2

TRIM Daily
Nov 26, 2015
TRIM Highlights
Weve met with the owner of Raywhite Fatmawati, some takeaways: tax
amnesty has not yet impacted to the overall sales, even the rumored price
correction was not entirely true (see p.2). Banks news: BBNI assets to increase by Rp12tn post assets revaluationpositive, but share price has
already moved up by ~9% mtd, thus, upside risk is becoming limited. We
now like BBRI (Buy, TP Rp13,300) and BBTN (Buy, TP Rp1,550) on our Indonesian banks universe. BBTN: govt claims to have built more than 600k units
of housespositive for the company as this shows the absence of supply side
problems. WSKT to acquire Kanci-Probolinggo toll road from MNCpositive
for the company, but not in the near term.
JCI
4,585
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
0.88%
5,630
5,332
4,847
13.1
2.8%
Global Indices
Global Wrap
U.S. consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly
three years, pointing to moderate economic growth in the fourth quarter. The
Commerce Department said consumer spending edged up 0.1 percent after a
similar increase in September. From the Labor Department, applications for
state unemployment benefits declined 12,000 to a seasonally adjusted
260,000 for the week ended Nov. 21.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,813.4
5,116.1
19,847.6
2,891.6
6,337.6
22,498.0
1.2
13.3
-77
-31.9
60.4
-90
0.0
0.3
-0.4
-1.1
1.0
-0.4
Technical Market View

Jakarta Composite Index (JCI) up by 4 point to 4585 yesterday. Index
movers were mostly driven by cunsumer (+1.4%), basic industry (+1.5%)
and finance (+1.4%). Total transaction value was Rp5.3tr (2.1tr non reg.).
JCI recorded Rp89bn net buy by foreign investors. JCI today is expected to
going upward in support resistant 4517 4650.
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
10 yr US govt bond (%)
C hg
-28
-0.0
-0.01
6.37 -0.03
21.1
-0.0
(2,914)
6
13,690
8.60
2.2
Spread (%)
EIDO
Technical analysis: trading picks

Stock
Price
ADRO
585
Rating
Buy
Foreign YtD (USDmn)
Reason
We expect ADRO to further strengthen, with
todays trading range of 550-605
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
6,000
BBCA
MIKA
GGRM
13500
2505
50400
MPPA
1980
ASII
6175
Buy
Buy
Buy
Buy
Sell
%
-0.2
-0.5
-0.3
-0.2
-0.1
-0.2
With stochastic indicator to form a golden

cross, we expect a upward movement for
BBCA today in the range of 13100-12800
MIKA formed white candle with increasing
transaction volumes. We expect the stock to
move upward today as stochastic indicator to
form a golden cross. MIKAS supportresistance level for today is 2430-2540
GGRM remains strong with potential upside in
the range of 49800-50900 for today.
Price (LHS)
(Rpbn)
8,000
7,000
5,000
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
Sep-15
0
Nov-15
We expect MPPA to continue strengthening,

with todays trading range of 1930-2250
Stochastic oscillator formed a dead cross. We
expect downward movement for today in the
range of 6050-6300
PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
Tax amnesty buzz has yet shown any significant impact to property sales
We met with the owner of Raywhite Fatmawati to find a better view of secondary markets performance
during the slow year. Here is our key takeaways:
Taxes confuses potential buyers
On a secondary market context, the whole noise regarding property taxes had affected the overall buyers. Despite
the fact that the taxes are not applicable to secondary sales, thanks to the lack of socialization, the mass believes
that it does apply to every kind of sales hence dispiriting potential buyers. Although 5% might not seem much, it is
substantial enough to eliminate the already limited demand.
2015 was indeed a bad year for property
The overall decline in sales affected both primary and secondary market sales. Given Raywhites large exposure to
secondary market properties (approx. 60% of their business are secondary market related), the amount of transactions made were vastly decreased, especially during the past 5 months, whereas during the first quarter of 2015,
decent sales was still being made whilst near none were done during the 2nd.
The rumored price correction is not entirely true
While it might be true that some decline in prices were experienced, it was very limited and does not represent the
whole market situation. The decline itself was the result of the abnormal growth that occurred during 2010 2013,
where shophouses in North Jakarta had appreciated as much as tripling their initial value over less than 3 years, as
much as reaching Rp12bn per unit in transacted value. The price spike occurred when the investors can no longer
sell the said unit at a price above their purchase price.
However, North Jakarta has always been known for the area prone of price flipping, whilst South Jakarta is more of
a end-user area with much more stable price growth. Despite the recent noise regarding price cuts, average land
prices in South Jakarta areas such as Cipete, Cilandak, Abdul Majid etc had steadily appreciated from Rp18mn psm
to 23mn psm over 6 months. North Jakartas Raywhite offices are starting to expand to South Jakarta, bringing
along their investment-oriented clients with them, and if the investment trend continues, South Jakarta could
potentially experience price appreciation at the same pace as North Jakartas.
Tax amnesty has yet shown any impact to the overall sales
During the past months where tax amnesty hooply was introduced, no significant sales activity nor anomalies was
seen at all. Our understanding is that given that tax amnesty is to be applied by the end of the year, there should
be a rather significant amount of potential buyers doing property window shopping, however, according to Raywhite, the firm did not experience anything out of the ordinary. Properties at premium areas such as Pondok Indah
was still very hard to move, although, properties priced at below Rp5bn was relatively easier to sell. offshore purchases was mentioned, typically related to properties priced at Rp30-50bn, however, was not much in volume and
doesnt really reflect the overall market. (wisnu.budhiargo@trimegah.com)
TRIM DAILY
News of the Day

BBNI: assets to increase by Rp12tn post asset revaluation
WSKT: Acquires the whole Kanci-Probolinggo toll

road from MNC
According to BBNIs calculation, its assets would increase

by Rp12tn if it conducts asset revaluation. This would
also cause increasing tier-1 capital by 3% and hence,
bigger lending capacity. Most of assets to be revalued are
fixed assets, e.g., land, buildings. On a separate news,
BBNI remains optimistic to book positive earnings growth
next year by targeting 14-16% YoY loan growth and
lower provisioning. Source: Kontan & Investor Daily
WSKT now owns 99.99% of Waskita MNC Transjawa Toll

Road (WMTTR), post taking 38.5% of WMTTR from MNC
Toll Road. WSKT has allocated Rp757.5bn for the acquisition. Currently, Kanci-Pejagan section of the toll road has
operated, and with the acquisition. Pejagan-Pemalang and
Pasuruan-Probolinggo sections will come under WSKT as
well. Source: Investor Daily
Comment:
Weve already assumed ~14% loan growth in 2016-17F
please see our banks sectoral report dated Nov 16th,
2015. We have a Buy on BBNI with Rp5,500 TP (1.4x
2016F PBV). However, the share price has risen by 9%
mtd, providing less upside risk for now. With that being
said, we favour BBRI and BBTN for its much upsides from
executing government programs (KUR and public housing
program). (angga.aditya@trimegah.com)
Comment:
With the acquisition, WSKT will operate a total of 123.8km
of toll road, while currently Section I and Section II of
Pejagan Pemalang toll road, encompassing 20.2km has
reached almost 60% of progress. Thus, gaining profit from
the project was still be in a long-horizon. However, we
believe with the acquisition, there will be less bureaucracy
to
complete
the
whole
toll-road.
(Jennifer.yapply@trimegah.com)
Excise realization is expected to reach 95% of target
Govt claims to have built ~600k units of subsidized

houses
According to Ministry of Public Works and Housing, supply
of houses from one million houses program has reached
627,895 units. Source: Investor Daily
Comment:
Positive for BBTN since this shows the absence of nearterm supply-side problems, hence, this can be a potential
re-rating catalysts for the company. We have Buy on
BBTN with Rp1,550 TP (1.1x 2016F PBV) and the stock
currently
trades
at
0.9x
2016F
PBV.
(angga.aditya@trimegah.com)
Directorate general of customs and excise expected that

customs and excise revenue to reach 95% of Rp194tn FY15
target. Up to 23 November 2015, it has reached Rp134.5tn
or 69% of FY15 budget; Rp104.2tn from excise tax,
Rp27.8tn import duties, and Rp3.2tn duties. Source: Bisnis
Indonesia.
EXCL: Launch commercial 4G LTE in 11 cities
The 11 cities are Pekanbaru, Batam, Palembang, Purwakarta, Cirebon, Tegal, Perkalongan, Pacitan, Madura, Banjarmasin, and Manado. The company also already migrate the
4G LTE spectrum allocation in Bogor and Medan to 1800Mhz
from previously 900Mhz. Source: Bisnis Indonesia
Spain offers low-interest loans for infra projects

Spain offers up to EUR250mn loans for joint projects,
ranging from infrastructure to renewable energy, with
maturity date up to 40 years, and interest rate from 01%. Sofyan Djalil, National Development Planning Minister, expressed his optimism that the planned EUR250mn
was the first stage of support from Spanish government,
and Spain will have a lot of opportunities to tap into
Indonesia.
Source:
The
Jakarta
Post
Govt to build 145km trans-Sulawesi railway
Connecting Makassar to Parepare. So far only 16km of
the railway has reached 80% of progress. The transSulawesi railway is expected to be in operation by 2018,
connecting airport in Sulawesi to Makassar New Port.
Jokowi further pledged an additional Rp2tn for the project.
Source:
The
Jakarta
Post
PPRO: to form JV with BKSL

Focusing on Rp17mn psm apartments, with worth estimated at Rp1.4tr for the first 3 towers. The project itself will
consist of 2 phases. PPRO will have less than 50% stake.
Source: Bank Indonesia (wisnu.budhiargo@trimegah.com)
UNVR: Distributes interim dividend
UNVR decided to distribute Rp342/share interim dividend,
based on 31 Dec 15 book, with following details:
Cum dividend date
: 1 December 2015
Ex-dividend date
: 2 December 2015
Recording date
: 4 December 2015
Payment date
: 17 December 2015
Source: IDX
TRIM DAILY
News of the Day

Arifin Panigoro (founder of MEDC) plans to acquire
76% of Newmonts shares worth USD2.2bn
Arifin expects the acquisition to be completed by December 2015. First, Arifin will acquire 56% of Newmont
owned by Nusa Tenggara Partnership BV (consortium of
Newmont and Sumitomo). Second, Arifin to acquire
17.8% of Newmonts shares from PT Pukuafu Indah, a
company owned by Yusuf Merukh. Third, Arifin to acquire
2.2% of PT Indonesia Masbaga. Source: Kontan
(Willinoy.sitorus@trimegah.com)
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
Oct-15
Sep-15
Aug-15
Jul-15
Aug-15
Jun-15
Jun-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
Jan-15
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
-13
20.0
-7 -21
-28
-49
(200)
-173
-73
-216
(400)
18.0
-498
(600)
16.0
(800)
14.0
-756
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
80
INDIA
CPO Price, Soybean Price (both 1m Futures)
Gold (RHS)
(USD)
VIETNAM
2015
2015
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2010
6.0
THAILAND
(1,400)
-1,169
SOUTH KOREA
8.0
-980
PHILIPPINES
10.0
(1,200)
INDONESIA
12.0
(1,000)
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
75
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
70
65
1,100
60
900
55
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Oct-15
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Aug-15
Jun-15
Jun-15
May-15
Apr-15
Apr-15
Mar-15
Jan-15
Feb-15
Jan-15
Dec-14
500
Nov-14
40
Jan-15
700
45
Dec-14
50
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
Aug-15
Jul-15
Aug-15
Jun-15
Jun-15
Apr-15
May-15
Apr-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
Aug-15
Jun-15
Jun-15
May-15
Apr-15
Apr-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
Aug-15
Aug-15
Jul-15
Jun-15
Jun-15
May-15
Apr-15
Apr-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
Aug-15
Jul-15
Jun-15
Jun-15
May-15
Apr-15
Apr-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
Aug-15
Jun-15
Jun-15
May-15
Apr-15
Apr-15
Mar-15
Jan-15
Feb-15
Jan-15
Dec-14
Nov-14
Nov-14
200
TRIM DAILY
World Economic Calendar

Date Time
11/16/2015
11/17/2015
11/17/2015
11/18/2016
11/19/2015
11/23/2015
11/24/2015
11/25/2015
Country Event
Period
Survey
Actual
Prior
-11.4
US
Empire Manufacturing
Nov
-6.3
-10.74
ID
Trade Balance (USDmn)
Oct
725
1019
1017
ID
Exports YoY (%)
Oct
-16.78
-20.98
-18.0
EC
CPI MoM (%)
Oct
0.1
0.1
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
Industrial Production MoM (%)
Oct
0.1
-0.2
-0.2
US
Capacity Utilization
Oct
77.5
77.5
77.5
ID
Bank Indonesia Reference Rate
17-Nov
7.5
7.5
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
0.08
-0.04
-0.37
US
US
Markit US Manufacturing PMI

Existing Home Sales (USDmn)
Nov P
Oct
54
5.4
52.6
5.36
54.1
5.55
-61.9
-58.4
-58.6
2.1
2.1
1.5
US
Advance Goods Trade Balance (USDbn)
Oct
US
GDP Annualized QoQ (%)
3Q S
US
Personal Consumption (%)
3Q S
3.2
3.2
US
GDP Price Index (%)
3Q S
1.2
1.3
1.2
US
Core PCE QoQ (%)
3Q S
US
US
US
Consumer Confidence Index

Richmond Fed Manufact. Index
MBA Mortgage Applications
Nov
Nov
20-Nov
1.3
1.3
1.3
99.2
1
--
90.4
-3
-3.2
97.6
-1
6.2
US
Personal Income (%)
Oct
0.4
0.4
0.1
US
Personal Spending (%)
Oct
0.3
0.1
0.1
US
Durable Goods Orders (%)
Oct P
1.5
-1.2
-1.2
US
Durables Ex Transportation (%)
Oct P
0.4
-0.4
-0.4
US
Initial Jobless Claims ('000')
21-Nov
271
260
271
US
Continuing Claims ('000')
14-Nov
2140
2207
2175
US
FHFA House Price Index MoM
Sep
0.5
0.8
0.3
US
Markit US Composite PMI
Nov P
--
56.1
55
55.1
56.5
54.8
--
40.9
41.2
US
Markit US Services PMI
Nov P
US
Bloomberg Consumer Comfort
22-Nov
US
New Home Sales ('000')
Oct
US
U. of Mich. Sentiment
Nov F
11/26/2015
EC
M3 Money Supply YoY
Oct
11/27/2015
EC
Consumer Confidence
Nov F
11/30/2015
US
Chicago Purchasing Manager
Nov
US
Pending Home Sales MoM
Oct
1.3
--
-2.3
US
Dallas Fed Manf. Activity
Nov
--
--
-12.7
US
Markit US Manufacturing PMI
Nov F
--
--
--
12/01/2015
500
495
468
93
91.3
93.1
4.8
--
4.9
--
--
--
54
--
56.2
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
4,585.5
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
40.2
-12.27%
5.67%
4,511
4,466
4,918
Ma rket Div. Yield (%) 2.8%
5,448.7
599.3
790.3
688.4
948.6
882.5
2,094.2
826.2
1,080.9
406.4
486.2
1,654.1
+/59.4
4.4
9.0
9.3
2.7
8.5
28.4
5.1
-8.7
6.2
3.2
3.2
(%)YTD (%)
1.1
-12.1
0.7
-13.3
1.1
-12.1
1.4
-5.9
0.3
-18.2
1.0
-35.5
1.4
-3.8
0.6
-6.0
-0.8
-17.3
1.5
-25.3
0.7
-7.4
0.2
-29.6
185.7
+/0.4
(%)YTD (%)
0.23
-19.3
Commodities
C RB Index
Oil & Gas
Brent Crude Oil (USD/bbl)
46.2
Nymex Oil (USD/bbl)
43.0
Natural Gas
2.2
C OAL (AUS Daily)
53.9
Industrial Metals
Aluminum (USD/tonne)
1,459.3
Nickel (USD/tonne)
8,910
Tin (USD/tonne)
14,745
Precious Metal
Gold (USD/t oz.)
1,070.0
Silver (USD/t oz.)
14.2
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,093
Rubber (JPY/kg)
1,236
C orn (USD/bu.)
366
Wheat (USD/bu.)
479
Soybeans (USD/bu.)
875
JCI Winners (%)
0.9%
Volume (m)
5,630
Value (Rpbn)
5,332
Mkt C ap (Rptr)
4,847
Market 2015 P/E (x) 13.1
0.1
0.2
0.0
-0.3
0.11
0.40
0.27
-0.46
-19.4
-19.2
-23.9
-13.1
13.5
140
320
0.93
1.60
2.22
-20.4
-41.2
-24.0
-3.8
-0.0
-0.35
-0.01
-9.6
-9.2
-35.0
15.8
1.8
-5.0
11.5
-1.64
1.30
0.48
-1.03
1.33
-8.6
-24.7
-7.8
-18.8
-14.1
JCI Losers (%)
BBRI
-6.0
CMNP
TLKM
-5.0
BHIT
ASII
-4.5
SCMA
BBNI
-4.5
BIRD
BMRI
-1.4
PTPP
BBCA
2.3
-1.2
ASII
SSMS
GGRM
2.0
-0.9
ISAT
MYRX
HMSP
1.1
-0.8 PGAS
TLKM
1.0
-0.4
3.8
LPPF
3.1
EMTK
2.9
BMRI
2.6
INTP
2.6
UNVR
2.4
KLBF
-9.9
ICBP
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)
HERO
BBRI
Indices
Region
MXWO
MSC I Word
1,697.8
SPX
S&P 500
2,088.9
US
Dow Jones Industrial
17,813.4
Nasdaq
US
5,116.1
Europe
EURO 50
Europe
380.8
FTSE
London
6,337.6
DAX
Jerman
11,169.5
C AC
France
4,893.0
SMI
Swiss
8,934.5
BRIC
BOVESPA
Brazil
46,866.6
MIC EX
Russia
1,833.5
SENSEX
India
25,775.7
NIFTY
India
7,831.6
SHC OMP
C hina
3,647.9
SZC OMP
C hina
2,343.6
Developed ASIA
100
237
212
195
200
0.01
0.26
-0.05
8.02
5.20
60.41
235.6
72.71
125.95
1.38
0.96
2.15
1.51
1.43
11.19
-3.48
13.91
14.51
-0.54
-1,418
23.48
0.0
0.0
31.82
43.53
-2.94
1.30
0.00
0.00
0.88
1.89
-6.28
31.29
-6.27
-5.45
12.77
65.60
19,847.6
1,594.7
22,498.0
2,009.4
8,386.1
2,891.6
-77.3
-11.27
-90
-6.87
-14.0
-31.91
-0.39
-0.70
-0.40
-0.34
-0.17
-1.09
13.73
13.30
-4.69
4.90
-9.90
-14.07
1,381.5
7,059.1
1,684.4
595.7
-3.46
66.5
7.39
1.87
-0.25
0.95
0.44
0.31
-7.76
-2.37
-4.36
9.18
0.941
0.661
1.022
1.329
1.379
1.520
122.74
6.39
7.751
1.405
13,690
JCI Volume (mn Lot)

0
META
100
211
ANTM
MYRX
180
117
(%) Y T D ( %)
0.14
-0.69
-0.01
1.46
1.2
13.34
Thailand
Philipines
Malaysia
Vietnam
300
+/2.37
-0.27
200
+/0.002
-0.002
0.005
-0.002
0.001
-0.006
0.210
0.00
0.000
-0.005
-28.0
(%) Y T D ( %)
0.2
17.7
-0.3
10.2
0.5
2.2
-0.1
10.8
0.1
14.9
-0.4
16.9
0.2
2.5
0.0
3.1
0.0
-0.6
-0.4
8.1
-0.2
10.5
JCI Freq (x)
300
ANTM
7,195
SCMA
6,496
ASII
6,166
6,018
SSMS
74
BBRI
146
TLKM
73
SSMS
139
INDY
65
KREN
SSIA
63
KLBF
4,484
77
BIPI
63
UNTR
4,445
KLBF
76
SMRU
62
LMPI
3,978
UNVR
67
ASRI
59
BMRI
3,828
163
122
5,380
4,894
TRIM DAILY
Historical Technical Trading Ideas (1)

115 out of 140 (82.14%) our technical calls are Correct during 02-30 Oct15
Ticker
Last
Technical Call
JCI
4,472
Weakening
ASII
5,800
Spec Buy
SGRO
1,100
Spec Buy
BBNI
4,815
Spec Buy
BBRI
10,750
Spec Buy
PTPP
3,675
GIAA
325
Sell
Last
Technical Call
JCI
4,609
Weakening
TLKM
2,795
Sell
Ticker
JSMR
Trading Sell
5,250
Sell
10,325
Sell
LSIP
1,550
Buy
BBNI
5,025
Sell
BBRI
11,100
Sell
SMGR
Ticker
Last
Technical Call
JCI
4,674
Weakening
SGRO
1,085
Buy
LSIP
1,505
Buy
HMSP
84,250
Buy
JSMR
5,325
Buy
BBNI
5,175
Sell
BBRI
11,600
Sell
Ticker
JCI
Last
Technical Call
4,692
Profit taking
BBCA
13,650
Buy
BBTN
1,185
Buy
KLBF
1,465
Buy
GGRM
46,350
Sell
BBRI
11,600
Sell
BBNI
5,300
Sell
Last
Technical Call
4,653
strengthened
Ticker
JCI
PTPP
3,855
Buy
BBTN
1,185
Buy
TLKM
2,760
Buy
KLBF
1,460
Buy
BBNI
5,275
Buy
BBRI
11,200
Buy
30-Oct-15
Chg (%)
4,455
5,900
1,165
4,755
10,525
3,810
320
29-Oct-15
2,730
4,885
9,800
1,555
4,815
10,750
1,090
1,550
92,000
5,250
5,025
11,100
13,650
1,210
1,455
45,900
11,600
5,175
4,692
3,880
1,185
2,805
1,465
5,300
11,600
1.72%
Correct
5.91%
Correct
-1.25%
Incorrect\
-2.09%
Incorrect\
3.67%
Correct
-1.54%
Correct
Recommendation
-2.97%
Correct
-2.33%
Correct
-6.95%
Correct
-5.08%
Correct
0.32%
Correct
-4.18%
Correct
-3.15%
Correct
Recommendation
-1.40%
Correct
0.46%
Correct
2.99%
Correct
9.20%
Correct
-1.41%
Incorrect
-2.90%
Correct
-4.31%
Correct
Chg (%)
4,674
26-Oct-15
Correct
Chg (%)
4,609
27-Oct-15
-0.38%
Chg (%)
4,472
28-Oct-15
Recommendation
Recommendation
-0.38%
Correct
0.00%
Correct
2.11%
Correct
-0.68%
Incorrect
-0.97%
Correct
0.00%
Correct
-2.36%
Correct
Chg (%)
Recommendation
0.83%
Correct
0.65%
Correct
0.00%
Correct
1.63%
Correct
0.34%
Correct
0.47%
Correct
3.57%
Correct
TRIM DAILY
10
Ticker
JCI
Last
Technical Call
4,585
strengthened
PTPP
3,755
Buy
BBNI
5,225
Buy
BBRI
10,700
Buy
SMRA
1,510
Buy
BBTN
1,165
SRIL
Ticker
JCI
Buy
388
Trd. Buy
Last
Technical Call
4,605
Weakening
AALI
20,400
Buy
LSIP
1,490
Buy
SMRA
1,475
Buy
BBRI
10,550
Buy
SMGR
11,250
Sell
1,300
Sell
Last
Technical Call
4,586
Strengthened
LPKR
Ticker
JCI
SMGR
10,575
Buy
KLBF
1,455
Buy
AALI
19,275
Buy
LSIP
1,360
Buy
TLKM
2,710
Buy
AKRA
6,025
Buy
Last
Technical Call
JCI
Ticker
4,570
Strengthened
JSMR
5,550
Buy
394
Buy
AALI
18,900
Buy
UNTR
19,625
KLBF
1,450
PWON
SMGR
Ticker
JCI
10,625
Buy
Spec Buy
Sell
Last
Technical Call
4,522
strengthened
ggrm
42,800
Buy
MIKA
2,940
Buy
ASII
6,300
Buy
PGAS
3,065
Buy
INCO
2,230
Spec Buy
640
Spec Buy
ADRO
23-Oct-15
Chg (%)
1.50%
4,653
3,855
5,275
11,200
1,620
1,185
389
22-Oct-15
21,475
1,535
1,510
10,700
10,725
1,295
11,250
1,435
20,400
1,490
2,730
6,075
20-Oct-15
5,550
397
19,275
19,975
1,455
10,575
4,570
43,450
2,945
6,500
3,020
2,280
645
Correct
Correct
4.67%
Correct
7.28%
Correct
1.72%
Correct
0.26%
Correct
Recommendation
-0.45%
Correct
5.27%
Correct
3.02%
Correct
2.37%
Correct
1.42%
Correct
-4.67%
Correct
-0.38%
Correct
Recommendation
0.42%
Correct
6.38%
Correct
-1.37%
Incorrect
5.84%
Correct
9.56%
Correct
0.74%
Correct
0.83%
Correct
Chg (%)
4,586
19-Oct-15
2.66%
Chg (%)
4,605
Correct
0.96%
Chg (%)
4,585
21-Oct-15
Recommendation
Recommendation
0.35%
Correct
0.00%
Correct
0.76%
Correct
1.98%
Correct
1.78%
Correct
0.34%
Correct
-0.47%
Correct
Chg (%)
Recommendation
1.06%
Correct
1.52%
Correct
0.17%
Correct
3.17%
Correct
-1.47%
Incorrect
2.24%
Correct
0.78%
Correct
TRIM DAILY
11
Ticker
Last
Technical Call
JCI
4,507
strengthened
BBNI
5,025
Buy
BBRI
10,125
Buy
SILO
12,350
Buy
ITMG
10,700
Buy
PTPP
3,655
Sell
42,975
Sell
GGRM
Ticker
Last
Technical Call
JCI
4,483
strengthened
WIKA
3,050
Buy
LPKR
1,225
Buy
LSIP
1,385
Buy
SILO
12,450
Buy
BWPT
268
PGAS
2,965
Sell
Last
Technical Call
4,631
Profit taking
Ticker
JCI
GGRM
ROTI
Trading Sell
44,325
Sell
1,160
Sell
MAPI
3,125
Sell
TLKM
2,695
Sell
BBNI
5,025
Sell
INCO
2,510
Sell
Last
Technical Call
JCI
Ticker
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
392
Trd. Buy
Last
Technical Call
4,589
strengthened
NIRO
128
Buy
DMAS
230
Buy
SMCB
1,100
Buy
ITMG
10,500
Buy
392
Buy
3,000
Sell
SRIL
PGAS
16-Oct-15
Chg (%)
4,522
5,100
10,300
12,175
10,125
3,585
42,800
15-Oct-15
3,005
1,235
1,380
12,350
257
2,995
43,000
1,100
3,000
2,640
4,835
2,320
3,750
44,325
1,440
10,800
1,135
387
4,631
129
229
1,145
10,700
387
3,130
1.49%
Correct
1.73%
Correct
-1.42%
incorrect
-5.37%
incorrect
-1.92%
Correct
-0.41%
Correct
Recommendation
0.54%
Correct
-1.48%
Correct
0.82%
Correct
-0.36%
Incorrect
-0.80%
Incorrect
-4.10%
Incorrect
1.01%
Correct
Recommendation
-3.19%
Correct
-2.99%
Correct
-5.17%
Correct
-4.00%
Correct
-2.04%
Correct
-3.78%
Correct
-7.57%
Correct
Chg (%)
4,631
9-Oct-15
Correct
Chg (%)
4,483
12-Oct-15
0.33%
Chg (%)
4,507
13-Oct-15
Recommendation
Recommendation
0.90%
Correct
-1.45%
Correct
2.07%
Correct
1.41%
Incorrect
2.37%
Incorrect
3.65%
Correct
-1.28%
Correct
Chg (%)
Recommendation
0.90%
Correct
0.78%
Correct
-0.43%
Correct
4.09%
Incorrect
1.90%
Incorrect
-1.28%
Correct
4.33%
Correct
TRIM DAILY
12
Ticker
Last
Technical Call
JCI
4,487
strengthened
TLKM
2,740
Buy
TBIG
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
Ticker
Last
Technical Call
JCI
4,208
strengthened
ITMG
9,725
Spec Buy
PWON
339
Spec Buy
ANTM
404
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
INCO
2,545
Buy
43,300
Buy
GGRM
8-Oct-15
Chg (%)
4,491
2,710
6,450
390
377
6,325
2,890
7-Oct-15
720
2,510
5,025
10,800
413
10,600
20,000
8,900
383
4,535
10,175
10,075
10,000
367
404
3,700
46,600
1,795
4,208
3,585
5,125
19,100
665
2,480
44,450
-1.09%
Correct
0.78%
Correct
-1.76%
Incorrect
-5.28%
Incorrect
3.27%
Correct
-2.03%
Correct
Recommendation
0.90%
Correct
1.41%
Correct
8.66%
Correct
0.00%
Incorrect
2.37%
Incorrect
-0.72%
Correct
0.47%
Correct
Recommendation
2.35%
Correct
-1.60%
Correct
8.54%
Correct
4.36%
Incorrect
3.07%
Incorrect
1.75%
Correct
0.25%
Correct
Chg (%)
4,344
2-Oct-15
Correct
Chg (%)
4,446
5-Oct-15
0.10%
Chg (%)
4,631
6-Oct-15
Recommendation
Recommendation
3.23%
Correct
2.83%
Correct
8.26%
Correct
0.00%
Incorrect
3.21%
Incorrect
4.84%
Correct
3.76%
Correct
Chg (%)
Recommendation
-1.11%
Correct
0.14%
Correct
-2.84%
Correct
-1.04%
Incorrect
-2.21%
Incorrect
-2.55%
Correct
2.66%
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
(willinoy.sitorus@trimegah.com)
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
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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
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TRIM Daily

Nov 26, 2015

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

Foreign YtD (USDmn)

JCI Index, Avg 5D MA Value

With stochastic indicator to form a golden

We expect MPPA to continue strengthening,

PT Trimegah Securities Tbk - www.trimegah.com

Taxes confuses potential buyers

2015 was indeed a bad year for property

The rumored price correction is not entirely true

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

WSKT: Acquires the whole Kanci-Probolinggo toll

According to BBNIs calculation, its assets would increase

WSKT now owns 99.99% of Waskita MNC Transjawa Toll

Govt claims to have built ~600k units of subsidized

Directorate general of customs and excise expected that

Spain offers low-interest loans for infra projects

PT Trimegah Securities Tbk - www.trimegah.com

PPRO: to form JV with BKSL

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

Trade Balance (USDmn)

Exports YoY (%)

CPI MoM (%)

CPI YoY (%)

CPI Core YoY (%)

CPI MoM (%)

CPI Ex Food and Energy MoM (%)

CPI YoY (%)

Industrial Production MoM (%)

Bank Indonesia Reference Rate

Bank Indonesia Lending Facility Rate

Net Long-term TIC Flows (USDbn)

Total Net TIC Flows (%)

MBA Mortgage Applications

Housing Starts ('000')