20140522_2

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

We have noticed more projects or launching announced by property companies,

i.e. the USD1bn JV project by KIJA and PLIN and a new tower from LPKR’s Hill-

crest House project in Karawaci. A 1 round presidential election is also positive

for property project launching this year (we expect more launching post presiden-

tial election). This bodes well for cement sales, which have been lagging YTD but

we expect to accelerate in 2H. We have Buys on SMBR (TP 600), INTP (TP

27400) and Hold on SMGR (TP 17000). Also note two stocks that should publish

their 1Q 2014 result soon: PGAS (Hold, TP 5100) is likely to post stronger than

expected 1Q result on better than expected margins due to higher volume from

Conoco. AISA (Buy, TP 3400) should continue to post strong growth.

STOCK PRICE Rec Details

BWPT 1275 Spec Buy After decreased in a few days, BWPT have a potential upside today with trading range 1230-1320

BKSL 139 Spec Buy

With stochastic indicator to form a golden cross, we expect a technical rebound for BKSL today in the range of 136-148 Spec Buy at level 136 with target price 148 (resistance)

GGRM 53550 Spec Buy Spec Buy GGRM at level 53300 with target price today at level 54475

LSIP 2230 Buy LSIP remains strong with potential upside in the range of 2190-2295 for today.

HRUM 2380 Buy HRUM is expected to continue its strengthening within the support and resistance levels of 2355-2490

ADHI 3205 Buy ADHI a potential upside today with trading range 3175-3255

WIKA 2360 Buy We expect WIKA to trade up today in the range of 2320-2510. Buy at level 2335 with target price 2510 (resistance)

PTPP 1865 Buy With stochastic indicator to form a golden cross, we expect a upware movement for PTPP today in the range of 1820-1965

SMGR 14975 Strong Buy We expect SMGR to further strengthen, with today’s trading range of 14575-15900

ASII 7500 Strong Buy ASII formed a doji candle, yesterday. Spec Buy ASII at level 7450 with target price today at level 7700

TRIM Daily

TRIM Highlights

May 22, 2014

Jakarta Composite Index (JCI) was up by 14.34 points or +0.29% to 4,910.3 yesterday. Index movers were mostly driven by Infrastructure Utility & Transpor-tation (+1.05%), Trade Services & Investment (+0.71%), and Construction Property & Real Estate (+0.51%). Total transaction value was Rp5.8tr with regu-lar market transaction of Rp4.6tr. IDX recorded Rp38bn net sell by foreign inves-tors. JCI today is expected to continue its strenghtening trend and trade in 4867-4983 range.

Market View

In Europe, the Euro Zone consumer confidence rose to -7.1 in May (vs consen-

sus: -8.3) from -8.6 in prior month. In Japan, the Japan trade deficit narrowed to

JPY808.9bn in March (vs consensus: -JPY646.3bn) from JPY1.45tn in prior month.

Global Wrap

Trader’s Pick

JCI 4,910.3

Global Indices

Reksa Dana Trimegah Asset Management

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

42.6 12,260.0 0.45 1.1TLKM

Change 0.29%

Transaction Volume (m) 4,914.3

Transaction Value (Rpbn) 5,811.2

Mkt Cap (Rptr) 4,868.5

Market P/E (x) 15.6

Market Div. Yield (%) 2.0

Price Chg %

Dow Jones 16,533.1 158.8 1.0

Nasdaq 4,131.5 34.6 0.8

Nikkei 14,042.2 -33.1 -0.2

ST Times 3,261.8 -3.7 -0.1

FTSE 6,821.0 19.0 0.3

Hang Seng 22,836.5 1.8 0.0

NAB Chg %

Trim Kapital 8,386.6 -26 -0.30

Trim Kapital + 3,111.5 -1.7 -0.05

Trim Syariah SHM 1,553.7 2.3 0.15

Tram Consumption +1,350.9 2.1 0.15

Trim Komb 2 1,850.7 -0.9 -0.05

Trim Syariah B 2,200.1 -0.9 -0.04

Trim Dana Stabil 2,102.0 -0.7 -0.03

Trim Dana Tetap 2 1,672.1 -0.5 -0.03

Tram PDPT USD 1.1 0.0 0.00

Tram Reguler INC 994.7 0.0 0.00

Tram Strategic Fund 1,071.0 -2.1 -0.19

Trim Kas 2 1,079.2 0.2 0.02

Chg %

USD IDR 11,509 19.0 0.2

10 yr Indo Govr bond (%) 8.02 0.1 1.0

10 yr US govt bond (%) 2.5 0.02 0.9

Spread (%) 5.49 0.06 0.2

EIDO 28.1 0.2 0.6

Foreign YtD (USDmn) 3,583 -0 -0.0

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

News of the Day

Dividend Table

TICKER dividend Price Rating Target Dividend EX Date TYPE Pay Date

(Rp/shares) (21-May-14) price yield

BDMN

127 4,230 Hold

4,250

3.0% 5/30/2014 BDVD Forecast -

INDF

165 6,750 NA

7,891


INTP

470 23,075 Buy

27,400


GGRM

900 53,550 Buy

58,938


KLBF

20 1,610 Hold

1,611


ADRO

11 1,285 Buy

1,300


UNVR

320 30,000 Hold

28,445



News of the Day

KIJA: To develop USD1bn worth of new project

through JV with PLIN

KIJA through its subsidiary, PT Graha Buana Cikarang, is set

to develop USD1bn worth of new project through joint ven-

ture (JV) with PLIN. The two parties have established a joint

subsidiary, namely PT Plaza Indonesia Jababeka (KIJA: 30%,

PLIN: 70%), which will build up a mixed-use superblock on

12ha of land in Cikarang, West Java as their first develop-

ment phase. The mixed-use complex development is slated

to begin in 4Q14 and expected to finish within the next 4

years. The superblock will consist of two 5-star hotels, shop-

ping mall and apartments. In addition, the second develop-

ment phase will include development of another 4ha of land

under different subsidiary, whereby KIJA owns the controlling

interest (70%) and PLIN holds the minority ownership of

30%. Source: Investor Daily

Comment:

There will be no marketing sales contribution from this pro-

ject to KIJA since the Company holds the minority stake in

the JV (first phase). However, development of this commer-

cial area would elevate the Cikarang land price further, which

will also be supported by the newly operated Cilbatu toll exit

(direct exit toll to Jababeka built by KIJA and LPCK which has

been in operation since Apr’14). Therefore, we would revise

our land price assumption soon as the project begins. We

currently have a Hold on KIJA with TP of Rp250/sh (0.4%

upside potential)

LPKR: Launching new products

LPKR launched their Hillcrest House apartment that consists

of the Perdana tower from the Mega Project Millennium

Village, the new 18 in 1 luxurious integrated development at

Lippo Village CBD. It is located right across the Imperial

Hotel Karawaci, Aryaduta Hotel & Country Club. The project

opened with a selling price of approximately Rp18mn/sqm.

Comment:

LPKR posted weak marketing sales figure of Rp901bn in

1Q14. This represents a YoY decrease of 21.7% from 1Q13

which saw a total of Rp1.15tr and a QoQ decrease of 15.3%

from 4Q13. The figure stood 5.1% below our property coun-

ters average at -16.6% YoY and accounted for only 13.2% of

the Company’s indicative FY14 sales of Rp6.8tr due to fewer

launches. We can expect marketing sales to increase in 2Q14

through the launching of the Hillcrest Apartment Tower. The

Company will most likely achieve a decent take-up rate on

the project due to its attractive pricing at Rp18mn/sqm and

good location (within Lippo Village CBD).

PYFA: Revenue growth targeted at 12%

PFYA is targeting revenue growth of 12% to Rp216bn this

year, above the 10% growth in pharmacuetical industry and

last year’s growth of 9%. One of the drivers is the expected

increase in its export business from the currently 10% of

revenue to 20%. In addition, PFYA is expecting to see sales

volume growth from its 50% increased production capacity.

Capex for this ear is set at Rp15bn. Source: Bisnis Indonesia

JKON: Allocates 2014 capex amounting to Rp600bn

JKON allocates Rp600bn for 2014 capex in which Rp100bn will

be used for regular capex and Rp500bn for investment. JKON

is building a new precast plant in Sabang, West Java with

value approximately Rp120-150bn. The plant will have 150k-

200k mn ton capacity. Currently, JKON operates 3 precast

plants which are located in Tangerang, Medan, and Surabaya.

For 2014, JKON is eyeing new contract to reach Rp6-6.5tr up

3%-12% YoY compared to Rp5.8tr of new contract secured in

2013; while 2014 carry over contract reaches Rp2.9tr. Source:

Investor Daily

Comment:

Compared to the 4 listed construction SOEs under our basket,

JKON’s 2014 order book of Rp6-6.5tr is the smallest. ADHI’s

order book for 2014 is targeted to reach Rp28.6tr (+34%

YoY), WIKA is Rp50tr (+28% YoY), PTPP is Rp44tr (+22%

YoY), and WSKT is Rp29tr (+33% YoY).

MAPI: Will Sell Part of Its Ownership in Burger King and

Domino’s Pizza to 2 Private Equities

MAPI will sell part of its ownership in Domino’s Pizza to Ever-

stone Capital Asia Pte. Ltd making MAPI the owner of 49%

while Everstone 51% of Domino’s Pizza. The transaction is

expected to be completed at the beginning of Jun 2014. MAPI

stated that they will focus in completing the transaction for the

Domino’s Pizza first before Burger King. MAPI’s part of owner-

ship in Burger King will be sold to a Singapore-based private

equity making MAPI the owner of the 49%. The transaction for

Burger King is still under discussion and waiting for approval

from principal. According to the company, it will boost Star-

bucks after selling part of its ownership in Burger King and

Domino. Source: Bisnis Indonesia


Statistics

YTD (Rp) 14.88% 4,914.3

YTD (USD) 24.69% 5,811.2

Moving Avg 20day 41,739.0 4,868.5

Moving Avg 50day 4,796.8 2,876.2

Moving Avg 200day 4,640.3 15.0

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

MSCI Indonesia 5,802.7 20.5 0.4 18.2

JII 664.8 4.7 0.7 13.6

LQ45 835.3 2.9 0.4 17.5

JAKFIN Index 659.0 -0.4 -0.1 22.0

JAKINFR Index 1,074.0 11.2 1.1 15.4

JAKMINE Index 1,542.5 4.6 0.3 7.9

JAKCONS Index 2,022.4 0.3 0.0 13.5

JAKTRAD Index 860.4 6.0 0.7 10.8

JAKMIND Index 1,299.8 -1.7 -0.1 7.9

JAKBIND Index 522.6 2.1 0.4 8.7

JAKPROP Index 431.8 2.2 0.5 28.1

JAKAGRI Index 2,324.5 -7.9 -0.3 8.6

Commodities +/- (%)YTD (%)

CRB Index 307.9 0.9 0.30 9.9

Oil & Gas

Crude Oil (USD/bbl) 104.1 1.6 1.59 5.7

Natural Gas 4.5 -0.1 -1.74 5.7

COAL (Australia,wk) 72.9 0.0 0.00 -13.8

COAL (AUS Daily) 75.0 -0.3 -0.33 -14.0

Industrial Metals

Alumunium (USD/tonne) 1,740.0 -2.5 -0.14 -1.2

Nickel (USD/tonne) 19,500 -355 -1.79 40.3

Tin (USD/tonne) 22,975 -95.0 -0.41 2.8

Precious Metal

Gold (USD/t oz.) 1,288.1 -6.5 -0.50 7.1

Silver (USD/t oz.) 19.3 -0.1 -0.31 -0.0

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,542 -17.0 -0.66 -3.3

Rubber (JPY/kg) 1,931 -3.7 -0.19 -27.4

Corn (USD/bu.) 475 1.0 0.21 12.4

Wheat (USD/bu.) 664 -6.3 -0.93 9.7

Soybeans (USD/bu.) 1,505 35.5 2.42 14.7

Rice (Indonesia) (Rp/kg) 8,600 0.0 0.00 0.0

Volume (m)

Nilai (Rpbn)

Mkt Cap (Rptr)

Market P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

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

MXWO MSCI Word 1,686.5 8.50 0.51 1.53

SPX S&P 500 1,888.0 15.20 0.81 2.15

US

16,533.1 158.8 0.97 -0.26

Nasdaq US 4,131.5 34.65 0.85 -1.08

Europe

EURO 50 Europe 340.3 2.02 0.60 3.68

FTSE London 6,821.0 19.04 0.28 1.07

DAX Jerman 9,697.9 58.79 0.61 1.53

CAC France 4,469.0 16.68 0.37 4.03

SMI Swiss 8,655.9 20.29 0.23 5.52

BRIC

BOVESPA Brazil 52,203.4 -162.8 -0.31 1.35

MICEX Russia 1,439.9 14.32 1.00 -4.22

SENSEX India 24,298.0 -78.9 -0.32 14.94

NIFTY India 7,252.9 -22.60 -0.31 15.10

SHCOMP China 2,025.0 16.83 0.84 -4.30

SZCOMP China 1,028.0 9.50 0.93 -2.80

Nikkei Japan 14,042.2 -33.1 -0.24 -13.81

TPX Japan 1,150.1 -3.33 -0.29 -11.69

HSI Hong kong22,836.5 1.8 0.01 -2.02

KOSPI S.Korea 2,008.3 -2.93 -0.15 -0.15

TAIEX Taiwan 8,862.4 -25.37 -0.29 2.91

FSSTI Singapore 3,261.8 -3.69 -0.11 2.98

ASEAN

SET Thailand 1,402.9 8.23 0.59 8.02

PCOMP Philipines 6,762.4 -120.3 -1.75 14.81

KLCI Malaysia 1,877.0 -4.13 -0.22 0.54

VNINDEX Vietnam 543.9 6.36 1.18 7.78

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.731 0.001 0.12 0.54

USDGBP UK 0.592 -0.002 -0.37 -1.97

USDCHF Switzerland 0.893 0.001 0.13 0.18

USDCAD Canada 1.091 0.000 0.04 2.52

USDAUD Australia 1.081 -0.001 -0.10 -3.96

USDNZD New Zealand 1.166 -0.000 -0.03 -4.43

USDJPY Japan 101.37 0.040 0.04 -3.69

USDCNY China 6.23 (0.00) (0.06) 2.95

USDHKD Hongkong 7.753 -0.000 -0.00 -0.02

USDSGD Singapore 1.251 -0.002 -0.12 -0.93

Rupiah Indonesia 11,509 19.00 0.17 -5.44

-3.1

-0.7

-2.4

-1.2

-3.3

-2.6

-

10.0

-2.0

-2.8

-2.5

EMTK

BBRI

KLBF

CPIN

INVS

GGRM

SMSM

BDMN

INCO

AALI

1.4

0.8

3.2

1.3

4.3

6.7

2.3

3.6

0.5

2.1

UNVR

SMGR

ITMG

UNTR

PTBA

SRTG

PGAS

LPPF

BMRI

TLKM1,018,01

4

253,254

249,844

217,029

212,541

175,153

173,964

163,906

143,389

140,924

TRAM

ASII

TLKM

BBRI

SILO

BMRI

MPPA

BBNI

BBCA

SMGR

359,318

343,916

219,305

211,369

206,403

203,647

192,345

171,379

160,604

152,157

0 400,000

TRAM

ENRG

META

BUMI

ASRI

TLKM

CPGT

LPKR

NIRO

BIPI

6,393

6,125

5,108

5,058

4,813

4,097

4,005

3,773

3,718

3,488

TLKM

SSMS

BMTR

BBNI

COWL

ASII

SMGR

KLBF

BBRI

BMRI

JCI Winners (%) JCI Losers (%) JCI Value (Rpmn) JCI Volume (Lot) JCI VFreq (Lot)


World Economic Calendar

19-May-14 JN Machine Orders MoM (%) Mar 5.8 19.1 -4.6

JN Machine Orders YoY (%) Mar 4.4 16.1 10.8

21-May-14 US Fed Releases Minutes from April 29-30 FOMC Meeting

EC Consumer Confidence May A -8.3 -- -8.6

JN Trade Balance (JPY bn) Mar -646.3 -808.9 -1,446.0

JN Exports YoY (%) Mar 4.4 5.1 1.8

JN Imports YoY (%) Mar 1.2 3.4 18.1

22-May-14 US Initial Jobless Claims (000's) 16-May 310 -- 297

US Markit US Manufacturing PMI May P 55.5 -- 55.4

US Existing Home Sales (USD mn) Apr 4.69 -- 4.59

US Existing Home Sales MoM (%) Apr 2.2 -- -0.2

CH HSBC China Manufacturing PMI May P 48.3 -- 48.1

EC Markit Eurozone Manufacturing PMI May P 53.2 -- 53.4

GE Markit/BME Germany Manufacturing PMI May P 54.0 -- 54.1

23-May-14 US New Home Sales (000's) Apr 425 -- 384

US New Home Sales MoM (%) Apr 10.7 -- -14.5

GE IFO Business Climate May 110.9 -- 111.2

GE IFO Expectations May 106.5 -- 107.3

27-May-14 US Durable Goods Orders (%) Apr -0.2 -- 2.6

US Consumer Confidence Index May 83.0 -- 82.3

US Markit US Composite PMI May P -- -- 55.6

US Markit US Services PMI May P -- -- 55.0

US Dallas Fed Manf. Activity May -- -- 11.7

GE Retail Sales MoM (%) Apr -- -- -0.7

GE Retail Sales YoY (%) Apr -- -- -1.9

29-May-14 US GDP Annualized QoQ (%) 1Q S -0.5 -- 0.1

US Pending Home Sales MoM (%) Apr -0.1 -- 3.4

30-May-14 US Personal Income (%) Apr 0.3 -- 0.5

US Personal Spending (%) Apr 0.2 -- 0.9

US PCE Deflator YoY (%) Apr -- -- 1.1

US PCE Core YoY (%) Apr -- -- 1.2

US Chicago Purchasing Manager May 60 -- 63

US Univ. of Michigan Confidence May F 82.5 -- 81.8

JN Natl CPI YoY (%) Apr -- -- 1.6

JN Industrial Production MoM (%) Apr P -- -- 0.7

1-Jun-14 CH Manufacturing PMI May -- -- 50.4

2-Jun-14 ID Trade Balance (USD mn) Mar -- -- 673

ID Exports YoY Mar -- -- 1.24

ID Imports YoY (%) Mar -- -- -2.34

ID CPI YoY (%) Apr -- -- 7.25

ID CPI NSA MoM (%) Apr -- -- -0.02

ID HSBC Indonesia Manufacturing PMI Apr -- 51.1

US ISM Manufacturing May -- -- 54.9

3-Jun-14 US Factory Orders (%) Apr -- -- 1.1

EC Unemployment Rate (%) Apr -- -- 11.8

Date Time Country Event Period Survey Actual Prior


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Sales

([email protected])

Frederick Daniel Tanggela

Equity Analyst

([email protected])

Robby Hafil

Equity Analyst

([email protected])

Melvina Wildasari

Equity Analyst

([email protected])

Maria Renata

Equity Analyst

([email protected])

Gina Novrina Nasution, CSA

Equity Analyst

([email protected])

Hapiz Sakti Azi

Research Associate

([email protected])

Paula Ruth

Research Associate

([email protected])

Joshua N.C. Tjeuw

Research Associate

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales

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])

Equity Capital Market Team

JAKARTA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Musji Hartono

Mangga Dua, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Very Wijaya

BSD, Jakarta

([email protected])

SUMATRA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Hari Mulyono Soewandi

Palembang, Sumatra 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])

Agus Jatmiko

Balikpapan, Kalimantan Timur

([email protected])

Arifin Pribadi

Ujung Pandang, Sulawesi Selatan

([email protected])

CENTRAL JAVA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Andrew Jatmiko

Yogyakarta, Jawa Tengah

([email protected])

Muhammad Ishaq

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.

20140522_2

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