Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

FROM EQUITY REPORT

Danareksa Research Institute: August 2021 Consumer

Confidence: Improving Consumer Optimism

The Consumer Confidence Index rose on monthly basis driven by relaxation of social restrictions and the decreased in the daily case

of Covid-19 in all provinces. The Buying Intentions Index was less solid on a monthly basis, especially for automobiles and home

renovation. The Consumer Confidence in the Government Index weakened, especially the component measuring sentiment toward

the government’s ability to spur economic growth.

To see the full version of this report, please click here

MARKET NEWS MACROECONOMY ▪ Bank Indonesia recorded USD144.8bn forex reserve in August

SECTOR

▪ Coal Mining: Sep' 21 coal reference prices (HBA) reached USD150/ton.

CORPORATE ▪ BSDE to become operator in data center business

▪ Indosat weight data centers sale; could fetch USD 150-200mn. ▪ Traveloka to cancel SPAC merger.

COVID-19

▪ Govt issued EUA for covid-19 vaccines from Johnson & Johnson and Cansino

PREVIOUS REPORTS

▪ Construction:Promising future opportunities ▪ Tower Bersama Infrastructure: Consolidating new towers

with earnings dent

▪ Covid-19: Weekly Update: Still manageable ▪ Bukit Asam: Supported by strong coal prices

▪ Indofood CBP Sukses Makmur: Rosy outlook despite the threat to margins

▪ Indofood Sukses Makmur: Still attractive ▪ Wijaya Karya: Lower targets but still attractive

▪ Adaro Energy: Benefitting from solid coal prices

▪ Bukalapak.com: Solid result on Mitras strategy ▪ Pembangunan Perumahan: Supported by divestment gains

▪ Surya Semesta Internusa: Losses from limited industrial land sales

▪ Telkom Indonesia: A factory of value opportunities

▪ Timah: The strong tin price boosted earnings ▪ Waskita Beton Precast: Limited ability to execute the

revenues ▪ Alam Sutra Realty: Breaking the streak of losses

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6.112 (0,2) 2,2 599

Thailand 1.636 (0,7) 12,9 3.125

Philippines 6.913 0,5 (3,2) 102

Malaysia 1.583 0,1 (2,7) 696

Singapore 3.109 0,2 9,3 649

Regional

China 3.677 1,5 5,9 119.664

Hong Kong 26.354 0,7 (3,2) 18.626

Japan 29.947 0,1 9,1 2.434

Korea 3.170 (0,5) 10,3 10.265

Taiwan 17.429 (0,4) 18,3 12.168

India 58.279 (0,0) 22,0 675

Nasdaq 15.374 0,1 19,3 210.679

Dow Jones 35.100 (0,8) 14,7 14.010

KEY INDEX

Close

Chg Ytd Vol

(%) (%) (US$ m)

Asean - 5

Indonesia 6,134 0.1 (1.0) 318

Thailand 1,568 (0.1) 0.2 1,454

Philippines 7,855 (0.3) 5.2 87

Malaysia 1,562 (0.5) (7.6) 338

Singapore 3,173 (0.5) 3.4 908

Regional

China 2,885 0.3 15.7 28,889

Hong Kong 26,391 (0.2) 2.1 9,093

Japan 23,380 (0.6) 16.8 10,278

Korea 2,068 (0.8) 1.3 3,790

Taiwan 11,532 0.2 18.5 3,534

India 40,675 (0.3) 12.8 495

Nasdaq 8,521 (0.6) 28.4 116,797

Dow Jones 27,503 (1.0) 17.9 11,490

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14.213 0,4 1,0 (1,2)

BI7DRRR % 3,50 - - (0,3)

10y Gov Indo bond 6,11 0,0 (0,2) 0,2

CURRENCY AND INTEREST RATE

Rate

w-w m-m ytd

(%) (%) (%)

Rupiah Rp/1US$ 14,115 (0.2) (0.7) 1.9

BI7DRRR % 5.00 - (0.3) (1.0)

10y Gov Indo bond 7.16 0.1 0.2 (0.9)

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 177 (0,4) 10,1 120,1

Gold US$/toz 1.797 0,1 1,9 (5,4)

Nickel US$/mt.ton 19.520 (0,8) 1,7 17,9

Tin US$/mt.ton 32.483 (2,5) (9,1) 58,1

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 198 (5,1) (21,2) 6,8

Corn US$/mt.ton 69 0,3 0,4 41,2

Oil (WTI) US$/barrel 72 0,0 1,4 38,5

Oil (Brent) US$/barrel 4.558 0,5 1,2 20,3

Palm oil MYR/mt.ton 160 (1,7) (7,8) 6,4

Rubber USd/kg 1.205 N/A 2,8 20,5

Pulp US$/tonne 483 (0,8) 5,0 14,7

Coffee US$/60kgbag 197 0,3 (1,5) 13,4

Sugar US$/MT 58 (2,1) (8,9) 33,3

Wheat US$/ton 1.271 0,2 (10,7) (3,4)

Soy Oil US$/lb 198 (5,1) (21,2) 6,8

SoyBean US$/by 69 0,3 0,4 41,2

Source: Bloomberg

HARD COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Coal US$/ton 67 (0.3) 0.2 (34.0)

Gold US$/toz 1,478 (0.0) (2.1) 15.2

Nickel US$/mt.ton 13,315 (2.5) (20.7) 25.6

Tin US$/mt.ton 16,771 1.5 1.7 (14.1)

SOFT COMMODITY

Unit Price

d-d m-m ytd

(%) (%) (%)

Cocoa US$/mt.ton 2,476 (1.0) 1.3 4.7

Corn US$/mt.ton 141 1.7 (2.5) 5.6

Oil (WTI) US$/barrel 56 0.6 (0.2) 24.3

Oil (Brent) US$/barrel 61 (0.2) (1.4) 13.0

Palm oil MYR/mt.ton 2,632 (1.3) 11.4 34.8

Rubber USd/kg 142 0.9 6.9 13.6

Pulp US$/tonne 1,205 N/A 2.8 20.5

Coffee US$/60kgbag 72 0.3 7.9 3.5

Sugar US$/MT 345 0.7 1.3 3.6

Wheat US$/ton 143 (1.9) 0.7 (5.1)

Soy Oil US$/lb 30 0.1 (3.4) 8.9

Soy Bean US$/by 871 0.1 (5.8) (1.3)

Source: Bloomberg

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Consumer Confidence Index

Present Situation

Expectations

70.6

62.4

84.2

64.2

79.5

66.2

DKI Jakarta West Java Central Java East Java North Sumatera South Sulawesi

June July Augt

Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

MACROECONOMY

Bank Indonesia recorded USD144.8bn forex reserve in August

The position of Indonesia's foreign exchange reserves at the end of August 2021 was recorded at USD144.8bn, an increase compared to the position at the end of July 2021 of USD137.3bn, the highest in history. The increase in

foreign exchange reserves was mainly due to the additional allocation of Special Drawing Rights (SDR) of USD4.5bn, equivalent to USD6.3bn received by Indonesia from the IMF. SDR is a financial instrument issued by the IMF and can

be used for financial transactions of its member countries. In 2021, the IMF will increase the SDR allocation and distribute it to all member countries, including Indonesia, proportionally according to their respective quotas. This is

intended to support the resilience and stability of the global economy in the face of the impact of the Covid-19

pandemic, build the confidence of economic actors, also to strengthen global foreign exchange reserves. The SDR allocation is distributed to IMF member countries at no cost. (Bank Indonesia)

SECTOR

Coal Mining: Sep' 21 coal reference prices (HBA) reached USD150/ton.

Ministry of Energy and Mineral Resources (MEMR) set coal reference prices (HBA) of USD150.03/ton for Sep 21 (+14.5% mom), which was the highest since the implementation of HBA in the beginning of 2009. Strong coal prices

was due to a) strong coal demand for power plant in China and b) higher gas prices pushed coal demand in European

countries. (Investor Daily)

CORPORATE BSDE to become operator in data center business

BSDE is currently discussing with several strategic partner to develop data center business. Sinarmas Land, the

parent of BSDE, has ample land in industrial estate and in BSD City with good estate management thus making it suitable to develop data center which need at least 10ha of land with proven land legality, flood free, and high

security. (Bisnis Indonesia)

INDOSAT WEIGH DATA CENTERS SALE; COULD FETCH USD150-200mn

Indosat plans to sell its 3 data centers located in Jakarta, Technopark Tangerang, and Jatiluhur Bandung with total area of 5,100 m2. We understand that revenue from IT solutions for Indosat has picked up its pace in the 1H21.

23rd September is the deadline of the latest extension of the exclusive MoU for M&A talks between Indosat & Hutchison, and we expect by then to hear the final outcome of the data center sale and quite possibly for divestment

of its switching company.

We speculate by then an announcement will emerge that details formation of the merged telco and shareholder

Ooredoo's partial or whole exit from the merged Telco. A large dividend announcement should be part of this deal.

Traveloka to cancel SPAC merger. Formerly proposed via Peter Thiel's Bridgetown Holdings as SPAC deals demand died down. Traveloka will likely follow

the traditional IPO path. The co was looking to raise USD400mn on the back of USD5bn valuation. (Investor Daily)

COVID-19 Govt issued EUA for covid-19 vaccines from Johnson & Johnson and Cansino

The govt via Food and Medicine Oversight Board issued EUA for covid-19 vaccines from Johnson&Johnson (Janssen)

and Cansino Bio (Convidecia). These vaccines can be used for those aged at least 18 years old only with single injection. Efficacy rate for Janssen is 67% to combat symptomatic case, and 66% to prevent severity. While for

Convidecia has 65% efficacy rate to combat symptomatic case and 90% to prevent severity. These vaccines require storage with temperature 2-8 degree Celsius, and were made in the same platform, Non-Replicating Viral Vector

using Adenovirus (Ad26). In addition, the President of Indonesia also targets 70% of the population is vaccinated this year. (Source: Kontan)

MARKET NEWS

Danareksa Sekuritas – Equity SNAPSHOT

Rating Price (Rp) Price Mkt Cap

Target Rp Bn 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 2021

Danareksa Universe 3.861.531 159.309 217.383 114 156 -31,5% 36,5% 24,2 17,8 10,7 9,4 2,3 2,2 9,5 12,5

Auto 216.587 16.164 17.169 399 424 -25,5% 6,2% 13,4 12,6 8,7 7,4 1,4 1,3 10,7 10,9

Astra International BUY 5.350 7.500 216.587 16.164 17.169 399 424 266 368 -25,5% 6,2% 13,4 12,6 8,7 7,4 1,4 1,3 10,7 10,9

Banks 1.274.282 53.225 66.970 405 510 -30,9% 25,8% 23,9 19,0 2,3 2,2 9,5 11,8

BCA HOLD 32.850 34.000 809.917 27.131 29.901 1.100 1.213 1.100 1.213 -5,0% 10,2% 29,9 27,1 N/A N/A 4,4 4,1 15,1 15,6

BNI BUY 5.400 8.000 100.703 3.280 7.083 176 380 176 380 -78,7% 115,9% 30,7 14,2 N/A N/A 0,9 0,9 2,8 6,3

Bank Tabungan Negara BUY 1.440 2.200 15.250 1.602 1.826 151 172 151 172 666,5% 14,0% 9,5 8,4 N/A N/A 0,8 0,7 7,5 9,0

Bank Mandiri BUY 6.250 8.000 291.667 17.119 21.964 367 471 367 471 -37,7% 28,3% 17,0 13,3 N/A N/A 1,5 1,5 8,7 11,4

BTPN HOLD 2.820 3.200 22.980 1.749 3.565 215 437 240 368 -32,0% 103,8% 13,1 6,4 N/A N/A 0,7 0,7 5,7 11,0

BTPS BUY 2.970 3.500 22.880 855 1.360 111 177 111 177 -38,9% 59,1% 26,8 16,8 N/A N/A 3,9 3,3 15,2 21,4

BPD Jatim BUY 725 850 10.886 1.489 1.271 99 85 99 85 8,1% -14,6% 7,3 8,6 N/A N/A 1,1 1,0 15,5 12,3

Cement 93.248 4.599 5.227 478 544 8,8% 13,7% 20,3 17,8 9,6 8,4 1,6 1,6 8,2 9,0

Indocement BUY 10.950 15.400 40.309 1.806 1.974 491 536 404 469 -1,6% 9,3% 22,3 20,4 17,4 15,4 1,8 1,8 7,9 8,6

Semen Indonesia BUY 8.925 11.800 52.939 2.792 3.253 471 548 357 397 16,7% 16,5% 19,0 16,3 7,0 6,1 1,5 1,5 8,4 9,3

Cigarettes 184.759 16.229 16.309 137 138 -34,0% 0,5% 11,4 11,3 6,5 6,7 2,0 2,0 18,3 17,8

Gudang Garam HOLD 32.850 32.000 63.206 7.648 7.597 3.975 3.948 4.260 4.057 -29,7% -0,7% 8,3 8,3 4,8 4,7 1,1 1,0 13,9 12,5

HM Sampoerna HOLD 1.045 1.340 121.552 8.581 8.712 74 75 82 73 -37,5% 1,5% 14,2 14,0 8,3 9,1 3,9 4,0 25,6 28,3

Construction 66.429 11.162- 1.486 -150 20 -233,8% -113,3% (6,0) 44,7 22,08 10,99 0,9 0,8 13,7- 1,8

Wijaya Karya BUY 1.065 1.800 9.553 186 601 21 67 16 88 -91,9% 223,5% 51,4 15,9 16,8 6,6 0,6 0,6 1,1 3,6

Pembangunan Perumahan BUY 1.025 1.800 6.355 138 397 22 64 36 74 -85,2% 189,0% 46,2 16,0 11,0 7,6 0,5 0,4 1,0 2,7

Adhi Karya BUY 825 1.000 2.938 24 167 7 47 -11 132 -96,4% 597,3% 122,5 17,6 9,8 7,9 0,4 0,4 0,4 2,4

Waskita Karya BUY 890 1.200 12.081 -7.379 -1.040 -544 -77 -314 25 -886,5% -85,9% (1,6) (11,6) 363,6 17,5 0,9 0,8 (46,7) (7,5)

Waskita Beton BUY 145 210 3.822 -4.760 -77 -181 -3 -34 13 -690,5% -98,4% (0,8) (49,5) 41,9- 8,3 0,7 0,7 (70,7) (1,4)

Wika Beton BUY 254 430 2.214 128 265 15 30 10 37 -75,0% 106,6% 17,3 8,4 8,1 5,0 0,7 0,6 3,7 7,5

Jasa Marga BUY 4.060 5.100 29.467 501 1.173 69 162 83 228 -77,3% 134,0% 58,8 25,1 14,4 12,0 1,6 1,5 2,7 6,0

Consumer 368.897 22.478 21.732 273 264 13,2% -3,3% 16,4 17,0 12,1 10,8 4,2 3,8 26,5 23,3

Indofood CBP BUY 8.425 12.500 98.252 6.587 6.746 565 578 557 607 30,7% 2,4% 14,9 14,6 15,5 12,5 3,4 3,1 24,5 22,3

Indofood BUY 6.250 9.000 54.878 6.456 6.433 735 733 696 653 31,5% -0,3% 8,5 8,5 6,7 6,1 1,4 1,3 16,5 15,2

Unilever HOLD 4.250 4.500 162.138 7.164 6.091 188 160 190 198 -3,1% -15,0% 22,6 26,6 15,9 15,3 28,7 26,9 131,1 104,4

Kino Indonesia SELL 2.170 2.100 3.100 212 198 148 138 148 138 -59,3% -6,7% 14,6 15,7 11,0 10,0 1,1 1,1 8,0 7,1

Mayora Indah BUY 2.260 2.900 50.531 2.061 2.264 92 101 84 94 3,0% 9,9% 24,5 22,3 15,0 13,9 4,5 4,0 19,7 19,0

Pharmaceutical 105.223 3.724 4.087 45 50 12,8% 9,7% 28,3 25,7 19,6 17,9 3,8 3,5 13,8 14,1

Sido Muncul BUY 780 930 23.400 934 1.097 31 37 30 33 15,6% 17,5% 25,1 21,3 21,9 20,1 7,4 7,2 30,0 34,3

Kalbe Farma BUY 1.460 1.900 68.438 2.733 2.890 58 62 57 60 9,0% 5,7% 25,0 23,7 16,9 15,8 3,9 3,6 16,4 15,7

Kimia Farma SELL 2.410 1.500 13.385 56 99 10 18 10 18 -543,5% 75,7% 237,3 135,1 32,3 25,0 1,8 1,8 0,8 1,3

Heavy Equipment 80.384 6.003 8.805 1.609 2.360 -46,9% 46,7% 13,4 9,1 4,7 3,5 1,3 1,2 10,0 13,6

United Tractors BUY 21.550 30.000 80.384 6.003 8.805 1.609 2.360 1.922 2.648 -46,9% 46,7% 13,4 9,1 4,7 3,5 1,3 1,2 10,0 13,6

Industrial Estate 12.805 1.145 925 18 15 -36,6% -19,2% 11,2 13,8 9,4 7,3 0,9 0,8 7,7 6,2

Puradelta Lestari BUY 193 250 9.302 1.348 1.158 28 24 18 19 1,0% -14,1% 6,9 8,0 9,6 7,9 1,4 1,4 20,7 17,7

Bekasi Fajar BUY 127 170 1.225 -115 -93 -12 -10 11 27 -130,3% -19,1% (10,7) (13,2) 7,1 4,5 0,3 0,3 (2,6) (2,0)

Surya Semesta BUY 484 800 2.277 -88 -140 -19 -30 -21 -16 -195,3% 59,1% (25,9) (16,3) 10,8 9,6 0,6 0,6 (2,3) (3,7)

Media 43.611 2.891 3.509 97 118 -13,0% 21,4% 15,1 12,4 8,5 7,1 2,5 2,2 17,1 18,8

Media Nusantara Citra BUY 865 1.450 13.018 1.743 2.323 116 154 130 180 -22,7% 33,3% 7,5 5,6 4,2 3,1 0,9 0,8 13,5 15,4

Surya Citra Media HOLD 2.070 2.200 30.593 1.148 1.186 78 80 79 85 7,3% 3,3% 26,6 25,8 17,0 15,7 10,0 7,6 28,8 33,4

Mining 219.696 7.921 14.392 89 162 -35,0% 81,7% 27,7 15,3 7,1 6,3 1,5 1,4 5,5 9,6

Adaro Energy BUY 1.345 1.700 43.021 2.137 4.212 67 132 190 182 -62,6% 97,1% 20,1 10,2 2,9 2,7 0,7 0,7 3,7 7,0

Timah HOLD 1.500 1.700 11.172 -388 345 -52 46 -39 59 -44,1% -189,0% (28,8) 32,3 18,0 9,3 2,2 2,0 (7,5) 6,5

Vale Indonesia BUY 5.025 6.300 49.930 1.204 1.939 121 195 127 153 48,4% 61,0% 41,5 25,8 12,4 11,0 1,8 1,7 4,3 6,7

Aneka Tambang BUY 2.350 3.200 56.472 1.149 2.122 48 88 38 49 492,9% 84,6% 49,1 26,6 22,1 19,0 3,0 2,8 6,2 10,9

Bukit Asam BUY 2.280 3.300 26.267 2.387 3.097 207 269 213 314 -41,2% 29,7% 11,0 8,5 7,3 4,5 1,5 1,4 13,3 16,7

Indo Tambangraya Megah BUY 16.975 16.500 19.180 574 2.009 508 1.778 1.531 1.483 -68,6% 250,0% 33,4 9,5 4,6 4,5 1,5 1,5 4,5 15,7

Harum Energy SELL 5.050 4.100 13.653 858 668 317 247 116 126 227,9% -22,2% 15,9 20,5 14,1 12,9 3,1 2,9 19,5 14,6

Petrochemical 245.310 2.603 6.011 23 52 35,3% 130,9% 94,2 40,8 19,0 18,3 5,6 5,5 6,0 13,6

Barito Pacif ic HOLD 1.000 1.100 93.747 1.789 2.543 19 27 14 12 17,1% 42,2% 52,4 36,9 12,4 11,6 5,5 5,4 10,5 14,7

Chandra Asri Petrochemical BUY 7.125 12.000 151.563 814 3.468 38 163 79 88 105,6% 325,8% 186,1 43,7 33,2 32,2 5,7 5,5 3,1 12,8

Plantation 37.204 2.583 4.428 89 153 293,2% 71,4% 14,4 8,4 5,6 4,9 1,0 1,0 7,3 11,8

Astra Agro Lestari BUY 8.525 18.000 16.408 833 1.762 433 915 518 618 294,8% 111,5% 19,7 9,3 6,2 5,2 0,8 0,8 4,4 8,9

Dharma Satya BUY 510 900 5.406 477 839 45 79 24 44 165,0% 75,9% 11,3 6,4 3,6 3,1 1,4 1,2 12,5 20,2

Saw it Sumbermas BUY 835 1.900 7.953 577 825 61 87 62 71 4708,3% 43,0% 13,8 9,6 5,7 5,3 1,9 1,6 13,9 18,0

PP London Sumatra BUY 1.090 1.900 7.437 696 1.002 102 147 61 68 174,0% 44,0% 10,7 7,4 6,8 5,9 0,8 0,8 8,0 11,2

Poultry 126.785 4.939 7.530 163 248 -9,6% 52,5% 25,7 16,8 16,8 13,3 3,6 3,3 16,9 20,4

Charoen Pokphand BUY 6.275 8.400 102.897 3.842 5.316 234 324 188 224 5,7% 38,4% 26,8 19,4 19,3 16,5 4,6 4,1 17,6 22,4

Japfa Comfeed BUY 1.890 2.350 22.163 1.136 2.013 97 172 38 93 -32,2% 77,2% 19,5 11,0 12,0 8,6 2,1 1,9 10,6 17,9

Malindo Feedmill BUY 770 900 1.724 -39 201 -17 90 -60 35 -125,7% -615,4% (44,2) 8,6 11,7 7,0 0,9 0,8 (2,0) 10,1

Property 80.405 2.809 4.797 23 39 -60,1% 70,8% 28,6 16,8 11,0 8,5 1,0 0,9 3,8 5,8

Alam Sutera BUY 176 220 3.458 -554 363 -28 18 20 22 -164,5% -165,5% (6,2) 9,5 7,5 6,0 0,3 0,3 (5,3) 3,4

Bumi Serpong Damai BUY 1.010 1.450 21.383 506 1.368 24 65 67 123 -73,7% 170,4% 42,3 15,6 9,4 5,5 0,7 0,6 2,0 4,3

Ciputra Development BUY 985 1.450 18.282 1.778 1.278 96 69 43 46 53,5% -28,1% 10,3 14,3 12,5 10,7 1,1 1,1 11,3 7,7

Pakuw on Jati HOLD 470 520 22.635 986 1.630 20 34 26 33 -61,9% 65,3% 23,0 13,9 10,8 8,8 1,4 1,3 6,4 9,9

Summarecon BUY 890 1.100 14.647 93 158 6 10 6 11 -81,9% 69,9% 157,5 92,7 16,3 16,2 1,9 1,9 1,2 2,1

Utility 26.181 124- 222 -5 9 -112,9% -279,3% (211,8) 118,1 3,8 3,4 0,6 0,6 0,3- 0,5

PGN BUY 1.080 1.700 26.181 -124 222 -5 9 167 163 -112,9% -279,3% (211,8) 118,1 3,8 3,4 0,6 0,6 (0,3) 0,5

Retail 49.320 833- 1.588 -19 37 -121,0% -290,6% (59,2) 31,1 13,3 6,1 3,2 2,8 5,2- 9,7

Mitra Adi Perkasa BUY 770 900 12.782 -554 377 -33 23 -36 37 -159,4% -168,1% (23,1) 33,9 7,8 3,4 2,5 2,1 (9,8) 6,7

Ramayana BUY 670 850 4.754 -139 173 -20 24 -28 43 -121,5% -224,5% (34,2) 27,5 26,4 5,7 1,3 1,2 (3,6) 4,5

Matahari Department Store SELL 2.960 1.350 7.773 -873 328 -332 125 -232 187 -163,9% -137,6% (8,9) 23,7 12,5 4,0 7,7 5,1 (63,3) 25,9

Ace Hardw are BUY 1.400 1.700 24.010 733 710 43 41 47 60 -27,6% -3,1% 32,8 33,8 22,0 17,5 4,4 4,1 14,6 12,6

Technology 90.179 1.349- 1.662- -13 -16 -108,5% 23,2% (66,8) (54,3) 1,8 1,6 0,9 0,7 1,3- 1,5-

Bukalapak BUY 875 1.400 90.179 -1.349 -1.662 -13 -16 -13 -16 -51,7% 23,2% (66,8) (54,3) 54,7- 47,8- 56,1 5,7 (97,6) (19,0)

Telco 537.043 24.349 32.507 129 172 1,0% 33,5% 22,1 16,5 6,0 5,6 3,5 3,3 16,3 20,7

Telekomunikasi Indonesia BUY 3.380 4.600 334.830 20.804 25.725 210 260 232 260 11,5% 23,7% 16,1 13,0 5,2 4,9 3,2 3,1 20,5 24,4

Indosat BUY 6.700 7.800 36.407 -717 842 -132 155 -197 -3 145,7% 217,4% (50,8) 43,2 4,4 3,9 3,0 3,0 (5,8) 7,0

XL Axiata BUY 2.640 3.300 28.313 372 1.042 35 97 98 157 -47,9% 180,3% 76,2 27,2 3,1 2,8 1,3 1,3 1,8 4,7

Tow er Bersama SELL 3.040 2.400 68.877 1.010 1.606 45 71 49 84 23,2% 59,0% 68,2 42,9 20,9 16,8 10,9 9,2 17,8 23,3

Sarana Menara Nusantara BUY 1.345 1.500 68.615 2.881 3.293 56 65 56 60 23,0% 14,3% 23,8 20,8 15,4 15,4 6,6 6,0 30,1 30,2

Transportation 3.182 97 148 14 21 -57,0% 52,8% 32,8 21,5 12,2 7,5 1,4 1,3 4,4 6,3

Adi Sarana Armada BUY 2.620 3.400 8.901 87 191 26 56 26 56 -20,9% 119,5% 102,3 46,6 12,6 11,2 6,9 6,0 7,0 13,8

Indonesia Kendaraan Terminal HOLD 605 600 1.100 17 55 9 30 9 30 -87,4% 224,6% 64,6 19,9 14,9 4,7 0,9 0,9 1,5 4,7

Jasa Armada Indonesia HOLD 394 425 2.082 80 93 15 18 17 18 -11,1% 16,3% 26,0 22,4 11,4 10,1 1,8 1,7 7,2 8,0

Trade 15.617 1.017 1.203 253 300 42,0% 18,3% 15,4 13,0 10,1 8,5 1,8 1,7 11,9 13,3

AKR Corporindo BUY 3.890 3.700 15.617 1.017 1.203 253 300 253 300 42,0% 18,3% 15,4 13,0 10,1 8,5 1,8 1,7 11,9 13,3

EV / EBITDA (x) PBV (x) ROE

Equity

Valuation Net profit, Rp bn EPS (Rp) Core EPS (Rp) EPS Growth PER (x)

Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

LEADERS Price as on

Code 07-Sep-21 06-Sep-21 Chg, % w-w, % m-m, % YTD, % Rating

Japfa Comfeed JPFA 1.890 1.795 5,3 4,4 13,9 29,0 BUY

Bank Rakyat Indonesia BBRI 3.910 3.756 4,1 2,0 2,0 (3,9) NON

RATED

Ciputra Development CTRA 985 950 3,7 12,6 14,5 - BUY

HM Sampoerna HMSP 1.045 1.015 3,0 4,5 (2,8) (30,6) HOLD

Mayora Indah MYOR 2.260 2.200 2,7 5,1 1,3 (16,6) BUY

Malindo Feedmill MAIN 770 750 2,7 3,4 6,9 4,1 BUY

Bumi Serpong Damai BSDE 1.010 985 2,5 5,2 8,6 (17,6) BUY

Summarecon Agung SMRA 890 875 1,7 11,9 17,9 14,1 BUY

Puradelta Lestari DMAS 193 190 1,6 2,7 - (21,5) BUY

Indosat ISAT 6.700 6.600 1,5 5,9 8,9 32,7 BUY

Sources: Bloomberg

LAGGARDS Price as on Code 07-Sep-21 06-Sep-21 Chg, % w-w, % m-m, % YTD, % Rating

Wika Beton WTON 254 264 (3,8) 8,5 7,6 (34,2) BUY

Chandra Asri Petrochemical TPIA 7.125 7.400 (3,7) (9,2) (16,2) (13,5) BUY

Indofood INDF 6.250 6.475 (3,5) 1,2 0,4 (8,8) BUY

Semen Indonesia SMGR 8.925 9.200 (3,0) (3,5) 5,6 (28,2) BUY

Bukalapak BUKA 875 900 (2,8) (7,4) (17,5) N/A BUY

Tower Bersama TBIG 3.040 3.120 (2,6) (2,9) (2,9) 86,5 SELL

Sarana Menara Nusantara TOWR 1.345 1.380 (2,5) 0,4 0,4 40,1 BUY

Adi Sarana Armada ASSA 2.620 2.680 (2,2) (0,8) 1,9 312,6 BUY

Indocement INTP 10.950 11.200 (2,2) (2,7) 7,9 (24,4) BUY

Waskita Beton WSBP 145 148 (2,0) 8,2 3,6 (47,1) BUY

Sources: Bloomberg

COVERAGE PERFORMANCE

Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

PREVIOUS REPORTS

▪ Construction:Promising future opportunities

▪ Tower Bersama Infrastructure: Consolidating new towers with earnings dent ▪ Covid-19: Weekly Update: Still manageable

▪ Bukit Asam: Supported by strong coal prices ▪ Indofood CBP Sukses Makmur: Rosy outlook despite the threat to margins

▪ Indofood Sukses Makmur: Still attractive

▪ Wijaya Karya: Lower targets but still attractive ▪ Adaro Energy: Benefitting from solid coal prices

▪ Bukalapak.com: Solid result on Mitras strategy ▪ Pembangunan Perumahan: Supported by divestment gains

▪ Surya Semesta Internusa: Losses from limited industrial land sales

▪ Telkom Indonesia: A factory of value opportunities ▪ Timah: The strong tin price boosted earnings

▪ Waskita Beton Precast: Limited ability to execute the revenues ▪ Alam Sutra Realty: Breaking the streak of losses

▪ Matahari Department Store: Stellar 1H21, Markedly Improved Operations

▪ Wijaya Karya Beton: Flattish bottom-line growth due to lower revenues ▪ Dharma Satya Nusantara: Slow 1H21, All set For 2H21 Jump

▪ Summarecon Agung: Improving core net profits from higher revenues ▪ Covid-19: Weekly Update: Entering a better phase

▪ Pakuwon Jati : A slow but sure recovery ▪ United Tractors: Soft Komatsu sales volume in Jul 21

▪ AKR Corporindo: Continued strong start with SEZ title for JIIPE

▪ Indofood CBP Sukses Makmur: Forex losses put pressure on 1H21 earnings ▪ Indofood Sukses Makmur: Solid across the board

▪ Sarana Menara Nusantara:Biz diversification bearing fruits ▪ Elang Mahkota Teknologi: The E-agle has landed

▪ Banking: Entering new era

▪ Adi Sarana Armada: Solid logistic and transportation ecosystem in growing industry ▪ Charoen Pokphand Indonesia: Surprising feed margin expansion

▪ Mayora Indah: Earnings pressure from higher raw material prices ▪ Covid-19: Weekly Update: Reserving equilibrium

▪ Retail: A Delayed Return to Normalcy ▪ Technology: Oiling the flywheel

▪ Bukalapak.com: Digitalizing Indonesia’s backbone

▪ Indo Tambangraya: Expect a further earnings improvement in 3Q21 ▪ Strategy: 2022 Proposed Budget: Defensive In Nature

▪ Banking: Still waiting clarity ▪ Cement: Mitigating the impact of higher coal prices

▪ Cigarette: 2022: +11.9% yoy growth in excise tax revenue

▪ Construction: 2022 infrastructure budget: lower but still large ▪ Ace Hardware Indonesia: Below 1H21, 2H21 Evidently Arduous

▪ Bank Negara Indonesia: Offering upside potential ▪ Bumi Serpong Damai: Steady revenues with contained opex

▪ Ciputra Development: Higher profits despite higher opex

▪ Indocement Tunggal Prakarsa: Weak monthly sales due to PPKM ▪ Coal Mining: Persistently Strong Coal Prices

▪ Astra International: Maintaining solid market share ▪ PP London Sumatra: Another Impressive Result

Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

PT BRI Danareksa Sekuritas

Gedung BRI II Lt.23, Jl. Jenderal Sudirman Kav.44-46 Bendungan Hilir, Tanah Abang – Jakarta Pusat 10210 Indonesia Indonesia Tel (62 21) 50914100 Fax (62 21) 2520990

Equity Research Team S

Sales team

Maria Renata

maria.renata@danareksa.co.id (62-21) 50914100 ext.3513 Construction, Toll Road, Cement

Stefanus Darmagiri

stefanus.darmagiri@danareksa.co.id (62-21) 50914100 ext. 3530 Auto, Coal, Heavy Equip, Metal

Natalia Sutanto

natalia.sutanto@danareksa.com (62-21) 50914100 ext.3508 Consumer, Tobacco, Pharmacy

Niko Margaronis

niko.margaronis@danareksa.co.id (62-21) 50914100 ext.3512 Telco, Tower, Utilities

Helmy Kristanto

helmy.kristanto@danareksa.co.id (62-21) 50914100 ext. 3500 Head of Research, Strategy

Eka Savitri

Eka.savitri@danareksa.co.id (62-21) 50914100 ext.3506 Banking

Victor Stefano

victor.stefano@danareksa.co.id (62-21) 50914100 ext.3503 Poultry, Property, Industrial Estate

Ehrliech Suhartono

ehrliech@danareksa.co.id

(62-21) 50914100 ext. 3132

Yunita L. Nababan

yunita@danareksa.co.id

(62-21) 50914100 ext. 3145

Vera Ongyono

vera.ongyono@danareksa.co.id (62-21) 50914100 ext. 3120

Wisnu Budhiargo

Wisnu.budhiargo@danareksa.co.id

(62-21) 50914100 ext. 3117

Kharim Syamsuddin

kharim.syamsuddin@danareksa.co.id (62-21) 50914100 ext. 3507 Research Associate

Adeline Solaiman

adeline.solaiman@danareksa.co.id

(62-21) 50914100 ext. 3503

Ignatius Teguh Prayoga

ignatius.prayoga@danareksa.co.id (62-21) 50914100 ext.3511 Basic Industries, Port

Andreas Kenny

andreas.kenny@danareksa.co.id (62-21) 50914100 ext.3509 Retail, Media, Plantation

Thalia Kadharusman

thalia.kadharusman@danareksa.co.id (62-21) 50914100 ext. 3124

Muhammad Naufal Yunas

muhammad.yunas@danareksa.co.id (62-21) 50914100 ext.3507 Healthcare

Equity SNAPSHOT Wednesday, September 08, 2021

Danareksa Sekuritas – Equity SNAPSHOT

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