TRIM Daily - trimegah.com · 3/23/2015 · these supermarkets are not (yet) game changer in our...
Transcript of TRIM Daily - trimegah.com · 3/23/2015 · these supermarkets are not (yet) game changer in our...
TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
This week we will see the rest of the 4Q results published. Among the big
caps that have not published yet: UNVR, GGRM. We published an on the
ground report on RALS’ new supermarket stores post re-modeling w/ SPAR:
these supermarkets are not (yet) game changer in our view, as payback
period is still 13 yrs based on 30% sales growth post re-modeling vs. re-
modeling capex. Commodities: Brent crude oil up 1.6%, we think it is time to
re-visit oil and gas sector. We have Buys on PGAS, RAJA, SOCI, LEAD, WINS,
ELSA, AKRA with RAJA and LEAD as top picks. We also suggest profit taking
in CPO sector (AALI, SGRO) as govt is looking to shift the burden of biodiesel
subsidy to CPO producers. Result: SRIL above (but receivable days up signifi-
cantly).
TRIM Daily
TRIM Highlights
Mar 23, 2015
Jakarta Composite Index (JCI) down by 10 poin or 0.12% to 5,443 yester-day. Index movers were mostly driven by finance, trade and infrastructure. Total transaction value was Rp7.1tr. IDX recorded RP635bn net sell by for-eign investors. Based on technical analysis, MACD indicator signals technical rebound for today with trading the range of 5405-5464
Technical Market View
Brent oil price slightly rebound on last Friday by 2% to USD 55.43/barrel while WTI increase higher 4% to USD 45.76/barrel. Last week, the Fed kept interest rate near zero (0.25%) and lowering their interest rate target to 0.625% by the end of 2015 from the previous projection of 1.125%.
Global Wrap
Technical analysis: trading picks
JCI 5,443.1
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE) Others
(USD) (Rp) Chg %
44.5 14,610 -0.01 -0.0TLKM
Change -0.20%
Transaction Volume (m) 6,566
Transaction Value (Rpbn) 7,126
Mkt Cap (Rptr) 5,431
Market 2015 P/E (x) 14.3
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 18,127.7 168.6 0.9
Nasdaq 5,026.4 34.0 0.7
Nikkei 19,560.2 83.7 0.4
ST Times 3,412.4 26.3 0.8
FTSE 7,022.5 60.2 0.9
Hang Seng 24,375.2 -93.6 -0.4
NAB Chg %
Trim Kapital 9,704.4 -20 -0.2
Trim Kapital + 3,511.8 -7.2 -0.2
Trim Syariah SHM 1,733.0 -2.9 -0.2
Tram Consumption +1,561.2 -3.6 -0.2
Trim Komb 2 2,117.2 -2.4 -0.1
Trim Syariah B 2,455.9 -1.9 -0.1
Trim Dana Stabil 2,217.2 -1.0 -0.0
Trim Dana Tetap 2 1,778.2 -2.3 -0.1
Tram PDPT USD 1.1 -0.0 -0.0
Tram Reguler INC 994.7 0.0 0.0
Tram Strategic Fund 1,190.0 -4.9 -0.4
Trim Kas 2 1,148.5 0.2 0.0
Chg %
USD IDR 13,124 67 0.5
10 yr Indo Govr bond (%) 7.43 0.1 1.3
10 yr US govt bond (%) 1.9 -0.04 -1.9
Spread (%) 5.51 0.13 3.2
EIDO 27.3 0.3 1.0
Foreign YtD (USDmn) 586 -49 -8
Stock Price Rating Reason
TLKM 2920 Buy
In the short term, TLKM remains strong
with potential upside in the range of 2880-
2995 for today
LSIP 1835 Buy
LSIP formed a white candle and spinning
top patern. LSIP have a potential rebound
for today with trading range 1805-1890
AALI 25750 Buy
AALI formed a bullish candlestick pattern
and white soldiers formation. We expect
AALI to form a bullish continuation for-
mation with today’s trading range at
24900-26500
TBIG 9225 Buy
Stochastic oscillator indicates oversold and
will form a golden cross, in our view. We
believe TBIG is a Speculative Buy with
today’s range of 9075-9650
BMRI 12200 Sell
As MACD formed a dead cross, we expect
BMRI to move downward today within the
range of 11975-12475
BJBR 955 Sell We expect the stock would further de-
crease today within the range of 930-985
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
Result FY14
SRIL: Above
• SRIL posted strong earnings on the back of better than expected revenue and much better margins.
• Account receivable days went up from 49 days in 2013 to 85 days in 2014, but operating cash flow still improved from
negative USD27mn to positive USD7mn.
• We are reviewing our Buy rating and IDR 190 target price.
SRIL 4Q13 3Q14 4Q14 QoQ YoY FY14 YoY 4Q14 / 4Q14E
(%)
FY14 / FY14E
(%)
FY14 / cons (%)
Sales
354
153
145 -5.5% -59.2% 555 23.1% 125.2% 105.5% 103.5%
Gross Profit
77
28
46 60.5% -40.8% 122 25.7% 229.4% 126.7% NA
Operating Profit NA NA NA NA NA 95 30.2% #VALUE! 139.5% 157.9%
Net Profit
22
10
22 126.1% 0.6% 45 51.2% 335.6% 153.6% 143.9%
Gross Margins (%) 21.8% 18.6% 31.6% 22.1%
Opr Margins (%) NA NA NA 17.1%
Net Margins (%) 6.2% 6.4% 15.4% 8.1%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 3
News of the Day
Banking: some SOE banks to acquire insurance compa-
nies
The two state-owned banks, BBNI and BBRI, continue their
plan to acquire insurance companies to support inorganic
growth. BBNI’s CEO, Achmad Baiquni, mentioned that the
company plans to establish an integrated financial services
company (BNI Financial Services Group). BBNI opens a
possibility to increase equity through rights issue in the next
5 years. Moreover, BBRI is currently in the phase of review-
ing which life insurance company to acquire. BBRI has pre-
pared Rp2tr for the acquisition. Source: Bisnis Indonesia
Comment:
This might be a risk to our call on BBNI (Buy, TP Rp7,800)
and BBRI (Buy, TP Rp14,600) as they plan for inorganic
growth. ([email protected])
Banking: loan growth was -1.95% MoM as at 1M15
Until 1M15 the loan growth was -1.95% on a MoM basis. OJK
Executive, Irwan Lubis, says that the slowing loan growth
was a result of a slowing economic growth last year. Howev-
er, the regulator remains optimistic that loan growth will be
15-17% in 1Q15. Source: Kontan
Comment:
The slowing loan growth on a MoM basis is also due to 1) the
government front loading strategy as data shows that the
government has taken Rp35tr in 2M15 out of the banking
system, 2) many matured loans repaid at the end of the
year. Our call to banking sector is still OVERWEIGHT on the
back of 1) better domestic macro outlook (stable inflation,
low interest rates) which would result in lower industry NPL
and higher loan and deposit growt and, 2) the certainty from
The Fed as they indicated not to be aggressive in raising
interest rates. ([email protected])
BMRI: Bank Syariah Mandiri (BSM) targets NPF<6%
this year
Bank Syariah Mandiri, a subsidiary of BMRI, is targeting to
lower its non-performing financing (NPF) to below 6% this
year through improvement in business process, strengthen-
ing risk management and internal control, business develop-
ment, and asset recovery. BSM CEO, Agus Sudiarto, said that
the company targets to collect Rp400bn of NPF. Source:
Bisnis Indonesia
Comment:
Recent data from BI suggests an increase in BSM’s non-
performing financing and receivables (NPFR) ratio to 7.4%
(+40bps MoM) in 1M15. We remain cautious as this might
cause rising consolidated credit costs of BMRI (Neutral, TP
Rp12,400) in 1Q15. The more concrete strategy is therefore
needed to improve NPFR rat io in BSM.
BTPN: OJK claims BTPN did not issue a certificate of
deposits
The Indonesia’s Financial Services Authority (OJK) claims that
they did not find any proof that BTPN had issued a Rp22bn
certificate of deposits in regards to the missing funds pos-
sessed by City Government of Semarang, Central Java. Previ-
ously, the case went out to the surface when the certificate of
deposits was going to be liquidated and BTPN stated that the
mentioned certificate was fake. Source: Bisnis Indonesia
New CPO export regulation.
The government will charge USD 50/ton CPO export effective
per mid April 2015 while keeping the import duty at 0%. The
charge will be fixed and aiming for CPO Supporting Fund. This
is part of the government’s program to raise FAME (Fatty Acid
Methyl Esters) component in biodiesel to 15% from 10%. As of
February 2015, Indonesia’s CPO export reached USD 1.4b or
around 11% from total export. Source : Kontan
TOTL: revised up 2015 earnings target by 8.6%
TOTL revised up its 2015 net income target by 8.6% to
Rp190bn from Rp175bn due to the early completion of several
tender offer processes in 2014. Hence, the 2015 earnings at
Rp190bn gas +16% YoY growth. In 2014 TOTL booked new
contracts totaling to Rp6.2tr consisting Rp3.5tr of regular
projects and Rp2.7tr of JO projects. Meanwhile, new contracts
in 2015 is targeted to reach at Rp3.0tr. Several ongoing mega
projects are: MNC Media Tower, Astra Tower, and office build-
ing in Lot X –SCBD. TOTL allocates Rp100bn capex this year.
Source: Bisnis Indonesia ([email protected])
ADHI: To distribute Rp36 per share dividend
The AGM on Friday approved to distribute cash dividend
amounting to Rp64.8bn or 20% payout ratio (DPR), translating
into Rp36.0 per shares. The dividend has 1.1% dividend yield.
The DPR of 20% is lower than previous year at 30%. The cum
date is on 27 Mar and the distribution date is on 22 Apr.
Source: Bisnis Indonesia
Comment:
The dividend amount at Rp36/sh is 46.8% lower than previous
year at Rp67.6/sh due to lower DPR and lower net income. We
have a Sell on ADHI with TP: Rp3200. ADHI is traded at 15.6x
2015 PE. ([email protected])
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 4
News of the Day
ACST: The tender offer price at Rp3250 per share
Based on a disclosure on mass media today, UNTR’s tender
offer price for ACST shares stands at Rp3250/sh, the price
same as the acquisition price of 40% stake by UNTR. Total
shares to participate in this action to reach 159mn shares or
31.8% stake, while UNTR is targeted to obtain 10.1% stake
or 50.5mn shares through this action. UNTR is targeting to
increase its shareholder to 50.1% from current 40.0%. The
tender offer period is on 24 Mar to 22 Apr’15. Source: Inves-
tor Daily
Comment:
Based on Bapepam regulation, the tender offer price is the
highest prices between acquisition price and 90 days aver-
age selling price prior to the acquisition announcement.
UNTR announced the acquisition on 15 Oct’14, resulting the
average selling price at Rp3,177/sh. Resulting the tender
offer price based at Rp3250/sh. However, at current price of
Rp5350, we do not think the UNTR target to obtain 10.1%
stake would be achieved. Hence, UNTR will fill the gap
through purchasing from LCK and CPI, the former majority
shareholders, which currently owned 28.2% stake. We are
reviewing our forecast and recommendation on ACST, but
maintain positive outlook due to the joining with Astra
Group. ([email protected])
Data Services: ISAT Considered to Raise Tariff
PT Indosat Tbk (ISAT) considered to raise data services tariff
next quarter around 2.5% from today rate. Per 2014, ISAT’s
data services customers around 13.5 milllion, or just 24.86%
from it’s total 54.3 million customers. ISAT also will comer-
cialize 4G services in Yogyakarta and Bali on 2Q15. Source:
Indonesia Finance Today ([email protected])
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 5
Table
Indo Market PE vs Regional (Weekly)
Indo Market PE vs 10yr Bond Yield
Oil Price (Brent), Coal Price (Newcastle), Gold
Foreign Fund Flow in last 5 & 30 days
5yr Bond Yield Indo (USD) vs US Bond Yield
CPO Price, Soybean Price (both 1m Futures)
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
22.0
2010
2010
2011
2012
2013
2014
2015
(x)
Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
Mar-14
Apr-14
Apr-14
May-14
May-14
May-14
Jun-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Aug-14
Sep-14
Sep-14
Oct-
14
Oct-
14
Oct-
14
Nov-14
Nov-14
Dec-14
Dec-14
Jan-15
Jan-15
Feb-15
Feb-15
Mar-15
Mar-15
(%) Bond Yield US Ind 5yr Bond Yield Indo in USD
-152
8
1,297
63
0
345
8 78
2,913
-120
38
4,087
(500)
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
IND
ON
ESIA
PH
ILIP
PIN
ES
SO
UTH
KO
REA
TH
AIL
AN
D
VIE
TN
AM
IND
IA
(USDmn) 5 Days 30 Days
500
700
900
1,100
1,300
1,500
40
50
60
70
80
90
100
110
120
Mar-
14
Apr-
14
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Jan-15
Jan-15
Feb-15
Mar-
15
(USD/ Troy oz.)(USD)
Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)
500
700
900
1,100
1,300
1,500
1,700
-
500
1,000
1,500
2,000
2,500
3,000
Mar-
14
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
(USD Bushels)(MYR Tons)
CPO Malaysia (LHS) Soybean (RHS)
6.0
6.5
7.0
7.5
8.0
8.5
9.0
12.0
12.5
13.0
13.5
14.0
14.5
15.0
Mar-
14
Apr-
14
May-
14
Jun-
14
Jul-
14
Aug-
14
Sep-
14
Oct-
14
Nov-
14
Dec-
14
Jan-
15
Feb-
15
Mar-
15
(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 6
Table
INCO, ANTM vs Nickel price (LME)
Coal Price (Newcastle) vs Coal Sector
TINS vs Tin price (LME)
ANTM vs Gold price
CPO Price (1m Futures in Malaysia) vs CPO Sector
GIAA vs Brent Crude Oil
150
175
200
225
250
275
50
55
60
65
70
75
80
Mar-
14
Apr-
14
May-14
Jun-1
4
Jul-
14
Aug-14
Sep-1
4
Oct-
14
Nov-1
4
Dec-14
Jan-15
Feb-15
(USD/MT)
Coal (LHS) COAL Sector (RHS)
50
55
60
65
70
75
80
85
90
95
1,500
1,700
1,900
2,100
2,300
2,500
2,700
2,900
Mar-14
Apr-14
May-14
May-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Sep-14
Sep-14
Oct-
14
Nov-14
Nov-14
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
(MYR / Ton)
CPO Malaysia (LHS) CPO Sector (RHS)
-
5,000
10,000
15,000
20,000
25,000
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
Mar-
14
Apr-
14
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Jan-15
Jan-15
Feb-15
Mar-
15
(USD /MT)(Rp)
INCO (LHS) ANTM (LHS) Nickel LME (RHS)
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
500
600
700
800
900
1,000
1,100
1,200
1,300
1,400
Mar-14
Apr-14
May-14
May-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Sep-1
4
Sep-1
4
Oct-
14
Nov-14
Nov-14
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
(USD troy oz.)(Rp) ANTM (LHS) Gold (RHS)
15,000
16,000
17,000
18,000
19,000
20,000
21,000
22,000
23,000
24,000
25,000
500
700
900
1,100
1,300
1,500
1,700
Mar-14
Apr-
14
May-14
May-14
Jun-14
Jul-
14
Jul-
14
Aug-14
Sep-14
Sep-14
Oct-
14
Nov-1
4
Nov-1
4
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)
40
50
60
70
80
90
100
110
120
300
350
400
450
500
550
600
650
700
Mar-14
Apr-14
May-14
May-14
Jun-1
4
Jul-
14
Jul-
14
Aug-14
Sep-14
Sep-14
Oct-
14
Nov-14
Nov-14
Dec-14
Jan-15
Jan-15
Feb-15
Mar-15
(USD bbl)(Rp)
GIAA (LHS) Crude Oil Brent (RHS)
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 7
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
3/16/2015 US Empire Manufacturing Mar 8 6.9 7.78
US Industrial Production MoM (%) Feb 0.2 0.1 0.2
US Capacity Utilization (%) Feb 79.5 78.9 79.4
3/17/2015 US Net Long-term TIC Flows (USD bn) Jan -- -27.2 35.4
US Total Net TIC Flows (USD bn) Jan -- 88.3 174.8
US Housing Starts (000's) Feb 1040 897 1065
US Building Permits Feb 1065 1092 1053
ID Bank Indonesia Reference Rate (%) 17-Mar 7.5 7.5 7.5
EC ZEW Survey Expectations Mar -- 62.4 52.7
EC CPI MoM (%) Feb 0.6 0.6 -1.6
EC CPI YoY (%) Feb F -0.3 -0.3 -0.3
EC CPI Core YoY (%) Feb F 0.6 0.7 0.6
3/18/2015 US MBA Mortgage Applications 13-Mar -- -3.9 -1.3
3/19/2015 US FOMC Rate Decision (Upper Bound) (%) 18-Mar 0.25 0.25 0.25
US Current Account Balance (USD bn) 4Q 104.1 113.5 100.3
US Initial Jobless Claims (000's) 14-Mar 293 291 289
US Continuing Claims (000's) 7-Mar 2400 2417 2418
US Bloomberg Consumer Comfort 15-Mar -- 44.2 43.3
US Philadelphia Fed Business Outlook Mar 7 5 5.2
US Leading Index Feb 0.2 0.2 0.2
3/23/2015 US Chicago Fed Nat Activity Index Feb 0.1 -- 0.13
US Existing Home Sales MoM Feb 4.92 -- 4.82
EC Consumer Confidence Mar A -5.8 -- -6.7
3/24/2015 US CPI MoM (%) Feb 0.2 -- -0.7
US CPI Ex Food and Energy MoM (%) Feb 1.6 -- 1.6
US CPI YoY (%) Feb -0.1 -- -0.1
US FHFA House Price Index MoM (%) Jan 0.5 -- 0.8
US Markit US Manufacturing PMI Mar P 55.3 -- 55.1
US New Home Sales (000's) Feb 475 -- 481
US Richmond Fed Manufact. Index Mar 3 -- 0
EC Markit Eurozone Manufacturing PMI Mar P 51.5 -- 51
EC Markit Eurozone Services PMI Mar P 53.9 -- 53.7
EC Markit Eurozone Composite PMI Mar P 53.6 -- 53.3
CH HSBC China Manufacturing PMI Mar P 50.5 -- 50.7
3/25/2015 US MBA Mortgage Applications 20-Mar 0.6 -- --
US Durable Goods Orders Feb 0.6 -- 2.8
US Durables Ex Transportation Feb 0.5 -- 0.3
3/26/2015 US Initial Jobless Claims (000's) 21-Mar 290 -- 291
US Continuing Claims (000's) 14-Mar 2395 -- 2417
US Markit US Composite PMI Mar P -- -- 57.2
US Markit US Services PMI Mar P 57 -- 57.1
US Bloomberg Consumer Comfort 22-Mar -- -- 44.2
EC M3 Money Supply YoY Feb -- -- 4.1
EC M3 3-month average Feb -- -- 3.6
ID Money Supply M2 YoY Feb -- -- 12.5
ID Money Supply M1 YoY Feb -- -- 8.8
3/27/2015 US GDP Annualized QoQ 4Q T 2.4 -- 2.2
US Personal Consumption 4Q T -- -- 4.2
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 8
Result FY14
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
1 17-Mar-15 ACST 105 5% 119 106 88.2% 98.4% In-line Revenus grew by +33% YoY, booked lower gross margin
2 17-Mar-15 WIKA 615 8% 641 621 96.0% 99.1% In-line Revenues grew by +5% YoY, income fr JO grew by +42% YoY, while interest exp grew triple
3 10-Mar-15 SMCB 668 -30% 934 71.6% Below Higher COS and Operating exp due to higher electricity cost and fuel price
4 10-Mar-15 WTON 329 36% 300 307 109.3% 107.0% Above Revenues grow by 24% YoY
5 4-Mar-15 BTPN 1,853 66% 1,701 1,695 91.8% 91.5% Below
The company reported stable
NPL at 0.7% (-10bps q-o-q,
+3bps y-o-y) supported by de-
clining NPL in micro segment.
6 4-Mar-15 MPPA 505 72% 593 582 117.5% 115.3% Above Supported by margin expansion
by 130bps to 3.7%.
7 3-Mar-15 SMGR 5,566 4% 5,541 5,628 100.5% 98.9% In-line
Strong revenue growth at
+10.1% YoY. Gross margins
dropped to 43% (FY13: 44.7%),
while op. margin reached 25.8%
(FY13: 28.5%)
8 3-Mar-15 PTPP 532 26% 534 517 99.7% 103.0% In-line
Revenus grew by +6.6%YoY,
higher gross margin at 12.3%
(FY13: 10.9%)
9 3-Mar-15 TBIG 924 -34% 793 595 85.8% 64.4% In-line
Last year, the company booked
net other income of Rp366 bn
(vs. FY2013 -36bn), including
forex loss of Rp192bn (FY2013 -
799bn)
10 25-Feb-15 AALI 2,490 21% 2,114 2,458 84.9% 98.7% In-line
11 25-Feb-15 ADHI 324 -20% 415 295 78.1% 109.8% Below
Negative revenus growth by -
12% YoY, lower income from JO,
and higher interest exp
12 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to
Rp197bn vs. Rp102bn
13 24-Feb-15 ARNA 259 1% 226 87.3% Below
14 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below
15 17-Feb-15 LPPF 1,419 23% 1,419 1,376 100.0% 97.0% In-line
LPPF still booked 10.7% SSSG.
We noted a declining bank loans
by 57% YoY to Rp689bn, result-
ing to a -17% interest expense.
16 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line
Supported by 17.3% yoy growth
in net interest income but lower
loan growth than industry.
17 6-Feb-15 JSMR 1,403 5% 1,249 1,263 89.0% 90.0% Below
Negative revenues growth
due to lower revenues from
construction, while revenues
from toll road up by +14.5%
YoY
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 9
Result FY14 (Cont’d 1)
Date Ticker
Net
profit
(Rpbn) YoY
TRIM
est.
(Rpbn)
Cons.
(Rpbn)
% of
TRIM
% of
Cons.
Rec
Comment
18 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in
non interest income
19 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below
There was a Rp306bn restructur-
ing cost and flat net interest
income growth
20 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line
Backed by 26.5% yoy growth in
interest income and 12% growth
in fee & other operating income
21 27-Jan-15 SMBR 328 5% 375 408 87.4% 80.4% Below
Flattish revenue growth at 4.0%
YoY, due to stagnant sales vol-
ume. Booked high interest in-
come at Rp151bn.
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 10
Corporate Action
Code Price
Exercise Maturity Emiten Description
BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE
INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM
SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY
MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL
GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I 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
Warrant
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11
Statistics
-0.7
-0.8
-1.0
-1.0
-1.1
-1.2
-3.0
-4.2
-7.2
-8.4
BBNI
KLBF
GGRM
TLKM
BBRI
CPIN
INTP
SMGR
BHIT
MPPA6.2
5.3
3.9
3.3
3.0
1.7
1.5
1.0
0.6
0.5
AMRT
SMMA
PWON
LPKR
EMTK
ICBP
LPPF
PGAS
ASII
BBCA
366
359
352
299
253
228
224
217
206
187
- 200 400
ASII
TLKM
BBRI
BBCA
BMRI
SMGR
MPPA
LPKR
LINK
SMRA
611
310
230
208
183
176
161
148
136
128
0 500 1,000
TRAM
MTFN
PWON
CPRO
NIRO
LPKR
BUMI
SRIL
PNLF
BWPT
10,754
6,406
5,830
5,690
4,696
4,667
4,562
4,276
4,182
4,098
TRAM
TLKM
SMGR
MPPA
LPKR
SRIL
BHIT
UNTR
SMRA
BBRI
JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)
YTD (Rp) 4.14% 6,566
YTD (USD) 40.03% 7,126
Moving Avg 20day 5,446 5,431
Moving Avg 50day 5,344 14.3
Moving Avg 200day 5,141 2.4%
Indonesia & Sectors +/- (%)YTD (%)
MSCI Indonesia 6,541.3 -16.0 -0.2 5.5
JII 721.7 -3.2 -0.4 4.4
LQ45 946.9 -2.9 -0.3 5.4
JAKFIN Index 805.3 -0.9 -0.1 10.1
JAKINFR Index 1,117.6 -4.1 -0.4 -3.7
JAKMINE Index 1,302.5 -5.0 -0.4 -4.9
JAKCONS Index 2,306.4 1.5 0.1 5.9
JAKTRAD Index 975.5 -0.6 -0.1 11.0
JAKMIND Index 1,389.5 6.6 0.5 6.3
JAKBIND Index 485.2 -11.4 -2.3 -10.8
JAKPROP Index 554.7 2.6 0.5 5.7
JAKAGRI Index 2,331.4 -11.1 -0.5 -0.8
Commodities +/- (%)YTD (%)
CRB Index 214.1 3.1 1.48 -6.9
Oil & Gas
Brent Crude Oil (USD/bbl) 55.3 0.9 1.64 -3.5
Nymex Oil (USD/bbl) 45.7 1.8 4.00 -14.2
Natural Gas 2.8 -0.0 -0.96 -3.9
COAL (AUS Daily) 56.6 -0.2 -0.26 -8.8
Industrial Metals
Aluminum (USD/tonne) 1,793.8 20.3 1.14 -2.2
Nickel (USD/tonne) 14,245 475 3.45 -6.0
Tin (USD/tonne) 17,305 330 1.94 -10.8
Precious Metal
Gold (USD/t oz.) 1,184.6 15.6 1.33 0.0
Silver (USD/t oz.) 16.9 0.8 4.77 8.2
Soft Commodities
CPO (Malaysia - Rm/tonne) 2,168 -42.0 -1.90 -5.4
Rubber (JPY/kg) 1,800 6.9 0.38 9.6
Corn (USD/bu.) 385 11.5 3.08 -3.0
Wheat (USD/bu.) 530 18.0 3.52 -10.2
Soybeans (USD/bu.) 974 12.0 1.25 -4.4
Volume (m)
Value (Rpbn)
Mkt Cap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
CPO (Malaysia - Rm/tonne)
Indices Region +/- (%) YT D (%)
MXWO MSCI Word 1,774.6 23.26 1.33 3.79
SPX S&P 500 2,108.1 18.83 0.90 2.39
US
18,127.7 168.6 0.94 1.71
Nasdaq US 5,026.4 34.04 0.68 6.13
Europe
EURO 50 Europe 404.0 3.18 0.79 17.96
FTSE London 7,022.5 60.19 0.86 6.95
DAX Jerman 12,039.4 140.0 1.18 22.78
CAC France 5,087.5 50.31 1.00 19.07
SMI Swiss 9,396.3 67.81 0.73 4.60
BRIC
BOVESPA Brazil 51,966.6 1,013 1.99 3.92
MICEX Russia 1,628.6 20.67 1.29 16.61
SENSEX India 28,261.1 -208.6 -0.73 2.77
NIFTY India 8,570.9 -63.8 -0.74 3.48
SHCOMP China 3,617.3 35.05 0.98 11.83
SZCOMP China 1,852.9 25.09 1.37 30.93
Nikkei Japan 19,560.2 83.7 0.43 12.09
TPX Japan 1,580.5 4.70 0.30 12.29
HSI Hong kong 24,375.2 -93.6 -0.38 3.26
KOSPI S.Korea 2,037.2 -0.65 -0.03 6.35
TAIEX Taiwan 9,749.7 13.0 0.13 4.75
FSSTI Singapore 3,412.4 26.28 0.78 1.40
ASEAN
SET Thailand 1,530.0 -2.17 -0.14 2.15
PCOMP Philipines 7,818.4 3.8 0.05 8.13
KLCI Malaysia 1,803.7 -5.48 -0.30 2.40
VNINDEX Vietnam 575.4 1.70 0.30 5.47
Developed ASIA
Dow Jones Industrial
Kurs Region +/- (%) YT D (%)
USDEUR Euro 0.924 -0.014 -0.01 15.53
USDGBP UK 0.669 -0.009 -0.01 11.45
USDCHF Switzerland 0.975 -0.015 -0.01 -2.48
USDCAD Canada 1.255 -0.017 -0.01 4.60
USDAUD Australia 1.286 -0.021 -0.02 7.19
USDNZD New Zealand 1.322 -0.027 -0.02 1.65
USDJPY Japan 120.04 -0.740 -0.01 0.20
USDCNY China 6.20 0.01 0.00 0.07
USDHKD Hongkong 7.758 -0.002 -0.00 -0.54
USDSGD Singapore 1.379 -0.009 -0.01 6.05
Rupiah Indonesia 13,124 67.00 0.01 5.94
JCI 5,443.1 (10.8) -0.2%
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 12
Historical Technical Trading Ideas (1)
Ticker Last Trading Ideas 19-Mar-15 Chg (%) Recommendation
JCI 5,413 Profit Taking 5454 0.75% Correct
UNTR 21,500 Buy 21475 -0.12% Incorrect
PTBA 10,350 Buy 10450 0.97% Correct
ITMG 16,600 Buy 17025 2.56% Correct
AALI 26,625 Buy 25625 -3.76% Incorrect
ELSA 555 Buy 560 0.90% Correct
TLKM 2,950 Buy 2950 0.00% Correct
Ticker Last Trading Ideas 18-Mar-15 Chg (%) Recommendation
JCI 5,439 Profit Taking 5413 -0.48% Correct
UNTR 20,500 Buy 21500 4.88% Correct
INTP 22,475 Buy 22275 -0.89% Incorrect
ASRI 590 Buy 570 -3.39% Incorrect
ELSA 555 Buy 555 0.00% Correct
MPPA 4,430 Sell 4395 -0.79% Correct
INCO 3,345 Sell 3315 -0.90% Correct
Ticker Last Trading Ideas 17-Mar-15 Chg (%) Recommendation
JCI 5,435 Cont'd Strenghtening 5,439 0.08% Correct
ASII 7,975 Buy 8,000 0.31% Correct
PGAS 5,225 Buy 5,200 -0.48% Incorrect
TLKM 2,975 Buy 2,955 -0.67% Correct
INTP 22,175 Buy 22,475 1.35% Correct
TAXI 785 Trading Buy 865 10.19% Correct
MPMX 875 Trading Buy 840 -4.00% Incorrect
ELSA 550 Buy 555 0.91% Correct
VIVA 545 Buy 550 0.92% Correct
Ticker Last Trading Ideas 16-Mar-15 Chg (%) Recommendation
JCI 5,445 Cont'd Weakening 5,435 0.16% Incorrect
TLKM 2,955 Buy 2,975 0.68% Correct
LSIP 1,840 Buy 1,920 4.35% Correct
INCO 3,295 Buy 3,365 2.12% Correct
MPPA 4,200 Buy 4,435 5.60% Correct
PTPP 3,770 Buy 3,740 -0.80% Incorrect
ICBP 14,625 Sell 15,000 2.56% Incorrect
Ticker Last Trading Ideas 13-Mar-15 Chg (%) Recommendation
JCI 5,440 Profit Taking 5,426 -0.25% Correct
ITMG 16,950 Buy 17,300 2.06% Correct
ADRO 970 Buy 970 0.00% Correct
INCO 3,290 Buy 3,295 0.15% Correct
MPPA 4,200 Buy 4,330 3.10% Correct
ASRI 560 Buy 565 0.89% Correct
GJTL 1,255 Buy 1,300 3.59% Correct
BCAP 1,770 Sell 1,780 0.56% Incorrect
Ticker Last Trading Ideas 12-Mar-15 Chg (%) Recommendation
JCI 5,420 Rebound 5,440 0.37% Correct
ASII 7,850 Buy 7,900 0.64% Correct
MPPA 4,150 Buy 4,200 1.20% Correct
BBRI 12,775 Buy 12,900 0.98% Correct
PGAS 5,200 Buy 5,200 0.00% Correct
TRAM 91 Trading Buy 106 16.48% Correct
NIRO 214 Trading Buy 211 -1.40% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 13
Historical Technical Trading Ideas (2)
Ticker Last Trading Ideas 11-Mar-15 Chg (%) Recommendation
JCI 5,463 Profit taking 5,420 -0.80% Correct
LSIP 1,875 Buy 1,845 -1.60% Incorrect
AALI 26,075 Buy 26,100 0.10% Correct
MPPA 4,080 Buy 4,150 1.72% Correct
CPRO 119 Trading Buy 118 -0.84% Correct
INCO 3,380 Sell 3,335 -1.33% Correct
TINS 1,005 Sell 990 -1.49% Correct
Ticker Last Trading Ideas 10-Mar-15 Chg (%) Recommendation
JCI 5,445 Rebound 5,463 0.33% Correct
ADRO 990 Buy 985 -0.51% Incorrect
INCO 3,425 Buy 3,380 -1.31% Incorrect
ASII 7,950 Buy 7,975 0.31% Correct
UNTR 20,625 Buy 21,350 3.52% Correct
BCIP 760 Trading Buy 750 -1.32% Incorrect
MYRX 755 Trading Buy 760 0.66% Correct
Ticker Last Trading Ideas 9-Mar-15 Chg (%) Recommendation
JCI 5,515 Con't Strenghtening 5,445 -1.28% Incorrect
BBNI 6,675 Buy 6,700 0.37% Correct
BDMN 4,925 Buy 4,805 -2.44% Incorrect
PGAS 5,350 Buy 5,350 0.00% Correct
ASRI 610 Buy 585 -4.10% Incorrect
ASII 8,075 Buy 7,950 -1.55% Correct
NIRO 226 Trading Buy 222 -1.77% Incorrect
Ticker Last Trading Ideas 6-Mar-15 Chg (%) Recommendation
JCI 5,451 Rebound 5,515 1.17% Correct
BBNI 6,675 Buy 6,775 1.50% Correct
SCMA 3,660 Buy 3,670 0.27% Correct
NIRO 223 Buy 226 1.35% Correct
ASRI 610 Buy 610 0.00% Correct
PTPP 3,980 Buy 3,960 -0.50% Correct
UNVR 36,250 Sell 37,800 4.28% Incorrect
GGRM 54,275 Sell 54,300 0.05% Correct
Ticker Last Trading Ideas 5-Mar-15 Chg (%) Recommendation
JCI 5,448 Con't Weakening 5,451 0.05% Incorrect
BBNI 6,650 Buy 6,675 0.38% Correct
SCMA 3,570 Buy 3,660 2.52% Correct
JSMR 7,100 Buy 7,050 -0.70% Incorrect
PTPP 3,950 Buy 3,980 0.76% Correct
NIRO 220 Trading Buy 223 1.36% Correct
LSIP 1,895 Sell 1,910 0.79% Correct
UNTR 21,650 Sell 21,775 0.58% Correct
Ticker Last Trading Ideas 4-Mar-15 Chg (%) Recommendation
JCI 5,475 Con't Weakening 5,448 -0.49% Correct
PGAS 5,350 Buy 5,250 -1.87% Inorrect
SCMA 3,575 Buy 3,570 -0.14% Correct
NIRO 222 Buy 220 -0.90% Correct
MPPA 4,440 Buy 4,225 -4.84% Inorrect
LSIP 1,920 Sell 1,895 -1.30% Correct
ADHI 3,360 Sell 3,305 -1.64% Correct
AALI 25,625 Sell 25,975 1.37% Inorrect
Ticker Last Trading Ideas 3-Mar-15 Chg (%) Recommendation
JCI 5,450 Con't Strenghtening 5,475 -0.06% Incorrect
LSIP 1,915 Buy 1,920 0.26% Correct
AALI 25,550 Buy 25,625 0.29% Correct
TLKM 2,950 Buy 2,945 -0.17% Correct
HRUM 1,590 Buy 1,620 1.89% Correct
PGAS 5,300 Buy 5,350 0.94% Correct
ICBP 14,325 Buy 14,725 2.79% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 14
Historical Technical Trading Ideas (3)
Ticker Last Trading Ideas 2-Mar-15 Chg (%) Recommendation
JCI 5,450 Con't Weakening 5,478 0.51% Incorrect
LSIP 1,880 Buy 1,915 1.86% Correct
ASRI 670 Buy 660 -1.49% Incorrect
LPKR 1,180 Buy 1,175 -0.42% Incorrect
HRUM 1,655 Buy 1,590 -3.93% Incorrect
ITMG 16,900 Buy 17,525 3.70% Correct
ASII 7,850 Buy 7,875 0.32% Correct
TLKM 2,935 Buy 2,950 0.51% Correct
Ticker Last Trading Ideas 27-Feb-15 Chg (%) Recommendation
JCI 5,451 Profit Taking 5,450 -0.01% Incorrect
LSIP 1,815 Buy 1,880 3.58% Correct
HRUM 1,600 Buy 1,655 3.44% Incorrect
INCO 3,385 Buy 3,525 4.14% Correct
JSMR 7,075 Buy 7,100 0.35% Correct
BKSL 146 Buy 145 -0.68% Correct
BBRI 12,950 Sell 12,875 -0.58% Correct
BBNI 6,925 Sell 6,875 -0.72% Correct
Ticker Last Trading Ideas 26-Feb-15 Chg (%) Recommendation
JCI 5,445 Profit Taking 5,451 0.12% Incorrect
LSIP 1,815 Buy 1,835 1.10% Correct
INTP 24,125 Buy 24,050 -0.31% Incorrect
ASII 14,925 Buy 8,050 0.00% Correct
SSIA 1,325 Buy 1,330 0.38% Correct
TLKM 2,970 Buy 2,975 0.17% Correct
WIKA 3,650 Sell 3,675 0.68% Incorrect
Ticker Last Trading Ideas 25-Feb-15 Chg (%) Recommendation
JCI 5,417 Profit Taking 5,445 0.52% Incorrect
LSIP 1,805 Buy 1,815 0.55% Correct
PTPP 4,055 Buy 4,030 -0.62% Incorrect
SMGR 14,925 Buy 15,150 1.51% Correct
ASII 8,000 Buy 8,150 1.88% Correct
BBRI 12,800 Buy 12,925 0.98% Correct
WIKA 3,650 Sell 3,670 0.55% Incorrect
Ticker Last Trading Ideas 24-Feb-15 Chg (%) Recommendation
JCI 5,403 Profit Taking 5,417 0.26% Incorrect
LSIP 1,825 Buy 1,805 -1.10% Incorrect
BWPT 363 Buy 361 -0.55% Incorrect
TLKM 2,910 Buy 2,905 -0.17% Incorrect
PTPP 4,055 Buy 4,055 0.00% Correct
WSKT 1,820 Sell 1,810 -0.55% Correct
ASRI 685 Sell 675 -1.46% Correct
Ticker Last Trading Ideas 23-Feb-15 Chg (%) Recommendation
JCI 5,400 Cont Strenghtening 5,403 0.06% Correct
BMRI 12,075 Buy 11,875 -1.66% Incorrect
BBTN 1,055 Buy 1,045 -0.95% Incorrect
GJTL 1,360 Buy 1,310 -3.68% Incorrect
AKRA 4,870 Buy 4,810 -1.23% Incorrect
ITMG 18,200 Sell 17,750 -2.47% Correct
KLBF 1,790 Sell 1,795 0.28% Correct
Ticker Last Trading Ideas 20-Feb-15 Chg (%) Recommendation
JCI 5,390 Profit Taking 5,400 0.19% Incorrect
BWPT 366 Buy 364 -0.55% Incorrect
GGRM 55,175 Buy 55,000 -0.32% Incorrect
GJTL 1,340 Buy 1,360 1.49% Correct
ADHI 3,410 Buy 3,490 2.35% Correct
BBRI 12,475 Buy 12,725 2.00% Correct
BJBR 910 Sell 945 3.85% Incorrect
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 15
Historical Technical Trading Ideas (4)
Ticker Last Trading Ideas 18-Feb-15 Chg (%) Recommendation
JCI 5,337 Cont Strenghtening 5,390 1.00% Correct
BWPT 363 Buy 366 0.83% Correct
SMGR 14,500 Buy 14,775 1.90% Correct
TBIG 8,750 Buy 8,500 -2.86% Incorrect
GGRM 54,950 Buy 55,175 0.41% Correct
ASII 7,800 Buy 7,950 1.92% Correct
MPPA 4,300 Sell 4,420 2.79% Incorrect
Ticker Last Trading Ideas 17-Feb-15 Chg (%) Recommendation
JCI 5,325 Cont Weakening 5,338 0.23% Incorrect
BWPT 363 Buy 363 0.00% Correct
SMGR 14,500 Buy 14,675 1.21% Correct
BBRI 12,025 Buy 12,000 -0.21% Incorrect
LEAD 1,985 Buy 1,950 -1.76% Incorrect
ACES 770 Buy 765 -0.65% Incorrect
MPPA 4,200 Sell 4,300 2.38% Correct
Ticker Last Trading Ideas 16-Feb-15 Chg (%) Recommendation
JCI 5,374 Cont Strenghtening 5,325 -0.90% Incorrect
TINS 1,070 Buy 1,075 0.47% Correct
UNTR 18,950 Buy 18,750 -1.06% Incorrect
LPKR 1,115 Buy 1,115 0.00% Correct
BBNI 6,675 Buy 6,675 0.00% Correct
MPPA 4,045 Buy 4,200 3.83% Correct
KLBF 1,870 Buy 1,800 -3.74% Incorrect
Ticker Last Trading Ideas 13-Feb-15 Chg (%) Recommendation
JCI 5,343 Cont Strenghtening 5,374 0.58% Correct
TINS 1,080 Buy 1,070 -0.93% Inorrect
GGRM 54,950 Buy 55,400 0.82% Correct
LPKR 1,105 Buy 1,115 0.90% Correct
BBNI 6,725 Buy 6,675 -0.74% Incorrect
CPRO 116 Trading Buy 114 -1.72% Incorrect
BKSL 126 Trading Buy 124 -1.59% Correct
Ticker Last Trading Ideas 12-Feb-15 Chg (%) Recommendation
JCI 5,337 Profit Taking 5,333 -0.07% Incorrect
GGRM 55,300 Buy 54,950 -0.63% Inorrect
PTPP 3,960 Buy 3,945 -0.38% Incorrect
ANTM 1,070 Sell 1,055 -1.40% Correct
BMRI 11,750 Sell 11,875 1.06% Incorrect
GJTL 1,490 Sell 1,520 2.01% Incorrect
BRAU 90 Trading Sell 89 -1.11% Correct
Ticker Last Trading Ideas 11-Feb-15 Chg (%) Recommendation
JCI 5,322 Rebound 5,337 0.28% Correct
ANTM 1,035 Buy 1,070 3.38% Correct
GGRM 55,875 Buy 55,300 -1.03% Incorrect
PTPP 3,920 Buy 3,960 1.02% Correct
BMRI 11,625 Sell 11,750 1.08% Incorrect
BBNI 6,800 Sell 6,725 -1.10% Correct
BUMI 101 Trading Buy 101 0.00% Correct
BWPT 369 Sell 367 -0.54% Correct
Ticker Last Trading Ideas 10-Feb-15 Chg (%) Recommendation
JCI 5,348 Profit Taking 5,321 -0.50% Correct
ANTM 1,035 Buy 1,035 0.00% Correct
BSDE 2,095 Buy 2,100 0.24% Correct
BBRI 11,675 Buy 11,650 -0.21% Incorrect
BKSL 117 Buy 126 7.69% Correct
SMGR 14,900 Buy 14,725 -1.17% Inorrect
BUMI 100 Trading Buy 101 1.00% Correct
ADRO 980 Trading Buy 995 1.53% Correct
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 16
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
Maria Renata
Equity Analyst
Gina Novrina Nasution, CSA
Technical Analyst
Paula Ruth
Equity Analyst
Angga Aditya Assaf
Equity Analyst
Willinoy Sitorus
Equity Analyst
M. Dian Octiana
Equity Analyst
Dini Agmivia Anggraeni
Fixed Income/Macro Analyst
Yeni Simanjuntak
On-the-ground Analyst
Rovandi
Research Associate
Institutional Sales Team
Daniel Dwi Seputro
Head of Institutional Equity Sales
Dewi Yusnita
Equity Institutional Sales
Meitawati
Equity Institutional Sales
Fachruly Fiater
Equity Institutional Sales
Henry Sidarta
Equity Institutional Sales
Raditya Andyono
Equity Institutional Sales
Nancy Pardede
Equity Institutional Sales
Retail Sales Team
JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
Ariawan Anwar
Artha Graha, Jakarta
Windra Djulnaily
Pluit, Jakarta
Ferry Zabur
Kelapa Gading, Jakarta
Eddy Sumarli
Puri Kencana, Jakarta
Very Wijaya
BSD, Tangerang
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
Tantie Rivi Watie
Pekanbaru, Riau
Nathanael Benny Prasetyo
Palembang, Sumatera Selatan
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
Sonny Muljadi
Surabaya, Jawa Timur
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
Ivan Jaka Perdana
Malang, Jawa Timur
Arifin Pribadi
Makasar, Sulawesi Selatan
CENTRAL JAVA, AREA
Agus Bambang Suseno
Solo, Jawa Tengah
Mariana Kusuma Wati
Semarang, Jawa Tengah
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
Ariffianto
Cirebon, Jawa Barat
PT Trimegah Securities Tbk
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Jl. Jend. Sudirman Kav. 52-53
Jakarta 12190, Indonesia
t. +62-21 2924 9088
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www.trimegah.com
DISCLAIMER
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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,
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