20151126_2

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

We’ve met with the owner of Raywhite Fatmawati, some takeaways: tax amnesty has not yet impacted to the overall sales, even the rumored price correction was not entirely true (see p.2). Banks news: BBNI assets to in-crease by Rp12tn post assets revaluation—positive, but share price has already moved up by ~9% mtd, thus, upside risk is becoming limited. We now like BBRI (Buy, TP Rp13,300) and BBTN (Buy, TP Rp1,550) on our Indo-

nesian banks universe. BBTN: govt claims to have built more than 600k units of houses—positive for the company as this shows the absence of supply side problems. WSKT to acquire Kanci-Probolinggo toll road from MNC—positive for the company, but not in the near term.

TRIM Daily

TRIM Highlights

Nov 26, 2015

Jakarta Composite Index (JCI) up by 4 point to 4585 yesterday. Index movers were mostly driven by cunsumer (+1.4%), basic industry (+1.5%) and finance (+1.4%). Total transaction value was Rp5.3tr (2.1tr non reg.). JCI recorded Rp89bn net buy by foreign investors. JCI today is expected to going upward in support resistant 4517 – 4650.

Technical Market View

U.S. consumer spending barely rose in October as households took ad-vantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter. The Commerce Department said consumer spending edged up 0.1 percent after a similar increase in September. From the Labor Department, applications for state unemployment benefits declined 12,000 to a seasonally adjusted

260,000 for the week ended Nov. 21.

Global Wrap

Technical analysis: trading picks

Change 0.88%

Transaction Volume (m) 5,630

Transaction Value (Rpbn) 5,332

Mkt Cap (Rptr) 4,847

Market 2015 P/E (x) 13.1

Market Div. Yield (%) 2.8%

JCI 4,585

Global Indices

Dual Listing (NYSE)

Stock Price Rating Reason

ADRO 585 Buy We expect ADRO to further strengthen, with

today’s trading range of 550-605

BBCA 13500 Buy With stochastic indicator to form a golden cross, we expect a upward movement for BBCA today in the range of 13100-12800

MIKA 2505 Buy

MIKA formed white candle with increasing

transaction volumes. We expect the stock to move upward today as stochastic indicator to form a golden cross. MIKA’S support-resistance level for today is 2430-2540

GGRM 50400 Buy GGRM remains strong with potential upside in the range of 49800-50900 for today.

MPPA 1980 Buy We expect MPPA to continue strengthening, with today’s trading range of 1930-2250

ASII 6175 Sell

Stochastic oscillator formed a dead cross. We expect downward movement for today in the range of 6050-6300

Price Chg %

Dow Jones 17,813.4 1.2 0.0

Nasdaq 5,116.1 13.3 0.3

Nikkei 19,847.6 -77 -0.4

ST Times 2,891.6 -31.9 -1.1

FTSE 6,337.6 60.4 1.0

Hang Seng 22,498.0 -90 -0.4

Chg %

USD IDR 13,690 -28 -0.2

10 yr Indo Govt bond (%) 8.60 -0.0 -0.5

10 yr US govt bond (%) 2.2 -0.01 -0.3

Spread (%) 6.37 -0.03 -0.2

EIDO 21.1 -0.0 -0.1

Foreign YtD (USDmn) (2,914) 6 -0.2

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

Tax amnesty buzz has yet shown any significant impact to property sales

We met with the owner of Raywhite Fatmawati to find a better view of secondary market’s performance

during the slow year. Here is our key takeaways:

Taxes confuses potential buyers

• On a secondary market context, the whole noise regarding property taxes had affected the overall buyers. Despite

the fact that the taxes are not applicable to secondary sales, thanks to the lack of socialization, the mass believes

that it does apply to every kind of sales hence dispiriting potential buyers. Although 5% might not seem much, it is

substantial enough to eliminate the already limited demand.

2015 was indeed a bad year for property

• The overall decline in sales affected both primary and secondary market sales. Given Raywhite’s large exposure to

secondary market properties (approx. 60% of their business are secondary market related), the amount of transac-

tions made were vastly decreased, especially during the past 5 months, whereas during the first quarter of 2015,

decent sales was still being made whilst near none were done during the 2nd.

The rumored price correction is not entirely true

• While it might be true that some decline in prices were experienced, it was very limited and does not represent the

whole market situation. The decline itself was the result of the abnormal growth that occurred during 2010 – 2013,

where shophouses in North Jakarta had appreciated as much as tripling their initial value over less than 3 years, as

much as reaching Rp12bn per unit in transacted value. The price spike occurred when the investors can no longer

sell the said unit at a price above their purchase price.

• However, North Jakarta has always been known for the area prone of price flipping, whilst South Jakarta is more of

a end-user area with much more stable price growth. Despite the recent noise regarding price cuts, average land

prices in South Jakarta areas such as Cipete, Cilandak, Abdul Majid etc had steadily appreciated from Rp18mn psm

to 23mn psm over 6 months. North Jakarta’s Raywhite offices are starting to expand to South Jakarta, bringing

along their investment-oriented clients with them, and if the investment trend continues, South Jakarta could

potentially experience price appreciation at the same pace as North Jakarta’s.

Tax amnesty has yet shown any impact to the overall sales

• During the past months where tax amnesty hooply was introduced, no significant sales activity nor anomalies was

seen at all. Our understanding is that given that tax amnesty is to be applied by the end of the year, there should

be a rather significant amount of potential buyers doing property window shopping, however, according to Ray-

white, the firm did not experience anything out of the ordinary. Properties at premium areas such as Pondok Indah

was still very hard to move, although, properties priced at below Rp5bn was relatively easier to sell. offshore pur-

chases was mentioned, typically related to properties priced at Rp30-50bn, however, was not much in volume and

doesnt really reflect the overall market. ([email protected])


News of the Day

BBNI: assets to increase by Rp12tn post asset re-

valuation

According to BBNI’s calculation, its assets would increase

by Rp12tn if it conducts asset revaluation. This would

also cause increasing tier-1 capital by 3% and hence,

bigger lending capacity. Most of assets to be revalued are

fixed assets, e.g., land, buildings. On a separate news,

BBNI remains optimistic to book positive earnings growth

next year by targeting 14-16% YoY loan growth and

lower provisioning. Source: Kontan & Investor Daily

Comment:

We’ve already assumed ~14% loan growth in 2016-17F –

please see our banks sectoral report dated Nov 16th,

2015. We have a Buy on BBNI with Rp5,500 TP (1.4x

2016F PBV). However, the share price has risen by 9%

mtd, providing less upside risk for now. With that being

said, we favour BBRI and BBTN for its much upsides from

executing government programs (KUR and public housing

program). ([email protected])

Govt claims to have built ~600k units of subsidized

houses

According to Ministry of Public Works and Housing, supply

of houses from “one million houses program” has reached

627,895 units. Source: Investor Daily

Comment:

Positive for BBTN since this shows the absence of near-

term supply-side problems, hence, this can be a potential

re-rating catalysts for the company. We have Buy on

BBTN with Rp1,550 TP (1.1x 2016F PBV) and the stock

cu r ren t l y t rades a t 0 .9x 2016F PBV.

([email protected])

Spain offers low-interest loans for infra projects

Spain offers up to EUR250mn loans for joint projects,

ranging from infrastructure to renewable energy, with

maturity date up to 40 years, and interest rate from 0-

1%. Sofyan Djalil, National Development Planning Minis-

ter, expressed his optimism that the planned EUR250mn

was the first stage of support from Spanish government,

and Spain will have a lot of opportunities to tap into

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

([email protected])

Govt to build 145km trans-Sulawesi railway

Connecting Makassar to Parepare. So far only 16km of

the railway has reached 80% of progress. The trans-

Sulawesi railway is expected to be in operation by 2018,

connecting airport in Sulawesi to Makassar New Port.

Jokowi further pledged an additional Rp2tn for the pro-

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

([email protected])

WSKT: Acquires the whole Kanci-Probolinggo toll

road from MNC

WSKT now owns 99.99% of Waskita MNC Transjawa Toll

Road (WMTTR), post taking 38.5% of WMTTR from MNC

Toll Road. WSKT has allocated Rp757.5bn for the acquisi-

tion. Currently, Kanci-Pejagan section of the toll road has

operated, and with the acquisition. Pejagan-Pemalang and

Pasuruan-Probolinggo sections will come under WSKT as

well. Source: Investor Daily

Comment:

With the acquisition, WSKT will operate a total of 123.8km

of toll road, while currently Section I and Section II of

Pejagan Pemalang toll road, encompassing 20.2km has

reached almost 60% of progress. Thus, gaining profit from

the project was still be in a long-horizon. However, we

believe with the acquisition, there will be less bureaucracy

t o c o m p l e t e t h e w h o l e t o l l - r o a d .

([email protected])

Excise realization is expected to reach 95% of target

Directorate general of customs and excise expected that

customs and excise revenue to reach 95% of Rp194tn FY15

target. Up to 23 November 2015, it has reached Rp134.5tn

or 69% of FY15 budget; Rp104.2tn from excise tax,

Rp27.8tn import duties, and Rp3.2tn duties. Source: Bisnis

Indonesia.

EXCL: Launch commercial 4G LTE in 11 cities

The 11 cities are Pekanbaru, Batam, Palembang, Purwakar-

ta, Cirebon, Tegal, Perkalongan, Pacitan, Madura, Banjar-

masin, and Manado. The company also already migrate the

4G LTE spectrum allocation in Bogor and Medan to 1800Mhz

from previously 900Mhz. Source: Bisnis Indonesia

PPRO: to form JV with BKSL

Focusing on Rp17mn psm apartments, with worth estimat-

ed at Rp1.4tr for the first 3 towers. The project itself will

consist of 2 phases. PPRO will have less than 50% stake.

Source: Bank Indonesia ([email protected])

UNVR: Distributes interim dividend

UNVR decided to distribute Rp342/share interim dividend,

based on 31 Dec’ 15 book, with following details:

Cum dividend date : 1 December 2015

Ex-dividend date : 2 December 2015

Recording date : 4 December 2015

Payment date : 17 December 2015

Source: IDX


News of the Day

Arifin Panigoro (founder of MEDC) plans to acquire

76% of Newmont’s shares worth USD2.2bn

Arifin expects the acquisition to be completed by Decem-

ber 2015. First, Arifin will acquire 56% of Newmont

owned by Nusa Tenggara Partnership BV (consortium of

Newmont and Sumitomo). Second, Arifin to acquire

17.8% of Newmont’s shares from PT Pukuafu Indah, a

company owned by Yusuf Merukh. Third, Arifin to acquire

2.2% of PT Indonesia Masbaga. Source: Kontan

([email protected])


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)

-13-49

-216

-28 -7-73

-756

-173

-1,169

-498

-21

-980

(1,400)

(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

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)

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

Jun-1

5

Jun-1

5

Jul-

15

Aug-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

Nov-14

Dec-14

Jan-15

Jan-15

Feb-15

Mar-15

Apr-15

Apr-15

May-15

Jun-15

Jun-15

Jul-

15

Aug-15

Aug-15

Sep-15

Oct-

15

Oct-

15

Nov-15

(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

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

Sep-1

5

Oct-

15

Nov-1

5

(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


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

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

Jul-

15

Aug-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

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

Jul-

15

Aug-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

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

Jul-

15

Aug-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

Apr-

15

Apr-

15

May-15

Jun-15

Jun-15

Jul-

15

Aug-15

Aug-15

Sep-15

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

Apr-

15

Apr-

15

May-15

Jun-1

5

Jun-1

5

Jul-

15

Aug-15

Aug-15

Sep-1

5

Oct-

15

Oct-

15

Nov-1

5

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


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 0.08 -0.04 -0.37

US Markit US Manufacturing PMI Nov P 54 52.6 54.1

US Existing Home Sales (USDmn) Oct 5.4 5.36 5.55

11/24/2015 US Advance Goods Trade Balance (USDbn) Oct -61.9 -58.4 -58.6

US GDP Annualized QoQ (%) 3Q S 2.1 2.1 1.5

US Personal Consumption (%) 3Q S 3.2 3 3.2

US GDP Price Index (%) 3Q S 1.2 1.3 1.2

US Core PCE QoQ (%) 3Q S 1.3 1.3 1.3

US Consumer Confidence Index Nov 99.2 90.4 97.6

US Richmond Fed Manufact. Index Nov 1 -3 -1

11/25/2015 US MBA Mortgage Applications 20-Nov -- -3.2 6.2

US Personal Income (%) Oct 0.4 0.4 0.1

US Personal Spending (%) Oct 0.3 0.1 0.1

US Durable Goods Orders (%) Oct P 1.5 -1.2 -1.2

US Durables Ex Transportation (%) Oct P 0.4 -0.4 -0.4

US Initial Jobless Claims ('000') 21-Nov 271 260 271

US Continuing Claims ('000') 14-Nov 2140 2207 2175

US FHFA House Price Index MoM Sep 0.5 0.8 0.3

US Markit US Composite PMI Nov P -- 56.1 55

US Markit US Services PMI Nov P 55.1 56.5 54.8

US Bloomberg Consumer Comfort 22-Nov -- 40.9 41.2

US New Home Sales ('000') Oct 500 495 468

US U. of Mich. Sentiment Nov F 93 91.3 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 54 -- 56.2

US Pending Home Sales MoM Oct 1.3 -- -2.3

US Dallas Fed Manf. Activity Nov -- -- -12.7

12/01/2015 US Markit US Manufacturing PMI Nov F -- -- --


Corporate Action

Code Price

Exercise Maturity Emiten Description

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY

MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL

GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I GADING DEVELOPMENT

SUPR-W 4800 28-Aug-15 Solusi Tunas Pratama WARAN SERI I SOLUSI TUNAS PRATAMA

NIRO-W 110 11-Sep-15 Nirvana Development WARAN SERI I NIRVANA DEVELOPMENT

BSIM-W 149 11-Dec-15 Bank Sinar Mas WARAN SERI I BANK SINAR MAS

Warrant


Statistics

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

YTD (Rp) -12.27% 5,630

YTD (USD) 5.67% 5,332

Moving Avg 20day 4,511 4,847

Moving Avg 50day 4,466 13.1

Moving Avg 200day 4,918 2.8%

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

MSCI Indonesia 5,448.7 59.4 1.1 -12.1

JII 599.3 4.4 0.7 -13.3

LQ45 790.3 9.0 1.1 -12.1

JAKFIN Index 688.4 9.3 1.4 -5.9

JAKINFR Index 948.6 2.7 0.3 -18.2

JAKMINE Index 882.5 8.5 1.0 -35.5

JAKCONS Index 2,094.2 28.4 1.4 -3.8

JAKTRAD Index 826.2 5.1 0.6 -6.0

JAKMIND Index 1,080.9 -8.7 -0.8 -17.3

JAKBIND Index 406.4 6.2 1.5 -25.3

JAKPROP Index 486.2 3.2 0.7 -7.4

JAKAGRI Index 1,654.1 3.2 0.2 -29.6

Commodities +/- (%)YTD (%)

CRB Index 185.7 0.4 0.23 -19.3

Oil & Gas

Brent Crude Oil (USD/bbl) 46.2 0.1 0.11 -19.4

Nymex Oil (USD/bbl) 43.0 0.2 0.40 -19.2

Natural Gas 2.2 0.0 0.27 -23.9

COAL (AUS Daily) 53.9 -0.3 -0.46 -13.1

Industrial Metals

Aluminum (USD/tonne) 1,459.3 13.5 0.93 -20.4

Nickel (USD/tonne) 8,910 140 1.60 -41.2

Tin (USD/tonne) 14,745 320 2.22 -24.0

Precious Metal

Gold (USD/t oz.) 1,070.0 -3.8 -0.35 -9.6

Silver (USD/t oz.) 14.2 -0.0 -0.01 -9.2

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,093 -35.0 -1.64 -8.6

Rubber (JPY/kg) 1,236 15.8 1.30 -24.7

Corn (USD/bu.) 366 1.8 0.48 -7.8

Wheat (USD/bu.) 479 -5.0 -1.03 -18.8

Soybeans (USD/bu.) 875 11.5 1.33 -14.1

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 0.941 0.002 0.2 17.7

USDGBP UK 0.661 -0.002 -0.3 10.2

USDCHF Switzerland 1.022 0.005 0.5 2.2

USDCAD Canada 1.329 -0.002 -0.1 10.8

USDAUD Australia 1.379 0.001 0.1 14.9

USDNZD New Zealand 1.520 -0.006 -0.4 16.9

USDJPY Japan 122.74 0.210 0.2 2.5

USDCNY China 6.39 0.00 0.0 3.1

USDHKD Hongkong 7.751 0.000 0.0 -0.6

USDSGD Singapore 1.405 -0.005 -0.4 8.1

Rupiah Indonesia 13,690 -28.0 -0.2 10.5

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

MXWO MSCI Word 1,697.8 2.37 0.14 -0.69

SPX S&P 500 2,088.9 -0.27 -0.01 1.46

US

17,813.4 1.2 0.01 -0.05

Nasdaq US 5,116.1 13.34 0.26 8.02

Europe

EURO 50 Europe 380.8 5.20 1.38 11.19

FTSE London 6,337.6 60.41 0.96 -3.48

DAX Jerman 11,169.5 235.6 2.15 13.91

CAC France 4,893.0 72.71 1.51 14.51

SMI Swiss 8,934.5 125.95 1.43 -0.54

BRIC

BOVESPA Brazil 46,866.6 -1,418 -2.94 -6.28

MICEX Russia 1,833.5 23.48 1.30 31.29

SENSEX India 25,775.7 0.0 0.00 -6.27

NIFTY India 7,831.6 0.0 0.00 -5.45

SHCOMP China 3,647.9 31.82 0.88 12.77

SZCOMP China 2,343.6 43.53 1.89 65.60

Nikkei Japan 19,847.6 -77.3 -0.39 13.73

TPX Japan 1,594.7 -11.27 -0.70 13.30

HSI Hong kong 22,498.0 -90 -0.40 -4.69

KOSPI S.Korea 2,009.4 -6.87 -0.34 4.90

TAIEX Taiwan 8,386.1 -14.0 -0.17 -9.90

FSSTI Singapore 2,891.6 -31.91 -1.09 -14.07

ASEAN

SET Thailand 1,381.5 -3.46 -0.25 -7.76

PCOMP Philipines 7,059.1 66.5 0.95 -2.37

KLCI Malaysia 1,684.4 7.39 0.44 -4.36

VNINDEX Vietnam 595.7 1.87 0.31 9.18

Developed ASIA

Dow Jones Industrial

-0.4

-0.8

-0.9

-1.2

-1.4

-4.5

-4.5

-5.0

-6.0

-9.9

ICBP

PGAS

ISAT

ASII

PTPP

BIRD

SCMA

BHIT

CMNP

HERO3.8

3.1

2.9

2.6

2.6

2.4

2.3

2.0

1.1

1.0

BBRI

LPPF

EMTK

BMRI

INTP

UNVR

KLBF

GGRM

HMSP

TLKM

237

212

195

163

146

139

122

77

76

67

- 100 200 300

BBRI

TLKM

ASII

BBNI

BMRI

BBCA

SSMS

MYRX

KLBF

UNVR

211

180

117

74

73

65

63

63

62

59

0 100 200 300

META

ANTM

MYRX

SSMS

TLKM

INDY

SSIA

BIPI

SMRU

ASRI

7,195

6,496

6,166

6,018

5,380

4,894

4,484

4,445

3,978

3,828

ANTM

SCMA

ASII

BBRI

SSMS

KREN

KLBF

UNTR

LMPI

BMRI

JCI 4,585.5 40.2 0.9%


Historical Technical Trading Ideas (1)

115 out of 140 (82.14%) our technical calls are Correct during 02-30 Oct’15

Ticker Last Technical Call 30-Oct-15 Chg (%) Recommendation

JCI 4,472 Weakening

4,455 -0.38% Correct

ASII 5,800 Spec Buy

5,900 1.72% Correct

SGRO 1,100 Spec Buy

1,165 5.91% Correct

BBNI 4,815 Spec Buy

4,755 -1.25% Incorrect\

BBRI 10,750 Spec Buy

10,525 -2.09% Incorrect\

PTPP 3,675 Trading Sell

3,810 3.67% Correct

GIAA 325 Sell

320 -1.54% Correct


JCI 4,609 Weakening

4,472 -2.97% Correct

TLKM 2,795 Sell

2,730 -2.33% Correct

JSMR 5,250 Sell

4,885 -6.95% Correct

SMGR 10,325 Sell

9,800 -5.08% Correct

LSIP 1,550 Buy

1,555 0.32% Correct

BBNI 5,025 Sell

4,815 -4.18% Correct

BBRI 11,100 Sell

10,750 -3.15% Correct


JCI 4,674 Weakening

4,609 -1.40% Correct

SGRO 1,085 Buy

1,090 0.46% Correct

LSIP 1,505 Buy

1,550 2.99% Correct

HMSP 84,250 Buy

92,000 9.20% Correct

JSMR 5,325 Buy

5,250 -1.41% Incorrect

BBNI 5,175 Sell

5,025 -2.90% Correct

BBRI 11,600 Sell

11,100 -4.31% Correct


JCI 4,692 Profit taking

4,674 -0.38% Correct

BBCA 13,650 Buy

13,650 0.00% Correct

BBTN 1,185 Buy

1,210 2.11% Correct

KLBF 1,465 Buy


GGRM 46,350 Sell

45,900 -0.97% Correct

BBRI 11,600 Sell

11,600 0.00% Correct

BBNI 5,300 Sell

5,175 -2.36% Correct


JCI 4,653 strengthened

4,692 0.83% Correct

PTPP 3,855 Buy

3,880 0.65% Correct

BBTN 1,185 Buy

1,185 0.00% Correct

TLKM 2,760 Buy

2,805 1.63% Correct

KLBF 1,460 Buy

1,465 0.34% Correct

BBNI 5,275 Buy

5,300 0.47% Correct

BBRI 11,200 Buy

11,600 3.57% Correct





4,653 1.50% Correct

PTPP 3,755 Buy

3,855 2.66% Correct

BBNI 5,225 Buy

5,275 0.96% Correct

BBRI 10,700 Buy

11,200 4.67% Correct

SMRA 1,510 Buy

1,620 7.28% Correct

BBTN 1,165 Buy

1,185 1.72% Correct

SRIL 388 Trd. Buy

389 0.26% Correct


JCI 4,605 Weakening

4,585 -0.45% Correct

AALI 20,400 Buy

21,475 5.27% Correct

LSIP 1,490 Buy

1,535 3.02% Correct

SMRA 1,475 Buy

1,510 2.37% Correct

BBRI 10,550 Buy

10,700 1.42% Correct

SMGR 11,250 Sell

10,725 -4.67% Correct

LPKR 1,300 Sell

1,295 -0.38% Correct


JCI 4,586 Strengthened

4,605 0.42% Correct

SMGR 10,575 Buy

11,250 6.38% Correct

KLBF 1,455 Buy


AALI 19,275 Buy

20,400 5.84% Correct

LSIP 1,360 Buy

1,490 9.56% Correct

TLKM 2,710 Buy

2,730 0.74% Correct

AKRA 6,025 Buy

6,075 0.83% Correct


JCI 4,570 Strengthened

4,586 0.35% Correct

JSMR 5,550 Buy

5,550 0.00% Correct

PWON 394 Buy

397 0.76% Correct

AALI 18,900 Buy

19,275 1.98% Correct

UNTR 19,625 Buy

19,975 1.78% Correct

KLBF 1,450 Spec Buy

1,455 0.34% Correct

SMGR 10,625 Sell

10,575 -0.47% Correct



4,570 1.06% Correct

ggrm 42,800 Buy

43,450 1.52% Correct

MIKA 2,940 Buy

2,945 0.17% Correct

ASII 6,300 Buy

6,500 3.17% Correct

PGAS 3,065 Buy


INCO 2,230 Spec Buy

2,280 2.24% Correct

ADRO 640 Spec Buy

645 0.78% Correct





4,522 0.33% Correct

BBNI 5,025 Buy

5,100 1.49% Correct

BBRI 10,125 Buy

10,300 1.73% Correct

SILO 12,350 Buy

12,175 -1.42% incorrect

ITMG 10,700 Buy

10,125 -5.37% incorrect

PTPP 3,655 Sell

3,585 -1.92% Correct

GGRM 42,975 Sell

42,800 -0.41% Correct



4,507 0.54% Correct

WIKA 3,050 Buy

3,005 -1.48% Correct

LPKR 1,225 Buy

1,235 0.82% Correct

LSIP 1,385 Buy


SILO 12,450 Buy

12,350 -0.80% Incorrect

BWPT 268 Trading Sell

257 -4.10% Incorrect

PGAS 2,965 Sell

2,995 1.01% Correct


JCI 4,631 Profit taking

4,483 -3.19% Correct

GGRM 44,325 Sell

43,000 -2.99% Correct

ROTI 1,160 Sell

1,100 -5.17% Correct

MAPI 3,125 Sell

3,000 -4.00% Correct

TLKM 2,695 Sell

2,640 -2.04% Correct

BBNI 5,025 Sell

4,835 -3.78% Correct

INCO 2,510 Sell

2,320 -7.57% Correct



4,631 0.90% Correct

PTPP 3,805 Buy

3,750 -1.45% Correct

GGRM 43,425 Buy

44,325 2.07% Correct

SMRA 1,420 Buy

1,440 1.41% Incorrect

BBRI 10,550 Buy


BBTN 1,095 Buy

1,135 3.65% Correct

SRIL 392 Trd. Buy

387 -1.28% Correct



4,631 0.90% Correct

NIRO 128 Buy

129 0.78% Correct

DMAS 230 Buy

229 -0.43% Correct

SMCB 1,100 Buy


ITMG 10,500 Buy


SRIL 392 Buy

387 -1.28% Correct

PGAS 3,000 Sell

3,130 4.33% Correct





4,491 0.10% Correct

TLKM 2,740 Buy

2,710 -1.09% Correct

TBIG 6,400 Buy

6,450 0.78% Correct

PWON 397 Buy


ASRI 398 Buy


ASII 6,125 Sell

6,325 3.27% Correct

PGAS 2,950 Sell

2,890 -2.03% Correct



4,631 0.90% Correct

TINS 710 Buy

720 1.41% Correct

INCO 2,310 Buy

2,510 8.66% Correct

BBNI 5,025 Sell


BBRI 10,550 Sell


PWON 416 Buy

413 -0.72% Correct

SMGR 10,550 Buy

10,600 0.47% Correct



4,446 2.35% Correct

AALI 20,325 Buy

20,000 -1.60% Correct

BMRI 8,200 Buy

8,900 8.54% Correct

PWON 367 Buy

383 4.36% Incorrect

BBNI 4,400 Buy


ITMG 10,000 Sell

10,175 1.75% Correct

SMGR 10,050 Spec Buy

10,075 0.25% Correct



4,344 3.23% Correct

ITMG 9,725 Spec Buy

10,000 2.83% Correct

PWON 339 Spec Buy

367 8.26% Correct

ANTM 404 Spec Buy

404 0.00% Incorrect

PTPP 3,585 Buy


GGRM 44,450 Buy

46,600 4.84% Correct

SSMS 1,730 Buy

1,795 3.76% Correct


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% Correct

AALI 19,300 Buy

19,100 -1.04% Incorrect

TINS 680 Buy


INCO 2,545 Buy

2,480 -2.55% Correct

GGRM 43,300 Buy

44,450 2.66% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Wisnu Budhiargo

Equity Analyst

([email protected])

Patricia Gabriela

Equity Analyst

([email protected])

Kevie Aditya

Equity Analyst

([email protected])

Jennifer Yapply

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])

EAST INDONESIA

Sonny Muljadi

Surabaya, Jawa Timur

([email protected]

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali

([email protected])

Ivan Jaka Perdana

Malang, Jawa Timur

([email protected])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

PT Trimegah Securities Tbk

Gedung Artha Graha 18th Floor

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190, Indonesia

t. +62-21 2924 9088

f. +62-21 2924 9150

www.trimegah.com

DISCLAIMER

This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information

purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has

been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,

Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is

provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance

on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or

consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted

upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in

future participate in an offering of the company’s equity securities.

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

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