TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
It is likely to be a week of consolidation in the market. Some global positive
news i.e. Greece plans to pay some of its debt to IMF. We continue to see
plenty of interest in GGRM, MAPI, cement. These are stocks/sectors that
have underperformed the market, but at current prices likely to have priced
in the negatives (in the case of MAPI, a corp action helped improve outlook).
Construction sector: Govt plans to appoint WIKA, WSKT, and JSMR to help
build Sumatra toll road. Could potentially be positive for WIKA and WSKT if
only appointed as contractors (not minority investors).
TRIM Daily
TRIM Highlights
April 6, 2015
Jakarta Composite Index (JCI) down by 10 poin or 0.2% to 5456 yesterday. Index movers were mostly driven by misc industry, trade, and property construction. Total transaction value was R5.5tr. IDX recorded RP269bn net buy by foreign investors. JCI today is expected to continue its weakening trend and trade in 5415-5490 range.
Technical Market View
The rise of U.S. jobs data for the month of March were much below expecta-tion, 126k vs 245k (and 295k in Feb). Meanwhile, unemployment rate main-tain at 5.5% for March, inline with market expectation.
Global Wrap
Technical analysis: trading picks
JCI 5,456.4
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE) Others
(USD) (Rp) Chg %
43.5 14,166 0.25 0.6TLKM
Change -0.19%
Transaction Volume (m) 5,867
Transaction Value (Rpbn) 5,508
Mkt Cap (Rptr) 5,501
Market 2015 P/E (x) 14.3
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 17,763.2 65.1 0.4
Nasdaq 4,886.9 6.7 0.1
Nikkei 19,435.1 400.2 2.1
ST Times 3,453.8 6.7 0.2
FTSE 6,833.5 24.0 0.4
Hang Seng 25,275.6 192.9 0.8
NAB Chg %
Trim Kapital 9,654.7 -42 -0.4
Trim Kapital + 3,468.9 -19.7 -0.6
Trim Syariah SHM 1,706.7 -6.9 -0.4
Tram Consumption +1,555.1 -5.1 -0.3
Trim Komb 2 2,098.0 -9.2 -0.4
Trim Syariah B 2,425.6 -9.5 -0.4
Trim Dana Stabil 2,218.9 -0.3 -0.0
Trim Dana Tetap 2 1,781.2 0.0 0.0
Tram PDPT USD 1.1 0.0 0.1
Tram Reguler INC 994.7 0.0 0.0
Tram Strategic Fund 1,193.0 1.2 0.1
Trim Kas 2 1,151.2 0.2 0.0
Chg %
USD IDR 13,020 -28 -0.2
10 yr Indo Govr bond (%) 7.39 -0.0 -0.3
10 yr US govt bond (%) 1.8 -0.04 -2.0
Spread (%) 5.56 0.02 1.8
EIDO 27.6 -0.1 -0.4
Foreign YtD (USDmn) 494 21 4
Stock Price Rating Reason
GGRM 52000 Buy
GGRM formed a white long candle with in-creasing transaction volumes, indicates fur-ther upward movement for today with sup-port and resistance levels of 51650-52400
INTP 22150 Buy INTP remains strong with potential upside in the range of 21700-22525 for today
ADRO 980 Buy We expect ADRO to form a bullish continua-tion formation with today’s trading range at 960-1000
NIRO 232 Buy MACD indicates positive signal of a potential upside for NIRO. NIRO’s today trading range is around 222-239
CPRO 99 Buy Buy at level 99 and Sell at level 105
BBCA 14800 Sell BBCA remains on a long term bullish pattern. We expect the stock to remain weak today within the range of 14650-15100
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Banking: risks in banking industry are increasing,
says LPS
The Indonesia Deposits Insurance Corporation (LPS)
assessed the increasing risks in Indonesian banking
industry as reflected by 53bps increased in Banking
Stability Index to 100.63. The index increase is particu-
larly caused by the increased in these subindexes: credit
pressure (CP), interbank pressure (IP), and market pres-
sure (MP) which increased by 46bps, 112bps, and 36bps
respectively. However, the BSI level is still within the
normal range based on the Crisis Management Protocol
(CMP) observation scale. Source: Investor Daily
BBNI: seeks acquisition to be the 3rd largest bank
by assets
The state-owned bank, BBNI, plans to buy a mid-sized
institution to increase its ranking to be the 3rd largest
bank in the country by assets. The planned purchase
would be a win-win game for both BBNI and banking
system as a whole, said President Commissioner, Rizal
Ramli. Despite refuse to say which banks BBNI may
target, Ramli said he would be looking to buy an institu-
tion with a complementary business, a price of 1x book
value and a “compatible” culture. Source: Investor Daily
Comment:
We view this as a Neutral for BBNI (Buy, TP Rp7,800).
Note that the company’s asset should beat BBCA’s total
assets of Rp552tr to be the 3rd largest bank by assets,
therefore BBNI should seek banks with total assets more
than Rp150tr. Such banks with 1.0x PBV, such as BNLI
and BDMN (Sell, TP Rp3,600), would be a consideration
for BBNI. ([email protected])
MAYA: obtains Rp4tr borrowing from ICBC China
A local bank PT Bank Mayapada International (MAYA)
obtains Rp4tr funds borrowing from ICBC China. The
borrowing is in a form of revolving loans from ICBC and
will be used for RMB financing. MAYA’s CEO, Hariyono
Tjahjarijadi, said that the company targets corporations
who have relationship with Chinese counterparts to mar-
ket the RMB financing products. Source: Bisnis Indonesia
TLKM: Telkom sigma plans to build data center worth
Rp1tr
Anticipating the implementation schedule of Government’s
rule (PP No. 82/2012) which requires companies which
performs electronic transaction to have data center in
Indonesia by 2017, PT Sigma Cipta Caraka (Telkomsigma;
owned by TLKM) said there are already several foreign
companies in discussion to rent Telkomsigma’s data center.
Telkomsigma currently targets to build Rp1tr worth of data
center (100sqm; 54-66% larger than existing data center).
Telkomsigma has ~300 customers (corporates) comprise
of: 30% from financial, 20% telecommunication, 20%
transporation, and the remaining 20% are SOEs. Source:
Kontan ([email protected])
SMRA: To issue sukuk and bonds worth Rp.300Bn
SMRA to issue Obligasi Tahap III bonds and sukuk worth
Rp300bn (Rp.150bn each), 10.5% coupon paid every 3
months. Public offering starting in 16-17 april, due in 22
April 2018. The bonds offering is part of SMRA’s Oblligasi
Berkelanjutan I targetting Rp.1.4tr, with Rp.600bn tp
further issued in the future. SMRA may perform buyback
with minimum 1 year period. Funds will be used for compa-
ny expansion to 9 cities; Bandung, Bogor, Bekasi, Tange-
rang, Sulawesi, Yogyakarta, Central Java, East Java and
South Sumatera . Source: Investor Da i ly
JRPT: Aims Rp.2.3tr marketing sales
JRPT aims Rp.2.3tr in marketing sales in 2015, 15% YoY
growth. 60% of their buyers are end users that utilizes
bank loans. JRPT focuses on middle to middle-low segment
housings in 2015. Currently holds 371Ha land bank in
Bintaro Jaya, with options to acquire 100Ha land in Jakar-
ta. 2 projects will be built in said landbank, with working
capi ta l of Rp.1.5t r . Source: Kontan
LPCK: Targets 11% revenue growth
LPCK aims for 11% revenue growth in 2015, amounting
Rp.2tr by the end of the year. The revenue will be derived
from sales from 3 sectors; residential (Rp.860bn, 10% YoY
growth), industrial and commercial (Rp897bn, 10% YoY
growth) and city management (Rp.232bn, 36% YoY
growth). Company also targets Rp.2.5tr in marketing sales
through Orange County project, a 233Ha mixed use devel-
opment in Cikarang, currently reached Rp.250tr in invest-
ment cost.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
The food & beverage industry: prefer to maintain
the ASP
According to the chairman of Indonesian food and bever-
age association, the industry players decided to maintain
their ASP amid the fuel price hikes, considering the weak
purchasing power at the current. Source: Kontan
Comment:
This news is negative, given that it may erode the com-
pany’s margin in the medium-to-long term, especially for
the small-to-medium scale companies. We recommend to
overweight in the companies which has strong position
and significant market share in the industry. Our top-pick
in consumer is INDF with Rp8.400 price target.
WTON: to distribute 30% of 2014 earnings for cash
dividend
According to 2014 annual general meeting, WTON decid-
ed to distribute Rp99bn cash dividend, forming 30% of
2014 earnings of Rp329bn. It translates to approximately
Rp11.82/share. The Cum Dividend and the Ex-Dividen
date will be on 9 April 2015 and 10 April 2015, for regu-
lar and negotiation market. Furthermore, the recording
and the payment date will be on 14 April 2015 and 5 May
2 0 1 5 . S o u r c e : B i s n i s I n d o n e s i a
Comment:
The actual dividend payour ratio is slightly below than
our expectation of 35%.
SMGR: allocates US$150mn investment
SMGR has made an agreement with the Government in
Jayapura to build the first integrated cement plant in
there, with 1mn production capacity. The construction
period will be started in January 2016, and will start to
operate in 2018. The company is now finalizing the legal
document needed. Source: Bisnis Indonesia
TAXI: Will purchase 500 new taxis
TAXI will spend Rp.400bn in 500 new taxi acquisition,
takes place in Q3 and Q4. TAXI also plans to add taxi
pools in the city central, aiming malls and shopping
malls. Until 31 March 2015, Taxi had added 3 new taxi
pools. TAXI has no plans to expand to other cities this
year. TAXI will increase their rates if BBM reaches
Rp.8000. TAXI booked 29.5% revenue increase in 2014.
Source: Kontan ([email protected])
WIKA, WSKT, JSMR: will participate in Sumatra toll
Govt plans to add WIKA, WSKT, JSMR to list of contractors
that will build Sumatra toll road spanning 2818km worth
IDR360tr. Previously the only contractor appointed was
Hutama Karya. Hutama Karya will break ground in building
the first stretch: 150km Bakauheni-Terbanggi.
Comment:
It is not clear the roles of WIKA, WSKT, and JSMR in build-
ing Sumatra toll road. If their roles are restricted as con-
tractors (although JSMR should not be in that category),
then it would be positive. If their roles are as minority
investors, then we are neutral as Sumatra toll road’s prof-
itability is still questionable.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
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
Apr-14
Apr-14
May-14
May-14
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
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
133 119 204
-14
2222
-405
206
2,182
37
-39
1,707
(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
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
Mar-
15
Mar-
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
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
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
Mar-
14
Apr-
14
May-
14
Jun-
14
Jul-
14
Aug-
14
Sep-
14
Oct-
14
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
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
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
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
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
Mar-15
Mar-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
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
Mar-
15
Mar-
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
Apr-14
Apr-14
May-14
Jun-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-1
4
Oct-
14
Oct-
14
Nov-14
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
Mar-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
Apr-
14
Apr-
14
May-14
Jun-14
Jun-14
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-1
4
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
Mar-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
Apr-14
Apr-14
May-14
Jun-1
4
Jun-1
4
Jul-
14
Aug-14
Aug-14
Sep-14
Oct-
14
Oct-
14
Nov-14
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
Mar-15
(USD bbl)(Rp)
GIAA (LHS) Crude Oil Brent (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
3/31/2015 US Chicago Purchasing Manager Mar 51.8 46.3 45.8
US Consumer Confidence Index Mar 96.4 101.3 96.4
EC Unemployment Rate Feb 11.20% 11.3 11.20%
EC CPI Estimate YoY Mar -0.10% -0.1 -0.30%
EC CPI Core YoY Mar A 0.70% 0.6 0.70%
4/1/2015 US MBA Mortgage Applications 27-Mar -- 4.6 9.50%
US ADP Employment Change (000's) Mar 225 189 212
US Markit US Manufacturing PMI Mar F 55.3 55.7 55.3
US Construction Spending MoM (%) Feb -0.1 -0.1 -1.1
US ISM Manufacturing Mar 52.5 51.5 52.9
US ISM Prices Paid Mar 38 39 35
ID HSBC Indonesia Manufacturing PMI Mar -- 46.4 47.5
ID CPI NSA MoM (%) Mar 0.22 0.17 -0.36
ID CPI YoY (%) Mar 6.39 6.38 6.29
ID CPI Core YoY (%) Mar 4.95 5.04 4.96
EC Markit Eurozone Manufacturing PMI Mar F 51.9 52.2 51.9
CH Manufacturing PMI Mar 49.7 50.1 49.9
CH HSBC China Manufacturing PMI Mar F 49.3 49.6 49.2
4/2/2015 US Initial Jobless Claims (000's) 28-Mar 286 268 282
US Continuing Claims (000's) 21-Mar
2,405 2325
2,416
US Trade Balance (USD mn) Feb 41.2 35.4 41.8
US Bloomberg Consumer Comfort 29-Mar -- 46.2 45.5
US Factory Orders (%) Feb -0.4 0.2 -0.2
4/3/2015 US Change in Nonfarm Payrolls (000's) Mar 245 126 295
US Change in Manufact. Payrolls (000's) Mar 10 -1 8
US Unemployment Rate (%) Mar 5.5 5.5 5.5
CH HSBC China Composite PMI Mar -- 51.8 51.8
CH HSBC China Services PMI Mar -- 52.3 52
4/6/2015 US Markit US Composite PMI Mar F -- -- 58.5
US Markit US Services PMI Mar F -- -- 58.6
US ISM Non-Manf. Composite Mar 56.7 -- 56.9
4/7/2015 EC Markit Eurozone Services PMI Mar F -- -- 54.3
EC Markit Eurozone Composite PMI Mar F -- -- 54.1
4/8/2015 US MBA Mortgage Applications 3-Apr -- -- --
EC Retail Sales MoM Feb -- -- 1.10%
EC Retail Sales YoY Feb -- -- 3.70%
ID Foreign Reserves (USD bn) Mar -- -- 115.5
4/9/2015 US Initial Jobless Claims 4-Apr -- -- --
US Continuing Claims 28-Mar -- -- --
US Bloomberg Consumer Comfort 5-Apr -- -- --
US Wholesale Inventories MoM Feb 0.10% -- 0.30%
4/10/2015 US Import Price Index MoM Mar -0.60% -- 0.40%
CH CPI YoY Mar -- -- 1.40%
CH PPI YoY Mar -- -- -4.80%
CH New Yuan Loans CNY (USD bn) Mar 900 -- 1020
CH Money Supply M2 YoY (%) Mar 12.3 -- 12.5
4/11/2015 US Monthly Budget Statement (USD bn) Mar 46.5 -- --
04/13/2015 CH Trade Balance (USD mn) Mar -- -- 60.6
CH Exports YoY Mar -- -- 48.30%
CH Imports YoY Mar -- -- -20.50%
4/14/2015 US Retail Sales Advance MoM Mar -- -- -0.60%
US Retail Sales Ex Auto MoM Mar -- -- -0.10%
US Retail Sales Ex Auto and Gas Mar -- -- -0.20%
US PPI Final Demand MoM Mar -- -- -0.50%
US PPI Ex Food and Energy MoM Mar -- -- -0.50%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
Result FY14
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
1 30-Mar-15 ASRI 1,097 25% 1,409 1,229 77.9% 89.3% Below
Net income grew by +25.1% YoY, 63% YoY increased interest cost, performed bond repurchase of Rp.125bn.
2 30-Mar-15 MTLA 268 11% 316 267 84.8% 100.4% Below
3 30-Mar-15 SGRO 340 186% 368 366 92.5% 93.0% Below Top line grew +26.6%YoY; in-line with consensus and our ex-pecation.
4 30-Mar-15 SILO 84 76% 70 120.9% Above
Core profit margin expanded to 2.5% (vs. FY13 1.9). The com-pany booked net other operating loss of -Rp34bn (vs. FY13 gain Rp2.8bn).
5 30-Mar-15 APLN 855 0% 794 107.6% Above
FY14 net margin was 16.1%, down from FY13 (17.4%). Net other gain was Rp103bn (-24.3%YoY). APLN also booked net interest expense of Rp
6 30-Mar-15 UNVR 5,739 7% 5,492 104.5% Above
Net margin slightly declined by -80bps, due to higher other ex-penses of Rp17tr, and a signifi-cant increase in interest expens-es
7 30-Mar-15 SIDO 414 2% 433 95.7% In-line
EBIT and net margin were ex-panded due to significant de-crease in finance expenses and other expenses
8 30-Mar-15 WIIM 112 -15% 91 123.9% Above WIIM are only covered by 3 ana-lysts. All the margin were de-clined.
9 30-Mar-15 KLBF 2,065 8% 2,110 97.9% In-line
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
10 27-Mar-15 ROTI 189 19% 194 97.4% In-line
There's a significant increase in interest expense to come to Rp47bn (vs Rp24bn), due to 27% YoY growth in debt posi-
11 20-Mar-15 ICBP 2,604 17% 2,674 2,693 97.4% 96.7% In-line
Gross margin expanded by +120bps, backed by declining in raw material price. Yet, there're some increments in opex, relat-ed with new operation of bever-age factory
12 20-Mar-15 INDF 3,885 55% 4,004 4,142 97.0% 93.8% In-line Minzhong started to record as a discontinued operation, following PSAK regulation.
13 17-Mar-15 ACST 105 5% 119 106 88.2% 98.4% In-line Revenus grew by +33% YoY, booked lower gross margin
14 17-Mar-15 WIKA 615 8% 641 621 96.0% 99.1% In-line Revenues grew by +5% YoY, income fr JO grew by +42% YoY, while interest exp grew triple
15 10-Mar-15 SMCB 668 -30% 934 71.6% Below Higher COS and Operating exp due to higher electricity cost and fuel price
16 10-Mar-15 WTON 329 36% 300 307 109.3% 107.0% Above Revenues grow by 24% YoY
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
Result FY14
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
17 4-Mar-15 BTPN 1,853 66% 1,701 1,695 91.8% 91.5% Below
The company reported stable
NPL at 0.7% (-10bps q-o-q,
+3bps y-o-y) supported by de-
clining NPL in micro segment.
18 4-Mar-15 MPPA 505 72% 593 582 117.5% 115.3% Above Supported by margin expansion
by 130bps to 3.7%.
19 3-Mar-15 SMGR 5,566 4% 5,541 5,628 100.5% 98.9% In-line
Strong revenue growth at
+10.1% YoY. Gross margins
dropped to 43% (FY13: 44.7%),
while op. margin reached 25.8%
(FY13: 28.5%)
20 3-Mar-15 PTPP 532 26% 534 517 99.7% 103.0% In-line
Revenus grew by +6.6%YoY,
higher gross margin at 12.3%
(FY13: 10.9%)
21 3-Mar-15 TBIG 924 -34% 793 595 85.8% 64.4% In-line
Last year, the company booked
net other income of Rp366 bn
(vs. FY2013 -36bn), including
forex loss of Rp192bn (FY2013 -
799bn)
22 25-Feb-15 AALI 2,490 21% 2,114 2,458 84.9% 98.7% In-line
23 25-Feb-15 ADHI 324 -20% 415 295 78.1% 109.8% Below
Negative revenus growth by -
12% YoY, lower income from JO,
and higher interest exp
24 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to
Rp197bn vs. Rp102bn
25 24-Feb-15 ARNA 259 1% 226 87.3% Below
26 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below
27 17-Feb-15 LPPF 1,419 23% 1,419 1,376 100.0% 97.0% In-line
LPPF still booked 10.7% SSSG.
We noted a declining bank loans
by 57% YoY to Rp689bn, result-
ing to a -17% interest expense.
28 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line
Supported by 17.3% yoy growth
in net interest income but lower
loan growth than industry.
29 6-Feb-15 JSMR 1,403 5% 1,249 1,263 89.0% 90.0% Below
Negative revenues growth
due to lower revenues from
construction, while revenues
from toll road up by +14.5%
YoY
30 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in
non interest income
31 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below
There was a Rp306bn restructur-
ing cost and flat net interest
income growth
32 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line
Backed by 26.5% yoy growth in
interest income and 12% growth
in fee & other operating income
33 27-Jan-15 SMBR 328 5% 375 408 87.4% 80.4% Below
Flattish revenue growth at 4.0%
YoY, due to stagnant sales vol-
ume. Booked high interest in-
come at Rp151bn.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Result FY14 (Cont’d 1)
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
18 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in
non interest income
19 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below
There was a Rp306bn restructur-
ing cost and flat net interest
income growth
20 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line
Backed by 26.5% yoy growth in
interest income and 12% growth
in fee & other operating income
21 27-Jan-15 SMBR 328 5% 375 408 87.4% 80.4% Below
Flattish revenue growth at 4.0%
YoY, due to stagnant sales vol-
ume. Booked high interest in-
come at Rp151bn.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
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 Div.
Status Div/share
(Rp) Cum
Dividend Ex Dividend Recording
Payment / Distribution
Total Dividend
ADHI - 36.0 27-Mar-15 30-Mar-15 1-Apr-15 22-Apr-15 64.8
AGRO - 0.82 1-Apr-15 2-Apr-15 7-Apr-15 24-Apr-15 6.1
BBNI - 144.5 24-Mar-15 25-Mar-15 27-Mar-15 17-Apr-15 2,695.7
BBRI - 294.8 26-Mar-15 27-Mar-15 31-Mar-15 22-Apr-15 7,272.5
BBTN - 21.1 31-Mar-15 1-Apr-15 6-Apr-15 24-Apr-15 223.1
BMRI - 212.9 23-Mar-15 24-Mar-15 26-Mar-15 17-Apr-15 4,968.0
DSNG - 50 25-Mar-15 26-Mar-15 30-Mar-15 17-Apr-15 -
JSMR - 72.2 25-Mar-15 26-Mar-15 30-Mar-15 17-Apr-15 491.2
Dividend
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Statistics
-0.4
-0.7
-1.2
-1.5
-1.9
-2.9
-3.0
-3.9
-4.3
-4.8
TLKM
BBNI
ASII
SCMA
CPIN
INCO
CTRA
LPPF
JRPT
WSKT8.9
5.3
4.3
3.3
2.1
2.1
2.0
1.9
1.0
2.3
IIKP
TRIO
ASRI
AKRA
MPPA
ADRO
GGRM
PTBA
INTP
SMRA
296
192
184
172
170
165
126
124
113
109
- 200 400
BBRI
ASII
ASRI
BMRI
WSKT
TLKM
BBCA
BBNI
SSMS
AKRA
491
337
302
278
261
254
194
149
133
113
0 200 400 600
CPRO
MTFN
ASRI
SRIL
BUMI
NIRO
TRAM
CPGT
SIAP
PWON
7,527
6,604
6,190
4,971
4,379
4,275
4,095
3,829
3,517
3,445
WSKT
SSMS
TRAM
TLKM
ASII
ASRI
CPRO
SRIL
BMRI
BUMI
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) 4.39% 5,867
YTD (USD) 37.34% 5,508
Moving Avg 20day 5,441 5,501
Moving Avg 50day 5,389 14.3
Moving Avg 200day 5,164 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 6,570.3 -22.5 -0.3 6.0
JII 716.8 -1.8 -0.2 3.7
LQ45 949.2 -2.6 -0.3 5.6
JAKFIN Index 820.5 -0.5 -0.1 12.2
JAKINFR Index 1,087.4 -2.4 -0.2 -6.3
JAKMINE Index 1,291.6 6.2 0.5 -5.7
JAKCONS Index 2,314.0 2.5 0.1 6.2
JAKTRAD Index 997.4 -2.9 -0.3 13.5
JAKMIND Index 1,376.6 -14.9 -1.1 5.3
JAKBIND Index 477.1 -1.7 -0.3 -12.3
JAKPROP Index 559.1 -2.9 -0.5 6.5
JAKAGRI Index 2,253.2 0.6 0.0 -4.2
Commodities +/- (%)YTD (%)
CRB Index 216.1 -0.0 -0.02 -6.0
Oil & Gas
Brent Crude Oil (USD/bbl) 55.0 -2.2 -3.77 -4.1
Nymex Oil (USD/bbl) 49.1 -1.0 -1.90 -7.8
Natural Gas 2.7 0.1 4.15 -6.4
COAL (AUS Daily) 54.4 -0.8 -1.36 -12.3
Industrial Metals
Aluminum (USD/tonne) 1,776.0 4.8 0.27 -3.1
Nickel (USD/tonne) 13,025 320 2.52 -14.0
Tin (USD/tonne) 16,795 220 1.33 -13.4
Precious Metal
Gold (USD/t oz.) 1,200.9 -7.3 -0.60 1.4
Silver (USD/t oz.) 16.7 -0.4 -2.10 7.1
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,196 36.0 1.67 -4.1
Rubber (JPY/kg) 1,731 -5.3 -0.30 5.4
Corn (USD/bu.) 387 4.8 1.24 -2.6
Wheat (USD/bu.) 536 7.8 1.47 -9.1
Soybeans (USD/bu.) 986 -3.8 -0.38 -3.2
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 1,750.3 12.11 0.70 2.37
SPX S&P 500 2,067.0 7.27 0.35 0.39
US
17,763.2 65.1 0.37 -0.34
Nasdaq US 4,886.9 6.71 0.14 3.18
Europe
EURO 50 Europe 397.8 -0.72 -0.18 16.15
FTSE London 6,833.5 23.96 0.35 4.07
DAX Jerman 11,967.4 -34.0 -0.28 22.05
CAC France 5,074.1 11.92 0.24 18.75
SMI Swiss 9,130.6 -6.66 -0.07 1.64
BRIC
BOVESPA Brazil 53,123.0 801 1.53 6.23
MICEX Russia 1,681.5 19.57 1.18 20.40
SENSEX India 28,260.1 0.0 0.00 2.77
NIFTY India 8,586.3 0.0 0.00 3.66
SHCOMP China 3,863.9 53.64 1.41 19.45
SZCOMP China 2,080.4 74.73 3.73 47.00
Nikkei Japan 19,435.1 400.2 2.10 11.37
TPX Japan 1,564.2 35.17 2.30 11.13
HSI Hong kong 25,275.6 192.9 0.77 7.08
KOSPI S.Korea 2,045.4 16.97 0.84 6.78
TAIEX Taiwan 9,600.3 92.7 0.97 3.15
FSSTI Singapore 3,453.8 6.73 0.20 2.63
ASEAN
SET Thailand 1,536.1 10.47 0.69 2.56
PCOMP Philipines 7,993.1 0.0 0.00 10.55
KLCI Malaysia 1,834.5 8.21 0.45 4.16
VNINDEX Vietnam 547.9 8.94 1.66 0.41
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.911 -0.018 -0.02 13.93
USDGBP UK 0.670 -0.004 -0.01 11.70
USDCHF Switzerland 0.952 -0.015 -0.02 -4.83
USDCAD Canada 1.248 -0.014 -0.01 4.03
USDAUD Australia 1.311 -0.005 -0.00 9.22
USDNZD New Zealand 1.316 -0.026 -0.02 1.20
USDJPY Japan 118.97 -0.790 -0.01 -0.69
USDCNY China 6.19 (0.00) (0.00) -0.09
USDHKD Hongkong 7.752 -0.000 -0.00 -0.61
USDSGD Singapore 1.351 -0.013 -0.01 3.88
Rupiah Indonesia 13,020 -28.0 -0.00 5.10
JCI 5,456.4 (10.5) -0.2%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (1)
Ticker Last Trading Ideas 23-Mar-15 Chg (%) Recommendation
JCI 5,443 Rebound 5437 -0.11% Incorrect
TLKM 2,920 Buy 2920 0.00% Correct
LSIP 1,835 Buy 1795 -2.18% Incorrect
AALI 25,750 Buy 24800 -3.69% Incorrect
TBIG 9,225 Buy 9225 0.00% Correct
BMRI 12,200 Sell 12175 -0.20% Correct
BJBR 955 Sell 955 0.00% Correct
TAXI 905 Sell 910 0.55% Correct
MPPA 3,875 Buy 4010 3.48% Correct
Ticker Last Trading Ideas 20-Mar-15 Chg (%) Recommendation
JCI 5,454 Profit Taking 5443 -0.20% Correct
UNVR 38,300 Buy 38300 0.00% Correct
PTBA 10,450 Buy 10350 -0.96% Incorrect
ITMG 17,025 Buy 17650 3.67% Correct
ELSA 560 Buy 560 0.00% Correct
ASRI 590 Buy 580 -1.69% Incorrect
VIVA 550 Buy 540 -1.82% Incorrect
Ticker Last Trading Ideas 19-Mar-15 Chg (%) Recommendation
JCI 5,413 Profit Taking 5454 0.75% Correct
UNTR 21,500 Buy 21475 -0.12% Incorrect
PTBA 10,350 Buy 10450 0.97% Correct
ITMG 16,600 Buy 17025 2.56% Correct
AALI 26,625 Buy 25625 -3.76% Incorrect
ELSA 555 Buy 560 0.90% Correct
TLKM 2,950 Buy 2950 0.00% Correct
Ticker Last Trading Ideas 18-Mar-15 Chg (%) Recommendation
JCI 5,439 Profit Taking 5413 -0.48% Correct
UNTR 20,500 Buy 21500 4.88% Correct
INTP 22,475 Buy 22275 -0.89% Incorrect
ASRI 590 Buy 570 -3.39% Incorrect
ELSA 555 Buy 555 0.00% Correct
MPPA 4,430 Sell 4395 -0.79% Correct
INCO 3,345 Sell 3315 -0.90% Correct
Ticker Last Trading Ideas 17-Mar-15 Chg (%) Recommendation
JCI 5,435 Cont'd Strenghtening 5,439 0.08% Correct
ASII 7,975 Buy 8,000 0.31% Correct
PGAS 5,225 Buy 5,200 -0.48% Incorrect
TLKM 2,975 Buy 2,955 -0.67% Correct
INTP 22,175 Buy 22,475 1.35% Correct
TAXI 785 Trading Buy 865 10.19% Correct
MPMX 875 Trading Buy 840 -4.00% Incorrect
ELSA 550 Buy 555 0.91% Correct
VIVA 545 Buy 550 0.92% Correct
Ticker Last Trading Ideas 16-Mar-15 Chg (%) Recommendation
JCI 5,445 Cont'd Weakening 5,435 0.16% Incorrect
TLKM 2,955 Buy 2,975 0.68% Correct
LSIP 1,840 Buy 1,920 4.35% Correct
INCO 3,295 Buy 3,365 2.12% Correct
MPPA 4,200 Buy 4,435 5.60% Correct
PTPP 3,770 Buy 3,740 -0.80% Incorrect
ICBP 14,625 Sell 15,000 2.56% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 30-Mar-15 Chg (%) Recommendation
JCI 5,397 Cont'd Strenghtening 0.77% Correct
ASII 8,200 Buy 2.13% Correct
GJTL 1,260 Buy 1.98% Correct
PGAS 4,720 Buy 1.80% Correct
TLKM 2,810 Buy 1.96% Correct
ADHI 3,015 Buy 0.83% Correct
AALI 23,650 Buy 0.63% Correct
Ticker Last Technical Call 27-Mar-15 Chg (%) Recommendation
JCI 5,369 Technical Rebound 0.52% Correct
TLKM 2,810 Buy 0.00% Correct
PGAS 4,650 Buy 1.51% Correct
LSIP 1,650 Buy 4.24% Correct
SMGR 13,000 Buy 3.46% Correct
KLBF 1,835 Sell 0.27% Incorrect
UNVR 38,500 Sell 1.56% Incorrect
RALS 755 Buy 0.66% Correct
Ticker Last Technical Call 26-Mar-15 Chg (%) Recommendation
JCI 5,405 Cont'd Weakenig -0.67% Correct
TLKM 2,880 Buy -2.43% Incorrect
UNTR 21,150 Buy -1.42% Incorrect
MPPA 4,090 Buy -2.20% Incorrect
PGAS 4,655 Buy -0.11% Correct
ASII 8,200 Sell -0.61% Correct
KLBF 1,805 Sell 1.66% Correct
Ticker Last Technical Call 25-Mar-15 Chg (%) Recommendation
JCI 5,448 Profit Taking -0.78% Correct
UNVR 38,900 Buy -0.19% Incorrect
ITMG 17,650 Buy -1.98% Incorrect
BSDE 2,055 Buy -0.73% Incorrect
ERAA 985 Buy -3.55% Incorrect
ASI 8,150 Sell 0.61% Correct
LPKR 1,270 Sell 0.00% Correct
Ticker Last Technical Call 24-Mar-15 Chg (%) Recommendation
JCI 5,437 Cont'd Weakening 0.20% Correct
ADRO 970 Buy 0.52% Correct
PTBA 10,475 Buy 0.72% Correct
UNVR 38,625 Buy 0.71% Correct
BBTN 1,140 Buy 2.19% Correct
BMRI 12,175 Sell -0.82% Correct
BJBR 930 Sell 3.76% Incorrect
BMRI 12,200 Sell -1.02% Correct
TAXI 905 Sell 885 (0) Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 14
Historical Technical Trading Ideas (3)
Ticker Last Trading Ideas 23-Mar-15 Chg (%) Recommendation
JCI 5,443 Rebound 5437 -0.11% Incorrect
TLKM 2,920 Buy 2920 0.00% Correct
LSIP 1,835 Buy 1795 -2.18% Incorrect
AALI 25,750 Buy 24800 -3.69% Incorrect
TBIG 9,225 Buy 9225 0.00% Correct
BMRI 12,200 Sell 12175 -0.20% Correct
BJBR 955 Sell 955 0.00% Correct
TAXI 905 Sell 910 0.55% Correct
MPPA 3,875 Buy 4010 3.48% Correct
Ticker Last Trading Ideas 20-Mar-15 Chg (%) Recommendation
JCI 5,454 Profit Taking 5443 -0.20% Correct
UNVR 38,300 Buy 38300 0.00% Correct
PTBA 10,450 Buy 10350 -0.96% Incorrect
ITMG 17,025 Buy 17650 3.67% Correct
ELSA 560 Buy 560 0.00% Correct
ASRI 590 Buy 580 -1.69% Incorrect
VIVA 550 Buy 540 -1.82% Incorrect
Ticker Last Trading Ideas 19-Mar-15 Chg (%) Recommendation
JCI 5,413 Profit Taking 5454 0.75% Correct
UNTR 21,500 Buy 21475 -0.12% Incorrect
PTBA 10,350 Buy 10450 0.97% Correct
ITMG 16,600 Buy 17025 2.56% Correct
AALI 26,625 Buy 25625 -3.76% Incorrect
ELSA 555 Buy 560 0.90% Correct
TLKM 2,950 Buy 2950 0.00% Correct
Ticker Last Trading Ideas 18-Mar-15 Chg (%) Recommendation
JCI 5,439 Profit Taking 5413 -0.48% Correct
UNTR 20,500 Buy 21500 4.88% Correct
INTP 22,475 Buy 22275 -0.89% Incorrect
ASRI 590 Buy 570 -3.39% Incorrect
ELSA 555 Buy 555 0.00% Correct
MPPA 4,430 Sell 4395 -0.79% Correct
INCO 3,345 Sell 3315 -0.90% Correct
Ticker Last Trading Ideas 17-Mar-15 Chg (%) Recommendation
JCI 5,435 Cont'd Strenghtening 5,439 0.08% Correct
ASII 7,975 Buy 8,000 0.31% Correct
PGAS 5,225 Buy 5,200 -0.48% Incorrect
TLKM 2,975 Buy 2,955 -0.67% Correct
INTP 22,175 Buy 22,475 1.35% Correct
TAXI 785 Trading Buy 865 10.19% Correct
MPMX 875 Trading Buy 840 -4.00% Incorrect
ELSA 550 Buy 555 0.91% Correct
VIVA 545 Buy 550 0.92% Correct
Ticker Last Trading Ideas 16-Mar-15 Chg (%) Recommendation
JCI 5,445 Cont'd Weakening 5,435 0.16% Incorrect
TLKM 2,955 Buy 2,975 0.68% Correct
LSIP 1,840 Buy 1,920 4.35% Correct
INCO 3,295 Buy 3,365 2.12% Correct
MPPA 4,200 Buy 4,435 5.60% Correct
PTPP 3,770 Buy 3,740 -0.80% Incorrect
ICBP 14,625 Sell 15,000 2.56% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 15
Historical Technical Trading Ideas (4)
Ticker Last Trading Ideas 13-Mar-15 Chg (%) Recommendation
JCI 5,440 Profit Taking 5,426 -0.25% Correct
ITMG 16,950 Buy 17,300 2.06% Correct
ADRO 970 Buy 970 0.00% Correct
INCO 3,290 Buy 3,295 0.15% Correct
MPPA 4,200 Buy 4,330 3.10% Correct
ASRI 560 Buy 565 0.89% Correct
GJTL 1,255 Buy 1,300 3.59% Correct
BCAP 1,770 Sell 1,780 0.56% Incorrect
Ticker Last Trading Ideas 12-Mar-15 Chg (%) Recommendation
JCI 5,420 Rebound 5,440 0.37% Correct
ASII 7,850 Buy 7,900 0.64% Correct
MPPA 4,150 Buy 4,200 1.20% Correct
BBRI 12,775 Buy 12,900 0.98% Correct
PGAS 5,200 Buy 5,200 0.00% Correct
TRAM 91 Trading Buy 106 16.48% Correct
NIRO 214 Trading Buy 211 -1.40% Incorrect
Ticker Last Trading Ideas 11-Mar-15 Chg (%) Recommendation
JCI 5,463 Profit taking 5,420 -0.80% Correct
LSIP 1,875 Buy 1,845 -1.60% Incorrect
AALI 26,075 Buy 26,100 0.10% Correct
MPPA 4,080 Buy 4,150 1.72% Correct
CPRO 119 Trading Buy 118 -0.84% Correct
INCO 3,380 Sell 3,335 -1.33% Correct
TINS 1,005 Sell 990 -1.49% Correct
Ticker Last Trading Ideas 10-Mar-15 Chg (%) Recommendation
JCI 5,445 Rebound 5,463 0.33% Correct
ADRO 990 Buy 985 -0.51% Incorrect
INCO 3,425 Buy 3,380 -1.31% Incorrect
ASII 7,950 Buy 7,975 0.31% Correct
UNTR 20,625 Buy 21,350 3.52% Correct
BCIP 760 Trading Buy 750 -1.32% Incorrect
MYRX 755 Trading Buy 760 0.66% Correct
Ticker Last Trading Ideas 9-Mar-15 Chg (%) Recommendation
JCI 5,515 Con't Strenghtening 5,445 -1.28% Incorrect
BBNI 6,675 Buy 6,700 0.37% Correct
BDMN 4,925 Buy 4,805 -2.44% Incorrect
PGAS 5,350 Buy 5,350 0.00% Correct
ASRI 610 Buy 585 -4.10% Incorrect
ASII 8,075 Buy 7,950 -1.55% Correct
NIRO 226 Trading Buy 222 -1.77% Incorrect
Ticker Last Trading Ideas 6-Mar-15 Chg (%) Recommendation
JCI 5,451 Rebound 5,515 1.17% Correct
BBNI 6,675 Buy 6,775 1.50% Correct
SCMA 3,660 Buy 3,670 0.27% Correct
NIRO 223 Buy 226 1.35% Correct
ASRI 610 Buy 610 0.00% Correct
PTPP 3,980 Buy 3,960 -0.50% Correct
UNVR 36,250 Sell 37,800 4.28% Incorrect
GGRM 54,275 Sell 54,300 0.05% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 16
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
Maria Renata
Equity Analyst
Gina Novrina Nasution, CSA
Technical Analyst
Paula Ruth
Equity Analyst
Angga Aditya Assaf
Equity Analyst
Willinoy Sitorus
Equity Analyst
M. Dian Octiana
Equity Analyst
Dini Agmivia Anggraeni
Fixed Income/Macro Analyst
Yeni Simanjuntak
On-the-ground Analyst
Rovandi
Research Associate
Institutional Sales Team
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
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
Ariawan Anwar
Artha Graha, Jakarta
Windra Djulnaily
Pluit, Jakarta
Ferry Zabur
Kelapa Gading, Jakarta
Eddy Sumarli
Puri Kencana, Jakarta
Very Wijaya
BSD, Tangerang
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
Tantie Rivi Watie
Pekanbaru, Riau
Nathanael Benny Prasetyo
Palembang, Sumatera 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
Arifin Pribadi
Makasar, Sulawesi Selatan
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
Mariana Kusuma Wati
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
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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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