td140502_2

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

TRIM Daily

Today macro numbers and results likely to drive the market. Macro: we expect

positive results with March trade surplus of USD770mn versus consensus of

USD520mn (USD785mn in Feb) and expect April infl ation of 7.20% YoY versus

consensus 7.25% (7.32% in March). We have done recap of results (please see

page 2). We expect GGRM, TCID to continue rising on strong 1Q result. Of 70

companies that we have input into our 1Q result database, there is a balance

between above (17 companies), in-line (14 companies) and below (19 companies).

Of the 70 companies, 1Q YoY growth is 13%, in-line with our expectation for

FY2014.

Jakarta Composite Index (JCI) was up by 20.5 points or 0.42% to 4,840.1 yesterday.

Index movers were mostly driven by Mining (+1.11%), Consumer Goods (+0.89%),

and Infrastructure (+0.87%). Total transaction value was Rp7.0tr with regular

market transaction Rp5.7tr. IDX recorded Rp169bn net sell by foreign investors.

Today, JCI is expected to continue its strengthening. Technically, we expect JCI to

move in the range of 4788-4871. However, JCI closed a gap up yesterday and JCI

may face further short-term correction.

JCI 4,840.1

BBCA 11000 BuyWe expect BBCA to trade up today in the range of 10550-11250

BBNI 4815 BuyWith stochastic indicator to form a golden cross, we expect a upware movement for BBNI today in the range of 4780-4850

BBRI 9900 BuyWe expect BBRI to further strengthen, with today’s trading range of 9675-10300

PTBA 9875 BuyPTBA remains strong with potential upside in the range of 9675-10200 for today.

HRUM 2360 BuyHRUM is expected to continue its strengthening within the support and resistance levels of 2300-2415

ITMG 25475 BuyITMG forme a long white candle and increasing volumes, yesterday. ITMG have a potential upside with trading range for today at level 25275-25900

AALI 29400 BuyAALI a potential upside today with trading range 29150-30100

ADHI 2265 SellADHI today is expected to continue its weakening trend and trade in 2860-3045 range

WIKA 2985 SellDespite the recent open black candle formation, stochastic oscillator will form a dead cross, in our view. Thus, WIKA’s trading range today is around 2200-2310

TRIM Highlights

Market View

Trader’s Pick

REKSA DANA TRIMEGAH ASSET MANAGEMENT

NAB Chg %

Trim Kapital 8,261.8 34.4 0.42

Trim Kapital + 3,075.4 10.3 0.34

Trim Syariah SHM 1,526.6 2.9 0.19

Tram Consumption + 1,342.8 4.8 0.36

Trim Komb 2 1,830.6 5.7 0.31

Trim Syariah B 2,171.7 6.2 0.28

Trim Dana Stabil 2,096.3 -0.3 -0.01

Trim Dana Tetap 2 1,665.0 -0.5 -0.03

Tram PDPT USD 1.1 0.0 0.06

Tram Reguler INC 994.7 0.0 0.00

Tram Strategic Fund 1,066.8 -2.1 -0.20

Trim Kas 2 1,074.8 0.1 0.01

MAY 02, 2014

Change : 0.42%

Transaction Volume (m) : 4,366.8

Transaction Value (Rpbn) : 7,016.9

Mkt Cap (Rptr) : 4,798.6

Market P/E (x) : 15.1

Market Div. Yield (%) : 2.0

Price Chg %

Dow Jones 16,558.9 -21.9 -0.1

Nasdaq 4,127.5 12.9 0.3

Nikkei 14,485.1 181.0 1.3

ST Times 3,264.7 0.0 0.0

FTSE 6,808.9 28.9 0.4

Hang Seng 22,134.0 -0.0 -0.0

GLOBAL INDICES

(USD) (Rp) Chg %

TLKM 40.1 11,588.0 0.39 1.0

DUAL LISTING (NYSE )

Chg %

USD IDR 11,562 13.0 0.1

10 yr Indo Govr bond (%) 8.00 -0.0 -0.1

10 yr US govt bond (%) 2.6 -0.03 -1.1

Spread (%) 5.38 0.02 1.0

EIDO 27.8 0.1 0.4

Foreign YtD (USDmn) 2,894 -14.7 -0.5

OTHERS

Global WrapIn U.S., the Fed maintained the fed funds target rate at a range of zero to 0.25%

and reduced monthly bond purchases in May to USD45bn from USD55bn. The U.S.

GDP up 0.1% QoQ annualized in 1Q14 (vs consensus: 1.1%) from 2.6% gain in

prior quarter. The U.S. initial jobless claims jumped to 344,000 in the April 26 week

(vs consensus: 320,000), following an upwardly revised 330,000 in prior week.

PT Trimegah Securities Tbk - www.trimegah.com2 DAILY

RESULT 1Q14

Date Ticker Sector Net profi t

(Rpbn) YoY

Trimegah est (Rpbn)

Con-sensus (Rpbn)

% of Tri-megah

% of Consen-sus

Comment

4/29/2014 SMCB Cement 324 76% NA 1,155 NA 28% Above

4/28/2014 PTPP Construction 61 44% 468 493 13% 12% Above

4/30/2014 TCID Consumer 63 62% NA 180 NA 35% Above

4/29/2014 INDF Consumer 1,373 90% NA 4,142 NA 33% Above

4/30/2014 GGRM Consumer 1,417 35% NA 4,925 NA 29% Above

4/28/2014 ROTI Consumer 61 9% NA 218 NA 28% Above

4/24/2014 BBRI FIG 5,938 17% 24,068 23,515 25% 25% Above

4/29/2014 BBNI FIG 2,393 16% 9,642.2 9,559 25% 25% Above

4/28/2014 BMRI FIG 4,925 14% 20,212 19,974 24% 25% Above

4/28/2014 BBCA FIG 3,665 27% 15,869 16,035 23% 23% Above

4/29/2014 ADRO* Mining 128 348% 291 218 44% 59% Above

4/29/2014 TOBA Mining 8 141% NA 25 NA 31% Above

4/29/2014 UNTR Mining 1,576 40% 5,681 5,250 28% 30% Above

4/28/2014 PTBA Mining 536 9% 1,245 1,846 43% 29% Above

4/29/2014 HRUM* Mining 11 55% 56 42 19% 26% Above

4/29/2014 AALI Plantation 785 120% NA 2,680 NA 29% Above

4/30/2014 BSDE Property 708 -46% NA 2,030 NA 35% Above

4/30/2014 SMGR Cement 1,303 5% 5,715 5,869 23% 22% In-line

4/24/2014 SMBR Cement 76 59% 375 399 20% 19% In-line

4/30/2014 WTON Construction 80 8% NA 307 NA 26% In-line

4/30/2014 WIKA Construction 168 7% NA 707 NA 24% In-line

4/29/2014 WSKT Construction 7 24% 373 409 2% 2% In-line

4/29/2014 ASII Consumer 4,727 -4% 22,307 20,943 21% 23% In-line

4/29/2014 LEAD* Oil and gas service 6 62% NA 23 NA 24% In-line

4/29/2014 LSIP Plantation 224 123% NA 995 NA 22% In-line

4/30/2014 CTRS Property 138 32% NA 523 NA 26% In-line

4/30/2014 ACES Retail 135 50% NA 530 NA 26% In-line

4/30/2014 ERAA Retail 80 7% NA 388 NA 21% In-line

4/30/2014 TLKM Telco 3,649 5% NA 15,320 NA 24% In-line

4/30/2014 JSMR Transportation 376 13% NA 1,663 NA 23% In-line

4/29/2014 TAXI Transportation 29 23% 179 160 16% 18% In-line

4/28/2014 WINS* Oil and gas service 8 30% NA 32 NA 24% In-line.

4/29/2014 TOTL Construction 38 -21% NA 227 NA 17% Below

4/29/2014 UNVR Consumer 1,361 -5% NA 5,945 NA 23% Below

4/30/2014 RMBA Consumer (452) NM NA 335 NA -135% Below

4/17/2014 BDMN FIG 875 -13% 4,212 4,152 21% 21% Below

4/29/2014 BBTN FIG 341 2% 1,665 1,754 20% 19% Below

4/30/2014 KLBF Health 476 6% NA 2,308 NA 21% Below

4/30/2014 AKRA Logistics 180 13% NA 868 NA 21% Below

4/30/2014 INCO* Mining 18 -43% NA 104 NA 17% Below

4/30/2014 SUGI* Oil and gas upstream 16 41% NA 425 NA 4% Below

4/29/2014 SIMP Plantation 192 92% NA 969 NA 20% Below

4/30/2014 SGRO Plantation 55 141% NA 320 NA 17% Below


RESULT 1Q14 CONTINUE

Date Ticker Sector Net profi t

(Rpbn) YoY

Trimegah est (Rpbn)

Con-sensus (Rpbn)

% of Tri-megah

% of Consen-sus

Comment

4/30/2014 CPIN Poultry 661 -8% NA 3,331 NA 20% Below

4/30/2014 CTRA Property 228 5% NA 1,209 NA 19% Below

4/30/2014 ECII Retail 26 -14% NA 345 NA 8% Below

4/30/2014 MPPA Retail 51 81% NA 433.32 NA 12% Below

4/30/2014 MAPI Retail 46 -34% NA 444 NA 10% Below

4/30/2014 RALS Retail 41 -3% NA 457 NA 9% Below

4/30/2014 ISAT Telco (3) -100% NA 502 NA -1% Below

4/30/2014 GIAA* Transportation (164) NM NA 53 NA -311% Below

4/30/2014 MICE Consumer 10 -4% NA NA NA NA Stock is

4/30/2014 SQBB Health 50 29% NA NA NA NA Stock is

4/30/2014 BYAN* Mining (0.512) -439% NA NA NA NA Stock is

4/30/2014 OKAS* Miscellaneous (0.153) -147% NA NA NA NA Stock is

4/30/2014 KONI Miscellaneous 5 621% NA NA NA NA Stock is

4/30/2014 TKIM* Paper 0.010 -34% NA NA NA NA Stock is

4/30/2014 CANI Shipping (117) NM NA NA NA NA Stock is

4/28/2014 TURI Consumer 78 -22% NA NA NA NA

4/29/2014 MBTO Consumer 2 -65% NA NA NA NA

4/29/2014 PANS FIG 136 21% NA NA NA NA

4/28/2014 PNBN FIG 675 12% NA NA NA NA

4/30/2014 KREN FIG 40 2% NA NA NA NA

4/28/2014 JPRS Manufacturing 5 0% NA NA NA NA

4/28/2014 CTBN* Manufacturing 8 -16% NA NA NA NA

4/30/2014 LION Manufacturing 9 -36% NA NA NA NA

4/30/2014 GAMA Property 9 60% NA NA NA NA

4/28/2014 HERO Retail 55 0% NA NA NA NA

4/30/2014 CSAP Retail 19 69% NA NA NA NA

4/30/2014 PBRX* Textile 8 744% NA NA NA NA


News of the DayGIAA: Voluntary prepayment of USD376mn

GIAA has performed voluntary prepayment to Citi Club

Deal in the amount of USD166mn and Rp427bn. The loan

was received on 7 November 2012 and Citibank NA acted as

coordinating bank. In 1Q14 GIAA booked operating income of

USD807mn, similar to PY while its passangers rose 16% YoY

to 6.4mn from 5.6mn. Source: Investor Daily

ICON: Focuses in property

The villa rental business has been sluggish lately thus PT

Island Indonesia Tbk (ICON) is fi nally ready to change the

original villa concept and focus instead on the town house

concept through its subsidiary PT Patra Supplies Services. PT

Patra Supplies will develop the Condotel Springhill townhouse

concept in Jimbaran, Bali as the property sector in Bali is

currently booming. The company will buy 75% stake in PT

Bhumi Lestari, worth Rp60bn. Both companies will build 113

villas and 121 condominiums. The entire project covers 5.5

hectors of land, and 70% out of the 121 units sold at Rp1.5bn

have already been ordered. The project is estimated to obtain

Rp522bn in revenues. Source: Kontan

TICKERdividend

(Rp/shares)Price

(25-apr-14)Rating

Target price

Dividend yield

EX Date TYPE Pay Date

MPPA 186 2,770 Buy 3,000 6.7% 6-May-14 Regular + Special Cash 19-May-14

MLPL 21 640 NA NA 3.3% 5/19/2014 Regular Cash 6/5/2014

BDMN 127 4,090 Hold 4,250 3.1% 5/30/2014 BDVD Forecast -

INDF 165 7,050 NA 7,781 2.3% 7/17/2014 BDVD Forecast -

INTP 470 21,950 Buy 27,400 2.1% 6/20/2014 BDVD Forecast -

GGRM 900 56,500 Hold 56,321 1.6% 7/31/2014 BDVD Forecast -

UNTR 350 21,700 Buy 24,000 1.6% 5/17/2014 BDVD Forecast -

KLBF 20 1,545 Hold 1,535 1.3% 6/13/2014 BDVD Forecast -

ADRO 11 1,185 Buy 1,300 1.0% 5/29/2014 BDVD Forecast -

UNVR 320 29,250 Hold 28,654 1.1% 6/30/2014 BDVD Forecast -

AALI 290 29,400 Sell 26,208 1.0% 5/8/2014 BDVD Forecast -

Dividend Table


Result 1Q14

(USDmn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/2014E

(%)

1Q14/cons (%)

Revenue 224 170 128 (24.8) (42.7) 128 (42.7) 64.0 13.4 16.3

Gross profi t 39 35 29 (18.8) (26.9) 29 (26.9) 63.4 13.3 18.5

Operating profi t 13 9 11 21.8 (14.3) 11 (14.3) 55.3 11.6 15.0

Net profi t 7 6 11 94.5 54.8 11 54.8 91.7 19.3 25.5

Gross margin (%) 17.4 20.6 22.3 1.6 4.8 22.3 4.8

Operating margin (%) 5.8 5.3 8.6 3.3 2.9 8.6 2.9

Net margin (%) 3.1 3.3 8.4 5.2 5.3 8.4 5.3

HRUM: ABOVE CONSENSUS BUT BELOW OUR ESTIMATE

• HRUM posted 1Q14 net profi t of USD10.8mn (+95%

QoQ and 55% YoY), came slightly above the consensus

but below our estimate as 1Q14 top line formed only

13% of our full-year projection.

• Coal sales volumes dropped 30% YoY to 1.9mn

tons (MSJ only) while ASP decreasing by 7% YoY to

USD64.6/ton.

• 1Q14 gross, operating and net margins improved

by 4.8%, 2.9% and 5.3% YoY, respectively, mostly

supported by 18.8% lower cash cost of USD41.2/ton

(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/2014E

(%)

1Q14/cons (%)

Revenue 208 226 236 4.4 13.6 236 13.6 82.0 19.7 19.7

Gross profi t 33 48 38 (20.9) 14.6 38 14.6 77.5 18.6 18.6

Operating profi t 19 14 22 58.6 20.5 22 20.5 79.2 19.0 19.0

Net profi t 9 3 14 434.8 51.7 14 51.7 100.5 24.1 24.1

Gross margin (%) 16.1 21.4 16.2 (5.2) 0.1 16.2 0.1

Operating margin (%) 9.0 6.3 9.5 3.2 0.5 9.5 0.5

Net margin (%) 4.5 1.2 6.0 4.8 1.5 6.0 1.5

NIPS

• Net profi t increased by 51% YoY to Rp14.1bn, while

core net profi t jumping 130% YoY to Rp19.6bn.

• 1Q14 bottom line reached 24% of our FY14 projection

(inline), while core net profi t reached 35% of our full-

year expectation (above).

• Top-line increased by 4.4% QoQ and 13.6% YoY to

reach Rp236bn (18% below our projection), formed

by Rp127.9bn (-5.4% YoY) car battery sales, Rp49bn

(+25% YoY) motorcycle battery sales and Rp49.2bn

(+46% YoY) industrial battery sales.

• We reiterate our BUY call on the counter with DCF

based (WACC: 12.1%, TG: 5%) target price of Rp470/

sh (65% upside).


Result 1Q14

• SMGR booked 1Q14 net profi t up 5.4% YoY to Rp1.3tr,

formed 22.2% and 22.8% of consensus FY estimates

and ours; in-line.

• Revenues stood at Rp6.2tr (+11.4% YoY); representing

22.8% and 22.5% of consensus and our FY targets; in-

line.

• Margins are stagnant compared to previous quarter

and year.

• We have a Hold recommendation on SMGR with TP of

Rp17,000/sh. Currently, SMGR is traded at Rp14,850/

sh equivalent to 15.4x of 14PE.

(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/FY14E

(%)

1Q14/cons (%)

Revenue 5,544 7,110 6,178 (13.1) 11.4 6,178 11.4 99.6 22.5 22.8

Gross profi t 2,485 3,104 2,675 (13.8) 7.7 2,675 7.7 97.4 22.1 21.7

Operating profi t 1,599 1,927 1,639 (14.9) 2.5 1,639 2.5 89.5 20.5 21.2

Net profi t 1,236 1,464 1,303 (11.0) 5.4 1,303 5.4 98.9 22.8 22.2

Gross margin (%) 44.8 43.7 43.3 (1.5) (1.5) 43.3 (1.5)

Operating margin (%) 28.8 27.1 26.5 (2.3) (2.3) 26.5 (2.3)

Net margin (%) 22.3 20.6 21.1 (1.2) (1.2) 21.1 (1.2)

SMGR

(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/2014E

(%)

1Q14/cons (%)

Revenue 773 na 814 na 5.3 814 5.3 102.9 25.7 23.4

Gross profi t 106 na 128 na 21.3 128 21.3 110.1 27.5 25.2

Operating profi t 98 na 114 na 16.8 114 16.8 110.4 27.6 25.9

Net profi t 74 na 80 na 8.7 80 8.7 106.9 26.7 26.2

Gross margin (%) 13.7 na 15.7 na 2.1 15.7 2.1

Operating margin (%) 12.6 na 14.0 na 1.4 14.0 1.4

Net margin (%) 9.6 na 9.9 na 0.3 9.9 0.3

WTON

• WTON booked 1Q14 net income grew by 8.7% YoY to

Rp80bn. The results is representing 26.2% and 26.7%

of FY14 consensus estimates and ours; in-line.

• Revenues up 5.3% YoY to Rp814bn, formed 23.4% of

FY consensus estimates and 25.7% of ours.

• Gross margins expanded to 15.7% from 13.7% in

1Q13, resulting higher operating margin at 14.0%

(1Q13: 12.6%). However, WTON booked higher

interest expense of Rp7.8bn (vs. Rp1.6bn interest

income in 1Q13), resulting net margin stood at 9.9%

(1Q13: 9.6%).

• We have a Buy recommendation on WTON with TP of

Rp880/sh; at current price of Rp735 WTON are traded

at 21.3x of 14PE.


• WIKA 1Q14 net profi t up 6.8% YoY to Rp168bn. The

results is representing 23.7% of consensus and our

FY estimates; in-line. Average for the past 2 years 1Q

results formed 23.7% of FY fi gures.

• Revenues up 6.2% YoY to Rp2.8tr; translating to

19.9% of consensus FY estimates and 19.2% of ours;

in-line.

• WIKA’s subsidiary, WTON, booked 1Q14 revenues of

Rp814bn (+5.3% YoY) and net income of Rp80bn

(+8.7% YoY). WTON’s revenues contributed around

29% of WIKA’s while the bottom line accounted for

48% of WIKA’s.

• Margins are stagnant compared to previous quarter

and year.

• We have a Buy recommendation on WIKA with TP of

Rp2850/sh. WIKA is traded at 14PE of 19.7x.

(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/FY14E

(%)

1Q14/cons (%)

Revenue 2,628 3,972 2,792 (29.7) 6.2 2,792 6.2 96.5 19.2 19.9

Gross profi t 291 478 316 (34.0) 8.5 316 8.5 90.2 17.7 20.0

Operating profi t 274 439 279 (36.3) 2.0 279 2.0 101.1 20.1 19.2

Net profi t 157 180 168 (6.9) 6.8 168 6.8 99.9 23.7 23.7

Gross margin (%) 11.1 12.0 11.3 (0.7) 0.2 11.3 0.2


Net margin (%) 6.0 4.5 6.0 1.5 0.0 6.0 0.0

WIKA

Result 1Q14

(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/2014E

(%)

1Q14/cons (%)

Revenue 1,360 4,144 1,440 (65.3) 5.8 1,440 5.8 84.2 11.7 12.1

Gross profi t 108 649 131 (79.7) 21.8 131 21.8 97.9 8.8 9.0

Operating profi t 84 505 70 (86.2) (16.9) 70 (16.9) 63.8 5.8 6.3

Net profi t 12 226 16 (92.8) 40.8 16 40.8 112.9 3.2 3.8

Gross margin (%) 7.9 15.7 9.1 (6.5) 1.2 9.1 1.2


Net margin (%) 0.8 5.5 1.1 (4.3) 0.3 1.1 0.3

ADHI

• ADHI booked 1Q14 earnings up 40.8% YoY to Rp16bn,

formed 3.8% and 3.2% of consensus FY estimates and

ours; in-line. Historically, 1Q fi gures represented only

2.8% of FY results.

• Revenues up 5.8% YoY to Rp1.4tr, translating to 12.1%

and 11.7% of consensus FY target and ours; in-line.

Average for the past 2 years 1Q results formed 10.8%

of FY fi gures.

• Compared to same period previous year, gross margin

improved to 9.1% from 7.9% in 1Q13. However, ADHI

booked fi nance cost of Rp24.3bn vs. Rp13.8bn in 1Q13

(+75.8% YoY).

• ADHI’s management is targeting 2014 revenues growth

of 50% YoY to Rp14.7tr and earnings growth of 40%

YoY to Rp571bn. The target supported by high order

book, which is expected to reach Rp28.6tr (+33.7%

YoY).

• Currently, we have a Buy recommendation on ADHI, is

traded at 14 PE of 10.6x. Our TP is Rp2,550/sh, we are

reviewing our recommendation on ADHI.


(Rpbn) 1Q13 4Q13 1Q14

QoQ chg

(%)

YoY chg (%) 1Q14

YoY chg (%)

1Q14/1Q14E

(%)

1Q14/2014E

(%)

1Q14/cons (%)

Sales 2,640 3,203 3,126 -2.4 18.4 3,126 18.4 93.6 20.7 21.1

Gross Profi t 419 524 530 1.2 26.4 530 26.4 99.9 22.2 22.3

Operating Profi t 75 165 68 -58.7 -8.6 68 -8.6 92.1 11.7 11.6

Net Profi t 63 124 51 -58.9 -19.4 51 -19.4 87.5 12.4 11.8

Gross Margins (%) 15.9 16.3 16.9 16.9

Opr Margins (%) 2.8 5.2 2.2 2.2

Net Margins (%) 2.4 3.9 1.6 1.6

MPPA: SLIGHTLY BELOW OUR AND CONSENSUS EXPECTATION

• MPPA posted 1Q14 net profi t of Rp51bn (-19.4%YoY)

which formed 11.8% and 12.4% of consensus and our

FY estimates; slightly below.

• Core profi t is Rp60bn (+64.2%YoY) which accounted

for 14.9% of our FY14 estimate.

• Revenues reached Rp3.1tr (+18.4%YoY), forming

21.1% and 20.7% of consensus and our full-year

targets.

• Currently, MPPA is traded at Rp2,770/sh equivalent to

39.4x of14PE. We have a Hold recommendation with

TP of Rp3,000/sh.

Result 1Q14


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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

24-Apr-14 US Initial Jobless Claims (000's) 19-Apr 315 329 305

US Durable Goods Orders (%) Mar 2.0 2.6 2.1

GE IFO Business Climate Apr 110.4 111.2 110.7

GE IFO Expectations Apr 105.8 107.3 106.4

25-Apr-14 US Univ. of Michigan Confi dence Apr F 83.0 84.1 82.6

US Markit US Services PMI Apr P 55.5 54.2 55.3

JN Natl CPI YoY (%) Mar 1.6 1.6 1.5

28-Apr-14 US Pending Home Sales MoM (%) Mar 1.0 3.4 -0.5

US Pending Home Sales YoY (%) Mar -10.3 -7.4 -10.0

US Dallas Fed Manf. Activity Apr 6.0 11.7 4.9

29-Apr-14 US Consumer Confi dence Index Apr 83.3 82.3 83.9

GE CPI MoM (%) Apr P -0.10 -0.20 0.30

GE CPI YoY (%) Apr P 1.4 1.3 1.0

30-Apr-14 US Fed QE3 Pace (USD bn) Apr 45 45 55

US Fed Pace of Treasury Purchases (USD bn) Apr 25 25 30

US Fed Pace of MBS Purchases (USD bn) Apr 20 20 25

US FOMC Rate Decision (%) 30-Apr 0.25 0.25 0.25

US ADP Employment Change (000's) Apr 210 220 209

US GDP Annualized QoQ (%) 1Q A 1.1 0.1 2.6

US Chicago Purchasing Manager Apr 56.5 63.0 55.9

JN Industrial Production MoM (%) Mar P 0.5 0.3 -2.3

1-May-14 US Initial Jobless Claims (000's) 26-Apr 320 344 330

US Personal Income Mar 0.4 0.5 0.4

US Personal Spending Mar 0.6 0.9 0.5

US PCE Core YoY Mar 1.2 1.2 1.1

CH Manufacturing PMI Apr 50.5 50.4 50.3

2-May-14 ID Trade Balance (USD mn) Mar 500 -- 785

ID Exports YoY Mar -1.30 -- -2.96

ID Imports YoY (%) Mar -4.20 -- -9.98

ID CPI YoY (%) Apr 7.25 -- 7.32

ID CPI NSA MoM (%) Apr 0.01 -- 0.08

ID Consumer Confi dence Index Apr -- -- 118.2

ID HSBC Indonesia Manufacturing PMI Apr -- -- 50.1

US Change in Nonfarm Payrolls (000's) Apr 210 -- 192

US Unemployment Rate (%) Apr 6.6 -- 6.7

US Labor Force Participation Rate (%) Apr -- -- 63.2

US ISM New York Apr -- -- 52

US Factory Orders (%) Mar 1.3 -- 1.6

EC Markit EU Manufacturing PMI Apr -- -- 53.4

EC Unemployment Rate (%) Mar -- -- 11.9

5-May-14 ID GDP YoY (%) 1Q 5.65 -- 5.72

ID GDP QoQ (%) 1Q 1.32 -- -1.42

US ISM Non-Manf. Composite Apr -- -- 53.1

CH HSBC China Manufacturing PMI Apr F 48.4 -- 48.3

6-May-14 US Trade Balance (USD bn) Mar -- -- -43.2

US IBD/TIPP Economic Optimism May -- -- 48

EC Retail Sales MoM (%) Mar -- -- 0.4

GE Markit/BME Germany Composite PMI Apr F -- -- 56.3

GE Markit Germany Services PMI Apr F -- -- 55

7-May-14 CH HSBC China Services PMI Apr -- -- 51.9

CH HSBC China Composite PMI Apr -- -- 49.3

GE Factory Orders MoM (%) Mar -- -- 0.6

CH HSBC China Composite PMI Apr -- -- 49.3

GE Factory Orders MoM (%) Mar -- -- 0.6

PT Trimegah Securities Tbk - www.trimegah.com 11DAILY11

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

td140502_2

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