PT Trimegah Securities Tbk - www.trimegah.

com
1 DAILY
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 in!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 Buy
We expect BBCA to trade up today in the range of
10550-11250
BBNI 4815 Buy
With stochastic indicator to form a golden cross, we
expect a upware movement for BBNI today in the range
of 4780-4850
BBRI 9900 Buy
We expect BBRI to further strengthen, with todays
trading range of 9675-10300
PTBA 9875 Buy
PTBA remains strong with potential upside in the range
of 9675-10200 for today.
HRUM 2360 Buy
HRUM is expected to continue its strengthening within
the support and resistance levels of 2300-2415
ITMG 25475 Buy
ITMG 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 Buy
AALI a potential upside today with trading range 29150-
30100
ADHI 2265 Sell
ADHI today is expected to continue its weakening trend
and trade in 2860-3045 range
WIKA 2985 Sell
Despite the recent open black candle formation,
stochastic oscillator will form a dead cross, in our view.
Thus, WIKAs trading range today is around 2200-2310
TRIM Highlights
Market View
Traders 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 Wrap
In 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.com
2 DAILY
RESULT 1Q14
Date Ticker Sector
Net pro!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
PT Trimegah Securities Tbk - www.trimegah.com
3 DAILY
RESULT 1Q14 CONTINUE
Date Ticker Sector
Net pro!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
PT Trimegah Securities Tbk - www.trimegah.com
4 DAILY
News of the Day
GIAA: 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 !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
TICKER
dividend
(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
PT Trimegah Securities Tbk - www.trimegah.com
5 DAILY
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 pro!t 39 35 29 (18.8) (26.9) 29 (26.9) 63.4 13.3 18.5
Operating pro!t 13 9 11 21.8 (14.3) 11 (14.3) 55.3 11.6 15.0
Net pro!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 pro!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 pro!t 33 48 38 (20.9) 14.6 38 14.6 77.5 18.6 18.6
Operating pro!t 19 14 22 58.6 20.5 22 20.5 79.2 19.0 19.0
Net pro!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 pro!t increased by 51% YoY to Rp14.1bn, while
core net pro!t jumping 130% YoY to Rp19.6bn.
1Q14 bottom line reached 24% of our FY14 projection
(inline), while core net pro!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).
PT Trimegah Securities Tbk - www.trimegah.com
6 DAILY
Result 1Q14
SMGR booked 1Q14 net pro!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 pro!t 2,485 3,104 2,675 (13.8) 7.7 2,675 7.7 97.4 22.1 21.7
Operating pro!t 1,599 1,927 1,639 (14.9) 2.5 1,639 2.5 89.5 20.5 21.2
Net pro!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 pro!t 106 na 128 na 21.3 128 21.3 110.1 27.5 25.2
Operating pro!t 98 na 114 na 16.8 114 16.8 110.4 27.6 25.9
Net pro!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.
PT Trimegah Securities Tbk - www.trimegah.com
7 DAILY
WIKA 1Q14 net pro!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 !gures.
Revenues up 6.2% YoY to Rp2.8tr; translating to
19.9% of consensus FY estimates and 19.2% of ours;
in-line.
WIKAs subsidiary, WTON, booked 1Q14 revenues of
Rp814bn (+5.3% YoY) and net income of Rp80bn
(+8.7% YoY). WTONs revenues contributed around
29% of WIKAs while the bottom line accounted for
48% of WIKAs.
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 pro!t 291 478 316 (34.0) 8.5 316 8.5 90.2 17.7 20.0
Operating pro!t 274 439 279 (36.3) 2.0 279 2.0 101.1 20.1 19.2
Net pro!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
Operating margin (%) 10.4 11.0 10.0 (1.0) (0.4) 10.0 (0.4)
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 pro!t 108 649 131 (79.7) 21.8 131 21.8 97.9 8.8 9.0
Operating pro!t 84 505 70 (86.2) (16.9) 70 (16.9) 63.8 5.8 6.3
Net pro!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
Operating margin (%) 6.2 12.2 4.8 (7.4) (1.3) 4.8 (1.3)
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 !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 !gures.
Compared to same period previous year, gross margin
improved to 9.1% from 7.9% in 1Q13. However, ADHI
booked !nance cost of Rp24.3bn vs. Rp13.8bn in 1Q13
(+75.8% YoY).
ADHIs 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.
PT Trimegah Securities Tbk - www.trimegah.com
8 DAILY
(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 Pro!t 419 524 530 1.2 26.4 530 26.4 99.9 22.2 22.3
Operating Pro!t 75 165 68 -58.7 -8.6 68 -8.6 92.1 11.7 11.6
Net Pro!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 pro!t of Rp51bn (-19.4%YoY)
which formed 11.8% and 12.4% of consensus and our
FY estimates; slightly below.
Core pro!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
PT Trimegah Securities Tbk - www.trimegah.com
9 DAILY
Indices Region +/- (%) YTD (%)
2.69 0.16 1.76
1.91
-21.93 -0.13 -0.11
-1.18
0.60 0.18 3.12
28.87 0.43 0.89
19.11 0.20 0.53
4.46
42.00 0.50 3.34
0.23
-13.13
6.04
Market Div. Yield (%)
0.9
1.3
1.3
1.3
2.0
2.0
3.2
3.6
5.3
7.1
UNVR
BBRI
KLBF
GGRM
TOWR
LPPF
TBIG
PNBN
ADRO
EXCL
JCI
6.04
6.26
-4.24
-2.85
-11.09
-9.22
-0.03 -0.00 -5.03
-2.98 -0.15 -2.46
2.09
0.01 0.00 3.07
2.61 0.18 8.95
71.46 1.08 13.89
12.18 0.66 0.24
0.00 0.00 14.54
Market Div. Yield (%)
-0.2
-0.4
-0.7
-0.8
-0.9
-1.4
-1.4
-1.7
-2.9
-4.9
TLKM
BBNI
ASII
SMGR
UNTR
SCMA
CPIN
INCO
TINS
BDMN
1,018,014
376,521
290,610
231,644
228,720
202,629
200,261
195,563
175,494
172,800
ASII
BBRI
TLKM
TRAM
BMRI
SILO
BBCA
SMGR
GGRM
ADRO
JCI ####
293,168
267,057
254,235
252,807
242,601
185,965
181,227
180,256
175,458
171,882
165,362
ADRO
ENRG
TLKM
TRAM
TMPI
DOID
NIRO
LCGP
MTFN
BUMI
BBTN
Market Div. Yield (%)
8,041
4,883
4,546
4,485
4,343
4,258
4,153
3,710
3,626
3,263
LMPI
BBRI
SRIL
ASII
ADRO
BMRI
TLKM
SSMS
LSIP
PWON
YTD (Rp) 13.24% 4,366.8 MXWO MSCI Word 1,690.4 2.69 0.16 1.76
YTD (USD) 21.13% 7,016.9 SPX S&P 500 1,883.7 -0.32 -0.02 1.91
Moving Avg 20day 4,868.7 4,798.6 US
Moving Avg 50day 4,753.6 15.1 16,558.9 -21.93 -0.13 -0.11
Moving Avg 200day 4,490.6 2.0 Nasdaq US 4,127.5 12.85 0.31 -1.18
Europe
Indonesia & Sectors +/- (%) YTD (%) EURO 50 Europe 338.5 0.60 0.18 3.12
MSCI Indonesia 5,651.4 15.7 0.28 15.14 FTSE London 6,808.9 28.87 0.43 0.89
JII 647.7 2.4 0.38 10.69 DAX Jerman 9,603.2 19.11 0.20 0.53
LQ45 815.0 2.9 0.35 14.60 CAC France 4,487.4 -10.29 -0.23 4.46
JAKFIN Index 644.5 1.5 0.24 19.27 SMI Swiss 8,476.7 42.00 0.50 3.34
JAKINFR Index 1,025.6 8.8 0.87 10.23 BRIC
JAKMINE Index 1,475.5 16.2 1.11 3.23 BOVESPA Brazil 51,626.7 -211.9 -0.41 0.23
JAKCONS Index 2,013.9 17.7 0.89 13.01 MICEX Russia 1,306.0 1.23 0.09 -13.13
JAKTRAD Index 872.7 4.1 0.47 12.35 SENSEX India 22,417.8 -48.39 -0.22 6.04
7.57 NIFTY India 6,696.4 -18.85 -0.28 6.26
7.40 SHCOMP China 2,026.4 6.02 0.30 -4.24
JAKPROP Index 426.2 0.5 0.12 26.46 SZCOMP China 1,027.6 7.74 0.76 -2.85
JAKAGRI Index 2,422.8 16.1 0.67 13.22
Nikkei Japan 14,485.1 181.0 1.27 -11.09
Commodities +/- (%) YTD (%) TPX Japan 1,182.2 19.80 1.70 -9.22
Hong kong 22,134.0 -0.03 -0.00 -5.03
9.57 KOSPI S.Korea 1,961.8 -2.98 -0.15 -2.46
TAIEX Taiwan 8,791.4 -80.67 -0.91 2.09
1.02 FSSTI Singapore 3,264.7 0.01 0.00 3.07
11.56 ASEAN
-15.42 SET Thailand 1,414.9 2.61 0.18 8.95
-13.72 PCOMP Philipines 6,707.9 71.46 1.08 13.89
KLCI Malaysia 1,871.5 12.18 0.66 0.24
0.17 VNINDEX Vietnam 578.0 0.00 0.00 14.54
31.55
Market Div. Yield (%)
Dow Jones Industrial
Developed ASIA
JCI
HSI
Indices
YTD (Rp) 13.24% 4,366.8 MXWO MSCI Word 1,690.4
YTD (USD) 21.13% 7,016.9 SPX S&P 500 1,883.7
Moving Avg 20day 4,868.7 4,798.6
Moving Avg 50day 4,753.6 15.1
Moving Avg 200day 4,490.6 2.0
Nilai (Rpbn)
Mkt Cap (Rptr)
4,840.15 20.47 0.42%
Market P/E (x)
Volume (m)
Dow Jones Industrial
JCI
Market Div. Yield (%)
Indonesia & Sectors +/- (%) YTD (%)
MSCI Indonesia 5,651.4 15.7 0.28 15.14 FTSE London 6,808.9
JII 647.7 2.4 0.38 10.69 DAX Jerman 9,603.2
LQ45 815.0 2.9 0.35 14.60 CAC France 4,487.4
JAKFIN Index 644.5 1.5 0.24 19.27 SMI Swiss 8,476.7
JAKINFR Index 1,025.6 8.8 0.87 10.23
JAKMINE Index 1,475.5 16.2 1.11 3.23 BOVESPA Brazil 51,626.7
JAKCONS Index 2,013.9 17.7 0.89 13.01 MICEX Russia 1,306.0
JAKTRAD Index 872.7 4.1 0.47 12.35 SENSEX India 22,417.8
JAKMIND Index 1,296.3 -3.5 -0.27 7.57 NIFTY India 6,696.4
JAKBIND Index 516.3 -1.7 -0.33 7.40 SHCOMP China 2,026.4
JAKPROP Index 426.2 0.5 0.12 26.46 SZCOMP China 1,027.6
JAKAGRI Index 2,422.8 16.1 0.67 13.22
Commodities +/- (%) YTD (%)
Developed ASIA
CRB Index 307.0 -2.5 -0.81 9.57 KOSPI S.Korea 1,961.8
Oil & Gas
Crude Oil (USD/bbl) 99.4 -0.3 -0.28 1.02 FSSTI Singapore 3,264.7
Natural Gas 4.7 -0.1 -1.69 11.56
COAL (AUS Daily) 73.8 0.8 1.10 -15.42
COAL (Australia,wk) 73.0 0.0 0.00 -13.72
Industrial Metals
Alumunium (USD/tonne) 1,764.8 -2.0 -0.12 0.17 VNINDEX Vietnam 578.0
Nickel (USD/tonne) 18,285 -40.0 -0.22 31.55
Tin (USD/tonne) 22,855 -95 -0.41 2.26
Precious Metal Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,283.4 -12.5 -0.96 6.75 USDEUR Euro 0.721
Silver (USD/t oz.) 19.0 -0.1 -0.30 -1.53 USDGBP 0.592
Soft Commodities USDCHF Switzerland 0.879
CPO (Malaysia - Rm/tonne) 2,691.0 1.0 0.04 2.40 USDCAD Canada 1.096
Rubber (JPY/kg) 2,020.9 26.9 1.35 -23.98 USDAUD Australia 1.078
Corn (USD/bu.) 507.0 -7.0 -1.36 20.14 USDNZD New Zealand 1.158
Wheat (USD/bu.) 707.3 -5.8 -0.81 16.85 USDJPY Japan 102.33
Soybeans (USD/bu.) 1,461.0 -70.0 -4.57 11.31 USDCNY China 6.26
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.753
USDSGD Singapore 1.253
Kurs Region +/- (%) YTD (%)
6.75 USDEUR Euro 0.721 0.000 0.00 -0.80
-0.1 -0.30 -1.53 USDGBP 0.592 -0.001 -0.17 -1.92
USDCHF Switzerland 0.879 -0.001 -0.08 -1.38
CPO (Malaysia - Rm/tonne) 2,691.0 1.0 0.04 2.40 USDCAD Canada 1.096 -0.000 -0.04 2.93
-23.98 USDAUD Australia 1.078 0.001 0.12 -4.19
20.14 USDNZD New Zealand 1.158 -0.003 -0.22 -5.05
16.85 USDJPY Japan 102.33 0.130 0.13 -2.77
11.31 USDCNY China 6.26 (0.00) (0.00) 3.38
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.753 -0.000 -0.00 -0.02
USDSGD Singapore 1.253 -0.001 -0.10 -0.81
Rupiah Indonesia 11,562 0.00 0.00 -5.00
Market Div. Yield (%)
United Kingdom
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)
PT Trimegah Securities Tbk - www.trimegah.com
10 DAILY
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 Con!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 Con!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 Con!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
11 DAILY 11
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)
Paula Ruth
Research Associate
(paula@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)
Joshua N.C. Tjeuw
Research Associate
(joshua.tjeuw@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)
INSTITUTIONAL SALES
Daniel Dwi Seputro
Head of Institutional Equity Sales
daniel.dwi@trimegah.com
Dewi Yusnita
Equity Institutional Sales
dewi.yusnita@trimegah.com
Meitawati
Equity Institutional Sales
meitawati.edianingsih@trimegah.com
Fachruly Fiater
Equity Institutional Sales
fachruly.!ater@trimegah.com
Henry Sidarta
Equity Institutional Sales
henry.sidarta@trimegah.com
Raditya Andyono
Equity Institutional Sales
raditya.andyono@trimegah.com
Nancy Pardede
Equity Institutional Sales
nancy.pardede@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.
PT Trimegah Securities Tbk
Gedung Artha Graha 18
th
Floor
Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190, Indonesia
t. +62-21 2924 9088
f. +62-21 2924 9150
www.trimegah.com