volume jci indexfinancial.sinarmassekuritas.co.id/info/research/tahun...1 today’s market: ihsg...
TRANSCRIPT
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Today’s Market:
IHSG diperkirakan bergerak menguat. Bursa AS ditutup
menguat pada perdagangan Rabu (19/02). Harga batuba-
ra stabil di level USD 68,20 per Mt. Crude oil naik ke level
USD 53,59 per barrel. Rupiah stabil terhadap Dollar AS di
level Rp 13.698. 10Yr Government Bonds Yield stabil di
level 6,52%.
Dari dalam negeri, Bank Indonesia (BI) dijadwalkan
mengumumkan hasil Rapat Dewan Gubernur Februari pa-
da hari ini. Konsensus memperkirakan BI akan menurunk-
an suku bunga sebesar 25 bps.
Sehubungan dengan emiten, Bank Danamon Indonesia
(BDMN) mencatatkan laba bersih sepanjang 2019 sebesar
IDR 4,07 triliun (+4,4% YoY).
Sehubungan dengan emiten, AKR Corporindo (AKRA)
menargetkan pertumbuhan volume distribusi bahan bakar
minyak (BBM) sebesar 10%—15% hingga 2,41 juta kiloli-ter.
Sehubungan dengan emiten, Bank Mandiri (BMRI), me-
nyepakati pembagian dividen kepada pemegang saham
tercatat sebesar Rp16,49 triliun, sekitar Rp 353 per sa-
ham, atau sebanyak 60% dari laba bersih 2019.
Secara teknikal indeks hari Kamis (20/02), IHSG diprediksi
bergerak di kisaran 5851-5939.
Source: Bloomberg, Sinarmas Investment Research See pg. 6-8 for Technical Corner
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
Thursday, February 20, 2020
ID X Stat ist ics C lo sing
JCI 5,928.79
Transaction Value Regular M arket (IDR tn) 4.358
Transaction Volume Regular M arket (mn shares) 3,432
Foreign Net Buy (Sell) (IDR bn) 106
Foreign Net Buy (Sell) (0.00)
Total M arket Capitalization (IDR tn) 6,882.58
LQ45 964.39 0.85 (1.87)
EIDO 24.39 0.66 (1.73)
IDX 21.38 0.45 (1.77)
DOW JONES 29,348.03 0.40 25.81
S&P 500 3,386.15 0.47 35.08
NASDAQ 9,817.18 0.87 47.95
FTSE 7,457.02 1.02 10.83
NIKKEI 23,400.70 0.89 16.92
HANG SENG 27,655.81 0.46 7.00
STRAITS TIM ES 3,213.71 0.53 4.72
KLSE 1,534.16 (0.19) (9.25)
USD/IDR 13,698.00 0.00 (1.25)
EUR/IDR 14,806.01 0.13 (5.02)
JPY/IDR 123.24 (1.08) (3.62)
SGD/IDR 9,820.13 (0.19) (4.97)
AUD/IDR 9,141.93 (0.22) (6.25)
GBP/IDR 17,702.71 (0.57) (2.92)
Crude Oil (USD/barrel) 53.59 7:56:35 AM (12.28)
Coal (USD/mn tons) 68.20 2/19/2020 0.74
Natural Gas (USD/mmBtu) 1.97 7:57:05 AM (10.10)
Gold (USD/ounce) 1,607.91 8:07:06 AM 6.00
Nickel (USD/mn tons) 12,920.00 8:07:05 AM (7.84)
Tins (USD/mn tons) 16,650.00 8:06:43 AM (3.06)
CPO (M YR/mn tons) 2,645.00 2/19/2020 (13.02)
Rubber (JPY/kg) 162.40 7:59:13 AM (8.40)
Wheat (USD/bushel) 565.25 2/19/2020 1.16
Corn (USD/bushel) 380.50 2/19/2020 (1.87)
P riceLast
T ransact io n
YT D
C hg (%)C o mmo dit ies
Other Indices C lo sing 1-D ay C hg (%)YT D
C hg (%)
C urrency Spo t R ate R ate ( ID R ) 1-D ay C hg (%)YT D
C hg (%)
IHSG naik sebanyak 41.9 poin (0.71%) ke level 5928.79.
Sementara LQ45 naik sebanyak 8.1 poin (0.85%) ke level
964.39. Foreign net buy sebesar Rp 105.54 miliar.
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
3,000
3,500
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4,500
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6,500
7,000
Feb-19 Mar-19 Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20
Millio
ns
Volume JCI Index
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2
Daily Corporate and Industry News
Menteri Keuangan (Menkeu) Sri Mulyani Indrawati mengatakan, realisasi defisit APBN per akhir Januari 2020 tercatat Rp 36,1 triliun atau 0,21% terhadap produk domestik bruto (PDB). Source: Investor Daily Kementerian Energi dan Sumber Daya Mineral (ESDM) menyatakan sektor minyak dan gas bumi tetap diminati in-vestor dengan total investasi diperkirakan akan mencapai US$ 117 miliar hingga 2024. Source: Investor Daily Komisi XI Dewan Perwakilan Rakyat (DPR) RI menyetujui rencana Kementerian Keuangan (Kemenkeu) untuk mem-berlakukan tarif cukai terhadap produk plastik sebagai bagian dari upaya ekstensifikasi objek kena cukai. Source: Investor Daily Adi Sarana Armada (ASSA) meluncurkan aplikasi versi terbaru untuk salah satu produk dari ASSA Mobility yaitu Share Car. Source: IQPlus Bank Mandiri (BMRI), menyepakati pembagian dividen kepada pemegang saham tercatat sebesar Rp16,49 triliun, atau sebanyak 60% dari laba bersih 2019. Source: IQPlus Bank Danamon Indonesia (BDMN) membukukan laba bersih setelah pajak sebesar Rp4,07 triliun pada 2019 atau tumbuh 4 persen dari tahun sebelumnya yaitu Rp3,9 triliun. Source: IQPlus Bank CIMB Niaga (BNGA) mencetak laba bersih konsolidasi (diaudit) sebesar Rp 3,9 triliun pada 2019, naik 12,4% yoy, dan menghasilkan earnings per share (EPS) Rp 146,2. Source: Investor Daily J Resources Asia (PSAB) menargetkan dapat mengoperasikan tambang emas Blok Doup pada semester kedua 2021 dengan nilai investasi yang dibutuhkan sekitar USD 125-150 juta. Source: Kontan Semen Indonesia (SMGR) akan menambah mitra distribusi ritel dari sekitar 20.000 menjadi sekitar 80.000. Source: Bisnis Indonesia Adi Sarana Armada (ASSA) bersiap menggelontorkan belanja modal atau capital expenditure (capex) senilai Rp1,2 triliun untuk menambah armada baru pada 2020. Source: Bisnis Indonesia AKR Corporindo (AKRA) menargetkan pertumbuhan volume distribusi bahan bakar minyak (BBM) sebesar 10%—15% menjadi 2,31 juta hingga 2,41 juta kiloliter. Source: Bisnis Indonesia Adira Dinamika Multifinance (ADMF) meraih kenaikan laba tahun berjalan sebesar 16,16% hingga periode 31 Desem-ber 2019 menjadi Rp2,11 triliun dibandingkan laba Rp1,81 triliun di periode sama tahun sebelumnya. Source: IQPlus
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3
World Equity Indices
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
WOR LD EQUIT Y IN D IC ES
N O T IC KER
1 INDU Index 29,568.57 24,680.57 809.59 2.84 20.85 18.57 4.26 4.20 8,517.87 8,517.87
2 SPX Index 3,393.52 2,722.27 155.37 4.81 22.38 19.47 3.76 3.49 29,043.58 29,043.58
3 CCM P Index 9,838.37 7,292.21 844.58 9.41 37.60 26.58 5.16 3.92 15,060.43 15,060.43
4 SPTSX Index 17,933.21 15,891.94 861.93 5.05 18.05 16.07 1.94 1.75 2,743.43 2,069.73
5 M EXBOL Index 45,955.41 38,265.51 1,360.48 3.12 17.54 14.74 2.16 1.90 5,567.62 299.59
6 SX5E Index 3,865.43 3,236.74 120.03 3.20 21.22 14.99 1.81 1.71 3,393.35 3,662.11
7 UKX Index 7,727.49 7,004.43 (85.42) (1.13) 20.09 13.55 1.81 1.71 1,992.56 2,573.99
8 CAC Index 6,111.41 5,152.30 133.18 2.23 23.49 15.24 1.76 1.66 1,877.29 2,025.97
9 DAX Index 13,795.24 11,266.48 539.99 4.08 25.93 14.92 1.69 1.60 1,275.26 1,376.26
10 IBEX Index 10,100.20 8,409.20 534.40 5.60 16.87 13.21 1.41 1.33 633.79 683.98
11 FTSEM IB Index 25,483.05 19,535.50 1,971.18 8.39 16.82 12.66 1.27 1.22 569.75 614.87
12 AEX Index 632.12 528.68 24.62 4.07 21.30 17.35 2.05 1.98 843.13 909.90
13 SM I Index 11,264.33 9,228.86 646.07 6.09 24.02 17.64 2.86 2.67 1,347.36 1,369.13
14 AS51 Index 7,184.00 6,077.50 497.32 7.44 21.06 19.17 2.30 2.22 2,148.88 1,433.31
15 AS30 Index 7,275.40 6,158.60 470.80 6.92 21.59 19.01 2.23 2.20 2,332.22 1,555.59
16 SHSZ300 Index 4,223.51 3,417.98 (45.27) (1.11) 14.39 11.78 1.85 1.60 32,463.89 4,638.83
17 SHASHR Index 3,444.44 2,814.01 (77.99) (2.44) 14.27 10.87 1.45 1.25 34,205.08 4,887.63
18 SZASHR Index 1,957.37 1,496.91 129.49 7.18 38.75 18.16 2.71 2.65 25,521.11 3,646.76
19 HSI Index 30,280.12 24,899.93 (533.94) (1.89) 11.35 10.62 1.23 1.12 18,229.49 2,345.50
20 HSCEI Index 11,881.68 9,731.89 (259.49) (2.32) 8.75 8.32 1.17 1.03 13,375.75 1,721.00
21 SENSEX Index 42,273.87 35,469.49 69.26 0.17 25.28 22.27 3.23 3.13 76,944.93 1,075.15
22 NIFTY Index 12,430.50 10,637.15 (42.55) (0.35) 23.72 21.42 2.95 2.85 90,396.92 1,263.12
23 JCI Index 6,636.33 5,767.40 (370.75) (5.89) 18.42 14.11 1.95 1.98 6,882,576.82 501.94
24 LQ45 Index 1,059.65 888.02 (50.08) (4.94) 16.06 14.15 2.31 2.13 4,456,247.67 324.99
25 KSE100 Index 43,468.22 28,670.98 (160.56) (0.39) 9.38 6.73 1.25 1.08 6,481.17 42.03
26 NKY Index 24,115.95 20,110.76 115.69 0.49 20.97 18.53 1.77 1.73 381,141.53 3,425.68
27 NEY Index 356.77 298.20 (2.20) (0.63) 14.48 13.89 1.13 1.11 448,481.46 4,030.93
28 TPX Index 1,747.20 1,462.41 (30.43) (1.77) 15.76 14.59 1.19 1.20 635,715.47 5,713.78
29 FBM KLCI Index 1,732.27 1,517.61 (54.60) (3.44) 17.63 15.35 1.54 1.43 988.94 237.47
30 NZSE Index 2,010.67 1,598.72 85.89 4.46 27.37 28.03 2.41 2.44 164.79 104.99
31 PCOM P Index 8,419.59 7,129.19 (418.32) (5.35) 16.16 14.65 1.88 1.67 9,198.30 181.86
32 FSSTI Index 3,415.18 3,040.16 (9.12) (0.28) 12.04 13.00 1.09 1.07 565.70 405.58
33 KOSPI Index 2,277.23 1,891.81 15.61 0.71 19.70 12.24 0.86 0.90 1,430,103.11 1,199.70
34 TWSE Index 12,197.64 10,180.04 (238.30) (1.99) 18.64 15.81 1.75 1.83 35,520.75 1,179.03
35 SET Index 1,748.15 1,495.94 (74.30) (4.70) 17.47 15.48 1.60 1.58 15,924.43 510.22
36 SET50 Index 1,164.72 1,005.59 (57.12) (5.35) 17.35 16.16 1.89 1.70 11,141.75 356.98
37 VNINDEX Index 1,028.97 891.85 (32.23) (3.35) 14.46 13.10 2.15 2.15 3,179,428.93 136.83
A sia/ P acif ic
A merica
52-WEEK C H A N GE YT D P ER (x) P B V (x) M A R KET C A P (B n)
Euro pe
H IGH LOW P OIN T %T railing
12M2020E
T railing
12M2020E
D o main
C urrencyUSD
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4
LQ45
Source: Bloomberg, Sinarmas Investment Research
www.sinarmassekuritas.co.id See important disclaimer at the end of this report
LQ45 Index
HIGH LOW POINT %Trailing
12M2020E
Trailing
12M2020E
1 ADRO IJ 1,330 1,715 1,010 (225) (14.47) 6.09 6.94 0.81 0.80 42,541,329
2 AKRA IJ 3,120 5,875 3,080 (830) (21.01) 17.33 15.12 1.53 1.43 12,525,848
3 ANTM IJ 715 1,175 660 (125) (14.88) 21.36 18.31 0.86 0.85 17,181,997
4 ASII IJ 5,975 8,025 5,925 (950) (13.72) 11.81 11.33 1.69 1.65 241,889,230
5 BBCA IJ 34,000 35,300 25,700 575 1.72 29.65 29.18 4.99 4.84 838,270,340
6 BBNI IJ 7,275 10,250 6,650 (575) (7.32) 8.81 7.79 1.11 1.07 135,668,976
7 BBRI IJ 4,530 4,760 3,660 130 2.95 16.12 14.14 2.69 2.51 558,756,519
8 BBTN IJ 1,780 2,750 1,745 (340) (16.04) 13.76 17.78 0.78 0.78 18,850,200
9 BMRI IJ 7,800 8,175 6,275 125 1.63 13.25 11.88 1.78 1.78 364,000,000
10 BRPT IJ 1,255 1,525 504 (255) (16.89) 635.34 45.87 6.85 1.43 111,715,712
11 BSDE IJ 1,115 1,580 1,095 (140) (11.16) 7.05 8.91 0.74 0.73 21,460,066
12 BTPS IJ 4,660 5,125 1,975 410 9.65 35.85 27.36 8.98 6.85 35,899,242
13 CPIN IJ 6,375 8,000 4,190 (125) (1.92) 28.73 30.35 5.22 4.91 104,537,250
14 CTRA IJ 905 1,335 855 (135) (12.98) 16.60 18.13 1.14 1.11 16,797,075
15 ERAA IJ 1,785 2,270 965 (10) (0.56) 16.02 19.19 1.21 1.12 5,694,150
16 EXCL IJ 2,860 3,730 1,995 (290) (9.21) - 27.43 1.60 1.54 30,567,567
17 GGRM IJ 55,200 100,975 49,175 2,200 4.15 11.45 10.73 2.24 2.14 106,209,658
18 HMSP IJ 1,990 4,030 1,900 (110) (5.24) 16.51 16.15 7.25 6.44 231,472,973
19 ICBP IJ 10,750 12,550 8,950 (400) (3.59) 25.17 24.91 5.23 5.12 125,365,511
20 INCO IJ 3,280 4,320 2,410 (360) (9.89) 413.40 47.95 1.26 1.22 32,591,191
21 INDF IJ 7,000 8,300 5,850 (925) (11.67) 12.60 13.13 1.69 1.69 61,462,986
22 INDY IJ 855 2,230 825 (340) (28.45) - 6.94 0.36 - 4,454,714
23 INKP IJ 6,325 12,650 5,325 (1,375) (17.86) 8.16 - 0.64 - 34,603,967
24 INTP IJ 16,300 22,875 16,000 (2,725) (14.32) 35.21 36.32 2.68 2.57 60,004,077
25 ITMG IJ 10,075 24,475 9,800 (1,400) (12.20) 4.94 6.19 0.88 0.93 11,383,994
26 JPFA IJ 1,445 2,970 1,280 (90) (5.86) 10.96 10.88 1.69 1.58 16,944,901
27 JSMR IJ 4,850 6,450 4,500 (325) (6.28) 18.20 17.11 1.94 1.86 35,200,675
28 KLBF IJ 1,410 1,690 1,260 (210) (12.96) 25.74 25.30 4.31 4.12 66,093,922
29 LPPF IJ 3,230 6,775 2,940 (980) (23.28) 11.62 6.22 5.06 4.10 9,059,773
30 MEDC IJ 700 1,040 620 (165) (19.08) - 5.12 0.74 0.28 12,544,318
31 MNCN IJ 1,520 1,780 725 (110) (6.75) 8.53 10.08 1.70 1.81 21,699,677
32 PGAS IJ 1,495 2,720 1,445 (675) (31.11) 12.27 10.93 1.02 0.97 36,241,055
33 PTBA IJ 2,280 4,280 2,110 (380) (14.29) 5.80 6.23 1.48 1.46 26,267,103
34 PTPP IJ 1,415 2,550 1,340 (170) (10.73) 7.50 7.12 0.68 0.64 8,772,855
35 PWON IJ 535 815 510 (35) (6.14) 8.85 9.78 1.79 1.70 25,765,387
36 SCMA IJ 1,395 1,870 1,080 (15) (1.06) 16.70 15.74 3.94 4.03 20,610,668
37 SMGR IJ 11,400 14,450 10,075 (600) (5.00) 29.59 33.07 2.17 2.12 67,619,328
38 SRIL IJ 214 372 208 (46) (17.69) 3.66 3.13 0.55 - 4,376,766
39 TKIM IJ 7,975 13,475 5,575 (2,300) (22.38) 12.07 - 1.32 - 24,827,958
40 TLKM IJ 3,820 4,500 3,431 (150) (3.78) 18.68 18.21 3.80 3.54 378,417,667
41 TPIA IJ 9,025 10,600 4,680 (1,350) (13.01) 300.98 109.95 6.64 6.60 160,947,520
42 UNTR IJ 17,700 28,900 17,600 (3,825) (17.77) 6.18 6.05 1.18 1.09 66,023,392
43 UNVR IJ 7,600 10,105 7,575 (800) (9.52) 39.23 37.16 54.89 45.28 289,940,000
44 WIKA IJ 1,965 2,500 1,635 (25) (1.26) 7.92 8.66 1.11 1.10 17,625,954
45 WSKT IJ 1,140 2,230 1,115 (345) (23.23) 11.16 6.11 0.85 0.75 15,474,304
MARKET CAP
(Mn)LQ45 Index
CHANGE YTD PER (x) PBV (x)
12-Feb-20
52-WEEK
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5
Macro data
Source: Bloomberg, Sinarmas Investment Research
D escript io n 1-D ay (%) 5-D ays (%) 1-M o nth (%) YT D (%)
Property (0.07) 1.81 (4.64) (9.00)
Basic Industry 1.10 2.33 (7.73) (9.55)
Trade 0.27 0.37 (6.12) (8.44)
Finance 0.79 (0.01) (1.51) (0.65)
M iscellaneous Industry 1.93 3.35 (10.22) (10.16)
Consumer 0.73 0.08 (7.71) (6.36)
Infrastructure 0.46 (2.68) (6.46) (10.47)
Agriculture 0.30 (2.07) (8.24) (14.74)
M ining 0.49 0.62 (5.56) (7.55)
Jan-20 D ec-19
0.38 3.61
2.68 2.72
0.39 0.34
131.70 129.18
F OR EX Spo t R ate 1-D ay (%) 1-M o nth (%) YT D (%)
USD/IDR 13,695.00 - (0.41) 1.25
USD/CNY 7.00 (0.03) (1.88) (0.50)
USD/EUR 0.92 (0.08) 2.61 3.69
USD/JPY 111.14 0.21 (0.86) (2.28)
USD/SGD 1.39 (0.02) (3.46) (3.51)
USD/AUD 1.50 0.02 2.94 5.09
USD/GBP 0.77 (0.04) 0.64 2.55
( in %)
5.70
0.89
1.46
5.70
6.52
7.03
Inflation M oM (in %)
Foreign Reserves (in USD bn)
Secto rs
Eco no mic Indicato rs
Inflation YTD (in %)
Eco no mic P arameters
Inflation YoY (in %)
Indonesia 5-Year Government Bonds Yield
Indonesia 10-Year Government Bonds Yield
Indonesia 15-Year Government Bonds Yield
Lending and D epo sit R ates
JIBOR (in IDR)
LIBOR (in GBP)
SIBOR ( in USD)
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Technical Corner
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JCI : MENGUAT
Last price : 5.928
Support : 5.877, 5.851
Resistance : 5.939, 5.966
JCI pada hari ini kami perkirakan akan bergerak MENGUAT dengan range 5.851 - 5.939. JCI break Resistance
5.877 berpeluang mencoba Resistance 5.896 dan 5.939. Namun, jika JCI gagal bertahan diatas 5.877 akan
kembali menguji Support 5.851 dan 5.811. Indikator Stoc osc dan MACD masih membentuk pola Reversal.
Jakarta Composite Index (JCI)
Summary of portfolio:
Stock Recommendation Comment
ASII HOLD ASII break Resistance 6.250, berpeluang melanjutkan penguatan denganmencoba Resistance 6.300 dan 6.400
SMRA HOLD Entry point 915 (19/2) sudah tercapai, SMRA gagal bertahan pada Support915, berpeluang menguji Support 895 dan 875.
BMRI HOLD BMRI breakout Resistance 7.900, berpeluang melanjutkan penguatan denganmencoba Resistance 7.975 dan 8.050. Namun, jika BMRI gagal bertahan diatas
7.900, berpeluang menguji Support 7.825 dan 7.750.
ADRO HOLD ADRO breakdown Support 1.320, berpeluang melanjutkan pelemahan denganmenguji Support 1.290 dan 1.265.
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ASII : HOLD
Last price : 6.250Target price : 6.300 (4.1%)Stop loss : 5.925 (-2.1%)
ASII break Resistance 6.250, berpeluang melanjutkan penguatan dengan mencoba Resistance 6.300 dan 6.400Namun, jika gagal bertahan diatas Resistance 6.250, akan kembali menguji Support 6.175 dan 6.100. ASII dilihat dariIndikator MACD mengindikasikan pola Reversal dan Stoc osc mengindikasikan pola Uptrend.
SMRA : HOLD
Last price : 905Target price : 985 (7.7%)Stop loss : 875 (-4.4%)
Entry point 915 (19/2) sudah tercapai, SMRA gagal bertahan pada Support 915, berpeluang menguji Support 895 dan875. Namun, jika SMRA bertahan diatas Support 915, berpeluang mencoba Resistance 945 dan 960. SMRA dilihat dariIndikator MACD dan Stoc osc mengindikasikan pola Uptrend.
Support : 6.175, 6.100Resistance : 6.300, 6.400
Support : 895, 875Resistance : 945, 960
Summarecon AgungTbk (SMRA)
Astra International Tbk ( ASII )
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Bank Mandiri (Persero)Tbk ( BMRI)
Adaro Energy Tbk (ADRO)
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BMRI : HOLD
Last price : 7.950Target price : 8.125 (4.2%)Stop loss : 7.600 (-2.6%)
BMRI breakout Resistance 7.900, berpeluang melanjutkan penguatan dengan mencoba Resistance 7.975 dan 8.050.Namun, jika BMRI gagal bertahan diatas 7.900, berpeluang menguji Support 7.825 dan 7.750. BMRI dilihat dariIndikator MACD mengindikasikan pola Uptrend dan Stoc osc mengindikasikan pola Overbought.
ADRO : HOLD
Last price : 1.305Target price : 1.385 (4.9%)Stop loss : 1.265 (-4.2%)
ADRO breakdown Support 1.320, berpeluang melanjutkan pelemahan dengan menguji Support 1.290 dan 1.265.Namun, jika ADRO bertahan diatas 1.320, akan mencoba Resistance 1.360 dan 1.385. Indikator MACD mengindikasi-kan pola Uptrend dan Stoc osc mengindikasikan pola Overbought.
Support : 7.825, 7.750Resistance : 7.975, 8.050
Support : 1.290, 1.265Resistance : 1.320, 1.345
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DEPUTY HEAD OF RESEARCH
Wilbert
Consumer Goods, Plantation, Pulp and Paper
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EQUITY ANALYST
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Commodities
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EQUITY ANALYST
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Property, Industrial Estate
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EQUITY ANALYST
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20200220 Daily Research1.pdf (p.1-5)20200220 Technical Corner.pdf (p.6-8)Disclaimer.pdf (p.9)