trim daily - trimegah.com · yesterday’s jci window dressing should resume today, but remains...

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

Yesterday’s JCI window dressing should resume today, but remains

questionable whether it could continue tomorrow. Shipping tax removal

stimulus announced yesterday is a positive for SOCI (Buy, TP Rp830).

Banks: 3 SOE banks have prepared lists of potential projects to be fi-

nanced by CDB loans—if execute well, this is less negative for the banks.

DILD 1H15: earnings down by 35% YoY due to significant increase in

SG&A expenses. RAJA (Buy, TP 2000)’s East Java transmission project

95% completed (within our expectation), which is the main catalyst since

our initiation.

TRIM Daily

TRIM Highlights

Sept 30, 2015

Jakarta Composite Index (JCI) up by 58 point or 1.4% to 4178 last

friday. Index movers were mostly driven by consumer, mind. industry

and finance. Total transaction value was Rp5.3tr. foreign recorded

Rp509bn net sell. We expect JCI to further strengthen, with today’s

trading range of 4116-4239.

Technical Market View

U.S. consumer confidence index rose to 103.0 ~ the highest since Janu-

ary ~ from a downwardly revised 101.3 previously. From the region,

India cut policy interest rate by 50 bps to 6.75% on Tuesday due to

slowing global economy and lower growth forecast in 2015 to 7.4%

from 7.6% previously.

Global Wrap

Technical analysis: trading picks

JCI 4,178.4

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

34.7 12,748 -0.04 -0.1TLKM

Change 1.41%

Transaction Volume (m) 7,701

Transaction Value (Rpbn) 5,451

Mkt Cap (Rptr) 4,232

Market 2015 P/E (x) 12.1

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 16,049.1 47.2 0.3

Nasdaq 4,517.3 -26.6 -0.6

Nikkei 16,930.8 -714 -4.0

ST Times 2,787.9 -4.0 -0.1

FTSE 5,909.2 -49.6 -0.8

Hang Seng 20,556.6 -630 -3.0

Chg %

USD IDR 14,691 17 0.1

10 yr Indo Govt bond (%) 9.81 0.1 1.5

10 yr US govt bond (%) 2.1 -0.03 -1.3

Spread (%) 7.75 0.17 2.8

EIDO 17.2 0.6 3.9

Foreign YtD (USDmn) (2,404) -36 2

Stock Price Rating Reason

PTPP 3475 Buy

Buy at level 3475 with potential upside to level 3530 (resistance)

BBNI 4070 Buy

After broke the resistance level of 4045, BBNI will further increase today, in our view. BBNI’s today trading range are between 4045-4165

BBRI 8350 Buy

BBRI a potential upside today with trading range 8125-8600

ASII 5300

Buy

We expect ASII to further strengthen, with to-day’s trading range of 5100-5550

GGRM 42750

Buy

With stochastic indicator to form a golden cross, we expect a upward movement for GGRM today in the range of 42000-43400

UNTR 16900

Buy

UNTR formed white candle with increasing transaction volumes. We expect the stock to move upward today as stochastic indicator to form a golden cross. UNTR’s support-resistance level for today is 16600-17300

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

Result 1H15

Intiland Development Tbk. (DILD IJ) 6M 2015 Results

• Earnings increased 16.6% YoY, however, net income down by 35%

• Operating cash outflow up by 97%, as a result of increased SG&A

• Below consensus

(Rpbn) 2Q14 1Q15 2Q15 QoQ (%)

YoY (%)

1H15 YoY (%)

1H15/Cons.

(%) Cons.

Revenue 399 906 87 (90.4) (78.2) 993 16.6 43.7 2,273

Gross profit 200 436 (39) (108.9) (119.5) 397 (8.9) 33.9 1,171

Operating profit 120 344 (151) (143.8) (225.4) 193 (32.2) 27.8 695

Net profit 78 181 (51) (128.1) (165.0) 130 (34.8) 27.4 476

Gross margin (%) 50.1 48.1 (44.7) (92.9) (94.9) 40.0 -11.19

Operating margin (%)

30.1 37.9 (172.9) (210.8) (203.0) 19.4 -13.99

Net margin (%) 19.6 20.0 (58.5) (78.5) (78.1) 13.1 -10.34


News of the Day

We met with Rukun Raharja (RAJA IJ, BUY,

TP: IDR2,000) takeaways:

• The East Java Gresik project is 95% complet-

ed and is expected to be completed by the

end of Oct’15. The transmission volume will

be ramping up from 15mmscfd, and is ex-

pected to reach a peak of 50mmscfd in 2.5

years time. The total capex needed is ap-

proximately USD22mn. This is in line with

our expectation and this project is the main

catalyst that we have been watching closely.

• RAJA gives out 15% dividend on FY14, as it

was regulated that it was the maximum

amount they could give out during the con-

struction period. As the construction is com-

pleted this year, they hinted that they might

give out a larger dividend, amounting to 20-

25%. We assume 20% dividend payout for

2016 (based on 2015 net profit), translating

to dividend yield of 2.9%.

• RAJA is currently in the bidding process in a

several 35GW projects:

⇒ A 2x800MW power plant project in

Muara Tawar (West Java), cooperating

with Mitsubishi, currently in pre-

qualification stage.

⇒ A 100MW project in Jambi, for IPP and

gas distribution. This project is actual-

ly close to RAJA’s current pipeline, but

they might need to build an extra 11

km pipeline. Currently in pre-


⇒ LNG project in Central Indonesia, in

consortium with Itochu, passed pre-


• RAJA is currently trading at 6.9x/5.5x 2015-

16 P/E, a 31%/34% discount compared to

PGAS’ 2015-16 P/E respectively. We think

that the discount gap should narrow given

that RAJA has higher growth and higher

earnings visibility compared to PGAS. We

maintain our BUY call with TP of IDR2,000.

Source: Company

([email protected])


News of the Day

Economy Package Part II

Ministry of Finance, Mr. Bambang Brodjonegoro,

announced the Economy Package Part II yester-

day. Four points been mentioned including: 1)

Regulation for tax allowance & tax holiday; 2)

Tax removal for shipyard business; 3) Central

logistic zone; and 4) Tax incentive for exporters

which deposit their proceeds in local bank. Actu-

ally, the first three points weren’t a new issue.

The minister just announced that regulation

for the respective policy been ready and official.

SMGR to allocate IDR5-6trn worth of capex

next year

SMGR seeks up to IDR2trn of loan to fund next

year’s capex. Part of the capex would be used

for its new North Sumatra plant construction.

Source: Kontan ([email protected])

SMDR delays its operation of PT Samudera

Terminal Indonesia

The delay is due to administrative reasons in the

Ministry department. Initially, SMDR plans to

merge 5 subsidiaries into 1 which is activities

related to port terminals making the company

m o r e e f f i c i e n t . S o u r c e : K o n t a n

([email protected])

The govt will announce changes in fuel

price today

Currently the price of subsidized diesel is

IDR6,900/litre, noting that diesel is still subsi-

dized by IDR1,000/litre. Meanwhile, Ron 88

(premium) fuel is selling at IDR7,400/litre, while

the economic price is currently at IDR7,857/litre

meaning that there is natural subsidy bear by

Pertamina. Most likely diesel price will be cut will

Ron 88 price will remain the same. Source: In-

vestor Daily ([email protected])

Toyota 8M15 export increased by 25% YoY

Toyota Indonesia 8M15 CBU vehicle exports

reached 122k units, up 25% YoY compared to

8M14 which accounts 70% of FY15 target of

175k units. Source: Investor Daily

INPP: to acquire 5 property companies

Previously, INPP has raised Rp2.8tn through

limited public offering, of which Rp2.3tn was

used for PLIN’s acquisition of 25.91% stakes.

The company also acquired 50% stakes of PT

Sepingan Property (Rp13.5bn), 51% stakes of PT

Mitra Perdana Nuansa (Rp29bn), 51% stakes of

PT Anugerah Nusaraya (Rp97bn), and 55%

stakes of PT Mitra Gemilang Mahacipta. Source:

Bisnis Indonesia.

UNTR: to cut its FY15 sales volume target by

13%

UNTR cuts its FY15 sales volume target to 2,600

units, from 3,000 units. Initially, the company

planned to reach 4,000 units sales volume. In

1H15, UNTR only booked 1,375 units, declined

significantly by 38% YoY. Source: Bisnis Indone-

sia.

TOWR: cancelled its bond issuance plans

TOWR confirmed that it had cancelled its Rp3.1tn

bond issuance plan, which initially been planned

to be done in 3Q15. It was due to uncertainty

macro economic condition. TOWR plans to re-

issue the transaction in 2H16. Source: Investor

Daily.

PTPP: is looking for Rp2.85tn new contract

from Balikpapan-Samarinda toll road project

PTPP targets to get 25% portion of Balikpapan-

Samarinda toll road project, worth Rp2.85tn. Cur-

rently, the company is under tender processing

for the project. Source: Investor Daily

Banks: list of projects to be financed by CDB

loans through SOE banks worth USD 4.3bn

The main focus is on electricity sector. BMRI,

BBNI, and BBRI have prepared the list of potential

projects to be financed worth USD 1.9bn, USD

1.08bn, and 1.3bn respectively. The main focus is

on electricity sector. The three SOE banks have

received USD 3bn in total with 6-months LIBOR +

2.85% interest rate. Source: Bisnis Indonesia

([email protected])

BBTN: management guides for 5% NIM this

year

The company will continue its effort to raise

cheaper funds in order to efficiently manage cost

of funds. On separate news, BBTN has provided

Rp110bn subsidized mortgage loans in one day in

a housing expo in Tangerang, West Java. Source:

Bisnis Indonesia ([email protected])

BMRI: provide Rp1.15tr loans to PT Prima

Petikemas (PTP)

The proceeds will be used for the phase 2 con-

struction of Belawan Container Terminal in North

Sumatera, which expected to complete in 3 years.

S o u r c e : I n v e s t o r D a i l y

([email protected])


News of the Day

WSKT: to issue Rp1.5tr bonds to finance

toll roads in Java and Sumatera

The company will issue Series A bonds worth

Rp350bn with 10.4% p.a. coupon rate maturing

in 3 years, Series B bonds worth Rp1.15tr with

11.1% p.a. coupon rate maturing in 5 years.

The company has appointed Bahana Securities,

Danareksa Securities, and Mandiri Sekuritas as

underwriters. Source: The Jakarta Post

([email protected])

Pharmaceutical Industry Ask for Drugs and

Vaccines to be exempted from the Halal Act

International Pharmaceutical Manufacturers

Group asks the Government to reconsider the

inclusion of drugs and vaccines in UU No.

33/2014. This is because the manufacturing

process of drugs and vaccines involves a fairly

complex process and technology which include

at least 30 components in one medicine, which

is very hard to trace each of the component and

process. Source: Investor Daily

BJBR: prepares Rp5tr for micro lending

expansion

Part of funds will be channelled through rural

banks (BPR). As of 8M15, BJBR had channelled

Rp1.1tr to rural banks and cooperatives via

linkage program. Source: Bisnis Indonesia

([email protected])

Media: Govt to prepare two business model

options for Digital TV Migration

The two business models being prepared by The

Ministry of Communication and Informatics are:

1) Single multiplexer (MUX); 2) Multiple MUX.

MUX is data delivery method in forms of picture

or sound in quantity more than one using one

channel. The purpose is physical channel saving

(cable, transmitter and receiver, or fiber optic).

Source: Bisnis Indonesia


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

Sep-14

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-

15

Apr-

15

May-15

Jun-15

Jun-15

Jul-

15

Aug-15

Aug-15

Sep-15

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

-183-107

-1,283

-415

-39

-426

-553-770

-2,372

-574

-51

-949

(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

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

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)


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

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)

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

Sep-1

4

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-15

Apr-15

May-15

Jun-15

Jun-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

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

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

0

200

400

600

800

1,000

1,200

Sep-14

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-15

Apr-15

May-15

Jun-15

Jun-15

Jul-

15

Aug-15

Sep-15

Sep-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

Sep-1

4

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-15

Apr-15

May-15

Jun-15

Jun-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

Sep-14

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-15

Apr-15

May-15

Jun-15

Jun-15

Jul-

15

Aug-15

Sep-15

Sep-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

9/16/2015 US MBA Mortgage Applications (%) 11-Sep -- -7 -6.20%

US CPI MoM (%) Aug (0.1) (0.1) 0.1

US CPI Ex Food and Energy MoM (%) Aug 0.1 0.1 0.1

US CPI YoY (%) Aug 0.2 0.2 0.2

EC CPI MoM (%) Aug - - -0.6

EC CPI YoY (%) Aug F 0.2 0.1 0.2

EC CPI Core YoY (%) Aug F 1.0 0.9 1.0

9/17/2015 US Net Long-term TIC Flows (USD bn) Jul -- 7.7 103.1

US Total Net TIC Flows (USD bn) Jul -- 141.9 -110.3

US Current Account Balance (USD bn) 2Q 111 -110 -113

US Housing Starts (000's) Aug 1160 1126 1206

US Building Permits (000's) Aug 1159 1170 1119

US Initial Jobless Claims (000's) 12-Sep 275 264 275

US Continuing Claims (000's) 5-Sep 2258 2237 2260

US Bloomberg Consumer Comfort 13-Sep -- 40.2 41.4

US Philadelphia Fed Business Outlook Sep 5.9 -6 8.3

9/18/2015 US FOMC Rate Decision (Upper Bound) 17-Sep 0.3 0.25 0.3

US Leading Index (%) Aug 0.2 0.1 -0.2

9/21/2015 US Existing Home Sales (USD mn) Aug 5.5 5.3 5.6

9/22/2015 EC Consumer Confidence Index Sep A -7 -7.1 -6.9

US FHFA House Price Index MoM (%) Jul 0.4 0.6 0.2

9/23/2015 US MBA Mortgage Applications (%) 18-Sep -- 13.9 -7

US Markit US Manufacturing PMI Sep P 52.8 53 53

EC Markit Eurozone Manufacturing PMI Sep P 52 52 52.3

EC Markit Eurozone Services PMI Sep P 54.2 54 54.4

EC Markit Eurozone Composite PMI Sep P 54 53.9 54.3

9/24/2015 US Chicago Fed Nat Activity Index Aug 0.24 -0.41 0.34

US Initial Jobless Claims (000's) 19-Sep 272 267 264

US Durable Goods Orders (%) Aug -2.3 -2 2.0

US Continuing Claims (000's) 12-Sep 2240 2242 2237

US Durables Ex Transportation (%) Aug 0.1 0 0.6

US Cap Goods Orders Nondef Ex Air (%) Aug -0.2 -0.2 2.2

US Bloomberg Consumer Comfort 20-Sep -- 41.9 40.2

US New Home Sales (000's) Aug 515 552 507

9/25/2015 US GDP Annualized QoQ (%) 2Q T 3.7 3.9 3.7

US Personal Consumption (%) 2Q T 3.2 3.6 3.10%

US GDP Price Index 2Q T 2.1 2.1 2.1

US Core PCE QoQ (%) 2Q T 1.8 1.9 1.8

US Markit US Composite PMI Sep P -- 55.3 55.7

US Markit US Services PMI Sep P 55.6 55.6 56.1

US U. of Mich. Sentiment Sep F 86.5 87.2 85.7

EC M3 Money Supply YoY Aug 5.3 4.8 5.3

EC M3 3-month average Aug 5.2 5 5.1

9/28/2015 US Personal Income Aug 0.4 -- 0.4

US Personal Spending Aug 0.3 -- 0.3

US PCE Core MoM Aug 0.1 -- 0.1

US Pending Home Sales MoM Aug 0.4 -- 0.5

US Dallas Fed Manf. Activity Sep -9.5 -- -15.8

9/29/2015 US Consumer Confidence Index Sep 97 -- 101.5

EC Consumer Confidence Sep F -7.1 -- 40.2

9/30/2015 EC Unemployment Rate Aug 10.9 -- 10.9


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

-2.0

-2.1

-2.9

-3.3

-4.0

-4.6

-6.2

-9.1

-9.8

-9.9

INTP

LPPF

PNBN

BTPN

LINK

AMRT

BDMN

BWPT

MAYA

SRTG9.3

6.1

5.9

5.6

5.3

4.7

3.7

3.3

3.3

2.4

ICBP

KLBF

INDF

GGRM

UNVR

MIKA

BBCA

BMRI

BBNI

ASII

352

171

148

122

115

114

102

100

99

76

- 200 400

BBRI

LPKR

ASII

BMRI

SIAP

BBCA

SRIL

BBNI

MYRX

KLBF

569

252

153

150

142

92

64

58

57

56

0 200 400 600

SIAP

SRIL

LPKR

BIPI

MYRX

TARA

BKSL

KLBF

TMPI

HOME

9,125

7,847

6,918

6,515

5,975

5,424

5,224

4,945

4,351

4,115

SRIL

BBRI

ASII

KLBF

BBNI

KIJA

SIAP

TLKM

BMRI

BSDE

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

YTD (Rp) -20.06% 7,701

YTD (USD) 5.67% 5,451

Moving Avg 20day 4,332 4,232

Moving Avg 50day 4,512 12.1

Moving Avg 200day 5,053 2.4%

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

MSCI Indonesia 4,736.6 98.3 2.1 -23.6

JII 554.4 12.4 2.3 -19.8

LQ45 696.7 16.4 2.4 -22.5

JAKFIN Index 592.9 9.5 1.6 -19.0

JAKINFR Index 851.9 1.1 0.1 -26.6

JAKMINE Index 906.5 1.9 0.2 -33.8

JAKCONS Index 2,017.3 94.1 4.9 -7.4

JAKTRAD Index 814.8 0.2 0.0 -7.3

JAKMIND Index 957.0 17.5 1.9 -26.8

JAKBIND Index 336.8 -1.7 -0.5 -38.0

JAKPROP Index 433.4 4.1 0.9 -17.4

JAKAGRI Index 1,614.0 -8.0 -0.5 -31.4

Commodities +/- (%)YTD (%)

CRB Index 193.6 0.8 0.40 -15.8

Oil & Gas

Brent Crude Oil (USD/bbl) 48.2 0.9 1.88 -15.8

Nymex Oil (USD/bbl) 45.2 0.8 1.80 -15.1

Natural Gas 2.6 0.0 0.90 -10.8

COAL (AUS Daily) 55.2 -0.3 -0.54 -11.0

Industrial Metals

Aluminum (USD/tonne) 1,562.0 13.8 0.89 -14.8

Nickel (USD/tonne) 9,875 0 0.00 -34.8

Tin (USD/tonne) 15,550 -100 -0.64 -19.8

Precious Metal

Gold (USD/t oz.) 1,127.1 -4.6 -0.41 -4.8

Silver (USD/t oz.) 14.6 0.0 0.24 -6.6

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,395 72.0 3.10 4.5

Rubber (JPY/kg) 1,278 -57.3 -4.29 -22.2

Corn (USD/bu.) 389 2.3 0.58 -2.0

Wheat (USD/bu.) 504 -1.8 -0.35 -14.6

Soybeans (USD/bu.) 884 7.5 0.86 -13.2

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 1,550.4 -9.61 -0.62 -9.32

SPX S&P 500 1,884.1 2.32 0.12 -8.49

US

16,049.1 47.2 0.30 -9.95

Nasdaq US 4,517.3 -26.65 -0.59 -4.62

Europe

EURO 50 Europe 339.2 -2.34 -0.69 -0.95

FTSE London 5,909.2 -49.62 -0.83 -10.00

DAX Jerman 9,450.4 -33.1 -0.35 -3.62

CAC France 4,343.7 -13.32 -0.31 1.66

SMI Swiss 8,323.5 -57.74 -0.69 -7.35

BRIC

BOVESPA Brazil 44,131.8 175 0.40 -11.75

MICEX Russia 1,630.5 14.15 0.88 16.75

SENSEX India 25,778.7 161.8 0.63 -6.26

NIFTY India 7,843.3 47.6 0.61 -5.31

SHCOMP China 3,038.1 -62.62 -2.02 -6.08

SZCOMP China 1,711.7 -26.20 -1.51 20.95

Nikkei Japan 16,930.8 -714.3 -4.05 -2.98

TPX Japan 1,375.5 -63.15 -4.39 -2.27

HSI Hong kong 20,556.6 -630 -2.97 -12.91

KOSPI S.Korea 1,942.9 0.00 0.00 1.42

TAIEX Taiwan 8,132.4 0.0 0.00 -12.62

FSSTI Singapore 2,787.9 -3.98 -0.14 -17.15

ASEAN

SET Thailand 1,348.8 -3.29 -0.24 -9.94

PCOMP Philipines 6,859.3 43.7 0.64 -5.14

KLCI Malaysia 1,603.3 -5.11 -0.32 -8.97

VNINDEX Vietnam 561.2 -3.69 -0.65 2.86

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.889 -0.000 -0.0 11.1

USDGBP UK 0.660 0.001 0.1 10.0

USDCHF Switzerland 0.972 -0.002 -0.2 -2.8

USDCAD Canada 1.342 0.002 0.2 11.9

USDAUD Australia 1.432 0.001 0.1 19.3

USDNZD New Zealand 1.576 -0.004 -0.3 21.2

USDJPY Japan 119.74 -0.180 -0.2 -0.1

USDCNY China 6.36 (0.01) -0.1 2.6

USDHKD Hongkong 7.750 0.000 0.0 -0.6

USDSGD Singapore 1.428 -0.001 -0.0 9.8

Rupiah Indonesia 14,691 17.0 0.1 18.6

JCI 4,178.4 57.9 1.4%


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


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


JCI 4,510 Strengthened


PTPP 3,310 Buy


WIKA 2,765 Buy


PGAS 2,780 Trd. Buy

2,790 0.36% Correct

LPKR 1,070 Trd. Buy


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


AALI 18,075 Buy

17,125 -5.26% Incorrect

TLKM 2,865 Sell


BBNI 5,000 Sell

4,950 -1.00% Correct

BBRI 10,400 Sell


BWPT 248 Trd. Buy

258 4.03% Correct

LPKR 1,045 Trd. Buy

1,070 2.39% Correct


JCI 4,431 Strengthening

4,446 0.35% Correct

TLKM 2,830 Buy

2,865 1.24% Correct

PGAS 2,900 Buy


ASII 5,825 Buy


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




JCI 4,238 Profit Taking


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



JCI 4,229 Strengthening

4,238 0.22% Correct

TLKM 2,705 Buy


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


JCI 4,164 Rebound

4,229 1.56% Correct

PTPP 3,290 Spec. Buy


WSKT 1,600 Spec. Buy


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


JCI 4,336 Weakening

4,164 -3.97% Correct

UNTR 18,600 Trad. Buy

17,100 -8.06% Incorrect

TLKM 2,730 Trad. Buy


ADRO 490 Spec. Buy


ANTM 505 Spec. Buy


PGAS 3,195 Sell

2,880 -9.86% Correct

WIKA 2,635 Sell

2,460 -6.64% Correct


JCI 4,442 Weakening

4,336 -2.39% Correct

PGAS 3,335 Buy


ASII 6,200 Buy


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




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



JCI 4,510 Rebound


KLBF 1,610 Buy


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



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


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


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


ADHI 2,180 Buy

2,200 0.92% Correct

BBNI 4,630 Buy



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



JCI 4,623 Rebound


SCMA 2,620 Buy


MPPA 2,750 Buy


UNTR 19,500 Buy

19,300 -1.03% Incorrect

GGRM 46,275 Buy

46,675 0.86% Correct

BBNI 4,665 Buy


BMRI 9,150 Buy



JCI 4,749 Rebound


TLKM 2,965 Buy


BMRI 9,525 Buy


BBNI 4,890 Buy


ADHI 2,215 Buy


PTPP 3,920 Buy


PWON 404 Buy



JCI 4,770 Weakening

4,749 -0.45% Correct

UNTR 20,200 Buy

20,000 -0.99% Incorrect

PWON 408 Buy


ASRI 505 Sell

505 0.00% Correct

ADHI 2,265 Buy


APLN 345 Buy



JCI 4,807 Weakening

4,770 -0.75% Correct

ASRI 510 Buy


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


TLKM 2,930 Sell



JCI 4,851 Rebound


ITMG 10,800 Buy

10,800 0.00% Correct

PTBA 6,550 Buy


BMRI 9,800 Buy

9,800 0.00% Correct

PWON 418 Buy


ASRI 520 Buy


UNTR 20,200 Sell

19,300 -4.46% 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

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