TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
Market: expect a rebound with EIDO up and Rupiah stabilizing this morning.
BI will publish FX reserves on 7th, likely to set the tone for the rest of the
week (last was USD105bn, expect lower reserves now but still above the
USD100bn psychological level). We published HMSP (Buy, TP 102000) note
on Friday along with a Walking the street note on Cigarettes. We found that
cigarettes is one of the few FMCG segment that still has pricing power—and
HMSP is the best with strongest brand equity, leading market share, great
operating and free cash flow, good corp governance. Also note that HMSP will
join JCI (as largest market cap) and MSCI soon. Our TP implies 39x 2016 PE
and 46x P/OCF, more expensive than most FMCG, but cheaper than UNVR
and MIKA.
TRIM Daily
TRIM Highlights
Oct 05, 2015
Jakarta Composite Index (JCI) down by 47 point or 1.1% to 4207 last friday. Index movers were mostly driven by consumer, finance and mind. Industry. Total transaction value was Rp4.8tr. foreign recorded Rp61bn net buy. We expect JCI to further strengthen, with today’s trading range of 4176-4259.
Technical Market View
U.S losing 9,000 jobs in September post losing 18,000 in August. New orders received by U.S. factories fell 1.7% in August while the jobless rate held steady at 5.1%.The yield of the benchmark 10-year Treasury fell below 2.0% on Friday for the first time since late August.
Global Wrap
Technical analysis: trading picks
JCI 4,254.8
Global Indices
Dual Listing (NYSE)
Others
(USD) (Rp) Chg %
35.8 13,105 0.53 1.5TLKM
Change -1.11%
Transaction Volume (m) 5,475
Transaction Value (Rpbn) 4,373
Mkt Cap (Rptr) 4,369
Market 2015 P/E (x) 12.2
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 16,472.4 200.4 1.2
Nasdaq 4,707.8 80.7 1.7
Nikkei 17,725.1 3 0.0
ST Times 2,793.2 -8.7 -0.3
FTSE 6,130.0 57.5 0.9
Hang Seng 21,506.1 660 3.2
Chg %
USD IDR 14,646 -45 -0.3
10 yr Indo Govt bond (%) 9.38 -0.0 -0.1
10 yr US govt bond (%) 2.0 -0.06 -3.1
Spread (%) 7.40 0.05 3.0
EIDO 17.9 0.4 2.1
Foreign YtD (USDmn) (2,392) 4 -0
Stock Price Rating Reason
ITMG 9725 Spec Buy
Stochastic Oscilator indicates positive signal of a potential technical rebound for ITMG. Spec Buy at level 9600 with target price 9900 (resistance)
PWON 339 Spec Buy
With stochastic indicator to form a golden cross, we expect a technical rebound for PWON today in the range of 334-350 Spec Buy at level 339 with target price 350 (resistance)
ANTM 481 Spec Buy
Spec Buy ANTM at level 474 with target price today at level 490
PTPP 3585
Buy
PTPP remains in the long term bullish pattern. With a doji formation PTPP and potential golden cross on its stochastic oscillator PTPP is a Spec-ulative Buy. PTPP’s support and resistance level ranging between 3505-3660 for today.
GGRM 44450
Buy
GGRM formed a two white candle yesterday, GGRM remains strong with potential upside in the range of 44000-46300 for today.
SSMS 1730
Buy
SSMS is a long term bullish, it formed a white marubozu candle with increasing transaction volumes, indicates further upward movement for today with support and resistance levels of 1650-1780
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Infrastructure: Japanese Investors to evaluate its
investment in Indonesia
Following an announcement of China investors as a pro-
ject winner of Jakarta-Bandung speed rail project, Japa-
nese investors said that they will re-evaluate all of its
projects in Indonesia. According to BKPM, Japan is one of
the countries with high ratio of investment realization in
Indonesia (62%). In 1H15, Japan realized US$1.6bn
investment, or 11.3% of total foreign investment in
Indonesia. It was the 3rd position, after Malaysia and
Singapore. Source: Kontan ([email protected])
Banks: OJK to ask DSIBs to add capital gradually
The capital requirement for domestic systemically im-
portant banks (DSIBs) will be fully implemented on 2019.
Source: Investor Daily ([email protected])
BBRI: to buy back shares this week
The company has prepared tens of billions Rupiah to buy
back shares through management and employee stock
option program (MESOP). Source: Kontan
BMRI: plans to buy back shares this year
However, the plan is currently awaiting approvals from
internal management. Source: beritasatu.com
BUMI: to offer CIC, CDB, and Axis Bank 32% shares
on debt to equity swap
This is equivalent to the USD 1.9bn BUMI’s loans provid-
ed by the three financial institutions. The transaction will
be done through private placement with Rp1,100 conver-
sion price, much higher than the current share price of
Rp50. Source: Investor Daily
Comment:
This is BUMI’s offer. We reckon there is a small chance
CIC, CDB, and Axis Bank would accept the offer to con-
vert their debt for BUMI shares priced at Rp1,100.
BWPT: the USD 680mn acquisition by Felda Global
still sees obstacles
This is due to the Malaysian company has not settled the
USD 174.5mn acquisition down payment cost. Felda
Global CEO, Mohd Emir Mavani Abdullah, said the due
diligence process is not complete yet due to volatile stock
m a r k e t . S o u r c e : I n v e s t o r D a i l y
ICBP: expects 10% revenue growth in FY15
The company expects 5-10% revenue growth in FY15,
lower than its initial target of 10-15%. It was due to weak
demand, following continuous weak purchasing power. The
company tried to maintain its growth by launching new
products. Up to 1H15, ICBP has launched 24 new products
and renewed its packaging's. Source: Kontan.
Comment:
This is slight negative for ICBP. The 5-10% new revenue
growth target is below our 15% target. We have not got
the detail for the new target. We still have a BUY with TP
Rp15,100 now. ICBP currently trades at 22-15x PE FY15-
16F. ([email protected])
KRAS: drawing USD 260.05mn loan facility from ECA
Commerzbank AG
This is in line with the company plan to start the construc-
tion of hot strip mill II factory in Cilegon. The ground
breaking is expected to be done in 4Q15. Source: Investor
Daily ([email protected])
BEST: acquires factory relocation contracts
As an effort to meet their revised 15-20ha industry land
sales 2015 target. The contract value has yet been dis-
c l o s e d . S o u r c e : I n v e s t o r D a i l y
MYRX: had met their 2015 marketing sales target of
Rp1.5tr
By August, with Maja and Serpong houses sold out. Com-
pany currently venturing into shophouses, with target
marketing sales of Rp360bn at 30% margin. Company will
also venture to other cities, in which had cleared 400ha
land in Bekasi and 90ha in Cengkareng. Source: Kontan
Government on Alcohol: Regulated, not Prohibited
This is to accommodate stakeholders in alcohol beverages.
Previously, the RUU draft prohibited production as well as
distribution of alcohol beverages. The new RUU proposal is
now still in DPR discussion, as was received earlier this
S e p t e m b e r . S o u r c e : K o n t a n
ISAT: Target 2016E revenue growth of 6-7%YoY
The company plan to allocate up to Rp7tr for capex 2016E
(using internal cash) for network modernization, specifical-
ly for LTE. ISAT plans to use new loans only for refinancing
or debt repayment. ISAT still aims to convert its USD debt
to IDR to reduce forex loss. Source: Kontan, Bloomberg
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
EXCL: Launch Axis value-saving intenet package
(same tariff across Indonesia)
Axis also reduce its unlimited internet package tariff for
East Indonesia area to Rp24.9K, down 29% compared to
previous tariff. Source: industri.bisnis.com
Comment:
According to the company, after acquiring Axis last year,
EXCL decided to use dual-brand strategy by moving its
XL brand up the value ladder, while using Axis brand to
target different segment from XL by offering value-for-
money voice, SMS, and internet service.
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
2010
2011
2011
2012
2012
2013
2013
2014
2014
2015
2015
(x)
Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Oct-
14
Oct-
14
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Dec-14
Jan-15
Jan-15
Feb-15
Feb-15
Mar-
15
Mar-
15
Apr-
15
Apr-
15
Apr-
15
May-15
May-15
Jun-1
5
Jun-1
5
Jul-
15
Jul-
15
Aug-15
Aug-15
Sep-1
5
Sep-1
5
Oct-
15
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
-42 -8
-437
-158-12
-169
-537
-741
-2,113
-600
-40
-735
(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
500
700
900
1,100
1,300
1,500
40
50
60
70
80
90
100
Oct-
14
Oct-
14
Nov-1
4
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
(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
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
15
Apr-
15
May-15
Jun-1
5
Jul-
15
Aug-15
Sep-1
5
(USD Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (RHS)
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
Sep-
14
Oct-
14
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
Apr-
15
May-
15
Jun-
15
Jul-
15
Aug-
15
Sep-
15
(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
Table
INCO, ANTM vs Nickel price (LME)
Coal Price (Newcastle) vs Coal Sector
TINS vs Tin price (LME)
ANTM vs Gold price
CPO Price (1m Futures in Malaysia) vs CPO Sector
GIAA vs Brent Crude Oil
150
175
200
225
250
50
55
60
65
70
75
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
15
Apr-
15
May-15
Jun-1
5
Jul-
15
Aug-15
Sep-1
5
(USD/MT)Coal (LHS) COAL Sector (RHS)
50
55
60
65
70
75
80
85
1,500
1,600
1,700
1,800
1,900
2,000
2,100
2,200
2,300
2,400
2,500
Oct-
14
Oct-
14
Nov-1
4
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
(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
Oct-
14
Oct-
14
Nov-1
4
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
(USD /MT)(Rp)
INCO (LHS) ANTM (LHS) Nickel LME (RHS)
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
500
600
700
800
900
1,000
1,100
1,200
Oct-
14
Oct-
14
Nov-1
4
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
(USD troy oz.)(Rp) ANTM (LHS) Gold (RHS)
15,000
16,000
17,000
18,000
19,000
20,000
21,000
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
Oct-
14
Oct-
14
Nov-1
4
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
(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)
40
50
60
70
80
90
100
300
350
400
450
500
550
600
650
700
Oct-
14
Oct-
14
Nov-1
4
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
(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
9/28/2015 US Personal Income (%) Aug 0.4 0.3 0.4
US Personal Spending (%) Aug 0.3 0.4 0.3
US PCE Core MoM (%) Aug 0.1 0.1 0.1
US Pending Home Sales MoM (%) Aug 0.4 -1.4 0.5
US Dallas Fed Manf. Activity Sep -10 -9.5 -15.8
9/29/2015 US Consumer Confidence Index Sep 96.8 103 101.5
EC Consumer Confidence Index Sep F -7.1 -7.1 -7.1
9/30/2015 US MBA Mortgage Applications (%) 25-Sep -- -6.7 13.9
US ADP Employment Change (000's) Sep 190 200 190
US Chicago Purchasing Manager Sep 53 48.7 54.4
EC Unemployment Rate (%) Aug 10.9 11.0 10.9
EC CPI Estimate YoY (%) Sep 0.0 -0.1 0.1
EC CPI Core YoY (%) Sep A 0.9 0.9 0.9
10/1/2015 US Initial Jobless Claims (000's) 25-Sep 271 277 267
US Continuing Claims (000's) 18-Sep 2,230 2,191 2,242
US Markit US Manufacturing PMI Sep F 53.0 53.1 53.0
US Bloomberg Consumer Comfort 27-Sep -- 43.0 41.9
US Construction Spending MoM (%) Aug 0.5 0.7 0.7
US ISM Manufacturing Sep 50.6 50.2 51.1
US ISM Prices Paid Sep 40 38 39
ID Nikkei Indonesia PMI Mfg Sep -- 47.4 48.4
ID CPI NSA MoM (%) Sep 0.1 -0.05 0.4
ID CPI YoY (%) Sep 7.0 6.83 7.2
ID CPI Core YoY (%) Sep 4.9 5.07 4.9
EC Markit Eurozone Manufacturing PMI Sep F 52 52 52
CH Manufacturing PMI Sep 49.7 49.8 49.7
CH Caixin China PMI Mfg Sep F 47 47.2 47
CH Caixin China PMI Composite Sep -- 48 48.8
CH Caixin China PMI Services Sep -- 50.5 51.5
10/2/2015 US Change in Nonfarm Payrolls (000's) Sep 201 142 173
US Change in Manufact. Payrolls (000's) Sep 0 -9 -17
US Unemployment Rate (%) Sep 5.1 5.1 5.1
US Factory Orders Aug -1.2 -1.7 0.4
10/5/2015 US Markit US Composite PMI Sep F -- -- 55.3
US Markit US Services PMI Sep F 55.6 -- 55.6
US ISM Non-Manf. Composite (000's) Sep 57.5 -- 59
EC Markit Eurozone Services PMI Sep F -- -- 54
EC Markit Eurozone Composite PMI Sep F -- -- 53.9
EC Retail Sales MoM (%) Aug -- -- 0.4
10/6/2015 US Trade Balance (USD mn) Aug -47.1 -- -41.86
10/07/2015 US MBA Mortgage Applications (%) 2-Oct -- -- -6.7
ID Foreign Reserves Sep -- -- 105350
10/8/2015 US Initial Jobless Claims (000's) 3-Oct 274 -- 277
US Continuing Claims (000's) 26-Sep 2203 -- 2191
US Bloomberg Consumer Comfort 4-Oct -- -- 43
CH Foreign Direct Investment YoY CNY Sep -- -- 22
10/9/2015 US Import Price Index MoM (%) Sep -0.5 -- -1.8
US Wholesale Inventories MoM (%) Aug 0.0 -- -0.1
10/10/2015 CH New Yuan Loans CNY (bn) Sep 900 -- 810
CH Money Supply M2 YoY (%) Sep 13.1 -- 13.3
10/12/2015 US Monthly Budget Statement (USD bn) Sep 100 -- --
10/13/2015 US NFIB Small Business Optimism Sep -- -- 95.9
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
Statistics
-1.0
-2.5
-2.6
-2.8
-3.8
-4.2
-5.0
-5.8
-6.0
-10.0
BBCA
KLBF
UNVR
ASII
BMRI
ICBP
INDF
SCMA
BDMN
PLIN15.4
11.8
9.1
4.8
3.8
2.7
2.4
1.8
1.3
1.2
KIAS
BKSW
AMRT
BWPT
PGAS
GGRM
CPIN
BSDE
MLBI
SSMS
222
196
175
160
132
109
108
107
105
97
- 100 200 300
SIAP
BBRI
BMRI
PGAS
ASII
LCGP
TLKM
MYRX
BBCA
SSMS
1,006
203
171
153
149
125
108
85
67
60
0 500 1,000 1,500
SIAP
LCGP
ENRG
MYRX
TAXI
BWPT
TARA
PPRO
SUGI
PGAS
10,299
7,773
6,406
6,195
5,611
5,493
5,441
5,247
4,934
4,618
TAXI
SSMS
BBRI
KLBF
PGAS
BOLT
BMRI
TLKM
INCO
ASII
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) -19.50% 5,475
YTD (USD) 5.67% 4,373
Moving Avg 20day 4,304 4,369
Moving Avg 50day 4,472 12.2
Moving Avg 200day 5,039 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 4,751.6 -72.0 -1.5 -23.4
JII 553.9 -9.2 -1.6 -19.8
LQ45 701.3 -10.5 -1.5 -22.0
JAKFIN Index 596.2 -9.0 -1.5 -18.5
JAKINFR Index 857.9 -1.0 -0.1 -26.1
JAKMINE Index 936.3 -5.5 -0.6 -31.6
JAKCONS Index 2,010.8 -39.2 -1.9 -7.7
JAKTRAD Index 830.3 -5.9 -0.7 -5.5
JAKMIND Index 931.6 -23.3 -2.4 -28.7
JAKBIND Index 344.8 -0.5 -0.2 -36.6
JAKPROP Index 434.6 -3.9 -0.9 -17.2
JAKAGRI Index 1,674.6 -1.5 -0.1 -28.8
Commodities +/- (%)YTD (%)
CRB Index 194.1 1.6 0.83 -15.6
Oil & Gas
Brent Crude Oil (USD/bbl) 48.1 0.4 0.92 -16.0
Nymex Oil (USD/bbl) 45.5 0.8 1.79 -14.6
Natural Gas 2.5 0.0 0.74 -15.5
COAL (AUS Daily) 52.6 -0.1 -0.28 -15.2
Industrial Metals
Aluminum (USD/tonne) 1,540.5 -8.3 -0.53 -16.0
Nickel (USD/tonne) 10,030 -20 -0.20 -33.8
Tin (USD/tonne) 15,575 145 0.94 -19.7
Precious Metal
Gold (USD/t oz.) 1,136.6 22.9 2.06 -4.0
Silver (USD/t oz.) 15.3 0.8 5.18 -2.2
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,354 -25.0 -1.05 2.7
Rubber (JPY/kg) 1,328 -1.4 -0.11 -19.1
Corn (USD/bu.) 389 0.5 0.13 -2.0
Wheat (USD/bu.) 513 -5.0 -0.96 -13.0
Soybeans (USD/bu.) 874 -3.0 -0.34 -14.2
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 1,607.1 19.15 1.21 -6.00
SPX S&P 500 1,951.4 27.54 1.43 -5.22
US
16,472.4 200.4 1.23 -7.58
Nasdaq US 4,707.8 80.69 1.74 -0.60
Europe
EURO 50 Europe 347.9 1.63 0.47 1.56
FTSE London 6,130.0 57.51 0.95 -6.64
DAX Jerman 9,553.1 43.8 0.46 -2.58
CAC France 4,458.9 32.34 0.73 4.35
SMI Swiss 8,515.5 4.96 0.06 -5.21
BRIC
BOVESPA Brazil 47,033.5 1,720 3.80 -5.95
MICEX Russia 1,612.6 -14.41 -0.89 15.46
SENSEX India 26,221.0 0.0 0.00 -4.65
NIFTY India 7,950.9 0.0 0.00 -4.01
SHCOMP China 3,052.8 0.00 0.00 -5.62
SZCOMP China 1,716.8 0.00 0.00 21.31
Nikkei Japan 17,725.1 2.7 0.02 1.57
TPX Japan 1,444.9 2.18 0.15 2.66
HSI Hong kong 21,506.1 660 3.17 -8.89
KOSPI S.Korea 1,969.7 -9.64 -0.49 2.82
TAIEX Taiwan 8,305.0 9.1 0.11 -10.77
FSSTI Singapore 2,793.2 -8.70 -0.31 -17.00
ASEAN
SET Thailand 1,346.4 1.20 0.09 -10.11
PCOMP Philipines 6,850.6 -40.3 -0.59 -5.26
KLCI Malaysia 1,628.8 -5.13 -0.31 -7.52
VNINDEX Vietnam 562.3 -1.23 -0.22 3.06
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.892 -0.001 -0.2 11.5
USDGBP UK 0.659 -0.002 -0.3 9.8
USDCHF Switzerland 0.972 -0.006 -0.6 -2.9
USDCAD Canada 1.315 -0.012 -0.9 9.6
USDAUD Australia 1.419 -0.004 -0.3 18.2
USDNZD New Zealand 1.552 -0.011 -0.7 19.4
USDJPY Japan 119.91 -0.020 -0.0 0.1
USDCNY China 6.36 - 0.0 2.5
USDHKD Hongkong 7.750 0.000 0.0 -0.6
USDSGD Singapore 1.433 0.002 0.1 10.2
Rupiah Indonesia 14,646 -45.0 -0.3 18.2
JCI 4,207.8 (47.1) -1.1%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Historical Technical Trading Ideas (1)
Ticker Last Technical Call 3-Sep-15 Chg (%) Recommendation
JCI 4,401 Strengthened
4,433 0.72% Correct
ASII 5,975 Buy
6,150 2.93% Correct
BBNI 4,700 Buy
4,685 -0.32% Incorrect
BBCA 12,275 Buy
12,300 0.20% Correct
UNTR 18,250 Buy
19,925 9.18% Correct
TLKM 2,775 Buy
2,800 0.90% Correct
PGAS 2,890 Buy
2,890 0.00% Correct
Ticker Last Technical Call 2-Sep-15 Chg (%) Recommendation
JCI 4,412 Weakening
4,401 -0.25% Correct
TINS 585 Buy
585 0.00% Correct
SIAP 185 Trd. Buy
189 2.16% Correct
UNVR 38,925 Trd. Buy
38,500 -1.09% Incorrect
AALI 16,900 Buy
16,200 -4.14% Incorrect
BBNI 4,760 Sell
4,700 -1.26% Correct
BBRI 10,100 Sell
10,200 0.99% Incorrect
Ticker Last Technical Call 1-Sep-15 Chg (%) Recommendation
JCI 4,510 Strengthened
4,412 -2.15% Incorrect
PTPP 3,310 Buy
3,205 -3.17% Incorrect
WIKA 2,765 Buy
2,730 -1.27% Incorrect
PGAS 2,780 Trd. Buy
2,790 0.36% Correct
LPKR 1,070 Trd. Buy
1,030 -3.74% Incorrect
BBRI 10,625 Sell
10,100 -4.94% Correct
BBNI 4,950 Sell
4,760 -3.84% Correct
Ticker Last Technical Call 31-Aug-15 Chg (%) Recommendation
JCI 4,446 Weakening
4,510 1.43% Incorrect
AALI 18,075 Buy
17,125 -5.26% Incorrect
TLKM 2,865 Sell
2,870 0.17% Incorrect
BBNI 5,000 Sell
4,950 -1.00% Correct
BBRI 10,400 Sell
10,625 2.16% Incorrect
BWPT 248 Trd. Buy
258 4.03% Correct
LPKR 1,045 Trd. Buy
1,070 2.39% Correct
Ticker Last Technical Call 28-Aug-15 Chg (%) Recommendation
JCI 4,431 Strengthening
4,446 0.35% Correct
TLKM 2,830 Buy
2,865 1.24% Correct
PGAS 2,900 Buy
2,755 -5.00% Incorrect
ASII 5,825 Buy
5,775 -0.86% Incorrect
UNVR 38,750 Buy
38,000 -1.94% Incorrect
BBCA 12,600 Buy
12,850 1.98% Correct
INDF 5,125 Buy
5,225 1.95% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 27-Aug-15 Chg (%) Recommendation
JCI 4,238 Profit Taking
4,431 4.55% Incorrect
TLKM 2,690 Buy
2,830 5.20% Correct
GGRM 41,950 Buy
44,200 5.36% Correct
INCO 1,285 Buy
1,415 10.12% Correct
PTBA 5,550 Buy
5,725 3.15% Correct
BBNI 4,505 Buy
4,955 9.99% Correct
BBRI 9,750 Sell
10,500 7.69% Incorrect
Ticker Last Technical Call 26-Aug-15 Chg (%) Recommendation
JCI 4,229 Strengthening
4,238 0.22% Correct
TLKM 2,705 Buy
2,690 -0.55% Incorrect
BBRI 9,500 Buy
9,750 2.63% Correct
BMRI 8,500 Buy
8,550 0.59% Correct
UNTR 17,275 Buy
16,500 -4.49% Incorrect
ADRO 545 Trd. Buy
540 -0.92% Correct
INCO 1,250 Trd. Buy
1,285 2.80% Correct
Ticker Last Technical Call 25-Aug-15 Chg (%) Recommendation
JCI 4,164 Rebound
4,229 1.56% Correct
PTPP 3,290 Spec. Buy
3,145 -4.41% Incorrect
WSKT 1,600 Spec. Buy
1,570 -1.88% Incorrect
SRIL 309 Spec. Buy
327 5.83% Correct
PWON 340 Spec. Buy
333 -2.06% Incorrect
LSIP 935 Spec. Buy
940 0.53% Correct
BBNI 4,125 Spec. Buy
4,350 5.45% Correct
Ticker Last Technical Call 24-Aug-15 Chg (%) Recommendation
JCI 4,336 Weakening
4,164 -3.97% Correct
UNTR 18,600 Trad. Buy
17,100 -8.06% Incorrect
TLKM 2,730 Trad. Buy
2,660 -2.56% Incorrect
ADRO 490 Spec. Buy
474 -3.27% Incorrect
ANTM 505 Spec. Buy
470 -6.93% Incorrect
PGAS 3,195 Sell
2,880 -9.86% Correct
WIKA 2,635 Sell
2,460 -6.64% Correct
Ticker Last Technical Call 21-Aug-15 Chg (%) Recommendation
JCI 4,442 Weakening
4,336 -2.39% Correct
PGAS 3,335 Buy
3,195 -4.20% Incorrect
ASII 6,200 Buy
6,050 -2.42% Incorrect
UNTR 18,900 Buy
18,600 -1.59% Incorrect
GGRM 46,750 Buy
45,000 -3.74% Incorrect
TLKM 2,870 Sell
2,730 -4.88% Correct
BMRI 8,700 Sell
8,500 -2.30% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Historical Technical Trading Ideas (3)
Ticker Last Technical Call 20-Aug-15 Chg (%) Recommendation
JCI 4,484 Weakening
4,442 -0.94% Correct
LSIP 1,145 Spec. Buy
1,025 -10.48% Incorrect
AALI 18,500 Spec. Buy
17,125 -7.43% Incorrect
KLBF 1,455 Buy
1,535 5.50% Correct
UNVR 35,750 Buy
35,775 0.07% Correct
TLKM 2,800 Sell
2,870 2.50% Correct
ASII 6,075 Sell
6,200 2.06% Incorrect
Ticker Last Technical Call 19-Aug-15 Chg (%) Recommendation
JCI 4,510 Rebound
4,484 -0.58% Incorrect
KLBF 1,610 Buy
1,580 -1.86% Incorrect
BBNI 4,340 Buy
4,420 1.84% Correct
ICBP 12,500 Buy
12,675 1.40% Correct
TLKM 2,875 Buy
2,880 0.17% Correct
AALI 18,175 Spec. Buy
18,050 -0.69% Correct
LSIP 1,065 Spec. Buy
1,040 -2.35% Incorrect
Ticker Last Technical Call 18-Aug-15 Chg (%) Recommendation
JCI 4,585 Weakening
4,510 -1.63% Correct
TLKM 2,875 Buy
2,875 0.00% Correct
UNTR 19,700 Buy
19,100 -3.05% Incorrect
ADHI 2,200 Buy
2,105 -4.32% Incorrect
KLBF 1,560 Buy
1,610 3.21% Correct
AKRA 5,625 Sell
5,550 -1.33% Correct
BBRI 10,225 Sell
9,800 -4.16% Correct
Ticker Last Technical Call 14-Aug-15 Chg (%) Recommendation
JCI 4,584 Rebound
4,585 0.02% Correct
TLKM 2,825 Spec. Buy
2,875 1.77% Correct
GGRM 46,500 Spec. Buy
46,500 0.00% Correct
PWON 375 Spec. Buy
370 -1.33% Correct
UNTR 19,200 Spec. Buy
19,700 2.60% Incorrect
ADHI 2,180 Buy
2,200 0.92% Correct
BBNI 4,630 Buy
4,575 -1.19% Incorrect
Ticker Last Technical Call 13-Aug-15 Chg (%) Recommendation
JCI 4,479 Rebound
4,584 2.34% Correct
BBRI 9,700 Buy
10,025 3.35% Correct
PWON 359 Spec. Buy
375 4.46% Correct
TLKM 2,800 Spec. Buy
2,825 0.89% Correct
BBNI 4,510 Spec. Buy
4,630 2.66% Correct
GGRM 46,675 Buy
46,500 -0.37% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (4)
JCI 4,623 Rebound
4,479 -3.10% Incorrect
SCMA 2,620 Buy
2,500 -4.58% Incorrect
MPPA 2,750 Buy
2,600 -5.45% Incorrect
UNTR 19,500 Buy
19,300 -1.03% Incorrect
GGRM 46,275 Buy
46,675 0.86% Correct
BBNI 4,665 Buy
4,510 -3.32% Incorrect
BMRI 9,150 Buy
8,800 -3.83% Incorrect
Ticker Last Technical Call 11-Aug-15 Chg (%) Recommendation
JCI 4,749 Rebound
4,623 -2.66% Incorrect
TLKM 2,965 Buy
2,940 -0.84% Incorrect
BMRI 9,525 Buy
9,150 -3.94% Incorrect
BBNI 4,890 Buy
4,665 -4.60% Incorrect
ADHI 2,215 Buy
2,130 -3.84% Incorrect
PTPP 3,920 Buy
3,840 -2.04% Incorrect
PWON 404 Buy
386 -4.46% Incorrect
Ticker Last Technical Call 10-Aug-15 Chg (%) Recommendation
JCI 4,770 Weakening
4,749 -0.45% Correct
UNTR 20,200 Buy
20,000 -0.99% Incorrect
PWON 408 Buy
404 -0.98% Incorrect
ASRI 505 Sell
505 0.00% Correct
ADHI 2,265 Buy
2,215 -2.21% Incorrect
APLN 345 Buy
338 -2.03% Incorrect
Ticker Last Technical Call 7-Aug-15 Chg (%) Recommendation
JCI 4,807 Weakening
4,770 -0.75% Correct
ASRI 510 Buy
505 -0.98% Incorrect
PTPP 3,900 Buy
3,915 0.38% Correct
INTP 19,775 Buy
19,800 0.13% Correct
AKRA 5,900 Buy
5,900 0.00% Correct
SRIL 424 Buy
420 -0.94% Incorrect
TLKM 2,930 Sell
2,955 0.85% Incorrect
Ticker Last Technical Call 6-Aug-15 Chg (%) Recommendation
JCI 4,851 Rebound
4,807 -0.91% Incorrect
ITMG 10,800 Buy
10,800 0.00% Correct
PTBA 6,550 Buy
6,250 -4.58% Incorrect
BMRI 9,800 Buy
9,800 0.00% Correct
PWON 418 Buy
406 -2.87% Incorrect
ASRI 520 Buy
510 -1.92% Incorrect
UNTR 20,200 Sell
19,300 -4.46% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
Gina Novrina Nasution, CSA
Technical Analyst
Paula Ruth
Equity Analyst
Angga Aditya Assaf
Equity Analyst
Willinoy Sitorus
Equity Analyst
M. Dian Octiana
Equity Analyst
Wisnu Budhiargo
Equity Analyst
Patricia Gabriela
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
EAST INDONESIA
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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Jakarta 12190, Indonesia
t. +62-21 2924 9088
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www.trimegah.com
DISCLAIMER
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