Berita investasi, saham, reksadana dan perencanaan keuangan
30 April 2018
Evening Update
BEI
1 year
1 day
1 year
1 day
H-1
4,768.2
6,872.1
776.6
910.3
4,934.4
YTD
enutupan
1 year
1 day
1 year
1 day
2.9%
4.7%
3.6%
4.2%
2.8%
5.2%
1.5%
6.4%
5.3%
enutupan
YTD
1.0%
1.4%
2.4%
6.2%
1.7%
7.5%
5.1%
1.2%
2.1%
2.8%
2.4%
7.7%
3.7%
IDR
chg
1.82%
4.48%
1.56%
rate
est
chg
1.76%
0.00%
1.56%
rate
Interest
7.68
0.24
0.06
0.05
Ret 1
1 day
7.67
0.24
0.05
0.05
terest Call
enutupan
4.9%
0.7%
0.7%
0.3%
2.0%
0.3%
1.0%
0.0%
0.7%
0.7%
0.1%
Equity | Indonesia | Research Daily
YTD
4.2%
4.3%
5.4%
1.1%
2.9%
3.9%
2.8%
5.5%
2.0%
YTD
2.2%
1.6%
1.6%
7.7%
1.8%
4.7%
3.5%
2.8%
7.7%
0.9%
0.8%
8.5%
4.0%
IDR
st
nutupan
Indonesia Market Wrap
BEI
H-1
4,704.8
4,715.9
605.5
494.4
5,006.4
nutupan
nutupan
nterest
rest Call
.globalcoal.com
Ret 1
1 day
2.4%
0.3%
0.9%
0.3%
1.5%
0.8%
1.0%
0.0%
0.7%
2.1%
2.2%
w.globalcoal.c
Items
Nilai transaksi (Rp miliar)
Volume transaksi (jt shm)
Net asing (Rp miliar)
Net asing (jt shm)
Kapitalisasi pasar (Rp tn)
Avg 2016
5,296.5
4,957.8
65.7
-150.6
5,376.3
T erakhir
5,516.5
6,531.8
-358.4
278.2
6,599.3
H-1
6,766.4
8,348.4
-1,305.7
94.4
6,588.1
1 day
return
YT D
return
Sektoral
Index
Penutupan
Agri
Basic Industry
Consumer
Finance
Infrastucture
Misc. Industry
Mining
Property
Trade
1,637
772
2,410
1,048
1,045
1,245
1,780
473
909
1 year
return
-11.0%
26.6%
-1.0%
17.5%
-8.6%
-17.3%
16.4%
-6.5%
-1.5%
-0.7%
0.0%
-0.1%
0.8%
0.5%
1.7%
-1.8%
-0.9%
-0.1%
1.3%
12.0%
-15.8%
-8.1%
-11.7%
-9.8%
11.7%
-4.6%
-1.4%
Indeks harga saham gabungan pada perdagangan akhir bulan April berhasil
bergerak menguat di sepanjang perdagangan. Aksi rebound tersebut dipicu
didorong oleh yield obligasi di Amerika dengan tenor 10 tahun mulai kembali
bergerak di bawah 3 persen, kinerja laporan keuangan yang cukup baik serta
posisi indeks berada di area over sold. IHSG ditutup meningkat +75 poin
(+1,27%) di level 5.994. Sektor industri dasar dan keuangan yang
masing-masing bertambah +16 poin (+0,09%) dan +19 poin (+1,82%)
menjadi pendorong pergerakan indeks hari ini. Sementara itu nilai tukar
rupiah diperdagangkan melemah -20 poin (-0,14%) di level 13.913.
sedangkan investor asing mencatatkan jual bersih (foreign net sell) sebesar
494,6B di pasar reguler.
Indeks Saham
Index
Negara
JCI
FSSTI
KLCI
SET
KOSPI
SENSEX
HSI
NKY
AS30
IBOV
DJI
SX5P
UKX
Indonesia
Singapura
Malaysia
Thailand
Korsel
India
Hongkong
Jepang
Australia
Brasil
Amerika
Eropa
Inggris
Penutupan
1 year
return
5,919
3,577
1,863
1,778
2,492
34,970
30,281
22,320
6,043
86,445
24,311
3,077
7,502
4.1%
12.7%
5.4%
13.5%
13.0%
16.9%
23.0%
16.3%
1.6%
32.2%
16.1%
-3.3%
4.1%
1 day
return
YT D
return
0.2%
0.2%
0.6%
0.3%
0.7%
0.7%
0.9%
0.5%
0.7%
0.1%
0.0%
0.3%
1.1%
-6.9%
5.1%
3.7%
1.4%
1.4%
2.7%
1.2%
-1.3%
-1.8%
13.1%
-1.7%
-3.2%
-2.4%
Top Gainer
Ticker
Top Loser
Last (Rp) Change(+)
Ticker
Last (Rp) Change(-)
GGRM
69.325
1.525
DSSA
10.000
2.475
BBC A
22.100
600
ADMF
8.575
725
INKP
13.200
600
INPS
1.960
650
TKIM
INAF
10.300
5.700
575
550
BRAM
MKPI
6.400
23.000
600
500
Source : IPOT
Dual Listing (US$)
TLKM
TINS
ANTM
*Rp/US$
Closing
US$
27.18
0.062
0.036
13,891
IDR
1,887.8
859.2
505.4
+/-
Daily
% chg
1.30%
4.08%
7.14%
0.35
0.00
0.00
Suku Bunga & Inflasi
Items
Deposito IDR 3 bln
Kredit Bank IDR
BI 7-Days RR
Fed Funds Target
ECB Main Refinancing
Domestic Yen Interest Call
Latest
Interest
Inflation
5.65
13.87
4.25%
3.40%
1.75
2.40%
1.30%
(0.07)
1.10%
Real interest rate
0.01
1.73
(0.01)
(0.08)
Top Foreign Buy
Ticker
Penutupan Ret 1 year
(%)
68.1
608.4
1.75
13,831
21,041
1,323.4
97.3
146.5
3.7
10.2
6,758.8
39.1%
-4.9%
-31.5%
48.9%
5.7%
4.3%
14.7%
-7.0%
6.7%
11.3%
19.2%
+/-0.1
-1.8
0.0
-350.5
-514.0
6.4
2.0
8.1
0.0
0.2
-169.8
Top Foreign Sell
NBLot
Ticker
NSVal (B)
NSLot
PTBA
41,8
129.901
BBNI
86,4
INKP
40,7
31.533
UNTR
79,6
23.419
BMRI
21,3
28.713
BBRI
79,1
245.741
WSKT
8,1
37.127
BBC A
57,1
25.706
SMGR
7,7
7.968
ASII
44,7
61.774
Source : IPOT
Harga Komoditas
dlm US$
(in USD)
Minyak WTI / bbl
CPO/ ton
Karet/ kg
Nikel/ ton
Timah/ ton
Emas/tr. oz
Batu Bara/ ton
Tepung Terigu/ ton
Jagung/bushel
Kedelai
Tembaga
NBVal (B)
Ret 1 day
(%)
-0.13%
-0.29%
0.00%
-2.47%
-2.38%
0.49%
2.05%
5.84%
0.82%
1.69%
-2.45%
Sumber : Bloomberg
Refer to Important disclosures on the last of this report
106.213
Emiten
T icker
Recommendation
Automotive :
Astra International
Astra Otoparts
Mitra Pinasthika Mustika
Selamat Sempurna
ASII
AUTO
MPMX
SMSM
BUY
BUY
BUY
BUY
Banks :
Bank Mandiri
Bank Central Asia
Bank Negara Indonesia
Bank Tabungan Negara
BMRI
BBCA
BBNI
BBTN
Cement :
Indocement Tunggal Prakarsa
Semen Baturaja
Semen Indonesia
Current price
T arget Price
Upside (+)/Downside (-)
7,150
1,725
1,150
1,450
9,800
2,500
1,300
1,500
37.06%
44.93%
13.04%
3.45%
BUY
HOLD
BUY
BUY
7,125
22,100
8,050
3,110
9,500
22,000
10,200
4,175
33.33%
-0.45%
26.71%
34.24%
INTP
SMBR
SMGR
SELL
SELL
HOLD
17,725
4,190
9,650
15,000
375
11,500
-15.37%
-91.05%
19.17%
Construction :
Adhi Karya
Pembangunan Perumahan
Waskita Karya
Wijaya Karya
Wijaya Karya Beton
Waskita Beton Precast
ADHI
PTPP
WSKT
WIKA
WTON
WSBP
BUY
BUY
BUY
BUY
BUY
BUY
1,880
2,430
2,210
1,585
476
404
2,700
4,700
3,300
2,900
750
620
43.62%
93.42%
49.32%
82.97%
57.56%
53.47%
Consumer :
Indofood CBP
Indofood Sukses Makmur
Unilever Indonesia
H.M. Sampoerna
ICBP
INDF
UNVR
HMSP
HOLD
BUY
HOLD
HOLD
8,675
6,975
46,350
3,540
9,300
9,700
58,300
4,100
7.20%
39.07%
25.78%
15.82%
Healtcare :
Kalbe Farma
Siloam International Hospitals
Mitra Keluarga Karyasehat
Prodia Widyahusada
KLBF
SILO
MIKA
PRDA
HOLD
HOLD
HOLD
BUY
1,505
7,025
1,925
3,370
1,850
10,800
2,400
7,500
22.92%
53.74%
24.68%
122.55%
Infrastructure :
Jasa Marga
Perusahaan Gas Negara
Cikarang Listrindo
JSMR
PGAS
POWR
HOLD
SELL
BUY
4,370
1,985
1,140
6,150
2,100
1,580
40.73%
5.79%
38.60%
Plantation :
Astra Agro Lestari
PP London Sumatera
Bisi International
AALI
LSIP
BISI
BUY
BUY
BUY
12,775
1,260
1,910
18,500
1,900
2,100
44.81%
50.79%
9.95%
Property :
Agung Podomoroland
Alam Sutera realty
Bumi Serpong Damai
Ciputra Development
Lippo Karawaci
Summarecon Agung
APLN
ASRI
BSDE
CTRA
LPKR
SMRA
BUY
BUY
BUY
BUY
BUY
BUY
212
364
1,690
1,100
446
905
420
420
2,400
1,355
1,420
1,340
98.11%
15.38%
42.01%
23.18%
218.39%
48.07%
T elecommunication :
Indosat
Telkom Indonesia
XL Axiata
ISAT
TLKM
EXCL
BUY
BUY
BUY
3,780
3,830
2,120
7,200
5,120
4,670
90.48%
33.68%
120.28%
T elecommunication T ower :
Sarana Menara Nusantara
Tower Bersama
TOWR
TBIG
HOLD
HOLD
3,140
5,550
4,550
6,400
44.90%
15.32%
Mining :
Adaro Energy
Tambang Batubara Bukit Asam
United Tractors
Vale Indonesia
Medco Energi Internasional
ADRO
PTBA
UNTR
INCO
MEDC
BUY
BUY
BUY
BUY
BUY
1,835
3,240
34,100
3,160
1,200
2,600
3,900
42,000
4,500
1,370
41.69%
20.37%
23.17%
42.41%
14.17%
Retail :
Matahari Department Store
LPPF
SELL
10,350
9,900
-4.35%
Industrial Estate :
Surya Semesta Internusa
Pura Delta Lestari
Bekasi Fadjar
Multi Pinasthika
Jaya Real Property
SSIA
DMAS
BEST
MMLP
JRPT
BUY
BUY
BUY
BUY
BUY
535
168
266
585
820
750
270
380
655
1,350
40.19%
60.71%
42.86%
11.97%
64.63%
sourc e : Fundamental IPOT
Head Office
PT INDO PREMIER SEKURITAS
Wisma GKBI 7/F Suite 718
Jl. Jend. Sudirman No.28
Jakarta 10210 – Indonesia
p +62.21.5793.1168
f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analyst;s personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This reserch is based on information obtained from sources believed to be reliable, but we do not make any representation or warraty nor accept any
responsibility or liability as to its accruracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, finacial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Sekuritas or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.
Evening Update
BEI
1 year
1 day
1 year
1 day
H-1
4,768.2
6,872.1
776.6
910.3
4,934.4
YTD
enutupan
1 year
1 day
1 year
1 day
2.9%
4.7%
3.6%
4.2%
2.8%
5.2%
1.5%
6.4%
5.3%
enutupan
YTD
1.0%
1.4%
2.4%
6.2%
1.7%
7.5%
5.1%
1.2%
2.1%
2.8%
2.4%
7.7%
3.7%
IDR
chg
1.82%
4.48%
1.56%
rate
est
chg
1.76%
0.00%
1.56%
rate
Interest
7.68
0.24
0.06
0.05
Ret 1
1 day
7.67
0.24
0.05
0.05
terest Call
enutupan
4.9%
0.7%
0.7%
0.3%
2.0%
0.3%
1.0%
0.0%
0.7%
0.7%
0.1%
Equity | Indonesia | Research Daily
YTD
4.2%
4.3%
5.4%
1.1%
2.9%
3.9%
2.8%
5.5%
2.0%
YTD
2.2%
1.6%
1.6%
7.7%
1.8%
4.7%
3.5%
2.8%
7.7%
0.9%
0.8%
8.5%
4.0%
IDR
st
nutupan
Indonesia Market Wrap
BEI
H-1
4,704.8
4,715.9
605.5
494.4
5,006.4
nutupan
nutupan
nterest
rest Call
.globalcoal.com
Ret 1
1 day
2.4%
0.3%
0.9%
0.3%
1.5%
0.8%
1.0%
0.0%
0.7%
2.1%
2.2%
w.globalcoal.c
Items
Nilai transaksi (Rp miliar)
Volume transaksi (jt shm)
Net asing (Rp miliar)
Net asing (jt shm)
Kapitalisasi pasar (Rp tn)
Avg 2016
5,296.5
4,957.8
65.7
-150.6
5,376.3
T erakhir
5,516.5
6,531.8
-358.4
278.2
6,599.3
H-1
6,766.4
8,348.4
-1,305.7
94.4
6,588.1
1 day
return
YT D
return
Sektoral
Index
Penutupan
Agri
Basic Industry
Consumer
Finance
Infrastucture
Misc. Industry
Mining
Property
Trade
1,637
772
2,410
1,048
1,045
1,245
1,780
473
909
1 year
return
-11.0%
26.6%
-1.0%
17.5%
-8.6%
-17.3%
16.4%
-6.5%
-1.5%
-0.7%
0.0%
-0.1%
0.8%
0.5%
1.7%
-1.8%
-0.9%
-0.1%
1.3%
12.0%
-15.8%
-8.1%
-11.7%
-9.8%
11.7%
-4.6%
-1.4%
Indeks harga saham gabungan pada perdagangan akhir bulan April berhasil
bergerak menguat di sepanjang perdagangan. Aksi rebound tersebut dipicu
didorong oleh yield obligasi di Amerika dengan tenor 10 tahun mulai kembali
bergerak di bawah 3 persen, kinerja laporan keuangan yang cukup baik serta
posisi indeks berada di area over sold. IHSG ditutup meningkat +75 poin
(+1,27%) di level 5.994. Sektor industri dasar dan keuangan yang
masing-masing bertambah +16 poin (+0,09%) dan +19 poin (+1,82%)
menjadi pendorong pergerakan indeks hari ini. Sementara itu nilai tukar
rupiah diperdagangkan melemah -20 poin (-0,14%) di level 13.913.
sedangkan investor asing mencatatkan jual bersih (foreign net sell) sebesar
494,6B di pasar reguler.
Indeks Saham
Index
Negara
JCI
FSSTI
KLCI
SET
KOSPI
SENSEX
HSI
NKY
AS30
IBOV
DJI
SX5P
UKX
Indonesia
Singapura
Malaysia
Thailand
Korsel
India
Hongkong
Jepang
Australia
Brasil
Amerika
Eropa
Inggris
Penutupan
1 year
return
5,919
3,577
1,863
1,778
2,492
34,970
30,281
22,320
6,043
86,445
24,311
3,077
7,502
4.1%
12.7%
5.4%
13.5%
13.0%
16.9%
23.0%
16.3%
1.6%
32.2%
16.1%
-3.3%
4.1%
1 day
return
YT D
return
0.2%
0.2%
0.6%
0.3%
0.7%
0.7%
0.9%
0.5%
0.7%
0.1%
0.0%
0.3%
1.1%
-6.9%
5.1%
3.7%
1.4%
1.4%
2.7%
1.2%
-1.3%
-1.8%
13.1%
-1.7%
-3.2%
-2.4%
Top Gainer
Ticker
Top Loser
Last (Rp) Change(+)
Ticker
Last (Rp) Change(-)
GGRM
69.325
1.525
DSSA
10.000
2.475
BBC A
22.100
600
ADMF
8.575
725
INKP
13.200
600
INPS
1.960
650
TKIM
INAF
10.300
5.700
575
550
BRAM
MKPI
6.400
23.000
600
500
Source : IPOT
Dual Listing (US$)
TLKM
TINS
ANTM
*Rp/US$
Closing
US$
27.18
0.062
0.036
13,891
IDR
1,887.8
859.2
505.4
+/-
Daily
% chg
1.30%
4.08%
7.14%
0.35
0.00
0.00
Suku Bunga & Inflasi
Items
Deposito IDR 3 bln
Kredit Bank IDR
BI 7-Days RR
Fed Funds Target
ECB Main Refinancing
Domestic Yen Interest Call
Latest
Interest
Inflation
5.65
13.87
4.25%
3.40%
1.75
2.40%
1.30%
(0.07)
1.10%
Real interest rate
0.01
1.73
(0.01)
(0.08)
Top Foreign Buy
Ticker
Penutupan Ret 1 year
(%)
68.1
608.4
1.75
13,831
21,041
1,323.4
97.3
146.5
3.7
10.2
6,758.8
39.1%
-4.9%
-31.5%
48.9%
5.7%
4.3%
14.7%
-7.0%
6.7%
11.3%
19.2%
+/-0.1
-1.8
0.0
-350.5
-514.0
6.4
2.0
8.1
0.0
0.2
-169.8
Top Foreign Sell
NBLot
Ticker
NSVal (B)
NSLot
PTBA
41,8
129.901
BBNI
86,4
INKP
40,7
31.533
UNTR
79,6
23.419
BMRI
21,3
28.713
BBRI
79,1
245.741
WSKT
8,1
37.127
BBC A
57,1
25.706
SMGR
7,7
7.968
ASII
44,7
61.774
Source : IPOT
Harga Komoditas
dlm US$
(in USD)
Minyak WTI / bbl
CPO/ ton
Karet/ kg
Nikel/ ton
Timah/ ton
Emas/tr. oz
Batu Bara/ ton
Tepung Terigu/ ton
Jagung/bushel
Kedelai
Tembaga
NBVal (B)
Ret 1 day
(%)
-0.13%
-0.29%
0.00%
-2.47%
-2.38%
0.49%
2.05%
5.84%
0.82%
1.69%
-2.45%
Sumber : Bloomberg
Refer to Important disclosures on the last of this report
106.213
Emiten
T icker
Recommendation
Automotive :
Astra International
Astra Otoparts
Mitra Pinasthika Mustika
Selamat Sempurna
ASII
AUTO
MPMX
SMSM
BUY
BUY
BUY
BUY
Banks :
Bank Mandiri
Bank Central Asia
Bank Negara Indonesia
Bank Tabungan Negara
BMRI
BBCA
BBNI
BBTN
Cement :
Indocement Tunggal Prakarsa
Semen Baturaja
Semen Indonesia
Current price
T arget Price
Upside (+)/Downside (-)
7,150
1,725
1,150
1,450
9,800
2,500
1,300
1,500
37.06%
44.93%
13.04%
3.45%
BUY
HOLD
BUY
BUY
7,125
22,100
8,050
3,110
9,500
22,000
10,200
4,175
33.33%
-0.45%
26.71%
34.24%
INTP
SMBR
SMGR
SELL
SELL
HOLD
17,725
4,190
9,650
15,000
375
11,500
-15.37%
-91.05%
19.17%
Construction :
Adhi Karya
Pembangunan Perumahan
Waskita Karya
Wijaya Karya
Wijaya Karya Beton
Waskita Beton Precast
ADHI
PTPP
WSKT
WIKA
WTON
WSBP
BUY
BUY
BUY
BUY
BUY
BUY
1,880
2,430
2,210
1,585
476
404
2,700
4,700
3,300
2,900
750
620
43.62%
93.42%
49.32%
82.97%
57.56%
53.47%
Consumer :
Indofood CBP
Indofood Sukses Makmur
Unilever Indonesia
H.M. Sampoerna
ICBP
INDF
UNVR
HMSP
HOLD
BUY
HOLD
HOLD
8,675
6,975
46,350
3,540
9,300
9,700
58,300
4,100
7.20%
39.07%
25.78%
15.82%
Healtcare :
Kalbe Farma
Siloam International Hospitals
Mitra Keluarga Karyasehat
Prodia Widyahusada
KLBF
SILO
MIKA
PRDA
HOLD
HOLD
HOLD
BUY
1,505
7,025
1,925
3,370
1,850
10,800
2,400
7,500
22.92%
53.74%
24.68%
122.55%
Infrastructure :
Jasa Marga
Perusahaan Gas Negara
Cikarang Listrindo
JSMR
PGAS
POWR
HOLD
SELL
BUY
4,370
1,985
1,140
6,150
2,100
1,580
40.73%
5.79%
38.60%
Plantation :
Astra Agro Lestari
PP London Sumatera
Bisi International
AALI
LSIP
BISI
BUY
BUY
BUY
12,775
1,260
1,910
18,500
1,900
2,100
44.81%
50.79%
9.95%
Property :
Agung Podomoroland
Alam Sutera realty
Bumi Serpong Damai
Ciputra Development
Lippo Karawaci
Summarecon Agung
APLN
ASRI
BSDE
CTRA
LPKR
SMRA
BUY
BUY
BUY
BUY
BUY
BUY
212
364
1,690
1,100
446
905
420
420
2,400
1,355
1,420
1,340
98.11%
15.38%
42.01%
23.18%
218.39%
48.07%
T elecommunication :
Indosat
Telkom Indonesia
XL Axiata
ISAT
TLKM
EXCL
BUY
BUY
BUY
3,780
3,830
2,120
7,200
5,120
4,670
90.48%
33.68%
120.28%
T elecommunication T ower :
Sarana Menara Nusantara
Tower Bersama
TOWR
TBIG
HOLD
HOLD
3,140
5,550
4,550
6,400
44.90%
15.32%
Mining :
Adaro Energy
Tambang Batubara Bukit Asam
United Tractors
Vale Indonesia
Medco Energi Internasional
ADRO
PTBA
UNTR
INCO
MEDC
BUY
BUY
BUY
BUY
BUY
1,835
3,240
34,100
3,160
1,200
2,600
3,900
42,000
4,500
1,370
41.69%
20.37%
23.17%
42.41%
14.17%
Retail :
Matahari Department Store
LPPF
SELL
10,350
9,900
-4.35%
Industrial Estate :
Surya Semesta Internusa
Pura Delta Lestari
Bekasi Fadjar
Multi Pinasthika
Jaya Real Property
SSIA
DMAS
BEST
MMLP
JRPT
BUY
BUY
BUY
BUY
BUY
535
168
266
585
820
750
270
380
655
1,350
40.19%
60.71%
42.86%
11.97%
64.63%
sourc e : Fundamental IPOT
Head Office
PT INDO PREMIER SEKURITAS
Wisma GKBI 7/F Suite 718
Jl. Jend. Sudirman No.28
Jakarta 10210 – Indonesia
p +62.21.5793.1168
f +62.21.5793.1167
INVESTMENT RATINGS
BUY
: Expected total return of 10% or more within a 12-month period
HOLD
: Expected total return between -10% and 10% within a 12-month period
SELL
: Expected total return of -10% or worse within a 12-month period
ANALYSTS CERTIFICATION.
The views expressed in this research report accurately reflect the analyst;s personal views about any and all of the subject securities or issuers; and no part of the
research analyst's compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in the report.
DISCLAIMERS
This reserch is based on information obtained from sources believed to be reliable, but we do not make any representation or warraty nor accept any
responsibility or liability as to its accruracy, completeness or correctness. Opinions expressed are subject to change without notice. This document is prepared for
general circulation. Any recommendations contained in this document does not have regard to the specific investment objectives, finacial situation and the
particular needs of any specific addressee. This document is not and should not be construed as an offer or a solicitation of an offer to purchase or subscribe or
sell any securities. PT. Indo Premier Sekuritas or its affiliates may seek or will seek investment banking or other business relationships with the companies in this
report.