Upload
dangkhue
View
224
Download
0
Embed Size (px)
Citation preview
To subscribe to our Daily Focus, please contact us at [email protected]
Mirae Asset Sekuritas Indonesia
22 Maret, 2019
Market Index
Last Trade Chg (%) MoM YoY
JCI 6,501.8 0.3 -0.3 3.7
MSCI Indonesia 26.5 0.5 -0.4 -0.9
MSCI EM 1,069.7 0.1 0.9 -10.7
HANG SENG 29,071.6 -0.9 1.8 -5.6
KOSPI 2,184.9 0.3 -2.0 -12.5
FTSE 7,355.3 1 1.6 4.9
DJIA 25,962.5 0.8 -1.1 7.5
NASDAQ 7,839.0 1.4 2.7 7.8
Valuation
2018F P/E (x) P/B (x) ROE (%)
JCI 15.7 2.3 17.7
Key Rates
Last Trade Chg (bps) MoM YoY
BI 7-Day RR 6.00 0 25 -100
3yr 6.98 -10 -47 86
10yr 7.59 -12 -36 80
FX
Last Trade Chg (%) MoM YoY
USD/IDR 14,140 -0.3 0.8 3.3
USD/KRW 1,128 -0.2 0.2 5.1
USD/JPY 111 0.1 0.1 5.3
USD/CNY 7 -0.3 -0.4 5.9
Commodities
Last Trade Chg (%) MoM YoY
WTI 60.0 0.3 4.8 14.4
Gold 1,309.4 -0.2 -1.5 -1.5
Coal 93.5 -0.1 -1.8 -3.8
Palm Oil 2,090.0 -0.2 -2.2 -14.5
Rubber 143.1 0.8 4.3 7.5
Nickel 12,996.0 -1.7 0.0 -1.5
Copper 6,457.0 0.0 1.2 -4.9
Tin 21,375.0 0.0 -0.2 1.8
JCI Index VS MSCI Emerging Markets
Market commentary
Hariyanto Wijaya CFA, CPA (Aust), CMT ([email protected])
IHSG ditutup lebih tinggi +0,3% pada hari Kamis sebagaimana Bank Indonesia
mempertahankan suku bunga kebijakannya di 6,0%. Lending growth pada Januari
2019 mencapai 11,7% YoY, yang sedikit menurun dari 11,9% YoY pada Desember
2018. Bank Indonesia menjabarkan kebijakannya untuk meningkatkan
pertumbuhan kredit, seperti pelonggaran rasio intermediasi makro-prudensial
(RIM). Kami perkirakan IHSG akan trade mixed to higher hari ini di tengah
berlanjutnya sentimen positif dari Fed yang dovish dan juga Bank Indonesia.
FY18 earnings (vs. consensus): Above: INTP, HMSP
Indeks AS melonjak pada hari Kamis ke level tertinggi lima bulan di tengah kejutan
positif The Fed pada hari Rabu bahwa tidak ada lagi kenaikan suku bunga Fed
pada tahun 2019. Sektor teknologi naik bersamaan dengan sektor real estat dan
consumer. Sektor consumer naik meskipun ekspektasi konsumen untuk ekonomi
AS meredup untuk keempat kalinya dalam lima bulan. Indeks ekspektasi ekonomi
bulanan Bloomberg Consumer Comfort turun menjadi 47,5 dari 54,5 karena lebih
banyak responden mengatakan ekonomi AS semakin buruk.
[Trend Focus] GMFI visit notes: Market leader in the MRO industry
Nur Marini ([email protected])
Kami melakukan mengunjungi ke Garuda Maintenance Facility ArAsa (GMFI
IJ), salah satu pemeliharaan, perbaikan dan perombakan (MRO) terbesar dan
paling terkemuka di kawasan ini, yang terletak di Bandara Internasional
Soekarno-Hatta, Cengkareng, Banten. Garuda Indonesia Group, merupakan
pelanggan captive GMFI, menyumbang c.77,3% dari total FY18 pendapatan
operasional GMFI pada USD331,8juta. Selain itu, Sriwijaya Air, salah satu
maskapai penerbangan domestik terkemuka di Indonesia, memberikan
kontribusi c.22,7% terhadap pendapatan GMFI. Kami percaya, bahwa ekspansi
organik dan anorganik yang dilakukan oleh perusahaan dapat mendorong
kinerja GMFI dalam mencapai sepuluh MRO teratas di dunia pada tahun 2021.
Saat ini, perdagangan GMFI pada PER 2018/2019F sebesar 18,5/10,8x. Kami
percaya penilaian saat ini tidak mudah, mengingat rekan MRO global
diperdagangkan lebih tinggi dari GMFI. Perdagangan SIA Engineering (SIE SP)
pada PER 2018/2019F per 19,3/17,8x dan perdagangan Singapore Technologies
Engineering (STE SP) pada PER 2018/2019F PER 22,0/19,7x berdasarkan
perkiraan Bloomberg.
550
800
1,050
1,300
1,550
4,000
5,000
6,000
7,000
01/16 07/16 01/17 07/17 01/18 07/18 01/19
JCI MSCI EM (pt) (pt)
22 Maret, 2019
3
Embun Pagi
Mirae Asset Sekuritas Indonesia
Local flashes
HMSP: Pendapatan HM Sampoerna (HMSP) tumbuh 8% menjadi Rp 106,74 triliun di akhir
2018. PT HM Sampoerna Tbk (HMSP) membukukan pendapatan Rp 106,74 triliun sepanjang
2018. Angka ini naik 8% dari periode yang sama tahun 2017 yang sebesar Rp 99,09 triliun.
Berdasarkan laporan keuangan perusahaan yang dikutip dari keterbukaan informasi Bursa
Efek Indonesia (BEI) Kamis (21/3) menyebutkan, kenaikan pendapatan ini ditopang oleh
kenaikan penjualan lokal yang meliputi penjualan Sigaret Kretek Mesin (SKM) yang naik 12%
yoy menjadi Rp 74,29 triliun. Segmen Sigaret Kretek Tangan (SKT) juga naik 5% yoy menjadi
Rp 20,60 triliun. Segmen lain-lain juga naik 30% yoy menjadi Rp 530,07 miliar. Namun
segmen Sigaret Putih Mesin (SPM) tercatat turun 10% yoy menjadi Rp 10,90 triliun.
Kontribusi dari penjualan ekspor juga turun 39% menjadi Rp 408 miliar di akhir 2018.
(Kontan)
MEDC: Naikkan harga kesepakatan akuisisi Ophir, ini komentar Medco Energi (MEDC). PT
Medco Energi International Tbk (MEDC) akhirnya resmi mencapai kesepakatan dengan
pemegang saham Ophir untuk menaikkan harga penawaran atas akuisisi Ophir. Nilai akuisisi
seluruh saham Ophir adalah sebesar £ 408,4 juta. Mengutip keterangan resmi perusahaan,
satu saham Ophir dihargai 57,5 pence tunai. Kesepakatan harga tersebut lebih tinggi dari
penawaran awal Medco terhadap Ophir,Saat dikonfirmasi, pihak MEDC masih enggan
merinci kenapa MEDC menaikkan harga penawaran terhadap Ophir. "Untuk sementara saya
belum bisa memberikan komentar," kata Hilmi Panigoro, Direktur Utama Medco Energi
Internasional Tbk, Kamis (21/3). Namun berdasarkan rumor yang beredar, perusahaan
bidang eksplorasi dan produk hulu minyak dan gas asal Inggris tersebut meminta MEDC
menaikkan harga penawaran, karena harga yang ditawarkan MEDC terlalu rendah atau
meremehkan mereka. (Kontan)
WEGE: Wijaya Karya Bangunan Gedung (WEGE) hanya serap 23% anggaran capex tahun
lalu. PT Wijaya Karya Bangunan Gedung Tbk (WEGE) serap belanja modal (capex) tahun
2018 lalu sebesar 23% setara Rp 152,9 miliar dari rencana kerja dan anggaran perusahaan
sebesar Rp 667 miliar. Nariman Prasetyo, Direktur Utama WEGE menyebutkan bahwa
peruntukan belanja modal tersebut mayoritas untuk pengembangan konsesi. "Concession
development 55%, industry development 35% dan fixed asset 10%," (Kontan)
BBTN: Permintaan tinggi, BTN catat penjualan SR-011 mencapai Rp 600 miliar. Tingginya
permintaan dari nasabah membuat PT Bank Tabungan Negara (Persero) Tbk meraih
penjualan Sukuk Ritel seri SR-011 di atas target. Direktur Konsumer BTN Budi Satria
menyebut, pada awal masa penawaran BTN memasang target penjualan SR-011 sebesar Rp
500 miliar. Namun, permintaan dari nasabah ternyata cukup besar sehingga BTN menaikkan
kuota penjualan. Kini, angka penjualan SR-011 telah mencapai Rp 600 miliar. (Kontan)
MARK: Produk saniter Mark Dynamics (MARK) akan diluncurkan pada 2020. Perusahaan
yang mulanya bergerak di sektor produksi cetakan sarung tangan yakni PT. Mark Dynamics
Indonesia Tbk akan mulai memperkenalkan produk saniternya pada 2020 mendatang.
Kendati demikian, menurut Direktur Utama Mark Dynamics Ridwan Goh, kemungkinan
rencana kick-off pada awal 2020 akan mundur beberapa bulan. Hal ini menurut emiten
berkode saham MARK tersebut, disebabkan adanya fluktuasi kondisi pasar serta kebijakan
yang muncul pasca pemilihan umum nanti. (Kontan)
22 Maret, 2019
4
Embun Pagi
Mirae Asset Sekuritas Indonesia
Technical analysis
Tasrul +62-21-515-1140 [email protected]
Jakarta Composite Index (JCI) – Test Resistance at 6,531
IHSG akan coba bertahan datas normal lower band pada pola uptrend jangka
pendek.
IHSG saat ini masih berada dalam pola uptrend jangka jangka pendek dimana korelasi
pergerakkan indeks ini masih relatif valid (r-squared = 0.8978) sejak 114 hari terakhir
dimana bergerak normal dalam rentang +/- 1.64 std.deviasi dari centerline. Peluang
IHSG bergerak di luar pergerakan normal sekitar +10.22% atau sekitar 11 bar chart.
Rata-rata volatilitas normal pergerakan IHSG secara harian saat ini antara +0.46% / -
0.45 % atau +29.91/ -29.26 point (rata-rata pergerakan normal positif / negatif selama
periode analisis) sebagaimana terlihat pada Figure 1.
Summary
Item Data Item Data
Close (March 21, 2019) 6,501.78(+1.01%) Trading range 6,471 - 6,531
8Average index performance (%) 4.29 Target
Period 114 - Daily 6,531
r-squared 0.8978 - Weekly 6,566
Volatility (+/-, %) +0.46/ -0.45 - Monthly 6,620
Volatility (+/-, point) +29.91/ -29.26 Stop loss 6,336
Source: Mirae Asset Sekuritas Indonesia Research
Figure 1. Daily , Short term trend – Uptrend
4 - 6,161 Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,530.7
_____ 6,471.2
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
^JKSE [ ^JKSE ] - Daily - 3/21/2019 Open: 6,499 High: 6,516 Low: 6,484 Close: 6,502 Vol. 12,276,819,968
Prev. Avg. Price: 6,500.7
R-Squared: 0.8978
Period: 114
Std.Dev: 1.64
Volatility (+) : 0.0046
Volatility (-) : -0.0045
V-Ratio : 1.02
Chg.: 0.29% 6,501.78
6,484.9
6,468.94
6,385.06
6,336.16
6,629.37
6,629.37
6,773.84
6,873.69
Sep Oct Nov Dec 2019 Feb Mar
^JKSE - Volume = 12,276,819,968.00, MA(Volume,22) = 10,080,468,992.00 12,276,819,968
10,080,468,992
22 Maret, 2019
5
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana keluar masuk volatilitas indeks naik mulai terlihat.
Pada Figure 2, terlihat dari hasil optimalisasi terakhir pada periode daily indikator MFI
optimized dan indicator W%R optimized masih cenderung naik. Pada periode
weekly ,indikator MFI optimized dan indikator RSI optimized juga cenderung naik
Daily resistance terdekat di 6,531 dan support di 6,471. Cut loss level di 6,336.
Figure 2. Daily, Short term trend, MFI optimized & W%R optimized
X` x`x`
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
^JKSE - MFI Smoothed = 42.26
42.2608
^JKSE - Will%R Smoothed = -30.62
-30.6248
_____ 6,530.7_____ 6,471.2
Optimization Trading System - ©2010 Optimization Trading System - ©2010
^JKSE [ ^JKSE ] - Daily - 3/21/2019 Open: 6,499 High: 6,516 Low: 6,484 Close: 6,502 Vol. 12,276,819,968
Prev. Avg. Price: 6,500.7
R-Squared: 0.8978
Period: 114
Std.Dev: 1.64
Volatility (+) : 0.0046
Volatility (-) : -0.0045
V-Ratio : 1.02
Chg.: 0.29%
6,501.78
6,468.94
6,336.16
Sep Oct Nov Dec 2019 Feb Mar
^JKSE - Volume = 12,276,819,968.00, MA(Volume,22) = 10,080,468,992.00 12,276,819,968
10,080,468,992
22 Maret, 2019
6
Embun Pagi
Mirae Asset Sekuritas Indonesia
Figure 3. Weekly Trend – Uptrend, MFI optimized & RSI optimized
A
Source: Mirae Asset Sekuritas Indonesia Research
IHSG akan coba bertahan diatas level 6,500
Pada pergerakkan daily, rata-rata kenaikkan normal sekitar +0.46 saat ini di +0.29.
Sementara itu pada pergerakan weekly kenaikkan normal rata-rata sekitar +1.08%,
sementara saat ini di level +0.63%. Pada pergerakan monthly saat ini di level +0.91%,
normal kenaikkan di +2.50%. Pada pergerakkan daily indeks ini masih cenderung
menguat Pada Figure 4,5 dan 6 terlihat perkiraan normal trading range untuk masing-
masig periode.
Figure 4. Daily : 6,471– 6,531 Figure 5. Weekly : 6,399 – 6,566 Figure 6. Monthly : 6,268 – 6,620
x
x x`
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
^JKSE - MFI Smoothed = 31.89
31.8945
^JKSE - RSI Smoothed = 58.80
58.7993
_____ 6,569.6
_____ 6,402.6
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
^JKSE [ ^JKSE ] - Weekly - 3/21/2019 Open: 6,482 High: 6,522 Low: 6,464 Close: 6,502 Vol. 45,227,433,984
Prev. Avg. Price: 6,496.0
R-Squared: 0.8145
Period: 30
Std.Dev: 1.32
Volatility (+) : 0.0113
Volatility (-) : -0.0144
V-Ratio : 0.79
Chg.: 0.63%
6,501.78
6,472.89
6,390.38
6,239.8
6,172.11
6,542.85
6,542.85
6,695.31
2017 Apr Jul Oct 2018 Apr Jul Oct 2019
^JKSE - Volume = 45,227,433,984.00, MA(Volume,6) = 47,966,486,528.00
45,227,433,984
47,966,486,528
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,530.7
_____ 6,471.2
6,500.7
^JKSE [ ^JKSE ] - Daily - 3/21/2019 Open:
Prev. Avg. Price: 6,500.7
R-Squared: 0.8978
Period: 114
Std.Dev: 1.64
Volatility (+) : 0.0046
Volatility (-) : -0.0045
V-Ratio : 1.02
Chg.: 0.29%
6,501.78
14
^JKSE - Volume = 12,276,819,968.00 12,276,819,968
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,566.1
_____ 6,399.5
6,496.0
^JKSE [ ^JKSE ] - Weekly - 3/21/2019 Open:
Prev. Avg. Price: 6,496.0
R-Squared: 0.8145
Period: 30
Std.Dev: 1.32
Volatility (+) : 0.0108
Volatility (-) : -0.0149
V-Ratio : 0.73
Chg.: 0.63%
6,501.78
15 Mar 15
^JKSE - Volume = 45,227,433,984.00
45,227,433,984
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 6,620.4
_____ 6,267.8
6,459.0
^JKSE [ ^JKSE ] - Monthly - 3/21/2019 Open:
Prev. Avg. Price: 6,459.0
R-Squared: 0.8488
Period: 45
Std.Dev: 1.44
Volatility (+) : 0.0250
Volatility (-) : -0.0296
V-Ratio : 0.84
Chg.: 0.91%
6,501.78
Oct 2019
^JKSE - Volume = 139,610,128,384.00
139,610,128,384
22 Maret, 2019
7
Embun Pagi
Mirae Asset Sekuritas Indonesia
Stocks on our focus list
Bank Permata (BNLI) – Daily , Trading Buy
Harga akan coba bertahan diatas abnormal lower band pada uptrend channel
Secara umum harga saham masih berada diluar pola uptrend channel periode daily
dimana korelasi pergerakkan harga masih relatif valid (r-squared = 0.817) selama 96
hari terakhir yang bergerak normal dalam rentang +/- 1.34 std.deviasi dari center line.
Peluang harga keluar dari pergerakan normal sekitar +18.33% (sekitar 17 bar chart ).
Rata-rata volatilitas normal pergerakan harga saat ini antara +3.06%/-2.28% atau
+28.61 rupiah/ -21.32 rupiah (rata-rata pergerakan normal positif / negatif, selama
periode analisis) sebagaimana terlihat pada Figure 7.
Summary
Item Data Item Data
Close (March 21, 2019) 935 (+1.08%) Trading range 915 - 965
Relative Avg. Price performance to JCI (%) (2.42) Target
β (beta) (0.03) - Daily 965
Corelation 0.87 - Weekly 1,020
Period 96 - Monthly 1,070
r-squared 0.817 Stop loss 908
Volatility (+/-, %) +3.06/ -2.28
Volatility (+/-, Rp.) +28.61/-21.32
Source: Mirae Asset Sekuritas Indonesia Research
Figure 7. Daily trend – Uptrend
ource: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 965.3_____ 915.3
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Bank Permata Tbk [ BNLI.JK ] - Daily - 3/21/2019 Open: 935 High: 950 Low: 925 Close: 935 Vol. 41,939,600
Prev. Avg. Price: 936.7
R-Squared: 0.8167
Period: 96
Std.Dev: 1.34
Volatility (+) : 0.0306
Volatility (-) : -0.0228
V-Ratio : 1.34
Chg.: 1.08%
935
907.974
965.807
998.29
1,029.51
1,189.31
1,189.31
1,349.1
1,470.64
Nov Dec 2019 Feb Mar
BNLI.JK - Volume = 41,939,600.00, MA(Volume,6) = 109,194,848.00
41,939,600
109,194,848
22 Maret, 2019
8
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana keluar dan volatilitas harga turun naik masih terlihat.
Pada Figure 8, terlihat dari hasil optimasi pada indikator MFI optimized trendline dan
RSI optimized masih cenderung naik. Daily support 915 dan resistance di 965. Cut loss
level di 908.
Figure 8. Daily, MFI optimized & RSI optimized
X`Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
BNLI.JK - MFI Smoothed = 24.11
24.1094
BNLI.JK - RSI Smoothed = 26.48
26.4811
_____ 955.6_____ 921.0
Optimization Trading System - ©2010 Optimization Trading System - ©2010
Bank Permata Tbk [ BNLI.JK ] - Daily - 3/21/2019 Open: 935 High: 950 Low: 925 Close: 935 Vol. 41,939,600
Prev. Avg. Price: 936.7
R-Squared: 0.8167
Period: 96
Std.Dev: 1.34
Volatility (+) : 0.0202
Volatility (-) : -0.0168
V-Ratio : 1.21
Chg.: 1.08%
935
965.807
998.29
Oct Nov Dec 2019 Feb Mar
BNLI.JK - Volume = 41,939,600.00, MA(Volume,6) = 109,194,848.00
41,939,600
109,194,848
22 Maret, 2019
9
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga akan coba naik dan bertahan diatas rata-rata pada masing-masing periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area). Pada pergerakkan daily harga
saat ini di level +1.08%. Normal kenaikkan sekitar +3.06%. Pada pergerakkan weekly
koreksi normal di level -4.62%, saat ini di level -8.78%. Sementara itu pada pergerakan
monthly saat ini di -12.21% dan normal koreksi -6.86%. Dengan demikian potensi koreksi
secara umum mulai terbatas pada pergerakkan daily dengan kecenderungan menguat.
Pada Figure 9,10 dan 11 terlihat perkiraan normal trading range untuk masing-masing
periode.
Figure 9. Daily : 915 – 965 Figure 10. Weekly : 910 – 1,020 Figure 11. Monthly : 880 – 1,070
x`x`
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 965.3
_____ 915.3 936.7
Bank Permata Tbk [ BNLI.JK ] - Daily - 3/21/2019
Prev. Avg. Price: 936.7
R-Squared: 0.8167
Period: 96
Std.Dev: 1.34
Volatility (+) : 0.0306
Volatility (-) : -0.0228
V-Ratio : 1.34
Chg.: 1.08%
935
14
BNLI.JK - Volume = 41,939,600.00
41,939,600
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 1,021.1
_____ 912.4956.7
Bank Permata Tbk [ BNLI.JK ] - Weekly
Prev. Avg. Price: 956.7
R-Squared: 0.7108
Period: 30
Std.Dev: 1.06
Volatility (+) : 0.0674
Volatility (-) : -0.0462
V-Ratio : 1.46
Chg.: -8.78%
935
15 Mar 15
BNLI.JK - Volume = 434,188,992.00
434,188,992
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 1,072.0
_____ 925.2 993.3
883.9
Bank Permata Tbk [ BNLI.JK ] - Monthly
Prev. Avg. Price: 993.3
R-Squared: 0.6958
Period: 103
Std.Dev: 1.02
Volatility (+) : 0.0792
Volatility (-) : -0.0686
V-Ratio : 1.16
Chg.: -12.21%
935
Oct 2019
BNLI.JK - Volume = 1,267,709,056.00
1,267,709,056
22 Maret, 2019
10
Embun Pagi
Mirae Asset Sekuritas Indonesia
Gudang Garam (GGRM) – Daily , Trading Buy
Harga akan coba naik mendekati normal upper band pada uptrend channel
Secara umum harga saham ini masih berada dalam pola uptrend channel pada
pergerakkan daily dimana korelasi pergerakkan harga masih relatif valid (r-squared =
0.880) selama 214 hari terakhir dan bergerak normal dalam rentang +/-1.56 std.deviasi
dari center line. Peluang harga keluar dari pergerakan normal sekitar +11.99% (sekitar
25 bar chart ). Rata-rata volatilitas normal pergerakan harga saat ini antara +1.36% /-
1.20% atau +1,196.80 rupiah / -1,056.00 rupiah (rata-rata pergerakan normal positif /
negatif, selama periode analisis) sebagaimana sebagaimana terlihat pada Figure 12.
Summary
Item Data Item Data
Close (March 21, 2019) 88,000(-2.22%) Trading range 87,450 - 89,700
Relative Avg. Price performance to JCI (%) 7.41 Target
β (beta) 1.16 - Daily 89,700
Corelation 0.79 - Weekly 92,175
Period 214 - Monthly 99,350
r-squared 0.880 Stop loss 87,350
Volatility (+/-, %) +1.36/ -1.2
Volatility (+/-, Rp.) +1,196.80/ -1,056.00
Source: Mirae Asset Sekuritas Indonesia Research
Figure 12. Daily – Uptrend
x`
Source: Mirae Asset Sekuritas Indonesia Research
,
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 89,717.8
_____ 87,458.7
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
Gudang Garam Tbk [ GGRM.JK ] - Daily - 3/21/2019 Open: 90,100 High: 90,250 Low: 87,300 Close: 88,000 Vol. 1,767,100
Prev. Avg. Price: 88,516.7
R-Squared: 0.8801
Period: 214
Std.Dev: 1.56
Volatility (+) : 0.0136
Volatility (-) : -0.0120
V-Ratio : 1.14
Chg.: -2.22% 88,000
87,550.5
87,550.5
86,152.5
83,958.7
81,046.8
89,926.4
91,142.3
94,054.1
Aug Sep Oct Nov Dec 2019 Feb Mar
GGRM.JK - Volume = 1,767,100.00, MA(Volume,19) = 1,210,515.75
1,767,100
1,210,516
22 Maret, 2019
11
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana keluar dan volatilitas harga turun mulai terbatas.
Pada Figure 13, terlihat dari hasil optimalisasi indikator MFI optimized dan W%R
optimized akan menguji support trend line. Daily support di 87,450 sementara itu
daily resistance di 89,700. Cut loss level di 87,350.
Figure 13. Daily , MFI optimized & W%R optimized
,
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
GGRM.JK - MFI Smoothed = 2.86
2.85888
GGRM.JK - RSI Smoothed = 10.96
10.9556
_____ 89,646.9_____ 87,552.5
Optimization Trading System - ©2010 Optimization Trading System - ©2010
Gudang Garam Tbk [ GGRM.JK ] - Daily - 3/21/2019 Open: 90,100 High: 90,250 Low: 87,300 Close: 88,000 Vol. 1,767,100
Prev. Avg. Price: 88,516.7
R-Squared: 0.7383
Period: 32
Std.Dev: 1.12
Volatility (+) : 0.0128
Volatility (-) : -0.0109
V-Ratio : 1.17
Chg.: -2.22%
88,000
86,152.5
89,926.4
Nov Dec 2019 Feb Mar
GGRM.JK - Volume = 1,767,100.00, MA(Volume,19) = 1,210,515.75
1,767,100
1,210,516
22 Maret, 2019
12
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga saat ini akan coba naik dan bertahan diatas rata-rata pada masing-masing
periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area) . Lebih lanjut potensi koreksi
normal harga pada pergerakkan daily sekitar -1.20% saat ini di level -2.20%. Sementara
itu pada pergerakkan weekly koreksi normal sekitar -2.65% saat ini harga di level -
4.40%. Pada pergerakan monthly koreksi normal sekitar -6.29% saat ini di -3.04%
Dengan demikian diperkirakan potensi koreksi mulai terbatas dengan kecenderungan
menguat. Pada Figure 14,15 dan 16 terlihat perkiraan normal trading range untuk
masing-masing periode.
Figure 14. Daily : 87,450 – 89,700 Figure 15. Weekly : 87,025 – 92.175 Figure 16. Monthly : 85,750 – 99,350
, x`
x
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 89,717.8
_____ 87,458.7
88,516.7
Gudang Garam Tbk [ GGRM.JK ] - Daily -
Prev. Avg. Price: 88,516.7
R-Squared: 0.8801
Period: 214
Std.Dev: 1.56
Volatility (+) : 0.0136
Volatility (-) : -0.0120
V-Ratio : 1.14
Chg.: -2.22%
88,000
14
GGRM.JK - Volume = 1,767,100.00 1,767,100
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 92,178.3
_____ 87,032.8
89,400
Gudang Garam Tbk [ GGRM.JK ] - Weekly
Prev. Avg. Price: 89,400.0
R-Squared: 0.8902
Period: 44
Std.Dev: 1.60
Volatility (+) : 0.0311
Volatility (-) : -0.0265
V-Ratio : 1.17
Chg.: -4.40%
88,000
15 Mar 15
GGRM.JK - Volume = 3,394,800.00
3,394,800
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 99,346.5
_____ 85,758.7
91,516.7
Gudang Garam Tbk [ GGRM.JK ] - Monthly
Prev. Avg. Price: 91,516.7
R-Squared: 0.8587
Period: 164
Std.Dev: 1.48
Volatility (+) : 0.0856
Volatility (-) : -0.0629
V-Ratio : 1.36
Chg.: 3.04%
88,000
Oct 2019
GGRM.JK - Volume = 17,161,900.00
17,161,900
22 Maret, 2019
13
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aneka Tambang (ANTM) – Daily ,Trading Buy
Harga akan coba naik mendekati normal lower band pada uptrend channel.
Secara umum harga saham ini masih berada diluar pola uptrend channel dimana
korelasi pergerakkan harga masih relatif valid (r-squared = 0.848) selama 87 hari
terakhir dan bergerak normal dalam rentang +/-1.44 std.deviasi dari centerline. Peluang
harga keluar dari pergerakan normalnya sekitar +15.25% (sekitar 13 bar chart ). Rata-
rata volatilitas normal pergerakan harga saat ini antara +2.38%/ -1.88% atau +22.97
rupiah / -18.14 rupiah (rata-rata pergerakan normal positif / negatif, selama periode
analisis) sebagaimana terlihat pada Figure 17.
Summary
Item Data Item Data
Close (March 21, 2019) 965 (+0.52%) Normal trading range 950 - 990
Relative Avg. Price performance to JCI (%) 8.70 Target
β (beta) 1.65 - Daily 990
Corelation 0.78 - Weekly 1,000
Period 87 - Monthly 1,090
r-squared 0.848 Stop loss 920
Volatility (+/-, %) +2.38/ -1.88
Volatility (+/-, Rp.) 22.97/ -18.14
Source: Mirae Asset Sekuritas Indonesia Research
Figure 17. Daily Trend – Uptrend
Source: Mirae Asset Sekuritas Indonesia Research
,
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 991.4
_____ 950.1
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
ANTM.JK [ ANTM.JK ] - Daily - 3/21/2019 Open: 970 High: 980 Low: 960 Close: 965 Vol. 42,876,300
Prev. Avg. Price: 968.3
R-Squared: 0.8475
Period: 87
Std.Dev: 1.44
Volatility (+) : 0.0238
Volatility (-) : -0.0188
V-Ratio : 1.27
Chg.: 0.52%
965
960
922.516
988.323
997.219
1,024.7
1,078.89
1,078.89
1,160.55
1,197.77
Dec 2019 Feb Mar
ANTM.JK - Volume = 42,876,300.00, MA(Volume,11) = 91,123,000.00
42,876,300
91,123,000
22 Maret, 2019
14
Embun Pagi
Mirae Asset Sekuritas Indonesia
Aliran dana masuk dan volatilitas harga naik masih terlihat.
Pada Figure 18, terlihat dari hasil optimalisasi. Indikator MFI optimized dan indkator
W%R optimized akan cenderung naik. Dengan demikian diperkirakan potensi kenaikkan
lebih lanjut masih terlihat. Perkiraan daily support di 950 dan daily resistance di 990. Cut
loss level di 920.
Figure 18. Daily ,MFI optimized & W%R optimized
Source: Mirae Asset Sekuritas Indonesia Research
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
ANTM.JK - MFI Smoothed = 51.58
51.5769
ANTM.JK - Will%R Smoothed = -81.37
-81.3705
_____ 991.4_____ 950.1
Optimization Trading System - ©2010 Optimization Trading System - ©2010 Optimization Trading System - ©2010
ANTM.JK [ ANTM.JK ] - Daily - 3/21/2019 Open: 970 High: 980 Low: 960 Close: 965 Vol. 42,876,300
Prev. Avg. Price: 968.3
R-Squared: 0.8475
Period: 87
Std.Dev: 1.44
Volatility (+) : 0.0238
Volatility (-) : -0.0188
V-Ratio : 1.27
Chg.: 0.52%
965
922.516
988.323
1,024.7
Sep Oct Nov Dec 2019 Feb Mar
ANTM.JK - Volume = 42,876,300.00, MA(Volume,11) = 91,123,000.00
42,876,300
91,123,000
22 Maret, 2019
15
Embun Pagi
Mirae Asset Sekuritas Indonesia
Harga akan coba bertahan diatas rata-rata pada masing-masing periode.
Untuk mampu naik lebih lanjut, harga saham saat ini harus mampu minimal bertahan
diatas rata-rata masing-masing periode (positive area) . Jika dilihat lebih lanjut potensi
kenaikkan normal pada pergerakkan daily sekitar +2.38%, saat ini di level +0.52%. Pada
pergerakkan weekly potensi koreksi normal sekitar -3.82%, saat ini di level -1.03% dan
pada pergerakkan monthly saat ini level -4.93% sementara koreksi normal di -8.15%.
Dengan demikian potensi koreksi pada pergerakkan daily sementara akan tertahan
dengan kecenderungan menguat. Pada Figure 19,20 dan 21 terlihat perkiraan normal
trading range untuk masing-masing periode.
Figure 19. Daily : 950 – 990 Figure 20. Weekly : 930 – 1,000 Figure 21. Monthly : 910 – 1,090
,,
x` x,
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
Source: Mirae Asset Sekuritas Indonesia Research
analyzed by : Tasrul, [email protected], +62-21- 5151140
Relative Avg.Price Performance to JCI (%) : Persentase kenaikan harga saham dari rata-rata sejak IHSG memulai uptrend-nya β (beta) : Indikator sensitivitas harga saham terhadap IHSG, beta diatas 1 berarti harga makin sensitif terhadap pergerakan IHSG dan sebaliknya Correlation : Ukuran kuat hubungan (korelasi) pergerakan harga saham dibanding dengan pergerakan IHSG selama periode analisis. Period : Periode uptrend / downtrend yang valid dari pergerakan harga saham. r-squared : Koefisien determinasi, menunjukkan persentase gerakan yang dapat dijelaskan dengan regresi linier.Nilai R2 terletak antara 0 – 1, dan kecocokan model dikatakan lebih baik kalau R2 semakin mendekati 1 (validitas uptrend atau downtrend makin valid) Volatility (+/-%) : Besaran volatilitas normal positif/negatif dari pergerakan harga harian selama harga saham bergerak normal pada trend channel dalam persentase. Volatility (+/- point or Rp) : Besaran volatilitas normal positifl/negatif dari pergerakan harga harian selama harga saham bergerak dalam periode analisis.
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 991.4
_____ 950.1
968.3
ANTM.JK [ ANTM.JK ] - Daily - 3/21/2019
Prev. Avg. Price: 968.3
R-Squared: 0.8475
Period: 87
Std.Dev: 1.44
Volatility (+) : 0.0238
Volatility (-) : -0.0188
V-Ratio : 1.27
Chg.: 0.52%
965
11 18
ANTM.JK - Volume = 42,876,300.00
42,876,300
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 1,003.0
_____ 928.1
965.0
ANTM.JK [ ANTM.JK ] - Weekly - 3/21/2019
Prev. Avg. Price: 965.0
R-Squared: 0.7071
Period: 508
Std.Dev: 1.05
Volatility (+) : 0.0394
Volatility (-) : -0.0382
V-Ratio : 1.03
Chg.: -1.03%
965
15 Mar 15
ANTM.JK - Volume = 263,069,392.00
263,069,392
Created with AmiBroker - adv anced charting and technical analy sis sof tware. http://www.amibroker.com
_____ 1,091.3
_____ 913.9
995.0
ANTM.JK [ ANTM.JK ] - Monthly - 3/21/2019
Prev. Avg. Price: 995.0
R-Squared: 0.6874
Period: 119
Std.Dev: 1.00
Volatility (+) : 0.0968
Volatility (-) : -0.0815
V-Ratio : 1.19
Chg.: -4.93%
965
Oct 2019
ANTM.JK - Volume = 1,347,298,176.00
1,347,298,176
22 Maret, 2019
16
Embun Pagi
Mirae Asset Sekuritas Indonesia
Chart 22. JCI Vs. USD/IDR Chart 23. JCI performance (absolute vs. relative)
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Note: Relative to MSCI EM Index
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 24. Foreigner’s net purchase (EM) Chart 25. Energy price
V
Note: The latest figure for India are Mar 19th, 2019
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
Chart 26. Non-ferrous metal price Chart 27. Precious metal price
Source: Bloomberg, Mirae Asset Sekuritas Indonesia Source: Bloomberg, Mirae Asset Sekuritas Indonesia
13,800
14,200
14,600
15,000
15,400
5,400
5,800
6,200
6,600
12/20 1/17 2/14 3/14
(IDR) (pt) JCI (L) USD/IDR (R)
0.3 1.4
0.0
4.0
0.2 0.2
-1.0
14.6
-4
0
4
8
12
16
1D 1W 1M 1Y
Absolute Relative(%, %p)
38
385
-6 -24
3
319 253
881
89
-155
37
1,782
-500
0
500
1,000
1,500
2,000
Korea Taiwan Indonesia Thailand Philippines India
1 Day 5 Days (USDmn) (USDmn)
80
90
100
110
6/27 7/25 8/22 9/19
CPO WTI Coal(D-3M=100) (D-3M=100)
50
60
70
80
90
100
110
120
130
140
12/20 1/17 2/14 3/14
CPO WTI Coal(D-3M=100)
90
100
110
120
130
12/18 01/19 02/19 03/19
(D-3M=100) Copper Nickel Tin
85
95
105
115
125
12/18 01/19 02/19 03/19
(D-3M=100) Silver Gold Platinum
22 Maret, 2019
17
Embun Pagi
Mirae Asset Sekuritas Indonesia
Table. Key valuation metrics
Company Name Ticker Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)*
(IDR) (IDRbn) 1D 1W 1M 1Y FY18 FY19 FY18 FY19 FY18 FY19
Jakarta Composite Index JCI 6,502 7,418,384 0.3 1.4 0.0 4.0 15.7 14.1 2.3 2.1 17.7 5.4
FINANCIALS
Bank Central Asia BBCA 27,450 676,780 -0.5 0.2 0.0 17.1 24.8 26.4 4.2 4.5 18.3 18.3
Bank Mandiri Persero BMRI 7,500 350,000 0.7 8.3 5.6 -6.3 13.8 14.6 1.9 1.9 14.4 13.9
Bank Rakyat Indonesia Persero BBRI 3,980 490,916 0.0 2.8 2.1 8.4 13.8 15.1 2.4 2.6 18.5 18.4
Bank Negara Indonesia Persero BBNI 9,500 177,162 1.6 7.3 8.9 6.7 10.9 11.6 1.5 1.6 14.5 14.6
Bank Tabungan Negara Persero BBTN 2,520 26,687 5.4 5.0 0.8 -33.9 21.5 19.8 1.8 2.0 9.8 10.5
CONSUMER
HM Sampoerna HMSP 3,760 437,356 0.3 -1.1 0.0 -10.5 32.0 33.1 12.2 12.5 39.0 38.2
Gudang Garam GGRM 88,000 169,320 -2.2 -3.1 7.6 20.8 20.7 17.5 3.7 3.4 18.6 19.8
Indofood CBP Sukses Makmur ICBP 10,375 120,992 0.0 -0.2 -0.2 18.6 27.4 25.4 5.5 5.0 20.9 20.3
Indofood Sukses Makmur INDF 7,300 64,097 0.3 3.2 -4.3 2.1 16.1 14.3 1.9 1.8 12.2 12.5
Kalbe Farma KLBF 1,510 70,781 -0.3 0.0 0.0 5.6 28.9 27.2 4.9 4.4 17.5 16.9
Unilever Indonesia UNVR 49,225 375,587 -1.0 -1.4 -0.6 -3.0 38.0 47.0 45.7 59.5 142.9 139.8
AGRICULTURAL
Astra Agro Lestari AALI 11,750 22,615 -2.9 -6.0 -13.6 -15.2 15.8 15.2 1.2 1.2 7.7 7.6
PP London Sumatera Indonesia LSIP 1,130 7,710 -2.6 -9.2 -17.5 -14.1 25.5 15.0 1.0 0.9 4.0 5.8
Sawit Sumbermas Sarana SSMS 1,055 10,049 -1.9 -1.9 -6.6 -26.0 17.9 30.1 2.3 2.2 12.8 7.3
INFRASTRUCTURE
XL Axiata EXCL 2,700 28,857 0.0 5.9 2.3 6.7 #N/A N/A
751.9 1.2 1.3 -16.5 0.3
Jasa Marga JSMR 5,450 39,555 2.8 7.4 9.9 13.5 14.1 17.6 1.8 2.2 13.8 12.6
Perusahaan Gas Negara PGAS 2,380 57,695 -1.2 -1.7 -10.2 3.5 11.2 15.3 1.4 1.3 9.7 8.2
Tower Bersama Infrastructure TBIG 4,010 18,171 8.1 6.6 -4.5 -28.4 20.1 17.5 5.6 5.1 27.3 28.9
Telekomunikasi Indonesia TLKM 3,800 376,436 0.5 1.9 -1.0 3.7 19.3 16.9 3.8 3.6 19.6 20.9
Soechi Lines SOCI 160 1,129 2.6 3.2 -2.4 -38.9 N/A N/A N/A N/A N/A N/A
Garuda Indonesia GIAA 555 14,367 -4.3 -4.3 11.9 86.2 N/A N/A 0.8 1.3 -19.1 -12.0
BASIC-INDUSTRIES
Semen Indonesia SMGR 13,700 81,262 5.2 5.4 8.9 36.7 32.3 28.8 2.7 2.5 8.3 9.0
Charoen Pokphand Indonesia CPIN 7,850 128,724 3.6 4.0 9.4 134.3 28.6 26.6 6.8 5.8 25.3 22.9
Indocement Tunggal Prakarsa INTP 20,850 76,754 6.8 11.9 8.2 18.3 59.3 71.9 2.9 3.5 4.8 5.3
Japfa Comfeed Indonesia JPFA 2,210 25,916 0.5 -4.3 -5.6 46.8 11.5 11.0 2.6 2.4 24.5 22.1
MINING
Indo Tambangraya Megah ITMG 23,375 26,412 2.4 2.5 -1.2 -17.6 5.8 7.0 1.6 1.9 27.1 27.0
Adaro Energy ADRO 1,425 45,580 -0.3 -2.1 1.1 -29.5 6.4 7.8 0.7 0.9 11.7 11.8
Aneka Tambang ANTM 965 23,190 0.5 0.0 -8.5 17.7 21.0 29.3 0.9 1.2 4.6 3.9
Vale Indonesia INCO 3,590 35,671 0.3 0.3 -4.5 18.5 36.8 36.3 1.2 1.3 3.3 4.0
Tambang Batubara Bukit Asam PTBA 4,040 46,543 -0.2 0.5 -2.2 39.8 9.0 9.2 2.8 2.8 33.9 35.3
TRADE
United Tractors UNTR 27,800 103,698 -0.1 6.2 -0.5 -15.0 9.2 9.2 1.9 1.9 22.4 22.1
AKR Corporindo AKRA 4,690 18,829 -1.1 -11.5 -18.4 -23.1 24.0 21.2 2.1 2.3 20.7 13.1
Global Mediacom BMTR 352 5,283 -3.8 0.6 -16.2 -37.7 N/A N/A N/A N/A N/A N/A
Matahari Department Store LPPF 4,150 12,109 0.2 12.2 -28.1 -62.9 14.9 7.1 8.8 3.8 53.0 65.7
Media Nusantara Citra MNCN 795 11,350 -3.6 -4.2 -15.9 -43.2 8.2 7.0 1.1 1.0 14.5 15.3
Matahari Putra Prima MPPA 302 2,274 4.9 12.7 -13.2 -26.7 N/A N/A N/A N/A N/A N/A
Surya Citra Media SCMA 1,790 26,173 2.6 -0.3 2.3 -34.9 17.0 15.6 5.9 5.3 34.8 33.7
Siloam International Hospital SILO 3,740 6,080 -1.6 13.7 5.4 -54.3 360.8 128.1 0.9 0.9 0.3 0.8
PROPERTY
Bumi Serpong Damai BSDE 1,445 27,811 3.2 6.6 10.3 -17.9 15.2 12.7 1.0 0.9 6.7 7.6
Adhi Karya ADHI 1,615 5,751 0.3 3.5 4.9 -24.5 7.4 5.9 0.9 0.8 11.8 13.1
Alam Sutera Relaty ASRI 326 6,406 2.5 5.8 -0.6 -16.4 5.9 5.0 0.7 0.6 11.2 12.5
Ciputra Development CTRA 975 18,096 4.8 9.6 10.8 -14.8 17.6 17.0 1.2 1.1 6.9 6.9
Lippo Karawaci LPKR 304 7,019 3.4 13.4 7.8 -36.7 8.9 6.1 0.3 0.3 3.3 5.6
Pembangunan Perumahan PTPP 2,110 13,082 1.0 1.0 4.5 -21.9 7.5 8.3 0.9 1.0 12.4 12.5
Pakuwon Jati PWON 705 33,953 2.9 10.2 12.8 13.7 14.9 13.8 2.7 2.3 19.1 17.5
Summarecon Agung SMRA 975 14,066 6.0 10.2 -0.5 5.4 39.4 35.9 2.0 1.9 5.4 5.7
Wijaya Karya WIKA 2,000 17,940 0.5 4.2 15.6 18.0 8.6 11.8 1.0 1.2 12.6 10.8
Waskita Karya WSKT 1,940 26,333 0.5 -0.5 6.0 -25.4 6.4 6.9 1.2 1.0 19.5 15.7
MISCELLANEOUS
Astra International ASII 7,250 293,506 0.0 -0.3 -4.9 -1.4 15.4 13.2 2.4 2.2 16.6 16.5
Source: Bloomberg, Mirae Asset Sekuritas Indonesia
*Note: Valuation metrics based on Bloomberg consensus estimates
22 Maret, 2019
18
Embun Pagi
Mirae Asset Sekuritas Indonesia
Sector performance Top 10 market cap performance
Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%)
Agricultural 1,481.6 -1.1 INPP IJ 840 9,393 14.29
Mining 1,884.7 0.1
TBIG IJ 4010 18,171 8.1
Basic-Industry 915.6 2.4 INTP IJ 20850 76,754 6.8
Miscellaneous Industry 1,284.4 -0.1 SMRA IJ 975 14,066 5.98
Consumer Goods 2,659.1 -0.3 BBTN IJ 2520 26,687 5.44
Property & Construction 466.7 1.3
SMGR IJ 13700 81,262 5.18
Infrastructure 1,165.0 0.0 KAEF IJ 3250 18,051 4.84
Finance 1,250.9 0.2 CTRA IJ 975 18,096 4.84
Trade 827.6 -0.1 BRPT IJ 3450 61,420 4.23
Composite 6,501.8 0.3 CPIN IJ 7850 128,724 3.63 Source: Bloomberg
Top 5 leading movers Top 5 lagging movers
Name Chg (%) Close Name Chg (%) Close
INTP IJ 6.8 20,850 GGRM IJ -2.2 88,000
CPIN IJ 3.6 7,850 UNVR IJ -1.0 49,225
SMGR IJ 5.2 13,700 BBCA IJ -0.5 27,450
BBNI IJ 1.6 9,500 FREN IJ -4.9 308
BRPT IJ 4.2 3,450 TCPI IJ -4.4 4,350 Source: Bloomberg
Economic Calendar
Time Currency Detail Forecast Previous
5:00am AUD Flash Manufacturing PMI 52.9
5:00am AUD Flash Services PMI 48.7
6:30am JPY National Core CPI y/y 0.8% 0.8%
7:30am JPY Flash Manufacturing PMI 49.2 48.9
3:15pm EUR French Flash Services PMI 50.6 50.2
3:15pm EUR French Flash Manufacturing PMI 51.4 51.5
3:30pm EUR German Flash Manufacturing PMI 48.0 47.6
3:30pm EUR German Flash Services PMI 54.8 55.3
4:00pm EUR Flash Manufacturing PMI 49.5 49.3
4:00pm EUR Flash Services PMI 52.7 52.8
4:00pm EUR Current Account 17.3B 16.2B
7:00pm GBP BOE Quarterly Bulletin
7:30pm CAD CPI m/m 0.6% 0.1%
7:30pm CAD Core Retail Sales m/m 0.2% -0.5%
7:30pm CAD Common CPI y/y 1.8% 1.9%
7:30pm CAD Median CPI y/y 1.7% 1.8%
7:30pm CAD Retail Sales m/m 0.4% -0.1%
7:30pm CAD Trimmed CPI y/y 1.8% 1.9%
7:30pm CAD Core CPI m/m 0.3%
8:45pm USD Flash Manufacturing PMI 53.5 53.0
USD Flash Services PMI 55.7 56.0
9:00pm USD Existing Home Sales 5.10M 4.94M
9:00pm USD Final Wholesale Inventories m/m 0.2% 1.1%
Note: Time is based on Indonesian local time
Source: Forex Factory
22 Maret, 2019
19
Embun Pagi
Mirae Asset Sekuritas Indonesia
Disclaimers
This report is prepared strictly for private circulation only to clients of PT Mirae Asset Sekuritas Indonesia (MASI). It is purposed only to person having
professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No
warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our
judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of MASI and/or its affiliated companies
and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or
in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any
other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of
MASI, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims,
proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon
the whole or any part of the contents of this report and neither MASI, its affiliated companies or their respective employees or agents accepts liability for any
errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there
from which might otherwise arise is hereby expresses disclaimed.
This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position,
make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or
solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided
to you. © PT Mirae Asset Sekuritas Indonesia 2016.