TRIM Daily - Trimegah filemixed market movement this week. We also publish BBRI today, reiterate We also publish BBRI today, reiterate Buy with 13% upside to new TP 14600 while reiterating

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

Macro: Feb inflation numbers are out today (see our published preview). We

expect a 0.13% deflation Vs. consensus’ 0.18% inflation. A deflation would

be positive for interest rate sensitive sectors: Banks, Auto, Property, Multi-

finance. Note however, that with Rupiah depreciating closer to the psycholog-

ical 13,000 mark we may continue to see near-term profit taking. Expect a

mixed market movement this week. We also publish BBRI today, reiterate

Buy with 13% upside to new TP 14600 while reiterating Buy. Result: JPFA

Below

TRIM Daily

TRIM Highlights

Mar 02 2015

Jakarta Composite Index (JCI) down by 1 poin or 0.02% to 5,450 yesterday.

Index movers were mostly driven by trade, finance and property construc-

tion. Total transaction value was Rp7.0tr. IDX recorded RP211bn net buy by

foreign investors. JCI today is expected to continue its weakening trend and

trade in 5427-5468 range.

Technical Market View

China’s central bank cut interest rates on Saturday, as the effort to support

economy from slowing growth and deflation risks. The central bank said the

25 basis point cut in the benchmark interest rate to 5.35% - its second cut

in just over three months - and a 25 basis point cut in the benchmark saving

rate to 2.5% would be effective from Sunday.

Global Wrap

Technical analysis: trading picks

JCI 5,450,3

Global Indices

Reksa Dana Trimegah Asset Management

Dual Listing (NYSE) Others

(USD) (Rp) Chg %

45.1 14,581 -0.69 -1.5TLKM

Change -0.02%

Transaction Volume (m) 6,521

Transaction Value (Rpbn) 6,962

Mkt Cap (Rptr) 5,428

Market 2015 P/E (x) 14.4

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 18,132.7 -81.7 -0.4

Nasdaq 4,963.5 -24.4 -0.5

Nikkei 18,797.9 12.1 0.1

ST Times 3,402.9 -23.3 -0.7

FTSE 6,946.7 -3.1 -0.0

Hang Seng 24,823.3 -78.8 -0.3

NAB Chg %

Trim Kapital 9,862.4 14 0.1

Trim Kapital + 3,606.4 6.9 0.2

Trim Syariah SHM 1,763.7 -5.1 -0.3

Tram Consumption +1,589.5 -3.3 -0.2

Trim Komb 2 2,154.3 3.6 0.2

Trim Syariah B 2,487.5 -4.3 -0.2

Trim Dana Stabil 2,211.3 -1.0 -0.0

Trim Dana Tetap 2 1,779.9 0.2 0.0

Tram PDPT USD 1.1 0.0 0.1

Tram Reguler INC 994.7 0.0 0.0

Tram Strategic Fund 1,219.3 0.9 0.1

Trim Kas 2 1,143.0 0.3 0.0

Chg %

USD IDR 12,932 101 0.8

10 yr Indo Govr bond (%) 7.06 0.0 0.1

10 yr US govt bond (%) 2.0 -0.02 -0.8

Spread (%) 5.06 0.02 0.9

EIDO 27.6 -0.3 -1.1

Foreign YtD (USDmn) 849 16 2

Stock Price Rating Reason

ASRI 670 Buy

Stochastic oscillator indicates a potential golden cross. For today ASRI would move upward within the range of 645-720 for today

LPKR 1180 Buy LPKR will test its resistance level of 1180 with potential upside for today within the

trading range of 1155-1225

HRUM 1655 Buy

HRUM remains on a short term bullish pat-tern with the potensial upside to reach its 1700 resistance level. HRUM support-resistance level for today is 1575-1700

ITMG 16900 Buy ITMG remains on a short term bullish pat-tern with the potensial technical rebound today on the range of 16400-17450

ASII 7850 Buy In the short term, ASII has the opportuni-ty for a technical rebound with today’s trading range at 7600-8000

TLKM 2935 Buy

Stochastic and RSI indicators indicates

further upward movement for TLKM with support-resistance level at 2870-2990

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

Result FY14

JPFA: Below consensus

• Net income was down by 44.2%YoY, forming 63.3% of FY consensus; below consensus

• Revenues grew +14.2%YoY; in-line with consensus.

• The company experienced lower gross margin (FY2014 14.0% vs. FY2013 16.9%) resulted from increase in raw material

(+16.6%YoY), labor (+34.4%YoY), and manufacturing expenses (+17.4%YoY) part of the production cost.

• The company is traded at 14.4x.

(Rpbn) 4Q13 3Q14 4Q14 QoQ YoY FY14 YoY FY14 / cons

(%)

Sales 5,435 6,501 5,765 -11.3% 6.1% 24,459 14.2% 101.2%

Gross Profit 588 789 808 2.4% 37.4% 3,426 -5.3% 100.2%

Operating Profit 134 260 274 5.4% 103.9% 1,276 -29.2% 98.5%

Net Profit (172) 6 5 -19.3% -102.8% 332 -44.2% 63.3%

Gross Margins (%) 10.8% 12.1% 14.0% 14.0%

Opr Margins (%) 2.5% 4.0% 4.7% 5.2%

Net Margins (%) -3.2% 0.1% 0.1% 1.4%


News of the Day

Banking: LDR to rise again, says OJK

Indonesia’s Financial Services Authority (OJK)says that

the higher loan growth than deposit growth will make

LDR rise again. According to the Indonesian Banking

Statistics issued by OJK, banking system LDR reached

89.4% as at FY14. With the 16.4% loan growth and

14.4% deposit growth in 2015, LDR is projected to be

90.9% with 19.9% average capitalization, says OJK

Deputy Commissioner for Banking Supervisory, Irwan

Lubis. Source: Kontan ([email protected])

Infrastructure: IDX is finalizing the regulation on

issuance of project-based bonds

IDX is finalizing a regulation to simplify the bonds issu-

ance process for infrastructure development. The new

regulation or known as project-based bonds will focus in

the development of power plant and infrastructure. The

regulation is expected to be released in Jun’15. Under the

new law, the bonds issuer will able to issue bonds even

though the project has not been operated but the bond

must be protected by collateral. The collateral must be

provided from third party. For example: for power plant

project, the collateral could be come from PLN as the sole

buyer of the electricity. Source: Bisnis Indonesia

([email protected])

Fuel price increased along with the increase in

global crude oil price

Yesterday the government increased “premium” fuel price

type to IDR6,800 litre for regional area outside Java-

Madura-Bali and to IDR6,900/litre for Java-Madura-Bali.

Pertamax fuel price increased IDR200/litre to IDR8,250/

litre (from IDR8,050/litre). Diesel price remains the

s a m e . S o u r c e : d e t i k . c o m

([email protected])

Comment:

The fuel hike is in line with the increase in global crude oil

price from the USD50/barrel early this year to the current

USD62/barrel level.

PLIN : net profit jumped by 974%

In 2014, PLIN booked Rp354.86bn net profit, or jumped

significantly by +974% YoY from Rp33.34bn in 2013. It

was due to a significant decrease in foreign exchange

losses by -87.6% YoY, despite there’s only a slight in-

crease in company’s revenue by 9.2 % YoY. The revenue

contribution came from lifestyle and shopping centers of

Rp726.50bn, hotels of Rp609.72bn, and offices of

Rp185.46bn. Source : Bisnis Indonesia

JSMR: Issue Rp1.7tr Bonds

This year, JSMR will issue Rp1.7tr bonds for funding its

Rp4tr capex. With 3.4x DER and 2.15 ICR, this company

also plans to do right issue in 2016. The right issue is

amounting c.Rp6tr, of which Rp4.2tr will come from the

Government capital injection in order to maintain its 70%

ownership in JSMR. The capital improvement is needed for

funding the participation of JSMR in government program;

1000new high-way construction. This company plans to

build 50% from the total project. This year JSMR are going

to finish 211km of high-way and they still able to build

another 300km. Source: Investor Daily


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

500

700

900

1,100

1,300

1,500

40

50

60

70

80

90

100

110

120

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

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

(USD/ Troy oz.)(USD)

Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (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

Feb-

14

Mar-

14

Apr-

14

May-

14

Jun-

14

Jul-

14

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

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

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Feb-14

Mar-

14

Mar-

14

Apr-

14

Apr-

14

May-14

May-14

Jun-1

4

Jun-1

4

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

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

26252

691

-293

26

1,144

807

407

753

-97

90

3,492

(500)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

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

1,700

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Mar-

14

Apr-

14

May-14

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (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

80

Mar-14

Apr-14

May-14

Jun-14

Jul-

14

Aug-14

Sep-14

Oct-

14

Nov-14

Dec-14

Jan-15

Feb-15

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

50

55

60

65

70

75

80

85

90

95

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

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

(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

Feb-14

Mar-14

Apr-14

May-14

May-14

Jun-14

Jul-

14

Jul-

14

Aug-14

Sep-14

Sep-14

Oct-

14

Nov-14

Nov-14

Dec-14

Jan-15

Jan-15

Feb-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

1,500

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

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

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

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

25,000

500

700

900

1,100

1,300

1,500

1,700

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

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

(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

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

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

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

02/25/2015 US MBA Mortgage Applications (%) 20-Feb -- -3.5 -13.2

US New Home Sales (000's) Jan 470 481 481

CH HSBC China Manufacturing PMI Feb P 49.5 50.1 49.7

02/26/2015 US CPI MoM (%) Jan -0.6 -0.7 -0.4

US Durable Goods Orders (%) Jan 1.6 2.8 -3.4

US CPI Ex Food and Energy MoM (%) Jan 0.1 0.2 0%

US Durables Ex Transportation (%) Jan 0.5 0.3 -0.8

US CPI YoY (%) Jan -0.1 -0.1 0.8

US Initial Jobless Claims (000's) 21-Feb 290 313 283

US Continuing Claims (000's) 14-Feb 2394 2401 2425

US FHFA House Price Index MoM (%) Dec 0.5 0.8 0.8

US Bloomberg Consumer Comfort 22-Feb -- 42.7 44.6

EC M3 Money Supply YoY (%) Jan 3.7 4.1 3.6

EC M3 3-month average (%) Jan 3.4 3.6 3.1

EC Consumer Confidence Index Feb F -6.7 -6.7 -6.7

02/27/2015 US GDP Annualized QoQ (%) 4Q S 2.0 2.2 2.6

US Personal Consumption (%) 4Q S 4.3 4.2 4.3

US GDP Price Index (%) 4Q S 0 0.1 0

US Core PCE QoQ (%) 4Q S 1.1 1.1 1.1

US Chicago Purchasing Manager Feb 58 45.8 59.4

US Pending Home Sales MoM (%) Jan 8.7 6.5 8.5

US U. of Mich. Sentiment Feb F 94 95.4 93.6

03/02/2015 US Personal Income (%) Jan 0.40 -- 0.30%

US Personal Spending (%) Jan -0.10 -- -0.30%

US Markit US Manufacturing PMI Feb F 54.2 -- 54.3

US Construction Spending MoM Jan 0.40 -- 0.40%

US ISM Manufacturing Feb 53.2 -- 53.5

US ISM Prices Paid Feb 36 -- 35

ID HSBC Indonesia Manufacturing PMI Feb -- -- 48.5

ID CPI NSA MoM (%) Feb 0.18 -- 0.00

ID CPI YoY (%) Feb 6.70 -- 0.07

ID CPI Core YoY (%) Feb 5.00 -- 0.05

EC Markit Eurozone Manufacturing PMI Feb F 51.1 -- 51.1

EC Unemployment Rate (%) Jan 11.4 -- 11.40%

EC CPI Estimate YoY (%) Feb -0.5 -- --

EC CPI Core YoY (%) Feb A 0.6 -- 0.60%

03/04/2015 US MBA Mortgage Applications 27-Feb -- -- -3.50%

US ADP Employment Change (000's) Feb 218 -- 213

US Markit US Composite PMI Feb F -- -- 56.8

US Markit US Services PMI Feb F 54.7 -- 57

US ISM Non-Manf. Composite Feb 56.5 -- 56.7


Result FY14

Date Ticker

Net

profit

(Rpbn) YoY

TRIM

est.

(Rpbn)

Cons.

(Rpbn) % of

TRIM

% of

Cons. Rec Comment

2 25-Feb-15 ADHI 324 -20% 415 295 78.1% 109.8% Below Negative revenus growth by -12% YoY, lower income from JO, and higher interest exp

3 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to Rp197bn vs. Rp102bn

4 24-Feb-15 ARNA 259 1% 226 87.3% Below

5 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below

6 17-Feb-15 LPPF 1,419 23% 1,419 1,376 100.0% 97.0% In-line

LPPF still booked 10.7% SSSG. We noted a declining bank loans by 57% YoY to Rp689bn, result-ing to a -17% interest expense.

7 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line Supported by 17.3% yoy growth in net interest income but lower loan growth than industry.

8 6-Feb-15 JSMR 1,403 5% 1,249 1,263 89.0% 90.0% Below

Negative revenues growth due to lower revenues from construction, while revenues from toll road up by +14.5% YoY

9 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in non interest income

10 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below There was a Rp306bn restructur-ing cost and flat net interest income growth

11 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line Backed by 26.5% yoy growth in interest income and 12% growth in fee & other operating income

1 25-Feb-15 AALI 2,490 21% 2,114 2,458 84.9% 98.7% In-line


Corporate Action

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

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

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

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


Statistics

-0.6

-0.7

-0.7

-1.0

-1.3

-1.4

-1.5

-1.9

-2.5

-4.6

BBRI

GGRM

BBNI

CPIN

TLKM

UNVR

SMGR

PGAS

ASII

SCMA9.1

6.9

6.4

5.3

4.1

3.8

3.8

3.1

2.9

1.1

MDIA

BHIT

SIMP

PNBN

INCO

LPPF

UNTR

TBIG

BDMN

BMRI

326

262

257

256

243

223

211

183

172

131

- 200 400

ASII

TLKM

BBCA

BMRI

BBRI

MPPA

UNTR

PGAS

SCMA

BBNI

574

267

173

129

120

117

109

107

98

97

0 500 1,000

CPRO

MTFN

NIRO

BKSL

SIAP

PNLF

VIVA

META

ADRO

BABP

8,435

6,814

5,350

5,125

4,899

4,896

4,654

4,554

4,235

4,193

SIAP

SSMS

TLKM

ASII

MNCN

CPRO

UNTR

BHIT

BMTR

SMGR

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

YTD (Rp) 4.27% 6,521

YTD (USD) 40.03% 6,962

Moving Avg 20day 5,357 5,428

Moving Avg 50day 5,255 #REF!

Moving Avg 200day 5,103 2.4%

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

MSCI Indonesia 6,533.1 -23.6 -0.4 5.4

JII 722.1 -4.7 -0.6 4.5

LQ45 946.9 -3.3 -0.4 5.4

JAKFIN Index 791.5 2.6 0.3 8.2

JAKINFR Index 1,129.3 -5.2 -0.5 -2.7

JAKMINE Index 1,321.9 21.4 1.6 -3.4

JAKCONS Index 2,245.2 -14.5 -0.6 3.1

JAKTRAD Index 987.2 8.4 0.9 12.4

JAKMIND Index 1,355.5 -28.6 -2.1 3.7

JAKBIND Index 522.2 -3.1 -0.6 -4.0

JAKPROP Index 580.7 0.5 0.1 10.6

JAKAGRI Index 2,296.4 34.4 1.5 -2.3

Commodities +/- (%)YTD (%)

CRB Index 224.1 3.1 1.41 -2.6

Oil & Gas

Brent Crude Oil (USD/bbl) 62.6 2.5 4.21 9.2

Nymex Oil (USD/bbl) 49.8 1.6 3.30 -6.6

Natural Gas 2.7 0.0 1.37 -5.7

COAL (AUS Daily) 71.5 3.9 5.70 15.2

Industrial Metals

Aluminum (USD/tonne) 1,809.3 10.0 0.56 -1.3

Nickel (USD/tonne) 14,095 -285 -1.98 -7.0

Tin (USD/tonne) 17,950 -150 -0.83 -7.5

Precious Metal

Gold (USD/t oz.) 1,213.1 3.0 0.25 2.4

Silver (USD/t oz.) 16.5 -0.1 -0.42 5.9

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,321 29.0 1.27 1.3

Rubber (JPY/kg) 1,857 10.0 0.54 13.1

Corn (USD/bu.) 385 4.5 1.18 -3.1

Wheat (USD/bu.) 518 14.3 2.83 -12.3

Soybeans (USD/bu.) 1,031 6.8 0.66 1.2

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 1,772.9 -1.13 -0.06 3.69

SPX S&P 500 2,104.5 -6.24 -0.30 2.21

US

18,132.7 -81.7 -0.45 1.74

Nasdaq US 4,963.5 -24.36 -0.49 4.80

Europe

EURO 50 Europe 392.2 1.52 0.39 14.51

FTSE London 6,946.7 -3.07 -0.04 5.80

DAX Jerman 11,401.7 74.5 0.66 16.28

CAC France 4,951.5 40.86 0.83 15.88

SMI Swiss 9,014.5 -34.96 -0.39 0.35

BRIC

BOVESPA Brazil 51,583.1 -177 -0.34 3.15

MICEX Russia 1,759.0 -1.69 -0.10 25.95

SENSEX India 29,361.5 614.8 2.14 6.77

NIFTY India 8,901.9 218.0 2.51 7.48

SHCOMP China 3,310.3 11.94 0.36 2.34

SZCOMP China 1,630.1 15.34 0.95 15.18

Nikkei Japan 18,797.9 12.1 0.06 7.72

TPX Japan 1,523.9 2.17 0.14 8.27

HSI Hong kong 24,823.3 -78.8 -0.32 5.16

KOSPI S.Korea 1,985.8 -7.28 -0.37 3.66

TAIEX Taiwan 9,622.1 0.0 0.00 3.38

FSSTI Singapore 3,402.9 -23.32 -0.68 1.12

ASEAN

SET Thailand 1,587.0 -6.54 -0.41 5.96

PCOMP Philipines 7,730.6 -33.8 -0.44 6.91

KLCI Malaysia 1,821.2 0.34 0.02 3.40

VNINDEX Vietnam 592.6 -4.15 -0.70 8.61

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.893 0.000 0.00 11.64

USDGBP UK 0.648 -0.001 -0.00 8.00

USDCHF Switzerland 0.954 0.002 0.00 -4.57

USDCAD Canada 1.252 0.000 0.00 4.29

USDAUD Australia 1.280 -0.002 -0.00 6.68

USDNZD New Zealand 1.322 -0.005 -0.00 1.69

USDJPY Japan 119.63 0.220 0.00 -0.14

USDCNY China 6.27 0.01 0.00 1.12

USDHKD Hongkong 7.756 0.001 0.00 -0.57

USDSGD Singapore 1.363 0.005 0.00 4.84

Rupiah Indonesia 12,932 101.00 0.01 4.39

JCI 5,450.3 (1.1) 0.0%


Historical Technical Trading Ideas (1)

Ticker Last Trading Ideas 27-Feb-15 Chg (%) Recommendation

JCI 5,451 Profit Taking 5,450 -0.01% Incorrect

LSIP 1,815 Buy 1,880 3.58% Correct

HRUM 1,600 Buy 1,655 3.44% Incorrect

INCO 3,385 Buy 3,525 4.14% Correct

JSMR 7,075 Buy 7,100 0.35% Correct

BKSL 146 Buy 145 -0.68% Correct

BBRI 12,950 Sell 12,875 -0.58% Incorrect

BBNI 6,925 Sell 6,875 -0.72% Incorrect


JCI 5,445 Profit Taking 5,451 0.12% Incorrect


INTP 24,125 Buy 24,050 -0.31% Incorrect

ASII 14,925 Buy 8,050 0.00% Correct

SSIA 1,325 Buy 1,330 0.38% Correct

TLKM 2,970 Buy 2,975 0.17% Correct

WIKA 3,650 Sell 3,675 0.68% Incorrect




PTPP 4,055 Buy 4,030 -0.62% Incorrect

SMGR 14,925 Buy 15,150 1.51% Correct


BBRI 12,800 Buy 12,925 0.98% Correct

WIKA 3,650 Sell 3,670 0.55% Incorrect



LSIP 1,825 Buy 1,805 -1.10% Incorrect

BWPT 363 Buy 361 -0.55% Incorrect

TLKM 2,910 Buy 2,905 -0.17% Incorrect

PTPP 4,055 Buy 4,055 0.00% Correct

WSKT 1,820 Sell 1,810 -0.55% Correct

ASRI 685 Sell 675 -1.46% Correct


JCI 5,400 Cont Strenghtening 5,403 0.06% Correct

BMRI 12,075 Buy 11,875 -1.66% Incorrect

BBTN 1,055 Buy 1,045 -0.95% Incorrect

GJTL 1,360 Buy 1,310 -3.68% Incorrect

AKRA 4,870 Buy 4,810 -1.23% Incorrect

ITMG 18,200 Sell 17,750 -2.47% Correct

KLBF 1,790 Sell 1,795 0.28% Correct



BWPT 366 Buy 364 -0.55% Incorrect

GGRM 55,175 Buy 55,000 -0.32% Incorrect

GJTL 1,340 Buy 1,360 1.49% Correct

ADHI 3,410 Buy 3,490 2.35% Correct

BBRI 12,475 Buy 12,725 2.00% Correct

BJBR 910 Sell 945 3.85% Incorrect



BWPT 363 Buy 366 0.83% Correct

SMGR 14,500 Buy 14,775 1.90% Correct

TBIG 8,750 Buy 8,500 -2.86% Incorrect

GGRM 54,950 Buy 55,175 0.41% Correct


MPPA 4,300 Sell 4,420 2.79% Incorrect




JCI 5,325 Cont Weakening 5,338 0.23% Incorrect

BWPT 363 Buy 363 0.00% Correct

SMGR 14,500 Buy 14,675 1.21% Correct

BBRI 12,025 Buy 12,000 -0.21% Incorrect

LEAD 1,985 Buy 1,950 -1.76% Incorrect

ACES 770 Buy 765 -0.65% Incorrect

MPPA 4,200 Sell 4,300 2.38% Correct


JCI 5,374 Cont Strenghtening 5,325 -0.90% Incorrect

TINS 1,070 Buy 1,075 0.47% Correct

UNTR 18,950 Buy 18,750 -1.06% Incorrect

LPKR 1,115 Buy 1,115 0.00% Correct

BBNI 6,675 Buy 6,675 0.00% Correct

MPPA 4,045 Buy 4,200 3.83% Correct

KLBF 1,870 Buy 1,800 -3.74% Incorrect



TINS 1,080 Buy 1,070 -0.93% Inorrect

GGRM 54,950 Buy 55,400 0.82% Correct

LPKR 1,105 Buy 1,115 0.90% Correct

BBNI 6,725 Buy 6,675 -0.74% Incorrect

CPRO 116 Trading Buy 114 -1.72% Incorrect

BKSL 126 Trading Buy 124 -1.59% Correct


JCI 5,337 Profit Taking 5,333 -0.07% Incorrect

GGRM 55,300 Buy 54,950 -0.63% Inorrect

PTPP 3,960 Buy 3,945 -0.38% Incorrect

ANTM 1,070 Sell 1,055 -1.40% Correct

BMRI 11,750 Sell 11,875 1.06% Incorrect

GJTL 1,490 Sell 1,520 2.01% Incorrect

BRAU 90 Trading Sell 89 -1.11% Correct


JCI 5,322 Rebound 5,337 0.28% Correct

ANTM 1,035 Buy 1,070 3.38% Correct



BMRI 11,625 Sell 11,750 1.08% Incorrect

BBNI 6,800 Sell 6,725 -1.10% Correct

BUMI 101 Trading Buy 101 0.00% Correct

BWPT 369 Sell 367 -0.54% Correct


JCI 5,348 Profit Taking 5,321 -0.50% Correct


BSDE 2,095 Buy 2,100 0.24% Correct

BBRI 11,675 Buy 11,650 -0.21% Incorrect

BKSL 117 Buy 126 7.69% Correct

SMGR 14,900 Buy 14,725 -1.17% Inorrect


ADRO 980 Trading Buy 995 1.53% Correct




SMGR 14,775 Buy 14,900 0.85% Correct

GJTL 1,480 Buy 1,485 0.34% Correct


BBRI 11,650 Buy 11,675 0.21% Correct

CPRO 115 Trading Buy 115 0.00% Correct




JCI 5,279,895 Rebound 5,343 1.19% Correct

JSMR 7,175 Buy 7,150 -0.35% Incorrect


KLBF 1,835 Buy 1,835 0.00% Correct

PWON 499 Buy 510 2.20% Correct


BRAU 75 Trading Buy 74 -1.33% Incorrect

BBNI 6,450 Buy 6,675 3.49% Correct



ADRO 1,000 Buy 995 -0.50% Incorrect

PGAS 5,375 Buy 5,250 -2.33% Inorrect

ICBP 14,100 Buy 14,075 -0.18% Correct

BBNI 6,500 Sell 6,450 -0.77% Correct

ADHI 3,410 Sell 3,530 3.52% Incorrect

BMRI 11,375 Sell 11,250 -1.10% Correct



BBRI 11750 Buy 11,775 0.21% Correct

SMGR 14,675 Buy 14,775 0.68% Correct

ADRO 990 Buy 1,000 1.01% Correct

PGAS 5,200 Buy 5,375 3.37% Correct


ADHI 3800 Sell 3,410 -10.26% Correct



ACES 755 Buy 750 -0.66% Incorrect

INCO 3,400 Buy 3,365 -1.03% Incorrect

ADRO 995 Buy 990 -0.50% Incorrect

BBRI 11,725 Buy 11,750 0.21% Correct

INDF 7,600 Buy 7,450 -1.97% Incorrect

KLBF 1835 Sell 1,825 -0.54% Correct



ACES 740 Buy 755 2.03% Correct

CTRA 1,440 Buy 1,435 -0.35% Incorrect

SMRA 1,650 Buy 1,620 -1.82% Incorrect

JSMR 7,200 Sell 7,125 -1.04% Correct

BBCA 13,375 Sell 13,350 -0.19% Correct

CPRO 117 Sell 117 0.00% Correct

Ticker Last Trading Ideas 30-Jan-15 Chg (%) Recommendation



LPKR 1,140 Buy 1,135 -0.44% Incorrect

PWON 500 Buy 499 -0.20% Incorrect

MPPA 3600 Sell 3,800 5.56% Incorrect

INCO 3,495 Sell 3,450 -1.29% Correct

CPRO 120 Sell 117 -2.50% Correct




JCI 5,269 Cont' Weakening 5,263 -0.01% Correct


KLBF 1,860 Buy 1,845 -0.81% Incorrect

LSIP 1,845 Buy 1,825 -1.08% Incorrect

AALI 23,675 Buy 23,200 -2.01% Incorrect

GJTL 1,460 Sell 1,445 -1.03% Correct

CPRO 122 Sell 120 -1.64% Correct

INCO 3515 Sell 3,495 -0.57% Correct


JCI 5,277 Cont' Weakening 5,269 -0.15% Correct


SMGR 14,525 Buy 14,475 -0.34% Incorrect


BBRI 11,850 Sell 11,700 -1.27% Correct

GJTL 1,490 Sell 1,460 -2.01% Correct


AKRA 4610 Buy 4,620 0.22% Correct


JCI 5,260 Upside 5,277 0.33% Correct


SMGR 14,475 Buy 14,525 0.35% Correct


BBRI 11,875 Buy 11,925 0.42% Correct

ADHI 3,580 Sell 3,630 1.40% Incorrect

WSKT 1,570 Sell 1,635 4.14% Incorrect



ASII 8,075 Buy 8,025 -0.62% Incorrect

TLKM 2,890 Buy 2,820 -2.42% Incorrect


WSKT 1,590 Sell 1,570 -1.26% Correct

ADHI 3,690 Sell 3,580 -2.98% Correct

NIPS 496 Trading Buy 487 -1.81% Incorrect

BBTN 1,020 Sell 990 -2.94% Correct

PWON 505 Sell 482 -4.55% Correct




SMGR 14,400 Buy 14,475 0.52% Correct


CPRO 119 Buy 117 -1.68% Incorrect


PWON 505 Trading Sell 505 0.00% Incorrect

BBKP 760 Buy 760 0.00% Incorrect

PTPP 3,805 Buy 3,800 -0.13% Correct

ANTM 1,060 Buy 1,060 0.00% Incorrect

ADRO 1020 Sell 1,000 -1.96% Correct





BDMN 4,650 Buy 4,660 0.22% Correct

SMGR 14,100 Buy 14,400 2.13% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Maria Renata

Equity Analyst

([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])

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

Wiranto Sunyoto

Branch Area Manager

([email protected])

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.

Documents

TRIM Daily - Trimegah filemixed market movement this week. We also publish BBRI today, reiterate We also publish BBRI today, reiterate Buy with 13% upside to new TP 14600 while reiterating