TRIM DAILY

PT Trimegah Securities Tbk - www.trimegah.com 1

We have noticed more projects or launching announced by property companies,
i.e. the USD1bn JV project by KJ! and "#$ and a ne% to%er &rom #"K'(s )ill*
crest )ouse project in Kara%aci. ! 1 round presidential election is also positive
&or property project launching this year +%e e,pect more launching post presiden*
tial election-. .his bodes %ell &or cement sales, %hich have been lagging /.D but
%e e,pect to accelerate in 0). We have 1uys on S21' +." 344-, $." +."
05644- and )old on S27' +." 15444-. !lso note t%o stoc8s that should publish
their 19 0416 result soon: "7!S +)old, ." ;144- is li8ely to post stronger than
e,pected 19 result on better than e,pected margins due to higher volume &rom
<onoco. !S! +1uy, ." =644- should continue to post strong gro%th.
STOCK PRICE Rec Details
BWPT 1275 Spec Buy
After decreased in a few days, BWPT have a potential
upside today with trading range 1230-1320
BKSL 139 Spec Buy
With stochastic indicator to form a golden cross, we
expect a technical rebound for BKSL today in the range
of 136-148 Spec Buy at level 136 with target price 148
(resistance)
GGRM 53550 Spec Buy
Spec Buy GGRM at level 53300 with target price today
at level 54475
LSIP 2230 Buy
LSIP remains strong with potential upside in the range
of 2190-2295 for today.
HRUM 2380 Buy
HRUM is expected to continue its strengthening within
the support and resistance levels of 2355-2490
ADHI 3205 Buy
ADHI a potential upside today with trading range 3175-
3255
WIKA 2360 Buy
We expect WIKA to trade up today in the range of 2320
-2510. Buy at level 2335 with target price 2510
(resistance)
PTPP 1865 Buy
With stochastic indicator to form a golden cross, we
expect a upware movement for PTPP today in the
range of 1820-1965
SMGR 14975 Strong Buy
We expect SMGR to further strengthen, with todays
trading range of 14575-15900
ASII 7500 Strong Buy
ASII formed a doji candle, yesterday. Spec Buy ASII at
level 7450 with target price today at level 7700
.'2 Daily

.'2 )ighlights
May 22, 2014
Ja8arta <omposite nde, +J<- %as up by 16.=6 points or >4.0?@ to 6,?14.=
yesterday. nde, movers %ere mostly driven by n&rastructure Utility A .ranspor*
tation +>1.4;@-, .rade Services A nvestment +>4.51@-, and <onstruction
"roperty A 'eal Bstate +>4.;1@-. .otal transaction value %as 'p;.Ctr %ith regu*
lar mar8et transaction o& 'p6.3tr. DD recorded 'p=Cbn net sell by &oreign inves*
tors. J< today is e,pected to continue its strenghtening trend and trade in 6C35*
6?C= range.
2ar8et Vie%
n Burope, the Buro Eone consumer con&idence rose to *5.1 in 2ay +vs consen*
sus: *C.=- &rom *C.3 in prior month. n Japan, the Japan trade de&icit narro%ed to
J"/C4C.?bn in 2arch +vs consensus: *J"/363.=bn- &rom J"/1.6;tn in prior month.
7lobal Wrap
.rader(s "ic8
JCI 4,910.3
7lobal ndices
'e8sa Dana .rimegah
!sset 2anagement
Dual #isting +$/SB-
Fthers
+USD- +'p- <hg @
60.3 10,034.4 4.6; 1.1
.#K2
<hange 4.0?@
.ransaction Volume +m- 6,?16.=
.ransaction Value +'pbn- ;,C11.0
28t <ap +'ptr- 6,C3C.;
2ar8et "GB +,- 1;.3
2ar8et Div. /ield +@- 0.4
"rice <hg @
Do% Jones 13,;==.1 1;C.C 1.4
$asdaH 6,1=1.; =6.3 4.C
$i88ei 16,460.0 *==.1 *4.0
S. .imes =,031.C *=.5 *4.1
I.SB 3,C01.4 1?.4 4.=
)ang Seng 00,C=3.; 1.C 4.4
$!1 <hg @
.rim Kapital C,=C3.3 *03 *4.=4
.rim Kapital > =,111.; *1.5 *4.4;
.rim Syariah S)2 1,;;=.5 0.= 4.1;
.ram <onsumption >1,=;4.? 0.1 4.1;
.rim Komb 0 1,C;4.5 *4.? *4.4;
.rim Syariah 1 0,044.1 *4.? *4.46
.rim Dana Stabil 0,140.4 *4.5 *4.4=
.rim Dana .etap 0 1,350.1 *4.; *4.4=
.ram "D". USD 1.1 4.4 4.44
.ram 'eguler $< ??6.5 4.4 4.44
.ram Strategic Iund 1,451.4 *0.1 *4.1?
.rim Kas 0 1,45?.0 4.0 4.40
<hg @
USD IDR
11,;4? 1?.4 4.0
10 yr Indo Govr bond (%)
C.40 4.1 1.4
10 yr US govt bond (%)
0.; 4.40 4.?
Spread (%) ;.6? 4.43 4.0
EIDO
0C.1 4.0 4.3
Foreign YtD (USDmn)
=,;C= *4 *4.4

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
0
$e%s o& the Day
Dividend Table
TICKER dividend Price Ratin Taret Dividend E! Date T"PE Pa# Date
$R%&s'ares( $)1*+a#*14( %rice #ield
1D2$

105
6,0=4 )old

6,0;4
=.4@ ;G=4G0416 1DVD Iorecast *
$DI

13;
3,5;4 $!

5,C?1
0.6@ 5G15G0416 1DVD Iorecast *
$."

654
0=,45; 1uy

05,644
0.4@ 3G04G0416 1DVD Iorecast *
77'2

?44
;=,;;4 1uy

;C,?=C
1.5@ 5G=1G0416 1DVD Iorecast *
K#1I

04
1,314 )old

1,311
1.0@ 3G1=G0416 1DVD Iorecast *
!D'F

11
1,0C; 1uy

1,=44
4.?@ ;G0?G0416 1DVD Iorecast *
U$V'

=04
=4,444 )old

0C,66;
1.1@ 3G=4G0416 1DVD Iorecast *

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
=
$e%s o& the Day
KIJ,- T. devel.% /SD1bn 0.rt' .1 ne0 %r.2ect
t'r.3' J4 0it' P5I6
KJ! through its subsidiary, ". 7raha 1uana <i8arang, is set
to develop USD1bn %orth o& ne% project through joint ven*
ture +JV- %ith "#$. .he t%o parties have established a joint
subsidiary, namely ". "laJa ndonesia Jababe8a +KJ!: =4@,
"#$: 54@-, %hich %ill build up a mi,ed*use superbloc8 on
10ha o& land in <i8arang, West Java as their &irst develop*
ment phase. .he mi,ed*use comple, development is slated
to begin in 6916 and e,pected to &inish %ithin the ne,t 6
years. .he superbloc8 %ill consist o& t%o ;*star hotels, shop*
ping mall and apartments. n addition, the second develop*
ment phase %ill include development o& another 6ha o& land
under di&&erent subsidiary, %hereby KJ! o%ns the controlling
interest +54@- and "#$ holds the minority o%nership o&
=4@. Source: Investor Dai!
Comment:
There wi be no marketing saes contribution "rom this #ro-
$ect to %I&A since the 'om#an! ho(s the minorit! stake in
the &) *"irst #hase+. ,owever- (eveo#ment o" this commer-
cia area wou( eevate the 'ikarang an( #rice "urther- which
wi aso be su##orte( b! the new! o#erate( 'ibatu to e.it
*(irect e.it to to &ababeka buit b! %I&A an( LP'% which has
been in o#eration since A#r/01+. There"ore- we wou( revise
our an( #rice assum#tion soon as the #ro$ect begins. 2e
current! have a ,o( on %I&A with TP o" R#3456sh *5.17
u#si(e #otentia+

5PKR- 5a3nc'in ne0 %r.d3cts
#"K' launched their )illcrest )ouse apartment that consists
o& the "erdana to%er &rom the 2ega "roject 2illennium
Village, the ne% 1C in 1 lu,urious integrated development at
#ippo Village <1D. t is located right across the mperial
)otel Kara%aci, !ryaduta )otel A <ountry <lub. .he project
opened %ith a selling price o& appro,imately 'p1CmnGsHm.
Comment:
LP%R #oste( weak marketing saes "igure o" R#850bn in
0901. This re#resents a YoY (ecrease o" 30.:7 "rom 090;
which saw a tota o" R#0.04tr an( a 9o9 (ecrease o" 04.;7
"rom 190;. The "igure stoo( 4.07 beow our #ro#ert! coun-
ters average at -0<.<7 YoY an( accounte( "or on! 0;.37 o"
the 'om#an!/s in(icative =Y01 saes o" R#<.>tr (ue to "ewer
aunches. 2e can e.#ect marketing saes to increase in 3901
through the aunching o" the ,icrest A#artment Tower. The
'om#an! wi most ike! achieve a (ecent take-u# rate on
the #ro$ect (ue to its attractive #ricing at R#0>mn6s?m an(
goo( ocation *within Li##o )iage '@D+.

P"7,- Reven3e r.0t' tareted at 1)8
"I/! is targeting revenue gro%th o& 10@ to 'p013bn this
year, above the 14@ gro%th in pharmacuetical industry and
last year(s gro%th o& ?@. Fne o& the drivers is the e,pected
increase in its e,port business &rom the currently 14@ o&
revenue to 04@. n addition, "I/! is e,pecting to see sales
volume gro%th &rom its ;4@ increased production capacity.
<ape, &or this ear is set at 'p1;bn. Source: 1isnis ndonesia

JKO6- ,ll.cates )014 ca%e9 a:.3ntin t. R%;00bn
JKF$ allocates 'p344bn &or 0416 cape, in %hich 'p144bn %ill
be used &or regular cape, and 'p;44bn &or investment. JKF$
is building a ne% precast plant in Sabang, West Java %ith
value appro,imately 'p104*1;4bn. .he plant %ill have 1;48*
0448 mn ton capacity. <urrently, JKF$ operates = precast
plants %hich are located in .angerang, 2edan, and Surabaya.
Ior 0416, JKF$ is eyeing ne% contract to reach 'p3*3.;tr up
=@*10@ /o/ compared to 'p;.Ctr o& ne% contract secured in
041=K %hile 0416 carry over contract reaches 'p0.?tr. Source:
Investor Dai!
Comment:
'om#are( to the 1 iste( construction SABs un(er our basket-
&%AC/s 3501 or(er book o" R#<-<.4tr is the smaest. AD,I/s
or(er book "or 3501 is targete( to reach R#3>.<tr *D;17
YoY+- 2I%A is R#45tr *D3>7 YoY+- PTPP is R#11tr *D337
YoY+- an( 2S%T is R#38tr *D;;7 YoY+.

+,PI- <ill Sell Part .1 Its O0ners'i% in =3rer Kin and
D.:in.>s Pi??a t. ) Private E@3ities
2!" %ill sell part o& its o%nership in Domino(s "iJJa to Bver*
stone <apital !sia "te. #td ma8ing 2!" the o%ner o& 6?@
%hile Bverstone ;1@ o& Domino(s "iJJa. .he transaction is
e,pected to be completed at the beginning o& Jun 0416. 2!"
stated that they %ill &ocus in completing the transaction &or the
Domino(s "iJJa &irst be&ore 1urger King. 2!"(s part o& o%ner*
ship in 1urger King %ill be sold to a Singapore*based private
eHuity ma8ing 2!" the o%ner o& the 6?@. .he transaction &or
1urger King is still under discussion and %aiting &or approval
&rom principal. !ccording to the company, it %ill boost Star*
buc8s a&ter selling part o& its o%nership in 1urger King and
Domino. Source: @isnis In(onesia



PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
6
Statistics
/.D +'p- 16.CC@ 6,?16.=
/.D +USD- 06.3?@ ;,C11.0
2oving !vg 04day 61,5=?.4 6,C3C.;
2oving !vg ;4day 6,5?3.C 0,C53.0
2oving !vg 044day 6,364.= 1;.4
Ind.nesia A Sect.rs B&* $8("TD $8(
2S< ndonesia ;,C40.5 04.; 4.6 1C.0
J 336.C 6.5 4.5 1=.3
#96; C=;.= 0.? 4.6 15.;
J!KI$ nde, 3;?.4 *4.6 *4.1 00.4
J!K$I' nde, 1,456.4 11.0 1.1 1;.6
J!K2$B nde, 1,;60.; 6.3 4.= 5.?
J!K<F$S nde, 0,400.6 4.= 4.4 1=.;
J!K.'!D nde, C34.6 3.4 4.5 14.C
J!K2$D nde, 1,0??.C *1.5 *4.1 5.?
J!K1$D nde, ;00.3 0.1 4.6 C.5
J!K"'F" nde, 6=1.C 0.0 4.; 0C.1
J!K!7' nde, 0,=06.; *5.? *4.= C.3
C.::.dities B&* $8("TD $8(
<'1 nde, =45.? 4.? 4.=4 ?.?
Oil A Cas
<rude Fil +USDGbbl- 146.1 1.3 1.;? ;.5
$atural 7as 6.; *4.1 *1.56 ;.5
<F!# +!ustralia,%8- 50.? 4.4 4.44 *1=.C
<F!# +!US Daily- 5;.4 *4.= *4.== *16.4
Ind3strial +etals
!lumunium +USDGtonne- 1,564.4 *0.; *4.16 *1.0
$ic8el +USDGtonne- 1?,;44 *=;; *1.5? 64.=
.in +USDGtonne- 00,?5; *?;.4 *4.61 0.C
Preci.3s +etal
7old +USDGt oJ.- 1,0CC.1 *3.; *4.;4 5.1
Silver +USDGt oJ.- 1?.= *4.1 *4.=1 *4.4
S.1t C.::.dities
<"F +2alaysia * 'mGtonne- 0,;60 *15.4 *4.33 *=.=
'ubber +J"/G8g- 1,?=1 *=.5 *4.1? *05.6
<orn +USDGbu.- 65; 1.4 4.01 10.6
Wheat +USDGbu.- 336 *3.= *4.?= ?.5
Soybeans +USDGbu.- 1,;4; =;.; 0.60 16.5
'ice +ndonesia- +'pG8g- C,344 4.4 4.44 4.4
Volume +m-
$ilai +'pbn-
28t <ap +'ptr-
2ar8et "GB +,-
2ar8et Div. /ield +@-
<"F +2alaysia * 'mGtonne-
Indices Rei.n B&* $8(
YTD ( %)
2DWF 2S< Word 1,3C3.; C.;4 4.;1 1.;=
S"D SA" ;44 1,CCC.4 1;.04 4.C1 0.1;
/S
13,;==.1 1;C.C 4.?5 *4.03
$asdaH US 6,1=1.; =6.3; 4.C; *1.4C
E3r.%e
BU'F ;4 Burope =64.= 0.40 4.34 =.3C
I.SB #ondon 3,C01.4 1?.46 4.0C 1.45
D!D Jerman ?,3?5.? ;C.5? 4.31 1.;=
<!< Irance 6,63?.4 13.3C 4.=5 6.4=
S2 S%iss C,3;;.? 04.0? 4.0= ;.;0
=RIC
1FVBS"! 1raJil ;0,04=.6 *130.C *4.=1 1.=;
2<BD 'ussia 1,6=?.? 16.=0 1.44 *6.00
SB$SBD ndia 06,0?C.4 *5C.? *4.=0 16.?6
$I./ ndia 5,0;0.? *00.34 *4.=1 1;.14
S)<F2" <hina 0,40;.4 13.C= 4.C6 *6.=4
SE<F2" <hina 1,40C.4 ?.;4 4.?= *0.C4
$i88ei Japan 16,460.0 *==.1 *4.06 *1=.C1
."D Japan 1,1;4.1 *=.== *4.0? *11.3?
)S )ong 8ong00,C=3.; 1.C 4.41 *0.40
KFS" S.Korea 0,44C.= *0.?= *4.1; *4.1;
.!BD .ai%an C,C30.6 *0;.=5 *4.0? 0.?1
ISS. Singapore =,031.C *=.3? *4.11 0.?C
,SE,6
SB. .hailand 1,640.? C.0= 4.;? C.40
"<F2" "hilipines 3,530.6 *104.= *1.5; 16.C1
K#< 2alaysia 1,C55.4 *6.1= *4.00 4.;6
V$$DBD Vietnam ;6=.? 3.=3 1.1C 5.5C
Devel.%ed ,SI,
Do% Jones ndustrial
K3rs Rei.n B&* $8(
YTD ( %)
USDBU' Buro 4.5=1 4.441 4.10 4.;6
USD71" UK 4.;?0 *4.440 *4.=5 *1.?5
USD<)I S%itJerland 4.C?= 4.441 4.1= 4.1C
USD<!D <anada 1.4?1 4.444 4.46 0.;0
USD!UD !ustralia 1.4C1 *4.441 *4.14 *=.?3
USD$ED $e% Eealand 1.133 *4.444 *4.4= *6.6=
USDJ"/ Japan 141.=5 4.464 4.46 *=.3?
USD<$/ <hina 3.0= +4.44- +4.43- 0.?;
USD)KD )ong8ong 5.5;= *4.444 *4.44 *4.40
USDS7D Singapore 1.0;1 *4.440 *4.10 *4.?=
'upiah ndonesia 11,;4? 1?.44 4.15 *;.66
*3.1
*0.D
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*3.3
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*
10.0
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1.3
4.3
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U$V'
S27'
.27
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S'.7
"7!S
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.#K2
1,01E,01
4
)F3,)F4
)49,E44
)1D,0)9
)1),F41
1DF,1F3
1D3,9;4
1;3,90;
143,3E9
140,9)4
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!S
.#K2
11'
S#F
12'
2""!
11$
11<!
S27'
3F9,
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343,
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403
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F,0FE
4,E13
4,09D
4,00F
3,DD3
3,D1E
3,4EE
.#K2
SS2S
12.'
11$
<FW#
!S
S27'
K#1I
11'
12'
JCI <inners $8( JCI 5.sers $8( JCI 4al3e $R%:n( JCI 4.l3:e $5.t( JCI 47re@ $5.t(

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
;
World Bconomic <alendar
1?*2ay*16 J$ 2achine Frders 2o2 +@- 2ar ;.C 1?.1 *6.3
J$ 2achine Frders /o/ +@- 2ar 6.6 13.1 14.C
01*2ay*16 US Ied 'eleases 2inutes &rom !pril 0?*=4 IF2< 2eeting
B< <onsumer <on&idence 2ay ! *C.= ** *C.3
J$ .rade 1alance +J"/ bn- 2ar *363.= *C4C.? *1,663.4
J$ B,ports /o/ +@- 2ar 6.6 ;.1 1.C
J$ mports /o/ +@- 2ar 1.0 =.6 1C.1
00*2ay*16 US nitial Jobless <laims +444Ls- 13*2ay =14 ** 0?5
US 2ar8it US 2anu&acturing "2 2ay " ;;.; ** ;;.6
US B,isting )ome Sales +USD mn- !pr 6.3? ** 6.;?
US B,isting )ome Sales 2o2 +@- !pr 0.0 ** *4.0
<) )S1< <hina 2anu&acturing "2 2ay " 6C.= ** 6C.1
B< 2ar8it BuroJone 2anu&acturing "2 2ay " ;=.0 ** ;=.6
7B 2ar8itG12B 7ermany 2anu&acturing "2 2ay " ;6.4 ** ;6.1
0=*2ay*16 US $e% )ome Sales +444Ls- !pr 60; ** =C6
US $e% )ome Sales 2o2 +@- !pr 14.5 ** *16.;
7B IF 1usiness <limate 2ay 114.? ** 111.0
7B IF B,pectations 2ay 143.; ** 145.=
05*2ay*16 US Durable 7oods Frders +@- !pr *4.0 ** 0.3
US <onsumer <on&idence nde, 2ay C=.4 ** C0.=
US 2ar8it US <omposite "2 2ay " ** ** ;;.3
US 2ar8it US Services "2 2ay " ** ** ;;.4
US Dallas Ied 2an&. !ctivity 2ay ** ** 11.5
7B 'etail Sales 2o2 +@- !pr ** ** *4.5
7B 'etail Sales /o/ +@- !pr ** ** *1.?
0?*2ay*16 US 7D" !nnualiJed 9o9 +@- 19 S *4.; ** 4.1
US "ending )ome Sales 2o2 +@- !pr *4.1 ** =.6
=4*2ay*16 US "ersonal ncome +@- !pr 4.= ** 4.;
US "ersonal Spending +@- !pr 4.0 ** 4.?
US "<B De&lator /o/ +@- !pr ** ** 1.1
US "<B <ore /o/ +@- !pr ** ** 1.0
US <hicago "urchasing 2anager 2ay 34 ** 3=
US Univ. o& 2ichigan <on&idence 2ay I C0.; ** C1.C
J$ $atl <" /o/ +@- !pr ** ** 1.3
J$ ndustrial "roduction 2o2 +@- !pr " ** ** 4.5
1*Jun*16 <) 2anu&acturing "2 2ay ** ** ;4.6
0*Jun*16 D .rade 1alance +USD mn- 2ar ** ** 35=
D B,ports /o/ 2ar ** ** 1.06
D mports /o/ +@- 2ar ** ** *0.=6
D <" /o/ +@- !pr ** ** 5.0;
D <" $S! 2o2 +@- !pr ** ** *4.40
D )S1< ndonesia 2anu&acturing "2 !pr ** ;1.1
US S2 2anu&acturing 2ay ** ** ;6.?
=*Jun*16 US Iactory Frders +@- !pr ** ** 1.1
B< Unemployment 'ate +@- !pr ** ** 11.C
Date Ti:e C.3ntr# Event Peri.d S3rve# ,ct3al Pri.r

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'esearch .eam
Sebastian T.bin, C7,
)ead o& 'esearch A nstitutional Sales
+sebastian.tobingMtrimegah.com-

Irederic8 Daniel .anggela
BHuity !nalyst
+&rederic8.danielMtrimegah.com-

'obby )a&il
BHuity !nalyst
+robby.ha&ilMtrimegah.com-

2elvina Wildasari
BHuity !nalyst
+melvina.%ildasariMtrimegah.com-

2aria 'enata
BHuity !nalyst
+maria.renataMtrimegah.com-

7ina $ovrina $asution, <S!
BHuity !nalyst
+gina.nasutionMtrimegah.com-

)apiJ Sa8ti !Ji
'esearch !ssociate
+hapiJ.aJiMtrimegah.com-

"aula 'uth
'esearch !ssociate
+paulaMtrimegah.com-

Joshua $.<. .jeu%
'esearch !ssociate
+joshua.tjeu%Mtrimegah.com-

'ovandi
'esearch !ssociate
+rovandiMtrimegah.com-
nstitutional Sales
Daniel D0i Se%3tr.
)ead o& nstitutional BHuity Sales
+daniel.d%iMtrimegah.com-

De%i /usnita
BHuity nstitutional Sales
+de%i.yusnitaMtrimegah.com-

2eita%ati
BHuity nstitutional Sales
+meita%ati.edianingsihMtrimegah.com-

Iachruly Iiater
BHuity nstitutional Sales
+&achruly.&iaterMtrimegah.com-

)enry Sidarta
BHuity nstitutional Sales
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'aditya !ndyono
BHuity nstitutional Sales
+raditya.andyonoMtrimegah.com-

$ancy "ardede
BHuity nstitutional Sales
+nancy.pardedeMtrimegah.com-
BHuity <apital 2ar8et .eam
J,K,RT,
6at'anael =enn# Praset#.
)ead o& 'etail B<2
+benny.prasetyoMtrimegah.com-

!ria%an !n%ar
!rtha 7raha, Ja8arta
+aria%an.an%arMtrimegah.com-

Windra Djulnaily
"luit, Ja8arta
+%indra.djulnailyMtrimegah.com-

2usji )artono
2angga Dua, Ja8arta
+musji.hartonoMtrimegah.com-

Ierry Eabur
Kelapa 7ading, Ja8arta
+&erry.JaburMtrimegah.com-

Very Wijaya
1SD, Ja8arta
+very.%ijayaMtrimegah.com-


S/+,TR,
Juliana B&&endy
2edan, Sumatera Utara
+juliana.e&&endiMtrimegah.com-

.antie 'ivi Watie
"e8anbaru, 'iau
+tantier%Mtrimegah.com-

)ari 2ulyono Soe%andi
"alembang, Sumatra Selatan
+hari.mulyonoMtrimegah.com-


E,ST I6DO6ESI,
Wiranto Sunyoto
1ranch !rea 2anager
+%iranto.sunyotoMtrimegah.com-

Sonny 2uljadi
Surabaya, Ja%a .imur
+sonny.muljadiMtrimegah.com

$i 2ade D%i )apsari Wijayanti
Denpasar, 1ali
+d%ihapsari.%ijayantiMtrimegah.com-

van Ja8a "erdana
2alang, Ja%a .imur
+ivan.perdanaMtrimegah.com-

!gus Jatmi8o
1ali8papan, Kalimantan .imur
+agus.jatmi8oMtrimegah.com-

!ri&in "ribadi
Ujung "andang, Sula%esi Selatan
+ari&in.pribadiMtrimegah.com-


CE6TR,5 J,4,
!gus 1ambang Suseno
Solo, Ja%a .engah
+agus.susenoMtrimegah.com-

!ndre% Jatmi8o
/ogya8arta, Ja%a .engah
+andre%.jatmi8oMtrimegah.com-

2uhammad shaH
Semarang, Ja%a .engah
muhammad.ishaHMtrimegah.com-


<EST J,4,
!sep Saepudin
1andung, Ja%a 1arat
+asep.saepudinMtrimegah.com-

!ri&&ianto
<irebon, Ja%a 1arat
+ari&&iantoMtrimegah.com-
PT Tri:ea' Sec3rities TbG
7edung !rtha 7raha 1C
th
Iloor
Jl. Jend. Sudirman Kav. ;0*;=
Ja8arta 101?4, ndonesia
t. >30*01 0?06 ?4CC
&. >30*01 0?06 ?1;4
%%%.trimegah.com
DISC5,I+ER
.his report has been prepared by ". .rimegah Securities .b8 on behal& o& itsel& and its a&&iliated companies and is provided &or in&ormation
purposes only. Under no circumstances is it to be used or considered as an o&&er to sell, or a solicitation o& any o&&er to buy. .his report has
been produced independently and the &orecasts, opinions and e,pectations contained herein are entirely those o& .rimegah Securities.
While all reasonable care has been ta8en to ensure that in&ormation contained herein is not untrue or misleading at the time o& publication,
.rimegah Securities ma8es no representation as to its accuracy or completeness and it should not be relied upon as such. .his report is
provided solely &or the in&ormation o& clients o& .rimegah Securities %ho are e,pected to ma8e their o%n investment decisions %ithout reliance
on this report. $either .rimegah Securities nor any o&&icer or employee o& .rimegah Securities accept any liability %hatsoever &or any direct or
conseHuential loss arising &rom any use o& this report or its contents. .rimegah Securities andGor persons connected %ith it may have acted
upon or used the in&ormation herein contained, or the research or analysis on %hich it is based, be&ore publication. .rimegah Securities may in
&uture participate in an o&&ering o& the company(s eHuity securities.