Volume JCI Index - Sinarmas Sekuritasfinancial.sinarmassekuritas.co.id/info/research/Tahun... ·...

1

Today’s Market:

IHSG diperkirakan bergerak melemah. Bursa AS ditutup

melemah pada perdagangan Jumat (06/03). Harga batu-

bara turun ke level USD 65,90 per Mt. Crude oil turun ke

level USD 32,89 per barrel. Rupiah stabil terhadap Dollar

AS di level Rp 14.273. 10Yr Government Bonds Yield stabil

di level 6,83%.

Dari global, Jepang mencatatkan GDP kuartal-IV 2019

turun 1,8% QoQ / -7,1% YoY.

Dari dalam negeri, Bank Indonesia menurunkan proyeksi

pertumbuhan kredit di tahun 2020 menjadi 9-11%, dari

sebelumnya 10-12%.

Sehubungan dengan emiten, Wijaya Karya Bangunan Ge-

dung (WEGE) mencatatkan pendapatan sepanjang 2019

sebesar Rp 4,6 tn (-20,7% YoY), dan laba bersih Rp 452

bn (+1,7% YoY). Hasil tersebut tercatat di bawah esti-

masi.

Sehubungan dengan emiten, Aviva International Holding

Ltd akan menyerahkan sebanyak 50% kepemilikan sa-

hamnya dalam perusahaan patungan PT Astra Aviva Life

kepada Astra International (ASII).

Secara teknikal indeks hari Senin (09/03), IHSG diprediksi

bergerak di kisaran 5452-5535.

Source: Bloomberg, Sinarmas Investment Research See pg. 6-8 for Technical Corner

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

Monday, March 9, 2020

ID X Stat ist ics C lo sing

JCI 5,498.54

Transaction Value Regular M arket (IDR tn) 4.465

Transaction Volume Regular M arket (mn shares) 3,243

Foreign Net Buy (Sell) (IDR bn) (1,310)

Foreign Net Buy (Sell) (0.46)

Total M arket Capitalization (IDR tn) 6,386.64

LQ45 887.03 (3.55) (12.56)

EIDO 21.29 (2.56) (17.03)

IDX 18.54 (2.65) (18.06)

DOW JONES 25,864.78 (0.98) (9.37)

S&P 500 2,972.37 (1.71) (8.00)

NASDAQ 8,575.62 (1.87) (4.42)

FTSE 6,462.55 (3.62) (14.32)

NIKKEI 20,749.75 (2.72) (12.29)

HANG SENG 26,146.67 (2.32) (7.25)

STRAITS TIM ES 2,960.98 (1.90) (8.12)

KLSE 1,483.10 (0.53) (6.65)

USD/IDR 14,273.00 0.39 2.80

EUR/IDR 16,174.99 1.71 4.08

JPY/IDR 137.41 2.53 6.86

SGD/IDR 10,343.49 0.92 0.58

AUD/IDR 9,416.00 0.49 (3.01)

GBP/IDR 18,360.95 0.00 2.34

Crude Oil (USD/barrel) 32.89 7:58:32 AM (46.28)

Coal (USD/mn tons) 65.90 3/6/2020 (2.66)

Natural Gas (USD/mmBtu) 1.71 7:58:14 AM (24.67)

Gold (USD/ounce) 1,699.05 8:08:33 AM 11.89

Nickel (USD/mn tons) 12,560.00 8:08:31 AM (10.34)

Tins (USD/mn tons) 16,875.00 3/6/2020 (1.75)

CPO (M YR/mn tons) 2,448.00 3/6/2020 (19.50)

Rubber (JPY/kg) 158.40 8:03:14 AM (10.38)

Wheat (USD/bushel) 516.00 7:00:00 AM (7.65)

Corn (USD/bushel) 372.25 7:57:24 AM (4.00)

C o mmo dit ies

Other Indices C lo sing 1-D ay C hg (%)YT D

C hg (%)

C urrency Spo t R ate R ate ( ID R ) 1-D ay C hg (%)YT D

C hg (%)

P riceLast

T ransact io n

YT D

C hg (%)

IHSG turun sebanyak 139.6 poin (2.48%) ke level 5498.54.

Sementara LQ45 turun sebanyak 32.6 poin (3.55%) ke level

887.03. Foreign net sell sebesar Rp 1310.44 miliar.

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20

Millio

ns

Volume JCI Index

2

Daily Corporate and Industry News

Badan Koordinasi Penanaman Modal (BKPM) mengeklaim telah mendapatkan komitmen investasi dari sebuah negara di Asia dengan nilai US$ 3 miliar sampai US$ 4 miliar. Source: Investor Daily Bank Indonesia menurunkan proyeksi pertumbuhan kredit di tahun 2020 menjadi 9-11%, dari sebelumnya 10-12%. Source: Kontan Sejumlah proyek listrik dalam program 35.000 Megawatt (MW) diproyeksikan molor akibat merebaknya virus Corona (Covid-19) di China dan sejumlah negara. Salah satunya PLTU (Pembangkit Listrik Tenaga Uap) Jawa 7 di Banten. Source: Bisnis Indonesia Wijaya Karya Bangunan Gedung (WEGE) mencatatkan pendapatan sepanjang 2019 sebesar Rp 4,6 tn (-20,7% YoY), dan laba bersih Rp 452 bn (+1,7% YoY). Source: Kontan Kalbe Farma (KLBF) berencana menambah pabrik baru yang memproduksi benang operasi di Pulogadung, Jakarta yang ditargetkan dapat berproduksi secara komersial di tahun 2021. Source: Kontan Aviva International Holding Ltd akan menyerahkan sebanyak 50% kepemilikan sahamnya dalam perusahaan patun-gan PT Astra Aviva Life kepada Astra International (ASII). Source: Investor Daily ‘


3

World Equity Indices

Source: Bloomberg, Sinarmas Investment Research


WOR LD EQUIT Y IN D IC ES

N O T IC KER

1 INDU Index 29,568.57 24,680.57 (2,673.66) (9.37) 18.33 16.53 3.86 3.70 7,580.98 7,580.98

2 SPX Index 3,393.52 2,722.27 (258.41) (8.00) 19.45 17.25 3.27 3.07 25,581.35 25,581.35

3 CCM P Index 9,838.37 7,292.21 (396.99) (4.42) 32.95 23.54 4.48 4.32 13,296.35 13,296.35

4 SPTSX Index 17,970.51 15,891.94 (888.41) (5.21) 16.11 14.77 1.74 1.59 2,470.83 1,841.98

5 M EXBOL Index 45,955.41 38,265.51 (2,152.24) (4.94) 15.72 13.63 2.03 1.77 5,176.18 256.41

6 SX5E Index 3,867.28 3,216.44 (513.08) (13.70) 17.31 12.77 1.51 1.44 2,837.94 3,208.29

7 UKX Index 7,727.49 6,431.44 (1,079.89) (14.32) 18.56 11.94 1.58 1.49 1,722.41 2,239.65

8 CAC Index 6,111.41 5,117.57 (838.95) (14.03) 18.72 13.08 1.47 1.41 1,586.16 1,793.15

9 DAX Index 13,795.24 11,266.48 (1,707.14) (12.89) 19.95 12.73 1.41 1.34 1,068.70 1,208.16

10 IBEX Index 10,100.20 8,310.40 (1,173.60) (12.29) 18.39 11.15 1.20 1.12 526.67 595.40

11 FTSEM IB Index 25,483.05 19,535.50 (2,706.48) (11.51) 14.80 10.36 1.05 0.99 467.51 528.52

12 AEX Index 632.12 528.49 (73.29) (12.12) 17.96 14.86 1.72 1.71 710.67 803.41

13 SM I Index 11,270.00 9,228.86 (880.12) (8.29) 20.50 15.72 2.47 2.37 1,172.70 1,250.48

14 AS51 Index 7,197.20 5,865.60 (808.18) (12.09) 18.05 15.82 1.88 1.81 1,871.38 1,241.10

15 AS30 Index 7,289.70 5,928.10 (865.90) (12.73) 18.09 16.02 1.83 1.80 2,035.14 1,349.71

16 SHSZ300 Index 4,223.51 3,556.26 41.93 1.02 14.75 12.10 1.88 1.64 33,012.85 4,761.77

17 SHASHR Index 3,444.44 2,814.01 (16.01) (0.50) 14.61 11.09 1.48 1.27 35,043.26 5,054.63

18 SZASHR Index 2,035.92 1,524.76 201.59 11.19 39.63 18.88 2.81 2.76 26,485.57 3,820.27

19 HSI Index 30,280.12 24,899.93 (2,043.08) (7.25) 10.95 10.18 1.15 1.06 17,230.41 2,217.53

20 HSCEI Index 11,881.68 9,731.89 (711.13) (6.37) 8.43 7.99 1.11 0.99 12,789.15 1,645.94

21 SENSEX Index 42,273.87 35,987.80 (3,677.12) (8.91) 22.99 20.32 2.93 2.84 70,418.79 949.17

22 NIFTY Index 12,430.50 10,637.15 (1,179.00) (9.69) 21.49 19.50 2.68 2.57 82,347.09 1,109.95

23 JCI Index 6,636.33 5,288.37 (801.00) (12.72) 16.77 13.06 1.57 1.80 6,386,643.40 446.49

24 LQ45 Index 1,059.65 846.02 (127.44) (12.56) 14.69 13.10 2.11 1.94 4,099,711.35 286.61

25 KSE100 Index 43,468.22 28,670.98 (2,515.41) (6.18) 8.86 6.29 1.16 1.02 6,085.18 39.44

26 NKY Index 24,115.95 19,777.42 (3,799.91) (16.06) 17.57 15.79 1.48 1.45 336,465.19 3,189.85

27 NEY Index 356.77 291.70 (57.34) (16.39) 12.38 11.96 0.95 0.93 398,018.92 3,773.41

28 TPX Index 1,747.20 1,407.34 (310.70) (18.05) 13.41 12.44 0.99 1.00 560,939.78 5,317.97

29 FBM KLCI Index 1,694.89 1,456.08 (105.66) (6.65) 16.57 15.44 1.47 1.39 956.03 229.15

30 NZSE Index 2,019.39 1,615.17 (66.18) (3.44) 26.91 26.27 2.22 2.26 155.05 98.52

31 PCOM P Index 8,419.59 6,700.75 (1,044.88) (13.37) 14.51 13.50 1.58 1.53 8,435.60 167.01

32 FSSTI Index 3,415.18 2,959.16 (261.85) (8.12) 11.47 12.29 1.02 0.99 516.91 374.93

33 KOSPI Index 2,277.23 1,891.81 (215.51) (9.81) 17.83 11.08 0.77 0.81 1,320,119.34 1,110.31

34 TWSE Index 12,197.64 10,180.04 (675.33) (5.63) 18.06 15.34 1.68 1.76 34,211.10 1,140.03

35 SET Index 1,748.15 1,317.45 (215.27) (13.63) 16.02 14.56 1.45 1.46 14,639.35 464.45

36 SET50 Index 1,164.72 884.05 (154.28) (14.44) 16.02 15.20 1.71 1.57 10,240.79 324.90

37 VNINDEX Index 1,028.97 872.46 (69.55) (7.24) 13.87 12.88 2.05 2.07 3,053,215.95 131.56

T railing

12M2020E

D o main

C urrencyUSDLOW P OIN T %

T railing

12M2020E

A sia/ P acif ic

A merica

52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n)

Euro pe

H IGH

4

LQ45



LQ45 Index

HIGH LOW POINT %Trailing

12M2020E

Trailing

12M2020E

1 ADRO IJ 1,175 1,715 1,010 (380) (24.44) 6.53 6.87 0.71 0.62 37,583,505

2 AKRA IJ 2,540 5,550 2,390 (1,410) (35.70) 14.11 12.31 1.24 1.17 10,197,325

3 ANTM IJ 630 1,175 540 (210) (25.00) 18.82 15.97 0.76 0.75 15,139,382

4 ASII IJ 6,050 8,025 5,525 (875) (12.64) 11.28 10.56 1.66 1.54 244,925,496

5 BBCA IJ 32,175 35,300 25,700 (1,250) (3.74) 27.77 24.80 4.56 4.05 793,274,947

6 BBNI IJ 6,825 10,250 6,550 (1,025) (13.06) 8.27 7.32 1.04 1.01 127,277,080

7 BBRI IJ 4,150 4,760 3,660 (250) (5.68) 14.77 13.06 2.46 2.32 511,885,112

8 BBTN IJ 1,720 2,750 1,620 (400) (18.87) 88.32 7.72 0.76 0.86 18,214,800

9 BMRI IJ 7,600 8,175 6,275 (75) (0.98) 12.91 11.61 1.73 1.73 354,666,667

10 BRPT IJ 1,015 1,525 592 (495) (32.78) 493.15 35.60 5.32 0.87 90,351,859

11 BSDE IJ 1,100 1,580 965 (155) (12.35) 6.95 8.46 0.73 0.72 21,171,366

12 BTPS IJ 4,060 5,125 2,090 (190) (4.47) 22.31 18.79 7.83 4.82 31,277,022

13 CPIN IJ 6,500 8,000 4,190 0 0.00 29.29 31.10 5.33 5.00 106,587,000

14 CTRA IJ 920 1,335 855 (120) (11.54) 16.87 18.25 1.16 1.13 17,075,479

15 ERAA IJ 1,790 2,260 965 (5) (0.28) 16.06 19.25 1.22 1.12 5,710,100

16 EXCL IJ 2,480 3,730 2,290 (670) (21.27) 37.39 22.70 1.39 1.30 26,506,142

17 GGRM IJ 50,950 93,500 49,175 (2,050) (3.87) 10.57 9.91 2.07 1.98 98,032,284

18 HMSP IJ 1,785 3,860 1,640 (315) (15.00) 14.81 14.45 6.50 5.79 207,627,767

19 ICBP IJ 10,950 12,550 8,950 (200) (1.79) 25.64 25.37 5.33 5.21 127,697,893

20 INCO IJ 2,670 4,320 2,290 (970) (26.65) 32.26 23.41 0.96 0.93 26,530,024

21 INDF IJ 7,200 8,300 5,850 (725) (9.15) 12.95 13.53 1.74 1.75 63,219,071

22 ACES IJ 1,485 1,920 1,395 (10) (0.67) 25.54 24.28 5.69 5.31 25,467,750

23 INKP IJ 6,250 11,150 5,300 (1,450) (18.83) 7.74 - 0.60 - 34,193,643

24 INTP IJ 15,000 22,875 14,050 (4,025) (21.16) 32.40 33.39 2.47 2.37 55,218,475

25 ITMG IJ 10,900 24,475 9,800 (575) (5.01) 6.49 6.95 0.94 0.93 12,316,183

26 JPFA IJ 1,520 2,430 1,280 (15) (0.98) 10.06 9.10 1.65 1.46 17,824,394

27 JSMR IJ 4,890 6,450 4,500 (285) (5.51) 18.35 17.27 1.96 1.87 35,490,990

28 KLBF IJ 1,330 1,690 1,175 (290) (17.90) 24.28 24.02 4.07 3.89 62,343,912

29 LPPF IJ 2,980 4,500 2,900 (1,230) (29.22) 6.13 6.04 4.55 3.25 8,358,552

30 TBIG IJ 1,110 1,365 608 (120) (9.76) 35.11 28.29 6.76 6.48 25,149,269

31 MNCN IJ 1,340 1,780 725 (290) (17.79) 7.52 8.89 1.50 1.59 19,129,979

32 PGAS IJ 1,425 2,530 1,255 (745) (34.33) 11.22 10.00 0.93 0.88 34,544,149

33 PTBA IJ 2,460 4,260 2,110 (200) (7.52) 6.60 7.56 1.51 1.50 28,340,822

34 PTPP IJ 1,160 2,550 1,065 (425) (26.81) 6.15 6.00 0.55 0.54 7,191,881

35 PWON IJ 545 815 510 (25) (4.39) 9.01 9.83 1.82 1.79 26,246,983

36 SCMA IJ 1,150 1,870 1,045 (260) (18.44) 13.77 12.97 3.25 3.32 16,990,873

37 SMGR IJ 11,100 14,450 9,600 (900) (7.50) 28.81 32.38 2.11 2.05 65,839,872

38 SRIL IJ 208 372 173 (52) (20.00) 3.42 2.92 0.51 - 4,254,053

39 TKIM IJ 7,600 13,475 5,575 (2,675) (26.03) 11.04 - 1.21 - 23,660,499

40 TLKM IJ 3,830 4,500 3,340 (140) (3.53) 18.73 18.36 3.81 3.55 379,408,290

41 TOWR IJ 860 900 600 55 6.83 21.07 19.50 5.13 4.81 43,872,578

42 UNTR IJ 18,025 28,900 16,550 (3,500) (16.26) 5.94 6.54 1.16 1.02 67,235,686

43 UNTR IJ 18,025 28,900 16,550 (3,500) (16.26) 5.94 6.54 1.16 1.02 67,235,686

44 WIKA IJ 1,830 2,500 1,710 (160) (8.04) 7.38 7.88 1.04 1.04 16,415,011

45 WSKT IJ 1,010 2,230 890 (475) (31.99) 9.89 5.53 0.75 0.66 13,709,691

MARKET CAP

(Mn)LQ45 Index

CHANGE YTD PER (x) PBV (x)

5-Mar-20

52-WEEK

5

Macro data


D escript io n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)

Property (2.20) (1.16) (7.27) (16.21)

Basic Industry (2.38) 2.09 (12.13) (20.81)

Trade (1.74) (0.80) (7.48) (13.50)

Finance (3.06) (1.23) (8.45) (8.91)

M iscellaneous Industry (4.96) 2.25 (10.07) (17.34)

Consumer (1.45) 3.91 (8.87) (11.77)

Infrastructure (2.56) 4.02 (5.16) (12.51)

Agriculture (0.96) 2.75 (13.23) (22.03)

M ining (1.05) 1.27 (5.03) (12.43)

F eb-20 Jan-20

0.66 3.61

2.98 2.68

0.28 0.39

130.40 131.70

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

USD/IDR 14,265.00 - (3.88) (2.80)

USD/CNY 6.93 0.06 0.55 0.44

USD/EUR 0.88 (0.70) (3.98) (1.33)

USD/JPY 104.11 1.23 5.44 4.32

USD/SGD 1.38 0.12 0.92 (2.24)

USD/AUD 1.51 0.41 1.14 6.13

USD/GBP 0.76 (0.23) (1.27) 1.35

( in %)

5.36

0.60

1.46

6.00

6.83

7.29

Inflation M oM (in %)

Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

Inflation YoY (in %)

Indonesia 5-Year Government Bonds Yield



Lending and D epo sit R ates

JIBOR (in IDR)

LIBOR (in GBP)

SIBOR ( in USD)


Technical Corner


JCI : MELEMAH

Last price : 5.498

Support : 5.452, 5.415

Resistance : 5.535, 5.557

JCI pada hari ini kami perkirakan akan bergerak MELEMAH dengan range 5.452 - 5.535. JCI breakdown

Support 5516, berpeluang melanjutkan pelemahan dengan menguji Support 5.452 dan 5.415. Namun, jika JCI

bertahan diatas 5.516, berpeluang mencoba Resistance 5.535 dan 5.557. Indikator Stoc osc mengindikasikan

pola Uptrend dan MACD masih membentuk pola Downtrend.

Jakarta Composite Index (JCI)

Summary of portfolio:Stock Recommendation Comment

LSIP HOLD LSIP breakdown Support 1.000, berpeluang melanjutkan pelemahan denganmenguji Support 980 dan 965. Namun, jika LSIP bertahan diatas Support

1.000, akan mencoba Resistance 1.020 dan 1.045.

SMRA REDUCE SMRA berhasil break Support 815 sebagai level Stop Loss, SMRA masihberpeluang melanjutkan pelemahan dengan menguji Support 790 dan 765.

UNVR BUY ON WEAKNESS UNVR berhasil bertahan diatas Support 7.375, berpeluang mencoba Resistance7.500 dan 7.600. Namun, jika UNVR gagal bertahan diatas 7.375, akan

menguji Support 7.300 dan 7.225.

EXCL REDUCE EXCL berhasil break Support 2.420 sebagai level Stop Loss. EXCL masihberpeluang melanjutkan pelemahan dengan menguji Support 2.290 dan 2.270.

LSIP : HOLD

Last price : 990Target price : 1.095 (7.4%)Stop loss : 965 (-5.4%)

LSIP breakdown Support 1.000, berpeluang melanjutkan pelemahan dengan menguji Support 980 dan 965. Namun,jika LSIP bertahan diatas Support 1.000, akan mencoba Resistance 1.020 dan 1.045. Indikator MACD mengindikasikanpola Downtrend dan Stoc osc mengindikasikan pola Downtrend.

SMRA : REDUCE

Last price : 805Stop loss : 815 (-4.1%)

SMRA berhasil break Support 815 sebagai level Stop Loss, SMRA masih berpeluang melanjutkan pelemahan denganmenguji Support 790 dan 765. SMRA dilihat dari Indikator MACD dan Stoc osc mengindikasikan pola Downtrend.

Support : 980, 965Resistance : 1.020, 1.045

Support : 790, 765Resistance : 815, 835

Summarecon Agung Tbk (SMRA)

PP London Sumatra Indonesia Tbk (LSIP)


Unilever Indonesia Tbk (UNVR)

Excelcomindo PratamaTbk (EXCL)


UNVR : BUY ON WEAKNESS

Last price : 7.450Target price : 7.700 (4.4%)Entry point : 7.375Stop loss : 7.100 (-3.7%)

UNVR berhasil bertahan diatas Support 7.375, berpeluang mencoba Resistance 7.500 dan 7.600. Namun, jika UNVRgagal bertahan diatas 7.375, akan menguji Support 7.300 dan 7.225. UNVR dilihat dari Indikator MACD dan indikatorStoc osc mengindikasikan pola Uptrend.

EXCL : REDUCE

Last price : 2.310Stop loss : 2.420 (-4.0%)

EXCL berhasil break Support 2.420 sebagai level Stop Loss. EXCL masih berpeluang melanjutkan pelemahan denganmenguji Support 2.290 dan 2.270. EXCL dilihat dari Indikator MACD dan Stoc osc mengindikasikan pola Downtrend.

Support : 7.375, 7.300Resistance : 7.500, 7.600

Support : 2.290, 2.270Resistance : 2.360, 2.420

PT Sinarmas Sekuritas

Sinarmas Land Plaza Tower 3, 6th Fl.

Jl. M. H. Thamrin no. 51

Tel: +62 21 392 5550

Fax: +62 21 392 5540

[email protected]

www.sinarmassekuritas.co.id

Equity Research Team

HEAD OF RESEARCH

Evan Lie Hadiwidjaja

Banking, Automotive

Tel: +62 21 3925550 Ext: 615

[email protected]

DEPUTY HEAD OF RESEARCH

Wilbert

Consumer Goods, Plantation, Pulp and Paper

Tel: +62 21 3925550 Ext: 611

[email protected]

EQUITY ANALYST

Richard Suherman

Commodities

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Richardson Raymond

Property, Industrial Estate

Tel: +62 21 3925550 Ext: 159

[email protected]

EQUITY ANALYST

Paulina

Retail, Cement, Digital

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Anthony Angkawijaya

Construction, Infrastructure, Petrochemical

Tel: +62 21 3925550 Ext: 611

[email protected]

TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

[email protected]

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 Seku-

ritas 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

will seek investment banking or other business relationships with the companies in this material. PT Sinarmas Sekuritas, its employees and its affiliates,

expressly disclaim any and all liability for representation or warranties, expressed or implied, here in or omission there from or for any loss how so ever

arising from any use of this material or its contents or otherwise arising in connection there with. Opinion expressed in this material are our present view

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