Nasdaq (-0.11%) berbalik terkoreksi di Rabu (20/11). Selain Target, sejumlah retailers lain di U.S. juga melaporkan kinerja keuangan dan relatif mengecewakan di 3Q24. Indeks-indeks di Eropa melanjutkan pelemahannya di Rabu (20/11). Lonjakan harga gas alam berlanjut (+7.47%) di Rabu (20/11). Kondisi di atas memicu kekhawatiran lonjakan inflasi di Eropa. AS dijadwalkan rilis data-data ketenagakerjaan yang diperkirakan sedikit memburuk, tapi diyakini tidak ada merubah stance the Fed terhadap arah kebijakan pemangkasan yang less-aggressive. RDG BI memutuskan tahan sukubunga di 6%, mempertimbangkan upaya menjaga stabilitas Rupiah dan laju pertumbuhan ekonomi setidaknya di 5% yoy untuk 2024. IHSG dapat kembali coba rebound ke 7180-7200 di Kamis (21/11). IHSG masih menunggu konfirmasi rebound ke 7200 sebagai validasi minor bullish reversal. Top picks (21/11) : MEDC, EMTK, TINS, ELSA, dan ACES. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Nasdaq (+1.04%) menguat lebih dari 1% di Selasa (19/11). Pasar masih mengantisipasi rilis kinerja keuangan retailers yang diawali oleh Wallmart (+3%) yang mencatatkan kinerja di atas ekspektasi. Indeks-indeks di Eropa melemah di Selasa (19/11). Ukraina menyerang Rusia dengan 6 rudal balistik buatan AS. Harga minyak cenderung stabil pada perdagangan Selasa (19/11). Hal serupa juga terjadi pada U.S. 10-year bond yield (19/11) Konsensus menunjukan keyakinan RDG BI akan menahan sukubunga di 6%. Akan tetapi, sejumlah ekonom masih menilai terdapat peluang BI memangkas sukubunga acuan IHSG berpotensi lanjutkan rebound ke 7230-7250 di Rabu (20/11). Top picks (20/11) : BBYB, ARTO, EMTK, INDF dan ASII. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Nasdaq (+0.60%) dan S&P 500 (+0.39%) catat rebound di Senin (18/11). Presiden AS, Donald Trump berencana melonggarkan regulasi terkait self-driving vehicles. Kebijakan ini diyakini menguntungkan EV producers dan chipmakers. Inflasi di Euro Area diperkirakan mengalami kenaikan di Oktober 2024, meski relatif masih berada dalam level toleransi ECB. U.S. 10-year bond yield cenderung tertahan di kisaran 4.4% sejak 12 November 2024. Harga minyak naik 3% karena ada gangguan produksi di salah satu kilang besar di Eropa Timur. Kenaikan harga gas alam dipicu oleh eskalasi konflik di perbatasan Eropa Timur ketika kebutuhan di Eropa cenderung meningkat di musim dingin. BI diyakini menahan sukubunga acuan di 6%. Keyakinan ini didasari oleh kecenderungan pelemahan nilai tukar Rupiah bersamaan dengan tren capital outflow dalam sebulan terakhir. Waspadai lower-level dari bearish target area IHSG berdasarkan pola double top di 7050 di pekan ini. Top picks (19/11) : MAPI, MAPA, ACES, DSNG, TLKM, dan ICBP. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

21 November 2024

20 November 2024

19 November 2024

Indeks-indeks Wall Street berbalik melemah di Jumat (15/11). Kepala the Fed, Jerome Powell. Powell menyatakan bahwa the Fed tidak perlu terburu-buru untuk memangkas sukubunga acuan (15/11). Nilai ekspor (+10.25% yoy) dan Impor (+17.49% yoy) Indonesia tumbuh signifikan di Oktober 2024 dibanding realisasi September 2024. Tiongkok mencatatkan pertumbuhan penjualan ritel sebesar 4.8% yoy di Oktober 2024 dari 3.2% yoy di September 2024. Data-data di atas memperkuat indikasi perbaikan global trade, khususnya di ASEAN dan Tiongkok. BI diperkirakan menahan sukubunga acuan di 6% (20/11), merefleksikan keraguan terhadap peluang pemangkasan the Fed Rate di Desember 2024. Waspadai batas atas target bearish reversal IHSG di 7150 (batas bawah di 7050). Top picks : JPFA, TINS, ADRO, MAIN, MTEL, dan ISAT. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

DJIA sentuh 44,000 untuk pertama kalinya dan S&P 500 catat level tertinggi baru di Jumat (8/11). Pelaku pasar di Indonesia masih mencoba mencari bottom level pasca serangkaian even yang menekan confidence level pasar. Kemenangan Donald Trump dalam Pemilu AS memicu kekhawatiran prospek outlook ekonomi global dengan kebijakan inward lookingnya. Pertumbuhan ekonomi Indonesia melambat ke 4.95% yoy di 3Q24. Pergerakan IHSG di Jumat (8/11) dengan membentuk inverted hammer mengindikasikan bahwa IHSG belum mampu keluar dari tekanan jual. Nilai tukar Rupiah masih lanjutkan penguatan ke Rp15,665/USD sampai dengan Jumat sore (8/11). Kondisi ini diharapkan berlanjut dan meredam tekanan jual di pekan ini. Top picks : BBCA, ESSA, BMRI, PTPP, BFIN dan BRIS. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

Indeks-indeks Wall Street berbalik menguat di Jumat (1/11). Realisasi penyerapan tenaga kerja baru di AS sebesar 12,000 di Oktober 2024, jauh lebih rendah dari perkiraan pasar di 100,000. Data ini dinilai memvalidasi peluang pemangkasan sukubunga acuan the Fed dalam FOMC November 2024 (9/11). Hasil major review oleh MSCI pada 7 November 2024 juga kemungkinan memicu fluktuasi IHSG. Pasar cenderung berhati-hati jelang Pemilu AS di 5 November 2024 dan pengumuman FOMC the Fed pada 9 November 2024. IHSG berpotensi rebound di awal pekan (4/11), namun IHSG diperkirakan kembali fluktuatif di sisa pekan ini tergantung pada sentimen-sentimen dari major events di atas. Top picks : BBCA, ESSA, BMRI, PTPP, BFIN dan BRIS. By PHINTRACO SEKURITAS | Research Valdy K. - Disclaimer On -

18 November 2024

11 November 2024

4 November 2024

Code : AADI Sector : Energy Sub-Sector : Coal Production --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 26 November 2024 Perkiraan Masa Penawaran Umum : 29 November 2024 - 03 Desember 2024 Perkiraan Tanggal Penjatahan : 03 Desember 2024 Perkiraan Tanggal Distribusi Saham : 04 Desember 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 05 Desember 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 778,689,200 saham biasa dengan nilai nominal Rp3,125 setiap saham, yang mewakili sebesar-besarnya 10% dari total modal ditempatkan dan disetor Perseroan setelah Penawaran Umum Perdana Saham yang seluruhnya merupakan Saham Baru dan dikeluarkan dari portepel Perseroan. Nilai Nominal : Rp3,125 per lembar saham Harga Penawaran : Rp4,590 - Rp5,900 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp4,594,266,280,00 Penjamin Emisi : PT Trimegah Sekuritas Indonesia Tbk --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On -

PT Daaz Bara Lestari Tbk Code : DAAZ Sector : Basic Materials Sub-Sector : Diversified Metals & Minerals --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 Oktober 2024 Perkiraan Masa Penawaran Umum : 01 - 07 November 2024 Perkiraan Tanggal Penjatahan : 07 November 2024 Perkiraan Tanggal Distribusi Saham : 08 November 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 11 November 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 300,000,000 saham atau sebanyak-banyaknya 15.02% dari jumlah modal ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana Saham yang merupakan saham baru dengan nilai nominal Rp100 setiap saham. Nilai Nominal : Rp10 per lembar saham Harga Penawaran : Rp835 - Rp900 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp270,000,000,000 Penjamin Emisi : PT Henan Putihrai Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research * Disclaimer On -

PT Verona Indah Pictures Tbk Code : VERN Sector : Consumer Cyclicals Sub-Sector : Entertainment & Movie Production --------------------------------------------- PERKIRAAN JADWAL PENAWARAN UMUM PERDANA SAHAM Perkiraan Tanggal Efektif : 30 September 2024 Perkiraan Masa Penawaran Umum : 02 - 04 Oktober 2024 Perkiraan Tanggal Penjatahan : 04 Oktober 2024 Perkiraan Tanggal Distribusi Saham : 07 Oktober 2024 Perkiraan Tanggal Pencatatan Saham di BEI : 08 Oktober 2024 --------------------------------------------- STRUKTUR PENAWARAN UMUM PERDANA SAHAM Sebanyak-banyaknya 1,121,650,000 saham atau sebanyak-banyaknya 23.54% dari jumlah modal ditempatkan dan disetor penuh Perseroan setelah Penawaran Umum Perdana Saham yang merupakan saham baru dengan nilai nominal Rp80 setiap saham. Nilai Nominal : Rp80 per lembar saham Harga Penawaran : Rp190 - Rp195 per lembar saham Jumlah Penawaran Umum : Sebanyak-banyaknya Rp218,721,750,000 Penjamin Emisi : PT UOB Kay Hian Sekuritas --------------------------------------------- Laporan dalam format PDF dapat diunduh pada menu "Research - IPO Summary" di www.phintracosekuritas.com dan telegram @phintasofficial By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119560188 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id

INTP achieved revenue of IDR5.20 trillion in 3Q24 (+28.54% QoQ; +4.81% YoY), with cumulative revenue reaching IDR13.32 trillion until 9M24, driven by a 9.4% YoY increase in domestic cement sales volume. Gross profit margin improved to 34.35% in 3Q24 (vs 27.66% in 2Q24), supported by efficiency in energy and labor costs, despite higher finance costs due to the Grobogan Cement acquisition. INTP recorded a net profit of IDR621 billion in 3Q24 (+35.19% QoQ; +2.86% YoY), contributing to a cumulative net profit of IDR1.06 trillion until 9M24, showcasing resilience in a competitive market. Cement demand is expected to grow 1-2.5% in 2025, fueled by government initiatives like the 3 million houses program, the Capital City of the Archipelago (IKN) project, and property sector relaxations, boosting INTP's utilization ratio to 60%. Bulk cement continues to dominate, supported by national strategic projects (PSN) and rising demand from commercial developments such as warehouses, smelters, and housing in new growth areas, while bagged cement faces weaker demand due to low purchasing power. We give rating BUY for INTP with a target price of IDR8,100 (+18.80% upside), implying FY24F/FY25F EV/EBITDA of 8.66x/7.92x. By PHINTRACO SEKURITAS | Research - Disclaimer On -

AMRT recorded revenue of IDR88.21 trillion in 9M24, growing 10.24% YoY. The revenue growth was driven by Food segment revenue, which grew 10.52% YoY to IDR62.37 trillion in 9M24 (vs. IDR56.43 trillion in 9M23), while Non-Food segment revenue grew 9.55% YoY to IDR25.85 trillion in 9M24 (vs. IDR23.59 trillion in 9M23). Better non-operating performance offsets higher operating expenses. AMRT's operating expenses increased by 11.98% YoY to IDR14.45 trillion in 9M24 (vs. IDR12.9 trillion in 9M23). Meanwhile, AMRT's non-operating expenses decreased by 79.61% YoY to IDR16 billion in 9M24 (vs. IDR80 billion in 9M23). This condition caused AMRT's net profit to grow 9.79% YoY to IDR2.48 trillion in 9M24 (vs. IDR2.26 trillion in 9M23). Alfagift as an alternative for consumers to shop online, contributed 6.6% to revenue in 9M24. Online sales generated from Alfagift in 9M24 grew by more than 45% YoY, signaling AMRT's efforts to increase revenue. The store network continues to increase. From January to September 2024, AMRT added 945 stores, consisting of 652 company-owned stores and 293 Franchise stores, bringing the total to 23,255 stores across Indonesia. We assess that these efforts can potentially improve AMRT's future financial performance. Using the Discounted Cash Flow method with a Required Return of 8.94% and Terminal Growth of 7.02%, we estimate AMRT's fair value at IDR3,650 per share (Expected PE at 32.03x and EV/EBITDA at 18.58x in FY24). We give AMRT a Buy rating with a potential upside of 15.89%. By PHINTRACO SEKURITAS | Research - Disclaimer On -

ANTM's revenue grew 39.7% YoY to IDR 43.2 trillion in 9M24, driven by gold sales, but profitability dropped as COGS rose sharply, leading to a decline in gross margin, EBIT, and net income. Commodity price fluctuations positively impact ANTM's revenue, particularly for gold and nickel, with gold prices rising 26.3% YTD to IDR1,539,000 per gram and nickel prices improving to USD15,706 per ton, contributing to a 39.7% YoY revenue growth in 9M24 ANTM reduced its debt-to-equity ratio from 28.2% in 2021 to 5.4% in Q3 2024, while also cutting interest expenses, reflecting a more efficient and conservative debt management strategy. ANTM’s revenue is projected to reach IDR51.8 trillion in FY24, driven by strong gold and nickel demand, with nickel benefiting from increased use in electric vehicle batteries, while concerns over a U.S. recession from a slowing labor market and high debt-to-GDP may push investors toward gold, boosting ANTM’s performance. Using the Discounted Cash Flow method, we estimate ANTM’s fair value at IDR 1,750 (14.12x expected P/E for FY24F). Considering ANTM’s fair value, we assign a buy rating with a potential upside of approximately 13.3% . By PHINTRACO SEKURITAS | Research - Disclaimer On -

PHINTRACO SEKURITAS (AT) -13 November 2024- Indonesia's economy has shown a solid recovery, with GDP growth observed across spending sectors. This reflects resilience and a balanced approach to economic recovery. Household consumption remains a primary driver of economic growth, contributing steadily to domestic demand and encouraging broader sectoral gains. Business conditions have improved, seen in positive consumer confidence and absolute sales indices, creating a supportive environment for local and international investments. Indicators such as decreasing poverty and unemployment rates and improvements in income distribution suggest gradual progress in the quality of life for many Indonesians. The government has set an optimistic economic growth target of 5.20% for 2025, with strong domestic consumption expected to play a central role in achieving this goal. Prabowo-Gibran administration intends to prioritize human resource development, emphasizing educational improvement, vocational training, and digital skills to strengthen workforce readiness. Bank Indonesia is expected to continue with flexible monetary policies, which may include easing measures, to help sustain economic growth amid global uncertainties. IHSG targeted 8698 in 2025: Considering the various opportunities and challenges faced in 2025. Sectoral Coverage: Banking, Cement, Metal & Mining, Food & Beverage, Poultry, Properties & Real estate, Telecommunication, and Tower. By PHINTRACO SEKURITAS | Research - Disclaimer On -

The majority of countries started to show an increase in economic growth in 2Q24, after experiencing a slowdown at the beginning of the year. Global monetary policy was less-aggressive than expected in 2024. Several central banks started easing their monetary policy in 3Q24 as the inflation rate flattened. Geopolitical conflicts continue in 2024. The conflict in the Middle East has expanded to involve countries other than Israel and Palestine. Meanwhile, the Russia-Ukraine conflict will continue. Several commodity prices tend to stagnate in 2024 and There is still uncertainty risk from geopolitical conflict. Political conditions in global countries' election years were relatively stable. Economic activity's recovery has the potential to continue in 2025. This is driven by the easing of the monetary policy of several central banks, which could continue in 2025. The exchange rate has the potential to be more stable in 2025. By PHINTRACO SEKURITAS | Research - Disclaimer On -

Domestic inflation stabilizes at low levels. CPI inflation in Indonesia was recorded at 2.12% YoY in August 2024, declining for the fifth consecutive month since April 2024. Inflation in the Volatile Food (VF) group fell to 3.04% YoY from 3.63% YoY in July 2024, mainly due to lower prices of shallots, broiler chicken meat, tomatoes, and eggs. We assess that the decline in commodity prices in the VF group has the potential to increase people's purchasing power, given that these commodities are commonly needed in everyday life. According to data from the Central Statistics Agency (BPS), per capita chicken meat consumption in Indonesia continues to increase, reaching 8.20 kg per year in 2023, growing 3.03% YoY from 7.96 kg in 2022.The government continues to improve the quality of Human Resources (HR) through the Makan Bergizi Gratis (MBG) program with a budget of IDR71 trillion in the 2025 Draft State Budget. We assess that the program has the potential to positively impact the poultry industry (chicken meat and egg products) to boost the company's financial performance in terms of top-line and bottom-line. The Ministry of Agriculture has taken strategic steps and collaborated with the Police Food Task Force to maintain the stability of live bird prices. We assess that the government's efforts to stabilize live bird prices can support growth in the poultry sector. The strategic steps taken by the government have the potential to provide better margins for poultry companies, especially for the live chicken and DOC segments. Prices of animal feed raw materials are softening. The domestic corn price at the farm level is at IDR5,990/kg, down 17.95% YTD from the early 2024 price of IDR7,300/kg. Meanwhile, the Soybean Meal (SBM) price is currently at US$329/ton, down 13.39% YTD from the early 2024 price of US$380/ton. The poultry companies in our coverage had positive financial performance in the first half of 2024. CPIN's net profit was recorded at IDR1.76 trillion in 6M24, up 28.3% YoY (vs IDR1.37 trillion in 6M23). Meanwhile, JPFA's net profit was recorded at Rp1.59 trillion in 6M24, up significantly by 1,314% YoY (vs Rp112 billion in 6M23). With the various catalysts above and the performance of each issuer in the poultry industry, our top picks are JPFA, with an estimated fair value of IDR1,990 and CPIN, with an estimated fair value of IDR5,850. By PHINTRACO SEKURITAS | Research - Disclaimer On - Contact Us : WA : 08119055611 IG : phintracosekuritas YT : Phintraco Sekuritas TELE : phintasofficial www.phintracosekuritas.com www.profits.co.id