trim daily - trimegah · wika and bbri also propose lower dividend payout ratio, positive for both...

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

Govt budget update: a) WSKT and ADHI rights issues approved, b) Biodiesel

subsidy increase per liter is not discussed, despite already approved at com-

mission level. There is still a possibility of biodiesel subsidy increase ap-

proved by parliament but that probability is now less than 50%. In addition,

WIKA and BBRI also propose lower dividend payout ratio, positive for both

companies (and we believe most if not all SOE construction and banks to

propose lower dividend payout ratio this year, except regional banks).

TRIM Daily

TRIM Highlights

Feb 11, 2015

Jakarta Composite Index (JCI) down by 27 poin or 0.5% to 5,321.5 yester-day. Index movers were mostly driven by consumer, finance, trade and property construction. Total transaction value was Rp5.1tr. IDX recorded RP257bn net buy by foreign investors. JCI today is expected to continue its weakening trend and trade in 5,299-5,350 range.

Technical Market View

U.S. wholesale inventories only grew by 0.1% MoM (Vs 0.2% consensus) for

December 2014 after gain 0.8% MoM previously. Wholesales trade sales

dipped by -0.4% MoM, inline with -0.3% expected by consensus.

Global Wrap

Technical analysis: trading picks

JCI 5,321.5

Global Indices

Reksa Dana Trimegah Asset Management

Dual Listing (NYSE) Others

(USD) (Rp) Chg %

44.7 14,156 -0.39 -0.9TLKM

Change -0.50%

Transaction Volume (m) 5,139

Transaction Value (Rpbn) 5,089

Mkt Cap (Rptr) 5,310

Market 2015 P/E (x) 14.1

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 17,868.8 139.5 0.8

Nasdaq 4,787.6 61.6 1.3

Nikkei 17,652.7 -59.3 -0.3

ST Times 3,434.2 16.2 0.5

FTSE 6,829.1 -8.0 -0.1

Hang Seng 24,528.1 7.1 0.0

NAB Chg %

Trim Kapital 9,623.0 -55 -0.6

Trim Kapital + 3,524.4 -17.1 -0.5

Trim Syariah SHM 1,741.5 -12.2 -0.7

Tram Consumption +1,556.9 -9.2 -0.6

Trim Komb 2 2,113.6 -5.5 -0.3

Trim Syariah B 2,459.3 -12.5 -0.5

Trim Dana Stabil 2,200.3 -0.6 -0.0

Trim Dana Tetap 2 1,769.1 -0.1 -0.0

Tram PDPT USD 1.1 -0.0 -0.0

Tram Reguler INC 994.7 0.0 0.0

Tram Strategic Fund 1,204.8 -1.4 -0.1

Trim Kas 2 1,138.9 0.2 0.0

Chg %

USD IDR 12,670 17 0.1

10 yr Indo Govr bond (%) 7.20 0.0 0.1

10 yr US govt bond (%) 2.0 0.03 1.7

Spread (%) 5.20 -0.03 -1.6

EIDO 27.1 -0.3 -1.1

Foreign YtD (USDmn) 265 20 8

Stock Price Rating Reason

ANTM 1035 Buy

With a doji formation ANTM and potential

golden cross on its stochastic oscillator

ANTM is a Speculative Buy. ANTM’s sup-

port and resistance level ranging between

1015-1100 for today.

GGRM 55875 Buy In the short term, GGRM has the oppor-

tunity for a technical rebound with today’s

trading range at 55150-58500

PTPP 3920

Buy PTPP remains strong with potential upside

in the range of 3870-4040 for today.

BMRI 11625 Sell BMRI is a Sell as we believe it would form

a short term bearish pattern. Today’s

range is 11375-11850

BBNI 6800 Sell With low probability of a technical rebound

in the near term, BBNI is a Sell with to-

day’s range at 6600-6950

BUMI 101 Trading Buy

Buy BUMI at level 101 and Sell at level

105

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

News of the Day

Govt to ease permits for O&G sector

The Energy and Mineral Resources will streamline the licens-

ing procedures for O&G businesses after earlier introducing a

simpler process for electricity-related investment through the

Investment Coordinating Board’s (BKPM) newly launched one

-stop serv ices . Source: The Jakarta Post

([email protected])

Comment:

This is part of the government’s enactment to boost oil

production as to tackle the nation’s depleting oil reserves.

Banking: Maritime Loans could grow by 50% yoy this

year

Indonesia’s Financial Services Authority (OJK) asks banks to

provide more loans to maritime sector with 50% yoy mari-

time loan growth target this year. OJK Executive, Irwan

Lubis, mentioned that until 11M14, banks have provided

Rp85tr loans to maritime sector, or only 2.4% of total indus-

t r y l o a n s . S o u r c e : B i s n i s I n d o n e s i a

([email protected])

WIKA and BBRI propose lower dividend payout ratio at

10-20%

WIKA and BBRI propose dividend payout ratio (DPR) for

fiscal year 2014 to be lowered at ~10-20%, compared to last

year at 30% to government. Lower dividend ratio is expected

to increase the company’s capital. Meanwhile, based on

RAPBN-P (government’s budget), the government income

from 17 listed SOEs is expected to reached Rp17.6tr, or 21%

lower than the initial target at Rp21.4tr. Source: Investor

Daily

Comment:

The lower DPR will strengthen company’s capital. However,

for investor it will make less attractive valuation due to lower

dividend yield. Based on current price, WIKA’s dividend yield

stands at only 0.9% based on 30% DPR, and become 0.6%

based on 20% DPR. ([email protected])

PNBS: reported Rp96.9bn net profits, grew by 272%

yoy

PNBS reported Rp96.9bn net profits (+272% yoy) backed by

significant growth in financing to Rp4.15tr (+206.7% yoy).

Income from financing increased to Rp529.2bn in FY14 (FY13

was Rp273.3bn), while other operating income increased to

Rp34.6bn in FY14 (FY13 was Rp9.8bn). Source: investor

Daily ([email protected])

GIAA: Target net income to grow by 12%YoY

GIAA also decrease its CAPEX from their beginning plan by $70

from $200 to $130. This can occur because GIAA reduce its

business class unit from 12 to 8 unit, so GIAA can transport

more passenger. Source: Kontan ([email protected])

KAEF: Plan to increase selling price by ~5-10%

If forex rate still at Rp12,500/USD, KAEF plans to increase the

selling price in 1Q15 (possibly for ~40 products), especially for

products with limited margin or already booked loss. The price

increase is predicted by management to be ~5-10%. Other

driver for KAEF’s price increase is electricity rate and minimum

wage hike. The company also intends to increase (sales of)

products with high margin (~40%), such as stem cell, cancer

medicine, and other branded products. Source: Bisnis Indone-

sia ([email protected])

KLBF: Still review option to increase price

KLBF still reviews the option to increase price and will not

realize it immediately. This is because the company still waits

for market development. To anticipate the IDR depreciation,

the company will prepare working capital of USD50mn to

import raw material. Source: Bisnis Indonesia

([email protected])

JSMR: Is eying 60% stake in Cinere- Serpong

JSMR targeted to increase the vehicles volume to 1,38bn this

year and allocate Rp380bn for maintainance. In Sep’15 they

plan to increase the toll tariff in all route except Jakarta-

Cikampek and Sedyatmoko highway. JSMR also targets to

own around 60% of Cinere-Serpong highway stocks that owns

by Cinere Serpong Jaya. Furthermore, JSMR is eyeing 2 toll

roads currently owned by Thiese Contractors Indonesia (TCI),

namely: Solo-Ngawi and Ngawi-Kertosono. Note that TCI also

owned 80% stake in Cinere Serpong Jaya, while the remaining

20% stake is owned by WSKT. Source: Investor Daily

([email protected])


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

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

Dec-14

Dec-14

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

9.5

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

5.0

Feb-14

Feb-14

Mar-

14

Mar-

14

Apr-

14

Apr-

14

May-14

May-14

Jun-1

4

Jun-1

4

Jun-1

4

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

Dec-14

Jan-15

Jan-15

Feb-15

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

21964

188 109 21

-173

322

869

-613

26120

3,280

(1,000)

(500)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

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

1,700

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Feb-14

Mar-

14

Apr-

14

May-14

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)


Table

INCO, ANTM vs Nickel price (LME)

Coal Price (Newcastle) vs Coal Sector

TINS vs Tin price (LME)

ANTM vs Gold price

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

GIAA vs Brent Crude Oil

150

175

200

225

250

275

50

55

60

65

70

75

80

Feb-14

Mar-

14

Apr-

14

May-14

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

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

50

55

60

65

70

75

80

85

90

95

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

Feb-14

Mar-

14

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

Dec-14

Dec-14

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

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

Dec-14

Dec-14

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

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

Dec-14

Dec-14

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

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

Dec-14

Dec-14

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

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

Dec-14

Dec-14

Jan-15

Feb-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

02/05/2015 ID GDP YoY (%) 4Q 4.9 5.0 5.0

US Initial Jobless Claims (000's) 31-Jan 290 278 265

US Continuing Claims (000's) 24-Jan 2,400 2,400 2,385

US Trade Balance (USD mn) Dec -38.0 -46.6 -39.0

US Bloomberg Consumer Comfort 1-Feb -- 45.5 47.3

02/06/2015 US Change in Nonfarm Payrolls (000's) Jan 228 257 252

US Change in Manufact. Payrolls (000's) Jan 12 22 17

US Unemployment Rate (%) Jan 5.6 5.7 5.6

02/08/2015 CH Trade Balance (USD mn) Jan 48.7 60.0 49.6

CH Exports YoY (%) Jan 5.9 -3.3 9.7

CH Imports YoY (%) Jan -3.2 -19.9 -2.4

02/10/2015 US NFIB Small Business Optimism Jan 101 97.9 100.4

US Wholesale Inventories MoM (%) Dec 0.2 0.1 0.8

CH CPI YoY (%) Jan 1.0 0.8 1.50

CH PPI YoY (%) Jan -3.8 -4.3 -3.3

02/11/2015 CH New Yuan Loans (USD bn) Jan 1350 -- 697.3

CH Money Supply M2 YoY Jan -- -- 12.2

US MBA Mortgage Applications 6-Feb -- -- --

02/12/2015 US Monthly Budget Statement (USD bn) Jan (2.6) -- --

US Retail Sales Advance MoM (%) Jan -0.3 -- -0.9

US Retail Sales Ex Auto MoM (%) Jan -0.3 -- -1.0

US Retail Sales Ex Auto and Gas Jan -- -- -0.3%

US Bloomberg Consumer Comfort 8-Feb -- -- --

EC Industrial Production SA MoM Dec -- -- 0.2%

02/13/2015 US Import Price Index MoM Jan -3.5% -- -2.5%

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

EC GDP SA QoQ 4Q A -- -- 0.2%

EC GDP SA YoY 4Q A -- -- 0.8%

02/17/2015 US Empire Manufacturing Feb -- -- 9.95

ID Bank Indonesia Reference Rate 17-Feb -- -- 7.75%

EC ZEW Survey Expectations Feb -- -- 45.2

02/18/2015 US Total Net TIC Flows Dec -- -- -6.30E+09

US Net Long-term TIC Flows Dec -- -- 3.35E+10

US MBA Mortgage Applications 13-Feb -- -- --

US Housing Starts Jan -- -- 1.09E+06

US PPI Final Demand MoM Jan -- -- -0.30%

US Building Permits Jan -- -- 1.03E+06

US PPI Ex Food and Energy MoM Jan -- -- 0.30%

US PPI Final Demand YoY Jan -- -- 1.10%

US PPI Ex Food and Energy YoY Jan -- -- 2.10%

US Industrial Production MoM Jan -- -- -0.10%

US Capacity Utilization Jan -- -- 79.70%

02/19/2015 US Initial Jobless Claims 14-Feb -- -- --


Corporate Action

Code Price

Exercise Maturity Emiten Description

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

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

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

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

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

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

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

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

Warrant

Code Price

Exercise Maturity Emiten Description

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

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

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

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

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

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

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

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


Statistics

-0.4

-0.5

-0.6

-1.1

-1.7

-2.0

-2.4

-4.3

-4.5

-15.9

BBCA

TLKM

BMRI

BBNI

UNVR

GGRM

ICBP

SCMA

BDMN

EPMT19.9

16.2

3.9

2.8

2.6

2.1

1.8

1.5

1.5

0.7

MREI

BRAU

TOWR

GEMS

LPPF

ITMG

UNTR

ADRO

EXCL

ASII

331

232

208

201

155

139

137

132

75

74

- 200 400

BBRI

BMRI

ASII

TLKM

MPPA

BBCA

BBNI

PGAS

ADRO

SMGR

591

355

298

262

151

128

100

95

94

91

0 500 1,000

BKSL

TRAM

BRAU

MTFN

NIRO

BUMI

SRIL

KIJA

META

BORN

6,251

4,542

4,062

4,049

4,011

3,903

3,703

3,558

3,490

3,468

TLKM

SCMA

BBRI

TRAM

PGAS

MYRX

BBCA

ASII

KLBF

BBNI

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

YTD (Rp) 1.81% 5,139

YTD (USD) 35.89% 5,089

Moving Avg 20day 5,257 5,310

Moving Avg 50day 5,200 14.1

Moving Avg 200day 5,071 2.4%

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

MSCI Indonesia 6,332.8 -29.2 -0.5 2.1

JII 707.0 -3.9 -0.5 2.3

LQ45 920.9 -5.4 -0.6 2.5

JAKFIN Index 757.2 -4.4 -0.6 3.5

JAKINFR Index 1,118.9 -3.0 -0.3 -3.6

JAKMINE Index 1,346.9 3.2 0.2 -1.6

JAKCONS Index 2,255.4 -30.9 -1.4 3.6

JAKTRAD Index 925.2 -4.4 -0.5 5.3

JAKMIND Index 1,331.9 7.6 0.6 1.9

JAKBIND Index 523.4 -2.4 -0.5 -3.7

JAKPROP Index 567.8 -3.2 -0.6 8.2

JAKAGRI Index 2,255.5 -19.2 -0.8 -4.1

Commodities +/- (%)YTD (%)

CRB Index 223.7 -4.3 -1.87 -2.8

Oil & Gas

Brent Crude Oil (USD/bbl) 56.4 -1.9 -3.27 -1.5

Nymex Oil (USD/bbl) 50.0 -2.8 -5.37 -6.2

Natural Gas 2.7 0.1 3.08 -7.7

COAL (AUS Daily) 68.2 1.5 2.17 9.9

Industrial Metals

Aluminum (USD/tonne) 1,826.8 -41.0 -2.20 -0.4

Nickel (USD/tonne) 14,825 -330 -2.18 -2.1

Tin (USD/tonne) 18,200 -50 -0.27 -6.2

Precious Metal

Gold (USD/t oz.) 1,232.2 -9.3 -0.75 4.1

Silver (USD/t oz.) 16.9 -0.2 -1.15 8.2

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,299 -16.0 -0.69 0.3

Rubber (JPY/kg) 1,788 -28.8 -1.58 8.9

Corn (USD/bu.) 388 -3.3 -0.83 -2.3

Wheat (USD/bu.) 522 -8.0 -1.51 -11.6

Soybeans (USD/bu.) 969 -9.5 -0.97 -4.9

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 1,725.8 11.60 0.68 0.94

SPX S&P 500 2,068.6 21.85 1.07 0.47

US

17,868.8 139.5 0.79 0.26

Nasdaq US 4,787.6 61.63 1.30 1.09

Europe

EURO 50 Europe 372.9 2.39 0.64 8.89

FTSE London 6,829.1 -8.03 -0.12 4.01

DAX Jerman 10,753.8 90.3 0.85 9.67

CAC France 4,695.7 44.57 0.96 9.90

SMI Swiss 8,620.4 -11.72 -0.14 -4.04

BRIC

BOVESPA Brazil 48,510.3 -872 -1.77 -2.99

MICEX Russia 1,742.4 -6.20 -0.35 24.76

SENSEX India 28,355.6 128.2 0.45 3.11

NIFTY India 8,565.6 39.2 0.46 3.41

SHCOMP China 3,141.6 46.47 1.50 -2.88

SZCOMP China 1,512.5 23.10 1.55 6.87

Nikkei Japan 17,652.7 -59.3 -0.33 1.16

TPX Japan 1,427.7 2.80 0.20 1.44

HSI Hong kong 24,528.1 7.1 0.03 3.91

KOSPI S.Korea 1,935.9 -11.14 -0.57 1.06

TAIEX Taiwan 9,393.7 -27.8 -0.30 0.93

FSSTI Singapore 3,434.2 16.22 0.47 2.05

ASEAN

SET Thailand 1,595.0 -6.81 -0.43 6.49

PCOMP Philipines 7,723.1 -59.4 -0.76 6.81

KLCI Malaysia 1,811.1 -0.46 -0.03 2.83

VNINDEX Vietnam 574.5 0.97 0.17 5.30

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.883 0.000 0.00 10.41

USDGBP UK 0.656 -0.002 -0.00 9.27

USDCHF Switzerland 0.926 0.003 0.00 -7.36

USDCAD Canada 1.259 0.012 0.01 4.89

USDAUD Australia 1.287 0.005 0.00 7.23

USDNZD New Zealand 1.351 0.002 0.00 3.92

USDJPY Japan 119.43 0.790 0.01 -0.31

USDCNY China 6.24 (0.01) (0.00) 0.67

USDHKD Hongkong 7.754 -0.000 -0.00 -0.60

USDSGD Singapore 1.355 0.001 0.00 4.22

Rupiah Indonesia 12,670 17.00 0.00 2.28

JCI 5,321.5 (27.0) -0.5%


Historical Technical Trading Ideas (1)

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


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


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

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

LSIP 1,865 Buy 1,950 4.56% Correct

KLBF 1,835 Buy 1,835 0.00% Correct

PWON 499 Buy 510 2.20% Correct


BRAU 75 Trading Buy 74 -1.33% Incorrect

BBNI 6,450 Buy 6,675 3.49% Correct



ADRO 1,000 Buy 995 -0.50% Incorrect

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

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

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

ADHI 3,410 Sell 3,530 3.52% Incorrect

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


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


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



ACES 740 Buy 755 2.03% Correct

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

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

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

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

CPRO 117 Sell 117 0.00% Correct



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



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

PWON 500 Buy 499 -0.20% Incorrect

MPPA 3600 Sell 3,800 5.56% Incorrect

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

CPRO 120 Sell 117 -2.50% Correct


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


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

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

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

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

CPRO 122 Sell 120 -1.64% Correct

INCO 3515 Sell 3,495 -0.57% Correct


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


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


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

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


AKRA 4610 Buy 4,620 0.22% Correct


JCI 5,260 Upside 5,277 0.33% Correct


SMGR 14,475 Buy 14,525 0.35% Correct

PTPP 3,750 Buy 3,780 0.80% Correct

BBRI 11,875 Buy 11,925 0.42% Correct


WSKT 1,570 Sell 1,635 4.14% Incorrect



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

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


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

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

NIPS 496 Trading Buy 487 -1.81% Incorrect

BBTN 1,020 Sell 990 -2.94% Correct

PWON 505 Sell 482 -4.55% Correct




SMGR 14,400 Buy 14,475 0.52% Correct

ADHI 3,645 Buy 3,690 1.23% Correct

CPRO 119 Buy 117 -1.68% Incorrect


PWON 505 Trading Sell 505 0.00% Incorrect

BBKP 760 Buy 760 0.00% Incorrect

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

ANTM 1,060 Buy 1,060 0.00% Incorrect

ADRO 1020 Sell 1,000 -1.96% Correct





ADHI 3,550 Buy 3,645 2.68% Correct


BDMN 4,650 Buy 4,660 0.22% Correct

SMGR 14,100 Buy 14,400 2.13% Correct

TRAM 154 Trading Buy 110 -28.57% Incorrect



JCI 5,166 Strengthening 5,215 0.95% Correct

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

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

BDMN 4,615 Buy 4,650 0.76% Correct

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

ENRG 102 Trading Buy 102 0.00% Correct



JCI 5,152 Strengthen 5,166 0.27% Correct

UNVR 34,000 Buy 34,200 0.59% Correct


TLKM 2,855 Sell 2,900 1.58% Incorrect

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

CPRO 119 Trading Buy 116 -2.52% Incorrect

ASRI 580 Trading Buy 580 0.00% Correct

ANTM 1055 HOLD 1,055 0.00% Correct

ADRO 1020 Sell 980 -3.92% Correct


JCI 5,148 Upside 5,152 0.08% Correct

UNVR 33,500 Buy 34,000 1.49% Correct

TLKM 2,845 Buy 2,855 0.35% Correct

SMRA 1,600 Buy 1,605 0.31% Correct

PWON 472 Trading Buy 487 3.18% Correct


BUMI 108 Trading Buy 107 -0.93% Incorrect

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

MAPI 5,650 HOLD 5,700 0.88% Incorrect

EXCL 4655 Sell 4,690 0.75% Incorrect


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

BBRI 11,700 Buy 11,575 -1.07% Incorrect

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

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


BUMI 113 Trading Buy 108 -4.42% Incorrect

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


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

ADRO 945 Buy 935 -1.06% Incorrect


SMGR 15,925 Buy 16,200 1.73% Correct

BKSL 112 Trading Buy 115 2.68% Correct


ENRG 104 Trading Buy 106 1.92% Correct


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

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

ASII 7175 Sell 7,050 -1.74% Correct



BUMI 114 Trading Sell 102 -10.53% Correct

PWON 479 Trading Buy 469 -2.09% Incorrect




JCI 5,188 Cont' Weakening 5,214 0.53% Incorrect

AKRA 4,580 Buy 4,585 0.11% Correct

BBRI 11,750 Sell 11,825 0.64% Incorrect

WIKA 3,600 Trading Buy 3,620 0.56% Correct

WSKT 1,425 Trading Buy 1,430 0.35% Correct

ENRG 107 Trading Sell 110 2.80% Incorrect




LSIP 2,020 Buy 2,005 -0.74% Incorrect

AALI 25,975 Buy 25,800 -0.67% Incorrect


BBNI 6150 Buy 6,075 -1.22% Incorrect



LPKR 1,050 Sell 1,040 -0.95% Correct

BRAU 76 HOLD 76 0.00% Correct

CPRO 120 BUY 123 2.50% Correct

ENRG 105 BUY 107 1.90% Correct


PTPP 3685 Sell 3,670 -0.41% Correct


JCI 5,212 Strenghtening 5,217 0.11% Correct


AALI 25,225 Buy 25,975 2.97% Correct

ANTM 1,115 Buy 1,085 -2.69% Incorrect

BUMI 92 Trading Sell 100 8.70% Correct


ADRO 985 Buy 1,005 2.03% Correct


BRAU 73 Buy 77 5.48% Correct

BKSL 121 Sell 117 -3.31% Correct

ASRI 610 HOLD 590 -3.28% Incorrect

ENRG 106 BUY 107 0.94% Correct


JCI 5,207 Cont' Strenghtening 5,212 0.09% Correct


AALI 24,700 Buy 25,225 2.13% Correct

ASRI 580 Hold 580 0.00% Correct

LPKR 1,015 Buy 1,025 0.99% Correct


NIPS 500 Buy 520 4.00% Correct

WIKA 3715 Sell 3,680 -0.94% Correct

BUMI 87 Buy 92 5.75% Correct

ANTM 1040 BUY 1,115 7.21% Correct

BKSL 110 Buy 108 -1.82% Incorrect

LSIP 2010 HOLD 2,020 0.50% Incorrect



ASII 7,050 Buy 7,150 1.42% Correct


BBCA 13,100 Buy 13,125 0.19% Correct

TRAM 319 Trading Buy 284 -10.97% Incorrect


WIKA 3,605 Buy 3,650 1.25% Correct

LPKR 1,015 Buy 1,015 0.00% Correct

ASRI 580 Hold 580 0.00% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Maria Renata

Equity Analyst

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income Analyst

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales Team

Daniel Dwi Seputro

Head of Institutional Equity Sales

([email protected])

Dewi Yusnita

Equity Institutional Sales

([email protected])

Meitawati


([email protected])

Fachruly Fiater


([email protected])

Henry Sidarta


([email protected])

Raditya Andyono


([email protected])

Nancy Pardede


([email protected])

Retail Sales Team

JAKARTA AREA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Eddy Sumarli

Puri Kencana, Jakarta

([email protected])

Very Wijaya

BSD, Tangerang

([email protected])

SUMATERA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Nathanael Benny Prasetyo

Palembang, Sumatera Selatan

([email protected])

EAST INDONESIA

Wiranto Sunyoto

Branch Area Manager

([email protected])

Sonny Muljadi

Surabaya, Jawa Timur

([email protected]

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali

([email protected])

Ivan Jaka Perdana

Malang, Jawa Timur

([email protected])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

PT Trimegah Securities Tbk

Gedung Artha Graha 18th Floor

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190, Indonesia

t. +62-21 2924 9088

f. +62-21 2924 9150

www.trimegah.com

DISCLAIMER

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

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

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

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

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

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

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

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

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

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

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