Kamis, 4 April 2019 RESEARCH Equity D A I LY R E P O R T · residensial dan komersial yang memberikan daya tarik tersendiri bagi calon konsumen. SMRA diperdagangkan pada PER dan SMRA

Kamis, 4 April 2019

D A I LY R E P O R T

Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id

RESEARCH Equity

LAPORAN RISET

GGRM: Take, Burn, and Enjoy Key Highlight:

Lower FY18 profit below expectation

Flat ASP in FY18 intended to maintain market share

Good opportunity to enter post recent correction

Analyst: William Siregar

([email protected])

PERKEMBANGAN INDUSTRI / PERUSAHAAN

Summarecon Agung (SMRA) Luncurkan Hunian di Bandung. BUY. Analyst: Maxi Liesyaputra.

RINGKASAN BERITA PT Nusantara Infrastructure Tbk (META) membidik

peluang dalam menginisiasi proyek infrastruktur prakarsa di berbagai daerah mulai dari jalan tol, air bersih, hingga energi untuk menjaga pertumbuhan kinerja keuangan perseroan ke depan.

PT MAP Aktif Adiperkasa Tbk (MAPA) mengincar dana hingga Rp5,03 triliun dari penjualan saham melalui opsi secondary share offering. Perseroan menawarkan sebanyak 648,5 juta saham atau setara 23,5%.

PT Ultrajaya Milk Industries Tbk (ULTJ) alami penurunan laba tahun berjalan yang dapat didistribusikan ke pemilik entitas induk sebesar 1,46% hingga periode 31 Desember 2018 menjadi Rp697,78 miliar dari laba Rp708,19 miliar di periode sama tahun sebelumnya.

PT Inti Agri Resources Tbk (IIKP) mencatat rugi bersih tahun berjalan yang dapat didistribusikan ke pemilik entitas induk sebesar Rp15,06 miliar hingga periode yang berakhir 31 Desember 2018 naik dari rugi bersih Rp13,00 miliar di periode sama tahun sebelumnya.

PT Link Net Tbk (LINK) mulai memburu segmen milenial secara agresif sebagai salah satu strategi mendongkrak pundi-pundi keuangan perseroan pada tahun ini.

(Sumber: Bisnis Indonesia, IQ Plus)

Global Indices Closing Change %Chg %Ytd P/EAmericasINDU Index 26,218.13 39 0.15 12.39 16.61SPX Index 2,873.40 6.16 0.21 14.62 18.89CCMP Index 7,895.55 46.864 0.60 18.99 33.49IBOV Index 94,491.48 -895.28 -0.94 7.51 15.65EMEAUKX Index 7,418.28 27.16 0.37 10.26 17.46CAC Index 5,468.91 45.44 0.84 15.60 18.34DAX Index 11,954.40 199.61 1.70 13.22 15.03IBEX Index 9,487.80 124.3 1.33 11.10 13.62FTSEMIB Index 21,755.88 232.96 1.08 18.73 3.88AEX Index 561.35 5.41 0.97 15.06 15.68SMI Index 9,570.09 33.52 0.35 13.53 19.82Asia / PacificNKY Index 21,722.46 9.25 0.04 8.53 15.97KOSPI Index 2,203.98 0.71 0.03 7.98 11.49SHCOMP Index 3,216.30 39.472 1.24 28.97 15.38HSI Index 29,986.39 361.72 1.22 16.02 11.72TWSE Index 10,704.38 14.08 0.13 10.04 15.10SENSEX Index 38,877.12 -179.53 -0.46 7.79 29.30SET Index 1,649.06 -2.42 -0.15 5.45 17.16PCOMP Index 7,895.06 15.85 0.20 5.75 19.55KLCI Index 1,643.21 10.38 0.64 (2.80) 20.58FSSTI Index 3,311.27 31.49 0.96 7.90 13.64JCI Index 6,476.07 23.455 0.36 4.55 21.02

Description Last Previous %ChgMarket Capitalization (IDR Trill ion) 7,364.82 7,338.06 0.36Transaction Volume (Million Shares) 9,909.00 9,428.78 5.09Transaction Value (IDR Million) 5,870.00 5,816.09 0.93Stocks Value (IDR) 592.39 616.84 -3.96Net Foreign (IDR Million) 226,531.00 (106,230.75) -313.24

Commodities Last Previous %ChgNickel (US$/Ton) 13,329.00 13,141.00 1.43Copper (US$/Ton) 6,492.00 6,426.50 1.02Tins (US$/Ton) 21,175.00 21,195.00 -0.09Oil (US$/BBL) (*) 62.46 62.58 -0.19Gas (US$/MMBTU) 2.66 2.65 0.38Coal (US$/Ton) (**) 79.00 81.10 -2.59CPO MALAYSIA(RM/ton) 1,961.00 1,920.00 2.14Gold (US$/Troy Ounce) 79.00 81.10 -2.59

JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)JCI Index 100.00 4.55 0.09Finance 31.57 8.07 1.20Consumer Goods 19.95 1.37 -0.62Infrastructure Utility and Transportation 11.13 9.29 0.36Basic Industry and Chemicals 9.42 1.53 -5.46Trade Services and Investment 8.34 5.22 0.67Mining 5.79 4.26 -1.04Construction Property and Real Estate 5.78 5.85 2.63Miscellaneous Industries 5.20 -6.29 3.24Agricultural 1.33 -4.84 1.11

Company/Industry Updates Recommendation TP (IDR)PT Summarecon Agung Tbk (SMRA) BUY 1,230

Kamis, 4 April 2019

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RESEARCH Equity

Akumulasi Beli/-Jual Bersih Asing

Nilai Tukar USD/IDR dan IHSG

Pergerakan IHSG

5,000

5,200

5,400

5,600

5,800

6,000

6,200

6,400

6,600

6,800

-10,000,000

-5,000,000

0

5,000,000

10,000,000

15,000,000

20,000,000

25,000,000

30,000,0002/

07/2

018

10/0

7/20

1818

/07/

2018

26/0

7/20

183/

08/2

018

13/0

8/20

1823

/08/

2018

31/0

8/20

1810

/09/

2018

19/0

9/20

1827

/09/

2018

5/10

/201

815

/10/

2018

23/1

0/20

1831

/10/

2018

8/11

/201

816

/11/

2018

27/1

1/20

185/

12/2

018

13/1

2/20

1821

/12/

2018

4/01

/201

914

/01/

2019

22/0

1/20

1930

/01/

2019

8/02

/201

918

/02/

2019

26/0

2/20

196/

03/2

019

15/0

3/20

19

Accumulation JCI Index

12,500

13,000

13,500

14,000

14,500

15,000

15,500

5,500

5,700

5,900

6,100

6,300

6,500

6,700JCI Index USDIDR

No Stock Top Value (IDR)1 BBCA IJ 331,395,200,000 2 ASII IJ 277,757,500,000 3 BBRI IJ 265,098,400,000 4 PGAS IJ 224,748,700,000 5 BMRI IJ 191,990,500,000

No Stock Top Volume (Shares)1 TRAM IJ 1,338,598,600.00 2 IIKP IJ 584,350,700.00 3 RIMO IJ 454,984,700.00 4 MYRX IJ 304,779,400.00 5 MAMI IJ 154,662,900.00

No Top Gainers % Change1 CAKK IJ 28.132 CSIS IJ 23.283 TRIS IJ 20.724 BRAM IJ 205 POLA IJ 19.43

No Top Losers % Change1 BLTA IJ -34.522 MFMI IJ -14.753 ETWA IJ -10.714 BCAP IJ -10.655 MAIN IJ -9.47

No Leading Movers % Change1 ASII IJ 2.412 HMSP IJ 1.333 UNVR IJ 1.134 BBCA IJ 0.465 MEGA IJ 6.98

No Lagging Movers % Change1 ICBP IJ -2.452 PGAS IJ -4.263 UNTR IJ -2.114 BNLI IJ -6.255 SMGR IJ -1.45

Kamis, 4 April 2019

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RESEARCH Equity

PERKEMBANGAN INDUSTRI / PERUSAHAANBerita: Summarecon Agung (SMRA) Luncurkan Hunian di Bandung SMRA meluncurkan rumah tipe Denise dan Devina dengan total penjualan mencapai 129 unit. Harga mulai dari Rp 1,1 miliar per unit. Sebelumnya perseroan sukses memasarkan rumah tipe Chelsea dan Cherry pada September 2018. Pandangan Analis: Keberhasilan SMRA meluncurkan produk di Bandung ditunjang oleh lokasinya yang strategis dengan akses Bandung Intra Urban Toll Road dan Kereta Cepat Jakarta – Bandung. Summarecon Bandung merupakan kawasan yang akan terdiri atas residensial dan komersial yang memberikan daya tarik tersendiri bagi calon konsumen. SMRA diperdagangkan pada PER dan PBV 2019F masing-masing 30,5x dan 1,6x. Target harga saham SMRA adalah Rp 1.230. Rekomendasi: BUY.

Analyst: Maxi Liesyaputra ([email protected])

Kamis, 4 April 2019

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RESEARCH Equity

TARGET HARGA SAHAM

Kamis, 4 April 2019

L A P O R A N H A R I A N

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RESEARCH Equity

TARGET HARGA SAHAM

Kamis, 4 April 2019

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RESEARCH Equity

RESEARCH TEAM Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id

Kim Kwie Sjamsudin, CFA (Head of Research Division) [email protected] Ext: 3997 Automotive, Cement, Infrastructure

Maxi Liesyaputra (AVP Equity Analyst) [email protected] Ext: 3968 Banks, Construction, Property, Precast Concrete

Ariawan (Head of Fixed Income Research Department) [email protected] Ext: 2098 Fixed Income Market, Corporate & Government Bond

Andri Zakarias Siregar (Head of Technical Analysis Research Department) [email protected] Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks

Dessy Lapagu (Equity Analyst) [email protected] Ext: 2051 Commodities, Heavy Equipment, Steel

Ahmad Hapiz (Fixed Income Analyst) [email protected] Ext: 3978 Fixed Income Market, Corporate & Government Bond

William Ardian Siregar (Equity Analyst) [email protected] Ext: 3986 Consumer, Retail

Fransiska Sepriana Sitanggang (Research Analyst) [email protected] Ext: 2123 Media, Poultry

R. Venia Allani Meissalina (Research Analyst/Assistant) [email protected] Ext: 2050 Data Administrator

Indah Lestari Permata H. (Research Analyst/Assistant) [email protected] Ext: 2073 Data Administrator

Kamis, 4 April 2019

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RESEARCH Equity

EQUITY TEAM CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831 Reynard Poernawan ext. 3988 [email protected] Head of Equity Division

Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Sales Trading

Teguh Hendro Karno ext. 3948 [email protected] Institutional Sales Trader

Yulinda Yusran ext. 3950 [email protected] Institutional Sales Trader

Dharmawan Prasetyo ext. 3916 [email protected] Institutional Sales Trader

Entis Sutisman ext. 3945 [email protected] Equity Sales

Fian Pusparini ext. 3958 [email protected] Equity Sales

Danovan Yazir ext. 3929 [email protected] Equity Sales

M. Ichfan ext. 2029 [email protected] Equity Sales

Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division

Fahma Riniarti ext. 3917 [email protected] Head of Channel Development

P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision

Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta

Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta

Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta

M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera

Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung

Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta

Agus Purwanto ext. 2090 [email protected] Branch Manager Solo

Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya

Edith Febriana ext. 2082 [email protected] Branch Manager Malang

Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar

Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan

Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang

Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru

Susan J Mengko ext. 2102 [email protected] Branch Manager Manado

Melisa ext. 2136 [email protected] Branch Manager Aceh

Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin

RESEARCH Equity

MAIN OFFICE - JAKARTA PT BNI SEKURITAS

Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia

Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831

e-mail: [email protected] (General) Website: http://www.bnisekuritas.co.id

JAKARTA - Mangga Dua

Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara

Phone: (62-21) 6123804-5,62203890 Fax: (62-21) 6123806

e-mail: [email protected]

JAKARTA - Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga

Puri Kencana Blok K 6 no.2J 2K Puri Kembangan, Jakarta Barat

Phone: (62-21) 58357464 Fax: (62-21) 58357465

e-mail: [email protected]

JAKARTA - Central Park Central Park, APL Tower Podomoro City

Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215

Fax: (62-21) 29034216 email: [email protected]

JAKARTA – Wisma Bumiputera

Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910

Phone: (62-21) 2523349 Fax: (62-21) 2523350

e-mail: [email protected]

BANDUNG Jl. Perintis Kemerdekaan 3

Bandung - 40117 Phone: (62-22) 4213375

Fax: (62-22) 4220604 e-mail: [email protected]

YOGYAKARTA

Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032

Fax: (62-274) 584023 e-mail: [email protected]

SOLO

Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525

Fax: (62-271) 729668 e-mail: [email protected]

SURABAYA

Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912

Fax: (62-31) 5318425 e-mail: [email protected]

MALANG Jl. Buring No. 58, Malang

Phone: (62-341) 321214,321213,321430 Fax: (62-341) 356876

e-mail: [email protected]

DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2

Jl. Diponegoro No. 100, Denpasar - Bali Phone: (62-361) 264376, 2753389

Fax: (62-361) 229170 e-mail: [email protected]

MEDAN

Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616

Fax: (62-61) 4579656 e-mail: [email protected]

PALEMBANG

Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969

Fax: (62-711) 319663 e-mail: [email protected]

PEKANBARU

Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698

Fax: (62-761) 856279 e-mail: [email protected]

MANADO

BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado

Phone: (62-431) 847256 Fax: (62-24) 847256

e-mail: [email protected]

ACEH Kantor Cabang BNI Banda Aceh Lt.2

Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) 31109

Fax: (62-651) 31107

BANJARMASIN Gd. Bank BNI Antasari Lt. 2

Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735

Fax: (62-651) 3253754 e-mail: [email protected]

This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice. Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang

RESEARCH Equity terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.