26 February 2021

Indonesia Technical Pointer

TECHNICALS RESEARCH | Indonesia

Mixed in the range Satriawan, CTA

Chartist

 IHSG – Top of right shoulder? satriawan@maybank-ke.co.id

+62-21 8066 8682
 LSIP – Accumulate – Test resistance 1,415
Technicals
 UNVR – Distribute – Lower low 25-Feb-21 % Chg % Chg Net Chg
Close
YTD Daily (pts)
Indonesia Equity Markets
IHSG 5.2 0.62 39 6,290
LQ45 1.9 0.19 2 953
EIDO -2.6 -4.32 -1 22.8
Regional
HK Hang Seng 10.4 1.20 356 30,074
Japan Nikkei 225 9.9 1.67 497 30,168
What’s New S Korea KOSPI 7.9 3.50 105 3,100
Shanghai CI 3.2 0.59 21 3,585
IHSG menguat +0.62% ke level 6,290 bersamaan dengan Singapore STI 4.6 1.67 49 2,974
dengan indeks LQ45 yang ditutup menguat +0.19% ke level United States
953. Total 28.7juta lembar saham di transaksikan dengan Dow Jones 2.6 -1.75 -560 31,402
Nasdaq 1.8 -3.52 -479 13,119
nilai IDR15.5tn dimana investor asing mencatatkan net buy S&P 500 2.0 -2.45 -96 3,829
sebesar IDR61.3bn. Commo/Curr
Net Chg % Chg
Close
(pts) Daily
Brent Crude 67.08 0.04 0.06

Bursa saham USA pada perdagangan hari kamis ditutup WTI Crude
Gold
63.55
1,770.10
0.02
-5.30
0.03
-0.30
melemah. Dow melemah -1.75% dan ditutup di 31,402. Silver 27.55 -0.09 -0.31
Indeks S&P500 melemah -2.45% ke level 3,829. Indeks USD/IDR 14,080.00 0.00 0.00
GBP/USD 1.40 0.00 -0.04
Nasdaq melemah -3.52% ke level 13,119. Di sisi lain, EIDO EUR/USD 1.22 0.00 -0.12
melemah -4.32%, Harga minyak WTI menguat +0.03% Bursa Indonesia 24-Feb-21 25-Feb-21 % Chg

menjadi USD63.55per barrel. Nilai tukar rupiah terhadap Volume (m lembar)

Value (IDR Tn)
29,055
16.9
28,787
15.5
-0.9
-8.3
USD pada penutupan hari kamis ditutup menguat menjadi Foreign net buy/sell 302.2 61.3
14,080.
Close Chg Vol
Daily top Volume
(IDR) (%) (m)
FREN 78 13.04 68,204
BEKS 101 9.78 12,827
PNBS 107 17.58 10,005
BABP 72 16.13 6,903
MCOR 159 6.71 6,271
What’s Our View Index Movers Up
Close Chg Vol
(IDR) (%) (m)
Indeks menguat dan ditutup di level 6,290 perdagangan hari TLKM 3,490 0.29 2,268
kamis. Hari ini, indeks akan bergerak mixed dalam range yang TPIA 9,925 0.76 35
masih terbatas dengan kecenderungan melemah setelah pada HMSP 1,360 0.74 160
EMTK 2,190 1.39 111
perdagangan hari kamis gagal melewati resistance disekitar BRIS 2,960 4.96 2,120.40
6,300. Support terdekat indeks berada di last low 6,174 yang Index Movers Down Close Chg Vol

jika terlewati akan membuka peluang membentuk triple top BBCA

(IDR)
33,525
(%)
(0.30)
(m)
157
dalam jangka pendek. Support selanjutnya berada di FR38.2% BMRI 6,275 (1.57) 668.07
di6,095 & FR50% di 6,025. Range indeks hari ini berdasarkan UNVR 6,775 (1.09) 140.22
ASII 5,575 (0.89) 1,236.72
pivot point berada dalam support 6,273/6,255. Resistance ARTO 10,350 (1.66) 68
6,309/6,327.

SEE PAGE 7 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS

Indonesia Technical Pointer

TECHNICALS

: 6,636 Strategy : Buy on weakness

52 Week High
52 Week Low : 3,912
CCI : Positive
Support S1/S2 : 6,000/5,600 DMI : Positive
Resistance R1/R2 : 6,400/6,600 MACD : Positive
Oscillator : Positive
Upside Target T1/T2 : 6,400/6,600 RSI : Neutral (57.6)
Stop-loss : NA Stochastic : Positive
Upside Period : 1-6 months Trend: Long-term : Uptrend

MARKET ROUNDUP
IHSG ditutup menguat 39 poin dan ditutup di level 6,290 pada perdagangan hari kamis. Saham-saham yang menopang
kenaikan indeks adalah TLKM, TPIA, HMSP, EMTK dan BRIS.
Technical Viewpoint: Dalam jangka panjang, IHSG berada dalam uptrend. Dengan log scale, trend naik tersebut
ditopang oleh major support uptrend line yang dibentuk oleh bottom di 323(Oct 2002) dan 1,089(Oct 2008).
Namun dalam jangka menengah, sejak IHSG break support di sekitar 5,600 pada akhir bulan Februari 2020, IHSG
membentuk double top pattern dengan target koreksi teoritis di 4,450. Koreksi melebihi target double top namun
tertahan support jangka panjang sejak bulan Agustus 2012 disekitar 4,000 dan rebound.
Dalam jangka pendek, IHSG membentuk bottoming di 3,912 dan rebound melewati resistance up channel disekitar
5,600. Kenaikan lanjutan akan menguji resistance downtrend line yang sudah terbentuk sejak Januari 2018 disekitar
6,400. Break level tersebut akan kembali mendorong indeks kembali rally menuju last high di 6,636 & all time high
indeks di 6,693. Support indeks berada di 5,600.

26 February 2021
Indonesia Technical Pointer

Daily Trading Idea

LSIP – IDR1360 Accumulate (TECHNICAL)
(Bloomberg Code: LSIP IJ Equity)

Recommendation
LSIP bergerak sideways dalam jangka pendek dan dan kembali akan menguji resistance kuat jangka pendek disekitar
1,415. Break level tersebut akan membuka peluang LSIP untuk rally lebih jauh lagi menuju target ascending triangle di
1,620. Indicator MACD buy. Stoploss < 1,250.

TECHNICALS Daily pivot

Sector : Agriculture RSI : Neutral (55.5) Res 3 1,438
Market Cap : IDR 9.2tn Parabolic SAR : Negative Res 2 1,417
52 Week High : IDR 1,480 DMI : Negative Res 1 1,388
52 Week Low : IDR 498 MACD : Negative Close 1,360
Trend (3 months) : Up Bollinger Upper : 1,390 Sup 1 1,338
Trend (3-6 months) : Up Bollinger Lower : 1,271 Sup 2 1,317
Trend (12 months) : Up Support S1/S2 : IDR1,280&1,250 Sup 3 1,288
UpsideTargetsT1/T2 : IDR1,410&1,480 ResistanceR1/R2 : IDR1,410&1,480
Period : 1hari – 20hari Stop-loss : < 1,250

PT Perusahaan Perkebunan London Sumatra Indonesia Tbk cultivates, harvests, and processes palm oil, rubber, coconut, cocoa,
coffee, and tea.

26 February 2021
Indonesia Technical Pointer

Daily Trading Idea

UNVR – IDR6,775 Distribute (TECHNICAL)
(Bloomberg Code: UNVR IJ Equity)

Recommendation
UNVR break support kuat jangka pendek di 6,900 dan membentuk lower low. Break level tersebut mengonfirmasi
lower low dan UNVR akan kembali terkoreksi menuju target rounding top di 6,450. Dalam jangka pendek UNVR juga
masih berpeluang membentuk descending triangle.

TECHNICALS Daily pivot

Sector : Consumer RSI : Neutral (33.6) Res 3 7,017
Market Cap : IDR 258.47tn Parabolic SAR : Negative Res 2 6,958
52 Week High : IDR 8,800 DMI : Negative Res 1 6,867
52 Week Low : IDR 5,275 MACD : Negative Close 6,775
Trend (3 months) : Down Bollinger Upper : 7,303 Sup 1 6,717
Trend (3-6 months) : Down Bollinger Lower : 6,766 Sup 2 6,658
Trend (12 months) : Down Support S1/S2 : IDR6,450&6,000 Sup 3 6,567
DownsideTargetsT1/T2 : IDR6,450&6,000 ResistanceR1/R2 : IDR7,000&7,200
Period : 1hari – 20hari Stop-loss : NA

PT Unilever Indonesia Tbk manufactures soaps, detergents, margarine, oil and dairy based foods, tea based beverages, ice cream ,
and cosmetics.

26 February 2021
Indonesia Technical Pointer
Trading Idea Summary Table
Stocks recommended
Target (IDR)
Bloomberg Technical Call Recommended Last Price (IDR) Stop-Loss
Date Recom. Company T1 T2 Comments
Ticker Price (IDR) (IDR)
26-Feb-21 Unilever Indonesia UNVR IJ Distribute 6,450 6,000 6,775 6,775 Sell 7,000-6,650 NA
25-Feb-21 BPD Jawa Barat BJBR IJ Accumulate 1,695 1,780 1,615 1,620 Buy 1,535-1,635 < 1,500
25-Feb-21 Medco Energi MEDC IJ Accumulate 735 770 700 710 Buy 665-710 < 640
23-Feb-21 Gudang Garam GGRM IJ Distribute 35,200 33,300 37,075 36,675 Sell 38,950-36,500 NA
22-Feb-21 Vale Indonesia INCO IJ Accumulate 6,650 7,000 6,325 6,300 Buy 6,000-6,400 < 5,850
19-Feb-21 Hanjaya Mandala HMSP IJ Distribute 1,300 1,200 1,365 1,360 Sell 1,470-1,350 NA
16-Feb-21 Ace Hardware ACES IJ Accumulate 1,680 1,760 1,600 1,565 Buy 1,520-1,630 < 1,485
16-Feb-21 London Sumatera LSIP IJ Accumulate 1,410 1,480 1,345 1,360 Buy 1,280-1,365 < 1,250
11-Feb-21 Tower Bersama TBIG IJ Accumulate 2,290 2,440 2,180 2,100 Buy 2,070-2,220 < 2,000
11-Feb-21 Astra Agro Lestari AALI IJ Accumulate 12,000 12,800 11,450 11,325 Buy 10,900-11,600 < 10,550
02-Feb-21 Astra International ASII IJ Accumulate 6,325 6,600 6,025 5,575 Buy 5,750-6,100 < 5,550
01-Feb-21 Bank Danamon BDMN IJ Distribute 2,720 2,550 2,860 3,230 Sell 3,000-2,820 NA
29-Jan-21 United Tractors UNTR IJ Accumulate 25,100 26,250 23,875 23,650 Buy 22,700-24,000 < 22,000
Stocks Hit: T1/T2, Expired or Stop-loss
Target (IDR)
Bloomberg Technical Call Recommended Closed out Stop-Loss
Date Issued Company T1 T2 Comments
Ticker Price (IDR) Price (IDR) (IDR)
23-Feb-21 Elnusa ELSA IJ Accumulate 418 436 398 424 Take Profit @T1 < 368
22-Feb-21 Surya Citra Media SCMA IJ Accumulate 2,000 2,100 1,900 2,050 Take Profit @T1 < 1,750
22-Feb-21 Medco Energi MEDC IJ Accumulate 715 750 680 715 Take Profit @T1 < 625
19-Feb-21 Aneka Tambang ANTM IJ Accumulate 2,850 3,000 2,780 2,910 Take Profit @T1 < 2,500
19-Feb-21 Alam Sutera ASRI IJ Accumulate 250 260 238 256 Take Profit @T1 < 218
17-Feb-21 XL Axiata EXCL IJ Accumulate 2,530 2,660 2,410 2,160 Stoploss < 2,200
15-Feb-21 Buyung Poetra HOKI IJ Accumulate 1,080 1,130 1,025 1,205 Take Profit @T2 < 940
11-Feb-21 Vale Indonesia INCO IJ Accumulate 6,325 6,800 6,025 6,375 Take Profit @T1 < 5,500
09-Feb-21 London Sumatera LSIP IJ Accumulate 1,385 1,480 1,320 1,395 Take Profit @T1 < 1,220
09-Feb-21 Alam Sutera ASRI IJ Accumulate 236 252 224 236 Take Profit @T1 < 204
08-Feb-21 Medco Energi MEDC IJ Accumulate 720 750 685 725 Take Profit @T1 < 630
05-Feb-21 Aneka Tambang ANTM IJ Accumulate 2,540 2,640 2,420 2,660 Take Profit @T2 < 2,200
05-Feb-21 Sarana Menara TOWR IJ Accumulate 1,050 1,100 1,000 1,050 Take Profit @T1 < 930
04-Feb-21 Indah Kiat INKP IJ Accumulate 13,700 14,300 13,075 14,675 Take Profit @T2 < 12,000
04-Feb-21 Tjiwi Kimia TKIM IJ Accumulate 15,350 16,000 14,600 16,850 Take Profit @T2 < 13,500
02-Feb-21 Medco Energi MEDC IJ Accumulate 695 735 660 700 Take Profit @T1 < 600
02-Feb-21 London Sumatera LSIP IJ Accumulate 1,400 1,490 1,335 1,415 Take Profit @T1 < 1,230
02-Feb-21 Mayora Indah MYOR IJ Accumulate 3,050 3,150 2,910 2,640 Stoploss < 2,700
29-Jan-21 Gudang Garam GGRM IJ Distribute 37,000 34,500 38,925 37,000 Hit Target @T1 NA
29-Jan-21 Semen Indonesia SMGR IJ Accumulate 13,300 14,500 12,650 10,600 Stoploss < 11,650
28-Jan-21 Mitra Adiperkasa MAPI IJ Distribute 770 720 810 765 Hit Target @T1 NA

26 February 2021 5
Indonesia Technical Pointer

Research Offices
MACRO REGIONAL EQUITIES SINGAPORE THAILAND
Sadiq CURRIMBHOY Anand PATHMAKANTHAN CHUA Su Tye Maria LAPIZ Head of Institutional Research
Head of Regional Macro Research Head of Regional Equity Research (65) 6231 5842 chuasutye@maybank-ke.com.sg Dir (66) 2257 0250 | (66) 2658 6300 ext 1399
(65) 6231 5836 (603) 2297 8783 • REITs Maria.L@maybank-ke.co.th
sadiq@maybank-ke.com.sg anand.pathmakanthan@maybank-ib.com • Strategy • Consumer • Materials • Services
LAI Gene Lih, CFA
(65) 6231 5832 laigenelih@maybank-ke.com.sg Teerapol UDOMVEJ, CFA
ECONOMICS WONG Chew Hann, CA (66) 2658 6300 ext 1394
Head of ASEAN Equity Research • Technology • Healthcare
Suhaimi ILIAS teerapol.U@maybank-ke.co.th
(603) 2297 8686 Thilan WICKRAMASINGHE • Healthcare
Chief Economist wchewh@maybank-ib.com
Malaysia | Philippines | Global (65) 6231 5840 thilanw@maybank-ke.com.sg Jesada TECHAHUSDIN, CFA
(603) 2297 8682 • Banks • Consumer (66) 2658 6300 ext 1395
ONG Seng Yeow
suhaimi_ilias@maybank-ib.com jesada.t@maybank-ke.co.th
Research, Technology & Innovation TAN Chin Poh Head of Retail Research
(65) 6231 5928 chinpoh@maybank-ke.com.sg • Banking & Finance
CHUA Hak Bin (65) 6231 5839
Regional Thematic Macroeconomist ongsengyeow@maybank-ke.com.sg Kaushal LADHA, CFA
Eric ONG (66) 2658 6300 ext 1392
(65) 6231 5830
MALAYSIA (65) 6231 5924 ericong@maybank-ke.com.sg Kaushal.l@maybank-ke.co.th
chuahb@maybank-ke.com.sg
• Retail Research • Oil & Gas
LEE Ju Ye Anand PATHMAKANTHAN, Head of Research Ekachai TARAPORNTIP Head of Retail Research
(603) 2297 8783 Matthew SHIM
Singapore | Thailand (65) 6231 5929 (66) 2658 5000 ext 1530
(65) 6231 5844 anand.pathmakanthan@maybank-ib.com Ekachai.t@maybank-ke.co.th
• Strategy matthewshim@maybank-ke.com.sg
leejuye@maybank-ke.com.sg • Retail Research Surachai PRAMUALCHAROENKIT
Desmond CH’NG, BFP, FCA (66) 2658 5000 ext 1470
Linda LIU Kareen CHAN Surachai.p@maybank-ke.co.th
Singapore | Vietnam (603) 2297 8680
(65) 6231 5926 kareenchan@maybank-ke.com.sg • Auto • Conmat • Contractor • Steel
(65) 6231 5847 desmond.chng@maybank-ib.com
• Retail Research Suttatip PEERASUB
lindaliu@maybank-ke.com.sg • Banking & Finance
(66) 2658 5000 ext 1430
LIAW Thong Jung INDIA suttatip.p@maybank-ke.co.th
Dr Zamros DZULKAFLI
(603) 2297 8688 tjliaw@maybank-ib.com • Media • Commerce
(603) 2082 6818 Jigar SHAH Head of Research
zamros.d@maybank-ib.com • Oil & Gas Services- Regional Jaroonpan WATTANAWONG
(91) 22 4223 2632 jigar@maybank-ke.co.in
• Automotive (66) 2658 5000 ext 1404
• Strategy • Oil & Gas • Automobile • Cement
Ramesh LANKANATHAN jaroonpan.w@maybank-ke.co.th
(603) 2297 8685 ONG Chee Ting, CA • Transportation • Small cap
(603) 2297 8678 ct.ong@maybank-ib.com Neerav DALAL
ramesh@maybank-ib.com (91) 22 4223 2606 neerav@maybank-ke.co.in Thanatphat SUKSRICHAVALIT
• Plantations - Regional
• Software Technology • Telcos (66) 2658 5000 ext 1401
William POH thanaphat.s@maybank-ke.co.th
(603) 2297 8683 YIN Shao Yang, CPA
(603) 2297 8916 samuel.y@maybank-ib.com Kshitiz PRASAD • Media • Electronics
william.poh@maybank-ib.com
• Gaming – Regional • Media (91) 22 4223 2607 Wijit ARAYAPISIT
kshitiz@maybank-ke.co.in (66) 2658 5000 ext 1450
FX TAN Chi Wei, CFA wijit.a@maybank-ke.co.th
• Banks
Saktiandi SUPAAT (603) 2297 8690 chiwei.t@maybank-ib.com • Strategist
Head of FX Research • Power • Telcos Kritsapong PATAN
INDONESIA
(65) 6320 1379 (66) 2658 5000 ext 1310
saktiandi@maybank.com.sg WONG Wei Sum, CFA Isnaputra ISKANDAR Head of Research kritsapong.p@maybank-ke.co.th
(603) 2297 8679 weisum@maybank-ib.com (62) 21 8066 8680 • Chartist
Christopher WONG • Property isnaputra.iskandar@maybank-ke.co.id
(65) 6320 1347 • Strategy • Metals & Mining • Cement VIETNAM
wongkl@maybank.com.sg LEE Yen Ling
• Autos • Consumer • Utility
(603) 2297 8691 lee.yl@maybank-ib.com LE Hong Lien, ACCA
TAN Yanxi • Glove • Ports • Shipping • Healthcare Rahmi MARINA
Head of Institutional Research
(65) 6320 1378 (62) 21 8066 8689
(84 28) 44 555 888 ext 8181
tanyx@maybank.com.sg Kevin WONG rahmi.marina@maybank-ke.co.id lien.le@maybank-kimeng.com.vn
(603) 2082 6824 kevin.wong@maybank-ib.com • Banking & Finance • Strategy • Consumer • Diversified
Fiona LIM • REITs • Consumer Discretionary • Technology Aurellia SETIABUDI
(65) 6320 1374 (62) 21 8066 8691 LE Nguyen Nhat Chuyen
fionalim@maybank.com.sg Jade TAM (84 28) 44 555 888 ext 8082
aurellia.setiabudi@maybank-ke.co.id
(603) 2297 8687 jade.tam@maybank-ib.com chuyen.le@maybank-kimeng.com.vn
• Property
• Consumer Staples • Oil & Gas
STRATEGY SATRIAWAN
(62) 21 8066 8682 QUAN Trong Thanh
Willie CHAN TEE Sze Chiah Head of Retail Research
(603) 2082 6858 szechiah.t@maybank-ib.com satriawan@maybank-ke.co.id (84 28) 44 555 888 ext 8184
Regional thanh.quan@maybank-kimeng.com.vn
(852) 2268 0631 • Chartist
Nik Ihsan RAJA ABDULLAH, MSTA, CFTe • Banks
williechan@kimeng.com.hk
(603) 2297 8694 NGUYEN Thi Sony Tra Mi
Anand PATHMAKANTHAN nikmohdihsan.ra@maybank-ib.com (84 28) 44 555 888 ext 8084
• Chartist PHILIPPINES mi.nguyen@maybank-kimeng.com.vn
ASEAN
(603) 2297 8783 Katherine TAN • Consumer
Amirah AZMI
anand.pathmakanthan@maybank-ib.com (63) 2 8849 8843
(603) 2082 8769 amirah.azmi@maybank-ib.com Tyler Manh Dung Nguyen
kat_tan@maybank-atrke.com (84 28) 44 555 888 ext 8180
• Retail Research
FIXED INCOME • Banks • Conglomerates • Ports dung.nguyen@maybank-kimeng.com.vn
Winson PHOON, ACA • Utilities
Romel LIBO-ON
(65) 6812 8807 (63) 2 8849 8844 NGUYEN Thi Ngan Tuyen
winsonphoon@maybank-ke.com.sg romel_libo-on@maybank-atrke.com Head of Retail Research
• Property (84 28) 44 555 888 ext 8081
SE THO Mun Yi tuyen.nguyen@maybank-kimeng.com.vn
(603) 2074 7606 Kayzer LLANDA
• Food & Beverage • Oil&Gas • Banking
munyi.st@maybank-ib.com (63) 2 8849 8839
Kayzer_llanda@maybank-atrke.com NGUYEN Thanh Lam
• Utilities (84 28) 44 555 888 ext 8086
thanhlam.nguyen@maybank-kimeng.com.vn
Fredrick De GUZMAN • Technical Analysis
(63) 2 8849 8847
fredrickdaniel.deguzman@maybank.com
• Consumer

2020 6
Indonesia Technical Pointer

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information. The survey result is as of the date appearing in the Corporate Governance Report of Thai Listed Companies. As a result, the survey may b e changed after that date. MBKET does
not confirm nor certify the accuracy of such survey result.
The disclosure of the Anti-Corruption Progress Indicators of a listed company on the Stock Exchange of Thailand, which is assessed by Thaipat Institute, is ma de in order to comply with the
policy and sustainable development plan for the listed companies of the Office of the Securities and Exchange Commission. Thaipat Institute made this assessment based on the information
received from the listed company, as stipulated in the form for the assessment of Anti-corruption which refers to the Annual Registration Statement (Form 56-1), Annual Report (Form 56-2),
or other relevant documents or reports of such listed company. The assessment result is therefore made from the perspective of Thaipat Institute that is a third party. It is not an assessment
of operation and is not based on any inside information. Since this assessment is only the assessment result as of the date appearing in the assessment result, it may be c hanged after that
date or when there is any change to the relevant information. Nevertheless, MBKET does not confirm, verify, or certify the accuracy and completeness of the assessment result.
US
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Indonesia Technical Pointer

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independent tax advisers.
DISCLOSURES

Legal Entities Disclosures

Malaysia: This report is issued and distributed in Malaysia by Maybank Investment Bank Berhad (15938- H) which is a Participating Organization of Bursa Malaysia Berhad and a holder of
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Disclosure of Interest
Malaysia: MKE and its Representatives may from time to time have positions or be materially interested in the securities referred to herein and may further act as market maker or may
have assumed an underwriting commitment or deal with such securities and may also perform or seek to perform investment banki ng services, advisory and other services for or relating to
those companies.

Singapore: As of 26 February 2021, Maybank KERPL and the covering analyst do not have any interest in any companies recommended in this research report.

Thailand: MBKET may have a business relationship with or may possibly be an issuer of derivative warrants on the securities /companies mentioned in the research report. Therefore,
Investors should exercise their own judgment before making any investment decisions. MBKET, its associates, directors, connected parties and/or employees may from time to time have
interests and/or underwriting commitments in the securities mentioned in this report.

Hong Kong: As of 26 February 2021, KESHK and the authoring analyst do not have any interest in any companies recommended in this research report.

India: As of 26 February 2021, and at the end of the month immediately preceding the date of publication of the research repo rt, KESI, authoring analyst or their associate / relative does
not hold any financial interest or any actual or beneficial ownership in any shares or having any conflict of interest in the subject companies except as otherwise disclosed in the research
report.
In the past twelve months KESI and authoring analyst or their associate did not receive any compensation or other benefits fr om the subject companies or third party in connection with the
research report on any account what so ever except as otherwise disclosed in the research report.
MKE may have, within the last three years, served as manager or co-manager of a public offering of securities for, or currently may make a primary market in issues of, any or all of the entiti es
mentioned in this report or may be providing, or have provided within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related
investment and may receive compensation for the services provided from the companies covered in this report.

OTHERS
Analyst Certification of Independence
The views expressed in this research report accurately reflect the analyst’s personal views about any and all of the subject securities or issuers; and no part of the research analyst’s
compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in the repor t.
Reminder
Structured securities are complex instruments, typically involve a high degree of risk and are intended for sale only t o sophisticated investors who are capable of understanding and assuming the
risks involved. The market value of any structured security may be affected by changes in economic, financial and political f actors (including, but not limited to, spot and forward interest and
exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. Any investor interested in purchasing a structured product should
conduct its own analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.
No part of this material may be copied, photocopied or duplicated in any form by any means or redistributed without the prior consent of MKE.
Definition of Ratings
Maybank Kim Eng Research uses the following rating system
TRADING BUY (TECHNICAL) Total return is expected to be POSITIVE, exceeding 20% in the next 2 months.
ACCUMULATE (TECHNICAL) Total return is expected to be POSITIVE, between 5% to 10% in the next 1 month.
TRADING SELL (TECHNICAL) Total return is expected to be NEGATIVE, exceeding 20% in the next 2 months.
DISTRIBUTE (TECHNICAL) Total return is expected to be NEGATIVE, between 5% to 10% in the next 1 month.
Applicability of Technical Ratings
Technical ratings are purely based on price and volume-related indicators extracted from Bursa Malaysia Securities Berhad, explained in the Glossary
below. Featured securities are selected as and when their technical indicators appear convincing for an investment action. Maybank Investment Bank Bhd
expressly disclaims any obligation to update or revise its Technical Ratings to reflect new information, events or circumstances after the date of this
publication or to reflect the occurrence of unanticipated events.

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Indonesia Technical Pointer
Glossary of key technical terms
COMMODITY CHANNEL An oscillator used in technical analysis to help determine when an investment vehicle has been overbought and
INDEX (CCI) oversold. It quantifies the relationship between the asset's price, a moving average (MA) of the asset's price, and
normal deviations (D) from that average.
DIRECTIONAL MOVEMENT An indicator for identifying when a definable trend is present in an instrument, i.e. the DMI tells whether an
INDEX (DMI) instrument is trending or not.
MOVING AVERAGE A trend lagging momentum indicator that shows the relationship between two moving averages of prices. A “signal
CONVERGENCE DIVERGENCE line” is also plotted on top of the MACD to function as a trigger for buy and sell signals.
(MACD)
OSCILLATOR A technical analysis tool that is banded between two extreme values and built with the results from a trend
indicator for discovering short-term overbought or oversold conditions. As the oscillator approaches the upper
extreme value the stock is overbought, while in the lower extreme it is oversold.
RELATIVE STRENGTH INDEX A technical momentum indicator that compares the magnitude of recent losses to determine overbought and
(RSI) oversold conditions of the stock. The stock is overbought (overvalued) once the RSI approaches the 80-level.
Meanwhile, the stock is oversold (undervalued) as the RSI approaches the 20-level.
STOCHASTIC A technical momentum indicator that compares a security’s closing price to its price range over a given time
period. The stock is overbought when the indicator is above 80 and oversold when it is below 20.
Source: Investopedia.com

 Malaysia  Singapore  London  New York

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Indonesia London
Harianto Liong Greg Smith
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New York India

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Philippines
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2020 9