20160628 daily research
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Todays Market:
Arah IHSG akan tergantung dengan hasil voting DPR terhadapRUU Pengampunan Pajak yang telah dirampungkan kemarin.Proses voting akan dimonitor oleh pelaku pasar dan opti-misme terhadap hasil paripurna hari ini yang mendukungberpotensi mengangkat indeks di tengah volatilitas globaldari implikasi BREXIT yang masih berlanjut. Target peneri-maan pajak 165 triliun dari UU Tax Amnesti akan menjaditolak ukur keberhasilan pemerintah dalam mengimplemen-tasi UU tersebut dan juga akan menjadi sentimen positifjangka menengah ke depan untuk IHSG. Kita merekomendasiprofit-taking bertahap terutama di sektor properti sambilmenunggu kestabilan bursa finansial global pasca tragediBREXIT. Secara teknikal indeks hari Selasa (28/6), IHSGdiprediksi bergerak di kisaran 4800-4900.
Tuesday, June 28, 2016
Source: Bloomberg, Sinarmas Investment ResearchTop Buy: UNTR, BSDE, LPKR, PTPP
www.sinarmassekuritas.co.id See important dislaimer at the end of this report
IDX Statistics Closing
JCI 4,836.05
Transact io n Value Regular M arket (IDR t n) 3.600
Transaction Volume Regular Market (mn shares) 3,872
Foreign Net Buy (Sell) (IDR bn) 785.86
Foreign Net Buy (Sell) 0.67
To tal M arket Capitalizatio n (IDR tn) 5,194.62
LQ45 822.99 (0.20) 3.91
EIDO 22.52 0.54 7.91
IDX 20.10 0.50 9.18
DOW JONES 17,140.24 (1.50) (1.63)
S&P 500 2,000.54 (1.81) (2.12)
NASDAQ 4,594.44 (2.41) (8.25)
FTSE 5,982.20 (2.55) (4.17)
NIKKEI 15,309.21 2.39 (19.57)
HANG SENG 20,227.30 (0.16) (7.70)
STRAITS TIM ES 2,729.85 (0.20) (5.30)
KLSE 1,629.52 (0.28) (3.72)
USD/IDR 13,326.00 (1.05) 3.88
EUR/IDR 14,699.81 (0.90) 2.95
JPY/IDR 131.25 (0.02) (12.27)
SGD/IDR 9,795.93 (0.99) 0.05
AUD/IDR 9,798.53 (1.93) 3.29
GBP/IDR 17,613.89 (2.40) 16.51
Crude Oil (USD/barrel) 46.67 8:01:49 A M 26.00
Coal (USD/mn tons) 51.10 6/9/2016 6.79
Natural Gas (USD/mmBtu) 2.73 7:57:24 AM 16.73
Go ld (USD/o unce) 1,323.62 8:11:52 A M 24.74
Nickel (USD/mn to ns) 8,980.00 8:11:51A M 1.81
Tins (USD/mn tons) 16,755.00 8:11:32 AM 15.12
CPO (M YR/mn tons) 2,467.00 6/27/2016 2.88
Rubber (JPY/kg) 162.20 7:11:43 AM 10.12
Wheat (USD/bushel) 445.50 8:01:38 A M (5.21)
Corn (USD/bushel) 383.00 7:58:27 AM 6.76
Commodities
Other Indices Closing 1-Day Chg (%)YT D
Chg (%)
C urrency Spo t Rat e R at e ( ID R) 1- Day C hg (%)YT D
Chg (%)
PriceLast
Transaction
YT D
Chg (%)
Previous Day:
IHSG naik sebanyak 1.5 poin (0.03%) ke level 4836.05.
Sementara LQ45 turun sebanyak 1.6 poin (0.2%) ke level
822.99. Foreign net buy sebesar Rp 785.86 miliar.
0
5,000
10,000
3,000
5,000
Volume JCI Index
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Daily Corporate and Industry News
Hari ini, Selasa (28/6), Rapat Paripurna dijadwalkan mengesahkan RUU Pengampunan Pajak. Otoritas pasarmodal pun segera merevisi tiga regulasi untuk mendukung potensi investasi dari bergulirnya kebijakan taxamnesty yang tinggal selangkah lagi. Rancangan Undang-Undang tentang Pengampunan Pajak (RUU TaxAmnesty) mengamanatkan periode pengampunan pajak selama 9 bulan dari 1 Juli 2016 hingga 31 Maret
2017. Sedangkan tariff tebusan ditetapkan dalam 3 golongan, yakni tarif tebusan repatriasi sebesar 2-5%,tarif tebusan deklarasi 4-10%, dan tarif tebusan nilai usaha sampai Rp 4.8 miliar sebesar 0.5-2%. Source:Bisnis Indonesia, Investor Daily, Kontan
Otoritas Jasa Keuangan (OJK) menyiapkan sejumlah kebijakan terkait pemanfaatan dana repatriasi, menyusulrencana pemerintah menerapkan kebijakan pengampunan pajak (tax amnesty). Kebijakan tersebut terdiriatas pembentukan instrument investasi, seperti Kontrak Pengelolaan Dana (KPD) dengan relaksasi regulasiberupa penurunan besarnya nilai investasi untuk setiap permodal dari Rp 10 miliar menjadi Rp 5 miliar.Source: Investor Daily, Kontan
Pemerintah tengah menyiapkan peraturan yang merinci amendemen kontrak jual beli gas. Pemangkasanharga gas di sektor hulu US$ 1-2 per MMBtu bagi industri tertentu. Source: Bisnis Indonesia
Sebanyak 23 regulasi yang menjadi substansi implementasi 12 paket kebijakan ekonomi hingga akhir Junibelum juga rampung. Menteri Koordinator Bidang Perekonomian mengatakan tiga peraturan masih dalampembahasan dan ditargetkan selesai pada akhir Juni 2016. Source: Bisnis Indonesia
Pemerintah mengklaim, 98% regulasi terkait Paket Kebijakan Ekonomi telah rampung dibahas. Dari total98% regulasi yang meliputi sebanyak 200 peraturan tersebut, 48 peraturan berada di tingkat presidensialdan 152 peraturan di tingkat kementrian/lembaga (KL). Source: Investor Daily, Kontan
Komisi XI DPR RI menyetujui pemotongan pagu belanja nonprioritas 6 Kementrian Lembaga (K/L) di RAPBN-P 2016 yang dilakukan untuk mendorong efektivitas penggunaan anggaran. Enam K/L yang mendapatkanpemotongan anggaran tersebut adalah Kementrian Keuangan, Kementrian PPN, Badan Pusat Statistik (BPS),Badan Pemeriksa Keuangan (BPK), Badan Pengawasan Keuangan dan Pembangunan (BPKP), serta LembagaKebijakan Pengadaan Barang Jasa Pemerintah (LKPP). Source: Investor Daily, Kontan
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Daily Corporate and Industry News
Pengenaan cukai terhadap kemasan plastik dapat memukul konsumsi air minum dalam kemasan hingga 19%dan mendongkrak harga hingga dua kali lipat. Source: Bisnis Indonesia
Himpunan bank-bank milik negara (Himbara) membidik jaringan anjungan tunai mandiri (ATM LinkHimbara) sebanyak 10.000 unit pada tahun ini. Untuk mencapai target tersebut, bank pelat merah itu akanmelakukan konversi ATM dari brand milik sendiri ke ATM Link Himbara secara bertahap. Source: BisnisIndonesia
Penggunaan batu bara sebagai energi primer untuk pembangkit listrik masih mendominasi dengan komposisimencapai 54,80% dari total produksi listrik hingga April 2016. Source: Bisnis Indonesia
Sebanyak 9 bank berkomitmen untuk memberikan pinjaman senilai US$ 200 juta kepada FederalInternational Finance (FIF), anak usaha Grup Astra. Seluruh pinjaman akan dimanfaatkan untuk modal kerja
perseroan. Source: Investor Daily
Pelaku usaha ekonomi kreatif di Indonesia bakal lebih mudah menyerap pinjaman dari perbankan, menyusulsegera dikeluarkannya aturan skema penyaluran KUR yang kini tengah digodok Badan Ekonomi Kreatif.Source: Bisnis Indonesia
Rencana regulasi untuk penggunaan jaringan bersama (networks sharing) melalui Revisi PP No 53/2000tentang Telekomunikasi yang mengatur penggunaan frekuensi radio dan orbit satelit berpotensi merugikannegara karena berkurangnya Pendapatan Negara Bukan Pajak (PNBP). Source: Bisnis Indonesia
Kementrian Energi dan Sumber Daya Mineral (ESDM) meminta Perusahaan Listrik Negara tidakmemberatkan persyaratan bagi peserta lelang proyek pembangkit listrik sehingga perlu dikaji kembalimengenai syarat-syarat tersebut. Source: Kontan
Kementrian Energi dan Sumber Daya Mineral (ESDM) berharap sebagian besar proyek pembangkit listrikyang mangkrak bisa dilanjutkan pekerjaannya. Proyek tersebut merupakan bagian dari program percepatan(fast track program/FTP) pertama dan kedua. Source: Investor Daily
Kementerian Pekerjaan Umum dan Perumahan Rakyat menargetkan pengembangan Maja sebagai kota baru
di Provinsi Banten akan dihuni hingga 1,5 juta penduduk pada 2035. Per 2015, penduduk Maja sekitar495.000 jiwa. Source: Bisnis Indonesia
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Daily Corporate and Industry News
Pemerintah Jepang segera melakukan studi kelayakan Pelabuhan Patimban sebelum menandatanganipersetujuan pinjaman. Tujuan studi yang dilakukan oleh Jepang untuk menyakinkan bahwa proyek tersebutprospektif mengingat dana yang diperlukan mencapai Rp 43.22 triliun. Source: Investor Daily
Adaro Energy (ADRO) kembali berekspansi dengan membangun power plant tenaga surya dengan investasihingga US$ 75 juta. Ekspansi pembangkit listrik tenaga surya dengan kapasitas 50 MW yang akan dilakukan diKalimantan Selatan, tepatnya di sekitar areal konsesi tambang perseroan. Investasi sebesar US$ 1,5 juta perMW. Source: Bisnis Indonesia
Bank Capital (BACA) berupaya menjaga capital adequancy ratio (CAR) di level 21% sampai akhir tahun ini.Terkait permodalan, perseroan juga berencana menerbitkan obligasi subordinasi (subdebt) sebesar Rp 200miliar pada semester II-2016 untuk memperkuat modal pelengkap (tier II). Source: Investor Daily
Multi Bintang Indonesia (MLBI) mengatakan belum bisa banyak berekspansi tahun ini. Hal ini dikarenakanprodusen minuman beralkohol tersebut masih menunggu kepastian hukum terkait produk minumanberalkohol. Perusahaan akan memfokuskan diri kepada inovasi untuk mendorong kinerja. Source: Kontan
Intiland Development (DILD) tetap optimis melihat pasar properti 2016. Namun, pasar property yangmenjadi bidikan utama adalah segmen property high rise dan mixed use. Target pendapatan dari proyekhunian high rise dan mixed use mencapai Rp 1.5 tiliun. Source: Kontan
Sitara Propertindo (TARA) tengah mencari pinjaman perbankan untuk membiayai konstruksi proyekapartemen di Serpong. Perseroan membutuhkan pembiayaan sekitar Rp 400 miliar untuk pembangunan
struktur menara pertama apartemen Urban Heights Residences. Source: Bisnis Indonesia
XL Axiata (EXCL) kembali meminta kepada pemerintah agar menerbitkan aturan berbagi jaringan (networksharing) yang telah lama ditunggu para operator telekomunikasi di Tanah Air. Aturan tersebut sangatdibutuhkan karena akan menjadikan industri telekomunikasi lebih efisien, bisa menekan biaya investasi.Source: Investor Daily
PT Aneka Gas Industri, perusahaan yang menginduk ke Grup Samator milik keluarga Harsono, akan melepas25% saham ke publik lewat mekanisme IPO di Bursa Efek Indonesia. Perseroan memiliki aset Rp 5 triliun, diantaranya ekuitas senilai Rp 2 triliun. Target listing pada September 2016. Source: Bisnis Indonesia, Investor
Daily
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World Equity Indices
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important dislaimer at the end of this report
N O IN DIC E S
1 DOW JONES INDUS. AVG 18,167 .63 15,370.33 (284.79) (1.63) 15.98 15.94 2.99 2.87 5,126.30 5,126.30
2 S&P 500 INDEX 2,132.82 1,810.10 (43.40) (2.12) 18.65 17.03 2.77 2.64 18,028.54 18,028.54
3 NASDAQ COMPOSITE INDEX 5,231.94 4,209.76 (412.97) (8.25) 29.61 20.08 3.62 3.34 7,233.69 7,233.69
4 S&P /T SX C OM P OSITE IN DEX 14,886.34 11,531.22 679.84 5.23 21.16 18.44 1.64 1.59 1,968.53 1,504.42
5 M EXICO IP C INDEX 46,545.32 39,256.58 1,304.53 3.04 30.51 19.54 2.59 2.51 5,100.60 266.41
6 Euro Stoxx 50 Pr 3,714.26 2,672.73 (570.08) (17.45) 22.80 12.50 1.50 1.33 2,202.53 2,431.16
7 FTSE 100 INDEX 6,813.41 5,499.51 (260.12) (4.17) 33.84 15.64 1.81 1.68 1,684.86 2,226.37
8 CAC 40 INDEX 5,217.80 3,892.46 (652.34) (14.07) 23.74 13.45 1.44 1.27 1,102.58 1,217.02
9 DAX INDEX 11,802.37 8,699.29 (1,474.35) (13.72) 22.97 11.69 1.70 1.55 889.71 982.07
10 IB EX 35 INDEX 11,612.60 7,579.80 (1,898.70) (19.89) 23.41 13.40 1.38 1.22 468.77 517.42
11 FTSE M IB INDEX 24,157.39 15,017.42 (6,314.79) (29.48) - 12.69 1.09 0.95 337.20 372.20
12 AEX-Index 506.05 378.53 (30.20) (6.84) 26.72 16.19 1.60 1.43 480.76 530.66
13 SWISS M A RKET IN DEX 9,537.90 7,425.05 (1,223.60) (13.88) 18.25 16.19 2.59 2.43 965.90 988.13
14 S&P /A SX 200 INDEX 5,727.70 4,706.70 (158.67) (3.00) 23.12 16.80 1.85 1.76 1,478.33 1,087.46
15 A LL OR DIN AR IES IN DX 5,710.80 4,762.10 (128.37) (2.40) 28.03 17.29 1.82 1.73 1,630.56 1,199.44
16 CSI 300 INDEX 4,650.19 2,821.22 (610.46) (16.36) 15.87 12.85 2.06 2.07 21,672.02 3,260.22
17 SHANGHAI SE A SHARE INDX 4,668.44 2,760.92 (673.32) (18.18) 18.80 13.30 1.99 1.98 24,734.28 3,720.90
18 SHENZHEN SE A SHARE INDX 2,753.77 1,646.37 (378.82) (15.68) 52.98 28.12 4.72 4.83 20,951.01 3,151.76
19 HA NG SENG IND EX 27,016.09 18,278.80 (1,687.10) (7.70) 10.75 11.12 1.18 1.14 12,754.90 1,643.40
20 HANG SENG CHINA ENT INDX 13,360.11 7,498.81 (1,093.82) (11.32) 7.29 7.25 0.97 0.96 3,761.97 484.71
21 S&P B SE SENSEX INDEX 28,578.33 22,494.61 285.42 1.09 20.09 16.74 2.82 2.80 44,849.84 660.15
22 Nifty 50 8,654.75 6,825.80 148.35 1.87 21.44 17.01 2.65 2.64 55,834.06 821.83
23 JA KA RTA COM P OSITE INDEX 4,982.91 4,033.59 243.04 5.29 26.76 15.47 2.35 2.38 5,194,617.86 387.92
24 JA KA RTA LQ-45 INDEX 857.69 660.81 30.96 3.91 17.16 17.80 2.85 2.89 3,549,701.12 265.08
25 KA RA CHI 100 INDEX 39,039.67 29,784.60 4,223.26 12.87 9.00 9.59 1.59 1.60 6,379.24 60.84
26 NIKKEI 225 20,946.93 14,864.01 (3,724.50) (19.57) 20.22 15.19 1.70 1.53 272,273.95 2,673.81
27 NIKKEI 300 INDEX 345.72 239.50 (65.04) (20.91) 16.69 12.33 1.36 1.22 312,407.87 3,067.94
28 T OP IX IN DEX (T OKYO) 1,702.83 1,192.80 (321.54) (20.78) 16.62 12.38 1.31 1.18 466,347.58 4,579.67
29 FTSE Bursa Ma lays ia KLCI 1,744.19 1,503.68 (62.99) (3.72) 17.93 15.99 1.78 1.78 978.32 237.26
30 S&P NZX All Index 1,335.21 1,071.83 48.81 4.01 19.80 18.68 1.88 1.75 106.31 74.69
31 P SEi - P HILIP PINE SE IDX 7,813.58 6,084.28 763.82 10.99 19.93 19.69 2.48 2.58 9,025.60 190.81
32 Strait s T im es Index ST I 3,383.56 2,528.44 (152.88) (5.30) 13.17 12.44 1.14 1.12 383.26 281.58
33 KOSPI INDEX 2,110.81 1,800.75 (34.46) (1.76) 14.86 10.72 0.94 0.92 1,180,299.65 998.71
34 TAIWAN TAIEX INDEX 9,489.91 7,203.07 120.81 1.45 13.82 1.44 1.42 24,879.62 764.73
35 STOCK EXCH OF THA I INDEX 1,524.59 1,220.96 136.29 10.58 21.84 1.71 1.70 13,624.78 385.45
36 THAI SET 50 INDEX 1,003.92 757.91 83.69 10.29 19.91 15.13 1.77 1.74 8,628.10 244.09
37 HO CHI M INH STOCK INDEX 641.06 511.13 42.24 7.29 12.40 14.92 1.72 1.76 1,248,646.91 55.88
Asia /Paci f ic
Amer ica
5 2 -WE E K C H A N G E YT D P E R (x) P B V (x) M A R KE T C A P (B n)
Europe
H IG H LOW P OIN T % 2 0 15 20 16E 2 0 15 20 16EDomain
CurrencyUSD
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LQ45
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important dislaimer at the end of this report
H I G H L O W P O I N T % 2 0 15 2 0 16 E 2 0 15 2 0 16 E
1 A A L I IJ 14 ,3 0 0 2 4 ,7 7 4 13 ,12 6 ( 80 3 ) (5 .3 2 ) 4 0 .3 2 14 .6 9 2 .2 1 1.6 7 2 7 ,5 2 3 .0 4
2 A D H I IJ 2 ,7 2 0 2 ,9 10 1,4 13 5 8 0 2 7 .10 14 .0 8 16 .18 1.4 8 1.6 8 9 ,6 8 5 .5 1
3 A D R O IJ 8 3 5 9 4 5 4 3 7 3 2 0 6 2 .14 7 .7 9 15 .5 9 0 .4 1 0 .6 6 2 6 ,7 0 8 .2 8
4 A K R A IJ 6 ,2 2 5 8 ,4 5 0 5 ,2 0 0 (9 5 0) (13 .2 4) 2 7 .3 1 2 1.0 1 4 .6 5 3 .5 5 2 4 ,8 3 9 .16
5 A N T M IJ 7 3 5 7 8 0 2 8 5 4 2 1 13 4 .0 8 - - 0 .4 1 1.0 0 17 ,6 6 2 .6 1
6 A S II IJ 6 ,6 2 5 7 ,8 5 0 4 ,9 7 5 6 2 5 10 .4 2 16 .7 8 16 .2 0 2 .3 8 2 .3 7 2 6 8 ,2 0 3 .5 4
7 A S R I IJ 4 9 2 5 9 0 3 0 7 14 9 4 3 .4 4 12 .0 8 10 .4 3 1.0 4 1.2 9 9 ,6 6 7 .5 1
8 B B C A IJ 12 ,8 0 0 13 ,9 2 5 11,0 0 0 ( 50 0 ) (3 .7 6 ) 18 .2 1 16 .18 3 .6 7 2 .9 8 3 15 ,5 8 4 .12
9 B B N I IJ 4 ,8 4 0 5 ,6 7 5 3 ,8 0 0 (15 0) (3 .0 1) 10 .2 6 8 .3 4 1.2 1 1.0 9 9 0 ,2 5 9 .5 0
10 B B R I IJ 10 ,2 2 5 12 ,3 0 0 7 ,9 7 5 ( 1,2 0 0 ) ( 10 .5 0 ) 11.0 9 9 .8 0 2 .4 8 1.9 0 2 5 2 ,2 4 2 .18
11 B B T N IJ 1,6 5 0 1,8 8 5 9 3 5 3 5 5 2 7 .4 1 7 .4 0 7 .6 9 0 .9 9 1.0 8 17 ,4 7 3 .5 0
12 B M R I IJ 9 ,0 0 0 10 ,4 5 0 7 ,15 0 ( 25 0 ) (2 .7 0 ) 10 .6 1 10 .7 1 1.8 4 1.5 3 2 10 ,0 0 0 .0 0
13 B M T R IJ 9 3 5 1,3 5 0 6 6 0 ( 16 5 ) ( 15 .0 0 ) - 13 .9 8 1.4 5 - 13 ,2 7 5 .7 0
14 B S D E IJ 2 ,10 0 2 ,110 1,2 3 5 3 0 0 16 .6 7 15 .9 2 16 .4 4 1.8 4 1.8 8 4 0 ,4 18 .0 6
15 C P IN IJ 3 ,6 0 0 3 ,8 9 0 1,3 5 0 1,0 0 0 3 8 .4 6 2 3 .2 6 2 1.3 7 3 .4 0 4 .0 2 5 9 ,0 3 2 .8 0
16 G G R M IJ 6 5 ,7 7 5 7 4 ,4 0 0 3 9 ,5 0 0 10 ,7 7 5 19 .5 9 16 .4 4 17 .9 5 2 .7 9 2 .9 9 12 6 ,5 5 6 .8 9
17 H M S P IJ 3 ,6 3 0 4 ,4 8 5 2 ,8 0 0 (13 0) (3 .4 6) 3 2 .3 0 3 5 .4 7 13 .6 6 12 .2 7 4 2 2 ,2 3 4 .6 2
18 IC B P IJ 17 ,2 5 0 17 ,5 2 5 10 ,9 0 0 3 ,7 7 5 2 8 .0 1 2 6 .19 2 7 .9 8 5 .0 8 5 .7 0 10 0 ,5 8 3 .9 6
19 IN C O IJ 1,7 5 0 2 ,7 6 5 1,19 0 115 7 .0 3 2 1.2 1 4 0 .3 4 0 .6 4 0 .7 1 17 ,3 8 8 .5 9
2 0 IN D F IJ 7 ,0 0 0 7 ,5 7 5 4 ,5 6 0 1,8 2 5 3 5 .2 7 17 .6 6 15 .8 3 1.6 7 2 .0 7 6 1,4 6 2 .9 9
2 1 IN T P IJ 16 ,2 5 0 2 2 ,8 0 0 15 ,5 2 5 (6 ,0 7 5 ) ( 27 .2 1) 18 .8 6 13 .5 5 3 .4 4 2 .3 3 5 9 ,8 2 0 .0 2
2 2 J S M R IJ 5 ,15 0 6 ,2 5 0 4 ,5 0 0 (7 5 ) (1.4 4 ) 2 4 .2 3 2 1.6 1 3 .4 1 2 .9 7 3 5 ,0 2 0 .0 0
2 3 K L B F IJ 1,3 8 5 1,7 4 5 1,13 5 6 5 4 .9 2 3 1.0 7 2 9 .3 8 5 .9 1 5 .4 8 6 4 ,9 2 2 .0 4
2 4 L P K R IJ 1,0 9 0 1,3 8 0 9 0 0 5 5 5 .3 1 4 4 .0 2 18 .6 4 1.4 4 1.4 2 2 5 ,15 4 .6 8
2 5 L P P F IJ 2 0 ,0 0 0 2 0 ,7 0 0 14 ,3 0 0 2 ,4 0 0 13 .6 4 2 8 .8 5 2 6 .7 7 4 6 .4 3 2 7 .9 2 5 8 ,3 5 8 .3 6
2 6 L S IP IJ 1,3 6 0 1,8 4 0 9 10 4 0 3 .0 3 14 .5 1 13 .10 1.2 3 1.18 9 ,2 7 9 .0 9
2 7 M N C N IJ 2 ,12 0 2 ,4 15 1,18 5 2 6 5 14 .2 9 2 1.9 0 16 .8 2 2 .8 9 2 .9 0 3 0 ,2 6 5 .3 1
2 8 M P P A IJ 1,4 3 0 3 ,2 0 0 1,18 5 (3 9 5) (2 1.6 4) 5 3 .9 0 5 2 .5 2 3 .5 4 2 .5 9 7 ,6 9 0 .4 9
2 9 M Y R X IJ 7 6 5 9 2 0 5 9 5 13 0 2 0 .4 7 111.7 0 114 .0 1 1.7 8 - 12 ,0 4 4 .0 4
3 0 P G A S IJ 2 ,3 4 0 4 ,3 5 0 2 ,15 0 (4 0 5) (14 .7 5) 11.5 3 9 .7 1 1.5 9 1.2 9 5 6 ,7 2 5 .13
3 1 P T B A IJ 7 ,7 5 0 8 ,5 0 0 4 ,15 0 3 ,2 2 5 7 1.2 7 4 .8 2 10 .5 6 1.0 4 1.6 7 17 ,8 5 7 .0 2
3 2 P T P P IJ 3 ,8 0 0 4 ,19 0 2 ,9 6 0 (7 5 ) (1.9 4 ) 2 5 .4 0 19 .8 9 4 .2 8 3 .8 7 18 ,4 0 1.2 6
3 3 P W O N IJ 6 10 6 2 5 3 13 114 2 2 .9 8 18 .9 3 15 .17 3 .3 1 3 .2 7 2 9 ,3 7 7 .3 6
3 4 S C M A IJ 3 ,2 4 0 3 ,5 5 0 2 ,2 8 5 14 0 4 .5 2 2 9 .6 5 2 8 .2 5 14 .4 1 11.9 2 4 7 ,3 7 3 .9 9
3 5 S IL O IJ 10 ,9 2 5 17 ,10 0 7 ,2 2 5 1,12 5 11.4 8 16 0 .9 3 13 5 .8 5 6 .5 0 6 .8 9 12 ,6 3 0 .3 9
3 6 S M G R IJ 8 ,8 0 0 12 ,3 5 0 7 ,10 0 (2 ,6 0 0 ) ( 22 .8 1) 14 .9 5 11.4 3 2 .5 6 1.7 9 5 2 ,19 7 .3 8
3 7 S M R A IJ 1,7 4 5 1,8 3 0 9 5 0 9 5 5 .7 6 2 7 .9 0 2 7 .4 0 3 .9 6 3 .5 4 2 5 ,17 4 .7 3
3 8 S R IL IJ 2 6 0 4 9 7 2 3 2 ( 12 9 ) ( 33 .16 ) 9 .4 6 6 .4 7 1.8 9 1.15 4 ,8 3 4 .15
3 9 S S M S IJ 1,8 2 0 2 ,0 7 5 1,5 2 0 (13 0) (6 .6 7) 3 3 .11 - 6 .12 - 17 ,3 3 5 .5 0
4 0 T B IG IJ 6 ,5 2 5 9 ,4 5 0 5 ,5 0 0 6 5 0 11.0 6 19 .2 4 2 3 .3 3 17 .7 3 7 .3 0 3 1,2 9 7 .3 3
4 1 T L K M IJ 3 ,8 4 0 3 ,9 3 0 2 ,4 7 4 7 4 9 2 4 .2 3 19 .5 9 2 0 .6 2 4 .0 4 4 .6 0 3 8 7 ,0 7 1.9 9
4 2 UN T R IJ 14 ,9 0 0 2 1,2 0 0 12 ,5 5 0 (2 ,0 5 0 ) ( 12 .0 9 ) 16 .4 0 11.6 3 1.6 7 1.3 9 5 5 ,5 7 9 .0 1
4 3 UN V R IJ 4 3 ,0 7 5 4 7 ,8 0 0 3 3 ,0 0 0 6 ,0 7 5 16 .4 2 4 8 .2 6 5 1.5 1 5 8 .4 8 6 2 .2 3 3 2 8 ,6 6 2 .2 5
4 4 W IK A IJ 2 ,9 10 3 ,19 0 2 ,2 0 0 2 7 0 10 .2 3 2 5 .7 6 2 3 .2 7 3 .7 1 3 .6 2 17 ,8 9 4 .2 4
4 5 WSKT IJ 2 ,5 0 0 2 ,6 6 0 1,4 9 0 8 3 0 4 9 .7 0 18 .8 9 2 2 .8 4 2 .3 7 3 .15 3 3 ,9 3 2 .7 6
M A R K E T
C A P ( B n )L Q 4 5 I n d e x
C H A N G E Y T D P E R ( x ) P B V ( x )2 7 - J u n -16
5 2 - W E E K
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7
Macro data
Descriptio n 1-Day (%) 5 -Days (%) 1-M onth (%) YT D (%)
Property 1.76 3.14 6.08 9.62
Basic Industry 0.28 (2.02) 0.65 0.85
Trade 0.99 1.01 1.53 (0.12)
Finance (0.38) (0.33) 0.39 (2.70)
M iscellaneous Industry (0.93) (1.78) (1.51) 6.30
Consumer (0.52) (1.70) (2.47) 10.49
Infrastructure 0.10 (0.80) 0.97 10.56
Agriculture 0.01 (1.83) (2.09) 0.50
M ining 0.42 (1.21) 7.97 28.58
M ay-16 A pr-16
0.40 3.52
3.33 3.60
0.24 -0.45
103.60 107.71
-0.34
4.92 5.04
F OREX Spot R ate 1-Day (%) 1-M o nth (%) YT D (%)
USD/IDR 13,270.00 0.61 2.79 3.90
USD/CNY 6.65 (0.39) (1.23) (2.31)
USD/EUR 0.91 0.06 1.08 (1.47)
USD/JPY 101.61 0.38 9.36 18.32
USD/SGD 1.36 0.17 1.53 4.24
USD/AUD 1.36 (0.37) (2.38) (0.96)
USD/GBP 0.76 0.01 10.69 11.42
(in %)
7.64
0.93
1.46
7.55
7.67
7.94
Inflation M oM (in %)
Foreign Reserves (in USD bn)
GDP Gro wth QoQ (in %)
GDP Gro wth YoY (in %)
Sectors
Eco nomic Indicators
Inflation YTD (in %)
Economic P arameters
Inflation Yo Y (in %)
Indonesia 5-Year Government Bonds Yield
Indonesia 10-Year Government B onds Yield
Indonesia 15-Year Government B onds Yield
Lending and De posit Rates
JIBOR (in IDR)
LIBOR (in GBP )
SIBOR ( in USD)
Source: Bloomberg, Sinarmas Investment Research
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8
Our Analyst Stock Picks until end of June 2016
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Portfolio A Weightings
MPMX 50.0%
BTPN 25.0%
DMAS 25.0%
Portfolio B Weightings
BSDE 33.3%
DSNG 33.3%
TELE 33.3%
Portfolio C Weightings
PTBA 60.0%
LPKR 40.0%
Portfolio D Weightings
GGRM 60.0%
AALI 40.0%
Portfolio E Weightings
SMRA 50.0%
PSAB 50.0%
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Upcoming IPO
Dividend
Rights Issue
2015 2016 2016
APBN-P RAPBN APBN
GDP Growth (%, YoY) 5.70% 5.50% 5.30%
Exchange rate (USD/IDR) 12500 13400 13900
Inflation (%, YoY) 5,0 4,7% 4,7%
3 Months SPN (%) 6.2 5,5% 5,5%
Indonesian Crude Oil (USD/barrel) 60 60 50
Oil Lifting ( thousands barrel/day) 825 830 830
Gas Lifting (thousands, BOE/day) 1.221 1.15 1.15
Total State Budget (in IDR trillion) 1761 1848 1822
INDICATOR
Stock DPS (Rp) Status Cum Date (2016) Ex Date (2016) Recording (2016) Payment (2016)
DPNS 5 CASH 23 June 24 June 28 June 20 July
GEMA 16 CASH 23 June 24 June 28 June 20 July
MREI 50 CASH 23 June 24 June 28 June 20 July
SQBI 16,000.00 CASH 23 June 24 June 28 June 20 July
TIFA 7 CASH 24 June 27 June 29 June 21 July
TOTL 40 CASH 01 July 02 July 06 July 24 July
Ticker Price (Rp) Cum Date (2016) EX Date(2016) Trading (2016)
AKKU 2 : 49 101 29 June 30 June 13 July - 19 July
BHIT 5 : 1 185 01 July 11 July 15 July - 28 July
BINA 84 : 25 240 10 July 11 July 15 July- 21 July
Ratio
State Budget
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Company Business IPO Price (Rp) Issued
Shares
(Mn)
Offering Date Listing Underwriter
PT Duta Intidaya Trade&Service 170-190 478.04 17-21 June 2016 28 June 2016 Trimegah Securities
PT Graha Andasentra Property 130-150 2300 20-24 June 2016 04 July 2016 Danatama Securities
PT Capital Financial IndonesiaInvestment &
Finance130 5500 29- 12 July 2016 19 July 2016 Sinarmas Sekuritas
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Picks of The Day
UNTR : Trading Buy
UNTR memiliki indikator MACD Stoc osc dan Rsi yang mengindikasikan polaUptrend. UNTR berhasil menembus Resistance pada level harga 14775 dan
terbuka peluang untuk mencoba level Resistance pada level 15300 dalam jangka pendek. Trading Range : 14600 15700.
Fundamental :
BSDE : Trading Buy
BSDE memiliki indikator MACD Stoc osc dan Rsi yang mengindikasikan pola Uptrend. BSDE berhasil menembus Resistance pada level harga 2100 dan
terbuka peluang untuk mencoba level Resistance pada level 2140 dalam jangka pendek, Trading range : 2060 2160.
Fundamental :
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Tuesday, June 28, 2016
Created with AmiBroker - advanced charting and technical analysis s oft ware. http://www.amibroker.com
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
13,000
14,000
15,000
16,000
17,000
18,000
19,000
20,000
21,000
22,000
UNTR- Daily6/27/2016 4:12:00 PMOpen 14075,Hi 15000,Lo 13900,Close 14900 (5.9%)MA(Close,50) = 14,342.50
14,900
14,342.5
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
-500
0
500UNTR- MACD(12 ,26) = 3.22, Signal(12,26,9) = -81.91
3.22243
-81.9126
20
80
UNTR- Stoch %K(15,3) = 63.42, Stoch %D(15,3,3) = 44.55
63.4249
44.5543
30
70UNTR- RSI(15) = 60.11
60.1126
Created with AmiBroker - advanced charting and technical analysis s oft ware. http://www.amibroker.com
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
1,300
1,400
1,500
1,600
1,700
1,800
1,900
2,000
2,100
BSDE - Daily6/27/2016 4:14:39 PMOpen 2010, Hi 2110, Lo 1990, Close 2100(2.9%) MA(Close ,50) = 1,859.30
2,100
1,859.3
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
-50
0
50BSDE - MACD(12 ,26) = 64.76, Signal(12,26,9) = 43.59 64.7626
43.5932
20
80
BSDE - Stoch %K(15,3) = 84.32, Stoch %D(15,3,3) = 86.2984.3246
86.29
30
70
BSDE - RSI(15) = 71.4771.4683
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Picks of The Day
LPKR : Trading Buy
LPKR memiliki indikator MACD Stoc osc dan RSI mengindikasikan polaUptrend, LPKR berhasil menembus Resistance di level harga 1090 sehingga
terbuka peluang untuk kembali menguji Resistance dalam jangka pendek menguji pada level harga 1110. Trading Range : 1070 1125.
Fundamental :
PTPP : Buy on Weakness
PTPP memiliki indikator MACD Stoc osc dan RSI mengindikasikan pola Uptrend, PTPP belum berhasil menembus Resistance di level harga 3850 se-
hingga terbuka peluang untuk menguji Support dalam jangka pendek pada level harga 3760 , Trading range : 3720 3880.
Fundamental :
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Created with AmiBroker - advanced charting and technical analysis s oft ware. http://www.amibroker.com
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
900
950
1,000
1,050
1,100
1,150
1,200
1,250
1,300
1,350
1,400LPKR - Daily6/27/2016 4:13:43 PMOpen 1060, Hi 1100, Lo 1060, Close 1090(1.9%) MA(Close ,50) = 992.70
1,090
992.7
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
-40
-20
0
20
40LPKR - MACD(12 ,26) = 19.06, Signal(12,26,9) = 6.89
19.0585
6.88935
20
80
LPKR - Stoch %K(15,3) = 94.95, Stoch %D(15,3,3) = 85.27 94.9509
85.2735
30
70LPKR - RSI(15) = 65.99
65.9872
Created with AmiBroker - advanced charting and technical analysis s oft ware. http://www.amibroker.com
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
3,000
3,100
3,200
3,300
3,400
3,500
3,600
3,700
3,800
3,900
4,000
4,100
4,200
PTPP- Daily6/27/2016 4:10:26 PMOpen 3780, Hi 3810, Lo 3740, Close 3800(-0.5%) MA(Close ,50) = 3,682.90
3,800
3,682.9
Jun Jul Aug Sep Oct Nov Dec 2016 Feb Mar Apr May Jun
-150-100
-50
0
50
100PTPP - MACD(12 ,26) = 47.18, Signal(12,26,9) = 46.99
47.1779
46.9884
20
80
PTPP - Stoch %K(15,3) = 53.09, Stoch %D(15,3,3) = 60.18
53.0864
60.1824
30
70PTPP - RSI(15) = 54.40
54.4029
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These recommendations are based on technical indicators and are suitable for daily trading purposes.
TICKER REC PRICE ENTRY EXIT S2 S1 R1 R2 EXPLANATION
AALI Buy 14,300 14,300 14,375 14,125 14,250 14,375 14,450 Stoc osc : reversal
LSIP BoW 1,360 1,340 1,380 1,315 1,340 1,380 1,395 Macd : downtrend
BWPT Sell 212 212 207 201 207 217 223 Stoc osc : downtrend
BMRI BoW 9,000 8,900 9,100 8,750 8,900 9,100 9,200 Long legged doji
BBRI BoW 10,225 10,100 10,325 9,950 10,100 10,325 10,400 Stoc osc : downtrend
BBCA BoW 12,800 12,700 12,850 12,600 12,700 12,850 12,950 Rsi : uptrend
BBNI BoW 4,840 4,800 4,870 4,750 4,800 4,870 4,920 Long legged doji
BBTN BoW 1,650 1,630 1,670 1,610 1,630 1,670 1,695 Rsi : downtrend
BJTM Sell 450 450 445 440 445 455 465 Gravestone doji
BJBR Buy 1,050 1,050 1,065 1,030 1,045 1,065 1,075 White spinning top
INDF Sell 7,000 7,000 6,900 6,825 6,900 7,050 7,150 Stoc osc : downtrend
ICBP Buy 17,250 17,250 17,375 17,050 17,175 17,375 17,500 Rsi : uptrendGGRM BoW 65,775 65,400 66,100 65,000 65,400 66,100 66,400 Rsi : downtrend
UNVR Sell 43,075 43,075 42,850 42,600 42,850 43,150 43,400 Stoc osc : downtrend
CPIN Sell 3,600 3,600 3,575 3,550 3,575 3,630 3,650 Stoc osc : downtrend
ASII BoW 6,625 6,550 6,700 6,450 6,550 6,700 6,825 White spinning top
SMGR BoW 8,725 8,650 8,800 8,600 8,650 8,800 8,925 Stoc osc : downtrend
INTP Buy 16,250 16,250 16,450 15,900 16,100 16,450 16,600 Rsi : uptrend
SMCB Sell 1,030 1,030 1,010 1,000 1,010 1,040 1,060 Stoc osc : downtrend
TLKM BoW 3,840 3,790 3,870 3,740 3,790 3,870 3,920 Rsi : Reversal
PGAS BoW 2,340 2,315 2,360 2,290 2,315 2,360 2,390 Long legged doji
JSMR BoW 5,150 5,050 5,200 5,000 5,050 5,200 5,300 White spinning top
TBIG Sell 6,525 6,525 6,450 6,375 6,450 6,600 6,750 Rsi : downtrend
MAPI BoW 4,150 4,110 4,180 4,080 4,110 4,180 4,220 Long legged doji
RALS BoW 980 965 995 950 965 995 1,010 Long legged doji
ACES BoW 880 860 900 830 860 900 920 Rsi : uptrend
MPPA BoW 1,430 1,420 1,450 1,400 1,420 1,450 1,480 Doji
PTBA BoW 7,750 7,600 7,900 7,450 7,600 7,900 8,050 White spinning top
ADRO Sell 835 835 825 815 825 845 865 White spinning top
ITMG BoW 8,725 8,650 8,850 8,500 8,650 8,850 9,000 Rsi : uptrend
ANTM BoW 735 725 745 715 725 745 760 Rsi : reversal
TINS BoW 695 685 705 675 85 705 720 Stoc osc : downtrend
UNTR Buy 14,900 14,900 15,300 14,200 14,600 15,300 15,700 Stoc osc : uptrend
ASRI BoW 492 485 505 475 485 505 515 Rsi : uptrendLPKR Buy 1,090 1,090 1,110 1,045 1,070 1,110 1,125 Stoc osc : uptrend
CTRA Buy 1,470 1,470 1,515 1,450 1,460 1,515 1,525 Rsi : uptrend
APLN BoW 266 256 274 250 256 274 284 Long legged doji
SMRA Buy 1,745 1,745 1,770 1,710 1,730 1,770 1,790 Rsi : uptrend
SSIA BoW 630 615 645 600 615 645 670 White spinning top
BSDE Buy 2,100 2,100 2,140 2,025 2,040 2,140 2,190 Rsi : uptrend
PTPP BoW 3,800 3,760 3,830 3,720 3,760 3,830 3,850 White spinning top
WSKT BoW 2,500 2,460 2,530 2,420 2,460 2,530 2,550 Rsi : uptrend
WIKA Buy 2,910 2,910 2,950 2,830 2,870 2,950 2,990 Rsi : reversal
ADHI BoW 2,720 2,690 2,750 2,650 2,690 2,750 2,780 Rsi : reversal
MINING
PROPERTY & CONSTRUCTION
AGRICULTURE
Finance
CONSUMER GOODS
0
RETAIL
Trading View
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Equity Research Team
EQUITY ANALYST
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Property, Coal and Mining
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EQUITY ANALYST
Wilbert
Consumer goods and Retail
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RESEARCH ASSOCIATE
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Cement
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EQUITY ANALYST
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Banking and Cement
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TECHNICAL ANALYST
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RESEARCH ASSOCIATE
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Construction
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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
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
and are subject to change without notice. For further information please contact our number +62 21 392 5550 or fax +62 21 392 2320.