trim daily - trimegah.com filept trimegah securities tbk - trim daily 1 with rupiah more stable at...

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

With Rupiah more stable at around Rp14,000 and the Chinese conundrum

behind us, market will again turn to companies’ fundamentals this week,

particularly earnings. We expect the following companies to continue to do

well in 3Q (growing revenue with at least in-line earnings): ICBP, MYOR,

LPPF, AKRA, BBTN, BBCA, TLKM (TLKM’s 2Q disappointed due to employee

redundancy program). Late 2Q earnings announcements: TBIG below, SOCI

in-line. PGAS is scheduled to announce soon and we expect disappointing

result due to lower than expected volume and potentially higher costs.

TRIM Daily

TRIM Highlights

Aug 31, 2015

Jakarta Composite Index (JCI) up by 16 point or 0.3% to 4446 last friday.

Index movers were mostly driven by basic industry, agriculture and mining.

Total transaction value was Rp6.5tr . IDX recorded Rp140bn net sell. Today,

JCI is expected to continue its weakening within the support and resistance

levels of 4397-4490

Technical Market View

Fed Vice Chairman Stanley Fischer, said at the central bank' conference in

Jackson Hole that recent volatility in global markets could ease and possibly

pave the way for a rate hike. It means that the Fed kept the door open for

September's hike.

Global Wrap

Technical analysis: trading picks

JCI 4,446.2

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

40.5 14,172 0.59 1.5TLKM

Change 0.35%

Transaction Volume (m) 8,249

Transaction Value (Rpbn) 6,538

Mkt Cap (Rptr) 4,533

Market 2015 P/E (x) 11.9

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 16,643.0 -11.8 -0.1

Nasdaq 4,828.3 15.6 0.3

Nikkei 19,136.3 561.9 3.0

ST Times 2,955.9 10.5 0.4

FTSE 6,247.9 55.9 0.9

Hang Seng 21,612.4 -226 -1.0

Chg %

USD IDR 13,983 -7 -0.1

10 yr Indo Govt bond (%) 8.79 -0.1 -0.8

10 yr US govt bond (%) 2.2 -0.01 -0.6

Spread (%) 6.61 -0.06 -0.3

EIDO 20.2 -0.2 -0.8

Foreign YtD (USDmn) (1,908) 43 -2

Stock Price Rating Reason

AALI 18075 Buy

AALI formed a white chandle with increas-ing transaction volumes. RSI indicates further upward movement for AALI with today’s support and resistance levels at 17675-18425

TLKM 2865 Sell

TLKM remains on the long term bullish pattern. TLKM is a Sell as we believe it would form a short term bearish pattern. Today’s range is 2785-2930

BBNI 5000 Sell

Stochastic oscillator formed a dead cross. We expect downward movement for today in the range of 4850-5100

BBRI 10400 Sell

BBRI is a long term bearish. Additionally, in the short term, we expect a technical correction within today’s trading range of 10050-10850

BWPT 248 Trading Buy

With stochastic indicator to form a golden cross, BWPT potential upward movement within the range of 465-520

LPKR 1045 Trading Buy

LPKR is a long term bullish with potential continued strengtened in the range of 995-1065 for today.

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

Result 2Q15

TBIG: Below

• 6M15 sales and operating profit was below consensus. Both 6M14 sales and operating profit accounted 48% of FY14

result.

• TBIG was traded at 2015E/16E EV to EBITDA of 15/13x. ([email protected])

TBIG 2Q14 1Q15 2Q15 QoQ

Sales 800 827 845 2.1%

Gross Profit 678 723 739 2.2%

Operating Profit 608 644 664 3.0%

Net Profit 137 320 251 -21.6%

Gross margin 84.8% 87.4% 87.4%

Opr Margins (%) 76.0% 77.9% 78.5%

Net Margins (%) 17.1% 38.7% 29.7%

YoY 6M14 6M15 YoY 6M15 /

cons (%)

5.6% 1,581 1,672 5.7% 40%

8.9% 1,339 1,462 9.2% 41%

9.1% 1,202 1,308 8.8% 41%

83.0% 664 571 -14.0% 34%

84.7% 87.4%

76.0% 78.2%

42.0% 34.1%


News of the Day

Banks: Regulator lowers risk weight on MSME loans

The risk weight is determined at 50% as stated in the

new OJK regulation no. 11/POJK/03/2015. This new

regulation is issued to enhance intermediary function of

banks toward MSME customers. Source: Kontan

([email protected])

August inflation estimated at 0.7%

This is a higher estimate than initially forecasted by Bank

Indonesia of 0.3% and the assumed yearly inflation of

7.08%. Big contribution comes from rising food prices

and Rupiah depreciation. Source: Kontan

([email protected])

Moody revises down Indonesia's 2016 GDP forecast

The forecasted GDP growth for Indonesia is at 4-5% on

the back of China slowdown of 6.3% GDP growth from

6 . 5 % i n i t i a l l y . S o u r c e : K o n t a n

([email protected])

Government to create National Gas Support Agency

This will be composed of PGAS and Pertagas. The Agency

will determine the price of gas sold to customers and

transmission tariff. The Agency will determine collectively

the total demand for gas and able to import gas. Source:

Kontan. ([email protected])

Food and beverage industry: 1H15 investment

realization declined by 25.6% YoY

According to capital investment coordinating board

(BKPM), 1H15 investment realization declined by 25.6%

to reach Rp23.4tr. It was due to uncertainty of Indone-

sian regulation. Initially, BKPM aimed to get Rp60tr for

FY15 capital investment. Source: Bisnis Indonesia

([email protected])

Freeport Indonesia have option to conduct IPO in

Indonesia

Based on anonymous sources, Freeport have to sell 10%

of its shares to Government this year. The valuation is

based on replacement cost of realized investment or

roughly US$860mn for 10% stake. The anonymous

source stated that 5% will be given to Government and

another 5% will be sold to public via IPO. Source: Kon-

tan

The govt may relax mineral ore export ban

The govt may relax the mineral ore export ban in the

expected coal & mineral policy issuance in September

2 0 1 5 . S o u r c e : B i s n i s I n d o n e s i a

([email protected])

Comment:

This may put further pressure on nickel price which is

negative for INCO & ANTM.

Premium type fuel consumption to decrease in 2016

Pertamina targets Premium fuel type consumption to de-

crease 10% YoY to 27m kl by 2016 from 30m kl this year

due to partial consumer shift to Pertalite. Currently there

are 386 gas stations that sells Pertalite. Pertamina targets

Pertalite sales to reach 500k kl by end of this year. Source:

Bisnis Indonesia ([email protected])

SRIL: To issue US$420mn bond for refinancing and

for capital expenditure

SRIL will offer corporate guarantee to back the bond.

US$270mn will be used to refinance the old bond and

US$50mn to refinance other debt, US$100mn will be used

to build a power plant. EGM will be conducted on 2 Sep-

t e m b e r 2 0 1 5 . S o u r c e : K o n t a n

([email protected])

WSKT: Has secured Rp10.6tn new contract year to

July

40% comes from SOE, Government 38.7%, 21% from

private sector. New contract year to July represents 45%

of WSKT full year target of Rp23.4tn. Source: Kontan

Comment:

our estimate of new contract this year is Rp20.3tn, we are

slightly on the conservative side. The new contract year to

July represents 52% of our full year estimates.

([email protected])

MDLN: hoping for positive catalyst from development

of Aeon Mall in Jakarta Garden City

The Aeon Mall will be opened in 2017 and occupies 8.5ha

area. Aeon Mall has paid US$45mn for the land. Source:

Kontan

BFIN: delays bond issuance

The company considers the current market condition to be

less conducive for the Rp500bn-1tr bond issuance. Source:

Bisnis Indonesia ([email protected])

KIJA: Looking for foreign strategic partner to devel-

op commercial property in Jababeka

KIJA wants to sevelop superblocks, mall, apartments and

hotel. Source: Kontan ([email protected])

DSFI: Aiming 20-30% production growth in 2016

Starting in August, company has upgraded its factory from

5-10 tonnes per day to 15 tonnes per day. Company also

said that thanks to elimination of illegal fishing, its catch

has increased 30% to 600-800 tonne a month. Source:

Kontan


News of the Day

NRCA: To buyback shares worth Rp108bn

NRCA aims to buyback its share with maximum amount

of Rp108bn and maximum shares of 120mn. The stock is

currently trading at Rp675. Source: Bisnis Indonesia

([email protected])

ERAA: To expand to Singapore and Malaysia

ERAA starts to expand to Singapore and Malaysia by

establishing JV with Aplhabright Distribution Pte. Ltd in

Singapore, and with Malaysian citizen to set up new

company Era International Network Sdn. Bhd. Source:

Bisnis Indonesia ([email protected]).

SSIA: Reviews S$100mn bond

After canceling their US$200mn bond, which was mostly

due to the far-from-ideal market condition. The company

is also reviewing rupiah bonds of Rp1tr as an alternative

to the S$ bonds. The proceeds will still be used for land

acquisiiton in Subang and Karawang. Source: Bisnis

Indonesia ([email protected])

RIMO: Plans to have a 1:1 rights issue with price of

IDR265/share

The issued shares amounts to 30.6bn shares. The stock

is currently suspended now. Source: Bisnis Indonesia

([email protected])

GIIAS and IIMS visitors higher than expected

Gaikindo Indonesia International Motor Show (GIIAS)

and Indonesia International Motor Show (IIMS) events

are estimated to book revenue of IDR5.4trn and

IDR1.3trn respectively. Head of Gaikindo, Johnny

Darmawan, expects this year’s transaction value to be at

least the same with last year’s event. Up to Saturday,

the visitors has reached 450k, exceeding its full event

target of 380k visitors. Source: Bisnis Indonesia

([email protected])

Comment:

We estimate that the events sales accounts 2-3% of

FY15 national sales. We estimate around 19% of the

events sales comes from Honda (~70% of the Honda

sales during the event comes from BRV bookings). This

is a precursor that Honda may gain further market share

in the near term from its last position of ~16%. This

should bring further pressure for Astra’s market share.


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

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Dec-14

Jan-15

Jan-15

Jan-15

Feb-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

Apr-

15

May-15

May-15

Jun-1

5

Jun-1

5

Jul-

15

Jul-

15

Jul-

15

Aug-15

Aug-15

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

-134 -240

-1,950

-435

2

-2,387

-687

-420

-3,535

-1,288

1

-3,016

(4,000)

(3,500)

(3,000)

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

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

40

50

60

70

80

90

100

110

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

(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

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

(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

12.0

12.5

13.0

13.5

14.0

14.5

15.0

15.5

16.0

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)


Table

INCO, ANTM vs Nickel price (LME)

Coal Price (Newcastle) vs Coal Sector

TINS vs Tin price (LME)

ANTM vs Gold price

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

GIAA vs Brent Crude Oil

0

50

100

150

200

250

300

50

55

60

65

70

75

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

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

0

10

20

30

40

50

60

70

80

90

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-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

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-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

0

200

400

600

800

1,000

1,200

1,400

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

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

-

5,000

10,000

15,000

20,000

25,000

0

200

400

600

800

1,000

1,200

1,400

1,600

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

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

40

50

60

70

80

90

100

110

300

350

400

450

500

550

600

650

700

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Mar-

15

Apr-

15

May-15

May-15

Jun-1

5

Jul-

15

Jul-

15

Aug-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

8/21/2015 US Markit US Manufacturing PMI Aug P 53.8 52.9 53.8

EC Markit Eurozone Manufacturing PMI Aug P 52.2 52.4 52.4

EC Markit Eurozone Services PMI Aug P 54 54.3 54

EC Markit Eurozone Composite PMI Aug P 53.7 54.1 53.9

EC Consumer Confidence Aug A -6.9 -6.8 -7.1

8/24/2015 US Chicago Fed Nat Activity Index Jul 0.2 0.3 0.08

8/25/2015 US FHFA House Price Index MoM Jun 0.4 0.2 0.4

US Markit US Composite PMI Aug P -- 55.0 55.7

US Markit US Services PMI Aug P 55.1 55.2 55.7

US New Home Sales (000's) Jul 510 507.0 482

US Consumer Confidence Index Aug 93.4 101.5 90.9

US Richmond Fed Manufact. Index Aug 10 - 13

8/26/2015 US MBA Mortgage Applications 21-Aug -- 0.2 3.6

US Durable Goods Orders Jul -0.4 2 3.4

US Durables Ex Transportation Jul 0.2 0.6 0.8

US Cap Goods Orders Nondef Ex Air Jul 0.5 0.6 0.9

8/27/2015 US GDP Annualized QoQ 2Q S 3.2 3.7 2.3

US Personal Consumption 2Q S 3.1 3.1 2.9

US GDP Price Index 2Q S 2.0 2.1 2.0

US Core PCE QoQ 2Q S 1.8 1.8 1.8

US Initial Jobless Claims (000's) 22-Aug 275 271 277

US Continuing Claims (000's) 15-Aug 2248 2269 2,254

US Bloomberg Consumer Comfort 23-Aug -- 42 41.1

US Pending Home Sales MoM (%) Jul 1.5 0.5 -1.8

EC M3 Money Supply YoY (%) Jul 4.9 5.3 5.0

EC M3 3-month average Jul 5.1 5.1 5.1

8/28/2015 EC Consumer Confidence Aug F -- -- -6.8

US Personal Income Jul 0.4 0.4 0.4

US Personal Spending Jul 0.4 0.3 0.2

US PCE Core MoM Jul 0.1 0.1 0.1

US U. of Mich. Sentiment Aug F 93 91.9 92.9

EC Consumer Confidence Aug F -- -6.9 -6.8

8/31/2015 US Chicago Purchasing Manager Aug -- -- 54.7

US Dallas Fed Manf. Activity Aug -- -- -4.6

EC CPI Estimate YoY Aug -- -- --

EC CPI Core YoY Aug A -- -- 1.0

9/1/2015 US Markit US Manufacturing PMI Aug F -- -- --

US Construction Spending MoM Jul -- -- 0.1

US ISM Manufacturing Aug -- -- 52.7

US ISM Prices Paid Aug -- -- 44

EC Markit Eurozone Manufacturing PMI Aug F -- -- 52.4

EC Unemployment Rate Jul -- -- 11.1

ID Nikkei Indonesia PMI Mfg Aug -- -- 47.3

ID CPI NSA MoM Aug 0.67% -- 0.93%

ID CPI YoY Aug 7.42% -- 7.26%

ID CPI Core YoY Aug 4.86% -- 4.86%

9/2/2015 US MBA Mortgage Applications 28-Aug -- -- --

US ADP Employment Change Aug -- -- 185000

US Factory Orders Jul -- -- 1.8

9/3/2015 US Initial Jobless Claims 29-Aug -- -- --

US Continuing Claims 22-Aug -- -- --

US Trade Balance Jul -- -- -4,384


Corporate Action

Code Price

Exercise Maturity Emiten Description

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

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

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

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

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

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

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

Warrant


Statistics

-0.9

-1.0

-1.9

-3.0

-3.5

-5.0

-5.0

-5.6

-5.7

-8.2

ASII

BBRI

UNVR

ICBP

MIKA

GGRM

PGAS

JSMR

SMAR

SRTG8.9

7.8

5.9

5.6

4.5

2.6

2.1

2.0

1.2

0.8

AALI

BDMN

ISAT

CPIN

SMGR

UNTR

KLBF

BBCA

TLKM

BMRI

452

397

344

278

276

272

249

153

137

124

- 200 400 600

BBRI

BMRI

TLKM

BBCA

BBNI

ASII

PGAS

SIAP

SMGR

SILO

886

204

151

121

113

112

109

103

89

87

0 500 1,000

SIAP

ASRI

SRIL

TLKM

ADRO

ELSA

PWON

TARA

MYRX

PGAS

12,338

7,472

6,976

6,847

6,579

6,564

6,489

6,324

6,311

5,999

PGAS

BBRI

TLKM

SRIL

ADHI

KLBF

BMRI

ASII

SMGR

KREN

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

YTD (Rp) -14.94% 8,249

YTD (USD) 5.67% 6,538

Moving Avg 20day 4,556 4,533

Moving Avg 50day 4,753 11.9

Moving Avg 200day 5,132 2.4%

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

MSCI Indonesia 5,223.3 28.5 0.5 -15.8

JII 586.1 0.9 0.2 -15.2

LQ45 757.1 2.2 0.3 -15.8

JAKFIN Index 668.4 5.6 0.8 -8.6

JAKINFR Index 920.4 0.4 0.0 -20.7

JAKMINE Index 907.5 14.0 1.6 -33.7

JAKCONS Index 2,040.4 -26.4 -1.3 -6.3

JAKTRAD Index 855.2 5.4 0.6 -2.7

JAKMIND Index 1,008.3 -6.4 -0.6 -22.9

JAKBIND Index 352.2 10.1 3.0 -35.2

JAKPROP Index 451.7 -1.4 -0.3 -13.9

JAKAGRI Index 1,623.3 35.3 2.2 -31.0

Commodities +/- (%)YTD (%)

CRB Index 197.1 4.5 2.32 -14.3

Oil & Gas

Brent Crude Oil (USD/bbl) 50.1 2.5 5.24 -12.7

Nymex Oil (USD/bbl) 45.2 2.7 6.25 -15.2

Natural Gas 2.7 0.1 2.92 -6.4

COAL (AUS Daily) 58.4 0.4 0.69 -5.8

Industrial Metals

Aluminum (USD/tonne) 1,595.5 45.3 2.92 -13.0

Nickel (USD/tonne) 10,060 0 0.00 -33.6

Tin (USD/tonne) 14,200 310 2.23 -26.8

Precious Metal

Gold (USD/t oz.) 1,133.5 11.3 1.01 -4.3

Silver (USD/t oz.) 14.5 0.1 0.82 -6.8

Soft Commodities

CPO (Malaysia - Rm/tonne) 1,928 60.0 3.21 -15.8

Rubber (JPY/kg) 1,389 35.2 2.60 -15.4

Corn (USD/bu.) 363 -0.5 -0.14 -8.5

Wheat (USD/bu.) 477 -7.3 -1.50 -19.2

Soybeans (USD/bu.) 893 7.0 0.79 -12.3

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 1,658.1 7.54 0.46 -3.02

SPX S&P 500 1,988.9 1.21 0.06 -3.40

US

16,643.0 -11.8 -0.07 -6.62

Nasdaq US 4,828.3 15.62 0.32 1.95

Europe

EURO 50 Europe 363.3 1.01 0.28 6.07

FTSE London 6,247.9 55.91 0.90 -4.85

DAX Jerman 10,298.5 -17.1 -0.17 5.03

CAC France 4,675.1 16.95 0.36 9.42

SMI Swiss 8,785.1 -27.48 -0.31 -2.21

BRIC

BOVESPA Brazil 47,153.9 -561 -1.18 -5.71

MICEX Russia 1,719.2 23.94 1.41 23.10

SENSEX India 26,392.4 161.2 0.61 -4.03

NIFTY India 8,002.0 53.0 0.67 -3.39

SHCOMP China 3,232.3 148.76 4.82 -0.07

SZCOMP China 1,846.8 94.61 5.40 30.50

Nikkei Japan 19,136.3 561.9 3.03 9.66

TPX Japan 1,549.8 49.39 3.29 10.11

HSI Hong kong 21,612.4 -226 -1.04 -8.44

KOSPI S.Korea 1,937.7 29.67 1.56 1.15

TAIEX Taiwan 8,019.2 194.6 2.49 -13.84

FSSTI Singapore 2,955.9 10.51 0.36 -12.16

ASEAN

SET Thailand 1,365.9 7.91 0.58 -8.80

PCOMP Philipines 7,098.8 76.7 1.09 -1.82

KLCI Malaysia 1,612.7 11.04 0.69 -8.43

VNINDEX Vietnam 570.9 15.06 2.71 4.63

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.894 0.005 0.5 11.8

USDGBP UK 0.650 0.001 0.1 8.3

USDCHF Switzerland 0.964 -0.003 -0.3 -3.6

USDCAD Canada 1.320 0.000 0.0 10.0

USDAUD Australia 1.394 -0.002 -0.1 16.2

USDNZD New Zealand 1.547 0.001 0.1 19.0

USDJPY Japan 121.71 0.680 0.6 1.6

USDCNY China 6.39 (0.02) -0.2 3.1

USDHKD Hongkong 7.750 -0.000 -0.0 -0.6

USDSGD Singapore 1.409 0.010 0.7 8.4

Rupiah Indonesia 13,983 -7.0 -0.1 12.9

JCI 4,446.2 15.6 0.4%


Historical Technical Trading Ideas (1)

Ticker Last Technical Call 27-Jul-15 Chg (%) Recommendation

JCI 4,857 Weakening

4,771 -1.76% Correct

MNCN 1,945 Buy

2,050 5.40% Correct

BMTR 1,155 Buy

1,160 0.43% Correct

GGRM 51,000 Buy

50,000 -1.96% Incorrect

JSMR 5,900 Buy

5,650 -4.24% Incorrect

ICBP 12,425 Sell

12,200 -1.81% Correct

BBCA 13,725 Sell

13,450 -2.00% Correct


JCI 4,903 Profit taking

4,857 -0.94% Correct

PTPP 4,175 Buy


GGRM 53,650 Buy

51,000 -4.94% Incorrect

ASRI 535 Buy

515 -3.74% Incorrect

ADRO 595 Buy


ICBP 12,475 Sell

12,425 -0.40% Correct

MPPA 2,990 Sell

2,955 -1.17% Correct


JCI 4,907 Strenghtening


GGRM 52,000 Buy

53,650 3.17% Correct

UNTR 18,375 Buy

18,650 1.50% Correct

TLKM 2,865 Buy


PWON 440 Buy


ASRI 530 Buy

535 0.94% Correct

ADHI 2,760 Buy



JCI 4,870 Reebound

4,907 0.76% Correct

GGRM 49,550 Buy

52,000 4.94% Correct

TLKM 2,825 Buy

2,865 1.42% Correct

INCO 2,525 Buy


AALI 24,975 Buy

24,350 -2.50% Incorrect

ADHI 2,730 Buy

2,760 1.10% Correct

PTPP 4,010 Sell

4,040 0.75% Incorrect




PGAS 4,240 Buy


GGRM 49,000 Buy


BBNI 5,300 Buy


BBRI 10,500 Buy

10,125 -3.57% Incorrect

KLBF 1,695 Buy

1,695 0.00% Correct

ADHI 2,635 Sell






4,902 0.16% Correct

PGAS 4,085 Buy

4,240 3.79% Correct

BBCA 13,500 Buy

13,600 0.74% Correct

UNTR 19,200 Buy

19,300 0.52% Correct

ADHI 2,500 Buy

2,635 5.40% Correct

GGRM 47,600 Buy

49,000 2.94% Correct

INCO 2,490 Sell



JCI 4,859 Reebound

4,894 0.72% Correct

BWPT 407 Buy


ADRO 635 Buy


BBCA 13,300 Buy

13,500 1.50% Correct

BSDE 1,785 Buy

1,865 4.48% Correct

MPPA 3,050 Buy

3,085 1.15% Correct

SRIL 411 Sell

398 -3.16% Correct


JCI 4,838 Reebound

4,859 0.43% Correct

BBRI 10,300 Buy

10,475 1.70% Correct

BWPT 411 Buy


MPPA 2,860 Buy

3,050 6.64% Correct

LSIP 1,565 Buy

1,590 1.60% Correct

WIKA 2,985 Buy

3,095 3.69% Correct

ADHI 2,285 Buy

2,380 4.16% Correct


JCI 4,872 Weakening

4,838 -0.68% Correct

BSDE 1,720 Buy

1,720 0.00% Correct

TELE 950 Buy

950 0.00% Correct

TAXI 1,030 Buy


KLBF 1,655 Buy


BMRI 9,950 Sell

9,900 -0.50% Correct

JSMR 5,875 Sell

5,700 -2.98% Correct


JCI 4,906 Rebound


BBRI 10,475 Buy

10,225 -2.39% Incorrect

BBNI 5,550 Buy


SMRA 1,775 Buy


WSKT 1,720 Buy

1,775 3.20% Correct

PTPP 3,880 Buy

3,955 1.93% Correct

ASRI 565 Buy




JCI 4,917 Weakening

4,906 -0.22% Correct

AALI 25,825 Buy

25,950 0.48% Correct

LSIP 1,655 Buy


TLKM 2,930 Buy


ASRI 550 Buy

565 2.73% Correct

GJTL 860 Buy


ASII 7,000 Buy



JCI 4,983 Weakening

4,917 -1.33% Correct

AALI 25,500 Buy

25,825 1.27% Correct

LSIP 1,660 Buy


TLKM 2,930 Buy


ASRI 575 Buy


GJTL 850 Buy

860 1.18% Correct

ASII 7,050 Buy




4,983 0.77% Correct

LSIP 1,585 Buy


AALI 25,000 Buy

25,500 2.00% Correct

BBNI 5,575 Buy


BBRI 10,875 Buy

10,825 -0.46% Incorrect

PTPP 3,690 Buy


ANTM 675 Sell

675 0.00% Correct

Ticker Last Technical Call 2-Jun-15 Chg (%) Recommendation


5,214 0.00% Correct

LSIP 1,710 Buy

1,710 0.00% Correct

TLKM 2,845 Buy

2,845 0.00% Correct

KLBF 1,790 Buy


UNVR 43,200 Buy


GGRM 47,000 Sell


GIAA 485 Sell

485 0.00% Correct



4,904 -0.13% Correct

ASII 7,075 Buy

7,025 -0.71% Correct

TLKM 2,930 Buy

2,920 -0.34% Correct

GGRM 45,100 Buy

45,025 -0.17% Correct

BBNI 5,300 Buy

5,300 0.00% Correct

BBRI 10,350 Buy


PGAS 4,315 Sell





JCI 4,883 Reebond

4,911 0.58% Correct

ASII 6,875 Buy

7,075 2.91% Correct

AALI 22,650 Buy

22,950 1.32% Correct

BMRI 10,025 Buy

10,050 0.25% Correct

BBNI 5,250 Buy

5,300 0.95% Correct

ADHI 2,015 Spec Buy

2,020 0.25% Correct

PTPP 3,525 Spec Buy



JCI 4,883 Weakining


GGRM 43,800 Buy

43,800 2.91% Correct

UNTR 20,200 Buy

20,200 1.32% Correct

TLKM 2,905 Buy

2,905 0.25% Correct

ASRI 580 Buy

580 0.95% Correct

SSMS 1,850 Buy

1,850 0.25% Correct

AALI 22,650 Buy

22,650 -1.56% Incorrect




JSMR 5,650 Sell

5,550 -1.77% Correct

ERAA 600 Sell

595 -0.83% Correct

BWPT 418 Sell

418 0.00% Correct

BKSL 100 Buy

99 -1.00% Incorrect

BBNI 5,500 Buy


BBRI 10,300 Sell

10,200 -0.97% Correct


JCI 4,938 Correction

4,954 0.32% Correct

JSMR 5,650 Buy

5,650 0.00% Correct

ERAA 600 Buy

600 0.00% Correct

UNTR 20,325 Buy

20,225 -0.49% Incorrect

BWPT 419 Buy


BKSL 96 Buy

100 4.17% Correct

GGRM 45,950 Sell

45,300 -1.41% Correct



4,938 -0.44% Correct

ICBP 12,975 Buy

12,900 -0.58% Correct

BWPT 378 Buy

419 10.85% Correct

RALS 710 Buy

705 -0.70% Correct

AISA 1,805 Buy

1,815 0.55% Correct

MPPA 3,260 Buy

3,285 0.77% Correct

BBNI 5,600 Sell

5,575 -0.45% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Wisnu Budhiargo

Equity Analyst

([email protected])

Tim Alamsyah

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income/Macro Analyst

([email protected])

Yeni Simanjuntak

On-the-ground Analyst

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales Team

Daniel Dwi Seputro

Head of Institutional Equity Sales

([email protected])

Dewi Yusnita

Equity Institutional Sales

([email protected])

Meitawati


([email protected])

Fachruly Fiater


([email protected])

Henry Sidarta


([email protected])

Raditya Andyono


([email protected])

Nancy Pardede


([email protected])

Retail Sales Team

JAKARTA AREA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Eddy Sumarli

Puri Kencana, Jakarta

([email protected])

Very Wijaya

BSD, Tangerang

([email protected])

SUMATERA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

EAST INDONESIA

Sonny Muljadi

Surabaya, Jawa Timur

([email protected]

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali

([email protected])

Ivan Jaka Perdana

Malang, Jawa Timur

([email protected])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

PT Trimegah Securities Tbk

Gedung Artha Graha 18th Floor

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190, Indonesia

t. +62-21 2924 9088

f. +62-21 2924 9150

www.trimegah.com

DISCLAIMER

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

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

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

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

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

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

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

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

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

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

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