TRIM Daily

TRIM Daily
Nov 13, 2015
TRIM Highlights
We initiate ISAT report with TP of IDR5,400, BUY premised on a turnaround
on its earnings and profitability. MSCI global index added AKRA (TP 6,350;
BUY) and deleted PTBA. Meanwhile MSCI small cap index added PTBA to the
list and deleted 18 companies (39% of the list are commodity/energy companies) out of the list. From yesterdays investor summit, worth to highlight
MMLP which managed to seal a deal with Lazada, which could potentially
boost revenue by 40%. Positive Oct 15 national cement sales increase by
12.2% YoY and 11.7% MoM supported by strong growth in bulk and rebound
in bag sales.
JCI
4,462.2
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
0.24%
3,530
4,372
4,665
12.8
2.9%
Global Indices
Global Wrap
Initial claims for state unemployment benefits were unchanged at a seasonally adjusted 276,000 for the week ended Nov. 7. The number
was consistent with a strengthening labor market and job openings, encouraging signs for the Federal Reserve raising interest rates next month.
Technical Market View

Jakarta Composite Index (JCI) up by 10 point or 0.2% to 4462 yesterday.
Index movers were mostly driven by infrastructure (+1.5% finance (+1.0%)
and miscellaneous industry (-2.1%). Total transaction value was Rp4.3tr.
foreign recorded Rp397bn net sell. JCI today is weekening and trade in 4419
-4500 range.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,448.1
5,005.1
19,697.8
2,959.0
6,178.7
22,888.9
-254.2
-61.9
6
-22.6
-118.5
537
-1.4
-1.2
0.0
-0.8
-1.9
2.4
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
10 yr US govt bond (%)
C hg
%
-3 -0.0
0.0 0.2
-0.02 -0.8
6.35 0.03 1.0
20.2
-0.2 -1.1
(2,852)
-29 1.0
13,597
8.66
2.3
Spread (%)
EIDO
Foreign YtD (USDmn)
Technical analysis: trading picks

Stock
Price
Rating
Reason
JCI Index, Avg 5D MA Value

AALI
18550
Buy
AALI formed tweezer bottom indicated to technical rebound. AALI support Resistant is
17,800-19,000
Buy
INTP with stochastic oscillator golden cross remains strong has potential upside in trading
range of 18500-20500 for today.
Avg. 5 Day MA Trading Value (RHS)
Price (LHS)
6,000
(Rpbn)
8,000
7,000
INTP
SMGR
TLKM
CPIN
HMSP
19300
10150
2715
2705
94675
Buy
Buy
Sell
Sell
We expect SMGR to further strengthen, with

todays trading range of 9800-10700
After broke the resistance level of 2685, TLKM
will further increase today, in our view. TLKMs
today trading range are between 2685-2770
After yesterdays technical rebound, we believe
CPIN to decrease today with support and resistance levels of 2600-2820
5,000
6,000
5,000
4,000
4,000
3,000
3,000
2,000
1,000
2,000
Nov-14
Jan-15
Mar-15
May-15
Jul-15
Sep-15
0
Nov-15
Based on technical analysis, as its Stochastic

Oscillator formed a dead cross, we expect
HMSP to move downward today within the
range of 91000-98000
PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
Investor Summit Takeaway

Unilever Indonesia (UNVR IJ; Not RatedRp34,600)
The company mostly explained about its marketing plan to put more exposure into digital technology, by
maximizing utilization of instagram, facebook, youtube, etc.
UNVR did not guide its A & P spending portion to sales. Yet, the management stated that it would still maintain bigger chunk in above the line segment of 60%.
YTD, UNVR has raised its ASP 3x; 1% in Mar 15, 1% in Aug 15, and 1.8% in Oct 15.
For FY15, UNVR allocated Rp1.2tn CAPEX, of which Rp800bn has been realized up to Sep 15.
UNVR is currently trading at 40x FY16 PE, 29x FY16 EV/EBITDA and is offering 128% ROE in FY16.
Mega Manunggal Property (MMLP IJ; Not Rated Rp850)
The BOD were absent, and was represented by their Corporate Finance & Investor Relations GM.
MMLP managed to seal the deal with Lazada, one of the largest e-commerce company in Indonesia, which
would occupy approximately 60,000 sm NLA in their upcoming Halim warehouse. The management couldnt
guide the done ASP and construction cost, however, guides that this deal should increase their overall revenue by 40%.
Average combined occupancy of their warehouses (approx. 163,000sm by 9M15) is at 95%.
MMLP is being traded at 32x annualized FY15 P/E
Acset Indonusa (ACST IJ; Not Rated; Current price: Rp4,000)
9M15 new contract reached Rp3.1tn with 80% made up of construction, 18% foundation and 2% infrastructure. Management mentioned that there is unlikely new contracts addition until year-end, especially since
ACST has just begin to tap into infrastructure segment this year.
To mitigate the volatility in property demand, ACST started to tap into infra-related projects, with constructing offices and gates for West Mojokerto and Penompo toll road and West Cilegon toll road. Management also
mentioned the possibility to work in JO and/or as sub-contractor with SOE construction companies and multinationals to tap into government infra project.
On its lackluster 3Q15 results, management explained that most of its projects are in finishing stage in
3Q15, thus gathering lower revenue. Surging operating costs and interest expenses were also cited as the
main reasons to the drop in net profit. However, management expressed optimism in earnings rebound in
the coming quarters
Capex for 2016 is earmarked at Rp100-120bn, depending on the needs of the projects obtained, while ACST
provided ~+10% growth in 2016 new contract from 2015.
ACST also highlights its expertise in heavy foundation, which can drill up to 90-100 meters underground.
Currently in Indonesia there are only 3 companies that are able to do the foundation work for such depth,
according to the management.
On the back of its lackluster result in 3Q14, the stock is currently trading at 115.4x 2015 annualized PE, as
its EPS only translates to Rp34.67/share. However, looking at the companys order book and its potential
synergies with Astra, we believe the company may have more growth to offer in coming years.
TRIM DAILY

Total Bangun Persada (TOTL IJ; Not Rated; Current price: Rp700)
9M15 new contract reached Rp2tn, with FY15 target new contract at Rp3tn. Currently, TOTL is tendering in
Rp6tn worth of projects, thus the management remains optimistic on fulfilling its FY15 target. Management
mentioned the importance of being prudent in taking up new contracts, with not taking too much new contracts and spreading its resources too thinly. Company also mentioned 2016 new contract target of Ro3tn.
For FY15, management is targeting revenue to reach Rp2.3tn (9M15: Rp1.6tn ~70.5%), with net profit
aimed to reach Rp190bn (9M15: Rp149.9bn ~79%). Going into 2016, TOTL aims for Rp2.6tn revenue and
Rp210bn net profit. However, as its target new contract is also Rp3tn, we are thinking that project backlog
may be piling up.
Despite the slowdown in property market, TOTL remains optimistic on their targets. The management further
elaborated TOTL will be able to fully utilize its resources in 2016. While they are not closing the possibility to
enter infra market, TOTL reiterated its stance in buildings, with taking the jobs for buildings and/or subcontracting for infra-related projects.
TOTL also shot down the possibility to enter into pre-cast market, as the management deemed too much
competition from current SOE companies. TOTL retains its core competencies in buildings.
While we applaud the management decision to maintain its high-level of service, we think that the company
may not be a beneficiary to Indonesias infra development.
Currently, the stock is trading at 11.9x annualized 2015PE. Using Rp190bn, this would translate to 12.6x
2015PE.
PT Gudang Garam Tbk (GGRM; BUY TP Rp52,800)
Even though the sales volumes in 9M15 declined 3.5% YoY to 58.1 billion sticks (volume portion SKT 11%,
SKM FF 77%, SKM LTN 12%), the sales revenue 9M15 increased 5.9% YoY to IDR51,012bio due to sales
price increase triggered by excise duty increase. Net profit 9M15 IDR4,114bn, increased 1.1% YoY. GGRM
market share in 9M15 remained flat from 20.9% to 20.6%
GGRM plans to spend IDR1-2T CAPEX in 2016. In 2016 GGRM focus to develop the SKM LTN product. Anticipating the excise duty in 2016, GGRM may raise the sales price around IDR100-300/pack.
The company is currently trading at 18.4x P/E 2016F.
Kalbe Farma (KLBF IJ; Sell TP Rp1,200)
In 2016F, KLBF targets to reach revenue growth of 10% YoY, in hope that the macroeconomic condition will
improve next year. While for net income, company also targets to reach 10% YoY growth, with assumption
that IDR can be stable at Rp 14,000-15,000.
Management targets OTC to grow 10% YoY, expecting more growth comes from new products but Extra Joss
to remain stable. Nutritional is targeted to have a stronger growth with 14-15% YoY.
Management also targets to increase its export proportion, from 5% per 9M15 to 10% in 2020F.
Regarding acceleration in import process, management stated that it will benefit the industry since they can
do efficiency in the clearing cost. However, management calculates that the impact should be small.
The stock is currently trading at 31x 2016F P/E.
TRIM DAILY

Panorama Sentrawisata (PANR IJ; Not Rated IJ- Not Rated Rp479)
PANR was established back in 1972.

PANR has 3 business segments; tourism, transportation, and hospitality. Also, it has 5 business pillars to
support its core businesses; inbound, transportation, hospitality, media, and travel & leisure.
Currently the company has 7 Panorama branches, more than 35 tour packages for inbound travel, and more
than 200 fleets.
Its inbound travel market is divided by 51% Europe, 38% Asia, Ausie, and NZ, 1% North & South America,
1% Africa & Middle East, and 9% other countries.
Travel and leisure contributes the biggest portion in its revenue of 70%, followed by inbound travel of 1520%.
In term of GM; inbound travel has 20-25%, tour and leisure has 10-12%, media has 40%, hospitality has
40%, and transportation has 40%.
The management stated that the biggest opportunity would come from inbound travel business, as Indonesia
has the competitive advantages to be pushed. PANR plans to double its inbound travel volume from 215k
tourists last year.
For its hospitality segment, PANR aims to operate 20 hotels for the next 7 years.
PANR is currently trading at 6x P/E 2016F. The stock is attractive considering its opportunity to grab more
demand, following the planned new International airport opening in Komodo island. Consensus suggests 35%
EPSg 2015-17 CAGR.
TRIM DAILY
News of the Day

Economy : Budget spending until 4 Nov reached Rp
1,408tn ~ 71% of target
GGRM: is seeking IDR9trn loan to purchase excise tax

on Dec15
Government reveal that until 4 Nov they already gathered Rp 1,109tn state revenue (63% of target) including
the Rp 774.5tn (59.8% of target) tax revenue.
Excise tax to increase on average 11.1% next year. Typically an excise tax hike can be passed on to the consumers.
Source: Bisnis Indonesia (dian.octiana@trimegah.com)
Meanwhile, spending realization reached Rp 1,408.7tn

(71% of target). Capital spending been dirbursed by 39%
of target or Rp 107.6tn, and increase from Rp 88tn as of
mid Oct. In addition to finance the deficit, government
has successfully issued Rp 442tn gross bond issuance
which is 97.5% of total financing target. Source : Investor Daily (dini.anggraeni@trimegah.com)
Banks: Central Bank sees 12-15% loan growth next
year
This is under the assumption of 5.2-5.6% economic
growth in 2016, on the back of positive impact from the
government stimulus, prudent stance of the Fed in raising
the rate, and China economic stimulus. In addition, maintained CAD below 3% will also support inflation to stabilize within 3-5%. However, BBCA only targets below 10%
loan growth next year despite ample liquidity. The company is still assessing the situation before turning more
positive on loan disbursement. On the other hand, BBRI
expects 13% YoY loan growth next year. Source: Investor Daily (angga.aditya@trimegah.com)
BBTN: eyes >25% YoY earnings growth in 2016F
The management mentioned 4 factors that can contribute
to the high earnings growth: the government public
housing program, efficiency, decline in NPL, and digital
banking products. BBTN will also target other housing
loans, e.g., financing for housing equipment (sofa, kitchen tools, etc) as well as education loans. In addition, CEO
Maryono also expects 20-30% fee-based income growth
in 2016 as supported by digital banking products. Source:
Bisnis Indonesia (angga.aditya@trimegah.com)
ASII: 4W market share stable, 2W market share to

increase next year
ASII expect its 4W market share to be sustained in 2016 at
the ~50% level amid tough market conditions. Meanwhile,
ASII expects its 2W market share to increase to 70% from
its current 68%. ASII expects its non-auto segment contribution to increase next year from the current 35% of net
profit.
Source:
Bisnis
Indonesia
(willinoy.sitorus@trimegah.com)
AKRA to obtain USD70m loan to finance its terminal
tank capacity expansion
70%-80% of the funds will be raised through external
loans. Currently its tank terminal capacity is 250.8k kl and
will expand to 450.8k kl. Source: Bisnis Indonesia
TOTL: expects 2016 revenue to reach IDR2.6trn, up
13.0% YoY
Next years revenue growth will be driven by new construction projects which have been obtained. Source: Bisnis
Indonesia (jennifer.yapply@trimegah.com)
KLBF: Capex in 2016F reached Rp 1.2trn
This is an increase of 20% from 2015F Capex target of Rp
900bn-1trn. In 2016F, KLBF plans to expand its Biosimilar
factory (~Rp 500-600bn), OTC (~Rp 250-300bn), and
branches in Eastern Indonesia (~Rp 250-300bn). Source:
Investor Daily (patricia.gabriela@trimegah.com)
ITMG: To close Tandung Mayang mine
The govt has yet to decide on cheaper gas supplies

This could revive industries on North Sumatra after 20k
employee layoffs deriving from soaring gas prices. The
govt prepares to reduce gas prices by 1 Jan 16. Source:
The Jakarta Post (willinoy.sitorus@trimegah.com)
OJK: insurance and pension funds to have govt
bonds allocation of 20-30%
OJK plans to regulate the insurance and pension funds by
setting minimum government bonds allocation of 20-30%
of its investment portfolio. Source: Bisnis Indonesia
As mining operation is done. Assets and human resources

will be transferred to PT Tambang Raya Usaha Tama, a
subsidiary doing internal service contractor business. ITMG
also planned to close another mine operated by PT Jorong
Barutama Greston in 2017, if they didnt get to acquire
another pit around the area. Regarding PLTU Java 7, there
is still no clarity on tender winner. Source: Kontan
(kevie.aditya@trimegah.com)
APLN: to further develop their Bogor site, Vimala Hills
By launching two new condominium towers named Vimala
View worth Rp800mn, adding 500 additional units available
for sale. ASP guided at Rp27mn psm. Source: Investor
Daily (wisnu.budhiargo@trimegah.com)
TRIM DAILY
News of the Day

Indonesian Cement Association (ASI) released Oct domestic sales volumes, and here are the highlights:
Oct industry sales volume grew by 12.2% YoY and 11.66% MoM, supported by strong growth in bulk, and rebound
in bag sales
We believe that this is due to the progressing infra projects, as well as further development of Jokowis one million
house program
Cumulatively, total sales volume has inched up by 1.6% from 10M14. For the listed companies, only SMBR was
booking positive domestic sales growth (+26.5%). SMCB booked an overall +2.6% sales growth, but due to clinker
export, while domestic sales volume still -2.23%
Out of industry volume, SMGR have some 47% market share in bulk, which we expect to continue to help the companys sales going forward
Market share-wise, using total cement sales as the base, compared to September 2015, other than INTP (which
market share rose to 27.8% from 26.7%), other listed cement companies market share slid down. SMGR to 42.5%
from 43%; SMCB to 15.1% from 15.4% and SMBR to 2.6% from 2.8%. (jennifer.Yapply@trimegah.com)
Oct-15
SMGR
INTP
SMCB
SMBR
Industry
YoY (%)
MoM (%)
Total
2,749
1,801
975
169
6,471
12.23%
11.66%
Domestic
2,713
1,754
939
169
6,351
10.28%
11.85%
36
47
37
120
1572.69%
2.46%
1,959
754
1,331
424
763
176
117
52
4,735
1,615
6.01%
25.03%
11.82%
11.95%
Market Share
42.5%
27.8%
15.1%
2.6%
10M15
Total
Domestic
Export
SMGR
21,353
20,926
427
INTP
13,858
13,729
129
SMCB
7,319
6,973
347
SMBR
1,256
1,256
0
Industry
49,812
48,906
906
YoY (%)
1.64%
0.31%
254.16%
Bags
Bulk
15,916
5,010
10,461
3,268
5,674
1,298
844
413
37,411
11,495
-2.10%
9.11%
Market Share
42.9%
27.8%
14.7%
2.5%
Export
Bags
Bulk
Source: ASI, TRIM research
TRIM DAILY
Table
Indo Market PE vs 10yr Bond Yield
JCI PE (LHS)
(X)
18.0
5yr Bond Yield Indo (USD) vs US Bond Yield
Indo 10Yr Bond Yield (RHS)
17.0
(%)
10.0
4.5
9.5
4.0
9.0
16.0
8.5
Bond Yield US
(%)
Ind 5yr Bond Yield Indo in USD
3.5
3.0
2.5
15.0
8.0
2.0
7.5
14.0
1.5
7.0
1.0
Indo Market PE vs Regional (Weekly)

Weekly
Hang Seng
Singapore
Thailand
Philippines
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Feb-15
Mar-15
Jan-15
0.0
Feb-15
12.0
6.0
Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov14 14
15
15 15
15 15
15 15
15
15 15
15
Dec-14
0.5
Nov-14
6.5
Dec-14
13.0
Foreign Fund Flow in last 5 & 30 days

Malaysia
Indonesia
(x)
22.0
5 Days
(USDmn)
30 Days
100
62
2
0
20.0
-109
18.0
(200)
16.0
(300)
-11
-51
-115
(100)
-88
-185
-260
(400)
14.0
(500)
12.0
-467
(600)
10.0
-651
(700)
-670
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
85
INDIA
VIETNAM
CPO Price, Soybean Price (both 1m Futures)
Gold (RHS)
(USD)
THAILAND
PHILIPPINES
INDONESIA
2015
2015
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2010
6.0
SOUTH KOREA
(800)
8.0
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
80
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
75
70
1,100
65
60
900
55
50
700
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Feb-15
Mar-15
Jan-15
Dec-14
Oct-15
Nov-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
Apr-15
May-15
Apr-15
Mar-15
Feb-15
Jan-15
Feb-15
Dec-14
Dec-14
500
Nov-14
40
Nov-14
45
TRIM DAILY
Table
Coal Price (Newcastle) vs Coal Sector
Coal (LHS)
CPO Price (1m Futures in Malaysia) vs CPO Sector

CPO Malaysia (LHS)
COAL Sector (RHS)
CPO Sector (RHS)
(MYR / Ton)
(USD/MT)
80
250
3,000
90
80
70
200
2,500
70
60
2,000
50
60
150
50
1,500
40
40
100
30
30
1,000
20
50
20
500
10
10
ANTM (LHS)
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
Apr-15
Apr-15
May-15
Feb-15
Mar-15
Jan-15
Feb-15
Dec-14
Dec-14
0
Nov-14
INCO, ANTM vs Nickel price (LME)

INCO (LHS)
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
Nov-14
Feb-15
0
Dec-14
ANTM vs Gold price
Nickel LME (RHS)
(Rp)
4,500
(USD /MT)
18,000
4,000
16,000
3,500
14,000
ANTM (LHS)
(Rp)
1,000
Gold (RHS)
(USD troy oz.)

1,400
900
1,300
800
1,200
700
3,000
1,100
12,000
600
2,500
1,000
10,000
500
900
2,000
8,000
1,500
6,000
1,000
4,000
200
500
2,000
100
600
500
TINS (LHS)
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Feb-15
Mar-15
Feb-15
Jan-15
Dec-14
Dec-14
700
Nov-14
TINS vs Tin price (LME)

(Rp)
1,400
800
300
Nov-15
Oct-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Mar-15
Feb-15
Feb-15
Jan-15
Dec-14
Dec-14
Nov-14
400
GIAA vs Brent Crude Oil

Tin LME (RHS)
(USD/MT)
24,000
GIAA (LHS)
Crude Oil Brent (RHS)
(Rp)
700
(USD bbl)
100
21,000
1,200
600
80
18,000
1,000
500
15,000
800
60
400
12,000
600
9,000
400
300
6,000
200
3,000
100
40
20
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Feb-15
Mar-15
Feb-15
Jan-15
0
Dec-14
0
Dec-14
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Mar-15
Feb-15
Jan-15
Feb-15
Dec-14
Dec-14
Nov-14
Nov-14
200
TRIM DAILY
World Economic Calendar

Date Time
Country Event
Period
Survey
Actual
Prior
11/3/2015
US
Factory Orders
Sep
-0.9
-1.0
-1.7
11/4/2015
EC
Markit Eurozone Services PMI
Oct F
54.2
54.1
54.2
54
53.9
54
--
-0.8
-3.5
11/5/2015
11/6/2015
EC
Markit Eurozone Composite PMI
Oct F
US
MBA Mortgage Applications
30-Oct
US
ADP Employment Change (USDbn)
Oct
180
182.0
200
US
Trade Balance (USDbn)
Sep
-41
-40.8
-48.3
US
Markit US Composite PMI
Oct F
--
55.0
54.5
US
Markit US Services PMI
Oct F
54.5
54.8
54.4
US
ISM Non-Manf. Composite
Oct
56.5
59.1
56.9
EC
PPI MoM
Sep
-0.5
-0.3
-0.8
-2.6
EC
PPI YoY
Sep
-3.3
-3.1
ID
GDP YoY
3Q
4.8
4.7
4.7
US
Initial Jobless Claims ('000')
31-Oct
262
276.0
260
US
Continuing Claims ('000')
24-Oct
2140
2163.0
2144
US
Bloomberg Consumer Comfort
1-Nov
--
41.1
42.8
EC
Markit Eurozone Retail PMI
Oct
--
51.3
51.9
EC
Retail Sales MoM
Sep
0.2
-0.1
0.0
EC
Retail Sales YoY
Sep
3.0
2.9
2.3
142
US
Change in Nonfarm Payrolls ('000')
Oct
185
271
US
Change in Manufact. Payrolls ('000')
Oct
-5
-9
US
Unemployment Rate (%)
Oct
5.1
101.7
ID
Foreign Reserves (USDbn)
Oct
100.7
11/9/2015
EC
Sentix Investor Confidence
Nov
13.1
15.1
11.7
11/10/2015
US
NFIB Small Business Optimism
Oct
96.5
96.1
96.1
US
US
Import Price Index MoM (%)

Wholesale Inventories MoM (%)
Oct
Sep
-0.3
0.1
-0.1
0.5
-0.1
0.1
11/11/2015
US
MBA Mortgage Applications (%)
6-Nov
--
-1.3
-0.8
11/12/2015
US
Initial Jobless Claims ('000')
7-Nov
270
276
276
2165
2174
2163
--
41.6
41.1
11/13/2015
11/16/2015
11/17/2015
11/17/2015
US
Continuing Claims ('000')
31-Oct
US
Bloomberg Consumer Comfort
8-Nov
EC
Industrial Production SA MoM
Sep
-0.1
--
-0.5
EC
US
US
Industrial Production WDA YoY

Monthly Budget Statement (USDbn)
Retail Sales Advance MoM (%)
Sep
Oct
Oct
1.3
-130
0.2
----
0.9
-0.1
-0.3
US
Retail Sales Ex Auto MoM (%)
Oct
0.4
--
US
Retail Sales Ex Auto and Gas (%)
Oct
0.4
--
0.0
US
PPI Final Demand MoM (%)
Oct
0.2
--
-0.5
US
PPI Ex Food and Energy MoM (%)
Oct
0.1
--
-0.3
US
PPI Final Demand YoY (%)
Oct
-1.2
--
-1.1
US
PPI Ex Food and Energy YoY (%)
Oct
--
--
0.8
US
U. of Mich. Sentiment
Nov P
91.5
--
90
EC
Trade Balance SA (USDbn)
Sep
19.3
--
19.8
EC
Trade Balance NSA (USDbn)
Sep
16
--
11.2
EC
GDP SA QoQ (%)
3Q A
0.4
--
0.4
EC
GDP SA YoY (%)
3Q A
1.7
--
1.5
US
Empire Manufacturing
Nov
-5
--
-11.4
ID
Trade Balance (USDmn)
Oct
--
--
1017
ID
Exports YoY
Oct
--
--
-18.0
EC
CPI MoM
Oct
--
--
0.2
EC
CPI YoY
Oct F
--
--
0.0
EC
CPI Core YoY
Oct F
--
--
1.0
US
CPI MoM
Oct
--
--
-0.2
US
CPI Ex Food and Energy MoM
Oct
--
--
0.2
TRIM DAILY
Corporate Action
Warrant
Code
Price
Exercise
INVS-W
165
SUGI-W
100
MCOR-W
200
Maturity Emiten
8-May-15 Inovisi Infracom
21-May-15 Sugih Energy
Description
WARAN SERI I INOVISI INFRACOM
WARAN SERI II SUGIH ENERGY
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
TRIM DAILY
10
Statistics
JCI
4,462.2
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
Commodities
C RB Index
Oil & Gas
10.6
-14.63%
5.67%
4,552
4,439
4,952
Ma rket Div. Yield (%) 2.9%
5,219.6
582.5
759.3
660.0
897.3
914.0
2,004.5
817.5
1,139.7
383.4
479.9
1,670.6
+/9.9
-2.4
2.6
6.6
13.2
-7.3
-14.3
1.0
-24.1
-1.7
4.9
11.2
(%)YTD (%)
0.2
-15.8
-0.4
-15.7
0.3
-15.5
1.0
-9.8
1.5
-22.7
-0.8
-33.2
-0.7
-8.0
0.1
-7.0
-2.1
-12.8
-0.5
-29.5
1.0
-8.6
0.7
-28.9
186.4
+/-1.9
(%)YTD (%)
-1.02
-18.9
-1.8
-1.2
-0.0
-0.1
-3.82
-2.75
-0.13
-0.19
-23.1
-21.7
-22.1
-16.0
-26.5
-250
-205
-1.75
-2.59
-1.38
-18.8
-37.9
-24.6
-3.9
-0.0
-0.36
-0.27
-8.7
-8.8
-1.0
-4.8
-0.3
3.3
2.3
-0.04
-0.39
-0.07
0.66
0.26
-2.4
-25.2
-8.8
-15.6
-15.3
Brent Crude Oil (USD/bbl)
44.1
Nymex Oil (USD/bbl)
41.8
Natural Gas
2.3
C OAL (AUS Daily)
52.1
Industrial Metals
Aluminum (USD/tonne)
1,489.0
Nickel (USD/tonne)
9,410
Tin (USD/tonne)
14,620
Precious Metal
Gold (USD/t oz.)
1,081.0
Silver (USD/t oz.)
14.2
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,236
Rubber (JPY/kg)
1,227
C orn (USD/bu.)
362
Wheat (USD/bu.)
498
Soybeans (USD/bu.)
863
JCI Winners (%)
0.2%
Volume (m)
3,530
Value (Rpbn)
4,372
Mkt C ap (Rptr)
4,665
Market 2015 P/E (x) 12.8
JCI Losers (%)
Indices
Region
MXWO
MSC I Word
1,671.5
SPX
S&P 500
2,046.0
US
Dow Jones Industrial
17,448.1
Nasdaq
US
5,005.1
Europe
EURO 50
Europe
372.6
FTSE
London
6,178.7
DAX
Jerman
10,782.6
C AC
France
4,856.7
SMI
Swiss
8,816.9
BRIC
BOVESPA
Brazil
46,883.6
MIC EX
Russia
1,740.0
SENSEX
India
25,867.0
NIFTY
India
7,825.0
SHC OMP
C hina
3,632.9
SZC OMP
C hina
2,259.5
Developed ASIA
Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
Kurs
VNINDEX
USDEUR
USDGBP
USDC HF
USDC AD
USDAUD
USDNZD
USDJPY
USDC NY
USDHKD
USDSGD
Rupiah
JCI Value (Rpbn)

-
100
200
Japan
Japan
Hong kong
S.Korea
Taiwan
Singapore
19,697.8
1,593.6
22,888.9
1,993.4
8,428.1
2,959.0
Thailand
1,384.3
Philipines
6,909.8
Malaysia
1,663.2
Region
Vietnam
605.6
Euro
0.925
UK
0.657
Switzerland
1.000
C anada
1.329
Australia
1.403
New Zealand
1.528
Japan
122.61
C hina
6.37
Hongkong
7.750
Singapore
1.419
Indonesia
13,597
JCI Volume (mn Lot)
300
100
+/-20.39
-29.03
(%) Y T D ( %)
-1.21
-2.23
-1.40
-0.63
-254.2
-61.94
-1.44
-1.22
-2.10
5.68
-6.15
-118.52
-125.2
-95.86
-67.61
-1.62
-1.88
-1.15
-1.94
-0.76
8.78
-5.90
9.96
13.66
-1.85
-181
-0.60
0.0
0.0
-17.35
6.28
-0.39
-0.03
0.00
0.00
-0.48
0.28
-6.25
24.59
-5.94
-5.53
12.31
59.66
6.4
-1.75
537
-3.91
13.1
-22.58
0.03
-0.11
2.40
-0.20
0.16
-0.76
12.88
13.22
-3.03
4.06
-9.45
-12.07
-5.86 -0.42
-7.57
-73.9 -1.06
-4.44
-2.12 -0.13
-5.57
D ( %)
+/2.05 (%)
0.34 Y T 10.99
-0.006
-0.6
15.6
-0.001
-0.1
9.4
-0.004
-0.4
0.0
0.003
0.2
10.8
-0.013
-0.9
17.0
0.003
0.2
17.6
-0.250
-0.2
2.3
0.00
0.0
2.7
-0.000
-0.0
-0.6
-0.001
-0.1
9.1
-3.0
-0.0
9.8
JCI Freq (x)
200
ADRO
BMRI
212
META
169
KREN
-3.4
INCO
BBRI
205
PPRO
158
LMPI
-3.3
SMGR
ASII
184
MYRX
HMSP
TLKM
183
ANTM
-2.6
ASII
HMSP
3.3
-2.6
MYOR
BBNI
BMRI
2.4
-2.1
BDMN
SCMA
2.3
-1.6
TLKM
1.9
BBRI
0.5
MAYA
25.0
EXCL
11.1
CTRA
6.0
SMRA
5.4
GGRM
4.3
BBNI
-4.7
-3.3
-1.4
-1.1
137
123
BMRI
7,317
7,094
5,412
BBNI
4,932
PWON
71
SSMS
4,899
94
KIJA
69
SCMA
4,836
MYRX
92
TAXI
68
BOLT
4,835
UNVR
SSMS
92
TLKM
68
KLBF
4,667
INDF
KREN
88
SUGI
66
TAXI
4,609
UNTR
MIKA
82
ASRI
55
TLKM
4,530
110
TRIM DAILY
11
Historical Technical Trading Ideas (1)
Ticker
Last
Technical Call
JCI
4,589
strengthened
PTPP
3,805
Buy
GGRM
43,425
Buy
SMRA
1,420
Buy
BBRI
10,550
Buy
BBTN
1,095
Buy
SRIL
Ticker
JCI
NIRO
392
Trd. Buy
Last
Technical Call
4,589
strengthened
128
Buy
DMAS
230
Buy
SMCB
1,100
Buy
ITMG
10,500
Buy
SRIL
392
Buy
3,000
Sell
Last
Technical Call
JCI
4,487
strengthened
TLKM
2,740
Buy
TBIG
PGAS
Ticker
6,400
Buy
PWON
397
Buy
ASRI
398
Buy
ASII
6,125
Sell
PGAS
2,950
Sell
Last
Technical Call
4,589
strengthened
Ticker
JCI
TINS
710
Buy
INCO
2,310
Buy
BBNI
5,025
Sell
BBRI
10,550
Sell
PWON
416
Buy
SMGR
10,550
Buy
Ticker
JCI
Last
Technical Call
4,344
strengthened
AALI
20,325
Buy
BMRI
8,200
Buy
367
Buy
BBNI
4,400
Buy
ITMG
10,000
Sell
SMGR
10,050
Spec Buy
PWON
12-Oct-15
Chg (%)
4,612
3,830
43,700
1,440
10,675
1,105
397
9-Oct-15
130
231
1,105
10,850
397
2,995
2,710
6,450
390
377
6,325
2,890
730
2,410
5,025
10,675
420
10,700
4,446
20,000
8,900
383
4,535
10,175
10,075
0.66%
Correct
0.63%
Correct
1.41%
Correct
1.18%
Correct
0.91%
Correct
1.28%
Correct
Recommendation
0.48%
Correct
1.56%
Correct
0.43%
Correct
0.45%
Correct
3.33%
Correct
1.28%
Correct
-0.17%
Correct
Recommendation
0.10%
Correct
-1.09%
Incorrect
0.78%
Correct
-1.76%
Incorrect
-5.28%
Incorrect
3.27%
Incorrect
-2.03%
Correct
Chg (%)
4,612
6-Oct-15
Correct
Chg (%)
4,491
7-Oct-15
0.48%
Chg (%)
4,612
8-Oct-15
Recommendation
Recommendation
0.48%
Correct
2.82%
Correct
4.33%
Correct
0.00%
Incorrect
1.18%
Incorrect
0.96%
Correct
1.42%
Correct
Chg (%)
Recommendation
2.35%
Correct
-1.60%
Incorrect
8.54%
Correct
4.36%
Correct
3.07%
Correct
1.75%
Incorrect
0.25%
Correct
TRIM DAILY
12
Ticker
Last
Technical Call
JCI
4,208
strengthened
ITMG
9,725
Spec Buy
PWON
339
Spec Buy
ANTM
481
Spec Buy
PTPP
3,585
Buy
GGRM
44,450
Buy
SSMS
1,730
Buy
Ticker
Last
Technical Call
JCI
4,255
Weakening
PTPP
3,580
Buy
ASII
5,275
Buy
AALI
19,300
Buy
TINS
680
Buy
2,545
Buy
43,300
Buy
INCO
GGRM
Ticker
Last
Technical Call
JCI
4,224
strengthened
TLKM
2,645
Buy
TBIG
6,550
Buy
ROTI
1,175
Buy
UNVR
38,000
INCO
2,185
Trd. Buy
TINS
640
Trd. Buy
Ticker
Buy
Last
Technical Call
JCI
4,178
strengthened
PTPP
3,475
Buy
BBNI
4,070
Buy
BBRI
8,350
Buy
5,300
Buy
GGRM
ASII
42,750
Sell
UNTR
16,900
Sell
Last
Technical Call
JCI
Ticker
4,121
Weakening
PTPP
3,410
Buy
ROTI
1,145
Buy
TBIG
6,400
Buy
AKRA
5,875
Sell
BBTN
1,000
Sell
LSIP
1,400
Sell
5-Oct-15
4,344
10,000
367
481
3,700
46,600
1,795
2-Oct-15
4,208
3,585
5,125
19,100
665
2,480
44,450
1-Oct-15
4,255
2,630
6,500
1,180
38,800
2,545
680
30-Sep-15
4,224
3,465
4,135
8,650
5,225
42,000
17,475
29-Sep-15
4,178
3,475
1,125
6,400
5,950
995
1,415
Chg (%)
3.23%
Recommendation
Correct
2.83%
Correct
8.26%
Correct
0.00%
Correct
3.21%
Correct
4.84%
Correct
3.76%
Correct
Chg (%)
-1.11%
Recommendation
Correct
0.14%
Correct
-2.84%
Incorrect
-1.04%
Incorrect
-2.21%
Incorrect
-2.55%
Incorrect
2.66%
Correct
Chg (%)
Recommendation
0.73%
Correct
-0.57%
Incorrect
-0.76%
Incorrect
0.43%
Correct
2.11%
Correct
16.48%
Correct
6.25%
Correct
Chg (%)
Recommendation
1.09%
Correct
-0.29%
Incorrect
1.60%
Correct
3.59%
Correct
-1.42%
Incorrect
-1.75%
Correct
3.40%
Incorrect
Chg (%)
Recommendation
1.41%
Incorrect
1.91%
Correct
-1.75%
Incorrect
0.00%
Correct
1.28%
Incorrect
-0.50%
Correct
1.07%
Incorrect
TRIM DAILY
13
Ticker
Last
Technical Call
JCI
4,209
Rebound
TLKM
2,655
Buy
PTPP
3,470
Buy
BBNI
4,110
Buy
BBRI
8,550
Buy
ADRO
585
Buy
AKRA
6,000
Sell
Last
Technical Call
JCI
4,244
Weakening
ITMG
9,500
Buy
TBIG
6,550
Buy
LSIP
1,320
Buy
AALI
17,925
Buy
INCO
1,870
Buy
TINS
620
Buy
Last
Technical Call
JCI
4,344
Weakening
LSIP
1,260
Buy
ASII
5,800
Buy
TBIG
Ticker
Ticker
6,800
Buy
ADRO
595
Buy
SRIL
373
Buy
BWPT
254
Sell
Last
Technical Call
JCI
Ticker
4,376
Rebound
TLKM
2,730
Buy
AALI
18,100
Buy
ASII
5,800
Buy
BBNI
4,330
Buy
DILD
625
Buy
ROTI
1,175
Buy
Last
Technical Call
Ticker
JCI
4,380
Weakening
ROTI
1,175
Buy
SCMA
2,780
Buy
GGRM
42,825
Buy
TLKM
2,690
Buy
EXCL
2,395
Sell
895
Sell
WTON
28-Sep-15
4,121
2,600
3,410
3,940
8,300
550
5,875
25-Sep-15
4,209
9,150
6,500
1,400
17,950
2,080
645
23-Sep-15
4,244
1,320
5,500
6,550
580
377
246
22-Sep-15
4,344
2,700
17,900
5,800
4,300
610
1,150
21-Sep-15
4,376
1,175
2,800
43,025
2,730
2,415
885
Chg (%)
Recommendation
-2.11%
Incorrect
-2.07%
Incorrect
-1.73%
Incorrect
-4.14%
Incorrect
-2.92%
Incorrect
-5.98%
Incorrect
-2.08%
Correct
Chg (%)
Recommendation
-0.82%
Correct
-3.68%
Incorrect
-0.76%
Incorrect
6.06%
Correct
0.14%
Correct
11.23%
Correct
4.03%
Correct
Chg (%)
Recommendation
-2.29%
Correct
4.76%
Correct
-5.17%
Incorrect
-3.68%
Incorrect
-2.52%
Incorrect
1.07%
Correct
-3.15%
Correct
Chg (%)
Recommendation
-0.73%
Incorrect
-1.10%
Incorrect
-1.10%
Incorrect
0.00%
Correct
-0.69%
Incorrect
-2.40%
Incorrect
-2.13%
Incorrect
Chg (%)
Recommendation
-0.10%
Correct
0.00%
Correct
0.72%
Correct
0.47%
Correct
1.49%
Correct
0.84%
Correct
-1.12%
Correct
TRIM DAILY
14
Ticker
Last
Technical Call
JCI
4,378
strengthened
BBNI
4,350
Buy
SCMA
2,700
Buy
UNVR
39,100
Buy
640
Buy
WIKA
2,725
Sell
ROTI
1,180
Sell
Last
Technical Call
4,333
Rebound
TINS
Ticker
JCI
UNTR
18,850
Buy
TLKM
2,720
Buy
BBNI
4,315
Buy
PWON
348
Buy
SMGR
9,700
Buy
ASII
5,900
Buy
Last
Technical Call
JCI
4,347
Weakening
AKRA
5,575
Buy
UNTR
18,200
Buy
BBNI
4,360
Buy
BMRI
8,700
Buy
WIKA
2,675
Sell
MPPA
2,290
Sell
Last
Technical Call
JCI
4,390
Weakening
BBNI
4,450
Buy
Ticker
Ticker
BBCA
12,100
Buy
AKRA
5,750
Buy
SMRA
1,330
Buy
19,975
Sell
2,665
Sell
Last
Technical Call
JCI
4,360
Rebond
LSIP
1,170
Buy
INTP
PGAS
Ticker
BWPT
275
Buy
KLBF
1,550
Buy
AALI
18,000
Sell
ADRO
565
PGAS
2,685
Spec. Buy
Sell
18-Sep-15
4,380
4,285
2,780
39,100
620
2,710
1,175
17-Sep-15
4,378
18,675
2,680
4,350
351
9,700
5,925
16-Sep-15
4,333
5,575
18,850
4,315
8,650
2,660
2,245
15-Sep-15
4,347
4,360
11,950
5,575
1,300
19,300
2,620
14-Sep-15
4,390
1,210
275
1,545
18,125
570
2,665
Chg (%)
Recommendation
0.04%
Correct
-1.49%
Incorrect
2.96%
Correct
0.00%
Correct
-3.13%
Incorrect
-0.55%
Correct
-0.42%
Correct
Chg (%)
Recommendation
1.06%
Correct
-0.93%
Incorrect
-1.47%
Correct
0.81%
Incorrect
0.86%
Incorrect
0.00%
Correct
0.42%
Correct
Chg (%)
Recommendation
-0.34%
Correct
0.00%
Correct
3.57%
Correct
-1.03%
Incorrect
-0.57%
Incorrect
-0.56%
Correct
-1.97%
Correct
Chg (%)
Recommendation
-0.98%
Correct
-2.02%
Correct
-1.24%
Correct
-3.04%
Incorrect
-2.26%
Incorrect
-3.38%
Correct
-1.69%
Correct
Chg (%)
Recommendation
0.69%
Correct
3.42%
Correct
0.00%
Correct
-0.32%
Incorrect
0.69%
Incorrect
0.88%
Correct
-0.74%
Correct
TRIM DAILY
15
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
(sebastian.tobing@trimegah.com)
Gina Novrina Nasution, CSA
Technical Analyst
(gina.nasution@trimegah.com)
M. Dian Octiana
Equity Analyst
(dian.octiana@trimegah.com)
Jennifer Yapply
Equity Analyst
(jennifer.yapply@trimegah.com)
Paula Ruth
Equity Analyst
(paula@trimegah.com)
Wisnu Budhiargo
Equity Analyst
(wisnu.budhiargo@trimegah.com)
Dini Agmivia Anggraeni

Fixed Income/Macro Analyst
(dini.anggraeni@trimegah.com)
Angga Aditya Assaf

Equity Analyst
(angga.aditya@trimegah.com)
Patricia Gabriela
Equity Analyst
(patricia.gabriela@trimegah.com)
Yeni Simanjuntak
On-the-ground Analyst
(yeni.simanjuntak@trimegah.com)
Willinoy Sitorus
Equity Analyst
Kevie Aditya
Equity Analyst
(kevie.aditya@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
Institutional Sales Team

Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)
Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)
Fachruly Fiater
(fachruly.fiater@trimegah.com)
Raditya Andyono
(raditya.andyono@trimegah.com)
Meitawati
(meitawati.edianingsih@trimegah.com)
Henry Sidarta
(henry.sidarta@trimegah.com)
Nancy Pardede
(nancy.pardede@trimegah.com)
Retail Sales Team

JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Tantie Rivi Watie

Pekanbaru, Riau
(tantierw@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
EAST INDONESIA
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Eddy Sumarli
Puri Kencana, Jakarta
(eddy.sumarli@trimegah.com)
Very Wijaya
BSD, Tangerang
(very.wijaya@trimegah.com)
Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
CENTRAL JAVA, AREA

Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Mariana Kusuma Wati
Semarang, Jawa Tengah
Mariana.kusuma@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)
Arifin Pribadi
Makasar, Sulawesi Selatan
(arifin.pribadi@trimegah.com)
TRIM DAILY
16
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.
This report was prepared, approved, published and distributed by PT Trimegah Securities Tbk located outside of the United States (a non-US
Group Company). This report is distributed in the U.S. by Enclave Capital LLC (Enclave Capital), a U.S. registered broker dealer, on behalf of
PT Trimegah Securities Tbk only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934
(the Exchange Act)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in
this report must be effected through Enclave Capital. Neither the report nor any analyst who prepared or approved the report is subject to U.S.
legal requirements or the Financial Industry Regulatory Authority, Inc. (FINRA) or other regulatory requirements pertaining to research
reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the
Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.

TRIM Daily

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

TRIM Daily

Încărcat de

Drepturi de autor:

Formate disponibile

TRIM Daily

Nov 13, 2015

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)

We expect SMGR to further strengthen, with

Based on technical analysis, as its Stochastic

PT Trimegah Securities Tbk - www.trimegah.com

Investor Summit Takeaway

Mega Manunggal Property (MMLP IJ; Not Rated Rp850)

Average combined occupancy of their warehouses (approx. 163,000sm by 9M15) is at 95%.

MMLP is being traded at 32x annualized FY15 P/E

Acset Indonusa (ACST IJ; Not Rated; Current price: Rp4,000)

PT Trimegah Securities Tbk - www.trimegah.com

Investor Summit Takeaway

PT Gudang Garam Tbk (GGRM; BUY TP Rp52,800)

The company is currently trading at 18.4x P/E 2016F.

Kalbe Farma (KLBF IJ; Sell TP Rp1,200)

The stock is currently trading at 31x 2016F P/E.

PT Trimegah Securities Tbk - www.trimegah.com

Investor Summit Takeaway

PANR was established back in 1972.

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

GGRM: is seeking IDR9trn loan to purchase excise tax

Meanwhile, spending realization reached Rp 1,408.7tn

ASII: 4W market share stable, 2W market share to

The govt has yet to decide on cheaper gas supplies

PT Trimegah Securities Tbk - www.trimegah.com

As mining operation is done. Assets and human resources

News of the Day

Source: ASI, TRIM research

PT Trimegah Securities Tbk - www.trimegah.com

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

Indo 10Yr Bond Yield (RHS)

Ind 5yr Bond Yield Indo in USD

Indo Market PE vs Regional (Weekly)

Foreign Fund Flow in last 5 & 30 days

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

Coal (mt) (LHS)

(USD/ Troy oz.)

CPO Price, Soybean Price (both 1m Futures)

CPO Malaysia (LHS)

PT Trimegah Securities Tbk - www.trimegah.com

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

COAL Sector (RHS)

CPO Sector (RHS)

INCO, ANTM vs Nickel price (LME)

ANTM vs Gold price

Nickel LME (RHS)

(USD troy oz.)

TINS vs Tin price (LME)

GIAA vs Brent Crude Oil

Crude Oil Brent (RHS)

PT Trimegah Securities Tbk - www.trimegah.com

World Economic Calendar

Markit Eurozone Services PMI

Markit Eurozone Composite PMI

MBA Mortgage Applications

ADP Employment Change (USDbn)

Trade Balance (USDbn)