trim daily - trimegah.com · apln pwon dild, and ctrp, at least for a short-term. expect low...

TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1

We published a macro note on inflation and expect it to stand at 0.34% MoM

(6.98% YoY) due to rising chili and onion prices. We kept our FY15 inflation

expectation within 4.5-5.5%. SOCI: numbers are in line with our estimates.

We maintain our forecast and TP at Rp850, still a Buy. Property news: minis-

ters clashing regarding luxury strata and foreign ownership, which would

result in delayed luxury tax (PPnBM) implementation. This is positive for

APLN PWON DILD, and CTRP, at least for a short-term. Expect low trading

liquidity today due to Waisak holiday season.

TRIM Daily

TRIM Highlights

Jun 01, 2015

Jakarta Composite Index (JCI) down 0.4% by 21 poins to 5216 yesterday. Index movers were mostly driven by consumer, mining and finance. Total transaction value was Rp10.4tr. IDX recorded Rp172bn net sell by foreign investors. JCI today is expected to continue its weakening trend and trade in 5190-5263 range.

Technical Market View

U.S. GDP annualized 1Q slowed to -0.7% (consensus -0.9%), from 0.2% growth in the previous quarter. However, U.S. private consumption remain solid, 1.8% vs 1.9% in the previous quarter.

Global Wrap

Technical analysis: trading picks

JCI 5,216.4

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

43.3 14,302 0.10 0.2TLKM

Change -0.40%

Transaction Volume (m) 9,176

Transaction Value (Rpbn) 10,453

Mkt Cap (Rptr) 5,280

Market 2015 P/E (x) 13.5

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 18,010.7 -115.4 -0.6

Nasdaq 5,070.0 -27.9 -0.5

Nikkei 20,563.2 11.7 0.1

ST Times 3,392.1 -25.7 -0.8

FTSE 6,984.4 -56.5 -0.8

Hang Seng 27,424.2 -30.1 -0.1

Chg %

USD IDR 13,224 1 0.0

10 yr Indo Govr bond (%) 8.17 0.0 0.5

10 yr US govt bond (%) 2.1 -0.01 -0.3

Spread (%) 6.04 0.05 0.8

EIDO 25.7 -0.1 -0.3

Foreign YtD (USDmn) 620 -13 -2

Stock Price Rating Reason

SMGR 13450 Buy

SMGR is a long term bullish. After break-ing the resistance level of 13400 yester-day, SMGR will further increase today, in our view. SMGR’s today trading range is between 13075-13650

GGRM 47100 Buy

GGRM formed a white candle with increas-ing transaction volumes, indicates further upward movement for today, in our view. GGRM is a Speculative Buy with today’s range of 46500-47725

BBRI 11775 Buy

After selling last Friday’s selling pressure,

we expect a technical rebound for BBRI at the range 11500-12050 for today.

ADHI 2505 Buy

MACD indicates positive signal of a potential technical rebound for ADHI. ADHI’s today trading range is around 2450-2640

TBIG 9425 Buy

We expect the stock to increase within the range of 9150-9625 for today, as it formed a long white candle and increasing transaction volumes yesterday.

PGAS 4295 Sell As MACD formed a dead cross, we expect JCI to move downward today within the range of 4150-4360

PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2

News of the Day

Banks: the government reviews to subsidized inter-

est in MSME segments

The Indonesian government is reviewing to provide subsi-

dy in a form of liquidity facility to lower interest rates in

MSME segment. Coordinating Minister for Economic Af-

fairs, Sofyan Djalil, mentioned that the source of fund for

subsidy can be obtained from the state budget or the

government funds in Bank Indonesia (BI). Source: Bisnis

Indonesia ([email protected])

Banks: be vigilant toward short-term offshore bor-

rowing, says BI

Bank Indonesia (BI) asserts the domestic banks should

be vigilant toward the increasing trend of short-term

offshore borrowing. Deputy Governor, Halim Alamsyah,

reveals the offshore borrowing with maturity less than 3

years has reached 40%, although it is still considered

controllable. Thus, the central bank encourages banks to

find offshore borrowing with maturity more than 5 years.

The reason banks are obtaining short-term offshore

borrowing is the supply of funds available abroad are

mostly short term. Source: Bisnis Indonesia

([email protected])

Property: Luxury Item and Foreign Ownership de-

layed by bureaucracy

MoF plans to allow foreign ownership, in which foreigners

would be able to purchase luxury strata units through

revision in Agricultural Law UU No.5/1960, hence delay-

ing the revision of luxury item regulation (PPnBM), how-

ever, Agragrian and Spatial Planning Minister opposed the

idea, and would proposes the continuity of lease system

(Hak Pakai), with extended lease periods. Source: Bisnis

Indonesia

Comment:

With ministers clashing, the final say would be in the

President and House of Representative' hands, and would

typically take years to resolve especially with land-

ownership in stake. At the current state, the currently

applied Luxury Items tax regulation can potentially be

applied until the foreign ownership law has been con-

firmed. ([email protected])

Decentralization Plan: Government plans to in-

crease regional funding

Next year, Finance Minister Bambang Brodjonegoro plans

to increase funding for regional and village budgets from

Rp664.6tr – the figure in the revised 2015 state budget,

which accounts for 34% of total state spending – to a

new a larger figure of at least Rp700tr. The larger figure

of funding are prepared to boost local infrastructure

project and actualize President Joko Widodo’s grand

decentralization plans. Source: Jakarta Post

([email protected])

APLN: New Township in Medan to start operations in

2017

Agung Podomory had begun development in Podomodoro

City Deli Medan, and scheduled to be operational in 2017.

The township to consist 1 Office tower, 7 Apartment tow-

ers, a shopping mall and a 5-star hotel. All saleable units

will be sold as Strata units, with office ASP of Rp30mn psm

and apartment ASP of Rp20mn psm. Source: Bisnis Indo-

nesia ([email protected])

Telco: Possibility of MVNO permit in Indonesia –

under discussion by Govt

Govt is in the middle of reviewing the possibility of giving

mobile virtual network operator (MVNO) permit in Indone-

sia. This is part of the consolidation and efficiency strategy

for mobile network operator (MNO). Previously, MVNO

adoption is not allowed in Indonesia. In several countries,

MVNO providers only buy frequency licenses and infra-

structure from MNO, and then issue its own SIM card and

marketing. According to EXCL, MNVO players will find

difficulty to build brand and targetting specific market,

because potential segments and businesses (in Indonesia)

has been targetted by the operators. Source: Bisnis Indo-

nesia ([email protected])

Gov't will limit private debt.

The government is planning to limit private debt by regu-

late maximum debt to equity ratio at 4.0x means 80%

debt : 20% equity. The new regulation will be launched

this June, yet the effective date at 1 January

2016. Source: Kontan ([email protected])

Infrastructure: Government accelerates 10 priority

projects

Government will accelerates 10 priority infrastructure

projects – with the investment value around Rp250tr – that

will be break ground no later than this year. Those pro-

jects are Rp24tr express railway Soekarno Hatta-Halim

airport; Trans-Sumatra highway Rp30tr; coal railway in

East Kalimantan Rp20tr; Balikpapan-Samarinda highway

Rp11.4tr; Batang PLTU project Rp40tr; ravitalization 3

airports in Lampung, Central Sulawesi and NTT Rp6tr;

Bontang pipe line project Rp60tr; water supply develop-

ment system in Semarang Rp0.76tr; transmission 500kV in

Sumatra Rp35tr; and high voltage direct current in Suma-

tra & Java Rp20tr. Source: Bisnis Indonesia

([email protected])


Table

Indo Market PE vs Regional (Weekly)

Indo Market PE vs 10yr Bond Yield

Oil Price (Brent), Coal Price (Newcastle), Gold

Foreign Fund Flow in last 5 & 30 days

5yr Bond Yield Indo (USD) vs US Bond Yield

CPO Price, Soybean Price (both 1m Futures)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

2010

2010

2011

2012

2013

2014

2015

(x)

Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

May-14

Jun-14

Jun-14

Jul-

14

Jul-

14

Aug-14

Aug-14

Sep-14

Sep-14

Oct-

14

Oct-

14

Oct-

14

Nov-14

Nov-14

Dec-14

Dec-14

Jan-15

Jan-15

Feb-15

Feb-15

Mar-15

Mar-15

Apr-15

Apr-15

Apr-15

May-15

May-15

(%) Bond Yield US Ind 5yr Bond Yield Indo in USD

-34 -63

585

9 16

-1

-629

-323

2,010

-220

26

-1,946

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

1,500

2,000

2,500

IND

ON

ESIA

PH

ILIP

PIN

ES

SO

UTH

KO

REA

TH

AIL

AN

D

VIE

TN

AM

IND

IA

(USDmn) 5 Days 30 Days

500

700

900

1,100

1,300

1,500

40

50

60

70

80

90

100

110

120

May-14

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

(USD/ Troy oz.)(USD)

Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)

500

700

900

1,100

1,300

1,500

1,700

-

500

1,000

1,500

2,000

2,500

3,000

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

12.0

12.5

13.0

13.5

14.0

14.5

15.0

May-

14

Jun-

14

Jul-

14

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)


Table

INCO, ANTM vs Nickel price (LME)

Coal Price (Newcastle) vs Coal Sector

TINS vs Tin price (LME)

ANTM vs Gold price

CPO Price (1m Futures in Malaysia) vs CPO Sector

GIAA vs Brent Crude Oil

150

175

200

225

250

275

50

55

60

65

70

75

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

(USD/MT)Coal (LHS) COAL Sector (RHS)

50

55

60

65

70

75

80

85

90

95

1,500

1,700

1,900

2,100

2,300

2,500

2,700

May-14

Jun-14

Jul-

14

Aug-14

Aug-14

Sep-14

Oct-

14

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-15

May-15

May-15

(MYR / Ton)

CPO Malaysia (LHS) CPO Sector (RHS)

-

5,000

10,000

15,000

20,000

25,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

May-14

Jun-1

4

Jul-

14

Aug-14

Aug-14

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-

15

May-15

May-15

(USD /MT)(Rp)

INCO (LHS) ANTM (LHS) Nickel LME (RHS)

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

May-14

Jun-14

Jul-

14

Aug-14

Aug-14

Sep-14

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-

15

May-15

May-15

(USD troy oz.)(Rp) ANTM (LHS) Gold (RHS)

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

500

700

900

1,100

1,300

1,500

1,700

May-14

Jun-14

Jul-

14

Aug-14

Aug-14

Sep-14

Oct-

14

Oct-

14

Nov-1

4

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-15

Apr-

15

May-15

May-15

(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)

40

50

60

70

80

90

100

110

120

300

350

400

450

500

550

600

650

700

May-14

Jun-14

Jul-

14

Aug-14

Aug-14

Sep-14

Oct-

14

Oct-

14

Nov-14

Dec-14

Dec-14

Jan-15

Feb-15

Feb-15

Mar-

15

Apr-15

May-15

May-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

5/28/2015 US Initial Jobless Claims (000's) 23-May 270 -- 274

US Continuing Claims (000's) 16-May 2200 2211 --

US Bloomberg Consumer Comfort 24-May -- 40.9 42.4

US Pending Home Sales MoM (%) Apr 0.9 3.4 1.1

EC Consumer Confidence May F -5.5 -5.5 -5.5

5/29/2015 US GDP Annualized QoQ (%) 1Q S -0.9 -0.7 0.2

US Personal Consumption (%) 1Q S 2 1.8 1.9

US GDP Price Index (%) 1Q S -0.1 -0.1 -0.1

US Core PCE QoQ (%) 1Q S 0.9 0.8 0.9

US Chicago Purchasing Manager May 53 46.2 52.3

US U. of Mich. Sentiment May F 89.5 90.7 88.6

EC M3 Money Supply YoY (%) Apr 4.9 5.3 4.6

EC M3 3-month average Apr 4.5 4.7 4.1

6/1/2015 US Personal Income Apr 0.3 -- 0

US Personal Spending Apr 0.2 -- 0.4

US PCE Core MoM Apr 0.2 -- 0.1

US Markit US Manufacturing PMI May F 54.1 -- 53.8

US Construction Spending MoM Apr 0.7 -- -0.6

US ISM Manufacturing May 52 -- 51.5

US ISM Prices Paid May 43 -- 40.5

ID HSBC Indonesia Manufacturing PMI May -- -- 46.7

ID CPI NSA MoM May 0.35 -- 0.36

ID CPI YoY May 7 -- 6.79

ID CPI Core YoY May 5.03 -- 5.04

EC Markit Eurozone Manufacturing PMI May F 52.3 -- 52.3

CH Manufacturing PMI May 50.2 -- 50.1

CH HSBC China Manufacturing PMI May F 49.2 -- 49.1

6/2/2015 US Factory Orders Apr -0.1 -- 2.1

EC CPI Estimate YoY May 0.1 -- -

EC CPI Core YoY May A 0.7 -- 0.6

6/3/2015 US MBA Mortgage Applications 29-May -- -- -1.6

6/4/2015 US ADP Employment Change May 200000 -- 169000

US Trade Balance Apr -442 -- -514

US Markit US Composite PMI May F -- -- 56.1

US Markit US Services PMI May F 56.6 -- 56.4

US ISM Non-Manf. Composite May 57 -- 57.8

EC Markit Eurozone Services PMI May F 53.3 -- 53.3

EC Markit Eurozone Composite PMI May F 53.4 -- 53.4

EC Unemployment Rate Apr 11.3 -- 11.3

EC Retail Sales MoM Apr 0.3 -- -0.8

EC Retail Sales YoY Apr 1.7 -- 1.6

EC ECB Main Refinancing Rate 3-Jun 0.05 -- 0.05

EC ECB Deposit Facility Rate 3-Jun -0.2 -- -0.2

EC ECB Marginal Lending Facility 3-Jun 0.3 -- 0.3

CH HSBC China Composite PMI May -- -- 51.3

CH HSBC China Services PMI May -- -- 52.9

6/4/2015 US Initial Jobless Claims 30-May -- -- 282000

US Continuing Claims 23-May -- -- 2.22

US Bloomberg Consumer Comfort 31-May -- -- 40.9

6/5/2015 US Change in Nonfarm Payrolls May 223000 -- 223000

US Change in Manufact. Payrolls May 5000 -- 1000

US Unemployment Rate May 5.4 -- 5.4


Corporate Action

Code Price

Exercise Maturity Emiten Description

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 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 WARAN SERI I 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

Warrant


Statistics

0.0

-0.4

-1.0

-2.8

-3.8

-4.4

-4.7

-4.9

-5.0

-5.4

BMRI

BBRI

ASII

CPIN

UNTR

ADRO

CTRA

MYOR

INCO

AALI20.6

7.1

6.7

4.2

3.6

3.0

2.6

1.9

1.0

(3.7)

IIKP

TBIG

SMCB

PNBN

MIKA

SCMA

EXCL

GGRM

INTP

UNVR

1,264

744

461

427

321

317

315

311

276

240

- 500 1,000 1,500

SMRA

BBRI

ITMG

BMRI

LPPF

KLBF

BBCA

ASII

TLKM

INDF

742

645

445

293

225

202

174

158

140

136

0 500 1,000

DMAS

SMRA

SIAP

BWPT

ENRG

BUMI

KLBF

SRIL

MYRX

MTFN

11,138

9,645

7,062

6,878

6,819

6,450

6,426

6,188

5,392

4,689

SMRA

DMAS

ITMG

SIDO

BBRI

KLBF

LPPF

TLKM

BWPT

BMRI

JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)

YTD (Rp) -0.20% 9,176

YTD (USD) 34.67% 10,453

Moving Avg 20day 5,225 5,280

Moving Avg 50day 5,342 13.5

Moving Avg 200day 5,225 2.4%

Indonesia & Sectors +/- (%)YTD (%)

MSCI Indonesia 6,182.1 -22.9 -0.4 -0.3

JII 698.1 -9.1 -1.3 1.0

LQ45 904.1 -6.1 -0.7 0.6

JAKFIN Index 759.7 -1.8 -0.2 3.8

JAKINFR Index 1,052.9 4.4 0.4 -9.3

JAKMINE Index 1,201.3 -28.5 -2.3 -12.2

JAKCONS Index 2,340.9 -25.2 -1.1 7.5

JAKTRAD Index 942.1 -0.5 -0.1 7.2

JAKMIND Index 1,267.4 -11.1 -0.9 -3.0

JAKBIND Index 465.8 -1.1 -0.2 -14.3

JAKPROP Index 540.0 -1.0 -0.2 2.9

JAKAGRI Index 2,316.8 -13.9 -0.6 -1.5

Commodities +/- (%)YTD (%)

CRB Index 223.2 2.3 1.02 -3.0

Oil & Gas

Brent Crude Oil (USD/bbl) 65.6 3.0 4.76 14.4

Nymex Oil (USD/bbl) 60.3 2.6 4.54 13.1

Natural Gas 2.6 -0.1 -2.37 -8.9

COAL (AUS Daily) 57.6 0.3 0.52 -7.1

Industrial Metals

Aluminum (USD/tonne) 1,708.3 -39.5 -2.26 -6.8

Nickel (USD/tonne) 12,620 -190 -1.48 -16.7

Tin (USD/tonne) 15,600 50 0.32 -19.6

Precious Metal

Gold (USD/t oz.) 1,189.4 1.3 0.11 0.4

Silver (USD/t oz.) 16.7 0.0 0.19 7.1

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,170 0.0 0.00 -5.3

Rubber (JPY/kg) 1,849 25.3 1.39 12.6

Corn (USD/bu.) 352 -2.0 -0.57 -11.5

Wheat (USD/bu.) 477 -11.8 -2.40 -19.2

Soybeans (USD/bu.) 934 8.0 0.86 -8.3

Volume (m)

Value (Rpbn)

Mkt Cap (Rptr)

Market 2015 P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

Indices Region +/- (%) YT D (%)

MXWO MSCI Word 1,779.3 -12.04 -0.67 4.07

SPX S&P 500 2,107.4 -13.40 -0.63 2.36

US

18,010.7 -115.4 -0.64 1.05

Nasdaq US 5,070.0 -27.95 -0.55 7.05

Europe

EURO 50 Europe 399.9 -6.96 -1.71 16.75

FTSE London 6,984.4 -56.49 -0.80 6.37

DAX Jerman 11,413.8 -263.8 -2.26 16.40

CAC France 5,007.9 -129.94 -2.53 17.20

SMI Swiss 9,237.8 -156.46 -1.67 2.83

BRIC

BOVESPA Brazil 52,760.5 -1,216 -2.25 5.51

MICEX Russia 1,609.2 -48.43 -2.92 15.22

SENSEX India 27,828.4 321.7 1.17 1.20

NIFTY India 8,433.7 114.7 1.38 1.82

SHCOMP China 4,611.7 -8.52 -0.18 42.57

SZCOMP China 2,793.3 36.33 1.32 97.38

Nikkei Japan 20,563.2 11.7 0.06 17.83

TPX Japan 1,673.7 0.89 0.05 18.91

HSI Hong kong 27,424.2 -30.1 -0.11 16.18

KOSPI S.Korea 2,114.8 3.91 0.19 10.40

TAIEX Taiwan 9,701.1 -11.8 -0.12 4.23

FSSTI Singapore 3,392.1 -25.66 -0.75 0.80

ASEAN

SET Thailand 1,496.1 2.44 0.16 -0.11

PCOMP Philipines 7,580.5 75.4 1.01 4.84

KLCI Malaysia 1,747.5 -8.04 -0.46 -0.78

VNINDEX Vietnam 569.6 -3.41 -0.60 4.39

Developed ASIA

Dow Jones Industrial

Kurs Region +/- (%) YT D (%)

USDEUR Euro 0.910 -0.004 -0.00 13.73

USDGBP UK 0.654 0.001 0.00 8.98

USDCHF Switzerland 0.940 -0.004 -0.00 -5.97

USDCAD Canada 1.245 0.002 0.00 3.78

USDAUD Australia 1.308 0.001 0.00 9.01

USDNZD New Zealand 1.407 0.014 0.01 8.22

USDJPY Japan 124.15 0.200 0.00 3.63

USDCNY China 6.20 (0.00) (0.00) -0.04

USDHKD Hongkong 7.753 -0.000 -0.00 -0.60

USDSGD Singapore 1.348 -0.001 -0.00 3.68

Rupiah Indonesia 13,224 1.0 0.00 6.75

JCI 5,216.4 (21.0) -0.4%


Historical Technical Trading Ideas (1)

Ticker Last Technical Call 5-May-15 Chg (%) Recommendation

JCI 5086.425 Strenghtening

5,160 1.45% Correct

BDMN 4,010 Buy

4,010 0.00% Correct

BBRI 11,625 Buy

11,700 0.65% Correct

BMRI 11,175 Buy

11,225 0.45% Correct

UNVR 43,000 Buy

44,175 2.73% Correct

GGRM 49,000 Buy

48,500 -1.02% Incorrect

TLKM 2,765 Sell

2,750 -0.54% Correct

INTP 22,800 Sell 22400 -1.75% Correct

Ticker Last Technical Call 4-May-15 Chg (%) Recommendation

JCI 5086.425 Rebound

5,141 1.08% Correct

BBNI 6,650 Buy

11,175 3.95% Correct

BMRI 10,900 Buy

11,625 0.00% Correct

BBRI 11,875 Buy

4,010 1.01% Correct

AALI 20,300 Buy

20,250 -0.49% Incorrect

ASII 7,375 Buy

43,000 0.94% Correct

PGAS 4,400 Sell

49,000 -2.00% Correct

Ticker Last Technical Call 30-Apr-15 Chg (%) Recommendation


5,086 -0.37% Incorrect

BBNI 6,525 Buy

6,650 1.92% Correct

BMRI 10,550 Buy

10,900 3.32% Correct

BBRI 11,625 Buy

11,875 2.15% Correct

AALI 19,925 Buy

20,300 1.88% Correct

GGRM 52,225 Buy

53,225 1.91% Correct

ADHI 2,810 Spec Buy

2,840 1.07% Correct



5,106 -2.61% Correct

BBNI 6,650 Buy


BMRI 10,900 Buy

10,550 -3.21% Incorrect

BBRI 11,875 Buy

11,625 -2.11% Incorrect

AALI 20,300 Buy

19,925 -1.85% Incorrect

ASII 7,375 Buy

7,100 -3.73% Correct

PGAS 4,400 Buy

4,265 -3.07% Correct


JCI 5245.446 Continues Weakening

5,242 -0.06% Correct

BBNI 6,500 Buy

6,650 2.31% Correct

BMRI 11,250 Buy

10,900 -3.11% Incorrect

BBRI 12,025 Buy

11,875 -1.25% Correct

AALI 20,025 Buy

20,300 1.37% Correct

GGRM 52,000 Buy

53,225 2.36% Correct

SMRA 1,895 Trading Buy






5,245 -3.49% Correct

ASRI 670 Buy

640 -4.48% Incorrect

KLBF 1,905 Buy


GGRM 54,500 Buy

52,000 -4.59% Incorrect

GIAA 585 Sell

575 -1.71% Correct

PGAS 4,640 Sell

4,415 -4.85% Correct

BBNI 6,950 Sell

6,500 -6.47% Correct



5,435 -0.02% Correct

KIJA 310 Buy


LSIP 1,530 Buy


PGAS 4,700 Buy

4,640 -1.28% Correct

ACES 690 Spec Buy

680 -1.45% Correct

AKRA 5,400 Sell

5,150 -4.63% Correct

WIKA 3,530 Sell

3,510 -0.57% Correct


JCI 5437.119 Profit Taking

5,436 -0.02% Correct

ITMG 15,400 Buy

14,575 -5.36% Incorrect

SMRA 1,900 Buy

1,920 1.05% Correct

LPKR 1,345 Buy

1,325 -1.49% Correct

CTRA 1,450 Spec Buy

1,455 0.34% Correct

SOCI 585 Spec Buy

565 -3.42% Correct

PGAS 4,675 Sell

4,700 0.53% Incorrect


JCI 5460.6 Strenghtening


MEDC 3,145 Buy


ASII 7,925 Buy


SMRA 1,880 Buy

1,900 1.06% Correct

LPKR 1,390 Buy


ITMG 15,150 Buy

15,400 1.65% Correct

BRAU 102 Trading Buy

98 -3.92% Incorrect


JCI 5,401 Cont'd Weakening


MEDC 3,145 Buy

3,145 0.00% Correct

ASII 7,700 Buy

7,925 2.92% Correct

TLKM 2,835 Buy

2,835 0.00% Correct

NIRO 210 Buy

213 1.43% Correct

SMRA 1,865 Buy

1,880 0.80% Correct

UNTR 22,450 Sell






5,401 -0.18% Correct

MEDC 3,135 Buy

3,145 0.32% Correct

AALI 23,100 Buy

22,825 -1.19% Incorrect

WIKA 3,580 Buy


PTPP 4,000 Buy

4,000 0.00% Correct

GGRM 50,500 Sell

52,200 3.37% Correct

BBRI 13,000 Sell

13,150 1.15% Correct



5,411 -0.19% Correct

BBCA 14,900 Buy

14,750 -1.01% Incorrect

PTPP 3,985 Buy

4,000 0.38% Correct

GGRM 49,225 Buy

50,500 2.59% Correct

NIRO 214 Buy


SMRA 1,875 Sell

1,830 -2.40% Correct

LPKR 1,460 Sell

1,325 -9.25% Correct




BMRI 12,050 Buy

12,000 -0.41% Incorrect

BBRI 12,975 Buy

13,125 1.16% Correct

SMGR 13,125 Buy

13,700 4.38% Correct

TLKM 2,805 Buy

2,810 0.18% Correct

PGAS 4,410 Trading Buy

4,340 -1.59% Correct

LPKR 1,450 Sell



JCI 5,419 Rebound


BMRI 11,850 Buy

12,050 1.69% Correct

BBRI 12,975 Buy

13,075 0.77% Correct

LPKR 1,445 Buy

1,450 0.35% Correct

SCMA 3,425 Buy

3,450 0.73% Correct

APLN 420 Buy

420 0.00% Correct

ASII 8,200 Buy




5,419 -0.51% Correct

LPKR 1,380 Buy

1,445 4.71% Correct

SMRA 1,940 Buy


GJTL 1,290 Buy


UNVR 39,775 Buy

38,750 -2.58% Incorrect

NIRO 222 Sell

214 -3.60% Correct

PTPP 3,900 Sell

3,870 -0.77% Correct





5,447 -0.79% Correct

BBRI 12,975 Buy

13,000 0.19% Correct

GJTL 1,265 Buy

1,290 1.98% Correct

ACES 715 Buy


SCMA 3,355 Buy

3,380 0.75% Correct

KIJA 333 Buy


MPMX 780 Sell

790 1.28% Correct


JCI 5,501 Cont'd Strengtening


ASII 8,150 Buy

8,150 0.00% Correct

PGAS 4,800 Buy

4,825 0.52% Correct

BBCA 15,075 Buy

15,050 -0.17% Incorrect

NIRO 234 Buy


CPRO 101 Buy

99 -1.98% Incorrect

LEAD 2,250 Sell

2,250 0.00% Correct



5,501 0.25% Correct

ASII 8,000 Buy

8,150 1.88% Correct

AALI 24,125 Buy

24,075 -0.21% Incorrect

KIJA 332 Buy


NIRO 229 Buy

234 2.18% Correct

ICBP 14,500 Buy

14,475 -0.17% Incorrect

BBNI 7,225 Sell

7,175 -0.69% Correct




UNVR 39,800 Buy

38,700 -2.76% Incorrect

SSIA 1,160 Buy

1,200 3.45% Correct

GJTL 1,280 Buy

1,280 0.00% Correct

NIRO 229 Buy

229 0.00% Correct

KLBF 1,860 Sell

1,835 -1.34% Correct

BBCA 15,300 Sell

15,025 -1.80% Correct


JCI 5,480 Rebound

5,523 0.79% Correct

ASII 8,200 Buy


BBNI 7,175 Buy

7,275 1.39% Correct

UNVR 38,625 Buy

39,800 3.04% Correct

INTP 22,600 Buy

22,950 1.55% Correct

TLKM 2,835 Buy

2,855 0.71% Correct

KLBF 1,860 Sell

1,860 0.00% Correct


Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Wisnu Budhiargo

Equity Analyst

([email protected])

Tim Alamsyah

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income/Macro Analyst

([email protected])

Yeni Simanjuntak

On-the-ground Analyst

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales Team

Daniel Dwi Seputro

Head of Institutional Equity Sales

([email protected])

Dewi Yusnita

Equity Institutional Sales

([email protected])

Meitawati


([email protected])

Fachruly Fiater


([email protected])

Henry Sidarta


([email protected])

Raditya Andyono


([email protected])

Nancy Pardede


([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])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Eddy Sumarli

Puri Kencana, Jakarta

([email protected])

Very Wijaya

BSD, Tangerang

([email protected])

SUMATERA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Nathanael Benny Prasetyo

Palembang, Sumatera Selatan

([email protected])

EAST INDONESIA

Wiranto Sunyoto

Branch Area Manager

([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])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

PT Trimegah Securities Tbk

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Jakarta 12190, Indonesia

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www.trimegah.com

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