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OSODaily 02 Agustus 2019

ODAY TOP STOCK TRADED (LQ45) JAKARTA COMPOSITE INDEX

6,381.54 (8.96)

-0.14%

Previous 6,390.51 Lowest

6,372.71 Highest 6,404.58 Val IDR bn

9.824

Volbn 15.484 Mkt Cap IDRtr

7,318.69 Net Forg 1DIDRbn 43.50 Net ForgYTDIDRbn

68,169.27

Return YTD (%) 3.02 Month to date (%)

(0.14)

Indices

Last Chg% YTD% Americas

Dow Jones United States 26,583.42 (1.05) 13.96 S&P 500 United States 2,953.56 (0.90) 17.82 Nasdaq United States 8,111.12 (0.79) 22.24 EIDO United States 25.34 (1.48) 2.10 EMEA

FTSE 100 United Kingdom 7,584.87 (0.03) 12.73

CAC 40 France 5,557.41 0.70 17.48 D DAX Germany 12,253.15 0.53 16.05

Asia Pacific

Nikkei Japanese 21,540.99 (1.84) 5.64 Shanghai China 2,932.51 (0.81) 16.64 TWSE Taiwan 10,823.81 (0.85) 10.32 KOSPI Korea 2,017.34 (1.02) (2.17) KLSE Malaysia 1,634.87 0.26 (3.05) ST – Times Singapore 3,300.75 (0.27) 7.27 Sensex India 37,481.12 (1.23) 2.63 Hangseng Hongkong 27,777.75 (0.76) 6.65

Sectoral Previous Last Chg% YTD% AGRICULTURE 1,360.10 1,354.39 (0.42) (13.43) MINING 1,635.93 1,624.28 (0.71) (8.57) MISC INDUSTRY 1,239.97 1,242.74 0.22 (10.88) BASIC INDUSTRY 837.37 839.05 0.20 (1.84) CONSUMER GOODS 2,355.42 2,387.44 1.36 (7.08) PROPERTY 498.86 492.45 (1.29) 9.98 INFRASTRUKTUR 1,206.10 1,203.51 (0.21) 13.08 FINANCE 1,323.97 1,316.99 (0.53) 12.02 MANUFAKTURE 1,502.85 1,515.79 0.86 (6.32) TRADE 817.37 809.88 (0.92) 3.32 LQ 45 1,022.43 1,016.75 (0.56) 3.46

Commodities Previous Lastest Chg% YTD% Oil (USD/bbl) 58.58 53.95 (7.90) 20.04 Nickel (USD/mt. ton) 14,360.00 14,490.00 0.91 36.53 Tins (USD/mt. ton) 17,450.00 17,315.00 (0.77) (11.04) Gold (USD tr.oz) 1,413.90 1,445.20 2.21 12.23 Copper (USD/mt.ton) 5,948.00 5,927.00 (0.35) (1.11) CPO (MYR/ton) 2,008.00 2,019.00 0.55 0.55 Coal (USD/ton) 69.55 69.35 (0.29) (28.98)

Currencies

Last Chg% YTD% IDR / USD

14,116.00 (0.62) 1.94

IDR / AUD

9,674.10 (0.11) 5.08 IDR / EUR

15,594.51 0.24 5.46

IDR /SGD

10,264.04 (0.27) 2.84 IDR / JPY

129.41 (0.19) 0.94

IDR / GBP

17,100.58 (0.18) 7.12 Global Macro Economics CB Rate CPI YoY GDP YoY United States 2.25 1.60 2.30 Euro Area 0.00 1.10 1.10 United Kingdom 0.75 2.00 1.80 Japan 0.10 0.70 0.90 China 4.35 2.70 6.20 Domestic macro Economics Lastest Chg% YTD% Jibor 5.00 (15.02) 28.20 GovBonds (5y) 6.93 1.27 (12.38) GovBonds (10y) 7.48 1.46 (6.74)

Inflasi YoY 3.32

Inflasi MoM 0.31 Bi rate 5.75 GDP Growth YoY (%) 5.07

Foreign Reserve (Bn) 123.82 Government Bonds Yield% Wow% Ytd% 7 Year 7.32 7.32 7.32 15 Year 7.80 7.80 7.80 20 Year 7.95 7.95 7.95 30 Year 8.06 8.06 8.06

Source: Bloomberg LP & OSO Research Team

Market Review Pada perdagangan Kamis (01/08) IHSG ditutup melemah sebesar 0.14% ke level 6.381.54. Enam dari sepuluh indeks sektoral berakhir dalam zona merah, dimana sektor Properti dan Perdagangan memimpin pelemahan masing-masing sebesar 1.29% dan 0.92%. Adapun saham yang menjadi pemberat indeks diantaranya ; BMRI, BBNI, BBRI, AMRT, CPIN. Pelaku pasar asing membukukan aksi beli bersih (Netbuy) senilai Rp 43 miliar. Nilai tukar rupiah terdepresiasi sebesar 0.62% ke level 14.116.

Global Review Pada perdagangan semalam (01/08) bursa saham Wall Street kompak ditutup dalam teritori negatif, dimana Dow Jones turun lebih dari 1%, sedangkan S&P 500 dan Nasdaq melemah masing-masing sebesar 0.90% dan 0.79%. Pelemahan tersebut dipicu oleh komentar presiden Amerika Serikat (AS) terkait perang dagang China-AS. Melalui Twitter Donald Trump menyatakan akan kembali memberlakukan tambahan tarif sebesar 10% menjadi senilai US$ 300 miliar untuk produk China. Pernyataan tersebut langsung direspon negatif oleh pasar mereka memperkirakan hubungan diantara keduanya akan kembali memanas ditengah perundingan yang tidak menemui kesepakatan.

JCI Prediction IHSG ditutup melemah sebesar 0.14% ke level 6.381. IHSG ditutup beariish candle, tidak mampu tutup di atas resistance. Adapun indikator Stochastic bullish dan MACD histogram bergerak ke arah positif dengan Volume turun. Kami perkirakan IHSG kembali melemah dengan pergerakan di kisaran 6.324 – 6.404.

Major Economic Release

Markit Manufacturing Indonesia bulan Juli turun

ke level 49.6 dari sebelumnya di level 50.6.

Jibun Bank Manufacturing Japan pada Juli 2019

naik ke level 49.4 dari sebelumnya di level 49.3.

Inflation Rate Indonesia bulan Juli tercatat

sebesar 0.31% lebih rendah dibandingkan

sebelumnya sebesar 0.55% (Mom).

BoE Interest Rate Decision United Kingdom

bertahan di level 0.75%.

Markit Manufacturing United States bulan Juli

turun ke level 50.4 dari sebelumnya di level 50.6.



TODAY TOP STOCK TRADED (LQ45)

Top Gainers

Last Chg% YTD% MC (T) Beta

UNVR IJ Equity

45,550 4.47 0.33 347.55 1.07

TPIA IJ Equity

6,550 4.38 10.55 116.81 0.72

INDF IJ Equity

7,225 2.12 (3.02) 63.44 1.29

INDY IJ Equity

1,510 1.68 (4.73) 7.87 1.47

EXCL IJ Equity

3,280 1.55 65.66 35.06 1.16

Top Losers

Last Chg% YTD% MC (T) Beta

PTPP IJ Equity

1,985 (7.67) 9.97 12.31 1.85

WSKT IJ Equity

1,930 (5.85) 14.88 26.20 1.64

ERAA IJ Equity

1,990 (5.24) (9.55) 6.35 0.88

SCMA IJ Equity

1,470 (5.16) (21.39) 21.71 1.38

LPPF IJ Equity

3,540 (5.09) (36.79) 9.93 0.77

Top Volume

Last Volume (Mn) YTD% MC (T) Beta

SRIL IJ Equity

344 204.7 (3.9) 7.04 0.61

BBRI IJ Equity

4,450 143.6 21.6 548.89 1.60

HMSP IJ Equity

3,040 104.9 (18.1) 353.61 1.27

TLKM IJ Equity

4,280 94.9 15.7 423.99 0.79

PWON IJ Equity

710 74.9 14.5 34.19 1.42

Top Value

Last Value (Bn) YTD% MC (T) Beta

TLKM IJ Equity

4,280 752.2 15.7 423.99 0.79

HMSP IJ Equity

3,040 516.2 (18.1) 353.61 1.27

BBRI IJ Equity

4,450 471.0 21.6 548.89 1.60

ASII IJ Equity

7,025 432.1 (14.6) 284.40 1.27

BBCA IJ Equity

31,050 398.2 19.4 765.54 1.01

BENCHMARK INDICES COMPARISON Indices Country Latest P/E PBV Target 2019F Asia Pacific

IHSG

Indonesia 6,382 19.76 2.18 7,100

Nikkei

Japanese 21,541 16.44 1.64 24,187

Shanghai

China 2,909 14.11 1.45 3,306

TWSE

Taiwan 10,732 16.58 1.60 18,720

KOSPI

Korea 2,017 12.42 0.81 2,615

KLSE

Malaysia 1,639 20.76 1.67 1,734

ST - Times

Singapore 3,292 13.39 1.11 3,617

Sensex

India 36,834 25.95 2.91 43,155

Hangseng

Hongkong 27,566 10.80 1.22 33,061

JAKARTA COMPOSITE INDEX MOVERS

Movers

Latest Chg% YTD% MC (T) Beta

UNVR IJ Equity

45550 4.47 0.33 348 1.07

TPIA IJ Equity

6550 4.38 10.55 117 0.74

BBCA IJ Equity

31050 0.32 19.42 766 1.00

BTPS IJ Equity

3460 9.15 92.76 27 0.49

BTPN IJ Equity

3250 (1.81) (5.52) 26 0.24

Laggard


BMRI IJ Equity

7775 (2.51) 5.42 363 1.51

BBNI IJ Equity

8250 (2.65) (6.25) 154 1.59

BBRI IJ Equity

4450 (0.67) 21.58 549 1.60

AMRT IJ Equity

900 (6.25) (3.74) 37 (0.07)

CPIN IJ Equity

5250 (2.33) (27.34) 86 1.55

Movers


OSO MANAJEMEN INVESTASI

Mutual Fund Latest 1 Month (%)

Oso Sustainability Fund

1,500.51 (1.09) Oso Syariah Equity Fund

1,386.40 2.92

Source: Bloomberg LP & OSO Research Team



COMPARATION OF JCI PERFORMANCE (SEAG)


OSODaily 05 April 2019


MACRO ECONOMIC & INDUSTRY NEWS

Badan Pusat Statistik (BPS) mencatat inflasi Juli 2019 sebesar 3,32% secara tahunan (yoy). Angka ini naik tipis

dibanding pencapaian Juli sebesar 3,28% yoy. Di sisi lain, secara bulanan (mom) inflasi Juli tercatat 0,31%, atau

lebih rendah daripada bulan sebelumnya di level 0,55%. Adapun komponen penyumbang inflasi berdasarkan

kelompok pengeluaran antara lain.

Badan Pusat Statistik (BPS) mencatat pertumbuhan produksi industri manufaktur besar dan sedang (IBS) pada

kuartal II-2019 tumbuh sebesar 3,62% year on year (yoy). Pertumbuhan tersebut akibat kontribusi kenaikan

produksi industri pakaian jadi sebesar 25,79%.

BPS mencatat daya beli petani (NTP) nasional naik 0,29% (MoM), yaitu dari 102,33 menjadi 102,63 pada Juli.

Kenaikan NTP Juli 2019 disebabkan kenaikan indeks harga yang diterima petani (lt) lebih besar dari indeks harga

barang yang dibayarkan petani (lb). Perbandingan kenaikan lt dan lb adalah sebesar 0,70% : 0,40%.

CORPORATES NEWS

PT Dharma Satya Nusantara Tbk (DSNG) masih mampu membukukan laba operasi pada semester I 2019 sebesar

Rp 330 miliar, laba operasi hanya turun sekitar 4% dibandingkan periode yang sama tahun lalu sebesar Rp 342

miliar, meskipun rata-rata harga penjualan CPO Perseroan selama enam bulan pertama tahun ini telah turun 18%

dari Rp 7,8 juta per ton pada semester I tahun lalu menjadi Rp 6,4 juta per ton pada semester pertama tahun ini.

PT Bank QNB Indonesia Tbk (BKSW) masih menanggung kerugian sepanjang paruh pertama 2019. Namun,

kerugian yang dialami bank ini sudah mengempis jika dibanding periode yang sama tahun sebelumnya. Perseroan

menorehkan rugi tahun berjalan sebesar Rp 52,98 miliar semester I 2019 yang sudah turun tajam jika dibanding

paruh pertama 2018 yang membukukan rugi Rp 95,5 miliar.

PT Bank Ina Perdana Tbk (BINA) berhasil mencatatkan kinerja keuangan positif sepanjang semester I 2019. Laba

bersih perseroan tercatat mengalami pertumbuhan sebesar 12,1% secara year on year (yoy). Perseroan tercatat

membukukan laba bersih Rp 3,51 miliar per Juni 2019. Sementara net profit yang dikantongi pada periode yang

sama tahun sebelum hanya Rp 3,13 miliar.

PT Semen Indonesia Tbk (SMGR) masih menunjukkan kinerja yang prima di separuh pertama 2019. SMGR

mencatatkan laba bersih sebesar Rp 484,78 miliar tetapi menurun 50,09% dari tahun sebelumnya yang mencapai

Rp 971,34 miliar. Laba bersih SMGR merosot di tengah kenaikan pendapatan disebabkan oleh lonjakan beban

keuangan yang mencapai Rp 1,50 triliun.

PT Jaya Konstruksi Manggala Pratama Tbk (JKON) masih merugi di sepanjang semester I 2019, walau mengalami

peningkatan pendapatan sebesar 24,62% pada semester I 2019. Namun, karena adanya penundaan beberapa

proyek karena gelaran Pemilu 2019, JKON harus mengantongi rugi periode berjalan yang diatribusikan kepada

entitas induk senilai Rp 19,76 miliar.

PT Surya Citra Media Tbk (SCMA) mencatatkan penurunan laba bersih sebesar 7,34% atau Rp 782,48 miliar di

semester pertama 2019. Pada periode yang sama tahun lalu, SCMA meraup laba Rp 844,47 miliar. Salah satu

penyebab turunnya laba adalah beban usaha yang naik 17,42% atau Rp 604,48 miliar dibandingkan periode yang

sama tahun sebelumnya sebesar Rp 514,76 miliar.

Sumber: Kontan, Bisnis Indonesia, Iqplus

NOTE: Positive Sentiment Negative Sentiment Netral




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Ke Arah Positif Stochastic : Golden Cross Volume : Meningkat

Recommendation : BUY Entry Buy : 3.360 – 3.420 Target Price : 3.530 – 3.590 Support : 3.360 – 3.380 Cutloss : 3.350

DAILY TECHNICAL

BUY |BTPS |PE : 23.07x | PBV : 6.22x | ROE: 26.93% | NPM : 29.51% | DER : 1.92x | Fair Value : 3.500|

PT Bank Tabungan Pensiunan Nasional Syariah Tbk (BTPS) mencatat laba bersih menjadi Rp610 miliar per 30 Juni 2019 atau naik 36% dari Rp449 miliar pada periode yang sama tahun 2018. Sementara untuk pembiayaan mengalami kenaikan 24% menjadi Rp8,5 triliun dari Rp6,8 triliun. Pertumbuhan ini sejalan dengan kualitas kredit yang terjaga pada tingkat rasio pembiayaan bermasalah atau Non Performing Financing (NPF) sebesar 1,34% dari 1,6%. Sementara untuk total aset perseroan naik 30% menjadi Rp13,9 triliun dari Rp10,7 triliun. Sedangkan untuk total Dana Pihak Ketiga (DPK) naik 27% menjadi Rp7,02 triliun. Untuk posisi CAR di posisi 39,4%.

Souce: OSO Research Team

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 3.530. Apabila berhasil menguji 3.530 next harga ke level 3.590. Hati-hati jika harga tidak mampu break up atau berbalik menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 3.350 jika sudah melewati support 3.360 – 3.380.

NOTE:




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Ke Arah Positif Stochastic : Golden Cross Volume : Meningkat

Recommendation : BUY Entry Buy : 620 – 630 Target Price : 650 – 665 Support : 600 – 610 Cutloss : 595

DAILY TECHNICAL

Semester pertama 2019, PT KMI Wire and Cable Tbk (KBLI) membukukan penjualan Rp1,87 triliun naik 16,32% dibandingkan dengan penjualan pada periode yang sama tahun lalu sebesar Rp1,61 triliun. Penjualan berasal dari pasar domestik sebesar Rp1,73 triliun, diikuti kontrak konstruksi Rp80,98 miliar. Juga ke pihak berelasi PT Gajah Tunggal Tbk. Rp39,29 miliar dan ekspor Rp19,26 miliar. Produsen kabel ini mampu menjaga kenaikan beban pokok penjualan sebesar 7,17% menjadi Rp1,54 triliun. KBLI terbantu oleh mega proyek pengadaan kapasitas pembangkit listrik sebesar 35.000 MW oleh pemerintah. Proyek ini tentu dapat mendatangkan banyak permintaan kabel produksi KBLI. Disamping itu juga harga komoditas tembaga sebagai bahan baku kabel dakam tren penurunan yang artinya biaya bahan baku turun.

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 650. Apabila break 650 next harga ke level 665. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 595 jika sudah melewati support 600 – 610.

|KBLI|PE : 7.10x | PBV : 1.16x | ROE: 16.39% | NPM : 9.45% | DER : 0.42x | Fair Value : 750|


BUY

NOTE:




Technical

Medium/Minor trend : Uptrend MACD line/histogram : Positif Stochastic : Bullish Volume : Meningkat

Recommendation : BUY Entry Buy : 1.475 – 1.500 Target Price : 1.540 – 1.560 Support : 1.460 – 1.475 Cutloss : 1.455

DAILY TECHNICAL

BUY |PNBN|PE : 11.36x | PBV : 0.85x | ROE: 7.54% | NPM : 16.09% | DER : 4.05x | Fair Value : 1.700|

PNBN Cetak Laba Bersih Sebesar Rp1,68 Triliun Bank Panin Tbk (PNBN) membukukan laba semester I 2019 sebesar Rp1,68 triliun atau naik 23,86% YoY. Pertumbuhan laba tersebut terutama ditopang oleh pendapatan bunga bersih perseroan Rp4,35 triliun, dan pendapatan operasional termasuk pendapatan komisi yang mencapai Rp1,1 triliun. Penyaluran kredit per Juni 2019 tercatat sebesar Rp153,50 triliun, tumbuh 3,74% YoY. Dari total kredit tersebut porsi segmen ritel dan segmen komersial mencapai 56% dari total kredit, sedangkan sisanya berasal dari kredit ke korporasi. Rasio Non Performing Loan (NPL) per Juni 2019 tercatat sebesar 3,0% (gross) dan 0,96% (net).


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang menguji level 1.540. Apabila break 1.540 next harga ke level 1.560. Hati-hati jika harga tidak mampu tembus 1.540 atau malah berbailk menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 1.455 jika sudah melewati support 1.460 – 1.475.

NOTE:




Sector Rotation

Mingguan

Bulanan



FUNDAMENTAL ANALYSIS (LQ 45)

Last Price Change (%) Chg. Ytd (%) PBV (x) PE (x) P/EBITDA ROA (%) ROE (%) DER (x) Fair Value Up-Side Recommendation

SECTOR BASIC INDUSTRY

BRPT IJ Equity 3,880 (0.77) 61.09 4.09 60.21 5.56 1.13 5.21 98.23 3,100 -20% Sell

CPIN IJ Equity 5,375 (2.33) (27.34) 4.49 22.39 13.84 13.99 21.19 22.95 4,615 -14% Sell

INKP IJ Equity 7,475 (0.67) (35.71) 0.75 7.34 2.61 6.03 14.02 113.83 11,300 51% Buy

INTP IJ Equity 22,475 (0.33) 21.41 3.78 57.63 31.02 5.47 6.48 0.50 19,015 -15% Sell

SMGR IJ Equity 12,875 1.36 13.48 2.56 29.87 10.97 4.11 8.74 30.13 13,503 5% Hold

TKIM IJ Equity 12,000 (3.75) 4.05 1.99 12.59 18.97 8.79 21.17 120.71 13,000 8% Buy

TPIA IJ Equity 6,275 4.38 10.55 4.64 65.56 21.60 4.18 7.14 34.35 4,568 -27% Sell

WSBP IJ Equity 364 1.10 (2.13) 1.10 12.11 5.87 6.05 11.05 69.31 500 37% Buy

Industry Average in LQ45 2.92 33.46 13.80 6.22 11.87 61.25

Total of Industry Average 1.69 24.33 11.50 2.92 4.15 101.08

SECTOR CONSUMER GOODS

GGRM IJ Equity 75,500 (1.16) (10.76) 3.23 16.86 9.94 12.84 20.01 38.38 93,258 24% Buy

HMSP IJ Equity 3,030 0.33 (18.06) 12.41 24.96 18.79 32.64 50.51 0.33 3,705 22% Buy

ICBP IJ Equity 10,700 - 2.39 5.48 25.66 15.28 13.48 22.92 9.06 11,231 5% Hold

INDF IJ Equity 7,075 2.12 (3.02) 1.81 13.33 5.21 4.98 14.36 59.18 8,023 13% Buy

KLBF IJ Equity 1,470 1.02 (2.30) 4.75 27.85 18.49 13.62 17.85 2.34 1,526 4% Hold

UNVR IJ Equity 43,600 4.47 0.33 68.48 37.47 25.98 43.81 183.94 20.26 45,477 4% Hold



SECTOR INFRASTRUCTURE

EXCL IJ Equity 3,230 1.55 65.66 1.88 130.48 3.64 (5.11) (14.59) 125.77 3,600 11% Buy

JSMR IJ Equity 6,000 (2.08) 37.27 2.41 19.24 6.36 2.50 13.33 157.26 6,407 7% Hold

PGAS IJ Equity 2,050 (2.44) (5.66) 1.30 11.84 2.44 4.15 9.84 109.43 2,635 29% Buy

TLKM IJ Equity 4,300 (0.47) 15.75 4.51 20.77 6.47 9.77 22.82 37.58 4,481 4% Hold


Total of Industry Average 2.94 38.50 164.04 (3.88) (2.25) 130.89

Source: Bloomber LP





SECTOR MINING

ADRO IJ Equity 1,270 (3.54) 0.82 0.74 6.00 2.17 6.70 12.63 32.95 1,661 31% Buy

AKRA IJ Equity 4,000 - (6.76) 1.94 22.12 12.68 4.78 11.01 42.61 5,433 36% Buy

ANTM IJ Equity 935 (1.07) 20.92 1.12 27.77 8.12 2.47 4.14 50.26 1,094 17% Buy

ELSA IJ Equity 360 (2.22) 2.33 0.76 8.47 3.09 5.36 9.30 24.89 #N/A N/A #VALUE! #VALUE!

INCO IJ Equity 3,030 (2.97) (9.82) 1.11 61.14 12.22 1.56 1.82 1.94 3,894 29% Buy

INDY IJ Equity 1,485 1.68 (4.73) 0.61 34.42 1.16 0.46 1.74 129.53 2,125 43% Buy

ITMG IJ Equity 16,825 0.15 (16.79) 1.53 5.37 2.89 17.14 28.17 - 21,434 27% Buy

MEDC IJ Equity 850 (4.12) 18.98 0.82 9.06 1.69 (0.88) (3.52) 202.38 1,078 27% Buy

PTBA IJ Equity 2,740 (0.36) (36.51) 1.66 6.11 4.39 19.44 29.25 5.12 3,708 35% Buy



SECTOR MISC INDUSTRY

ASII IJ Equity 7,000 0.36 (14.59) 2.01 13.48 7.41 6.60 16.18 49.27 8,307 19% Buy

SRIL IJ Equity 350 (1.71) (3.91) 0.87 5.39 2.37 6.72 17.23 139.64 Neutral #VALUE! #VALUE!


Total of Industry Average 2.73 402.23 5.83 2.99 (4.93) 94.73

SECTOR PROPERTY

ADHI IJ Equity 1,485 (1.68) (7.89) 0.82 8.04 2.78 2.23 10.51 136.09 2,007 35% Buy

BSDE IJ Equity 1,420 (2.46) 10.36 0.98 17.52 9.96 2.98 5.72 46.06 1,666 17% Buy

PTPP IJ Equity 2,150 (7.67) 9.97 0.95 8.90 4.08 3.22 12.42 74.03 2,703 26% Buy

PWON IJ Equity 735 (3.40) 14.52 2.51 12.31 9.11 11.10 22.42 36.44 768 4% Hold

WIKA IJ Equity 2,340 - 41.39 1.37 9.96 5.11 3.70 14.89 78.93 2,758 18% Buy

WSKT IJ Equity 2,050 (5.85) 14.88 1.45 13.29 5.19 1.58 11.35 224.10 2,290 12% Buy



Source: Bloomber LP





SECTOR TRADE

ERAA IJ Equity 2,100 (5.24) (9.55) 1.22 12.37 4.40 6.01 16.15 88.81 1,790 -15% Sell

LPPF IJ Equity 3,730 (5.09) (36.79) 5.49 11.03 5.91 15.33 45.23 - 4,986 34% Buy

MNCN IJ Equity 1,375 1.09 101.45 1.63 8.44 4.90 12.35 20.53 42.22 1,434 4% Hold

SCMA IJ Equity 1,550 (5.16) (21.39) 4.33 15.11 10.93 20.52 29.07 0.33 2,137 38% Buy

UNTR IJ Equity 24,925 (1.91) (10.60) 1.66 8.13 3.64 10.84 21.57 17.95 33,519 34% Buy



Last Price Change (%) Chg. Ytd (%) PBV (x) PE (x) LDR (%) NPL NIM (%) DER (x) Fair Value Up-Side Recommendation

SECTOR FINANCE

BBCA IJ Equity 30,950 0.32 19.42 4.80 28.04 88.15 1.40 6.53 6.30 30,304 -2% Sell

BBRI IJ Equity 4,480 (0.67) 21.58 2.82 16.43 90.10 2.27 7.34 64.57 4,689 5% Hold

BBNI IJ Equity 8,475 (2.65) (6.25) 1.35 10.11 92.85 1.90 5.14 82.33 10,144 20% Buy

BBTN IJ Equity 2,460 (2.44) (5.51) 1.04 8.94 103.45 2.82 4.00 188.00 2,731 11% Buy

BMRI IJ Equity 7,975 (2.51) 5.42 1.95 13.76 100.47 2.75 5.36 56.75 8,867 11% Buy



Source: Bloomber LP



TECHNICAL ANALYSIS (LQ 45)

Ticker Last YtD% MA5 RSI Rec MACD Trend

Bollinger Band

Pivot Point

Support Resistance Stop Loss

Level Recommendation

Lower Middle Upper 1 2 1 2

ADHI IJ Equity 1,460 (7.9) Positif Trading Negatif 1,470 1,575 1,685 1,495 1,460 1,445 1,510 1,545 1,420 Hold

ADRO IJ Equity 1,225 0.8 Positif Trading Negatif 1,205 1,310 1,410 1,265 1,240 1,240 1,265 1,290 1,220 Hold

AKRA IJ Equity 4,000 (6.8) Positif Oversold Negatif 3,905 4,160 4,415 3,960 3,905 3,860 4,005 4,060 3,800 Speculative Buy

ANTM IJ Equity 925 20.9 Positif OverBought Negatif 780 885 985 935 925 915 945 955 900 Sell

ASII IJ Equity 7,025 (14.6) Positif Trading Negatif 6,975 7,250 7,525 7,100 7,000 6,900 7,200 7,300 6,800 Hold

BBCA IJ Equity 31,050 19.4 Positif OverBought Negatif 29,400 30,550 31,700 31,025 30,850 30,725 31,150 31,325 30,275 Sell

BBNI IJ Equity 8,250 (6.3) Positif Oversold Negatif 8,250 8,900 9,575 8,350 8,225 8,125 8,450 8,575 8,000 Speculative Buy

BBRI IJ Equity 4,450 21.6 Negatif OverBought Negatif 4,370 4,465 4,560 4,480 4,445 4,420 4,505 4,540 4,350 Strong Sell

BBTN IJ Equity 2,400 (5.5) Positif Trading Negatif 2,395 2,435 2,475 2,435 2,405 2,395 2,445 2,475 2,355 Hold

BMRI IJ Equity 7,775 5.4 Negatif Trading Negatif 7,650 7,900 8,150 7,850 7,750 7,675 7,925 8,025 7,575 Sell

BRPT IJ Equity 3,850 61.1 Positif Trading Negatif 3,265 3,605 3,945 3,745 3,580 3,445 3,880 4,045 3,395 Hold

BSDE IJ Equity 1,385 10.4 Positif Trading Negatif 1,365 1,470 1,570 1,425 1,395 1,375 1,445 1,475 1,355 Hold

CPIN IJ Equity 5,250 (27.3) Positif Trading Negatif 4,945 5,350 5,750 5,275 5,100 4,925 5,450 5,625 4,850 Hold

ELSA IJ Equity 352 2.3 Positif Trading Negatif 344 366 388 356 347 342 361 370 336 Hold

ERAA IJ Equity 1,990 (9.5) Negatif Trading Negatif 1,835 1,990 2,150 2,015 1,900 1,840 2,075 2,190 1,810 Sell

EXCL IJ Equity 3,280 65.7 Negatif OverBought Positif 2,725 3,025 3,320 3,305 3,250 3,165 3,390 3,445 3,120 Sell

GGRM IJ Equity 74,625 (10.8) Positif Oversold Negatif 73,650 76,800 79,975 75,075 73,650 73,150 75,575 77,000 72,050 Speculative Buy

HMSP IJ Equity 3,040 (18.1) Positif Trading Negatif 2,870 3,070 3,265 2,990 2,915 2,850 3,055 3,130 2,805 Hold

ICBP IJ Equity 10,700 2.4 Negatif OverBought Negatif 9,900 10,425 10,950 10,675 10,650 10,550 10,775 10,800 10,400 Strong Sell

INCO IJ Equity 2,940 (9.8) Positif Trading Negatif 2,840 3,005 3,165 3,000 2,950 2,940 3,010 3,060 2,895 Hold

INDF IJ Equity 7,225 (3.0) Positif Trading Negatif 6,725 6,925 7,150 7,050 6,950 6,825 7,175 7,275 6,700 Hold

INDY IJ Equity 1,510 (4.7) Positif Trading Negatif 1,500 1,650 1,805 1,500 1,475 1,425 1,550 1,575 1,400 Hold

INKP IJ Equity 7,425 (35.7) Positif Trading Negatif 7,250 8,175 9,100 7,500 7,375 7,225 7,650 7,775 7,100 Hold

source: Bloomberg Lp



TECHNICAL ANALYSIS (LQ 45)

Ticker Last YtD% MA5 RSI Rec MACD Trend

Bollinger Band

Pivot Point

Support Resistance Stop Loss

Level Recommendation

Lower Middle Upper 1 2 1 2

INTP IJ Equity 22,400 21.4 Negatif Trading Positif 20,800 21,850 22,875 22,175 21,850 20,975 23,050 23,375 20,650 Hold

ITMG IJ Equity 16,850 (16.8) Positif Oversold Negatif 16,725 17,225 17,700 16,825 16,800 16,750 16,875 16,900 16,500 Speculative Buy

JSMR IJ Equity 5,875 37.3 Positif Trading Negatif 5,475 5,850 6,225 5,900 5,800 5,675 6,025 6,125 5,600 Hold

KLBF IJ Equity 1,485 (2.3) Negatif Trading Negatif 1,405 1,450 1,500 1,470 1,460 1,430 1,500 1,510 1,405 Sell

LPPF IJ Equity 3,540 (36.8) Positif OverBought Positif 2,995 3,425 3,850 3,715 3,580 3,495 3,800 3,935 3,445 Hold

MEDC IJ Equity 815 19.0 Positif Trading Positif 790 835 875 855 830 830 855 880 815 Speculative Buy

MNCN IJ Equity 1,390 101.4 Negatif OverBought Negatif 1,195 1,360 1,525 1,390 1,380 1,355 1,415 1,425 1,335 Strong Sell

PGAS IJ Equity 2,000 (5.7) Positif Trading Negatif 1,970 2,065 2,165 2,015 1,960 1,925 2,050 2,105 1,895 Hold

PTBA IJ Equity 2,730 (36.5) Positif Oversold Negatif 2,675 2,870 3,065 2,720 2,695 2,680 2,735 2,760 2,635 Speculative Buy

PTPP IJ Equity 1,985 10.0 Positif Trading Negatif 2,040 2,145 2,245 2,090 2,030 2,020 2,100 2,160 1,990 Hold

PWON IJ Equity 710 14.5 Negatif Trading Negatif 670 715 760 730 715 705 740 755 695 Sell

SCMA IJ Equity 1,470 (21.4) Negatif Oversold Negatif 1,375 1,515 1,650 1,470 1,385 1,340 1,515 1,600 1,320 Speculative Buy

SMGR IJ Equity 13,050 13.5 Negatif Trading Negatif 12,275 12,500 12,725 12,625 12,300 11,850 13,075 13,400 11,675 Sell

SRIL IJ Equity 344 (3.9) Positif Trading Negatif 329 346 362 346 341 338 349 354 332 Hold

TKIM IJ Equity 11,550 4.1 Positif Trading Negatif 11,525 12,375 13,200 11,600 11,150 10,825 11,925 12,375 10,675 Hold

TLKM IJ Equity 4,280 15.7 Negatif Trading Negatif 4,160 4,245 4,330 4,260 4,215 4,170 4,305 4,350 4,105 Sell

TPIA IJ Equity 6,550 10.5 Negatif Strong Sell Positif 4,165 5,325 6,475 6,300 6,325 6,175 6,450 6,425 6,100 Sell

UNTR IJ Equity 24,450 (10.6) Positif Oversold Negatif 25,775 27,325 28,875 25,025 24,675 24,525 25,175 25,525 24,150 Speculative Buy

UNVR IJ Equity 45,550 0.3 Positif Oversold Negatif 43,500 44,850 46,200 43,725 43,775 42,725 44,775 44,725 42,075 Speculative Buy

WIKA IJ Equity 2,340 41.4 Positif Trading Negatif 2,295 2,390 2,485 2,380 2,330 2,280 2,430 2,480 2,245 Hold

WSBP IJ Equity 368 (2.1) Positif Oversold Negatif 371 404 438 374 365 356 383 392 350 Speculative Buy

WSKT IJ Equity 1,930 14.9 Positif Trading Negatif 1,915 2,060 2,200 2,020 1,965 1,935 2,050 2,105 1,905 Hold

source: Bloomberg Lp



MAJOR ECONOMIC RELEASE CALENDAR

Date Event Country Act Prev Cons

1-Aug-19 Japan, Foreign Exchange Reserves JUL JPY ¥-162.2B $1029B Indonesia, Markit Manufacturing PMI JUL IDN 49.6 50.6

Indonesia, Inflation Rate YoY JUL IDN 3.32% 3.28% 3.18%

Indonesia, Inflation Rate MoM JUL IDN 0.31% 0.55% 0.46%

Indonesia, Tourist Arrivals YoY JUN IDN 9.94% 1.1% GB BoE Interest Rate Decision GBR 0.75% 0.75% 0.75%

US Continuing Jobless Claims JUL/20 USD 1699K 1676K

US Initial Jobless Claims JUL/27 USD 215K 206K US Construction Spending MoM JUN USD -1.3% -0.5% US EIA Natural Gas Stocks Change 26/JUL USD 65Bcf 36Bcf

US Markit Manufacturing PMI JUL USD 50.4 50.6 2-Aug-19 Indonesia, Motorbike Sales YoY JUN IDN

-4.7%

GB Construction PMI JUL GBR

43.1 46

US Balance of Trade JUN USD

$-55.5B $-54.6B

US Non Farm Payrolls JUL USD

224K 162K

US Average Hourly Earnings MoM JUL USD

0.2% 0.2%

US Unemployment Rate JUL USD

3.7% 3.7%

US Average Hourly Earnings YoY JUL USD

3.1% 3.1%

US Average Weekly Hours JUL USD

34.4 34.4

US Manufacturing Payrolls JUL USD

17K 5K

US Participation Rate JUL USD

62.9%

US Government Payrolls JUL USD

33K US Nonfarm Payrolls Private JUL USD

191K 160

US Exports JUN USD

$210.636B

US Imports JUN USD

$266.16B

5-Aug-19 Japan, Jibun Bank Composite PMI Final JUL JPY

50.8 51.2

Japan, Jibun Bank Services PMI Final JUL JPY

51.9 52.3

Indonesia, GDP Growth Rate YoY Q2 IDN

5.07% Indonesia, GDP Growth Rate QoQ Q2 IDN

-0.52%

Indonesia, Business Confidence Q2 IDN

102.1

GB New Car Sales YoY JUL GBR

-4.9%

GB Markit/CIPS UK Services PMI JUL GBR

50.2 51.0

US Markit Composite PMI Final JUL USD

51.5 51.6

US Markit Services PMI Final JUL USD

51.5 52.2

US Total Vehicle Sales JUL USD

17.3M 16.9M

6-Aug-19 Japan, Household Spending MoM JUN JPY

5.5% 1.2%

Japan, Household Spending YoY JUN JPY

4% 1.6%

Japan, Average Cash Earnings YoY JUN JPY

-0.2%

Japan, Coincident Index Prel JUN JPY

103.4 Japan, Leading Economic Index Prel JUN JPY

94.9

Indonesia, Consumer Confidence JUL IDN

126.4 US IBD/TIPP Economic Optimism AUG USD

56.6

US JOLTs Job Openings JUN USD

7.323M 7.268M

Source: Bloomberg Lp

https://tradingeconomics.com/japan/foreign-bond-investment

https://tradingeconomics.com/indonesia/inflation-cpi

https://tradingeconomics.com/indonesia/inflation-rate-mom

https://tradingeconomics.com/united-kingdom/interest-rate

https://tradingeconomics.com/united-kingdom/construction-pmi

https://tradingeconomics.com/united-states/balance-of-trade

https://tradingeconomics.com/united-states/non-farm-payrolls

https://tradingeconomics.com/united-states/average-hourly-earnings

https://tradingeconomics.com/united-states/unemployment-rate

https://tradingeconomics.com/united-states/average-hourly-earnings

https://tradingeconomics.com/united-states/average-weekly-hours

https://tradingeconomics.com/united-states/manufacturing-payrolls

https://tradingeconomics.com/united-states/nonfarm-payrolls-private

https://tradingeconomics.com/japan/composite-pmi

https://tradingeconomics.com/japan/services-pmi

https://tradingeconomics.com/united-kingdom/services-pmi

https://tradingeconomics.com/united-states/composite-pmi

https://tradingeconomics.com/united-states/services-pmi

https://tradingeconomics.com/united-states/total-vehicle-sales

https://tradingeconomics.com/japan/household-spending

https://tradingeconomics.com/united-states/job-offers



CORPORATE ACTION

RUPS

Date Time Company Event Place

7-Aug-19 10:00 ITMA RUPSLB Sahid Sudirman 56th Floor

8-Aug-19 10:00 LPPF RUPSLB Kantor Perseroan

13:00 GMFI RUPSLB Ruang Monas 2, Mezzaine Aryaduta Hotel

9-Aug-19 13:00 AISA RUPSLB TBA

14-Aug-19 10:00 ATIC RUPSLB Jakarta

15-Aug-19 11:00 MLBI RUPSLB Hotel Darmawangsa

16-Aug-19 TBA INCO RUPSLB TBA

19-Aug-19 10:00 JAST RUPS Gedung E-Trade Lt 7

20-Aug-19 10:00 DWGL RUPSLB

14:00 AHAP RUPSLB Hotel Ibis

21-Aug-19 14:00 MAYA RUPSLB Gedung Mayapada Tower 2

14:00 MYOH RUPSLB Crowne Plaza Hotel

23-Aug-19 10:00 LUCK RUPSLB Ruang Seminar I BEI

26-Aug-19 9:00 PEHA RUPSLB

10:00 LAND RUPSLB Ruang Meeting, Sahid Serpong

28-Aug-19 9:30 NRCA RUPSLB Hotel Gran Meli Lt 1

14:00 BMRI RUPSLB

29-Aug-19 10:00 LINK RUPSLB

10:00 TRIL RUPSLB Jl Guntur No 45

14:00 BBTN RUPSLB

30-Aug-19 9:30 CNTX RUPSLB Pabrik Perseroan

14:00 ASRM RUPSLB Hotel Borobudur Banda B Room

14:00 BBNI RUPSLB Menara BNI Lt 6

14:00 PGAS RUPSLB

2-Sep-19 10:00 BTPS RUPSLB Menara BTPN, CBD Mega Kuningan

14:00 BBRI RUPSLB

Dividend

Code Status Cum- Date Ex-Date Recording Date Pay -Date Ammount (IDR)/Share

ATIC Cash Dividen 5-Jul-19 8-Jul-19 8-Jul-19 31-Jul-19 7 CSAP Cash Dividen 5-Jul-19 8-Jul-19 8-Jul-19 31-Jul-19 4 INKP Cash Dividen 5-Jul-19 8-Jul-19 9-Jul-19 31-Jul-19 100

TELE Cash Dividen 5-Jul-19 8-Jul-19 8-Jul-19 31-Jul-19 6 ZINC Cash Dividen 8-Jul-19 9-Jul-19 10-Jul-19 1-Aug-19 0.4 IKBI Cash Dividen 30-Jul-19 31-Jul-19 1-Aug-19 22-Aug-19 8.8

IPO Company Underwriter Offering Date Listing Date IPO Price Shares (Mn)

Kencana Energy Tbk Bahana, RHB, Mirae Asset Sekuritas 09 - 14 Agustus 2019 20-Aug-19 250 - 420 977

Source: KSEI and OSO Research Team



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Research Team

Ike Widiawati Head of Research +62 21 2991 5300 ([email protected])

Rifqiyati Research Analyst +62 21 2991 5300 (Rifqiyati @oso-securities.com)

Sukarno Alatas Research Analyst +62 21 2991 5300 ([email protected])

Mochammad Cahyo Research Analyst +62 21 2991 5300 ([email protected])

Michelle Abadi Research Associate +62 21 2991 5300 ([email protected])

Disclosure Of Interests

As of the date of this report, 1. The research analysts primarily responsible for the preparation of all or part of this report hereby certify that:

the views expressed in this research report accurately reflect the personal views of each such analyst about the subject securities

and issuers; and

no part of the analyst’s compensation was, is, or will be directly or indirectly, related to the specific recommendations or views

expressed in this research report.

2. The research analysts primarily responsible for the preparation of all or part of this report, or his/her associate(s), do not have any interest (including any direct or indirect ownership of securities, arrangement for financial accommodation or serving as an officer) in any company mentioned in this report

3. PT OSO Securities Indonesia on a business in Indonesia in investment banking, proprietary trading or agency broking in relation

to securities

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Documents

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