TRIM Daily

APRIL 14, 2014

4,816.6

JCI

TRIM Highlights
We initiated KAEF today with a Buy and 16% upside to TP 1,000. We
expect KAEF to post 20% EPS CAGR 14-17, driven by strong growth in
its pharmaceutical outlets (from 512 outlets in 2013 to 1,000 in 2019)
and stable growth in distribution business (which grew by 29% in 2013).
We also have our Politics Monday discussion, which we will include in
our daily every Monday until presidential election. Jokowi may announce
his VP candidate as early as this week, which could be a +VE sentiment
for the market. Our top picks for index are: BBRI, AISA, SMBR, WTON,
WIKA, BSDE, SMRA.

Change

1.07%

Transaction Volume (m)

4,662.5

Transaction Value (Rpbn)

Mkt Cap (Rptr)

:
:

7,610.0
4,774.3

Market P/E (x)

Market Div. Yield (%)

:
:

15.2
2.0

GLOBAL INDICES
Price
Dow Jones

Market View
Jakarta Composite Index (JCI) was up by 50.9 points or 1.1% to 4,816.6 yesterday.
Index movers were mostly driven by Mining (+2.41%), Misc. Industries (+1.72%),
and Infrastructure Utilities and Transportation (+1.54%). Total transaction value
was Rp7.6tr with regular market transaction Rp6.6tr. IDX recorded Rp53bn net buy
by foreign investors. Today, JCI is expected to continue its strengthening within the
support and resistance levels of 4734-4852

In U.S., the U.S. PPI nal demand rose 0.5% MoM in March (vs consensus:
+0.1%), following a 0.1 decrease in prior month. The U.S. University of Michigan
consumer sentiment preliminary number for April rose to 82.6 (vs consensus:
81.0) from 80.0 in nal March. In China, the China CPI rose to 2.4% YoY, in line
with market consensus.

Traders Pick

INCO

PRICE
3310

3,999.7

Nikkei
ST Times
FTSE
Hang Seng

-5.4

-0.2

6,561.7

-80.3

-1.2

23,003.6 -183.3

-0.8

NAB

Chg

Trim Kapital

8,054.1

94.3

1.18

Trim Kapital +

2,990.4

26.0

0.88

Trim Syariah SHM

1,501.7

13.3

0.89

Tram Consumption + 1,313.0

10.8

0.83

Trim Komb 2

1,793.0

12.1

0.68

Trim Syariah B

2,145.6

15.8

0.74

Trim Dana Stabil

2,084.5

-0.2

-0.01

Trim Dana Tetap 2

1,658.4

-0.2

-0.01

1.1

0.0

0.07

994.7

0.0

0.00

Buy

Tram Strategic Fund

1,069.8

-1.2

-0.11

Trim Kas 2

1,070.9

0.2

0.02

ASII

7675

Buy

ASII will further increase today, in our view. Buy at

level 7600 with target price 7800 (Gaps)

Buy

TLKM formed a white long candle with increasing

transaction volumes, yesterday. Support and resistance
levels of 2280-2355

PGAS

5275

Spec Buy

We expect PGAS to trade up today in the range of

5200-5350. Spec Buy at level 5200 with target price
5350 (resistance)

JSMR

5925

Spec Buy

JSMR a potensial upside today with trading range

5825-6050

GJTL

1900

Trading Buy

Buy at level 1900 and sell at 2100

Tram Reguler INC

DUAL LISTING (NYSE )

(USD)
TLKM

40.3

(Rp)

Chg

11,485.3

0.29

0.7

OTHERS

USD IDR
Trading Buy

Buy at level 4200 and sell at 4325

10 yr Indo Govr bond (%)

10 yr US govt bond (%)

JPFA

KLBF

1405

1510

-2.4

3,198.2

Tram PDPT USD

TINS remains strong with potential upside in the range

of 1900-1980 for today.

4200

-1.3

INCO is a long term bullish, it formed a white long

chandle with increasing transaction volumes, indicates
further upward movement for today with support and
resistance levels of 3185-3420

Buy

CPIN

-54.4

13,960.1 -340.1

Details

1945

2315

Nasdaq

Rec

TINS

TLKM

%
-0.9

REKSA DANA TRIMEGAH

ASSET MANAGEMENT

Global Wrap

STOCK

Chg

16,026.8 -143.5

Trading Buy

Sell

Buy at level 1405 and sell at 1475

KLBF formed an Overbought, we expect a technical
correction for KLBF today in the range of 1450-1530

PT Trimegah Securities Tbk - www.trimegah.com

Chg

11,414

56.0

0.5

7.85

-0.0

-0.3

2.6 -0.03

-1.2

Spread (%)

5.24

0.01

1.0

EIDO

27.5

0.1

0.2

2,688

5.0

0.2

Foreign YtD (USDmn)

DAILY

News of the Day

Politics Monday
Formation of coalitions

Sitara Propertindo: IPO Plan with Target <Rp500bn

(Mid 2014).

Although the ofcial result of legislative election will only be

available on 7-9 May, political parties have begun the courting

PT Sitara Propertindo plans for IPO in middle of this year with

target under Rp500bn. Its completed projects include middle-

process to form coalitions. All presidential candidates need

to form coalitions in order to pass the 20% threshold. So far

up residential properties of Premiere Pavilion at Cengkareng

and Les Belles Maisons at Serpong. The company currently

PDIP has formed a coalition with Nasdem (based on quick

count should be sufcient to pass the 20% threshold), while

has ongoing projects for Premiere Village (Cipondoh) and

mixed-use project of City Point (Pondok Cabe) and future

Gerindra is very likely to form a coalition with PPP (based on

quick count combined for 18.3% vs 20% threshold) although

projects at Serpong, Kemang, Solo, and Purwakarta. Source:

there seems to be arising conict between PPPs elites and

grassroot supporters.
Jokowi trying to show more leadership within PDIP
To some extent, Gerindra has had some success in portraying
Jokowi as Megawatis puppet, which helped contributed to
PDIPs disappointing showing in 2014 legislative election
(quick count result of 19% versus our expectation of 2530%). Since then, Jokowi has tried to show more leadership.
He has visited several political parties on his own to discuss
coalitions ahead of presidential election and mentioned
reluctance to offer ministerial seats to coalition partners. He
has also stated several times that he will have the nal say
in his vice presidential candidate, chosen from a list prepared
by PDIP. The vice presidential candidate will be announced
as early as this week, albeit there has not been a clear front
runner (Jusuf Kallas name has been suggested by many in
the media, but Jokowi is rumored to prefer a younger gure).
We could see more volatility caused by potential changes
in political sentiments (i.e. announcements of PDIP and
Gerindras VP candidates), but we maintain our long-term
positive outlook on macro environment and the market. We
also maintain our view that Jokowi has the highest likelihood
of becoming Indonesias next president, albeit there is now a
higher probability that the presidential election would need
two rounds (2nd round would be on September 9th).

Bisnis Indonesia
DGIK: Aiming at Rp1.7-1.8tr contracts
DGIK aims to get Rp1.7-1.8tr worth of contracts this year,
12.5-25% increase from Rp1.6tr target in 2013. Up to Q1
2014, DGIK claimed to have recieved 50% of the target, or
contracts worth Rp900bn. These contracts are located at
Sumatara, Java and Kalimantan. Its capex for 2014 is set at
Rp30bn. Source: Kontan
Comment:
DGIK market cap is at Rp881bn, with PE (ttm) of 13.3. Its
revenue grew by 19.4% in 2013.
SSIA: Seeking for Rp1.1tr loans to nance ofce tower
project
SSIA is looking for Rp1.1tr bank loan (USD100mn) to nance
its ofce tower project in Kuningan, South Jakarta. The
project is valued at Rp1.6tr (USD150mn). The Company was
formerly set to spend Rp1.4tr on capex this year, in which it
will use for its industrial estate expansion in both Bekasi (new
industrial estate portfolio) and Karawang and its expansion
into budget hotels in Java and Sumatra. SSIA plans to enlarge
its industrial estate portfolio in North Bekasi (2,000ha).
Source: Investor Daily
Comment:
Neutral. The ofce tower project and budget hotels will
not have impact on the Companys earnings in the shortterm. Despite its diversied business and major expansions
through ofce tower project, we deem SSIA lacks of shortterm catalyst as demand for industrial land, which we expect
to contribute around 75% to 2014 earnings) would remain
soft during election period. We have a Hold stance with TP of
Rp720/sh (18.2% potential downside).

DAILY

PT Trimegah Securities Tbk - www.trimegah.com

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3


4444

World Economic Calendar

Date Time Country Event
4-Apr-14
7-Apr-14
8-Apr-14

9-Apr-14

10-Apr-14

11-Apr-14

14-Apr-14
15-Apr-14

16-Apr-14

17-Apr-14
21-Apr-14

22-Apr-14

23-Apr-14

US
US
GE
GE
ID
US
JN
US
GE
GE
GE
US
CH
CH
CH
JN
US
US
CH
CH
US
EC
US
US
US
EC
US
US
US
CH
EC
EC
JN
US
US
JN
JN
JN
US
US
EC
US
US
US
CH
EC
GE

Change in Nonfarm Payrolls (000' s)

Unemployment Rate (%)
Industrial Production SA MoM (%)
Industrial Production WDA YoY (%)
Bank Indonesia Reference Rate (%)
NFIB Small Business Optimism
BOJ 2014 Monetary Base Target (JPY Tn)
Wholesale Inventories MoM (%)
Trade Balance (EUR bn)
Exports SA MoM (%)
Imports SA MoM (%)
Initial Jobless Claims (000's)
Trade Balance (USD bn)
Exports YoY (%)
Imports YoY (%)
Machine Orders MoM (%)
PPI Final Demand MoM (%)
Univ. of Michigan Condence
CPI YoY (%)
PPI YoY (%)
Retail Sales Advance MoM (%)
Industrial Production SA MoM (%)
Empire Manufacturing
CPI MoM (%)
CPI YoY (%)
ZEW Survey Expectations
Housing Starts (000's)
Building Permits (000's)
Industrial Production MoM (%)
GDP YoY (%)
CPI MoM (%)
CPI YoY (%)
Industrial Production MoM (%)
Philadelphia Fed Business Outlook
Initial Jobless Claims (000's)
Trade Balance (JPY bn)
Exports YoY (%)
Imports YoY (%)
Existing Home Sales (USD mn)
Existing Home Sales MoM
Consumer Condence
Markit US Manufacturing PMI
New Home Sales (000's)
New Home Sales MoM (%)
HSBC China Manufacturing PMI
Markit Eurozone Manufacturing PMI
Markit/BME Germany Mfg PMI

PT Trimegah Securities Tbk - www.trimegah.com

Period

Survey

Actual

Prior

Mar
Mar
Feb
Feb
8-Apr
Mar
8-Apr
Feb
Feb
Feb
Feb
5-Apr
Mar
Mar
Mar
Feb
Mar
Apr P
Mar
Mar
Mar
Feb
Apr
Mar
Mar
Apr
Mar
Mar
Mar
1Q
Mar
Mar F
Feb F
Apr
12-Apr
Mar
Mar
Mar
Mar
Mar
Apr A
Apr P
Mar
Mar
Apr P
Apr P
Apr P

200
6.6
0.3
4.7
7.50
92.5
270
0.5
17.5
-0.5
0.1
320
1.80
4.9
3.9
-2.6
0.1
81.0
2.4
-2.2
0.8
0.2
8.0
0.1
1.5
-968
1008
0.5
7.3
---9.5
315
-------------

192
6.7
0.4
4.8
7.50
93.4
270
0.5
16.3
-1.3
0.4
300
7.71
-6.6
-11.3
-8.8
0.5
82.6
2.4
-2.3
----------------------------

188
6.7
0.7
4.9
7.50
91.4
270
0.8
15.0
2.2
4.1
332
-22.99
-18.1
10.1
13.4
-0.1
80.0
2.0
-2.0
0.3
-0.2
5.6
0.1
1.1
61.5
907
1018
0.8
7.7
0.3
0.5
-2.3
9.0
300
-800.3
9.8
9.0
4.6
-0.40
-9.3
55.5
440
-3.30
48.0
53
53.7

DAILY

RESEARCH TEAM
Sebastian Tobing, CFA
Head of Research & Institutional Sales
(sebastian.tobing@trimegah.com)

Maria Renata
Equity Analyst
(maria.renata@trimegah.com)

Joshua N.C. Tjeuw

Research Associate
(joshua.tjeuw@trimegah.com)

Frederick Daniel Tanggela

Equity Analyst
(frederick.daniel@trimegah.com)

Gina Novrina Nasution, CSA

Equity Analyst
(gina.nasution@trimegah.com)

Rovandi
Research Associate
(rovandi@trimegah.com)

Robby Hal
Equity Analyst
(robby.hal@trimegah.com)

Hapiz Sakti Azi

Research Associate
(hapiz.azi@trimegah.com)

Melvina Wildasari
Equity Analyst
(melvina.wildasari@trimegah.com)

Paula Ruth
Research Associate
(paula@trimegah.com)

INSTITUTIONAL SALES
Daniel Dwi Seputro
Head of Institutional Equity Sales
daniel.dwi@trimegah.com

Fachruly Fiater
Equity Institutional Sales
fachruly.ater@trimegah.com

Dewi Yusnita
Equity Institutional Sales
dewi.yusnita@trimegah.com

Henry Sidarta
Equity Institutional Sales
henry.sidarta@trimegah.com

Meitawati
Equity Institutional Sales
meitawati.edianingsih@trimegah.com

Raditya Andyono
Equity Institutional Sales
raditya.andyono@trimegah.com

Nancy Pardede
Equity Institutional Sales
nancy.pardede@trimegah.com

EQUITY CAPITAL MARKET TEAM

JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)

EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)

WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)

Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)

Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com

Arifanto
Cirebon, Jawa Barat
(arifanto@trimegah.com)

Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)

Musji Hartono
Mangga Dua, Jakarta
(musji.hartono@trimegah.com)

Ivan Jaka Perdana

Malang, Jawa Timur
(ivan.perdana@trimegah.com)

Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)

Agus Jatmiko
Balikpapan, Kalimantan Timur
(agus.jatmiko@trimegah.com)

Very Wijaya
BSD, Jakarta
(very.wijaya@trimegah.com)

Arin Pribadi
Ujung Pandang, Sulawesi Selatan
(arin.pribadi@trimegah.com)

SUMATRA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)

CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)

Tantie Rivi Watie

Pekanbaru, Riau
(tantierw@trimegah.com)

Andrew Jatmiko
Yogyakarta, Jawa Tengah
(andrew.jatmiko@trimegah.com)

Hari Mulyono Soewandi

Palembang, Sumatra Selatan
(hari.mulyono@trimegah.com)

Muhammad Ishaq
Semarang, Jawa Tengah
muhammad.ishaq@trimegah.com)

5 Trimegah Securities Tbk - www.trimegah.com

PT

DAILY

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 afliated 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 ofcer 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 companys equity securities.