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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
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-
qualification stage.
⇒ LNG project in Central Indonesia, in
consortium with Itochu, passed pre-
qualification stage.
• 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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
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
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
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
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
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
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
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)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
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)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
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%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
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
Ticker Last Technical Call 2-Sep-15 Chg (%) Recommendation
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
Ticker Last Technical Call 1-Sep-15 Chg (%) Recommendation
JCI 4,510 Strengthened
4,412 -2.15% Incorrect
PTPP 3,310 Buy
3,205 -3.17% Incorrect
WIKA 2,765 Buy
2,730 -1.27% Incorrect
PGAS 2,780 Trd. Buy
2,790 0.36% Correct
LPKR 1,070 Trd. Buy
1,030 -3.74% Incorrect
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
4,510 1.43% Incorrect
AALI 18,075 Buy
17,125 -5.26% Incorrect
TLKM 2,865 Sell
2,870 0.17% Incorrect
BBNI 5,000 Sell
4,950 -1.00% Correct
BBRI 10,400 Sell
10,625 2.16% Incorrect
BWPT 248 Trd. Buy
258 4.03% Correct
LPKR 1,045 Trd. Buy
1,070 2.39% Correct
Ticker Last Technical Call 28-Aug-15 Chg (%) Recommendation
JCI 4,431 Strengthening
4,446 0.35% Correct
TLKM 2,830 Buy
2,865 1.24% Correct
PGAS 2,900 Buy
2,755 -5.00% Incorrect
ASII 5,825 Buy
5,775 -0.86% Incorrect
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 27-Aug-15 Chg (%) Recommendation
JCI 4,238 Profit Taking
4,431 4.55% Incorrect
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
10,500 7.69% Incorrect
Ticker Last Technical Call 26-Aug-15 Chg (%) Recommendation
JCI 4,229 Strengthening
4,238 0.22% Correct
TLKM 2,705 Buy
2,690 -0.55% Incorrect
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
Ticker Last Technical Call 25-Aug-15 Chg (%) Recommendation
JCI 4,164 Rebound
4,229 1.56% Correct
PTPP 3,290 Spec. Buy
3,145 -4.41% Incorrect
WSKT 1,600 Spec. Buy
1,570 -1.88% Incorrect
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
Ticker Last Technical Call 24-Aug-15 Chg (%) Recommendation
JCI 4,336 Weakening
4,164 -3.97% Correct
UNTR 18,600 Trad. Buy
17,100 -8.06% Incorrect
TLKM 2,730 Trad. Buy
2,660 -2.56% Incorrect
ADRO 490 Spec. Buy
474 -3.27% Incorrect
ANTM 505 Spec. Buy
470 -6.93% Incorrect
PGAS 3,195 Sell
2,880 -9.86% Correct
WIKA 2,635 Sell
2,460 -6.64% Correct
Ticker Last Technical Call 21-Aug-15 Chg (%) Recommendation
JCI 4,442 Weakening
4,336 -2.39% Correct
PGAS 3,335 Buy
3,195 -4.20% Incorrect
ASII 6,200 Buy
6,050 -2.42% Incorrect
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Historical Technical Trading Ideas (3)
Ticker Last Technical Call 20-Aug-15 Chg (%) Recommendation
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
6,200 2.06% Incorrect
Ticker Last Technical Call 19-Aug-15 Chg (%) Recommendation
JCI 4,510 Rebound
4,484 -0.58% Incorrect
KLBF 1,610 Buy
1,580 -1.86% Incorrect
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
1,040 -2.35% Incorrect
Ticker Last Technical Call 18-Aug-15 Chg (%) Recommendation
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
2,105 -4.32% Incorrect
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
Ticker Last Technical Call 14-Aug-15 Chg (%) Recommendation
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
19,700 2.60% Incorrect
ADHI 2,180 Buy
2,200 0.92% Correct
BBNI 4,630 Buy
4,575 -1.19% Incorrect
Ticker Last Technical Call 13-Aug-15 Chg (%) Recommendation
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
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 14
Historical Technical Trading Ideas (4)
JCI 4,623 Rebound
4,479 -3.10% Incorrect
SCMA 2,620 Buy
2,500 -4.58% Incorrect
MPPA 2,750 Buy
2,600 -5.45% Incorrect
UNTR 19,500 Buy
19,300 -1.03% Incorrect
GGRM 46,275 Buy
46,675 0.86% Correct
BBNI 4,665 Buy
4,510 -3.32% Incorrect
BMRI 9,150 Buy
8,800 -3.83% Incorrect
Ticker Last Technical Call 11-Aug-15 Chg (%) Recommendation
JCI 4,749 Rebound
4,623 -2.66% Incorrect
TLKM 2,965 Buy
2,940 -0.84% Incorrect
BMRI 9,525 Buy
9,150 -3.94% Incorrect
BBNI 4,890 Buy
4,665 -4.60% Incorrect
ADHI 2,215 Buy
2,130 -3.84% Incorrect
PTPP 3,920 Buy
3,840 -2.04% Incorrect
PWON 404 Buy
386 -4.46% Incorrect
Ticker Last Technical Call 10-Aug-15 Chg (%) Recommendation
JCI 4,770 Weakening
4,749 -0.45% Correct
UNTR 20,200 Buy
20,000 -0.99% Incorrect
PWON 408 Buy
404 -0.98% Incorrect
ASRI 505 Sell
505 0.00% Correct
ADHI 2,265 Buy
2,215 -2.21% Incorrect
APLN 345 Buy
338 -2.03% Incorrect
Ticker Last Technical Call 7-Aug-15 Chg (%) Recommendation
JCI 4,807 Weakening
4,770 -0.75% Correct
ASRI 510 Buy
505 -0.98% Incorrect
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
420 -0.94% Incorrect
TLKM 2,930 Sell
2,955 0.85% Incorrect
Ticker Last Technical Call 6-Aug-15 Chg (%) Recommendation
JCI 4,851 Rebound
4,807 -0.91% Incorrect
ITMG 10,800 Buy
10,800 0.00% Correct
PTBA 6,550 Buy
6,250 -4.58% Incorrect
BMRI 9,800 Buy
9,800 0.00% Correct
PWON 418 Buy
406 -2.87% Incorrect
ASRI 520 Buy
510 -1.92% Incorrect
UNTR 20,200 Sell
19,300 -4.46% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 15
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
Gina Novrina Nasution, CSA
Technical Analyst
Paula Ruth
Equity Analyst
Angga Aditya Assaf
Equity Analyst
Willinoy Sitorus
Equity Analyst
M. Dian Octiana
Equity Analyst
Wisnu Budhiargo
Equity Analyst
Tim Alamsyah
Equity Analyst
Dini Agmivia Anggraeni
Fixed Income/Macro Analyst
Yeni Simanjuntak
On-the-ground Analyst
Rovandi
Research Associate
Institutional Sales Team
Daniel Dwi Seputro
Head of Institutional Equity Sales
Dewi Yusnita
Equity Institutional Sales
Meitawati
Equity Institutional Sales
Fachruly Fiater
Equity Institutional Sales
Henry Sidarta
Equity Institutional Sales
Raditya Andyono
Equity Institutional Sales
Nancy Pardede
Equity Institutional Sales
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
Ariawan Anwar
Artha Graha, Jakarta
Windra Djulnaily
Pluit, Jakarta
Ferry Zabur
Kelapa Gading, Jakarta
Eddy Sumarli
Puri Kencana, Jakarta
Very Wijaya
BSD, Tangerang
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
Tantie Rivi Watie
Pekanbaru, Riau
EAST INDONESIA
Sonny Muljadi
Surabaya, Jawa Timur
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
Ivan Jaka Perdana
Malang, Jawa Timur
Arifin Pribadi
Makasar, Sulawesi Selatan
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
Mariana Kusuma Wati
Semarang, Jawa Tengah
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
Ariffianto
Cirebon, Jawa Barat
PT Trimegah Securities Tbk
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Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190, Indonesia
t. +62-21 2924 9088
f. +62-21 2924 9150
www.trimegah.com
DISCLAIMER
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purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has
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
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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.