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  4,000 5,000 6,000 7,000

  2,000 4,000 6,000 8,000 10,000 12,000 14,000 3,000

  Se m e n t a r a LQ4 5 t u r u n s e b a n y a k 5 .7 p o in ( 0 .6 2 % ) k e le v e l 9 2 0 .9 7 . Fo r e ig n n e t s e ll s e b e s a r Rp 7 5 .5 3 m ilia r .

  • I HSG diper kir akan ber ger ak m ixed dengan kecender ungan m elem ah. Bur sa AS dit ut up m elem ah pada per dagangan Kam is ( 19/ 07) . Har ga cr ude oil naik ke level USD 69.90 per bar r el. Har ga bat ubara st abil di level USD 119.30 per Mt . Rupiah ber ger ak st abil t er hadap Dollar AS ke level I DR 14.415. 10Yr Gover nm ent Bonds Yield naik ke level 7.82% .
  • Dar i dalam neger i, Bank I ndonesia ( BI ) m em ut uskan m e- nahan suku bunga acuan BI 7DRRR di level 5,25% .

  • Sehubungan dengan em it en, BMRI m encat at kan laba ber - sih Rp 12,18 t r iliun pada sem est er per t am a 2018, t um buh 28,75% dibandingkan per iode sam a t ahun lalu Rp 9,46 t r iliun. Hingga akhir t ahun ini, bank BUMN t er sebut m enar get kan per t um buhan laba 18 - 22% yoy. Laba ber sih t et ap t er j aga dikar enakan per t um buhan kr edit yang m en- ingkat diser t ai dengan cr edit cost yang t er kendali. Kendat i dem ikian, likuidit as m eningkat dikar enakan per t um buhan kr edit yang diat as per t um buhan dana pihak ket iga ( DPK) . Hasil t er sebut sesuai dengan ekspekt asi konsensus.
  • RALS pada kuar t al I I - 2018 m em bukukan penj ualan kot or Rp 3,6 t r iliun, sehingga sej ak aw al t ahun, RALS t elah m engakum ulasi penj ualan Rp 5,18 t r iliun at au naik 3,9% yoy, set ar a dengan 62% dar i t ar get penj ualan t ahun ini Rp 8,23 t r iliun.
  • Secar a t eknikal indeks har i Jum at ( 20/ 07) , I HSG dipr ediksi ber ger ak di kisar an 5832 - 5935.

  Top BUY: AALI , LPPF, ACES, CTRA w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t I HSG t u r u n s e b a n y a k 1 9 .7 p o in ( 0 .3 3 % ) k e le v e l 5 8 7 1 .0 8 .

  Friday, July 20, 2018 Source: Bloomberg, Sinarmas Investment Research

  Last T ransactio n YT D Chg (%) Co mmo dities Other Indices Clo sing 1-Day Chg (%) YT D Chg (%) Currency Spo t Rate Rate (IDR) 1-Day Chg (%) YT D Chg (%) Toda y ’ s M a r k e t :

  0.43 P rice

  18.62 Corn (USD/bushel) 352.25 7:58:07 AM

  5.33 Tins (USD/mn tons) 19,510.00 8:07:50 AM (2.57) CPO (MYR/mn tons) 2,180.00 7/19/2018 (10.80) Rubber (JPY/kg) 163.50 7:55:36 AM (20.40) Wheat (USD/bushel) 506.00 7:58:23 AM

  18.35 Natural Gas (USD/mmBtu) 2.77 7:53:04 AM (6.16) Gold (USD/ounce) 1,223.49 8:08:29 AM (6.09) Nickel (USD/mn tons) 13,440.00 8:08:29 AM

  15.69 Coal (USD/mn tons) 119.30 7/19/2018

  2.64 Crude Oil (USD/barrel) 69.90 7:50:52 AM

  0.57 GBP/IDR 18,803.63 (0.25)

  3.97 AUD/IDR 10,640.14 (0.31)

  0.06

  6.31 SGD/IDR 10,562.31

  0.56

  3.63 JPY/IDR 128.55

  0.28

  6.14 EUR/IDR 16,830.63

  0.00

  13.35 FTSE 7,683.97 0.10 (0.05) NIKKEI 22,764.68 (0.13) (0.00) HANG SENG 28,010.86 (0.38) (6.38) STRAITS TIMES 3,277.58 1.14 (3.68) KLSE 1,759.24 0.35 (2.09) USD/IDR 14,415.00

  4.90 NASDAQ 7,825.30 (0.37)

  1.40 S&P 500 2,804.49 (0.40)

  IDX 20.85 (1.28) (16.06) DOW JONES 25,064.50 (0.53)

  JCI 5,871.08 Transaction Value Regular Market (IDR tn) 6.385 Transaction Volume Regular Market (mn shares) 6,176 Foreign Net Buy (Sell) (IDR bn) (76) Foreign Net Buy (Sell) (3.67) Total Market Capitalization (IDR tn) 6,637.00 LQ45 920.97 (0.62) (14.68) EIDO 23.15 (1.32) (18.57)

  IDX Statistics Clo sing

  Volume JCI Index

  D a ily Cor por a t e a n d I n du st r y N e w s

Bank I ndonesia ( BI ) m em ut uskan m enahan suku bunga acuan BI 7 - day r ever se r epo r at e ( 7 - DRRR) di level 5,25% ,

set elah dalam dua bulan t er akhir sudah t iga kali m enaikkan sebanyak 100 basis point s ( bps) . Meski m enahan bunga

acuan, Guber nur BI Per r y War j iyo m em ast ikan bahw a sikap kebij akan m onet er bank sent r al ke depan m asih t et ap

sam a, yait u haw kish at au cender ung ket at dan m asih akan t et ap fokus m enj aga st abilit as ekonom i dan nilai t ukar

r upiah. BI j uga akan r eakt ivasi SBI unt uk t enor 9 bulan dan 12 bulan. Di dalam SBI , dana asing bisa m asuk. Sour ce:

I nvest or Daily, Bisnis I ndonesia

PT Angkasa Pur a ( AP) I I sudah m enggelont or kan Rp 2,5 t r iliun unt uk keper luan pem bebasan lahan pr oyek landasan

pacu ( r unw ay ) 3 Bandar a Soekar no Hat t a ( Soet t a) , Tanger ang. Nom inal it u t er cat at sebesar 62,5% dari t ot al ang-

gar an pem bebasan lahan r unw ay 3 senilai Rp 4 t r iliun yang ber asal dar i peny er t aan m odal negar a ( PMN) . Sour ce:

I nvest or Daily

Kem ent er ian Pert anian ( Kem t an) m enyalur kan 100 t on t elur ayam dalam oper asi pasar di w ilayah Jabodet abek

Kam is ( 19/ 7) . Oper asi pasar dilakukan unt uk m er edam kenaikan har ga t elur yang sem pat t em bus Rp 30.000 per

kilogr am ( kg) dalam sebulan t er akhir . Sour ce: Kont an

JP Mor gan Chase Bank & Co kem bali m enaikkan r ekom endasi peringkat sur at ut ang at au obligasi I ndonesia dar i level

net r al ke over w eight . Rekom endasi JP Mor gan ini m em ber i sinyal bahw a fundam ent al m akr o ekonom i I ndonesia

dinilai kuat . JP Mor gan j uga m enilai I ndonesia m em iliki t ingkat per t um buhan pot ensial yang t inggi. Sour ce: Kont an

Kem ent er ian Perindust r ian ( Kem perin) m em per kir akan indust r i kosm et ik nasional t ahun ini m am pu t um buh 7% . Tar -

get pert um buhan it u lebih t inggi dibandingkan r ealisasi t ahun lalu yang sebesar 6,35% . Sour ce: Kont an

Kem ent er ian Ener gi dan Sum ber Daya Miner al ( ESDM) m engusulkan subsidi solar t ahun depan dibat asi m aksim al Rp

2.500 per lit er . Meski subsidi naik, konsum si solar ber subsidi pada t ahun depan diproyeksikan sam a dengan out look

t ahun ini, yakni 14,5 j ut a kilolit er ( KL) .Usulan ini dengan asum si har ga m inyak m ent ah I ndonesia ( I ndonesian Cr ude

Pr ice/ I CP) US$ 65 per bar el. Sour ce: I nvest or Daily

Tot al im por sem ua j enis ber as pada sem est er I - 2018 m encapai 1.119.797,80 t on, at au m elonj ak hingga 754% dar i

per iode sam a t ahun sebelum nya yang hanya 130.992,60 t on. Ber as im por didat angkan dar i sej um lah negar a, di

ant ar anya Viet nam , Thailand, I ndia, Jepang, Qat ar , Pakist an, dan Myanm ar . Sour ce: I nvest or Daily

Bank Mandir i ( BMRI ) m encat at kan laba ber sih Rp 12,18 t r iliun sem est er per t am a 2018, m elonj ak 28,75% dibanding-

kan per iode sam a t ahun lalu Rp 9,46 t r iliun. Hingga akhir t ahun ini, bank BUMN t er sebut m enar get kan per t um buhan

laba 18- 22% year on year ( yoy) . Sour ce: I nvest or Daily

Bank Pem bangunan Daer ah Jaw a Tim ur ( BJTM) m em bukukan laba ber sih sebesar Rp 758,28 m iliar pada sem est er I -

2018, t um buh 5,01% secar a t ahunan ( year on year / yoy) . Sam pai dengan akhir t ahun ini, per ser oan m em pr oyeksi-

kan per olehan laba m inim al t um buh 5% ( yoy) . Sour ce: I nvest or Daily

Ram ayana Lest ar i Sent osa ( RALS) pada kuar t al I I - 2018 m em bukukan penj ualan kot or Rp 3,6 t r iliun, sehingga sej ak

aw al t ahun, RALS t elah m engakum ulasi penj ualan Rp 5,18 t r iliun at au naik 3,9 % yoy, set ar a dengan 62 % dar i t ar get

penj ualan t ahun ini Rp 8,23 t riliun. Manaj em en RALS m engungkapkan, gr oss m ar gin RALS di par uh pert am a t ahun

ini t er cat at m encapai 29,5% . Sour ce: Kont an

Lem baga int er nasional St andar d & Poor 's ( S&P) m enaikkan per ingkat kor por asi t ahun 2018 unt uk Aneka Tam bang

( ANTM) , dar i sem ula B- / out look st abil m enj adi B- / out look posit if. Sour ce: Kont an

Panca Budi I dam an ( PBI D) m elanj ut kan ekspansi ke Malaysia dengan m em bangun pabr ik di Johor Bahr u, Malay sia.

  

Nilai t ot al invest asinya RM 7 j ut a at au Rp 24,86 m iliar dim ana dar i t ot al invest asi t er sebut , m anaj em en Panca Budi

I dam an m enggunakan dana RM 5,5 j ut a unt uk m em bangun pabr ik dan RM 1,5 j ut a unt uk pengadaan m esin. Sepan-

j ang t ahun ini, Panca Budi I dam an m enar get kan pendapat an t um buh sebesar 12% year - on- year ( yoy) m enj adi Rp

3,91 t r iliun. Sour ce: Kont an w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t

  D a ily Cor por a t e a n d I n du st r y N e w s

Kr akat au St eel ( KRAS) m em bukukan per t um buhan volum e penj ualan hingga 25% secar a t ahunan pada sem est er

I / 2018 sej alan dengan upaya per ser oan m enggenj ot dist r ibusi pada 2018. KRAS m em bidik volum e penj ualan 2,8

j ut a t on pada 2018. Tar get t er sebut naik 40% dibandingkan dengan t ar get yang dipasang pada t ahun lalu. Sour ce:

Bisnis I ndonesia

Met r opolit an Land ( MTLA) m er ealisasikan pendapat an pr apenj ualan at au m ar k et ing sales senilai Rp1,19 t r iliun pada

sem est er pert am a t ahun ini. Pencapaian t er sebut m asih sej alan dengan t ar get per ser oan senilai Rp2 t r iliun hingga

akhir t ahun ini. Sour ce: Bisnis I ndonesia

M Cash I nt egr asi ( MCAS) m elalui PT Sur ya Teknologi Per kasa, per usahaan pat ungan ( j oint vent ur e/ JV) y ang saham -

nya dim iliki per seroan sebesar 17% , m elakukan inv est asi di PT Gow it m i Teknologi I ndonesia. Adapun k epem ilikan

saham Sur ya Teknologi Per kasa di Gow it m i Teknologi m encapai 33,3% . Sour ce: I nvest or Daily

Tiphone Mobile I ndonesia ( TELE) , PT Bank Mayapada I nt er nat ional Tbk ( MAYA) , dan PT Jakar t a Lingkar Bar at sat u

( JLB) t engah ber encana m ener bit kan obligasi senilai t ot al Rp 5,5 t riliun. Tiga r encana pener bit an sur at ut ang it u su-

dah m asuk dalam pipeline Bur sa Efek I ndonesia ( BEI ) . Sour ce: I nvest or Daily

MNC I nvest am a ( BHI T) ber encana m er est r ukt ur isasi ut ang dengan skem a konv er si saham m elalui penam bahan m o-

dal t anpa hak m em esan efek t er lebih dahulu ( PMTHMETD) . BHI T m em iliki kew aj iban ut ang pada Car avaggio Holdings

senilai US$ 115 j ut a. Ut ang ini akan dikonver si m enj adi 13,76 m iliar saham at au senilai Rp 1,58 m iliar . Sem ent ar a,

ut ang kepada Scot t Capit al I nvest m ent s m encapai Rp 321,6 m iliar . Ut ang akan dikonver si m enj adi 2,79 m iliar sa-

ham . Kedua ut ang ini ak an dikonver si paling lam bat pada 30 Sept em ber 2018. Sour ce: Kont an w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t

  W or ld Equ it y I n dice s Source: Bloomberg, Sinarmas Investment Research w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t W O R L D E Q U IT Y IN D IC E S N O T IC K E R

  26 N KY Index 24,129.34 19,239.52 (0.26) (0.00)

  3.39 3.42 4,112,140.03 283.07

  25 KSE100 Index 47,241.17 37,736.73 1,324.11

  3.27

  8.99

  8.61

  1.46 1.38 7,309.22

  57.00

  19.43

  21.16

  16.47

  1.89 1.92 388,853.73 3,445.45

  27 N EY Index 376.09 311.55 (11.13) (3.11)

  16.02

  13.57

  1.38 1.39 440,984.00 3,907.35

  28 T P X Index 1,911.31 1,578.66 (67.97) (3.74)

  16.36

  15.62

  24 LQ45 Index 1,132.92 871.91 (158.42) (14.68)

  1.41 1.42 657,928.77 5,829.60

  18.91

  20 H SC EI Index 13,962.53 10,450.39 (1,186.06) (10.13)

  9.14

  7.44

  1.05 1.02 11,527.99 1,468.57

  21 SEN SEX Index 36,747.87 31,081.83 2,294.40

  6.74

  24.53

  3.12 3.19 64,811.88 938.88

  2.52 2.53 6,636,997.12 456.87

  22 N IF T Y Index 11,171.55 9,685.55 426.40

  4.05

  23.76

  18.50

  3.12 3.18 79,560.81 1,152.54

  23 JC I Index 6,693.47 5,557.56 (484.58) (7.62)

  24.22

  14.95

  13.68

  29 F B M KLC I Index 1,896.03 1,657.78 (37.57) (2.09)

  11.26

  2.08 2.10 16,585.26 495.60

  1.81

  15.56

  13.79

  1.75 1.75 32,272.73 1,051.02

  35 SET Index 1,852.51 1,556.22 (106.82) (6.09)

  18.92

  15.13

  36 SET 50 Index 1,223.67 991.42 (50.29) (4.43)

  1.05 1.03 1,473,745.92 1,294.00

  17.52

  15.07

  2.26 2.32 11,396.24 340.54

  37 VN IN D EX Index 1,211.34 753.82 (40.27) (4.09)

  18.95

  16.16

  2.81 2.64 2,997,735.42 130.03

  A s ia / P a c if ic A m e ric a 5 2 - W E E K C H A N G E Y T D P E R ( x) P B V ( x) M A R K E T C A P ( B n ) E u ro p e

H IG H L O W P O IN T % 2 0 17 2 0 18 E 2 0 17 2 0 18 E

D o m a in

  34 T WSE Index 11,270.18 10,189.04 192.52

  8.98

  16.68

  87.08

  16.79

  1.67 1.73 1,098.41 269.62

  30 N Z SE Index 1,606.69 1,396.64

  67.41

  4.46

  19.27

  20.46

  2.03 3.46 129.60

  31 P C OM P Index 9,078.37 6,923.67 (1,170.55) (13.68)

  12.75

  22.98

  16.97

  2.51 2.59 9,200.06 171.53

  32 F SST I Index 3,641.65 3,176.26 (125.34) (3.68)

  11.12

  13.09

  1.22 1.21 559.70 407.53

  33 KOSP I Index 2,607.10 2,243.90 (185.20) (7.51)

  1.39 1.36 18,207.73 2,319.52

  13.70

  1 IN D U Index 26,616.71 21,496.13 345.28

  13.69

  2.65 2.76 5,917.29 309.71

  6 SX5E Index 3,708.82 3,261.86 (32.32) (0.92)

  18.32

  14.01

  1.67 1.68 2,927.21 3,397.61

  7 UKX Index 7,903.50 6,866.94 (3.80) (0.05)

  23.11

  1.97 1.95 2,127.30 2,763.36

  19.74

  8 C A C Index 5,657.44 4,995.07 104.51

  1.97

  18.26

  14.64

  1.67 1.68 1,580.11 1,834.03

  9 D A X Index 13,596.89 11,726.62 (231.35) (1.79)

  19.09

  13.25

  17.41

  5 M EXB OL Index 51,772.37 44,429.36 (606.63) (1.23)

  10 IB EX Index 10,758.20 9,327.60 (322.80) (3.21)

  3.30 3.34 24,678.75 24,678.75

  1.40

  20.64

  16.13

  3.88 3.90 7,034.21 7,034.21

  2 SP X Index 2,872.87 2,417.35 130.88

  4.90

  22.45

  17.54

  3 C C M P Index 7,867.15 6,177.19 921.91

  1.91 1.92 2,533.71 1,908.49

  13.35

  38.89

  23.64

  3.80 3.82 12,248.43 12,248.43

  4 SP T SX Index 16,586.46 14,785.78 333.88

  2.06

  19.79

  15.93

  1.86 1.88 1,165.30 1,352.56

  15.08

  19 H SI Index 33,484.08 26,632.98 (1,908.29) (6.38)

  11.58

  15 A S30 Index 6,386.70 5,702.20 187.73

  3.04

  18.90

  15.95

  2.00 1.98 2,026.35 1,484.91

  16 SH SZ 300 Index 4,403.34 3,295.73 (602.52) (14.95)

  16.58

  2.05 1.97 26,560.34 3,902.78

  15.95

  17 SH A SH R Index 3,757.20 2,818.06 (559.88) (16.17)

  16.86

  11.06

  1.80 1.75 29,326.19 4,309.19

  18 SZ A SH R Index 2,140.56 1,573.34 (339.02) (17.07)

  29.07

  17.61

  3.12 3.08 19,945.57 2,930.80

  2.09 2.06 1,859.33 1,362.51

  17.90

  12.64

  25.63

  1.47 1.47 606.07 703.46

  11 F T SEM IB Index 24,544.26 21,122.51

  32.06

  0.15

  28.75

  11.77

  1.18 1.18 514.40 597.06

  12 A EX Index 572.90 505.92

  4.71

  3.26

  18.98

  15.57

  1.91 1.93 682.26 791.90

  13 SM I Index 9,616.38 8,372.90 (447.90) (4.77)

  24.59

  15.73

  2.59 2.66 1,083.32 1,082.13

  14 A S51 Index 6,306.10 5,639.40 197.57

  C u rre n c y U S D

  LQ4 5 Source: Bloomberg, Sinarmas Investment Research w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t L Q 4 5 In d e x H IG H L O W P O IN T % 2 0 1 7 2 0 1 8 E 2 0 1 7 2 0 1 8 E

  

1 A D H I IJ 1 ,6 2 5 2 ,5 1 0 1 ,5 3 5 (2 6 0 ) (1 3 .7 9 ) 1 3 .0 2 6 .8 2 1 .1 5 0 .8 8 5 ,7 8 6 .3 8

  

2 A D R O IJ 1 ,8 7 0 2 ,6 5 0 1 ,5 7 5 1 0 0 .5 4 9 .0 6 8 .0 5 1 .2 6 1 .1 1 5 9 ,8 1 3 .7 5

  

3 A K R A IJ 4 ,7 3 0 8 ,0 2 5 3 ,9 6 0 (1 ,6 2 0 ) (2 5 .5 1 ) 2 8 .1 1 1 7 .1 6 3 .3 7 2 .2 1 1 8 ,9 8 9 .5 1

  

4 A N TM IJ 8 7 5 1 ,0 1 5 6 0 0 2 5 0 4 0 .0 0 - 4 7 .6 7 0 .8 1 1 .1 5 2 1 ,0 2 6 .9 2

  

5 A S II IJ 6 ,7 0 0 8 ,7 5 0 6 ,1 0 0 (1 ,6 0 0 ) (1 9 .2 8 ) 1 7 .8 2 1 3 .0 0 2 .7 2 1 .9 7 2 7 1 ,2 3 9 .8 1

  

6 B B C A IJ 2 3 ,2 0 0 2 4 ,7 0 0 1 8 ,2 0 0 1 ,3 0 0 5 .9 4 2 3 .1 7 2 2 .1 2 4 .1 1 3 .7 9 5 7 1 ,9 9 6 .2 1

  

7 B B N I IJ 7 ,3 7 5 1 0 ,1 7 5 6 ,7 5 0 (2 ,5 2 5 ) (2 5 .5 1 ) 1 3 .5 6 8 .9 1 1 .8 7 1 .2 7 1 3 7 ,5 3 3 .8 4

  

8 B B R I IJ 2 ,8 9 0 3 ,9 2 0 2 ,7 2 0 (7 5 0 ) (2 0 .6 0 ) 1 5 .3 4 1 0 .9 6 2 .6 7 1 .9 0 3 5 6 ,4 6 9 .3 9

  

9 B B TN IJ 2 ,3 5 0 3 ,8 9 0 2 ,1 1 0 (1 ,2 2 0 ) (3 4 .1 7 ) 1 2 .4 9 7 .2 4 1 .7 5 1 .0 0 2 4 ,8 8 6 .5 0

1 0 B J B R IJ 2 ,0 7 0 2 ,9 9 0 1 ,9 2 0 (3 3 0 ) (1 3 .7 5 ) 1 9 .2 0 1 3 .5 9 2 .3 1 1 .9 3 2 0 ,0 7 1 .3 2

1 1 B M R I IJ 6 ,3 7 5 9 ,0 5 0 6 ,2 5 0 (1 ,6 2 5 ) (2 0 .3 1 ) 1 8 .0 9 1 2 .1 3 2 .2 4 1 .6 5 2 9 7 ,5 0 0 .0 0

1 2 B M TR IJ 5 0 5 7 5 5 4 7 4 (8 5 ) (1 4 .4 1 ) - - 0 .8 8 - 7 ,1 7 0 .3 0

1 3 B R P T IJ 1 ,8 0 0 2 ,7 2 0 1 ,5 3 0 (4 6 0 ) (2 0 .3 5 ) 2 8 .8 9 1 5 .4 9 2 .1 6 1 .0 5 3 2 ,0 2 5 .4 2

1 4 B S D E IJ 1 ,3 9 5 1 ,9 6 5 1 ,3 9 0 (3 0 5 ) (1 7 .9 4 ) 6 .6 1 9 .0 1 1 .2 9 0 .9 7 2 6 ,8 4 9 .1 4

1 5 B U M I IJ 2 2 6 3 6 2 1 6 6 (4 4 ) (1 6 .3 0 ) 2 .5 7 2 .5 9 - - 1 4 ,7 7 5 .6 4

1 6 EX C L IJ 2 ,8 0 0 1 ,7 1 0 (1 6 0 ) (5 .4 1 ) 8 5 .1 6 4 7 .1 7 1 .4 6 1 .3 4 2 9 ,9 2 6 .2 9

1 7 G G R M IJ 6 9 ,2 7 5 8 6 ,4 0 0 6 1 ,9 2 5 (1 4 ,5 2 5 ) (1 7 .3 3 ) 2 0 .8 0 1 5 .8 3 3 .8 2 2 .9 2 1 3 3 ,2 9 1 .2 0

1 8 H M S P IJ 3 ,6 4 0 5 ,5 5 0 3 ,2 3 0 (1 ,0 9 0 ) (2 3 .0 4 ) 4 3 .5 4 3 1 .5 7 1 6 .1 3 1 1 .9 7 4 2 3 ,3 9 7 .8 0

1 9 IC B P IJ 8 ,6 0 0 9 ,2 7 5 7 ,9 0 0 (3 0 0 ) (3 .3 7 ) 2 7 .3 1 2 3 .9 8 5 .3 1 4 .6 2 1 0 0 ,2 9 2 .4 1

2 0 IN C O IJ 4 ,3 3 0 4 ,6 5 0 2 ,0 9 0 1 ,4 4 0 4 9 .8 3 - 2 2 .9 3 1 .1 6 1 .5 6 4 3 ,0 2 4 .3 5

2 1 IN D F IJ 6 ,3 2 5 8 ,8 0 0 6 ,0 7 5 (1 ,3 0 0 ) (1 7 .0 5 ) 1 6 .1 7 1 2 .4 3 2 .1 5 1 .6 3 5 5 ,5 3 6 .2 0

2 2 IN D Y IJ 3 ,3 2 0 4 ,6 3 0 7 9 0 2 6 0 8 .5 0 3 .5 0 5 .8 6 1 .2 7 1 .1 5 1 7 ,2 9 7 .8 4

2 3 IN TP IJ 1 3 ,6 0 0 2 3 ,9 5 0 1 2 ,5 0 0 (8 ,3 5 0 ) (3 8 .0 4 ) 4 3 .4 5 2 8 .2 9 3 .2 9 2 .0 1 5 0 ,0 6 4 .7 5

2 4 J S M R IJ 5 ,0 5 0 6 ,7 7 5 3 ,9 2 0 (1 ,3 5 0 ) (2 1 .0 9 ) 2 1 .1 1 1 8 .4 4 3 .0 8 2 .2 1 3 6 ,6 5 2 .2 5

2 5 K L B F IJ 1 ,2 8 0 1 ,7 9 5 1 ,1 5 5 (4 1 0 ) (2 4 .2 6 ) 3 2 .9 6 2 3 .6 3 5 .9 6 4 .0 7 6 0 ,0 0 0 .1 6

2 6 L P K R IJ 3 9 0 8 0 5 3 2 2 (9 8 ) (2 0 .0 8 ) 1 8 .0 9 1 0 .3 4 0 .4 9 0 .4 1 9 ,0 0 4 .0 0

2 7 L P P F IJ 8 ,4 0 0 1 3 ,1 5 0 7 ,8 7 5 (1 ,6 0 0 ) (1 6 .0 0 ) 1 5 .2 9 1 1 .8 8 1 2 .5 3 6 .4 7 2 4 ,5 1 0 .5 1

2 8 M N C N IJ 1 ,0 1 5 1 ,8 2 5 8 5 0 (2 7 0 ) (2 1 .0 1 ) 1 1 .7 8 8 .7 5 1 .8 6 1 .3 5 1 4 ,4 9 0 .2 5

2 9 M YR X IJ 1 2 7 1 9 8 1 0 1 1 7 1 5 .4 5 - - - - 1 1 ,0 1 1 .3 1

3 0 P G A S IJ 1 ,6 7 5 2 ,8 6 0 1 ,3 6 5 (7 5 ) (4 .2 9 ) 2 0 .7 7 1 1 .5 3 0 .9 9 0 .8 9 4 0 ,6 0 4 .5 3

3 1 P TB A IJ 4 ,4 0 0 4 ,4 5 0 1 ,8 1 0 1 ,9 4 0 7 8 .8 6 5 .7 9 1 0 .0 8 1 .9 1 2 .9 5 5 0 ,6 9 0 .9 0

3 2 P TP P IJ 2 ,1 1 0 3 ,2 8 0 1 ,8 4 0 (5 3 0 ) (2 0 .0 8 ) 1 1 .2 6 7 .4 8 1 .4 3 1 .0 4 1 3 ,0 8 1 .7 8

3 3 P W O N IJ 5 4 5 7 2 5 4 9 4 (1 4 0 ) (2 0 .4 4 ) 1 7 .6 2 1 1 .8 1 3 .2 0 2 .1 2 2 6 ,2 4 6 .9 8

3 4 S C M A IJ 2 ,1 7 0 2 ,9 8 0 1 ,9 3 5 (3 1 0 ) (1 2 .5 0 ) 2 7 .2 4 1 9 .0 6 9 .3 0 6 .1 5 3 1 ,7 2 8 .8 7

3 5 S M G R IJ 6 ,9 2 5 1 1 ,7 7 5 6 ,5 0 0 (2 ,9 7 5 ) (3 0 .0 5 ) 2 9 .1 4 1 9 .2 4 2 .0 3 1 .3 6 4 1 ,0 7 5 .7 8

3 6 S R IL IJ 3 4 4 4 1 4 3 0 2 (3 6 ) (9 .4 7 ) 7 .2 6 - 1 .1 8 - 7 ,0 3 5 .5 5

3 7 S S M S IJ 1 ,2 9 0 1 ,5 8 0 1 ,0 0 5 (2 1 0 ) (1 4 .0 0 ) 1 8 .4 4 1 3 .3 0 3 .5 4 2 .6 6 1 2 ,2 8 7 .2 5

3 8 TL K M IJ 3 ,9 1 0 4 ,7 9 6 3 ,2 5 0 (4 8 9 ) (1 1 .1 2 ) 1 9 .6 8 1 6 .8 0 4 .7 0 3 .7 9 3 9 4 ,1 2 7 .9 9

3 9 TP IA IJ 4 ,9 4 0 6 ,6 7 5 4 ,1 4 0 (1 ,0 6 0 ) (1 7 .6 7 ) 2 3 .8 1 2 1 .2 5 4 .7 4 3 .4 1 8 8 ,0 9 7 .5 9

4 0 TR A M IJ 3 5 8 4 3 2 7 8 1 6 0 8 0 .8 1 - - - - 1 7 ,7 6 8 .0 7

4 1 U N TR IJ 3 2 ,9 7 5 4 0 ,5 0 0 2 7 ,9 2 5 (2 ,4 2 5 ) (6 .8 5 ) 1 7 .8 4 1 2 .5 6 2 .9 1 2 .3 7 1 2 3 ,0 0 1 .2 1

4 2 U N V R IJ 4 4 ,7 5 0 5 8 ,1 0 0 4 3 ,8 7 5 (1 1 ,1 5 0 ) (1 9 .9 5 ) 6 0 .8 9 4 4 .4 2 8 2 .4 4 5 4 .4 1 3 4 1 ,4 4 2 .5 0

4 3 W IK A IJ 1 ,4 5 5 2 ,1 9 0 1 ,2 1 0 (9 5 ) (6 .1 3 ) 1 1 .5 5 8 .6 7 1 .1 0 0 .9 3 1 3 ,0 5 1 .2 8

4 4 W S B P IJ 3 8 4 5 1 0 3 3 6 (2 4 ) (5 .8 8 ) 1 0 .5 6 7 .7 8 1 .4 7 1 .1 1 1 0 ,1 2 2 .6 8

4 5 W SK T IJ 2 ,0 0 0 3 ,1 5 0 1 ,7 7 0 (2 1 0 ) (9 .5 0 ) 7 .3 8 6 .2 0 2 .1 4 1 .5 4 2 7 ,1 4 7 .8 1

  M A R K ET C A P (B n ) L Q 4 5 In d e x C H A N G E Y TD P ER (x ) P B V (x ) 1 9 -J u l-1 8 5 2 -W EEK

  M a cr o da t a Secto rs D escriptio n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)

  Property (0.13) (0.71) (2.65) (9.79) Basic Industry 0.98 (0.20) (3.89)

  12.94 Trade (0.79) (1.29) (2.53) (6.23) Finance

  0.01

  0.33 0.46 (10.03) M iscellaneous Industry

  0.31 0.07 (5.23) (14.91) Consumer (1.34) (2.36) 0.69 (16.20) Infrastructure (1.30) (1.66) 2.75 (9.11) Agriculture

  0.33 0.60 (3.40) (10.08) M ining

  1.10

  2.25

  5.52

  28.81 Eco no mic Indicato rs

  Eco no mic P arameters Jun-18 M ay-18

  Inflation YTD (in %)

  1.90

  3.61 Inflation YoY (in %)

  3.12

  3.23 Inflation M oM (in %)

  0.59

  0.21 Foreign Reserves (in USD bn) 119.80 122.91

  F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)

  USD/IDR 14,442.00 (3.53) (6.14) - USD/CNY 6.78 (0.83) (4.28) (3.96) USD/EUR 0.86 (0.14) (0.71)

  2.98 USD/JPY 112.54 (0.06) (1.94)

  0.13 USD/SGD

  1.37 0.15 (0.73) (2.39) USD/AUD 1.36 (0.25) (0.08)

  5.87 USD/GBP 0.77 (0.08)

  1.15

  3.73 Lending and D epo sit R ates (in %) JIBOR (in IDR)

  7.34 LIBOR (in GBP)

  1.01 SIBOR ( in USD)

  1.46 Indonesia 5-Year Government Bonds Yield

  7.73 Indonesia 10-Year Government Bonds Yield

  7.82 Indonesia 15-Year Government Bonds Yield

  w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t

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 ) 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 10- Jul- 18 Pollux Pr oper ti I ndonesia Tbk 1247.8 03/ 07/ 2018 - 05/ 07/ 2018 11- Jul- 18 Siner gi Megah I nter nusa Tbk 1200.0 03/ 07/ 2018 - 05/ 07/ 2018 12- Jul- 18 Batav ia Pr osper indo Tr ans Tbk 400.0 02/ 07/ 2018 - 04/ 07/ 2018 09- Jul- 18

D iv ide 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

BMAS

  8 06/ 07/ 2018 09/ 07/ 2018 11/ 07/ 2018 02/ 08/ 2018

  I NAI

  30 06/ 07/ 2018 09/ 07/ 2018 11/ 07/ 2018 02/ 08/ 2018 C SAP

  4 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 01/ 08/ 2018

  I MAS

  5 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 01/ 08/ 2018

  I MJS

  1.2 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 01/ 08/ 2018 KKGI

  2 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 30/ 07/ 2018 KMTR

  17.27 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 18/ 07/ 2018 MARI

  12 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 01/ 08/ 2018 RUI S

  5 05/ 07/ 2018 06/ 07/ 2018 10/ 07/ 2018 01/ 08/ 2018

Righ t s I ssu e T ick e r Ra t io Pr ice ( Rp ) Cu m D a t e EX D a t e T r a d in g

  BBKP 3 : 10 570 06/ 07/ 2018 09/ 07/ 2018 13/ 07/ 2018 - 25/ 07/ 2018 PEGE 3 : 1 100 06/ 07/ 2018 09/ 07/ 2018 13/ 07/ 2018 - 19/ 07/ 2018 www.sinarmassekuritas.co.id See important disclaimer at the end of this report

  Pick s of Th e D a y AALI : TRAD I N G BUY AALI ber hasil break Resist ance 10.650, AALI berpeluang unt uk m elanj ut k an penguat an dan m enguj i Resist ance 10.925, 11.175

dan 11.450 dalam j angk a pendek . Nam un, j ik a AALI gagal break Resist ance 10.925 m aka ak an m encoba Suppor t 10.650, 10.325

dan 10.125. AALI dilihat I ndik at or MACD m engindik asik an pola Golden cross. Ent r y point : 10.650 — 10.750 Ex it point : 10.925 ( 2.6% ) , 11.175 ( 4.9% ) St op Loss : 10.325 ( - 3.1% ) LPPF : TRAD I N G BUY

LPPF ber hasil break Resist ance 8.250, LPPF ber peluang unt uk m elanj ut k an penguat an dan m enguj i Resist ance 8.500, 8.750 dan

9.000, Nam un, j ik a LPPF gagal br eak Resist ance 8.500 m ak a ak an m encoba Suppor t 8.250 dan 8.125. LPPF dilihat I ndik at or MACD dan St oc osc m engindik asik an pola Upt r end. Ent r y point : 8.400 — 8.450 Ex it point : 8.750 ( 4.2% ) , 9.000 ( 7.1% ) St op Loss : 8.250 ( - 1.8% )

w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t

Jul Aug Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul 10,000 10,500 11,000 11,500 12,000 12,500 13,000 13,500 14,000 14,500 15,000 15,500 10650 10925 11175 11450 11900 10325 10125 9800 AALI - Daily 7/19/2018 4:08:00 PM Open 10525, Hi 10800, Lo 10525, Clos e 10650 (1.4%) MA(Clos e,50) = 11,717.00 10,650 11,717 Jul Aug Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul -400 -200 200 400 AALI - MACD(12,26) = -421.18, Signal(12,26,9) = -435.41
  • -421.183 -435.41
  • 20 80 87.5266 AALI - Stoch %K(15,3) = 24.53, Stoch %D(15,3,3) = 13.14 24.5283 13.1381 Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul 8,000 8,500 9,000 9,500 10,000 10,500 11,000 11,500 12,000 12,500 13,000 8125 8500 8250 8850 9000 9225 8750 8375 8000 7875 LPPF - Daily 7/19/2018 4:14:00 PM Open 8150, Hi 8400, Lo 8125, Clos e 8400 (2.8%) MA(Clos e,50) = 8,932.00 8,400 8,932 Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul -500 MACD(12,26) 500 LPPF - = -235.67, Signal(12,26,9) = -248.29
    • -235.672 -248.292
    • 20 80 LPPF - Stoch %K(15,3) = 26.53, Stoch %D(15,3,3) = 21.77 26.5306 21.7687

        Pick s of Th e D a y ACES : TRAD I N G BUY ACES ber hasil br eak Resist ance 1.320, ACES t erbuk a berpeluang unt uk m elanj ut k an penguat an dan m enguj i Resist ance 1.340,

      1.360 dan 1.380 dalam j angka pendek . Nam un, j ik a ACES gagal br eak di Resist ance 1.340 m ak a ak an m encoba Suppor t 1.310

      dan 1.290. ACES dilihat I ndikat or St oc osc m engindik asik an pola Golden Cr oss. Ent r y point : 1.325 — 1.335 Ex it point : 1.360 ( 2.6% ) , 1.380 ( 4.2% ) St op Loss : 1.290 ( - 2.6% ) CTRA : TRAD I N G BUY CTRA ber hasil break Resist ance 1.020, CTRA berpeluang m enguj i Resist ance 1.050, 1.085 dan 1.100 dalam j angk a pendek .

        

      Nam un, j ik a CTRA gagal br eak di Resist ance 1.050 m ak a CTRA ak an m encoba Suppor t 1.020, 995 dan 975. CTRA dilihat I ndik at or

      MACD dan St oc osc m engindikasik an pola Upt r end Ent r y point : 1.020 — 1.030 Ex it point : 1.050 ( 2.9% ) , 1.085 ( 6.4% ) St op Loss : 995 ( - 2.5% )

      w w w .sin a r m a sse k u r it a s.co.id Se e im por t a n t discla im e r a t t h e e n d of t h is r e por t

      Aug Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul 1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400 1,450 1380 1360 1275 1250 1230 1320 1410 1290 1335 1345 1310 ACES - Daily 7/19/2018 4:05:00 PM Open 1315, Hi 1330, Lo 1310, Clos e 1325 (1.5%) MA(Clos e,50) = 1,266.40 1,325 1,266.4 Aug Sep Oct Nov Dec 2018 Feb Mar Apr May Jun Jul -20 20 40 60 ACES - MACD(12,26) = 12.69, Signal(12,26,9) = 8.80 12.6877 8.7971 20 80 ACES - Stoch %K(15,3) = 70.83, Stoch %D(15,3,3) = 68.98 70.8333 68.9815 Dec 2018 Feb Mar Apr May Jun Jul 900 950 1,000 1,050 1,100 1,150 1,200 1,250 1,300 1,350 1,400 1,450 995 975 960 935 1020 1050.09 1085 1100 CTRA - Daily 7/19/2018 4:13:00 PM Open 1000, Hi 1020, Lo 1000, Clos e 1020 (1.5%) MA(Clos e,50) = 1,013.90 1,020 1,013.9 Dec 2018 Feb Mar Apr May Jun Jul -50 50 CTRA - MACD(12,26) = -10.14, Signal(12,26,9) = -13.63
      • -10.1372 -13.631
      • 20 80 CTRA - Stoch %K(15,3) = 46.67, Stoch %D(15,3,3) = 35.07 46.6706 35.069

        PT Sinarmas Sekuritas

          Paulina Jl. M. H. Thamrin no. 51 Retail, Cement Tel: +62 21 392 5550 Tel: +62 21 3925550 Ext: 610 Fax: +62 21 392 5540 paulina@sinarmassekuritas.co.id research@sinarmassekuritas.co.id www.sinarmassekuritas.co.id

          RESEARCH ASSOCIATE Anthony Angkawijaya

        Equity Research Team

          Construction, Petrochemical, Healthcare HEAD OF RESEARCH

          Tel: +62 21 3925550 Ext: 611 Evan Lie Hadiwidjaja anthony.angkawijaya@sinarmassekuritas.co.id Banking, Automotive

          Tel: +62 21 3925550 Ext: 615 RESEARCH ASSOCIATE evan.hadiwidjaja@sinarmassekuritas.co.id Kenji Fanata

          Telecommunication, Tobacco, Poultry, Media DEPUTY HEAD OF RESEARCH

          Tel: +62 21 3925550 Ext: 611 Wilbert kenji.fanata@sinarmassekuritas.co.id Consumer Goods, Plantation, Pulp and Paper

          Tel: +62 21 3925550 Ext: 611 TECHNICAL ANALYST wilbert@sinarmassekuritas.co.id Eddy Wijaya

          Tel: +62 21 3925550 Ext: 159 EQUITY ANALYST eddy.wijaya@sinarmassekuritas.co.id Richard Suherman

          Commodities Tel: +62 21 3925550 Ext: 610 richard.suherman@sinarmassekuritas.co.id EQUITY ANALYST Richardson Raymond Property, Industrial Estate Tel: +62 21 3925550 Ext: 159 richardson.raymond@sinarmassekuritas.co.id

        DISCLAIMER

          

        This material is issued by PT Sinarmas Sekuritas, a member of Indonesia Stock Exchanges, represent the opinion of PT Sinarmas Sekuritas, derived its judg-

        ment from sources deemed reliable, however, PT Sinarmas Sekuritas and its affiliated cannot guarantee its accuracy and completeness. PT Sinarmas Sekuri-

        tas or its affiliates may be involved in transactions contrary to any opinion herein or have positions in the securities recommended herein and may seek or

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