td140416_2

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

TRIM Daily

We publish our second report in the ‘Walking the streets’ report today post our

visit to Medan. We came away more positive on property prices outside Jakarta

(APLN and CTRA are proxy for this), overall consumption trend (AISA is our top

pick in consumer sector), and TLKM as it has begun monetizing its property assets.

AT Kearney also announced its study on emerging cities with largest potential

to be global cities: Jakarta comes out on top! Property is a good proxy to play

this theme on Jakarta. APLN also announced positive 1Q marketing sales today.

Automotive: 1Q14 LCGC sales reached 44k units, in-line with expectation. Results

to be announced today: BDMN (expect in-line) and AISA (expect slightly above).

Jakarta Composite Index (JCI) was up by 5.33 points or 0.11% to 4,870.2 yesterday.

Index movers were mostly driven by Trade Services and Investment (+1.35%),

Construction Property and Real Estate (+0.83%), and Basic Industries (+0.59%).

Total transaction value was Rp6.0tr with regular market transaction Rp5.4tr. IDX

recorded Rp590bn net buy by foreign investors. JCI increased despite negative

sentiment from regional and global markets. However, with continuous pressure

stemming from regional market correction we expect JCI to move downward today

within support and resistance levels of 4839-4902

JCI 4,870.2

STOCK PRICE Rec Details

ASII 7725 BuyIf 7750 break, Buy ASII at level 7775 with potential upside to level 8000

PGAS 5400 BuyAfter broke the resistance level of 5350, PGAS will further increase today, in our view. PGAS’s today trading range are between 5350-5575

GGRM 49400 BuyWe expect GGRM to trade up today in the range of 48750-49700. Buy at level 49400 with target price 49700 (resistance)

GJTL 2030 BuyWith stochastic indicator to form a golden cross, we expect a upware movement for GJTL today in the range of 1970-2110

CPIN 4255 BuyWe expect CPIN to further strengthen, with today’s trading range of 4130-4420

BKSL 183 Trading Buy Trading Buy at level 181 and sell at 192

DOID 109 Trading Buy Trading Buy at level 108 and sell at 114

TINS 2080 SellTINS today is expected to continue its weakening trend and trade in 1930-2145 range

WIKA 2265 SellBased on technical analysis, as its Stochastic Ochilator formed a dead cross, we expect WIKA to move downward today within the range of 2200-2350

ADHI 3030 SellADHI formed doji candle and Overbought, we expect a technical correction for ADHI today in the range of 2890-3200

TRIM Highlights

Market View

Trader’s Pick

REKSA DANA TRIMEGAH ASSET MANAGEMENT

NAB Chg %

Trim Kapital 8,219.8 26.3 0.32

Trim Kapital + 3,051.7 10.8 0.36

Trim Syariah SHM 1,534.1 6.2 0.41

Tram Consumption + 1,337.5 5.2 0.39

Trim Komb 2 1,818.6 3.6 0.20

Trim Syariah B 2,179.9 5.5 0.25

Trim Dana Stabil 2,086.5 0.2 0.01

Trim Dana Tetap 2 1,659.8 -0.3 -0.02

Tram PDPT USD 1.1 -0.0 -0.01

Tram Reguler INC 994.7 0.0 0.00

Tram Strategic Fund 1,072.6 0.8 0.08

Trim Kas 2 1,071.8 0.2 0.02

APRIL 16, 2014

Change : 0.11%

Transaction Volume (m) : 4,816.5

Transaction Value (Rpbn) : 6,049.5

Mkt Cap (Rptr) : 4,827.8

Market P/E (x) : 15.4

Market Div. Yield (%) : 2.0

Price Chg %

Dow Jones 16,262.6 89.3 0.6

Nasdaq 4,034.2 11.5 0.3

Nikkei 13,996.8 86.6 0.6

ST Times 3,246.3 31.5 1.0

FTSE 6,541.6 -42.2 -0.6

Hang Seng 22,671.3 -367.5 -1.6

GLOBAL INDICES

(USD) (Rp) Chg %

TLKM 40.1 11,465.1 -0.72 -1.8

DUAL LISTING (NYSE )

Chg %

USD IDR 11,428 -10.0 -0.1

10 yr Indo Govr bond (%) 7.89 0.0 0.3

10 yr US govt bond (%) 2.6 -0.02 -0.7

Spread (%) 5.26 0.04 1.0

EIDO 27.8 -0.1 -0.3

Foreign YtD (USDmn) 2,739 51.6 1.9

OTHERS

Global WrapIn U.S., the U.S. CPI rose 0.2% MoM in March (vs consensus: +0.1%), following

a 0.1% increase in prior month. On yearly basis, the U.S. CPI rose to 1.5% YoY in

March (vs consensus: 1.4%) from 1.1% in February. In Europe, the German ZEW

survey expectations, which aims to predict economic developments six months in

advance, fell to 43.2 in April (vs consensus: 45.0) from 46.6 in March.

PT Trimegah Securities Tbk - www.trimegah.com2 DAILY

News of the DayAutomotive: 1Q14 LCGC sales reached 44k units

In 1Q14, LCGC sales reached 43,999 units with the largest

market share of 47% owned by Toyota as Agya sales reached

20,631 units. Daihatsu Ayla sales reached 12,697 units (29%

market share), while Suzuki Wagon R sales reaching 5,888

units (13% market share) and Honda Brio Satya reached

4,783 units (11% market share) in 1Q14. Source: Bisnis

Indonesia

Comment:

Toyota and Daihatsu LCGC sales will help ASII maintain its

market share in automobile (4W) market. However, ASII’s

1Q14 LCGC sales volumes were relatively in-line with our

expectation. Neutral.

AUTO: to expand retail shops

AUTO currently operates 300 aftermarket retail shops

named “Shop & Drive” which provide simple four wheeler

aftermarket services like changing lubricants, battery, etc.

AUTO’s president director, Hamdani Dzulkarnaen stated that

the company will add around 10% or 30 shops this year and

currently exploring the similar shop concept for two-wheeler

market. Source: Bisnis Indonesia

Comment: Neutral.

ADHI: Obtained idA rating for its bonds

Pemeringkat Efek Indonesia and Pefi ndo, both are Indonesian

credit rating agencies; give idA rating with stable outlook to

ADHI’s bonds and Sukuk due to ADHI’s competitive advantage

as SOE contractor and wide opportunity on infrastructure

industry in Indonesia. The bonds are issued in 2012 and

2013. Source: Bisnis Indonesia

Comment

The news is positive for ADHI. We still have a Buy

recommendation on ADHI, is traded at 14PE of 10.8x.

ANTM: Speeds up Halmahera smelter project to this year

PT Aneka Tambang (ANTM) may begin construction of a

ferronickel smelter later this year in East Halmahera, North

Maluku, as the commodity’s global prices are improving.

This speeded process is driven by a recent upward trend in

global nickel prices. The project is set to produce 27,000

tons of ferronickel each year. The fi rm has already secured

USD600mn in syndicated loans from four banks: PT Bank

Mandiri; PT Bank Rakyat Indonesia; Standard Chartered Bank;

and Sumitomo Mitsui Banking Corporation Ltd. The company

will spend between 25% to 30% of the total investment on

the early stage of this year, apart from the USD75mn it has

used to build supporting infrastructure. The fi rm may spend

another USD200mn on increasing the smelters initial capacity

to 40,000 tons per year. The smelter project is worth USD

1.6bn. Aside from this, Antam is also carrying out expansion

projects in Tayan, Mempawah and Pomalaa. Source: The

Jakarta Post

EXCL: Will propose 30% dividend payout or Rp35.2/sh

cash dividend

EXCL’s management will propose dividend payout ratio (DPR)

of 30% on AGM will be held on 22 Apr. Hence, the ratio is

equal to Rp35.2/sh dividend per share translating into 0.7%

dividend yield. The DPR proposed this year is lower than

previous year of 40% or Rp135/sh. Source: Investor Daily

Comment

EXCL booked 2013 earnings of Rp1.0tr dropped 62.6% YoY

from Rp2.8tr in FY12 due to higher operating expenses and

forex loss. EXCL booked 2013 forex loss of Rp1.0tr jumped

from Rp300bn loss in FY12. Regarding lower earnings and

lower payout ratio, cash dividend to distribute this year is

73% lower than last year’s.

TMPO: Capex set at Rp150bn

TMPO has set capex for this year at Rp150bn, a 58% YoY

of Rp95bn. 70% of capex will be used to complete new

building construction and the remaining to update its printing

machines. The capex will be funded 35% internally and 65%

through bank loans. Net profi t growth is targeted at 100% this

year due to advertisements income from election. Source:

Koran Tempo

Comment:

TMPO currently trades at PE 13 (ttm). Its net income in 2013

decreased by 75% YoY due to 37% decrease in advertising

revenue, a result of slowing economy in 2013 and several

advertisements delayed to 2014.

LRNA: Target Growth for Revenue 50%YoY and Net

Income 20%YoY

Lorena (LRNA) targets its revenue to grow 50%YoY and net

income of 20%YoY from expansion by having new routes

in Jawa, Madura, Bali, and Sumatra. The expansion will be

funded from IPO proceeds. Yesterday, Lorena has sold 150mn

shares (42.86%) to public with proceeds valuing Rp135bn.

Capex 2014 is Rp225bn with Rp135bn of it fi nanced using the

IPO proceeds. According to the company, LRNA might fi nance

the remaining Rp90bn using facilities from banks. This year,

the company will add fl eets of 77 units (+30% increase from

total of 258 units). Source: Investor Daily


News of the Day

APLN: Posted Rp1.8tr marketing sales in 1Q14 (+6.4%

YoY)

APLN booked Rp1.8tr marketing sales in 1Q14 (+6.4%

YoY). The newly launched Harco Glodok (commercial tower)

contributed 32.0% of marketing sales, followed by Orchard

Park Batam with contribution of 27.2%, Podomoro City Deli

Medan with 12.7%, Podomoro City Extension with 8.0%,

Borneo Bay Residences with 5.4%, Vimala Hills with 5.0%,

Metro Park Residences with 44.0% and Grand Taruma with

3.8%.

Comment:

The news is positive. APLN’s 1Q14 marketing sales fi gure

surpassed the industry as it grew by 6.4% YoY and accounted

for 28.1% of our FY14 target of Rp6.5tr (vs. our residential

property counter average at 21.9% with -6.2% YoY growth).

Penetration into second tier cities such as Medan and Batam

was benefi cial for APLN to retain its marketing sales as the

Company reported higher than expected take up rates during

the launch. We currently have a Hold recommendation on

APLN with TP of Rp250/share (9.1% potential downside).

MTLA: Acquired 70ha of land in Cibitung

MTLA is set to purchase 70ha of land in Cibitung, West Java

for Rp105bn. The acquired project would be the extension

of its existing project (lower-middle residential project). The

land acquisition will be fully funded by internal cash. The

Company has 440ha of licensed area in Cibitung, in which it

has acquired 300ha so far. The acquisition of the remaining

140ha is expected to be fi nalized within the next two years.

Comment:

Positive, since the news is in-line with the plan. We have a

Buy recommendation on MTLA with TP of Rp480/sh (8.4%

potential upside).

Stock CodePrice 15-

Apr-14Rating

Target Price (Rp)

Upside (%)

PE (x) PBV (x)Discount to RNAV (%)

SMRA 1,120 BUY 1,300 16.1 15.9 1.4 46.5

BSDE 1,585 BUY 1,900 19.9 11.9 2.5 53.0

MDLN 447 BUY 530 18.6 5.0 1.4 47.7

MTLA 443 BUY 480 8.4 10.6 1.8 54.0

ASRI 555 HOLD 600 8.1 7.7 1.7 60.1

APLN 275 HOLD 250 (9.1) 5.9 0.8 57.5

BEST 525 HOLD 600 14.3 7.8 1.6 54.7

SSIA 910 HOLD 720 (20.9) 6.2 1.1 33.1

KIJA 264 HOLD 250 (5.3) 9.3 0.9 64.5

Property Sector 11.1 10.5 1.7 52.3

Emerging cities ranking: Jakarta comes out on top!

In its latest edition of emerging cities ranking (based on

human capital, business activity, information exchange,

cultural experience, and political engagement), AT Kearney

ranks Jakarta number one. Jakarta is moving up quickly in the

area of human capital – particularly in measures of stability

and security, but also in addressing income inequality and

environmental concerns-as well as across several important

innovation indicators.

Best way to play this theme? We suggest property. Our top

picks for residential are BSDE and SMRA, both have Jakarta

residential projects.

Top 20 ‘Cities of the Future’:

1. Jakarta

2. Manila

3. Addis Ababa

4. Sao Paulo

5. New Delhi

6. Rio de Janeiro

7. Bogota

8. Mumbai

9. Nairobi

10. Kuala Lumpur

11. Bangalore

12. Beijing

13. Johannesburg

14. Kolkata

15. Istanbul

16. Cape Town

17. Chennai

18. Tunis

19. Dhaka

20. Caracas

Source: A.T. Kearney

Property comp table

PT Trimegah Securities Tbk - www.trimegah.com4 DAILY

��

��

��

��

��

��

��

� ��

�

��

��

��

��

�)�B0E��%$��%0=��

./2

./,

./7

3/*

3/*

0/.

0/7

2/-

*/-

3,/-

$��

��

��%�

'#$�

�%��

�%�'

��

��#

�&�$

�&�(4��

��

��

��

��

��

��

��

��

��

��

��

��

��

�)�B0E��%$��%0=��

./0

3/.

3/2

3/*

3/*

3/-

3/7

*/.

*/*

33/-

��%8�

��%�9

��$

��&$

��:�;

��;(&

�$$;�

�$��!

��&$�

��&� 3+.3,+.3*

20.+70-

0,,+1--

0,1+-.<

0.3+027

37.+37<

3,<+7<<

31,+3*.

310+-10

32<+0..

�27�

::��

��(�

(��

��A�

�+��

:��

"A(�

2��"

72:1

4�� 5555

<.-+3..�

*03+7.1�

200+1*<�

0,,+.02�

01-+,2-�

02,+21<�

001+11-�

0.,+,0,�

3,2+2<,�

3,3+,.,�

3-,+1.,�

:�"�

:!��

��(�

�27�

��"�

��

��7�

.+�A

+��

"��+

72:1

�)�B0E��%$��%0=��

-+<.,�

<+2,3�

<+237�

<+0.0�

<+.*.�

1+102�

1+.77�

*+7-<�

*+111�

*+2..�

2�+(

:!��

�+��

:�"�

�27�

��

��

(��

��7(

2��"

��

��!�� "� �#"� ��

��$%&'�($'��)* ��

��$%&'�($'� ��)* ��

��$%&'�($'��)* �� +),�)- !� ��

��

�� .!�� ./��0 ��

�� 1��. 2�&��& ��

3�� (�� 30�4)& ��

25� �� (� 1�)&60 ��

�� 9%,, ��

��

�� :�;.�"( :�)<%= ��

�� .� �/,,%) ��

3(7��(��&�08 �� .+�.� �&�%) ��

3(7��+��&�08 �� +�1�� &�%) ��

3(7:�+��&�08 �� >��" �?%&) ��

3(7"��"��&�08 �� @��" �?%&) ��

��

+%BB0% 3)�)& ��

� �� "� 3)�)& ��

>�&'�B�&' ��

�� 7��"� ��7��0) ��

�(�.� �)%9)& ��

�� 1�� %&')��0 ��

+)E/�)=�A), �� $��$%

�� .� �?)%=)&� ��

�� "��" "?%=%�%&0, ��

72�� )=)*,%) ��

�� ;+�+�.� ;%0E&)4 ��

��

�)�B0E��%$��%0=��

��9�3�&0,��&�/,E�%)=

��6�"��$��$

4��

>��

��

��

��!�� "� �#"� ��

��$%&'�($'��)* ��

��$%&'�($'� ��)* ��

��$%&'�($'��)* ��

+%=)%��D&��

�BE��)��E��

*+,-./00 1/22 ./33�

�)�B0E�"C.��8��

;�=/40��4��

��9�3�&0,��&�/,E�%)=

4��

�)�B0E��%$��%0=��

��

��&��&0,%) �� 1��. 2�&��& ��

3�� (�� 30�4)& ��

25� �� (� 1�)&60 ��

3(71�+��&�08 �� 9%,, ��

3(7�+1��&�08 ��

3(7��+.��&�08 ��

3(7��+��&�08 �� .� �/,,%) ��

3(7��(��&�08 �� .+�.� �&�%) ��

3(7��+��&�08 �� +�1�� &�%) ��

3(7:�+��&�08 �� >��" �?%&) ��

3(7"��"��&�08 �� @��" �?%&) ��

3(7(A��&�08 ��

� ��

��6�"��$��$

��:��&�08� �� 7��"� ��7��0) ��

!�"��#��

��/�0��%=��!��CDD=� �� 1�� %&')��0 ��

+)E/�)=�A), ��

��(2��(!��)%=*� ��

��(2��(/,E�)=%)�9B� ��

��"�&��"�

(=/4/&%/4��!��CE�&&0� �� ;+�+�.� ;%0E&)4 ��

+%6B0=��!��CE�&&0� ��

�%&��!��CE�&&0� ��

'��&��" (��

A�=��!��CE��<�� !��.!� ./��

�%=$0��!��CE��<�� !��A:" ��

�)�� !��>1 �9%E<0�=)&� ��

�"��)=)*,%)� ��4CE�&&0� �� !��(� �)&)�) ��

�/DD0��3"�CB'� �� !��(!� (/,E�)=%) ��

��&��!��CD/�� !��+@� +09�@0)=)&� � �

�?0)E��!��CD/�� !��3"� 3)�)& ��

��*D0)&,��!��CD/�� !��+� �?%&) ��

�%60��&��&0,%)��CB'� �� !��>7� >�&'B�&' ��

!��A� �%&')��0 ��

(��

�� !��.!� ./��

�� !��A:" ��

!��>1 �9%E<0�=)&� ��

�"��)=)*,%)� ��4CE�&&0� �� !��(� �)&)�) ��

�� !��(!� (/,E�)=%) ��

��&��!��CD/�� !��+@� +09�@0)=)&� � ��

�?0)E��!��CD/�� !��3"� 3)�)& ��

��*D0)&,��!��CD/�� !��+� �?%&) ��

�%60��&��&0,%)��CB'� �� !��>7� >�&'B�&' ��

!��A� �%&')��0 ��

�/�%)? �&��&0,%) ��

�)�B0E��%$��%0=��

!&%E0��7%&'��4

Statistics

INDONESIA & SECTORS +/- (%) YTD(%)

COMMODITIES +/- (%) YTD(%)

INDICES REGION +/- (%) YTD(%)

KURS REGION +/- (%) YTD(%)

JCI WINNERS (%) JCI LOSERS (%) JCI VOLUME (Lot) JCI FREQ (X)JCI VALUE (Rpmn)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

7-Apr-14 GE Industrial Production SA MoM (%) Feb 0.3 0.4 0.7

GE Industrial Production WDA YoY (%) Feb 4.7 4.8 4.9

8-Apr-14 ID Bank Indonesia Reference Rate (%) 8-Apr 7.50 7.50 7.50

US NFIB Small Business Optimism Mar 92.5 93.4 91.4

JN BOJ 2014 Monetary Base Target (JPY Tn) 8-Apr 270 270 270

9-Apr-14 US Wholesale Inventories MoM (%) Feb 0.5 0.5 0.8

GE Trade Balance (EUR bn) Feb 17.5 16.3 15.0

GE Exports SA MoM (%) Feb -0.5 -1.3 2.2

GE Imports SA MoM (%) Feb 0.1 0.4 4.1

10-Apr-14 US Initial Jobless Claims (000's) 5-Apr 320 300 332

CH Trade Balance (USD bn) Mar 1.80 7.71 -22.99

CH Exports YoY (%) Mar 4.9 -6.6 -18.1

CH Imports YoY (%) Mar 3.9 -11.3 10.1

JN Machine Orders MoM (%) Feb -2.6 -8.8 13.4

11-Apr-14 US PPI Final Demand MoM (%) Mar 0.1 0.5 -0.1

US Univ. of Michigan Confi dence Apr P 81.0 82.6 80.0

CH CPI YoY (%) Mar 2.4 2.4 2.0

CH PPI YoY (%) Mar -2.2 -2.3 -2.0

14-Apr-14 ID Local Auto Sales (Unit) Mar -- 113,079 111,881

ID Motorcycle Sales (Unit) Mar -- 725,629 679,086

US Retail Sales Advance MoM (%) Mar 0.9 1.1 0.7

EC Industrial Production SA MoM (%) Feb 0.2 0.2 0.0

15-Apr-14 US Empire Manufacturing Apr 8.00 1.29 5.61

US CPI MoM (%) Mar 0.1 0.2 0.1

US CPI YoY (%) Mar 1.4 1.5 1.1

GE ZEW Survey Expectations Apr 45.0 43.2 46.6

16-Apr-14 US Housing Starts (000's) Mar 968 -- 907

US Building Permits (000's) Mar 1008 -- 1018

US Industrial Production MoM (%) Mar 0.5 -- 0.8

CH GDP YoY (%) 1Q 7.3 -- 7.7

EC CPI MoM (%) Mar -- -- 0.3

EC CPI YoY (%) Mar F -- -- 0.5

JN Industrial Production MoM (%) Feb F -- -- -2.3

17-Apr-14 US Philadelphia Fed Business Outlook Apr 9.5 -- 9.0

US Initial Jobless Claims (000's) 12-Apr 315 -- 300

21-Apr-14 JN Trade Balance (JPY bn) Mar -- -- -800.3

JN Exports YoY (%) Mar -- -- 9.8

JN Imports YoY (%) Mar -- -- 9.0

22-Apr-14 US Existing Home Sales (USD mn) Mar -- -- 4.6

US Existing Home Sales MoM Mar -- -- -0.40

EC Consumer Confi dence Apr A -- -- -9.3

23-Apr-14 US Markit US Manufacturing PMI Apr P -- -- 55.5

US New Home Sales (000's) Mar -- -- 440

US New Home Sales MoM (%) Mar -- -- -3.30

CH HSBC China Manufacturing PMI Apr P 48.2 -- 48.0

EC Markit Eurozone Manufacturing PMI Apr P -- -- 53.0

GE Markit/BME Germany Mfg PMI Apr P -- -- 53.7

24-Apr-14 US Durable Goods Orders (%) Mar 1.0 -- 2.2

GE IFO Business Climate Apr -- -- 110.7

GE IFO Expectations Apr -- -- 106.4

25-Apr-14 US Univ. of Michigan Confi dence Apr F 83.0 -- 82.6

US Markit US Composite PMI Apr P -- -- 55.7

US Markit US Services PMI Apr P -- -- 55.3

JN Natl CPI YoY (%) Mar -- -- 1.5

PT Trimegah Securities Tbk - www.trimegah.com6 DAILY6

RESEARCH TEAM

Sebastian Tobing, CFA

Head of Research & Institutional Sales

([email protected])

Frederick Daniel Tanggela

Equity Analyst

([email protected])

Robby Hafi l

Equity Analyst

(robby.hafi [email protected])

Melvina Wildasari

Equity Analyst

([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])

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])

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])

Arifi n Pribadi

Ujung Pandang, Sulawesi Selatan

(arifi [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])

Joshua N.C. Tjeuw

Research Associate

([email protected])

Rovandi

Research Associate

([email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffi anto

Cirebon, Jawa Barat

(ariffi [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


fachruly.fi [email protected]

Henry Sidarta


[email protected]

Raditya Andyono


[email protected]

Nancy Pardede


[email protected]


DISCLAIMER:This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affi liated 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 offi cer 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.

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

td140416_2

Documents

Transcript of td140416_2