PT Trimegah Securities Tbk - www.trimegah.

com
1 DAILY
TRIM Daily
Positive earnings trend continue today: TINS management indicated FY2013 is
68% above consensus while LPPF FY2013 is in-line with consensus. We published
property report today where we are turning most bullish compared to the past 6
months. BUYs on BSDE, SMRA, MDLN, MTLA (in order of preference). MDLN (Buy,
530) is our small-cap pick among property names. Only covered by 3 analysts
(including Trimegah) but volume has picked up lately on expectation of marketing
sales momentum picking up soon. Among construction companies, given ADHIs
14% price appreciation, we suggest switching to WIKA or PTPP.
Jakarta Composite Index (JCI) jumped to 4,555.4 or increased by 47.3 points or 1%
yesterday. Index movers were contributed by construction property & real estate sector
(+2.82%), miscellaneous industries sector (+1.67%) and basic industry & chemicals
sector (+1.67%). Total transaction value reached Rp7.3tr as foreign investor booked
Rp1.1tr net buy. Transaction value in regular market posted Rp6.6tr. With positive
sentiment from global and regional market as some Europe economic data shows. We
expect JCI to further strengthen, with todays trading range of 4,502-4,599.
JCI 4,555.4
STOCK PRICE Rec Details
JPFA 1,540 Buy
After broke the resistance level of 1,495, JPFA will
further increase today, in our view. JPFAs today trading
range are between 1,495-1,620
TINS 1,420 Buy
TINS formed white chandle with increasing transaction
volumes. We expect the stock to move upward today
as stochastic indicator to form a golden cross. TINSs
support-resistance level for today is 1,360-1,470
ITMG 27,050 Buy
ITMG remains strong with potential upside in the range
of 26,450-27,550 for today.
SMCB 2,280 Buy
SMCB 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 2,230-2,345
SMGR 15,225 Buy
We expect SMGR to trade up today in the range of
15,000-15,800 Buy at level 15,200 with TP. 15,800
INAF 172 Spec Buy
With stochastic indicator to form a golden cross, we
expect a technical rebound for INAF today in the range
of 169-177. Spec Buy at level 171 with target price
177 (resistance)
ANTM 1,035 Spec Buy
Buy at level 1,030 with resistance level 1,060. If
1,060break, ANTM have a potential upside to level 1,105
GGRM 43,650 Sell
Based on technical analysis, as its Stochastic Ochilator
formed a dead cross, we expect GGRM to move
downward today within the range of 43,200-44,150
UNVR 28,375 Sell
UNVR formed a Overbought, we expect a technical
correction for UNVR today in the range of 27,525-28,650
ADHI 2,210 Sell
ADHI has experienced 14.5% increase within the past
3 trading days. Based on technical analysis, as its
MACD formed a dead cross, we expect ADHI to move
downward today within the range of 2,065-2,400. Pro!t
taking at level 2,400
TRIM Highlights
Market View
Traders Pick
REKSA DANA TRIMEGAH
ASSET MANAGEMENT
Trim Kapital 7,625.8 1.33 100.0
Trim Kapital + 2,801.2 1.56 43.1
Trim Syariah SHM 1,415.3 1.73 24.0
Tram Consumption + 1,243.4 1.61 19.7
Trim Komb 2 1,696.2 1.23 20.6
Trim Syariah B 2,047.0 1.34 27.1
Trim Dana Stabil 2,067.3 -0.00 -0.0
Trim Dana Tetap 2 1,643.9 0.02 0.3
Tram PDPT USD 1.0 0.35 0.0
Tram Reguler INC 989.1 0.24 2.4
Tram Strategic Fund 1,010.7 1.02 10.2
Trim Kas 2 1,060.6 0.06 0.6
FEBRUARY 18, 2014
Change : 1.05%
Transaction Volume (m) : 5,017.0
Transaction Value (Rpbn) : 7,261.6
Mkt Cap (Rptr) : 4,519.9
Market P/E (x) : 14.1
Market Div. Yield (%) : 2.1
Dow Jones 16,154.4 0.0 0.0
Nasdaq 4,244.0 0.0 0.0
Nikkei 14,393.1 80.1 0.6
ST Times 3,069.3 30.6 1.0
FTSE 6,736.0 72.4 1.1
Hang Seng 22,535.9 237.5 1.1
GLOBAL INDICES
TLKM 38.0 11,192.8 0.00 0.0
DUAL LISTING (NYSE )
USD IDR 11,785 -46.0 -0.4
10 yr Indo Govr bond (%) 8.48 -0.1 -1.6
10 yr US govt bond (%) 2.7 0.00 0.1
Spread (%) 5.74 -0.14 -1.6
EIDO 25.3 0.0 0.0
Foreign YtD (USDmn) 474.5 91.3 23.8
OTHERS
Global Wrap
In Japan, The Japan GDP Seasonal Adjusted rose 0.3% QoQ in 4Q, lower than
market consensus for 0.7% gain. The Japan GDP annualized seasonal adjusted
rose 1.0% QoQ in4Q13, lower than market consensus for 2.8% gains.
PT Trimegah Securities Tbk - www.trimegah.com
2 DAILY
News of the Day
IPO Bali Towerindo
PT Bali Towerindo Sentra would hold Initial Public Offering
(IPO) with the offering price between IDR380-IDR420 per
share and target fund between IDR33.4bn-IDR36.9bn.
The company plans to offer 88 million shares, or 14.72%
of its enlarged capital, in initial public offering next month.
The company will be used to fund the companys capital
expenditure which will go toward the construction of a new
telecommunication tower, including the leasing of land and
the construction of transmission network. Source: Bisnis
Indonesia & Jakarta Globe
SMGR: Bought plant equipment from FLSmidth
FLSmidth & Co A/S, a company from Denmark has won a
contract from SMGR worth 82mn, around Rp1.3tr to supply
equipment regarding the development of SMGRs 2 new
plants. FLSmidth has been a supplier of equipment for SMGR
since 1910 and has supplied most of SMGR equipment. SMGR
is developing 2 new plants: Rembang plant and Indarung VI,
with value for both plants totaling to Rp7.9tr. Both plants are
targeted to start operation in 2016 and will have production
capacity each of 3mn ton/year. Source: Investor Daily
Comment:
SMGR indicates un-audited 2013 earnings to reach Rp5.0tr
(+13.6% YoY) while revenues to reach Rp22.5tr (+2.7% YoY)
backed by higher sales volume. Sales volume in 2013 reached
28mn ton up 27.3% YoY from 22mn ton in 2012.
TINS: posted 19% YoY earnings growth on lower costs
TINS posted 2013 revenues of Rp5.9tr, dropped 21% YoY,
while operating pro!t increased 27% YoY on lower COGS
and opex. TINS posted 19% YoY earnings growth to reach
Rp515bn. Source: Kontan, Company
Comment:
2013 earnings 68% above consensus" Positive for TINS. These
were mostly caused by lower costs as tin price increased only
by 5% YoY (2013 average: USD22,270/ton vs 2012 average:
USD21,090/ton).
AALI: Budgeting USD70mn
AALI plans to budget USD70mn to its second re!nery
development which has capacity 600,000 metric ton per year.
Astra Agro management expects the second plant would
be built this year and operate in 2016. In next two years,
the company would be supported by two plants which have
total capacity by 1.2mn metric ton per year. Source: Bisnis
Indonesia
SIDO: Plan to build new factory of herbal medicine
extract
Along with the new factory plan, SIDO has targeted the herbal
medicines extract sales in 2014 Rp 200 300bn. 70-75% of
the extract product sales is targeted to domestic pharmacy
companies, while the rest to the pharmacy companies in
several ASEAN countries and Japan. For 2014, the companys
target for sales is Rp 2.8tn with net income Rp 450bn. The
company also has planned to acquire pharmacy factory and
companies by end of the 2014 or at the beginning of 2015
parallel with the strategy to strengthen their pharmacy
business. Source: Investor Daily
PT Trimegah Securities Tbk - www.trimegah.com
3 DAILY
Indices Region +/- (%) YTD (%)
-0.45
-0.53
-2.55
0.00 0.00 1.61
1.24 0.37 1.92
-0.19
1.10
0.91
2.59
-624.8 -1.30 -7.63
11.31 0.76 0.27
-3.20
Market Div. Yield (%)
1.0
1.1
1.4
1.5
1.9
2.1
2.5
2.6
3.2
3.8
BBCA
TLKM
BMRI
CPIN
ASII
BBNI
SMGR
BBRI
ADRO
BMTR
JCI
-3.20
-3.62
19.57 0.92 0.92
22.00 1.93 9.71
-11.65
-8.47
-3.31
-3.23
-1.07
-3.10
20.50 1.56 2.59
54.16 0.89 4.72
-2.11
12.99
Market Div. Yield (%)
-0.7
-1.0
-1.3
-1.3
-1.3
-1.6
-1.9
-2.2
-3.1
ICBP
BDMN
AALI
BNII
EXCL
BNLI
DNET
SIDO
HERO
GSMF 1,018,014
366,120
358,479
270,836
255,938
244,601
231,672
212,215
205,003
177,226
BBRI
BMRI
ASII
TLKM
TRAM
BBNI
SILO
LPKR
BBCA
SMGR
JCI ####
447,525
420,617
327,245
308,748
299,504
287,229
282,751
238,471
192,061
188,099
184,319
LPKR
ASRI
BKSL
BBTN
TRAM
WSKT
ENRG
TLKM
TMPI
PWON
KLBF
Market Div. Yield (%)
34,012
5,867
5,151
4,834
4,673
4,539
4,503
4,340
4,159
3,682
TIFA
SIDO
ASII
ADHI
TLKM
PGAS
BBRI
BKSL
COWL
WSKT
YTD (Rp) 6.58% 5,017.0 MXWO MSCI Word 1,653.6 3.43 0.21 -0.45
YTD (USD) 3.48% 7,261.6 SPX S&P 500 1,838.6 0.00 0.00 -0.53
Moving Avg 20day 4,439.1 4,519.9 US
Moving Avg 50day 4,325.4 14.1 16,154.4 0.00 0.00 -2.55
Moving Avg 200day 4,533.9 2.1 Nasdaq US 4,244.0 0.00 0.00 1.61
Europe
Indonesia & Sectors +/- (%) YTD (%) EURO 50 Europe 334.6 1.24 0.37 1.92
MSCI Indonesia 5,305.6 64.8 1.24 8.09 FTSE London 6,736.0 72.38 1.09 -0.19
JII 615.6 6.6 1.09 5.21 DAX Jerman 9,656.8 -5.64 -0.06 1.10
LQ45 766.7 9.1 1.20 7.82 CAC France 4,335.2 -4.97 -0.11 0.91
JAKFIN Index 608.1 7.6 1.26 12.54 SMI Swiss 8,415.7 -1.91 -0.02 2.59
JAKINFR Index 977.1 5.0 0.52 5.02 BRIC
-3.93 BOVESPA Brazil 47,576.3 -624.8 -1.30 -7.63
JAKCONS Index 1,909.2 2.3 0.12 7.14 MICEX Russia 1,507.5 11.31 0.76 0.27
JAKTRAD Index 797.9 7.8 0.99 2.72 SENSEX India 20,464.1 97.24 0.48 -3.20
JAKMIND Index 1,214.6 20.0 1.67 0.79 NIFTY India 6,073.3 24.95 0.41 -3.62
JAKBIND Index 521.5 8.6 1.67 8.47 SHCOMP China 2,135.4 19.57 0.92 0.92
JAKPROP Index 395.4 10.9 2.82 17.33 SZCOMP China 1,160.4 22.00 1.93 9.71
-4.01
Nikkei Japan 14,393.1 80.1 0.56 -11.65
Commodities +/- (%) YTD (%) TPX Japan 1,192.1 8.23 0.70 -8.47
Hong kong 22,535.9 237.53 1.07 -3.31
CRB Index 293.2 0.0 0.00 4.67 KOSPI S.Korea 1,946.4 6.08 0.31 -3.23
TAIEX Taiwan 8,519.6 5.87 0.07 -1.07
Crude Oil (USD/bbl) 100.3 0.0 0.00 1.91 FSSTI Singapore 3,069.3 30.57 1.01 -3.10
Natural Gas 5.2 0.0 0.00 23.26 ASEAN
-11.06 SET Thailand 1,332.4 20.50 1.56 2.59
-1.1 -1.37 -10.35 PCOMP Philipines 6,167.8 54.16 0.89 4.72
KLCI Malaysia 1,827.5 8.11 0.45 -2.11
-14.3 -0.83 -3.29 VNINDEX Vietnam 570.2 -2.02 -0.35 12.99
Nickel (USD/tonne) 14,380 130.0 0.91 3.45
Market Div. Yield (%)
Dow Jones Industrial
Developed ASIA
JCI
HSI
Indices
YTD (Rp) 6.58% 5,017.0 MXWO MSCI Word 1,653.6
YTD (USD) 3.48% 7,261.6 SPX S&P 500 1,838.6
Moving Avg 20day 4,439.1 4,519.9
Moving Avg 50day 4,325.4 14.1
Moving Avg 200day 4,533.9 2.1
Dow Jones Industrial
Nilai (Rpbn)
Mkt Cap (Rptr)
4,555.37 47.32 1.05%
Market P/E (x)
Volume (m)
JCI
Market Div. Yield (%) 1
Indonesia & Sectors +/- (%) YTD (%)
MSCI Indonesia 5,305.6 64.8 1.24 8.09 FTSE London 6,736.0
JII 615.6 6.6 1.09 5.21 DAX Jerman 9,656.8
LQ45 766.7 9.1 1.20 7.82 CAC France 4,335.2
JAKFIN Index 608.1 7.6 1.26 12.54 SMI Swiss 8,415.7
JAKINFR Index 977.1 5.0 0.52 5.02
JAKMINE Index 1,373.1 9.7 0.71 -3.93
JAKCONS Index 1,909.2 2.3 0.12 7.14 MICEX Russia 1,507.5
JAKTRAD Index 797.9 7.8 0.99 2.72 SENSEX India 20,464.1
JAKMIND Index 1,214.6 20.0 1.67 0.79 NIFTY India 6,073.3
JAKBIND Index 521.5 8.6 1.67 8.47 SHCOMP China 2,135.4
JAKPROP Index 395.4 10.9 2.82 17.33 SZCOMP China 1,160.4
JAKAGRI Index 2,054.2 3.9 0.19 -4.01
Commodities +/- (%) YTD (%)
Developed ASIA
CRB Index 293.2 0.0 0.00 4.67 KOSPI S.Korea 1,946.4
Oil & Gas
Crude Oil (USD/bbl) 100.3 0.0 0.00 1.91 FSSTI Singapore 3,069.3
Natural Gas 5.2 0.0 0.00 23.26
COAL (AUS Daily) 77.6 0.2 0.26 -11.06
COAL (Australia,wk) 75.8 -1.1 -1.37 -10.35
Industrial Metals
Alumunium (USD/tonne) 1,703.8 -14.3 -0.83 -3.29
Nickel (USD/tonne) 14,380 130.0 0.91 3.45
Tin (USD/tonne) 23,125 150 0.65 3.47
Precious Metal Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,318.6 0.0 0.00 9.67 USDEUR Euro 0.730
Silver (USD/t oz.) 21.4 0.0 0.00 10.77 USDGBP 0.598
Soft Commodities USDCHF Switzerland 0.892
CPO (Malaysia - Rm/tonne) 2,683.0 22.0 0.83 2.09 USDCAD Canada 1.097
Rubber (JPY/kg) 2,226.3 52.4 2.41 -16.26 USDAUD Australia 1.107
Corn (USD/bu.) 445.3 0.0 0.00 5.51 USDNZD New Zealand 1.196
Wheat (USD/bu.) 598.5 0.0 0.00 -1.12 USDJPY Japan 101.92
Soybeans (USD/bu.) 1,337.5 0.0 0.00 1.90 USDCNY China 6.06
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.755
USDSGD Singapore 1.259
Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,318.6 0.0 0.00 9.67 USDEUR Euro 0.730 -0.001 -0.11 0.37
Silver (USD/t oz.) 21.4 0.0 0.00 10.77 USDGBP 0.598 0.001 0.20 -0.88
USDCHF Switzerland 0.892 -0.001 -0.11 -0.01
CPO (Malaysia - Rm/tonne) 2,683.0 22.0 0.83 2.09 USDCAD Canada 1.097 -0.001 -0.12 3.02
-16.26 USDAUD Australia 1.107 0.000 0.02 -1.63
Corn (USD/bu.) 445.3 0.0 0.00 5.51 USDNZD New Zealand 1.196 0.001 0.06 -2.01
-1.12 USDJPY Japan 101.92 0.120 0.12 -3.16
Soybeans (USD/bu.) 1,337.5 0.0 0.00 1.90 USDCNY China 6.06 (0.00) (0.04) 0.15
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.755 -0.000 -0.01 0.01
USDSGD Singapore 1.259 -0.000 -0.01 -0.31
Rupiah Indonesia 11,785 -46.00 -0.39 -3.17
Market Div. Yield (%)
United Kingdom
Statistics
INDONESIA & SECTORS +/- (%) YTD(%)
COMMODITIES +/- (%) YTD(%)
INDICES REGION +/- (%) YTD(%)
KURS REGION +/- (%) YTD(%)
JCI WINNERS (%) JCI LOSERS (%) JCI VALUE (Rpmn) JCI VOLUME (Lot) JCI FREQ (X)
34,012
25,5
PT Trimegah Securities Tbk - www.trimegah.com
4 DAILY
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
14-Feb-14 ID BoP Current Account Balance (USD bn) 4Q -- -4.0 -8.5
ID Motorcycle Sales Jan -- 579,361 551,283
ID Local Auto Sales Jan -- 103,494 97,691
US Import Price Index YoY Jan -1.0 -1.5 -1.1
US Industrial Production MoM Jan 0.2 -0.3 0.3
US Univ. of Michigan Con!dence Feb P 80.2 81.2 81.2
CN PPI YoY Jan -1.6 -1.6 -1.4
CN CPI YoY Jan 2.4 2.5 2.5
EC GDP SA QoQ (%) 4Q A 0.2 0.3 0.1
EC GDP SA YoY (%) 4Q A 0.4 0.5 -0.3
GE GDP SA QoQ (%) 4Q P 0.3 0.4 0.3
GE GDP NSA YoY (%) 4Q P 1.3 1.3 1.1
17-Feb-14 JN GDP SA QoQ (%) 4Q P 0.7 0.3 0.3
JN GDP Annualized SA QoQ (%) 4Q P 2.8 1.0 1.1
JN Industrial Production YoY (%) Dec F -- 7.1 7.3
18-Feb-14 US NAHB Housing Market Index Feb -- -- 56
EC ZEW Survey Expectations Feb -- -- 73.3
EC Current Account NSA (EUR bn) Dec -- -- 27.4
GE ZEW Survey Current Situation Feb -- -- 41.2
GE ZEW Survey Expectations Feb -- -- 61.7
19-Feb-14 US Housing Starts (000's) Jan 900 -- 999
US Housing Starts MoM (%) Jan -9.9 -- -9.8
US PPI MoM Jan -- -- 0.4
US PPI YoY Jan -- -- 1.2
US Building Permits (000's) Jan 960 -- 986
US Building Permits MoM Jan -3.1 -- -3.0
20-Feb-14 US CPI MoM (%) Jan 0.2 -- 0.3
US CPI Ex Food and Energy MoM (%) Jan 0.1 -- 0.1
US CPI YoY (%) Jan -- -- 1.5
US CPI Ex Food and Energy YoY (%) Jan -- -- 1.7
US Initial Jobless Claims 15-Feb 334 -- 339
US Markit US PMI Preliminary Feb 53.7 -- --
CN HSBC/Markit Flash Mfg PMI Feb -- -- 49.5
EC PMI Manufacturing Feb A -- -- 54
EC PMI Services Feb A -- -- 51.6
EC Consumer Con!dence Feb A -- -- -11.7
GE PMI Manufacturing Feb A -- -- 56.5
GE PMI Services Feb A -- -- 53.1
21-Feb-14 US Existing Home Sales (mn) Jan 4.69 -- 4.87
US Existing Home Sales MoM Jan -3.7 -- 1.0
24-Feb-14 US Chicago Fed Nat Activity Index Jan -- -- 0.16
US Dallas Fed Manf. Activity Feb -- -- 3.8
GE IFO Business Climate Feb -- -- 110.6
GE IFO Expectations Feb -- -- 108.9
EC CPI MoM (%) Jan -- -- 0.3
EC CPI YoY (%) Jan F -- -- --
25-Feb-14 US House Price Index MoM (%) Dec -- -- 0.1
US Consumer Con!dence Index Feb 80.0 -- 80.7
GE GDP SA QoQ (%) 4Q F -- -- 0.4
GE GDP NSA YoY (%) 4Q F -- -- 1.3
PT Trimegah Securities Tbk - www.trimegah.com
5 DAILY
RESEARCH TEAM
Sebastian Tobing, CFA
Head of Research & Institutional Sales
(sebastian.tobing@trimegah.com)
Frederick Daniel Tanggela
Equity Analyst
(frederick.daniel@trimegah.com)
Robby Ha!l
Equity Analyst
(robby.ha!l@trimegah.com)
Melvina Wildasari
Equity Analyst
(melvina.wildasari@trimegah.com)
EQUITY CAPITAL MARKET TEAM
JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Musji Hartono
Mangga Dua, Jakarta
(musji.hartono@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Very Wijaya
BSD, Jakarta
(very.wijaya@trimegah.com)
SUMATRA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Tantie Rivi Watie
Pekanbaru, Riau
(tantierw@trimegah.com)
Hari Mulyono Soewandi
Palembang, Sumatra Selatan
(hari.mulyono@trimegah.com)
Maria Renata
Equity Analyst
(maria.renata@trimegah.com)
Gina Novrina Nasution, CSA
Equity Analyst
(gina.nasution@trimegah.com)
Hapiz Sakti Azi
Research Associate
(hapiz.azi@trimegah.com)
Mardhika Rinaldi
Research Associate
(mardhika.rinaldi@trimegah.com)
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
Agus Jatmiko
Balikpapan, Kalimantan Timur
(agus.jatmiko@trimegah.com)
Ari!n Pribadi
Ujung Pandang, Sulawesi Selatan
(ari!n.pribadi@trimegah.com)
CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Andrew Jatmiko
Yogyakarta, Jawa Tengah
(andrew.jatmiko@trimegah.com)
Muhammad Ishaq
Semarang, Jawa Tengah
muhammad.ishaq@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Arif!anto
Cirebon, Jawa Barat
(arif!anto@trimegah.com)
5
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.
PT Trimegah Securities Tbk
Gedung Artha Graha 18
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Floor
Jl. Jend. Sudirman Kav. 52-53
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t. +62-21 2924 9088
f. +62-21 2924 9150
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