TRIM Daily

TRIM Daily
Dec 7, 2015
TRIM Highlights
Economic package no.7 takeaways - 50% income tax discount for employees
working in a company of >5,000 local employees and the company is export
oriented (> 50%). This package applies for salary bracket < IDR50m/year.
The impact is only IDR350k/year which is insignificant in our view. However,
this should at least give some short-term positive momentum for staple
companies such as ROTI, ICBP, GGRM and HMSP. This should also be positive
for textile companies such as SRIL and PBRX. 4 Dec 15 meeting takeaway
OPEC to maintain oil production and market share, thus no catalyst for
significant oil price movement. Nov 14 4W sales went flat MoM, unexciting as
the market expected continues accelerating monthly figures to end of the
year.
JCI
4,508
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
-0.64%
5,586
5,147
4,771
12.8
2.8%
Global Indices
Global Wrap
Oil prices were near their lowest since 2009 in the wake of the Organization
of the Petroleum Exporting Countries' decision to keep production high despite depressed demand. Brent was last down 15 cents at $42.85 a barrel,
while U.S. crude lost 42 cents to $39.55.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,847.6
5,142.3
19,504.5
2,879.1
6,238.3
22,235.9
370.0
104.7
-435
-4.8
-36.7
-181
2.1
2.1
-2.2
-0.2
-0.6
-0.8
Technical Market View

Jakarta Composite Index (JCI) down by 8 point or 0.2% to 4537 yesterday.
Index movers were mostly driven by mining (-1.4%), agriculture (-0.9%)
and property construction (-0.7%). Total transaction value was Rp3.9tr. IDX
recorded RP395bn net sell by foreign investors. We expect JCI to rebound
within the range of 4488-4590.
Dual Listing (NYSE)

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

Stock
Price
TLKM
3000
JSMR
4805
Rating
Reason
Buy
TLKM a potential upside today with trading

range 2880-3125
Buy
We expect JSMR to trade up today in the

range of 4700-4900. Buy at level 4700 with
target price 4900 (resistance)
C hg
%
-11 -0.1
0.1 0.9
-0.02 -0.8
6.28 0.09 1.7
21.1
0.5 2.6
(3,038)
13 -0.4
13,834
8.56
2.3
Spread (%)
EIDO
Foreign YtD (USDmn)
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
6,000
Price (LHS)
(Rpbn)
8,000
7,000
BBRI
BBNI
ASII
SMGR
11300
4955
6400
10950
Buy
Buy
Buy
Buy
We expect BBRI to further strengthen, with

todays trading range of 10800-11650
BBNI remains on a long term bullish pattern
with the potential technical rebound today on
the range of 4880-5025
ASII is a long term bullish with possible upward movement for today between the range
of 6300-6600
SMGR would make a technical rebound today,
in our view. We believe it will break its 11200
resistance and formed a bullish pattern post
todays technical rebound ranging between
10550-11575
PT Trimegah Securities Tbk - www.trimegah.com
5,000
6,000
5,000
4,000
4,000
3,000
3,000
2,000
1,000
2,000
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
TRIM DAILY
0
Dec-15
On the ground visit - 4W auction event

Automotive auction is an attractive business
We recently visited a second-hand 4W auction event regularly held by Adi Sarana Armadas (ASSA IJ) auction program,
BidWin. ASSA has been expanding and recently have 9 Bidwin locations spread across Indonesia (Sumatra, Makassar,
Java). One of the main purposes of this weekly event is for leasing companies to 1.) Have a platform in selling their
massive number of second-hand 4W units to customers (majority are showroom dealers), 2.) Get a fair-deal as price
agreement is done by consensus (group of bidders). Note that large companies can scrap or sell more than 2,000 second-hand units per year. There were around 60 bidders during the event and majority of them are showroom dealers.
ASSA currently has around 15,000 units and usually scraps around 2,000 units per year, thus it makes business sense
for ASSA to create BidWin back in 1H14.
The business model
The auction coordinator usually holds a 3-days open event before the auction starts. The 3-days period is the time
where potential bidders get to see the physical condition and the details of the numerous cars displayed. At the auction
event, an appointed legal is in the middle of all bidders to ensure that the highest bidder must become legally binding
with the purchase. ASSA charges 5% commission for every transaction made. 65% of its 4,000 units auctioned are
sourced from Oto Adira, Indomobil, Clipan, Kalla rent and Orix. Assuming 9 outlets have 60 cars sold per weekly event
with average selling price of IDR80m, ASSA could reap revenue of IDR104bn/year, which is 8%/9% of ASSAs 2014
and 9M15 annualized revenue. Note that 9M15 auction revenue still contributes a mere 1% of ASSAs revenue. Most of
the auction locations are owned by ASSA (except Medan area).
The competition
Usually these showroom dealers/traders mark up the prices by ~10-15% for luxury cars and 5%-10% for popular cars
(Avanza, mobilio, etc.). The automotive auction market is a saturated business. Our channel check suggests that no
formal market share data is available yet the the 4 largest players in the market are Ibid (Astra; ~300 4W units displayed per event), JBA (consortium of Japanese companies; ~250), Astria and Bidwin (~150). Indonesia still uses
conventional method of auto auction, whereas advanced countries such as Japan already uses digital computer platform
for auction events. This type of business has becoming more hyped also to non-rental companies. Yet, ASSA believes
that the key success of this business is having huge land area of which many small players do not have.
The conventional type of automotive auction in Indonesia, unlike
Source: TRIM research
TRIM DAILY
On the ground visit - 4W auction event

The advanced computer system auction in advanced countries
There are legal parties ensuring that the highest bidder are legally binding with the purchase
TRIM DAILY
OPEC meeting takeaways

4 Dec OPEC meeting takeaways
Brent oil prices settled lower on Friday to USD43/barrel (-0.4% DoD) after OPEC announced it had agreed to roll
over its policy of maintaining crude production in order to retain market share.
OPEC president, Emmanuel Ibe Kachikwu, said OPEC could potentially meet before June if developments in price or
production levels warrant it.
Indonesia returns to OPEC but cant escape aging old fields. The start of Banyu Urip will be the single biggest addition to global supply this year.
We think that the OPEC meeting did not bring positive nor negative signals that could trickle oil price movement.
TRIM DAILY
News of the Day

Economy package Part VII
As scheduled, government announced the economy
package part VII last Friday with highlight on personal
income tax discount. The government gave 50% income
tax discount for employee which working in labour incentive industry (min 5000 local employee per company) and
export oriented ( min 50% ). Yet, the discount only applied for salary below Rp 50mn per annum. Thus, the
impact is small, only Rp 350k per employee/ year.
GIAA: to add at least 11,362 seats for domestic and

international flights in anticipation for holidays
The extra seats will be directed for 19 December to 4
January schedule, which includes Jakarta-North Sumatra;
Jakarta-Bali; South Sulawesi-Manado, Manado-Soron;
Jakarta-Sydney; Denpasar-Sydney; Jakarta-Melbourne and
Jakarta-Singapore.
Source:
The
Jakarta
Post
(Kevie.aditya@trimegah.com)
( dini.anggraeni@trimegah.com)
TLKM: Sign agreement with state logistic company,

Bhanda Ghara Reksa (BGR)
BBRI: To Issue Rp3 Trillion Obligation in 2016

The issued amount are part of the Rp 12 trillion obligation
which only Rp 3 trillion was issued in mid 2015. Therefore, due to the US$ 1 Billion loan BBRI acquired from
CCB, BBRI will only issue another Rp 3 Trillion obligation
in 2016. In addition, BBRI has a target of 15% in DPK,
13% in loan growth and will finalize the acquisition process towards BRIngin Life in 2016. Source: Investor Daily
Based on the deal, TLKM and BGR (handle ~1.2K clients a

year) will share each others infrastructure to improve
efficiency for BGRs distribution, warehousing, and tracking
system. The cooperation is also expected to help reducing
national logistics cost. Several materials often transported
by BGR are subsidized fertilizer, eletronic goods, and
archives. For next year, BGR is aiming Rp2tr revenue
(+60%YoY to 2015E target). Source: Jakarta Post
INTP: targets 3-5% sales volume growth in 2016
AISA: to hold shares divestment in GOLL
As the company cited cement demand is still weak despite infrastructure development, but the economy is still
facing a slowdown as commodities remains unexciting.
Source: Kontan (Jennifer.yapply@trimegah.com)
Due to continuous declining trend in CPO price. Initially,

AISA aimed to divest its shares in GOLL at end of this
year. Source: Bisnis Indonesia.
SMBR: reportedly booked 153.9k tons cement sales

in November
Up 12% YoY, 11M15 sales volume reached 1.41mn tons,
+27% YoY. Company remains optimistic that FY15 sales
volume to reach 1.5mn tons. Source: Bisnis Indonesia
Comment:
We continue to believe SMBR robust sales volume is
supported by the development in South Sumatra and
Sinarmas pulp and paper plant development. As again,
we reiterate that sales volume for SMBR can be a proxy
for Indonesian cement sales, which we can expect Indonesian cement sales to book a similar growth rate.
(Jennifer.yapply@trimegah.com)
Comment:
this is negative for AISA, as this plan has been an awaited
action by investor. The plantation business has dragged
down AISAs consolidated performance and the capex took
huge amount of AISAs. (dian.octiana@trimegah.com)
DAJK: to increase export portion to be 20%
By increasing its production capacity; 4,800 tonnes per
month (vs 4,500 tonnes per month) for cartons. Source:
Bisnis Indonesia
Nov 4W auto sales to reach 88k units (-0.7% MoM; 3.6% YoY)
This brings 11M15 sales to 940.7k units (-16.7% YoY).
Source: Bisnis Indonesia (willinoy.sitorus@trimegah.com)
Comment:
PTPP: Preparing Rp1.5tn for JV in energy;

PTPP plans to prepare Rp1.5tn to form a JV in energy
related company, as the company plans to enter more
energy-related business in the future. Currently, PTPP is
in the middle of a tender process for 2X200MW power
plant in West Kalimantan. Going into 2016, the company
aims for Rp35tn new contract, with 40% of the new
contract coming from government. PTPP retains its target
to reach Rp27tn by end 2015, optimistic to obtain Rp6tn
new contract in one month, as the company is waiting for
tender winning announcement. Source: Kontan, Bisnis
Indonesia (Jennifer.yapply@trimegah.com)
We think the ~1m units FY15 4W sales target is achievable

in our view.
National 4W sales volume
Source: Gaikindo, Bisnis Indonesia
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
Nov-15
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
Apr-15
May-15
Apr-15
Feb-15
Mar-15
0.0
Feb-15
12.0
6.0
Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec14
15
15 15
15 15
15 15
15
15 15
15 15
Jan-15
0.5
Dec-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
-73
-165
20.0
-270
(500)
-22 -50
-110
-270
-424
-434
18.0
(1,000)
16.0
-1,150
14.0
(1,500)
-1,530
12.0
(2,000)
10.0
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
75
INDIA
THAILAND
CPO Price, Soybean Price (both 1m Futures)
Gold (RHS)
(USD)
SOUTH KOREA
PHILIPPINES
INDONESIA
2015
2015
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2010
6.0
VIETNAM
-2,289
(2,500)
8.0
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
70
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
65
1,100
60
55
900
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Feb-15
Feb-15
Jan-15
Dec-14
500
Dec-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)
Nov-15
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Feb-15
Mar-15
Jan-15
Feb-15
Dec-14
0
Dec-14
INCO, ANTM vs Nickel price (LME)

INCO (LHS)
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
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
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Feb-15
Mar-15
Feb-15
Jan-15
Dec-14
700
Dec-14
TINS vs Tin price (LME)

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

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

Date Time
Country Event
Period
Survey
Actual
Prior
11/26/2015
EC
M3 Money Supply YoY
Oct
4.8
5.3
4.9
11/27/2015
11/30/2015
EC
US
US
Consumer Confidence
Chicago Purchasing Manager
Pending Home Sales MoM
Nov F
Nov
Oct
-54
1.3
-5.9
48.7
54
-6
56.2
-2.3
US
US
US
Dallas Fed Manf. Activity

Markit US Manufacturing PMI
Construction Spending MoM
Nov
Nov F
Oct
-10
52.6
0.6
-4.9
52.8
1
-12.7
52.6
0.6
US
US
ID
ID
ISM Manufacturing
ISM Prices Paid
Nikkei Indonesia PMI Mfg
CPI NSA MoM
Nov
Nov
Nov
Nov
50.5
40
-0.17
48.6
35.5
46.9
0.21
50.1
39
47.8
-0.1
ID
ID
EC
CPI YoY
CPI Core YoY
Markit Eurozone Manufacturing PMI
Nov
Nov
Nov F
4.85
4.91
52.8
4.89
4.77
52.8
6.3
5.0
52.8
EC
CH
CH
CH
Unemployment Rate
Manufacturing PMI
Caixin China PMI Mfg
Caixin China PMI Composite
Oct
Nov
Nov
Nov
10.8
49.8
48.3
--
10.7
49.6
48.6
--
10.8
49.8
48.3
49.9
CH
US
US
Caixin China PMI Services

MBA Mortgage Applications
ADP Employment Change ('000')
Nov
27-Nov
Nov
--190
--0.2
217
52
-182
EC
EC
ID
EC
CPI Estimate YoY

CPI Core YoY
Foreign Reserves (USDbn)
Markit Eurozone Services PMI
Nov
Nov A
Nov
Nov F
0.2
1.1
-54.6
0.1
0.9
-54.2
0.1
1.1
100.7
54.6
EC
EC
EC
Markit Eurozone Composite PMI

Retail Sales MoM
ECB Main Refinancing Rate
Nov F
Oct
3-Dec
54.4
0.2
0.05
54.2
-0.1
0.05
54.4
-0.1
0.1
EC
EC
US
US
ECB Deposit Facility Rate

ECB Marginal Lending Facility
Change in Nonfarm Payrolls ('000')
Change in Manufact. Payrolls ('000')
3-Dec
3-Dec
Nov
Nov
-0.3
0.3
200
0
-0.3
0.3
211
-1
-0.2
0.3
271.0
0
US
US
EC
Unemployment Rate (%)

Trade Balance (USD bn)
GDP SA QoQ (%)
Nov
Oct
3Q P
5.0
-40.5
0.3
5.0
-43.9
--
5.0
-40.8
0.3
EC
CH
CH
GDP SA YoY (%)

Trade Balance (USD bn)
Exports YoY (%)
3Q P
Nov
Nov
1.6
64.15
-5
----
1.6
61.6
-6.9
CH
US
US
CH
Imports YoY (%)

MBA Mortgage Applications
Wholesale Inventories MoM
CPI YoY
Nov
4-Dec
Oct
Nov
11.8
-0.10%
1.4
-----
-18.8
-0.20%
0.50%
1.3
CH
US
US
PPI YoY
Import Price Index MoM (%)
Import Price Index YoY (%)
Nov
Nov
Nov
-5.9
-0.80%
-9.60%
----
-5.9
-0.50%
-10.50%
US
US
US
CH
Initial Jobless Claims ('000')

Continuing Claims ('000')
Bloomberg Consumer Comfort
New Yuan Loans CNY (USD bn)
5-Dec
28-Nov
6-Dec
Nov
268
2153
-965
-----
269
2161
39.6
513.6
CH
CH
CH
Money Supply M2 YoY

Retail Sales YoY
Industrial Production YoY
Nov
Nov
Nov
14
11.1
5.7
----
13.5
11.0
5.6
CH
CH
ID
ID
Industrial Production YTD YoY

Bloomberg GDP Monthly Estimate YoY
Bank Indonesia Reference Rate
Bank Indonesia Lending Facility Rate
Nov
Nov
17-Dec
17-Dec
6.1
----
-----
6.1
6.6
7.5
8.0
8
12/01/2015
12/02/2015
12/03/2015
12/4/2015
12/08/2015
12/9/2015
12/10/2015
12/10/2015
12/12/2015
12/17/2015
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
4,508.5
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
Commodities
C RB Index
Oil & Gas
(28.9)
-13.75%
5.67%
4,514
4,493
4,890
Ma rket Div. Yield (%) 2.8%
5,382.4
592.9
777.5
674.0
949.1
836.2
2,049.0
802.9
1,106.0
401.6
479.6
1,607.8
+/-37.7
-3.7
-6.4
-5.4
-9.3
-4.1
-23.5
2.7
14.2
-5.4
-4.4
-10.0
(%)YTD (%)
-0.7
-13.2
-0.6
-14.2
-0.8
-13.5
-0.8
-7.9
-1.0
-18.2
-0.5
-38.9
-1.1
-5.9
0.3
-8.6
1.3
-15.4
-1.3
-26.1
-0.9
-8.6
-0.6
-31.6
183.2
+/-0.1
(%)YTD (%)
-0.03
-20.3
-0.8
-1.1
0.0
0.0
-1.92
-2.70
0.23
0.00
-25.0
-25.0
-24.6
-14.1
38.5
130
55
2.61
1.47
0.37
-17.4
-40.7
-23.5
Brent Crude Oil (USD/bbl)
43.0
Nymex Oil (USD/bbl)
40.0
Natural Gas
2.2
C OAL (AUS Daily)
53.3
Industrial Metals
Aluminum (USD/tonne)
1,514.5
Nickel (USD/tonne)
8,980
Tin (USD/tonne)
14,850
Precious Metal
Gold (USD/t oz.)
1,084.1
Silver (USD/t oz.)
14.5
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,292
Rubber (JPY/kg)
1,333
C orn (USD/bu.)
382
Wheat (USD/bu.)
485
Soybeans (USD/bu.)
906
JCI Winners (%)
-0.6%
Volume (m)
5,586
Value (Rpbn)
5,147
Mkt C ap (Rptr)
4,771
Market 2015 P/E (x) 12.8
22.9
0.5
2.16
3.20
-8.4
-7.0
3.0
-13.6
4.5
5.8
8.5
0.13
-1.01
1.19
1.20
0.95
0.0
-18.8
-3.9
-17.9
-11.1
JCI Losers (%)
Indices
Region
MXWO
MSC I Word
1,694.8
SPX
S&P 500
2,091.7
US
Dow Jones Industrial
17,847.6
Nasdaq
US
5,142.3
Europe
EURO 50
Europe
370.6
FTSE
London
6,238.3
DAX
Jerman
10,752.1
C AC
France
4,714.8
SMI
Swiss
8,802.9
BRIC
BOVESPA
Brazil
45,360.8
MIC EX
Russia
1,755.2
SENSEX
India
25,638.1
NIFTY
India
7,781.9
SHC OMP
C hina
3,525.0
SZC OMP
C hina
2,233.3
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)

-
100
200
Thailand
Philipines
Malaysia
Vietnam
100
(%) Y T D ( %)
0.99
-0.87
2.05
1.59
370.0
104.74
2.12
2.08
0.14
8.58
-1.52
-36.71
-37.1
-15.42
-49.25
-0.41
-0.59
-0.34
-0.33
-0.56
8.20
-4.99
9.65
10.34
-2.01
-1,033
-32.01
-248.5
-82.3
-59.83
-10.68
-2.23
-1.79
-0.96
-1.05
-1.67
-0.48
-9.29
25.68
-6.77
-6.05
8.97
57.81
19,504.5
1,574.0
22,235.9
1,974.4
8,398.6
2,879.1
-435.4
-28.92
-181
-19.67
-57.5
-4.84
-2.18
-1.80
-0.81
-0.99
-0.68
-0.17
11.77
11.83
-5.80
3.07
-9.76
-14.45
1,333.6
6,921.9
1,667.9
571.6
-7.05
-72.2
-6.05
-2.76
-0.53
-1.03
-0.36
-0.48
-10.96
-4.27
-5.30
4.77
0.919
0.662
0.996
1.336
1.363
1.482
123.11
6.40
7.750
1.398
13,834
JCI Volume (mn Lot)
300
+/16.55
42.07
+/0.005
0.001
0.003
0.001
0.001
-0.013
0.500
0.00
0.000
0.003
-11.0
(%) Y T D ( %)
0.5
14.9
0.2
10.3
0.3
-0.4
0.1
11.4
0.0
13.6
-0.9
14.0
0.4
2.8
0.1
3.3
0.0
-0.6
0.2
7.5
-0.1
11.7
JCI Freq (x)
200
SSTM
6,364
CPIN
TLKM
MEGA
BBRI
232
TARA
99
SOCI
-3.8
SMMA
ASII
226
TLKM
94
CPIN
2.7
-3.0
KLBF
BBNI
151
PPRO
80
PTBA
4,598
AKRA
2.4
-2.6
UNTR
BMRI
146
SUGI
77
KLBF
4,502
MIKA
2.0
-1.6
UNVR
BBCA
121
DAJK
74
BBCA
4,053
ASII
1.6
-1.3
BBCA
SSMS
113
SSMS
72
PGAS
4,051
INTP
1.5
-1.2
TLKM
MYRX
111
LCGP
64
ASII
3,968
MNCN
1.2
-0.6 BMRI
UNTR
84
BKSL
63
BMRI
3,867
BBRI
0.2
HMSP
LPKR
82
LPKR
62
UNTR
3,842
EMTK
6.1
AISA
4.7
LSIP
3.1
LPPF
-7.6
-7.2
-0.4
283
MYRX
173
5,822
5,300
TRIM DAILY
10
Historical Technical Trading Ideas (1)

108 out of 147 (73.47%) our technical calls are Correct during 01-30 Nov15
Ticker
JCI
Last
Technical Call
4,561
Profit Taking
HMSP
97,000
Buy
AKRA
6,025
Buy
MPPA
1,900
Buy
BBRI
11,300
Sell
BBNI
4,980
Sell
ASII
6,225
Sell
Ticker
JCI
Last
Technical Call
4,597
Continued Strengtening
BBCA
13,525
GGRM
Buy
51,600
Buy
AKRA
5,950
Buy
TLKM
2,950
Spec Buy
LSIP
1,285
Spec Buy
PWON
460
Ticker
Last
Technical Call
4,586
JCI
Trading Buy
ADRO
585
Buy
BBCA
13,500
Buy
MIKA
2,505
Buy
50,400
Buy
INDF
5,350
Buy
ASII
6,175
Sell
GGRM
Ticker
Last
Technical Call
4,545
WSKT
1,715
Buy
BBCA
13,475
Buy
ADRO
565
Buy
SRIL
379
Buy
MIKA
2,500
Spec Buy
SILO
9,825
Spec Buy
Last
Technical Call
4,541
Profit Taking
JCI
Ticker
JCI
UNVR
37,550
Buy
PWON
450
Buy
SMGR
11,400
Sell
WSKT
1,725
Sell
GGRM
49,500
Sell
LPPF
16,250
Trading Sell
30-Nov-15
Chg (%)
4,446
101,900
6,100
1,875
10,775
4,770
5,925
27-Nov-15
13,150
50,000
6,025
2,960
1,265
457
585
13,525
2,480
51,600
5,475
6,225
1,720
13,500
585
387
2,505
9,775
4,545
36,925
453
10,925
1,715
49,400
16,250
5.05%
Correct
1.24%
Correct
-1.32%
Incorrect
-4.65%
Correct
-4.22%
Correct
-4.82%
Correct
Recommendation
-0.79%
Incorrect
-2.77%
Incorrect
-3.10%
Incorrect
1.26%
Correct
0.34%
Correct
-1.56%
Incorrect
-0.65%
Incorrect
Recommendation
0.25%
Correct
0.00%
Correct
0.19%
Correct
-1.00%
Incorrect
2.38%
Correct
2.34%
Correct
0.81%
Incorrect
Chg (%)
4,586
24-Nov-15
Correct
Chg (%)
4,597
25-Nov-15
-2.50%
Chg (%)
4,561
26-Nov-15
Recommendation
Recommendation
0.88%
Correct
0.29%
Correct
0.19%
Correct
3.54%
Correct
2.11%
Correct
0.20%
Correct
-0.51%
Incorrect
Chg (%)
Recommendation
0.09%
Incorrect
-1.66%
Incorrect
0.67%
Correct
-4.17%
Correct
-0.58%
Correct
-0.20%
Correct
0.00%
TRIM DAILY
11
JCI
4,561
Profit Taking
PTPP
3,875
Buy
PWON
447
Buy
BBCA
13,150
Buy
UNVR
37,250
Buy
KAEF
960
LPPF
15,975
Ticker
Trading Buy
Buy
Last
Technical Call
JCI
4,519
ASII
6,250
Buy
PWON
439
Buy
MPPA
2,020
Buy
JSMR
5,025
Buy
ISAT
4,925
Trading Buy
LPPF
15,750
Ticker
JCI
Spec Buy
Last
Technical Call
4,498
INTP
20,900
Buy
UNTR
17,050
Buy
433
Buy
2,910
Buy
PWON
PGAS
RALS
725
SMRA
1,415
Spec Buy
Ticker
Last
Technical Call
4,501
JCI
Buy
SMGR
11,100
Buy
TLKM
2,815
Buy
HMSP
95,150
Spec Buy
5,275
Spec Buy
INDF
BBRI
10,900
Trading Sell
ICBP
12,600
Trading Sell
Ticker
JCI
Last
Technical Call
4,442
SMGR
10,800
Buy
UNVR
36,300
Buy
UNTR
17,700
Buy
SMRA
1,435
Spec Buy
LPKR
1,160
Spec Buy
PGAS
2,575
Spec Buy
ADRO
640
Spec Buy
4,541
3,815
450
13,300
37,550
995
16,250
20-Nov-15
6,300
447
2,005
5,025
5,225
15,975
21,025
17,200
439
3,075
725
1,490
11,500
2,850
93,000
5,400
10,950
12,750
4,501
11,100
36,375
17,550
1,440
1,175
2,610
645
Incorrect
0.67%
Correct
1.14%
Correct
0.81%
Correct
3.65%
Correct
1.72%
Correct
Recommendation
0.94%
Correct
0.80%
Correct
1.82%
Correct
-0.74%
Incorrect
0.00%
Correct
6.09%
Correct
1.43%
Correct
Recommendation
0.47%
Correct
0.60%
Correct
0.88%
Correct
1.39%
Correct
5.67%
Correct
0.00%
Correct
5.30%
Correct
Chg (%)
4,498
17-Nov-15
-1.55%
Chg (%)
4,519
18-Nov-15
Correct
Chg (%)
4,561
19-Nov-15
-0.44%
Recommendation
-0.07%
Incorrect
3.60%
Correct
1.24%
Correct
-2.26%
Incorrect
2.37%
Correct
0.46%
Incorrect
1.19%
Incorrect
Chg (%)
Recommendation
1.32%
Correct
2.78%
Correct
0.21%
Correct
-0.85%
Incorrect
0.35%
Correct
1.29%
Correct
1.36%
Correct
0.78%
Correct
TRIM DAILY
12
JCI
4,473
Continued Weakening
ASII
6,600
Spec Buy
TLKM
2,755
Buy
HMSP
98,025
Buy
SMGR
10,675
Buy
TBIG
6,550
Sell
ISAT
4,825
Sell
Ticker
JCI
Last
Technical Call
4,462
Upward Movement
AALI
18,550
Buy
INTP
19,300
Buy
SMGR
10,150
Buy
TLKM
2,715
Buy
CPIN
2,705
Sell
94,675
Sell
HMSP
Ticker
JCI
Last
Technical Call
4,452
Futher Strengten
AALI
18,000
Spec Buy
LSIP
1,280
Spec Buy
SMGR
10,500
INTP
19,350
CPIN
2,675
HMSP
Ticker
JCI
97,900
Buy
Buy
Trading Sell
Sell
Last
Technical Call
4,451
Rebound
HMSP
100,575
Buy
SMRA
1,370
Buy
WSKT
1,685
Buy
WIKA
2,755
Buy
PWON
435
Spec Buy
SMGR
9,950
Spec Buy
Ticker
Last
Technical Call
4,500
Continued Weakening
JCI
AALI
19,325
Spec Buy
ASII
6,425
Spec Buy
HMSP
97,775
Buy
KLBF
1,440
Trading Sell
LSIP
1,365
Sell
BBRI
10,575
Sell
PGAS
3,000
Sell
4,442
6,425
2,720
95,050
10,800
6,475
4,765
13-Nov-15
18,050
20,000
10,675
2,755
2,725
98,025
18,550
1,285
10,150
19,300
2,705
94,675
97,900
1,390
1,680
2,760
435
10,500
4,451
18,700
6,500
100,575
1,370
1,365
10,450
3,130
Incorrect
-1.27%
Incorrect
-3.03%
Incorrect
1.17%
Correct
-1.15%
Correct
-1.24%
Correct
Recommendation
0.24%
Correct
-2.70%
Incorrect
3.63%
Correct
5.17%
Correct
1.47%
Correct
0.74%
Incorrect
3.54%
Incorrect
Recommendation
0.24%
Correct
3.06%
Correct
0.39%
Correct
-3.33%
Incorrect
-0.26%
Incorrect
1.12%
Correct
-3.29%
Correct
Chg (%)
4,452
10-Nov-15
-2.65%
Chg (%)
4,462
11-Nov-15
Correct
Chg (%)
4,473
12-Nov-15
-0.69%
Recommendation
0.01%
Correct
-2.66%
Incorrect
1.46%
Correct
-0.30%
Incorrect
0.18%
Correct
0.00%
Correct
5.53%
Correct
Chg (%)
Recommendation
-1.08%
Correct
-3.23%
Incorrect
1.17%
Correct
2.86%
Incorrect
-4.86%
Correct
0.00%
Correct
-1.18%
Correct
4.33%
Correct
TRIM DAILY
13
Ticker
JCI
Last
Technical Call
4,567
Continued Weakening
UNVR
37,000
Buy
TLKM
2,735
Buy
CPIN
2,650
Spec Buy
MAIN
1,100
Spec Buy
PGAS
2,925
Sell
ASII
6,600
Sell
Last
Technical Call
JCI
Ticker
4,577
Continued Weakening
PTPP
3,750
Buy
WSKT
1,690
Buy
SMGR
10,650
Buy
TLKM
2,705
Spec Buy
KIJA
236
Spec Buy
ASII
6,500
Sell
Last
Technical Call
4,613
Profit Taking
Ticker
JCI
SILO
10,400
Buy
AALI
20,875
Buy
LSIP
1,500
Buy
BBNI
5,000
Sell
BBRI
11,050
Sell
6,550
Sell
ASII
Ticker
Last
Technical Call
4,533
Futher Strengten
BBNI
4,950
Buy
BBRI
10,700
Buy
SMGR
10,200
Buy
JCI
LSIP
1,425
Spec Buy
SILO
9,750
Spec Buy
TLKM
2,740
Sell
Ticker
Last
Technical Call
JCI
4,465
BBNI
4,815
Buy
BBRI
10,275
Buy
WSKT
1,685
Buy
PTPP
3,705
Buy
SMGR
9,750
Buy
ASII
6,250
Buy
Last
Technical Call
JCI
Ticker
4,455
Rebound
WSKT
1,630
Buy
INDF
5,525
Buy
AALI
19,900
Buy
GGRM
42,950
Spec Buy
ASII
5,900
Spec Buy
WSKT
1,630
Trading Buy
9-Nov-15
Chg (%)
4,500
36,700
2,730
2,630
1,140
2,810
6,425
6-Nov-15
3,710
1,700
10,675
2,735
240
6,600
19,950
1,460
4,945
10,725
6,500
5,000
11,050
10,600
1,500
10,400
2,730
10,700
1,735
3,705
10,200
6,425
1,685
5,825
19,900
43,475
6,250
1,685
3.64%
Correct
-3.93%
Correct
-2.65%
Correct
Recommendation
-0.23%
Correct
-1.07%
Incorrect
0.59%
Correct
0.23%
Correct
1.11%
Correct
1.69%
Correct
1.54%
Incorrect
Recommendation
Correct
-3.13%
Incorrect
-4.43%
Incorrect
-2.67%
Incorrect
-1.10%
Correct
-2.94%
Correct
-0.76%
Correct
Recommendation
1.75%
Correct
1.01%
Correct
3.27%
Correct
3.92%
Correct
5.26%
Correct
6.67%
Correct
-0.36%
Correct
Recommendation
1.53%
4,950
4,465
Incorrect
Chg (%)
4,533
2-Nov-15
-0.75%
Chg (%)
4,613
3-Nov-15
Incorrect
Incorrect
-0.77%
10,075
4-Nov-15
-0.81%
Chg (%)
4,577
Correct
-0.18%
Chg (%)
4,567
5-Nov-15
Recommendation
-1.47%
Correct
2.80%
Correct
4.14%
Correct
2.97%
Correct
0.00%
Correct
4.62%
Correct
2.80%
Correct
Chg (%)
Recommendation
0.22%
Correct
3.37%
Correct
5.43%
Correct
0.00%
Correct
1.22%
Correct
5.93%
Correct
3.37%
Correct
TRIM DAILY
14
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
15
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
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Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

TLKM a potential upside today with trading

We expect JSMR to trade up today in the

JCI Index, Avg 5D MA Value

We expect BBRI to further strengthen, with

PT Trimegah Securities Tbk - www.trimegah.com

On the ground visit - 4W auction event

The conventional type of automotive auction in Indonesia, unlike

Source: TRIM research

PT Trimegah Securities Tbk - www.trimegah.com

On the ground visit - 4W auction event

Source: TRIM research

Source: TRIM research

PT Trimegah Securities Tbk - www.trimegah.com

OPEC meeting takeaways

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

GIAA: to add at least 11,362 seats for domestic and

TLKM: Sign agreement with state logistic company,

BBRI: To Issue Rp3 Trillion Obligation in 2016

Based on the deal, TLKM and BGR (handle ~1.2K clients a

INTP: targets 3-5% sales volume growth in 2016

AISA: to hold shares divestment in GOLL

Due to continuous declining trend in CPO price. Initially,

SMBR: reportedly booked 153.9k tons cement sales

PTPP: Preparing Rp1.5tn for JV in energy;

We think the ~1m units FY15 4W sales target is achievable

Source: Gaikindo, Bisnis Indonesia

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

M3 Money Supply YoY

Dallas Fed Manf. Activity

Caixin China PMI Services

CPI Estimate YoY

Markit Eurozone Composite PMI

ECB Deposit Facility Rate

Unemployment Rate (%)

GDP SA YoY (%)