JCI Indication

Bullish (Moderate)

Support / Resistance: 6,079 – 6,144

Market Drivers:
US - China Trade Confusion
- Bloomberg : The U.S. and China are closer to agreeing how many tariffs would be rolled back in a Phase One trade deal
- Agriculture Secretary Sonny Perdue: President Trump only wants a trade deal with China that works for the U.S.

Reserve Bank of India (RBI)
- Expectation for further rate cut
- Has cut rates by 135 bps since January, but many lenders remain hesitant to lend
- Policy dilemma:
  - Accommodative monetary policy to help spur economic growth
  - Needs to address the rebound in inflation due to rising food prices

OPEC Meeting (Dec 5-6)
- OPEC’s core group and Russia appear to have consensus on deeper production cuts
- Saudi Arabia reportedly has been seeking cuts, but it was reportedly also threatening to open its taps if other OPEC members don’t come into compliance on existing cuts
- Iraq’s oil minister: OPEC+ needs to cut deeper and that another 400,000 bpd would be helpful


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MARKET NEWS
PT Campina Ice Cream Industry Tbk. will increase sales and production capacity in 2020. For this reason, the company plans to add new machines that start operating early next year.

Mining company PT Toba Bara Sejahtra Tbk. will withhold coal production as long as the industrial climate has not improved. In the company's public exposure in Jakarta, Director of Toba Bara Sejahtra Pandu Sjahrir said although there was no final decision on work plans next year. However, he believes that the issuer's coal production with the TOBA code will not exceed 5 million tons.

A subsidiary of PT Surya Semesta Internusa Tbk (SSIA), PT SLP Surya Ticon Internusa and a SLP subsidiary namely PT SLP Internusa Karawang opened a new warehousing block. The block is block C which stands on an area of ​​51,330 m² consisting of one build to suit and five retail warehouse units. This new facility is claimed to have been filled with standby tenants.

Next year PT Jasa Marga Tbk (JSMR) requires capital expenditure of around Rp 30 trillion to Rp 35 trillion. The amount includes funding needs to pay for the Jakarta-Cikampek (Japek) Elevated II Toll Road project of Rp 13.5 trillion.

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Technical Recommendations :

Stock: *ASII*
Short Term Trend: Sideways
Medium Term Trend: Sideways
Spec Buy: 6,550
Target Price 1: 6,725
Target Price 2: 6,900
Stop Loss: 6,300

Stock: *ANTM*
Short Term Trend: Sideways
Medium Term Trend: Bearish
Spec Buy : 780
Target Price 1: 810
Target Price 2: 850
Stop Loss: 730

Stock: *ESSA*
Short Term Trend: Sideways
Medium Term Trend: Sideways
Trade Buy : 270
Target Price 1: 278
Target Price 2: 290
Stop Loss: 256

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PT. Phillip Sekuritas Indonesia
Research Department
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