20151207_2

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

Economic package no.7 takeaways - 50% income tax discount for employees working in a company of >5,000 local employees and the company is export oriented (> 50%). This package applies for salary bracket < IDR50m/year. The impact is only IDR350k/year which is insignificant in our view. However, this should at least give some short-term positive momentum for staple companies such as ROTI, ICBP, GGRM and HMSP. This should also be positive

for textile companies such as SRIL and PBRX. 4 Dec’ 15 meeting takeaway — OPEC to maintain oil production and market share, thus no catalyst for significant oil price movement. Nov’ 14 4W sales went flat MoM, unexciting as the market expected continues accelerating monthly figures to end of the year.

TRIM Daily

TRIM Highlights

Dec 7, 2015

Jakarta Composite Index (JCI) down by 8 point or 0.2% to 4537 yesterday.

Index movers were mostly driven by mining (-1.4%), agriculture (-0.9%)

and property construction (-0.7%). Total transaction value was Rp3.9tr. IDX

recorded RP395bn net sell by foreign investors. We expect JCI to rebound

within the range of 4488-4590.

Technical Market View

Oil prices were near their lowest since 2009 in the wake of the Organization of the Petroleum Exporting Countries' decision to keep production high de-spite depressed demand. Brent was last down 15 cents at $42.85 a barrel, while U.S. crude lost 42 cents to $39.55.

Global Wrap

Technical analysis: trading picks

Change -0.64%

Transaction Volume (m) 5,586

Transaction Value (Rpbn) 5,147

Mkt Cap (Rptr) 4,771

Market 2015 P/E (x) 12.8

Market Div. Yield (%) 2.8%

JCI 4,508

Global Indices

Dual Listing (NYSE)

Stock Price Rating Reason

TLKM 3000 Buy TLKM a potential upside today with trading range 2880-3125

JSMR 4805 Buy We expect JSMR to trade up today in the range of 4700-4900. Buy at level 4700 with target price 4900 (resistance)

BBRI 11300 Buy We expect BBRI to further strengthen, with today’s trading range of 10800-11650

BBNI 4955 Buy BBNI remains on a long term bullish pattern with the potential technical rebound today on the range of 4880-5025

ASII 6400 Buy ASII is a long term bullish with possible up-ward movement for today between the range of 6300-6600

SMGR 10950 Buy

SMGR would make a technical rebound today, in our view. We believe it will break its 11200 resistance and formed a bullish pattern post today’s technical rebound ranging between 10550-11575

Price Chg %

Dow Jones 17,847.6 370.0 2.1

Nasdaq 5,142.3 104.7 2.1

Nikkei 19,504.5 -435 -2.2

ST Times 2,879.1 -4.8 -0.2

FTSE 6,238.3 -36.7 -0.6

Hang Seng 22,235.9 -181 -0.8

Chg %

USD IDR 13,834 -11 -0.1

10 yr Indo Govt bond (%) 8.56 0.1 0.9

10 yr US govt bond (%) 2.3 -0.02 -0.8

Spread (%) 6.28 0.09 1.7

EIDO 21.1 0.5 2.6

Foreign YtD (USDmn) (3,038) 13 -0.4

JCI Index, Avg 5D MA Value

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2,000

3,000

4,000

5,000

6,000

Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15

(Rpbn)Avg. 5 Day MA Trading Value (RHS) Price (LHS)

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

On the ground visit - 4W auction event

Automotive auction is an attractive business

We recently visited a second-hand 4W auction event regularly held by Adi Sarana Armada’s (ASSA IJ) auction program,

BidWin. ASSA has been expanding and recently have 9 Bidwin locations spread across Indonesia (Sumatra, Makassar,

Java). One of the main purposes of this weekly event is for leasing companies to 1.) Have a platform in selling their

massive number of second-hand 4W units to customers (majority are showroom dealers), 2.) Get a fair-deal as price

agreement is done by consensus (group of bidders). Note that large companies can scrap or sell more than 2,000 sec-

ond-hand units per year. There were around 60 bidders during the event and majority of them are showroom dealers.

ASSA currently has around 15,000 units and usually scraps around 2,000 units per year, thus it makes business sense

for ASSA to create BidWin back in 1H14.

The business model

The auction coordinator usually holds a 3-days open event before the auction starts. The 3-days period is the time

where potential bidders get to see the physical condition and the details of the numerous cars displayed. At the auction

event, an appointed legal is in the middle of all bidders to ensure that the highest bidder must become legally binding

with the purchase. ASSA charges 5% commission for every transaction made. 65% of its 4,000 units auctioned are

sourced from Oto Adira, Indomobil, Clipan, Kalla rent and Orix. Assuming 9 outlets have 60 cars sold per weekly event

with average selling price of IDR80m, ASSA could reap revenue of IDR104bn/year, which is 8%/9% of ASSA’s 2014

and 9M15 annualized revenue. Note that 9M15 auction revenue still contributes a mere 1% of ASSA’s revenue. Most of

the auction locations are owned by ASSA (except Medan area).

The competition

Usually these showroom dealers/traders mark up the prices by ~10-15% for luxury cars and 5%-10% for popular cars

(Avanza, mobilio, etc.). The automotive auction market is a saturated business. Our channel check suggests that no

formal market share data is available yet the the 4 largest players in the market are Ibid (Astra; ~300 4W units dis-

played per event), JBA (consortium of Japanese companies; ~250), Astria and Bidwin (~150). Indonesia still uses

conventional method of auto auction, whereas advanced countries such as Japan already uses digital computer platform

for auction events. This type of business has becoming more hyped also to non-rental companies. Yet, ASSA believes

that the key success of this business is having huge land area of which many small players do not have.

Source: TRIM research

The conventional type of automotive auction in Indonesia, unlike …


On the ground visit - 4W auction event


… The advanced computer system auction in advanced countries


There are legal parties ensuring that the highest bidder are legally binding with the purchase


OPEC meeting takeaways

4 Dec’ OPEC meeting takeaways

• Brent oil prices settled lower on Friday to USD43/barrel (-0.4% DoD) after OPEC announced it had agreed to roll

over its policy of maintaining crude production in order to retain market share.

• OPEC president, Emmanuel Ibe Kachikwu, said OPEC could potentially meet before June if developments in price or

production levels warrant it.

• Indonesia returns to OPEC but can’t escape aging old fields. The start of Banyu Urip will be the single biggest addi-

tion to global supply this year.

• We think that the OPEC meeting did not bring positive nor negative signals that could trickle oil price movement.


News of the Day

Economy package Part VII

As scheduled, government announced the economy

package part VII last Friday with highlight on personal

income tax discount. The government gave 50% income

tax discount for employee which working in labour incen-

tive industry (min 5000 local employee per company) and

export oriented ( min 50% ). Yet, the discount only ap-

plied for salary below Rp 50mn per annum. Thus, the

impact is small, only Rp 350k per employee/ year.

( [email protected])

BBRI: To Issue Rp3 Trillion Obligation in 2016

The issued amount are part of the Rp 12 trillion obligation

which only Rp 3 trillion was issued in mid 2015. There-

fore, due to the US$ 1 Billion loan BBRI acquired from

CCB, BBRI will only issue another Rp 3 Trillion obligation

in 2016. In addition, BBRI has a target of 15% in DPK,

13% in loan growth and will finalize the acquisition pro-

cess towards BRIngin Life in 2016. Source: Investor Daily

INTP: targets 3-5% sales volume growth in 2016

As the company cited cement demand is still weak de-

spite infrastructure development, but the economy is still

facing a slowdown as commodities remains unexciting.

Source: Kontan ([email protected])

SMBR: reportedly booked 153.9k tons cement sales

in November

Up 12% YoY, 11M15 sales volume reached 1.41mn tons,

+27% YoY. Company remains optimistic that FY15 sales

volume to reach 1.5mn tons. Source: Bisnis Indonesia

Comment:

We continue to believe SMBR robust sales volume is

supported by the development in South Sumatra and

Sinarmas’ pulp and paper plant development. As again,

we reiterate that sales volume for SMBR can be a proxy

for Indonesian cement sales, which we can expect Indo-

nesian cement sales to book a similar growth rate.

([email protected])

PTPP: Preparing Rp1.5tn for JV in energy;

PTPP plans to prepare Rp1.5tn to form a JV in energy

related company, as the company plans to enter more

energy-related business in the future. Currently, PTPP is

in the middle of a tender process for 2X200MW power

plant in West Kalimantan. Going into 2016, the company

aims for Rp35tn new contract, with 40% of the new

contract coming from government. PTPP retains its target

to reach Rp27tn by end 2015, optimistic to obtain Rp6tn

new contract in one month, as the company is waiting for

tender winning announcement. Source: Kontan, Bisnis

Indonesia ([email protected])

GIAA: to add at least 11,362 seats for domestic and

international flights in anticipation for holidays

The extra seats will be directed for 19 December to 4

January schedule, which includes Jakarta-North Sumatra;

Jakarta-Bali; South Sulawesi-Manado, Manado-Soron;

Jakarta-Sydney; Denpasar-Sydney; Jakarta-Melbourne and

Jakarta-Singapore. Source: The Jakarta Post

([email protected])

TLKM: Sign agreement with state logistic company,

Bhanda Ghara Reksa (BGR)

Based on the deal, TLKM and BGR (handle ~1.2K clients a

year) will share each other’s infrastructure to improve

efficiency for BGR’s distribution, warehousing, and tracking

system. The cooperation is also expected to help reducing

national logistics cost. Several materials often transported

by BGR are subsidized fertilizer, eletronic goods, and

archives. For next year, BGR is aiming Rp2tr revenue

(+60%YoY to 2015E target). Source: Jakarta Post

AISA: to hold shares divestment in GOLL

Due to continuous declining trend in CPO price. Initially,

AISA aimed to divest its shares in GOLL at end of this

year. Source: Bisnis Indonesia.

Comment:

this is negative for AISA, as this plan has been an awaited

action by investor. The plantation business has dragged

down AISA’s consolidated performance and the capex took

huge amount of AISA’s. ([email protected])

DAJK: to increase export portion to be 20%

By increasing its production capacity; 4,800 tonnes per

month (vs 4,500 tonnes per month) for cartons. Source:

Bisnis Indonesia

Nov’ 4W auto sales to reach 88k units (-0.7% MoM; -

3.6% YoY)

This brings 11M15 sales to 940.7k units (-16.7% YoY).

Source: Bisnis Indonesia ([email protected])

Comment:

We think the ~1m units FY15 4W sales target is achievable

in our view.

Source: Gaikindo, Bisnis Indonesia

National 4W sales volume


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)

-165-73

-1,150

-110-22

-434-270

-270

-2,289

-424

-50

-1,530

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

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

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

Sep-

15

Oct-

15

Nov-

15

Dec-

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

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

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

500

700

900

1,100

1,300

1,500

40

45

50

55

60

65

70

75

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(USD/ Troy oz.)(USD)

Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)

500

600

700

800

900

1,000

1,100

-

500

1,000

1,500

2,000

2,500

3,000

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

Sep-1

5

Oct-

15

Nov-1

5

(USD

Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

2010

2010

2010

2011

2011

2012

2012

2013

2013

2014

2014

2015

2015

(x)

Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia


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

0

50

100

150

200

250

-

10

20

30

40

50

60

70

80

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

Sep-1

5

Oct-

15

Nov-1

5

(USD/MT)

Coal (LHS) COAL Sector (RHS)

0

10

20

30

40

50

60

70

80

90

-

500

1,000

1,500

2,000

2,500

3,000

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(MYR / Ton)

CPO Malaysia (LHS) CPO Sector (RHS)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(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

0

100

200

300

400

500

600

700

800

900

1,000

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(USD troy oz.)(Rp)ANTM (LHS) Gold (RHS)

-

3,000

6,000

9,000

12,000

15,000

18,000

21,000

24,000

0

200

400

600

800

1,000

1,200

1,400

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)

0

20

40

60

80

0

100

200

300

400

500

600

700

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

Nov-1

5

Nov-1

5

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

11/26/2015 EC M3 Money Supply YoY Oct 4.8 5.3 4.9

11/27/2015 EC Consumer Confidence Nov F -- -5.9 -6

11/30/2015 US Chicago Purchasing Manager Nov 54 48.7 56.2

US Pending Home Sales MoM Oct 1.3 54 -2.3

US Dallas Fed Manf. Activity Nov -10 -4.9 -12.7

12/01/2015 US Markit US Manufacturing PMI Nov F 52.6 52.8 52.6

US Construction Spending MoM Oct 0.6 1 0.6

US ISM Manufacturing Nov 50.5 48.6 50.1

US ISM Prices Paid Nov 40 35.5 39

ID Nikkei Indonesia PMI Mfg Nov -- 46.9 47.8

ID CPI NSA MoM Nov 0.17 0.21 -0.1

ID CPI YoY Nov 4.85 4.89 6.3

ID CPI Core YoY Nov 4.91 4.77 5.0

EC Markit Eurozone Manufacturing PMI Nov F 52.8 52.8 52.8

EC Unemployment Rate Oct 10.8 10.7 10.8

CH Manufacturing PMI Nov 49.8 49.6 49.8

CH Caixin China PMI Mfg Nov 48.3 48.6 48.3

CH Caixin China PMI Composite Nov -- -- 49.9

CH Caixin China PMI Services Nov -- -- 52

12/02/2015 US MBA Mortgage Applications 27-Nov -- -0.2 --

US ADP Employment Change ('000') Nov 190 217 182

EC CPI Estimate YoY Nov 0.2 0.1 0.1

EC CPI Core YoY Nov A 1.1 0.9 1.1

12/03/2015 ID Foreign Reserves (USDbn) Nov -- -- 100.7

EC Markit Eurozone Services PMI Nov F 54.6 54.2 54.6

EC Markit Eurozone Composite PMI Nov F 54.4 54.2 54.4

EC Retail Sales MoM Oct 0.2 -0.1 -0.1

EC ECB Main Refinancing Rate 3-Dec 0.05 0.05 0.1

EC ECB Deposit Facility Rate 3-Dec -0.3 -0.3 -0.2

EC ECB Marginal Lending Facility 3-Dec 0.3 0.3 0.3

12/4/2015 US Change in Nonfarm Payrolls ('000') Nov 200 211 271.0

US Change in Manufact. Payrolls ('000') Nov 0 -1 0

US Unemployment Rate (%) Nov 5.0 5.0 5.0

US Trade Balance (USD bn) Oct -40.5 -43.9 -40.8

12/08/2015 EC GDP SA QoQ (%) 3Q P 0.3 -- 0.3

EC GDP SA YoY (%) 3Q P 1.6 -- 1.6

CH Trade Balance (USD bn) Nov 64.15 -- 61.6

CH Exports YoY (%) Nov -5 -- -6.9

CH Imports YoY (%) Nov 11.8 -- -18.8

12/9/2015 US MBA Mortgage Applications 4-Dec -- -- -0.20%

US Wholesale Inventories MoM Oct 0.10% -- 0.50%

CH CPI YoY Nov 1.4 -- 1.3

CH PPI YoY Nov -5.9 -- -5.9

12/10/2015 US Import Price Index MoM (%) Nov -0.80% -- -0.50%

US Import Price Index YoY (%) Nov -9.60% -- -10.50%

US Initial Jobless Claims ('000') 5-Dec 268 -- 269

US Continuing Claims ('000') 28-Nov 2153 -- 2161

US Bloomberg Consumer Comfort 6-Dec -- -- 39.6

12/10/2015 CH New Yuan Loans CNY (USD bn) Nov 965 -- 513.6

CH Money Supply M2 YoY Nov 14 -- 13.5

12/12/2015 CH Retail Sales YoY Nov 11.1 -- 11.0

CH Industrial Production YoY Nov 5.7 -- 5.6

CH Industrial Production YTD YoY Nov 6.1 -- 6.1

CH Bloomberg GDP Monthly Estimate YoY Nov -- -- 6.6

12/17/2015 ID Bank Indonesia Reference Rate 17-Dec -- -- 7.5

ID Bank Indonesia Lending Facility Rate 17-Dec -- -- 8.0


Corporate Action

Code Price

Exercise Maturity Emiten Description

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

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

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

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

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

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

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

Warrant


Statistics

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

YTD (Rp) -13.75% 5,586

YTD (USD) 5.67% 5,147

Moving Avg 20day 4,514 4,771

Moving Avg 50day 4,493 12.8

Moving Avg 200day 4,890 2.8%

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

MSCI Indonesia 5,382.4 -37.7 -0.7 -13.2

JII 592.9 -3.7 -0.6 -14.2

LQ45 777.5 -6.4 -0.8 -13.5

JAKFIN Index 674.0 -5.4 -0.8 -7.9

JAKINFR Index 949.1 -9.3 -1.0 -18.2

JAKMINE Index 836.2 -4.1 -0.5 -38.9

JAKCONS Index 2,049.0 -23.5 -1.1 -5.9

JAKTRAD Index 802.9 2.7 0.3 -8.6

JAKMIND Index 1,106.0 14.2 1.3 -15.4

JAKBIND Index 401.6 -5.4 -1.3 -26.1

JAKPROP Index 479.6 -4.4 -0.9 -8.6

JAKAGRI Index 1,607.8 -10.0 -0.6 -31.6

Commodities +/- (%)YTD (%)

CRB Index 183.2 -0.1 -0.03 -20.3

Oil & Gas

Brent Crude Oil (USD/bbl) 43.0 -0.8 -1.92 -25.0

Nymex Oil (USD/bbl) 40.0 -1.1 -2.70 -25.0

Natural Gas 2.2 0.0 0.23 -24.6

COAL (AUS Daily) 53.3 0.0 0.00 -14.1

Industrial Metals

Aluminum (USD/tonne) 1,514.5 38.5 2.61 -17.4

Nickel (USD/tonne) 8,980 130 1.47 -40.7

Tin (USD/tonne) 14,850 55 0.37 -23.5

Precious Metal

Gold (USD/t oz.) 1,084.1 22.9 2.16 -8.4

Silver (USD/t oz.) 14.5 0.5 3.20 -7.0

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,292 3.0 0.13 0.0

Rubber (JPY/kg) 1,333 -13.6 -1.01 -18.8

Corn (USD/bu.) 382 4.5 1.19 -3.9

Wheat (USD/bu.) 485 5.8 1.20 -17.9

Soybeans (USD/bu.) 906 8.5 0.95 -11.1

Volume (m)

Value (Rpbn)

Mkt Cap (Rptr)

Market 2015 P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

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

USDEUR Euro 0.919 0.005 0.5 14.9

USDGBP UK 0.662 0.001 0.2 10.3

USDCHF Switzerland 0.996 0.003 0.3 -0.4

USDCAD Canada 1.336 0.001 0.1 11.4

USDAUD Australia 1.363 0.001 0.0 13.6

USDNZD New Zealand 1.482 -0.013 -0.9 14.0

USDJPY Japan 123.11 0.500 0.4 2.8

USDCNY China 6.40 0.00 0.1 3.3

USDHKD Hongkong 7.750 0.000 0.0 -0.6

USDSGD Singapore 1.398 0.003 0.2 7.5

Rupiah Indonesia 13,834 -11.0 -0.1 11.7

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

MXWO MSCI Word 1,694.8 16.55 0.99 -0.87

SPX S&P 500 2,091.7 42.07 2.05 1.59

US

17,847.6 370.0 2.12 0.14

Nasdaq US 5,142.3 104.74 2.08 8.58

Europe

EURO 50 Europe 370.6 -1.52 -0.41 8.20

FTSE London 6,238.3 -36.71 -0.59 -4.99

DAX Jerman 10,752.1 -37.1 -0.34 9.65

CAC France 4,714.8 -15.42 -0.33 10.34

SMI Swiss 8,802.9 -49.25 -0.56 -2.01

BRIC

BOVESPA Brazil 45,360.8 -1,033 -2.23 -9.29

MICEX Russia 1,755.2 -32.01 -1.79 25.68

SENSEX India 25,638.1 -248.5 -0.96 -6.77

NIFTY India 7,781.9 -82.3 -1.05 -6.05

SHCOMP China 3,525.0 -59.83 -1.67 8.97

SZCOMP China 2,233.3 -10.68 -0.48 57.81

Nikkei Japan 19,504.5 -435.4 -2.18 11.77

TPX Japan 1,574.0 -28.92 -1.80 11.83

HSI Hong kong 22,235.9 -181 -0.81 -5.80

KOSPI S.Korea 1,974.4 -19.67 -0.99 3.07

TAIEX Taiwan 8,398.6 -57.5 -0.68 -9.76

FSSTI Singapore 2,879.1 -4.84 -0.17 -14.45

ASEAN

SET Thailand 1,333.6 -7.05 -0.53 -10.96

PCOMP Philipines 6,921.9 -72.2 -1.03 -4.27

KLCI Malaysia 1,667.9 -6.05 -0.36 -5.30

VNINDEX Vietnam 571.6 -2.76 -0.48 4.77

Developed ASIA

Dow Jones Industrial

-0.4

-0.6

-1.2

-1.3

-1.6

-2.6

-3.0

-3.8

-7.2

-7.6

HMSP

BMRI

TLKM

BBCA

UNVR

UNTR

KLBF

SMMA

MEGA

CPIN6.1

4.7

3.1

2.7

2.4

2.0

1.6

1.5

1.2

0.2

EMTK

AISA

LSIP

LPPF

AKRA

MIKA

ASII

INTP

MNCN

BBRI

283

232

226

151

146

121

113

111

84

82

- 100 200 300

TLKM

BBRI

ASII

BBNI

BMRI

BBCA

SSMS

MYRX

UNTR

LPKR

173

99

94

80

77

74

72

64

63

62

0 100 200

MYRX

TARA

TLKM

PPRO

SUGI

DAJK

SSMS

LCGP

BKSL

LPKR

6,364

5,822

5,300

4,598

4,502

4,053

4,051

3,968

3,867

3,842

SSTM

SOCI

CPIN

PTBA

KLBF

BBCA

PGAS

ASII

BMRI

UNTR

JCI 4,508.5 (28.9) -0.6%


Historical Technical Trading Ideas (1)

108 out of 147 (73.47%) our technical calls are Correct during 01-30 Nov’15

Ticker Last Technical Call 30-Nov-15 Chg (%) Recommendation

JCI 4,561 Profit Taking

4,446 -2.50% Correct

HMSP 97,000 Buy

101,900 5.05% Correct

AKRA 6,025 Buy

6,100 1.24% Correct

MPPA 1,900 Buy

1,875 -1.32% Incorrect

BBRI 11,300 Sell

10,775 -4.65% Correct

BBNI 4,980 Sell

4,770 -4.22% Correct

ASII 6,225 Sell

5,925 -4.82% Correct


JCI 4,597 Continued Streng-

tening


BBCA 13,525 Buy

13,150 -2.77% Incorrect

GGRM 51,600 Buy

50,000 -3.10% Incorrect

AKRA 5,950 Buy

6,025 1.26% Correct

TLKM 2,950 Spec Buy

2,960 0.34% Correct

LSIP 1,285 Spec Buy


PWON 460 Trading Buy

457 -0.65% Incorrect



tening

4,597 0.25% Correct

ADRO 585 Buy

585 0.00% Correct

BBCA 13,500 Buy

13,525 0.19% Correct

MIKA 2,505 Buy


GGRM 50,400 Buy

51,600 2.38% Correct

INDF 5,350 Buy

5,475 2.34% Correct

ASII 6,175 Sell

6,225 0.81% Incorrect



tening

4,586 0.88% Correct

WSKT 1,715 Buy

1,720 0.29% Correct

BBCA 13,475 Buy

13,500 0.19% Correct

ADRO 565 Buy

585 3.54% Correct

SRIL 379 Buy

387 2.11% Correct

MIKA 2,500 Spec Buy

2,505 0.20% Correct

SILO 9,825 Spec Buy





UNVR 37,550 Buy

36,925 -1.66% Incorrect

PWON 450 Buy

453 0.67% Correct

SMGR 11,400 Sell

10,925 -4.17% Correct

WSKT 1,725 Sell

1,715 -0.58% Correct

GGRM 49,500 Sell

49,400 -0.20% Correct

LPPF 16,250 Trading Sell

16,250 0.00%




4,541 -0.44% Correct

PTPP 3,875 Buy


PWON 447 Buy

450 0.67% Correct

BBCA 13,150 Buy

13,300 1.14% Correct

UNVR 37,250 Buy

37,550 0.81% Correct

KAEF 960 Trading Buy

995 3.65% Correct

LPPF 15,975 Buy

16,250 1.72% Correct


JCI 4,519 Continued Strengtening

4,561 0.94% Correct

ASII 6,250 Buy

6,300 0.80% Correct

PWON 439 Buy

447 1.82% Correct

MPPA 2,020 Buy


JSMR 5,025 Buy

5,025 0.00% Correct

ISAT 4,925 Trading Buy

5,225 6.09% Correct

LPPF 15,750 Spec Buy

15,975 1.43% Correct



4,519 0.47% Correct

INTP 20,900 Buy

21,025 0.60% Correct

UNTR 17,050 Buy

17,200 0.88% Correct

PWON 433 Buy

439 1.39% Correct

PGAS 2,910 Buy

3,075 5.67% Correct

RALS 725 Buy

725 0.00% Correct

SMRA 1,415 Spec Buy

1,490 5.30% Correct




SMGR 11,100 Buy

11,500 3.60% Correct

TLKM 2,815 Buy

2,850 1.24% Correct

HMSP 95,150 Spec Buy

93,000 -2.26% Incorrect

INDF 5,275 Spec Buy

5,400 2.37% Correct

BBRI 10,900 Trading Sell


ICBP 12,600 Trading Sell




4,501 1.32% Correct

SMGR 10,800 Buy

11,100 2.78% Correct

UNVR 36,300 Buy

36,375 0.21% Correct

UNTR 17,700 Buy

17,550 -0.85% Incorrect

SMRA 1,435 Spec Buy

1,440 0.35% Correct

LPKR 1,160 Spec Buy

1,175 1.29% Correct

PGAS 2,575 Spec Buy

2,610 1.36% Correct

ADRO 640 Spec Buy

645 0.78% Correct



JCI 4,473 Continued Weakening

4,442 -0.69% Correct

ASII 6,600 Spec Buy


TLKM 2,755 Buy


HMSP 98,025 Buy

95,050 -3.03% Incorrect

SMGR 10,675 Buy

10,800 1.17% Correct

TBIG 6,550 Sell

6,475 -1.15% Correct

ISAT 4,825 Sell

4,765 -1.24% Correct


JCI 4,462 Upward Movement

4,473 0.24% Correct

AALI 18,550 Buy

18,050 -2.70% Incorrect

INTP 19,300 Buy

20,000 3.63% Correct

SMGR 10,150 Buy

10,675 5.17% Correct

TLKM 2,715 Buy

2,755 1.47% Correct

CPIN 2,705 Sell


HMSP 94,675 Sell



JCI 4,452 Futher Strengten

4,462 0.24% Correct

AALI 18,000 Spec Buy

18,550 3.06% Correct

LSIP 1,280 Spec Buy

1,285 0.39% Correct

SMGR 10,500 Buy

10,150 -3.33% Incorrect

INTP 19,350 Buy

19,300 -0.26% Incorrect

CPIN 2,675 Trading Sell

2,705 1.12% Correct

HMSP 97,900 Sell

94,675 -3.29% Correct


JCI 4,451 Rebound

4,452 0.01% Correct

HMSP 100,575 Buy

97,900 -2.66% Incorrect

SMRA 1,370 Buy

1,390 1.46% Correct

WSKT 1,685 Buy


WIKA 2,755 Buy

2,760 0.18% Correct

PWON 435 Spec Buy

435 0.00% Correct

SMGR 9,950 Spec Buy

10,500 5.53% Correct



4,451 -1.08% Correct

AALI 19,325 Spec Buy

18,700 -3.23% Incorrect

ASII 6,425 Spec Buy

6,500 1.17% Correct

HMSP 97,775 Buy

100,575 2.86% Incorrect

KLBF 1,440 Trading Sell

1,370 -4.86% Correct

LSIP 1,365 Sell

1,365 0.00% Correct

BBRI 10,575 Sell

10,450 -1.18% Correct

PGAS 3,000 Sell

3,130 4.33% Correct





4,500 -1.47% Correct

UNVR 37,000 Buy

36,700 -0.81% Incorrect

TLKM 2,735 Buy


CPIN 2,650 Spec Buy


MAIN 1,100 Spec Buy

1,140 3.64% Correct

PGAS 2,925 Sell

2,810 -3.93% Correct

ASII 6,600 Sell

6,425 -2.65% Correct



4,567 -0.23% Correct

PTPP 3,750 Buy


WSKT 1,690 Buy

1,700 0.59% Correct

SMGR 10,650 Buy

10,675 0.23% Correct

TLKM 2,705 Spec Buy

2,735 1.11% Correct

KIJA 236 Spec Buy

240 1.69% Correct

ASII 6,500 Sell




4,577 -0.77% Correct

SILO 10,400 Buy

10,075 -3.13% Incorrect

AALI 20,875 Buy

19,950 -4.43% Incorrect

LSIP 1,500 Buy


BBNI 5,000 Sell

4,945 -1.10% Correct

BBRI 11,050 Sell

10,725 -2.94% Correct

ASII 6,550 Sell

6,500 -0.76% Correct


JCI 4,533 Futher Strengten

4,613 1.75% Correct

BBNI 4,950 Buy

5,000 1.01% Correct

BBRI 10,700 Buy

11,050 3.27% Correct

SMGR 10,200 Buy

10,600 3.92% Correct

LSIP 1,425 Spec Buy

1,500 5.26% Correct

SILO 9,750 Spec Buy

10,400 6.67% Correct

TLKM 2,740 Sell

2,730 -0.36% Correct



4,533 1.53% Correct

BBNI 4,815 Buy

4,950 2.80% Correct

BBRI 10,275 Buy

10,700 4.14% Correct

WSKT 1,685 Buy

1,735 2.97% Correct

PTPP 3,705 Buy

3,705 0.00% Correct

SMGR 9,750 Buy

10,200 4.62% Correct

ASII 6,250 Buy

6,425 2.80% Correct


JCI 4,455 Rebound

4,465 0.22% Correct

WSKT 1,630 Buy

1,685 3.37% Correct

INDF 5,525 Buy

5,825 5.43% Correct

AALI 19,900 Buy

19,900 0.00% Correct

GGRM 42,950 Spec Buy

43,475 1.22% Correct

ASII 5,900 Spec Buy

6,250 5.93% Correct

WSKT 1,630 Trading Buy

1,685 3.37% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([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])

Wisnu Budhiargo

Equity Analyst

([email protected])

Patricia Gabriela

Equity Analyst

([email protected])

Kevie Aditya

Equity Analyst

([email protected])

Jennifer Yapply

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income/Macro Analyst

([email protected])

Yeni Simanjuntak

On-the-ground 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])

EAST INDONESIA

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

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This report was prepared, approved, published and distributed by PT Trimegah Securities Tbk located outside of the United States (a “non-US

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20151207_2

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