Monday, 25 March 2019 RESEARCH Equity D A I LY R E P O R T · William Siregar. HIGHLIGHT NEWS ......
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Monday, 25 March 2019 D A I LY R E P O R T Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id RESEARCH Equity COMPANY/INDUSTRY UPDATE Wijaya Karya Bangunan Gedung (WEGE) will Distribute Dividend. NOT RATED. Analyst: Maxi Liesyaputra. ICBP 4Q18 Result: In Line Operating Results but Boosted by Other Incomes. UNDER REVIEW. William Siregar. HIGHLIGHT NEWS PT Kimia Farma (Persero) Tbk prepares fund of around Rp1 trillion – Rp1.5 trillion to pay for the acquisition of 55.77% shares of PT Phapros Tbk which is owned by PT Rajawali Nusantara Indonesia (Persero). PT Multistrada Arah Sarana Tbk (MASA) expects better business performance post Compagnie des Etablissements Michelin (Michelin)’s entry as the new controlling shareholder. PT Citra Marga Nusaphala Persada Tbk (CMNP) achieved a net profit which could be distributed to the owner of the parent entity of Rp755.86 billion until period of 31 December 2018, rose compared to the profit of Rp682.63 billion at the same period last year. PT Kirana Megatara Tbk (KMTR)’s net sales declined 16.06% until period of 31 December 2018 to Rp10.16 trillion, compared to the sales of Rp12.11 trillion at the same period of the previous year. PT Global Mediacom Tbk (BMTR) intends to conduct a Private Placement. (Source: Bisnis Indonesia, IQ Plus) Global Indices Closing Change %Chg %Ytd P/E Americas INDU Index 25,502.32 -460.19 -1.77 9.32 16.25 SPX Index 2,800.71 -54.17 -1.90 11.72 18.47 CCMP Index 7,642.67 -196.292 -2.50 15.18 30.85 IBOV Index 93,735.15 -2993.93 -3.10 6.65 18.22 EMEA UKX Index 7,207.59 -147.72 -2.01 7.13 16.98 CAC Index 5,269.92 -108.93 -2.03 11.40 17.67 DAX Index 11,364.17 -185.79 -1.61 7.63 14.33 IBEX Index 9,199.40 -156.2 -1.67 7.72 13.38 FTSEMIB Index 21,078.76 -294.3 -1.38 15.03 3.88 AEX Index 543.90 -6.49 -1.18 11.48 15.28 SMI Index 9,319.42 -134.63 -1.42 10.56 19.48 Asia / Pacific NKY Index 21,007.34 -620 -2.87 4.96 15.50 KOSPI Index 2,149.38 -37.57 -1.72 5.31 10.88 SHCOMP Index 3,104.15 2.694 0.09 24.47 14.64 HSI Index 29,113.36 41.8 0.14 12.64 11.31 TWSE Index 10,478.56 -160.51 -1.51 7.72 14.22 SENSEX Index 38,164.61 -222.14 -0.58 5.81 28.77 SET Index 1,646.29 12.29 0.75 5.27 17.04 PCOMP Index 8,013.42 58.7 0.74 7.33 19.69 KLCI Index 1,666.66 3 0.18 (1.41) 20.87 FSSTI Index 3,212.10 -1.55 -0.05 4.67 13.24 JCI Index 6,525.27 23.498 0.36 5.34 20.64 Description Last Previous %Chg Market Capitalization (IDR Trillion) 7,420.50 7,393.75 0.36 Transaction Volume (Million Shares) 13,131.00 12,277.85 6.95 Transaction Value (IDR Million) 6,343.00 7,252.70 -12.54 Stocks Value (IDR) 483.06 590.71 -18.23 Net Foreign (IDR Million) 486,659.75 (89,805.50) -641.90 Commodities Last Previous %Chg Nickel (US$/Ton) 12,995.00 12,996.00 -0.01 Copper (US$/Ton) 6,312.00 6,421.00 -1.70 Tins (US$/Ton) 21,425.00 21,375.00 0.23 Oil (US$/BBL) (*) 58.94 59.83 -1.49 Gas (US$/MMBTU) 2.71 2.81 -3.79 Coal (US$/Ton) (**) 93.30 93.50 -0.21 CPO MALAYSIA(RM/ton) 1,893.00 1,884.50 0.45 Gold (US$/Troy Ounce) 93.30 93.50 -0.21 JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%) JCI Index 100.00 5.34 0.99 Finance 31.15 7.45 2.27 Consumer Goods 20.25 3.67 -0.73 Infrastructure Utility and Transportation 11.00 10.02 0.62 Basic Industry and Chemicals 9.80 6.51 1.79 Trade Services and Investment 8.31 5.69 0.54 Mining 5.86 6.27 0.43 Construction Property and Real Estate 5.64 3.98 2.16 Miscellaneous Industries 5.07 -7.86 0.39 Agricultural 1.33 -4.71 -1.56 Company/Industry Updates Recommendation TP (IDR) PT Wijaya Karya Bangunan Gedung Tbk (WEGE) NOT RATED - PT Indofood CBP Sukses Makmur Tbk (ICBP) UNDER REVIEW -
Transcript of Monday, 25 March 2019 RESEARCH Equity D A I LY R E P O R T · William Siregar. HIGHLIGHT NEWS ......
Monday, 25 March 2019
D A I LY R E P O R T
Daily Report is also available in BNI Sekuritas website : www.bnisekuritas.co.id
RESEARCH Equity
COMPANY/INDUSTRY UPDATE
Wijaya Karya Bangunan Gedung (WEGE) will Distribute Dividend. NOT RATED. Analyst: Maxi Liesyaputra.
ICBP 4Q18 Result: In Line Operating Results but Boosted by Other Incomes. UNDER REVIEW. William Siregar.
HIGHLIGHT NEWS PT Kimia Farma (Persero) Tbk prepares fund of around Rp1
trillion – Rp1.5 trillion to pay for the acquisition of 55.77% shares of PT Phapros Tbk which is owned by PT Rajawali Nusantara Indonesia (Persero).
PT Multistrada Arah Sarana Tbk (MASA) expects better business performance post Compagnie des Etablissements Michelin (Michelin)’s entry as the new controlling shareholder.
PT Citra Marga Nusaphala Persada Tbk (CMNP) achieved a net profit which could be distributed to the owner of the parent entity of Rp755.86 billion until period of 31 December 2018, rose compared to the profit of Rp682.63 billion at the same period last year.
PT Kirana Megatara Tbk (KMTR)’s net sales declined 16.06% until period of 31 December 2018 to Rp10.16 trillion, compared to the sales of Rp12.11 trillion at the same period of the previous year.
PT Global Mediacom Tbk (BMTR) intends to conduct a Private Placement.
(Source: Bisnis Indonesia, IQ Plus)
Global Indices Closing Change %Chg %Ytd P/EAmericasINDU Index 25,502.32 -460.19 -1.77 9.32 16.25SPX Index 2,800.71 -54.17 -1.90 11.72 18.47CCMP Index 7,642.67 -196.292 -2.50 15.18 30.85IBOV Index 93,735.15 -2993.93 -3.10 6.65 18.22EMEAUKX Index 7,207.59 -147.72 -2.01 7.13 16.98CAC Index 5,269.92 -108.93 -2.03 11.40 17.67DAX Index 11,364.17 -185.79 -1.61 7.63 14.33IBEX Index 9,199.40 -156.2 -1.67 7.72 13.38FTSEMIB Index 21,078.76 -294.3 -1.38 15.03 3.88AEX Index 543.90 -6.49 -1.18 11.48 15.28SMI Index 9,319.42 -134.63 -1.42 10.56 19.48Asia / PacificNKY Index 21,007.34 -620 -2.87 4.96 15.50KOSPI Index 2,149.38 -37.57 -1.72 5.31 10.88SHCOMP Index 3,104.15 2.694 0.09 24.47 14.64HSI Index 29,113.36 41.8 0.14 12.64 11.31TWSE Index 10,478.56 -160.51 -1.51 7.72 14.22SENSEX Index 38,164.61 -222.14 -0.58 5.81 28.77SET Index 1,646.29 12.29 0.75 5.27 17.04PCOMP Index 8,013.42 58.7 0.74 7.33 19.69KLCI Index 1,666.66 3 0.18 (1.41) 20.87FSSTI Index 3,212.10 -1.55 -0.05 4.67 13.24JCI Index 6,525.27 23.498 0.36 5.34 20.64
Description Last Previous %ChgMarket Capitalization (IDR Trill ion) 7,420.50 7,393.75 0.36Transaction Volume (Million Shares) 13,131.00 12,277.85 6.95Transaction Value (IDR Million) 6,343.00 7,252.70 -12.54Stocks Value (IDR) 483.06 590.71 -18.23Net Foreign (IDR Million) 486,659.75 (89,805.50) -641.90
Commodities Last Previous %ChgNickel (US$/Ton) 12,995.00 12,996.00 -0.01Copper (US$/Ton) 6,312.00 6,421.00 -1.70Tins (US$/Ton) 21,425.00 21,375.00 0.23Oil (US$/BBL) (*) 58.94 59.83 -1.49Gas (US$/MMBTU) 2.71 2.81 -3.79Coal (US$/Ton) (**) 93.30 93.50 -0.21CPO MALAYSIA(RM/ton) 1,893.00 1,884.50 0.45Gold (US$/Troy Ounce) 93.30 93.50 -0.21
JCI Sectors Performance Weighting (%) YTD Chg (%) 1D Chg (%)JCI Index 100.00 5.34 0.99Finance 31.15 7.45 2.27Consumer Goods 20.25 3.67 -0.73Infrastructure Utility and Transportation 11.00 10.02 0.62Basic Industry and Chemicals 9.80 6.51 1.79Trade Services and Investment 8.31 5.69 0.54Mining 5.86 6.27 0.43Construction Property and Real Estate 5.64 3.98 2.16Miscellaneous Industries 5.07 -7.86 0.39Agricultural 1.33 -4.71 -1.56
Company/Industry Updates Recommendation TP (IDR)PT Wijaya Karya Bangunan Gedung Tbk (WEGE) NOT RATED -PT Indofood CBP Sukses Makmur Tbk (ICBP) UNDER REVIEW -
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RESEARCH Equity
Net Foreign BUY/-SELL Accumulation
USD/IDR Currency and JCI
JCI Movement
5,000
5,200
5,400
5,600
5,800
6,000
6,200
6,400
6,600
6,800
-10,000,000
-5,000,000
0
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
2/07
/201
810
/07/
2018
18/0
7/20
1826
/07/
2018
3/08
/201
813
/08/
2018
23/0
8/20
1831
/08/
2018
10/0
9/20
1819
/09/
2018
27/0
9/20
185/
10/2
018
15/1
0/20
1823
/10/
2018
31/1
0/20
188/
11/2
018
16/1
1/20
1827
/11/
2018
5/12
/201
813
/12/
2018
21/1
2/20
184/
01/2
019
14/0
1/20
1922
/01/
2019
30/0
1/20
198/
02/2
019
18/0
2/20
1926
/02/
2019
6/03
/201
9
Accumulation JCI Index
12,500
13,000
13,500
14,000
14,500
15,000
15,500
5,500
5,700
5,900
6,100
6,300
6,500
6,700JCI Index USDIDR
No Stock Top Value (IDR)1 BBRI IJ 567,034,100,000 2 BMRI IJ 337,187,500,000 3 BBCA IJ 324,018,800,000 4 ASII IJ 311,884,700,000 5 BBNI IJ 262,063,300,000
No Stock Top Volume (Shares)1 HOME IJ 1,254,595,200.00 2 RIMO IJ 930,595,500.00 3 TRAM IJ 741,707,800.00 4 MYRX IJ 591,747,500.00 5 IIKP IJ 556,495,600.00
No Top Gainers % Change1 CAKK IJ 252 COCO IJ 253 STAR IJ 20.454 GAMA IJ 19.235 BACA IJ 14.29
No Top Losers % Change1 ECII IJ -252 SIMA IJ -24.833 PNSE IJ -24.344 TGKA IJ -17.765 GLOB IJ -15.38
No Leading Movers % Change1 INTP IJ 6.792 CPIN IJ 3.633 SMGR IJ 5.184 BBNI IJ 1.605 BRPT IJ 4.23
No Lagging Movers % Change1 GGRM IJ -2.222 UNVR IJ -1.013 BBCA IJ -0.454 FREN IJ -4.945 TCPI IJ -4.40
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COMPANY/INDUSTRY UPDATE News: Wijaya Karya Bangunan Gedung (WEGE) will Distribute Dividend
WEGE AGM approved the distribution of dividend of Rp 13.924 per share or in total of Rp 133.3 billion (dividend payout ratio of 30%). Cum and ex dividend is on 29 March and 1 April 2019 respectively. The remaining net profit of Rp 290.97 billion (65%) will be allocated as retained earnings and Rp 20.0 billion (5%) for mandatory reserves. Recommendation: NOT RATED. Analyst: Maxi Liesyaputra ([email protected])
News: ICBP 4Q18 Result: In Line Operating Results but Boosted by Other Incomes
Indofood CBP’s 4Q18 net earnings came in above ours and consensus’ expectations despite in-line operating results. FY18 net earnings surged 20.5% YoY to IDR4.58tn – approx. 5% above ours and consensus’ estimates, largely boosted by other incomes. 4Q18 revenue was Rp8.9Tn (-10.8% QoQ, +9.3% YoY), bringing FY18 revenue to Rp38.4Tn (+7.9% YoY). This accounted for 102.2% and 100% of BNIS and consensus’ respective estimates, driven by sales volume hike, while gross margin was down on QoQ basis to 29.9% in 4Q18 (vs. 31.9% in 4Q17). Net Margin however managed to improve (4Q18: 12.2% vs.3Q18: 11.9%). ICBP is trading with PER and PBV FY19E of 26.34x and 5.3x, respectively. Recommendation: UNDER REVIEW.
Analyst: William Siregar ([email protected])
(in IDR bn) FY17 FY18 YoY (%) 4Q17 3Q18 4Q18 QoQ (%) YoY (%) FY18F BNIS(%) Cons. Cons.(%)Net sales 35,607 38,413 7.9% 8,176 10,019 8,935 -10.8% 9.3% 37,604 102.2% 38,414 100.0%
COGS 24,548 26,148 6.5% 5,749 6,717 6,261 -6.8% 8.9%Gross Profit 11,059 12,266 10.9% 2,427 3,302 2,674 -19.0% 10.2%
Opex 5,837 5,818 -0.3% 1,364 1,598 1,201 -24.9% -12.0%
Operating profit 5,222 6,448 23.5% 1,063 1,704 1,474 -13.5% 38.7% 6,325 101.9% 6,008 107.3%Other income (expenses) 15 1 -92.5% 98 21 26 19.6% -74.0%
Pretax profit 5,207 6,447 23.8% 964 1,683 1,448 -14.0% 50.2%Tax expense 1,663 1,788 7.5% 481 487 395 -18.9% -18.0%
Net profit 3,797 4,576 20.5% 1,091 1,194 1,091 -8.6% 0.0% 4,372 104.7% 4,406 103.9%
(in %)Gross margin 31.1% 31.9% 29.7% 33.0% 29.9%Operating margin 14.7% 16.8% 13.0% 17.0% 16.5%Pre-tax margin 14.6% 16.8% 11.8% 16.8% 16.2%Net margin 10.7% 11.9% 13.3% 11.9% 12.2%
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TARGET PRICE
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TARGET PRICE
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RESEARCH TEAM Phone : +62 21 25543946 (Hunting) Fax : +62 21 57935831 Email : [email protected] Website : www.bnisekuritas.co.id
Kim Kwie Sjamsudin (Head of Research Division) [email protected] Ext: 3997 Automotive, Cement, Infrastructure
Maxi Liesyaputra (AVP Equity Analyst) [email protected] Ext: 3968 Banks, Construction, Property, Precast Concrete
Ariawan (Head of Fixed Income Research Department) [email protected] Ext: 2098 Fixed Income Market, Corporate & Government Bond
Andri Zakarias Siregar (Head of Technical Analysis Research Department) [email protected] Ext: 2054 Market Strategy, Currency, Commodities, Bond & Stocks
Dessy Lapagu (Equity Analyst) [email protected] Ext: 2051 Commodities, Heavy Equipment, Steel
Ahmad Hapiz (Fixed Income Analyst) [email protected] Ext: 3978 Fixed Income Market, Corporate & Government Bond
William Ardian Siregar (Equity Analyst) [email protected] Ext: 3986 Consumer, Retail
Fransiska Sepriana Sitanggang (Research Analyst) [email protected] Ext: 2123 Media, Poultry
R. Venia Allani Meissalina (Research Analyst/Assistant) [email protected] Ext: 2050 Data Administrator
Indah Lestari Permata H. (Research Analyst/Assistant) [email protected] Ext: 2073 Data Administrator
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EQUITY TEAM CM : +62 21 25543946 (Hunting) Fax No : +62 21 57935831 Reynard Poernawan ext. 3988 [email protected] Head of Equity Division
Anthon Suryasaputra ext. 3973 [email protected] Head of Equity Sales Trading
Entis Sutisman ext. 3945 [email protected] Head of Sales Equity
Teguh Hendro Karno ext. 3948 [email protected] Institutional Sales Trader
Yulinda Yusran ext. 3950 [email protected] Institutional Sales Trader
Dharmawan Prasetyo ext. 3916 [email protected] Institutional Sales Trader
Fian Pusparini ext. 3958 [email protected] Head of Domestic Equity Sales
Danovan Yazir ext. 3929 [email protected] Domestic Equity Sales
M. Ichfan ext. 2029 [email protected] Domestic Equity Sales
Jufrani Amsal ext. 3957 [email protected] Head of Channel Distribution Division
Fahma Riniarti ext. 3917 [email protected] Head of Channel Development
P. Sariningsih ext. 3984 [email protected] Head of Branch Supervision
Teuku Hafez ext. 2084 [email protected] Branch Manager Mangga Dua, Jakarta
Hapsari ext. 2078 [email protected] Branch Manager Puri Indah, Jakarta
Fadjar Harjo Suseno ext. 2111 [email protected] Branch Manager Central Park, Jakarta
M. Yasrul ext. 2081 [email protected] Branch Manager Wisma Bumiputera
Fahmi Lubis ext. 2079 [email protected] Branch Manager Bandung
Rifaat Annur ext. 2091 [email protected] Branch Manager Yogyakarta
Agus Purwanto ext. 2090 [email protected] Branch Manager Solo
Achmad Ridwan ext. 2088 [email protected] Branch Manager Surabaya
Edith Febriana ext. 2082 [email protected] Branch Manager Malang
Ni Nyoman Citasti ext. 2080 [email protected] Branch Manager Denpasar
Nirmasari Nasution ext. 2083 [email protected] Branch Manager Medan
Ari Magdalena ext. 2086 [email protected] Branch Manager Palembang
Rini Wati ext. 2085 [email protected] Branch Manager Pekanbaru
Susan J Mengko ext. 2102 [email protected] Branch Manager Manado
Melisa ext. 2136 [email protected] Branch Manager Aceh
Yuniar Fariza D ext. 2064 [email protected] Branch Manager Banjarmasin
RESEARCH Equity
MAIN OFFICE - JAKARTA PT BNI SEKURITAS
Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76-78 Jakarta 12910, Indonesia
Phone: (62-21) 25543946 (Hunting) Fax: (62-21) 57935831
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Phone: (62-21) 6123804-5,62203890 Fax: (62-21) 6123806
e-mail: [email protected]
JAKARTA - Puri Indah Gedung Bank BNI Ruko Grand Puri Niaga
Puri Kencana Blok K 6 no.2J 2K Puri Kembangan, Jakarta Barat
Phone: (62-21) 58357464 Fax: (62-21) 58357465
e-mail: [email protected]
JAKARTA - Central Park Central Park, APL Tower Podomoro City
Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62-21) 29034215
Fax: (62-21) 29034216 email: [email protected]
JAKARTA – Wisma Bumiputera
Wisma Bumiputera Lt. 18 Jl. Jend. Sudirman Kav. 75 Jakarta 12910
Phone: (62-21) 2523349 Fax: (62-21) 2523350
e-mail: [email protected]
BANDUNG Jl. Perintis Kemerdekaan 3
Bandung - 40117 Phone: (62-22) 4213375
Fax: (62-22) 4220604 e-mail: [email protected]
YOGYAKARTA
Jl. Laksda Adisucipto 137, Yogyakarta - 55282 Phone: (62-274) 581001-584032
Fax: (62-274) 584023 e-mail: [email protected]
SOLO
Jl. Honggo Wongso No. 24, Surakarta Phone: (62-271) 729667, 730525
Fax: (62-271) 729668 e-mail: [email protected]
SURABAYA
Jl. Gubernur Suryo No. 36, Surabaya Phone: (62-31) 5320912
Fax: (62-31) 5318425 e-mail: [email protected]
MALANG Jl. Buring No. 58, Malang
Phone: (62-341) 321214,321213,321430 Fax: (62-341) 356876
e-mail: [email protected]
DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5-6 Lantai 2
Jl. Diponegoro No. 100, Denpasar - Bali Phone: (62-361) 264376, 2753389
Fax: (62-361) 229170 e-mail: [email protected]
MEDAN
Jl. Pemuda No. 12, Medan - 20151 Phone: (62-61) 4579616
Fax: (62-61) 4579656 e-mail: [email protected]
PALEMBANG
Jl. Jend. Sudirman 132, Palembang - 30126 Phone: (62-711) 361969
Fax: (62-711) 319663 e-mail: [email protected]
PEKANBARU
Jl. Riau, No. 124, Bank BNI Lt. 2, Pekanbaru Phone: (62-761) 46757, 839698
Fax: (62-761) 856279 e-mail: [email protected]
MANADO
BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado
Phone: (62-431) 847256 Fax: (62-24) 847256
e-mail: [email protected]
ACEH Kantor Cabang BNI Banda Aceh Lt.2
Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62-651) 31109
Fax: (62-651) 31107
BANJARMASIN Gd. Bank BNI Antasari Lt. 2
Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62-511) 3253735
Fax: (62-651) 3253754 e-mail: [email protected]
This document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SEKURITAS or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice. Dokumen ini tidak diperuntukan sebagai suatu penawaran, atau permohonan dari suatu penawaran, permintaan untuk membeli atau menjual efek dan segala hal yang berhubungan dengan efek (seperti efek yang disebutkan disini, atau dari emiten yang sama, dari waran atau hak memesan efek atau kepentingan lain dari efek tersebut). Seluruh informasi dan opini yang terdapat dalam dokumen ini dengan cara baik telah dihimpun dari atau berasal dari sumber-sumber yang dapat dipercaya dan diandalkan. Tidak ada pengatasnamaan atau jaminan, baik secara langsung maupun tidak langsung dari BNI SEKURITAS atau pun pihak-pihak lain dari Grup BNI, termasuk pihak-pihak lain dari Grup BNI dari mana dokumen ini dapat diperoleh, terhadap keakuratan atau kelengkapan dari informasi yang
RESEARCH Equity terdapat dalam dokumen ini. Seluruh pendapat dan perkiraan dalam laporan ini merupakan pertimbangan kami pada tanggal tertera dan dapat berubah sewaktu-waktu tanpa pemberitahuan.
