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TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
We have noticed more projects or launching announced by property companies,
i.e. the USD1bn JV project by KIJA and PLIN and a new tower from LPKR’s Hill-
crest House project in Karawaci. A 1 round presidential election is also positive
for property project launching this year (we expect more launching post presiden-
tial election). This bodes well for cement sales, which have been lagging YTD but
we expect to accelerate in 2H. We have Buys on SMBR (TP 600), INTP (TP
27400) and Hold on SMGR (TP 17000). Also note two stocks that should publish
their 1Q 2014 result soon: PGAS (Hold, TP 5100) is likely to post stronger than
expected 1Q result on better than expected margins due to higher volume from
Conoco. AISA (Buy, TP 3400) should continue to post strong growth.
STOCK PRICE Rec Details
BWPT 1275 Spec Buy After decreased in a few days, BWPT have a potential upside today with trading range 1230-1320
BKSL 139 Spec Buy
With stochastic indicator to form a golden cross, we expect a technical rebound for BKSL today in the range of 136-148 Spec Buy at level 136 with target price 148 (resistance)
GGRM 53550 Spec Buy Spec Buy GGRM at level 53300 with target price today at level 54475
LSIP 2230 Buy LSIP remains strong with potential upside in the range of 2190-2295 for today.
HRUM 2380 Buy HRUM is expected to continue its strengthening within the support and resistance levels of 2355-2490
ADHI 3205 Buy ADHI a potential upside today with trading range 3175-3255
WIKA 2360 Buy We expect WIKA to trade up today in the range of 2320-2510. Buy at level 2335 with target price 2510 (resistance)
PTPP 1865 Buy With stochastic indicator to form a golden cross, we expect a upware movement for PTPP today in the range of 1820-1965
SMGR 14975 Strong Buy We expect SMGR to further strengthen, with today’s trading range of 14575-15900
ASII 7500 Strong Buy ASII formed a doji candle, yesterday. Spec Buy ASII at level 7450 with target price today at level 7700
TRIM Daily
TRIM Highlights
May 22, 2014
Jakarta Composite Index (JCI) was up by 14.34 points or +0.29% to 4,910.3 yesterday. Index movers were mostly driven by Infrastructure Utility & Transpor-tation (+1.05%), Trade Services & Investment (+0.71%), and Construction Property & Real Estate (+0.51%). Total transaction value was Rp5.8tr with regu-lar market transaction of Rp4.6tr. IDX recorded Rp38bn net sell by foreign inves-tors. JCI today is expected to continue its strenghtening trend and trade in 4867-4983 range.
Market View
In Europe, the Euro Zone consumer confidence rose to -7.1 in May (vs consen-
sus: -8.3) from -8.6 in prior month. In Japan, the Japan trade deficit narrowed to
JPY808.9bn in March (vs consensus: -JPY646.3bn) from JPY1.45tn in prior month.
Global Wrap
Trader’s Pick
JCI 4,910.3
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE)
Others
(USD) (Rp) Chg %
42.6 12,260.0 0.45 1.1TLKM
Change 0.29%
Transaction Volume (m) 4,914.3
Transaction Value (Rpbn) 5,811.2
Mkt Cap (Rptr) 4,868.5
Market P/E (x) 15.6
Market Div. Yield (%) 2.0
Price Chg %
Dow Jones 16,533.1 158.8 1.0
Nasdaq 4,131.5 34.6 0.8
Nikkei 14,042.2 -33.1 -0.2
ST Times 3,261.8 -3.7 -0.1
FTSE 6,821.0 19.0 0.3
Hang Seng 22,836.5 1.8 0.0
NAB Chg %
Trim Kapital 8,386.6 -26 -0.30
Trim Kapital + 3,111.5 -1.7 -0.05
Trim Syariah SHM 1,553.7 2.3 0.15
Tram Consumption +1,350.9 2.1 0.15
Trim Komb 2 1,850.7 -0.9 -0.05
Trim Syariah B 2,200.1 -0.9 -0.04
Trim Dana Stabil 2,102.0 -0.7 -0.03
Trim Dana Tetap 2 1,672.1 -0.5 -0.03
Tram PDPT USD 1.1 0.0 0.00
Tram Reguler INC 994.7 0.0 0.00
Tram Strategic Fund 1,071.0 -2.1 -0.19
Trim Kas 2 1,079.2 0.2 0.02
Chg %
USD IDR 11,509 19.0 0.2
10 yr Indo Govr bond (%) 8.02 0.1 1.0
10 yr US govt bond (%) 2.5 0.02 0.9
Spread (%) 5.49 0.06 0.2
EIDO 28.1 0.2 0.6
Foreign YtD (USDmn) 3,583 -0 -0.0
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Dividend Table
TICKER dividend Price Rating Target Dividend EX Date TYPE Pay Date
(Rp/shares) (21-May-14) price yield
BDMN
127 4,230 Hold
4,250
3.0% 5/30/2014 BDVD Forecast -
INDF
165 6,750 NA
7,891
2.4% 7/17/2014 BDVD Forecast -
INTP
470 23,075 Buy
27,400
2.0% 6/20/2014 BDVD Forecast -
GGRM
900 53,550 Buy
58,938
1.7% 7/31/2014 BDVD Forecast -
KLBF
20 1,610 Hold
1,611
1.2% 6/13/2014 BDVD Forecast -
ADRO
11 1,285 Buy
1,300
0.9% 5/29/2014 BDVD Forecast -
UNVR
320 30,000 Hold
28,445
1.1% 6/30/2014 BDVD Forecast -
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
KIJA: To develop USD1bn worth of new project
through JV with PLIN
KIJA through its subsidiary, PT Graha Buana Cikarang, is set
to develop USD1bn worth of new project through joint ven-
ture (JV) with PLIN. The two parties have established a joint
subsidiary, namely PT Plaza Indonesia Jababeka (KIJA: 30%,
PLIN: 70%), which will build up a mixed-use superblock on
12ha of land in Cikarang, West Java as their first develop-
ment phase. The mixed-use complex development is slated
to begin in 4Q14 and expected to finish within the next 4
years. The superblock will consist of two 5-star hotels, shop-
ping mall and apartments. In addition, the second develop-
ment phase will include development of another 4ha of land
under different subsidiary, whereby KIJA owns the controlling
interest (70%) and PLIN holds the minority ownership of
30%. Source: Investor Daily
Comment:
There will be no marketing sales contribution from this pro-
ject to KIJA since the Company holds the minority stake in
the JV (first phase). However, development of this commer-
cial area would elevate the Cikarang land price further, which
will also be supported by the newly operated Cilbatu toll exit
(direct exit toll to Jababeka built by KIJA and LPCK which has
been in operation since Apr’14). Therefore, we would revise
our land price assumption soon as the project begins. We
currently have a Hold on KIJA with TP of Rp250/sh (0.4%
upside potential)
LPKR: Launching new products
LPKR launched their Hillcrest House apartment that consists
of the Perdana tower from the Mega Project Millennium
Village, the new 18 in 1 luxurious integrated development at
Lippo Village CBD. It is located right across the Imperial
Hotel Karawaci, Aryaduta Hotel & Country Club. The project
opened with a selling price of approximately Rp18mn/sqm.
Comment:
LPKR posted weak marketing sales figure of Rp901bn in
1Q14. This represents a YoY decrease of 21.7% from 1Q13
which saw a total of Rp1.15tr and a QoQ decrease of 15.3%
from 4Q13. The figure stood 5.1% below our property coun-
ters average at -16.6% YoY and accounted for only 13.2% of
the Company’s indicative FY14 sales of Rp6.8tr due to fewer
launches. We can expect marketing sales to increase in 2Q14
through the launching of the Hillcrest Apartment Tower. The
Company will most likely achieve a decent take-up rate on
the project due to its attractive pricing at Rp18mn/sqm and
good location (within Lippo Village CBD).
PYFA: Revenue growth targeted at 12%
PFYA is targeting revenue growth of 12% to Rp216bn this
year, above the 10% growth in pharmacuetical industry and
last year’s growth of 9%. One of the drivers is the expected
increase in its export business from the currently 10% of
revenue to 20%. In addition, PFYA is expecting to see sales
volume growth from its 50% increased production capacity.
Capex for this ear is set at Rp15bn. Source: Bisnis Indonesia
JKON: Allocates 2014 capex amounting to Rp600bn
JKON allocates Rp600bn for 2014 capex in which Rp100bn will
be used for regular capex and Rp500bn for investment. JKON
is building a new precast plant in Sabang, West Java with
value approximately Rp120-150bn. The plant will have 150k-
200k mn ton capacity. Currently, JKON operates 3 precast
plants which are located in Tangerang, Medan, and Surabaya.
For 2014, JKON is eyeing new contract to reach Rp6-6.5tr up
3%-12% YoY compared to Rp5.8tr of new contract secured in
2013; while 2014 carry over contract reaches Rp2.9tr. Source:
Investor Daily
Comment:
Compared to the 4 listed construction SOEs under our basket,
JKON’s 2014 order book of Rp6-6.5tr is the smallest. ADHI’s
order book for 2014 is targeted to reach Rp28.6tr (+34%
YoY), WIKA is Rp50tr (+28% YoY), PTPP is Rp44tr (+22%
YoY), and WSKT is Rp29tr (+33% YoY).
MAPI: Will Sell Part of Its Ownership in Burger King and
Domino’s Pizza to 2 Private Equities
MAPI will sell part of its ownership in Domino’s Pizza to Ever-
stone Capital Asia Pte. Ltd making MAPI the owner of 49%
while Everstone 51% of Domino’s Pizza. The transaction is
expected to be completed at the beginning of Jun 2014. MAPI
stated that they will focus in completing the transaction for the
Domino’s Pizza first before Burger King. MAPI’s part of owner-
ship in Burger King will be sold to a Singapore-based private
equity making MAPI the owner of the 49%. The transaction for
Burger King is still under discussion and waiting for approval
from principal. According to the company, it will boost Star-
bucks after selling part of its ownership in Burger King and
Domino. Source: Bisnis Indonesia
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
Statistics
YTD (Rp) 14.88% 4,914.3
YTD (USD) 24.69% 5,811.2
Moving Avg 20day 41,739.0 4,868.5
Moving Avg 50day 4,796.8 2,876.2
Moving Avg 200day 4,640.3 15.0
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 5,802.7 20.5 0.4 18.2
JII 664.8 4.7 0.7 13.6
LQ45 835.3 2.9 0.4 17.5
JAKFIN Index 659.0 -0.4 -0.1 22.0
JAKINFR Index 1,074.0 11.2 1.1 15.4
JAKMINE Index 1,542.5 4.6 0.3 7.9
JAKCONS Index 2,022.4 0.3 0.0 13.5
JAKTRAD Index 860.4 6.0 0.7 10.8
JAKMIND Index 1,299.8 -1.7 -0.1 7.9
JAKBIND Index 522.6 2.1 0.4 8.7
JAKPROP Index 431.8 2.2 0.5 28.1
JAKAGRI Index 2,324.5 -7.9 -0.3 8.6
Commodities +/- (%)YTD (%)
CRB Index 307.9 0.9 0.30 9.9
Oil & Gas
Crude Oil (USD/bbl) 104.1 1.6 1.59 5.7
Natural Gas 4.5 -0.1 -1.74 5.7
COAL (Australia,wk) 72.9 0.0 0.00 -13.8
COAL (AUS Daily) 75.0 -0.3 -0.33 -14.0
Industrial Metals
Alumunium (USD/tonne) 1,740.0 -2.5 -0.14 -1.2
Nickel (USD/tonne) 19,500 -355 -1.79 40.3
Tin (USD/tonne) 22,975 -95.0 -0.41 2.8
Precious Metal
Gold (USD/t oz.) 1,288.1 -6.5 -0.50 7.1
Silver (USD/t oz.) 19.3 -0.1 -0.31 -0.0
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,542 -17.0 -0.66 -3.3
Rubber (JPY/kg) 1,931 -3.7 -0.19 -27.4
Corn (USD/bu.) 475 1.0 0.21 12.4
Wheat (USD/bu.) 664 -6.3 -0.93 9.7
Soybeans (USD/bu.) 1,505 35.5 2.42 14.7
Rice (Indonesia) (Rp/kg) 8,600 0.0 0.00 0.0
Volume (m)
Nilai (Rpbn)
Mkt Cap (Rptr)
Market P/E (x)
Market Div. Yield (%)
CPO (Malaysia - Rm/tonne)
Indices Region +/- (%) YT D (%)
MXWO MSCI Word 1,686.5 8.50 0.51 1.53
SPX S&P 500 1,888.0 15.20 0.81 2.15
US
16,533.1 158.8 0.97 -0.26
Nasdaq US 4,131.5 34.65 0.85 -1.08
Europe
EURO 50 Europe 340.3 2.02 0.60 3.68
FTSE London 6,821.0 19.04 0.28 1.07
DAX Jerman 9,697.9 58.79 0.61 1.53
CAC France 4,469.0 16.68 0.37 4.03
SMI Swiss 8,655.9 20.29 0.23 5.52
BRIC
BOVESPA Brazil 52,203.4 -162.8 -0.31 1.35
MICEX Russia 1,439.9 14.32 1.00 -4.22
SENSEX India 24,298.0 -78.9 -0.32 14.94
NIFTY India 7,252.9 -22.60 -0.31 15.10
SHCOMP China 2,025.0 16.83 0.84 -4.30
SZCOMP China 1,028.0 9.50 0.93 -2.80
Nikkei Japan 14,042.2 -33.1 -0.24 -13.81
TPX Japan 1,150.1 -3.33 -0.29 -11.69
HSI Hong kong22,836.5 1.8 0.01 -2.02
KOSPI S.Korea 2,008.3 -2.93 -0.15 -0.15
TAIEX Taiwan 8,862.4 -25.37 -0.29 2.91
FSSTI Singapore 3,261.8 -3.69 -0.11 2.98
ASEAN
SET Thailand 1,402.9 8.23 0.59 8.02
PCOMP Philipines 6,762.4 -120.3 -1.75 14.81
KLCI Malaysia 1,877.0 -4.13 -0.22 0.54
VNINDEX Vietnam 543.9 6.36 1.18 7.78
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.731 0.001 0.12 0.54
USDGBP UK 0.592 -0.002 -0.37 -1.97
USDCHF Switzerland 0.893 0.001 0.13 0.18
USDCAD Canada 1.091 0.000 0.04 2.52
USDAUD Australia 1.081 -0.001 -0.10 -3.96
USDNZD New Zealand 1.166 -0.000 -0.03 -4.43
USDJPY Japan 101.37 0.040 0.04 -3.69
USDCNY China 6.23 (0.00) (0.06) 2.95
USDHKD Hongkong 7.753 -0.000 -0.00 -0.02
USDSGD Singapore 1.251 -0.002 -0.12 -0.93
Rupiah Indonesia 11,509 19.00 0.17 -5.44
-3.1
-0.7
-2.4
-1.2
-3.3
-2.6
-
10.0
-2.0
-2.8
-2.5
EMTK
BBRI
KLBF
CPIN
INVS
GGRM
SMSM
BDMN
INCO
AALI
1.4
0.8
3.2
1.3
4.3
6.7
2.3
3.6
0.5
2.1
UNVR
SMGR
ITMG
UNTR
PTBA
SRTG
PGAS
LPPF
BMRI
TLKM1,018,01
4
253,254
249,844
217,029
212,541
175,153
173,964
163,906
143,389
140,924
TRAM
ASII
TLKM
BBRI
SILO
BMRI
MPPA
BBNI
BBCA
SMGR
359,318
343,916
219,305
211,369
206,403
203,647
192,345
171,379
160,604
152,157
0 400,000
TRAM
ENRG
META
BUMI
ASRI
TLKM
CPGT
LPKR
NIRO
BIPI
6,393
6,125
5,108
5,058
4,813
4,097
4,005
3,773
3,718
3,488
TLKM
SSMS
BMTR
BBNI
COWL
ASII
SMGR
KLBF
BBRI
BMRI
JCI Winners (%) JCI Losers (%) JCI Value (Rpmn) JCI Volume (Lot) JCI VFreq (Lot)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
World Economic Calendar
19-May-14 JN Machine Orders MoM (%) Mar 5.8 19.1 -4.6
JN Machine Orders YoY (%) Mar 4.4 16.1 10.8
21-May-14 US Fed Releases Minutes from April 29-30 FOMC Meeting
EC Consumer Confidence May A -8.3 -- -8.6
JN Trade Balance (JPY bn) Mar -646.3 -808.9 -1,446.0
JN Exports YoY (%) Mar 4.4 5.1 1.8
JN Imports YoY (%) Mar 1.2 3.4 18.1
22-May-14 US Initial Jobless Claims (000's) 16-May 310 -- 297
US Markit US Manufacturing PMI May P 55.5 -- 55.4
US Existing Home Sales (USD mn) Apr 4.69 -- 4.59
US Existing Home Sales MoM (%) Apr 2.2 -- -0.2
CH HSBC China Manufacturing PMI May P 48.3 -- 48.1
EC Markit Eurozone Manufacturing PMI May P 53.2 -- 53.4
GE Markit/BME Germany Manufacturing PMI May P 54.0 -- 54.1
23-May-14 US New Home Sales (000's) Apr 425 -- 384
US New Home Sales MoM (%) Apr 10.7 -- -14.5
GE IFO Business Climate May 110.9 -- 111.2
GE IFO Expectations May 106.5 -- 107.3
27-May-14 US Durable Goods Orders (%) Apr -0.2 -- 2.6
US Consumer Confidence Index May 83.0 -- 82.3
US Markit US Composite PMI May P -- -- 55.6
US Markit US Services PMI May P -- -- 55.0
US Dallas Fed Manf. Activity May -- -- 11.7
GE Retail Sales MoM (%) Apr -- -- -0.7
GE Retail Sales YoY (%) Apr -- -- -1.9
29-May-14 US GDP Annualized QoQ (%) 1Q S -0.5 -- 0.1
US Pending Home Sales MoM (%) Apr -0.1 -- 3.4
30-May-14 US Personal Income (%) Apr 0.3 -- 0.5
US Personal Spending (%) Apr 0.2 -- 0.9
US PCE Deflator YoY (%) Apr -- -- 1.1
US PCE Core YoY (%) Apr -- -- 1.2
US Chicago Purchasing Manager May 60 -- 63
US Univ. of Michigan Confidence May F 82.5 -- 81.8
JN Natl CPI YoY (%) Apr -- -- 1.6
JN Industrial Production MoM (%) Apr P -- -- 0.7
1-Jun-14 CH Manufacturing PMI May -- -- 50.4
2-Jun-14 ID Trade Balance (USD mn) Mar -- -- 673
ID Exports YoY Mar -- -- 1.24
ID Imports YoY (%) Mar -- -- -2.34
ID CPI YoY (%) Apr -- -- 7.25
ID CPI NSA MoM (%) Apr -- -- -0.02
ID HSBC Indonesia Manufacturing PMI Apr -- 51.1
US ISM Manufacturing May -- -- 54.9
3-Jun-14 US Factory Orders (%) Apr -- -- 1.1
EC Unemployment Rate (%) Apr -- -- 11.8
Date Time Country Event Period Survey Actual Prior
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Sales
Frederick Daniel Tanggela
Equity Analyst
Robby Hafil
Equity Analyst
Melvina Wildasari
Equity Analyst
Maria Renata
Equity Analyst
Gina Novrina Nasution, CSA
Equity Analyst
Hapiz Sakti Azi
Research Associate
Paula Ruth
Research Associate
Joshua N.C. Tjeuw
Research Associate
Rovandi
Research Associate
Institutional Sales
Daniel Dwi Seputro
Head of Institutional Equity Sales
Dewi Yusnita
Equity Institutional Sales
Meitawati
Equity Institutional Sales
Fachruly Fiater
Equity Institutional Sales
Henry Sidarta
Equity Institutional Sales
Raditya Andyono
Equity Institutional Sales
Nancy Pardede
Equity Institutional Sales
Equity Capital Market Team
JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
Ariawan Anwar
Artha Graha, Jakarta
Windra Djulnaily
Pluit, Jakarta
Musji Hartono
Mangga Dua, Jakarta
Ferry Zabur
Kelapa Gading, Jakarta
Very Wijaya
BSD, Jakarta
SUMATRA
Juliana Effendy
Medan, Sumatera Utara
Tantie Rivi Watie
Pekanbaru, Riau
Hari Mulyono Soewandi
Palembang, Sumatra Selatan
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
Sonny Muljadi
Surabaya, Jawa Timur
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
Ivan Jaka Perdana
Malang, Jawa Timur
Agus Jatmiko
Balikpapan, Kalimantan Timur
Arifin Pribadi
Ujung Pandang, Sulawesi Selatan
CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
Andrew Jatmiko
Yogyakarta, Jawa Tengah
Muhammad Ishaq
Semarang, Jawa Tengah
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
Ariffianto
Cirebon, Jawa Barat
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.