TRIM Daily - Trimegah filePT Trimegah Securities Tbk - TRIM DAILY 1 After Greeks voted no in its...

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

After Greeks voted no in its referendum to reject further austerity measures

(which could lead to a Greece exit from Euro), we saw oil price, S&P and

MSCI ex Japan futures all down by 1% overnight while US treasury bond

yield down 1%, indicating investors going risk-off. In a risk-off environment,

JCI is likely to be under pressure as well, albeit we argue it would fall less

than the global markets as actual impact from a Grexit is very small on

Indonesia. Company news: both ISAT and EXCL interested in buying LINK

Construction 1H new contract updates: TOTL 53%, PTPP 49%, WIKA 34% of

full-year target.

TRIM Daily

TRIM Highlights

Jul 06, 2015

Jakarta Composite Index (JCI) up by 38 poin or 0.8% to 4982 last friday. Index movers were mostly driven by consumer goods, trade services, and property. Total transaction value was Rp4.1tr. IDX recorded RP163bn net buy by foreign investors. The JCI has experienced 1.2% increased within the past 5 trading days. Based on technical analysis, MACD indicator signals profit taking for today with trading the range of 4930-5015

Technical Market View

Greeks said No: 61% voted to reject further austerity measures as condition of a bailout, which is likely to lead to Greece’s exit from Euro economic zone. U.S bond market gain as increasing uncertainties in Europe could lead to further delay on Fed Fund Rate hike. US 10-yr govt bond yield down from 2.4% to 2.3% overnight.

Global Wrap

Technical analysis: trading picks

JCI 4,982.9

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

43.7 14,555 0.00 0.0TLKM

Change 0.77%

Transaction Volume (m) 6,027

Transaction Value (Rpbn) 4,159

Mkt Cap (Rptr) 5,053

Market 2015 P/E (x) 12.8

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 17,730.1 0.0 0.0

Nasdaq 5,009.2 0.0 0.0

Nikkei 20,539.8 17.3 0.1

ST Times 3,342.7 14.9 0.4

FTSE 6,585.8 -44.7 -0.7

Hang Seng 26,064.1 -218.2 -0.8

Chg %

USD IDR 13,320 -17 -0.1

10 yr Indo Govr bond (%) 8.24 -0.1 -0.8

10 yr US govt bond (%) 2.3 -0.10 -4.2

Spread (%) 5.95 0.03 3.3

EIDO 23.7 0.0 0.0

Foreign YtD (USDmn) (1,176) 12 -1

Stock Price Rating Reason

LSIP 1660 Buy

ASII is a white long chandle with increasing transaction volumes and positive signal from MACD, indicates further upward movement for today with support and resistance levels of 1630-1690

RALS 690 Buy RALS indicates positive from stockhastic, for today RALS potentially to move up in

the range of 680-710

BKSL 96 Buy

BKSL remains on a long term bullish pat-tern with the potential upside to reach its

970 resistance level. BKSL support-resistance level for today is 93-99

ASRI 575 Buy ASRI remains on a long term bullish pat-tern with the potential technical rebound today on the range of 555-598

PTPP 3725 Buy

Stochastic and RSI indicators indicates further upward movement for PTPP with support-resistance level at 3680-3800

PSAB 775 Trading Buy

PSAB is a long term bullish and we expect the stock to rebound at the range of 755-850 as it formed a star pattern yesterday.

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

News of the Day

Telco: Local content regulation released

Govt released Ministerial Decree on local content require-

ment with implementation date: 1 Jan 2017 for 4G LTE

FDD (frequency dividion duplex) and 1 Jan 2019 for TDD

(time division duplex) considering that the economic

scalability for TDD technology will yet mature in the next

1.5 years. According to International Telecommunication

Union (ITU) standard, one of TDD ecosystem is on

2300MHz spectrum. According to related Govt official,

there is only 1 operator so far in that spectrum, which is

Bolt. Meanwhile, FREN already has national license for

30MHz on 2300MHz spectrum and still developing its 4G

LTE infrastructure until end of 2016 with investment

allocation reaching Rp10tr. Source: Bisnis Indonesia

Comment:

Positive for NIPS, which is the only local manufacturer of

industrial battery for telco BTS.

OJK will cut motor vehicles downpayment for se-

lected multifinance

To 15-20% by multifinance companies that can keep its

NPL below 5%. Source: Kontan

Minister of Transport Ignasius Jonan suggested

that Pelindo take over Jakarta International Con-

tainer Port from Hutchison

He stated that foreign players can develop newer ports

instead. Hutchison has been granted extension since June

2015. Currently Hutchison controls 51% and Pelindo

controls 49% in JICT. Post extension Pelindo will get 51%

plus $250mn cash and $10mn a month. Rent will also

increase from US$60mn to US$120mn. Source: Kontan

Banks: BI loosens macroprudential policy

Central Bank of Indonesia (BI) loosens macroprudential

policy to boost credit growth amidst slowing economy by

adjusting minimum reserve requirement policy. Adjust-

ments include the inclusion of marketable securities

issued by banks into LDR calculation. The new LDR

(which will be called loan-to-funding ratio or LFR) formula

will be loan divided by third party deposits and marketa-

ble securities issued. BI also raised the LFR ceiling limit to

94% for banks that fulfil the micro and SME requirements

in accordance to BI regulation no. 14/22/PBI/2012 and

below 5% micro and SME NPL. According to BI Deputy

Governor, Erwin Rijanto, most of Indonesian banks have

already fulfil the requirements. Source: Bank Indonesia,

Bisnis Indonesia ([email protected])

Year to date export and import duty and excise tax

revenues stood at Rp77.45tn vs budgeted Rp195tn

Overall amount is down 4.2% yoy on the back of signifi-

cantly lower export duty and import duty. Excise tax and

export duty components are significantly below govern-

ment budget. Source: Kontan

Ministry of Finance stated that Government spending

in 2016 Budget could reach Rp310tn

Year to date budget absorption stood at 9.4% of Rp290.3tn

in 2015. Draft of the budget may come out in October.

Source: Kontan

Government green lights 4G-LTE in 1800 MHz range

in July

Approval has been given by Government since April but

implementation will kick of in July. EXCL will start its 4G in

Lombok, Java in September and Jakarta in November.

TLKM via Telkomsel will promote in Makassar this July.

Source: Kontan

48 regions asking for higher stake in expired O&G

blocks

There are 48 regionally owned enterprise (BUMD) are

requesting for their stake portion in O&G blocks in their

respective areas. Association of O&G producing region

(ADPM) expects regions allowed to have 15% - 50% of

O&G expired blocks stakes. Currently the stake given to

BUMD is 10%. Source: B isn is Indonesia

([email protected])

Textile Association of Indonesia complains electricity

tariff hike

Electricity cost is around 20% of upstream textile cost and

around 13-14% of downstream cost. Source: Kontan

Infrastructure: Land-capping Funds to be Used for

Stalled Projects

The Finance Ministry will issue a regulation to make the

use of government land-capping funds more flexible so

that the funds can be utilized more effectively in reviving

stalled infrastructure projects. The land-capping fund is a

fiscal instrument whereby the government caps land prices

at a certain level and provides funds to the compensate

private investors if there is any unexpected price increases.

Source: Jakarta Post ([email protected])

PTPP: Secured Rp13.3tn contract year to date

This represents 49% of its full year target and exclude

PPRO's portion. Around 15% of total contract comes from

Government, 40% SOEs and 45% from private. Company

aims to receive Rp2tn injection from government next

year. Source: Kontan ([email protected])

Phase I Phase II

Base station (network) 30% 40%

Subscriber station (mobile phone) 20% 40%

Source: Bisnis Indonesia


News of the Day

WIKA: Secured Rp10.4tn new contract year to date

Represents 34.2% of full year target thanks to delay in

tenders by government. Company is not yet revising its

guidance. Government contribution is around 40%,

private 35% and SOE 25%. Source: Kontan

([email protected])

TOTL: Has secured Rp1.59tn new contracts year to

date

This is around 53% of full year target of Rp3tn mostly

from property projects. Source: Kontan

([email protected])

ISAT: Due diligence for LINK acquisition will start

on Aug 2015

According to ISAT, it will start due diligence phase to

acquire LINK on August 2015. The company said that

budget allocation to fund the acquisition is yet decided

as it is still in the early phase of due diligence. Source:

Bisnis Indonesia ([email protected])

MDLN: Is lowering its bond payable amount by

Rp250bn

MDLN is lowering its bond payable amount to Rp750bn,

from Rp1tr. Initially, the company planned to issue

bonds worth Rp1tr, broken down to two series with 3

and 5 years tenor. Coupon offered at 11.4 – 12.5%.

Backed by land in their Jakarta Garden City development

in Cakung. The new fund will be used for repaying its

Rp250bn loan and funding its capital to acquire new

land. Source: Bisnis Indonesia.

INDR: Targets this year’s revenue to increase 15%

YoY

Indorama Synthetics (INDR IJ) targets revenue amount-

ing to USD835m this year, up 15% YoY compared to last

year’s USD726m. Source: Investor Dai ly

([email protected])

INCO: 1H15 export to Japan below 50% of FY15

target

Vale Indonesia (INCO IJ) 1H15 export to Japan is below

50% of its FY15 target. Note that INCO expects this

year’s sales volume to reach 82.5k tonnes (+4.4% YoY).

Source: Investor Daily ([email protected])

LPKR: Obtained SG$200 mn new loan

LPKR has obtained SG$200 mn (~Rp2 tr) new bank loan

through its subsidiary in Singapore, Lippo Mall Retail

Trust (LMIRT). The interest rate was 2.5% above the SG

swap offer rate, with 6 months tenor period. The new

loan will be used for refinancing its SG$250 mn bonds

payable and LMIRT capital’s loan, and for funding its

working capital. Source: Kontan

NRCA: Cut back its infra project target

Company now aims infra component to be 10% of its total

contract from initial 25%. Its target for 2015 is Rp4.1tn

and has secured Rp2.23tn. Company is targeting 8.8%

higher revenue in 2015 but lower net income by 17%.

Source: Kontan ([email protected])

GEMS: To give US$30mn loan to ACE

This is a related party transaction, GEMS will provide

US$30mn loan to ASM Limited, shareholder of ACE at 10%

plus LIBOR. ASM put 10% of its ownership in ACE to GEMS

as collateral. GEMS have the right to convert. ACE has also

received £135mn loan from SMMA. Source: Kontan


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

Jul-

14

Jul-

14

Jul-

14

Aug-14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Dec-14

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

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

0

6

-46

-168

46 13

-294

-221

-981

-432

51

-681

(1,200)

(1,000)

(800)

(600)

(400)

(200)

0

200

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

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-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

1,200

1,300

-

500

1,000

1,500

2,000

2,500

3,000

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-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

12.0

12.5

13.0

13.5

14.0

14.5

15.0

Jun-

14

Jul-

14

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

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

150

175

200

225

250

275

50

55

60

65

70

75

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

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

50

55

60

65

70

75

80

85

90

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

(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

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

(USD /MT)(Rp)

INCO (LHS) ANTM (LHS) Nickel LME (RHS)

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

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

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

500

700

900

1,100

1,300

1,500

1,700

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

(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

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

Mar-

15

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

6/30/2015 US Chicago Purchasing Manager Jun 50.6 49.4 46.2

US Consumer Confidence Index Jun 97.1 101.4 95.4

EC Unemployment Rate (%) May 11.1 11.1 11.1

EC CPI Estimate YoY (%) Jun 0.2 0.2 0.3

EC CPI Core YoY (%) Jun A 0.8 0.8 0.9

7/1/2015 US MBA Mortgage Applications (%) 26-Jun -- -4.7 1.6

US ADP Employment Change (000's) Jun 218 237 201

US Markit US Manufacturing PMI Jun F 53.4 53.6 53.4

US Construction Spending MoM (%) May 0.4 0.8 2.2

US ISM Manufacturing Jun 53.1 53.5 52.8

US ISM Prices Paid Jun 51 49.5 49.5

ID CPI Core YoY (%) Jun 5.07 5.04 5.04

EC Markit Eurozone Manufacturing PMI Jun F 52.5 52.5 52.5

CH Manufacturing PMI Jun 50.4 50.2 50.2

CH HSBC China Manufacturing PMI Jun F 49.6 49.4 49.6

7/2/2015 US Change in Nonfarm Payrolls (000's) Jun 233 223 280

US Change in Manufact. Payrolls (000's) Jun 6 4 7

US Unemployment Rate (%) Jun 5.4 5.3 5.5

US Initial Jobless Claims (000's) 27-Jun 270 281 271

US Continuing Claims (000's) 20-Jun 2,236 2264 2,247

US Bloomberg Consumer Comfort 28-Jun -- 44 42.6

US Factory Orders (%) May -0.5 -1 -0.4

7/3/2015 EC Markit Eurozone Services PMI Jun F 54.4 54.4 54.4

EC Markit Eurozone Composite PMI Jun F 54.1 54.2 54.1

EC Retail Sales MoM (%) May 0.1 0.2 0.7

EC Retail Sales YoY (%) May 2.3 2.4 2.2

CH HSBC China Composite PMI Jun -- 50.6 51.2

CH HSBC China Services PMI Jun -- 51.8 53.5

7/6/2015 US Markit US Composite PMI Jun F -- -- 54.6

US Markit US Services PMI Jun F 54.9 -- 54.8

US ISM Non-Manf. Composite Jun 56.2 -- 55.7

7/7/2015 US Trade Balance (USDbn) May -42.8 -- -40.9

ID Foreign Reserves (USD bn) Jun -- -- 110.8

7/8/2015 US MBA Mortgage Applications (%) 3-Jul -- -- -4.7

7/9/2015 US Initial Jobless Claims (000's) 4-Jul 277 -- 281

US Continuing Claims (000's) 27-Jun -- -- 2264

US Bloomberg Consumer Comfort 5-Jul -- -- 44

CH CPI YoY (%) Jun -- -- 1.2

CH PPI YoY (%) Jun -- -- -4.6

7/10/2015 US Wholesale Inventories MoM (%) May 0.2 -- 0.4

CH New Yuan Loans CNY (USDbn) Jun 1000 -- 900

CH Money Supply M2 YoY (%) Jun 10.9 -- 10.8

07/13/2015 CH Trade Balance (USDbn) Jun 56 -- 59.4

CH Exports YoY (%) Jun -- -- -2.50%

CH Imports YoY (%) Jun -- -- -17.60%

7/14/2015 US Monthly Budget Statement (USD bn) Jun 38 -- --

US Retail Sales Advance MoM (%) Jun -- -- 1.20%

US Retail Sales Ex Auto MoM (%) Jun -- -- 1%

US Retail Sales Ex Auto and Gas (%) Jun -- -- 0.70%

US Import Price Index MoM (%) Jun -- -- 1.30%

US NFIB Small Business Optimism Jun -- -- 98.3

ID Bank Indonesia Reference Rate (%) 14-Jul -- -- 7.50%

EC Industrial Production SA MoM (%) May -- -- 0.10%


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

-0.4

-0.5

-0.8

-1.2

-2.5

-2.9

-5.3

-5.9

-9.4

-10.4

ASII

BBRI

SMGR

ISAT

IMAS

EXCL

MAYA

SUPR

SMAR

BUKK5.7

4.5

3.7

3.5

3.0

3.0

2.6

2.1

1.8

1.0

EMTK

SCMA

LPPF

INDF

CPIN

PGAS

UNVR

KLBF

ICBP

BMRI

245

243

216

160

149

112

97

90

85

80

- 100 200 300

SRIL

BBRI

SSMS

BBNI

ADHI

BMRI

LPKR

JSMR

SIAP

WIKA

703

424

407

162

156

116

111

80

78

76

0 500 1,000

SRIL

SIAP

ENRG

BUMI

BWPT

SSMS

META

LPKR

TARA

BKSL

18,059

6,249

5,451

5,439

4,938

4,053

4,038

3,937

3,813

3,455

SRIL

ADHI

ENRG

BABP

SSMS

BBRI

KLBF

TLKM

WIKA

BBNI

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

YTD (Rp) -4.67% 6,027

YTD (USD) 37.34% 4,159

Moving Avg 20day 4,931 5,053

Moving Avg 50day 5,111 12.8

Moving Avg 200day 5,200 2.4%

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

MSCI Indonesia 5,879.5 49.7 0.9 -5.2

JII 670.9 8.5 1.3 -2.9

LQ45 857.0 8.1 1.0 -4.6

JAKFIN Index 713.6 1.4 0.2 -2.5

JAKINFR Index 1,039.7 3.2 0.3 -10.4

JAKMINE Index 1,120.1 5.4 0.5 -18.2

JAKCONS Index 2,228.4 44.7 2.0 2.3

JAKTRAD Index 921.7 12.9 1.4 4.9

JAKMIND Index 1,219.3 -2.1 -0.2 -6.7

JAKBIND Index 434.0 2.0 0.5 -20.2

JAKPROP Index 517.8 7.1 1.4 -1.4

JAKAGRI Index 2,132.8 7.7 0.4 -9.3

Commodities +/- (%)YTD (%)

CRB Index 224.6 0.0 0.00 -2.4

Oil & Gas

Brent Crude Oil (USD/bbl) 60.3 -1.8 -2.82 5.3

Nymex Oil (USD/bbl) 56.9 0.0 0.00 6.8

Natural Gas 2.8 0.0 0.00 -2.7

COAL (AUS Daily) 59.0 -0.3 -0.59 -4.9

Industrial Metals

Aluminum (USD/tonne) 1,695.0 -15.0 -0.88 -7.6

Nickel (USD/tonne) 12,000 -200 -1.64 -20.8

Tin (USD/tonne) 14,350 -50 -0.35 -26.0

Precious Metal

Gold (USD/t oz.) 1,163.5 0.0 0.00 -1.7

Silver (USD/t oz.) 15.6 0.0 0.00 -0.2

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,267 4.0 0.18 -1.0

Rubber (JPY/kg) 1,697 -5.9 -0.35 3.4

Corn (USD/bu.) 429 0.0 0.00 7.9

Wheat (USD/bu.) 591 0.0 0.00 0.1

Soybeans (USD/bu.) 1,038 0.0 0.00 1.9

Volume (m)

Value (Rpbn)

Mkt Cap (Rptr)

Market 2015 P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

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

MXWO MSCI Word 1,744.5 -2.76 -0.16 2.03

SPX S&P 500 2,076.8 0.00 0.00 0.87

US

17,730.1 0.0 0.00 -0.52

Nasdaq US 5,009.2 0.00 0.00 5.77

Europe

EURO 50 Europe 383.4 -2.04 -0.53 11.95

FTSE London 6,585.8 -44.69 -0.67 0.30

DAX Jerman 11,058.4 -41.0 -0.37 12.78

CAC France 4,808.2 -27.34 -0.57 12.53

SMI Swiss 8,912.8 -48.64 -0.54 -0.79

BRIC

BOVESPA Brazil 52,519.4 -587 -1.10 5.02

MICEX Russia 1,631.7 -9.40 -0.57 16.83

SENSEX India 28,092.8 147.0 0.53 2.16

NIFTY India 8,484.9 40.0 0.47 2.44

SHCOMP China 3,686.9 -225.85 -5.77 13.98

SZCOMP China 2,098.5 -117.34 -5.30 48.28

Nikkei Japan 20,539.8 17.3 0.08 17.70

TPX Japan 1,652.1 3.85 0.23 17.38

HSI Hong kong 26,064.1 -218.2 -0.83 10.42

KOSPI S.Korea 2,104.4 -2.92 -0.14 9.86

TAIEX Taiwan 9,358.2 -21.0 -0.22 0.55

FSSTI Singapore 3,342.7 14.89 0.45 -0.67

ASEAN

SET Thailand 1,489.6 -2.03 -0.14 -0.54

PCOMP Philipines 7,535.3 -43.0 -0.57 4.21

KLCI Malaysia 1,734.2 0.36 0.02 -1.54

VNINDEX Vietnam 616.4 10.73 1.77 12.98

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.901 -0.002 -0.00 12.56

USDGBP UK 0.642 0.002 0.00 7.05

USDCHF Switzerland 0.940 -0.003 -0.00 -5.96

USDCAD Canada 1.257 0.003 0.00 4.78

USDAUD Australia 1.330 0.019 0.01 10.79

USDNZD New Zealand 1.494 0.007 0.00 14.95

USDJPY Japan 122.79 -0.280 -0.00 2.50

USDCNY China 6.21 0.00 0.00 0.09

USDHKD Hongkong 7.753 0.001 0.00 -0.61

USDSGD Singapore 1.346 -0.002 -0.00 3.53

Rupiah Indonesia 13,320 -17.0 -0.00 7.52

JCI 4,982.9 38.1 0.8%


Historical Technical Trading Ideas (1)

Ticker Last Technical Call 3-Jul-15 Chg (%) Recommendation

JCI 4,883 Strenghtening

4,911 0.58% Correct

LSIP 1,560 Buy

1,555 -0.32% Incorrect

AALI 22,650 Buy

22,950 1.32% Correct

BBNI 5,250 Buy

5,300 0.95% Incorrect

BBRI 10,375 Buy

10,350 -0.24% Incorrect

PTPP 3,525 Buy


ANTM 690 Sell

680 -1.45% Correct

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


4,911 0.58% Correct

LSIP 1,560 Buy

1,555 -0.32% Correct

TLKM 2,905 Buy

2,930 0.86% Correct

KLBF 1,710 Buy


UNVR 39,625 Buy

39,500 -0.32% Incorrect

GGRM 43,800 Sell


GIAA 446 Sell

445 -0.22% Correct

Ticker Last Technical Call 1-Jul-15 Chg (%) Recommendation


4,911 0.58% Correct

ASII 6,875 Buy

7,075 2.91% Correct

TLKM 2,905 Buy

2,930 0.86% Correct

GGRM 43,800 Buy

45,100 2.97% Correct

BBNI 5,250 Buy

5,300 0.95% Correct

BBRI 10,375 Buy

10,350 -0.24% Incorrect

PGAS 4,290 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

418 -0.24% Incorrect

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


JCI 4985 Strenghtening


BDMN 4,355 Buy

4,370 0.34% Correct

BBCA 13,700 Buy

13,725 0.18% Correct

CPIN 3,050 Buy


UNTR 20,225 Buy

20,125 -0.49% Incorrect

ASII 7,050 Buy


ADHI 2,095 Buy



JCI 4945.5 Rebound

4,985 0.80% Correct

ICBP 13,150 Buy

12,950 -1.52% Incorrect

BDMN 4,065 Buy

4,355 7.13% Correct

BWPT 372 Buy

372 0.00% Correct

RALS 700 Buy

705 0.71% Correct

ASII 7,025 Buy

7,050 0.36% Correct

ERAA 550 Spec Buy





JCI 4945 Strenghtening

4,945 0.01% Correct

UNVR 40,925 Buy

41,500 1.41% Correct

BDMN 4,065 Buy

4,065 0.00% Correct

BBNI 5,650 Buy


MNCN 1,975 Buy

2,000 1.27% Correct

GZCO 83 Buy

85 2.41% Correct

ADHI 2,120 Spec Buy



JCI 4872.6 Rebound

4,946 1.50% Correct

ADRO 780 Buy

805 3.21% Correct

AALI 22,900 Buy

22,500 -1.75% Incorrect

BBRI 10,550 Buy

11,000 4.27% Correct

BBNI 5,500 Buy

5,650 2.73% Correct

LSIP 1,610 Buy


GIAA 444 Sell

448 0.90% Incorrect


JCI 4837.8 Continues Weakening

4,873 0.72% Correct

UNTR 20,200 Buy

20,200 0.00% Correct

GGRM 43,500 Buy

44,275 1.78% Correct

JSMR 6,000 Buy


LSIP 1,610 Buy

1,610 0.00% Correct

BWPT 391 Sell

371 -5.12% Correct

PWON 389 Sell

402 3.34% Incorrect


JCI 4935.8 Profit Taking

4,838 -1.99% Correct

UNTR 20,500 Buy

20,200 -1.46% Incorrect

LSIP 1,655 Buy


AALI 23,200 Buy

22,475 -3.13% Incorrect

ASII 7,075 Sell

6,850 -3.18% Correct

ITMG 13,100 Sell

13,100 0.00% Correct

PWON 410 Sell

389 -5.12% Correct


JCI 4928.8 Reebound

4,936 0.14% Correct

BBCA 13,320 Buy

13,250 -0.53% Incorrect

BBNI 5,575 Buy

5,625 0.90% Correct

ICBP 13,400 Buy

13,350 -0.37% Incorrect

JSMR 6,325 Buy


TLKM 2,870 Buy


SMGR 12,650 Buy

12,525 -0.99% Incorrect




JCI 4933.5 Profit Taking

4,929 -0.10% Correct

AALI 23,925 Buy

23,725 -0.84% Incorrect

LSIP 1,690 Buy

1,695 0.30% Correct

BBNI 5,750 Buy


BBRI 10,400 Buy

10,125 -2.64% Incorrect

SMGR 12,825 Buy

12,650 -1.36% Incorrect

TLKM 2,860 Buy

2,870 0.35% Correct


JCI 4899.9 Reebound

4,934 0.69% Correct

PWON 384 Buy

400 4.17% Correct

BBRI 10,475 Buy

10,400 -0.72% Incorrect

PGAS 4,190 Buy

4,200 0.24% Correct

BBNI 5,800 Strong Buy


SMRA 1,680 Strong Buy

1,700 1.19% Correct

BWPT 398 Trading Buy

416 4.52% Correct


JCI 5,015 Cont'd Weakening

4,900 -2.29% Correct

PTBA 9,425 Spec Buy


PWON 388 Spec Buy


PGAS 4,295 Spec Buy


BBRI 11,000 Spec Buy

10,475 -4.77% Incorrect

SRIL 344 Trading Buy


ENRG 63 Trading Buy

62 -1.59% Incorrect



5,015 -1.59% Correct

UNTR 22,200 Buy

21,850 -1.58% Incorrect

BBCA 13,650 Buy

13,575 -0.55% Incorrect

ICBP 13,450 Buy

12,975 -3.53% Incorrect

GGRM 45,200 Buy

45,200 0.00% Correct

BBTN 1,150 Buy


BBRI 11,300 Buy

11,000 -2.65% Incorrect




UNTR 21,700 Buy

22,200 2.30% Correct

TLKM 2,825 Buy

2,855 1.06% Correct

BBNI 6,200 Buy

6,225 0.40% Correct

PTPP 3,980 Buy

3,950 -0.75% Correct

PWON 416 Buy



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])

Nathanael Benny Prasetyo

Palembang, Sumatera Selatan

([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])

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