TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
We published two notes: 1) Consumer report—takeaway from our investor forum. Our top pick for consumer is ICBP (Buy, TP 16600) and for retail are LPPF (Buy, TP 19800) and MPPA (Buy, TP 2800), 2) A visit to Summarecon Bandung project where there was healthy interest in its launching—this is positive for property sector in general and Summarecon (Buy, TP 1960) in particular. More importantly, pricing at Rp8mn per sqm is a bit higher than
market previous expectation of Rp6-7mn (bear in mind nearby real estates are at Rp4mn). Summarecon currently trades at 56% disc to NAV. A more positive view on property is also a positive sentiment on cement (top pick is SMGR).
TRIM Daily
TRIM Highlights
Nov 23, 2015
Jakarta Composite Index (JCI) up by 42 point to 4561 yesterday. Index movers were mostly driven by infrastructure (+2.1%) basic industry (+1.6%) and property (+1.5%). Total transaction value was Rp4.3tr. JCI recorded Rp145bn net buy by foreign investors. JCI today is expected to continues strengthening trend and trade in 4505 –4600 range
Technical Market View
Crude oil futures lost ground on Monday in early Asian trading, as the global supply surplus pressured prices. Benchmark front-month Brent futures for January fell 16 cents or 0.36 percent at $44.50 a barrel as of 0011 GMT after it ended up 48 cents at $44.66 a barrel on Friday.
Global Wrap
Technical analysis: trading picks
JCI 4,561.3
Global Indices
Dual Listing (NYSE)
Stock Price Rating Reason
PTPP 3875 Buy PTPP a potential upside today with trading range 3800-3950
SMRA 1565 Buy SMRA long term bullish formed a double white candle in 2 days, SMRA have to continues strengthening with range 1510-1650
BBCA 13150 Buy BBCA a potential upside today with trading range 13050-13225
UNVR 37250 Buy UNVR short term bullish, UNVR will trade in rang 37175-37350
ICBP 12900 Trading
Buy
ICBP positive signal from MACD & RSI indica-tor. ICBP support-resistance level for today is 12575-13200
LPPF 15975 Buy LPPF long term bearish with potential to continues strengthening. LPPF today trading in range 15875-16200
Change 0.94%
Transaction Volume (m) 4,112
Transaction Value (Rpbn) 4,313
Mkt Cap (Rptr) 4,812
Market 2015 P/E (x) #N/A
Market Div. Yield (%) 2.8%
Price Chg %
Dow Jones 17,823.8 91.1 0.5
Nasdaq 5,104.9 31.3 0.6
Nikkei 19,879.8 20 0.1
ST Times 2,917.9 -1.9 -0.1
FTSE 6,334.6 4.7 0.1
Hang Seng 22,754.7 255 1.1
Chg %
USD IDR 13,623 -152 -1.1
10 yr Indo Govt bond (%) 8.65 -0.0 -0.1
10 yr US govt bond (%) 2.3 0.01 0.5
Spread (%) 6.38 -0.02 -0.6
EIDO 21.3 0.4 1.7
Foreign YtD (USDmn) (2,895) 11 -0.4
JCI Index, Avg 5D MA Value
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2,000
3,000
4,000
5,000
6,000
Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15
(Rpbn)Avg. 5 Day MA Trading Value (RHS) Price (LHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
News of the Day
Pelindo to develop 2 ports and upgrade 1 in 2016
The new ports will be located in Sorong, West Papua
(investment value estimated at Rp3tn) and Kijing, West
Kalimantan (investment value estimated at Rp4.2tn).
With upgrade on Cirebon port in West Java (estimated
cost Rp1.75tn). Funding will come from internal cash and
proceeds from the global bonds issued in 2015. Source:
The Jakarta Post ([email protected])
South Korean firm to buy 40% stake in Bank Anda-
ra
APRO Financial Co Ltd, South Korean finance firm, will
take 202.923 shares of Bank Andara, pending the result
of fit and proper test from OJK and approval from share-
holders meeting. Acquisition process is estimated to be
completed by Feb 24, 2016. Through the acquisition,
APRO is expected to inject additional capital worth
Rp450bn, bringing Bank Andara’s total capital to
R p 7 5 0 b n . S o u r c e : T h e J a k a r t a P o s t
OJK preps for single licensing for banks, capital
markets or financial sector
The system is expected to be ready by end 2015, through
a single window integrated IT system. In addition to
efficiency, the system is also expected to help OJK en-
hance its cross-sector supervision for data-checking
permit proposals and fit-and-proper tests for industry
management. Source: The Jakar ta Post
Pertamina may export diesel in 2016
As the company experiences oversupply with current
production increase and domestic demand slump due to
mandatory biodiesel blending. Pertamina’s marketing
director, Ahmad Bambang, said that the company ex-
pects around 400k barrels surplus of diesel fuel monthly
if the government increases the percentage of biofuel in
mandatory-fuel blending policy. Source: The Jakarta Post
Govt mulls to cut income tax for labor intensive
industries
This move is contemplated to provide boost for people’s
consumption. The government also invites companies to
cooperate in providing their workers data. Currently the
prevailing income tax is as follow: 5% for < Rp50mn p.a;
15% for Rp50-250mn p.a; Rp25% for Rp250-500mn p.a;
and 30% for >Rp500mn. Source: Investor Daily
Govt to ask for US$1bn loans from Asian Infrastruc-
ture Investment Bank
To finance 2015-2019 strategic infrastructure projects,
which may be dedicated to building 35k MW power plants
projects. The loans is expected to be based on result base
lending. So far, the government has received US$31.8bn
indication of commitment, US$11bn from multilateral loans,
US$15bn from Japan, US$2.5bn from China and the re-
maining from other countries. Source: Investor Daily
SIDO targets single digit top line and bottom line in
2016F
SIDO will focus on distribution of its products in Eastern
Indonesia. Company, as well, will concentrate on develop-
ment of its herbal products to support top line and bottom
line growth. In 2016F, SIDO will launch 3-5 new herbal
products and expand its pharmacy products, cardio supple-
ment and diabetic drugs. Source: Bisnis Indonesia
MYOR: to build new factory in Tiongkok
In order to expand into export market, MYOR plans to build
new factory in Tiongkok that will produce biscuit, candy,
and coffee products. The construction period will start in
1H16 and due within 1-year. MYOR has already 1 factory in
India. The company aims to maintain its export portion at
~40% of revenue. Source: Kontan
Pharmacy companies suggest tax to be covered by
Government
As of now, composition of drugs price include 10% of distri-
bution margin, 25% of drugstore margin, and 10% of tax.
If Government could cover the tax, hence drugs price can
be reduced. Moreover, KPPU has asked Government to
control price cap of branded generics and licensed drugs to
avoid the high price. Source: Bisnis Indonesia
KRAS: to delay IPO of its two subsidiaries
Which is: PT Krakatau Bandar Samudera and PT Krakatau
Industrial Estate Cilegon. Source: Bisnis Indonesia
Coal producers cut up to 20% of its production this
year
10M15 coal production volume was 322.5mt (-12.96%
YoY). It comprises 78.23% of this year’s production target
425mt. ESDM Minister Bambang Gatot is pessimistic that
they could achieved this year’s target, mentioning that
production will remain under pressure unless there is im-
provement on coal price. Source: Investor Daily
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
Dua Putra (DPUM) sets IPO price at its upper limit
Rp550
As its stock gets oversubscribed repetitively. Through
this, they might be able to obtain up to Rp921.25bn by
offering 40.12% of its stocks. Proceeds of IPO fund will
be used to purchase a purse seine ship Rp130bn, build
cold storage and production machines Rp200bn, and the
remainder for working capital purposes. DPUM targeted
listing to be on 8th December. Source: Bisnis Indonesia
TLKM: Telkomsel explores bank loan minimum
Rp3tr starting 1Q16 to finance capex.
• Telkomsel targets capex of Rp12.9tr for next year,
with 85% allocated for network development
(already signed contract with vendors, i.e. 3G and
4G). The company is in the progress (since early
2015) of network optimization in 30 cities across
Indonesia to increase quality of mobile broadband
service (data service used by smartphone).
• TLKM targets to issue bonds (PUB I Phase II) of
Rp5tr in 1H16 to finance telco network instructure
development. TLKM is reviewing the possibility to
unlock value schemes (equity injection, strategic
parther, IPO) for several of its subsidiaries, including
Mitratel (more appropriate scheme to be discussed)
and PT Administrasi Medika (health insurance com-
pany with total asset valued Rp169bn)
Source: Investor Daily, Bisnis Indonesia
Comment:
Our 2016E Telkomsel’s capex (Rp12.8tr) is still in-line
with company’s target. TLKM is traded at 2016E EV/
EBITDA of 7x.
ISAT & EXCL: Possibility to participate in Palapa
Ring Project II (est. value USD230mn) Tender as
consortium.
According to EXCL, the company forms consortium with
ISAT and PT Alita Praya Mita. ISAT said forming consorti-
um is one of alternatives being discussed. According to
official from Communication and Informatics Ministry, the
request for proposal (RFP) is scheduled to be released
today. Tender winnner will be announced in 1Q16.
Source: Bisnis Indonesia
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
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)
-38 -66
-247
-130
-6
-405
-677
-148
-984
-485
-7
-953
(1,200)
(1,000)
(800)
(600)
(400)
(200)
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
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-1
5
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
500
700
900
1,100
1,300
1,500
40
45
50
55
60
65
70
75
80
85
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-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
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
Oct-
15
(USD
Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (RHS)
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
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
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
Apr-
15
May-
15
Jun-
15
Jul-
15
Aug-
15
Sep-
15
Oct-
15
Nov-
15
(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
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
-
10
20
30
40
50
60
70
80
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
Oct-
15
(USD/MT)
Coal (LHS) COAL Sector (RHS)
0
10
20
30
40
50
60
70
80
90
-
500
1,000
1,500
2,000
2,500
3,000
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-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
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-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
100
200
300
400
500
600
700
800
900
1,000
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-1
5
(USD troy oz.)(Rp)ANTM (LHS) Gold (RHS)
-
3,000
6,000
9,000
12,000
15,000
18,000
21,000
24,000
0
200
400
600
800
1,000
1,200
1,400
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-1
5
(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)
0
20
40
60
80
100
0
100
200
300
400
500
600
700
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
Aug-15
Sep-1
5
Oct-
15
Oct-
15
Nov-1
5
(USD bbl)(Rp)
GIAA (LHS) Crude Oil Brent (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
11/16/2015 US Empire Manufacturing Nov -6.3 -10.74 -11.4
ID Trade Balance (USDmn) Oct 725 1019 1017
11/17/2015 ID Exports YoY (%) Oct -16.78 -20.98 -18.0
EC CPI MoM (%) Oct 0.1 0.1 0.2
EC CPI YoY (%) Oct F 0 0.1 0.0
EC CPI Core YoY (%) Oct F 1 1.1 1.0
11/17/2015 US CPI MoM (%) Oct 0.2 0.2 -0.2
US CPI Ex Food and Energy MoM (%) Oct 0.2 0.2 0.2
US CPI YoY (%) Oct 0.1 0.2 0.0
US Industrial Production MoM (%) Oct 0.1 -0.2 -0.2
US Capacity Utilization Oct 77.5 77.5 77.5
ID Bank Indonesia Reference Rate 17-Nov 7.5 7.5 7.5
ID Bank Indonesia Lending Facility Rate 17-Nov 8 8 8.0
11/18/2016 US Net Long-term TIC Flows (USDbn) Sep -- 33.6 20.4
US Total Net TIC Flows (%) Sep -- -175.1 -9.2
US MBA Mortgage Applications 13-Nov -- 6.2 -1.3
US Housing Starts ('000') Oct 1160 1060 1,206
US Building Permits ('000') Oct 1147 1150 1103
11/19/2015 US Initial Jobless Claims ('000') 14-Nov 270 271 276
US Continuing Claims ('000') 7-Nov 2167 2175 2174
US Bloomberg Consumer Comfort 15-Nov -- 41.2 41.6
US Philadelphia Fed Business Outlook Nov -0.5 1.9 -4.5
US Leading Index Oct 0.5 0.6 -0.2
11/23/2015 US Chicago Fed Nat Activity Index Oct -- -- -0.37
US Markit US Manufacturing PMI Nov P 54 -- 54.1
US Existing Home Sales (USDmn) Oct 5.4 -- 5.55
11/24/2015 US Advance Goods Trade Balance (USDbn) Oct -61.9 -- -58.6
US GDP Annualized QoQ 3Q S 2 -- 1.5
US Personal Consumption 3Q S -- -- 3.2
US GDP Price Index 3Q S 1.2 -- 1.2
US Core PCE QoQ 3Q S -- -- 1.3
US Consumer Confidence Index Nov 99.2 -- 97.6
US Richmond Fed Manufact. Index Nov -- -- -1
11/25/2015 US MBA Mortgage Applications 20-Nov -- -- 6.2
US Personal Income Oct 0.4 -- 0.1
US Personal Spending Oct 0.3 -- 0.1
US Durable Goods Orders Oct P 1.5 -- -1.2
US Durables Ex Transportation Oct P 0.4 -- -0.4
US Initial Jobless Claims 21-Nov -- -- 271000
US Continuing Claims 14-Nov -- -- 2.18E+06
US FHFA House Price Index MoM Sep 0.5 -- 0.3
US Markit US Composite PMI Nov P -- -- 55
US Markit US Services PMI Nov P -- -- 54.8
US Bloomberg Consumer Comfort 22-Nov -- -- 41.2
US New Home Sales Oct 500000 -- 468000
US U. of Mich. Sentiment Nov F 93 -- 93.1
11/26/2015 EC M3 Money Supply YoY Oct 4.8 -- 4.9
11/27/2015 EC Consumer Confidence Nov F -- -- --
11/30/2015 US Chicago Purchasing Manager Nov -- -- 56.2
US Pending Home Sales MoM Oct -- -- -2.30%
US Dallas Fed Manf. Activity Nov -- -- -12.7
12/01/2015 US Markit US Manufacturing PMI Nov F -- -- --
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
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 8
Statistics
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) -12.73% 4,112
YTD (USD) 5.67% 4,313
Moving Avg 20day 4,526 4,812
Moving Avg 50day 4,454 #N/A
Moving Avg 200day 4,929 2.8%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 5,414.6 65.7 1.2 -12.7
JII 604.5 7.7 1.3 -12.5
LQ45 787.4 9.4 1.2 -12.4
JAKFIN Index 674.6 2.6 0.4 -7.8
JAKINFR Index 951.6 19.4 2.1 -18.0
JAKMINE Index 889.2 -6.6 -0.7 -35.0
JAKCONS Index 2,071.1 24.2 1.2 -4.9
JAKTRAD Index 824.1 5.3 0.6 -6.2
JAKMIND Index 1,097.9 8.5 0.8 -16.0
JAKBIND Index 411.6 5.2 1.3 -24.3
JAKPROP Index 485.8 7.3 1.5 -7.4
JAKAGRI Index 1,655.9 9.4 0.6 -29.6
Commodities +/- (%)YTD (%)
CRB Index 183.7 -0.4 -0.21 -20.1
Oil & Gas
Brent Crude Oil (USD/bbl) 44.7 0.5 1.09 -22.1
Nymex Oil (USD/bbl) 40.4 -0.1 -0.37 -24.2
Natural Gas 2.1 -0.1 -5.76 -26.0
COAL (AUS Daily) 53.9 0.0 0.00 -13.1
Industrial Metals
Aluminum (USD/tonne) 1,446.5 -18.0 -1.23 -21.1
Nickel (USD/tonne) 8,730 -220 -2.46 -42.4
Tin (USD/tonne) 14,645 -5 -0.03 -24.5
Precious Metal
Gold (USD/t oz.) 1,076.3 -1.6 -0.15 -9.1
Silver (USD/t oz.) 14.1 -0.1 -0.89 -9.6
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,159 19.0 0.89 -5.8
Rubber (JPY/kg) 1,251 21.8 1.77 -23.8
Corn (USD/bu.) 363 -1.0 -0.27 -8.5
Wheat (USD/bu.) 489 -2.3 -0.46 -17.2
Soybeans (USD/bu.) 858 -2.5 -0.29 -15.8
Volume (m)
Value (Rpbn)
Mkt Cap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
CPO (Malaysia - Rm/tonne)
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.939 0.008 0.8 17.4
USDGBP UK 0.658 0.004 0.7 9.7
USDCHF Switzerland 1.018 0.005 0.5 1.8
USDCAD Canada 1.335 0.006 0.5 11.2
USDAUD Australia 1.382 -0.008 -0.6 15.1
USDNZD New Zealand 1.524 0.001 0.0 17.2
USDJPY Japan 122.81 -0.060 -0.0 2.5
USDCNY China 6.38 0.00 0.0 3.0
USDHKD Hongkong 7.750 0.000 0.0 -0.6
USDSGD Singapore 1.413 0.000 0.0 8.7
Rupiah Indonesia 13,623 -152.0 -1.1 10.0
Indices Region +/- (%) YT D (%)
MXWO MSCI Word 1,702.8 2.27 0.13 -0.40
SPX S&P 500 2,089.2 7.93 0.38 1.47
US
17,823.8 91.1 0.51 0.00
Nasdaq US 5,104.9 31.28 0.62 7.79
Europe
EURO 50 Europe 381.8 0.83 0.22 11.47
FTSE London 6,334.6 4.70 0.07 -3.53
DAX Jerman 11,119.8 34.4 0.31 13.40
CAC France 4,911.0 -4.13 -0.08 14.94
SMI Swiss 9,015.8 7.18 0.08 0.36
BRIC
BOVESPA Brazil 48,138.9 0 0.00 -3.74
MICEX Russia 1,826.7 15.52 0.86 30.80
SENSEX India 25,868.5 26.6 0.10 -5.93
NIFTY India 7,856.6 13.8 0.18 -5.15
SHCOMP China 3,630.5 13.44 0.37 12.24
SZCOMP China 2,285.8 28.62 1.27 61.52
Nikkei Japan 19,879.8 20.0 0.10 13.92
TPX Japan 1,603.2 2.80 0.17 13.90
HSI Hong kong 22,754.7 255 1.13 -3.60
KOSPI S.Korea 1,989.9 0.95 0.05 3.88
TAIEX Taiwan 8,465.5 -11.8 -0.14 -9.05
FSSTI Singapore 2,917.9 -1.92 -0.07 -13.29
ASEAN
SET Thailand 1,393.8 8.87 0.64 -6.93
PCOMP Philipines 6,932.8 107.4 1.57 -4.12
KLCI Malaysia 1,661.9 1.83 0.11 -5.64
VNINDEX Vietnam 604.5 2.56 0.43 10.79
Developed ASIA
Dow Jones Industrial
-0.7
-1.1
-2.0
-2.4
-2.5
-2.7
-3.3
-3.9
-4.2
-6.7
UNTR
BMRI
MLBI
PGAS
ADRO
AMRT
INCO
KREN
MYOR
ANTM6.4
6.1
3.9
3.6
3.3
2.2
1.5
1.5
0.8
0.7
CPIN
ISAT
GGRM
TLKM
SCMA
ICBP
BBCA
UNVR
ASII
HMSP
233
224
186
163
134
124
119
110
102
101
- 100 200 300
TLKM
ASII
ANTM
BBRI
BBCA
LPKR
BMRI
ADHI
MYRX
SSMS
519
156
155
131
117
110
100
98
87
81
0 200 400 600
ANTM
BIPI
MYRX
SUGI
SRIL
ASRI
ARTI
LPKR
BWPT
TLKM
14,288
6,487
5,003
4,763
4,618
4,531
4,431
4,225
4,043
3,853
ANTM
SRIL
ASII
KLBF
TLKM
LPKR
ADHI
SSMS
MYRX
ASRI
JCI 4,561.3 42.4 0.9%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Historical Technical Trading Ideas (1)
Ticker Last Technical Call 12-Oct-15 Chg (%) Recommendation
JCI 4,589 strengthened
4,612 0.48% Correct
PTPP 3,805 Buy
3,830 0.66% Correct
GGRM 43,425 Buy
43,700 0.63% Correct
SMRA 1,420 Buy
1,440 1.41% Correct
BBRI 10,550 Buy
10,675 1.18% Correct
BBTN 1,095 Buy
1,105 0.91% Correct
SRIL 392 Trd. Buy
397 1.28% Correct
Ticker Last Technical Call 9-Oct-15 Chg (%) Recommendation
JCI 4,589 strengthened
4,612 0.48% Correct
NIRO 128 Buy
130 1.56% Correct
DMAS 230 Buy
231 0.43% Correct
SMCB 1,100 Buy
1,105 0.45% Correct
ITMG 10,500 Buy
10,850 3.33% Correct
SRIL 392 Buy
397 1.28% Correct
PGAS 3,000 Sell
2,995 -0.17% Correct
Ticker Last Technical Call 8-Oct-15 Chg (%) Recommendation
JCI 4,487 strengthened
4,491 0.10% Correct
TLKM 2,740 Buy
2,710 -1.09% Incorrect
TBIG 6,400 Buy
6,450 0.78% Correct
PWON 397 Buy
390 -1.76% Incorrect
ASRI 398 Buy
377 -5.28% Incorrect
ASII 6,125 Sell
6,325 3.27% Incorrect
PGAS 2,950 Sell
2,890 -2.03% Correct
Ticker Last Technical Call 7-Oct-15 Chg (%) Recommendation
JCI 4,589 strengthened
4,612 0.48% Correct
TINS 710 Buy
730 2.82% Correct
INCO 2,310 Buy
2,410 4.33% Correct
BBNI 5,025 Sell
5,025 0.00% Incorrect
BBRI 10,550 Sell
10,675 1.18% Incorrect
PWON 416 Buy
420 0.96% Correct
SMGR 10,550 Buy
10,700 1.42% Correct
Ticker Last Technical Call 6-Oct-15 Chg (%) Recommendation
JCI 4,344 strengthened
4,446 2.35% Correct
AALI 20,325 Buy
20,000 -1.60% Incorrect
BMRI 8,200 Buy
8,900 8.54% Correct
PWON 367 Buy
383 4.36% Correct
BBNI 4,400 Buy
4,535 3.07% Correct
ITMG 10,000 Sell
10,175 1.75% Incorrect
SMGR 10,050 Spec Buy
10,075 0.25% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Historical Technical Trading Ideas (2)
Ticker Last Technical Call 5-Oct-15 Chg (%) Recommendation
JCI 4,208 strengthened
4,344 3.23% Correct
ITMG 9,725 Spec Buy
10,000 2.83% Correct
PWON 339 Spec Buy
367 8.26% Correct
ANTM 481 Spec Buy
481 0.00% Correct
PTPP 3,585 Buy
3,700 3.21% Correct
GGRM 44,450 Buy
46,600 4.84% Correct
SSMS 1,730 Buy
1,795 3.76% Correct
Ticker Last Technical Call 2-Oct-15 Chg (%) Recommendation
JCI 4,255 Weakening
4,208 -1.11% Correct
PTPP 3,580 Buy
3,585 0.14% Correct
ASII 5,275 Buy
5,125 -2.84% Incorrect
AALI 19,300 Buy
19,100 -1.04% Incorrect
TINS 680 Buy
665 -2.21% Incorrect
INCO 2,545 Buy
2,480 -2.55% Incorrect
GGRM 43,300 Buy
44,450 2.66% Correct
Ticker Last Technical Call 1-Oct-15 Chg (%) Recommendation
JCI 4,224 strengthened
4,255 0.73% Correct
TLKM 2,645 Buy
2,630 -0.57% Incorrect
TBIG 6,550 Buy
6,500 -0.76% Incorrect
ROTI 1,175 Buy
1,180 0.43% Correct
UNVR 38,000 Buy
38,800 2.11% Correct
INCO 2,185 Trd. Buy
2,545 16.48% Correct
TINS 640 Trd. Buy
680 6.25% Correct
Ticker Last Technical Call 30-Sep-15 Chg (%) Recommendation
JCI 4,178 strengthened
4,224 1.09% Correct
PTPP 3,475 Buy
3,465 -0.29% Incorrect
BBNI 4,070 Buy
4,135 1.60% Correct
BBRI 8,350 Buy
8,650 3.59% Correct
ASII 5,300 Buy
5,225 -1.42% Incorrect
GGRM 42,750 Sell
42,000 -1.75% Correct
UNTR 16,900 Sell
17,475 3.40% Incorrect
Ticker Last Technical Call 29-Sep-15 Chg (%) Recommendation
JCI 4,121 Weakening
4,178 1.41% Incorrect
PTPP 3,410 Buy
3,475 1.91% Correct
ROTI 1,145 Buy
1,125 -1.75% Incorrect
TBIG 6,400 Buy
6,400 0.00% Correct
AKRA 5,875 Sell
5,950 1.28% Incorrect
BBTN 1,000 Sell
995 -0.50% Correct
LSIP 1,400 Sell 1.07% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Historical Technical Trading Ideas (3)
Ticker Last Technical Call 28-Sep-15 Chg (%) Recommendation
JCI 4,209 Rebound
4,121 -2.11% Incorrect
TLKM 2,655 Buy
2,600 -2.07% Incorrect
PTPP 3,470 Buy
3,410 -1.73% Incorrect
BBNI 4,110 Buy
3,940 -4.14% Incorrect
BBRI 8,550 Buy
8,300 -2.92% Incorrect
ADRO 585 Buy
550 -5.98% Incorrect
AKRA 6,000 Sell
5,875 -2.08% Correct
Ticker Last Technical Call 25-Sep-15 Chg (%) Recommendation
JCI 4,244 Weakening
4,209 -0.82% Correct
ITMG 9,500 Buy
9,150 -3.68% Incorrect
TBIG 6,550 Buy
6,500 -0.76% Incorrect
LSIP 1,320 Buy
1,400 6.06% Correct
AALI 17,925 Buy
17,950 0.14% Correct
INCO 1,870 Buy
2,080 11.23% Correct
TINS 620 Buy
645 4.03% Correct
Ticker Last Technical Call 23-Sep-15 Chg (%) Recommendation
JCI 4,344 Weakening
4,244 -2.29% Correct
LSIP 1,260 Buy
1,320 4.76% Correct
ASII 5,800 Buy
5,500 -5.17% Incorrect
TBIG 6,800 Buy
6,550 -3.68% Incorrect
ADRO 595 Buy
580 -2.52% Incorrect
SRIL 373 Buy
377 1.07% Correct
BWPT 254 Sell
246 -3.15% Correct
Ticker Last Technical Call 22-Sep-15 Chg (%) Recommendation
JCI 4,376 Rebound
4,344 -0.73% Incorrect
TLKM 2,730 Buy
2,700 -1.10% Incorrect
AALI 18,100 Buy
17,900 -1.10% Incorrect
ASII 5,800 Buy
5,800 0.00% Correct
BBNI 4,330 Buy
4,300 -0.69% Incorrect
DILD 625 Buy
610 -2.40% Incorrect
ROTI 1,175 Buy
1,150 -2.13% Incorrect
Ticker Last Technical Call 21-Sep-15 Chg (%) Recommendation
JCI 4,380 Weakening
4,376 -0.10% Correct
ROTI 1,175 Buy
1,175 0.00% Correct
SCMA 2,780 Buy
2,800 0.72% Correct
GGRM 42,825 Buy
43,025 0.47% Correct
TLKM 2,690 Buy
2,730 1.49% Correct
EXCL 2,395 Sell
2,415 0.84% Correct
WTON 895 Sell
885 -1.12% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (4)
Ticker Last Technical Call 18-Sep-15 Chg (%) Recommendation
JCI 4,378 strengthened
4,380 0.04% Correct
BBNI 4,350 Buy
4,285 -1.49% Incorrect
SCMA 2,700 Buy
2,780 2.96% Correct
UNVR 39,100 Buy
39,100 0.00% Correct
TINS 640 Buy
620 -3.13% Incorrect
WIKA 2,725 Sell
2,710 -0.55% Correct
ROTI 1,180 Sell
1,175 -0.42% Correct
Ticker Last Technical Call 17-Sep-15 Chg (%) Recommendation
JCI 4,333 Rebound
4,378 1.06% Correct
UNTR 18,850 Buy
18,675 -0.93% Incorrect
TLKM 2,720 Buy
2,680 -1.47% Correct
BBNI 4,315 Buy
4,350 0.81% Incorrect
PWON 348 Buy
351 0.86% Incorrect
SMGR 9,700 Buy
9,700 0.00% Correct
ASII 5,900 Buy
5,925 0.42% Correct
Ticker Last Technical Call 16-Sep-15 Chg (%) Recommendation
JCI 4,347 Weakening
4,333 -0.34% Correct
AKRA 5,575 Buy
5,575 0.00% Correct
UNTR 18,200 Buy
18,850 3.57% Correct
BBNI 4,360 Buy
4,315 -1.03% Incorrect
BMRI 8,700 Buy
8,650 -0.57% Incorrect
WIKA 2,675 Sell
2,660 -0.56% Correct
MPPA 2,290 Sell
2,245 -1.97% Correct
Ticker Last Technical Call 15-Sep-15 Chg (%) Recommendation
JCI 4,390 Weakening
4,347 -0.98% Correct
BBNI 4,450 Buy
4,360 -2.02% Correct
BBCA 12,100 Buy
11,950 -1.24% Correct
AKRA 5,750 Buy
5,575 -3.04% Incorrect
SMRA 1,330 Buy
1,300 -2.26% Incorrect
INTP 19,975 Sell
19,300 -3.38% Correct
PGAS 2,665 Sell
2,620 -1.69% Correct
Ticker Last Technical Call 14-Sep-15 Chg (%) Recommendation
JCI 4,360 Rebond
4,390 0.69% Correct
LSIP 1,170 Buy
1,210 3.42% Correct
BWPT 275 Buy
275 0.00% Correct
KLBF 1,550 Buy
1,545 -0.32% Incorrect
AALI 18,000 Sell
18,125 0.69% Incorrect
ADRO 565 Spec. Buy
570 0.88% Correct
PGAS 2,685 Sell
2,665 -0.74% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
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
Patricia Gabriela
Equity Analyst
Kevie Aditya
Equity Analyst
Jennifer Yapply
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
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.
This report was prepared, approved, published and distributed by PT Trimegah Securities Tbk located outside of the United States (a “non-US
Group Company”). This report is distributed in the U.S. by Enclave Capital LLC (“Enclave Capital”), a U.S. registered broker dealer, on behalf of
PT Trimegah Securities Tbk only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934
(the “Exchange Act”)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in
this report must be effected through Enclave Capital. Neither the report nor any analyst who prepared or approved the report is subject to U.S.
legal requirements or the Financial Industry Regulatory Authority, Inc. (“FINRA”) or other regulatory requirements pertaining to research
reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the
Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.