TRIM Daily

May 23, 2014

TRIM Highlights
We initiate Bank Jatim (BJTM) with a Buy and TP Rp530 (23% upside) as 1) It is
a proxy for East Javas strong economic growth outlook, 2) Stronger growth
potential on the back of relatively lower LDR at 80% versus industrys 91%, and
3) More resilient NIM. BJTM currently trades at 1.0x 2014 PBV, lower than BJBRs
1.1x PBV. BJTMs 17.5% 2014 ROE is lower than BJBRs 2014 ROE of 20%, but
going in different directions. We expect BJTMs ROE to grow to 20% in 2015 while
BJBRs ROE to slightly decline to 19.5%. Today is the last day of IPA (Indonesian
Petroleum Association) convention. Of the oil and gas upstream, we highlight
Medco (MEDC) as the company is on track to complete Senoro LNG next year,
higher gas price, and plans to continue divesting non-core assets (at profit).

Market Review
Jakarta Composite Index (JCI) increased by 59.59 points or +1.21% to 4,969.9
yesterday. Index movers were mostly driven by Finance (+1.89%),
Infrastructure Utility & Transportation (+1.65%), and Mining (+1.63%). Total
transaction value was Rp6.0tr with regular market transaction of Rp5.3tr. IDX
recorded Rp373bn net buy by foreign investors. JCI still have a potential upside
for today in trading range of 4948-4996.

Global Wrap
In U.S., the U.S. initial jobless claims climbed to 326,000 in the week May 16 (vs
consensus: +310,000), following an upwardly revised 298,000 in prior week. The
U.S. existing home sales up 1.3% MoM to a 4.65mn annual rate in April (vs
consensus: 4.69mn) from an annual rate of 4.59mn in prior month. In China, the
China HSBC preliminary manufacturing PMI rose to 49.7 in May (vs consensus:
48.3) from 48.1 in prior month.

Traders Pick
Ticker

Last

S1

R1

Trend 3M

Technical Call

JCI

4970

4948

4996

Bullish

Bullish

ASII

7600

7550

7675

Bullish

BOW

PGAS

5725

5650

5825

Bullish

BOW

ITMG

29000

28400

29625

Bullish

BOW

PTBA

11400

11125

11725

Bullish

BOW

DOID

186

180

189

Bullish

BOW

MEDC

3110

3035

3235

Bullish

BOW

JSMR

6125

6100

6200

Bullish

BOW

INTP

23300

23200

23450

ENRG

95

94

98

GGRM

53500

52775

53850

SMGR

14950

14825

215

210

BUMI

Akumulasi
Lanjut
Akumulasi
Lanjut

Buy

JCI

4,969.9

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

1.21%
6,297.4
6,040.0
4,924.9
15.9
2.0

Global Indices
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng

Price

C hg

16,543.1
4,154.3
14,337.8
3,265.7
6,820.6
22,953.8

10.0
22.8
295.6
3.9
-0.5
117.2

0.1
0.6
2.1
0.1
-0.0
0.5

Reksa Dana Trimegah

Asset Management
NAB
Trim Kapital
8,494.2
Trim Kapital +
3,157.4
Trim Syariah SHM 1,571.0
Tram C onsumption +1,369.2
Trim Komb 2
1,871.2
Trim Syariah B
2,218.7
Trim Dana Stabil
2,100.5
Trim Dana Tetap 2 1,671.1
Tram PDPT USD
1.1
Tram Reguler INC
994.7
Tram Strategic Fund 1,071.2
Trim Kas 2
1,079.5

108 1.28
45.9 1.48
17.3 1.12
18.3 1.35
20.4 1.10
18.6 0.84
-1.4 -0.07
-1.0 -0.06
-0.0 -0.05
0.0 0.00
0.2 0.01
0.2 0.02

Dual Listing (NYSE)

(USD)

TLKM

43.6

(Rp)

C hg

12,577.4

1.02

2.4

Others
USD IDR
10 yr Indo Govr bond (%)

Buy

10 yr US govt bond (%)

Distribusi Awal

Sell

Spread (%)
EIDO

15075

Akumulasi Awal

Spec Buy

218

Akumulasi Awal

Spec Buy

PT Trimegah Securities Tbk - www.trimegah.com

C hg

Foreign YtD (USDmn)

C hg
%
22.0 0.2
-0.0 -0.1
0.02 0.8
5.46 -0.03 -0.9
28.7
0.6 2.1
3,612
29 0.8

11,531
8.02
2.6

TRIM DAILY

News of the Day

Dividend Table

TICKER

dividend

Price

Rating

(Rp/shares)

(22-May-14)

Target
price

Dividend

EX Date

TYPE

Pay Date

yield

BDMN

127

4,235 Hold

4,250

3.0%

5/30/2014

BDVD Forecast

INDF

165

6,775 NA

7,891

2.4%

7/17/2014

BDVD Forecast

INTP

470

23,300 Buy

27,400

2.0%

6/20/2014

BDVD Forecast

GGRM

900

53,500 Buy

58,938

1.7%

7/31/2014

BDVD Forecast

KLBF

20

1,615 Hold

1,611

1.2%

6/13/2014

BDVD Forecast

ADRO

11

1,300 Buy

1,300

0.9%

5/29/2014

BDVD Forecast

UNVR

320

28,445

1.1%

6/30/2014

BDVD Forecast

30,025 Hold

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

News of the Day

BBRI: not sitting tight
we were at prasetya mulya finance and business school in
BSD (bumi serpong damai) and noticed a BRI van parked
near the food court area. Apparently BRI is sponsoring a
sport event arranged by students, who not only can withdraw
cash at the van if they already have an acct with BRI (there
is an ATM in the van). students can also open accounts int he
van (there is an account officer sitting inside the air conditioned van).
comment:
most companies are happy to sponsor a sport event arranged
by university students, but we like the fact that BRI is taking
the one step further of opening accts on the spot. BBRI is our
top pick in banking sector on the back of our confidence in
the bank's ability to grow its funding.

PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

News of the Day

MAPI: To distribute Dividend of Rp20/share, Yield
0.37%

LTLS: Pays out cash dividends amounting to Rp33 per

share

MAPI will distribute cash dividend of Rp20/share with yield

0.37% (last price Rp5,375/share). Cum date dividend is on
Jun 13, 2014 with payment on Jul 2, 2014. Source: Bisnis
Indonesia

PT Lautan Luas Tbk allocated its net income to pay out cash
dividends amounting to Rp33 per share or Rp25.740.000.000
to the company's shareholders on June 18 2014. The dividend
payments will be made starting on July 2 2014. The dividend
yield amounts to 3%. Source: Bisnis Indonesia

ISAT: Looking for Rp10tr for debt refinancing

ISAT is looking for Rp9-10tr from external funding. The
funds will be used for debt repayment. ISAT has Rp5.4tr debt
which will be due this year and Rp3tr next year. Furthermore, ISAT plans to retire the USD650mn bonds in Jun15,
earlier from the original maturity date in 2020. ISAT has
obtained the bank loan facility from several banks. Source:
Investor Daily

WTON: Plans to build new plant in Lampung

WTON plans to build a new plant in Bakauheni, Lampung. For
the first stage, WTON will operate 2 lines of cylinder pile and
could be increased to 8 lines with total capacity reaching
700,000 ton. The funds needed for the first stage approximately Rp350bn, which will be funded from IPO proceeds.
WTON set 2014 revenues growth of 35%YoY to Rp3.5tr.
Source: Kontan

SUPR: Expansion of building 1,000 more towers, mainly

in the Java Island.
SUPR are preparing a total capex of Rp1,7tn to expand 1,000
more towers. One of their main sources of funding is coming
from a collective loan from Standard Chartered, which is
USD30mn/ Rp354bn. Within the 1Q of 2014 they have started
to create 161 towers where 50% of it is being built in the
Jabodetabek area. According to Nobel the costs of each tower
could accumulate to Rp1,2bn. By 2014, SUPR are targeting a
20% increase in revenue from USD840mn to USD1bn. They
are also targeting a 20% increase in Net Profit from
Rp167,5bn to Rp237bn. Source: Investor Daily

Comment:
The news is positive. Currently, WTON operates 8 plants with
capacity totaling 2.0mn ton/year, the biggest in Indonesia.
Managements revenues target is 11% higher than ours. We
are targeting 2014 revenues to reach Rp3.2tr up 20% YoY
and net income to reach Rp300bn up 25% YoY. We have a
Buy recommendation on WTON, with TP of Rp880/sh. WTON
is traded at 14PE of 22.6x.

PBRX: Rp400bn expansion plans

PBRX is readying Rp400bn for expansion to Vietnam, 4
garment factories and expansion of garment retail network.
Rp300bn is allocated for Vietnam expansion and the new
factories while Rp100bn for network expansion. It will be
funded internally and through bank loans. The 4 garment
factories is expected to be operational by 4Q14 and expected
to increase its capacity to 90mn by 2016 pieces while the
expanded retail network is expected to contribute 3% to its
revenue. A dividend of Rp1/share has also been approved in
its latest AGM. Source: Investory Daily
Comment:
Currently its capacity is at 42mn pieces and the 90mn pieces
target is from the additional 2 new factories in 2015 and 1 new
factory in 2016. Current retail contribution is at 1% to revenue.
Total dividend is at Rp6.3bn with a dividend yield of 0.23%.
PT Trimegah Securities Tbk - www.trimegah.com

TRIM DAILY

Statistics
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

16.28%
24.69%
41,739.0
4,796.8
4,640.3

Volume (m)
6,297.4
Nilai (Rpbn)
6,040.0
Mkt C ap (Rptr)
4,924.9
Market P/E (x)
2,876.2
Market Div. Yield (%) 15.0

Commodities
C RB Index
307.6
Oil & Gas
C rude Oil (USD/bbl)
103.7
Natural Gas
4.4
C OAL (Australia,wk)
72.9
C OAL (AUS Daily)
74.7
Industrial Metals
Alumunium (USD/tonne) 1,768.3
Nickel (USD/tonne)
19,700
Tin (USD/tonne)
23,190
Precious Metal
Gold (USD/t oz.)
1,295.0
Silver (USD/t oz.)
19.5
Soft Commodities
C
O (Malaysia
CPPO
(Malaysia- Rm/tonne)
- Rm/tonne) 2,550
Rubber (JPY/kg)
1,922
C orn (USD/bu.)
477
Wheat (USD/bu.)
659
Soybeans (USD/bu.)
1,519
Rice (Indonesia) (Rp/kg)
8,600

JCI Winners (%)

BBRI
ASII

3.1

TLKM

2.2

SCMA
CPIN
EMTK
BBCA

+/-0.2

(%)YTD (%)
-0.07
9.8

-0.3
-0.1
0.0
-0.3

-0.32
-2.55
0.00
-0.40

5.4
3.0
-13.8
-14.4

28.3
200
215.0

1.62
1.03
0.94

0.4
41.7
3.8

6.9
0.2

0.54
0.94

7.7
0.9

8.0
-9.0
2.3
-5.0
13.5
0.0

0.31
-0.47
0.47
-0.75
0.90
0.00

-3.0
-27.7
13.0
8.9
15.7
0.0

3.6

2.2

2.2

JCI Value (Rpmn)

4,154.3

10.0
22.80

0.06
0.55

-0.20
-0.53

Europe
London
Jerman
France
Swiss

341.0
6,820.6
9,720.9
4,478.2
8,694.0

0.68
-0.48
23.04
9.18
38.08

0.20
-0.01
0.24
0.21
0.44

3.89
1.06
1.77
4.24
5.99

52,806.2
1,430.5
24,374.4
7,276.4
2,021.3
1,028.7

602.8
-9.36
76.4
23.50
-3.67
0.68

1.15
-0.65
0.31
0.32
-0.18
0.07

2.52
-4.85
15.30
15.47
-4.48
-2.74

Japan
14,337.8
Japan
1,169.3
Hong kong 22,953.8
S.Korea
2,015.6
Taiwan
8,969.6
Singapore 3,265.7

295.6
19.29
117.2
7.26
107.21
3.88

2.11
1.68
0.51
0.36
1.21
0.12

-11.99
-10.21
-1.51
0.21
4.16
3.10

2.29
68.2
-1.91
-2.15

0.16
1.01
-0.10
-0.40

8.20
15.97
0.44
7.35

Brazil
Russia
India
India
C hina
C hina
ASIA

Thailand
Philipines
Malaysia
Vietnam

1,405.2
6,830.6
1,875.1
541.7

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

JCI Volume (Lot)

0

0.732
0.593
0.894
1.089
1.084
1.168
101.74
6.24
7.754
1.252
11,531

+/0.002
0.001
0.001
-0.002
0.003
0.002
0.370
0.00
0.001
0.000
22.00

JCI VFreq (Lot)

SIPD

499,
033

TLKM

4,809

MERK

311,301

BKSL

323,
433

BBRI

4,685

FAST

TRAM

287,302

TRAM

305,
471

SSMS

4,484

SMGR

ASII

287,237

CPGT

298,
135

CPGT

4,239

BSSR

BMRI

274,673

BIPI

289,
645

BKSL

4,123

-2.2

BBMD

MPPA

211,781

ENRG

271,
680

BBNI

4,100

-2.8

ANJT

PGAS

202,443

TLKM

248,
024

INDF

3,863

STTP

BBCA

178,719

BUMI

227,
058

ASII

3,798

SILO

BBNI

166,503

META

209,
060

KLBF

3,486

SILO

160,365

TMPI

178,
474

GGRM

3,294

22.6

20.6
-4.2
14.3

PT Trimegah Securities Tbk - www.trimegah.com

SKBM

(%) Y T D ( %)
0.22 0.76
0.17 -1.81
0.11 0.29
-0.19 2.32
0.29 -3.69
0.13 -4.30
0.36 -3.33
0.02
2.97
0.01 -0.00
0.02 -0.91
0.19 -5.26

1,000,000

BBRI

-0.2

3.6

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

US

TLKM

-3.6

4.8

Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
VNINDEX

(%) Y T D ( %)
0.35
1.88
0.24
2.39

ICBP

-0.7

2.2

Nasdaq
Europe
EURO 50
FTSE
DAX
C AC
SMI
BRIC
BOVESPA
MIC EX
SENSEX
NIFTY
SHC OMP
SZC OMP
Developed

+/5.85
4.46

1,018,01
4

-5.4

2.2

PGAS

(%)YTD (%)
1.6
20.1
1.2
14.9
1.5
19.2
1.9
24.3
1.6
17.3
1.6
9.7
0.0
13.5
1.0
11.9
1.2
9.2
0.8
9.5
1.0
29.4
0.9
9.6

JCI Losers (%)

1.3

BMRI

ITMG

+/93.2
7.7
12.2
12.5
17.7
25.1
0.8
8.4
15.6
4.0
4.4
20.9

5,895.9
672.5
847.5
671.4
1,091.7
1,567.6
2,023.3
868.9
1,315.4
526.6
436.2
2,345.4

Indices
Region
MXWO
MSC I Word 1,692.4
SPX
S&P 500
1,892.5
US
Dow Jones Industrial
16,543.1

TRIM DAILY

World Economic Calendar

Date Time
19-May-14
21-May-14

22-May-14

23-May-14

27-May-14

29-May-14

Country Event

Period Survey Actual Prior

JN

Machine Orders MoM (%)

Mar

5.8

19.1

-4.6

JN

Machine Orders YoY (%)

Mar

4.4

16.1

10.8

US

Fed Releases Minutes from April 29-30 FOMC Meeting

EC

Consumer Confidence

May A

-8.3

-7.1

-8.6

JN

Trade Balance (JPY bn)

Mar

-646.3

-808.9

-1,446.0

JN

Exports YoY (%)

Mar

4.4

5.1

1.8

JN

Imports YoY (%)

Mar

1.2

3.4

18.1

US

Initial Jobless Claims (000's)

16-May

310

326

297

US

Markit US Manufacturing PMI

May P

55.9

56.2

55.4

US

Existing Home Sales (mn)

Apr

4.69

4.65

4.59

US

Existing Home Sales MoM (%)

Apr

2.2

1.3

-0.2

CH

HSBC China Manufacturing PMI

May P

48.3

49.7

48.1

EC

Markit Eurozone Manufacturing PMI

May P

53.2

52.5

53.4

GE

Markit/BME Germany Manufacturing PMI

May P

54.0

52.9

54.1

US

New Home Sales (000's)

Apr

425

--

384

US

New Home Sales MoM (%)

Apr

10.7

--

-14.5

GE

IFO Business Climate

May

110.9

--

111.2

GE

IFO Expectations

May

106.5 --

US

Durable Goods Orders (%)

Apr

US

Consumer Confidence Index

US

Markit US Composite PMI

May P

--

US

Markit US Services PMI

May P

US

Dallas Fed Manf. Activity

GE
GE
US

GDP Annualized QoQ (%)

US
US

107.3

-0.2

--

2.6

83.0

--

82.3

--

55.6

--

--

55.0

May

--

--

11.7

Retail Sales MoM (%)

Apr

--

--

-0.7

Retail Sales YoY (%)

Apr

--

--

-1.9

May

1Q S

-0.5

--

0.1

Pending Home Sales MoM (%)

Apr

-0.1

--

3.4

Personal Income (%)

Apr

0.3

--

0.5

US

Personal Spending (%)

Apr

0.2

--

0.9

US

PCE Deflator YoY (%)

Apr

--

--

1.1

US

PCE Core YoY (%)

Apr

--

--

1.2

US

Chicago Purchasing Manager

May

60

--

63

US

Univ. of Michigan Confidence

May F

82.5

--

81.8

JN

Natl CPI YoY (%)

1.6

JN

Industrial Production MoM (%)

1-Jun-14

CH

2-Jun-14

30-May-14

3-Jun-14
4-Jun-14

Apr

--

--

Apr P

--

--

0.7

Manufacturing PMI

May

--

--

50.4

ID

Trade Balance (USD mn)

Mar

--

--

673

ID

Exports YoY

Mar

--

--

1.24

ID

Imports YoY (%)

Mar

--

--

-2.34

ID

CPI YoY (%)

Apr

--

--

7.25

ID

CPI NSA MoM (%)

Apr

--

--

-0.02

ID

HSBC Indonesia Manufacturing PMI

Apr

--

US

ISM Manufacturing

May

--

--

54.9

US

Factory Orders (%)

Apr

--

--

1.1

EC

Unemployment Rate (%)

Apr

--

--

11.8

US

ADP Employment Change (000's)

May

--

--

220

US

Trade Balance (USD bn)

Apr

--

--

-40.4

PT Trimegah Securities Tbk - www.trimegah.com

51.1

TRIM DAILY

Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Sales
(sebastian.tobing@trimegah.com)
Frederick Daniel Tanggela
Equity Analyst
(frederick.daniel@trimegah.com)

Maria Renata
Equity Analyst
(maria.renata@trimegah.com)

Paula Ruth
Research Associate
(paula@trimegah.com)

Robby Hafil
Equity Analyst
(robby.hafil@trimegah.com)

Gina Novrina Nasution, CSA

Equity Analyst
(gina.nasution@trimegah.com)

Joshua N.C. Tjeuw

Research Associate
(joshua.tjeuw@trimegah.com)

Melvina Wildasari
Equity Analyst
(melvina.wildasari@trimegah.com)

Hapiz Sakti Azi

Research Associate
(hapiz.azi@trimegah.com)

Rovandi
Research Associate
(rovandi@trimegah.com)

Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)

Fachruly Fiater
Equity Institutional Sales
(fachruly.fiater@trimegah.com)

Raditya Andyono
Equity Institutional Sales
(raditya.andyono@trimegah.com)

Meitawati
Equity Institutional Sales
(meitawati.edianingsih@trimegah.com)

Henry Sidarta
Equity Institutional Sales
(henry.sidarta@trimegah.com)

Nancy Pardede
Equity Institutional Sales
(nancy.pardede@trimegah.com)

Hari Mulyono Soewandi

Palembang, Sumatra Selatan
(hari.mulyono@trimegah.com)

CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)

EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)

Andrew Jatmiko
Yogyakarta, Jawa Tengah
(andrew.jatmiko@trimegah.com)

Institutional Sales
Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)

Equity Capital Market Team

JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Musji Hartono
Mangga Dua, Jakarta
(musji.hartono@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Very Wijaya
BSD, Jakarta
(very.wijaya@trimegah.com)

Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)

SUMATRA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)

Agus Jatmiko
Balikpapan, Kalimantan Timur
(agus.jatmiko@trimegah.com)

Tantie Rivi Watie

Pekanbaru, Riau
(tantierw@trimegah.com)

Arifin Pribadi
Ujung Pandang, Sulawesi Selatan
(arifin.pribadi@trimegah.com)

PT Trimegah Securities Tbk - www.trimegah.com

Muhammad Ishaq
Semarang, Jawa Tengah
muhammad.ishaq@trimegah.com)

WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)

TRIM DAILY

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 companys equity securities.