JCI Indication

Bellish (Moderate)

Support / Resistance: 6,226 – 6,295

Market Drivers:

BREXIT
- PM Boris Johnson failed in his bid to call a snap general election
- The election had been proposed for October 15
- The PM needed a two-thirds majority in the House of Commons to pass his motion.
- The opposition parties (Labour, the SNP, the Liberal Democrats) all said they would not back Johnson’s plan even before the vote began
- The PM could still try other options to force an election.

Hong Kong
- HK leader Carrie Lam withdrew an extradition bill that had triggered months of often violent protests
- It was one of five demands that protesters have been fighting for.

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MARKET NEWS
WIKA
WIKA plans to carry out construction and infrastructure projects valued at IDR 7.6 trillion in Africa, as well as targeting the development of the Indonesia new capital city in 2021 with estimate investment of IDR 20 trillion.

KRAS
KRAS will divest 80-100% of its subsidiary PT Krakatau Daya Listrik to PT PLN with a projected value of IDR 2 trillion. The management is targeting the divestment process is completed by the end of this year.

MEDC
MEDC ensures that it has sufficient funds from the company's internal cash to pay off its bond debt that is due at the end of this month. The bonds are valued at IDR 549 billion with a coupon of 10.8% per year.

SSIA
SSIA has sold its industrial land in Karawang for IDR 261 billion. The industrial  land sales this year are higher than last year's. Even this year's sales target has been exceeded.

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Technical Recommendations :

Stock: *PWON*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy : 635
Target Price 1: 670
Target Price 2: 690
Stop Loss: 610

Stock: *ELSA*
Short Term Trend: Sideways
Medium Term Trend: Sideways
Trade Buy : 334
Target Price 1: 344
Target Price 2: 354
Stop Loss: 328

Stock: *CTRA*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy: 1,070
Target Price 1: 1,125
Target Price 2: 1,175
Stop Loss: 1,015

Stock: *GGRM*
Short Term Trend: Downtrend
Medium Term Trend: Bearish
Spec Buy: 68,100
Target Price 1: 70,750
Target Price 2: 73,300
Stop Loss: 65,100

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