monday, may 18, 2020 · 5/18/2020 · bergerak di kisaran 4464-4628. source: bloomberg, sinarmas...

1

Today’s Market:

IHSG diperkirakan bergerak mixed. Bursa AS ditutup men-

guat pada perdagangan Jumat (15/05). Harga batubara

turun ke level USD 50.95 per Mt. Crude oil naik ke level

USD 30.70 per barrel. Rupiah menguat terhadap Dollar AS

di level Rp 14,860. 10Yr Government Bonds Yield turun ke

level 7.75%.

Dari dalam negeri, BPS mencatatkan neraca perdagangan

April 2020 defisit USD 345 juta (vs surplus USD 715 juta

pada bulan sebelumnya).

Sehubungan dengan industri, penjualan wholesale ken-

daraan mobil April 2020 sebesar 7.9 ribu (-89.9% YoY).

Astra International (ASII) mencatatkan penjualan 3.8 ribu

(-91.7% YoY), dan market share 48.4% (vs 59.8% pada

Maret 2020).

Sehubungan dengan emiten, Ciputra Development (CTRA)

mencatatkan pendapatan 1Q20 sebesar IDR 1.5 tn (-8.3%

YoY) dan laba bersih IDR 178 bn (-37.3% YoY). Pen-

capaian tersebut sejalan dengan estimasi kami, namun

sedikit dibawah estimasi konsensus.

Sehubungan dengan emiten, Erajaya Swasembada (ERAA)

mencatatkan pendapatan 1Q20 Rp 7.8 tn (+9.6% YoY),

dan laba bersih sebesar Rp 103 bn (+116.8% YoY). Hasil

tersebut sejalan dengan estimasi.

Secara teknikal indeks hari Senin (18/05), IHSG diprediksi

bergerak di kisaran 4464-4628.

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, May 18, 2020

IHSG turun sebanyak 6.2 poin (0.14%) ke level 4507.61.

Sementara LQ45 turun sebanyak 4.4 poin (0.67%) ke level

657.1. Foreign net sell sebesar Rp 1094.72 miliar.

ID X Stat ist ics C lo sing

JCI 4,507.61

Transaction Value Regular M arket (IDR tn) 6.326

Transaction Volume Regular M arket (mn shares) 4,618

Foreign Net Buy (Sell) (IDR bn) (1,095)

Foreign Net Buy (Sell) (1.66)

Total M arket Capitalization (IDR tn) 5,230.30

LQ45 657.10 (0.67) (39.12)

EIDO 15.63 (2.07) (45.02)

IDX 13.97 (1.62) (43.76)

DOW JONES 23,685.42 0.25 (4.18)

S&P 500 2,863.70 0.39 7.11

NASDAQ 9,014.56 0.79 30.58

FTSE 5,799.77 1.01 (24.56)

NIKKEI 20,037.47 0.62 (11.98)

HANG SENG 23,797.47 (0.14) (20.46)

STRAITS TIM ES 2,523.55 0.05 (25.84)

KLSE 1,403.44 0.44 (21.89)

USD/IDR 14,860.00 0.00 6.69

EUR/IDR 16,074.06 (0.07) 3.23

JPY/IDR 138.47 (0.25) 7.87

SGD/IDR 10,407.82 (0.51) 1.08

AUD/IDR 9,550.82 (0.76) (1.74)

GBP/IDR 18,196.62 0.00 (0.47)

Crude Oil (USD/barrel) 30.70 7:54:47 AM (49.72)

Coal (USD/mn tons) 50.95 5/15/2020 (24.74)

Natural Gas (USD/mmBtu) 1.71 7:53:58 AM (21.75)

Gold (USD/ounce) 1,757.01 8:04:57 AM 15.84

Nickel (USD/mn tons) 11,855.00 5/15/2020 (15.47)

Tins (USD/mn tons) 14,965.00 5/15/2020 (12.87)

CPO (M YR/mn tons) 2,115.00 5/15/2020 (30.42)

Rubber (JPY/kg) 140.10 7:19:03 AM (20.98)

Wheat (USD/bushel) 498.75 7:53:25 AM (10.74)

Corn (USD/bushel) 320.75 7:53:59 AM (17.28)

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 (%)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

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

Millio

ns

Volume JCI Index

2

Daily Corporate and Industry News

Pemerintah Indonesia kembali mendapatkan fasilitas utang yang dapat digunakan untuk menangani dampak Covid-19. Kali ini, fasilitas tersebut bersumber dari World Bank sebesar US$ 700 juta dan utang tambahan untuk pengem-bangan sektor finansial guna dengan nilai US$ 300 juta. Source: Kontan Gubernur Jawa Barat Ridwan Kamil mengatakan PSBB tingkat Provinsi Jabar akah berakhir 19 Mei 2020. Source: Bisnis Indonesia Ciputra Development (CTRA) sepanjang kuartal I-2020 membukukan pendapatan sebesar Rp 1,5 triliun (-8.3% YoY) dan membukukan laba bersih sebesar Rp 178 miliar (-37.3% YoY). Source: Company Surya Semesta Internusa (SSIA) memperkirakan, pendapatan sepanjang 2020 menurun 13% ketimbang tahun lalu dikarenakan Covid-19. SSIA memangkas target kontrak baru jasa konstruksi di 2020 menjadi Rp 2 triliun. Source: Kontan KB Kookmin Bank berkomitmen menambah modal Bank Bukopin (BBKP) melalui penawaran umum terbatas (PUT) V atau right issue yang rencananya dilaksanakan pada akhir semester 1-2020. Source: Investor Daily Merdeka Copper Gold (MDKA) membukukan kenaikan pendapatan sebesar USD 103.78mn (+13.1% YoY) dan laba bersih sebesar USD 14.97mn (-26.25% YoY) pada kuartal I-2020. Source: Investor Daily Adira Dinamika Multi Finance (ADMF) sampai pertengahan Mei 2020 telah merestrukturisasi pembiayaan sebesar Rp 11,1 triliun. Source: Investor Daily Erajaya Swasembada (ERAA) mencatatkan pendapatan Rp7,806 miliar pada periode kuartal-I 2020 (+9.6% YoY) dan laba bersih sebesar Rp 102.7 miliar (+116.8% YoY). Source: IQPlus


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 18,213.65 (4,853.02) (17.01) 17.50 21.59 3.52 3.43 7,496.36 7,496.36

2 SPX Index 3,393.52 2,191.86 (367.08) (11.36) 19.76 22.76 3.26 3.12 24,695.71 24,695.71

3 CCM P Index 9,838.37 6,631.42 41.96 0.47 35.21 32.66 4.64 4.89 13,992.40 13,992.40

4 SPTSX Index 17,970.51 11,172.73 (2,424.53) (14.21) 17.26 22.49 1.51 1.44 2,215.04 1,570.73

5 M EXBOL Index 45,955.41 32,503.25 (7,849.63) (18.03) 17.04 17.23 1.60 0.99 4,682.00 194.89

6 SX5E Index 3,867.28 2,302.84 (974.45) (26.02) 17.22 16.27 1.30 1.26 2,429.87 2,625.96

7 UKX Index 7,727.49 4,898.79 (1,742.67) (23.10) 20.01 16.74 1.37 1.35 1,562.42 1,893.49

8 CAC Index 6,111.41 3,632.06 (1,700.43) (28.44) 17.00 17.98 1.24 1.22 1,345.83 1,454.44

9 DAX Index 13,795.24 8,255.65 (2,783.84) (21.01) 19.74 17.24 1.25 1.22 959.52 1,036.95

10 IBEX Index 10,100.20 5,814.50 (3,074.30) (32.19) 23.52 18.72 0.93 0.92 411.36 444.55

11 FTSEM IB Index 25,483.05 14,153.09 (6,654.02) (28.31) 19.67 17.79 0.86 0.84 387.72 419.01

12 AEX Index 632.12 389.60 (104.27) (17.25) 19.60 21.05 1.53 1.49 690.57 746.30

13 SM I Index 11,270.00 7,650.23 (1,133.84) (10.68) 19.61 17.65 2.20 2.17 1,150.68 1,182.49

14 AS51 Index 7,197.20 4,402.50 (1,214.88) (18.18) 17.98 18.71 1.73 1.68 1,652.87 1,059.49

15 AS30 Index 7,289.70 4,429.10 (1,238.30) (18.20) 18.09 18.58 1.72 1.67 1,803.62 1,156.12

16 SHSZ300 Index 4,223.51 3,503.19 (183.76) (4.49) 14.64 12.34 1.69 1.57 31,304.19 4,407.86

17 SHASHR Index 3,276.75 2,773.54 (189.20) (5.92) 14.58 11.72 1.36 1.24 33,397.35 4,702.59

18 SZASHR Index 2,035.92 1,524.76 90.23 5.01 50.73 19.49 2.60 2.69 25,276.79 3,559.16

19 HSI Index 29,174.92 21,139.26 (4,392.28) (15.58) 9.90 10.99 0.99 0.96 16,079.77 2,074.41

20 HSCEI Index 11,502.47 8,290.34 (1,493.49) (13.37) 7.95 8.36 1.01 0.95 12,419.78 1,602.24

21 SENSEX Index 42,273.87 25,638.90 (10,156.01) (24.62) 19.44 16.64 2.38 2.13 60,375.73 796.22

22 NIFTY Index 12,430.50 7,511.10 (3,031.60) (24.91) 18.04 16.03 2.21 1.97 70,759.71 933.17

23 JCI Index 6,468.25 3,911.72 (1,791.93) (28.45) 13.16 12.52 1.28 1.50 5,230,295.63 351.71

24 LQ45 Index 1,036.62 566.05 (357.37) (35.23) 11.08 11.66 1.54 1.47 3,207,645.98 215.70

25 KSE100 Index 43,468.22 27,046.71 (6,726.75) (16.51) 8.03 6.64 1.00 0.97 5,345.73 33.50

26 NKY Index 24,115.95 16,358.19 (3,584.93) (15.15) 19.41 17.95 1.52 1.42 319,406.05 2,977.03

27 NEY Index 356.77 249.78 (50.56) (14.45) 14.77 13.49 1.01 0.94 388,983.58 3,625.53

28 TPX Index 1,747.20 1,199.25 (266.51) (15.48) 15.65 14.45 1.04 1.01 556,068.22 5,182.85

29 FBM KLCI Index 1,694.55 1,207.80 (185.32) (11.66) 15.92 16.44 1.39 1.33 901.08 207.06

30 NZSE Index 2,019.39 1,356.73 (140.89) (7.32) 26.31 24.19 2.12 1.84 147.58 87.48

31 PCOM P Index 8,419.59 4,039.15 (2,273.31) (29.09) 12.79 13.94 1.40 1.30 6,988.40 137.74

32 FSSTI Index 3,386.65 2,208.42 (699.28) (21.70) 10.05 13.04 0.83 0.84 439.35 307.71

33 KOSPI Index 2,277.23 1,439.43 (271.43) (12.35) 22.39 13.54 0.76 0.79 1,246,981.49 1,012.30

34 TWSE Index 12,197.64 8,523.63 (1,182.22) (9.85) 18.37 16.53 1.62 1.71 32,702.50 1,092.93

35 SET Index 1,748.15 969.08 (299.08) (18.93) 17.56 18.38 1.42 1.43 13,746.63 428.85

36 SET50 Index 1,164.72 628.97 (213.93) (20.02) 17.90 19.16 1.63 1.53 9,581.38 298.90

37 VNINDEX Index 1,028.97 649.10 (133.96) (13.94) 13.51 13.27 1.84 1.99 2,885,248.95 123.53

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 LOW P OIN T % T railing F o rward T railing F o rwardD o main

C urrencyUSD

4

LQ45



LQ45 Index

HIGH LOW POINT % Trailing Forward Trailing Forward

1 ACES IJ 1,310 1,920 970 (185) (12.37) 21.72 24.48 4.74 24.48 22,466.50

2 ADRO IJ 925 1,715 610 (630) (40.51) 5.19 6.22 0.53 6.22 29,587.01

3 AKRA IJ 2,240 4,580 1,405 (1,710) (43.29) 12.10 10.78 1.04 10.78 8,992.92

4 ANTM IJ 520 1,175 338 (320) (38.10) 64.49 56.96 0.69 56.96 12,496.00

5 ASII IJ 3,710 7,700 3,220 (3,215) (46.43) 7.05 8.00 0.97 8.00 150,193.98

6 BBCA IJ 23,925 35,300 21,625 (9,500) (28.42) 20.65 19.95 3.39 19.95 589,871.11

7 BBNI IJ 3,340 9,450 2,970 (4,510) (57.45) 4.05 4.22 0.51 4.22 62,286.51

8 BBRI IJ 2,240 4,760 2,210 (2,160) (49.09) 7.98 9.50 1.55 9.50 276,294.61

9 BBTN IJ 745 2,750 725 (1,375) (64.86) 38.25 5.31 0.33 5.31 7,889.55

10 BMRI IJ 3,760 8,175 3,680 (3,915) (51.01) 6.38 6.61 0.86 6.61 175,466.67

11 BRPT IJ 1,225 1,525 426 (285) (18.87) 196.39 41.20 6.20 41.20 109,045.84

12 BSDE IJ 605 1,580 585 (650) (51.79) 4.72 7.05 0.41 7.05 11,644.25

13 BTPS IJ 2,080 5,125 1,790 (2,170) (51.06) 11.45 15.18 2.97 15.18 16,023.70

14 CPIN IJ 4,960 7,750 3,800 (1,540) (23.69) 22.43 27.01 3.86 27.01 81,334.08

15 CTRA IJ 476 1,335 394 (564) (54.23) 8.32 9.72 0.60 9.72 8,834.70

16 ERAA IJ 1,100 2,260 805 (695) (38.72) 11.87 13.23 0.73 13.23 3,509.00

17 EXCL IJ 2,460 3,730 1,315 (690) (21.90) 12.10 23.78 1.28 23.78 26,336.79

18 GGRM IJ 49,275 80,800 30,625 (3,725) (7.03) 8.71 10.20 1.86 10.20 94,809.44

19 HMSP IJ 1,855 3,470 1,085 (245) (11.67) 15.63 17.39 5.52 17.39 215,770.03

20 ICBP IJ 9,700 12,550 8,125 (1,450) (13.00) 22.43 21.14 4.47 21.14 113,120.51

21 INCO IJ 2,890 4,320 1,340 (750) (20.60) 18.16 24.30 0.98 24.30 28,716.02

22 INDF IJ 6,575 8,300 5,000 (1,350) (17.03) 11.76 11.40 1.53 11.40 57,731.30

23 INKP IJ 5,100 10,150 3,020 (2,600) (33.77) 6.84 - 0.47 - 27,902.01

24 INTP IJ 10,650 22,875 8,650 (8,375) (44.02) 21.36 20.26 1.70 20.26 39,205.12

25 ITMG IJ 7,400 18,500 5,650 (4,075) (35.51) 5.20 6.30 0.63 6.30 8,361.45

26 JPFA IJ 890 1,860 760 (645) (42.02) 5.81 6.55 0.96 6.55 10,436.65

27 JSMR IJ 3,530 6,225 2,230 (1,645) (31.79) 11.61 20.50 1.37 20.50 25,620.29

28 KLBF IJ 1,400 1,690 830 (220) (13.58) 25.43 25.14 3.99 25.14 65,625.17

29 LPPF IJ 1,255 4,500 1,080 (2,955) (70.19) 2.58 3.61 1.92 3.61 3,520.13

30 MNCN IJ 940 1,780 750 (690) (42.33) 5.23 6.00 1.00 6.00 13,419.54

31 PGAS IJ 790 2,460 605 (1,380) (63.59) 19.07 10.63 0.50 10.63 19,150.79

32 PTBA IJ 1,815 3,150 1,385 (845) (31.77) 5.25 5.98 1.03 5.98 20,910.00

33 PTPP IJ 610 2,340 484 (975) (61.51) 4.07 3.18 0.28 3.18 3,781.94

34 PWON IJ 326 815 266 (244) (42.81) 5.77 7.63 1.05 7.63 15,700.03

35 SCMA IJ 800 1,785 600 (610) (43.26) 13.03 10.41 2.26 10.41 11,819.74

36 SMGR IJ 8,525 13,500 5,475 (3,475) (28.96) 19.68 18.61 1.53 18.61 50,566.21

37 SRIL IJ 148 372 113 (112) (43.08) 2.31 - 0.33 - 3,026.92

38 TBIG IJ 1,125 1,365 610 (105) (8.54) 28.28 23.69 5.46 23.69 25,489.12

39 TKIM IJ 4,340 13,475 3,750 (5,935) (57.76) 5.46 - 0.66 - 13,511.39

40 TLKM IJ 3,100 4,500 2,450 (870) (21.91) 15.16 14.92 3.08 14.92 307,092.87

41 TOWR IJ 860 945 575 55 6.83 18.56 17.37 4.95 17.37 43,872.58

42 UNTR IJ 14,250 28,900 12,000 (7,275) (33.80) 5.27 5.77 0.84 5.77 53,154.43

43 UNVR IJ 8,575 9,795 5,275 175 2.08 43.54 41.86 45.31 41.86 327,136.25

44 WIKA IJ 905 2,500 675 (1,085) (54.52) 3.55 4.12 0.49 4.12 8,117.81

45 WSKT IJ 575 2,180 394 (910) (61.28) 8.32 7.61 0.44 7.61 7,805.02

MARKET CAP

(Bn)LQ45 Index

CHANGE YTD PER (x) PBV (x)15-May-20

52-WEEK

5

Macro data



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

Property 0.93 4.73 (2.93) (36.43)

Basic Industry 1.09 (2.07) 3.16 (30.47)

Trade (0.52) (0.63) (2.42) (23.81)

Finance (2.67) (7.47) (12.03) (36.74)

M iscellaneous Industry 2.53 (0.31) (1.56) (41.52)

Consumer 1.89 5.07 10.32 (7.97)

Infrastructure 0.95 (2.53) (1.79) (25.60)

Agriculture 0.81 (0.43) (3.98) (37.26)

M ining (0.13) (2.84) (2.02) (21.25)

A pr-20 M ar-20

0.84 3.61

2.67 2.96

0.08 0.10

127.88 120.97

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

USD/IDR 14,860.00 - 4.81 (6.69)

USD/CNY 7.10 (0.09) (0.48) (1.95)

USD/EUR 0.92 0.03 0.43 3.66

USD/JPY 107.19 (0.12) 0.40 1.32

USD/SGD 1.43 0.07 (0.34) (5.60)

USD/AUD 1.56 (0.23) (1.43) 9.16

USD/GBP 0.83 0.06 2.80 9.60

( in %)

5.20

0.68

1.46

7.18

7.75

8.10

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 : MIXED

Last price : 4.507

Support : 4.464, 4.408

Resistance : 4.545, 4.628

JCI pada hari ini kami perkirakan akan bergerak MIXED dengan range 4.464 - 4.628. JCI break Support 4.545,

berpeluang menguji Support 4.464 dan 4.408, Namun, jika JCI bertahan diatas 4.545, akan mencoba

Resistance 4.628 dan 4.697. Indikator Stoc osc mengindikasikan pola Downtrend dan MACD mengindikasikan

pola Neutral.

Jakarta Composite Index (JCI)

Summary of portfolio:Stock Recommendation Comment

SMRA HOLD SMRA bertahan diatas Support 418, berpeluang mencoba Resistance 440 dan462. Namun, jika SMRA gagal bertahan diatas Support 418, akan menguji

Support 410 dan 400.

WEGE HOLD WEGE menguji Support 149, jika break Strong Support 149, berpeluangmelanjutkan pelemahan dengan menguji Support 142 dan 136.

INDF HOLD INDF mencoba break Resistance Trendline 6.675, jika berhasil berpeluangmelanjutkan penguatan dengan mencoba Resistance Trendline 6.800 dan7.000. Namun, jika INDF gagal break diatas 6.675, akan kembali menguji

Support 6.500 dan 6.350.

INDY HOLD INDY break Support 725, berpeluang melanjutkan pelemahan dengan mengujiSupport 690 dan 660. Namun, jika INDY bertahan diatas 725, akan mencoba

Resistance 740 dan 765.

SMRA : HOLD

Last price : 430Target price : 476 (7.7%)Stop loss : 410 (-5.4)

SMRA bertahan diatas Support 418, berpeluang mencoba Resistance 440 dan 462. Namun, jika SMRA gagal bertahandiatas Support 418, akan menguji Support 410 dan 400. Indikator MACD mengindikasikan pola Neutral dan Stoc oscmengindikasikan pola Reversal.

WEGE : HOLD

Last price : 151Target price : 177 (10.6%)Stop loss : 149 (-6.9%)

WEGE menguji Support 149, jika break Strong Support 149, berpeluang melanjutkan pelemahan dengan mengujiSupport 142 dan 136. Namun, jika WEGE bertahan diatas 149, akan mencoba Resistance 156 dan 164. WEGE dilihatdari Indikator MACD mengindikasikan pola Neutral dan Stoc osc mengindikasikan pola Downtrend.

Support : 430, 418Resistance : 442, 462


Wijaya Karya Bangunan Gedung Tbk (WEGE)

Summarecon Agung Tbk (SMRA)


Indofood Sukses Makmur Tbk (INDF)

Indika Energy Tbk (INDY)


INDF : HOLD

Last price : 6.575Target price : 7.300 (11.5%)Stop loss : 6.175 (-5.7%)

INDF mencoba break Resistance Trendline 6.675, jika berhasil berpeluang melanjutkan penguatan dengan mencobaResistance Trendline 6.800 dan 7.000. Namun, jika INDF gagal break diatas 6.675, akan kembali menguji Support6.500 dan 6.350. INDF dilihat dari Indikator MACD dan Stoc osc mengindikasikan pola Reversal.

INDY : HOLD

Last price : 705Target price : 820 (13.1%)Stop loss : 660 (-9.0%)

INDY break Support 725, berpeluang melanjutkan pelemahan dengan menguji Support 690 dan 660. Namun, jikaINDY bertahan diatas 725, akan mencoba Resistance 740 dan 765. INDY dilihat dari Indikator MACD dan Stoc oscmengindikasikan pola Downtrend.

Support : 6.500, 6.350Resistance : 6.675, 6.800


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Equity Research Team

HEAD OF RESEARCH

Evan Lie Hadiwidjaja

Banking, Automotive

Tel: +62 21 3925550 Ext: 615

[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

Consumer, Retail, Cement

Tel: +62 21 3925550 Ext: 610

[email protected]

RESEARCH ASSOCIATE

Andrianto Saputra

Tobacco, Plantation

Tel: +62 21 3925550 Ext: 159

[email protected]

RESEARCH ASSOCIATE

Kharel Devin Fielim

Media, Poultry, Construction

Tel: +62 21 3925550 Ext: 159

[email protected]

TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

[email protected]

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monday, may 18, 2020 · 5/18/2020 · bergerak di kisaran 4464-4628. source: bloomberg, sinarmas...

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