2

TRIM Daily
Nov 20, 2015
TRIM Highlights
We publish strategy report with JCI target of Rp4,537 and Rp5,278 in FY1516, on the back of economic growth recovery, major stimulus, and possibility
of earnings upgrade in FY16. We add ASII (BUY, TP Rp7,200), BBRI (BUY, TP
Rp13,300), and LPPF (BUY, TP Rp19,800). We also release macro outlook for
FY16, bullish with GDP recovery at 5%, inflation to moderate at 5%, and
room for lower interest rate next year. We met with BBNI (BUY, TP Rp5,500),
come with takeaways; potential downside risks from lending more KUR
BBRI remains benefit from this. PGAS M&A with Pertagas issue raised again
after a year a positive speculation play, still have some technical upside
looking at historical M&A news flows.
JCI
4,518.9
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
0.47%
5,436
4,855
4,768
12.9
2.8%
Global Indices
Global Wrap
Germany's moderate economic upswing is continue despite rising risks linked
to a cooling in emerging markets as robust private consumption remains the
key growth driver. German economy grew 0.3 percent in the third quarter
after expanding 0.4 percent in the prior three months with net foreign trade
being a drag while private and public consumption both increased.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,732.8
5,073.6
19,859.8
2,919.8
6,329.9
22,500.2
-4.4
-1.6
211
33.8
51.0
312
-0.0
-0.0
1.1
1.2
0.8
1.4
Technical Market View

Jakarta Composite Index (JCI) up by 21 point to 4519 yesterday. Index
movers were mostly driven by mining (+1.6%) property (+1.1%) and
miscelanious industry (-1.2%). Total transaction value was Rp4.8tr. JCI
recorded RP66bn net sell by foreign investors. JCI today is expected to
strengtenen trend and trade in 4435-4505 range
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
10 yr US govt bond (%)
Technical analysis: trading picks

Stock
UNTR
Price
17200
Rating
C hg
%
-44 -0.3
0.0 0.6
-0.02 -0.9
6.41 0.07 1.4
21.0
0.1 0.4
(2,906)
-5 0.2
13,775
8.66
2.3
Spread (%)
EIDO
Foreign YtD (USDmn)
Reason
Buy
UNTR a potential upside today with trading

range 17000-17550
6,000
5,000
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
PWON
439
Buy
PWON formed a white candle yesterday,

PWON have a potential upward movement at
trading range 415-445
MPPA
2020
Buy
MPPA formed a black candle, for today TLKM

potentially to move up in the range of 19752150
JSMR
ISAT
LPPF
5025
4925
15750
Buy
JSMR long term bearish, however Indicator

signal positive to buy. JSMR support resistant
is 4970-5150
Trading
Buy
ISAT is a long term bullish, and short term

bullish. ISAT support-resistance level for today
is 4850-5050
Spec Buy
Price (LHS)
(Rpbn)
8,000
7,000
6,000
5,000
4,000
4,000
3,000
3,000
2,000
1,000
2,000
Nov-14
Jan-15 Mar-15 May-15
Jul-15
0
Sep-15 Nov-15
LPPF long term bearish with potential upward

to resistant 15825, LPPF support 15250
PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
Key Takeaways from meeting with BBNI Small

Business Division Directors
Key takeaways from meeting with Pak Bambang Setyatmojo (BBNI Group Head of Small Business
Management) and Pak M. Tri Adhi Utomo (BBNI Manager, Small Business Division)
BBNI expects to provide ~Rp10tn government-sponsored micro loans (KUR) in 2016F or around 3x this year
target of Rp3.2tn. According to the Small business directors, the company is more confident in distributing
retail KUR, competing head-to-head in BMRI. BBRI remains the leading lender for micro KUR.
Until 11M15, the realization of KUR lending has reached ~Rp1.2tn (Rp1,196bn retail KUR, Rp7.7bn micro
KUR, and Rp0.89bn KUR for Indonesian workers), making Rp400bn run-rate per month.
Targeted economic sectors for KUR: fisheries, agriculture, manufacture, and all trading (incl. services).
Currently, BBNI has 58 small loans outlets and 51 stand-alone branches. These stand-alone branches were
given loans disbursement approval authority up to Rp3bn since mid-2015. The company mentioned a plan to
add more outlets and branches to accommodate higher KUR target.
The company plans to add more loan officers and branches to realize the KUR target next year, this will add
downside risks to our target price due to potentially increasing operating expenses, in our view. Our calculation reveals 1320bps lower 2016F EPS growth and 120bps lower 2016F ROE assuming Rp13tn additional
small loans (Rp10tn KUR + Rp3tn other small loans) and 20% YoY growth of both salary and GA expenses
(vs. our initial estimates 11-12%). This is due to lower yield improvement given KUR proportion only ~3%
from total loans yet higher necessity of increasing opex to fulfil government target.
As at FY14, KUR NPL stood at 2.6%. The company mentioned to have settled ~60% of KUR NPL this year
through insurance claims to Askrindo/Jamkrindo (SOE insurance and credit guarantee companies).
All in all, higher targeted KUR volume is potentially negative for BBNI (Buy, TP Rp5,500) and BMRI (Neutral,
TP Rp9,300), but positive for BBRI (Buy, TP Rp13,300). This because of BBRI has best-in-class micro infrastructure, therefore additional KUR volume will cause share price to re-rate, in our view.
TRIM DAILY
News of the Day

CMNP: Eyeing toll road projects worth US$5.6bn in
the next 5 years
Contractor revenue split from the upstream oil sector

will increase to 20%
With total length of 350km, CMNP will work with the

governement to add interconnecting toll roads and opening up new projects in Indonesia. CMNP also entered into
a strategic alliance with several global players that have
the expertise in technology, funding and construction for
toll road. CMNP also allocates Rp2.9tn to continue DepokAntasari and Soreang-Pasir Koja toll road construction,
up from Rp1.13tn in 2015. Source: Investor Daily
The current portion for oil is 85%:15% for government and

contracts while for gas is 70%: 30%. Source: Bisnis Indonesia (Willinoy.sitorus@trimegah.com)
MMLP: Formed business alliance with Daiwa House

To build CBD along with the infrastructure for integrated
logistics in Indonesia. According to Fernandus Chamsi,
CEO of MMLP, the company has signed an MoU with
Daiwa House, and will relinquish up to 49% of total
shares in one of the subsidiary, PT Mega Tridaya Property, which will be taken up by Daiwa House. Source: Investor Daily
KLBF: to construct premium nutrional factory
Joining up with Blackmores Ltd, KLBF will set up a JV
through KLBFs subsidiary, PT Sanghiang Perkasa, which
will own 50% ownership of the JV. The factory is aimed to
be completed by 2018 and has the capacity to produce
1mn bottles of vitamin per month. Initial investment
value is estimated at USD8-10mn. Source: Investor
Daily
Comment:
This news is positive for PGAS as it implies a stable gas
margin spread going forward.
Ministry of ESDM will issue export permit for Newmont today
Ewmont already have a definitive agreement to work with
Freeport Indonesia to build a smelter/refining aluminium
plant in Gresik, East Java. The agreement is for both parties
to participate in the USD2.3bn project. Both parties must
allocate 0.13% (USD3m) of the project value as an initial
commitment.
Source:
Bisnis
Indonesia
(willinoy.sitorus@trimegah.com)
ANTM: claims that the company is ready to take
10.64% of Freeports shares
In terms of finance, ANTM said that it will be ready to fund
the acquisition and is ready on the operational side of the
business. Note that Freeport has to divest up to 20% in Oct
15, 30% in 14 Oct 19. Current government shares is
9.36%. Meanwhile, Rini Seomarno agrees for Inalum to
acquire Freeports 10.64% shares given its relatively
stronger
balance
sheet. Source:
Bisnis
Indonesia
WSKT: looking for Rp2-3tn loans
Comment:
From one or more SOE banks, to finance LRT Palembang

project, which is estimated to be valued at Rp5tn, according to Tunggul Rajagukguk, WSKTs Finance Director.
Source: Investor Daily
This is positive for ANTM.
Jakarta waives property tax fines for those who

had not paid since 2013
This policy will only apply if taxes are paid before new
year. Tax Agency deputy head Edi Sumantri mentioned
that out of 1.9 million urban and rural land and building
tax (PBB-P2) taxable assets this year, 766,426 of them
had not paid their dues, amounting up to Rp1.7tr in owed
money. Out of them, as many as 8,256 taxable assets
are with NJOP of more than Rp10bn, amounting to
Rp912bn. To note, as of yesterday, the city administration has generated a total of Rp25tr tax revenue (with
property taxes Rp6.3tr, about 88% of target). Source:
The Jakarta Post
PTPP: cuts this years revenue target
PTPP sets this years revenue target to IDR15.6trn
(+25.5% YoY), a 23% cut from initial plan of IDR19.2trn.
Source: Bisnis Indonesia (jennifer.yappli@trimegah.com)
KLBF: to market Blackmores products starting 2016

after KLBF sets up JV with them
Note that Blackmores is an Australian company with products such as fish oil, pregnancy supplements, omega 3 and
etc. The JV portion will be 50/50 and the marketing cost for
the JV will be USD8-10m. Source: Bisnis Indonesia
(patricia.gabriela@trimegah.com)
GIAA: Citilink revised revenue target to US$550mn
Due to Rupiah depreciation, haze, and eruptions. Despite
those disturbance, Citilinks 9M15 net profit reached
US$5.9mn, increased by 149% YoY. Citilink also revised
their targeted pax carried from 11mn to 10mn pax. Until
9M15, total pax carried reached 7mn. Citilink CEO Albert
Burhan also mentioned that Citilink is expanding their
business by focusing on non-ticketing revenues, such as
cargo and charter. They expect cargo business to contribute
5-6% of 2016 revenue (from 4%) and charter business to
contribute 4-5% (from 2-3%). Source: Investor Daily
TRIM DAILY
News of the Day

UNTR: 51 Scania buses will be arrive in Jakarta
soon
About 51 Sweden-made Scania buses will arrive in Jakarta next month. Those buses to add number of armadas
operating in Transjakarta corridors. The Jakarta Administration purchased the Scania buses for Rp4bn per bus.
Source: Tempo
Comment:
The Scania bus import is part of UNTRs business. The
company has distributorship agreements with Scania CV
Aktiebolg (Sweden) for the exclusive right to sell the
product in Indonesia. As Jakarta Administration realize
that Scanias quality is much better than China-made
buses, the bus order for UNTR seems to be increase in
the future. (yeni.simanjuntak@trimegah.com)
ISAT: Rebrand to Indosat Ooredo yesterday
This made Indosat the 8th operator in Ooredo Group to
adopt the Ooredo brand. The company also announced
its 3-year strategy to achieve top rank in digital revenue,
digital customer experioence, and digital brand preference. Regarding 4G, the company delayed its launching
plan to next week. ISAT optimists to achieve 4G speed
up to 112mbps and promoting 4G connection with 3G
tariff to it subscribers. Source: Bloomberg, Bisnis Indonesia
Comment:
We think this is part of the reasons ISAT signed license
agreement with Ooredoo. ISAT is trading at 3x 2016E
EV/EBITDA.
Indosat Rebranding
Source: twitter.com/IndosatOoredoo
TRIM DAILY
Table
Indo Market PE vs 10yr Bond Yield
JCI PE (LHS)
(X)
18.0
5yr Bond Yield Indo (USD) vs US Bond Yield
Indo 10Yr Bond Yield (RHS)
17.0
(%)
10.0
4.5
9.5
4.0
9.0
16.0
8.5
Bond Yield US
(%)
Ind 5yr Bond Yield Indo in USD
3.5
3.0
2.5
15.0
8.0
2.0
7.5
14.0
1.5
7.0
1.0
Indo Market PE vs Regional (Weekly)

Weekly
Hang Seng
Singapore
Thailand
Philippines
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Mar-15
Jan-15
0.0
Feb-15
12.0
6.0
Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov14 14
15
15 15
15 15
15 15
15
15 15
15
Dec-14
0.5
Nov-14
6.5
Dec-14
13.0
Foreign Fund Flow in last 5 & 30 days

Malaysia
Indonesia
(x)
22.0
5 Days
(USDmn)
30 Days
0
(100)
20.0
(200)
18.0
(300)
-12 -7
-54
-89
-160
-209
-293
(400)
16.0
(500)
14.0
-484
-548
(600)
(700)
12.0
-684
(800)
10.0
-806
(900)
-872
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
85
INDIA
VIETNAM
CPO Price, Soybean Price (both 1m Futures)
Gold (RHS)
(USD)
THAILAND
PHILIPPINES
INDONESIA
2015
2015
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2010
6.0
SOUTH KOREA
(1,000)
8.0
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
80
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
75
70
1,100
65
60
900
55
50
700
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Feb-15
Mar-15
Jan-15
Dec-14
Oct-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Jan-15
Feb-15
Jan-15
Dec-14
500
Nov-14
40
Nov-14
45
TRIM DAILY
Table
Coal Price (Newcastle) vs Coal Sector
Coal (LHS)
CPO Price (1m Futures in Malaysia) vs CPO Sector

CPO Malaysia (LHS)
COAL Sector (RHS)
CPO Sector (RHS)
(MYR / Ton)
(USD/MT)
80
250
3,000
90
80
70
200
2,500
70
60
2,000
50
60
150
50
1,500
40
40
100
30
30
1,000
20
50
20
500
10
10
ANTM (LHS)
Oct-15
Nov-15
Oct-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Mar-15
Jan-15
Feb-15
Jan-15
Dec-14
0
Nov-14
INCO, ANTM vs Nickel price (LME)

INCO (LHS)
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
Nov-14
Feb-15
0
Dec-14
ANTM vs Gold price
Nickel LME (RHS)
(Rp)
4,500
(USD /MT)
18,000
4,000
16,000
3,500
14,000
ANTM (LHS)
(Rp)
1,000
Gold (RHS)
(USD troy oz.)

1,400
900
1,300
800
1,200
700
3,000
1,100
12,000
600
2,500
1,000
10,000
500
900
2,000
8,000
1,500
6,000
1,000
4,000
200
500
2,000
100
600
500
TINS (LHS)
Nov-15
Oct-15
Oct-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Jan-15
Jan-15
Dec-14
700
Nov-14
TINS vs Tin price (LME)

(Rp)
1,400
800
300
Nov-15
Oct-15
Oct-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Feb-15
Mar-15
Jan-15
Jan-15
Dec-14
Nov-14
400
GIAA vs Brent Crude Oil

Tin LME (RHS)
(USD/MT)
24,000
GIAA (LHS)
Crude Oil Brent (RHS)
(Rp)
700
(USD bbl)
100
21,000
1,200
600
80
18,000
1,000
500
15,000
800
60
400
12,000
600
9,000
400
300
6,000
200
3,000
100
40
20
Nov-15
Oct-15
Oct-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Jan-15
0
Jan-15
0
Dec-14
Nov-15
Oct-15
Oct-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Jan-15
Feb-15
Jan-15
Dec-14
Nov-14
Nov-14
200
TRIM DAILY
World Economic Calendar

Date Time
11/10/2015
11/11/2015
11/12/2015
11/13/2015
11/16/2015
11/17/2015
11/17/2015
11/18/2016
11/19/2015
11/23/2015
11/24/2015
Country Event
Period
Survey
Actual
Prior
US
NFIB Small Business Optimism
Oct
96.5
96.1
96.1
US
Import Price Index MoM (%)
Oct
-0.3
-0.1
-0.1
US
Wholesale Inventories MoM (%)
Sep
0.1
0.5
0.1
US
MBA Mortgage Applications (%)
6-Nov
--
-1.3
-0.8
US
Initial Jobless Claims ('000')
7-Nov
US
Continuing Claims ('000')
31-Oct
270
276
276
2165
2174
2163
US
Bloomberg Consumer Comfort
8-Nov
--
41.6
41.1
EC
Industrial Production SA MoM
Sep
-0.1
-0.3
-0.5
EC
Industrial Production WDA YoY
Sep
1.3
1.7
0.9
US
Monthly Budget Statement (USDbn)
Oct
-132
-136.5
-121.7
US
Retail Sales Advance MoM (%)
Oct
0.3
0.1
0.1
US
Retail Sales Ex Auto MoM (%)
Oct
0.4
0.2
-0.3
US
Retail Sales Ex Auto and Gas (%)
Oct
0.4
0.3
0.0
US
PPI Final Demand MoM (%)
Oct
0.2
-0.4
-0.5
US
PPI Ex Food and Energy MoM (%)
Oct
0.1
-0.1
-0.3
US
PPI Final Demand YoY (%)
Oct
-1.2
-1.6
-1.1
0.8
US
PPI Ex Food and Energy YoY (%)
Oct
0.5
0.1
US
U. of Mich. Sentiment
Nov P
91.5
93.1
90
EC
Trade Balance SA (USDbn)
Sep
19.3
20.1
19.8
EC
Trade Balance NSA (USDbn)
Sep
16
20.5
11.2
EC
GDP SA QoQ (%)
3Q A
0.4
0.3
0.4
EC
GDP SA YoY (%)
3Q A
1.7
1.6
1.5
US
Empire Manufacturing
Nov
-6.3
-10.74
-11.4
ID
Trade Balance (USDmn)
Oct
725
1019
1017
ID
EC
Exports YoY (%)

CPI MoM (%)
Oct
Oct
-16.78
0.1
-20.98
0.1
-18.0
0.2
EC
CPI YoY (%)
Oct F
0.1
0.0
EC
CPI Core YoY (%)
Oct F
1.1
1.0
US
CPI MoM (%)
Oct
0.2
0.2
-0.2
US
CPI Ex Food and Energy MoM (%)
Oct
0.2
0.2
0.2
US
CPI YoY (%)
Oct
0.1
0.2
0.0
US
US
ID
Industrial Production MoM (%)

Capacity Utilization
Bank Indonesia Reference Rate
Oct
Oct
17-Nov
0.1
77.5
7.5
-0.2
77.5
7.5
-0.2
77.5
7.5
ID
Bank Indonesia Lending Facility Rate
17-Nov
8.0
US
Net Long-term TIC Flows (USDbn)
Sep
--
33.6
20.4
US
Total Net TIC Flows (%)
Sep
--
-175.1
-9.2
US
MBA Mortgage Applications
13-Nov
--
6.2
-1.3
US
Housing Starts ('000')
Oct
1160
1060
1,206
US
Building Permits ('000')
Oct
1147
1150
1103
US
Initial Jobless Claims ('000')
14-Nov
270
271
276
US
Continuing Claims ('000')
7-Nov
2167
2175
2174
US
Bloomberg Consumer Comfort
15-Nov
--
41.2
41.6
US
Philadelphia Fed Business Outlook
Nov
-0.5
1.9
-4.5
US
Leading Index
Oct
0.5
0.6
-0.2
US
Chicago Fed Nat Activity Index
Oct
--
--
-0.37
US
Markit US Manufacturing PMI
Nov P
54
--
54.1
US
Existing Home Sales (USDmn)
Oct
5.4
--
5.55
US
Advance Goods Trade Balance (USDbn)
Oct
-61.9
--
-58.6
US
GDP Annualized QoQ
3Q S
--
1.5
US
Personal Consumption
3Q S
--
--
3.2
US
GDP Price Index
3Q S
1.2
--
1.2
US
Core PCE QoQ
3Q S
--
--
1.3
TRIM DAILY
Corporate Action
Warrant
Code
Price
Exercise
INVS-W
165
SUGI-W
100
MCOR-W
200
Maturity Emiten
8-May-15 Inovisi Infracom
21-May-15 Sugih Energy
Description
WARAN SERI I INOVISI INFRACOM
WARAN SERI II SUGIH ENERGY
10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL
GAMA-W
105
16-Jul-15 Gading Development
SUPR-W
4800
28-Aug-15 Solusi Tunas Pratama
WARAN SERI I SOLUSI TUNAS PRATAMA
NIRO-W
110
11-Sep-15 Nirvana Development
WARAN SERI I NIRVANA DEVELOPMENT
BSIM-W
149
11-Dec-15 Bank Sinar Mas
WARAN SERI I BANK SINAR MAS
WARAN SERI I GADING DEVELOPMENT
TRIM DAILY
Statistics
JCI
4,518.9
YTD (Rp)
YTD (USD)
Moving Avg 20day
Moving Avg 50day
Moving Avg 200day
Indonesia & Sectors
MSC I Indonesia
JII
LQ45
JAKFIN Index
JAKINFR Index
JAKMINE Index
JAKC ONS Index
JAKTRAD Index
JAKMIND Index
JAKBIND Index
JAKPROP Index
JAKAGRI Index
Commodities
C RB Index
Oil & Gas
21.0
-13.54%
5.67%
4,530
4,450
4,932
+/30.5
3.1
4.7
3.5
2.2
14.1
4.7
7.0
-12.9
3.5
5.5
7.7
(%)YTD (%)
0.6
-13.7
0.5
-13.6
0.6
-13.4
0.5
-8.1
0.2
-19.7
1.6
-34.6
0.2
-6.0
0.9
-6.8
-1.2
-16.7
0.9
-25.3
1.2
-8.8
0.5
-30.0
184.1
+/0.5
(%)YTD (%)
0.28
-19.9
44.2
Nymex Oil (USD/bbl)
40.5
Natural Gas
2.3
C OAL (AUS Daily)
53.9
Industrial Metals
Aluminum (USD/tonne)
1,464.5
Nickel (USD/tonne)
8,950
Tin (USD/tonne)
14,650
Precious Metal
Gold (USD/t oz.)
1,077.9
Silver (USD/t oz.)
14.2
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,140
Rubber (JPY/kg)
1,229
C orn (USD/bu.)
364
Wheat (USD/bu.)
491
Soybeans (USD/bu.)
860
ANTM
20.8
Ma rket Div. Yield (%) 2.8%
5,348.9
596.9
778.1
672.1
932.2
895.8
2,046.8
818.8
1,089.4
406.4
478.5
1,646.5
Brent Crude Oil (USD/bbl)
JCI Winners (%)
0.5%
Volume (m)
5,436
Value (Rpbn)
4,855
Mkt C ap (Rptr)
4,768
Market 2015 P/E (x) 12.9
0.0
-0.2
-0.1
0.1
0.09
-0.52
-3.03
0.19
-22.9
-23.9
-21.5
-13.1
-4.0
-30
50
-0.27
-0.33
0.34
-20.1
-40.9
-24.5
9.2
0.1
0.86
1.00
-9.0
-8.8
-28.0
20.6
2.5
7.5
2.3
-1.29
1.70
0.69
1.55
0.26
-6.6
-25.2
-8.2
-16.8
-15.6
JCI Losers (%)

-5.5
Indices
Region
MXWO
MSC I Word
1,700.6
SPX
S&P 500
2,081.2
US
Dow Jones Industrial
17,732.8
Nasdaq
US
5,073.6
Europe
EURO 50
Europe
381.0
FTSE
London
6,329.9
DAX
Jerman
11,085.4
C AC
France
4,915.1
SMI
Swiss
9,008.7
BRIC
BOVESPA
Brazil
48,138.9
MIC EX
Russia
1,811.2
SENSEX
India
25,841.9
NIFTY
India
7,842.8
SHC OMP
C hina
3,617.1
SZC OMP
C hina
2,257.2
Developed ASIA
Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
VNINDEX
Japan
Japan
Hong kong
S.Korea
Taiwan
Singapore
Kurs
USDEUR
USDGBP
USDC HF
USDC AD
USDAUD
USDNZD
USDJPY
USDC NY
USDHKD
USDSGD
Rupiah
Region
Euro
UK
Switzerland
C anada
Australia
New Zealand
Japan
C hina
Hongkong
Singapore
Indonesia
JCI Value (Rpbn)

-
BNII
BBRI
100
237
200
+/9.01
-2.34
(%) Y T D ( %)
0.53
-0.53
-0.11
1.09
-4.4
-1.56
-0.02
-0.03
-0.51
7.13
1.63
50.96
125.5
8.38
17.69
0.43
0.81
1.14
0.17
0.20
11.23
-3.60
13.05
15.03
0.28
703
0.72
359.4
111.0
48.59
67.33
1.48
0.04
1.41
1.43
1.36
3.07
-3.74
29.69
-6.03
-5.31
11.82
59.50
19,859.8
1,600.4
22,500.2
1,988.9
8,477.2
2,919.8
210.6
13.85
312
26.03
136.7
33.75
1.07
0.87
1.41
1.33
1.64
1.17
13.80
13.70
-4.68
3.83
-8.92
-13.23
1,385.0
6,825.4
1,660.1
601.9
8.15
0.0
3.56
-1.44
0.59
0.00
0.21
-0.24
-7.53
-5.60
-5.75
10.32
Thailand
Philipines
Malaysia
Vietnam
0.932
0.654
1.013
1.328
1.390
1.523
122.87
6.38
7.750
1.413
13,775
JCI Volume (mn Lot)
300
200
ANTM
487
400
+/-0.007
-0.002
-0.007
-0.002
-0.017
-0.022
-0.770
(0.00)
-0.000
-0.009
-44.0
(%) Y T D ( %)
-0.7
16.5
-0.4
9.0
-0.7
1.3
-0.1
10.7
-1.2
15.8
-1.4
17.1
-0.6
2.6
-0.0
2.9
-0.0
-0.6
-0.6
8.7
-0.3
11.2
JCI Freq (x)
600
ANTM
11,755
LPKR
6.0
-4.6
PNBN
BBCA
222
MYRX
155
PGAS
SMMA
5.9
-4.4
TOWR
TLKM
212
BIPI
123
ASII
PGAS
5.7
LINK
ASII
200
LPKR
105
LPKR
5,668
EXCL
5.6
-1.6
ASII
PGAS
176
TARA
85
KLBF
5,590
INDF
4.6
-1.2
TLKM
ANTM
166
PPRO
80
PWON
CPIN
4.1
-1.0
ICBP
BBNI
142
SUGI
76
TLKM
BBNI
3.5
-1.0
BBCA
BMRI
135
TLKM
75
LPPF
4,144
BMRI
1.7
-0.9 SMGR
LPKR
126
PWON
69
UNTR
4,132
UNVR
0.5
HMSP
SILO
NIRO
58
SSMS
4,110
-4.3
-0.7
109
7,115
6,575
5,208
4,622
TRIM DAILY
Historical Technical Trading Ideas (1)
Ticker
Last
Technical Call
JCI
4,589
strengthened
PTPP
3,805
Buy
GGRM
43,425
Buy
SMRA
1,420
Buy
BBRI
10,550
Buy
BBTN
1,095
Buy
SRIL
Ticker
JCI
NIRO
392
Trd. Buy
Last
Technical Call
4,589
strengthened
128
Buy
DMAS
230
Buy
SMCB
1,100
Buy
ITMG
10,500
Buy
SRIL
392
Buy
3,000
Sell
Last
Technical Call
JCI
4,487
strengthened
TLKM
2,740
Buy
TBIG
PGAS
Ticker
6,400
Buy
PWON
397
Buy
ASRI
398
Buy
ASII
6,125
Sell
PGAS
2,950
Sell
Last
Technical Call
4,589
strengthened
Ticker
JCI
TINS
710
Buy
INCO
2,310
Buy
BBNI
5,025
Sell
BBRI
10,550
Sell
PWON
416
Buy
SMGR
10,550
Buy
Ticker
JCI
Last
Technical Call
4,344
strengthened
AALI
20,325
Buy
BMRI
8,200
Buy
367
Buy
BBNI
4,400
Buy
ITMG
10,000
Sell
SMGR
10,050
Spec Buy
PWON
12-Oct-15
Chg (%)
4,612
3,830
43,700
1,440
10,675
1,105
397
9-Oct-15
130
231
1,105
10,850
397
2,995
2,710
6,450
390
377
6,325
2,890
730
2,410
5,025
10,675
420
10,700
4,446
20,000
8,900
383
4,535
10,175
10,075
0.66%
Correct
0.63%
Correct
1.41%
Correct
1.18%
Correct
0.91%
Correct
1.28%
Correct
Recommendation
0.48%
Correct
1.56%
Correct
0.43%
Correct
0.45%
Correct
3.33%
Correct
1.28%
Correct
-0.17%
Correct
Recommendation
0.10%
Correct
-1.09%
Incorrect
0.78%
Correct
-1.76%
Incorrect
-5.28%
Incorrect
3.27%
Incorrect
-2.03%
Correct
Chg (%)
4,612
6-Oct-15
Correct
Chg (%)
4,491
7-Oct-15
0.48%
Chg (%)
4,612
8-Oct-15
Recommendation
Recommendation
0.48%
Correct
2.82%
Correct
4.33%
Correct
0.00%
Incorrect
1.18%
Incorrect
0.96%
Correct
1.42%
Correct
Chg (%)
Recommendation
2.35%
Correct
-1.60%
Incorrect
8.54%
Correct
4.36%
Correct
3.07%
Correct
1.75%
Incorrect
0.25%
Correct
TRIM DAILY
10
Ticker
Last
Technical Call
JCI
4,208
strengthened
ITMG
9,725
Spec Buy
PWON
339
Spec Buy
ANTM
481
Spec Buy
PTPP
3,585
Buy
GGRM
44,450
Buy
SSMS
1,730
Buy
Ticker
Last
Technical Call
JCI
4,255
Weakening
PTPP
3,580
Buy
ASII
5,275
Buy
AALI
19,300
Buy
TINS
680
Buy
2,545
Buy
43,300
Buy
INCO
GGRM
Ticker
Last
Technical Call
JCI
4,224
strengthened
TLKM
2,645
Buy
TBIG
6,550
Buy
ROTI
1,175
Buy
UNVR
38,000
INCO
2,185
Trd. Buy
TINS
640
Trd. Buy
Ticker
Buy
Last
Technical Call
JCI
4,178
strengthened
PTPP
3,475
Buy
BBNI
4,070
Buy
BBRI
8,350
Buy
5,300
Buy
GGRM
ASII
42,750
Sell
UNTR
16,900
Sell
Last
Technical Call
JCI
Ticker
4,121
Weakening
PTPP
3,410
Buy
ROTI
1,145
Buy
TBIG
6,400
Buy
AKRA
5,875
Sell
BBTN
1,000
Sell
LSIP
1,400
Sell
5-Oct-15
4,344
10,000
367
481
3,700
46,600
1,795
2-Oct-15
4,208
3,585
5,125
19,100
665
2,480
44,450
1-Oct-15
4,255
2,630
6,500
1,180
38,800
2,545
680
30-Sep-15
4,224
3,465
4,135
8,650
5,225
42,000
17,475
29-Sep-15
4,178
3,475
1,125
6,400
5,950
995
Chg (%)
3.23%
Recommendation
Correct
2.83%
Correct
8.26%
Correct
0.00%
Correct
3.21%
Correct
4.84%
Correct
3.76%
Correct
Chg (%)
-1.11%
Recommendation
Correct
0.14%
Correct
-2.84%
Incorrect
-1.04%
Incorrect
-2.21%
Incorrect
-2.55%
Incorrect
2.66%
Correct
Chg (%)
Recommendation
0.73%
Correct
-0.57%
Incorrect
-0.76%
Incorrect
0.43%
Correct
2.11%
Correct
16.48%
Correct
6.25%
Correct
Chg (%)
Recommendation
1.09%
Correct
-0.29%
Incorrect
1.60%
Correct
3.59%
Correct
-1.42%
Incorrect
-1.75%
Correct
3.40%
Incorrect
Chg (%)
Recommendation
1.41%
Incorrect
1.91%
Correct
-1.75%
Incorrect
0.00%
Correct
1.28%
Incorrect
-0.50%
Correct
1.07%
Incorrect
TRIM DAILY
11
Ticker
Last
Technical Call
JCI
4,209
Rebound
TLKM
2,655
Buy
PTPP
3,470
Buy
BBNI
4,110
Buy
BBRI
8,550
Buy
ADRO
585
Buy
AKRA
6,000
Sell
Last
Technical Call
JCI
4,244
Weakening
ITMG
9,500
Buy
TBIG
6,550
Buy
LSIP
1,320
Buy
AALI
17,925
Buy
INCO
1,870
Buy
TINS
620
Buy
Last
Technical Call
JCI
4,344
Weakening
LSIP
1,260
Buy
ASII
5,800
Buy
TBIG
Ticker
Ticker
6,800
Buy
ADRO
595
Buy
SRIL
373
Buy
BWPT
254
Sell
Last
Technical Call
JCI
Ticker
4,376
Rebound
TLKM
2,730
Buy
AALI
18,100
Buy
ASII
5,800
Buy
BBNI
4,330
Buy
DILD
625
Buy
ROTI
1,175
Buy
Last
Technical Call
Ticker
JCI
4,380
Weakening
ROTI
1,175
Buy
SCMA
2,780
Buy
GGRM
42,825
Buy
TLKM
2,690
Buy
EXCL
2,395
Sell
895
Sell
WTON
28-Sep-15
4,121
2,600
3,410
3,940
8,300
550
5,875
25-Sep-15
4,209
9,150
6,500
1,400
17,950
2,080
645
23-Sep-15
4,244
1,320
5,500
6,550
580
377
246
22-Sep-15
4,344
2,700
17,900
5,800
4,300
610
1,150
21-Sep-15
4,376
1,175
2,800
43,025
2,730
2,415
885
Chg (%)
Recommendation
-2.11%
Incorrect
-2.07%
Incorrect
-1.73%
Incorrect
-4.14%
Incorrect
-2.92%
Incorrect
-5.98%
Incorrect
-2.08%
Correct
Chg (%)
Recommendation
-0.82%
Correct
-3.68%
Incorrect
-0.76%
Incorrect
6.06%
Correct
0.14%
Correct
11.23%
Correct
4.03%
Correct
Chg (%)
Recommendation
-2.29%
Correct
4.76%
Correct
-5.17%
Incorrect
-3.68%
Incorrect
-2.52%
Incorrect
1.07%
Correct
-3.15%
Correct
Chg (%)
Recommendation
-0.73%
Incorrect
-1.10%
Incorrect
-1.10%
Incorrect
0.00%
Correct
-0.69%
Incorrect
-2.40%
Incorrect
-2.13%
Incorrect
Chg (%)
Recommendation
-0.10%
Correct
0.00%
Correct
0.72%
Correct
0.47%
Correct
1.49%
Correct
0.84%
Correct
-1.12%
Correct
TRIM DAILY
12
Ticker
Last
Technical Call
JCI
4,378
strengthened
BBNI
4,350
Buy
SCMA
2,700
Buy
UNVR
39,100
Buy
640
Buy
WIKA
2,725
Sell
ROTI
1,180
Sell
Last
Technical Call
4,333
Rebound
TINS
Ticker
JCI
UNTR
18,850
Buy
TLKM
2,720
Buy
BBNI
4,315
Buy
PWON
348
Buy
SMGR
9,700
Buy
ASII
5,900
Buy
Last
Technical Call
JCI
4,347
Weakening
AKRA
5,575
Buy
UNTR
18,200
Buy
BBNI
4,360
Buy
BMRI
8,700
Buy
WIKA
2,675
Sell
MPPA
2,290
Sell
Last
Technical Call
JCI
4,390
Weakening
BBNI
4,450
Buy
Ticker
Ticker
BBCA
12,100
Buy
AKRA
5,750
Buy
SMRA
1,330
Buy
19,975
Sell
2,665
Sell
Last
Technical Call
JCI
4,360
Rebond
LSIP
1,170
Buy
INTP
PGAS
Ticker
BWPT
275
Buy
KLBF
1,550
Buy
AALI
18,000
Sell
ADRO
565
PGAS
2,685
Spec. Buy
Sell
18-Sep-15
4,380
4,285
2,780
39,100
620
2,710
1,175
17-Sep-15
4,378
18,675
2,680
4,350
351
9,700
5,925
16-Sep-15
4,333
5,575
18,850
4,315
8,650
2,660
2,245
15-Sep-15
4,347
4,360
11,950
5,575
1,300
19,300
2,620
14-Sep-15
4,390
1,210
275
1,545
18,125
570
2,665
Chg (%)
Recommendation
0.04%
Correct
-1.49%
Incorrect
2.96%
Correct
0.00%
Correct
-3.13%
Incorrect
-0.55%
Correct
-0.42%
Correct
Chg (%)
Recommendation
1.06%
Correct
-0.93%
Incorrect
-1.47%
Correct
0.81%
Incorrect
0.86%
Incorrect
0.00%
Correct
0.42%
Correct
Chg (%)
Recommendation
-0.34%
Correct
0.00%
Correct
3.57%
Correct
-1.03%
Incorrect
-0.57%
Incorrect
-0.56%
Correct
-1.97%
Correct
Chg (%)
Recommendation
-0.98%
Correct
-2.02%
Correct
-1.24%
Correct
-3.04%
Incorrect
-2.26%
Incorrect
-3.38%
Correct
-1.69%
Correct
Chg (%)
Recommendation
0.69%
Correct
3.42%
Correct
0.00%
Correct
-0.32%
Incorrect
0.69%
Incorrect
0.88%
Correct
-0.74%
Correct
TRIM DAILY
13
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
(sebastian.tobing@trimegah.com)
Gina Novrina Nasution, CSA
Technical Analyst
(gina.nasution@trimegah.com)
M. Dian Octiana
Equity Analyst
(dian.octiana@trimegah.com)
Jennifer Yapply
Equity Analyst
(jennifer.yapply@trimegah.com)
Paula Ruth
Equity Analyst
(paula@trimegah.com)
Wisnu Budhiargo
Equity Analyst
(wisnu.budhiargo@trimegah.com)
Dini Agmivia Anggraeni

Fixed Income/Macro Analyst
(dini.anggraeni@trimegah.com)
Angga Aditya Assaf

Equity Analyst
(angga.aditya@trimegah.com)
Patricia Gabriela
Equity Analyst
(patricia.gabriela@trimegah.com)
Yeni Simanjuntak
On-the-ground Analyst
(yeni.simanjuntak@trimegah.com)
Willinoy Sitorus
Equity Analyst
Kevie Aditya
Equity Analyst
(kevie.aditya@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
Institutional Sales Team

Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)
Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)
Fachruly Fiater
(fachruly.fiater@trimegah.com)
Raditya Andyono
(raditya.andyono@trimegah.com)
Meitawati
(meitawati.edianingsih@trimegah.com)
Henry Sidarta
(henry.sidarta@trimegah.com)
Nancy Pardede
(nancy.pardede@trimegah.com)
Retail Sales Team

JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Tantie Rivi Watie

Pekanbaru, Riau
(tantierw@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
EAST INDONESIA
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Eddy Sumarli
Puri Kencana, Jakarta
(eddy.sumarli@trimegah.com)
Very Wijaya
BSD, Tangerang
(very.wijaya@trimegah.com)
Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
CENTRAL JAVA, AREA

Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Mariana Kusuma Wati
Semarang, Jawa Tengah
Mariana.kusuma@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)
Arifin Pribadi
Makasar, Sulawesi Selatan
(arifin.pribadi@trimegah.com)
TRIM DAILY
14
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 affiliated 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 officer 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.
This report was prepared, approved, published and distributed by PT Trimegah Securities Tbk located outside of the United States (a non-US
Group Company). This report is distributed in the U.S. by Enclave Capital LLC (Enclave Capital), a U.S. registered broker dealer, on behalf of
PT Trimegah Securities Tbk only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934
(the Exchange Act)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in
this report must be effected through Enclave Capital. Neither the report nor any analyst who prepared or approved the report is subject to U.S.
legal requirements or the Financial Industry Regulatory Authority, Inc. (FINRA) or other regulatory requirements pertaining to research
reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the
Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.

2

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

2

Caricato da

Copyright:

Formati disponibili

TRIM Daily

Nov 20, 2015

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

UNTR a potential upside today with trading

JCI Index, Avg 5D MA Value

PWON formed a white candle yesterday,

MPPA formed a black candle, for today TLKM

JSMR long term bearish, however Indicator

ISAT is a long term bullish, and short term

Jan-15 Mar-15 May-15

LPPF long term bearish with potential upward

PT Trimegah Securities Tbk - www.trimegah.com

Key Takeaways from meeting with BBNI Small

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

Contractor revenue split from the upstream oil sector

With total length of 350km, CMNP will work with the

The current portion for oil is 85%:15% for government and

MMLP: Formed business alliance with Daiwa House

WSKT: looking for Rp2-3tn loans

From one or more SOE banks, to finance LRT Palembang

This is positive for ANTM.

Jakarta waives property tax fines for those who

PT Trimegah Securities Tbk - www.trimegah.com

KLBF: to market Blackmores products starting 2016

News of the Day

PT Trimegah Securities Tbk - www.trimegah.com

5yr Bond Yield Indo (USD) vs US Bond Yield

Indo 10Yr Bond Yield (RHS)

Ind 5yr Bond Yield Indo in USD

Indo Market PE vs Regional (Weekly)

Foreign Fund Flow in last 5 & 30 days

Oil Price (Brent), Coal Price (Newcastle), Gold

Coal (mt) (LHS)

(USD/ Troy oz.)

CPO Price, Soybean Price (both 1m Futures)

CPO Malaysia (LHS)

PT Trimegah Securities Tbk - www.trimegah.com

CPO Price (1m Futures in Malaysia) vs CPO Sector

COAL Sector (RHS)

CPO Sector (RHS)

INCO, ANTM vs Nickel price (LME)

ANTM vs Gold price

Nickel LME (RHS)

(USD troy oz.)

TINS vs Tin price (LME)

GIAA vs Brent Crude Oil

Crude Oil Brent (RHS)

PT Trimegah Securities Tbk - www.trimegah.com

World Economic Calendar

NFIB Small Business Optimism

Import Price Index MoM (%)

Wholesale Inventories MoM (%)

MBA Mortgage Applications (%)

Initial Jobless Claims ('000')

Continuing Claims ('000')

Bloomberg Consumer Comfort

Industrial Production SA MoM

Industrial Production WDA YoY

Monthly Budget Statement (USDbn)

Retail Sales Advance MoM (%)