Morning Brief

JCI Movement Daily | 06 Aug, 2021

JCI Index
Aug 05 6,205.41
Chg. +46.38pts (+0.75%)
Volume (bn shares) 282.29
Value (IDR tn) 17.95
Adv. 232 Dec. 277 Unc. 219 Untr. 76

Today’s Outlook: Most Active Stocks (IDR bn)

by Value
All three major US indexes rose in trading (05/08); with S&P 500 and Nasdaq Stocks Val. Stocks Val.
closing at new record highs. The market received positive sentiment from the BBKP 1581.8 ARTO 422.7
news that a USD 1 trillion infrastructure budget package would soon be agreed. BBRI 1074.4 EMTK 422.4
The number of weekly jobless claims was reported to have decreased slightly to BBCA 585.3 BMRI 420.9
385 thousand. AGRO 574.4 BABP 405.9

Domestically, JCI continued to strengthen for the fourth day in a row; supported BBYB 501.8 BACA 371.3

by increases in big caps banking stocks. Towards the weekend, the attention of Foreign Transaction (IDR bn)
investors will be on the commencement of the Bukalapak stock listing; with the Buy 4,202
largest IPO value in the history of the IDX. Technically, JCI still has a chance to
Sell 3,344
rise again with a range of movement at 6,140-6,260.
Net Buy (Sell) 857
Top Buy NB Val. Top Sell NS Val.
Company News BBRI 223.7 BFIN 75.4
GJTL : Records Revenue of IDR 7.26 Trillion in 1H21 BBCA 144.3 ADRO 32.2
KEJU : Sales Grow 16.81% in 1H21 TFAS 89.6 MEDC 22.2

EXCL : Revenue Grows 8% in Q2-2021 BABP 68.6 ARTO 22.2

EMTK 61.7 BBTN 22.0
Domestic & Global News
Government Bond Yields & FX
Indonesia's Economic Growth Increases 7.07%
Last Chg.
US Trade Deficit Jumps to Record High in June
Tenor: 10 year 6.28% 0.02%
Sectors USDIDR 14,343 0.21%
Last Chg. % KRWIDR 12.54 0.20%
Finance 1422.12 36.94 2.67% Global Indices
Transportation & Logistic 1067.47 5.11 0.48% Index Last Chg. %
Technology 11630.77 38.09 0.33% Dow Jones 35,064.25 271.58 0.78%
Property 813.21 0.50 0.06% S&P 500 4,429.10 26.44 0.60%
Consumer Non-Cyclicals 670.52 0.11 0.02% FTSE 100 7,120.43 (3.43) -0.05%
Industrial 942.07 -0.36 -0.04% DAX 15,744.67 52.54 0.33%
Basic Material 1171.96 -0.72 -0.06% Nikkei 27,728.12 144.04 0.52%
Energy 757.41 -7.70 -1.01% Hang Seng 26,204.69 (221.86) -0.84%
Healthcare 1353.05 -16.70 -1.22% Shanghai 3,466.55 (10.67) -0.31%
Infrastructure 935.71 -11.68 -1.23% KOSPI 3,276.13 (4.25) -0.13%

Consumer Cyclicals 788.13 -11.22 -1.40% EIDO 20.87 0.42 2.05%

Indonesia Macroeconomic Data Commodities

Commodity Last Chg. %
Monthly Indicators Last Prev. Quarterly Indicators Last Prev.
Gold ($/troy oz.) 1,804.4 (7.3) -0.40%
BI 7 Day Rev Repo Rate 3.50% 3.50% Real GDP 7.07% -0.74%
Crude Oil ($/bbl) 69.09 0.94 1.38%
FX Reserve (USD bn) 137.09 136.40 Current Acc (USD bn) (1.00) (1.00) Coal ($/ton) 147.25 3.15 2.19%
Trd Balance (USD bn) 1.31 2.36 Govt. Spending Yoy 2.96% 2.96% Nickel LME ($/MT) 19,388 (128.0) -0.66%
Exports Yoy 54.43% 58.74% FDI (USD bn) 4.92 4.92 Tin LME ($/MT) 34,637 (193.0) -0.55%
Imports Yoy 60.12% 68.68% Business Confidence 104.82 104.82 CPO (MYR/Ton) 4,217 (74.0) -1.72%
Inflation Yoy 1.52% 1.33% Cons. Confidence* 107.40 104.40

NH Korindo Sekuritas Indonesia

Company News

GJTL : Records Revenue of IDR 7.26 Trillion in 1H21 KEJU : Sales Grow 16.81% in 1H21
PT Gajah Tunggal Tbk (GJTL) posted revenue of IDR 7.26 PT Mulia Boga Raya Tbk (KEJU) recorded net sales of IDR
trillion, or grew 22.63% yoy. Meanwhile, more than 10% of 501.65 billion in the first semester of 2021, an increase of
the company's net sales were made to GITI Tire Global 16.81% yoy. The majority of net sales in semester I-2021
Trading Pte. Ltd at 21% and 19% of total net sales in 2021 came from local third party sales at IDR 307.04 billion.
and 2020. (Kontan) (Kontan)

EXCL : Revenue Grows 8% in Q2-2021

PT XL Axiata Tbk (EXCL) recorded revenue increased by 8%
qoq for the April-June 2021 period. As a result, EXCL's
accumulated revenue during semester 1 amounted to IDR
12.9 trillion. This positive achievement is inseparable from
the success of sales and increased traffic that XL Axiata
achieved throughout the last Lebaran period. (Kontan)

Domestic & Global News

Indonesia's Economic Growth Increases 7.07%
Indonesia Statistics (BPS) noted that Indonesia's economic growth increased by 7.07% YoY or 3.31% QoQ in 2Q21. This figure is
higher than minus 0.74% in 1Q21 and minus 5.32% in 2Q20. Meanwhile, cumulatively, Indonesia's economic growth is at 3.1%
in 1H21 from 1H20. The realization of this growth was influenced by export growth which increased by 10.36% from 1Q21, and
grew by 55.89% from 2Q20. Economic growth was also supported by increased community mobility in 2Q21. (Kontan)

US Trade Deficit Jumps to Record High in June

The US trade deficit surged to a record high in June as efforts by business to rebuild inventories to meet robust consumer
spending drew in more imports. The Commerce Department said on Thursday that the trade gap increased 6.7% to USD 75.7
billion in June, an all-time high. Economists polled by Reuters had forecast a USD 74.1 billion deficit. Goods imports rose 1.8%
to USD 239.1 billion, also a record high. Exports of goods gained 0.2% to USD 145.9 billion in June, an all-time high. (Reuters)

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 22

NHKSI Stock Coverage
Return
End of Upside 1 Year Market Price / Dividend Sales EPS
Last Price / on Adj.
Last Year Target Price* Rating Potential Change Cap EPS Yield TTM Growth Growth
Price BVPS Equity Beta
Price (%) (%) (IDR tn) (TTM) (%) Yoy (%) Yoy (%)
(%)
Finance #N/A N/A 2,873.7
BBCA 31,500 33,850 38,000 Buy 20.6 0.6 776.6 26.5x 4.1x 16.5 1.7 (0.1) 18.1 1.1
BBRI 4,050 4,170 5,100 Buy 25.9 30.2 499.5 28.6x 2.6x 9.4 2.4 (4.2) (15.9) 1.3
BBNI 5,200 6,175 6,050 Buy 16.3 12.1 97.0 68.5x 0.8x 1.3 0.8 (12.2) (44.4) 1.5
BMRI 6,050 6,325 7,900 Buy 30.6 4.8 282.3 14.6x 1.5x 10.5 3.6 8.0 21.5 1.3
Consumer Non-Cyclicals #N/A N/A 1,016.1
GGRM 32,925 41,000 34,200 Hold 3.9 (36.2) 63.4 10.3x 1.0x 10.6 7.9 12.9 (39.5) 0.9
ICBP 8,150 9,575 11,300 Buy 38.7 (21.1) 95.0 15.0x 3.0x 21.6 2.6 25.7 (12.4) 0.7
INDF 6,200 6,850 8,000 Buy 29.0 (11.7) 54.4 8.0x 1.2x 16.1 4.5 27.2 23.1 0.8
MYOR 2,210 2,710 2,700 Buy 22.2 (3.1) 49.4 24.0x 4.1x 18.2 2.4 18.7 0.0 0.8
HMSP 1,060 1,505 1,300 Buy 22.6 (36.7) 123.3 15.8x 4.8x 29.8 6.9 6.5 (14.3) 1.0
UNVR 4,440 7,350 5,500 Buy 23.9 (45.7) 169.4 25.6x 42.2x 102.8 4.2 (7.3) (15.8) 0.8
CPIN 6,250 6,525 6,675 Overweight 6.8 (0.4) 102.5 23.4x 4.1x 18.7 1.8 23.8 61.8 1.3
AALI 8,050 12,325 12,000 Buy 49.1 (17.0) 15.5 14.2x 0.8x 5.7 2.4 19.3 65.7 1.4
LSIP 1,080 1,375 1,380 Buy 27.8 10.2 7.4 8.0x 0.8x 10.0 1.4 47.6 266.7 1.5
Consumer Cyclicals #N/A N/A 323.5
ERAA 625 440 800 Buy 28.0 104.9 10.0 12.7x 1.8x 14.9 2.2 39.0 165.6 1.3
MAPI 695 790 825 Buy 18.7 - 11.5 86.5x 2.0x 2.3 N/A 33.9 N/A 1.2
ACES 1,350 1,715 1,600 Buy 18.5 (18.2) 23.2 33.4x 4.4x 14.9 2.4 (9.0) (28.1) 1.0
SCMA 2,090 2,290 2,050 Hold (1.9) 66.5 30.9 21.5x 6.6x 28.1 N/A 24.8 39.9 1.2
Healthcare #N/A N/A 241.6
KLBF 1,295 1,480 1,750 Buy 35.1 (19.1) 60.7 21.3x 3.4x 16.6 4.3 6.6 7.9 0.9
SIDO 800 805 930 Buy 16.3 14.3 24.0 23.3x 7.5x 32.8 3.9 13.4 21.3 0.8
MIKA 2,460 2,730 3,250 Buy 32.1 0.4 35.0 36.6x 6.7x 19.8 1.5 37.6 57.1 0.3
Infrastructure #N/A N/A 734.57
TLKM 3,340 3,269 4,400 Buy 31.7 12.0 330.9 15.8x 3.0x 19.5 5.0 (0.7) 2.6 1.1
ISAT 6,100 5,050 6,400 Hold 4.9 154.2 33.1 6.3x 1.9x 34.9 N/A 11.4 N/A 1.4
JSMR 3,810 4,630 5,100 Buy 33.9 (6.4) 27.7 22.1x 1.4x 6.5 N/A 1.6 709.1 1.3
EXCL 2,610 2,730 3,150 Buy 20.7 3.2 28.0 N/A 1.4x (3.3) 1.2 (0.8) (58.9) 1.2
TOWR 1,350 960 1,520 Overweight 12.6 17.4 68.9 21.7x 6.2x 30.8 2.1 7.5 60.0 0.9
TBIG 3,150 1,630 3,240 Hold 2.9 141.4 71.4 63.2x 7.3x 15.2 1.0 12.7 11.1 0.8
WIKA 940 1,985 1,390 Buy 47.9 (16.8) 8.4 51.1x 0.6x 1.2 N/A (6.5) (21.2) 1.8
PTPP 885 1,865 1,220 Buy 37.9 (5.9) 5.5 35.9x 0.5x 1.4 N/A (16.7) 50.0 1.8
Property & Real Estate #N/A N/A 257.3
CTRA 860 985 1,320 Buy 53.5 33.3 16.0 11.5x 1.0x 9.2 0.9 22.6 30.0 1.4
BSDE 945 1,225 1,450 Buy 53.4 36.0 20.0 34.7x 0.6x 2.1 N/A 11.6 104.6 1.4
PWON 430 510 585 Buy 36.0 10.8 20.7 18.8x 1.4x 7.7 N/A (32.4) 253.2 1.5
Energy #N/A N/A 359.2
PGAS 1,015 1,655 2,030 Buy 100.0 (17.8) 24.6 N/A 0.8x (10.3) N/A (16.1) 28.9 1.7
PTBA 2,190 2,810 2,250 Hold 2.7 5.3 25.2 12.3x 1.4x 10.7 3.4 (22.0) (44.4) 1.1
ITMG 16,125 13,850 16,250 Hold 0.8 102.2 18.2 18.1x 1.4x 7.5 2.9 (22.3) 300.0 1.2
ADRO 1,300 1,430 1,580 Buy 21.5 16.6 41.6 24.1x 0.8x 3.2 5.1 (7.8) (27.0) 1.4
Industrial #N/A N/A 338.1
UNTR 18,900 26,600 25,500 Buy 34.9 (20.5) 70.5 10.9x 1.1x 10.5 3.4 12.4 11.2 0.9
ASII 4,890 6,025 6,000 Buy 22.7 (6.4) 198.0 14.5x 1.2x 8.6 2.3 19.6 (22.4) 1.2
Basic Ind. #N/A N/A 778.5
SMGR 8,400 12,425 12,275 Buy 46.1 (12.5) 49.8 16.8x 1.5x 8.9 2.2 1.2 30.1 1.3
INTP 9,925 14,475 14,225 Buy 43.3 (19.6) 36.5 19.0x 1.6x 8.3 12.3 8.0 24.8 1.2
INCO 4,940 5,100 5,500 Overweight 11.3 33.9 49.1 38.6x 1.7x 4.4 1.0 15.1 18.0 1.6
ANTM 2,370 1,935 3,270 Buy 38.0 183.8 57.0 27.6x 2.9x 10.9 0.7 77.0 N/A 1.8

* Target Price Source: Bloomberg, NHKSI Research

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 33

Global &
Economic
Domestic
Calendar
Economic Calendar

Hour
Date Country Event Period Actual Consensus Previous
Jakarta
Monday ID 07:30 Markit Indonesia PMI Mfg Jul 40.1 -- 53.5
02 - Aug ID 11:00 CPI YoY Jul 1.52% 1.46% 1.33%
EC 15:00 Markit Eurozone Manufacturing PMI Jul 62.8 62.6 62.6
UK 15:30 Markit UK PMI Manufacturing SA Jul 60.4 60.4 60.4
US 20:45 Markit US Manufacturing PMI Jul 63.1 63.1 63.1

Tuesday US 21:00 Factory Orders Jun 1.5% 1.1% 1.7%

03 - Aug US 21:00 Durable Goods Orders Jun 0.9% 0.8% 0.8%

Wednesday US 18:00 MBA Mortgage Applications Jul -1.7% -- 5.7%

04 - Aug

Thursday ID 11:00 GDP YoY 2Q21 7.07% 6.41% -0.74%

05 - Aug GE 13:00 Factory Orders MoM Jun 4.1% 1.7% -3.7%
UK 18:00 Bank of England Bank Rate Aug 0.100% 0.100% 0.100%
US 19:30 Trade Balance Jun -$75.7b -$72.4b -$71.2b
US 19:30 Initial Jobless Claims Jul 385k 383k 400k

Friday GE 13:00 Industrial Production SA MoM Jun 0.40% -0.30%

06 - Aug
Source: Bloomberg

Corporate Calendar
Date Event Company

Monday RUPS YELO; SGER; PANS; LAPD; COCO

02 - Aug Cum Dividend XCIS; XCID; PBSA; MYOR; LPIN; AKPI

Tuesday RUPS UNIQ; MGRO; JAST; ATAP

03– Aug Cum Dividend CPIN; AKRA

Wednesday RUPS BOLA; BEBS

04– Aug

Thursday RUPS TRST; SOCI; KKGI; ECII; DOID; DFAM; BAJA; APII
05 - Aug

Friday RUPS UNSP; TAMA; SULI; BRMS

06 - Aug IPO BUKA

Source: Bloomberg

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 44

GlobalTechnical
Daily Economic Calendar
JAKARTA COMPOSITE INDEX PREVIOUS 5 AGUSTUS 2021

INDEX 6205.41 (+0.75%)

TRANSACTIONS 17.95 TRILLION

NETT FOREIGN 857 BILLION (BUY)

PREDICTION 6 AGUSTUS 2021

UPWARD

6140-6260

BREAKOUT TEIANGLE

MACD POSITIF

STOCHASTIC UPTREND

CAMP—PT CAMPINA ICE CREAM INDUSTRYTBK

PREVIOUS 5 AGUSTUS 2021

CLOSING 328 (+20.59%)

PREDICTIONS 6 AGUSTUS 2021

BUY

TARGET PRICE 380

STOPLOSS 320

BREAK OUT TRIANGLE

MACD POSITIF

STOCHASTIC UPTREND

GGRM—PT GUDANG GARAM TBK

PREVIOUS 5 AGUSTUS 2021

CLOSING 32925 (+0.61%)

PREDICTIONS 6 AGUSTUS 2021

BUY

TARGET PRICE 40000

STOPLOSS 32500

DOJI

MACD NEGATIF MENGECIL

STOCHASTIC OVERSOLD

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 55

GlobalTechnical
Daily Economic Calendar

SMBR—PT SEMEN BATURAJA (PERSERO) TBK

PREVIOUS 5 AGUSTUS 2021

CLOSING 650 (+3.71%)

PREDICTIONS 6 AGUSTUS 2021

BUY

TARGET PRICE 690

STOPLOSS 640

THREE WHITE SOLDIERS

MACD POSITIF

STOCHASTIC UPTEND

AGII—PT ANEKA GAS INDUSTRI TBK

PREVIOUS 5 AGUSTUS 2021

CLOSING 1655 (+2.80)

PREDICTIONS 6 AGUSTUS 2021

BUY

TARGET PRICE 1750

STOPLOSS 1625

HAMMER

MACD NEGATIF

STOCHASTIC OVERSOLD

ASSA—PT ADI SARANA ARMADA TBK

PREVIOUS 5 AGUSTUS 2021

CLOSING 2610 (+0.77%)

PREDICTIONS 6 AGUSTUS 2021

BUY

TARGET PRICE 2810

STOPLOSS 2580

THREE WHITE SOLDIERS

MACD POSITIF

STOCHASTIC UPTREND

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 66

 Research Division
Head of Research Senior Technical Analyst Economist
Anggaraksa Arismunandar Dimas Wahyu Putra Pratama Arief Machrus
Market Strategy, Misc. Industry, Banking Technical Macroeconomics
T +62 21 5088 ext. 9134 T +62 21 5088 ext 9131 T +62 21 5088 ext 9127
E anggaraksa@nhsec.co.id E dimas.wahyu@nhsec.co.id E arief.machrus@nhsec.co.id

Analyst Analyst Analyst

Ajeng Kartika Hapsari Putu Chantika Restu Pamungkas
Property, Construction, Cement Consumer, Retail Telco, Tower, Toll road, Poultry
T +62 21 5088 ext 9130 T +62 21 5088 ext 9129 T +62 21 5088 ext 9133
E ajeng@nhsec.co.id E putu.chantika@nhsec.co.id E restu.pamungkas@nhsec.co.id

Research Support
Jasmine Kusumawardani
T +62 21 5088 ext 9132
E jasmine.kusumawardani@nhsec.co.id

DISCLAIMER
This report and any electronic access hereto are restricted and intended only for the clients and related entities of PT NH
Korindo Sekuritas Indonesia. This report is only for information and recipient use. It is not reproduced, copied, or made
available for others. Under no circumstances is it considered as a selling offer or solicitation of securities buying. Any
recommendation contained herein may not suitable for all investors. Although the information hereof is obtained from reliable
sources, its accuracy and completeness cannot be guaranteed. PT NH Korindo Sekuritas Indonesia, its affiliated companies,
employees, and agents are held harmless form any responsibility and liability for claims, proceedings, action, losses, expenses,
damages, or costs filed against or suffered by any person as a result of acting pursuant to the contents hereof. Neither is PT NH
Korindo Sekuritas Indonesia, its affiliated companies, employees, nor agents are liable for errors, omissions, misstatements,
negligence, inaccuracy contained herein.

All rights reserved by PT NH Korindo Sekuritas Indonesia

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 77

 PT. NH Korindo Sekuritas Indonesia
Member of Indonesia Stock Exchange
Head Office :
District 8 Treasury Tower 51st Fl. Unit A, SCBD Lot.28
Jl. Jendral Sudirman Kav. 52-53
Jakarta Selatan 12190
Telp : +62 21 50889100
Fax : +62 21 50889101

Branch Office BSD: Branch Office Medan : Branch Office Semarang:

ITC BSD Blok R No.48 Jl. Timor No 147 Jl. MH Thamrin No. 152
Jl. Pahlawan Seribu Serpong
Medan, Sumatera Utara 20234 Semarang 50314
Tangerang Selatan 15322
Indonesia Indonesia
Indonesia
Telp : +62 614 156500 Telp : +62 24 844 6878
Telp : +62 21 5316 2049
Fax : +62 21 5316 1687 Fax : +62 614 568560 Fax : +62 24 844 6879

Branch Office Jakarta Utara: Branch Office Pekanbaru: Branch Office Surabaya:

Jl. Bandengan Utara Kav. 81 Sudirman City Square Spazio Tower Lt. 10, Unit S05

Blok A No.02, Lt 1 Jl. Jend. Sudirman Blok A No.7 Jl. Mayjen Yono Suwoyo

Jakarta Utara 14440 Pekanbaru Surabaya 60226

Indonesia Indonesia Indonesia

Telp : +62 21 6667 4959 Telp : +62 761 801 133 Telp : +62 31 9914 1344

Branch Office Makassar: Branch Office Bandung: Branch Office Denpasar:

Jl. Gunung Latimojong No.120A Paskal Hypersquare Blok A1 Ruko Griya Alamanda No.9

Makassar Jl. Pasirkaliki No 25-27 Jl. Cok Agung Tresna

Indonesia Bandung 40181 Denpasar

Indonesia Indonesia

Telp : +62 22 8606 1012

A Member of NH Investment & Securities Global Network

Seoul | New York | Hong Kong | Singapore | Shanghai | Beijing | Hanoi |
Jakarta

PT NH Korindo Sekuritas Indonesia — Morning Brief | www.nhis.co.id Page 88