Technical Call. cont'd strengthening 1665 BOW Spec Buy 1295 BOW BOW Spec Buy 925 BOW 1370 BOW 925 BOW. 128 Sell

TRIM Daily Aug 14, 2014 TRIM Highlights We slightly lower our 12-month index target to 5,675 (11% upside) on lower earnings estimates. TRIM coverage ...
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TRIM Daily Aug 14, 2014

TRIM Highlights We slightly lower our 12-month index target to 5,675 (11% upside) on lower earnings estimates. TRIM coverage 1H14 earnings growth of 15.4% YoY helped by commodities sector’s earnings which increased 102% YoY. Exclude the commodities sector, 1H14 earnings grew only by 11% YoY, implying that the impact of slower economic growth and rising costs have begun to show in earnings. We add BJTM (22% upside), GGRM (15% upside), ACST (41% upside) and LEAD (36% upside) while deleting WTON from our portfolio list. MPPA revised down its new stores expansion target from 20 stores to only 10 stores, potentially reduce 2015 earnings by 8%, in our view. On the flip side, positive news from ITMG which announced its 2Q14 result, in-line with our expectation but beat the consensus, thus, we expect consensus will upgrade the counter’s earnings estimates. We reiterate BUY ITMG with Rp32,000/sh target price.

Market View Jakarta Composite Index (JCI) up by 35 points or 0.70% to5168.3 yesterday. Index movers were mostly driven by mining (+1.24%), trade sector (+1.24%) and consumer sector (+0.98%). Total transaction value was Rp5.2tr with regular market transaction of Rp4.3tr. IDX recorded Rp402bn net buy by foreign investors. JCI have a continues strengthening with trading range 5151-5185

Global Wrap

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

0.70% 5,303.9 5,291.2 5,116.5 14.6 1.9

Global Indices Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng

Price

C hg

%

16,651.8 4,434.1 15,213.6 3,301.4 6,656.7 24,890.3

91.3 44.9 52.3 -2.0 24.3 200.9

0.6 1.0 0.3 -0.1 0.4 0.8

NAB

JCI and Trader’s Pick Last

5,168.4

Reksa Dana Trimegah Asset Management

U.S. retail sales were flat in July (vs consensus: +0.2%), following a 0.2% gain in prior month. China’s retail sales was slightly down to 12.2% YoY (vs consensus: 12.5%) from the 12.4% increase. German CPI rose 0.8% YoY in July. Japan GDP shrunk by an annualized 6.8% in 2Q14 (vs consensus: -7.1%), after increasing 6.1% in prior quarter

Ticker

JCI

S2

S1

R1

R2

Technical Call

JCI

5,168

5,126

5,151

5185

5194

cont'd strengthening

KLBF

1,630

1,595

1,605

1640

1665

BOW

GGRM

55,050

53,925

54,625

55625

55925

ADRO

1,285

1,265

1,280

1295

1295

BOW

ITMG

28,000

27,325

27,750

28350

28525

BOW

TBIG

8,425

8,275

8,375

8500

8525

ACES

900

885

890

910

925

BOW

SSMS

1,350

1,340

1,350

1365

1370

BOW

Trim Kapital 8,813.0 Trim Kapital + 3,236.2 Trim Syariah SHM 1,662.0 Tram C onsumption +1,433.9 Trim Komb 2 1,931.1 Trim Syariah B 2,335.8 Trim Dana Stabil 2,112.2 Trim Dana Tetap 2 1,683.5 Tram PDPT USD 1.1 Tram Reguler INC 994.7 Tram Strategic Fund 1,078.4 Trim Kas 2 1,097.1

%

61 17.3 15.9 9.1 9.9 18.0 1.7 1.5 0.0 0.0 1.1 0.2

0.70 0.54 0.96 0.64 0.52 0.77 0.08 0.09 0.05 0.00 0.10 0.02

Spec Buy

Dual Listing (NYSE) (USD)

TLKM

47.3

(Rp)

C hg

%

13,827.0

-0.23

-0.5

Spec Buy

SIMP

905

885

895

915

925

BOW

BKSL

125

122

124

127

128

Sell

ASRI

545

525

540

555

555

Sell

TAXI

1,420

1,355

1,380

1435

1465

Sell

SSIA

820

750

795

850

860

Sell

Others USD IDR 10 yr Indo Govr bond (%)

PT Trimegah Securities Tbk - www.trimegah.com

C hg

10 yr US govt bond (%) Spread (%) EIDO Foreign YtD (USDmn)

C hg % 11,693 4 0.0 8.24 -0.0 -0.2 2.4 -0.02 -0.9 5.80 0.01 0.7 29.2 0.1 0.3 4,989 34 0.7

TRIM DAILY

1

Result 1H14 BBTN : 1H14 performance missed expectation by 27% ITMG: 1H14 results in-line with our but above consensus expectations (USDmn)

2Q13 1Q14

2Q14

QoQ Chg (%)

YoY Chg (%)

1H14

YOY Chg 2Q14/ 1H14/ 1H14/ (%) 2Q14F (%) FY14F (%) Cons (%)

Revenue

527

504

462

(8.3)

(12.4)

965

(11.4)

99.3

47.8

46.1

Gross profit

110

130

93

(28.1)

(15.1)

223

0.5

76.3

42.0

45.2

Operating profit

69

87

58

(33.8)

(15.8)

145

5.7

69.5

40.1

42.5

Net profit

50

96

52

(45.8)

4.3

148

40.4

79.8

52.2

62.0

Gross margin (%)

20.9

25.8

20.2

(5.6)

(0.6)

23.1

2.8

Operating margin (%)

13.0

17.3

12.5

(4.8)

(0.5)

15.0

2.4

9.5

19.1

11.3

(7.8)

1.8

15.3

5.7

Net margin (%)



2Q14 net profit dropped 45.8% QoQ but slightly increasing by 4.3% YoY. These earnings volatility mostly stemmed from



1H14 net profit reached USD148mn, increased 40% YoY caused by the restatement of stripping costs which is higher for



ITMG’s earnings in the first half formed 52% of our full year estimate (in-line) while reaching 62% of the consensus

the application of the new accounting standard on stripping costs, and also caused by coal price volatility. 1H13 and lower in 1H14, allowing earnings to increase significantly. (above).



We reiterate Buy ITMG with TP of Rp32,000/sh.

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

2

News of the Day MPPA: 2014E Revised Target Number of Stores 10 new stores (previously 20 stores) MPPA revised its targeted number of stores this year to 10 new stores (~10% increase of existing stores up to 2013) from previously 20 stores (vs. FY2013 19 new stores; 15-17 stores in 2011-12). According to the company, the revision is due to focus on developing new store concept to be implemented by the end of this year. During 1H14, MPPA opened 2 new stores (vs. 1H13 3 new stores). SSSG 1H14 was 9.2% (1H13 4.4%) comprised of 3% from volume increase and 6% from price increase. Source: Kontan, Company Comment: Negative with potential impact to expected 2015 core profit of ~-8.4%.

Through its subsidiary, PT Alfa Goldland Realty, ASRI will launch its fourth apartment tower, Indigo. Before Indigo, three residential towers have been sold and received positive response from the market. The first and second apartment towers are already sold while the third one is almost sold out. The price for this 4th tower continues to increase from Rp235mn to Rp265mn per unit (+12%). The fourth tower consists of 828 units of apartments and will be launched on August 16, 2014. Comment: Investor Daily Comment: The stock is currently traded at 7.5x 2014 PE (vs. sector average of 11.5x). ASRI’s discount to NAV amounts to 61.5% with a target price of Rp600/share, with 12% upside potential, hence we have a HOLD recommendation for ASRI.

APLN: Posted Rp2.6tr marketing sales in 7M14 WSKT: In search of Rp3.8tr funding Up to July 2014, the Company recorded marketing sales of Rp2.6tr. Harco Glodok remains the leading contributor with 30.8% of total marketing sales, followed by Orchard Park Batam with 25.5% contribution, Podomoro City Extension with 13.0%, Grand Taruma with 6.5%, Borneo Bay Residences with 5.8%, Metro Park Residences with 5.4%, Soho Pancoran with 5.0%, Vimala Hills with 4.3%, and Podomoro City Deli Medan with 2.4%. Source: Company

Waskita Karya (WSKT) to raise Rp3.8tr, Rp1.8tr will be obtained from 10%, 3 year bank loan and the rest through bond issuance. WSKT will initially issue Rp1tr 10% bond with tenor of 3 and 5 years. The fresh funding will be utilized for 22km Pejagan-Pemalang highway construction. The 1.4tr project will have Interest During Construction (IDC) of Rp200bn and 10% VAT. Source: Kontan

Comment: The sales posted stood below our estimate, since it only accounted for 47.1% of our FY14 target of Rp5.4tr. We are revising down our target. Currently we have a Hold on APLN with TP of Rp250/sh (28.8% downside potential)

BRAU: halts US$450mn bond issuance Berau Coal Energy (BRAU) will halt its US$450mn global bond issuance due to unfavorable global market conditions. The 12% global bond which will mature in 2019 was designed to refinance BRAU US$450mn debt that matures in July 2015. Source: Bisnis Indonesia

MDLN: Achieved sales amounting to Rp37bn from the launching of the Vitoria Cluster MDLN launched the residential cluster, Victoria, and achieved sales amounting to Rp37bn. The cluster targets the market of young executives and only has a very limited number of units left (23 units). The cluster was launched on Wednesday, 13 August, 2014 and had a decent take-up-rate. Source: Investor Daily Comment: We expect these sales to contribute to MDLN’s FY14 target of Rp4.1tr (58% YoY). The stock is currently traded at 4.9x 2014 PE (vs. sector average of 11.5x). MDLN’s discount to NAV amounts to 49% with a target price of Rp530/share, with 21% upside potential, hence we have a BUY recommendation for MDLN.

Cigarette production down 3% due to new labeling According to Indonesian Tobacco Producer Association (Gappri) cigarette production is down 3% since the implementation of new labeling that warn the effects of smoking. The new labeling, implemented since 24 June 2014, also required cigarette companies to spend more on new packaging. However Ismanu, head of Gappri, is not worried about the drop in production as the demand is still strong. Source: Bisnis Indonesia Comment: Even though production is down 3%, we believe it’s temporary as a more strict packaging requirement in Australia has not changed the prevelance in smoking

ASRI: Launching its fourth apartment tower, Indigo, on August 16, 2014 ASRI remains aggressive in building apartments in the superblock, Ayodyha City located in Tangerang, Banten. PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

3

News of the Day Palm Oil imports by India are not climbing Palm oil imports by India are still decreasing and the market share for CPO, Crude Olein and PK is giving weight to soft oils such as soybean and sunflower, due to disparity in processing of CPO. However, to bridge the supply gap, soft oils import by India have increased to 2,459,258 tons from 1,459,259 tons. November 2013 imports of CPO related products was 774,207 tons and 84% total market share. July 2014 imports by India had fallen to 657,750 tons with a 60% market share. Total imports by India from November 2013 – July 2014 were 5,588,845 tons with 69% market share while imports by India from November 2012 – July 2013 were 6,331,441 tons and 81% market share. Soybean imports by India in November 2013 were 14,980 tons and in July 2014 they have increased to 306,068 tons. Source: Sea of India

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

4

Statistics JCI

5,168.3

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

35.9 20.92% 24.81% 5,090.4 4,982.2 4,659.8

Indices Region MXWO MSC I Word 1,708.7 SPX S&P 500 1,946.7 US Dow Jones Industrial 16,651.8 Nasdaq US 4,434.1 Europe EURO 50 Europe 330.0 FTSE London 6,656.7 DAX Jerman 9,198.9 C AC France 4,194.8 SMI Swiss 8,388.7 BRIC BOVESPA Brazil 55,581.2 MIC EX Russia 1,398.9 SENSEX India 25,919.0 NIFTY India 7,739.6 SHC OMP C hina 2,222.9 SZC OMP C hina 1,194.8 Developed ASIA

0.7%

Volume (m) 5,303.9 Nilai (Rpbn) 5,291 Mkt C ap (Rptr) 5,116.5 Market P/E (x) 14.6 Market Div. Yield (%) 15.0

6,158.0 707.4 886.3 682.6 1,167.6 1,572.2 2,098.9 931.8 1,341.0 558.8 475.7 2,206.0

+/50.4 7.2 7.9 1.0 6.0 19.3 20.4 11.4 11.5 4.5 4.4 -1.3

(%) YTD (%) 0.8 25.5 1.0 20.9 0.9 24.6 0.2 26.3 0.5 25.5 1.2 10.0 1.0 17.8 1.2 20.0 0.9 11.3 0.8 16.2 0.9 41.2 Nikkei -0.1 3.1 TPX

+/-0.5

(%) YTD (%) KOSPI -0.17 4.0 TAIEX

0.2 -0.1 0.0 0.2

0.23 -3.60 0.00 0.28

-0.8 -9.4 -19.5 -18.7

-26.8 -190 -75.0

-1.31 -1.01 -0.33

13.9 33.5 0.2

3.9 -0.1

0.30 -0.30

9.3 2.6

-13.0 -40.0 -0.5 -10.0 -14.8

-0.59 -2.13 -0.14 -1.86 -1.35

-16.3 -30.8 -15.2 -12.8 -17.8

HSI

Commodities C RB Index 291.3 Oil & Gas C rude Oil (USD/bbl) 97.6 Natural Gas 3.8 C OAL (Australia,wk) 68.1 C OAL (AUS Daily) 71.0 Industrial Metals Alumunium (USD/tonne) 2,007.5 Nickel (USD/tonne) 18,560 Tin (USD/tonne) 22,400 Precious Metal Gold (USD/t oz.) 1,313.7 Silver (USD/t oz.) 19.8 Soft Commodities CP O (Malaysia C PO (Malaysia- Rm/tonne) - Rm/tonne) 2,199 Rubber (JPY/kg) 1,840 C orn (USD/bu.) 358 Wheat (USD/bu.) 528 Soybeans (USD/bu.) 1,080

JCI Winners (%) LPPF

6.5

EXCL

3.9

JCI Losers (%)

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

NISP

BBRI

-7

SILO

MPPA

284

0.55 1.02

0.45 6.17

1.28 24.26 129.4 32.63 58.91

0.39 0.37 1.43 0.78 0.71

0.54 -1.37 -3.70 -2.35 2.26

-861 24.66 38.2 12.5 1.28 -0.13

-1.53 1.79 0.15 0.16 0.06 -0.01

7.91 -6.95 22.60 22.82 5.05 12.97

15,213.6 1,262.1 24,890.3 2,062.4 9,231.3 3,301.4

52.3 4.44 200.9 20.89 68.2 -1.98

0.35 0.35 0.81 1.02 0.74 -0.06

-6.62 -3.08 6.80 2.54 7.20 4.23

1,544.6 6,986.2 1,858.0 602.8

24.24 2.8 7.65 0.98

1.59 0.04 0.41 0.16

18.93 18.62 -0.48 19.45

+/0.000 0.004 -0.000 -0.001 -0.004 -0.003 0.160 (0.00) -0.000 -0.001 4.00

(%) Y T D ( %) 0.04 2.96 0.74 -0.73 -0.01 1.78 -0.10 2.54 -0.39 -4.51 -0.28 -3.09 0.16 -2.69 (0.06) 1.63 -0.00 -0.04 -0.09 -1.07 0.03 -3.93

Thailand Philipines Malaysia Vietnam

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

240

META SMRU

153 142

0.748 0.599 0.908 1.091 1.075 1.182 102.42 6.15 7.751 1.250 11,693

200

JCI Freq (Lot) MYRX

5,726

LPPF

5,414

UNTR

3.1

-5.6

ECII

TLKM

PTBA

2.4

-5.0

PALM

ASII

144

TARA

101

RIGS

4,828

CPIN

2.1

KPIG

BMRI

136

VIVA

101

LPPS

4,581

BBNI

133

SUGI

97

TLKM

4,513

LPPF

132

WSKT

90

BBRI

4,115

KLBF

121

BUMI

84

SSMS

3,953

BBCA

121

MPPA

83

SCMA

3,784

94

KLBF

75

BMRI

3,710

UNVR

2.1

-2.2 -1.3

TOWR MEGA

1.2

-0.8

GGRM

1.2

-0.6

KLBF

ASII

1.0

-0.6

AMRT

BBCA

0.4

-0.5

ISAT

ICBP

PT Trimegah Securities Tbk - www.trimegah.com

INTP

183

BKSL

125

(%) Y T D ( %) 0.55 2.87 0.67 5.32

91.3 44.87

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

-7

+/9.39 12.97

KLBF

5,276

TRIM DAILY

5

World Economic Calendar Date Time

Country Event

7-Aug-14

US

Initial Jobless Claims (000's)

2-Aug

304

289

303

EC

ECB Main Refinancing Rate

7-Aug

0.15

0.15

0.15

EC

ECB Marginal Lending Facility

7-Aug

0.40

0.40

0.40

EC

ECB Deposit Facility Rate

7-Aug

-0.10

-0.10

-0.10

GE

Industrial Production SA MoM

Jun

1.2

0.3

-1.8

US

Wholesale Inventories MoM (%)

Jun

0.7

0.3

0.3

CH

Trade Balance (USD bn)

Jul

27.40

47.3

31.56

CH

Exports YoY (%)

Jul

7.0

14.5

7.2

CH

Imports YoY (%)

Jul

2.6

-1.6

5.5 -1.1

8-Aug-14

9-Aug-14

Period Survey Actual

Prior

CH

PPI YoY (%)

Jul

-0.9

-0.9

CH

CPI YoY (%)

Jul

2.3

2.3

2.3

11-Aug-14

JN

Machine Tool Orders YoY (%)

37.7

34.1

12-Aug-14

US

NFIB Small Business Optimism

Jul

96.0

95.7

95.0

GE

ZEW Survey Current Situation

Aug

54.0

44.3

61.8

GE

ZEW Survey Expectations

Aug

17.0

8.6

27.1

US

Retail Sales Advance MoM (%)

Jul

0.2

0.0

0.2

CH

Retail Sales YoY (%)

Jul

12.5

12.2

12.4

CH

Industrial Production YoY (%)

Jul

9.2

9.0

9.2

GE

CPI YoY (%)

Jul F

0.8

0.8

0.8

JN

GDP SA QoQ (%)

2Q P

-1.8

-1.7

1.6

JN

GDP Annualized SA QoQ (%)

ID

Bank Indonesia Reference Rate (%)

US

Initial Jobless Claims (000's)

13-Aug-14

14-Aug-14

15-Aug-14

18-Aug-14 19-Aug-14

Jul P

--

2Q P

-7.1

14-Aug

7.50

--

-6.8

7.50

6.1

9-Aug

295

--

289

EC

CPI YoY (%)

Jul F

0.4

--

0.4

EC

CPI Core YoY (%)

Jul F

0.8

--

0.8

EC

GDP SA YoY (%)

2Q A

0.7

--

0.9

GE

GDP NSA YoY (%)

2Q P

1.3

--

2.5

--

--

-4.1

Aug

20.00

--

25.60

ID

BoP Current Account Balance (USD bn)

US

Empire Manufacturing

2Q

US

PPI Final Demand MoM (%)

Jul

0.1

--

0.4

US

PPI Final Demand YoY (%)

Jul

1.7

--

1.9

US

PPI Ex Food and Energy YoY (%)

Jul

1.6

--

1.8

US

Industrial Production MoM (%)

Jul

0.3

--

0.2

US

Univ. of Michigan Confidence

Aug P

82.5

--

81.8

US

NAHB Housing Market Index

Aug

54

--

53

EC

Trade Balance NSA (EUR bn)

Jun

--

15.4

US

CPI MoM (%)

--

0.3

--

Jul

0.1

US

CPI YoY (%)

Jul

--

--

2.1

US

CPI Ex Food and Energy YoY (%)

Jul

--

--

1.9

US

Housing Starts (000's)

Jul

973

--

893

US

Building Permits MoM (%)

Jul

1.7

--

-4.2

--

-0.7

Aug P

55.3

--

55.8

Aug

18.0

--

23.9

5.01

--

5.04

20-Aug-14

GE

PPI YoY (%)

21-Aug-14

US

Markit US Manufacturing PMI

US

Philadelphia Fed Business Outlook

US

Existing Home Sales (mn)

CH

HSBC China Manufacturing PMI

Aug P

--

--

51.7

EC

Markit Eurozone Manufacturing PMI

Aug P

--

--

51.8

EC

Consumer Confidence

Aug A

--

--

-8.4

GE

Markit/BME Germany Manufacturing PMI

Aug P

--

--

52.4

PT Trimegah Securities Tbk - www.trimegah.com

Jul

Jul

--

TRIM DAILY

6

Corporate Action Warrant Code

Price Exercise

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

DGIK

2.5

12-AUG-2014

15-Aug-14

22-Aug-14

RUIS

7.5

12-AUG-2014

15-Aug-14

29-Aug-14

KIAS

1.51

12-AUG-2014

15-Aug-14

29-Aug-14

JAWA

1.8

29-AUG-2014

3-Sep-14

17-Sep-14

NELY

4

1-Sep-14

4-Sep-14

18-Sep-14

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

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])

TRIM DAILY

8

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.

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