m em bent uk

pola Shoot ing St ar.

  PTBA : REDUCE Last price : 4.300 St op loss : 4.430

PTBA t elah berhasil break Support Trendline 4.430 sebagai Level CUT LOSS, PTBA m asih berpeluang m elanj ut kan pe-

lem ahan dengan m enguj i Support 4.180 dan 4.110. I ndikat or MACD dan St oc Osc m engindikasikan pola Downt rend.

  PTBA candle m em bent uk pola Long Black Candle.

  

Support : 5.450, 5.350

Resist ance : 5.775, 5.900

Support : 4.180, 4.110

Resist ance : 4.430, 4.490

^{Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 4,800 5,000 5,200 5,400 5,600 5,800 5450 5350 5550 5900 5775 6000 CPIN - Daily 10/23/2018 4:13:00 PM Open 5550, Hi 5650, Lo 5525, Clos e 5575 (0.5%) MA(Clos e,50) = 5,016.40 5,575 5,016.4 Dec 2018 Feb Mar Apr May Jun Jul Aug Sep Oct 100 200 MACD(12,26) 300 CPIN - = 140.51, Signal(12,26,9) = 85.41 140.514 85.4133 20 80 CPIN - Stoch %K(15,3) = 79.05, Stoch %D(15,3,3) = 82.66 79.0476 82.6631 Feb Mar Apr May Jun Jul Aug Sep Oct 2,400 2,600 2,800 3,000 3,200 3,400 3,600 3,800 4,000 4,200 4,400 4,600 4,800 5,000 5,200 4680 4490 4740 4610 4430 4790 4310 4180 4040 PTBA - Daily 10/24/2018 4:14:00 PM Open 4510, Hi 4520, Lo 4290, Clos e 4300 (-4.7%) MA(Clos e,50) = 4,245.80 4,300 4,245.8 Feb Mar Apr May Jun Jul Aug Sep Oct -100 100 200 PTBA - MACD(12,26) = 59.62, Signal(12,26,9) = 86.03 59.6219 86.0347 20 80 PTBA - Stoch %K(15,3) = 35.39, Stoch %D(15,3,3) = 46.61 35.3889 46.6096 PTBA - RSI(15) = 45.74}

  M a lin do Fe e dm ill Tbk ( M AI N ) Pe r u sa h a a n Ga s N e ga r a Tbk ( PGAS) M AI N : BUY ON W EAKN ESS Last price : 1.255 Target price : 1.320 ( 7.3% ) Ent ry point : 1.230 St op loss : 1.185 ( - 3.7% ) M AI N berhasil break Resist ance 1.250 dan berpeluang m elanj ukan penguat an dengan m enguj i Resist ance 1.280 dan 1.320. M AI N j uga didukung oleh indicat or MACD yang m engindikasikan pola Upt rend. Ma5 & Ma20, Ma5 diat as Ma20 yang m asih m engindikasikan adanya penguat an lanj ut an.

  PGAS : H OLD Last price : 2.350 Target price : 2.490 ( 6.0% ) St op loss : 2.290 ( - 2.6% )

Ent ry point 2.340 kem arin ( 23/ 10) sudah t ercapai. Nam un, PGAS pada hari ini berhasil break Support Trendline 2.320

dan PGAS t erbuka berpeluang m enguj i Support 2.220 dan 2.190. PGAS dilihat dari I ndikat or Macd dan St oc osc m en-

Support : 1.210, 1.185

  

Resist ance : 1.320, 1.355

Support : 2.290, 2.220

Resist ance : 2.450, 2.490

^{Feb Mar Apr May Jun Jul Aug Sep Oct 1,500 1,600 1,700 1,800 1,900 2,000 2,100 2,200 2,300 2,400 2,500 2,600 2,700 2,800 2,900 2090 2190 2340 2490 2400 2220 2130 Trendline s ince Aug 2016 2450 PGAS - Daily 10/24/2018 4:14:00 PM Open 2350, Hi 2400, Lo 2240, Clos e 2250 (-4.3%) MA(Clos e,50) = 2,093.00 2,250 2,093 Feb Mar Apr May Jun Jul Aug Sep Oct -100 100 200 PGAS - MACD(12,26) = 56.33, Signal(12,26,9) = 52.68 56.3265 52.6755 20 80 PGAS - Stoch %K(15,3) = 75.92, Stoch %D(15,3,3) = 76.46 75.9171 76.4576 PGAS - RSI(15) = 54.04 Mar Apr May Jun Jul Aug Sep Oct 600 700 800 900 1,000 1,100 1,200 1,300 1,400 1,500 1185 1280 1355 1155 1320 1210 1230 MAIN - Daily 10/24/2018 4:14:00 PM Open 1215, Hi 1285, Lo 1210, Clos e 1255 (2.4%) MA(Clos e,50) = 1,257.50 1,255 1,257.5 Mar Apr May Jun Jul Aug Sep Oct MAIN - MACD(12,26) = -2.47, Signal(12,26,9) = -17.02 150 50 100}
• ^{-2.47484 -17.0165}
^{20 80 MAIN - Stoch %K(15,3) = 88.26, Stoch %D(15,3,3) = 81.46 88.2592 81.4639 MAIN - RSI(15) = 56.56}

  St a t e Bu dge t 2 0 1 6 2 0 1 7 2 0 1 8

  I N D I CA T OR LKPP A PBN P RA PBN GD P Gr ow th ( % , YoY) 5,0% 5,2% 5,4% Ex change r ate ( USD / I D R) 13307 13300 13500 I nflation ( % , YoY)

  3% 4,3% 3,5%

  3 Months SPN ( % ) 5,7% 5,2% 5,3% I ndonesian C r ude Oil ( USD / bar r el)

  40

  45

  48 Oil Lifting ( thousands bar r el/ day ) 829 815 800 Gas Lifting ( thousands, BOE/ day )

  1.18

  1.15

  1.2 Total State Budget ( in I D R tr illion) 1556 1714 1878 Upcom in g I PO

  I PO I ssu e d Co m p a n y Bu sin e ss Pr ice Sh a r e s Of f e r in g Da t e ( 2 0 1 7 ) List in g Un d e r w r it e r ( Rp ) ( Mn ) Madusar i Mur ni I ndah 495.9 23/ 08/ 2018 - 27/ 08/ 2018 30- Aug- 18 Tr im itr a Pr oper tindo Tbk 773.3 10/ 07/ 2018 - 14/ 08/ 2018 23- Aug- 18 MD Pictur es Tbk 1981.0 25/ 07/ 2018 - 31/ 07/ 2018 07- Aug- 18 Mahk ota Gr oup Tbk 703.7 03/ 07/ 2018 - 09/ 07/ 2018 12- Jul- 18 NFC I ndonesia Tbk 166.7 03/ 07/ 2018 - 05/ 07/ 2018 12- Jul- 18

  D ivide n d

St o ck D PS ( Rp ) St a t u s Cu m D a t e Ex D a t e Re co r d in g Pa y m e n t

  AALI 112 04/ 10/ 2018 05/ 10/ 2018 09/ 10/ 2018 19/ 10/ 2018 ASI I

  60 04/ 10/ 2018 05/ 10/ 2018 09/ 10/ 2018 31/ 10/ 2018 BSSR 151 02/ 10/ 2018 03/ 10/ 2018 05/ 10/ 2018 19/ 10/ 2018 D VLA

  37 02/ 10/ 2018 03/ 10/ 2018 05/ 10/ 2018 26/ 10/ 2018 TPI A USD 0.00162 28/ 09/ 2018 01/ 10/ 2018 03/ 10/ 2018 24/ 10/ 2018

  HEXA USD 0.02148 25/ 09/ 2018 26/ 09/ 2018 28/ 09/ 2018 19/ 10/ 2018

  I KBI

  5 18/ 09/ 2018 19/ 09/ 2018 21/ 09/ 2018 10/ 10/ 2018

XI SB

  1.98 13/ 09/ 2018 14/ 09/ 2018 18/ 09/ 2018 20/ 09/ 2018 JPFA 50 05/ 09/ 2018 06/ 09/ 2018 10/ 09/ 2018 24/ 09/ 2018

  Righ t s I ssu e T ick e r Ra t io Pr ice ( Rp ) Cu m Da t e EX Da t e T r a d in g RBMS 99 : 100 200 05/ 10/ 2018 08/ 10/ 2018 12/ 10/ 2018 - 18/ 10/ 2018 MAYA

  1 : 6 2,200 03/ 10/ 2018 04/ 10/ 2018 10/ 10/ 2018 - 16/ 10/ 2018

AGRO 271 : 1000 400 06/ 09/ 2018 07/ 09/ 2018 14/ 09/ 2018 - 20/ 09/ 2018

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