trim daily · also the lawyer for mr. soeharto and aceh governor in corruption cases. govt reached...

TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1

After the euphoria following unexpected BI Rate cut on Wednesday, we may

see some profit taking in the market. Global investors are now focusing on

the Greece situation that is reaching injury time. We published an update

note on BMRI: maintain Neutral rating, TP 12400 (4% upside). BMRI’s NPL

(last year 2.15%, this year expect 2.2%) will continue to be the most im-

portant factor.

TRIM Daily

TRIM Highlights

Feb 20, 2015

Jakarta Composite Index (JCI) up by 53 poin or 1% to 5,390 yesterday. Index movers were mostly driven by finance, infrastructure and property construction. Total transaction value was Rp8.1tr. IDX recorded RP386bn net sell by foreign investors. We expect JCI to experience profit taking within the range of 5368-5415

Technical Market View

Germany rejected Greek proposal for a six-month extension of its euro zone

loan agreement. With no extension, Greece will officially default on its loans

by end of this month. It has now reached injury time and the ball is in

Greece prime minister’s hands. A default can effectively force Greece out of

Euro area and resulted in a temporary capital outflow from emerging mar-

kets.

Global Wrap

Technical analysis: trading picks

JCI 5,390.5

Global Indices

Reksa Dana Trimegah Asset Management

Dual Listing (NYSE) Others

(USD) (Rp) Chg %

44.4 14,234 0.00 0.0TLKM

Change 0.00%

Transaction Volume (m) 12,501

Transaction Value (Rpbn) 18,081

Mkt Cap (Rptr) 5,373

Market 2015 P/E (x) 14.2

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 17,985.8 0.0 0.0

Nasdaq 4,924.7 0.0 0.0

Nikkei 18,264.8 0.0 0.0

ST Times 3,435.7 0.0 0.0

FTSE 6,888.9 0.0 0.0

Hang Seng 24,832.1 0.0 0.0

NAB Chg %

Trim Kapital 9,697.2 0 0.0

Trim Kapital + 3,542.3 0.0 0.0

Trim Syariah SHM 1,752.0 0.0 0.0

Tram Consumption +1,571.6 0.0 0.0

Trim Komb 2 2,123.5 0.0 0.0

Trim Syariah B 2,471.7 0.0 0.0

Trim Dana Stabil 2,201.1 0.0 0.0

Trim Dana Tetap 2 1,771.9 0.0 0.0

Tram PDPT USD 1.1 0.0 0.0

Tram Reguler INC 994.7 0.0 0.0

Tram Strategic Fund 1,214.9 0.0 0.0

Trim Kas 2 1,140.8 0.0 0.0

Chg %

USD IDR 12,832 0 0.0

10 yr Indo Govr bond (%) 7.21 0.0 0.0

10 yr US govt bond (%) 2.1 0.00 0.0

Spread (%) 5.09 0.00 0.0

EIDO 27.5 0.0 0.0

Foreign YtD (USDmn) 518 0 0

Stock Price Rating Reason

BWPT 366 Buy BWPT remains on a long term bullish pattern with the potensial technical rebound today on the range of 359-377

GGRM 55175 Buy We believe GGRM to increase today within the range of 54700-55850

GJTL 1340 Buy

With the correction in last few days GJTL is oversold. We expect a technical rebound to occur today with support and resistance lev-els of 1330-1400

ADHI 3410 Buy ADHI is ashort term bullish. ADHI’s support-resistance level for today is 3300-3570

BBRI 12475 Sell Despite its long term bullish pattern remains intact, we expect a technical corection for BBRI today in the range of 12000-12575

BJBR 910 Sell With low probability of a technical rebound in the near term, BJBR is a Sell with today’s range at 875-935

PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2

News of the Day

Politics: Govt changes KPK leaders and proposed

new chief of police

President Jokowi has appointed Taufiqurachman Ruki,

Indriyanto Seno Adji, and Johan Budi as new KPK (anti

corruption commission) leaders. President Jokowi de-

activated Abraham Samad and Bambang Widjojanto.

President Jokowi also proposed a new chief of police, Mr.

Badrodin Haiti, effectively cancelling Mr. Budi Gunawan’s

controversial appointment as chief of police.

Comment:

Mr. Ruki and Johan Budi are well known as Mr. Ruki was

ex-head of KPK and Mr. Johan Budi is an internal promo-

tion. Mr. Indriyanto Seno Adji has a more spotty back-

ground. His career was mostly in academics but he was

also the lawyer for Mr. Soeharto and Aceh governor in

corruption cases.

Govt reached agreement with Freeport

Director General of Mineral and Coal R. Sukhyar said govt

has agreed to relax the 2017 completion target for 2mn

ton capacity smelter in Gresik as further study needed to

decide on capacity (could be reduced). The 0.9mn ton

capacity smelter in Papua is scheduled to be completed

by 2020.

Parliament plans to request SOEs to report any

subsidiary that plans to go public

Currently there are several SOE subsidiaries planning to

go public this year: WIKA realty, ADHI Persada Properti,

PTPP Properti, KRAS industrial property.

Banking: lending rates may difficult to go down

After being asked by Financial Services Authority (OJK)

and BI rate cut to 7.5%, big banks are still reluctant to

lower their lending rates. The reason is they want to see

the development in the market. The largest state-owned

bank, BMRI, is reviewing the possibility of cutting lending

rates but still subject to its cost of funds. Moreover, BBNI

is also considering to lower lending rates but still has to

assess the risks. On the other hand, BBKP is mentioned

to lower lending rates in the next 2-3 months. Source:

Kontan ([email protected])

Banking: LPS rate is higher than BI rate

BI rate cut by 25bps to 7.5% is not affecting the premi-

um rate from Indonesia Deposit Insurance Corporation

(LPS). LPS premium rate is still at 7.75%, which will be

effective until May 2015. Source: Kontan

BBNI: ready for MEA without merger

The state-owned lender, BBNI, is ready for ASEAN Eco-

nomic Community (MEA) without merge with other big

banks. According to the CEO, Gatot Suwondo, all banks

under business group IV (BUKU IV) are ready for MEA.

The only obstacle to be solved now is to obtain permit to

open overseas branches. He further added that to merge

two state-owned banks is a difficult process. Many things

have to be considered before deciding to merge, including

costs, human resources, potential decline in share price

and forming the new brand image. Source: Investor Daily

and Kontan ([email protected])

Pertamina slashes capex over ongoing oil price

pressure

State-owned oil and gas (O&G) company, Pertamina,

decided to cut its investment this year to USD4.4bn, from

USD7bn due to strong oil price pressure. Despite the cut,

Pertamina is still looking to support the upstream sector

because it is still Pertamina’s value generator, according to

Pertamina finance director, Arief Budiman. Source: The

Jakarta Post ([email protected])

LTLS: is expecting to reach Rp6tr revenue in 2014

LTLS states that 2014 revenue will most likely reach

Rp6tr, or to increase by +4.7% YoY. Currently, the audit-

ing process is still going. For 2015F, the company allo-

cates ~Rp250bn for its CAPEX, which will be used to fund

its 3 main projects; creamer plant expansion in Mojosari,

logistic warehouse development in Semper-Tanjung Priok,

and chemical plant development in Tangerang. LTLS ex-

pects to have Rp7tr in 2015F revenue (+16.6% YoY),

backed by strengthening in its distribution and manufac-

turing businesses. Source: Investor Dai ly

([email protected]).

KIJA: govt will build water treatment plant in Kendal

The regency govt of Kendal, Central Java, has ensured the

water treatment project will start construction this year.

The investor is from South Korea in a joint venture with a

local company PT Global Teknik Indonesia.

Comment:

Having more utilities built out in the area is positive for

KIJA’s industrial estate in Kendal. KIJA has not yet started

selling the land.


News of the Day

PGAS: will start construction of Kalija I soon

The Kalija (Kalimantan Java) pipeline is divided into two

sections: Kalija I (Java to Kepodang field) and Kalija II

(Kepodang to Kalimantan). PGAS and BNBR have agreed

to build Kalija I pipeline with 80:20 ownership (PGAS

80%). The Kepodang field is projected to produce

116mmscfd of natural gas and will be directed to gas

power plant owned by PLN in Tambak Lorok near Sema-

rang.

Comment:

This will add to PGAS (Buy, TP 6000)’ transmission vol-

ume.

KLBF: 2014 unaudited net profit looks in line with

the consensus

According to KLBF’s 2014 unaudited numbers, the com-

pany booked Rp2.1tr in its net profit, or grew by 7% YoY.

It was in-line (97%) with the consensus’ expectation of

Rp2.1tr. Furthermore, KLBF’s revenue stood at Rp17.4tr

(+9% YoY), in-line with the consensus’ number of

Rp17.8tr. Regarding with the margin, the company has

succeed to maintain its margin at the level of 49% for

gross margin, 16% for operating margin, and 12% for

net margin, the highest compared to KAEF and INAF.

S o u r c e : C o m p a n y ’ s p r e s e n t a t i o n

([email protected]).

Comment:

We get KLBF’s 2014 unaudited result from the company’s

presentation. We note that the company has performed

well in 2014, given that the numbers were in-line with the

consensus and the margin were maintained at the healthy

level. However, the company may face the difficult situa-

tion in this year, related to the voluntary withdrawal of its

2 products; Buvanest Spinal and Generic Tranexamat. As

we have informed before, KLBF has recalled its 2 products

post the accident in Siloam Karawaci. The accident result-

ed in the death of 2 persons after being injected by the

anaesthetic products. The Indonesia Drug and Food Moni-

toring Agency (BPOM) confirms the voluntary withdrawal

by KBLF, and says that they are currently investigating

the case. The stock currently trades at 33.1x PE 2015F

(based on consensus’ number), higher than JAKCONS PE

2015F at 27.4x

KLBF QoQ YoY YoY FY14/

Rpbn 4Q13 3Q14 4Q14 Chg Chg 2013 Chg Cons.

% % % %

Revenue 4,562 4,019 4,607 15% 1% 16,002 17,365 9% 97%

Gross profit 2,108 1,948 2,343 20% 11% 7,679 8,474 10% 99%

Operating profit 618 718 757 5% 22% 2,549 2,754 8% 97%

Net profit 553 444 564 27% 2% 1,920 2,051 7% 97%

Gross margin (%) 46% 48% 51% 48% 49%

Operating margin (%) 14% 18% 16% 16% 16%

Net margin (%) 12% 11% 12% 12% 12%

FY14 (unaudited)


Table

Indo Market PE vs Regional (Weekly)

Indo Market PE vs 10yr Bond Yield

Oil Price (Brent), Coal Price (Newcastle), Gold

Foreign Fund Flow in last 5 & 30 days

5yr Bond Yield Indo (USD) vs US Bond Yield

CPO Price, Soybean Price (both 1m Futures)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

2010

2010

2011

2012

2013

2014

2015

(x)

Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia

500

700

900

1,100

1,300

1,500

40

50

60

70

80

90

100

110

120

Feb-14

Mar-

14

Apr-

14

Apr-

14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD/ Troy oz.)(USD)

Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

12.0

12.5

13.0

13.5

14.0

14.5

15.0

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Feb-14

Mar-

14

Mar-

14

Apr-

14

Apr-

14

Apr-

14

May-14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Oct-

14

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Dec-14

Jan-15

Jan-15

Feb-15

Feb-15

(%) Bond Yield US Ind 5yr Bond Yield Indo in USD

102 53264

-142

30 60

690469

297

532

56

2,609

(500)

0

500

1,000

1,500

2,000

2,500

3,000

IND

ON

ESIA

PH

ILIP

PIN

ES

SO

UTH

KO

REA

TH

AIL

AN

D

VIE

TN

AM

IND

IA

(USDmn) 5 Days 30 Days

500

700

900

1,100

1,300

1,500

1,700

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Feb-14

Mar-

14

Apr-

14

May-14

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)


Table

INCO, ANTM vs Nickel price (LME)

Coal Price (Newcastle) vs Coal Sector

TINS vs Tin price (LME)

ANTM vs Gold price

CPO Price (1m Futures in Malaysia) vs CPO Sector

GIAA vs Brent Crude Oil

150

175

200

225

250

275

50

55

60

65

70

75

80

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-

14

Aug-14

Sep-14

Oct-

14

Nov-14

Dec-14

Jan-15

(USD/MT)Coal (LHS) COAL Sector (RHS)

50

55

60

65

70

75

80

85

90

95

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

Feb-14

Mar-

14

Apr-

14

Apr-

14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(MYR / Ton)

CPO Malaysia (LHS) CPO Sector (RHS)

-

5,000

10,000

15,000

20,000

25,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Feb-14

Mar-14

Apr-14

Apr-14

May-14

Jun-14

Jun-14

Jul-

14

Aug-14

Aug-14

Sep-14

Oct-

14

Oct-

14

Nov-14

Dec-14

Jan-15

Jan-15

Feb-15

(USD /MT)(Rp)

INCO (LHS) ANTM (LHS) Nickel LME (RHS)

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

Feb-14

Mar-

14

Apr-

14

Apr-

14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD troy oz.)(Rp) ANTM (LHS) Gold (RHS)

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

25,000

500

700

900

1,100

1,300

1,500

1,700

Feb-14

Mar-

14

Apr-

14

Apr-

14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)

40

50

60

70

80

90

100

110

120

300

350

400

450

500

550

600

650

700

Feb-14

Mar-14

Apr-14

Apr-14

May-14

Jun-14

Jun-14

Jul-14

Aug-14

Aug-14

Sep-14

Oct-14

Oct-14

Nov-14

Dec-14

Jan-15

Jan-15

Feb-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

02/12/2015 US Monthly Budget Statement (USD bn) Jan -19.0 -17.5 10.3

US Retail Sales Advance MoM (%) Jan -0.4 -0.8 -0.9

US Retail Sales Ex Auto MoM (%) Jan -0.5 -0.9 -1.0

US Retail Sales Ex Auto and Gas Jan 0.4 0.2 -0.3

US Bloomberg Consumer Comfort 8-Feb -- 44.3 45.5

CH New Yuan Loans (USD bn) Jan 1350 -- 697.3

CH Money Supply M2 YoY (%) Jan 12.1 -- 12.2

EC Industrial Production SA MoM (%) Dec 0.2 0.0 0.2

02/13/2015 US Import Price Index MoM (%) Jan -3.2 -2.8 -2.5

US U. of Mich. Sentiment Feb P 98.1 93.6 98.1

EC GDP SA QoQ 4Q A 0.2 0.3 0.2

EC GDP SA YoY 4Q A 0.8 0.9 0.8

02/17/2015 US Empire Manufacturing Feb 8 7.78 9.95

ID Bank Indonesia Reference Rate 17-Feb 7.75 7.5 7.75

EC ZEW Survey Expectations Feb -- 52.7 45.2

02/18/2015 US MBA Mortgage Applications (%) 13-Feb -- -13.2 -9

US Housing Starts (000's) Jan 1070 1065 1089

US PPI Final Demand MoM (%) Jan -0.4 -0.8 -0.3

US Building Permits (000's) Jan 1067 1053 1032

US PPI Ex Food and Energy MoM (%) Jan 0.1 -0.1 0.3

US PPI Final Demand YoY Jan 0.3 0 1.1

US PPI Ex Food and Energy YoY Jan 2.0 1.6 2.1

US Industrial Production MoM (%) Jan 0.3 0.2 -0.1

US Capacity Utilization Jan 79.9 79.4 79.7

02/19/2015 US Initial Jobless Claims (000's) 14-Feb 290 283 304

US Continuing Claims (000's) 7-Feb 2360 2425 2354

US Bloomberg Consumer Comfort 15-Feb -- 44.6 44.3

US Philadelphia Fed Business Outlook Feb 9 5.2 6.3

US Leading Index Jan 0.3 0.2 0.5

EC Consumer Confidence Feb A -7.5 -6.7 -8.5

02/20/2015 EC Markit Eurozone Manufacturing PMI Feb P 51.5 -- 51

EC Markit Eurozone Services PMI Feb P 53.0 -- 52.7

EC Markit Eurozone Composite PMI Feb P 53.0 -- 52.6

US Markit US Manufacturing PMI Feb P 53.6 -- --

02/23/2015 US Chicago Fed Nat Activity Index Jan -- -- -0.05

US Existing Home Sales (USD mn) Jan 5 -- 5.04

US Dallas Fed Manf. Activity Feb 0 -- -4.4

US Markit US Composite PMI Feb P -- -- 54.4

US Markit US Services PMI Feb P -- -- 54.2

02/24/2015 US Consumer Confidence Index Feb 99.2 -- 102.9

US Richmond Fed Manufact. Index Feb 6 -- 6

EC CPI MoM Jan -- -- -0.10%

EC CPI YoY Jan F -- -- -0.60%


Corporate Action

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY

MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL

GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I GADING DEVELOPMENT

SUPR-W 4800 28-Aug-15 Solusi Tunas Pratama WARAN SERI I SOLUSI TUNAS PRATAMA

NIRO-W 110 11-Sep-15 Nirvana Development WARAN SERI I NIRVANA DEVELOPMENT

BSIM-W 149 11-Dec-15 Bank Sinar Mas WARAN SERI I BANK SINAR MAS

Warrant

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY

MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL

GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I GADING DEVELOPMENT

SUPR-W 4800 28-Aug-15 Solusi Tunas Pratama WARAN SERI I SOLUSI TUNAS PRATAMA

NIRO-W 110 11-Sep-15 Nirvana Development WARAN SERI I NIRVANA DEVELOPMENT

BSIM-W 149 11-Dec-15 Bank Sinar Mas WARAN SERI I BANK SINAR MAS


Statistics

-0.3

-0.4

-1.0

-1.1

-1.5

-1.5

-1.8

-2.9

-2.9

-3.2

KLBF

INTP

PNBN

UNVR

NISP

EXCL

PTBA

TBIG

JKON

ROTI8.3

7.1

6.3

5.3

5.2

4.9

4.0

3.8

1.9

1.9

LPPF

SMRA

PWON

CTRA

BSDE

LPKR

BBRI

BBNI

ASII

BMRI

1,233

546

502

369

291

283

260

246

226

167

- 500 1,000 1,500

BBRI

ASII

BMRI

LPKR

BBNI

MPPA

LPPF

BSDE

ASRI

TLKM

343

330

323

320

280

238

173

163

130

117

0 200 400

ASRI

BKSL

LPKR

MTFN

PWON

CPRO

SRIL

NIRO

BBTN

BSDE

18,795

7,596

6,385

6,013

5,517

5,043

4,764

4,655

4,304

4,289

MYRX

LPKR

BBRI

LPPF

PWON

LRNA

ASRI

BMRI

MNCN

BSDE

JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)

YTD (Rp) 3.13% 12,501

YTD (USD) 35.89% 18,081

Moving Avg 20day 5,311 5,373

Moving Avg 50day 5,222 14.2

Moving Avg 200day 5,085 2.4%

Indonesia & Sectors +/- (%)YTD (%)

MSCI Indonesia 6,483.9 0.0 0.0 4.6

JII 718.7 0.0 0.0 4.0

LQ45 940.4 0.0 0.0 4.7

JAKFIN Index 779.7 0.0 0.0 6.6

JAKINFR Index 1,122.4 0.0 0.0 -3.3

JAKMINE Index 1,342.9 0.0 0.0 -1.9

JAKCONS Index 2,246.6 0.0 0.0 3.2

JAKTRAD Index 947.5 0.0 0.0 7.8

JAKMIND Index 1,371.5 0.0 0.0 4.9

JAKBIND Index 520.5 0.0 0.0 -4.3

JAKPROP Index 569.4 0.0 0.0 8.5

JAKAGRI Index 2,258.5 0.0 0.0 -3.9

Commodities +/- (%)YTD (%)

CRB Index 226.3 0.0 0.00 -1.6

Oil & Gas

Brent Crude Oil (USD/bbl) 60.2 0.0 0.00 5.1

Nymex Oil (USD/bbl) 51.2 0.0 0.00 -4.0

Natural Gas 2.8 0.0 0.00 -2.3

COAL (AUS Daily) 67.3 0.0 0.00 8.5

Industrial Metals

Aluminum (USD/tonne) 1,810.3 0.0 0.00 -1.3

Nickel (USD/tonne) 13,985 0 0.00 -7.7

Tin (USD/tonne) 18,175 0 0.00 -6.3

Precious Metal

Gold (USD/t oz.) 1,207.6 0.0 0.00 2.0

Silver (USD/t oz.) 16.4 0.0 0.00 5.0

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,302 0.0 0.00 0.5

Rubber (JPY/kg) 1,828 0.0 0.00 11.3

Corn (USD/bu.) 390 0.0 0.00 -1.8

Wheat (USD/bu.) 528 0.0 0.00 -10.6

Soybeans (USD/bu.) 1,007 0.0 0.00 -1.2

Volume (m)

Value (Rpbn)

Mkt Cap (Rptr)

Market 2015 P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

Indices Region +/- (%) YT D (%)

MXWO MSCI Word 1,760.8 0.00 0.00 2.99

SPX S&P 500 2,097.5 0.00 0.00 1.87

US

17,985.8 0.0 0.00 0.91

Nasdaq US 4,924.7 0.00 0.00 3.98

Europe

EURO 50 Europe 381.4 0.00 0.00 11.36

FTSE London 6,888.9 0.00 0.00 4.92

DAX Jerman 11,001.9 0.0 0.00 12.20

CAC France 4,833.3 0.00 0.00 13.12

SMI Swiss 8,900.2 0.00 0.00 -0.93

BRIC

BOVESPA Brazil 51,294.0 0 0.00 2.57

MICEX Russia 1,797.9 0.00 0.00 28.73

SENSEX India 29,462.3 0.0 0.00 7.14

NIFTY India 8,895.3 0.0 0.00 7.40

SHCOMP China 3,246.9 0.00 0.00 0.38

SZCOMP China 1,610.7 0.00 0.00 13.82

Nikkei Japan 18,264.8 0.0 0.00 4.66

TPX Japan 1,494.9 0.00 0.00 6.21

HSI Hong kong 24,832.1 0.0 0.00 5.20

KOSPI S.Korea 1,961.5 0.00 0.00 2.39

TAIEX Taiwan 9,529.5 0.0 0.00 2.39

FSSTI Singapore 3,435.7 0.00 0.00 2.09

ASEAN

SET Thailand 1,600.0 0.00 0.00 6.83

PCOMP Philipines 7,803.5 0.0 0.00 7.92

KLCI Malaysia 1,807.9 0.00 0.00 2.64

VNINDEX Vietnam 587.2 0.00 0.00 7.63

Developed ASIA

Dow Jones Industrial

Kurs Region +/- (%) YT D (%)

USDEUR Euro 0.880 0.000 0.00 9.96

USDGBP UK 0.649 0.000 0.00 8.12

USDCHF Switzerland 0.950 0.000 0.00 -5.05

USDCAD Canada 1.250 0.000 0.00 4.13

USDAUD Australia 1.283 0.000 0.00 6.95

USDNZD New Zealand 1.330 0.000 0.00 2.33

USDJPY Japan 118.95 0.000 0.00 -0.71

USDCNY China 6.25 - - 0.89

USDHKD Hongkong 7.758 0.000 0.00 -0.54

USDSGD Singapore 1.358 0.000 0.00 4.48

Rupiah Indonesia 12,832 0.00 0.00 3.58

JCI 5,390.4 0.0 0.0%


Historical Technical Trading Ideas (1)

Ticker Last Trading Ideas 18-Feb-15 Chg (%) Recommendation

JCI 5,337 Cont Strenghtening 5,390 1.00% Correct

BWPT 363 Buy 366 0.83% Correct

SMGR 14,500 Buy 14,775 1.90% Correct

TBIG 8,750 Buy 8,500 -2.86% Incorrect

GGRM 54,950 Buy 55,175 0.41% Correct

ASII 7,800 Buy 7,950 1.92% Correct

MPPA 4,300 Sell 4,420 2.79% Incorrect


JCI 5,325 Cont Weakening 5,338 0.23% Incorrect

BWPT 363 Buy 363 0.00% Correct

SMGR 14,500 Buy 14,675 1.21% Correct

BBRI 12,025 Buy 12,000 -0.21% Incorrect

LEAD 1,985 Buy 1,950 -1.76% Incorrect

ACES 770 Buy 765 -0.65% Incorrect

MPPA 4,200 Sell 4,300 2.38% Correct


JCI 5,374 Cont Strenghtening 5,325 -0.90% Incorrect

TINS 1,070 Buy 1,075 0.47% Correct

UNTR 18,950 Buy 18,750 -1.06% Incorrect

LPKR 1,115 Buy 1,115 0.00% Correct

BBNI 6,675 Buy 6,675 0.00% Correct

MPPA 4,045 Buy 4,200 3.83% Correct

KLBF 1,870 Buy 1,800 -3.74% Incorrect



TINS 1,080 Buy 1,070 -0.93% Inorrect

GGRM 54,950 Buy 55,400 0.82% Correct

LPKR 1,105 Buy 1,115 0.90% Correct

BBNI 6,725 Buy 6,675 -0.74% Incorrect

CPRO 116 Trading Buy 114 -1.72% Incorrect

BKSL 126 Trading Buy 124 -1.59% Correct


JCI 5,337 Profit Taking 5,333 -0.07% Incorrect

GGRM 55,300 Buy 54,950 -0.63% Inorrect

PTPP 3,960 Buy 3,945 -0.38% Incorrect

ANTM 1,070 Sell 1,055 -1.40% Correct

BMRI 11,750 Sell 11,875 1.06% Incorrect

GJTL 1,490 Sell 1,520 2.01% Incorrect

BRAU 90 Trading Sell 89 -1.11% Correct


JCI 5,322 Rebound 5,337 0.28% Correct

ANTM 1,035 Buy 1,070 3.38% Correct

GGRM 55,875 Buy 55,300 -1.03% Incorrect

PTPP 3,920 Buy 3,960 1.02% Correct

BMRI 11,625 Sell 11,750 1.08% Incorrect

BBNI 6,800 Sell 6,725 -1.10% Correct

BUMI 101 Trading Buy 101 0.00% Correct

BWPT 369 Sell 367 -0.54% Correct


JCI 5,348 Profit Taking 5,321 -0.50% Correct


BSDE 2,095 Buy 2,100 0.24% Correct


BKSL 117 Buy 126 7.69% Correct

SMGR 14,900 Buy 14,725 -1.17% Inorrect


ADRO 980 Trading Buy 995 1.53% Correct




JCI 5,343 Profit Taking 5,348 0.10% Incorrect


SMGR 14,775 Buy 14,900 0.85% Correct

GJTL 1,480 Buy 1,485 0.34% Correct

JSMR 7,150 Buy 7,175 0.35% Correct

BBRI 11,650 Buy 11,675 0.21% Correct

CPRO 115 Trading Buy 115 0.00% Correct


JCI 5,279,895 Rebound 5,343 1.19% Correct

JSMR 7,175 Buy 7,150 -0.35% Incorrect

LSIP 1,865 Buy 1,950 4.56% Correct

KLBF 1,835 Buy 1,835 0.00% Correct

PWON 499 Buy 510 2.20% Correct


BRAU 75 Trading Buy 74 -1.33% Incorrect

BBNI 6,450 Buy 6,675 3.49% Correct



ADRO 1,000 Buy 995 -0.50% Incorrect

PGAS 5,375 Buy 5,250 -2.33% Inorrect

ICBP 14,100 Buy 14,075 -0.18% Correct

BBNI 6,500 Sell 6,450 -0.77% Correct

ADHI 3,410 Sell 3,530 3.52% Incorrect

BMRI 11,375 Sell 11,250 -1.10% Correct



BBRI 11750 Buy 11,775 0.21% Correct

SMGR 14,675 Buy 14,775 0.68% Correct

ADRO 990 Buy 1,000 1.01% Correct

PGAS 5,200 Buy 5,375 3.37% Correct

ASII 7,625 Buy 7,725 1.31% Correct

ADHI 3800 Sell 3,410 -10.26% Correct



ACES 755 Buy 750 -0.66% Incorrect

INCO 3,400 Buy 3,365 -1.03% Incorrect

ADRO 995 Buy 990 -0.50% Incorrect

BBRI 11,725 Buy 11,750 0.21% Correct

INDF 7,600 Buy 7,450 -1.97% Incorrect

KLBF 1835 Sell 1,825 -0.54% Correct



ACES 740 Buy 755 2.03% Correct

CTRA 1,440 Buy 1,435 -0.35% Incorrect

SMRA 1,650 Buy 1,620 -1.82% Incorrect

JSMR 7,200 Sell 7,125 -1.04% Correct

BBCA 13,375 Sell 13,350 -0.19% Correct

CPRO 117 Sell 117 0.00% Correct

Ticker Last Trading Ideas 30-Jan-15 Chg (%) Recommendation



LPKR 1,140 Buy 1,135 -0.44% Incorrect

PWON 500 Buy 499 -0.20% Incorrect

MPPA 3600 Sell 3,800 5.56% Incorrect

INCO 3,495 Sell 3,450 -1.29% Correct

CPRO 120 Sell 117 -2.50% Correct




JCI 5,269 Cont' Weakening 5,263 -0.01% Correct


KLBF 1,860 Buy 1,845 -0.81% Incorrect

LSIP 1,845 Buy 1,825 -1.08% Incorrect

AALI 23,675 Buy 23,200 -2.01% Incorrect

GJTL 1,460 Sell 1,445 -1.03% Correct

CPRO 122 Sell 120 -1.64% Correct

INCO 3515 Sell 3,495 -0.57% Correct


JCI 5,277 Cont' Weakening 5,269 -0.15% Correct


SMGR 14,525 Buy 14,475 -0.34% Incorrect


BBRI 11,850 Sell 11,700 -1.27% Correct

GJTL 1,490 Sell 1,460 -2.01% Correct


AKRA 4610 Buy 4,620 0.22% Correct


JCI 5,260 Upside 5,277 0.33% Correct


SMGR 14,475 Buy 14,525 0.35% Correct

PTPP 3,750 Buy 3,780 0.80% Correct

BBRI 11,875 Buy 11,925 0.42% Correct

ADHI 3,580 Sell 3,630 1.40% Incorrect

WSKT 1,570 Sell 1,635 4.14% Incorrect



ASII 8,075 Buy 8,025 -0.62% Incorrect

TLKM 2,890 Buy 2,820 -2.42% Incorrect


WSKT 1,590 Sell 1,570 -1.26% Correct

ADHI 3,690 Sell 3,580 -2.98% Correct

NIPS 496 Trading Buy 487 -1.81% Incorrect

BBTN 1,020 Sell 990 -2.94% Correct

PWON 505 Sell 482 -4.55% Correct




SMGR 14,400 Buy 14,475 0.52% Correct

ADHI 3,645 Buy 3,690 1.23% Correct

CPRO 119 Buy 117 -1.68% Incorrect


PWON 505 Trading Sell 505 0.00% Incorrect

BBKP 760 Buy 760 0.00% Incorrect

PTPP 3,805 Buy 3,800 -0.13% Correct

ANTM 1,060 Buy 1,060 0.00% Incorrect

ADRO 1020 Sell 1,000 -1.96% Correct



ADHI 3,550 Buy 3,645 2.68% Correct


BDMN 4,650 Buy 4,660 0.22% Correct

SMGR 14,100 Buy 14,400 2.13% Correct

TRAM 154 Trading Buy 110 -28.57% Incorrect





JCI 5,166 Strengthening 5,215 0.95% Correct

ADHI 3,570 Buy 3,550 -0.56% Incorrect

INCO 3,490 Buy 3,425 -1.86% Incorrect

BDMN 4,615 Buy 4,650 0.76% Correct

SMGR 14,175 Buy 14,100 -0.53% Incorrect

ENRG 102 Trading Buy 102 0.00% Correct



JCI 5,152 Strengthen 5,166 0.27% Correct

UNVR 34,000 Buy 34,200 0.59% Correct


TLKM 2,855 Sell 2,900 1.58% Incorrect

MAPI 5,700 Sell 5,600 -1.75% Correct


ASRI 580 Trading Buy 580 0.00% Correct

ANTM 1055 HOLD 1,055 0.00% Correct

ADRO 1020 Sell 980 -3.92% Correct


JCI 5,148 Upside 5,152 0.08% Correct

UNVR 33,500 Buy 34,000 1.49% Correct

TLKM 2,845 Buy 2,855 0.35% Correct

SMRA 1,600 Buy 1,605 0.31% Correct

PWON 472 Trading Buy 487 3.18% Correct


BUMI 108 Trading Buy 107 -0.93% Incorrect

PGAS 5,300 BUY 5,200 -1.89% Incorrect

MAPI 5,650 HOLD 5,700 0.88% Incorrect

EXCL 4655 Sell 4,690 0.75% Incorrect


JCI 5,189 Cont' Strenghtening 5,148 -0.76% Incorrect


BMRI 10,900 Buy 10,700 -1.83% Incorrect

CPIN 3,860 Buy 3,805 -1.42% Incorrect


BUMI 113 Trading Buy 108 -4.42% Incorrect

BSDE 1,970 Trading Buy 1,980 0.51% Correct


JCI 5,160 Technical Rebound 5,189 0.58% Correct

ADRO 945 Buy 935 -1.06% Incorrect


SMGR 15,925 Buy 16,200 1.73% Correct

BKSL 112 Trading Buy 115 2.68% Correct


ENRG 104 Trading Buy 106 1.92% Correct


JCI 5,214 Weakening 5,160 -1.04% Correct

UNVR 33,000 Buy 32,650 -1.06% Incorrect

ASII 7175 Sell 7,050 -1.74% Correct

BBRI 11,825 Sell 11,750 -0.63% Correct


BUMI 114 Trading Sell 102 -10.53% Correct

PWON 479 Trading Buy 469 -2.09% Incorrect


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Maria Renata

Equity Analyst

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income Analyst

([email protected])

Yeni Simanjuntak

Equity Analyst

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales Team

Daniel Dwi Seputro

Head of Institutional Equity Sales

([email protected])

Dewi Yusnita

Equity Institutional Sales

([email protected])

Meitawati


([email protected])

Fachruly Fiater


([email protected])

Henry Sidarta


([email protected])

Raditya Andyono


([email protected])

Nancy Pardede


([email protected])

Retail Sales Team

JAKARTA AREA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Eddy Sumarli

Puri Kencana, Jakarta

([email protected])

Very Wijaya

BSD, Tangerang

([email protected])

SUMATERA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Nathanael Benny Prasetyo

Palembang, Sumatera Selatan

([email protected])

EAST INDONESIA

Wiranto Sunyoto

Branch Area Manager

([email protected])

Sonny Muljadi

Surabaya, Jawa Timur

([email protected]

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali

([email protected])

Ivan Jaka Perdana

Malang, Jawa Timur

([email protected])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

PT Trimegah Securities Tbk

Gedung Artha Graha 18th Floor

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190, Indonesia

t. +62-21 2924 9088

f. +62-21 2924 9150

www.trimegah.com

DISCLAIMER

This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information

purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has

been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,

Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is

provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance

on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or

consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted

upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in

future participate in an offering of the company’s equity securities.

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