TRIM Daily Oct 27, 2014

TRIM Highlights Jokowi’s disappointing cabinet is likely to drag market lower (albeit some of it was already priced in as many of the names have circulated on Friday). Appointments are positive for telco sector (TLKM, EXCL, ISAT) and transportation sector (JSMR, GIAA) while negative for SOEs. We saw switching out of SOE banks to BBCA on Friday and this may continue today. Commodities: Crude oil continues to fall but CPO price continues to rebound. Falling crude is positive for GIAA (~40% of cost is fuel). We have a Buy on AALI with Rp28000 target price.

Market View

JCI

5,073.1

C hange Transaction Volume (m) Transaction Value (Rpbn) Mkt C ap (Rptr) Market 2015 P/E (x) Market Div. Yield (%)

-0.60% 4,150.9 4,800.9 5,050.7 13.9 1.9

Global Indices

Jakarta Composite Index (JCI) down by 30 poin or 0.6% to 5073 yesterday. Index movers were mostly driven by trade (-2.1%), misc industry (-1.2%) and property cinstruction (-1.0%). Total transaction value was Rp4.8tr. IDX recorded Rp351bn net sell by foreign investors. JCI today is expected to continue its weakening trend and trade in 5036-5097 range.

Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng

Price

C hg

%

16,805.4 4,483.7 15,291.6 3,222.6 6,388.7 23,302.2

127.5 30.9 152.7 -13.9 -30.4 -31.0

0.8 0.7 1.0 -0.4 -0.5 -0.1

Global Wrap U.S. stocks rose on Friday as companies from Procter & Gamble Co. to Microsoft Corp. climbed after reporting earnings. The U.S. new home sales rose 0.2% to a 467,000 annualized pace (vs consensus: 470,000) from a 466,000 rate in August Meanwhile, European stocks fell as a draft communique showed 25 lenders are set to fail the European Central Bank’s euro-area bank health check

JCI and Trader’s Pick Ticker JCI

Last

S2

S1

R1

R2

Technical Call cont'd weekening

5,073

4,982

5,036

5097

5146

13,325

12,475

12,775

13725

14175

BOW

ASII

6,600

6,350

6,450

6775

6900

BOW

AALI

20,300

19,075

19,725

21125

21550

BOW

LSIP

1,845

1,755

1,805

1915

1945

Spec Buy

INTP

23,875

22,800

23,325

24600

24950

Spec Buy

JSMR

6,200

5,900

6,050

6400

6475

BOW

ICBP

11,400

11,025

11,200

11700

11850

BOW

BKSL

92

87

89

96

100

BBCA

Reksa Dana Trimegah Asset Management C hg

%

Trim Kapital 8,648.6 -52 Trim Kapital + 3,154.4 -22.3 Trim Syariah SHM 1,620.3 -10.3 Tram C onsumption +1,431.6 -7.1 Trim Komb 2 1,914.0 -9.8 Trim Syariah B 2,313.3 -10.6 Trim Dana Stabil 2,130.6 -0.7 Trim Dana Tetap 2 1,704.4 0.2 Tram PDPT USD 1.1 -0.0 Tram Reguler INC 994.7 0.0 Tram Strategic Fund 1,107.3 0.1 Trim Kas 2 1,113.7 0.2

NAB

-0.6 -0.7 -0.6 -0.5 -0.5 -0.5 -0.0 0.0 -0.1 0.0 0.0 0.0

(USD)

TLKM

47.8

(Rp)

C hg

%

14,425.5

1.62

3.5

Dual Listing (NYSE) Others

Trading Buy USD IDR

META

195

176

183

207

221

Trading Buy

ENRG

100

94

98

105

108

Trading Buy

10 yr US govt bond (%)

SRIL

154

139

148

163

168

Buy at 154

Spread (%) EIDO

ELSA

565

530

540

585

610

Buy at 555

10 yr Indo Govr bond (%)

PT Trimegah Securities Tbk - www.trimegah.com

Foreign YtD (USDmn)

C hg 12,069 6 8.01 -0.0 2.3 -0.00 5.74 -0.02 27.7 -0.2 3,756 -29

TRIM DAILY

% 0.0 -0.3 -0.0 -0.3 -0.7 -0.8

1

News of the Day Politics: Early assessment of Jokowi's cabinet Disappointing – too many political appointees, who holds too many important posts. Expect market to respond negatively albeit investors had already started selling on Friday as many names already circulated. Compared to Friday, cabinet is slightly better.

Disappointment # 1: More political appointees than expected If one simply looks at the ministers’ primary occupation, the cabinet looks fine with only 13 career politicians. However, if we include close associates (i.e. Rini Soemarno is a professional who is a close associate of PDIP/Megawati), ministers with party/political figures affiliations (including 3 of Jokowi’s close associates and 2 of JK’s close associates) dominate the cabinet with 21 positions.

of Jokowi) is head of National Development Planning Agency (Bappenas). This is somewhat expected as Rini and Ferry’s names have circulated since last week, but still disappointing.

Although actually slightly better relative to names circulating as of Friday morning Of the 26 ministers whose names already circulated last Friday morning (and therefore the reason for Friday’s market decline), we reckon 5 positions are actually better (i.e. Ministry of Telco) while 18 Neutral and 3 Worse (i.e. Ministry of Justice).

Positives: Telcos, transport sector. Negatives: SOEs On a sectoral basis, our initial take is Telcos (TLKM, EXCL, ISAT) benefit from the appointment of Rudiantara, a well respected professional, as Minister of Telco. Transport sector (JSMR, GIAA) should also benefit from Ignatius Jonan appointment. SOEs (State owned enterprises) declined on Friday on the back of rumor that Rini Soemarno would become Minister of SOE and market’s are likely to remain skeptical in the shortterm.

Sector to watch: Energy It could all be a coincidence, but the connections are mindboggling. Ari Soemarno was appointed the head of working committee of anti oil and gas mafia in Jokowi’s transition team. Sudirman Said, who reported to Ari Soemarno when both were at Pertamina, is now the Minister of Energy and Mineral Resources (ESDM). Rini Soemarno, who is Ari Soemarno’s sister, is now Minister of State Owned Enterprises. Pertamina is responsible to both ministers of energy and SOE, so with both Sudirman Said and Rini Soemarno as ministers, we should see major reshuffles in Pertamina. As a lesson in history, Ari Soemarno was CEO of Pertamina in 2006-09 before he was replaced. Ari Soemarno tried to take more control of Petral (Pertamina’s trading arm based in Singapore) by setting up ISC (Integrated Supply Chain) that takes away a lot of trading capabilities from Petral. Sudirman Said was the head of ISC before he was replaced by the incoming CEO Karen Agustiawan.

Disappointment # 2: Political appointees hold several important posts

Note that we are aware there were rumors circulating last week that Petral would be merged into Elnusa (ELSA). Our view is Jokowi’s new cabinet may be looking to weaken Petral’s position as oil trader, but does not necessarily mean it would be merged into ELSA. It is possible that Sudirman Said may just re-activate the ISC system that he was heading before leaving Pertamina.

Rini Soemarno (close associate of Megawati) is appointed as Minister of SOE, Ferry Musildan Bayan (Nasdem) is Head of Land Agency (BPN), and Andrinof Chaniago (close associate PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

2

News of the Day Jokowi’s full cabinet members along with background below. We highlight important ministries in yellow. Positions Minister of Political, Law and Security Affairs Minister of Maritime, Natural Resources, and Environment

Minister Tedjo Edi Endroyono Susilo

Minister of Economy

Sofjan Djalil

Minister of Human Development, Social, Culture

Puan Maharani

Minister of State Secretary

Pratikno

Background

Most recent occupation

Army

Chief of Navy during SBY era

Bureaucrat

FAO director for maritime resource

Bureaucrat, close associate of JK Politician, daughter of Megawati Academic, close associate of Jokowi

Minister of state enterprise & communication during SBY-JK era

Rector, professor of political & governmental science of Gajah Mada University

Politician

PDIP

Bureaucrat

Ambassador of Indonesia for the Netherlands

Army, close associate of Megawati

Chief Staff of Army during Megawati era

PDIP

Ministers Leading Departments Minister of Home Affairs

Tjahjo Kumolo

Minister of Foreign Affairs

Retno Lestari Marsudi

Minister of Defense

Gen. Ryamizard Ryacudu

Minister of Justice and Human Rights

Yasonna Laoly

Minister of Finance

Bambang Brodjonegoro

Minister of Energy and Mineral Resources

Soedirman Said

Minister of Industry

Saleh Husein

Minister of Trade

Rahmat Gobel

Politician

PDIP

Bureaucrat

Deputy Minister of Finance during SBYBoediono era

Bureaucrat, close associate of Ari Soemarno (brother of Rini Soemarno)

Chairman of PT Pindad

Politician

Hanura

Businessman

Chairman of PT Gobel International

Businessman, close associate of JK

Chairman of Tiran Group

Politician

Nasdem

Minister of Agriculture

Amran Sulaiman

Minister of Forestry

Siti Nurbaya Bakar

Minister of Transportation

Ignatius Jonan

Professional

CEO of PT Kereta Api

Minister of Maritime Affairs and Fisheries

Susi Pudjiastuti

Businesswoman

CEO of Susi Air & fishing industry

Minister of Manpower and Transmigration

Hanif Dhakiri

Politician

PKB

Minister of Public Works & Public Housing

Basuki Hadi Mulyono

Bureaucrat

General Director of Public Space

Minister of Health

Nila H. Moeloek

Academic

Professor at University of Indonesia

Anies Baswedan

Academic/Politician, close associate of Jokowi

Rector of Paramadina University

Minister of Elementary and Secondary Education Minister of Agriculture & Space (Head of National Land Agency)

Ferry Musildan Bayan

Politician

Nasdem

Minister of Social Services

Khofifah Indar Parawansa

Politician

PKB

Minister of Religious Affairs

Lukman Hakim Saifuddin

Politician

PPP

Minister of Tourism

Arief Yahya

Professional

CEO of Telkom Indonesia

Minister of Informatics and Communication

Rudiantara

Professional

VP Director of PT Semen Gresik

State Ministers Minister Research and Technology

M Nasir

Academic

Rector of Diponegoro University

Minister of Cooperatives, Small and Medium Enterprises Minister of Female Empowerment and Child Protection Minister of Administrative and Bureaucratic Reformation Minister of Development of Disadvantaged Regions National Development Planning and Chairperson of the National Development Planning Agency (Bappenas)

Anak Agung Ngurah Gede Puspayoga

Politician

PDIP

Yohana Yambise

Academic

Professor at Cendrawasih University

Yudi Chrisnandi

Politician

Hanura

Marwan Djaffar

Politician

PKB

Andrinof Chaniago

Academic, close associate of Jokowi

CIRUS Network, University of Indonesia

Minister of State Enterprises

Rini Soemarno

Professional, close associate of Megawati

Minister of Industy & Trade during Megawati era

Minister of Youth and Sports Affairs

Imam Nachrowi

Politician

PKB

Source: Trimegah research, www.detik.com PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

3

News of the Day Banks: NPL from Construction Sector at Warning Financial Services Authority (OJK) recorded banks’ NPL as of 8M14 at 2.19% level, a very high increase YTD from 1.82% level. The main contributor of banks’ rising NPL is construction sector, with total NPL Rp 6.32tr, or 4.6% from total outstanding loan to the construction sector, Rp 137.65tr. Other sectors that contributed to rising NPL are transportation, trading, and manufacturing. Source: Bisnis Indonesia ([email protected])

ISAT: Issuing Rp 10tr Bond ISAT will issue bond worth Rp 10tr in Continuous Public Offering Plan (RPUB). At the first phase, ISAT is going to issue Rp 2.5tr bond comprised of conventional bond amounting Rp 2.2tr and sukuk worth Rp 300bn. The coupon ranges from 8% to 10%. The tenors are 3 years, 5 years, 7 years, and 10 years. The bond issuance will be used for paying frequency usage rights (Rp 700bn) and settling matured debt amounting Rp 1.8tr. Source: Kontan ([email protected])

units as of Aug’14. ASSA allocates 2015 capex totaling to Rp800bn for acquiring 4,200 fleets, 2,200 units for replacement and 2,000 units for additional fleets, and to build infrastructure. Source: Investor Daily ([email protected])

LEAD: Plan to purchase 2 new ships in remaining 2014E and ~4-5 new ships in 2015E For the remaining 2014, LEAD plans to purchase two new ships worth around USD40mn (70% loan and 30% internal cash) with arrival expected in Feb 2014, assuming purchasing process is completed by the end of 2014. LEAD currently targets 2 contract tenders from oil and gas project of ENI SpA at Muara Bakau Block worth USD153mn for 3 years. The company also hopes (to get contract) from on Chevron Project in Indonesia Deepwater Development (IDD) worth USD96mn for 5 years. For next year, LEAD targets capex of USD80mn to buy around 4-5 new ships. Source: Kontan ([email protected])

CPO prices still looming under 2,200 ringgit ACES: Optimist to achieve 2014E Revenue Growth of 15-20%YoY According to ACES, the company is optimist to achieve 1520%YoY revenue growth this year. Recently, it opened its 14th outlet (93.3% of FY target of 15 outlets) at Tasikmalaya. ACES plans to open its 15th outlet in East Java. Currently, total of Ace Hardware outlets is ~107 outlets. Regarding new competitors from IKEA and Courts Indonesia (electronic and furniture retailers from Singapore), ACES said that, for now, it does not change its business strategy due to those new competitors. Next year, ACES aims to keep growing its o utle ts org anica lly . So urc e : Konta n ([email protected])

CPO prices have been fluctuating sligthly below 2,200 ringgit since it was able to break the 2,200 ringgit barrier on 30 September. CPO prices have been fluctuating between 2,100 – 2,200 ringgit since then. Source: MPOC Comment: We believe that the market price will stay at this level, probably to the end of the year. Mostly due to Soybean prices and the zero tax policy.

PNBN: Posted Rp 2.03tr Net Profit PNBN reported Rp 2.03tr net profit as of 9M14, a 14.5% increase YoY, backed by 33.7% YoY increase in other operating income to Rp 1.71tr. The net profit realization is 83% from full year consensus estimates of Rp 2.4tr, which we view positive. However, net interest income declined 0.51% YoY to Rp 4.48tr, caused contraction in NIM by 33bps YoY to 3.75%. LDR was at 90.5%. Gross NPL ratio was dramatically increased to 2.02% or rose 59bps YoY. The stock currently trades at 1.18x PBV and 9.5x PE. Source: Bisnis Indonesia ([email protected])

ASSA: Obtains bank loan facility amounting Rp500bn ASSA obtains a loan facility amounting Rp500bn from Bank Mandiri, which will be used for expansion in 2014-2015. ASSA targets 2014 revenues to grow by 17.9% YoY to Rp1.2tr backed by higher fleets, which is targeted to reach 15,150 units as of Dec’14. Number of fleets stood at 14,000

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

4

World Economic Calendar Date Time 17-Oct-14

20-Oct-14 21-Oct-14

22-Oct-14

23-Oct-14

24-Oct-14 27-Oct-14

28-Oct-14 29-Oct-14

30-Oct-14

31-Oct-14

Country Event US

Housing Starts (000's)

US

Building Permits (000's)

US

Univ. of Michigan Confidence

EC

ECB Current Account SA (EUR bn)

Period Survey Actual

Prior

Sep

1008

1017

957

Sep

1030

1018

1003

Oct P

84.0

86.4

84.6

18.9

21.6

Aug

--

US

Existing Home Sales (USD mn)

Sep

5.10

5.17

5.05

CH

Retail Sales YoY (%)

Sep

11.7

11.6

11.9

CH

GDP YoY (%)

3Q

7.2

7.3

7.5

US

CPI MoM (%)

Sep

0.0

0.1

-0.2

US

CPI YoY (%)

Sep

1.6

1.7

1.7

US

CPI Ex Food and Energy YoY (%)

Sep

1.7

1.7

1.7

US

Initial Jobless Claims

18-Oct

283

283

266

US

Markit US Manufacturing PMI

Oct P

57.0

56.2

57.5

CH

HSBC China Manufacturing PMI

Oct P

50.2

50.4

50.2

EC

Markit Eurozone Manufacturing PMI

Oct P

49.9

50.7

50.3

EC

Markit Eurozone Services PMI

Oct P

52.0

52.4

52.4

EC

Consumer Confidence

Oct A

-12.0

-11.1

-11.4

GE

Markit/BME Germany Manufacturing PMI

Oct P

49.5

51.8

49.9

US

New Home Sales (000's)

Sep

470

467

466

GE

GfK Consumer Confidence

Nov

--

8.5

8.4

US

Markit US Services PMI

Oct P

--

US

Pending Home Sales MoM

Sep

US

Dallas Fed Manf. Activity

Oct Sep

US

Durable Goods Orders (%)

US

Consumer Confidence Index

US

Fed QE3 Pace (USD bn)

Oct

US

Fed Pace of Treasury Purchase (USD bn)

US

Fed Pace of MBS Purchases (USD bn)

US

FOMC Rate Decision (%)

29-Oct 25-Oct

Oct

-1.0

-0.30

-1.0

--

10.8

--

-18.2

--

86.0

--

--

15

Oct

--

--

10

Oct

--

--

5

--

0.25

US

Initial Jobless Claims

US

GDP Annualized QoQ (%)

3Q A

EC

Consumer Confidence

Oct F

US

Personal Income (%)

Sep

US

Personal Spending (%)

Sep

US

PCE Core YoY (%)

Sep

US

Chicago Purchasing Manager

Oct

US

Univ. of Michigan Confidence

Oct F

EC

Unemployment Rate (%)

Sep

EC

CPI Core YoY (%)

Oct A

87.3

58.9

--

0.25 --

-2.8

--

-0.3 0.1

--

--

4.6 --

--

0.3

--

0.5

--

1.5

--

60.5

--

--

86.4

--

--

11.5

--

--

0.8

-61.0

EC

Markit Eurozone Manufacturing PMI

Oct F

--

--

1-Nov-14

CH

Manufacturing PMI

Oct

--

--

51.1

3-Nov-14

ID

Trade Balance (USD mn)

Sep

--

--

-318

ID

Exports YoY (%)

Sep

--

--

10.63

ID

Imports YoY (%)

Sep

--

--

13.69

ID

CPI YoY (%)

Oct

--

--

4.53

ID

CPI NSA MoM (%)

US

Markit US Manufacturing PMI

US

ISM Manufacturing

CH

Non-manufacturing PMI

CH

HSBC China Manufacturing PMI

CH

HSBC China Manufacturing PMI

Oct F

PT Trimegah Securities Tbk - www.trimegah.com

--

Oct

--

--

Oct F

--

--

Oct

--

--

Oct

--

--

Oct F

--

--

--

--

--

--

TRIM DAILY

0.27 -56.6 54.0

5

Corporate Action Warrant Price Exercise

Code PNLF-W

130

LCGP-W

0

DKFT-W

250

BEST-W

200

INVS-W

165

SUGI-W

100

Maturity Emiten

Description

7-Nov-14 Panin Financial

WARAN SERI V PANIN FINANCIAL

10-Nov-14 Eureka Prima Jakarta

WARAN SERI I EUREKA PRIMA JAKARTA

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

WARAN SERI I CENTRAL OMEGA RESOURCES WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE WARAN SERI I INOVISI INFRACOM

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

SUPR-W

4800

28-Aug-15 Solusi Tunas Pratama

WARAN SERI I SOLUSI TUNAS PRATAMA

NIRO-W

110

11-Sep-15 Nirvana Development

WARAN SERI I NIRVANA DEVELOPMENT

BSIM-W

149

11-Dec-15 Bank Sinar Mas

WARAN SERI I BANK SINAR MAS

WARAN SERI I GADING DEVELOPMENT

Dividend Stock

(Rp)

Cum Date

Recording Date

Distribution Date

ITMG

1,100

29-Oct-14

3-Nov-14

14-Nov-14

ADMF

2,700

11-Nov-14

14-Nov-14

28-Nov-14

AGM / EGM Stock

Date

Time

BIPP

EGM

27-Oct-14

15:00

BJTM

EGM

27-Oct-14

10:00

ARTI

EGM

30-Oct-14

1:30

CPGT

EGM

30-Oct-14

10:00

PT Trimegah Securities Tbk - www.trimegah.com

Place Gedung Graha BIP Lt. 11. Jenderal Gatot Subroto Kav.23, Jl. Jend. Gatot Subroto Kav. 23, Jakarta Hotel Bumi Surabaya, Jl. Basuki Rakhmad 106 - 12B, Surabaya Gedung Ratu Prabu 1 Jl. TB. Simatupang Kav.20 Jakarta Ruang Seminar 1 & 2 Indonesia Stock Exchange Building, Tower2, Lt 1, Jl. Jend. Sudirman Kav 52-53, Jakarta

TRIM DAILY

6

Statistics JCI

5,073.1

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

(30.4) 18.69% 24.48% 5,031.4 5,121.7 4,850.9

Indices Region MXWO MSC I Word 1,667.9 SPX S&P 500 1,964.6 US Dow Jones Industrial 16,805.4 Nasdaq US 4,483.7 Europe EURO 50 Europe 327.2 FTSE London 6,388.7 DAX Jerman 8,987.8 C AC France 4,128.9 SMI Swiss 8,532.1 BRIC BOVESPA Brazil 51,940.7 MIC EX Russia 1,380.4 SENSEX India 26,851.1 NIFTY India 8,014.6 SHC OMP C hina 2,302.3 SZC OMP C hina 1,296.6 Developed ASIA

-0.6%

Volume (m) 4,150.9 Nilai (Rpbn) 4,801 Mkt C ap (Rptr) 5,050.7 Market 2015 P/E (x) 13.9 Market Div. Yield (%) 15.0

6,012.6 666.4 862.6 706.2 1,164.1 1,427.0 2,087.6 901.8 1,183.5 540.2 466.0 2,026.2

+/-31.7 -4.7 -5.2 -1.0 -2.4 -0.5 -17.1 -19.4 -13.9 -0.6 -4.9 31.5

(%) YTD (%) -0.5 22.5 -0.7 13.9 -0.6 21.3 -0.1 30.7 -0.2 25.1 -0.0 -0.2 -0.8 17.1 -2.1 16.1 -1.2 -1.8 -0.1 12.4 -1.0 38.3 Nikkei -5.3 TPX 1.6

+/-2.2

(%) YTD (%) KOSPI -0.81 -3.6 TAIEX

-1.1 0.0 0.0 0.1

-1.32 0.03 0.00 0.15

-17.7 -14.3 -17.0 -24.9

-25.5 -135 50.0

-1.28 -0.89 0.26

11.9 8.0 -12.9

2.7 0.0

0.22 0.14

2.5 -11.2

14.0 28.5 -6.8 -9.0 -15.8

0.64 1.68 -1.88 -1.71 -1.59

-16.3 -35.0 -16.4 -14.5 -25.5

HSI

Commodities C RB Index 270.2 Oil & Gas C rude Oil (USD/bbl) 81.0 Natural Gas 3.6 C OAL (Australia,wk) 70.2 C OAL (AUS Daily) 65.6 Industrial Metals Alumunium (USD/tonne) 1,971.5 Nickel (USD/tonne) 15,010 Tin (USD/tonne) 19,475 Precious Metal Gold (USD/t oz.) 1,231.8 Silver (USD/t oz.) 17.2 Soft Commodities CP O (Malaysia C PO (Malaysia- Rm/tonne) - Rm/tonne) 2,199 Rubber (JPY/kg) 1,728 C orn (USD/bu.) 353 Wheat (USD/bu.) 518 Soybeans (USD/bu.) 978

JCI Winners (%) MAYA AALI

14.0 3.2

JCI Losers (%) EMTK

-16.4 -4.1

SCMA

321

BMRI

206

0.76 0.69

1.38 7.35

-1.09 -30.42 -59.5 -28.78 -13.99

-0.33 -0.47 -0.66 -0.69 -0.16

-0.33 -5.34 -5.91 -3.89 4.01

1,227 7.47 0.0 0.0 -0.14 0.59

2.42 0.54 0.00 0.00 -0.01 0.05

0.84 -8.18 27.01 27.18 8.80 22.59

15,291.6 1,242.3 23,302.2 1,925.7 8,646.0 3,222.6

152.7 9.98 -31.0 -5.96 -85.1 -13.95

1.01 0.81 -0.13 -0.31 -0.97 -0.43

-6.14 -4.60 -0.02 -4.26 0.40 1.74

1,539.9 7,103.6 1,818.9 591.5

7.19 -12.6 8.18 -2.02

0.47 -0.18 0.45 -0.34

18.57 20.61 -2.58 17.22

+/-0.001 -0.002 -0.002 0.000 -0.005 -0.005 -0.110 (0.00) 0.000 -0.002 6.00

(%) Y T D ( %) -0.00 8.60 -0.00 2.98 -0.00 6.76 0.00 5.51 -0.00 0.99 -0.00 4.37 -0.00 2.76 (0.00) 1.01 0.00 0.04 -0.00 0.97 0.00 -0.84

Thailand Philipines Malaysia Vietnam

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

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

0.789 0.622 0.952 1.123 1.137 1.273 108.16 6.12 7.757 1.275 12,069

JCI (Lot) 400 Volume 0 100 200 300

JCI Freq (Lot)

194

SSMS

BUMI

137

SCMA

130

BBRI

BKSL

7,778 5,315

MNCN

TLKM

171

ENRG

-1.9

UNVR

ASII

163

META

106

SIAP

2.2

-1.5

UNTR

BBNI

150

TARA

106

ASII

3,348

1.6

-1.5

ASII

BBCA

150

SIAP

96

APLN

3,326

0.9

-1.2

SMGR

UNVR

112

SRIL

85

TLKM

3,216

JSMR

0.8

-0.7

BMRI

SSMS

83

APLN

78

BBNI

3,066

INTP

0.5

-0.5 BBRI

PGAS

82

SUGI

71

AALI

3,012

BBCA

0.4

77

SSMS

70

BUMI

2,988

ABMM

2.9

SSMS

2.6

LSIP GIAA CPIN

-3.6

-0.3

PT Trimegah Securities Tbk - www.trimegah.com

TLKM

AALI

(%) Y T D ( %) 0.48 0.41 0.71 6.29

127.5 30.92

FSSTI ASEAN SET PC OMP KLC I VNINDEX

JCI Value- (Rpmn) 200 BBRI

Japan Japan Hong kong S.Korea Taiwan Singapore

+/7.91 13.76

4,449 3,639

TRIM DAILY

7

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

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

Angga Aditya Assaf Research Associate ([email protected])

Melvina Wildasari Equity Analyst ([email protected])

Hapiz Sakti Azi Research Associate ([email protected])

Yemima Naarah Joesoef Research Associate ([email protected])

Maria Renata Equity Analyst ([email protected])

Paula Ruth 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])

Nathanael Benny Prasetyo Head of Retail ECM ([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

Mariana Kusuma Wati 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.