TRIM Daily Oct 22, 2014

TRIM Highlights No clarity yet on domestic politics, quick update: reportedly at least a quarter of Jokowi’s minister candidates are red flagged by KPK, so more delays are possible (Jokowi has max 14 days after his inauguration to announce cabinet). PPP has joined Jokowi’s coalition for now, which helps Jokowi’s coalition’s fight for commission head positions in parliament. Despite lack of clarity in domestic politics, market may rebound today on the back of strong global rebound as European macro outlook brightens. Note that Europe is the third largest consumer of CPO, so improving European macro outlook is positive for CPO sector (we have a Buy on AALI). We also initiated DILD with a Buy and Rp730 target price.

JCI

5,029.3

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

-0.22% 4,715.2 4,778.5 5,014.3 13.7 2.0

Global Indices

Market View Jakarta Composite Index (JCI) down by 11 poin or 0.22% to 5029.3 yesterday. Index movers were mostly driven by Misc Industry (-1.52%), Agriculture (-0.8%) and Mining (-0.6%). Total transaction value was Rp5tr. IDX recorded Rp82bn net sell by foreign investors. Today, Based on technical analysis, MACD indicator signals technical rebound for today with trading the range of 4991-5051

Global Wrap U.S., Europe stocks surged as investors speculated the European Central Bank will boost economic stimulus. The ECB was said to have bought Italian covered bonds as it returned to the market for a second day under its asset purchase program. China’s GDP growth grew 7.3% YoY in 3Q14 (vs consensus: 7.2%), the slowest expansion since the first quarter of 2009

JCI and Trader’s Pick Ticker JCI

Last

S2

S1

R1

R2

Technical Call Rebound

5,029

4,937

4,991

5051

5100

UNVR

31,625

30,400

31,050

32750

33300

BOW

ICBP

11,325

10,725

11,025

11700

11900

BOW

LPKR

1,010

950

980

1050

1075

BOW

Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng

Price

C hg

%

16,614.8 4,419.5 14,804.3 3,202.7 6,372.3 23,088.6

215.1 103.4 -306.9 21.7 105.3 18.3

1.3 2.4 -2.0 0.7 1.7 0.1

Reksa Dana Trimegah Asset Management NAB Trim Kapital 8,600.0 Trim Kapital + 3,134.4 Trim Syariah SHM 1,613.3 Tram C onsumption +1,423.0 Trim Komb 2 1,904.1 Trim Syariah B 2,305.4 Trim Dana Stabil 2,131.1 Trim Dana Tetap 2 1,703.1 Tram PDPT USD 1.1 Tram Reguler INC 994.7 Tram Strategic Fund 1,105.2 Trim Kas 2 1,113.0

(USD)

TLKM

47.8

%

1 -1.5 3.0 1.7 -0.3 3.3 -0.0 -0.4 0.0 0.0 4.2 0.2

0.0 -0.0 0.2 0.1 -0.0 0.1 -0.0 -0.0 0.0 0.0 0.4 0.0

(Rp)

C hg

%

14,335.2

1.59

3.4

TLKM

2,850

2,715

2,775

2945

3010

BOW

BBCA

12,750

12,225

12,450

13100

13325

BOW

WIKA

2,905

2,745

2,825

3005

3055

BOW

ADHI

2,820

2,655

2,745

2925

2980

BOW

USD IDR

PGAS

5,675

5,325

5,450

5850

6050

BOW

10 yr Indo Govr bond (%)

DOID

219

196

204

231

246

Buy at 219

SIDO

620

565

600

660

680

Buy at 620

META

194

185

190

200

204

Trading Buy

SUGI

423

409

415

433

438

Trading Buy

Dual Listing (NYSE) Others

10 yr US govt bond (%)

PT Trimegah Securities Tbk - www.trimegah.com

C hg

Spread (%) EIDO Foreign YtD (USDmn)

C hg -31 -0.0 0.04 5.82 -0.08 27.6 0.2 3,781 -7

12,001 8.04 2.2

TRIM DAILY

% -0.3 -0.5 1.9 -2.5 0.8 -0.2

1

News of the Day BDMN: ADMF’s 9M14 Net Profit Down 44.3% YoY BDMN’s subsidiary, Adira Dinamika Multi Finance Tbk (ADMF) booked a Rp 688.2bn net profit as of 9M14, decline 44.3% YoY (9M13 was Rp 1.2tr). The decrease in net profit was even worse than 1H14, when ADMF’s net profit also down 28.5% YoY. ADMF’s Finance Director, I Dewa Made Susila mentioned the slowing sales growth as the main factor of the decreasing earnings. While at the same time, funding cost was also increased 300bps. He further added the regulation about insurance fee income had also impacting ADMF’s fee income recognition, hence lowering the bottom line. Source: Bisnis Indonesia ([email protected])

JSMR: Revenues in FY15 is targeted to grow by 11.4% YoY JSMR set revenues growth at 11.4% YoY in FY15, backed by higher tariff and increasing traffic. JSMR owns 9 new toll roads project on their pipeline, including Bali Toll Road that has started operation since 3Q13 and has obtained Medan – Kualanamu – Tebing Tinggi Section 2 project (Perbarakan – Tebing Tinggi, 44km), in Sep’14. JSMR owns 55% stake on the Perbarakan – Tebing Tinggi project with investment project values stands at Rp5.6tr. JSMR allocates FY15 capex amounting Rp5.4tr, lower than FY14 capex of Rp5.0tr. JSMR is looking for Rp1.3tr bank loans from bank syndication for funding the Perbarakan – Tebing Tinggi project. Source: Investor Daily

Comment: Comment: The lowered ADMF’s net earnings has already consolidated in BDMN’s 9M14 net profit, which was also declined 28% YoY. ADMF contribution to BDMN is usually in the form of insurance premium income and dividend income, accounts for roughly 38% of BDMN’s operating income. Therefore we can say that if ADMF is not doing well, then neither will BDMN.

The JSMR’s FY15 revenues growth target is higher than consensus’ of 4.8% YoY. Based on consensus, JSMR is traded at 14-15PE of 26.2-22.8x. ([email protected])

Automotive: Toyota retain 2014 sales target INDF: First Pacific-Wilmar to Acquire One of the Largest Food Companies in Australia INDF’s parent company, First Pacific Co Ltd (chaired by Anthoni Salim, also the CEO of INDF) and Wilmar International Ltd are going to acquire the majority shares of Goodman Fielder Ltd, one of the largest food companies in Australia. The acquisition is worth AUD 1.05bn. Both First Pacific Co Ltd and Wilmar International have formed a joint venture firm to acquire Goodman. The acquisition process is expected to complete by October 24th, 2014. Both First Pacific and Wilmar will have 19.9% shares of Goodman. Source: Investor Daily ([email protected]) Comment: No direct impact to INDF as the acquisition is done by its parent company First Pacific Co Ltd.

Marketing director of Toyota Astra Motor (TAM) stated that to achieve the company’s 2014 market share target of around 34% (9M14 market share: 33.4%) Toyota would not aggressively provide sales discount. The company expect monthly sales to reach 35k units in 4Q14. Source: Bisnis Indonesia ([email protected]

AUTO: completed construction of one new auto-parts factory AUTO has completed the construction of a new forging parts factory in Karawang, West Java. The plant will produce 2.25mn units of crank-shaft, 4.56mn units of connecting rod and 3.84mn units of propeller shaft, which would be used in the 4W manufacturing. Source: Bisnis Indonesia ([email protected])

LINK: Estimates 9M14 revenue growth of 28.2%YoY LINK estimates that its 9M14 revenue increase 28.2%YoY to Rp1.55tr (74.9% of FY2014 target). LINK’s management said that the 9M14 revenue is in-line with the growth in 8M14 (28.7%YoY).LINK targets 2014E revenue growth of 25%YoY. FY2013 LINK’s revenue and net income growth is 27.9%YoY and 6.8%YoY respectively. LINK has realized less than 50% of its FY2014 capex plan of ~Rp1.1tr. As of 30 Sep 2014, LINK had 1.4mn of homes passed and 372,373 broadband Cable TV RGUs. Source: Bisnis Indonesia, Investor Daily, Company ([email protected])

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

2

World Economic Calendar Date Time 15-Oct-14

16-Oct-14

17-Oct-14

Country Event US

Retail Sales Advance MoM (%)

US US US

Period Survey Actual

Prior

Sep

-0.1

-0.3

0.6

Empire Manufacturing

Oct

20.25

6.17

27.54

PPI Final Demand MoM (%)

Sep

0.1

-0.1

0.0

PPI Final Demand YoY (%)

Sep

1.8

1.6

1.8

CH

PPI YoY (%)

Sep

-1.6

-1.8

-1.2

CH

CPI YoY (%)

Sep

1.7

1.6

2.0

GE

CPI YoY (%)

US

Initial Jobless Claims (000's)

Sep F

0.8

0.8

0.8

11-Oct

290

264

287

US

Industrial Production MoM (%)

Sep

0.4

1.0

-0.2

US

Philadelphia Fed Business Outlook

Oct

19.8

20.7

22.5

EC

CPI MoM (%)

Sep

0.4

0.4

0.1

EC

CPI YoY (%)

Sep F

0.3

0.3

0.3

EC

CPI Core YoY (%)

Sep F

0.7

0.8

0.7

US

Housing Starts (000's)

Sep

1008

1017

957

Sep

1030

1018

1003

Oct P

84.0

86.4

84.6

18.9

21.6

US

Building Permits (000's)

US

Univ. of Michigan Confidence

20-Oct-14

EC

ECB Current Account SA (EUR bn)

Aug

21-Oct-14

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

US

CPI MoM (%)

Sep

0.0

--

-0.2

US

CPI YoY (%)

Sep

1.6

--

1.7

22-Oct-14

23-Oct-14

24-Oct-14

27-Oct-14

28-Oct-14 29-Oct-14

30-Oct-14

31-Oct-14

--

7.5

US

CPI Ex Food and Energy YoY (%)

Sep

1.7

--

1.7

US

Markit US Manufacturing PMI

Oct P

57.0

--

57.5

CH

HSBC China Manufacturing PMI

Oct P

49.9

--

50.2

EC

Markit Eurozone Manufacturing PMI

Oct P

--

--

50.3

EC

Markit Eurozone Services PMI

Oct P

--

--

52.4

EC

Consumer Confidence

Oct A

--

--

-11.4

GE

Markit/BME Germany Manufacturing PMI

Oct P

--

US

New Home Sales (000's)

Sep

470 -6.8

--

49.9

--

504

--

18.0

US

New Home Sales MoM (%)

Sep

GE

GfK Consumer Confidence

Nov

--

--

8.3

US

Markit US Services PMI

Oct P

--

--

58.9

US

Pending Home Sales MoM

Sep

US

Dallas Fed Manf. Activity

Oct

US

Durable Goods Orders (%)

Sep

US

Consumer Confidence Index

Oct

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

US

Initial Jobless Claims

25-Oct

--

-1.0

--

10.8

0.30

--

-18.2

87.3

--

86.0

--

--

15

Oct

--

--

10

Oct

--

--

5

--

0.25

US

GDP Annualized QoQ (%)

3Q A

EC

Consumer Confidence

Oct F

1.0 --

0.25 --

-2.8

--

--

---

4.6 --

US

Personal Income (%)

Sep

0.3

--

0.3

US

Personal Spending (%)

Sep

0.1

--

0.5

US

PCE Core YoY (%)

Sep

--

1.5

US

Chicago Purchasing Manager

Oct

--

60.5

US

Univ. of Michigan Confidence

Oct F

--

--

86.4

EC

Unemployment Rate (%)

Sep

--

--

11.5

EC

CPI Core YoY (%)

Oct A

--

--

0.8

PT Trimegah Securities Tbk - www.trimegah.com

-61.0

TRIM DAILY

3

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

Place

SDPC

EGM

21-Oct-14

10:00

Hotel Atlet Century Park, Senayan, Jakarta

DART

EGM

22-Oct-14

10:00

Plaza Bapindo, Assembly Hall, Gd Parkir LT.9, Jl. Jend. Sudirman Kav 54-55, Jakarta Selatan

AMRT

EGM

22-Oct-14

14:00

Kantor Pusat PT. Sumber Alfaria Trijaya Tbk. Jl. MH Thamrin No 9, Cikokol Tengerang

KBLV

EGM

24-Oct-14

10:00

Ballroom B, Hotel Aryaduta Tugu Tani, Jl. Prapatan 44-48, Jakarta

TRUB

EGM

24-Oct-14

10:00

Ambhara Hotel, Jl. Iskandarsyah Raya No.1, Blok M, Jakarta

TELE

EGM

23-Oct-14

-

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

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. Su-

TRIM DAILY

4

Statistics JCI

5,029.3

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

(11.2) 17.67% 24.48% 5,033.8 5,121.6 4,841.4

Indices Region MXWO MSC I Word 1,651.1 SPX S&P 500 1,941.3 US Dow Jones Industrial 16,614.8 Nasdaq US 4,419.5 Europe EURO 50 Europe 323.7 FTSE London 6,372.3 DAX Jerman 8,887.0 C AC France 4,081.2 SMI Swiss 8,404.8 BRIC BOVESPA Brazil 52,432.4 MIC EX Russia 1,383.4 SENSEX India 26,575.7 NIFTY India 7,927.8 SHC OMP C hina 2,339.7 SZC OMP C hina 1,330.8 Developed ASIA

-0.2%

Volume (m) 4,715.2 Nilai (Rpbn) 4,779 Mkt C ap (Rptr) 5,014.3 Market 2015 P/E (x) 13.7 Market Div. Yield (%) 15.0

5,928.9 661.9 853.4 692.6 1,153.0 1,390.5 2,118.4 906.0 1,162.9 534.2 462.9 1,966.9

+/-16.0 -0.7 -1.6 -1.6 2.6 -8.1 4.8 -2.9 -17.9 -2.3 0.9 -15.8

(%) YTD (%) -0.3 20.8 -0.1 13.1 -0.2 20.0 -0.2 28.2 0.2 23.9 -0.6 -2.7 0.2 18.9 -0.3 16.6 -1.5 -3.5 -0.4 11.1 0.2 37.4 Nikkei -0.8 -8.1 TPX

+/1.9

(%) YTD (%) KOSPI 0.69 -2.6 TAIEX

HSI

Commodities C RB Index 273.0 Oil & Gas C rude Oil (USD/bbl) 82.8 Natural Gas 3.7 C OAL (Australia,wk) 70.2 C OAL (AUS Daily) 64.3 Industrial Metals Alumunium (USD/tonne) 1,996.5 Nickel (USD/tonne) 15,300 Tin (USD/tonne) 19,450 Precious Metal Gold (USD/t oz.) 1,251.7 Silver (USD/t oz.) 17.5 Soft Commodities CP O (Malaysia C PO (Malaysia- Rm/tonne) - Rm/tonne) 2,159 Rubber (JPY/kg) 1,704 C orn (USD/bu.) 356 Wheat (USD/bu.) 519 Soybeans (USD/bu.) 964

JCI Winners (%) TGKA 11.1

GIAA

5.5

ICBP

3.0

TOWR

2.4

0.12 1.12 0.00 0.78

-15.9 -12.3 -17.0 -26.3

24.0 -70 95.0

1.22 -0.46 0.49

13.3 10.1 -13.0

7.0 0.2

0.56 1.12

4.1 -9.3

12.0 -8.3 7.8 5.8 20.0

0.56 -0.48 2.23 1.12 2.12

-17.8 -35.9 -15.6 -14.2 -26.5

JCI Losers (%) 23.4

DNET

0.1 0.0 0.0 0.5

GEMS

-12.8

MAYA

-12.4

FSSTI ASEAN SET PC OMP KLC I VNINDEX

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

JCI Value- (Rpmn) 200 BBRI

310

TLKM

278

Japan Japan Hong kong S.Korea Taiwan Singapore

1.31 2.40

0.23 5.82

6.73 105.26 169.2 90.00 121.50

2.12 1.68 1.94 2.25 1.47

-1.38 -5.58 -6.96 -5.00 2.46

-1,870 6.99 145.8 48.4 -17.07 -10.21

-3.44 0.51 0.55 0.61 -0.72 -0.76

1.80 -7.98 25.71 25.80 10.57 25.82

14,804.3 1,205.4 23,088.6 1,915.3 8,654.6 3,202.7

-306.9 -18.98 18.3 -14.78 -8.5 21.69

-2.03 -1.55 0.08 -0.77 -0.10 0.68

-9.13 -7.44 -0.93 -4.78 0.50 1.11

1,526.1 7,068.0 1,796.2 600.6

-0.53 10.5 -6.92 11.31

-0.03 0.15 -0.38 1.92

17.51 20.00 -3.79 19.01

+/0.005 0.002 0.006 -0.006 0.000 0.001 0.050 (0.00) -0.001 0.002 -31.00

(%) Y T D ( %) 0.01 8.20 0.00 2.82 0.01 6.45 -0.01 5.42 0.00 1.18 0.00 2.96 0.00 1.66 (0.00) 1.12 -0.00 0.03 0.00 0.67 -0.00 -1.40

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

0.786 0.621 0.949 1.122 1.139 1.256 107.00 6.12 7.756 1.272 12,001

JCI (Lot) 400 Volume 0 50 100 150

LPKR

JCI Freq (Lot)

130

SSMS

127

TLKM

7,891 5,811

TARA

109

BBRI

META

101

WSKT

3,801

4,983

EMTK

ASII

GGRM

BMRI

-1.9

SMGR

BBCA

131

TLKM

98

SIAP

3,748 3,630

-5.8 -3.0

198 167

UNVR

1.4

-1.5

ASII

LPKR

129

WSKT

90

INCO

EXCL

1.3

-1.4

INDF

MPPA

118

SUGI

86

ADRO

3,225

BBCA

1.0

-1.2

BBRI

PGAS

112

MLPL

82

ASII

3,213

KLBF

0.9

BMRI

WSKT

85

ISSP

76

KLBF

3,179

CPIN

0.9

76

ENRG

72

BMRI

-1.0 -0.9

PT Trimegah Securities Tbk - www.trimegah.com

PGAS

MLPL

(%) Y T D ( %) 1.54 -0.60 1.96 5.03

215.1 103.41

Thailand Philipines Malaysia Vietnam

SIAP

+/25.09 37.27

2,873

TRIM DAILY

5

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

6

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.