SIDO : A +23% yoy Sales Growth in 9M21

1 www.samuel.co.id

DAILY

RESEAR

CH

Market Activity

Market Index : 6,658.8

Index Movement : +25.4 0.38%

Market Volume : 20,616 Mn shrs

Market Value : 14,523 Bn rupiah

Last

Close +/- %

Leading Movers

BBRI 4,410 90 2.1

BBNI 7,075 325 4.8

BRIS 2,250 120 5.6

ARTO 13,425 300 2.3

Lagging Movers

BBCA 7,525 -125 -1.6

UNVR 5,100 -125 -2.4

BBHI 4,590 -310 -6.3

BUKA 705 -25 -3.4

Foreign Net Buy / Sell (Regular Market)

Net Buy (IDR bn) Net Sell (IDR bn)

BBRI 529 BBCA 172

BMRI 149 UNVR 37

BRIS 70 ABMM 31

TOWR 66 INDF 20

ANTM 52 UNTR 17

Money Market

Last

Close +/- %

USD/IDR 14,110 35.0 -0.2

JIBOR O/N 5.9 0.0 -0.3

Dual Listing Securities

Last

Close +/- %

TLKM 26.8 -0.1 -0.5

EIDO 24.6 -0.1 -0.4

Global Indices

Last

Close +/- %

DJIA 35,259 -36 -0.10

S&P 500 4,486 15 0.34

Euro Stoxx 4,151 -32 -0.75

MSCI World 3,114 5 0.15

STI 3,174 0 0.00

Nikkei 29,025 -43 -0.15

Hang Seng 25,410 79 0.3

Commodities*

Last

Close +/- %

Brent Oil 84.3 -0.5 -0.62

Coal (ICE) 235.0 -6.3 -2.63

CPO Malay 4,948 86.0 1.77

Gold 1,765 -2.8 -0.16

Nickel 19,970 57.5 0.29

Tin 37,943 655.0 1.76

*last price per closing date

Changes

Changes

Changes

Changes

Changes

Monday, 18 Oct 2021

JCI to Go Up as Global Market Strengthens

US exchanges closed relatively higher; S&P +0.84%, Nasdaq +2.11%, while Dow

Jones declined -0.10%, driven by market optimism regarding 3Q21 financial

statements that will be released by a number of companies this week, including

Tesla, Netflix, Verizon, and IBM. In addition, the upward movement of commodity

prices, partly driven by OPEC+'s failure to meet production targets and Russia's

decision not to deliver more natural gas to Europe, also served as positive sentiment

for the market. UST 10Y yield rose to 1.59%, while USD Index was relatively flat

(+0.03%) at 93.96.

Commodity market was quite mixed; WTI oil rose +0.1% to USD 82.5/bbl, while

Brent oil fell -0.2% to USD 84.1/bbl. Tin moved up +1.8% to USD 37.942/ton, gold

declined -0.15% to USD 1,765/toz, CPO rose +1.8% to RM 4,948/ton, and nickel rose

+0.3% to USD 19.9/ton.

EIDO index fell -0.36% to 24.6, while JCI closed up +0.36% to 6.658 yesterday

(10/18), with the largest foreign inflow the regular market recorded by BBRI (IDR

528.8 billion), followed by BMRI (IDR 148.7 billion), and BRIS (IDR). 70 billion).

Meanwhile, the largest foreign outflow in the regular market was recorded by BBCA

(IDR 171.9 billion), followed by UNVR (IDR 37.3 billion), and ABMM (IDR 31 billion).

The transportation and logistics sector was the top sector gainer, while the non-

cyclical consumer sector was the top sector loser.

As many as 626 new COVID-19 cases were reported in Indonesia yesterday (10/18),

with a positive rate of 0.4%. Meanwhile, 1,593 patients recovered (recovery rate:

96.2%). So far, 107 million people in Indonesia have received their first dose of

COVDI-19 vaccine (+477 thousand on 10/18; 51.7% of the total target) and 63

million people have received their second dose (+456 thousand on 10/18; 30.2% of

the total target).

Nikkei opened +1.6% and Kospi +0.7% this morning. We expect JCI to move higher

today, in line with positive sentiment from global and regional markets.

DAILY RESEARCH

19 October 2021

Market

Highlights

ERAA : A Partnership with Paris Baguette

SIDO : A +23% yoy Sales Growth in 9M21

Equity Research│19 October 2021

www.samuel.co.id 2

COMMODITIESGold: Gold 100 Oz Futures (USD/Troi oz) Oil: Generic 1st Crude Oil, Brent (USD/Barel)

Coal: Newcastle Coal (USD/MT) CPO: Bursa Malaysia Crude Palm Oil (MYR/MT)

Pulp: Generic Bleached Softwood Craft Pulp (CNY/MT) Nickel: London Metal Exchange Nickel Future (USD/MT)

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COVID-19 Data

Indonesia

7 Day Running Covid-19 Data

Total 1D Change Total Daily Total Closed Cases

Cases % Deaths Deaths Active Cases %

10/18/2021 4,235,384 0.01 142,999 47 (58,640,183) 1484.53

10/17/2021 4,234,758 0.02 142,952 19 (58,075,110) 1471.39

10/16/2021 4,234,011 0.02 142,933 44 (57,305,977) 1453.47

10/15/2021 4,233,014 0.02 142,889 41 (56,331,948) 1430.78

10/14/2021 4,232,099 0.02 142,848 37 (55,322,247) 1407.21

10/13/2021 4,231,046 0.03 142,811 48 (54,317,345) 1383.78

10/12/2021 4,229,813 0.03 142,763 47 (53,520,150) 1365.31

Average 40 1428.07

Source: SSI Research, Bloomberg


www.samuel.co.id 3

ERAA: A Partnership with Paris Baguette

A subsidiary of PT Erajaya Swaswembada Tbk (ERAA), Erajaya Food & Nourishment, has announced its joint

venture partnership with Paris Baguette. Through this partnership, Paris Baguette officially penetrates the

Indonesian market. Paris Baguette itself is a popular fast-casual bakery from South Korea which is famous for

its innovative and quality cakes and breads. The first Paris Baguette outlet in Indonesia will be opened in

November 2021 in Jakarta. (Kontan)

Comment:

ERAA had started to diversify its business lines in May 2020, when the company acquired a South Korean skincare

company, The Face Shop. Now, the company is expanding its business line to F&B under its subsidiary, Erajaya

Food & Nourishment. However, retail distribution and sales of cellular phones and tablets remain the main

contributor to ERAA's revenue (1H21: 80.2% of total sales). Our outlook on ERAA is quite positive, especially

considering that Apple (ERAA is the largest distributor of Apple products in Indonesia) has just released the latest

iPhone at the beginning of 4Q21.ERAA: Under review (Previous: ERAA: BUY: 2.9x PE '21E, 0.3x PBV '21E, TP:

IDR 1,625)

SIDO: A +23% yoy Sales Growth in 9M21

SIDO managed to record a +23% growth in sales in 9M21 to IDR 2.8 trillion, with net profit growth of +35.1%

yoy to IDR 865 billion. This was partly driven by an increase in export sales of +38% yoy. SIDO is optimistic that

its revenue and net profit growth this year could exceed >15% and >25%, respectively. (Bisnis Indonesia)

Comment:

SIDO's performance improvement is also driven by increasing public awareness of health in the midst of the

COVID-19 pandemic. In 3Q21 alone, SIDO recorded higher revenue from all its business segments, starting from

herbal medicine and supplements (+27% qoq), food and beverages (+39.3% qoq), and pharmaceuticals (+13.6%

qoq). The herbal medicine and supplements segment is the largest contributor to the company's revenue (63%)

and is also the business segment with the highest GPM (68%). SIDO continues to innovate and expand its business

with several strategies, including launching new products, expanding its export market, and digitalization. SIDO:

Under review (Previous: SIDO: BUY: 22.0x PE '21E, 6.9x PBV '21E, TP: IDR 970)


www.samuel.co.id 4

Stock Rec. JCI Wgt Last price TP SSI TP Cons SSI Upside PE (x) PE (x) PBV (x) PBV (x) ROE (%) ROE (%)

(%) (IDR) (IDR) (IDR) (%) 20A 21E 20A 21E 20A 21E

Banks

BBCA HOLD 11.9 7,525 8,100 6,643 7.6 6.8 5.8 1.0 0.9 14.7 15.7

BBRI BUY 8.1 4,410 5,300 4,635 20.2 28.1 16.6 2.9 2.6 10.3 15.8

BMRI BUY 4.3 7,175 8,000 7,926 11.5 19.6 14.1 1.8 1.7 9.1 12.1

BBNI BUY 1.7 7,075 8,500 7,242 20.1 44.2 10.2 1.2 1.0 2.6 9.7

BBTN BUY 0.2 1,840 2,300 1,997 25.0 12.1 7.6 1.0 0.9 8.1 11.4

Average 25.3 10.6 1.3 1.2 6.6 11.1

Consumer (Staples)

ICBP BUY 1.3 9,300 12,000 11,182 29.0 21.5 16.5 4.3 3.7 19.9 22.1

INDF BUY 0.8 6,775 9,500 8,350 40.2 12.2 12.3 1.5 1.3 11.9 11.0

KLBF BUY 0.9 1,440 1,750 1,704 21.5 24.4 22.2 3.9 3.6 16.0 16.0

UNVR SELL 2.3 5,100 4,500 5,100 -11.8 27.1 26.8 39.5 38.9 145.7 145.0

SIDO BUY 0.3 795 970 948 22.0 25.6 22.0 7.4 6.9 29.1 31.5

Average 22.2 19.9 11.3 10.9 44.5 45.1

Cigarette

HMSP SELL 1.5 1,150 870 1,176 -24.3 15.5 15.8 4.4 4.4 28.5 28.1

GGRM HOLD 0.8 35,150 38,240 34,082 8.8 8.0 7.8 1.1 1.1 14.2 13.9

Average 11.8 11.8 2.8 2.8 21.4 21.0

Healthcare

MIKA BUY 0.4 2,260 3,500 3,043 54.9 37.9 35.7 6.6 6.0 17.5 16.8

SILO BUY 0.2 8,650 10,800 10,463 24.9 120.1 33.1 2.4 2.3 2.0 6.8

HEAL BUY 0.2 1,155 1,380 1,442 19.5 10.6 9.2 1.4 1.2 13.3 13.5

Average 56.2 26.0 3.5 3.2 10.9 12.4

Poultry

CPIN BUY 1.3 6,350 7,300 7,345 15.0 36.1 27.7 4.9 4.5 13.7 16.4

JPFA BUY 0.3 1,945 2,200 2,469 13.1 24.3 12.8 2.0 1.7 8.0 13.1

MAIN BUY 0.0 830 1,380 1,107 66.3 n/a 12.2 0.9 0.8 -0.9 6.8

WMUU BUY 0.0 181 340 340 87.8 n/a 8.2 n/a 1.8 n/a 21.8

Average 30.2 17.6 2.6 2.4 7.0 12.1

Retail

MAPI HOLD 0.2 885 950 905 7.3 n/a 26.8 2.7 2.7 -10.4 10.0

RALS BUY 0.1 785 900 717 14.6 n/a 16.7 1.3 1.3 -1.5 7.7

ACES BUY 0.3 1,475 1,900 1,490 28.8 31.4 23.0 5.1 4.5 16.1 19.6

LPPF BUY 0.1 2,780 3,150 2,622 13.3 n/a 5.3 12.6 6.5 -147.3 122.8

Average 31.4 22.2 3.0 2.8 1.4 12.4

Pulp and Paper

INKP HOLD 0.6 9,175 9,900 9,475 7.9 10.5 12.7 0.8 0.8 7.6 6.0

Average 10.5 12.7 0.8 0.8 7.6

Media

MNCN BUY 0.2 920 1,650 1,353 79.3 5.8 4.8 0.8 0.7 13.6 14.6

SCMA BUY 0.3 1,920 2,450 2,386 27.6 24.6 21.6 7.3 6.3 29.7 29.3

Average 15.2 13.2 4.0 3.5 21.6 21.9

Telco

EXCL SELL 0.4 3,090 3,000 3,494 -2.9 88.3 44.8 1.7 1.7 1.9 3.8

ISAT BUY 0.4 5,650 7,250 7,253 28.3 n/a 65.7 2.4 0.3 -5.6 0.4

TLKM HOLD 5.0 3,790 4,050 4,363 6.9 18.0 16.8 3.1 3.0 17.2 17.7

Average 53.2 42.4 2.4 1.6 4.5 7.3

Telco Retail

ERAA BUY 0.1 660 1,625 836 146.2 3.5 2.9 0.4 0.3 11.0 11.9

Telco Infra

TBIG SELL 0.8 2,900 2,500 3,269 -13.8 60.4 46.0 10.0 6.3 16.5 13.7

TOWR BUY 0.8 1,185 1,600 1,664 35.0 21.2 18.5 5.9 5.0 27.9 27.0

Average 40.8 32.3 7.9 5.7 22.2 20.4


www.samuel.co.id 5



Auto

ASII HOLD 3.3 6,225 6,750 6,794 8.4 14.0 12.7 1.3 1.2 9.0 9.6

Average 14.0 12.7 1.3 1.2 9.0

Mining Contracting

UNTR BUY 1.3 26,300 31,000 29,223 17.9 14.2 10.5 1.6 1.4 11.2 13.8

Average 14.2 10.5 1.6 1.4 11.2

Property

BSDE BUY 0.3 1,160 1,350 1,457 16.4 17.3 13.0 0.7 0.6 4.0 4.9

PWON HOLD 0.3 525 530 614 1.0 40.4 14.2 1.0 1.7 2.6 12.1

ASRI SELL 0.1 204 130 208 -36.3 15.7 7.3 0.4 0.3 2.3 4.7

LPKR SELL 0.1 161 140 197 -13.0 n/a n/a 0.4 0.4 -0.5 -0.2

SMRA BUY 0.2 945 1,200 1,107 27.0 78.8 39.4 2.0 2.1 2.5 5.3

CTRA BUY 0.3 1,120 1,360 1,350 21.4 15.8 12.0 1.4 1.2 8.6 10.2

Average 33.6 17.2 1.0 1.1 3.3 6.2

Industrial Estate

SSIA BUY 0.0 490 700 810 42.9 n/a 44.5 0.6 0.6 -1.6 1.3

DMAS BUY 0.1 220 250 252 13.6 14.7 12.9 1.4 1.6 9.6 12.7

KIJA SELL 0.0 162 150 N/A -7.4 14.7 12.5 0.6 0.4 4.0 3.4

Average 14.7 23.3 0.9 0.9 4.0 6.1

Construction

PTPP BUY 0.1 1,330 1,900 1,291 42.9 60.5 10.8 0.6 0.5 0.9 4.9

ADHI BUY 0.1 1,190 1,800 1,042 51.3 49.6 11.6 0.7 0.7 1.5 6.1

WSKT BUY 0.2 1,015 1,220 1,026 20.2 n/a n/a 0.8 1.0 -44.6 -4.2

WIKA HOLD 0.2 1,430 1,440 1,254 0.7 14.9 9.7 0.7 0.7 5.0 7.1

Average 41.6 10.7 0.7 0.7 -9.3 3.5

Cement

INTP BUY 0.6 11,475 16,250 13,564 41.6 31.9 26.5 1.9 1.8 5.8 6.9

SMGR BUY 0.7 8,900 13,050 11,446 46.6 23.4 18.8 1.5 1.4 6.3 7.4

Average 27.6 22.6 1.7 1.6 6.1 7.2

Precast

WSBP BUY 0.1 173 230 140 32.9 15.7 4.7 0.5 0.4 2.9 8.9

WTON BUY 0.0 304 450 310 48.0 27.6 8.2 0.8 0.7 2.9 8.9

Average 21.7 6.4 0.6 0.6 2.9 8.9

Oil and Gas

PGAS BUY 0.5 1,525 1,680 1,608 10.2 19.1 9.1 1.5 1.4 8.0 15.3

AKRA HOLD 0.2 4,390 4,400 4,334 0.2 19.1 17.4 2.0 1.9 10.6 11.0

MEDC BUY 0.2 630 1,090 855 73.0 n/a 8.6 0.9 0.8 -9.9 9.7

Average 19.1 11.7 1.5 1.4 2.9 12.0

Chemical

TPIA BUY 1.8 7,200 10,250 8,971 42.4 496.6 82.8 5.0 5.0 1.0 6.0

BRPT BUY 1.1 955 1,150 1,145 20.4 199.6 122.0 5.1 5.1 2.5 4.2

ESSA SELL 0.1 362 225 575 -37.8 n/a n/a 2.5 1.2 -20.0 -0.5

Average 348.1 102.4 4.2 3.8 -5.5 3.2

Utilities

JSMR BUY 0.4 4,450 5,000 5,144 12.4 67.4 22.4 1.3 1.2 2.0 5.6

Metal

ANTM BUY 0.8 2,510 3,230 3,275 28.7 40.5 24.6 3.1 2.9 7.7 11.7

MDKA SELL 1.0 3,320 3,000 3,337 -9.6 n/a 18.0 12.1 13.2 15.7 72.9

INCO BUY 0.6 5,125 6,700 6,334 30.7 44.2 27.2 1.7 1.7 3.9 6.1

TINS HOLD 0.2 1,725 1,775 1,710 2.9 n/a 1960.2 2.4 2.9 -4.2 0.1

Average 42.3 507.5 4.8 5.2 5.8 22.7


www.samuel.co.id 6



Coal

ITMG SELL 0.4 25,675 19,700 24,703 -23.3 44.0 8.4 2.4 1.9 5.4 22.1

ADRO SELL 0.8 1,875 1,530 2,073 -18.4 17.4 13.2 1.1 1.1 6.3 8.7

PTBA BUY 0.4 2,860 3,200 3,189 11.9 13.4 8.3 2.0 1.5 14.6 18.0

Average 24.9 10.0 1.8 1.5 8.8 16.3

Plantation

AALI BUY 0.2 10,325 12,300 11,945 19.1 23.8 17.1 1.1 1.0 4.4 5.9

LSIP SELL 0.1 1,450 1,370 1,640 -5.5 14.2 11.6 1.1 1.0 7.5 8.3

TBLA BUY 0.1 890 980 1,050 10.1 7.4 6.0 0.7 0.6 8.9 10.3

SIMP SELL 0.1 496 388 N/A -21.8 45.1 29.2 0.5 0.5 1.2 1.8

SSMS HOLD 0.1 1,140 1,200 1,900 5.3 33.5 14.4 2.5 2.2 7.4 15.0

Average 24.8 15.6 1.2 1.1 5.9 8.3

Technology

ASSA SELL 0.2 3,400 3,000 3,950 -11.8 132.3 80.4 8.0 7.3 6.1 9.1

EMTK BUY 1.2 1,660 2,800 3,050 68.7 48.8 110.7 8.2 4.5 16.7 4.1

Average 59.9 55.3 5.0 3.7 9.0 9.1

Source: SSI Research, Bloomberg

Note: GIAA, INKP, PGAS, ITMG, ADRO, MEDC, BRPT, INCO, DOID, TPIA report in USD.


www.samuel.co.id 7

Chg (Pts)

1D 1D 1W 1M 3M YTD 1YR High Low

World 3,114 4.55 0.15 2.95 0.56 4.65 15.76 28.79 3,174 2,276

U.S. (S&P) 4,486 15.09 0.34 2.87 1.21 3.68 19.45 28.78 4,546 3,234

U.S. (DOW) 35,259 (36.15) (0.10) 2.21 1.95 1.65 15.20 23.25 35,631 26,144

Europe 4,151 (31.51) (0.75) 1.94 0.50 5.67 16.85 28.03 4,253 2,921

Emerging Market 1,283 (0.66) (0.05) 2.34 0.29 (2.60) (0.64) 13.82 1,449 1,101

FTSE 100 7,204 (30.20) (0.42) 0.80 3.45 5.25 11.51 22.42 7,244 5,526

CAC 40 6,673 (54.42) (0.81) 1.56 1.57 5.99 20.21 35.01 6,914 4,513

Dax 15,474 (112.89) (0.72) 1.81 (0.10) 2.26 12.80 20.38 16,030 11,450

Indonesia 6,659 25.43 0.38 3.08 8.57 10.66 11.37 29.89 6,685 5,064

Japan 29,188 162.25 0.56 3.39 (4.30) 5.55 6.35 23.31 30,796 22,948

Australia 7,401 19.63 0.27 1.65 (0.04) 1.57 12.35 18.80 7,633 5,904

Korea 3,023 16.35 0.54 3.66 (3.74) (6.81) 5.20 28.82 3,316 2,267

Singapore 3,174 (0.09) (0.00) 1.94 3.34 2.01 11.60 24.78 3,237 2,421

Malaysia 1,606 7.69 0.48 2.24 3.71 5.66 (1.31) 5.79 1,696 1,452

Hong Kong 25,410 78.79 0.31 2.87 1.96 (7.57) (6.69) 3.53 31,183 23,681

China 3,568 (4.23) (0.12) (0.66) (1.27) 0.82 2.74 7.71 3,732 3,210

Taiwan 16,705 (75.73) (0.45) 0.39 (3.31) (6.09) 13.39 29.42 18,034 12,481

Thailand 1,644 5.58 0.34 0.28 1.12 5.65 13.42 36.00 1,658 1,187

Philipines 7,220 6.35 0.09 1.34 4.44 9.60 1.12 19.95 7,432 5,914


Foreign Reserves (US$Bn) 146.90 1.46 7.15 8.10 8.69 146.90 133.56

Inflation Rate (yoy, %) 1.60 1.68 1.33

Gov Bond Yld (10yr, %) 6.10 (8.51) 6.86 5.86

US Fed Rate (%) 0.25 0.25 0.25

Chg (Pts)


Indonesia 14,110 35.00 (0.25) 0.69 0.94 2.89 (0.43) 4.24 14,718 13,865

Japan 114.30 (0.02) 0.02 (0.60) (4.25) (4.23) (9.67) (7.76) 114.46 102.59

UK 1.37 0.00 0.15 1.16 0.65 0.52 0.56 6.16 1.42 1.29

Euro 1.16 0.00 0.10 0.80 (0.89) (1.51) (4.86) (1.25) 1.23 1.15

China 6.43 (0.01) 0.09 0.32 0.56 0.94 1.51 3.94 6.75 6.36

Chg (Pts)


Oil (Brent) 84.22 (0.11) (0.13) 0.96 11.79 22.73 62.59 97.61 86.04 35.74

CPO 5,175 76.00 1.49 1.95 14.54 20.35 33.00 73.37 5,180 2,879

Coal 235.00 (6.35) (2.63) (8.74) 32.28 55.63 191.93 308.70 270.00 57.15

Tin 37,814 614.00 1.65 3.94 10.76 12.54 86.05 106.41 38,249 17,540

Nickel 19,997 (23.00) (0.11) 4.59 3.30 4.86 20.37 27.76 20,705 14,930

Copper 10,196 (85.00) (0.83) 6.84 9.49 8.16 31.29 51.28 10,748 6,670

Gold 1,766 1.09 0.06 0.33 0.10 (2.58) (6.98) (7.25) 1,966 1,677

Silver 23.25 0.05 0.23 3.04 4.39 (7.66) (11.95) (4.68) 30 21

Source: Bloomberg, SSI Research

Change (%) 1 Year

Change (%) 1 Year

Change (%) 1 Year

Commodity Indicators Last Price

Regional Indices Last Price

Exchange Rate (per USD) Last Price

DISCLAIMER: Analyst Certification: The views expressed in this research accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in his research. The analyst(s) principally responsible for the preparation of this research has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations. This document is for information only and for the use of the recipient. It is not to be reproduced or copied or made available to others. Under no circumstances is it to be considered as an offer to sell or solicitation to buy any security. Any recommendation contained in this report may not be suitable for all investors. Moreover, although the information contained herein has been obtained from sources believed to be reliable, its accuracy, completeness and reliability cannot be guaranteed. All rights reserved by PT Samuel Sekuritas Indonesia


www.samuel.co.id 8

Research Team

Suria Dharma Head of Equity Research, Strategy, Banking, Consumer Staples [email protected] +6221 2854 8148

Lionel Priyadi Macro Equity Strategist [email protected] +6221 2854 8854

Fikri Permana Senior Economist [email protected] +6221 2854 8144

William Mamudi, CFTe, CMT Senior Technical Analyst [email protected] +6221 2854 8382

Muhamad Alfatih, CSA, CTA, CFTe Senior Technical Analyst [email protected] +6221 2854 8129

Yosua Zisokhi Cement , Cigarette,Paper, Plantation,Telco Infra, Chemical [email protected] +6221 2854 8387

Dessy Lapagu Aviation, Coal, Metal [email protected] +6221 2854 8392

Olivia Laura Anggita Healthcare, Property [email protected] +6221 2854 8346

M. Farras Farhan Media, Poultry, Oil & Gas [email protected] +6221 2854 8346

Calista Muskitta Retail [email protected] +6221 2854 8331

Pebe Peresia Consumer Staples [email protected] +6221 2854 8339

Andreas Kristo Saragih Constructions, Toll Roads [email protected] +6221 2864 8303

Adolf Richardo Editor [email protected] +6221 2864 8854

Ashalia Fitri Research Associate [email protected] +6221 2854 8163

Equity Institutional Team

Benny Bambang Soebagjo Head of Institutional Equity Sales [email protected] +6221 2854 8312

Ronny Ardianto Institutional Equity Sales [email protected] +6221 2854 8399

Anthony Yunus Institutional Equity Sales [email protected] +6221 2854 8314

Henry Sutanto Institutional Equity Sales [email protected] +6221 2854 8329

Fachruly Fiater Sales Trader [email protected] +6221 2854 8325

Lucia Irawati Sales Trader [email protected] +6221 2854 8173

Suryanti Salim Sales Trader [email protected] +6221 2854 8173

Muhammad Faisal Dealer [email protected] +6221 2854 8173

Private Wealth Management

Evelyn Satyono Head of PWMEquity Sales [email protected] +6221 2854 8380

Clarice Wijana PWM Equity Sales [email protected] +6221 2854 8395

GittaWahyuRetnani PWM Equity Sales [email protected] +6221 2854 8365

WahyudiBudiyono Dealer [email protected] +6221 2854 8152

Fixed Income Sales Team

R. Virine Tresna Sundari Head of Fixed Income [email protected] +6221 2854 8170

Rudianto Nugroho Fixed Income Sales [email protected] +6221 2854 8306

Sany Rizal Keliobas Fixed Income Sales [email protected] +6221 2854 8337

Julio Simangunsong Fixed Income Sales [email protected] +6221 28548384

Fendy Fixed Income Sales [email protected] +6221 28548385

Equity Retail / Online Team

Joseph Soegandhi Head of OLT [email protected] +6221 2854 8872

Nugroho Nuswantoro Head of Marketing Online Trading [email protected] +6221 2854 8372

Damargumilang Head of Equity Retail [email protected] +6221 2854 8309

Salt World Widjaja Retail Equity Sales [email protected] +6221 2854 8163

Michael Alexander Equity Retail [email protected] +6221 2854 8163

Albertha Palma Equity Assistant [email protected] +6221 2854 8163

mailto:[email protected]

mailto:[email protected]

Documents

SIDO : A +23% yoy Sales Growth in 9M21