TRIM Daily - Trimegah filePT Trimegah Securities Tbk - TRIM DAILY 1 With no major macro/corporate...

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

With no major macro/corporate announcement expected this week, strength-

ening USD vs Rupiah, and earnings downgrade cycle still ongoing, we may

continue seeing rather thin volume and sustained downward pressure

(despite Jokowi’s planned visit to Indonesia Stock Exchange today). More

upbeat news on RALS though, which has proposed buyback of up to 8% of

shares outstanding (40% current free float) in an EGM on 16 Sep. Other

companies with balance sheets strong enough for buybacks: TLKM, KLBF,

ITMG, HRUM, INCO.

TRIM Daily

TRIM Highlights

Aug 10, 2015

Jakarta Composite Index (JCI) down 36 poin or 0.7% to 4770 yesterday.

Index movers were mostly driven by miscellaneous Industry infrastructure &

finance. Total transaction value was Rp3.4tr. IDX recorded Rp256bn net sell

by foreign investors. JCI is expected continued to weakening within the

support and resistance levels of 4750-4833.

Technical Market View

U.S. showed solid labor indicator as the unemployment rate for July stood at 5.3%, same level with the previous month and near Fed’s target of 5.0-5.2%. Labor force participation rate also steady at 62.6%.

Global Wrap

Technical analysis: trading picks

JCI 4,770.3

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

43.4 14,675 0.10 0.2TLKM

Change -0.75%

Transaction Volume (m) 4,101

Transaction Value (Rpbn) 3,428

Mkt Cap (Rptr) 4,897

Market 2015 P/E (x) 12.8

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 17,373.4 -46.4 -0.3

Nasdaq 5,043.5 -12.9 -0.3

Nikkei 20,724.6 60.1 0.3

ST Times 3,196.7 0.0 0.0

FTSE 6,718.5 -28.6 -0.4

Hang Seng 24,552.5 177 0.7

Chg %

USD IDR 13,541 12 0.1

10 yr Indo Govt bond (%) 8.45 0.0 0.2

10 yr US govt bond (%) 2.2 -0.04 -2.0

Spread (%) 6.26 0.06 2.2

EIDO 22.2 -0.3 -1.4

Foreign YtD (USDmn) (1,244) -19 2

Stock Price Rating Reason

KLBF 1660 Buy

AALI formed a doji star, MACD indicates positive signal of a potential upside and we expect to continued upward movement for KLBF with support-resistance level at 1610-1720

PWON 408 Buy

MACD indicates positive signal of a poten-tial technical rebound for PWON. PWON’s today trading range is around 404-415 Speculative Buy PWON at level 404

ASRI 505 Sell We expect ASRI to further decrease today with support and resistance levels of 495-515

ADHI 2265 Buy

With a doji formation ADHI and potential golden cross on its stochastic oscillator ADHI is a Speculative Buy. ADHI’s support and resistance level ranging between 2205-2345 for today.

APLN 345 Buy

APLN formed a doji candle, which indicates potential upside within the range of 342-351 for today.

UNTR 20200 Buy

UNTR has a potensial upsite today with strong resistance in 20500. range for today 19800 - 20500

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

News of the Day

Economy: FX reserves declined from USD 108bn to

USD 107.6bn in July

Indonesia’s official reserve assets position as of July 2015

stood at USD107.6 bn, lower than June 2015 level which

registered at USD108.0 bn. This development was at-

tributable to increase in foreign exchange demand for

Government foreign debt payments and the use of for-

eign exchange to stabilize rupiah exchange rate. On the

other side, the increase in foreign exchange receipts

derived from the issuance of Government’s Euro Bond is

able to withstand a further decline.

With these developments, official reserve assets at the

end of July 2015 can adequately cover 7.0 months of

imports or 6.8 months of imports and servicing of Gov-

ernment external debt repayment, well above the inter-

national standards of reserves adequacy at 3 months of

imports. ([email protected])

Banks: Construction NPL remains on the watchlist

Macroprudential Policy Director from BI, Yati Kurniati,

said that construction NPL ratio has reached 5.5% and

will not move much until the end of the year. The cause

of high NPL is delayed payments due to postponed execu-

tion of construction projects in some regions. The project

managers in the respective regions were concerned about

executing the projects because of nomenclature changes.

Source: Bisnis Indonesia ([email protected])

Gaikindo guides 13 new model launching in H215

Toyota Astra Motor will launch 4 new models (Grand New

Avanza, Veloz, All New Hilux and Alphard Hybrid),

Daihatsu will release Great New Xenia, and a new look for

Ayla. Honda Prospect Motor also intend to launch Honda

BRV. Ford will launch All New Everest, Focus and Ranger.

Last year there were 20 new models launched.

Ministry of Finance is confident tax shortfall would

not exceed Rp120tn

As stated by MoF Bambang Brodjonegoro, the tax short-

fall would not exceed Rp120tn and aims for higher tax

collection in H2. Based on latest data by Directorate

General of Tax, tax revenues per 31 July has reached

Rp531.1tn, or 41% of APBNP. The figure is flat YoY from

Rp530.8tn July 2014.

Trakindo Group to enter property business

The group has property company Triyasa Propertindo that

will develop high rise projects. Triyasa has acquired 1.4ha

land in Gandaria for hi-rise project. Co is also looking to

buy 10-50ha land around Jakarta for landed residential.

It is also developing a second office tower next to Grand

Rubins Business Park in Kuningan. Company targets

Rp400bn revenue this year and Rp1tn next year. Source:

Kontan ([email protected])

August tender by Ministry of Public Works delayed to

September

The ministry is taking its time to choose which project to

tender out. The tender will be held on 4-5 September.

Total project ready to be tendered out is Rp14tn. Source:


Government will sign power purchase agreement

10GW out of 35GW project

Director General of Electricity Jarman stated that construc-

tion can start as soon as the PPA is signed. Out of the

35GW project, there are 20 coal fired power plants, 13 gas

fired and the remaining with renewable energy. Coal fired

power plants take 36 months to construct and gas fired

take 18 months. Government hopes that most project will

be completed by 2019. Source: Kontan

([email protected])

Ministry of ESDM to restrict LPG 3kg (subsidized)

misuse

The Ministry of ESDM to launch a new restricted program

for subsidized LPG (3 kg) so that subsidy will not miss

t a r g e t . S o u r c e : T h e J a k a r t a P o s t

([email protected])

The government to develop local electric car industry

The Industry Ministry is preparing a set of regulations on

t h e i s s u e . S o u r c e : T h e J a k a r t a P o s t

([email protected])

10 licenses are shifted to the one stop service gate

system (PTSP)

10 O&G licenses are directed to the one stop service gate

system (PTSP) from Ministry of ESDM which is centred in

BKPM starting 1 August 2015. 20 licenses will be shifted to

PTSP on 1 September and 12 licenses on 1 October 2015.

Source: Bisnis Indonesia ([email protected])

TAM targets 10k sales in GIIAS event

Toyota Astra Motor (TAM) targets more than 10,000 of

sales in Gaikindo Indonesia International Automotive

(GIIAS) show on 20-30 August. TAM will launch new

models in the event which are New Hilux, Grand New

Avanza, Grand New Velos and Alphard Hybrid. Source:

Bisnis Indonesia ([email protected])

Comment:

This less than 2 week sales expectancy accounts 3% of

TAM sales in 2014 and 1% of total national sales in 2014.

Pertamina increases prices of Non-subsidized fuels

Pertamina increased its Pertamax (ron 92) price by

IDR150/litre to IDR9,450/litre in Greater Jakarta, Banten

and West Java. In addition, it has also pushed price of

Pertamax Plus by IDR200/litre to IDR10,500/litre. Source:

The Jakarta Post ([email protected])


News of the Day

PLN to use more local content for its power trans-

mission line

The Ministry of ESDM will ask PLN to use more local

content for its power transmission line after the govt

turned down an option to allow private players to take

part in the development of 47,000km transmission

network. Govt propose to raise use of more than 80% of

local content as capacity of domestic companies has

improved. Also, the Ministry of ESDM plans to speed up

land acquisition process. Source: The Jakarta Post

([email protected])

ASII: Explore possiblity to acquire 43% of META

ASII through its subsidiary, PT Astratel Nusantara

(Astratel), aims to acquire 43.32% of META (21% from

Rajawali Group and 22.32 from Eagle Infrastructure).

According to Astratel, the planned acquisition will devel-

op Astra business in toll road sector. Source: Investor

Daily

TELE: To build smartphone factory

TELE cooperates with Arima Communications Corp.

(manufacturing company from Taiwan) to build

smartphone factory this year. TELE will own 55%, while

Arima 45%, for the initial capital. Source: Investor Daily

([email protected])

EXCL, ISAT withdraw from LINK acquisition

Based on an anonymous source, EXCL and ISAT have

withdrawn from the bidding process to acquire LINK

from CVC. EXCL has stated that they are busy with

integration and is in no position to acquire LINK. ISAT

has no official comment. MNC Group is now the only

bidder.

BALI: Have conducted stock split

Bali Towerindo conducted 1:5 split bringing the book

value per share to Rp20 from Rp100/share. Source:


BIKA: IPO funds to be used for property projects

and debt refinancing

Binakarya Jaya Abadi has recently concluded its IPO to

raise Rp150bn. Rp62bn is used to pay down debt and

the rest to finance construction in many projects. BIKA

is currently working on Pluit Sea View apartment, Para-

dise Mansion Apartnent, Casablanca East Residence,

Apartment Foresque. Company also intend to acquire

300ha in Samarinda, East Kalimantan. Company is

targeting topline growth of 35%. Source: Kontan

([email protected])

Wilmar Group to build Wilmar Integrated Industrial

Estate

The location is in Serang, Banten with total investment of

Rp7tn. The group has spent Rp1.7tn year to date. The

estate will have a total land of 1,744ha. Wilmar will do

land reclamation of 544ha to build a port. Source: Kontan

([email protected])

SSIA: Downgrades its industrial presales guidance

Management has downgraded guidance from 60ha indus-

trial land sales to 20ha this year. Year to date sales is

6.9ha. However, ASP has increased 23.5% yoy throughout

H1 to US$157.7/sqm. SSIA currently plan to acquire land

in three locations: 400ha in Karawang, 500ha in Subang

and 500ha in Bekasi. Source: Kontan

([email protected])

PGAS: Delays in Kalija pipeline prevents gas delivery

Petronas's Kepodang field has started producing since 13

August 2015 but construction of the pipeline, by PGAS and

BNBR, is delayed. The gas from Kepodang is intended for

gas fired power plant in Tambak Lorok, Semarang. The

gas could produce up to 600MW of electricty from the

installed capacity of 1,000MW in Tambak Lorok. Source:


CTRS: To develop Losari reclamation project

Company will create Ciputra World Makassar project and

part of Citra Land City Losari Makassar with total area of

107ha. Total investment is Rp4tn. Source: Kontan

([email protected])

RANC: Guides Rp1.8tn revenue this year

This is against last year revenue of Rp1.65tn. Company

will open 3 new outlets this year. 2 have been opened in

Serpong and Surabaya. Source: Kontan

([email protected])

PTRO: Acquire 51.29% of PT Mahaka Industri Per-

dana

PTRO acquired 51.29% of PT Mahaka Industri Perdana

worth ~USD1.1mn. Source: Investor Daily

RALS: Plan to buyback max. ~567mn shares (8%)

According to RALS’ disclosure, the company intends to

buyback its ~567mn shares (8%) gradually within max.

18 days after approval by AGM (scheduled on 16 Sep

2015). 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

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

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

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

-67 -7-186 -172

11

323

-132 -201

-1,554

-786

18

536

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

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

Aug-14

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

(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

-

500

1,000

1,500

2,000

2,500

3,000

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

Jul-

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

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

150

175

200

225

250

275

50

55

60

65

70

75

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

Jul-

15

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

50

55

60

65

70

75

80

85

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

Aug-14

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

(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

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

(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

Aug-14

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

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

14,000

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

500

700

900

1,100

1,300

1,500

1,700

Aug-14

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

(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

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

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

8/4/2015 US Factory Orders (%) Jun 1.6 1.8 -1.0

ID GDP YoY (%) 2Q 4.6 4.7 4.6

8/5/2015 US MBA Mortgage Applications (%) 31-Jul -- 4.7 0.8

US ADP Employment Change (000's) Jul 215.0 185.0 237.0

US Trade Balance (USDbn) Jun -43.0 -43.8 -41.9

US Markit US Composite PMI Jul F -- 55.7 55.2

US Markit US Services PMI Jul F 55.2 55.7 55.2

US ISM Non-Manf. Composite Jul 56.2 60.3 56.0

EC Markit Eurozone Services PMI Jul F 53.8 54.0 53.8

EC Markit Eurozone Composite PMI Jul F 53.7 53.9 53.7

EC Retail Sales MoM (%) Jun -0.2 -0.6 0.2

EC Retail Sales YoY (%) Jun 2.0 1.2 2.4

CH Caixin China PMI Composite Jul -- 50.2 50.6

CH Caixin China PMI Services Jul -- 53.8 51.8

8/6/2015 US Initial Jobless Claims (000's) 1-Aug 272 270 267

US Continuing Claims (000's) 25-Jul 2249 2255 2262

8/7/2015 US Bloomberg Consumer Comfort 2-Aug -- 40.3 40.5

US Change in Nonfarm Payrolls Jul 225.0 215.0 223.0

US Change in Manufact. Payrolls (000's) Jul 5 15 4

US Unemployment Rate (%) Jul 5.3 5.3 5.3

CH Exports YoY (%) Jul -1.4 -8.3 2.8

ID Foreign Reserves (USD mn) Jul -- 107.6 108

08/08/2015 CH Imports YoY (%) Jul -5.2 -8.6 -6.1

CH Trade Balance (USDbn) Jul 54.4 43.0 46.5

CH CPI YoY (%) Jul 1.6 1.6 1.4

8/9/2015 CH PPI YoY (%) Jul -5 -5.4 -4.8

CH New Yuan Loans CNY Jul 725 -- 1,279

8/10/2015 CH Money Supply M2 YoY (%) Jul 11.7 -- 11.8

US NFIB Small Business Optimism Jul 95.3 -- 94.1

US Wholesale Inventories MoM (%) Jun 0.5 -- 0.8

8/11/2015 EC ZEW Survey Expectations Aug -- -- 42.7

EC Industrial Production SA MoM (%) Jun -0.1 -- -0.4

US MBA Mortgage Applications (%) 7-Aug -- -- 4.7

CH Retail Sales YoY (%) Jul 10.6 -- 10.6

CH Industrial Production YoY (%) Jul 6.6 -- 6.8

8/12/2015 CH Industrial Production YTD YoY (%) Jul 6.4 -- 6.3

US Monthly Budget Statement (USD bn) Jul -126.8 -- -94.6

US Retail Sales Advance MoM (%) Jul 0.5 -- -0.3

US Retail Sales Ex Auto MoM (%) Jul 0.4 -- -0.1

US Retail Sales Ex Auto and Gas (%) Jul 0.5 -- -0.2

US Import Price Index MoM (%) Jul -1.1 -- -0.1

US Initial Jobless Claims (000's) 8-Aug 270 -- 270

US Continuing Claims (000's) 1-Aug 2245 -- 2,255

8/13/2015 US Bloomberg Consumer Comfort 9-Aug -- -- 40.3

US PPI Final Demand MoM (%) Jul 0.1 -- 0.4

US PPI Ex Food and Energy MoM (%) Jul 0.1 -- 0.3

US PPI Final Demand YoY (%) Jul -0.9 -- -0.7

US PPI Ex Food and Energy YoY (%) Jul 0.5 -- 0.8

US Industrial Production MoM (%) Jul 0.3 -- 0.3

US Capacity Utilization (%) Jul 78 -- 78.4

US U. of Mich. Sentiment Aug P 93.6 -- 93.1

EC GDP SA QoQ (%) 2Q A 0.4 -- 0.4


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

-1.5

-2.1

-2.2

-3.0

-3.4

-3.7

-4.0

-4.7

-5.8

-6.5

BMRI

BBRI

ASII

BDMN

BBNI

SCMA

CPIN

TBIG

PGAS

EXCL18.6

10.4

5.5

4.9

4.7

2.6

2.1

0.9

0.8

0.7

MSKY

MDIA

BWPT

JRPT

UNTR

MKPI

BTPN

TLKM

SMGR

UNVR

201

150

147

135

113

112

110

104

85

76

- 100 200 300

TLKM

ASII

BMRI

BBNI

BBRI

SSMS

SILO

PGAS

SIAP

SRIL

455

206

178

122

103

102

96

90

85

76

0 200 400 600

SIAP

BRMS

SRIL

ENRG

IATA

META

DSFI

SUGI

BIPI

BWPT

7,504

6,686

5,180

4,331

4,078

4,075

3,970

3,789

2,896

2,756

PGAS

SRIL

TLKM

KLBF

DSFI

BBNI

BMRI

SCMA

UNTR

CPIN

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

YTD (Rp) -8.74% 4,101

YTD (USD) 21.55% 3,428

Moving Avg 20day 4,827 4,897

Moving Avg 50day 4,939 12.8

Moving Avg 200day 5,173 2.4%

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

MSCI Indonesia 5,601.1 -56.6 -1.0 -9.7

JII 631.8 -2.9 -0.5 -8.6

LQ45 811.5 -7.4 -0.9 -9.7

JAKFIN Index 696.3 -9.6 -1.4 -4.8

JAKINFR Index 986.0 -12.0 -1.2 -15.0

JAKMINE Index 974.8 -12.9 -1.3 -28.8

JAKCONS Index 2,140.3 2.3 0.1 -1.7

JAKTRAD Index 924.6 2.6 0.3 5.2

JAKMIND Index 1,151.2 -24.2 -2.1 -11.9

JAKBIND Index 385.5 -2.8 -0.7 -29.1

JAKPROP Index 501.8 -1.4 -0.3 -4.4

JAKAGRI Index 1,894.1 -1.0 -0.1 -19.4

Commodities +/- (%)YTD (%)

CRB Index 198.3 -0.2 -0.11 -13.8

Oil & Gas

Brent Crude Oil (USD/bbl) 48.6 -0.9 -1.84 -15.2

Nymex Oil (USD/bbl) 43.9 -0.8 -1.77 -17.7

Natural Gas 2.8 -0.0 -0.53 -3.5

COAL (AUS Daily) 59.9 -0.5 -0.75 -3.4

Industrial Metals

Aluminum (USD/tonne) 1,575.5 -3.3 -0.21 -14.1

Nickel (USD/tonne) 10,800 -50 -0.46 -28.7

Tin (USD/tonne) 15,300 -200 -1.29 -21.1

Precious Metal

Gold (USD/t oz.) 1,093.8 4.0 0.37 -7.6

Silver (USD/t oz.) 14.8 0.1 0.98 -5.0

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,038 -4.0 -0.20 -11.0

Rubber (JPY/kg) 1,506 -23.6 -1.54 -8.3

Corn (USD/bu.) 373 3.0 0.81 -6.1

Wheat (USD/bu.) 511 3.5 0.69 -13.5

Soybeans (USD/bu.) 976 19.5 2.04 -4.3

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 1,747.3 -5.33 -0.30 2.20

SPX S&P 500 2,077.6 -5.99 -0.29 0.91

US

17,373.4 -46.4 -0.27 -2.52

Nasdaq US 5,043.5 -12.90 -0.26 6.49

Europe

EURO 50 Europe 397.1 -3.63 -0.91 15.93

FTSE London 6,718.5 -28.60 -0.42 2.32

DAX Jerman 11,490.8 -94.3 -0.81 17.19

CAC France 5,154.8 -37.36 -0.72 20.64

SMI Swiss 9,408.3 -49.72 -0.53 4.73

BRIC

BOVESPA Brazil 48,577.3 -1,434 -2.87 -2.86

MICEX Russia 1,690.4 14.73 0.88 21.04

SENSEX India 28,236.4 -61.7 -0.22 2.68

NIFTY India 8,564.6 -24.0 -0.28 3.40

SHCOMP China 3,744.2 82.67 2.26 15.75

SZCOMP China 2,177.2 63.51 3.00 53.84

Nikkei Japan 20,724.6 60.1 0.29 18.76

TPX Japan 1,679.2 5.61 0.34 19.30

HSI Hong kong 24,552.5 177 0.73 4.01

KOSPI S.Korea 2,010.2 -3.06 -0.15 4.94

TAIEX Taiwan 8,442.3 -7.3 -0.09 -9.29

FSSTI Singapore 3,196.7 0.00 0.00 -5.01

ASEAN

SET Thailand 1,428.8 -1.79 -0.13 -4.60

PCOMP Philipines 7,532.5 -57.4 -0.76 4.18

KLCI Malaysia 1,682.7 -11.99 -0.71 -4.47

VNINDEX Vietnam 603.8 2.72 0.45 10.66

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.912 -0.003 -0.4 14.0

USDGBP UK 0.645 0.001 0.1 7.6

USDCHF Switzerland 0.984 0.003 0.3 -1.6

USDCAD Canada 1.313 0.002 0.2 9.4

USDAUD Australia 1.348 -0.013 -1.0 12.3

USDNZD New Zealand 1.510 -0.017 -1.1 16.1

USDJPY Japan 124.24 -0.500 -0.4 3.7

USDCNY China 6.21 - 0.0 0.2

USDHKD Hongkong 7.752 0.001 0.0 -0.6

USDSGD Singapore 1.385 0.001 0.1 6.5

Rupiah Indonesia 13,541 12.0 0.1 9.3

JCI 4,770.3 (36.3) -0.8%


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])

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])

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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