trim daily - trimegah.com · jakarta composite index (jci) down by 28 poins or 0.5% to 5419...
TRANSCRIPT
TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
Macro: BPS will publish trade balance, we expect USD755mn Vs. consensus
USD589mn. Strong trade balance data should help curb the market’s slide
(JCI already down 3 days in a row). We continue to suggest big banks—top
picks BBNI and BBRI. We also publish a note on ACES—Sell, downgrading TP
from 750 to 670 (3% downside from current price). ACES reported disap-
pointing SSSG and we do not expect a turnaround in short-term.
TRIM Daily
TRIM Highlights
April 15, 2015
Jakarta Composite Index (JCI) down by 28 poins or 0.5% to 5419 yesterday. Index movers were mostly driven by consumer finance and basic industry. Total transaction value was Rp5.5bn. IDX recorded RP516bn net sell by foreign investors. We believe JCI to rebound today with 5389-5469 range after closing the price gap at 5397 yesterday. We do not expect a sustained rebound however, and risk remains of market reversing to negative territory
again tomorrow.
Technical Market View
U.S retail sales grew 0.9% MoM for March 2015, after contracted by -0.6% in the previous month. This was inline with consensus estimate which expect to see 1.1% MoM growth.
Global Wrap
Technical analysis: trading picks
JCI 5,419.1
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE) Others
(USD) (Rp) Chg %
43.7 14,172 0.40 0.9TLKM
Change -0.52%
Transaction Volume (m) 5,195
Transaction Value (Rpbn) 5,504
Mkt Cap (Rptr) 5,466
Market 2015 P/E (x) 14.1
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 18,036.7 59.7 0.3
Nasdaq 4,977.3 -11.0 -0.2
Nikkei 19,908.7 3.2 0.0
ST Times 3,521.1 36.7 1.1
FTSE 7,075.3 11.0 0.2
Hang Seng 27,561.5 -454.8 -1.6
NAB Chg %
Trim Kapital 9,585.9 -67 -0.7
Trim Kapital + 3,436.0 -27.9 -0.8
Trim Syariah SHM 1,697.4 -15.5 -0.9
Tram Consumption +1,543.5 -15.3 -1.0
Trim Komb 2 2,084.1 -14.5 -0.7
Trim Syariah B 2,420.1 -17.4 -0.7
Trim Dana Stabil 2,225.8 -0.0 -0.0
Trim Dana Tetap 2 1,781.2 0.0 0.0
Tram PDPT USD 1.1 -0.0 -0.0
Tram Reguler INC 994.7 0.0 0.0
Tram Strategic Fund 1,195.7 -4.4 -0.4
Trim Kas 2 1,154.0 0.2 0.0
Chg %
USD IDR 12,984 -4 -0.0
10 yr Indo Govr bond (%) 7.34 0.1 1.2
10 yr US govt bond (%) 1.9 -0.03 -1.8
Spread (%) 5.45 0.12 3.0
EIDO 27.4 0.1 0.5
Foreign YtD (USDmn) 461 -39 -8
Stock Price Rating Reason
BMRI 11850 Buy BMRI remains on a long term bullish pattern with the potential technical rebound today on the range of 11775-12200
BBRI 12975 Buy BBRI remains strong with potential upside in the range of 12725-13250 for today.
LPKR 1445 Buy
LPKR is a long term bullish, it formed a white long candle with increasing transaction vol-umes, indicates further upward movement for today with support and resistance levels of 1385-1480
SCMA 3425 Buy SCMA today is expected to continue its strengthening trend and trade in 3300-3625 range
APLN 420 Buy
After decreasing to 420 in three days, APLN formed a black Marubozu candle. Today APLN are expect to rebound within the range of 411-434
ASII 8200 Buy
ASII remains on the long term bullish pat-tern. However, ASII is a Sell as we believe it would form a short term bearish pattern. Today’s trading range is 7950-8400
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Economy: Maintain trade surplus, yet CAD still
haunting
The central statistic agency will announce trade data
Today (15 April). We expect Indonesia will maintain trade
balance surplus for the third consecutive months this
year, USD 755mn (Consensus : USD 589mn) on the back
of slowing oil import offsetting dampened export demand.
There has been a slight ore export ban relaxation allow-
ing iron sand and zirconium to be exported effective per
Mar’ 15. Despite Indonesia booking a big trade surplus in
1Q15, service account deficit (around USD 2.5bn deficit
per quarter) and income repatriation (around USD 6.5b
deficit per quarter) still becomes a strong drag to CAD.
Thus we see current account deficit to linger this quarter.
Assuming trade surplus to stand at USD 755mn in March
or a USD 2.2bn accumulative in 1Q15, CAD should trans-
late to 2.3% of GDP, widened from 2.0% of GDP in 1Q14
y e t i m p r o v e d f r o m 2 . 8 % i n
4Q14. ([email protected])
Banking: BI is loosening the upper limit of banks
LDR
BI will issue a regulation to loosen the LDR of banks
which has provided loans to micro and SME sectors. The
abovementioned BI regulation will also cover the LDR
definition expansion and will be published on May 2015.
The regulation itself is meant to push 15-17% loan
growth this year. Source: Investor Daily
BBNI & BMRI: overseas expansion updates
The Indonesia’s Financial Services Authority (OJK) will
sign the reciprocal agreement with the South Korean
Financial Supervisory Service (FSS) next week, says the
Chief of Commissioner, Muliaman D Hadad. This will
enable BBNI to expand to South Korea soon. Meanwhile,
its competitor BMRI has not obtained permit yet from
Malaysian Central Bank (BNM) to expand in the neigh-
bouring country. BMRI is required to have minimum
MYR300mn for branch opening and would face the limita-
tions of opening other branches and ATMs in Malaysia.
Source: Kontan ([email protected])
DILD: Retain Rp.3tr target despite halted reclama-
tion project.
Intiland did not reduce their 2015 marketing sales de-
spite reclamation land permit dispute due to the project
not being allocated towards this year’s marketing sales
projection. While awaiting permit confirmation from the
central government, DILD will allocate their resources to
other projects, such as Kebon Melati mixed-use develop-
ment. Source: Kontan ([email protected])
CTRA: Subsidiary booked Rp.1.5tr in marketing sales,
inline with target.
PT Ciputra Residence booked Rp.1.5tr in marketing sales
through JV project with Hanson International Tbk (MYRX)
in Maja, Banten. The project occupies 2,000Ha of land, and
will built in 9 phases, with 10,000 units launched in its first
development phase. Price ranges from Rp110mn – 180mn
for the 72sm land type, and Rp.260mn – 400mn for the
72sm – 96sm real estate type. The company claims that
the travel time is approximately 90 menits to Tanah Abang
via train. The project follows Permenpera No.7/2013 re-
garding building type composition ratio, where for each 1
luxury house, 2 middle-segment and 3 low-segment hous-
es must be built. Source: Bisnis Indonesia
INPP: Non-preemptive rights issue held with aims
for 25.9% PlIN acquisition.
PT Indonesia Paradise Tbk will perform a non-preemptive
rights issue, worth Rp.2.8tr through 8.6mn new shares,
with 82% of the fresh funds to be used for Plaza Indonesia
Realy tbk’s 25.9% share of equity, priced at Rp.2,500 per
u n i t . S o u r c e : I n v e s t o r D a i l y
JPFA: cuts 2015 CAPEX by 58%
JPFA cuts its 2015 CAPEX by ~58% to be Rp750bn, follow-
ing the oversupply condition of DOCs. In 2H14, DOC’s
supplies were higher than the demand itself, resulting with
a declining DOC price to reach Rp1.500/chicken. Currently,
DOC price is already at Rp4.000/chicken, as the industry
players have cut their production level by 20%. JPFA will
allocate its CAPEX for animal feed (53%), breeding farm
(23%), and feed mill (24%). For 2015F, the company will
be more affected from IDR fluctuation, given that the
company has US$225mn, which due in 2018. Source:
Kontan ([email protected])
AALI: Plan to build 2 factories worth of USD24mn
AALI intends to build 2 CPO factories (construction time 12
-18 months) with cost USD10-12mn/factory. The two new
factories (Central Sulawesi and South Kalimantan) are
expected to increase total capacity by 6.3% to 1,525 tons
per hour in 2016E. For this year, the company targets
lower new planted area (< 10K ha; 37.5%YoY) and will
focus to intensification and maintenance of the the palm
trees. 2015E capex is Rp3tr. Source: Kontan
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
TGKA: booked Rp45.7bn net profit in 1Q15
In 1Q15, TGKA booked a Rp45.7bn net profit , or grew
significantly by 33.2% from the previous period. Mean-
while, revenue stood at Rp2.36tr (+9% YoY), while gross
profit increased by +16.2% to come to Rp247.8bn. For
2015F, TGKA allocates Rp35.79bn for its CAPEX, which
will be used for buying some factory’s equipments and
machines, and renovating its buildings and buying some
vehicles. Moreover, the company plans to distribute
Rp86.79bn cash dividend, translating to Rp94.5/share.
Source: Kontan ([email protected])
Steel import duty to increase to 15% from 0%-5%
The Ministry of Industry has given a draft proposal for
import duty increase for steel products to 15% from 0%-
15% in order to protect to reduce the burden of steel
players to take part in the nation’s infrastructure devel-
opment. The implementation is expected to kick in 2Q15.
S o u r c e : B i s n i s I n d o n e s i a
Comment:
This should be positive for Krakatau Steel (KS) as it
would alleviate fierce competition against the foreign
steel players dumping into the nation’s market. We think
that steel pipe players such as Spindo (ISSP IJ), Bakrie
Pipe and other steel pipe players will continue increasing
its raw material purchase exposure to KRAS and reduce
its steel import portion. ISSP may benefit if the raw
material purchased from KRAS is at a discount to its
foreign steel competitors.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
Table
Indo Market PE vs Regional (Weekly)
Indo Market PE vs 10yr Bond Yield
Oil Price (Brent), Coal Price (Newcastle), Gold
Foreign Fund Flow in last 5 & 30 days
5yr Bond Yield Indo (USD) vs US Bond Yield
CPO Price, Soybean Price (both 1m Futures)
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
2010
2010
2011
2012
2013
2014
2015
(x)
Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Apr-
14
Apr-
14
May-14
May-14
Jun-1
4
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Aug-14
Sep-1
4
Sep-1
4
Sep-1
4
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
Mar-
15
Apr-
15
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
-106 -52
1,166
47 19215
-291
162
2,773
26
-10
1,624
(500)
0
500
1,000
1,500
2,000
2,500
3,000
IND
ON
ESIA
PH
ILIP
PIN
ES
SO
UTH
KO
REA
TH
AIL
AN
D
VIE
TN
AM
IND
IA
(USDmn) 5 Days 30 Days
500
700
900
1,100
1,300
1,500
40
50
60
70
80
90
100
110
120
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
Feb-15
Mar-
15
Apr-
15
(USD/ Troy oz.)(USD)
Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)
500
700
900
1,100
1,300
1,500
1,700
-
500
1,000
1,500
2,000
2,500
3,000
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
15
(USD Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (RHS)
6.0
6.5
7.0
7.5
8.0
8.5
9.0
12.0
12.5
13.0
13.5
14.0
14.5
15.0
Apr-
14
May-
14
Jun-
14
Jul-
14
Aug-
14
Sep-
14
Oct-
14
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
Apr-
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
275
50
55
60
65
70
75
80
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
Mar-
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
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
Feb-15
Mar-
15
Apr-
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
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
Feb-15
Mar-
15
Apr-
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
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
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
Feb-15
Mar-
15
Apr-
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
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
Feb-15
Mar-
15
Apr-
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
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
Feb-15
Mar-
15
Apr-
15
(USD bbl)(Rp)
GIAA (LHS) Crude Oil Brent (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
4/10/2015 US Import Price Index MoM Mar 0.3 -0.2 -3.1
CH CPI YoY (%) Mar 1.3 -- 1.4
CH PPI YoY (%) Mar -4.8 -- -4.8
CH New Yuan Loans CNY (USD bn) Mar 1040 -- 1020
CH Money Supply M2 YoY (%) Mar 12.3 -- 12.5
4/11/2015 US Monthly Budget Statement (USD bn) Mar -43 -- -36.9
04/13/2015 CH Trade Balance (USD mn) Mar 40.55 -- 60.6
CH Exports YoY (%) Mar 10 --
48.3
CH Imports YoY (%) Mar -10.5 -- -20.5
4/14/2015 US Retail Sales Advance MoM (%) Mar 1.1 0.9 -0.6
US Retail Sales Ex Auto MoM (%) Mar 0.7 0.4 -0.1
US Retail Sales Ex Auto and Gas (%) Mar 0.6 0.5 -0.2
US PPI Final Demand MoM (%) Mar 0.2 0.2 -0.5
US PPI Ex Food and Energy MoM (%) Mar 0.1 0.2 -0.5
US PPI Final Demand YoY (%) Mar -0.9 -0.8 -0.6
US PPI Ex Food and Energy YoY (%) Mar 0.8 0.8 0.7
US NFIB Small Business Optimism Mar 98 95.2 98
ID Bank Indonesia Reference Rate 14-Apr -- -- 7.50%
EC Industrial Production SA MoM Feb 7 -- -0.10%
4/15/2015 US MBA Mortgage Applications 10-Apr -- -- --
US Empire Manufacturing Apr 7.17 -- 6.9
US Industrial Production MoM Mar -0.3 -- 0.10%
US Capacity Utilization Mar 78.6 -- 78.90%
ID Exports YoY (%) Mar 14.9 -- -16.02%
ID Trade Balance (USD mn) Mar 589 -- 738
EC ECB Main Refinancing Rate (%) 15-Apr 0.05 -- 0.05
EC ECB Deposit Facility Rate (%) 15-Apr -0.2 -- -0.2
EC ECB Marginal Lending Facility (%) 15-Apr 0.3 -- 0.3
CH Retail Sales YoY (%) Mar 10.9 -- 10.7
CH Industrial Production YoY (%) Mar 7 -- --
CH Industrial Production YTD YoY (%) Mar 6.9 -- 6.8
CH GDP YoY 1Q 7 -- 7.3
4/16/2015 US Net Long-term TIC Flows Feb -- -- -2.72
US Total Net TIC Flows Feb -- -- 8.83
US Housing Starts Mar 1.04 -- 897
US Building Permits Mar 1.08 -- 1.09
US Initial Jobless Claims 11-Apr 280000 -- 281000
US Continuing Claims 4-Apr 2.32 -- 2.30
US Bloomberg Consumer Comfort 12-Apr -- -- 47.9
US Philadelphia Fed Business Outlook Apr 6 -- 5
4/17/2015 US CPI MoM Mar 0.30% -- 0.20%
US CPI Ex Food and Energy MoM Mar 0.20% -- 0.20%
US CPI YoY Mar 0% -- 0%
US U. of Mich. Sentiment Apr P 94 -- 93
US Leading Index Mar 0.30% -- 0.20%
EC CPI MoM Mar 1.10% -- 0.60%
EC CPI YoY Mar F -0.10% -- -0.10%
EC CPI Core YoY Mar F 0.60% -- 0.60%
4/20/2015 US Chicago Fed Nat Activity Index Mar -- -- -0.11
4/21/2015 EC ZEW Survey Expectations Apr -- -- 62.4
4/22/2015 US MBA Mortgage Applications 17-Apr -- -- --
US FHFA House Price Index MoM Feb 0.60% -- 0.30%
US Existing Home Sales Mar 5.04 -- 4.88
EC Consumer Confidence Apr A -- -- -3.7
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
Result FY14
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
1 30-Mar-15 ASRI 1,097 25% 1,409 1,229 77.9% 89.3% Below
Net income grew by +25.1% YoY, 63% YoY increased interest cost, performed bond repurchase of Rp.125bn.
2 30-Mar-15 MTLA 268 11% 316 267 84.8% 100.4% Below
3 30-Mar-15 SGRO 340 186% 368 366 92.5% 93.0% Below Top line grew +26.6%YoY; in-line with consensus and our ex-pecation.
4 30-Mar-15 SILO 84 76% 70 120.9% Above
Core profit margin expanded to 2.5% (vs. FY13 1.9). The com-pany booked net other operating loss of -Rp34bn (vs. FY13 gain Rp2.8bn).
5 30-Mar-15 APLN 855 0% 794 107.6% Above
FY14 net margin was 16.1%, down from FY13 (17.4%). Net other gain was Rp103bn (-24.3%YoY). APLN also booked net interest expense of Rp
6 30-Mar-15 UNVR 5,739 7% 5,492 104.5% Above
Net margin slightly declined by -80bps, due to higher other ex-penses of Rp17tr, and a signifi-cant increase in interest expens-es
7 30-Mar-15 SIDO 414 2% 433 95.7% In-line
EBIT and net margin were ex-panded due to significant de-crease in finance expenses and other expenses
8 30-Mar-15 WIIM 112 -15% 91 123.9% Above WIIM are only covered by 3 ana-lysts. All the margin were de-clined.
9 30-Mar-15 KLBF 2,065 8% 2,110 97.9% In-line
the company has succeed to maintain its margin at the level of 49% for gross margin, 16% for operating margin, and 12% for net margin
10 27-Mar-15 ROTI 189 19% 194 97.4% In-line
There's a significant increase in interest expense to come to Rp47bn (vs Rp24bn), due to 27% YoY growth in debt posi-tion.
11 20-Mar-15 ICBP 2,604 17% 2,674 2,693 97.4% 96.7% In-line
Gross margin expanded by +120bps, backed by declining in raw material price. Yet, there're some increments in opex, relat-ed with new operation of bever-age factory
12 20-Mar-15 INDF 3,885 55% 4,004 4,142 97.0% 93.8% In-line Minzhong started to record as a discontinued operation, following PSAK regulation.
13 17-Mar-15 ACST 105 5% 119 106 88.2% 98.4% In-line Revenus grew by +33% YoY, booked lower gross margin
14 17-Mar-15 WIKA 615 8% 641 621 96.0% 99.1% In-line Revenues grew by +5% YoY, income fr JO grew by +42% YoY, while interest exp grew triple
15 10-Mar-15 SMCB 668 -30% 934 71.6% Below Higher COS and Operating exp due to higher electricity cost and fuel price
16 10-Mar-15 WTON 329 36% 300 307 109.3% 107.0% Above Revenues grow by 24% YoY
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
Result FY14
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
17 4-Mar-15 BTPN 1,853 66% 1,701 1,695 91.8% 91.5% Below
The company reported stable
NPL at 0.7% (-10bps q-o-q,
+3bps y-o-y) supported by de-
clining NPL in micro segment.
18 4-Mar-15 MPPA 505 72% 593 582 117.5% 115.3% Above Supported by margin expansion
by 130bps to 3.7%.
19 3-Mar-15 SMGR 5,566 4% 5,541 5,628 100.5% 98.9% In-line
Strong revenue growth at
+10.1% YoY. Gross margins
dropped to 43% (FY13: 44.7%),
while op. margin reached 25.8%
(FY13: 28.5%)
20 3-Mar-15 PTPP 532 26% 534 517 99.7% 103.0% In-line
Revenus grew by +6.6%YoY,
higher gross margin at 12.3%
(FY13: 10.9%)
21 3-Mar-15 TBIG 924 -34% 793 595 85.8% 64.4% In-line
Last year, the company booked
net other income of Rp366 bn
(vs. FY2013 -36bn), including
forex loss of Rp192bn (FY2013 -
799bn)
22 25-Feb-15 AALI 2,490 21% 2,114 2,458 84.9% 98.7% In-line
23 25-Feb-15 ADHI 324 -20% 415 295 78.1% 109.8% Below
Negative revenus growth by -
12% YoY, lower income from JO,
and higher interest exp
24 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to
Rp197bn vs. Rp102bn
25 24-Feb-15 ARNA 259 1% 226 87.3% Below
26 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below
27 17-Feb-15 LPPF 1,419 23% 1,419 1,376 100.0% 97.0% In-line
LPPF still booked 10.7% SSSG.
We noted a declining bank loans
by 57% YoY to Rp689bn, result-
ing to a -17% interest expense.
28 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line
Supported by 17.3% yoy growth
in net interest income but lower
loan growth than industry.
29 6-Feb-15 JSMR 1,403 5% 1,249 1,263 89.0% 90.0% Below
Negative revenues growth
due to lower revenues from
construction, while revenues
from toll road up by +14.5%
YoY
30 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in
non interest income
31 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below
There was a Rp306bn restructur-
ing cost and flat net interest
income growth
32 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line
Backed by 26.5% yoy growth in
interest income and 12% growth
in fee & other operating income
33 27-Jan-15 SMBR 328 5% 375 408 87.4% 80.4% Below
Flattish revenue growth at 4.0%
YoY, due to stagnant sales vol-
ume. Booked high interest in-
come at Rp151bn.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Result FY14 (Cont’d 1)
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
18 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in
non interest income
19 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below
There was a Rp306bn restructur-
ing cost and flat net interest
income growth
20 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line Backed by 26.5% yoy growth in
interest income and 12% growth
21 27-Jan-15 SMBR 328 5% 375 408 87.4% 80.4% Below
Flattish revenue growth at 4.0%
YoY, due to stagnant sales vol-
ume. Booked high interest in-
come at Rp151bn.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
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 Div.
Status Div/share
(Rp) Cum
Dividend Ex Dividend Recording
Payment / Distribution
Total Dividend
ADHI - 36.0 27-Mar-15 30-Mar-15 1-Apr-15 22-Apr-15 64.8
AGRO - 0.82 1-Apr-15 2-Apr-15 7-Apr-15 24-Apr-15 6.1
BBNI - 144.5 24-Mar-15 25-Mar-15 27-Mar-15 17-Apr-15 2,695.7
BBRI - 294.8 26-Mar-15 27-Mar-15 31-Mar-15 22-Apr-15 7,272.5
BBTN - 21.1 31-Mar-15 1-Apr-15 6-Apr-15 24-Apr-15 223.1
BMRI - 212.9 23-Mar-15 24-Mar-15 26-Mar-15 17-Apr-15 4,968.0
DSNG - 50 25-Mar-15 26-Mar-15 30-Mar-15 17-Apr-15 -
JSMR - 72.2 25-Mar-15 26-Mar-15 30-Mar-15 17-Apr-15 491.2
Dividend
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Statistics
-0.5
-1.2
-1.4
-1.7
-2.0
-2.6
-2.9
-3.1
-3.9
-4.4
BBCA
SMGR
BBNI
BMRI
LPPF
UNVR
GGRM
INCO
PGAS
MYOR24.9
19.8
8.6
4.9
4.7
4.5
3.8
1.7
1.3
0.3
BRAM
EMTK
SUPR
TOWR
LPKR
MEGA
PLIN
LINK
SCMA
ASII
309
267
240
222
166
164
160
142
111
106
- 200 400
BMRI
TLKM
BBCA
BBRI
JSMR
PGAS
LPKR
SRIL
MTFN
ASII
544
384
227
144
112
104
97
96
96
87
0 200 400 600
SRIL
MTFN
NIRO
ASRI
LPKR
META
BUMI
BRMS
TLKM
TRAM
11,205
6,553
5,933
5,757
5,282
4,911
4,549
4,265
3,779
3,766
SRIL
PGAS
MNCN
TRAM
SMRA
TLKM
MPPA
BMRI
BABP
BBCA
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) 3.68% 5,195
YTD (USD) 37.34% 5,504
Moving Avg 20day 5,452 5,466
Moving Avg 50day 5,418 14.1
Moving Avg 200day 5,185 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 6,523.8 -39.2 -0.6 5.2
JII 711.1 -6.3 -0.9 2.9
LQ45 940.2 -8.3 -0.9 4.6
JAKFIN Index 815.9 -5.3 -0.6 11.5
JAKINFR Index 1,074.2 -4.3 -0.4 -7.4
JAKMINE Index 1,265.4 -9.6 -0.8 -7.6
JAKCONS Index 2,277.4 -38.1 -1.6 4.6
JAKTRAD Index 978.6 7.5 0.8 11.4
JAKMIND Index 1,403.0 3.8 0.3 7.3
JAKBIND Index 475.1 -4.7 -1.0 -12.6
JAKPROP Index 567.5 -2.2 -0.4 8.1
JAKAGRI Index 2,258.2 -32.4 -1.4 -3.9
Commodities +/- (%)YTD (%)
CRB Index 219.0 2.2 1.02 -4.8
Oil & Gas
Brent Crude Oil (USD/bbl) 58.4 0.5 0.86 2.0
Nymex Oil (USD/bbl) 53.3 1.4 2.66 -0.0
Natural Gas 2.5 0.0 0.76 -12.8
COAL (AUS Daily) 55.3 0.8 1.56 -10.8
Industrial Metals
Aluminum (USD/tonne) 1,777.3 24.3 1.38 -3.1
Nickel (USD/tonne) 12,595 190 1.53 -16.9
Tin (USD/tonne) 16,275 175 1.09 -16.1
Precious Metal
Gold (USD/t oz.) 1,192.6 -6.7 -0.56 0.7
Silver (USD/t oz.) 16.2 -0.1 -0.80 3.6
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,166 24.0 1.12 -5.5
Rubber (JPY/kg) 1,666 -11.5 -0.69 1.5
Corn (USD/bu.) 374 3.0 0.81 -5.9
Wheat (USD/bu.) 497 -5.3 -1.05 -15.8
Soybeans (USD/bu.) 960 11.5 1.21 -5.8
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 1,779.9 7.77 0.44 4.10
SPX S&P 500 2,095.8 3.41 0.16 1.79
US
18,036.7 59.7 0.33 1.20
Nasdaq US 4,977.3 -10.96 -0.22 5.09
Europe
EURO 50 Europe 411.7 -1.93 -0.47 20.20
FTSE London 7,075.3 10.96 0.16 7.75
DAX Jerman 12,227.6 -111.1 -0.90 24.70
CAC France 5,218.1 -36.06 -0.69 22.12
SMI Swiss 9,415.6 -14.63 -0.16 4.81
BRIC
BOVESPA Brazil 53,981.9 -258 -0.48 7.95
MICEX Russia 1,647.4 -30.80 -1.84 17.96
SENSEX India 29,044.4 0.0 0.00 5.62
NIFTY India 8,834.0 0.0 0.00 6.66
SHCOMP China 4,135.6 13.85 0.34 27.85
SZCOMP China 2,181.9 -5.85 -0.27 54.18
Nikkei Japan 19,908.7 3.2 0.02 14.08
TPX Japan 1,590.8 4.56 0.29 13.02
HSI Hong kong 27,561.5 -454.8 -1.62 16.76
KOSPI S.Korea 2,111.7 12.80 0.61 10.24
TAIEX Taiwan 9,642.2 -24.3 -0.25 3.60
FSSTI Singapore 3,521.1 36.69 1.05 4.63
ASEAN
SET Thailand 1,547.8 0.00 0.00 3.35
PCOMP Philipines 8,056.5 -16.8 -0.21 11.42
KLCI Malaysia 1,839.6 -2.47 -0.13 4.45
VNINDEX Vietnam 558.7 -0.87 -0.16 2.40
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.939 -0.008 -0.01 17.31
USDGBP UK 0.677 -0.005 -0.01 12.75
USDCHF Switzerland 0.972 -0.006 -0.01 -2.77
USDCAD Canada 1.249 -0.011 -0.01 4.04
USDAUD Australia 1.311 -0.006 -0.00 9.27
USDNZD New Zealand 1.330 -0.012 -0.01 2.28
USDJPY Japan 119.40 -0.730 -0.01 -0.33
USDCNY China 6.21 (0.00) (0.00) 0.19
USDHKD Hongkong 7.753 0.003 0.00 -0.60
USDSGD Singapore 1.361 -0.011 -0.01 4.65
Rupiah Indonesia 12,984 -4.0 -0.00 4.81
JCI 5,419.1 (28.3) -0.5%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (1)
Ticker Last Technical Call 14-Apr-15 Chg (%) Recommendation
JCI 5,447 Cont'd Weakening
5,419 -0.51% Correct
LPKR 1,380 Buy
1,440 4.35% Correct
SMRA 1,940 Buy
1,895 -2.32% Incorrect
GJTL 1,290 Buy
1,275 -1.16% Incorrect
UNVR 39,775 Buy
38,575 -3.02% Incorrect
NIRO 222 Sell
214 -3.60% Correct
PTPP 3,900 Sell
3,870 -0.77% Correct
Ticker Last Technical Call 13-Apr-15 Chg (%) Recommendation
JCI 5,501 Cont'd Weakening
5,447 -0.97% Correct
BBRI 12,975 Buy
13,000 0.19% Correct
GJTL 1,265 Buy
1,290 1.98% Correct
ACES 715 Buy
705 -1.40% Incorrect
SCMA 3,355 Buy
3,380 0.75% Correct
KIJA 333 Buy
326 -2.10% Incorrect
MPMX 780 Sell
790 1.28% Correct
Ticker Last Technical Call 13-Apr-15 Chg (%) Recommendation
JCI 5,501 Cont'd Weakening
5,491 -0.18% Incorrect
ASII 8,150 Buy
8,150 0.00% Correct
PGAS 4,800 Buy
4,825 0.52% Correct
BBCA 15,075 Buy
15,050 -0.17% Incorrect
NIRO 234 Buy
232 -0.85% Incorrect
CPRO 101 Buy
99 -1.98% Incorrect
LEAD 2,250 Sell
2,250 0.00% Correct
Ticker Last Technical Call 10-Apr-15 Chg (%) Recommendation
JCI 5,501 Cont'd Strengtening
5,491 -0.18% Incorrect
ASII 8,150 Buy
8,150 0.00% Correct
PGAS 4,800 Buy
4,825 0.52% Correct
BBCA 15,075 Buy
15,050 -0.17% Incorrect
NIRO 234 Buy
232 -0.85% Incorrect
CPRO 101 Buy
99 -1.98% Incorrect
LEAD 2,250 Sell
2,250 0.00% Correct
Ticker Last Technical Call 9-Apr-15 Chg (%) Recommendation
JCI 5,487 Cont'd Strengtening
5,501 0.25% Correct
ASII 8,000 Buy
8,150 1.88% Correct
AALI 24,125 Buy
24,075 -0.21% Incorrect
KIJA 332 Buy
329 -0.90% Incorrect
NIRO 229 Buy
234 2.18% Correct
ICBP 14,500 Buy
14,475 -0.17% Incorrect
BBNI 7,225 Sell
7,175 -0.69% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 8-Apr-15 Chg (%) Recommendation
JCI 5,523 Cont'd Strengtening
5,487 -0.66% Incorrect
UNVR 39,800 Buy
38,700 -2.76% Incorrect
SSIA 1,160 Buy
1,200 3.45% Correct
GJTL 1,280 Buy
1,280 0.00% Correct
NIRO 229 Buy
229 0.00% Correct
KLBF 1,860 Sell
1,835 -1.34% Correct
BBCA 15,300 Sell
15,025 -1.80% Correct
Ticker Last Technical Call 7-Apr-15 Chg (%) Recommendation
JCI 5,480 Rebound
5,523 0.79% Correct
ASII 8,200 Buy
8,150 -0.61% Incorrect
BBNI 7,175 Buy
7,275 1.39% Correct
UNVR 38,625 Buy
39,800 3.04% Correct
INTP 22,600 Buy
22,950 1.55% Correct
TLKM 2,835 Buy
2,855 0.71% Correct
KLBF 1,860 Sell
1,860 0.00% Correct
Ticker Last Technical Call 6-Apr-15 Chg (%) Recommendation
JCI 5,456 Cont'd Weakening
5,480 0.44% Incorrect
GGRM 52,000 Buy
51,975 -0.05% Incorrect
INTP 22,150 Buy
22,600 2.03% Correct
ADRO 980 Buy
980 0.00% Correct
NIRO 232 Buy
227 -2.16% Incorrect
CPRO 99 Buy
99 0.00% Correct
BBCA 14,800 Sell
15,175 2.53% Incorrect
Ticker Last Technical Call 2-Apr-15 Chg (%) Recommendation
JCI 5,467 Rebound
5,456 -0.19% Incorrect
TLKM 2,835 Buy
2,825 -0.35% Incorrect
ASII 8,175 Buy
8,075 -1.22% Incorrect
SRIL 237 Trading Buy
240 1.27% Correct
NIRO 225 Trading Buy
232 3.11% Correct
BBCA 14,825 Sell
14,800 -0.17% Incorrect
GJTL 1,300 Sell
1,290 -0.77% Incorrect
Ticker Last Technical Call 1-Apr-15 Chg (%) Recommendation
JCI 5,519 Profit Taking
5,467 -0.94% Correct
ASII 8,575 Buy
8,175 -4.66% Incorrect
SRIL 229 Trading Buy
237 3.49% Correct
NIRO 228 Trading Buy
225 -1.32% Correct
PGAS 4,800 Sell
4,800 0.00% Correct
TLKM 2,890 Sell
2,835 -1.90% Correct
GJTL 1,325 Sell
1,300 -1.89% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 14
Historical Technical Trading Ideas (3)
Ticker Last Technical Call 31-Mar-15 Chg (%) Recommendation
JCI 5,439 Cont'd Strenghtening
5,519 1.46% Correct
ASII 8,375 Buy
8,575 2.39% Correct
GJTL 1,285 Buy
1,325 3.11% Correct
ADHI 3,040 Buy
3,055 0.49% Correct
WSKT 1,750 Buy
1,780 1.71% Correct
BBNI 7,000 Buy
7,225 3.21% Correct
BBRI 13,025 Buy
13,275 1.92% Correct
Ticker Last Technical Call 30-Mar-15 Chg (%) Recommendation
JCI 5,397 Cont'd Strenghtening
5,439 0.77% Correct
ASII 8,200 Buy
8,375 2.13% Correct
GJTL 1,260 Buy
1,285 1.98% Correct
PGAS 4,720 Buy
4,805 1.80% Correct
TLKM 2,810 Buy
2,865 1.96% Correct
ADHI 3,015 Buy
3,040 0.83% Correct
AALI 23,650 Buy
23,800 0.63% Correct
Ticker Last Technical Call 27-Mar-15 Chg (%) Recommendation
JCI 5,369 Technical Rebound
5,397 0.52% Correct
TLKM 2,810 Buy
2,810 0.00% Correct
PGAS 4,650 Buy
4,720 1.51% Correct
LSIP 1,650 Buy
1,720 4.24% Correct
SMGR 13,000 Buy
13,450 3.46% Correct
KLBF 1,835 Sell
1,840 0.27% Incorrect
UNVR 38,500 Sell
39,100 1.56% Incorrect
RALS 755 Buy
760 0.66% Correct
Ticker Last Technical Call 26-Mar-15 Chg (%) Recommendation
JCI 5,405 Cont'd Weakenig
5,369 -0.67% Correct
TLKM 2,880 Buy
2,810 -2.43% Incorrect
UNTR 21,150 Buy
20,850 -1.42% Incorrect
MPPA 4,090 Buy
4,000 -2.20% Incorrect
PGAS 4,655 Buy
4,650 -0.11% Correct
ASII 8,200 Sell
8,150 -0.61% Correct
KLBF 1,805 Sell
1,835 1.66% Correct
Ticker Last Technical Call 25-Mar-15 Chg (%) Recommendation
JCI 5,448 Profit Taking
5,405 -0.78% Correct
UNVR 38,900 Buy
38,825 -0.19% Incorrect
ITMG 17,650 Buy
17,300 -1.98% Incorrect
BSDE 2,055 Buy
2,040 -0.73% Incorrect
ERAA 985 Buy
950 -3.55% Incorrect
ASI 8,150 Sell
8,200 0.61% Correct
LPKR 1,270 Sell
1,270 0.00% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 15
Historical Technical Trading Ideas (4)
Ticker Last Technical Call 24-Mar-15 Chg (%) Recommendation
JCI 5,437 Cont'd Weakening
5,448 0.20% Correct
ADRO 970 Buy
975 0.52% Correct
PTBA 10,475 Buy
10,550 0.72% Correct
UNVR 38,625 Buy
38,900 0.71% Correct
BBTN 1,140 Buy
1,165 2.19% Correct
BMRI 12,175 Sell
12,075 -0.82% Correct
BJBR 930 Sell
965 3.76% Incorrect
BMRI 12,200 Sell
12,075 -1.02% Correct
TAXI 905 Sell 885 (0) Correct
Ticker Last Trading Ideas 23-Mar-15 Chg (%) Recommendation
JCI 5,443 Rebound 5437 -0.11% Incorrect
TLKM 2,920 Buy 2920 0.00% Correct
LSIP 1,835 Buy 1795 -2.18% Incorrect
AALI 25,750 Buy 24800 -3.69% Incorrect
TBIG 9,225 Buy 9225 0.00% Correct
BMRI 12,200 Sell 12175 -0.20% Correct
BJBR 955 Sell 955 0.00% Correct
TAXI 905 Sell 910 0.55% Correct
MPPA 3,875 Buy 4010 3.48% Correct
Ticker Last Trading Ideas 20-Mar-15 Chg (%) Recommendation
JCI 5,454 Profit Taking 5443 -0.20% Correct
UNVR 38,300 Buy 38300 0.00% Correct
PTBA 10,450 Buy 10350 -0.96% Incorrect
ITMG 17,025 Buy 17650 3.67% Correct
ELSA 560 Buy 560 0.00% Correct
ASRI 590 Buy 580 -1.69% Incorrect
VIVA 550 Buy 540 -1.82% Incorrect
Ticker Last Trading Ideas 19-Mar-15 Chg (%) Recommendation
JCI 5,413 Profit Taking 5454 0.75% Correct
UNTR 21,500 Buy 21475 -0.12% Incorrect
PTBA 10,350 Buy 10450 0.97% Correct
ITMG 16,600 Buy 17025 2.56% Correct
AALI 26,625 Buy 25625 -3.76% Incorrect
ELSA 555 Buy 560 0.90% Correct
TLKM 2,950 Buy 2950 0.00% Correct
Ticker Last Trading Ideas 18-Mar-15 Chg (%) Recommendation
JCI 5,439 Profit Taking 5413 -0.48% Correct
UNTR 20,500 Buy 21500 4.88% Correct
INTP 22,475 Buy 22275 -0.89% Incorrect
ASRI 590 Buy 570 -3.39% Incorrect
ELSA 555 Buy 555 0.00% Correct
MPPA 4,430 Sell 4395 -0.79% Correct
INCO 3,345 Sell 3315 -0.90% Correct
Ticker Last Trading Ideas 17-Mar-15 Chg (%) Recommendation
JCI 5,435 Cont'd Strenghtening 5,439 0.08% Correct
ASII 7,975 Buy 8,000 0.31% Correct
PGAS 5,225 Buy 5,200 -0.48% Incorrect
TLKM 2,975 Buy 2,955 -0.67% Correct
INTP 22,175 Buy 22,475 1.35% Correct
TAXI 785 Trading Buy 865 10.19% Correct
MPMX 875 Trading Buy 840 -4.00% Incorrect
ELSA 550 Buy 555 0.91% Correct
VIVA 545 Buy 550 0.92% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 16
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
Maria Renata
Equity Analyst
Gina Novrina Nasution, CSA
Technical Analyst
Paula Ruth
Equity Analyst
Angga Aditya Assaf
Equity Analyst
Willinoy Sitorus
Equity Analyst
M. Dian Octiana
Equity Analyst
Dini Agmivia Anggraeni
Fixed Income/Macro Analyst
Yeni Simanjuntak
On-the-ground Analyst
Rovandi
Research Associate
Institutional Sales Team
Daniel Dwi Seputro
Head of Institutional Equity Sales
Dewi Yusnita
Equity Institutional Sales
Meitawati
Equity Institutional Sales
Fachruly Fiater
Equity Institutional Sales
Henry Sidarta
Equity Institutional Sales
Raditya Andyono
Equity Institutional Sales
Nancy Pardede
Equity Institutional Sales
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
Ariawan Anwar
Artha Graha, Jakarta
Windra Djulnaily
Pluit, Jakarta
Ferry Zabur
Kelapa Gading, Jakarta
Eddy Sumarli
Puri Kencana, Jakarta
Very Wijaya
BSD, Tangerang
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
Tantie Rivi Watie
Pekanbaru, Riau
Nathanael Benny Prasetyo
Palembang, Sumatera Selatan
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
Sonny Muljadi
Surabaya, Jawa Timur
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
Ivan Jaka Perdana
Malang, Jawa Timur
Arifin Pribadi
Makasar, Sulawesi Selatan
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
Mariana Kusuma Wati
Semarang, Jawa Tengah
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
Ariffianto
Cirebon, Jawa Barat
PT Trimegah Securities Tbk
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Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190, Indonesia
t. +62-21 2924 9088
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www.trimegah.com
DISCLAIMER
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purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has
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