trim dailyu.s losing 9,000 jobs in september post losing 18,000 in august. new orders received by...

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

Market: expect a rebound with EIDO up and Rupiah stabilizing this morning.

BI will publish FX reserves on 7th, likely to set the tone for the rest of the

week (last was USD105bn, expect lower reserves now but still above the

USD100bn psychological level). We published HMSP (Buy, TP 102000) note

on Friday along with a Walking the street note on Cigarettes. We found that

cigarettes is one of the few FMCG segment that still has pricing power—and

HMSP is the best with strongest brand equity, leading market share, great

operating and free cash flow, good corp governance. Also note that HMSP will

join JCI (as largest market cap) and MSCI soon. Our TP implies 39x 2016 PE

and 46x P/OCF, more expensive than most FMCG, but cheaper than UNVR

and MIKA.

TRIM Daily

TRIM Highlights

Oct 05, 2015

Jakarta Composite Index (JCI) down by 47 point or 1.1% to 4207 last friday. Index movers were mostly driven by consumer, finance and mind. Industry. Total transaction value was Rp4.8tr. foreign recorded Rp61bn net buy. We expect JCI to further strengthen, with today’s trading range of 4176-4259.

Technical Market View

U.S losing 9,000 jobs in September post losing 18,000 in August. New orders received by U.S. factories fell 1.7% in August while the jobless rate held steady at 5.1%.The yield of the benchmark 10-year Treasury fell below 2.0% on Friday for the first time since late August.

Global Wrap

Technical analysis: trading picks

JCI 4,254.8

Global Indices

Dual Listing (NYSE)

Others

(USD) (Rp) Chg %

35.8 13,105 0.53 1.5TLKM

Change -1.11%

Transaction Volume (m) 5,475

Transaction Value (Rpbn) 4,373

Mkt Cap (Rptr) 4,369

Market 2015 P/E (x) 12.2

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 16,472.4 200.4 1.2

Nasdaq 4,707.8 80.7 1.7

Nikkei 17,725.1 3 0.0

ST Times 2,793.2 -8.7 -0.3

FTSE 6,130.0 57.5 0.9

Hang Seng 21,506.1 660 3.2

Chg %

USD IDR 14,646 -45 -0.3

10 yr Indo Govt bond (%) 9.38 -0.0 -0.1

10 yr US govt bond (%) 2.0 -0.06 -3.1

Spread (%) 7.40 0.05 3.0

EIDO 17.9 0.4 2.1

Foreign YtD (USDmn) (2,392) 4 -0

Stock Price Rating Reason

ITMG 9725 Spec Buy

Stochastic Oscilator indicates positive signal of a potential technical rebound for ITMG. Spec Buy at level 9600 with target price 9900 (resistance)

PWON 339 Spec Buy

With stochastic indicator to form a golden cross, we expect a technical rebound for PWON today in the range of 334-350 Spec Buy at level 339 with target price 350 (resistance)

ANTM 481 Spec Buy

Spec Buy ANTM at level 474 with target price today at level 490

PTPP 3585

Buy

PTPP remains in the long term bullish pattern. With a doji formation PTPP and potential golden cross on its stochastic oscillator PTPP is a Spec-ulative Buy. PTPP’s support and resistance level ranging between 3505-3660 for today.

GGRM 44450

Buy

GGRM formed a two white candle yesterday, GGRM remains strong with potential upside in the range of 44000-46300 for today.

SSMS 1730

Buy

SSMS is a long term bullish, it formed a white marubozu candle with increasing transaction volumes, indicates further upward movement for today with support and resistance levels of 1650-1780

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

News of the Day

Infrastructure: Japanese Investors to evaluate its

investment in Indonesia

Following an announcement of China investors as a pro-

ject winner of Jakarta-Bandung speed rail project, Japa-

nese investors said that they will re-evaluate all of its

projects in Indonesia. According to BKPM, Japan is one of

the countries with high ratio of investment realization in

Indonesia (62%). In 1H15, Japan realized US$1.6bn

investment, or 11.3% of total foreign investment in

Indonesia. It was the 3rd position, after Malaysia and

Singapore. Source: Kontan ([email protected])

Banks: OJK to ask DSIBs to add capital gradually

The capital requirement for domestic systemically im-

portant banks (DSIBs) will be fully implemented on 2019.

Source: Investor Daily ([email protected])

BBRI: to buy back shares this week

The company has prepared tens of billions Rupiah to buy

back shares through management and employee stock

option program (MESOP). Source: Kontan

([email protected])

BMRI: plans to buy back shares this year

However, the plan is currently awaiting approvals from

internal management. Source: beritasatu.com

([email protected])

BUMI: to offer CIC, CDB, and Axis Bank 32% shares

on debt to equity swap

This is equivalent to the USD 1.9bn BUMI’s loans provid-

ed by the three financial institutions. The transaction will

be done through private placement with Rp1,100 conver-

sion price, much higher than the current share price of

Rp50. Source: Investor Daily

([email protected])

Comment:

This is BUMI’s offer. We reckon there is a small chance

CIC, CDB, and Axis Bank would accept the offer to con-

vert their debt for BUMI shares priced at Rp1,100.

BWPT: the USD 680mn acquisition by Felda Global

still sees obstacles

This is due to the Malaysian company has not settled the

USD 174.5mn acquisition down payment cost. Felda

Global CEO, Mohd Emir Mavani Abdullah, said the due

diligence process is not complete yet due to volatile stock

m a r k e t . S o u r c e : I n v e s t o r D a i l y

([email protected])

ICBP: expects 10% revenue growth in FY15

The company expects 5-10% revenue growth in FY15,

lower than its initial target of 10-15%. It was due to weak

demand, following continuous weak purchasing power. The

company tried to maintain its growth by launching new

products. Up to 1H15, ICBP has launched 24 new products

and renewed its packaging's. Source: Kontan.

Comment:

This is slight negative for ICBP. The 5-10% new revenue

growth target is below our 15% target. We have not got

the detail for the new target. We still have a BUY with TP

Rp15,100 now. ICBP currently trades at 22-15x PE FY15-

16F. ([email protected])

KRAS: drawing USD 260.05mn loan facility from ECA

Commerzbank AG

This is in line with the company plan to start the construc-

tion of hot strip mill II factory in Cilegon. The ground

breaking is expected to be done in 4Q15. Source: Investor

Daily ([email protected])

BEST: acquires factory relocation contracts

As an effort to meet their revised 15-20ha industry land

sales 2015 target. The contract value has yet been dis-

c l o s e d . S o u r c e : I n v e s t o r D a i l y

([email protected])

MYRX: had met their 2015 marketing sales target of

Rp1.5tr

By August, with Maja and Serpong houses sold out. Com-

pany currently venturing into shophouses, with target

marketing sales of Rp360bn at 30% margin. Company will

also venture to other cities, in which had cleared 400ha

land in Bekasi and 90ha in Cengkareng. Source: Kontan

([email protected])

Government on Alcohol: Regulated, not Prohibited

This is to accommodate stakeholders in alcohol beverages.

Previously, the RUU draft prohibited production as well as

distribution of alcohol beverages. The new RUU proposal is

now still in DPR discussion, as was received earlier this

S e p t e m b e r . S o u r c e : K o n t a n

([email protected])

ISAT: Target 2016E revenue growth of 6-7%YoY

The company plan to allocate up to Rp7tr for capex 2016E

(using internal cash) for network modernization, specifical-

ly for LTE. ISAT plans to use new loans only for refinancing

or debt repayment. ISAT still aims to convert its USD debt

to IDR to reduce forex loss. Source: Kontan, Bloomberg


News of the Day

EXCL: Launch Axis value-saving intenet package

(same tariff across Indonesia)

Axis also reduce its unlimited internet package tariff for

East Indonesia area to Rp24.9K, down 29% compared to

previous tariff. Source: industri.bisnis.com

Comment:

According to the company, after acquiring Axis last year,

EXCL decided to use dual-brand strategy by moving its

XL brand up the value ladder, while using Axis brand to

target different segment from XL by offering value-for-

money voice, SMS, and internet service.


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

2010

2011

2011

2012

2012

2013

2013

2014

2014

2015

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

Oct-

14

Oct-

14

Oct-

14

Nov-1

4

Nov-1

4

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

Jun-1

5

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Aug-15

Sep-1

5

Sep-1

5

Oct-

15

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

-42 -8

-437

-158-12

-169

-537

-741

-2,113

-600

-40

-735

(2,500)

(2,000)

(1,500)

(1,000)

(500)

0

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

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

(USD/ Troy oz.)(USD)

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

500

600

700

800

900

1,000

1,100

-

500

1,000

1,500

2,000

2,500

3,000

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

Sep-1

5

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

12.0

13.0

14.0

15.0

16.0

17.0

18.0

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

Mar-

15

Apr-

15

May-

15

Jun-

15

Jul-

15

Aug-

15

Sep-

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

50

55

60

65

70

75

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

Mar-

15

Apr-

15

May-15

Jun-1

5

Jul-

15

Aug-15

Sep-1

5

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

50

55

60

65

70

75

80

85

1,500

1,600

1,700

1,800

1,900

2,000

2,100

2,200

2,300

2,400

2,500

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

(MYR / Ton)

CPO Malaysia (LHS) CPO Sector (RHS)

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

(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

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

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

15,000

16,000

17,000

18,000

19,000

20,000

21,000

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

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

40

50

60

70

80

90

100

300

350

400

450

500

550

600

650

700

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

Jun-1

5

Jul-

15

Jul-

15

Aug-15

Sep-1

5

Sep-1

5

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

9/28/2015 US Personal Income (%) Aug 0.4 0.3 0.4

US Personal Spending (%) Aug 0.3 0.4 0.3

US PCE Core MoM (%) Aug 0.1 0.1 0.1

US Pending Home Sales MoM (%) Aug 0.4 -1.4 0.5

US Dallas Fed Manf. Activity Sep -10 -9.5 -15.8

9/29/2015 US Consumer Confidence Index Sep 96.8 103 101.5

EC Consumer Confidence Index Sep F -7.1 -7.1 -7.1

9/30/2015 US MBA Mortgage Applications (%) 25-Sep -- -6.7 13.9

US ADP Employment Change (000's) Sep 190 200 190

US Chicago Purchasing Manager Sep 53 48.7 54.4

EC Unemployment Rate (%) Aug 10.9 11.0 10.9

EC CPI Estimate YoY (%) Sep 0.0 -0.1 0.1

EC CPI Core YoY (%) Sep A 0.9 0.9 0.9

10/1/2015 US Initial Jobless Claims (000's) 25-Sep 271 277 267

US Continuing Claims (000's) 18-Sep 2,230 2,191 2,242

US Markit US Manufacturing PMI Sep F 53.0 53.1 53.0

US Bloomberg Consumer Comfort 27-Sep -- 43.0 41.9

US Construction Spending MoM (%) Aug 0.5 0.7 0.7

US ISM Manufacturing Sep 50.6 50.2 51.1

US ISM Prices Paid Sep 40 38 39

ID Nikkei Indonesia PMI Mfg Sep -- 47.4 48.4

ID CPI NSA MoM (%) Sep 0.1 -0.05 0.4

ID CPI YoY (%) Sep 7.0 6.83 7.2

ID CPI Core YoY (%) Sep 4.9 5.07 4.9

EC Markit Eurozone Manufacturing PMI Sep F 52 52 52

CH Manufacturing PMI Sep 49.7 49.8 49.7

CH Caixin China PMI Mfg Sep F 47 47.2 47

CH Caixin China PMI Composite Sep -- 48 48.8

CH Caixin China PMI Services Sep -- 50.5 51.5

10/2/2015 US Change in Nonfarm Payrolls (000's) Sep 201 142 173

US Change in Manufact. Payrolls (000's) Sep 0 -9 -17

US Unemployment Rate (%) Sep 5.1 5.1 5.1

US Factory Orders Aug -1.2 -1.7 0.4

10/5/2015 US Markit US Composite PMI Sep F -- -- 55.3

US Markit US Services PMI Sep F 55.6 -- 55.6

US ISM Non-Manf. Composite (000's) Sep 57.5 -- 59

EC Markit Eurozone Services PMI Sep F -- -- 54

EC Markit Eurozone Composite PMI Sep F -- -- 53.9

EC Retail Sales MoM (%) Aug -- -- 0.4

10/6/2015 US Trade Balance (USD mn) Aug -47.1 -- -41.86

10/07/2015 US MBA Mortgage Applications (%) 2-Oct -- -- -6.7

ID Foreign Reserves Sep -- -- 105350

10/8/2015 US Initial Jobless Claims (000's) 3-Oct 274 -- 277

US Continuing Claims (000's) 26-Sep 2203 -- 2191

US Bloomberg Consumer Comfort 4-Oct -- -- 43

CH Foreign Direct Investment YoY CNY Sep -- -- 22

10/9/2015 US Import Price Index MoM (%) Sep -0.5 -- -1.8

US Wholesale Inventories MoM (%) Aug 0.0 -- -0.1

10/10/2015 CH New Yuan Loans CNY (bn) Sep 900 -- 810

CH Money Supply M2 YoY (%) Sep 13.1 -- 13.3

10/12/2015 US Monthly Budget Statement (USD bn) Sep 100 -- --

10/13/2015 US NFIB Small Business Optimism Sep -- -- 95.9


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

-1.0

-2.5

-2.6

-2.8

-3.8

-4.2

-5.0

-5.8

-6.0

-10.0

BBCA

KLBF

UNVR

ASII

BMRI

ICBP

INDF

SCMA

BDMN

PLIN15.4

11.8

9.1

4.8

3.8

2.7

2.4

1.8

1.3

1.2

KIAS

BKSW

AMRT

BWPT

PGAS

GGRM

CPIN

BSDE

MLBI

SSMS

222

196

175

160

132

109

108

107

105

97

- 100 200 300

SIAP

BBRI

BMRI

PGAS

ASII

LCGP

TLKM

MYRX

BBCA

SSMS

1,006

203

171

153

149

125

108

85

67

60

0 500 1,000 1,500

SIAP

LCGP

ENRG

MYRX

TAXI

BWPT

TARA

PPRO

SUGI

PGAS

10,299

7,773

6,406

6,195

5,611

5,493

5,441

5,247

4,934

4,618

TAXI

SSMS

BBRI

KLBF

PGAS

BOLT

BMRI

TLKM

INCO

ASII

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

YTD (Rp) -19.50% 5,475

YTD (USD) 5.67% 4,373

Moving Avg 20day 4,304 4,369

Moving Avg 50day 4,472 12.2

Moving Avg 200day 5,039 2.4%

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

MSCI Indonesia 4,751.6 -72.0 -1.5 -23.4

JII 553.9 -9.2 -1.6 -19.8

LQ45 701.3 -10.5 -1.5 -22.0

JAKFIN Index 596.2 -9.0 -1.5 -18.5

JAKINFR Index 857.9 -1.0 -0.1 -26.1

JAKMINE Index 936.3 -5.5 -0.6 -31.6

JAKCONS Index 2,010.8 -39.2 -1.9 -7.7

JAKTRAD Index 830.3 -5.9 -0.7 -5.5

JAKMIND Index 931.6 -23.3 -2.4 -28.7

JAKBIND Index 344.8 -0.5 -0.2 -36.6

JAKPROP Index 434.6 -3.9 -0.9 -17.2

JAKAGRI Index 1,674.6 -1.5 -0.1 -28.8

Commodities +/- (%)YTD (%)

CRB Index 194.1 1.6 0.83 -15.6

Oil & Gas

Brent Crude Oil (USD/bbl) 48.1 0.4 0.92 -16.0

Nymex Oil (USD/bbl) 45.5 0.8 1.79 -14.6

Natural Gas 2.5 0.0 0.74 -15.5

COAL (AUS Daily) 52.6 -0.1 -0.28 -15.2

Industrial Metals

Aluminum (USD/tonne) 1,540.5 -8.3 -0.53 -16.0

Nickel (USD/tonne) 10,030 -20 -0.20 -33.8

Tin (USD/tonne) 15,575 145 0.94 -19.7

Precious Metal

Gold (USD/t oz.) 1,136.6 22.9 2.06 -4.0

Silver (USD/t oz.) 15.3 0.8 5.18 -2.2

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,354 -25.0 -1.05 2.7

Rubber (JPY/kg) 1,328 -1.4 -0.11 -19.1

Corn (USD/bu.) 389 0.5 0.13 -2.0

Wheat (USD/bu.) 513 -5.0 -0.96 -13.0

Soybeans (USD/bu.) 874 -3.0 -0.34 -14.2

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 1,607.1 19.15 1.21 -6.00

SPX S&P 500 1,951.4 27.54 1.43 -5.22

US

16,472.4 200.4 1.23 -7.58

Nasdaq US 4,707.8 80.69 1.74 -0.60

Europe

EURO 50 Europe 347.9 1.63 0.47 1.56

FTSE London 6,130.0 57.51 0.95 -6.64

DAX Jerman 9,553.1 43.8 0.46 -2.58

CAC France 4,458.9 32.34 0.73 4.35

SMI Swiss 8,515.5 4.96 0.06 -5.21

BRIC

BOVESPA Brazil 47,033.5 1,720 3.80 -5.95

MICEX Russia 1,612.6 -14.41 -0.89 15.46

SENSEX India 26,221.0 0.0 0.00 -4.65

NIFTY India 7,950.9 0.0 0.00 -4.01

SHCOMP China 3,052.8 0.00 0.00 -5.62

SZCOMP China 1,716.8 0.00 0.00 21.31

Nikkei Japan 17,725.1 2.7 0.02 1.57

TPX Japan 1,444.9 2.18 0.15 2.66

HSI Hong kong 21,506.1 660 3.17 -8.89

KOSPI S.Korea 1,969.7 -9.64 -0.49 2.82

TAIEX Taiwan 8,305.0 9.1 0.11 -10.77

FSSTI Singapore 2,793.2 -8.70 -0.31 -17.00

ASEAN

SET Thailand 1,346.4 1.20 0.09 -10.11

PCOMP Philipines 6,850.6 -40.3 -0.59 -5.26

KLCI Malaysia 1,628.8 -5.13 -0.31 -7.52

VNINDEX Vietnam 562.3 -1.23 -0.22 3.06

Developed ASIA

Dow Jones Industrial

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

USDEUR Euro 0.892 -0.001 -0.2 11.5

USDGBP UK 0.659 -0.002 -0.3 9.8

USDCHF Switzerland 0.972 -0.006 -0.6 -2.9

USDCAD Canada 1.315 -0.012 -0.9 9.6

USDAUD Australia 1.419 -0.004 -0.3 18.2

USDNZD New Zealand 1.552 -0.011 -0.7 19.4

USDJPY Japan 119.91 -0.020 -0.0 0.1

USDCNY China 6.36 - 0.0 2.5

USDHKD Hongkong 7.750 0.000 0.0 -0.6

USDSGD Singapore 1.433 0.002 0.1 10.2

Rupiah Indonesia 14,646 -45.0 -0.3 18.2

JCI 4,207.8 (47.1) -1.1%


Historical Technical Trading Ideas (1)

Ticker Last Technical Call 3-Sep-15 Chg (%) Recommendation

JCI 4,401 Strengthened

4,433 0.72% Correct

ASII 5,975 Buy

6,150 2.93% Correct

BBNI 4,700 Buy

4,685 -0.32% Incorrect

BBCA 12,275 Buy

12,300 0.20% Correct

UNTR 18,250 Buy

19,925 9.18% Correct

TLKM 2,775 Buy

2,800 0.90% Correct

PGAS 2,890 Buy

2,890 0.00% Correct


JCI 4,412 Weakening

4,401 -0.25% Correct

TINS 585 Buy

585 0.00% Correct

SIAP 185 Trd. Buy

189 2.16% Correct

UNVR 38,925 Trd. Buy

38,500 -1.09% Incorrect

AALI 16,900 Buy

16,200 -4.14% Incorrect

BBNI 4,760 Sell

4,700 -1.26% Correct

BBRI 10,100 Sell

10,200 0.99% Incorrect


JCI 4,510 Strengthened


PTPP 3,310 Buy


WIKA 2,765 Buy


PGAS 2,780 Trd. Buy

2,790 0.36% Correct

LPKR 1,070 Trd. Buy


BBRI 10,625 Sell

10,100 -4.94% Correct

BBNI 4,950 Sell

4,760 -3.84% Correct

Ticker Last Technical Call 31-Aug-15 Chg (%) Recommendation

JCI 4,446 Weakening


AALI 18,075 Buy

17,125 -5.26% Incorrect

TLKM 2,865 Sell


BBNI 5,000 Sell

4,950 -1.00% Correct

BBRI 10,400 Sell


BWPT 248 Trd. Buy

258 4.03% Correct

LPKR 1,045 Trd. Buy

1,070 2.39% Correct


JCI 4,431 Strengthening

4,446 0.35% Correct

TLKM 2,830 Buy

2,865 1.24% Correct

PGAS 2,900 Buy


ASII 5,825 Buy


UNVR 38,750 Buy

38,000 -1.94% Incorrect

BBCA 12,600 Buy

12,850 1.98% Correct

INDF 5,125 Buy

5,225 1.95% Correct




JCI 4,238 Profit Taking


TLKM 2,690 Buy

2,830 5.20% Correct

GGRM 41,950 Buy

44,200 5.36% Correct

INCO 1,285 Buy

1,415 10.12% Correct

PTBA 5,550 Buy

5,725 3.15% Correct

BBNI 4,505 Buy

4,955 9.99% Correct

BBRI 9,750 Sell



JCI 4,229 Strengthening

4,238 0.22% Correct

TLKM 2,705 Buy


BBRI 9,500 Buy

9,750 2.63% Correct

BMRI 8,500 Buy

8,550 0.59% Correct

UNTR 17,275 Buy

16,500 -4.49% Incorrect

ADRO 545 Trd. Buy

540 -0.92% Correct

INCO 1,250 Trd. Buy

1,285 2.80% Correct


JCI 4,164 Rebound

4,229 1.56% Correct

PTPP 3,290 Spec. Buy


WSKT 1,600 Spec. Buy


SRIL 309 Spec. Buy

327 5.83% Correct

PWON 340 Spec. Buy

333 -2.06% Incorrect

LSIP 935 Spec. Buy

940 0.53% Correct

BBNI 4,125 Spec. Buy

4,350 5.45% Correct


JCI 4,336 Weakening

4,164 -3.97% Correct

UNTR 18,600 Trad. Buy

17,100 -8.06% Incorrect

TLKM 2,730 Trad. Buy


ADRO 490 Spec. Buy


ANTM 505 Spec. Buy


PGAS 3,195 Sell

2,880 -9.86% Correct

WIKA 2,635 Sell

2,460 -6.64% Correct


JCI 4,442 Weakening

4,336 -2.39% Correct

PGAS 3,335 Buy


ASII 6,200 Buy


UNTR 18,900 Buy

18,600 -1.59% Incorrect

GGRM 46,750 Buy

45,000 -3.74% Incorrect

TLKM 2,870 Sell

2,730 -4.88% Correct

BMRI 8,700 Sell

8,500 -2.30% Correct




JCI 4,484 Weakening

4,442 -0.94% Correct

LSIP 1,145 Spec. Buy

1,025 -10.48% Incorrect

AALI 18,500 Spec. Buy

17,125 -7.43% Incorrect

KLBF 1,455 Buy

1,535 5.50% Correct

UNVR 35,750 Buy

35,775 0.07% Correct

TLKM 2,800 Sell

2,870 2.50% Correct

ASII 6,075 Sell



JCI 4,510 Rebound


KLBF 1,610 Buy


BBNI 4,340 Buy

4,420 1.84% Correct

ICBP 12,500 Buy

12,675 1.40% Correct

TLKM 2,875 Buy

2,880 0.17% Correct

AALI 18,175 Spec. Buy

18,050 -0.69% Correct

LSIP 1,065 Spec. Buy



JCI 4,585 Weakening

4,510 -1.63% Correct

TLKM 2,875 Buy

2,875 0.00% Correct

UNTR 19,700 Buy

19,100 -3.05% Incorrect

ADHI 2,200 Buy


KLBF 1,560 Buy

1,610 3.21% Correct

AKRA 5,625 Sell

5,550 -1.33% Correct

BBRI 10,225 Sell

9,800 -4.16% Correct


JCI 4,584 Rebound

4,585 0.02% Correct

TLKM 2,825 Spec. Buy

2,875 1.77% Correct

GGRM 46,500 Spec. Buy

46,500 0.00% Correct

PWON 375 Spec. Buy

370 -1.33% Correct

UNTR 19,200 Spec. Buy


ADHI 2,180 Buy

2,200 0.92% Correct

BBNI 4,630 Buy



JCI 4,479 Rebound

4,584 2.34% Correct

BBRI 9,700 Buy

10,025 3.35% Correct

PWON 359 Spec. Buy

375 4.46% Correct

TLKM 2,800 Spec. Buy

2,825 0.89% Correct

BBNI 4,510 Spec. Buy

4,630 2.66% Correct

GGRM 46,675 Buy

46,500 -0.37% Incorrect



JCI 4,623 Rebound


SCMA 2,620 Buy


MPPA 2,750 Buy


UNTR 19,500 Buy

19,300 -1.03% Incorrect

GGRM 46,275 Buy

46,675 0.86% Correct

BBNI 4,665 Buy


BMRI 9,150 Buy



JCI 4,749 Rebound


TLKM 2,965 Buy


BMRI 9,525 Buy


BBNI 4,890 Buy


ADHI 2,215 Buy


PTPP 3,920 Buy


PWON 404 Buy



JCI 4,770 Weakening

4,749 -0.45% Correct

UNTR 20,200 Buy

20,000 -0.99% Incorrect

PWON 408 Buy


ASRI 505 Sell

505 0.00% Correct

ADHI 2,265 Buy


APLN 345 Buy



JCI 4,807 Weakening

4,770 -0.75% Correct

ASRI 510 Buy


PTPP 3,900 Buy

3,915 0.38% Correct

INTP 19,775 Buy

19,800 0.13% Correct

AKRA 5,900 Buy

5,900 0.00% Correct

SRIL 424 Buy


TLKM 2,930 Sell



JCI 4,851 Rebound


ITMG 10,800 Buy

10,800 0.00% Correct

PTBA 6,550 Buy


BMRI 9,800 Buy

9,800 0.00% Correct

PWON 418 Buy


ASRI 520 Buy


UNTR 20,200 Sell

19,300 -4.46% 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])

Patricia Gabriela

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])

EAST INDONESIA

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

Gedung Artha Graha 18th Floor

Jl. Jend. Sudirman Kav. 52-53

Jakarta 12190, Indonesia

t. +62-21 2924 9088

f. +62-21 2924 9150

www.trimegah.com

DISCLAIMER

This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its affiliated companies and is provided for information

purposes only. Under no circumstances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. This report has

been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Securities.

While all reasonable care has been taken to ensure that information contained herein is not untrue or misleading at the time of publication,

Trimegah Securities makes no representation as to its accuracy or completeness and it should not be relied upon as such. This report is

provided solely for the information of clients of Trimegah Securities who are expected to make their own investment decisions without reliance

on this report. Neither Trimegah Securities nor any officer or employee of Trimegah Securities accept any liability whatsoever for any direct or

consequential loss arising from any use of this report or its contents. Trimegah Securities and/or persons connected with it may have acted

upon or used the information herein contained, or the research or analysis on which it is based, before publication. Trimegah Securities may in

future participate in an offering of the company’s equity securities.

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