daily update july 29, 2021

DAILY UPDATE July 29, 2021

MACROECONOMIC NEWS

The Fed – In a news conference following the release of the

statement, Fed Chair Jerome Powell said the U.S. job market still

had "some ground to cover" before it would be time to pull back

from the economic support the U.S. central bank put in place in

the spring of 2020 to battle the coronavirus pandemic's

economic shocks. "I would want to see some strong job

numbers" in the coming months before reducing the USD 120

billion in monthly bond purchases the Fed continues to make, he

told reporters. The Fed's policy statement, issued after the end

of a two-day policy meeting, reflected that confidence as the

central bank continues debating how to wind down its bond

purchases.

Germany Economy – German consumer sentiment held steady

heading into August as shoppers grew more ready to spend, but

took a less upbeat view on the economic outlook than a month

earlier on worries about rising numbers of COVID-19 cases, a

survey showed. The GfK institute said its consumer sentiment

index, based on a survey of around 2,000 Germans, was

unchanged at -0.3 points. The reading compared with a Reuters

forecast for 1.0.

UK Economy – British retailers cut their prices more heavily in

July than in June as supermarkets intensified their battle for

customers, an industry group said, offering some relief to

shoppers as broader inflation accelerates. The British Retail

Consortium’s shop price index for July fell by an annual 1.2%, a

bigger drop than June’s 0.7% slip and moving further away from

May’s 0.6% fall which was the smallest drop since the

coronavirus pandemic hit Britain.

CORPORATE NEWS

JSMR – PT Jasa Marga recorded a 40% decline in traffic in four

main toll gates between 3 July and 20 July 2021 due to PPKM

darurat.

DGNS – PT Diagnos Laboratorium Utama has announced a

dividend of IDR 6 billion or IDR 4.8 per share, representing

11.39% of 2020 earnings. The cum dividend date is 5 Augustus

2021.

PT. Panin Asset Management JSX Building Tower II, 11th Floor Jl. Jend. Sudirman Kav. 52-53 , Jakarta 12190 T : (021) 515-0595 , F : (021) 515-0601

Commodities Last Price Chg %Chg

Oil NYMEX 72.33 0.3 0.3

Oil Brent 74.69 -0.14 -0.2

Coal Newcastle 150.1 0.35 0.2

Nickel 19543 186 1.0

Tin 34400 25 0.1

Gold 1816.4 13.3 0.7

CPO Rott 1050

CPO Malay 4308 -114 -2.6

Indo Gov. Bond Yields Last Yield Chg %Chg

1 year 3.691 -0.01 -0.24

3 year 4.883 0.02 0.31

5 year 5.204 0.00 -0.04

10 year 6.307 0.00 -0.05

15 year 6.317 0.00 -0.03

30 year 6.885 0.00 -0.03

Currency

Closing Last Trade

US$ - IDR 14488 14488

US$ - Yen 109.91 109.72

Euro - US$ 1.1845 1.18

US$ - SG$ 1.3566 1.36

Equity Markets

Closing % Change

Dow Jones 34931 -0.36

NASDAQ 14763 0.70

S&P 500 4401 -0.02

MSCI excl. Jap 812 1.20

Nikkei 27769 0.68

Shanghai Comp 3362 -0.58

Hang Seng 25474 1.54

STI 3165 0.73

JCI 6089 -0.14

Indo ETF (IDX) 18 -0.04

Indo ETF (EIDO) 20 -0.15

CORPORATE NEWS – cont’d

BTPN – PT Bank Tabungan Pensiunan Nasional reported 2Q 2021 financial results:

BTPN (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Net Interest Income 5,389 5,588 3.7% 2,466 2,785 2,803 13.7% 0.7%

Non-Interest Income 775 960 23.9% 510 466 493 -3.2% 5.8%

Other Operating Expense 4,663 4,140 -11.2% 2,465 1,861 2,279 -7.5% 22.5%

Operating Profit 1,501 2,408 60.5% 511 1,390 1,017 99.2% -26.8%

PPOP 2,721 3,103 14.1% 1,320 1,555 1,548 17.3% -0.4%

Net Income 1,117 1,641 46.9% 365 971 670 83.7% -31.0%

EPS (IDR) (Diluted) 139 204 46.9% 46 121 83 81.2% -31.0%

CAR 23.1% 26.5% 3.4% 23.1% 26.8% 26.5% 3.4% -0.4%

NIM 6.2% 4.7% -1.5% 6.2% 4.8% 4.7% -1.5% -0.1%

ROE 8.0% 9.8% 1.8% 8.0% 10.9% 9.8% 1.8% -1.2%

ROA 1.7% 2.0% 0.3% 1.7% 2.3% 2.0% 0.3% -0.3%

NPL (Gross) 1.1% 1.4% 0.3% 1.1% 1.4% 1.4% 0.3% 0.0%

NPL (Net) 0.5% 0.6% 0.1% 0.5% 0.6% 0.6% 0.1% 0.0%

LDR 148.4% 144.8% -3.6% 148.4% 138.0% 144.8% -3.6% 6.8%

BTPS – PT Bank Tabungan Pensiunan Nasional Syariah reported 2Q 2021 financial results:

BTPS (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Net Interest Income 1,672 2,071 23.9% 624 1,004 1,068 71.0% 6.4%

Non-Interest Income 14 11 -22.9% 6 6 5 -18.1% -8.8%

Other Operating Expense 1,141 1,090 -4.5% 623 529 561 -10.0% 6.1%

Operating Profit 544 992 82.2% 7 480 512 7090.8% 6.5%

PPOP 935 1,241 32.8% 299 589 653 118.4% 10.9%

Net Income 407 770 89.3% 4 375 395 8882.8% 5.2%

EPS (IDR) (Diluted) 53 100 89.3% 1 49 51 8882.8% 5.2%

CAR 42.3% 52.0% 9.7% 42.3% 50.7% 52.0% 9.7% 1.3%

NIM 23.7% 26.5% 2.8% 23.7% 26.0% 26.5% 2.8% 0.6%

ROE 15.2% 26.1% 10.9% 15.2% 25.8% 26.1% 10.9% 0.3%

ROA 7.0% 11.6% 4.6% 7.0% 11.4% 11.6% 4.6% 0.2%

NPL (Gross) 1.8% 2.4% 0.6% 1.8% 2.1% 2.4% 0.6% 0.3%

NPL (Net) 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

LDR 92.4% 94.7% 2.3% 92.4% 92.2% 94.7% 2.3% 2.5%

ADMF – PT Adira Dinamika Multi Finance reported 2Q 2021 financial results:

ADMF (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 4,936 4,170 -15.5% 2,094 2,053 2,117 1.1% 3.1% Operating Profit 1,101 786 -28.7% 198 353 432 118.1% 22.4% PPOP 2,158 1,748 -19.0% 768 838 910 18.5% 8.6% Pretax Earnings 827 621 -24.9% 114 280 341 198.6% 21.8% Net Income 597 473 -20.7% 77 211 262 241.0% 24.3% EPS (IDR) 597 473 -20.7% 77 211 262 241.0% 24.3%

Operating Profit Margin 22.3% 18.8% -3.5% 9.5% 17.2% 20.4% 11.0% 3.2%

Net Profit Margin 12.1% 11.4% -0.7% 3.7% 10.3% 12.4% 8.7% 2.1%


INCO – PT Vale Indonesia reported 2Q 2021 financial results:

INCO (USD Mn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 360 415 15.14% 186 207 208 12.21% 0.89%

Gross Profit 41 86 111.48% 20 52 34 69.52% -34.17%

Operating Profit 37 84 124.96% 18 51 33 80.25% -34.69%

Pretax Earnings 44 80 80.70% 21 48 32 51.70% -32.93%

Net Income 53 59 10.65% 24 34 25 3.82% -25.53%

EPS (USD) 0.0053 0.0059 10.65% 0.002 0.0034 0.003 3.82% -25.53%

Gross Profit Margin 11.3% 20.7% 9.4% 10.8% 25.1% 16.3% 5.5% -8.7%

Operating Profit Margin 10.3% 20.2% 9.9% 9.9% 24.5% 15.9% 6.0% -8.7%

Net Profit Margin 14.7% 14.2% -0.6% 13.0% 16.3% 12.0% -1.0% -4.3%

AALI – PT Astra Agro Lestari reported 2Q 2021 financial results:

AALI (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 9,081 10,832 19.3% 4,285 5,035 5,797 35.3% 15.1%

Gross Profit 1,304 2,214 69.9% 377 932 1,282 240.3% 37.5%

Operating Profit 756 1,648 117.9% 117 658 990 749.2% 50.5%

Pretax Earnings 648 1,111 71.5% 43 355 756 1647.8% 113.2%

Net Income 392 649 65.7% 21 162 487 2236.6% 199.8%

EPS (IDR) 204 337 65.7% 11 84 253 2236.0% 199.8%

Gross Profit Margin 14.4% 20.4% 6.1% 8.8% 18.5% 22.1% 13.3% 3.6%

Operating Profit Margin 8.3% 15.2% 6.9% 2.7% 13.1% 17.1% 14.4% 4.0%

Net Profit Margin 4.3% 6.0% 1.7% 0.5% 3.2% 8.4% 7.9% 5.2%

ROTI – PT Nippon Indosari Corpindo reported 2Q 2021 financial results:

ROTI (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 1,674 1,557 -7.0% 761 787 770 1.1% -2.2%

Gross Profit 922 852 -7.6% 408 435 417 2.4% -4.1%

Operating Profit 97 145 49.6% -1 69 76 11.0%

Pretax Earnings 94 156 65.5% 3 73 83 2876.4% 13.6%

Net Income 91 122 33.8% 13 57 65 393.1% 14.8%

EPS (IDR) 15 20 32.2% 2 9 11 339.3% 16.2%

Gross Profit Margin 55.1% 54.7% -0.3% 53.6% 55.3% 54.2% 0.7% -1.1%

Operating Profit Margin 5.8% 9.3% 3.5% -0.1% 8.7% 9.9% 10.0% 1.2%


AUTO – PT Astra Otoparts reported 2Q 2021 financial results:

AUTO (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 5,653 7,151 26.5% 1,811 3,616 3,535 95.2% -2.2%

Gross Profit 642 890 38.8% 84 461 429 411.5% -6.9%

Operating Profit -104 78 -229 55 23 -58.4%

JV Income (Net tax) -206 237 -229 130 107 -17.6%

Pretax Earnings -277 347 -426 215 132 -38.7%

Net Income -302 266 -411 164 102 -37.6%

EPS (IDR) -62 55 -85 34 21 -38.2%

Gross Profit Margin 11.4% 12.5% 1.1% 4.6% 12.8% 12.1% 7.5% -0.6%

Operating Profit Margin -1.8% 1.1% 2.9% -12.7% 1.5% 0.6% 13.3% -0.9%

Net Profit Margin -5.3% 3.7% 9.1% -22.7% 4.5% 2.9% 25.6% -1.6%


ASGR – PT Astra Graphia reported 2Q 2021 financial results:

ASGR (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Revenue 1,452 1,257 -13.5% 743 617 640 -13.8% 3.7%

Gross Profit 269 248 -7.8% 121 119 129 7.4% 9.1%

Operating Profit 34 23 -33.3% 24 0 22 -6.0% 8139.6%

Pretax Earnings 26 23 -8.3% 24 2 22 -7.3% 1351.3%

Net Income 21 18 -13.8% 19 1 17 -10.5% 1088.3%

EPS (IDR) 16 13 -13.8% 14 1 12 -10.5% 1086.5%

Gross Profit Margin 18.5% 19.7% 1.2% 16.2% 19.2% 20.2% 4.0% 1.0%

Operating Profit Margin 2.3% 1.8% -0.5% 3.2% 0.0% 3.5% 0.3% 3.4%


BDMN – PT Bank Danamon reported 2Q 2021 financial results:

BDM (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Net Interest Income 7,478 6,958 -7.0% 3,608 3,390 3,568 -1.1% 5.3% Non-Interest Income 2,458 1,802 -26.7% 810 899 903 11.5% 0.4% Other Operating Expense 8,520 7,299 -14.3% 4,734 3,509 3,790 -19.9% 8.0% Operating Profit 1,416 1,460 3.1% -316 780 680 -12.8% PPOP 4,587 4,026 -12.2% 1,733 1,980 2,046 18.1% 3.3% Net Income 845 998 18.1% -400 522 476 -8.8% EPS (IDR) (Diluted) 86 102 18.1% -41 53 49 -8.8%

CAR 23.4% 26.1% 2.6% 23.4% 25.7% 26.1% 2.6% 0.4%

NIM 8.1% 7.3% -0.8% 8.1% 7.0% 7.3% -0.8% 0.3%

ROE 4.2% 5.2% 1.0% 4.2% 5.5% 5.2% 1.0% -0.3%

ROA 0.9% 1.0% 0.2% 0.9% 1.1% 1.0% 0.2% 0.0%

NPL (Gross) 4.2% 3.0% -1.2% 4.2% 3.3% 3.0% -1.2% -0.3%

NPL (Net) 1.9% 1.0% -1.0% 1.9% 1.0% 1.0% -1.0% 0.0%

LDR 94.3% 85.5% -8.8% 94.3% 85.3% 85.5% -8.8% 0.2%

Cov Ratio 23.4% 26.1% 2.6% 23.4% 25.7% 26.1% 2.6% 0.4%

BBTN – PT Bank Tabungan Negara reported 2Q 2021 financial results:

BTPS (IDR Bn) 6M 2020 6M 2021 YoY Q2 2020 Q1 2021 Q2 2021 YoY QoQ

Net Interest Income 4,439 5,690 28.2% 2,260 2,775 2,915 29.0% 5.1% Non-Interest Income 1,042 1,073 3.0% 593 472 601 1.3% 27.4% Other Operating Expense 4,525 5,505 21.6% 2,320 2,381 3,124 34.6% 31.2% Operating Profit 956 1,257 31.6% 533 866 392 -26.5% -54.8% PPOP 1,992 2,574 29.2% 1,138 1,186 1,388 22.0% 17.1% Net Income 768 920 19.9% 310 625 295 -5.0% -52.8% EPS (IDR) (Diluted) 72 87 20.2% 29 59 28 -4.3% -52.8%

CAR 19.1% 17.8% -1.3% 19.1% 17.7% 17.8% -1.3% 0.2%

NIM 3.2% 3.4% 0.3% 3.2% 3.3% 3.4% 0.3% 0.1%

ROE 10.1% 11.0% 1.0% 10.1% 15.1% 11.0% 1.0% -4.1%

ROA 0.6% 0.7% 0.0% 0.6% 0.9% 0.7% 0.0% -0.3%

NPL (Gross) 4.7% 4.1% -0.6% 4.7% 4.3% 4.1% -0.6% -0.2%

NPL (Net) 2.4% 1.9% -0.5% 2.4% 1.9% 1.9% -0.5% -0.1%

LDR 111.3% 89.1% -22.2% 111.3% 88.6% 89.1% -22.2% 0.5%

Cov Ratio 107.9% 120.7% 12.8% 107.9% 115.9% 120.7% 12.8% 4.8%

Disclaimer

The analyst(s) whose work appears in this report certifies that his or her remuneration is not correlated to his or her judgment(s) on the performance of the company(ies).

The information and/or opinions contained in this report has been assembled by Panin Asset Management from sources which we deem to be reliable and in good faith, but no representation or warranty, express or implied, is made as to their accuracy, completeness or correctness. This report may not be reproduced, distributed or published by any recipient for any purpose. Any recommendations contained herein are based on a consideration of the securities alone, and as such are conditional and must not be relied upon as a solitary basis for investment decisions. Under no circumstances is this report to be used or considered as an offer to sell, or a solicitation of an offer buy.

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daily update july 29, 2021

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