TRIM Daily Sept 02, 20145

TRIM Highlights JCI moved positive yesterday following better than expected trade balance and inflation numbers. We expect market to continue moving positively with more buying in consumer (MPPA, GGRM), cement (INTP), and selective property (DILD, SMRA). Important news: 1) cement companies are lobbying for certification of cement products for both domestic and imported products, which in essence will tighten imports, positive for the sector. 2) BWPT: Rajawali group has gained 21.6% ownership, now 2nd largest owner of BWPT (positive), and 3). WIKA: will be involved in a Rp4.6tn water treatment construction project (positive).

JCI

5,177.6

C hange Transaction Volume (m) Transaction Value (Rpbn) Mkt C ap (Rptr) Market P/E (x) Market Div. Yield (%)

0.79% 4,853.0 3,643.0 5,127.6 15.8 1.9

Global Indices

Market View Jakarta Composite Index (JCI) up by 40.8 poin or 0.79% to 5177.6 yesterday. Index movers were mostly driven by consumer (+2.1%), finance (+1.2%) and infrastructure (+0.78%). Total transaction value was Rp3.6tr with regular market transaction of Rp2.7tr. IDX recorded Rp128bn net buy by foreign investors. JCI have profit taking with trading range 5157-5196

Global Wrap China’s manufacturing PMI declined to 51.1 in August (vs consensus: 51.2) from 51.7 in July. China’s HSBC manufacturing PMI fell to a final reading of 50.2 in August from 50.3 in early estimate and 51.7 in July. Euro Zone Markit manufacturing PMI fell to 50.7 in August, down from 50.8 in early estimate and 51.8 in July. A reading above 50 indicate expansion

JCI and Trader’s Pick Ticker

Last

S2

S1

R1

R2

Technical Call

JCI

5,178

5,100

5,157

5196

5222

PROFIT TAKING

MPPA

3,080

2,870

2,945

3155

3250

Buy

GGRM

55,025

53,050

53,975

56475

57225

BOW

UNVR

32,000

30,525

31,250

32925

33375

BOW

AUTO

4,000

3,900

3,940

4080

4120

BOW

MAPI

5,975

5,750

5,850

6150

6225

BOW

ACES

940

900

915

960

980

BOW

BUMI

196

184

192

210

217

BOW

DOID

204

195

200

211

215

Trading Buy

Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng

Price

C hg

%

17,098.5 4,580.3 15,476.6 3,314.1 6,825.3 24,752.1

0.0 0.0 52.0 -13.0 5.6 10.0

0.0 0.0 0.3 -0.4 0.1 0.0

Reksa Dana Trimegah Asset Management NAB Trim Kapital 8,794.5 Trim Kapital + 3,242.4 Trim Syariah SHM 1,662.8 Tram C onsumption +1,441.7 Trim Komb 2 1,937.5 Trim Syariah B 2,337.7 Trim Dana Stabil 2,122.9 Trim Dana Tetap 2 1,697.1 Tram PDPT USD 1.1 Tram Reguler INC 994.7 Tram Strategic Fund 1,090.8 Trim Kas 2 1,101.4

% 0.5 0.2 0.8 0.7 0.2 0.5 0.0 0.1 0.2 0.0 0.2 0.0

Dual Listing (NYSE) (USD)

TLKM

46.1

(Rp)

C hg

%

13,491.0

0.00

0.0

Others USD IDR

DILD

595

560

580

615

625

Trading Buy

CPGT

109

104

106

113

116

Trading Buy

10 yr US govt bond (%)

ENRG

92

85

89

97

100

Trading Buy

Spread (%) EIDO

META

204

196

199

210

215

Trading Buy

10 yr Indo Govr bond (%)

PT Trimegah Securities Tbk - www.trimegah.com

C hg 43.1 7.3 12.4 10.6 4.0 11.3 0.4 0.9 0.0 0.0 2.6 0.5

Foreign YtD (USDmn)

11,716 8.21 2.4 5.86 28.8 4,854

C hg 26 0.1 0.01 0.04 0.0 11

TRIM DAILY

% 0.0 0.0 0.0 0.0 0.0 0.0

1

News of the Day Economy: July’14 Trade Balance Unexpectedly Swings to Surplus, August’14 Inflation as expected Statistics Indonesia (BPS) announced July’14 trade balance which recorded a surplus of USD124 mn (vs Trim Forecast: USD168 mn, vs consensus: -USD406 mn) with a monthly fall in both exports and imports. Trade deficit for May was revised up from USD305 mn to USD288 mn. July’14 exports fell 7.99% MoM (-6.03% YoY) to USD14.18 bn as oil & gas exports decreased 8.59% MoM. Meanwhile, CPO exports only increased 1.7% MoM in July. On the other hand, July’14 imports plunged 10.47% MoM (-19.31% YoY) to USD14.05 bn. Despite oil & gas imports increased 22.44% MoM, but non-oil & gas imports fell 19.55%, led by machinery and mechanical appliance imports. BPS also announced August’14 inflation which stood at 3.99% YoY (vs Trim forecast: 4.07%, vs consensus: 4.01%) from 4.53% YoY in prior month. On monthly basis, August’14 inflation rose 0.47% MoM (vs Trim forecast: +0.57%, vs consensus: +0.42%). August inflation was driven by education, recreation and sport inflation which jumped 1.58% MoM due to increase in education cost. Meanwhile, items which contributed most to the July inflation: electricity tariff, fresh fish, education cost. Bank Indonesia will hold board of Governors meeting on September 11, 2014. We expect BI to maintain its benchmark rate at 7.50%.

Oil and gas exports (USDmn)

Jul-14

Jun-14

MoM

YoY

Chg

Crude Oil

677.8

1,003.2

Oil Products

307.7

319.3

-3.6%

-2.6%

(11.6)

1,561.2

1,463.5

6.7%

32.2%

97.7

-8.6% 11.6%

(239.3)

Gas Oil & Gas

2,546.7 2,786.0

-32.4% -13.8%

Non-oil and gas exports (USD million)

(325.4)

Jul-14

Oil and gas imports (USDmn)

Jul-14

Jun-14

MoM

YoY

Chg

Crude Oil

1,399.9

1,161.0

20.6%

18.9%

238.9

Oil Products

2,439.2

2,033.3

20.0% -10.9%

405.9

316.7

199.9

58.4%

41.9%

116.8

4,155.8 3,394.2

22.4%

0.5%

761.6

Gas Oil & Gas

Jun-14

MoM

YoY

change

Animal or vegetable oils (15)

1,934.7

1,902.8

0.0

0.5

31.9

Mineral fuels, mineral oils products (27)

1,758.8

1,744.1

0.0

(0.2)

14.7

Electrical Machinery and Equipments; Sound Recorders (85)

751.1

801.6

(0.1)

(0.2)

(50.5)

Rubber and Articles Thereof (40)

515.4

573.3

(0.1)

(0.4)

(57.9)

Nuclear Reactors, Boilers, Machinery & Mechanical Appliance (84)

473.9

489.5

(0.0)

(0.1)

(15.6)

Articles of apparel acces. not knit (62)

379.7

375.1

0.0

(0.2)

4.6

Vehicles other than railway (87)

372.7

388.6

(0.0)

(0.0)

(15.9)

Pearls, precious and semi prec. stone (71)

318.8

649.0

(0.5)

0.7

(330.2)

Articles of apparel accessories (61)

316.4

312.9

0.0

(0.2)

3.5

Organic chemicals (29)

264.9

246.7

0.1

0.2

18.2

Non-oil and gas imports (USD million)

Jul-14

Jun-14

MoM

YoY

change

Nuclear Reactors, Boilers, Machinery & Mechanical Appliance (84)

1,902.2

2,418.8

(0.2)

(0.2)

(516.6)

Electrical Machinery and Equipments; Sound Recorders (85)

1,211.7

1,397.0

(0.1)

(0.3)

(185.3)

627.3

821.5

(0.2)

(0.3)

(194.2)

Iron and steel (72) Plastics and articles thereof (39)

568.3

679.0

(0.2)

(0.3)

(110.7)

Organic chemicals (29)

544.2

612.7

(0.1)

(0.2)

(68.5)

Vehicles other than railway (87)

483.3

565.4

(0.1)

(0.3)

(82.1)

Residues and waste from the food (23)

365.0

389.8

(0.1)

0.0

(24.8)

Articles of iron and steel (73)

341.3

418.8

(0.2)

(0.1)

(77.5)

Cereals (10)

281.6

328.6

(0.1)

(0.2)

(47.0)

Cotton (52)

139.5

181.9

(0.2)

(0.4)

(42.4)

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

2

KLBF Takeaways We visited KLBF on September 1, 2014 and met with the IR team. Below are the key takeaways:

•

Revenue growth revision from 14-16% to 11-13% is mainly due to the flat growth of its Distribution & Logistics division. Initially the division was targeted to grow +4% in 2014, but a slower growth from third party principals caused the 1H14’s growth to be flat. Third party principals made up 30% of Distribution & Logistics, which in turn made up 32% of revenue in FY13.

•

KLBF reaffirm their stance that they are not interested in acquiring PT Pharos, which is due for IPO in early 2015. While KLBF is always on the lookout for potential M&A, this is not one of them.

•

Kalbe is currently trying the one-stop 4-in-1 clinic under Mitrasana Clinics. Currently 75 such clinics are operating in Bekasi area with target of 100 clinics by end of 2014. It is currently operating at loss with BEP period of 1.5 years.

•

The impact of BPJS as of now is still unknown. On one side the boost to health awareness and demand for medical supplies and unbranded generics are positive. On another side, there are users who switched from nongeneric to generic medicines, a lower margin product.

•

Kalbe expects revenue growth of 11-13% in 2014 with constant net margin at 12%. Capex for 2014 is set at Rp1.0tr, similar with FY13’s realization. As of 1H14, the Rp413bn has been realized. Export contribution is expected to increase from currently 5% to 8-10% by 2020. For every 1% depreciation in IDR, KLBF’s GP is reduced by 0.35%. Exchange rate for 2014 is set at Rp11,500/ USD.

PT Trimegah Securities Tbk - www.trimegah.com

Ragnar Benediktsson ([email protected]) 3 TRIM DAILY

News of the Day Cement: Government may tighten import

EXCL: Obtained Rp1.3tr from treasury stock sale

Head of Indonesia cement association Mr. Widodo Santoso supports government’s plan to implement SNI (Indonesia’s National Standard) certification for domestic cement products. He also said that imported cement products should also be certified.

EXCL received Rp1.3tr from the sale of its treasury stocks. The Company sold 2.7% of its shareholding at Rp5,708/share (minimum price of Rp5,280/share), so that it booked Rp99bn gain from the sale. Source: Kontan ([email protected])

Comment: Industry’s lobbying for quality certification is in essence a lobby to tighten import, which if successful, is positive for cement manufacturers: INTP (Buy), SMBR (Buy), SMGR (Hold), SMCB (not rated).

PGAS: To spend USD199mn on 3 new projects PGAS will spend approximately USD199mn on its new projects this year. PGAS will spend USD108mn on its first project, which is development of EPCIC pipeline and gas distribution network in Lampung (worth USD311mn), USD41mn on its second project, namely Panaran – Tanjung Ucang (Batam) and Otsuka – Purwosari (East Java) pipeline construction (worth USD74mn) and USD50mn on its third project, Cikande – Cibitung and Muara Bekasi – Muara Karang pipeline construction (worth USD91mn). Source: Kontan ([email protected])

CPO: Lowest price since 2012 CPO price hit RM1,900s/m2 tonnes last week, the lowest level since 2012. Demand from the 2 biggest CPO importers, China and India, are down along with the threat of El Nino not as great as predicted. MoM CPO price has decreased by 14.31% while CPO imported by China was down 27%. Overproduction of other edible oils, soybean and sunflower as substitutes to palm oil, contribute to the declining price as well. CPO price is expected to remain at RM1,950-1,990 and may rise to RM2,300 by the end of year. Comment: The decreasing CPO price has negative impact on CPO companies like LSIP for the 3Q14 results whereas for SIMP it has limited impact since it has downstream production. ([email protected])

BWPT: Rajawali group now owns 21.6% Rajawali group has gained 21.6% ownership and now the second largest owner of BWPT after PT BW Investindo (35.1%). Rajawali group has also put a commissioner, Stephen Kurniawan Sulistyo, as one of BWPT’s commissioners. Comment: We view Rajawali group’s ownership in BWPT to be positive. Rajawali group’s past investments include EXCL and SMGR. ([email protected])

WIKA: to be involved in Rp4.6tn water treatment project WIKA will be involved in construction of water treatment projects in Java and Sumatra with total value of Rp4.6tn: in East Java (Rp2.1tn), Jatiluhur (Rp1.6tn), and Bandar Lampung (Rp935bn). The Jatiluhur project may start as early as this week. Comment: Positive for WIKA and certainly helps toward the company’s target of more than Rp50tn order book by end of this year. WIKA currently trades at 24.8x 2014PE and 19.2x 2015PE. It is fairly valued judging by 2014 earnings by

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

4

Statistics JCI

5,177.6

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

40.8 21.14% 24.81% 5,146.0 5,043.2 4,701.6

Indices Region MXWO MSC I Word 1,748.3 SPX S&P 500 2,003.4 US Dow Jones Industrial 17,098.5 Nasdaq US 4,580.3 Europe EURO 50 Europe 342.9 FTSE London 6,825.3 DAX Jerman 9,479.0 C AC France 4,379.7 SMI Swiss 8,747.0 BRIC BOVESPA Brazil 61,141.3 MIC EX Russia 1,392.4 SENSEX India 26,867.6 NIFTY India 8,027.7 SHC OMP C hina 2,235.5 SZC OMP C hina 1,232.6 Developed ASIA

0.8%

Volume (m) 4,853.0 Nilai (Rpbn) 3,643 Mkt C ap (Rptr) 5,127.6 Market P/E (x) #REF! Market Div. Yield (%) 15.0

6,099.6 699.5 880.1 688.8 1,148.6 1,612.7 2,106.3 947.0 1,326.8 557.6 470.6 2,159.7

+/78.6 8.4 10.9 8.2 8.9 3.6 43.4 1.9 7.5 2.3 -2.0 -10.7

(%) YTD (%) 1.3 24.3 1.2 19.5 1.3 23.8 1.2 27.5 0.8 23.5 0.2 12.8 2.1 18.2 0.2 21.9 0.6 10.1 0.4 16.0 -0.4 39.7 Nikkei -0.5 0.9 TPX

+/0.0

(%) YTD (%) KOSPI 0.00 4.5 TAIEX

HSI

Commodities C RB Index 292.8 Oil & Gas C rude Oil (USD/bbl) 96.0 Natural Gas 4.1 C OAL (Australia,wk) 68.1 C OAL (AUS Daily) 68.4 Industrial Metals Alumunium (USD/tonne) 2,087.5 Nickel (USD/tonne) 18,745 Tin (USD/tonne) 21,650 Precious Metal Gold (USD/t oz.) 1,286.5 Silver (USD/t oz.) 19.4 Soft Commodities CP O (Malaysia C PO (Malaysia- Rm/tonne) - Rm/tonne) 1,937 Rubber (JPY/kg) 1,779 C orn (USD/bu.) 359 Wheat (USD/bu.) 550 Soybeans (USD/bu.) 1,090

JCI Winners (%) CPIN

4.8

BBCA

4.5

0.0 0.0 0.0 -0.4

0.00 0.00 0.00 -0.51

-2.5 -3.9 -19.5 -21.7

6.0 -55 -225.0

0.29 -0.29 -1.03

18.5 34.9 -3.1

0.0 0.0

0.00 0.00

7.0 0.3

0.0 -12.1 0.0 0.0 0.0

0.00 -0.68 0.00 0.00 0.00

-26.3 -33.1 -14.9 -9.1 -17.0

JCI Losers (%) -5.1 -4.2

TPIA DSNG

FSSTI ASEAN SET PC OMP KLC I VNINDEX

Kurs USDEUR USDGBP USDC HF USDC AD USDAUD USDNZD USDJPY USDC NY USDHKD USDSGD Rupiah

Japan Japan Hong kong S.Korea Taiwan Singapore

BBCA

207

0.00 0.00

3.15 9.67

0.86 5.56 8.9 -1.31 88.00

0.25 0.08 0.09 -0.03 1.02

4.45 1.13 -0.77 1.95 6.63

-147 -8.31 229.4 73.3 18.31 20.30

-0.24 -0.59 0.86 0.92 0.83 1.67

18.70 -7.38 27.09 27.39 5.65 16.54

15,476.6 1,283.1 24,752.1 2,067.9 9,513.1 3,314.1

52.0 5.09 10.0 -0.68 76.8 -12.96

0.34 0.40 0.04 -0.03 0.81 -0.39

-5.00 -1.48 6.20 2.81 10.47 4.63

1,565.4 7,083.5 1,866.1 636.7

3.72 32.6 0.00 0.00

0.24 0.46 0.00 0.00

20.53 20.27 -0.05 26.16

Thailand Philipines Malaysia Vietnam

Region Euro UK Switzerland C anada Australia New Zealand Japan C hina Hongkong Singapore Indonesia

ENRG

124

BUMI

118

META

0.762 0.602 0.920 1.087 1.072 1.194 104.35 6.14 7.750 1.250 11,716

300

+/0.000 -0.000 0.001 -0.001 0.001 -0.003 0.260 (0.00) 0.000 0.001 26.00

247

SSMS

228

SSTM

5,027

MYRX

4,829

8,565

3.8

-3.1

TINS

MPPA

UNVR

3.1

-2.9

ANTM

ASII

79

TARA

94

KLBF

3,820

158

JSMR

2.4

-2.8

SCMA

SSMS

78

MYRX

88

TLKM

3,792

INDF

2.2

-2.5

CTRA

SMGR

77

VIVA

87

LSIP

3,720

GGRM

1.9

-2.3

TOWR

INDF

75

BABP

85

LPPF

3,007

TLKM

1.7

-1.9

SMRA

ICBP

66

SRIL

84

BUMI

2,907

BMRI

1.2

-1.7

PNBN

BMRI

64

TLKM

77

PWON

2,636

ASII

0.7

64

BKSL

64

SIAP

2,590

PT Trimegah Securities Tbk - www.trimegah.com

INTP

LPPF

(%) Y T D ( %) 0.00 4.80 -0.00 -0.25 0.00 3.14 -0.00 2.13 0.00 -4.78 -0.00 -2.15 0.00 -0.86 (0.00) 1.45 0.00 -0.05 0.00 -1.05 0.00 -3.74

JCI Freq (Lot)

ICBP

-0.5

(%) Y T D ( %) -0.02 5.25 0.00 8.39

0.0 0.00

(Lot) JCI Value- (Rpmn) 100 200 JCI 300 Volume 0 100 200 TLKM

+/-0.36 0.00

TRIM DAILY

5

World Economic Calendar Date Time

Country Event

29-Aug-14

US

Personal Income (%)

Jul

0.3

0.2

0.5

US

Personal Spending (%)

Jul

0.2

-0.1

0.4

US

PCE Deflator YoY (%)

Jul

1.6

1.6

1.6

US

PCE Core YoY (%)

Jul

1.5

1.5

1.5

1-Sep-14

2-Sep-14 3-Sep-14

4-Sep-14

5-Sep-14

8-Sep-14

9-Sep-14

Period Survey Actual

Prior

US

Univ. of Michigan Confidence

Aug

80.0

82.5

79.2

US

Chicago Purchasing Manager

Aug F

56.5

64.3

52.6

EC

Unemployment Rate (%)

Jul

11.5

11.5

11.5

EC

CPI Estimate YoY (%)

0.4

EC

CPI Core YoY (%)

JN

National CPI Ex Fresh Food YoY (%)

Aug

0.3

0.3

Aug A

0.8

0.9

0.8

Jul

3.3

3.3

3.3

JN

Tokyo CPI Ex-Fresh Food YoY (%)

Aug

2.7

2.7

2.8

ID

Trade Balance (USD mn)

Jul

-406

124

-288

ID

Exports YoY (%)

Jul

2.00

-6.03

4.41

ID

Imports YoY (%)

Jul

-10.00

-19.31

0.40

ID

CPI YoY (%)

Aug

4.01

3.99

4.53

ID

CPI NSA MoM (%)

Aug

0.42

0.47

0.93

CH

Manufacturing PMI

Aug

51.2

51.1

51.7

CH

HSBC China Manufacturing PMI

Aug F

50.3

50.2

50.3

EC

Markit Eurozone Manufacturing PMI

Aug F

50.8

50.7

50.8

GE

GDP SA QoQ (%)

2Q F

-0.2

-0.2

-0.2

GE

GDP NSA YoY

2Q F

0.8

0.8

0.8

GE

Markit/BME Germany Mfg PMI

Aug F

52.0

51.4

52.0

US

ISM Manufacturing

Aug

57.0

--

57.1

US

IBD/TIPP Economic Optimism

Sep

45.5

--

44.5

US

Factory Orders (%)

Jul

10.9

--

1.1

CH

HSBC China Services PMI

--

50.0

Aug

--

EC

Markit Eurozone Services PMI

Aug F

53.5

--

53.5

EC

Markit Eurozone Composite PMI

Aug F

52.8

--

52.8

EC

Retail Sales MoM (%)

Jul

-0.2

--

0.4

GE

Markit Germany Services PMI

Aug F

56.4

--

56.4

US

ADP Employment Change (000's)

Aug

225

--

218

US

Trade Balance (USD bn)

Jun

-42.4

--

-41.5

US

Initial Jobless Claims (000's)

EC

ECB Main Refinancing Rate

30-Aug

300

--

298

4-Sep

0.15

--

0.15

EC

ECB Marginal Lending Facility

4-Sep

0.40

--

0.40

EC

ECB Deposit Facility Rate

4-Sep

-0.10

--

-0.10

GE

Factory Orders MoM (%)

Jul

--

--

-3.2

US

Change in Nonfarm Payrolls (000's)

Aug

225

--

209

US

Unemployment Rate (%)

Aug

6.1

--

6.2

US

Underemployment Rate (%)

Aug

--

12.2

--

EC

GDP SA QoQ (%)

2Q P

0.0

--

0.0

EC

GDP SA YoY (%)

2Q P

0.7

--

0.7

GE

Industrial Production SA MoM (%)

--

0.3

CH

Trade Balance (USD bn)

Aug

45.0

--

47.3

CH

Exports YoY (%)

Aug

10.7

--

14.5

CH

Imports YoY (%)

Aug

2.0

--

-1.6

JN

GDP SA QoQ (%)

2Q F

--

--

-1.7

JN

GDP Annualized SA QoQ (%)

2Q F

--

--

-6.8

US

NFIB Small Business Optimism

Aug

--

--

95.7

PT Trimegah Securities Tbk - www.trimegah.com

Jul

--

TRIM DAILY

6

Corporate Action Warrant Price Exercise

Code

Maturity Emiten

Description

CFIN-W

450

6-Oct-14 Clipan Finance Indonesia

WARAN CLIPAN FINANCE INDONESIA SERI V

AMAG-W

175

9-Oct-14 Asuransi Multi Artha Guna

WARAN SERI II ASURANSI MULTI ARTHA GUNA

PNLF-W

130

LCGP-W

0

7-Nov-14 Panin Financial

WARAN SERI V PANIN FINANCIAL

10-Nov-14 Eureka Prima Jakarta

DKFT-W

250

BEST-W

200

INVS-W

165

SUGI-W

100

MCOR-W

200

WARAN SERI I EUREKA PRIMA JAKARTA

5-Dec-14 Central Omega Resources 10-Apr-15 Bekasi Fajar Industrial Estate 8-May-15 Inovisi Infracom 21-May-15 Sugih Energy

WARAN SERI I CENTRAL OMEGA RESOURCES WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE 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 GADING DEVELOPMENT 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

Dividend

Stock

(Rp)

Cum Date

Recording Date

Distribu on Date

SKBM

12.4

2-Sep-14

5-Sep-14

19-Sep-14

LTLS

29

8-Sep-14

11-Sep-14

24-Sep-14

AGM / EGM

Stock

Date

Time

HEXA

EGM

2-Sept-2014

10:00

BULL

EGM

15-Sept-2014

10:00

APEX

EGM

18-Sept-2014

11:00

MLBI

EGM

19-Sept-2014

10:00

PT Trimegah Securities Tbk - www.trimegah.com

Place Grand Ballroom Hotel Indonesai Kempinsky Grand Indonesia APEX office 8 lt 20, SCBD Lot 28, Jl. Jenderal Sudirman Kav 52-53 Kebayoran Baru. -

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7

Research Team Paula Ruth Research Associate ([email protected])

Sebastian Tobing, CFA Head of Research & Institutional Sales ([email protected]) Frederick Daniel Tanggela Equity Analyst ([email protected])

Maria Renata Equity Analyst ([email protected])

Joshua N.C. Tjeuw Research Associate ([email protected])

Robby Hafil Equity Analyst ([email protected])

Gina Novrina Nasution, CSA Equity Analyst ([email protected])

Yemima Naarah Joesoef Research Associate ([email protected])

Melvina Wildasari Equity Analyst ([email protected])

Hapiz Sakti Azi Research Associate ([email protected])

Rovandi Research Associate ([email protected])

Dewi Yusnita Equity Institutional Sales ([email protected])

Fachruly Fiater Equity Institutional Sales ([email protected])

Raditya Andyono Equity Institutional Sales ([email protected])

Meitawati Equity Institutional Sales ([email protected])

Henry Sidarta Equity Institutional Sales ([email protected])

Nancy Pardede Equity Institutional Sales ([email protected])

Hari Mulyono Soewandi Palembang, Sumatra Selatan ([email protected])

CENTRAL JAVA, AREA Agus Bambang Suseno Solo, Jawa Tengah ([email protected])

EAST INDONESIA Wiranto Sunyoto Branch Area Manager ([email protected])

Andrew Jatmiko Yogyakarta, DI Yogyakarta ([email protected])

Institutional Sales Team Daniel Dwi Seputro Head of Institutional Equity Sales ([email protected])

Retail Sales Team JAKARTA AREA Nathanael Benny Prasetyo Head of Retail ECM ([email protected]) Ariawan Anwar Artha Graha, Jakarta ([email protected]) Windra Djulnaily Pluit, Jakarta ([email protected]) Musji Hartono Mangga Dua, Jakarta ([email protected]) Ferry Zabur Kelapa Gading, Jakarta ([email protected]) Very Wijaya BSD, Tangerang ([email protected])

Sonny Muljadi Surabaya, Jawa Timur ([email protected] Ni Made Dwi Hapsari Wijayanti Denpasar, Bali ([email protected]) Ivan Jaka Perdana Malang, Jawa Timur ([email protected])

SUMATERA Juliana Effendy Medan, Sumatera Utara ([email protected])

Agus Jatmiko Balikpapan, Kalimantan Timur ([email protected])

Tantie Rivi Watie Pekanbaru, Riau ([email protected])

Arifin Pribadi Makasar, Sulawesi Selatan ([email protected])

PT Trimegah Securities Tbk - www.trimegah.com

Muhammad Ishaq Semarang, Jawa Tengah [email protected])

WEST JAVA Asep Saepudin Bandung, Jawa Barat ([email protected]) Ariffianto Cirebon, Jawa Barat ([email protected])

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PT Trimegah Securities Tbk Gedung Artha Graha 18th Floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, Indonesia t. +62-21 2924 9088 f. +62-21 2924 9150 www.trimegah.com

DISCLAIMER This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities. While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication, Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in future participate in an offering of the company’s equity securities.