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OSODaily 08 April 2019

Jakarta Composite Index

6,474.02 (20.61)

-0.32%

Previous 6,494.63 Lowest

6,473.96 Highest 6,506.80 Val IDR bn

8,099

Volbn 15.340 Mkt Cap IDRtr

7,362.50 Net Forg 1DIDRbn 435.06 Net ForgYTDIDRbn

13,219.32

Return YTD (%) 4.51 Month to date (%)

0.08

Indices Countries Last Chg% YTD% Americas

Dow Jones United States 26,424.99 0.15 13.28 S&P 500 United States 2,892.74 0.46 15.39 Nasdaq United States 7,938.69 0.59 19.64 EIDO United States 26.39 0.19 6.33 EMEA

FTSE 100 United Kingdom 7,446.87 0.61 10.68

CAC 40 France 5,476.20 0.23 15.76 D DAX Germany 12,009.75 0.18 13.74

Asia Pacific

Nikkei Japanese 21,724.95 0.18 8.74 Shanghai China 3,216.30 0.94 30.18 TWSE Taiwan 10,690.30 0.13 10.04 KOSPI Korea 2,206.53 0.20 8.33 KLSE Malaysia 1,643.21 0.11 (2.69) ST – Times Singapore 3,311.27 0.15 8.06 Sensex India 38,877.12 (0.49) 7.25 Hangseng Hongkong 29,986.39 (0.17) 15.83

Sectoral Previous Last Chg% YTD% AGRICULTURE 1,521.37 1,518.86 (0.16) (2.91) MINING 1,826.51 1,807.97 (1.02) 1.77 MISC INDUSTRY 1,322.06 1,325.98 0.30 (4.91) BASIC INDUSTRY 859.04 859.43 0.05 0.55 CONSUMER GOODS 2,589.31 2,571.45 (0.69) 0.08 PROPERTY 479.67 481.09 0.29 7.44 INFRASTRUKTUR 1,171.88 1,167.98 (0.33) 9.74 FINANCE 1,285.72 1,281.96 (0.29) 9.04 MANUFAKTURE 1,613.80 1,608.28 (0.34) (0.61) TRADE 820.72 818.43 (0.28) 4.41 LQ 45 1,025.96 1,021.27 (0.46) 3.92 SRI-KEHATI 406.14 404.90 (0.30) 6.92

Commodities Previous Last Chg% YTD% Oil (USD/bbl) 62.10 63.08 1.58 39.73

Nickel (USD/mt. ton) 13,329.00 13,160.00 (1.27) 22.27 Tins (USD/mt. ton) 21,175.00 21,075.00 (0.47) 7.83 Gold (USD tr.oz) 1,292.28 1,291.75 (0.04) 0.80 Copper (USD/mt.ton) 6,492.00 6,451.00 (0.63) 7.31 CPO (MYR/ton) 2,070.00 2,100.00 1.45 6.24 Coal (USD/ton) 79.00 81.00 2.53 (20.98)

Currencies

Last Chg% YTD% IDR / USD

14,133.00 0.64 1.82

IDR / AUD

10,070.68 0.54 0.94 IDR / EUR

15,871.38 0.76 3.62

IDR /SGD

10,439.65 0.64 1.11 IDR / JPY

126.61 0.65 3.18

IDR / GBP

18,491.31 1.31 (0.94)

Top Gainers - LQ45 Last Chg% YTD% INKP IJ Equity 8,125 5.18 (29.65) MNCN IJ Equity 790 3.95 14.49 CPIN IJ Equity 6,325 2.43 (12.46) LPPF IJ Equity 3,940 2.34 (29.64) INDY IJ Equity 1,760 2.03 11.04

Top Loser - LQ45 Last Chg% YTD% TPIA IJ Equity 5,525 (3.91) (6.75) WIKA IJ Equity 2,210 (3.49) 33.53 ITMG IJ Equity 20,200 (3.35) (0.25) MEDC IJ Equity 860 (2.82) 25.55 ERAA IJ Equity 1,735 (2.80) (21.14)

Sources: Bloomberg Finance

Market Review Pada perdagangan akhir pekan kemarin (05/04), IHSG ditutup melemah sebesar 0.32% ke level 6,474.02. Tujuh dari sepuluh indeks sektoral berakhir dalam teritori negatif, dimana sektor Pertambangan dan Barang Konsumsi memimpin pelemahan masing-masing sebesar 1.09% dan 0.69%. Adapun saham yang menjadi pemberat indeks diantaranya: HMSP, BMRI, BBCA. TPIA, GGRM.

Sementra itu pelaku pasar asing membukukan aksi beli bersih (Netbuy) sebesar Rp 435 miliar. Nilai tukar rupiah terapresiasi sebesar 0.64% ke level 14,133.

Global Review Pada perdagangan Jum'at (05/04) bursa saham Wall Street ditutup menguat, dimana Dow Jones naik 0.15%, S&P 500 menguat 0.46% dan Nasdaq positif 0.59%. Penguatan tersebut seiring dengan rilisnya data Non-Farm Payrolls AS pada bulan Maret 2019 yang tercatat naik 196 ribu, angka tersebut melampaui perkiraan para pelaku pasar yakni 180 ribu. Perolehan tersebut dinilai para pelaku pasar sebagai jaminan prospek ekonomi yang akan baik kedepannya. JCI Prediction IHSG pada perdagangan pagi hari ini memiliki peluang untuk menguat secara teknikal. Secara teknikal, IHSG ditutup bearish candle dengan trendminor sideways. Adapun indikator Stochastic netral dan MACD line flat dengan Volume meningkat tipis. Kami perkirakan IHSG berpeluang menguat terbatas dengan pergerakan di kisaran 6,454 - 6,525. Namun, pada data ekonomi terlihat adanya pesimisme akan rilisnya data cadangan devisa Indonesia periode Maret yang diperkirakan lebih rendah dibandingkan periode sebelumnya. Dengan demikian, IHSG yang secara teknikal berpotensi menguat masih memiliki potensi untuk mengalami penurunan terbatas jika perkiraan akan cadangan devisa Maret dilaporkan turun pada pukul 12.00 WIB hari ini. Major Economic Release

Household Spending Japan bulan Februari 2019 turun sebesar 2% dibandingkan sebelumnya naik 0.7% (MoM).

Foreign Exchange Reverse Japan pada Maret 2019 naik menjadi senilai US$ 1291.8 miliar dari sebelumnya US$ 1281.8 miliar.

Leading Economic Index Japan pada Februari 2019 naik ke level 97.4 dari sebelumnya di level 96.5.

Consumer Confidence Indonesia pada Maret 2019 turun ke level 124.5 dibandingkan sebelumnya di level 125.1.

Non Farm Payrolls United States pada Maret 2019 naik sebanyak 196 ribu dibandingkan sebelumnya 33 ribu.

Manufacturing Payrolls United States pada Maret 2019 turun sebesar 6 ribu.

Government Payrolls United States pada Maret 2019 naik sebesar 14 ribu.



Top Volume - LQ45 Last Volume (Mn) WSBP IJ Equity 406 95.1 TLKM IJ Equity 4,050 90.5 ADRO IJ Equity 1,260 69.4

BBRI IJ Equity 4,260 68.7 PTPP IJ Equity 2,200 42.7 Top Value - LQ45 Last Value (Mn) BMRI IJ Equity 7,550 550.4 TLKM IJ Equity 4,050 466.1 BBCA IJ Equity 27,525 377.1 ASII IJ Equity 7,600 354.3 BBRI IJ Equity 4,260 347.7

Net Foreign BUY (RG) NFB (Bn) TLKM 200.8 BMRI 193.9 ASII 134.7 BBCA 109.4 BBRI 97.3

Net Foreign Sell (RG) NFS (Bn) ICBP 103.5 ITMG 58.5 BBTN 42.1 INKP 24.4 LPPF 23.7

Indices P/E PBV Target 2019F IHSG Indonesia 21.01 2.34 7,100 Nikkei Japanese 16.03 1.68 23,892 Shanghai China 15.53 1.69 3,192 TWSE Taiwan 15.11 1.66 10,880 KOSPI Korea 11.54 0.90 2,686 KLSE Malaysia 20.56 1.70 1,751 ST - Times Singapore 13.69 1.17 3,644 Sensex India 29.33 3.16 41,692 Hangseng Hongkong 11.70 1.39 32,727

Global Macro Economics CB Rate CPI YoY GDP YoY United States 2.50 1.50 3.00 Euro Area 0.00 1.40 1.10 United Kingdom 0.75 1.90 1.40 Japan 0.10 0.20 0.30 China 4.35 1.50 6.40 Domestic macro Economics Lastest Chg% YTD% Jibor 5.00 (15.02) 28.20 GovBonds (5y) 7.09 (0.31) (10.35)

GovBonds (10y) 7.57 (0.24) (5.66) Inflasi YoY 2.48 Inflasi MoM 0.11

Bi rate 6.00

GDP Growth YoY (%) 5.18 Foreign Reserve (Bn) 123.27

Goverment Bonds Yield% Chg% Ytd% 1 Year 6.28 6.28 6.28 2 Year 6.84 6.84 6.84 3 Year 7.06 7.06 7.06 4 Year 7.08 7.08 7.08 5 Year 7.09 7.09 7.09 6 Year 7.46 7.46 7.46 7 Year 7.53 7.53 7.53 8 Year 7.53 7.53 7.53 9 Year 7.78 7.78 7.78 10 Year 7.57 7.57 7.57 15 Year 7.98 7.98 7.98 20 Year 8.14 8.14 8.14 30 Year 8.46 8.46 8.46 Mutual Fund Latest 1 Month (%) Oso Sustainability Fund 1,606.73 (2.25) Oso Syariah Equity Fund 387.44 (7.89)

Sources: Bloomberg Finance

Movers Chg%

1 BBRI 0.9

2 CPIN 2.4

3 INKP 5.2

4 RODA 19.7

5 BRPT 1.7

Laggard Chg%

1 HMSP (1.3)

2 BMRI (1.6)

3 BBCA (0.7)

4 TPIA (3.9)

5 GGRM (1.8)

INDICATORS



COMPARATION OF JCI PERFORMANCE (SEAG)



MACRO ECONOMIC & INDUSTRY NEWS

Harga batu bara termal Australia pekan ini mencatat penurunan mingguan terbesar. Harganya telah merosot hingga 40 persen dari level puncak pertengahan 2018 yang mencapai lebih dari US$ 120 per ton. Penurunan terjadi di tengah perlambatan aktivitas industri di Asia, Eropa dan Amerika Utara yang telah memicu kekhawatiran akan resesi global.

Iran dan Irak sepakat untuk mengembangkan dua ladang minyak di perbatasan kedua negara, yakni Naft Shahr, Irak dan Khorramshahr, Iran. Sejauh ini industri energi di kedua negara telah memiliki hubungan dekat, dan Irak sangat bergantung pada gas tetangganya tersebut untuk memberi tenaga pada pembangkit listriknya.

Bank Indonesia (BI) mencatat adanya penurunan indeks keyakinan konsumen (IKK) di bulan Maret 2019, IKK Maret 2019 mencapai 124,5, lebih rendah dibanding Februari 2019 yang tercatat 125,1. Indeks ekspektasi kondisi ekonomi (IEK) turun dari bulan sebelumnya yang tercatat 140,9 menjadi 140,2. Konsumen tidak terlalu optimistis melihat kondisi perekonomian ke depan.

CORPORATES NEWS

PT Purinusa Ekapersada terus memperbesar porsi kepemilikan saham PT Indah Kiat Pulp & Paper Tbk (INKP). Purinusa membeli 950.000 saham INKP sehingga kepemilikannya kini bertambah dari 53,02% menjadi 53,03% atau setara 2,9 miliar saham.

PT Surya Citra Media Tbk (SCMA) berencana untuk mengakuisisi perusahaan media dan modal ventura, yaitu PT Vidio Dot Com, PT Kapanlagi Dot Com, dan PT Binary Ventura Indonesia. Ketiga perusahaan tersebut berada di bawah naungan induk SCMA, yakni PT Elang Mahkota Teknologi Tbk (EMTK).

PT Bekasi Fajar Industrial Estate Tbk (BEST) anggarkan belanja modal atau capital expenditure Rp 600 miliar. BEST masih akan menyerap anggaran belanja tersebut untuk mengembangkan kompleks industri MM2100 dan berencana untuk membeli lokasi kawasan industri baru.

PT Pelayaran Tempur Emas Tbk (TMAS) berharap tahun ini, kinerja perusahaan ini akan terus membaik. Salah satu yang bakal dioptimalkan adalah menggarap potensi pasar baru di sepanjang jalur tol laut. Proyek tersebut juga membuka kesempatan bagi perusahaan untuk mencari peluang baru.

PT Wintermar Offshore Marine Tbk. (WINS) berencana melakukan Penambahan Modal Tanpa Memberikan Hak Memesan Efek Terlebih Dahulu (PMTHMETD) atau private placement dengan melepas 9,98% saham. Atau jumlah saham yang dilepas sebanyak 423 juta lembar.

PT Toba Bara Sejahtra Tbk (TOBA) membukukan pertumbuhan laba bersih 76,29% secara tahunan pada 2018. TOBA mengantongi laba bersih US$37,38 juta pada akhir 2018. Pencapaian itu tumbuh 76,29% dari US$21,43 juta pada 2017.

PT Summarecon Agung Tbk (SMRA) tetap optimis membukukan kinerja yang lebih baik di tahun 2019 ini. SMRA menargetkan pendapatan dan laba bersih untuk tahun 2019 tumbuh sebesar 10% dari tahun 2018. Adapun di akhir 2018 SMRA membukukan pendapatan sebesar Rp 5,66 triliun atau naik tipis 0,3%. Sementara laba bersih naik 24% menjadi Rp 448,71 miliar.

PT Bumi Resources Tbk (BUMI) memproyeksi produksi batubara pada kuartal I 2019 sebanyak 21 juta ton. Sementara itu, untuk total target produksi pada tahun ini sebanyak 90 juta ton batubara, yang mana 60 juta ton akan diperoleh dari KPC dan 30 juta ton dari Arutmin. Sumber: Kontan, Bisnis Indonesia, Iqplus

Positive Sentiment Negative Sentiment Netral



TRADING IDEA

Medium/Minor trend : Downtrend MACD line/histogram : Ke Arah Positif Stochastic : Bullish Volume : Meningkat Recommendation : Buy Entry Buy : 780 - 790 Target Price : 805 - 815 Support : 770 - 780 Cutloss : 765

Mulai Manfaatkan Iklan Digital, MNCN Meraih Pendapatan Usaha Sebesar Rp7,44 Triliun Hingga Periode 31 Desember 2018 Naik Dari Pendapatan Usaha Rp7,05 Triliun Di Periode Sama Tahun Sebelumnya. Pendapatan perusahaan pemilik stasiun televisi RCTI, Global TV, MNC TV dan iNews tersebut berasal dari pendapatan iklan senilai Rp7,24 triliun naik dari Rp6,73 triliunn di 2017. Dimana, Pendapatan iklan digital melompat 191,89% ke Rp261,10 miliar dari Rp89,45 miliar. Kemudian, pendapatan dari konten tercatat sebesar Rp1,51 triliun dan pendapatan lainnya Rp199,82 miliar.

Note : Harga break resistance terdekat. Harga berpeluang menuju level 805. Apabila tembus target selanjutnya di level 815. Apabila tidak mampu menguat dan ditutup candle bearish diharapkan hati-hati. Batasi resiko dengan tetap memperhatikan support. Cutloss jika sudah melewati support.

|MNCN |PE : 7.38x | PBV : 1.06x | ROE: 14.38% | NPM : 20.57% | DER : 0.53x | Fair Value : 1.030|



Medium/Minor trend : Uptrend MACD line/histogram : Ke Arah Positif Stochastic : Bullish Volume : Naik Signifikan Recommendation : Buy Entry Buy : 394 - 402 Target Price : 414 - 426 Support : 390 - 394 Cutloss : 388

PT Paninvest Tbk (PNIN) Merupakan Pemegang Saham 19,53 Miliar Saham PT Panin Financial Tbk (PNLF) Kembali Menambah Pundi-Pundi Kepemilikan Dengan Penambahan 126,25 Juta Saham. Tujuan pembelian saham tersebut untuk meningkatkan investasi saham dalam PNLF Dalam keterbukaan informasi Bursa Efek Indonesia (BEI) disampaikan jika transaksi dilakukan tiga kali pada tanggal 18 Januari, 21 Januari dan 22 Januari 2019. Sebanyak 126,25 juta saham tersebut ditransaksikan dengan harga terendah Rp 290 - Rp 302 per saham untuk harga tertinggi.

Note : Harga break resistance trendline dan harus bertahan di atas 394. Potensi ke harga 414. Apabila harga mampu break 414 target selanjutnya 426. Apabila tidak mampu menguji atau bertahan di atas 414 diharapkan hati-hati. Batasi resiko dengan tetap memperhatikan support. Cutloss jika sudah melewati support.

|PNLF|PE : 6.48x | PBV : 0.56x | ROE: 8.52% | NPM : 55.13% | DER : 0.18x | Fair Value : 700 |



Medium/Minor trend : Uptrend MACD line/histogram : Positif Stochastic : Bullish Volume : Meningkat Recommendation : Buy Entry Buy : 1.090 – 1.110 Target Price : 1.135 – 1.145 Support : 1.070 – 1.090 Cutloss : 1.065

PT Summarecon Agung Tbk (SMRA) Tetap Optimis Membukukan Kinerja Yang Lebih Baik Di Tahun 2019 Ini. SMRA

menargetkan pendapatan dan laba bersih untuk tahun 2019 tumbuh sebesar 10% dari tahun 2018. Alasan SMRA

menetapkan target demikian karena ada konstribusi pendapatan dari 2 lokasi baru yaitu Bandung dan Karawang yang

sudah dimulai sejak semester II tahun lalu dan juga pertumbuhan dari recurring income (sewa). SMRA memiliki prospek

kinerja yang positif pada tahun ini. Hal tersebut tak lepas dari rencana pihak manajemen SMRA yang akan mengurangi

jumlah utang di masa depan.

Note : Harga break out resistance 1.070. Toleransi 1-2 candle selanjutnya harus bullish atau harga pullback terlebih dahulu di level 1.070 kemudian kembali rally. Apabila tidak mampu bertahan di 1.070 diharapkan hati-hati. Batasi resiko dengan tetap memperhatikan support. Cutloss jika sudah melewati support.

| SMRA|PE : 35.81x | PBV : 1.77x | ROE: 4.95% | NPM : 7.92% | DER : 1.57x | Fair Value : 1.400|



SECTOR ROTATION (Mingguan)

(Bulanan)



FUNDAMENTAL SECTORAL DATA

SektoralMarket

Cap (Trn

Rp)

Beta P/EPrice to

Sales ROE ROA DER PBV

Dividen

Yield Last Price

Target

Price

(bloomber

Potential

Upside

Agriculture

AALI 23.87 0.63 16.59 1.25 7.73 5.54 24.04 1.26 3.50 12,400 14,096 14%SSMS 10.00 0.70 116.03 2.70 12.66 5.08 61.03 2.32 2.36 1,050 1,283 22%LSIP 8.39 0.77 25.32 2.09 9.69 7.95 -19.96 16.96 3.66 1,230 1,464 19%Average Industry 23.69 2.39 10.70 5.62 2.08

Mining

UNTR 98.29 0.95 8.84 1.16 22.44 11.21 -5.60 1.83 3.70 26,350 34,318 30%ANTM 21.99 1.40 25.15 0.91 4.57 2.76 28.48 1.11 0.21 905 1,172 29%ADRO 40.30 1.21 6.82 0.79 11.74 6.02 11.39 0.78 7.92 1,260 1,743 38%PTBA 46.08 0.98 8.39 1.99 33.92 21.77 -35.60 2.63 7.96 4,000 4,520 13%ITMG 22.82 1.13 6.05 0.78 27.14 18.70 -37.97 1.61 17.15 20,200 27,708 37%Average Industry 32.16 1.51 7.79 4.49 1.80

Property

BSDE 28.00 1.32 21.50 4.21 5.03 2.64 11.35 1.06 #N/A N/A 1,455 1,589 9%PWON 35.16 1.30 13.82 4.97 22.19 10.51 7.32 2.79 0.82 730 760 4%WSKT 27.15 1.40 6.84 0.56 24.76 3.57 186.53 1.51 2.86 2,000 2,292 15%WIKA 19.82 1.19 11.44 0.64 9.98 3.12 -2.24 1.34 1.21 2,210 2,342 6%PTPP 13.64 1.44 9.09 0.54 12.40 3.18 18.65 1.07 2.13 2,200 2,757 25%Average Industry 16.74 2.69 14.34 5.13 2.14

Consumer Goods

HMSP 432.70 1.25 31.98 4.05 38.98 30.17 -43.56 12.24 2.88 3,720 4,312 16%ICBP 105.25 0.82 23.00 2.74 22.22 13.87 -14.24 4.87 2.44 9,025 10,825 20%INDF 56.85 1.19 13.66 0.77 12.84 4.51 33.28 1.69 4.66 6,475 8,513 31%KLBF 71.25 1.22 29.00 3.38 17.61 14.14 -18.28 4.87 1.64 1,520 1,544 2%Average Industry 29.91 3.08 30.09 15.17 9.36

Miscellaneus Industry

ASII 307.68 1.20 14.20 1.29 16.63 6.77 34.49 2.25 2.50 7,600 8,615 13%AUTO 7.81 0.51 12.81 0.51 6.12 3.99 -0.49 0.76 2.96 1,620 2,100 30%SRIL 6.91 0.68 5.79 0.52 17.65 6.61 119.17 0.95 2.35 336 #N/A N/A #VALUE!Average Industry 19.98 1.52 16.36 8.77 2.77

Infrastructure

TOWR 39.79 0.65 20.36 7.61 29.07 10.55 130.96 4.91 1.54 780 926 19%TBIG 17.90 0.75 25.46 3.98 21.07 2.49 526.53 5.09 4.28 3,950 5,089 29%TLKM 401.20 0.79 21.74 3.08 20.36 9.33 7.27 4.43 4.14 4,050 4,368 8%ISAT 14.24 1.09 #N/A N/A 0.62 -19.10 -4.63 196.93 1.27 2.79 2,620 2,505 -4%JSMR 43.91 0.89 19.94 1.19 13.76 2.73 127.12 2.60 1.00 6,050 5,915 -2%Average Industry 20.68 2.84 27.33 7.96 4.09

Trade

LPPF 11.50 1.07 10.51 1.12 52.96 20.97 -65.21 6.19 11.61 3,940 5,896 50%AMRT 37.99 0.35 58.44 0.57 11.86 2.95 53.08 6.49 0.63 915 830 -9%ACES 28.47 1.03 29.39 3.92 24.93 19.79 -16.14 6.72 1.37 1,660 1,823 10%Average Industry 25.45 3.34 30.55 14.89 5.39

Basic Industry

WTON 5.27 1.06 10.84 0.76 16.94 6.10 32.37 1.65 2.00 605 658 9%SMGR 80.97 1.34 26.31 2.64 10.25 6.15 14.08 2.60 1.00 13,650 14,219 4%INTP 81.82 1.50 71.40 5.39 4.80 4.05 -30.62 3.52 3.15 22,225 19,590 -12%SMCB 15.94 1.33 #N/A N/A 1.59 -10.64 -3.86 108.11 2.40 #N/A N/A 2,080 1,351 -35%Average Industry 27.47 1.86 15.51 8.04 2.52

Market Beta P/E ROE NPL NIM CAR PBV Dividen Last Target Potential

Finance

BMRI 352.33 1.45 14.08 14.38 2.75 5.33 56.75 1.94 2.64 7,550 8,560 13%BBCA 678.63 0.94 26.26 18.27 1.40 6.54 6.30 4.47 0.94 27,525 28,132 2%BBNI 179.49 1.46 11.96 14.53 1.90 5.32 82.33 1.66 2.66 9,625 10,040 4%BBRI 525.45 1.46 16.10 18.48 2.27 7.23 64.57 2.85 2.51 4,260 4,354 2%Average Industry 12.47 15.42 1.76



FUNDAMENTAL ANALYSIS (LQ 45)

`

Ticker Last Price P/BV (x) P/E (x) ROE (%) DER (x) Fair Value Up-Side(%) RecommendationMarket Cap

(Tn)

ADHI IJ Equity 1,690 0.96 5.99 10.6 1.36 2,065 22.19 Buy 6.02

ADRO IJ Equity 1,260 0.78 6.85 11.74 0.39 1,745 38.49 Buy 40.30

AKRA IJ Equity 4,770 2.29 16.00 20.65 0.51 5,775 21.07 Buy 19.15

ANTM IJ Equity 905 1.10 12.33 4.57 0.50 1,170 29.28 Buy 21.75

ASII IJ Equity 7,600 2.25 12.16 16.63 0.63 8,625 13.49 Buy 307.68

BBCA IJ Equity 27,525 4.47 20.33 18.27 0.06 28,125 2.18 Hold 678.63

BBNI IJ Equity 9,625 1.66 9.14 14.53 0.84 10,050 4.42 Hold 179.49

BBRI IJ Equity 4,260 2.85 12.44 18.48 0.65 4,355 2.23 Hold 525.45

BBTN IJ Equity 2,370 1.08 6.33 14.86 1.88 2,905 22.57 Buy 25.10

BMRI IJ Equity 7,550 1.94 11.08 14.38 0.58 8,550 13.25 Buy 352.33

BRPT IJ Equity 3,600 3.83 31.79 6.43 2.26 2,945 (18.19) Sell 64.09

BSDE IJ Equity 1,455 1.06 12.59 5.03 0.53 1,590 9.28 Buy 28.00

CPIN IJ Equity 6,325 5.35 21.35 25.97 0.23 6,450 2 BUY 103.72

ELSA IJ Equity 370 0.82 6.83 8.71 0.25 430 16.22 Buy 2.70

ERAA IJ Equity 1,735 1.18 5.12 20.43 0.91 2,990 72.33 Buy 5.53

EXCL IJ Equity 2,630 1.53 24.24 (16.50) 1.26 3,275 24.52 BUY 28.11

GGRM IJ Equity 79,725 3.40 14.77 17.85 0.38 92,450 15.96 Buy 153.40

HMSP IJ Equity 3,720 12.24 26.63 38.98 0.00 4,310 15.86 Buy 432.70

ICBP IJ Equity 9,025 4.87 20.45 22.22 0.10 10,825 19.94 Buy 105.25

INCO IJ Equity 3,450 1.29 16.25 3.27 0.02 4,475 29.71 Buy 34.28

INDF IJ Equity 6,475 1.69 11.56 12.84 0.88 8,525 31.66 Buy 56.85

INDY IJ Equity 1,760 0.68 4.78 8.55 1.54 2,450 39.20 Buy 9.17

INKP IJ Equity 8,125 0.83 4.78 16.83 1.14 16,000 96.92 Buy 44.45

INTP IJ Equity 22,225 3.52 39.50 4.80 0.01 19,600 (11.81) Sell 81.82

ITMG IJ Equity 20,200 1.61 6.12 27.14 - 27,700 37.13 Buy 22.82

JSMR IJ Equity 6,050 2.60 19.18 13.76 1.88 5,925 (2.07) Sell 43.91

KLBF IJ Equity 1,520 4.87 25.50 17.61 0.02 1,545 1.64 Hold 71.25

LPPF IJ Equity 3,940 15.79 6.31 52.96 - 5,900 49.75 Buy 11.50

MEDC IJ Equity 860 0.86 12.15 (4.16) 2.00 1,045 21.51 Buy 15.34

MNCN IJ Equity 790 1.00 6.41 16.21 0.46 1,260 59.49 BUY 11.28

PGAS IJ Equity 2,280 1.52 12.39 9.66 1.36 2,685 17.76 Buy 55.27

PTBA IJ Equity 4,000 2.63 9.05 33.92 0.05 4,520 13.00 Buy 46.08

PTPP IJ Equity 2,200 1.07 6.87 12.40 0.95 2,755 25.23 Buy 13.64

PWON IJ Equity 730 2.79 12.88 22.19 0.44 760 4.11 Hold 35.16

SCMA IJ Equity 1,615 5.17 12.92 35.05 0.00 2,215 37.15 Buy 23.61

SMGR IJ Equity 13,650 2.60 22.56 10.25 0.32 14,225 4.21 Hold 80.97

SRIL IJ Equity 336 0.94 #N/A N/A 17.65 1.40 #VALUE! #VALUE! #VALUE! 6.87

TKIM IJ Equity 10,300 1.83 5.20 22.02 1.21 #VALUE! #VALUE! Buy 32.07

TLKM IJ Equity 4,050 4.43 18.12 20.36 0.38 4,370 7.90 Buy 401.20

TPIA IJ Equity 5,525 3.95 12.59 10.60 0.34 4,915 (11.04) BUY 98.53

UNTR IJ Equity 26,350 1.83 8.04 22.44 0.19 34,325 30.27 Buy 98.29

UNVR IJ Equity 49,000 49.34 45.91 142.88 0.06 46,225 (5.66) Sell 373.87

WIKA IJ Equity 2,210 1.34 9.28 12.61 0.92 2,340 5.88 Buy 19.82

WSBP IJ Equity 406 1.26 8.68 14.52 0.69 499 22.91 Buy 10.70

WSKT IJ Equity 2,000 1.51 7.22 24.76 3.60 2,290 14.50 Buy 27.15



TECHNICAL ANALYSIS (LQ 45)

Lower Middle Upper 1 2 1 2JCI Index 6,474 4.51% Positif Trading Positif 6,353 6,451 6,548 6,489 6,471 6,456 6,504 6,522 6,359 Speculative Buy

ADHI IJ Equity 1,690 6.62% Negatif OverBought Positif 1,480 1,585 1,690 1,700 1,680 1,665 1,715 1,735 1,640 Sell

ADRO IJ Equity 1,260 3.70% Positif Oversold Negatif 1,295 1,390 1,480 1,275 1,260 1,235 1,300 1,315 1,220 Speculative Buy

AKRA IJ Equity 4,770 11.19% Positif Trading Negatif 4,350 4,970 5,600 4,750 4,725 4,680 4,795 4,820 4,605 Hold

ANTM IJ Equity 905 18.30% Negatif Trading Negatif 870 950 1,025 910 895 885 920 935 870 Sell

ASII IJ Equity 7,600 -7.60% Negatif Trading Positif 7,000 7,250 7,500 7,575 7,525 7,425 7,675 7,725 7,325 Hold

BBCA IJ Equity 27,525 5.87% Negatif Trading Positif 27,175 27,475 27,750 27,675 27,525 27,400 27,800 27,950 26,975 Hold

BBNI IJ Equity 9,625 9.38% Negatif OverBought Positif 8,525 9,200 9,875 9,725 9,575 9,500 9,800 9,950 9,350 Sell

BBRI IJ Equity 4,260 16.39% Negatif OverBought Positif 3,765 4,000 4,230 4,265 4,240 4,225 4,280 4,305 4,160 Sell

BBTN IJ Equity 2,370 -6.69% Positif Trading Positif 2,240 2,395 2,555 2,390 2,355 2,340 2,405 2,440 2,300 Speculative Buy

BMRI IJ Equity 7,550 2.37% Negatif OverBought Positif 6,650 7,225 7,775 7,600 7,550 7,450 7,700 7,750 7,350 Sell

BRPT IJ Equity 3,600 50.63% Negatif OverBought Positif 2,905 3,345 3,785 3,545 3,485 3,375 3,655 3,715 3,320 Sell

BSDE IJ Equity 1,455 15.94% Negatif Trading Positif 1,300 1,405 1,505 1,475 1,455 1,435 1,495 1,515 1,410 Hold

CPIN IJ Equity 6,325 -12.46% Positif Oversold Negatif 6,175 7,275 8,375 6,200 6,025 5,775 6,450 6,625 5,700 Speculative Buy

ELSA IJ Equity 370 7.56% Negatif Trading Positif 351 368 385 369 366 361 374 377 356 Hold

ERAA IJ Equity 1,735 -21.14% Positif Oversold Negatif 1,755 1,940 2,125 1,765 1,730 1,690 1,805 1,840 1,665 Speculative Buy

EXCL IJ Equity 2,630 32.83% Positif Trading Negatif 2,385 2,605 2,825 2,625 2,590 2,535 2,680 2,715 2,495 Hold

GGRM IJ Equity 79,725 -4.66% Positif Oversold Negatif 79,625 87,450 95,250 80,175 79,200 77,750 81,625 82,600 76,575 Speculative Buy

HMSP IJ Equity 3,720 0.27% Positif Trading Negatif 3,730 3,780 3,835 3,745 3,720 3,695 3,770 3,795 3,640 Hold

ICBP IJ Equity 9,025 -13.64% Positif Oversold Negatif 8,800 9,900 10,975 9,050 9,000 8,950 9,100 9,150 8,825 Speculative Buy

INCO IJ Equity 3,450 5.83% Negatif Trading Negatif 3,290 3,535 3,780 3,460 3,415 3,340 3,535 3,580 3,285 Sell

INDF IJ Equity 6,475 -13.09% Positif Oversold Negatif 6,175 6,925 7,700 6,475 6,425 6,375 6,525 6,575 6,275 Speculative Buy

INDY IJ Equity 1,760 11.04% Positif Oversold Negatif 1,740 1,975 2,205 1,740 1,720 1,680 1,780 1,800 1,655 Speculative Buy

INKP IJ Equity 8,125 -29.65% Positif Oversold Negatif 7,850 9,450 11,050 7,975 7,675 7,450 8,200 8,500 7,350 Speculative Buy

INTP IJ Equity 22,225 20.46% Negatif OverBought Positif 17,675 20,375 23,075 22,425 22,150 21,775 22,800 23,075 21,450 Sell

ITMG IJ Equity 20,200 -0.25% Positif Oversold Negatif 21,650 23,125 24,600 20,575 20,075 19,500 21,150 21,650 19,225 Speculative Buy

JSMR IJ Equity 6,050 41.36% Negatif OverBought Positif 4,715 5,425 6,150 6,075 6,000 5,925 6,150 6,225 5,825 Sell

KLBF IJ Equity 1,520 0.00% Positif Trading Positif 1,490 1,520 1,550 1,525 1,515 1,490 1,550 1,560 1,470 Speculative Buy

LPPF IJ Equity 3,940 -29.64% Positif Oversold Positif 3,475 3,900 4,325 3,905 3,810 3,735 3,980 4,075 3,680 Buy

MEDC IJ Equity 860 25.55% Negatif Trading Positif 855 885 920 875 855 840 890 910 825 Hold

MNCN IJ Equity 790 14.49% Negatif Oversold Negatif 710 800 890 780 765 750 795 810 740 Speculative Buy

PGAS IJ Equity 2,280 7.55% Positif Trading Negatif 2,265 2,380 2,495 2,300 2,265 2,240 2,325 2,360 2,205 Hold

PTBA IJ Equity 4,000 -6.98% Positif Trading Positif 3,925 4,085 4,245 4,050 3,985 3,920 4,115 4,180 3,860 Speculative Buy

PTPP IJ Equity 2,200 21.88% Negatif OverBought Positif 1,935 2,070 2,200 2,215 2,180 2,135 2,260 2,295 2,105 Sell

PWON IJ Equity 730 17.74% Negatif OverBought Positif 600 680 760 740 730 715 755 765 705 Sell

SCMA IJ Equity 1,615 -13.64% Positif Oversold Negatif 1,605 1,730 1,850 1,630 1,610 1,595 1,645 1,665 1,570 Speculative Buy

SMGR IJ Equity 13,650 18.70% Positif OverBought Positif 12,250 13,300 14,325 13,800 13,475 13,250 14,025 14,350 13,050 Hold

SRIL IJ Equity 336 -6.15% Negatif Trading Negatif 337 339 342 338 335 334 339 342 328 Sell

TKIM IJ Equity 10,300 -7.21% Positif Oversold Negatif 9,950 11,100 12,250 10,275 10,150 9,975 10,450 10,575 9,825 Speculative Buy

TLKM IJ Equity 4,050 8.00% Negatif OverBought Positif 3,660 3,825 3,990 4,040 3,990 3,950 4,080 4,130 3,890 Sell

TPIA IJ Equity 5,525 -6.75% Positif Trading Positif 5,475 5,650 5,825 5,625 5,525 5,400 5,750 5,850 5,325 Speculative Buy

UNTR IJ Equity 26,350 -3.66% Positif Trading Negatif 25,675 26,900 28,125 26,525 26,300 26,025 26,800 27,025 25,625 Hold

UNVR IJ Equity 49,000 7.93% Positif Trading Negatif 47,975 49,100 50,225 48,850 48,725 48,425 49,150 49,275 47,700 Hold

WIKA IJ Equity 2,210 33.53% Negatif OverBought Positif 1,720 1,995 2,270 2,250 2,200 2,140 2,310 2,360 2,110 Sell

WSBP IJ Equity 406 7.98% Negatif OverBought Positif 371 392 413 410 403 396 417 424 390 Sell

WSKT IJ Equity 2,000 19.05% Negatif OverBought Positif 1,845 1,940 2,030 2,030 2,000 1,965 2,065 2,095 1,935 Sell

Ticker Last Pivot PointSupport Resistance

MA5 (YtD%) RecommendationBollinger Band

Stop Loss LevelMACD TrendRSI Rec



Date Event Country Act Prev Cons

5-Apr-19 Japan, Household Spending MoM FEB JPY -2% 0.7% -0.5%

Japan, Household Spending YoY FEB JPY 1.7% 2% 2.1%

Japan, Average Cash Earnings YoY FEB JPY -0.8% 1.2%

Japan, Coincident Index Prel FEB JPY 98.8 98.1

Japan, Leading Economic Index Prel FEB JPY 97.4 95.9

Germany, Industrial Production MoM FEB DEU 0.7% 0.0% 0.5%

France, Balance of Trade FEB FRA €-4B €-4.2B

France, Current Account FEB FRA €-0.8B €0.3B

GB Halifax House Price Index MoM MAR GBR -1.6% 6% 0.1%

GB Halifax House Price Index YoY MAR GBR 2.6% 2.8%

Indonesia, Consumer Confidence MAR IDN 124.5 125.1

US Average Hourly Earnings YoY MAR USD 3.2% 3.4% 3.4%

US Average Hourly Earnings MoM MAR USD 0.1% 0.4% 0.3%

US Average Weekly Hours MAR USD 34.5 34.4 34.5

US Government Payrolls MAR USD 14K 5K

US Participation Rate MAR USD 63% 63.2%

US Manufacturing Payrolls MAR USD -6K 1K 10K

US Non Farm Payrolls MAR USD 196K 33K 175K

US Nonfarm Payrolls Private MAR USD 182K 28K 175K

US Unemployment Rate MAR USD 3.8% 3.8% 3.8%

US Consumer Credit Change FEB USD $15.19B $17.72B $17.75B

8-Apr-19 Japan, Current Account FEB JPY ¥600.4B ¥2678.9B

Japan, Consumer Confidence MAR JPY 41.5 42.3

Germany, Balance of Trade FEB DEU €14.5B

Germany, Imports MoM s.a FEB DEU 1.5% 0.1%

Germany, Exports MoM s.a FEB DEU 0% 0%

Germany, Balance of Trade s.a FEB DEU €18.5B €18.9B

Germany, Current Account FEB DEU €18.3B

Indonesia, Foreign Exchange Reserves MAR IDN $123.3B $121.9B

US Factory Orders ex Transportation FEB USD -0.2%

US Factory Orders MoM FEB USD 0.1% -0.6%

US Consumer Inflation Expectations MAR USD 2.79%

9-Apr-19 Indonesia, Retail Sales YoY FEB IDN 7.2%

US NFIB Business Optimism Index MAR USD 101.7 101.3

US Redbook MoM 06/APR USD 0%

US Redbook YoY 06/APR USD 4.4%

US JOLTs Job Openings FEB USD 7.581M 7.157M

US IBD/TIPP Economic Optimism APR USD 55.7

US API Crude Oil Stock Change APR/05 USD 2.963M

MAJOR ECONOMIC RELEASE

Source : Trading Economics



CORPORATE ACTION

RUPS

IPO

Dividend

Stock Split

Right Issue

No Code OS NS Price (IDR) Cum Date Ex Date Trading Period

1 MAMI 7 : 5 100 7-May-19 8-May-19 13 - 24 May 2019

Date Time Company Event Place

9-Apr-19 10:00 JECC RUPSLB Mega Glodok Kemayoran Office Tower B

10-Apr-19 9:00 PPRO RUPS Auditorium Wisma Subiyanto Lt 1

9:00 PPRE RUPS Auditorium Wisma Subiyanto Lt 1

13:00 ASGR RUPS Ruang Thamrin-1 Lobby Hotel Puliman

14:00 ACST RUPS Graha CIMB Niaga Lt 2

11-Apr-19 9:00 BBCA RUPS TBA

10:00 AUTO RUPS TBA

13:00 ELSA RUPS Ruang Udaya Graha Elnusa Lt 1

12-Apr-19 9:30 RELI RUPS Reliance Building Capital Lt 3

9:30 LPGI RUPSLB Mezzaine Level Hotel Aryaduta

9:30 BGTG RUPS Graha Tropic

10:00 NIPS RUPSLB Pajajaran Meeting Room, Hotel Salak

14:00 JSKY RUPSLB Pajajaran Meeting Room, Hotel Salak

15-Apr-19 14:00 AALI RUPS Catur Dharma Hall Menara Astra Lt 5

16-Apr-19 10:00 POWR RUPS Hotel Sheraton Jakarta Gandaria City

14:00 UNTR RUPS Grand Ballroom UNTR

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

Arkha Jayanti Persada Tbk Industri Dasar UOB Kay Hian Sekuritas TBA TBA 275 - 300 500

Capri Nusa Satu Properti Tbk Properti UOB Kay Hian Sekuritas 29 Maret - 04 April 11-Apr-19 125 683

Meta Epsi TbkProperti, real estate,

konstruksiNH Korindo Sekuritas 29 Maret - 05 April 10-Apr-19 320 625

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

WTON Cash Dividen 5-Apr-19 8-Apr-19 9-Apr-19 26-Apr-19 17.5

SDRA Cash Dividen 8-Apr-19 9-Apr-19 10-Apr-19 30-Apr-19 15

AGRO Cash Dividen 8-Apr-19 9-Apr-19 10-Apr-19 30-Apr-19 1.9

ADMF Cash Dividen 9-Apr-19 10-Apr-19 11-Apr-19 30-Apr-19 908

BNII Cash Dividen 9-Apr-19 10-Apr-19 11-Apr-19 30-Apr-19 7.19

BSSR Cash Dividen 9-Apr-19 10-Apr-19 11-Apr-19 22-Apr-19 USD 0.00382

JPFA Cash Dividen 11-Apr-19 12-Apr-19 15-Apr-19 30-Apr-19 50

Old New

ZINC 1 5 2-Apr-19 4-Apr-19 5-Apr-19 4-Apr-19

Ratio Company Trade DateRecording DateEx DateCum Date



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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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