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Today’s Market:
IHSG diperkirakan bergerak mixed dengan kecenderungan
menguat. Bursa AS ditutup melemah pada perdagangan
Rabu (24/06) seiring dengan peningkatan jumlah kasus
positif Covid-19. Harga batubara turun ke level USD 52.85
per Mt. Crude oil turun ke level USD 38.38 per barrel. Ru-
piah menguat terhadap Dollar AS di level Rp 14,130. 10Yr
Government Bonds Yield turun ke level 7.14%.
Dari global, International Monetary Fund (IMF) menurunk-
an perkiraan pertumbuhan ekonomi global pada 2020 kon-
traksi sebesar 4.9% YoY. Pertumbuhan ekonomi 2021 di-
perkirakan naik 5.4% YoY.
Dari dalam negeri, pemerintah mengeluarkan Peraturan
Menteri Keuangan (PMK) No. 70/PMK.05/2020 tentang
Penempatan Uang Negara pada Bank Umum dalam Rang-
ka Percepatan Pemulihan Ekonomi Nasional. Pemerintah
akan menempatkan dana sebesar Rp 30 tn di bank him-
punan milik negara (Himbara) yang sebelumnya ditempat-
kan di Bank Indonesia (BI).
Sehubungan dengan emiten, Jasa Marga (JSMR)
mendapatkan penurunan rating dari Moody’s dari Baa3
menjadi Baa2 dan outlook negatif.
Sehubungan dengan emiten, Lippo Cikarang (LPCK) men-
catatkan pendaptan 1Q20 sebesar Rp 561.7 bn (+43.7%
YoY), dan laba bersih Rp 793.6 bn (+424.9% YoY).
Secara teknikal indeks hari Kamis (25/06), IHSG diprediksi
bergerak di kisaran 4960-5036.
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
Thursday, June 25, 2020
IHSG naik sebanyak 85.6 poin (1.75%) ke level 4964.73.
Sementara LQ45 naik sebanyak 17.6 poin (2.33%) ke level
771.91. Foreign net sell sebesar Rp 250.73 miliar.
ID X Stat ist ics C lo sing
JCI 4,964.74
Transaction Value Regular M arket (IDR tn) 7.836
Transaction Volume Regular M arket (mn shares) 6,242
Foreign Net Buy (Sell) (IDR bn) (251)
Foreign Net Buy (Sell) (0.90)
Total M arket Capitalization (IDR tn) 5,756.62
LQ45 771.91 2.33 (28.49)
EIDO 18.59 0.22 (34.61)
IDX 16.57 (0.29) (33.29)
DOW JONES 25,445.94 (2.72) 2.94
S&P 500 3,050.33 (2.59) 14.09
NASDAQ 9,909.17 (2.19) 43.54
FTSE 6,123.69 (3.11) (20.35)
NIKKEI 22,534.32 (0.07) (1.01)
HANG SENG 24,781.58 (0.50) (17.17)
STRAITS TIM ES 2,628.62 (0.24) (22.75)
KLSE 1,502.63 (0.29) (16.37)
USD/IDR 14,130.00 0.00 1.87
EUR/IDR 15,904.27 (0.76) 2.23
JPY/IDR 132.18 (0.44) 3.38
SGD/IDR 10,163.16 (0.19) (1.41)
AUD/IDR 9,704.17 (1.37) (0.08)
GBP/IDR 17,743.35 0.00 (3.16)
Crude Oil (USD/barrel) 38.38 7:54:20 AM (37.14)
Coal (USD/mn tons) 52.85 6/24/2020 (21.94)
Natural Gas (USD/mmBtu) 1.59 7:47:22 AM (27.59)
Gold (USD/ounce) 1,765.17 8:04:21 AM 16.34
Nickel (USD/mn tons) 12,547.00 6/24/2020 (10.54)
Tins (USD/mn tons) 16,655.00 6/24/2020 (3.03)
CPO (M YR/mn tons) 2,542.00 6/24/2020 (16.41)
Rubber (JPY/kg) 142.20 3:14:35 PM (19.80)
Wheat (USD/bushel) 479.25 7:51:11 AM (14.23)
Corn (USD/bushel) 323.50 7:54:00 AM (16.57)
P riceLast
T ransact io n
YT D
C hg (%)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 (%)
2
Daily Corporate and Industry News
Badan Kebijakan Fiskal (BKF) Kementerian Keuangan (Kemenkeu) memperkirakan, penerimaan perpajakan sepan-jang tahun 2020 akan mengalami kontraksi hingga 9,2% dibandingkan realisasi 2019 yang mencapai Rp 1.546,1 triliun (unaudited). Source: Investor Daily Komisi VII DPR RI dan Kementerian Energi dan Sumber Daya Mineral (ESDM) sepakat meningkatkan anggaran untuk infrastruktur energi minimal sebesar Rp 350 miliar. Source: Investor Daily Pemerintah mengeluarkan Peraturan Menteri Keuangan (PMK) No. 70/PMK.05/2020 tentang Penempatan Uang Negara pada Bank Umum dalam Rangka Percepatan Pemulihan Ekonomi Nasional. pemerintah akan menempatkan dana sebesar Rp30 triliun di bank himpunan milik negara (Himbara) yang sebelumnya ditempatkan di Bank Indone-sia (BI). Penempatan dana pemerintah di bank pelat merah tersebut menggunakan mekanisme deposito dengan su-ku bunga 80% dari suku bunga acuan BI. Source: Bisnis Indonesia Pemerintah akan menjadikan pembangunan infrastruktur sebagai salah satu prioritas untuk menggenjot pertum-buhan ekonomi dengan mengalokasikan anggaran tahun 2021 untuk Kementerian Pekerjaan Umum dan Perumahan Rakyat (PUPR) mencapai sekitar Rp 115,58 triliun. Kementerian Perhubungan (Kemhub) juga akan mengusung proyek infrastruktur transportasi di tahun 2021 dengan pagu indikatif sebesar Rp 41,3 triliun. Source: Kontan Sekitar 58% wilayah Indonesia sudah masuk dalam kategori daerah dengan risiko rendah penularan Covid-19 atau berada dalam zona hijau menurut data Gugus Tugas Nasional Percepatan Penanganan Covid-19. Source: Investor Daily Jasa Marga (JSMR) menurunkan peringkat utang menjadi Baa3 dari Baa2. Moody's juga masih memasang outlook negatif bagi JSMR. Moody's memperkirakan, kontraksi pada volume lalu lintas di jalan tol yang dikelola JSMR akan melemahkan arus kas tahun ini. Source: Kontan Mitra Keluarga Karyasehat (MIKA), sepakat membagikan dividen tunai atas laba bersih tahun buku 2019 dengan pembagian dividen tunai sebesar Rp 299,17 miliar atau senilai Rp 21 per saham. Source: Kontan
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
3
World Equity Indices
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
WOR LD EQUIT Y IN D IC ES
N O T IC KER
1 INDU Index 29,568.57 18,213.65 (3,092.50) (10.84) 18.84 23.30 3.79 3.66 7,936.69 7,936.69
2 SPX Index 3,393.52 2,191.86 (180.45) (5.59) 21.42 24.43 3.49 3.35 26,365.54 26,365.54
3 CCM P Index 10,221.85 6,631.42 936.56 10.44 40.71 36.82 5.31 5.21 15,528.20 15,528.20
4 SPTSX Index 17,970.51 11,172.73 (1,769.05) (10.37) 19.16 24.53 1.56 1.48 2,326.08 1,711.99
5 M EXBOL Index 45,955.41 32,503.25 (5,632.64) (12.94) 18.30 20.57 1.70 0.97 4,887.89 215.43
6 SX5E Index 3,867.28 2,302.84 (549.03) (14.66) 19.95 19.42 1.50 1.48 2,798.10 3,155.69
7 UKX Index 7,727.49 4,898.79 (1,418.75) (18.81) 22.07 18.46 1.46 1.46 1,667.65 2,075.89
8 CAC Index 6,111.41 3,632.06 (1,106.70) (18.51) 19.53 22.07 1.42 1.43 1,533.33 1,729.29
9 DAX Index 13,795.24 8,255.65 (1,155.07) (8.72) 22.79 18.87 1.45 1.43 1,105.89 1,247.22
10 IBEX Index 10,100.20 5,814.50 (2,353.70) (24.65) 27.80 23.09 1.04 1.04 456.76 515.13
11 FTSEM IB Index 25,483.05 14,153.09 (4,343.39) (18.48) 22.32 21.95 0.98 0.99 445.44 502.37
12 AEX Index 632.12 389.60 (47.25) (7.82) 21.29 23.40 1.65 1.66 764.85 862.60
13 SM I Index 11,270.00 7,650.23 (594.95) (5.60) 20.83 19.00 2.41 2.39 1,197.06 1,263.92
14 AS51 Index 7,197.20 4,402.50 (769.28) (11.51) 19.28 21.00 1.87 1.85 1,836.26 1,265.36
15 AS30 Index 7,289.70 4,429.10 (772.40) (11.35) #N/A N/A 21.83 1.88 1.85 2,029.00 1,398.18
16 SHSZ300 Index 4,223.51 3,503.19 42.41 1.04 15.84 13.53 1.86 1.72 34,296.43 4,845.36
17 SHASHR Index 3,276.75 2,773.54 (72.90) (2.28) 15.19 12.29 1.42 1.29 35,016.00 4,947.02
18 SZASHR Index 2,047.11 1,524.76 235.99 13.09 46.59 21.18 2.79 2.92 27,171.00 3,838.69
19 HSI Index 29,174.92 21,139.26 (3,408.17) (12.09) 10.59 11.25 0.95 0.92 17,015.24 2,195.40
20 HSCEI Index 11,502.47 8,290.34 (1,231.40) (11.03) 8.26 8.68 1.04 0.98 13,513.80 1,743.63
21 SENSEX Index 42,273.87 25,638.90 (6,384.76) (15.48) 22.98 20.75 2.64 2.41 67,995.14 898.68
22 NIFTY Index 12,430.50 7,511.10 (1,863.15) (15.31) 22.55 19.91 2.44 2.22 79,634.81 1,052.51
23 JCI Index 6,468.25 3,911.72 (1,334.80) (21.19) 15.90 16.68 1.67 1.77 5,756,622.07 405.91
24 LQ45 Index 1,036.62 566.05 (242.56) (23.91) 12.94 16.19 1.85 1.83 3,655,330.68 257.74
25 KSE100 Index 43,468.22 27,046.71 (6,700.43) (16.45) 8.00 6.75 0.99 0.89 5,381.00 32.10
26 NKY Index 24,115.95 16,358.19 (1,311.67) (5.54) 26.25 21.48 1.74 1.64 349,539.84 3,271.93
27 NEY Index 356.77 249.78 (25.65) (7.33) 17.40 18.42 1.10 1.04 423,845.08 3,967.47
28 TPX Index 1,747.20 1,199.25 (154.17) (8.96) 18.90 17.94 1.15 1.09 602,738.67 5,642.04
29 FBM KLCI Index 1,694.55 1,207.80 (86.13) (5.42) 19.33 19.80 1.57 1.48 975.87 228.09
30 NZSE Index 2,019.39 1,356.73 (81.73) (4.25) 36.66 27.83 2.19 1.86 155.79 100.08
31 PCOM P Index 8,419.59 4,039.15 (1,626.43) (20.81) 14.68 17.45 1.55 1.47 7,724.45 154.28
32 FSSTI Index 3,386.65 2,208.42 (594.21) (18.44) 10.49 14.31 0.90 0.89 463.65 333.27
33 KOSPI Index 2,277.23 1,439.43 (56.06) (2.55) 25.16 15.24 0.85 0.89 1,398,843.61 1,160.66
34 TWSE Index 12,197.64 8,523.63 (336.47) (2.80) 19.80 18.04 1.79 1.87 35,314.35 1,196.08
35 SET Index 1,748.15 969.08 (246.41) (15.60) 18.65 20.39 1.48 1.49 14,314.29 463.79
36 SET50 Index 1,164.72 628.97 (188.30) (17.62) 18.46 20.50 1.69 1.58 9,868.47 319.74
37 VNINDEX Index 1,028.97 649.10 (101.28) (10.54) 14.22 15.17 1.92 2.04 2,998,267.02 129.22
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
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
LQ45 Index
HIGH LOW POINT % Trailing Forward Trailing Forward
1 ACES IJ 1,535 1,920 970 40 2.68 25.45 29.94 5.56 29.94 26,325.25
2 ADRO IJ 1,045 1,715 610 (510) (32.80) 6.14 7.36 0.63 7.36 33,425.33
3 AKRA IJ 2,600 4,440 1,405 (1,350) (34.18) 14.05 12.67 1.21 12.67 10,438.21
4 ANTM IJ 605 1,175 338 (235) (27.98) 75.03 33.13 0.80 33.13 14,538.61
5 ASII IJ 5,000 7,525 3,220 (1,925) (27.80) 9.50 12.27 1.31 12.27 202,417.77
6 BBCA IJ 28,525 35,300 21,625 (4,900) (14.66) 24.18 29.10 4.10 29.10 703,284.16
7 BBNI IJ 4,740 9,450 2,970 (3,110) (39.62) 5.68 13.25 0.81 13.25 88,394.63
8 BBRI IJ 3,120 4,760 2,160 (1,280) (29.09) 11.11 16.12 2.16 16.12 384,838.93
9 BBTN IJ 1,215 2,730 720 (905) (42.69) #N/A N/A 12.32 0.78 12.32 12,866.85
10 BMRI IJ 5,150 8,175 3,660 (2,525) (32.90) 8.53 14.43 1.39 14.43 240,333.33
11 BRPT IJ 1,190 1,525 426 (320) (21.19) 199.72 41.90 6.43 41.90 107,500.97
12 BSDE IJ 790 1,570 585 (465) (37.05) 6.17 9.58 0.54 9.58 15,204.89
13 BTPS IJ 3,220 5,125 1,790 (1,030) (24.24) 17.72 23.70 4.60 23.70 24,805.91
14 CPIN IJ 5,650 7,750 3,800 (850) (13.08) 24.76 30.28 4.21 30.28 92,648.70
15 CTRA IJ 645 1,335 394 (395) (37.98) 11.28 13.29 0.81 13.29 11,971.40
16 ERAA IJ 1,285 2,260 805 (510) (28.41) 11.72 16.36 0.83 16.36 4,099.15
17 EXCL IJ 2,690 3,730 1,315 (460) (14.60) 13.23 20.55 1.39 20.55 28,799.17
18 GGRM IJ 47,700 80,050 30,625 (5,300) (10.00) 8.36 9.77 1.72 9.77 91,779.00
19 HMSP IJ 1,710 3,290 1,085 (390) (18.57) 14.40 16.10 5.09 16.10 198,903.91
20 ICBP IJ 9,075 12,550 7,750 (2,075) (18.61) 18.62 18.93 3.88 18.93 105,831.82
21 INCO IJ 2,820 4,320 1,340 (820) (22.53) 18.55 28.37 1.00 28.37 28,020.48
22 INDF IJ 6,525 8,300 5,000 (1,400) (17.67) 11.54 10.90 1.44 10.90 57,292.28
23 INKP IJ 5,600 9,950 3,020 (2,100) (27.27) 7.86 - 0.54 - 30,637.50
24 INTP IJ 12,300 22,875 8,650 (6,725) (35.35) 24.67 26.43 1.96 26.43 45,279.15
25 ITMG IJ 7,400 18,500 5,650 (4,075) (35.51) 5.44 7.34 0.66 7.34 8,361.45
26 JPFA IJ 1,225 1,860 760 (310) (20.20) 8.00 9.54 1.32 9.54 14,365.05
27 JSMR IJ 4,500 6,225 2,230 (675) (13.04) 14.78 27.45 1.68 27.45 32,660.42
28 KLBF IJ 1,460 1,690 830 (160) (9.88) 26.52 25.98 4.16 25.98 68,437.68
29 LPPF IJ 1,605 4,500 1,080 (2,605) (61.88) 3.30 6.17 2.45 6.17 4,501.84
30 MNCN IJ 980 1,780 750 (650) (39.88) 6.08 6.07 1.04 6.07 13,990.58
31 PGAS IJ 1,130 2,460 605 (1,040) (47.93) 38.39 15.92 0.74 15.92 27,392.90
32 PTBA IJ 2,120 3,150 1,385 (540) (20.30) 6.13 7.89 1.20 7.89 24,423.80
33 PTPP IJ 855 2,320 484 (730) (46.06) 6.91 6.86 0.49 6.86 5,300.91
34 PWON IJ 436 765 266 (134) (23.51) 7.72 10.34 1.40 10.34 20,997.59
35 SCMA IJ 1,095 1,655 600 (315) (22.34) 17.84 14.75 3.10 14.75 16,178.27
36 SMGR IJ 9,475 13,500 5,475 (2,525) (21.04) 21.88 23.96 1.70 23.96 56,201.15
37 SRIL IJ 194 372 113 (66) (25.38) 3.17 - 0.45 - 3,967.72
38 TBIG IJ 1,150 1,365 730 (80) (6.50) 28.91 24.41 5.58 24.41 26,055.55
39 TKIM IJ 4,850 13,300 3,750 (5,425) (52.80) 6.38 - 0.77 - 15,099.13
40 TLKM IJ 3,180 4,500 2,450 (790) (19.90) 16.88 14.93 3.16 14.93 315,017.85
41 TOWR IJ 1,000 1,085 575 195 24.22 21.12 19.72 5.39 19.72 51,014.63
42 UNTR IJ 16,725 28,900 12,000 (4,800) (22.30) 6.19 7.46 0.99 7.46 62,386.51
43 UNVR IJ 8,075 9,795 5,275 (325) (3.87) 41.00 39.57 42.67 39.57 308,061.25
44 WIKA IJ 1,260 2,500 675 (730) (36.68) 5.39 7.43 0.79 7.43 11,302.14
45 WSKT IJ 735 2,180 394 (750) (50.51) 10.63 15.38 0.56 15.38 9,976.85
MARKET CAP
(Bn)LQ45 Index
CHANGE YTD PER (x) PBV (x)24-Jun-20
52-WEEK
5
Macro data
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id
D escript io n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)
Property 1.16 (2.53) 3.71 (34.21)
Basic Industry 0.45 (2.35) 6.77 (25.66)
Trade 1.48 (0.17) 4.02 (20.67)
Finance 3.20 1.07 19.76 (21.60)
M iscellaneous Industry 1.55 0.20 19.24 (26.71)
Consumer 0.93 (1.28) 0.03 (11.22)
Infrastructure 1.24 (0.01) 5.94 (19.87)
Agriculture (0.73) 0.40 8.29 (31.26)
M ining 0.67 (4.04) 0.29 (19.75)
M ay-20 A pr-20
0.90 3.61
2.19 2.67
0.07 0.08
130.50 127.88
F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)
USD/IDR 14,130.00 - 4.10 (1.87)
USD/CNY 7.08 (0.28) 0.83 (1.62)
USD/EUR 0.89 (0.07) (3.20) (0.41)
USD/JPY 107.06 (0.02) 0.61 1.45
USD/SGD 1.39 0.09 2.35 (3.32)
USD/AUD 1.46 (0.03) (4.74) 2.11
USD/GBP 0.80 (0.07) (1.94) 6.66
( in %)
4.95
0.48
1.46
6.55
7.14
7.58
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
Indonesia 10-Year Government Bonds Yield
Indonesia 15-Year Government Bonds Yield
Lending and D epo sit R ates
JIBOR (in IDR)
LIBOR (in GBP)
SIBOR ( in USD)
Technical Corner
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
JCI : MIXED MENGUAT
Last price : 4.964
Support : 4.850, 4.750
Resistance : 4.975, 5.036
JCI pada hari ini kami perkirakan akan bergerak MIXED MENGUAT dengan range 4.960 – 5.036. JCI berhasil
bertahan di support 4.850, berpeluang menguji resistance 4.975 dan 5.036. Namun, jika JCI berhasil break
diatas support 4.975, maka akan mencoba Resistance 5.043. Indikator Stoc osc mengindikasikan pola Uptrend
dan MACD mengindikasikan pola uptrend.
Jakarta Composite Index (JCI)
Summary of portfolio:Stock Recommendation Comment
GGRM HOLD GGRM sedang menguji support di 47.500. Namun, jika GGRM gagal bertahandiatas support 47.500, akan melanjutkan untuk menguji Support 47.000.
SMGR HOLD SMGR sedang menguji Support 9.300, dan jika bertahan maka berpeluangmencoba Resistance 9.700 dan 9.900. Namun, jika SMGR gagal bertahan pada
Support 9.500, berpeluang menguji Support 9.300 dan 9.175
UNVR HOLD UNVR berhasil bertahan diatas Support 8.025, berpeluang menguji resistancedi 8.200. Namun, jika UNVR gagal bertahan diatas 8.025, maka berpeluang
menguji Support di 7.900.
MYOR HOLD MYOR bertahan diatas Support 2.250, berpeluang mencoba Resistance 2.310dan 2.340. Namun, jika MYOR gagal bertahan pada Support 2.250, maka akan
menguji Support 2.220.
GGRM : HOLD
Last price : 47.700Target price : 50.400 (5.7%)Stop loss : 46.700 (-2.1%)
GGRM sedang menguji support di 47.500. Namun, jika GGRM gagal bertahan diatas support 47.500, akan melanjutkanuntuk menguji Support 47.000. Indikator MACD mengindikasikan pola downtrend dan Stoc osc sedang deadcross yangmengindikasikan pola downtrend.
SMGR : HOLD
Last price : 9.475Target price : 9.900 (4.5%)Stop loss : 8.900 (-6.1%)
SMGR sedang menguji Support 9.300, dan jika bertahan maka berpeluang mencoba Resistance 9.700 dan 9.900.Namun, jika SMGR gagal bertahan pada Support 9.500, berpeluang menguji Support 9.300 dan 9.175. SMGR dariIndikator MACD dan Stoc osc mengindikasikan pola Downtrend.
Support : 47.500, 47.000Resistance : 49.450, 50.400
Support : 9.300, 9.175Resistance : 9.700, 9.900
Semen Indonesia (Persero) Tbk (SMGR)
Gudang Garam Tbk (GGRM)
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
Unilever Indonesia Tbk (UNVR)
Mayora Indah Tbk (MYOR)
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
UNVR : HOLD
Last price : 8.075Target price : 8.800 (9.0%)Stop loss : 7.975 (-1.2%)
UNVR berhasil bertahan diatas Support 8.025, berpeluang menguji resistance di 8.200. Namun, jika UNVR gagalbertahan diatas 8.025, maka berpeluang menguji Support di 7.900. UNVR dilihat dari Indikator MACD dan Stoc oscmengindikasikan pola Downtrend.
MYOR : HOLD
Last price : 2.290Target price : 2.420 (5.7%)Stop Loss : 2.130 (-7.0%)
MYOR bertahan diatas Support 2.250, berpeluang mencoba Resistance 2.310 dan 2.340. Namun, jika MYOR gagalbertahan pada Support 2.250, maka akan menguji Support 2.220. MYOR dilihat dari Indikator MACD dan Stoc oscmengindikasikan pola Downtrend.
Support : 8.025, 7.900Resistance : 8.200, 8.325
Support : 2.250, 2.220Resistance : 2.310, 2.340
PT Sinarmas Sekuritas
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Jl. M. H. Thamrin no. 51
Tel: +62 21 392 5550
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Equity Research Team
HEAD OF RESEARCH
Evan Lie Hadiwidjaja
Banking, Automotive
Tel: +62 21 3925550 Ext: 615
EQUITY ANALYST
Richard Suherman
Commodities
Tel: +62 21 3925550 Ext: 610
EQUITY ANALYST
Richardson Raymond
Property, Industrial Estate
Tel: +62 21 3925550 Ext: 159
EQUITY ANALYST
Paulina
Consumer, Retail, Cement
Tel: +62 21 3925550 Ext: 610
RESEARCH ASSOCIATE
Andrianto Saputra
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