thursday, august 1, 2019 - sinarmas sekuritas 2019/aug/20190801...aug 01, 2019 · pt nestle...

1

Today’s Market:

IHSG diperkirakan bergerak melemah. Bursa AS ditutup

melemah pada perdagangan Rabu (31/07). Harga batuba-

ra stabil di level USD 69.45 per Mt. Crude oil turun ke lev-

el USD 57.67 per barrel. Rupiah stabil terhadap Dollar AS

di level Rp 14.022. 10Yr Government Bonds Yield naik ke

level 7.38%.

Dari global, The Fed memutuskan menurunkan suku bun-

ga acuan sebesar 25 bps, ke kisaran 2,00 - 2,25%.

Sehubungan dengan industri, pemerintah akan menerbit-

kan peraturan presiden (perpres) mengenai sertifikasi

sawit berkelanjutan atau Indonesian Sustainable Palm Oil

(ISPO). Perpres itu akan memperkuat ketentuan ISPO

yang sudah ada, klausul terbarunya adalah rencana me-

wajibkan petani mengantongi sertifikat ISPO yang dalam

prosesnya pemerintah berjanji memberikan dukungan

pembiayaan.

Sehubungan dengan emiten, XL Axiata (EXCL) mencat-

atkan pendapatan 1H19 IDR12.3tn (+11% YoY) dan laba

bersih IDR282bn (versus -81.7bn).

Sehubungan dengan emiten, Surya Citra Media (SCMA)

mencatatkan pendapatan 1H19 sebesar Rp 2,8 tn (+6.9%

YoY), laba bersih sebesar Rp 782 bn (-7.3% YoY).

Sehubungan dengan emiten, HK Metals Utama (HKMU)

mencatatkan pendapatan 1H19 sebesar Rp 565 bn

(+47.9% YoY), laba bersih sebesar Rp 48 bn (+65.5%

YoY).

Secara teknikal indeks hari Kamis (01/08), IHSG diprediksi

bergerak di kisaran 6335-6412.

Source: Bloomberg, Sinarmas Investment Research See pg. 6-8 for Technical Corner

www.sinarmassekuritas.co.id See important disclaimer at the end of this report

Thursday, August 1, 2019

ID X Stat ist ics C lo sing

JCI 6,390.51

Transaction Value Regular M arket (IDR tn) 9.038

Transaction Volume Regular M arket (mn shares) 11,775

Foreign Net Buy (Sell) (IDR bn) (11)

Foreign Net Buy (Sell) 4.83

Total M arket Capitalization (IDR tn) 7,353.37

LQ45 1,022.43 0.21 4.04

EIDO 25.72 (0.96) 3.63

IDX 22.93 (1.00) 5.37

DOW JONES 26,864.27 (1.23) 15.16

S&P 500 2,980.38 (1.09) 18.89

NASDAQ 8,175.42 (1.19) 23.21

FTSE 7,586.78 (0.78) 12.76

NIKKEI 21,521.53 (0.86) 7.53

HANG SENG 27,777.75 (1.31) 7.48

STRAITS TIM ES 3,300.75 (1.49) 7.56

KLSE 1,634.87 (0.48) (3.30)

USD/IDR 14,022.00 0.00 (2.62)

EUR/IDR 15,479.98 (1.06) (5.25)

JPY/IDR 128.66 (0.36) (1.55)

SGD/IDR 10,212.65 (0.18) (3.35)

AUD/IDR 9,584.46 (0.49) (6.06)

GBP/IDR 16,978.39 (0.36) (7.89)

Crude Oil (USD/barrel) 57.67 7:51:04 AM 26.98

Coal (USD/mn tons) 69.45 7/31/2019 (31.95)

Natural Gas (USD/mmBtu) 2.24 7:50:23 AM (23.98)

Gold (USD/ounce) 1,407.44 8:01:13 AM 9.66

Nickel (USD/mn tons) 14,400.00 8:01:12 AM 34.71

Tins (USD/mn tons) 17,310.00 7:25:05 AM (11.12)

CPO (M YR/mn tons) 2,019.00 7/31/2019 0.75

Rubber (JPY/kg) 214.00 6:58:40 AM 24.42

Wheat (USD/bushel) 485.50 7:49:10 AM (3.53)

P riceLast

T ransact io n

YT D

C hg (%)C o mmo dit ies

Other Indices C lo sing 1-D ay C hg (%)YT D

C hg (%)

C urrency Spo t R ate R ate ( ID R ) 1-D ay C hg (%)YT D

C hg (%)

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

3,000

3,500

4,000

4,500

5,000

5,500

6,000

6,500

7,000

Millio

ns

Volume JCI Index

IHSG naik sebanyak 13.5 poin (0.21%) ke level 6390.51.

Sementara LQ45 naik sebanyak 2.2 poin (0.21%) ke level

1022.43. Foreign net sell sebesar Rp 11.01 miliar.

2

Daily Corporate and Industry News

Pemerintah tengah menyiapkan sejumlah langkah untuk mewujudkan industri sawit berkelanjutan di Tanah Air. Da-lam waktu dekat, pemerintah akan menerbitkan peraturan presiden (perpres) mengenai sertifikasi sawit berkelanju-tan atau Indonesian Sustainable Palm Oil (ISPO). Perpres itu akan memperkuat ketentuan ISPO yang sudah ada, klausul terbarunya adalah rencana mewajibkan petani mengantongi sertifikat ISPO yang dalam prosesnya pemerintah berjanji memberikan dukungan pembiayaan. Source: Investor Daily Bank Indonesia (BI) menilai stabilitas keuangan yang tetap terjaga mendorong derasnya aliran modal asing masuk (capital inflow) ke Indonesia. BI mencatat hingga 26 Juli 2019 dana asing yang masuk mencapai Rp 193,2 triliun. Source: Investor Daily Kementerian Koordinator Bidang Perekonomian menargetkan penghematan devisa dari pelaksanaan program man-datori pencampuran bahan bakar minyak jenis solar dengan minyak sawit 20% atau Biodiesel 20 (B20) mencapai US$ 3 miliar atau sekitar Rp 42,05 triliun pada 2019. Source: Investor Daily Bank Mandiri (BMRI) menyatakan telah melakukan antisipasi risiko kredit Duniatex Group sejak tahun 2016- 2017. Langkah antisipasi tersebut dengan menurunkan eksposur pinjaman dan meminta Duniatex untuk menambah ja-minan ke Bank Mandiri. Source: Investor Daily Wijaya Karya (WIKA) optimistis mampu mengejar kontrak baru senilai Rp 46,51 triliun pada semester II-2019 untuk memenuhi target kontrak baru tahun ini Rp 61,74 triliun. Hingga Juni 2019, perseroan berhasil mengantongi kontrak baru sebesar Rp 15,23 triliun dan total kontrak yang dihadapi (order book) Rp 91,5 triliun. Source: Investor Daily XL Axiata (EXCL) mencatatkan pendapatan 1H19 IDR12.3tn (+11% YoY) dan laba bersih IDR282bn (versus -81.7bn). Source: Bisnis Indonesia PT Nestle Indonesia menyiapkan dana investasi USD 100 juta, atau Rp 1,4 triliun untuk memperluas tiga pabrik, yakni di Karawang (Jawa Barat), Kejayan (Jawa Timur), dan Panjang (Lampung). Source: Kontan


3

World Equity Indices

Source: Bloomberg, Sinarmas Investment Research


WOR LD EQUIT Y IN D IC ES

N O T IC KER

1 INDU Index 27,398.68 21,712.53 2,145.05 8.68 20.65 17.35 3.88 3.92 7,458.13 7,458.13

2 SPX Index 3,027.98 2,346.58 306.77 11.47 22.32 17.99 3.30 3.28 25,765.86 25,765.86

3 CCM P Index 8,339.64 6,190.17 1,272.03 18.43 41.63 24.30 3.01 3.00 12,636.41 12,636.41

4 SPTSX Index 16,672.71 13,776.88 197.43 1.22 19.80 15.15 1.91 1.90 2,514.44 1,912.27

5 M EXBOL Index 50,603.39 39,271.56 (8,491.33) (17.20) 19.74 13.59 2.65 2.55 5,115.64 269.30

6 SX5E Index 3,573.57 2,908.70 (37.11) (1.06) 18.44 14.27 1.64 1.61 3,073.92 3,420.66

7 UKX Index 7,790.17 6,536.53 (100.99) (1.31) 23.35 13.00 1.99 1.97 2,031.23 2,480.95

8 CAC Index 5,672.77 4,555.99 206.34 3.88 18.44 14.65 1.62 1.59 1,695.55 1,886.80

9 DAX Index 12,833.11 10,279.20 (728.60) (5.64) 19.14 14.17 1.86 1.82 1,130.45 1,257.96

10 IBEX Index 9,902.30 8,286.20 (1,072.90) (10.68) 15.10 11.90 1.47 1.42 558.65 621.67

11 FTSEM IB Index 22,357.39 17,914.03 (455.15) (2.08) 741.92 10.92 1.18 1.14 488.90 544.05

12 AEX Index 586.32 472.19 27.51 5.05 18.89 15.97 1.91 1.89 687.67 765.24

13 SM I Index 10,091.48 8,138.56 537.40 5.73 24.59 16.81 2.59 2.54 1,199.32 1,211.56

14 AS51 Index 6,875.50 5,410.20 747.43 12.32 17.96 16.89 2.08 2.10 2,019.52 1,389.63

15 AS30 Index 6,958.70 5,478.40 729.37 11.83 18.90 16.65 2.00 2.02 2,208.61 1,519.75

16 SHSZ300 Index 4,126.09 2,935.83 (195.50) (4.85) 16.49 12.47 2.05 2.04 30,631.76 4,449.57

17 SHASHR Index 3,444.44 2,555.84 (391.75) (11.31) 16.90 11.46 1.80 1.78 32,342.50 4,698.08

18 SZASHR Index 1,881.65 1,267.27 (343.16) (17.28) 29.07 17.40 3.12 3.12 20,786.49 3,019.45

19 HSI Index 30,280.12 24,540.63 (2,141.40) (7.16) 13.71 10.96 1.39 1.35 18,088.80 2,310.69

20 HSCEI Index 11,881.68 9,761.60 (1,033.99) (8.83) 9.19 8.46 1.05 1.03 12,204.13 1,558.98

21 SENSEX Index 40,312.07 33,291.58 3,424.29 10.05 24.62 19.07 3.12 2.92 66,763.19 969.36

22 NIFTY Index 12,103.05 10,004.55 587.30 5.58 23.97 18.15 3.11 2.90 81,204.65 1,179.04

23 JCI Index 6,636.33 5,621.60 34.85 0.55 24.60 16.30 2.58 2.57 7,353,372.13 524.38

24 LQ45 Index 1,059.65 871.05 (56.95) (5.28) 21.16 16.93 3.39 3.40 4,786,644.27 341.34

25 KSE100 Index 43,115.52 31,485.76 (8,533.00) (21.08) 9.14 5.84 1.48 1.39 5,473.41 34.30

26 NKY Index 24,448.07 18,948.58 (1,243.41) (5.46) 19.30 15.43 1.89 1.88 354,314.13 3,262.86

27 NEY Index 366.42 284.63 (39.31) (11.00) 16.08 11.33 1.40 1.38 417,358.70 3,843.44

28 TPX Index 1,838.30 1,408.89 (252.42) (13.89) 16.33 12.53 1.41 1.40 597,723.11 5,504.40

29 FBM KLCI Index 1,826.90 1,572.03 (161.94) (9.01) 16.69 16.63 1.67 1.63 1,045.20 253.65

30 NZSE Index 1,853.40 1,488.82 331.66 21.95 19.27 24.27 2.03 2.09 150.83 99.43

31 PCOM P Index 8,419.59 6,790.58 (512.62) (5.99) 23.05 17.35 2.51 2.50 10,093.30 198.49

32 FSSTI Index 3,415.18 2,955.68 (102.17) (3.00) 11.04 13.15 1.22 1.20 574.38 419.47

33 KOSPI Index 2,356.62 1,984.53 (442.94) (17.95) 12.74 12.63 1.06 1.02 1,303,020.27 1,101.19

34 TWSE Index 11,186.05 9,319.28 180.95 1.70 15.56 16.26 1.75 1.75 32,562.58 1,047.37

35 SET Index 1,766.62 1,546.62 (41.74) (2.38) 18.91 2.08 2.07 17,583.53 571.77

36 SET50 Index 1,166.78 1,031.45 (4.22) (0.37) 17.52 16.69 2.26 2.24 12,126.38 394.32

37 VNINDEX Index 1,024.68 861.85 7.42 0.75 18.96 16.35 2.81 2.85 3,347,747.92 144.18

2017 2018ED o main

C urrencyUSDLOW P OIN T % 2017 2018E

A sia/ P acif ic

A merica

52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n)

Euro pe

H IGH

4

LQ45



LQ45 Index

HIGH LOW POINT % 2017 2018E 2017 2018E

1 ADHI IJ 1,485 1,845 1,100 (400) (21.22) 13.02 6.12 1.15 0.65 5,287.86

2 ADRO IJ 1,270 2,030 1,160 (590) (31.72) 9.06 6.97 1.26 0.74 40,622.17

3 AKRA IJ 4,000 5,875 3,220 (2,350) (37.01) 28.11 15.74 3.37 1.84 16,058.78

4 ANTM IJ 935 1,150 595 310 49.60 109.95 16.97 0.81 1.07 22,468.77

5 ASII IJ 7,000 8,775 6,600 (1,300) (15.66) 17.84 12.42 2.71 - 283,384.87

6 BBCA IJ 30,950 31,450 22,175 9,050 41.32 23.17 26.09 4.11 - 763,072.54

7 BBNI IJ 8,475 10,250 6,675 (1,425) (14.39) 13.56 9.61 1.87 - 158,047.36

8 BBRI IJ 4,480 4,730 2,870 840 23.08 19.34 14.98 2.66 - 552,589.23

9 BBTN IJ 2,460 2,920 2,010 (1,110) (31.09) 12.49 9.20 1.75 26,051.40

10 BJBR IJ 1,590 2,450 1,485 (810) (33.75) 19.20 9.57 2.31 1.36 15,643.67

11 BMRI IJ 7,975 8,175 6,175 (25) (0.31) 20.93 13.27 2.24 - 372,166.67

12 BMTR IJ 388 498 234 (202) (34.24) 16.65 - 0.88 - 5,949.79

13 BRPT IJ 3,880 4,170 1,510 1,620 71.68 21.82 55.34 2.16 2.22 69,113.66

14 BSDE IJ 1,420 1,580 930 (280) (16.47) 6.64 14.72 1.29 - 27,330.31

15 BUMI IJ 108 270 101 (162) (60.00) 2.57 1.93 - - 7,071.40

16 EXCL IJ 3,230 3,420 1,875 270 9.12 85.16 68.23 1.46 - 34,522.11

17 GGRM IJ 75,500 100,975 69,950 (8,300) (9.90) 20.80 15.49 3.82 - 145,268.64

18 HMSP IJ 3,030 4,080 2,810 (1,700) (35.94) 43.54 23.90 16.13 - 352,443.77

19 ICBP IJ 10,700 10,950 8,150 1,800 20.22 27.31 25.67 5.31 - 124,782.42

20 INCO IJ 3,030 4,580 2,410 140 4.84 - 36.01 1.16 1.01 30,107.11

21 INDF IJ 7,075 7,900 5,500 (550) (7.21) 16.10 13.33 2.14 - 62,121.52

22 INDY IJ 1,485 3,740 1,155 (1,575) (51.47) 3.50 5.88 1.27 - 7,737.14

23 INTP IJ 22,475 22,875 13,425 525 2.39 43.45 - 3.29 - 82,735.68

24 JSMR IJ 6,000 6,450 3,800 (400) (6.25) 21.11 - 3.08 - 43,547.23

25 KLBF IJ 1,470 1,645 1,190 (220) (13.02) 32.96 26.56 5.96 - 68,906.43

26 LPKR IJ 280 311 187 (107) (27.65) 18.09 9.95 0.49 0.26 19,851.45

27 LPPF IJ 3,730 8,100 3,220 (6,270) (62.70) 15.29 6.43 12.53 - 10,462.21

28 MNCN IJ 1,375 1,495 675 90 7.00 11.78 - 1.86 - 19,629.64

29 MYRX IJ 103 142 98 (7) (6.36) - - - - 8,930.43

30 PGAS IJ 2,050 2,720 1,700 300 17.14 15.30 12.18 0.83 1.39 49,695.09

31 PTBA IJ 2,740 5,025 2,690 280 11.38 8.18 1.91 1.67 31,566.61

32 PTPP IJ 2,150 2,550 1,330 (490) (18.56) 11.26 8.12 1.43 0.89 13,329.78

33 PWON IJ 735 815 432 50 7.30 17.62 13.30 3.20 2.35 35,397.31

34 SCMA IJ 1,550 2,180 1,410 (930) (37.50) 27.24 14.11 9.30 4.24 22,891.61

35 SMGR IJ 12,875 14,450 7,600 2,975 30.05 29.14 35.01 2.03 - 76,368.32

36 SRIL IJ 350 378 312 (30) (7.89) 7.26 - 1.18 - 7,158.26

37 SSMS IJ 1,010 1,365 885 (490) (32.67) 17.71 #N/A N/A 3.43 #N/A N/A 9,620.25

38 TLKM IJ 4,300 4,370 3,205 (38) (0.88) 19.41 19.70 4.64 - 425,967.53

39 TPIA IJ 6,275 6,300 4,300 275 4.58 23.81 49.72 4.74 4.41 111,905.34

40 TRAM IJ 118 306 106 (80) (40.40) - - - - 5,857.95

41 UNTR IJ 24,925 37,450 24,000 (10,475) (29.59) 17.84 7.93 2.91 - 92,973.62

42 UNVR IJ 43,600 50,525 38,900 (12,300) (22.00) 60.89 44.14 82.44 - 332,668.00

43 WIKA IJ 2,340 2,500 1,095 790 50.97 11.55 10.25 1.10 1.27 20,989.69

44 WSBP IJ 364 452 306 (44) (10.78) 10.63 9.03 1.47 - 9,595.46

45 WSKT IJ 2,050 2,230 1,415 (160) (7.24) 7.22 7.88 2.14 1.27 27,826.60

MARKET CAP

(Bn)LQ45 Index

CHANGE YTD PER (x) PBV (x)31-Jul-19

52-WEEK

5

Macro data



D escript io n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)

Property (0.96) 0.86 2.05 11.41

Basic Industry 1.58 0.38 6.15 (2.03)

Trade 0.57 0.31 1.32 4.27

Finance 0.00 0.52 1.06 12.61

M iscellaneous Industry (2.92) (2.33) (3.55) (11.08)

Consumer 1.41 (1.23) (0.96) (8.32)

Infrastructure (0.07) 1.41 (1.90) 13.32

Agriculture 0.66 0.32 (4.97) (13.06)

M ining (0.45) (0.41) (5.71) (7.91)

Jul-19 Jun-19

2.05 3.61

3.28 3.32

0.55 0.68

123.82 120.35

F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)

USD/IDR 14,022.00 - 0.65 2.62

USD/CNY 6.88 0.05 (0.43) (0.04)

USD/EUR 0.91 0.34 2.23 3.86

USD/JPY 109.26 (0.44) (0.74) 0.39

USD/SGD 1.38 (0.17) (1.51) (1.00)

USD/AUD 1.46 0.20 1.94 3.15

USD/GBP 0.83 0.43 4.40 5.37

( in %)

6.80

0.85

1.46

6.85

7.38

7.69

Indonesia 5-Year Government Bonds Yield



Lending and D epo sit R ates

JIBOR (in IDR)

LIBOR (in GBP)

SIBOR ( in USD)

Inflation M oM (in %)

Foreign Reserves (in USD bn)

Secto rs

Eco no mic Indicato rs

Inflation YTD (in %)

Eco no mic P arameters

Inflation YoY (in %)

Technical Corner


JCI : MELEMAH

Last price : 6.376

Support : 6.335, 6.286

Resistance : 6.412, 6.434

JCI pada hari ini kami perkirakan akan bergerak MELEMAH dengan range 6.335 - 6.412. JCI berhasil breakoutresistance 6.370 dan berpeluang melanjutkan penguatan dengan mencoba resistance 6.395 dan 6.412. Namun,jika JCI gagal bertahan diatas resistance 6.370, akan kembali menguji support 6.335 dan 6.286. Indikator MACDdan Stochastic masih mengindikasikan pola reversal. Candle chart membentuk pola white marubozu.

Jakarta Composite Index (JCI)

Summary of portfolio:

Stock Recommendation Comment

SCMA TAKE PROFIT SCMA sudah mencapai Target price 1.525 (31/07), kami merekomendasikanTAKE PROFIT SCMA.

WIKA HOLD WIKA belum berhasil bertahan diatas Resistance 2.370 dan berpeluang melan-jutkan pelemahan dengan menguji Support 2.320 dan 2.290.

ASII HOLD ASII berhasil breakdown support 7.050 dan berpeluang melanjutkanpelemahan dengan menguji support 6.975 dan 6.925.

TLKM HOLD TLKM berhasil bertahan diatas resistance 4.280, dan berpeluang melanjutkanpenguatan dengan mencoba resistance 4.320 dan 4.370.

Surya Citra Media Tbk (SCMA)

Wijaya Karya (Persero) Tbk (WIKA)


SCMA : TAKE PROFIT

Last price : 1.550Traget price : 1.525 (4.8%)

SCMA sudah mencapai Target price 1.525 (31/07), kami merekomendasikan TAKE PROFIT SCMA, jIka SCMA berhasilbertahan diatas resistance 1.535 berpeluang mencoba resistance 1.560 dan 1.600. Indikator Macd mengindikasikanpola Golden cross dan Stoc osc mengindikasikan pola Uptrend. Candle chart membentuk pola long white candle.

WIKA : HOLD

Last price : 2340Target price : 2.500 (5.5%)Stop loss : 2.290 (-3.4%)

WIKA belum berhasil bertahan diatas Resistance 2.370 dan berpeluang melanjutkan pelemahan dengan menguji Sup-port 2.320 dan 2.290. Namun, jika WIKA berhasil bertahan diatas resistance 2.370, berpeluang mencoba resistance2.420 dan 2.460. Indikator Indikator MACD mengindikasikan pola Downtrend dan Indikator Stoc osc mengindikasikanpola Oversold.

Support : 1.500, 1.465Resistance : 1.560, 1.600


ASII : HOLD

Last price : 7.000Target price : 7.500 (4.9%)Stop loss : 6.975 (-2.4%)

ASII berhasil breakdown support 7.050 dan berpeluang melanjutkan pelemahan dengan menguji support 6.975 dan6.925. Namun, jika ASII bertahan diatas Resistance 7.500, ada peluang akan mencoba Resistance 7.150 dan 7.225.ASII dilihat dari indikator macd dan indikator stoc osc mengindikasikan pola Downtrend. Candle chart membentuk polablack marubozu.

TLKM : HOLD

Last price : 4.300Target price : 4.320 (3.6%)Stop loss : 4.110 (-1.4%)

TLKM berhasil bertahan diatas resistance 4.280, dan berpeluang melanjutkan penguatan dengan mencoba resistance4.320 dan 4.370. Namun, jika TLKM gagal bertahan diatas resistance 4.280, akan menguji support 4.240 dan 4.210.TLKM dilihat dari indikator MACD mengindikasikan pola Reversal dan Stoc osc mengindikasikan pola Uptrend.



Telekomunikasi Indonesia (Persero) Tbk (TLKM)

Astra Internasional Tbk (ASII)


PT Sinarmas Sekuritas

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Tel: +62 21 392 5550

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Equity Research Team

HEAD OF RESEARCH

Evan Lie Hadiwidjaja

Banking, Automotive

Tel: +62 21 3925550 Ext: 615

[email protected]

DEPUTY HEAD OF RESEARCH

Wilbert

Consumer Goods, Plantation, Pulp and Paper

Tel: +62 21 3925550 Ext: 611

[email protected]

EQUITY ANALYST

Richard Suherman

Commodities

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Richardson Raymond

Property, Industrial Estate

Tel: +62 21 3925550 Ext: 159

[email protected]

EQUITY ANALYST

Paulina

Retail, Cement, Digital

Tel: +62 21 3925550 Ext: 610

[email protected]

EQUITY ANALYST

Anthony Angkawijaya

Construction, Infrastructure, Petrochemical

Tel: +62 21 3925550 Ext: 611

[email protected]

TECHNICAL ANALYST

Eddy Wijaya

Tel: +62 21 3925550 Ext: 159

[email protected]

DISCLAIMER

This material is issued by PT Sinarmas Sekuritas, a member of Indonesia Stock Exchanges, represent the opinion of PT Sinarmas Sekuritas, derived its judg-

ment from sources deemed reliable, however, PT Sinarmas Sekuritas and its affiliated cannot guarantee its accuracy and completeness. PT Sinarmas Seku-

ritas or its affiliates may be involved in transactions contrary to any opinion herein or have positions in the securities recommended herein and may seek or

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thursday, august 1, 2019 - sinarmas sekuritas 2019/aug/20190801...aug 01, 2019 · pt nestle...

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