TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
Macro: Feb inflation numbers are out today (see our published preview). We
expect a 0.13% deflation Vs. consensus’ 0.18% inflation. A deflation would
be positive for interest rate sensitive sectors: Banks, Auto, Property, Multi-
finance. Note however, that with Rupiah depreciating closer to the psycholog-
ical 13,000 mark we may continue to see near-term profit taking. Expect a
mixed market movement this week. We also publish BBRI today, reiterate
Buy with 13% upside to new TP 14600 while reiterating Buy. Result: JPFA
Below
TRIM Daily
TRIM Highlights
Mar 02 2015
Jakarta Composite Index (JCI) down by 1 poin or 0.02% to 5,450 yesterday.
Index movers were mostly driven by trade, finance and property construc-
tion. Total transaction value was Rp7.0tr. IDX recorded RP211bn net buy by
foreign investors. JCI today is expected to continue its weakening trend and
trade in 5427-5468 range.
Technical Market View
China’s central bank cut interest rates on Saturday, as the effort to support
economy from slowing growth and deflation risks. The central bank said the
25 basis point cut in the benchmark interest rate to 5.35% - its second cut
in just over three months - and a 25 basis point cut in the benchmark saving
rate to 2.5% would be effective from Sunday.
Global Wrap
Technical analysis: trading picks
JCI 5,450,3
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE) Others
(USD) (Rp) Chg %
45.1 14,581 -0.69 -1.5TLKM
Change -0.02%
Transaction Volume (m) 6,521
Transaction Value (Rpbn) 6,962
Mkt Cap (Rptr) 5,428
Market 2015 P/E (x) 14.4
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 18,132.7 -81.7 -0.4
Nasdaq 4,963.5 -24.4 -0.5
Nikkei 18,797.9 12.1 0.1
ST Times 3,402.9 -23.3 -0.7
FTSE 6,946.7 -3.1 -0.0
Hang Seng 24,823.3 -78.8 -0.3
NAB Chg %
Trim Kapital 9,862.4 14 0.1
Trim Kapital + 3,606.4 6.9 0.2
Trim Syariah SHM 1,763.7 -5.1 -0.3
Tram Consumption +1,589.5 -3.3 -0.2
Trim Komb 2 2,154.3 3.6 0.2
Trim Syariah B 2,487.5 -4.3 -0.2
Trim Dana Stabil 2,211.3 -1.0 -0.0
Trim Dana Tetap 2 1,779.9 0.2 0.0
Tram PDPT USD 1.1 0.0 0.1
Tram Reguler INC 994.7 0.0 0.0
Tram Strategic Fund 1,219.3 0.9 0.1
Trim Kas 2 1,143.0 0.3 0.0
Chg %
USD IDR 12,932 101 0.8
10 yr Indo Govr bond (%) 7.06 0.0 0.1
10 yr US govt bond (%) 2.0 -0.02 -0.8
Spread (%) 5.06 0.02 0.9
EIDO 27.6 -0.3 -1.1
Foreign YtD (USDmn) 849 16 2
Stock Price Rating Reason
ASRI 670 Buy
Stochastic oscillator indicates a potential golden cross. For today ASRI would move upward within the range of 645-720 for today
LPKR 1180 Buy LPKR will test its resistance level of 1180 with potential upside for today within the
trading range of 1155-1225
HRUM 1655 Buy
HRUM remains on a short term bullish pat-tern with the potensial upside to reach its 1700 resistance level. HRUM support-resistance level for today is 1575-1700
ITMG 16900 Buy ITMG remains on a short term bullish pat-tern with the potensial technical rebound today on the range of 16400-17450
ASII 7850 Buy In the short term, ASII has the opportuni-ty for a technical rebound with today’s trading range at 7600-8000
TLKM 2935 Buy
Stochastic and RSI indicators indicates
further upward movement for TLKM with support-resistance level at 2870-2990
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
Result FY14
JPFA: Below consensus
• Net income was down by 44.2%YoY, forming 63.3% of FY consensus; below consensus
• Revenues grew +14.2%YoY; in-line with consensus.
• The company experienced lower gross margin (FY2014 14.0% vs. FY2013 16.9%) resulted from increase in raw material
(+16.6%YoY), labor (+34.4%YoY), and manufacturing expenses (+17.4%YoY) part of the production cost.
• The company is traded at 14.4x.
(Rpbn) 4Q13 3Q14 4Q14 QoQ YoY FY14 YoY FY14 / cons
(%)
Sales 5,435 6,501 5,765 -11.3% 6.1% 24,459 14.2% 101.2%
Gross Profit 588 789 808 2.4% 37.4% 3,426 -5.3% 100.2%
Operating Profit 134 260 274 5.4% 103.9% 1,276 -29.2% 98.5%
Net Profit (172) 6 5 -19.3% -102.8% 332 -44.2% 63.3%
Gross Margins (%) 10.8% 12.1% 14.0% 14.0%
Opr Margins (%) 2.5% 4.0% 4.7% 5.2%
Net Margins (%) -3.2% 0.1% 0.1% 1.4%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
Banking: LDR to rise again, says OJK
Indonesia’s Financial Services Authority (OJK)says that
the higher loan growth than deposit growth will make
LDR rise again. According to the Indonesian Banking
Statistics issued by OJK, banking system LDR reached
89.4% as at FY14. With the 16.4% loan growth and
14.4% deposit growth in 2015, LDR is projected to be
90.9% with 19.9% average capitalization, says OJK
Deputy Commissioner for Banking Supervisory, Irwan
Lubis. Source: Kontan ([email protected])
Infrastructure: IDX is finalizing the regulation on
issuance of project-based bonds
IDX is finalizing a regulation to simplify the bonds issu-
ance process for infrastructure development. The new
regulation or known as project-based bonds will focus in
the development of power plant and infrastructure. The
regulation is expected to be released in Jun’15. Under the
new law, the bonds issuer will able to issue bonds even
though the project has not been operated but the bond
must be protected by collateral. The collateral must be
provided from third party. For example: for power plant
project, the collateral could be come from PLN as the sole
buyer of the electricity. Source: Bisnis Indonesia
Fuel price increased along with the increase in
global crude oil price
Yesterday the government increased “premium” fuel price
type to IDR6,800 litre for regional area outside Java-
Madura-Bali and to IDR6,900/litre for Java-Madura-Bali.
Pertamax fuel price increased IDR200/litre to IDR8,250/
litre (from IDR8,050/litre). Diesel price remains the
s a m e . S o u r c e : d e t i k . c o m
Comment:
The fuel hike is in line with the increase in global crude oil
price from the USD50/barrel early this year to the current
USD62/barrel level.
PLIN : net profit jumped by 974%
In 2014, PLIN booked Rp354.86bn net profit, or jumped
significantly by +974% YoY from Rp33.34bn in 2013. It
was due to a significant decrease in foreign exchange
losses by -87.6% YoY, despite there’s only a slight in-
crease in company’s revenue by 9.2 % YoY. The revenue
contribution came from lifestyle and shopping centers of
Rp726.50bn, hotels of Rp609.72bn, and offices of
Rp185.46bn. Source : Bisnis Indonesia
JSMR: Issue Rp1.7tr Bonds
This year, JSMR will issue Rp1.7tr bonds for funding its
Rp4tr capex. With 3.4x DER and 2.15 ICR, this company
also plans to do right issue in 2016. The right issue is
amounting c.Rp6tr, of which Rp4.2tr will come from the
Government capital injection in order to maintain its 70%
ownership in JSMR. The capital improvement is needed for
funding the participation of JSMR in government program;
1000new high-way construction. This company plans to
build 50% from the total project. This year JSMR are going
to finish 211km of high-way and they still able to build
another 300km. Source: Investor Daily
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
500
700
900
1,100
1,300
1,500
40
50
60
70
80
90
100
110
120
Feb-14
Mar-
14
Apr-
14
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
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
May-14
May-14
Jun-1
4
Jun-1
4
Jul-
14
Jul-
14
Jul-
14
Aug-14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Dec-14
Jan-15
Jan-15
Jan-15
Feb-15
Feb-15
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
26252
691
-293
26
1,144
807
407
753
-97
90
3,492
(500)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
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
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
Feb-15
(USD Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (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
Mar-14
Apr-14
May-14
Jun-14
Jul-
14
Aug-14
Sep-14
Oct-
14
Nov-14
Dec-14
Jan-15
Feb-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
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
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
May-14
May-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Sep-14
Sep-14
Oct-
14
Nov-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
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
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
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
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
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Jan-15
Jan-15
Feb-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
02/25/2015 US MBA Mortgage Applications (%) 20-Feb -- -3.5 -13.2
US New Home Sales (000's) Jan 470 481 481
CH HSBC China Manufacturing PMI Feb P 49.5 50.1 49.7
02/26/2015 US CPI MoM (%) Jan -0.6 -0.7 -0.4
US Durable Goods Orders (%) Jan 1.6 2.8 -3.4
US CPI Ex Food and Energy MoM (%) Jan 0.1 0.2 0%
US Durables Ex Transportation (%) Jan 0.5 0.3 -0.8
US CPI YoY (%) Jan -0.1 -0.1 0.8
US Initial Jobless Claims (000's) 21-Feb 290 313 283
US Continuing Claims (000's) 14-Feb 2394 2401 2425
US FHFA House Price Index MoM (%) Dec 0.5 0.8 0.8
US Bloomberg Consumer Comfort 22-Feb -- 42.7 44.6
EC M3 Money Supply YoY (%) Jan 3.7 4.1 3.6
EC M3 3-month average (%) Jan 3.4 3.6 3.1
EC Consumer Confidence Index Feb F -6.7 -6.7 -6.7
02/27/2015 US GDP Annualized QoQ (%) 4Q S 2.0 2.2 2.6
US Personal Consumption (%) 4Q S 4.3 4.2 4.3
US GDP Price Index (%) 4Q S 0 0.1 0
US Core PCE QoQ (%) 4Q S 1.1 1.1 1.1
US Chicago Purchasing Manager Feb 58 45.8 59.4
US Pending Home Sales MoM (%) Jan 8.7 6.5 8.5
US U. of Mich. Sentiment Feb F 94 95.4 93.6
03/02/2015 US Personal Income (%) Jan 0.40 -- 0.30%
US Personal Spending (%) Jan -0.10 -- -0.30%
US Markit US Manufacturing PMI Feb F 54.2 -- 54.3
US Construction Spending MoM Jan 0.40 -- 0.40%
US ISM Manufacturing Feb 53.2 -- 53.5
US ISM Prices Paid Feb 36 -- 35
ID HSBC Indonesia Manufacturing PMI Feb -- -- 48.5
ID CPI NSA MoM (%) Feb 0.18 -- 0.00
ID CPI YoY (%) Feb 6.70 -- 0.07
ID CPI Core YoY (%) Feb 5.00 -- 0.05
EC Markit Eurozone Manufacturing PMI Feb F 51.1 -- 51.1
EC Unemployment Rate (%) Jan 11.4 -- 11.40%
EC CPI Estimate YoY (%) Feb -0.5 -- --
EC CPI Core YoY (%) Feb A 0.6 -- 0.60%
03/04/2015 US MBA Mortgage Applications 27-Feb -- -- -3.50%
US ADP Employment Change (000's) Feb 218 -- 213
US Markit US Composite PMI Feb F -- -- 56.8
US Markit US Services PMI Feb F 54.7 -- 57
US ISM Non-Manf. Composite Feb 56.5 -- 56.7
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
2 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
3 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to Rp197bn vs. Rp102bn
4 24-Feb-15 ARNA 259 1% 226 87.3% Below
5 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below
6 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.
7 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.
8 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
9 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
10 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
11 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
1 25-Feb-15 AALI 2,490 21% 2,114 2,458 84.9% 98.7% In-line
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Statistics
-0.6
-0.7
-0.7
-1.0
-1.3
-1.4
-1.5
-1.9
-2.5
-4.6
BBRI
GGRM
BBNI
CPIN
TLKM
UNVR
SMGR
PGAS
ASII
SCMA9.1
6.9
6.4
5.3
4.1
3.8
3.8
3.1
2.9
1.1
MDIA
BHIT
SIMP
PNBN
INCO
LPPF
UNTR
TBIG
BDMN
BMRI
326
262
257
256
243
223
211
183
172
131
- 200 400
ASII
TLKM
BBCA
BMRI
BBRI
MPPA
UNTR
PGAS
SCMA
BBNI
574
267
173
129
120
117
109
107
98
97
0 500 1,000
CPRO
MTFN
NIRO
BKSL
SIAP
PNLF
VIVA
META
ADRO
BABP
8,435
6,814
5,350
5,125
4,899
4,896
4,654
4,554
4,235
4,193
SIAP
SSMS
TLKM
ASII
MNCN
CPRO
UNTR
BHIT
BMTR
SMGR
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) 4.27% 6,521
YTD (USD) 40.03% 6,962
Moving Avg 20day 5,357 5,428
Moving Avg 50day 5,255 #REF!
Moving Avg 200day 5,103 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 6,533.1 -23.6 -0.4 5.4
JII 722.1 -4.7 -0.6 4.5
LQ45 946.9 -3.3 -0.4 5.4
JAKFIN Index 791.5 2.6 0.3 8.2
JAKINFR Index 1,129.3 -5.2 -0.5 -2.7
JAKMINE Index 1,321.9 21.4 1.6 -3.4
JAKCONS Index 2,245.2 -14.5 -0.6 3.1
JAKTRAD Index 987.2 8.4 0.9 12.4
JAKMIND Index 1,355.5 -28.6 -2.1 3.7
JAKBIND Index 522.2 -3.1 -0.6 -4.0
JAKPROP Index 580.7 0.5 0.1 10.6
JAKAGRI Index 2,296.4 34.4 1.5 -2.3
Commodities +/- (%)YTD (%)
CRB Index 224.1 3.1 1.41 -2.6
Oil & Gas
Brent Crude Oil (USD/bbl) 62.6 2.5 4.21 9.2
Nymex Oil (USD/bbl) 49.8 1.6 3.30 -6.6
Natural Gas 2.7 0.0 1.37 -5.7
COAL (AUS Daily) 71.5 3.9 5.70 15.2
Industrial Metals
Aluminum (USD/tonne) 1,809.3 10.0 0.56 -1.3
Nickel (USD/tonne) 14,095 -285 -1.98 -7.0
Tin (USD/tonne) 17,950 -150 -0.83 -7.5
Precious Metal
Gold (USD/t oz.) 1,213.1 3.0 0.25 2.4
Silver (USD/t oz.) 16.5 -0.1 -0.42 5.9
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,321 29.0 1.27 1.3
Rubber (JPY/kg) 1,857 10.0 0.54 13.1
Corn (USD/bu.) 385 4.5 1.18 -3.1
Wheat (USD/bu.) 518 14.3 2.83 -12.3
Soybeans (USD/bu.) 1,031 6.8 0.66 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 1,772.9 -1.13 -0.06 3.69
SPX S&P 500 2,104.5 -6.24 -0.30 2.21
US
18,132.7 -81.7 -0.45 1.74
Nasdaq US 4,963.5 -24.36 -0.49 4.80
Europe
EURO 50 Europe 392.2 1.52 0.39 14.51
FTSE London 6,946.7 -3.07 -0.04 5.80
DAX Jerman 11,401.7 74.5 0.66 16.28
CAC France 4,951.5 40.86 0.83 15.88
SMI Swiss 9,014.5 -34.96 -0.39 0.35
BRIC
BOVESPA Brazil 51,583.1 -177 -0.34 3.15
MICEX Russia 1,759.0 -1.69 -0.10 25.95
SENSEX India 29,361.5 614.8 2.14 6.77
NIFTY India 8,901.9 218.0 2.51 7.48
SHCOMP China 3,310.3 11.94 0.36 2.34
SZCOMP China 1,630.1 15.34 0.95 15.18
Nikkei Japan 18,797.9 12.1 0.06 7.72
TPX Japan 1,523.9 2.17 0.14 8.27
HSI Hong kong 24,823.3 -78.8 -0.32 5.16
KOSPI S.Korea 1,985.8 -7.28 -0.37 3.66
TAIEX Taiwan 9,622.1 0.0 0.00 3.38
FSSTI Singapore 3,402.9 -23.32 -0.68 1.12
ASEAN
SET Thailand 1,587.0 -6.54 -0.41 5.96
PCOMP Philipines 7,730.6 -33.8 -0.44 6.91
KLCI Malaysia 1,821.2 0.34 0.02 3.40
VNINDEX Vietnam 592.6 -4.15 -0.70 8.61
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.893 0.000 0.00 11.64
USDGBP UK 0.648 -0.001 -0.00 8.00
USDCHF Switzerland 0.954 0.002 0.00 -4.57
USDCAD Canada 1.252 0.000 0.00 4.29
USDAUD Australia 1.280 -0.002 -0.00 6.68
USDNZD New Zealand 1.322 -0.005 -0.00 1.69
USDJPY Japan 119.63 0.220 0.00 -0.14
USDCNY China 6.27 0.01 0.00 1.12
USDHKD Hongkong 7.756 0.001 0.00 -0.57
USDSGD Singapore 1.363 0.005 0.00 4.84
Rupiah Indonesia 12,932 101.00 0.01 4.39
JCI 5,450.3 (1.1) 0.0%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Historical Technical Trading Ideas (1)
Ticker Last Trading Ideas 27-Feb-15 Chg (%) Recommendation
JCI 5,451 Profit Taking 5,450 -0.01% Incorrect
LSIP 1,815 Buy 1,880 3.58% Correct
HRUM 1,600 Buy 1,655 3.44% Incorrect
INCO 3,385 Buy 3,525 4.14% Correct
JSMR 7,075 Buy 7,100 0.35% Correct
BKSL 146 Buy 145 -0.68% Correct
BBRI 12,950 Sell 12,875 -0.58% Incorrect
BBNI 6,925 Sell 6,875 -0.72% Incorrect
Ticker Last Trading Ideas 26-Feb-15 Chg (%) Recommendation
JCI 5,445 Profit Taking 5,451 0.12% Incorrect
LSIP 1,815 Buy 1,835 1.10% Correct
INTP 24,125 Buy 24,050 -0.31% Incorrect
ASII 14,925 Buy 8,050 0.00% Correct
SSIA 1,325 Buy 1,330 0.38% Correct
TLKM 2,970 Buy 2,975 0.17% Correct
WIKA 3,650 Sell 3,675 0.68% Incorrect
Ticker Last Trading Ideas 25-Feb-15 Chg (%) Recommendation
JCI 5,417 Profit Taking 5,445 0.52% Incorrect
LSIP 1,805 Buy 1,815 0.55% Correct
PTPP 4,055 Buy 4,030 -0.62% Incorrect
SMGR 14,925 Buy 15,150 1.51% Correct
ASII 8,000 Buy 8,150 1.88% Correct
BBRI 12,800 Buy 12,925 0.98% Correct
WIKA 3,650 Sell 3,670 0.55% Incorrect
Ticker Last Trading Ideas 24-Feb-15 Chg (%) Recommendation
JCI 5,403 Profit Taking 5,417 0.26% Incorrect
LSIP 1,825 Buy 1,805 -1.10% Incorrect
BWPT 363 Buy 361 -0.55% Incorrect
TLKM 2,910 Buy 2,905 -0.17% Incorrect
PTPP 4,055 Buy 4,055 0.00% Correct
WSKT 1,820 Sell 1,810 -0.55% Correct
ASRI 685 Sell 675 -1.46% Correct
Ticker Last Trading Ideas 23-Feb-15 Chg (%) Recommendation
JCI 5,400 Cont Strenghtening 5,403 0.06% Correct
BMRI 12,075 Buy 11,875 -1.66% Incorrect
BBTN 1,055 Buy 1,045 -0.95% Incorrect
GJTL 1,360 Buy 1,310 -3.68% Incorrect
AKRA 4,870 Buy 4,810 -1.23% Incorrect
ITMG 18,200 Sell 17,750 -2.47% Correct
KLBF 1,790 Sell 1,795 0.28% Correct
Ticker Last Trading Ideas 20-Feb-15 Chg (%) Recommendation
JCI 5,390 Profit Taking 5,400 0.19% Incorrect
BWPT 366 Buy 364 -0.55% Incorrect
GGRM 55,175 Buy 55,000 -0.32% Incorrect
GJTL 1,340 Buy 1,360 1.49% Correct
ADHI 3,410 Buy 3,490 2.35% Correct
BBRI 12,475 Buy 12,725 2.00% Correct
BJBR 910 Sell 945 3.85% Incorrect
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Historical Technical Trading Ideas (2)
Ticker Last Trading Ideas 17-Feb-15 Chg (%) Recommendation
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
Ticker Last Trading Ideas 16-Feb-15 Chg (%) Recommendation
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
Ticker Last Trading Ideas 13-Feb-15 Chg (%) Recommendation
JCI 5,343 Cont Strenghtening 5,374 0.58% Correct
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
Ticker Last Trading Ideas 12-Feb-15 Chg (%) Recommendation
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
Ticker Last Trading Ideas 11-Feb-15 Chg (%) Recommendation
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
Ticker Last Trading Ideas 10-Feb-15 Chg (%) Recommendation
JCI 5,348 Profit Taking 5,321 -0.50% Correct
ANTM 1,035 Buy 1,035 0.00% Correct
BSDE 2,095 Buy 2,100 0.24% Correct
BBRI 11,675 Buy 11,650 -0.21% Incorrect
BKSL 117 Buy 126 7.69% Correct
SMGR 14,900 Buy 14,725 -1.17% Inorrect
BUMI 100 Trading Buy 101 1.00% Correct
ADRO 980 Trading Buy 995 1.53% Correct
Ticker Last Trading Ideas 9-Feb-15 Chg (%) Recommendation
JCI 5,343 Profit Taking 5,348 0.10% Incorrect
GGRM 58,500 Buy 57,025 -2.52% 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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (3)
Ticker Last Trading Ideas 6-Feb-15 Chg (%) Recommendation
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
CPRO 114 Trading Buy 116 1.75% Correct
BRAU 75 Trading Buy 74 -1.33% Incorrect
BBNI 6,450 Buy 6,675 3.49% Correct
Ticker Last Trading Ideas 5-Feb-15 Chg (%) Recommendation
JCI 5,315 Profit Taking 5,280 -0.67% 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
Ticker Last Trading Ideas 4-Feb-15 Chg (%) Recommendation
JCI 5,292 Cont Strenghtening 5,315 0.45% 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
Ticker Last Trading Ideas 3-Feb-15 Chg (%) Recommendation
JCI 5,289 Rebound 5,292 0.05% 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
Ticker Last Trading Ideas 2-Feb-15 Chg (%) Recommendation
JCI 5,289 Profit Taking 5,276 -0.24% 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
JCI 5,263 Rebound 5,289 0.50% Correct
JSMR 7,150 Buy 7,200 0.70% Correct
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Historical Technical Trading Ideas (4)
Ticker Last Trading Ideas 29-Jan-15 Chg (%) Recommendation
JCI 5,269 Cont' Weakening 5,263 -0.01% Correct
JSMR 7,125 Buy 7,150 0.35% 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
Ticker Last Trading Ideas 28-Jan-15 Chg (%) Recommendation
JCI 5,277 Cont' Weakening 5,269 -0.15% Correct
GGRM 58,500 Buy 57,175 -2.26% Incorrect
SMGR 14,525 Buy 14,475 -0.34% Incorrect
JSMR 7,100 Buy 7,125 0.35% Correct
BBRI 11,850 Sell 11,700 -1.27% Correct
GJTL 1,490 Sell 1,460 -2.01% Correct
CPRO 115 Trading Buy 122 6.09% Correct
AKRA 4610 Buy 4,620 0.22% Correct
Ticker Last Trading Ideas 27-Jan-15 Chg (%) Recommendation
JCI 5,260 Upside 5,277 0.33% Correct
ANTM 1,030 Buy 1,065 3.40% 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
Ticker Last Trading Ideas 26-Jan-15 Chg (%) Recommendation
JCI 5,324 Profit Taking 5,260 -1.18% Correct
ASII 8,075 Buy 8,025 -0.62% Incorrect
TLKM 2,890 Buy 2,820 -2.42% Incorrect
GGRM 58,450 Buy 57,100 -2.31% 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
Ticker Last Trading Ideas 23-Jan-15 Chg (%) Recommendation
JCI 5,253 Cont Strenghtening 5,324 1.35% Correct
PGAS 5,375 Buy 5,375 0.00% 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
BUMI 100 Trading Buy 100 0.00% Correct
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
Ticker Last Trading Ideas 22-Jan-15 Chg (%) Recommendation
JCI 5,215 Cont Strenghtening 5,253 0.73% Correct
ADHI 3,550 Buy 3,645 2.68% Correct
PGAS 5,350 Buy 5,375 0.47% Correct
BDMN 4,650 Buy 4,660 0.22% Correct
SMGR 14,100 Buy 14,400 2.13% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 14
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
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t. +62-21 2924 9088
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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
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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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