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
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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.