Phintraco Sekuritas adalah Perusahaan Sekuritas, Anggota Bursa Efek Indonesia yang menyediakan layanan Perantara Pedagang Efek dan Penjamin Emisi Efek. Phintraco Sekuritas berhasil meraih 8 Rekor MURI dan memiliki jaringan yang luas di Indonesia dengan Kantor Cabang dan Galeri Investasi tersebar dari Aceh hingga Papua.
Investor
Kantor Cabang
Galeri Investasi
Divisi Institutonal Brokerage siap memberikan pelayanan kepada perusahaan atau lembaga yang tertarik untuk berinvestasi.
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INDF booked revenue growth of 4.6% YoY to IDR90.98 trillion in 9M25. This growth was driven by increased sales across all business segments, with the highest increase in the agribusiness segment of 33.3% YoY to IDR11.29 trillion, followed by the distribution segment, which increased by 5.2% YoY to IDR5.58 trillion in 9M25.
INDF’s operating expenses decreased by 10.7% YoY to IDR11.86 trillion in 9M25. This decrease was aligned with a decrease in general and administrative expenses to IDR3.71 trillion, relatively stable selling and distribution expenses at IDR9.22 trillion, and other operating income increased to IDR1.58 trillion in 9M25. This operational efficiency caused INDF’s operating profit to increase by 12.5% YoY to IDR18.1 trillion in 9M25.
INDF’s net profit decreased by 7.5% YoY to IDR11.37 trillion in 9M25. This decrease was due to a foreign exchange loss from financing activities of IDR1.6 trillion in 9M25 (vs. a foreign exchange gain from financing activities of IDR1.24 trillion in 9M24).
Therefore, we maintain our Buy rating for INDF with the same projections and fair value as in the previous company update at IDR9,650.
By PHINTRACO SEKURITAS | Research
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Indonesia’s economic growth, as measured by Gross Domestic Product (GDP), recorded an expansion of 5.04% YoY in 3Q25, easing from 5.12% YoY in 2Q25 and coming in above the market consensus of 5.00% YoY. Nominal GDP in 3Q25 reached Rp6,060.0 trillion, while real GDP stood at Rp3,444.8 trillion. All expenditure components posted positive growth. Household consumption, which remained the most significant contributor with a 53.14%, grew 4.89% YoY. Moreover, Gross Fixed Capital Formation (GFCF) contributed 29.09% to total GDP and expanded 5.04% YoY, supported by infrastructure development such as national housing initiatives and investment in machinery. Meanwhile, the contribution of net exports to GDP increased to 3.47% as import growth slowed sharply to 1.18% YoY in 3Q25, down from 11.48% YoY in 2Q25, driven by a significant decline in imports of machinery, transportation equipment, and manufactured goods
Indeks di Wall Street ditutup menguat pada Rabu (5/11).
Kenaikan indeks disebabkan oleh bargain hunting pada saham sektor teknologi yang sebelumnya telah mengalami pelemahan.
ADP Employment menunjukkan peningkatan lapangan kerja sektor swasta sebesar 42.000 di Oktober, setelah penurunan sebesar 29.000 di September.
Hasil keputusan pertemuan Bank of England diperkirakan mempertahankan suku bunga tetap di 4% (6/11).
Pertumbuhan retail sales Euro Area bulan September diperkirakan stabil di level 1% YoY (6/11).
Ekonomi Indonesia tumbuh 5.04% YoY di 3Q25, melambat dari 5.12% YoY, namun sedikit di atas estimasi 5% YoY (5/11).
U.S. 10-year Bond Yield naik lebih dari 6 bps di level 4.159%.
Harga emas spot menguat 1.2% ke level US$3,977/troy oz (5/11).
Diperkirakan IHSG berpotensi melanjutkan kenaikan menguji level resistance di 8350.
Top picks (6/11): MBMA, MAPI, EMTK, WIFI dan PSAB.
By PHINTRACO SEKURITAS | Research
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Presiden AS, Donald Trump secara resmi menurunkan tarif fentanyl atas impor dari Tiongkok menjadi 10.0%, turun dari 20.0%, sebagai bagian dari kesepakatan dagang dengan Presiden Xi Jinping. Langkah ini berlaku mulai 10 November dan merupakan respons atas komitmen China memberantas perdagangan fentanyl ke AS serta mengendalikan ekspor bahan kimia terkait.
Pertumbuhan ekonomi Indonesia mencapai 5.04% YoY di 3Q25, sejalan dengan ekspektasi pasar yaitu 5.0% YoY namun sedikit menurun dibandingkan 2Q25 yang tumbuh 5.12% YoY. Perlambatan ini terutama disebabkan oleh konsumsi rumah tangga yang melemah menjadi 4.89% YoY dari 4.97% YoY dan pertumbuhan investasi tetap yang melambat menjadi 5.04% YoY dari 6.99% di 2Q25. Meskipun demikian, belanja pemerintah mengalami rebound signifikan menjadi 5.49% YoY dari -0.33% YoY di 2Q25.
JPFA booked revenue growth of 4.4% YoY to IDR43.1 trillion in 9M25. This growth was driven by increased sales across all business segments, with the highest sales increase from the poultry processing and consumer products segment of 20.7% YoY to IDR7.73 trillion in 9M25.
JPFA’s operating expenses increased by 9.7% YoY to IDR4.56 trillion in 9M25. This increase was due to an increase in sales and distribution expenses of 24.3% YoY to IDR1.91 trillion, as well as general and administrative expenses increased by 9.9% YoY to IDR2.73 trillion in 9M25. Despite the increase in operating expenses, JPFA’s operating profit still grew by 7.7% YoY to IDR3.92 trillion in 9M25.
JPFA’s net profit grew 17.3% YoY to IDR2.63 trillion in 9M25. This growth was supported by an increase in revenue and operating profit in 9M25. In addition, net profit was also driven by better non-operating performance.
During 2025, JPFA has undertaken various strategic initiatives, including increasing animal feed capacity in Makassar, developing aquaculture animal feed in Lamongan, and strengthening the downstream integration of the Poultry Slaughterhouse (RPHU) located in Pemalang.
We maintain our Buy recommendation for JPFA with a higher target price of IDR2,720/share (previous IDR2,400). This recommendation is based on calculations using the Discounted Cash Flow method with a Required Return of 9.83% and a Terminal Growth of 2.64%.
By PHINTRACO SEKURITAS | Research
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INTP delivered a broadly in-line set of results for 3Q25, supported by the historical seasonal uplift typically seen in the third quarter. Revenue reached IDR4.88tn (+20.37% QoQ; –6.02% YoY), bringing 9M25 revenue to IDR12.92tn (–3.04% YoY). The achievement is largely within our expectations and aligned with the four-year seasonal trend (Phintas: 71% vs 4Y average: 72%), albeit marginally below consensus at 68%. Cement sales remained the primary topline driver, booking IDR4.50tn (+19.19% QoQ; –4.43% YoY). Operationally, total sales volume (domestic + export) reached 5.55mn tons (+22.64% QoQ; –2.72% YoY), supported by seasonal demand recovery. Meanwhile, consolidated ASP softened to ~IDR880k/ton (–1.86% QoQ; –3.39% YoY), mainly due to higher contribution from bulk cement, which carries a lower selling price relative to bagged cement and consequently diluted overall ASP.
Cost discipline remained the key performance driver in 3Q25, enabling INTP to contain cost pressures and defend margins amid still-volatile demand. COGS rose to IDR3.18tn (+12.19% QoQ; –6.77% YoY), reflecting higher raw material and fuel & power expenses (+30.72% QoQ and +13.94% QoQ, respectively). Despite the quarterly uptick, both cost components trended lower on a cumulative basis, with 9M25 raw material costs at IDR1.99tn (–3.51% YoY) and fuel & power costs at IDR3.75tn (–6.08% YoY). These improvements align with INTP’s ongoing cost-efficiency initiatives, particularly clinker ratio optimization and increased RDF utilization. Supported by seasonal demand recovery and cost optimization, INTP reported EBITDA of IDR1.12tn (+51.88% QoQ; –6.71% YoY) in 3Q25. Net profit grew significantly to IDR568bn (+100.06% QoQ; –8.51% YoY), bringing 9M25 net income to IDR1.06tn (+0.68% YoY) and driving NPM higher to 8.23% (vs 7.93% in 9M24).
We view INTP’s 2025 performance as likely to remain within expectations, with sector demand yet to reflect any meaningful inflection. The lack of near-term catalysts — including delayed infrastructure project execution and a transitional government spending cycle — renders 2025 a challenging year for the sector. Looking into 2026, we expect national cement sales growth to remain soft at ~0–1% YoY amid muted demand and persistent oversupply. Our stance could turn more constructive should government infrastructure spending resume at scale, particularly for physical development projects, which historically serve as a key sector demand driver. In the interim, INTP’s disciplined pricing strategy, clinker ratio optimization, and RDF expansion remain crucial to safeguarding profitability.
We downgrade INTP from BUY to HOLD, and revise our target price to IDR6,000 (Prev: IDR6,500) following our valuation roll-forward to FY26F. The downgrade reflects prolonged oversupply, subdued demand, and a continued wait-and-see stance on infrastructure execution — limiting the potential for a meaningful re-rating in the near term. Nonetheless, we positively note INTP’s progress in accelerating RDF usage, which not only enhances cost efficiency but also strengthens its sustainability positioning. Upside risks to our call include: 1) Faster execution of government and private infrastructure projects, potentially lifting demand sooner than expected, and 2) a more aggressive shift toward RDF and alternative fuels that could unlock additional cost savings beyond our baseline assumptions.
By PHINTRACO SEKURITAS | Research
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Consumer confidence trend weakened in the past year. As of September 2025, the CCI was recorded at level 115.0, a decrease from level 117.2 in August 2025, and became the lowest level since April 2022. This condition indicates that consumers are starting to be more cautious in their consumption, especially for non-basic needs products.
Inflation in several expenditure groups showed mixed trends. The food, beverage, and tobacco group experienced the most volatile movement compared to other groups. As of October 2025, inflation in this group reached 4.99% YoY, indicating that the prices of goods and services in this group have increased relatively, therefore potentially reducing people’s purchasing power in non-basic expenditure groups.
Retail sales relatively solid until August 2025. As of August 2025, retail sales grew 3.5% YoY to 223.6. Despite lower than the 4.7% YoY growth in July 2025, on a monthly basis, the realization grew 0.6% MoM, indicating a recovery towards the end of the year.
Online sales of retail issuers showed a positive trend. This condition indicates that the e-commerce platforms provided by retail issuers are quite effective in fulfilling the needs of modern consumers. In addition, the majority of retail issuers are focused on expanding their stores to areas outside Java, aligned with the high consumption potential in outside Java, which is expected to drive long-term revenue growth.
With the various catalyst above, we upgrade our rating to overweight for the Retailers sector. Our top picks in the Retailers sector are MIDI, with an estimated fair value of IDR530/share, and ERAA, with an estimated fair value of IDR555/share.
By PHINTRACO SEKURITAS | Research
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Indeks di Wall Street ditutup melemah pada Selasa (4/11).
Koreksi disebabkan oleh kekhawatiran akan valuasi saham sektor teknologi yang sudah mahal.
Ketidakpastian penurunan suku bunga The Fed selanjutnya mendorong penguatan dollar AS lebih lanjut.
Indeks ISM Service PMI AS di Oktober diperkirakan naik di level 50.7 dari level 50 di September 2025 (5/11).
Factory Orders Jerman di September diperkirakan tumbuh 1.3% MoM, membaik dari -0.8% MoM di Agustus 2025 (5/11).
PDB domestik 3Q25 diperkirakan tumbuh 5.2% YoY dari 5.12% YoY di 2Q25, namun secara kuartalan diperkirakan melambat menjadi 1.6% QoQ dari 4.04% QoQ (5/11).
Investor menantikan pengumuman rebalancing MSCI yang dijadwalkan 5 November waktu CET.
U.S. 10-year Bond Yield turun 2 bps di level 4.085%.
Harga emas spot turun 1.5% ke level US$3,939/troy oz (4/11).
IHSG diperkirakan bergerak mixed di kisaran 8150-8350 di perdagangan Rabu (5/11).
Top picks (5/11): MEDC, HMSP, TLKM, UNVR dan ISAT.
By PHINTRACO SEKURITAS | Research
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Gubernur The Fed San Fransisco, Mary Daly mengungkapkan bahwa The Fed perlu tetap membuka kemungkinan pemangkasan suku bunga pada pertemuan Desember. Daly mendukung pemangkasan suku bunga yang sudah terjadi tahun ini sebagai langkah tepat. Namun, Daly menegaskan pentingnya terus mengevaluasi data ekonomi secara hati-hati demi menyeimbangkan antara menekan inflasi dan menjaga kekuatan pasar tenaga kerja agar ekonomi bisa mencapai soft landing.
Kalangan ekonom memperkirakan pertumbuhan ekonomi Indonesia pada 3Q25 berada di kisaran 4.9% YoY hingga 5.1% YoY. Perkiraan ini didukung oleh konsumsi rumah tangga yang kuat dan investasi yang tetap terjaga, sementara ekspor dan impor juga menunjukkan pertumbuhan positif. Meski sedikit melambat dibandingkan 2Q25 dengan pertumbuhan 5.12% YoY, ekonomi Indonesia masih menunjukkan ketahanan di tengah tekanan eksternal.
>TOWR delivered a relatively muted set of results in 3Q25, with segmental performance showing a mixed trend. Revenue came in at IDR3.29tn (+3.35% QoQ; -0.08% YoY), bringing 9M25 revenue to IDR9.69tn (+2.52% YoY). Tower leasing revenue remained modest at IDR2.12tn (+0.24% QoQ; -4.07% YoY), reflecting limited tenant additions (+0.08% YoY) and a slight moderation in tenancy ratio to 1.61x (vs 1.64x in 9M24). The softer tower performance was partly driven by ongoing mobile operator rationalisation. On the other hand, non-tower businesses, continued to provide a meaningful revenue buffer. FTTH revenue grew +26.30% YoY in 9M25, supported by home-passes expansion to 1.80mn (+19.73% YoY) and home-connect subscribers rising to 235.9k (+48.71% YoY), lifting take-up rate to 13.13% (vs 10.57% in 9M24).
>Profitability remained solid despite margin normalization. EBITDA stood at IDR2.71tn in 3Q25 (+2.33% QoQ; -3.75% YoY), driving 9M25 EBITDA to IDR8.03tn (+1.08% YoY), with margins easing to 82.91% (vs 84.09% in 9M24) due to a rising non-tower contribution, which structurally carries lower margins. Net profit rose to IDR903bn in 3Q25 (+6.28% QoQ; +7.19% YoY), bringing 9M25 net profit to IDR2.56tn (+4.39% YoY) and lifting net margin to 26.37% (vs 25.90% in 9M24). Earnings were supported by a 6.52% QoQ (-4.74% YoY) decline in finance costs, following a reduction of approximately IDR5.5tn in interest-bearing debt, which lowered interest expense and strengthened profitability.
>Strategic execution remains focused on navigating the consolidation impact and mitigating churn to preserve profitability. While rationalisation may continue to cap tenant growth in the near term, TOWR’s diversification through fiber expansion (FTTT & FTTH) has increasingly become a meaningful earnings buffer, reflected in a 3-year CAGR of 61.69% for non-tower segments. We also highlight the strategic value of TOWR’s stake in DATA.IJ, reinforcing the Group’s ecosystem integration for scalable FTTH rollout. In our view, the medium-term growth runway remains attractive, supported by fiber scaling and monetisation, alongside potential additional value creation from future infrastructure consolidation within the Group.
>We maintain our BUY recommendation on TOWR with a TP of IDR650 (see our previous report), as performance remains in line with expectations. TOWR is currently trading at 7.2x EV/EBITDA, implying a ~31% discount to its 6-year historical average of 10.4x. While TOWR is the most exposed to the EXCL–FREN consolidation, the strengthening fiber contribution and healthier balance sheet (DER 1.7x vs 2.6x in 1H25) provide room for future growth.
>Downside risks include: (1) higher-than-expected churn from EXCL–FREN tenancy rationalisation, (2) slower-than-expected monetisation of non-tower segments, and (3) execution delays in fiber ecosystem expansion.
By PHINTRACO SEKURITAS | Research
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AMRT booked revenue growth of 7.1% YoY to IDR94.48 trillion in 9M25 (equivalent to 72% of our FY25F). This growth was driven by an increase in sales in the food segment of 7.2% YoY to IDR66.83 trillion and the non-food segment of 7% YoY to IDR27.65 trillion in 9M25. In terms of location, sales outside Java booked the highest sales growth of 15.2% YoY to IDR36.11 trillion in 9M25 (equivalent to 38.2% of total revenue).
We estimate that AMRT’s revenue can potentially grow by 10.7% YoY to IDR130.91 trillion in FY25F, aligned with the potential increase in demand towards the end of the year.
AMRT’s operating expenses increased by 10% YoY to IDR15.89 trillion in 9M25. This condition caused operating profit to decrease by 4.7% YoY to
IDR2.96 trillion in 9M25.
AMRT’s net profit decreased by 2.2% YoY to IDR2.42 trillion in 9M25. This decrease was aligned with the decrease in operating profit due to higher operating expenses. The decrease in AMRT’s net profit was relatively lower than the decrease in operating profit, aligned with an increase in financial income of 55% YoY to IDR117 billion in 9M25.
We maintain our Buy rating for AMRT with the same projections and fair value as in our previous company update at IDR2,570/share.
By PHINTRACO SEKURITAS | Research
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Indonesia’s Consumer Price Index (CPI) booked an annual increase, bringing inflation to 2.86% YoY in October 2025 from 2.65% YoY in September 2025, marking the highest level since May 2024. Core inflation also rose significantly to 2.36% YoY from 2.19% YoY in the previous month, driven by higher prices of gold jewelry, cooking oil, and ground coffee. Meanwhile, the volatile food component posted the sharpest increase at 6.59% YoY, primarily supported by rising prices of red chili, shallots, rice, and broiler chicken. In contrast, administered prices inflation stood at 1.45% YoY, mainly contributed by higher water tariffs and Machine-Rolled Clove Cigarettes
CTRA’s net profit grew 27% YoY to IDR 1.6 trillion in 9M25 (65% of our FY25 estimate). This achievement is in line with revenue growth of 17.9% YoY to IDR 8.4 trillion in 9M25.
CTRA booked Marketing sales of IDR 7.6 trillion in 9M25, equivalent to 76% of the new FY25 target. Houses and shophouses remain the main contributors to CTRA’s marketing sales, contributing 88% to the total 9M25 marketing sales.
CTRA’s geographically diversified product portfolio is a key advantage in the residential segment. As of 6M25, CTRA had 89 projects across 34 cities in Indonesia.
Therefore, with CTRA’s achievements in 9M25, coupled with the BI rate cut and the extension of the DTP VAT incentive and Loan-to-Value (LTV) discount, we estimate CTRA can post profit growth of around 8% for FY25F.
We maintain our buy rating for CTRA with the same fair value as in CTRA’s previous company update of IDR 1,320/Share (+49.15%).
By PHINTRACO SEKURITAS | Research
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Tanggal 19 hingga 21 Juni 2025 lalu, Phintraco Sekuritas kembali mengikuti event Sharia Investment Week (SIW) yang diadakan oleh Bursa Efek Indonesia (BEI).
Diselenggarakan secara rutin oleh BEI yang bekerja sama bersama Kliring Penjamin Efek Indonesia (KPEI) dan Kustodian Sentral Efek Indonesia (KSEI) dengan dukungan Otoritas Jasa Keuangan (OJK), SIW bertujuan untuk meningkatkan literasi Pasar Modal Syariah masyarakat Indonesia menjadi lebih luas. Sehingga setiap tahunnya SIW dihadiri oleh Anggota Bursa Sharia Online Trading System (AB SOTS) dan Phintraco Sekuritas merupakan salah satunya.
Di SIW 2025 yang berlangsung selama 3 hari ini, nasabah dan calon nasabah dapat hadir secara luring ke Main Hall BEI ataupun secara daring melalui website SIW di laman https://siw.idx.co.id/. Tingginya antusiasme dari nasabah dan calon nasabah membuat booth Phintraco Sekuritas di SIW 2025 selalu ramai dikunjungi untuk mendapatkan informasi seputar investasi syariah baik secara luring dan daring, calon nasabah yang melakukan pembukaan akun di Phintraco Sekuritas akan mendapatkan hadiah RDN senilai Rp25.000 secara gratis khusus selama SIW 2025 berlangsung.
Kemudian setelah nasabah baru melakukan pembukaan akun syariah, maka akan berhak mengikuti permainan dart dengan beragam hadiah menarik. Jika memenangkan skor tertentu, nasabah bisa mendapatkan camilan menarik, sajadah, hingga tumbler eksklusif. Sehingga kehadiran Phintraco Sekuritas di SIW 2025 selalu ditunggu setiap harinya oleh nasabah dan calon nasabah.
Meski SIW 2025 telah berakhir, namun Phintraco Sekuritas siap untuk hadir di SIW selanjutnya dengan beragam keseruan dan informasi terbaru lainnya. Nantikan SIW 2026 di sosial media BEI atau Phintraco Sekuritas di @phintracosekuritasofficial.
Penulis: Yundira Putri Rahmadianti
Editor: Dhira Parama Yuga
Kamis (19/6) lalu kerja sama antara Phintraco Sekuritas dengan Yayasan Dompet Dhuafa Republika mengenai layanan wakaf saham telah diresmikan di Gedung Bursa Efek Indonesia (BEI). Wakaf saham merupakan salah satu bagian dari filantropi saham sebagai upaya nasabah untuk berdonasi dengan melibatkan bantuan dari Anggota Bursa (AB). Selain wakaf, zakat dan infak juga termasuk dalam filantropi saham.
Dalam peresmian tersebut dihadiri oleh Chandra Purnama selaku Direktur Phintraco Sekuritas dan Prima Hadi Putra selaku Kepala Lembaga Pengembangan dan Investasi Wakaf (LPIW) Yayasan Dompet Dhuafa. Menurut Prima, transformasi digital dan kemitraan menjadi kunci agar Yayasan Dompet Dhuafa terus relevan sehingga mampu menjangkau donatur yang lebih banyak. Senada dengan yang disampaikan oleh Prima, Chandra menuturkan filantropi saham bukan sekadar sebuah inovasi, tetapi juga komitmen sosial yang dibangun oleh Phintraco Sekuritas demi kemajuan pasar modal.
“Bagi kami di Phintraco Sekuritas, filantropi saham bukan sekadar sebuah inovasi, tetapi sebuah komitmen sosial yang kami bangun untuk menjembatani kemajuan pasar modal dengan nilai-nilai kemanusiaan. Kolaborasi dengan Dompet Dhuafa dalam bentuk wakaf saham adalah langkah awal kami dalam menghadirkan instrumen berbasis syariah yang bukan hanya bernilai ekonomi, tetapi juga spiritual dan sosial,” jelas Chandra.
Chandra menuturkan bahwa Phintraco Sekuritas merasa terhormat untuk bermitra dengan Yayasan Dompet Dhuafa dan kerja sama ini tidak akan terjalin tanpa adanya dorongan dari BEI. Selain itu, diresmikannya kerja sama wakaf saham dapat menandakan langkah baru bagi Phintraco Sekuritas pada sektor filantropi. Sebab kini baru tercatat sebanyak lima Anggota Bursa (AB) yang memiliki layanan wakaf saham dan Phintraco Sekuritas adalah salah satu di antaranya.
“Sebagaimana kita ketahui bersama, potensi instrumen filantropi di pasar modal syariah sangatlah besar, namun realisasinya masih sangat terbatas. Phintraco Sekuritas menjadi salah satu dari sedikit Anggota Bursa yang menginisiasi langkah ini, dan kami berharap upaya ini dapat menjadi inspirasi bagi institusi-institusi lain untuk ikut berkontribusi,” tutur Chandra.
Oleh karena itu, Phintraco Sekuritas memiliki harapan besar untuk dapat memfasilitasi filantropi saham lainnya seperti zakat dan infak. Sehingga adanya wakaf saham ini diharapkan menjadi pembuka jalan bagi kebaikan-kebaikan yang di masa mendatang.
Penulis: Yundira Putri Rahmadianti
Editor: Dhira Parama Yuga
Pada Selasa (8/4) lalu, Bursa Efek Indonesia (BEI) mengeluarkan peraturan trading halt terbaru. Perubahan ini dilakukan sebagai respons akan adanya tarif yang dikeluarkan oleh Donald Trump selaku Presiden Amerika Serikat (AS). Selain itu, langkah ini juga termasuk antisipasi yang dilakukan oleh BEI setelah mengamati kondisi pasar modal pada negara-negara yang turut menerima imbas tarif AS.
Berdasarkan surat edaran tersebut, berikut peraturan terbaru dari BEI mengenai trading halt:
Sedangkan batas persentase Auto Rejection Bawah (ARB) disesuaikan menjadi asimetris sebesar 15%, dari yang sebelumnya ARB dan ARA (Auto Rejection Atas) simetris.
Penulis: Yundira Putri Rahmadianti
Editor: Dhira Parama Yuga
