OSODaily - oso-securities.com Daily 06 April 2020.pdf · Pemerintah bakal menurunkan tarif pajak penghasilan (PPh) Badan dari sebelumnya 25% menjadi 22% untuk tahun pajak 2020 dan

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OSODaily 06 April 2020

ODAY TOP STOCK TRADED (LQ45)

+++++

JAKARTA COMPOSITE INDEX

4.623,43 91,74

2,02%

Previous 4.531,69 Lowest

4.531,81 Highest 4.623,43 Val IDR bn

6.608

Volbn 8.328 Mkt Cap IDRtr

5.341,10 Net Forg 1DIDRbn (16,55) Net ForgYTDIDRbn

(12.185,05)

Return YTD (%) (26,61) Month to date (%)

1,86

Indices

Last Chg% YTD% Americas

Dow Jones United States 21.052,53 (1,69) (20,33) S&P 500 United States 2.488,65 (1,51) (13,97) Nasdaq United States 7.373,08 (1,53) (7,12) EIDO United States 13,97 (2,85) (47,06) EMEA

FTSE 100 United Kingdom 5.415,50 (1,18) (27,28)

CAC 40 France 4.154,58 (1,57) (24,13) D DAX Germany 9.525,77 (0,47) (20,68)

Asia Pacific

Nikkei Japan 17.818,72 0,01 (17,93) Shanghai China 2.780,64 (0,60) (14,06) TWSE Taiwan 9.708,06 (0,46) (9,60) KOSPI Korea 1.724,86 0,03 (21,69) KLSE Malaysia 1.330,90 (0,02) (19,02) ST – Times Singapore 2.453,03 (2,60) (27,84) Sensex India 28.265,31 (2,39) (29,36) Hangseng Hongkong 23.280,06 (0,19) (22,51)

Sectoral Previous Last Chg% YTD% AGRICULTURE 924,09 936,00 1,29 (38,60) MINING 1.194,09 1.225,53 2,63 (20,86) MISC INDUSTRY 736,58 736,69 0,02 (39,81) BASIC INDUSTRY 601,30 652,52 8,52 (33,29) CONSUMER GOODS 1.704,04 1.712,72 0,51 (16,56) PROPERTY 326,39 326,08 (0,09) (35,29) INFRASTRUKTUR 802,39 825,12 2,83 (27,47) FINANCE 971,86 990,46 1,91 (26,88) MANUFAKTURE 1.054,44 1.083,13 2,72 (25,85) TRADE 594,51 596,61 0,35 (22,50) LQ 45 688,11 702,42 2,08 (30,76)

Commodities Previous Lastest Chg% YTD%

Oil (USD/bbl) 20,31 25,32 24,67 (53,59) Gold (USD tr.oz) 1.591,51 1.613,99 1,41 6,82 Nickel (USD/mtrc ton) 11.313,00 11.239,00 (0,65) (19,86) Tin (USD/mtrc ton) 14.375,00 14.123,00 (1,75) (17,77) Copper (USD/mtrc ton) 4.897,00 4.839,50 (1,17) (21,61) CPO (MYR/ton) 2.398,00 2.320,00 (3,25) (23,71) Coal (USD/ton) 64,25 62,35 (2,96) (7,97)

Currencies

Last Chg% YTD% IDR / USD

16.430,00 0,12 (15,61)

IDR / AUD

9.890,66 1,04 (1,75) IDR / EUR

17.740,64 1,61 (12,33)

IDR /SGD

11.459,10 0,93 (10,04) IDR / JPY

152,56 1,11 (16,28)

IDR / GBP

20.206,67 0,72 (9,82) Global Macro Economics CB Rate CPI YoY GDP YoY United States 0,25 2,30 2,30 Euro Area 0,00 1,20 1,00 United Kingdom 0,10 1,70 1,10 Japan 0,10 0,40 -0,70 China 4,35 5,20 6,00 Domestic macro Economics Latest Chg% YTD% Jibor 5,00 (15,02) 28,20 GovBonds (5y) 7,19 (2,03) 11,68 GovBonds (10y) 7,89 (1,85) 11,67

Inflasi YoY 2,98

Inflasi MoM 0,28 Bi rate 4,50 GDP Growth YoY (%) 4,97

Foreign Reserve (Bn) 130,40 Government Bonds Yield% Wow% Ytd% 7 Year 8,14 8,35 8,35 15 Year 8,28 8,28 8,28 20 Year 8,32 8,32 8,32 30 Year 8,43 8,43 8,43

Source: Bloomberg LP & OSO Research Team

Market Review Pada perdagangan akhir pekan kemarin (03/04) IHSG ditutup menguat sebesar 2.02% ke level 4.623.43. Sembilan dari sepuluh indeks sektoral ditutup dalam teritori positif, dimana sektor industri dasar dan infrastruktur memimpin penguatan masing-masing sebesar 8.52% dan 2.83%. Adapun saham yang menjadi penggerak indeks diantaranya ; TPIA, BRPT, BMRI, BBCA, HMSP. Pelaku pasar asing membukukan aksi jual bersih (Netsell) senilai Rp 16 miliar. Nilai tukar rupiah terapresiasi sebesar 0.12% ke level 16.430. Global Review Pada perdagangan Jum'at (03/04) bursa saham Wall Street kompak ditutup dalam zona merah, dimana Dow Jones melemah sebesar 1.69%, disusul S&P 500 dan Nasdaq yang masing-masing melemah lebih dari 1.5%. Pelemahan tersebut masih dikarenakan dampak yang ditimbulkan akibat virus corona, tercatat data lapangan perkerjaan di Amerika Serikat pada bulan Maret turun sebanyak 701 ribu perkerjaan. Data tersebut mengakhiri catatan rekor data pertumbuhan perkerjaan di AS selama 113 bulan. Selain itu data pengangguran di AS bulan Maret tercatat 4.4% meningkat dibandingkan sebelumnya yang tercatat sebesar 3.5%.

JCI Prediction IHSG ditutup menguat sebesar 2,02% ke level 4.623. IHSG ditutup bullish candle. Adapun indikator Stochastic cenderung bullish dan MACD histogram bergerak Positif dengan Volume meningkat. Kami perkirakan IHSG bergerak cenderung melemah antisipasi profit taking pergerakan di kisaran 4.445 – 4.697. . Major Economic Release

Caixin Services China bulan Maret naik ke

level 46.7 dari sebelumnya di level 26.5.

Non Farm Payrolls United States bulan

Maret tercatat turun sebanyak 701 ribu

dibandingkan sebelumnya yang naik 275

ribu.

Unemployment Rate United States bulan

Maret tercatat sebesar 4.4% naik dari

sebelumnya sebesar 3.5%.



TODAY TOP STOCK TRADED (LQ45)

Top Gainers Last Chg% YTD% MC (T) Beta

BRPT IJ Equity

1.000 20,48 (33,77) 89,02 1,83

TKIM IJ Equity

4.780 14,35 (53,48) 14,88 2,14

JSMR IJ Equity

2.880 10,77 (44,35) 20,90 1,40

CTRA IJ Equity

456 10,68 (56,15) 8,46 1,41

BSDE IJ Equity

710 10,08 (43,43) 13,67 1,50

Top Losers Last Chg% YTD% MC (T) Beta

BTPS IJ Equity

1.805 (5,99) (57,53) 13,91 1,11

LPPF IJ Equity

1.095 (5,60) (73,99) 3,07 1,09

INDF IJ Equity

6.600 (2,94) (16,72) 57,95 1,12

KLBF IJ Equity

1.250 (2,72) (22,84) 58,59 1,16

ICBP IJ Equity

10.000 (1,96) (10,31) 116,62 0,77

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

BBRI IJ Equity

2.890 293,1 (34,3) 356,47 1,43

PGAS IJ Equity

800 199,2 (63,1) 19,39 1,84

BRPT IJ Equity

1.000 185,2 (33,8) 89,02 1,83

WSKT IJ Equity

510 124,1 (65,7) 6,92 2,07

TOWR IJ Equity

660 121,9 (18,0) 33,67 0,81

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

BBRI IJ Equity

2.440 401,1 (44,5) 356,47 1,43

TLKM IJ Equity

22.500 980,3 (32,7) 317,00 0,88

PTBA IJ Equity

3.860 115,8 (49,7) 24,31 1,17

TBIG IJ Equity

2.620 225,7 (34,0) 20,50 0,88

ASII IJ Equity

3.160 33,4 (59,7) 157,89 1,34

Top Gainers Last Chg% YTD% MC (T) Beta

BENCHMARK INDICES COMPARISON Indices Country Latest P/E PBV Target 2020F Asia Pacific

IHSG

Indonesia 4.623 13,77 1,31 6.062

Nikkei

Japanese 17.820 15,77 1,33 24.598

Shanghai

China 2.764 13,03 1,36 3.248

TWSE

Taiwan 9.664 15,45 1,43 11.885

KOSPI

Korea 1.725 16,65 0,68 2.538

KLSE

Malaysia 1.331 14,80 1,31 1.535

ST - Times

Singapore 2.389 9,26 0,82 3.160

Sensex

India 27.591 16,88 2,15 43.526

Hangseng

Hongkong 23.236 9,44 0,99 30.056

JAKARTA COMPOSITE INDEX MOVERS

Movers

Latest Chg% YTD% MC (T) Beta

TPIA IJ Equity

6850 19,65 (33,98) 122 0,66

BRPT IJ Equity

1000 20,48 (33,77) 89 1,83

BMRI IJ Equity

5025 5,79 (34,53) 218 1,58

BBCA IJ Equity

27475 1,57 (17,80) 677 1,10

HMSP IJ Equity

1605 4,56 (23,57) 187 1,09

Laggard


POLL IJ Equity

8800 (6,88) (20,72) 73 0,61

UNVR IJ Equity

7100 (1,73) (15,48) 273 0,95

ICBP IJ Equity

10000 (1,96) (10,31) 117 0,77

INDF IJ Equity

6600 (2,94) (16,72) 58 1,12

KLBF IJ Equity

1250 (2,72) (22,84) 59 1,16

Movers


OSO MANAJEMEN INVESTASI

Mutual Fund Latest 1 Month (%) YTD% Oso Sustainability Fund

891,38 (24,98) (35,47)

Oso Syariah Equity Fund

416,86 (11,50) (26,31)

Source: Bloomberg LP & OSO Research Team



COMPARATION OF JCI PERFORMANCE (SEAG)




MACRO ECONOMIC & INDUSTRY NEWS

Pemerintah bakal menurunkan tarif pajak penghasilan (PPh) Badan dari sebelumnya 25% menjadi 22% untuk

tahun pajak 2020 dan 2021, Kemudian menjadi 20% mulai tahun pajak 2022. Insentif tersebut tertuang dalam

Peraturan Pemerintah Pengganti Undang-Undang (Perppu) Nomor 1 Tahun 2020 tentang Kebijakan Keuangan

Negara dan Stabilitas Sistem Keuangan Untuk Penanganan Pandemi Coronavirus Disease 2019 (Covid-19).

Konfederasi Serikat Pekerja Indonesia (KSPI) meminta pemerintah memprioritaskan pekerja yang terkena

pemutusan hubungan kerja (PHK) akibat pandemi virus corona untuk mendapatkan kartu pra kerja. Hal itu

terkait adanya 25.956 pekerja dari 2.881 perusahaan yang terkena PHK berdasarkan data yang diumumkan Dinas

Tenaga Kerja, Transmigrasi, dan Energi DKI Jakarta.

Penyebaran Covid-19 telah memukul perekonomian Amerika Serikat, ekonomi AS memangkas 701.000

pekerjaan pada Maret lalu. Hal ini mengakhiri 113 bulan berturut-turut dari pertumbuhan lapangan kerja.

Kehilangan pekerjaan ini juga didorong oleh penurunan gaji karyawan. Seiring dengan langkah-langkah ketat untuk

mengendalikan wabah virus corona.

CORPORATES NEWS

PT Telekomunikasi Indonesia (Persero) Tbk (TLKM) bakal merampingkan struktur grup perusahaan dengan

memangkas sedikitnya 20 anak usaha hingga 2021. Perseroan menilai langkah ini dapat berdampak positif kepada

TLKM. Pasalnya, struktur grup Telkom dinilai sudah terlalu gemuk dan tidak efisien.

PT Logindo Samudramakmur Tbk (LEAD) mengumumkan pelunasan utang obligasi sebesar Sin$50 juta yang jatuh

tempo pada 2 April 2020. Manajemen Logindo menyebut perseroan telah melakukan pembayaran obligasi Sin$50

juta pada 2 April 2020. Obligasi tersebut terdaftar di Bursa Efek Singapura (Singapore Stock Exchange).

PT Centratama Telekomunikasi Indonesia Tbk (CENT) mencatatkan pendapatan usaha sebesar Rp831,77 miliar

sepanjang 2019, tumbuh 3,82 persen secara tahunan. Namun, kenaikan beban menggerus top line perseroan

sehingga laba bersih turun drastis. Pendapatan CENT meningkat dibandingkan dengan posisi 2018 sebanyak

Rp801,16 miliar.

PT Sarimelati Kencana Tbk (PZZA) berhasil membukukan kinerja positif pada 2019. Perseroan berhasil mencetak

kenaikan baik di penjualan maupun laba bersih. Berdasarkan publikasi laporan keuangan perseroan, penjualan

bersih Sarimelati Kencana mencapai Rp3,98 triliun atau naik 11,5 persen.

Pertumbuhan pendapatan menjadi penopang kinerja PT Kalbe Farma Tbk. dalam mencatatkan laba sebesar Rp2,5

triliun pada 2019, tumbuh tipis dari tahun sebelumnya. Berdasarkan laporan keuangan 2019, KLBF mengalami

pertumbuhan laba bersih sebesar 2,02 persen secara tahunan. Pada tahun sebelumnya, perolehan laba perseroan

mencapai Rp2,45 triliun.

PT Jaya Real Properti Tbk (JRPT) membukukan pendapatan sebesar Rp2,42 triliun dan laba bersih sebanyak Rp1,01

triliun sepanjang 2019. Pendapatan yang diraih pada 2019 tumbuh 3,9 persen dibandingkan dengan periode 2018

sebesar Rp2,33 triliun.

PT Metrodata Electronics Tbk (MTDL) membukukan pendapatan sebanyak Rp15,06 triliun sepanjang 2019,

tumbuh 18,53 persen secara tahunan. Perolehan pendapatan Metrodata pada 2019 lebih tinggi dibandingkan

dengan posisi 2018 sebanyak Rp12,71 triliun. Kenaikan pendapatan juga menurunkan laba bersih perseroan.

Sumber: Kontan, Bisnis Indonesia, Iqplus

NOTE: Positive Sentiment Negative Sentiment Netral




Technical

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

Recommendation : Trading Buy Entry Buy : 454 – 464 Target Price : 472 – 490 Support : 446 – 454 Cutloss : 444

DAILY TECHNICAL

BUY ANTM l PE : 13,9 l PBV : 0,56 l ROE : 4,12 l NPM : 3,46 l DER : 50,26 l Fair Value : 1.013

Perhatian! Harga Emas Masih Bisa Tembus Rp 1 Juta/Gram Harga emas batangan masih berpeluang tembus ke Rp 1.000.000 per gram. Hal itu dimungkinkan jika kondisi perekonomian dunia semakin memburuk imbas pandemi virus corona. Jika wabah Covid-19 tersebut tidak teratasi dalam waktu dekat maka harga emas bisa cetak rekor lagi. "Tidak menutup kemungkinan harga emasnya mungkin menyentuh Rp 900 sampai 1 juta per gram," kata Ekonom Institute for Development of Economics & Finance (INDEF) Bhima Yudhistira saat dihubungi detikcom, Minggu (5/4/2020). Dia menjelaskan ada prediksi bahwa resesi global kali ini bakal lebih parah dibandingkan krisis 1998 dan 2008.

Souce: OSO Research Team

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 472. Apabila break 472 next harga ke level 490. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 444 jika sudah melewati support 446 – 454.

NOTE:




Technical

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

Recommendation : Trading Buy Entry Buy : 4.700 – 4.780 Target Price : 4.960 – 5.325 Support : 4.620 – 4.700 Cutloss : 4.610

DAILY TECHNICAL

BUY TKIM l PE : 5,9 l PBV : 0,65 l ROE : 11,50 l NPM : 23,27 l DER : 120,71 l Fair Value :

Diwarnai Katalis Positif, INKP Dan TKIM Menatap Optimistis Tahun 2020 Setelah menghadapi tahun 2019 yang berat, emiten pulp dan paper PT Indah Kiat Pulp and Paper Tbk (INKP) dan PT Pabrik Kertas Tjiwi Kimia Tbk (TKIM) lebih optimistis menghadapi tahun 2020. Emiten yang tergabung dalam Grup Asia Pulp and Paper (APP) Sinarmas itu melihat, di tahun 2020 tidak ada pemain baru maupun kapasitas tambahan supply atau penawaran di Indonesia. Direktur APP Sinar Mas Suhendra Wiriadinata menerangkan hal ini menjadi penting sebab prospek bisnis bubur kertas dan kertas (pulp and paper) sangat dipengaruhi oleh supply dan demand secara global.


Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 4.960. Apabila break 4.960 next harga ke level 5.325. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 4.610 jika sudah melewati support 4.620 – 4.700.

NOTE:




Technical

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

Recommendation : Trading Buy Entry Buy : 460 – 480 Target Price : 515 – 550 Support : 456 – 460 Cutloss : 454

DAILY TECHNICAL

Medco Mulai Eksplorasi Panas Bumi untuk PLTP Blawan Ijen Medco Power Indonesia memulai pengeboran sumur eksplorasi panas bumi di Jawa Timur. Proyek tersebut diharapkan bisa menghasilkan energi untuk Pembangkit Listrik Tenaga Panas Bumi (PLTP) berkapasitas 110 megawatt. Dalam tahap eksplorasi, perusahaan berencana mengebor empat sumur. Pelaksanaan pengeboran bakal dikerjakan anak usaha Medco Cahaya Geothermal (MCG). Pengeboran dua sumur pertama ditargetkan mencapai kedalaman 2.500-3.000 meter dan berlangsung sampai akhir 2020. Dengan target tersebut, perusahaan berharap PLTP unit 1 Blawan Ijen bisa beroperasi secara komersial pada 2022-2023. NB : Harga Minyak kembali naik ke level U$ 28.97 per barel penutupan perdagangan 04/04/20.

Harga ditutup bullish candle dan menguji resistance. Harga berpeluang kembali menguji level 515. Apabila break 515 next harga ke level 550. Hati-hati jika harga tidak mampu break up atau menembus area support. Batasi resiko dengan tetap memperhatikan support. Cutloss di 454 jika sudah melewati support 456 – 460.

MEDC l PE : - l PBV : 0,42 l ROE : (1,69) l NPM : (4,21) l DER : 202,38 l Fair Value : 980


BUY

NOTE:




Sector Rotation

Mingguan

Bulanan



FUNDAMENTAL ANALYSIS (LQ 45)

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

SECTOR BASIC INDUSTRY

BRPT IJ Equity 1.000 20,48 (33,77) 4,53 143,24 11,51 0,62 3,76 92,01 690 -31% Sell

CPIN IJ Equity 4.850 (0,82) (25,38) 3,97 21,85 13,57 13,14 19,08 22,95 5.259 8% Buy

INKP IJ Equity 4.510 7,13 (41,43) 0,37 5,40 1,72 3,18 7,06 95,94 11.300 151% Buy

INTP IJ Equity 11.925 0,85 (37,32) 1,90 23,92 14,05 6,61 7,93 0,48 16.996 43% Buy

JPFA IJ Equity 970 0,52 (36,81) 1,06 6,42 2,73 7,32 17,32 75,31 1.769 82% Buy

SMGR IJ Equity 7.700 2,67 (35,83) 1,42 19,10 5,24 3,66 7,54 82,74 12.780 66% Buy

TKIM IJ Equity 4.780 14,35 (53,48) 0,65 5,95 7,00 5,01 11,50 120,71 13.000 172% Buy

Industry Average in LQ45 1,98 32,27 7,97 5,65 10,60 70,02

Total of Industry Average 1,16 21,91 6,39 1,74 (11,27) 102,00

SECTOR CONSUMER GOODS

ACES IJ Equity 1.280 4,07 (14,38) 4,90 22,01 15,94 19,19 23,99 2,72 1.490 16% Buy

GGRM IJ Equity 46.650 6,08 (11,98) 1,76 8,25 5,09 14,73 22,65 34,19 58.181 25% Buy

HMSP IJ Equity 1.605 4,56 (23,57) 5,23 13,63 10,11 28,15 38,63 1,17 1.982 23% Buy

ICBP IJ Equity 10.000 (1,96) (10,31) 4,87 23,42 13,68 13,90 22,21 9,06 11.596 16% Buy

INDF IJ Equity 6.600 (2,94) (16,72) 1,53 11,80 4,38 5,09 13,75 42,38 8.638 31% Buy

KLBF IJ Equity 1.250 (2,72) (22,84) 3,69 23,38 15,30 13,05 16,43 4,89 1.517 21% Buy

UNVR IJ Equity 7.100 (1,73) (15,48) 51,28 36,65 24,06 36,08 116,74 75,07 8.628 22% Buy



SECTOR INFRASTRUCTURE

EXCL IJ Equity 2.150 4,88 (31,75) 1,20 130,48 2,17 1,18 3,80 140,83 3.508 63% Buy

JSMR IJ Equity 2.880 10,77 (44,35) 1,15 10,81 3,22 2,28 11,28 157,26 5.859 103% Buy

PGAS IJ Equity 800 - (63,13) 0,46 17,25 1,18 0,88 2,63 85,04 1.294 62% Buy

TBIG IJ Equity 905 2,84 (26,42) 3,92 23,30 4,75 2,73 19,59 415,69 1.165 29% Buy

TLKM IJ Equity 3.200 2,24 (19,40) 3,18 15,65 4,82 9,65 21,31 37,58 4.329 35% Buy

TOWR IJ Equity 660 (0,75) (18,01) 3,93 16,17 6,73 8,55 25,79 142,95 958 45% Buy


Total of Industry Average 1,62 23,26 6,51 (2,78) (1,69) 130,33

Source: Bloomber LP




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

SECTOR MINING

ADRO IJ Equity 1.100 5,77 (29,26) 0,57 5,23 2,10 5,66 10,95 48,89 1.410 28% Buy

AKRA IJ Equity 1.965 2,34 (50,25) 0,95 11,01 5,54 3,45 8,54 45,79 3.510 79% Buy

ANTM IJ Equity 464 2,65 (44,76) 0,56 13,86 4,85 2,46 4,12 50,26 1.013 118% Buy

INCO IJ Equity 2.320 4,98 (36,26) 0,71 24,01 6,35 2,59 3,00 0,06 3.258 40% Buy

ITMG IJ Equity 8.225 0,92 (28,32) 0,61 4,20 2,33 9,76 13,90 1,20 12.517 52% Buy

PTBA IJ Equity 2.110 3,94 (20,68) 1,29 5,66 3,95 16,14 23,67 3,42 2.609 24% Buy



SECTOR MISC INDUSTRY

ASII IJ Equity 3.900 (0,76) (43,68) 1,07 7,27 3,98 6,23 15,24 49,42 6.675 71% Buy

SRIL IJ Equity 151 2,72 (41,92) 0,31 2,10 0,83 6,00 15,81 144,29 Neutral #VALUE! #VALUE!


Total of Industry Average 1,36 35,07 4,89 2,35 19,49 94,51

SECTOR PROPERTY

BSDE IJ Equity 710 10,08 (43,43) 0,46 4,83 4,67 5,24 10,10 39,96 1.398 97% Buy

CTRA IJ Equity 456 10,68 (56,15) 0,58 8,36 3,57 2,94 7,16 50,80 1.192 161% Buy

PTPP IJ Equity 570 8,57 (64,04) 0,26 3,81 1,13 1,67 7,10 94,11 1.615 183% Buy

PWON IJ Equity 344 4,88 (39,65) 1,15 5,69 4,69 11,59 22,21 36,44 625 82% Buy

WIKA IJ Equity 910 5,20 (54,27) 0,49 3,57 2,56 3,77 14,60 78,48 2.044 125% Buy

WSKT IJ Equity 510 4,51 (65,66) 0,39 7,38 1,46 0,76 5,23 237,92 1.252 146% Buy



Source: Bloomber LP




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

SECTOR TRADE

ERAA IJ Equity 930 - (48,19) 0,62 10,04 3,35 2,63 6,20 54,32 1.364 47% Buy

LPPF IJ Equity 1.095 (5,60) (73,99) 1,67 2,25 1,44 27,70 76,74 - 2.689 146% Buy

MNCN IJ Equity 1.000 - (38,65) 1,12 5,61 3,40 13,22 21,24 42,22 1.573 57% Buy

SCMA IJ Equity 790 (0,63) (43,97) 2,23 9,46 6,42 19,59 26,60 0,33 1.538 95% Buy

UNTR IJ Equity 17.150 1,48 (20,33) 1,10 5,66 2,55 9,92 20,20 22,89 21.407 25% 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 27.475 1,57 (17,80) 3,89 23,71 86,78 1,30 6,57 6,38 30.713 12% Buy

BBRI IJ Equity 2.890 0,70 (34,32) 1,71 10,29 89,64 2,62 6,78 66,52 4.384 52% Buy

BBNI IJ Equity 4.010 4,16 (48,92) 0,61 4,86 93,76 2,30 5,03 59,54 7.652 91% Buy

BBTN IJ Equity 920 8,88 (56,60) 0,41 47,24 113,51 4,78 3,15 225,31 1.966 114% Buy

BMRI IJ Equity 5.025 5,79 (34,53) 1,15 8,53 100,37 2,33 5,30 50,07 7.916 58% Buy

BTPS IJ Equity 1.805 (5,99) (57,53) 2,58 9,93 479,42 1,37 39,48 140,00 4.291 138% 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

ACES IJ Equity 1.280 (14,4) Positif Oversold Negatif 1.085 1.380 1.670 1.100 1.090 960 1.230 1.240 945 Speculative Buy

ADRO IJ Equity 1.100 (29,3) Negatif Oversold Negatif 570 985 1.395 900 895 780 1.015 1.020 765 Speculative Buy

AKRA IJ Equity 1.965 (50,3) Positif Strong Buy Negatif 1.245 2.185 3.125 1.640 1.555 1.320 1.875 1.960 1.300 Buy

ANTM IJ Equity 464 (44,8) Positif Strong Buy Negatif 324 525 725 382 389 348 423 416 342 Buy

ASII IJ Equity 3.900 (43,7) Positif Strong Buy Negatif 3.455 5.125 6.775 3.590 3.570 3.260 3.900 3.920 3.210 Buy

BBCA IJ Equity 27.475 (17,8) Positif Strong Buy Negatif 22.350 28.800 35.250 24.250 23.500 21.525 26.225 26.975 21.200 Buy

BBNI IJ Equity 4.010 (48,9) Positif Strong Buy Negatif 3.140 5.700 8.275 3.480 3.525 3.210 3.795 3.750 3.160 Buy

BBRI IJ Equity 2.890 (34,3) Positif Strong Buy Negatif 2.685 3.745 4.810 2.665 2.580 2.355 2.890 2.975 2.320 Buy

BBTN IJ Equity 920 (56,6) Positif Strong Buy Negatif 850 1.445 2.045 895 855 780 970 1.010 765 Buy

BMRI IJ Equity 5.025 (34,5) Positif Strong Buy Negatif 4.300 6.475 8.650 4.315 4.405 3.945 4.775 4.685 3.885 Buy

BRPT IJ Equity 1.000 (33,8) Negatif Strong Buy Negatif 393 800 1.210 620 730 565 780 675 555 Speculative Buy

BSDE IJ Equity 710 (43,4) Positif Oversold Negatif 610 910 1.205 650 635 570 715 730 565 Speculative Buy

BTPS IJ Equity 1.805 (57,5) Positif Strong Buy Negatif 2.315 3.505 4.690 2.110 1.960 1.960 2.110 2.260 1.930 Buy

CPIN IJ Equity 4.850 (25,4) Positif Oversold Negatif 3.975 5.500 7.025 4.175 4.250 3.875 4.550 4.475 3.815 Speculative Buy

CTRA IJ Equity 456 (56,2) Positif Strong Buy Negatif 477 780 1.085 493 460 452 500 535 445 Buy

ERAA IJ Equity 930 (48,2) Positif Oversold Negatif 905 1.460 2.015 915 895 845 965 985 830 Speculative Buy

EXCL IJ Equity 2.150 (31,7) Negatif Oversold Negatif 1.240 2.085 2.930 1.655 1.710 1.445 1.920 1.865 1.420 Speculative Buy

GGRM IJ Equity 46.650 (12,0) Negatif Oversold Negatif 31.900 45.500 59.100 39.000 40.250 36.100 43.150 41.900 35.550 Speculative Buy

HMSP IJ Equity 1.605 (23,6) Negatif Oversold Negatif 1.150 1.565 1.985 1.340 1.365 1.190 1.515 1.490 1.175 Speculative Buy

ICBP IJ Equity 10.000 (10,3) Positif Oversold Negatif 8.700 10.300 11.875 8.875 8.700 7.950 9.625 9.800 7.825 Speculative Buy

INCO IJ Equity 2.320 (36,3) Positif Strong Buy Negatif 1.205 2.205 3.200 1.730 1.810 1.530 2.010 1.930 1.505 Buy

INDF IJ Equity 6.600 (16,7) Positif Oversold Negatif 5.525 6.575 7.650 5.650 5.675 5.050 6.275 6.250 4.960 Speculative Buy

INKP IJ Equity 4.510 (41,4) Positif Oversold Negatif 3.195 5.175 7.125 3.590 3.585 3.020 4.155 4.160 2.970 Speculative Buy

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 11.925 (37,3) Negatif Oversold Negatif 8.675 13.025 17.375 10.750 10.675 9.750 11.675 11.750 9.600 Speculative Buy

ITMG IJ Equity 8.225 (28,3) Positif Oversold Negatif 5.425 9.150 12.900 7.000 7.025 6.400 7.625 7.600 6.300 Speculative Buy

JPFA IJ Equity 970 (36,8) Positif Strong Buy Negatif 765 1.260 1.755 845 835 755 925 935 740 Buy

JSMR IJ Equity 2.880 (44,3) Positif Strong Buy Negatif 2.435 4.080 5.725 2.580 2.575 2.340 2.815 2.820 2.300 Buy

KLBF IJ Equity 1.250 (22,8) Negatif Oversold Negatif 885 1.135 1.385 995 1.040 900 1.135 1.090 885 Speculative Buy

LPPF IJ Equity 1.095 (74,0) Positif Strong Buy Negatif 1.265 2.510 3.750 1.320 1.200 1.225 1.295 1.415 1.205 Buy

MNCN IJ Equity 1.000 (38,7) Negatif Oversold Negatif 735 1.130 1.525 845 870 790 925 900 775 Speculative Buy

PGAS IJ Equity 800 (63,1) Positif Strong Buy Negatif 585 1.130 1.680 675 670 600 745 750 590 Buy

PTBA IJ Equity 2.110 (20,7) Negatif Oversold Negatif 1.490 2.105 2.720 1.830 1.850 1.715 1.965 1.945 1.690 Speculative Buy

PTPP IJ Equity 570 (64,0) Positif Strong Buy Negatif 433 940 1.445 525 498 458 565 590 451 Buy

PWON IJ Equity 344 (39,6) Positif Strong Buy Negatif 260 454 645 294 289 262 321 326 258 Buy

SCMA IJ Equity 790 (44,0) Negatif Oversold Negatif 555 950 1.340 730 690 620 800 840 610 Speculative Buy

SMGR IJ Equity 7.700 (35,8) Negatif Oversold Negatif 5.250 9.050 12.875 6.850 6.900 6.200 7.550 7.500 6.100 Speculative Buy

SRIL IJ Equity 151 (41,9) Positif Oversold Negatif 115 177 239 133 132 122 143 144 120 Speculative Buy

TBIG IJ Equity 905 (26,4) Positif Oversold Negatif 780 1.020 1.260 810 795 710 895 910 700 Speculative Buy

TKIM IJ Equity 4.780 (53,5) Positif Oversold Negatif 4.090 6.150 8.225 4.225 4.125 3.655 4.695 4.795 3.600 Speculative Buy

TLKM IJ Equity 3.200 (19,4) Positif Oversold Negatif 2.620 3.335 4.050 2.840 2.795 2.530 3.105 3.150 2.490 Speculative Buy

TOWR IJ Equity 660 (18,0) Positif Oversold Negatif 580 760 940 620 600 565 655 675 560 Speculative Buy

UNTR IJ Equity 17.150 (20,3) Negatif Oversold Negatif 12.550 16.050 19.525 14.900 15.050 13.725 16.225 16.075 13.525 Speculative Buy

UNVR IJ Equity 7.100 (15,5) Positif Oversold Negatif 5.800 6.900 8.000 6.175 6.250 5.650 6.775 6.700 5.550 Speculative Buy

WIKA IJ Equity 910 (54,3) Positif Strong Buy Negatif 625 1.455 2.285 800 810 730 880 870 720 Buy

WSKT IJ Equity 510 (65,7) Positif Strong Buy Negatif 345 790 1.235 441 435 389 487 493 383 Buy

source: Bloomberg Lp



MAJOR ECONOMIC RELEASE CALENDAR

Date Event Country Act Prev Cons

03-Apr-20 Japan, Jibun Bank Services PMI Final MAR JPY 33.8 46.8 32.7

Japan, Jibun Bank Composite PMI Final MAR JPY 36.2 47 35.

China, Caixin Services PMI MAR CNY 43.0 26.5

China, Caixin Composite PMI MAR CNY 46.7 27.5

US Non Farm Payrolls MAR USD -701K 273K -100K

US Unemployment Rate MAR USD 4.4% 3.5% 3.9%

US Manufacturing Payrolls MAR USD -18K 15K -20K

US Participation Rate MAR USD 62.7% 63.4% 63.3%

US Nonfarm Payrolls Private MAR USD -713K 228K -175K

US Average Weekly Hours MAR USD 34.2 34.4 34.1

US Average Hourly Earnings YoY MAR USD 3.1% 3% 3%

US Government Payrolls MAR USD 12K 45K

US Average Hourly Earnings MoM MAR USD 3.1% 0.3% 0.2%

US Markit Composite PMI Final MAR USD 40.9 49.6 40.5

US Markit Services PMI Final MAR USD 39.8 49.4 39.1

06-Apr-20 Indonesia, Consumer Confidence MAR IDN 117.7

GB New Car Sales YoY MAR GBR -2.9%

GB Construction PMI MAR GBR 52.6

US Consumer Inflation Expectations MAR USD 2.54%

Source: Bloomberg Lp



CORPORATE ACTION

RUPS

Date Time Company Event Place

30-Mar-20 9:00 PTBA RUPS Hotel Borobudur Jakarta 13:00 ITMG RUPSLB TBA 14:00 BNII RUPS Sentral Senayan 3 Lt 28

31-Mar-20 9:00 ADMF RUPS TBA 9:30 IRRA RUPS Tentative Hotel Gran Mulia 10:00 BBHI RUPS Asean Tower Lt 9

10:00 SOTS RUPSLB Sotis Hotel Kemang 10:00 URBN RUPSLB Bursa Efek Indonesia 14:00 WEGE RUPS Bursa Efek Indonesia

01-Apr-20 9:00 POLL RUPSLB TBA 13:00 POLI RUPSLB TBA

02-Apr-20 10:00 NISP RUPS OCBC NISP Tower Lt 23

03-Apr-20 14:00 ACST RUPSLB Bursa Efek Indonesia

09-Apr-20 10:00 BBCA RUPS Hotel Indonesia Kempinski Lt 11 14:00 BNGA RUPS Graha CIMB Niaga Lt 2

13-Apr-20 10:00 BULL RUPSLB TBA

10:00 PTRO RUPS Gedung Balai Kartini

Dividend

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

BBTN Cash Dividen 20-Mar-20 23-Mar-20 24-Mar-20 15-Apr-20 1,9

BDMN Cash Dividen 01-Apr-20 02-Apr-20 03-Apr-20 24-Apr-20 187 Right Issue

Code OS NS Price (IDR) Cum Date Ex Date Trading Period

TNCA 2 : 3 344 08-Jan-20 09-Jan-20 14 - 20 Januari 2020

FAST 100 : 7 1.25 18-Jun-20 19-Jun-20 24 - 30 Juni 2020

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

OSODaily - oso-securities.com Daily 06 April 2020.pdf · Pemerintah bakal menurunkan tarif pajak penghasilan (PPh) Badan dari sebelumnya 25% menjadi 22% untuk tahun pajak 2020 dan