The JCI 1Q20

Year-end 2020 JCI Target 7,055pt

We calculate, based on a 12% average earnings growth across the board, the JCI to post year-end estimate index point to 7,055pt.

We argue upbeat CPO price, reversal trend of coal price, and stable crude oil price are expected to support the economy, estimated to expand by 5.3% YoY this year.

Sectors choice

We maintain our diversification base recommendation that are Consumer. Trade, Automotive, Coal Mining, with companies pick selection as below.