JCI Indication

Bearish (Moderate)

Support / Resistance: 6,296 – 6,346

Market Drivers:

U.S. - China Trade War
- The latest round of U.S. and China tariffs kicked into effect over the weekend
  - U.S. tariffs went into effect Sunday on USD112 bn of Chinese imports
  - China also began imposing retaliatory tariffs on some of the U.S. goods on its USD75 bn target list
President Trump: Negotiations with China are still planned for September

The Final Japan Manufacturing PMI (August)
- Edged down to 49.3 from 49.4, and also off a preliminary 49.5.
- A fourth straight month in August amid flagging demand

South Korea Manufacturing PMI (August)
- Rose to 49.0, from 47.3 in July, but remained < 50 for a 4th straight month
- New export orders rose to 48.6 from 45.5 in July, the 13th straight month of contraction
- Total new orders also shrank for a 10th successive month
------------------------------------------------
MARKET NEWS
LPKR
LPKR recorded a net loss of IDR 1.49 tn in 1H19. This loss was caused by an increase in COGS of IDR 3.23 tn, up 13% from IDR 2.86 tn.

ERAA
PT Shanghiang Perkasa established a business alliance with Fontera Australia as an effort to increase dairy products sales in domestic and Asian markets amid potential increased demand for dairy products. For information, KLBF controls 13% of milk powder market share in Indonesia.

GEMS
GEMS continues to achieve production target of 25-28 million tons of coal so far this year. Meanwhile, the realization of coal production from January to June 2019 has reached 12.5 million tons.

ELSA
ELSA expands its business to energy distribution and logistics segment through its subsidiary, PT Elnusa Petrofin, by taking over the management of a 2000 metric ton LNG depot in southern Minahasa.

-------------------------------------------------

Technical Recommendations :

Stock: *PWON*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy : 640
Target Price 1: 670
Target Price 2: 695
Stop Loss: 615

Stock: *JSMR*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Trade Buy : 5,600
Target Price 1: 5,750
Target Price 2: 5,900
Stop Loss: 5,350

Stock: *PTPP*
Short Term Trend: Sideways
Medium Term Trend: Bearish
Spec Buy: 1,850
Target Price 1: 1,915
Target Price 2: 1,985
Stop Loss: 1,785

PT Phillip Securities Indonesia
ANZ Tower Level 23B, JlJendSudirman
Kav. 33A Jakarta 10220 – Indonesia
Tel +62-21 5790 0800 Fax +62-21 5790 0809
Website: www.phillip.co.id