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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
(willinoy.sitorus@trimegah.com)
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
(angga.aditya@trimegah.com)
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. (maria.renata@trimegah.com)
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 (angga.aditya@trimegah.com)
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 (intern@trimegah.com)
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 (paula@trimegah.com)
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
(paula@trimegah.com)
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
(intern@trimegah.com)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
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)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
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)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
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 -- -- --
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
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 7
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%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
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
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
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Historical Technical Trading Ideas (2)
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
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Historical Technical Trading Ideas (3)
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
TRAM 154 Trading Buy 110 -28.57% Incorrect
CPRO 118 Trading Buy 119 0.85% Correct
Ticker Last Trading Ideas 21-Jan-15 Chg (%) Recommendation
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
CPRO 116 Trading Buy 118 1.72% Correct
Ticker Last Trading Ideas 20-Jan-15 Chg (%) Recommendation
JCI 5,152 Strengthen 5,166 0.27% Correct
UNVR 34,000 Buy 34,200 0.59% Correct
PGAS 5,200 Buy 5,275 1.44% 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
Ticker Last Trading Ideas 19-Jan-15 Chg (%) Recommendation
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
CPRO 123 Trading Buy 119 -3.25% Incorrect
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
Ticker Last Trading Ideas 16-Jan-15 Chg (%) Recommendation
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
CPRO 128 Trading Buy 123 -3.91% Incorrect
BUMI 113 Trading Buy 108 -4.42% Incorrect
BSDE 1,970 Trading Buy 1,980 0.51% Correct
Ticker Last Trading Ideas 15-Jan-15 Chg (%) Recommendation
JCI 5,160 Technical Rebound 5,189 0.58% Correct
ADRO 945 Buy 935 -1.06% Incorrect
PGAS 5,450 Buy 5,500 0.92% Correct
SMGR 15,925 Buy 16,200 1.73% Correct
BKSL 112 Trading Buy 115 2.68% Correct
BUMI 102 Trading Buy 113 10.78% Correct
ENRG 104 Trading Buy 106 1.92% Correct
Ticker Last Trading Ideas 14-Jan-15 Chg (%) Recommendation
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
BBRI 11,825 Sell 11,750 -0.63% Correct
CPRO 132 Trading Buy 115 -12.88% Incorrect
BUMI 114 Trading Sell 102 -10.53% Correct
PWON 479 Trading Buy 469 -2.09% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Historical Technical Trading Ideas (4)
Ticker Last Trading Ideas 13-Jan-15 Chg (%) Recommendation
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
CPRO 123 Trading Buy 132 7.32% Correct
Ticker Last Trading Ideas 12-Jan-15 Chg (%) Recommendation
JCI 5,217 Profit Taking 5,188 -0.54% Correct
LSIP 2,020 Buy 2,005 -0.74% Incorrect
AALI 25,975 Buy 25,800 -0.67% Incorrect
ANTM 1,085 Buy 1,090 0.46% Correct
BBNI 6150 Buy 6,075 -1.22% Incorrect
WSKT 1,430 Sell 1,425 -0.35% Correct
ADHI 3,560 Sell 3,585 0.70% 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
BBRI 11,775 Sell 11,750 -0.21% Correct
PTPP 3685 Sell 3,670 -0.41% Correct
Ticker Last Trading Ideas 9-Jan-15 Chg (%) Recommendation
JCI 5,212 Strenghtening 5,217 0.11% Correct
LSIP 2,020 Buy 2,020 0.00% 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
CPRO 116 Trading Buy 118 1.72% Correct
ADRO 985 Buy 1,005 2.03% Correct
WSKT 1,445 Sell 1,430 -1.04% 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
Ticker Last Trading Ideas 8-Jan-15 Chg (%) Recommendation
JCI 5,207 Cont' Strenghtening 5,212 0.09% Correct
LSIP 1,915 Buy 2,020 5.48% 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
CPRO 120 Trading Buy 116 -3.33% Incorrect
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
Ticker Last Trading Ideas 7-Jan-15 Chg (%) Recommendation
JCI 5,169 Rebound 5,207 0.74% Correct
ASII 7,050 Buy 7,150 1.42% Correct
PGAS 5,800 Buy 5,800 0.00% Correct
BBCA 13,100 Buy 13,125 0.19% Correct
TRAM 319 Trading Buy 284 -10.97% Incorrect
CPRO 106 Trading Buy 120 13.21% Correct
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
(sebastian.tobing@trimegah.com)
Maria Renata
Equity Analyst
(maria.renata@trimegah.com)
Gina Novrina Nasution, CSA
Technical Analyst
(gina.nasution@trimegah.com)
Paula Ruth
Equity Analyst
(paula@trimegah.com)
Angga Aditya Assaf
Equity Analyst
(angga.aditya@trimegah.com)
Willinoy Sitorus
Equity Analyst
(willinoy.sitorus@trimegah.com)
M. Dian Octiana
Equity Analyst
(dian.octiana@trimegah.com)
Dini Agmivia Anggraeni
Fixed Income Analyst
(dini.anggraeni@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
Institutional Sales Team
Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)
Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)
Meitawati
Equity Institutional Sales
(meitawati.edianingsih@trimegah.com)
Fachruly Fiater
Equity Institutional Sales
(fachruly.fiater@trimegah.com)
Henry Sidarta
Equity Institutional Sales
(henry.sidarta@trimegah.com)
Raditya Andyono
Equity Institutional Sales
(raditya.andyono@trimegah.com)
Nancy Pardede
Equity Institutional Sales
(nancy.pardede@trimegah.com)
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Eddy Sumarli
Puri Kencana, Jakarta
(eddy.sumarli@trimegah.com)
Very Wijaya
BSD, Tangerang
(very.wijaya@trimegah.com)
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Tantie Rivi Watie
Pekanbaru, Riau
(tantierw@trimegah.com)
Nathanael Benny Prasetyo
Palembang, Sumatera Selatan
(benny.prasetyo@trimegah.com)
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
Arifin Pribadi
Makasar, Sulawesi Selatan
(arifin.pribadi@trimegah.com)
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Mariana Kusuma Wati
Semarang, Jawa Tengah
Mariana.kusuma@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)
PT Trimegah Securities Tbk
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t. +62-21 2924 9088
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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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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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