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TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
We published a macro note on inflation and expect it to stand at 0.34% MoM
(6.98% YoY) due to rising chili and onion prices. We kept our FY15 inflation
expectation within 4.5-5.5%. SOCI: numbers are in line with our estimates.
We maintain our forecast and TP at Rp850, still a Buy. Property news: minis-
ters clashing regarding luxury strata and foreign ownership, which would
result in delayed luxury tax (PPnBM) implementation. This is positive for
APLN PWON DILD, and CTRP, at least for a short-term. Expect low trading
liquidity today due to Waisak holiday season.
TRIM Daily
TRIM Highlights
Jun 01, 2015
Jakarta Composite Index (JCI) down 0.4% by 21 poins to 5216 yesterday. Index movers were mostly driven by consumer, mining and finance. Total transaction value was Rp10.4tr. IDX recorded Rp172bn net sell by foreign investors. JCI today is expected to continue its weakening trend and trade in 5190-5263 range.
Technical Market View
U.S. GDP annualized 1Q slowed to -0.7% (consensus -0.9%), from 0.2% growth in the previous quarter. However, U.S. private consumption remain solid, 1.8% vs 1.9% in the previous quarter.
Global Wrap
Technical analysis: trading picks
JCI 5,216.4
Global Indices
Dual Listing (NYSE)
Others
(USD) (Rp) Chg %
43.3 14,302 0.10 0.2TLKM
Change -0.40%
Transaction Volume (m) 9,176
Transaction Value (Rpbn) 10,453
Mkt Cap (Rptr) 5,280
Market 2015 P/E (x) 13.5
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 18,010.7 -115.4 -0.6
Nasdaq 5,070.0 -27.9 -0.5
Nikkei 20,563.2 11.7 0.1
ST Times 3,392.1 -25.7 -0.8
FTSE 6,984.4 -56.5 -0.8
Hang Seng 27,424.2 -30.1 -0.1
Chg %
USD IDR 13,224 1 0.0
10 yr Indo Govr bond (%) 8.17 0.0 0.5
10 yr US govt bond (%) 2.1 -0.01 -0.3
Spread (%) 6.04 0.05 0.8
EIDO 25.7 -0.1 -0.3
Foreign YtD (USDmn) 620 -13 -2
Stock Price Rating Reason
SMGR 13450 Buy
SMGR is a long term bullish. After break-ing the resistance level of 13400 yester-day, SMGR will further increase today, in our view. SMGR’s today trading range is between 13075-13650
GGRM 47100 Buy
GGRM formed a white candle with increas-ing transaction volumes, indicates further upward movement for today, in our view. GGRM is a Speculative Buy with today’s range of 46500-47725
BBRI 11775 Buy
After selling last Friday’s selling pressure,
we expect a technical rebound for BBRI at the range 11500-12050 for today.
ADHI 2505 Buy
MACD indicates positive signal of a potential technical rebound for ADHI. ADHI’s today trading range is around 2450-2640
TBIG 9425 Buy
We expect the stock to increase within the range of 9150-9625 for today, as it formed a long white candle and increasing transaction volumes yesterday.
PGAS 4295 Sell As MACD formed a dead cross, we expect JCI to move downward today within the range of 4150-4360
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Banks: the government reviews to subsidized inter-
est in MSME segments
The Indonesian government is reviewing to provide subsi-
dy in a form of liquidity facility to lower interest rates in
MSME segment. Coordinating Minister for Economic Af-
fairs, Sofyan Djalil, mentioned that the source of fund for
subsidy can be obtained from the state budget or the
government funds in Bank Indonesia (BI). Source: Bisnis
Indonesia (angga.aditya@trimegah.com)
Banks: be vigilant toward short-term offshore bor-
rowing, says BI
Bank Indonesia (BI) asserts the domestic banks should
be vigilant toward the increasing trend of short-term
offshore borrowing. Deputy Governor, Halim Alamsyah,
reveals the offshore borrowing with maturity less than 3
years has reached 40%, although it is still considered
controllable. Thus, the central bank encourages banks to
find offshore borrowing with maturity more than 5 years.
The reason banks are obtaining short-term offshore
borrowing is the supply of funds available abroad are
mostly short term. Source: Bisnis Indonesia
(angga.aditya@trimegah.com)
Property: Luxury Item and Foreign Ownership de-
layed by bureaucracy
MoF plans to allow foreign ownership, in which foreigners
would be able to purchase luxury strata units through
revision in Agricultural Law UU No.5/1960, hence delay-
ing the revision of luxury item regulation (PPnBM), how-
ever, Agragrian and Spatial Planning Minister opposed the
idea, and would proposes the continuity of lease system
(Hak Pakai), with extended lease periods. Source: Bisnis
Indonesia
Comment:
With ministers clashing, the final say would be in the
President and House of Representative' hands, and would
typically take years to resolve especially with land-
ownership in stake. At the current state, the currently
applied Luxury Items tax regulation can potentially be
applied until the foreign ownership law has been con-
firmed. (wisnu.budhiargo@trimegah.com)
Decentralization Plan: Government plans to in-
crease regional funding
Next year, Finance Minister Bambang Brodjonegoro plans
to increase funding for regional and village budgets from
Rp664.6tr – the figure in the revised 2015 state budget,
which accounts for 34% of total state spending – to a
new a larger figure of at least Rp700tr. The larger figure
of funding are prepared to boost local infrastructure
project and actualize President Joko Widodo’s grand
decentralization plans. Source: Jakarta Post
(yeni.simanjuntak@trimegah.com)
APLN: New Township in Medan to start operations in
2017
Agung Podomory had begun development in Podomodoro
City Deli Medan, and scheduled to be operational in 2017.
The township to consist 1 Office tower, 7 Apartment tow-
ers, a shopping mall and a 5-star hotel. All saleable units
will be sold as Strata units, with office ASP of Rp30mn psm
and apartment ASP of Rp20mn psm. Source: Bisnis Indo-
nesia (wisnu.budhiargo@trimegah.com)
Telco: Possibility of MVNO permit in Indonesia –
under discussion by Govt
Govt is in the middle of reviewing the possibility of giving
mobile virtual network operator (MVNO) permit in Indone-
sia. This is part of the consolidation and efficiency strategy
for mobile network operator (MNO). Previously, MVNO
adoption is not allowed in Indonesia. In several countries,
MVNO providers only buy frequency licenses and infra-
structure from MNO, and then issue its own SIM card and
marketing. According to EXCL, MNVO players will find
difficulty to build brand and targetting specific market,
because potential segments and businesses (in Indonesia)
has been targetted by the operators. Source: Bisnis Indo-
nesia (paula@trimegah.com)
Gov't will limit private debt.
The government is planning to limit private debt by regu-
late maximum debt to equity ratio at 4.0x means 80%
debt : 20% equity. The new regulation will be launched
this June, yet the effective date at 1 January
2016. Source: Kontan (dini.anggraeni@trimegah.com)
Infrastructure: Government accelerates 10 priority
projects
Government will accelerates 10 priority infrastructure
projects – with the investment value around Rp250tr – that
will be break ground no later than this year. Those pro-
jects are Rp24tr express railway Soekarno Hatta-Halim
airport; Trans-Sumatra highway Rp30tr; coal railway in
East Kalimantan Rp20tr; Balikpapan-Samarinda highway
Rp11.4tr; Batang PLTU project Rp40tr; ravitalization 3
airports in Lampung, Central Sulawesi and NTT Rp6tr;
Bontang pipe line project Rp60tr; water supply develop-
ment system in Semarang Rp0.76tr; transmission 500kV in
Sumatra Rp35tr; and high voltage direct current in Suma-
tra & Java Rp20tr. Source: Bisnis Indonesia
(yeni.simanjuntak@trimegah.com)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
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
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
May-14
Jun-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Aug-14
Sep-14
Sep-14
Oct-
14
Oct-
14
Oct-
14
Nov-14
Nov-14
Dec-14
Dec-14
Jan-15
Jan-15
Feb-15
Feb-15
Mar-15
Mar-15
Apr-15
Apr-15
Apr-15
May-15
May-15
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
-34 -63
585
9 16
-1
-629
-323
2,010
-220
26
-1,946
(2,500)
(2,000)
(1,500)
(1,000)
(500)
0
500
1,000
1,500
2,000
2,500
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
40
50
60
70
80
90
100
110
120
May-14
Jun-1
4
Jul-
14
Aug-14
Aug-14
Sep-1
4
Oct-
14
Oct-
14
Nov-1
4
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-
15
Apr-
15
May-15
May-15
(USD/ Troy oz.)(USD)
Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)
500
700
900
1,100
1,300
1,500
1,700
-
500
1,000
1,500
2,000
2,500
3,000
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
15
Apr-
15
May-15
(USD Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (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
May-
14
Jun-
14
Jul-
14
Aug-
14
Sep-
14
Oct-
14
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
Apr-
15
May-
15
(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
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
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
15
Apr-
15
May-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
May-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-14
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-15
Apr-15
May-15
May-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
May-14
Jun-1
4
Jul-
14
Aug-14
Aug-14
Sep-1
4
Oct-
14
Oct-
14
Nov-1
4
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-
15
Apr-
15
May-15
May-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
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
May-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-1
4
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-15
Apr-
15
May-15
May-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
500
700
900
1,100
1,300
1,500
1,700
May-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-1
4
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-15
Apr-
15
May-15
May-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
May-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-14
Dec-14
Dec-14
Jan-15
Feb-15
Feb-15
Mar-
15
Apr-15
May-15
May-15
(USD bbl)(Rp)
GIAA (LHS) Crude Oil Brent (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
5/28/2015 US Initial Jobless Claims (000's) 23-May 270 -- 274
US Continuing Claims (000's) 16-May 2200 2211 --
US Bloomberg Consumer Comfort 24-May -- 40.9 42.4
US Pending Home Sales MoM (%) Apr 0.9 3.4 1.1
EC Consumer Confidence May F -5.5 -5.5 -5.5
5/29/2015 US GDP Annualized QoQ (%) 1Q S -0.9 -0.7 0.2
US Personal Consumption (%) 1Q S 2 1.8 1.9
US GDP Price Index (%) 1Q S -0.1 -0.1 -0.1
US Core PCE QoQ (%) 1Q S 0.9 0.8 0.9
US Chicago Purchasing Manager May 53 46.2 52.3
US U. of Mich. Sentiment May F 89.5 90.7 88.6
EC M3 Money Supply YoY (%) Apr 4.9 5.3 4.6
EC M3 3-month average Apr 4.5 4.7 4.1
6/1/2015 US Personal Income Apr 0.3 -- 0
US Personal Spending Apr 0.2 -- 0.4
US PCE Core MoM Apr 0.2 -- 0.1
US Markit US Manufacturing PMI May F 54.1 -- 53.8
US Construction Spending MoM Apr 0.7 -- -0.6
US ISM Manufacturing May 52 -- 51.5
US ISM Prices Paid May 43 -- 40.5
ID HSBC Indonesia Manufacturing PMI May -- -- 46.7
ID CPI NSA MoM May 0.35 -- 0.36
ID CPI YoY May 7 -- 6.79
ID CPI Core YoY May 5.03 -- 5.04
EC Markit Eurozone Manufacturing PMI May F 52.3 -- 52.3
CH Manufacturing PMI May 50.2 -- 50.1
CH HSBC China Manufacturing PMI May F 49.2 -- 49.1
6/2/2015 US Factory Orders Apr -0.1 -- 2.1
EC CPI Estimate YoY May 0.1 -- -
EC CPI Core YoY May A 0.7 -- 0.6
6/3/2015 US MBA Mortgage Applications 29-May -- -- -1.6
6/4/2015 US ADP Employment Change May 200000 -- 169000
US Trade Balance Apr -442 -- -514
US Markit US Composite PMI May F -- -- 56.1
US Markit US Services PMI May F 56.6 -- 56.4
US ISM Non-Manf. Composite May 57 -- 57.8
EC Markit Eurozone Services PMI May F 53.3 -- 53.3
EC Markit Eurozone Composite PMI May F 53.4 -- 53.4
EC Unemployment Rate Apr 11.3 -- 11.3
EC Retail Sales MoM Apr 0.3 -- -0.8
EC Retail Sales YoY Apr 1.7 -- 1.6
EC ECB Main Refinancing Rate 3-Jun 0.05 -- 0.05
EC ECB Deposit Facility Rate 3-Jun -0.2 -- -0.2
EC ECB Marginal Lending Facility 3-Jun 0.3 -- 0.3
CH HSBC China Composite PMI May -- -- 51.3
CH HSBC China Services PMI May -- -- 52.9
6/4/2015 US Initial Jobless Claims 30-May -- -- 282000
US Continuing Claims 23-May -- -- 2.22
US Bloomberg Consumer Comfort 31-May -- -- 40.9
6/5/2015 US Change in Nonfarm Payrolls May 223000 -- 223000
US Change in Manufact. Payrolls May 5000 -- 1000
US Unemployment Rate May 5.4 -- 5.4
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
Corporate Action
Code Price
Exercise Maturity Emiten Description
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
Statistics
0.0
-0.4
-1.0
-2.8
-3.8
-4.4
-4.7
-4.9
-5.0
-5.4
BMRI
BBRI
ASII
CPIN
UNTR
ADRO
CTRA
MYOR
INCO
AALI20.6
7.1
6.7
4.2
3.6
3.0
2.6
1.9
1.0
(3.7)
IIKP
TBIG
SMCB
PNBN
MIKA
SCMA
EXCL
GGRM
INTP
UNVR
1,264
744
461
427
321
317
315
311
276
240
- 500 1,000 1,500
SMRA
BBRI
ITMG
BMRI
LPPF
KLBF
BBCA
ASII
TLKM
INDF
742
645
445
293
225
202
174
158
140
136
0 500 1,000
DMAS
SMRA
SIAP
BWPT
ENRG
BUMI
KLBF
SRIL
MYRX
MTFN
11,138
9,645
7,062
6,878
6,819
6,450
6,426
6,188
5,392
4,689
SMRA
DMAS
ITMG
SIDO
BBRI
KLBF
LPPF
TLKM
BWPT
BMRI
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) -0.20% 9,176
YTD (USD) 34.67% 10,453
Moving Avg 20day 5,225 5,280
Moving Avg 50day 5,342 13.5
Moving Avg 200day 5,225 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 6,182.1 -22.9 -0.4 -0.3
JII 698.1 -9.1 -1.3 1.0
LQ45 904.1 -6.1 -0.7 0.6
JAKFIN Index 759.7 -1.8 -0.2 3.8
JAKINFR Index 1,052.9 4.4 0.4 -9.3
JAKMINE Index 1,201.3 -28.5 -2.3 -12.2
JAKCONS Index 2,340.9 -25.2 -1.1 7.5
JAKTRAD Index 942.1 -0.5 -0.1 7.2
JAKMIND Index 1,267.4 -11.1 -0.9 -3.0
JAKBIND Index 465.8 -1.1 -0.2 -14.3
JAKPROP Index 540.0 -1.0 -0.2 2.9
JAKAGRI Index 2,316.8 -13.9 -0.6 -1.5
Commodities +/- (%)YTD (%)
CRB Index 223.2 2.3 1.02 -3.0
Oil & Gas
Brent Crude Oil (USD/bbl) 65.6 3.0 4.76 14.4
Nymex Oil (USD/bbl) 60.3 2.6 4.54 13.1
Natural Gas 2.6 -0.1 -2.37 -8.9
COAL (AUS Daily) 57.6 0.3 0.52 -7.1
Industrial Metals
Aluminum (USD/tonne) 1,708.3 -39.5 -2.26 -6.8
Nickel (USD/tonne) 12,620 -190 -1.48 -16.7
Tin (USD/tonne) 15,600 50 0.32 -19.6
Precious Metal
Gold (USD/t oz.) 1,189.4 1.3 0.11 0.4
Silver (USD/t oz.) 16.7 0.0 0.19 7.1
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,170 0.0 0.00 -5.3
Rubber (JPY/kg) 1,849 25.3 1.39 12.6
Corn (USD/bu.) 352 -2.0 -0.57 -11.5
Wheat (USD/bu.) 477 -11.8 -2.40 -19.2
Soybeans (USD/bu.) 934 8.0 0.86 -8.3
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 1,779.3 -12.04 -0.67 4.07
SPX S&P 500 2,107.4 -13.40 -0.63 2.36
US
18,010.7 -115.4 -0.64 1.05
Nasdaq US 5,070.0 -27.95 -0.55 7.05
Europe
EURO 50 Europe 399.9 -6.96 -1.71 16.75
FTSE London 6,984.4 -56.49 -0.80 6.37
DAX Jerman 11,413.8 -263.8 -2.26 16.40
CAC France 5,007.9 -129.94 -2.53 17.20
SMI Swiss 9,237.8 -156.46 -1.67 2.83
BRIC
BOVESPA Brazil 52,760.5 -1,216 -2.25 5.51
MICEX Russia 1,609.2 -48.43 -2.92 15.22
SENSEX India 27,828.4 321.7 1.17 1.20
NIFTY India 8,433.7 114.7 1.38 1.82
SHCOMP China 4,611.7 -8.52 -0.18 42.57
SZCOMP China 2,793.3 36.33 1.32 97.38
Nikkei Japan 20,563.2 11.7 0.06 17.83
TPX Japan 1,673.7 0.89 0.05 18.91
HSI Hong kong 27,424.2 -30.1 -0.11 16.18
KOSPI S.Korea 2,114.8 3.91 0.19 10.40
TAIEX Taiwan 9,701.1 -11.8 -0.12 4.23
FSSTI Singapore 3,392.1 -25.66 -0.75 0.80
ASEAN
SET Thailand 1,496.1 2.44 0.16 -0.11
PCOMP Philipines 7,580.5 75.4 1.01 4.84
KLCI Malaysia 1,747.5 -8.04 -0.46 -0.78
VNINDEX Vietnam 569.6 -3.41 -0.60 4.39
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.910 -0.004 -0.00 13.73
USDGBP UK 0.654 0.001 0.00 8.98
USDCHF Switzerland 0.940 -0.004 -0.00 -5.97
USDCAD Canada 1.245 0.002 0.00 3.78
USDAUD Australia 1.308 0.001 0.00 9.01
USDNZD New Zealand 1.407 0.014 0.01 8.22
USDJPY Japan 124.15 0.200 0.00 3.63
USDCNY China 6.20 (0.00) (0.00) -0.04
USDHKD Hongkong 7.753 -0.000 -0.00 -0.60
USDSGD Singapore 1.348 -0.001 -0.00 3.68
Rupiah Indonesia 13,224 1.0 0.00 6.75
JCI 5,216.4 (21.0) -0.4%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
Historical Technical Trading Ideas (1)
Ticker Last Technical Call 5-May-15 Chg (%) Recommendation
JCI 5086.425 Strenghtening
5,160 1.45% Correct
BDMN 4,010 Buy
4,010 0.00% Correct
BBRI 11,625 Buy
11,700 0.65% Correct
BMRI 11,175 Buy
11,225 0.45% Correct
UNVR 43,000 Buy
44,175 2.73% Correct
GGRM 49,000 Buy
48,500 -1.02% Incorrect
TLKM 2,765 Sell
2,750 -0.54% Correct
INTP 22,800 Sell 22400 -1.75% Correct
Ticker Last Technical Call 4-May-15 Chg (%) Recommendation
JCI 5086.425 Rebound
5,141 1.08% Correct
BBNI 6,650 Buy
11,175 3.95% Correct
BMRI 10,900 Buy
11,625 0.00% Correct
BBRI 11,875 Buy
4,010 1.01% Correct
AALI 20,300 Buy
20,250 -0.49% Incorrect
ASII 7,375 Buy
43,000 0.94% Correct
PGAS 4,400 Sell
49,000 -2.00% Correct
Ticker Last Technical Call 30-Apr-15 Chg (%) Recommendation
JCI 5105.563 Rebound
5,086 -0.37% Incorrect
BBNI 6,525 Buy
6,650 1.92% Correct
BMRI 10,550 Buy
10,900 3.32% Correct
BBRI 11,625 Buy
11,875 2.15% Correct
AALI 19,925 Buy
20,300 1.88% Correct
GGRM 52,225 Buy
53,225 1.91% Correct
ADHI 2,810 Spec Buy
2,840 1.07% Correct
Ticker Last Technical Call 29-Apr-15 Chg (%) Recommendation
JCI 5242.157 Rebound
5,106 -2.61% Correct
BBNI 6,650 Buy
6,525 -1.88% Incorrect
BMRI 10,900 Buy
10,550 -3.21% Incorrect
BBRI 11,875 Buy
11,625 -2.11% Incorrect
AALI 20,300 Buy
19,925 -1.85% Incorrect
ASII 7,375 Buy
7,100 -3.73% Correct
PGAS 4,400 Buy
4,265 -3.07% Correct
Ticker Last Technical Call 28-Apr-15 Chg (%) Recommendation
JCI 5245.446 Continues Weakening
5,242 -0.06% Correct
BBNI 6,500 Buy
6,650 2.31% Correct
BMRI 11,250 Buy
10,900 -3.11% Incorrect
BBRI 12,025 Buy
11,875 -1.25% Correct
AALI 20,025 Buy
20,300 1.37% Correct
GGRM 52,000 Buy
53,225 2.36% Correct
SMRA 1,895 Trading Buy
1,840 -2.90% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 27-Apr-15 Chg (%) Recommendation
JCI 5435.355 Continues Weakening
5,245 -3.49% Correct
ASRI 670 Buy
640 -4.48% Incorrect
KLBF 1,905 Buy
1,850 -2.89% Incorrect
GGRM 54,500 Buy
52,000 -4.59% Incorrect
GIAA 585 Sell
575 -1.71% Correct
PGAS 4,640 Sell
4,415 -4.85% Correct
BBNI 6,950 Sell
6,500 -6.47% Correct
Ticker Last Technical Call 24-Apr-15 Chg (%) Recommendation
JCI 5436.209 Continues Weakening
5,435 -0.02% Correct
KIJA 310 Buy
307 -0.97% Incorrect
LSIP 1,530 Buy
1,520 -0.65% Incorrect
PGAS 4,700 Buy
4,640 -1.28% Correct
ACES 690 Spec Buy
680 -1.45% Correct
AKRA 5,400 Sell
5,150 -4.63% Correct
WIKA 3,530 Sell
3,510 -0.57% Correct
Ticker Last Technical Call 23-Apr-15 Chg (%) Recommendation
JCI 5437.119 Profit Taking
5,436 -0.02% Correct
ITMG 15,400 Buy
14,575 -5.36% Incorrect
SMRA 1,900 Buy
1,920 1.05% Correct
LPKR 1,345 Buy
1,325 -1.49% Correct
CTRA 1,450 Spec Buy
1,455 0.34% Correct
SOCI 585 Spec Buy
565 -3.42% Correct
PGAS 4,675 Sell
4,700 0.53% Incorrect
Ticker Last Technical Call 22-Apr-15 Chg (%) Recommendation
JCI 5460.6 Strenghtening
5,437 -0.43% Incorrect
MEDC 3,145 Buy
3,105 -1.27% Incorrect
ASII 7,925 Buy
7,900 -0.32% Incorrect
SMRA 1,880 Buy
1,900 1.06% Correct
LPKR 1,390 Buy
1,345 -3.24% Incorrect
ITMG 15,150 Buy
15,400 1.65% Correct
BRAU 102 Trading Buy
98 -3.92% Incorrect
Ticker Last Technical Call 21-Apr-15 Chg (%) Recommendation
JCI 5,401 Cont'd Weakening
5,461 1.11% Incorrect
MEDC 3,145 Buy
3,145 0.00% Correct
ASII 7,700 Buy
7,925 2.92% Correct
TLKM 2,835 Buy
2,835 0.00% Correct
NIRO 210 Buy
213 1.43% Correct
SMRA 1,865 Buy
1,880 0.80% Correct
UNTR 22,450 Sell
22,900 2.00% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Historical Technical Trading Ideas (3)
Ticker Last Technical Call 20-Apr-15 Chg (%) Recommendation
JCI 5,411 Cont'd Weakening
5,401 -0.18% Correct
MEDC 3,135 Buy
3,145 0.32% Correct
AALI 23,100 Buy
22,825 -1.19% Incorrect
WIKA 3,580 Buy
3,565 -0.42% Incorrect
PTPP 4,000 Buy
4,000 0.00% Correct
GGRM 50,500 Sell
52,200 3.37% Correct
BBRI 13,000 Sell
13,150 1.15% Correct
Ticker Last Technical Call 17-Apr-15 Chg (%) Recommendation
JCI 5,421 Cont'd Weakening
5,411 -0.19% Correct
BBCA 14,900 Buy
14,750 -1.01% Incorrect
PTPP 3,985 Buy
4,000 0.38% Correct
GGRM 49,225 Buy
50,500 2.59% Correct
NIRO 214 Buy
210 -1.87% Incorrect
SMRA 1,875 Sell
1,830 -2.40% Correct
LPKR 1,460 Sell
1,325 -9.25% Correct
Ticker Last Technical Call 16-Apr-15 Chg (%) Recommendation
JCI 5,415 Cont'd Weakening
5,421 0.12% Incorrect
BMRI 12,050 Buy
12,000 -0.41% Incorrect
BBRI 12,975 Buy
13,125 1.16% Correct
SMGR 13,125 Buy
13,700 4.38% Correct
TLKM 2,805 Buy
2,810 0.18% Correct
PGAS 4,410 Trading Buy
4,340 -1.59% Correct
LPKR 1,450 Sell
1,460 0.69% Incorrect
Ticker Last Technical Call 15-Apr-15 Chg (%) Recommendation
JCI 5,419 Rebound
5,415 -0.08% Incorrect
BMRI 11,850 Buy
12,050 1.69% Correct
BBRI 12,975 Buy
13,075 0.77% Correct
LPKR 1,445 Buy
1,450 0.35% Correct
SCMA 3,425 Buy
3,450 0.73% Correct
APLN 420 Buy
420 0.00% Correct
ASII 8,200 Buy
8,175 -0.30% Incorrect
Ticker Last Technical Call 14-Apr-15 Chg (%) Recommendation
JCI 5,447 Cont'd Weakening
5,419 -0.51% Correct
LPKR 1,380 Buy
1,445 4.71% Correct
SMRA 1,940 Buy
1,900 -2.06% Incorrect
GJTL 1,290 Buy
1,265 -1.94% Incorrect
UNVR 39,775 Buy
38,750 -2.58% Incorrect
NIRO 222 Sell
214 -3.60% Correct
PTPP 3,900 Sell
3,870 -0.77% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Historical Technical Trading Ideas (4)
Ticker Last Technical Call 13-Apr-15 Chg (%) Recommendation
JCI 5,491 Cont'd Weakening
5,447 -0.79% Correct
BBRI 12,975 Buy
13,000 0.19% Correct
GJTL 1,265 Buy
1,290 1.98% Correct
ACES 715 Buy
705 -1.40% Incorrect
SCMA 3,355 Buy
3,380 0.75% Correct
KIJA 333 Buy
326 -2.10% Incorrect
MPMX 780 Sell
790 1.28% Correct
Ticker Last Technical Call 10-Apr-15 Chg (%) Recommendation
JCI 5,501 Cont'd Strengtening
5,491 -0.18% Incorrect
ASII 8,150 Buy
8,150 0.00% Correct
PGAS 4,800 Buy
4,825 0.52% Correct
BBCA 15,075 Buy
15,050 -0.17% Incorrect
NIRO 234 Buy
232 -0.85% Incorrect
CPRO 101 Buy
99 -1.98% Incorrect
LEAD 2,250 Sell
2,250 0.00% Correct
Ticker Last Technical Call 9-Apr-15 Chg (%) Recommendation
JCI 5,487 Cont'd Strengtening
5,501 0.25% Correct
ASII 8,000 Buy
8,150 1.88% Correct
AALI 24,125 Buy
24,075 -0.21% Incorrect
KIJA 332 Buy
329 -0.90% Incorrect
NIRO 229 Buy
234 2.18% Correct
ICBP 14,500 Buy
14,475 -0.17% Incorrect
BBNI 7,225 Sell
7,175 -0.69% Correct
Ticker Last Technical Call 8-Apr-15 Chg (%) Recommendation
JCI 5,523 Cont'd Strengtening
5,487 -0.66% Incorrect
UNVR 39,800 Buy
38,700 -2.76% Incorrect
SSIA 1,160 Buy
1,200 3.45% Correct
GJTL 1,280 Buy
1,280 0.00% Correct
NIRO 229 Buy
229 0.00% Correct
KLBF 1,860 Sell
1,835 -1.34% Correct
BBCA 15,300 Sell
15,025 -1.80% Correct
Ticker Last Technical Call 7-Apr-15 Chg (%) Recommendation
JCI 5,480 Rebound
5,523 0.79% Correct
ASII 8,200 Buy
8,150 -0.61% Incorrect
BBNI 7,175 Buy
7,275 1.39% Correct
UNVR 38,625 Buy
39,800 3.04% Correct
INTP 22,600 Buy
22,950 1.55% Correct
TLKM 2,835 Buy
2,855 0.71% Correct
KLBF 1,860 Sell
1,860 0.00% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
(sebastian.tobing@trimegah.com)
Gina Novrina Nasution, CSA
Technical Analyst
(gina.nasution@trimegah.com)
Paula Ruth
Equity Analyst
(paula@trimegah.com)
Angga Aditya Assaf
Equity Analyst
(angga.aditya@trimegah.com)
Willinoy Sitorus
Equity Analyst
(willinoy.sitorus@trimegah.com)
M. Dian Octiana
Equity Analyst
(dian.octiana@trimegah.com)
Wisnu Budhiargo
Equity Analyst
(wisnu.budhiargo@trimegah.com)
Tim Alamsyah
Equity Analyst
(tim.alamsyah@trimegah.com)
Dini Agmivia Anggraeni
Fixed Income/Macro Analyst
(dini.anggraeni@trimegah.com)
Yeni Simanjuntak
On-the-ground Analyst
(yeni.simanjuntak@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
Institutional Sales Team
Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)
Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)
Meitawati
Equity Institutional Sales
(meitawati.edianingsih@trimegah.com)
Fachruly Fiater
Equity Institutional Sales
(fachruly.fiater@trimegah.com)
Henry Sidarta
Equity Institutional Sales
(henry.sidarta@trimegah.com)
Raditya Andyono
Equity Institutional Sales
(raditya.andyono@trimegah.com)
Nancy Pardede
Equity Institutional Sales
(nancy.pardede@trimegah.com)
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Eddy Sumarli
Puri Kencana, Jakarta
(eddy.sumarli@trimegah.com)
Very Wijaya
BSD, Tangerang
(very.wijaya@trimegah.com)
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Tantie Rivi Watie
Pekanbaru, Riau
(tantierw@trimegah.com)
Nathanael Benny Prasetyo
Palembang, Sumatera Selatan
(benny.prasetyo@trimegah.com)
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
Arifin Pribadi
Makasar, Sulawesi Selatan
(arifin.pribadi@trimegah.com)
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Mariana Kusuma Wati
Semarang, Jawa Tengah
Mariana.kusuma@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)
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t. +62-21 2924 9088
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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
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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
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