TRIM Daily

TRIM Daily
Dec 4, 2015
TRIM Highlights
1mn housing programs pace is below target, with only up to 627k houses
built or under construction so far. BBTN (Buy, TP 1150) is the largest beneficiary of 1mn housing program with 18% YoY loan growth as of 10m15 despite only 627k houses being built, positive. We have been pushing TLKM
(Buy, TP 3300) hard in the past couple of days and share price has performed well. Telcos have upside room in ROIC and ROE as they move toward
4G technology. Freeport plans to build the first smelter in Gresik, East Java.
We are confident this will be built in AKRA (Buy, TP 6350)s new industrial
estate. MARI: launching IPO bookbuilding with 750-1100 price range, implying 10.014.6x 2016 PE, please contact us for more details.
JCI
4,537
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
-0.19%
3,367
3,938
4,801
12.9
2.8%
Global Indices
Global Wrap
ECB cut further benchmark deposit rate from -0.20% to -0.30% last night,
yet the cut was below market expectation of 15-20bps. The central bank also
did not increase the amount of government bonds it buys while the six-month
extension of the program was perceived as bare minimum, given traders
looked for an extension of one year or even making it an open-ended plan.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,477.7
5,037.5
19,939.9
2,883.9
6,275.0
22,417.0
-252.0
-85.7
2
0.3
-145.9
-63
-1.4
-1.7
0.0
0.0
-2.3
-0.3
Technical Market View

Jakarta Composite Index (JCI) down by 8 point or 0.2% to 4537 yesterday.
Index movers were mostly driven by mining (-1.4%), agriculture (-0.9%)
and property construction (-0.7%). Total transaction value was Rp3.9tr.
foreign recorded Rp395bn net sell. We expect JCI to further strengthen, with
todays trading range of 4501-4600.
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
10 yr US govt bond (%)
Technical analysis: trading picks

Stock
TLKM
Price
3035
Rating
Buy
Reason
TLKM remains in the long term bullish pattern.
With a white formation TLKM and potential
golden cross on its stochastic oscillator TLKM
is a Buy. TLKMs support and resistance level
ranging between 2900-3125 for today.
C hg
%
65 0.5
0.0 0.2
0.12 5.5
6.18 -0.10 -5.2
20.6
-0.2 -0.8
(3,051)
-29 0.9
13,845
8.48
2.3
Spread (%)
EIDO
Foreign YtD (USDmn)
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
6,000
HMSP
97600
Buy
Price (LHS)
(Rpbn)
8,000
HMSP remains strong with potential upside in

the range of 9550-99000 for today.
7,000
5,000
MIKA
MEDC
2295
960
ICBP
12675
ISAT
5400
MIKA is a long term bullish, it formed a white

long candle with increasing transaction volBuy
umes, indicates further upward movement for
today with support and resistance levels of
2200-2375
We expect MEDC to trade up today in the
Trading
range of 940-995. Buy at level 940 with target
Buy
price 995 (resistance)
ICBP is short-term bearish pattern remains,
Sell
we expect ICBP to move downward today
within the trading range of 12100-13400
Sell
6,000
5,000
4,000
4,000
3,000
3,000
2,000
1,000
2,000
Dec-14
Feb-15
Apr-15
Jun-15
Aug-15
Oct-15
0
Dec-15
ISAT today is expected to continue its weakening trend and trade in 5250-5700 range
PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
News of the Day

ERAA: keeps expanding in Malaysia
Kino Indonesia to have an IPO
By opening 15 new outlets in FY16. The management

stated that the company has had outlets under brand
Urban Republic, following the acquisition of CG Computers Sdn Bhd in FY14. In 8M15, ERAA had 3 Urban Republic outlets. For domestic expansion, the company aims to
open 50 new outlets in FY16. Source: Bisnis Indonesia.
(dian.octiana@trimegah.com)
Kino Indonesia to have an IPO by selling new shares

amounting to 228.6m shares, which is 16% of its enlarged
shares. The offering price is IDR3,800/share with total
proceeds of IDR868bn. The proceeds would be used for
inorganic expansion (27%), capex for organic growth
(50%) and working capital (23%). The listing date will be
on 11 December. Source: Bisnis Indonesia
(willinoy.sitorus@trimegah.com)
HMSP: to rent out 4 warehouses to PMID

With total 4,028sqm area, located in Karawang. Total
revenue expectation is c. Rp12bn, of which Rp6bn will be
paid 5 days after the agreement has been signed (~8
Dec 15), and the rest will be paid in Jun 16 for the
latest. Source: Bisnis Indonesia.
Comment: we are neutral for the news, as it is a nonmaterial transaction. HMSP only aims to maximize its
unused asset. (dian.octiana@trimegah.com)
Freeport to invest US$700mn for smelter
Amidst all the debacle regarding Freeport, the company
maintain its commitment to construct US$700mn smelter
in Gresik, East Java. The funding for the investment will
be a using the companys internal cash, while Riza
Pratama, spokeperson for Freeport Indonesia, mentioned
that total investment for the smelter will amount to
US$2.3bn. Source: Kontan
Million House Program realization comes in below
target
Ministry of Public Works and Public Housing stated that
the realization of million house has only come in at 400k
houses p.a. Eddy Hussy, Chairman of REI, mentioned
that developers under REI has built 138,121 units by
November, while currently a total 627.895 units of houses has been on construction by November. Source: Kontan (jennifer.yapply@trimegah.com)
IDX to prepare a scheme ensuring Freeports floated shares on the hands of domestic investors
IDX to prevent foreign investors from buying Freeport
Indonesias shares if the mining giant decides to float its
shares on the local stock market. IDX would prepare a
scheme to ensure the shares floated would stay in the
hands of domestic investors at least for certain period of
time. Source: The Jakarta Post
Economic package VII to be issued today

No details is provided yet one of articles involves with
taxes. Source: Bisnis Indonesia
Until Nov 26th, KUR lending realization was only
47% of FY15 target
Until the 14th week since the launch of KUR program, the
government reported the lending has only reached
Rp14.1tn or 47% of FY15 target of Rp30tn. However,
Ministry of Small and Medium Businesses Deputy, Braman
Setyo, still hopes that the FY15 target can be met. The
government has prepared Rp10.5tn interest subsidy budget and Rp2.1tn for guarantor compensation budget for
2016. Source: Bisnis Indonesia
(angga.aditya@trimegah.com)
BBTN & PNBN: both banks to revalue their assets
this year
PNBNs Institutional Banking, Hendrawan Danusaputra,
said the company will revalue their assets this year. Likewise, BBTN will also conduct asset revaluation this year to
get the 3% tax incentive. The tier-1 capital of BBTN and
PNBN will increase by 1.6% and 2.9%, respectively.
Source: Kontan (angga.aditya.com)
BDMN: to repay its Rp921bn series II-B bonds next
week
According to BDMNs official disclosure, the company is
going to settle repayment for its Rp921bn series II-B
bonds as well as Rp20.7bn interest on December 10th,
2015. BDMNs bonds is rated AAA by Pefindo. Source:
Company, IDX (angga.aditya.com)
Pharma industry is projected to reach Rp 147trn in
2020F (+20% YoY each year)
To support this target, it will need at least Rp 215trn of
investment in production facility, lab development, infrastructure, as well as human development. This industry
forecast is based on Frost and Sullivan research that Indonesias health expenditure per capita will reach US$237 in
2018F (vs US$109 in 2012); if health budget of 5% in
APBN actually realized. Source: Bisnis Indonesia
(patricia.gabriela@trimegah.com)
TRIM DAILY
News of the Day

Telco: Ericsson estimates 2018E number of 4G LTE
subcribers to reach 56mn in Indonesia
The 2018E 4G LTE subscribers will account 14% of 2018E
total cellular subscribers (397mn). For end of 2015, it
estimates 6mn 4G LTE subscribers, accounted 2% of
2015E total cellular subscribers (353mn). This implied
number of 4G LTE subscribers will grow by ~111% CAGR
for 2015E-18E based on Ericsson forecast. According to
Ericssons President Director for Indonesia and Timor
Leste, 4G LTE handset has became more affordable. He
mentioned that cheapest LTE mobile device currently
priced at USD80 (~Rp 1mn) and expected the price to go
down further to USD50 (~Rp700K). Source: Investor
Daily, TRIM Research
Comment: We think higher affordability of 4G LTE mobile
phone is positive for all Telco companies.
(paula@trimegah.com)
TBLA: targeted Rp7tr revenue in 2016 (17% YoY
from 2015s target)
Vice President Director Sudarmo Tasmin expected
revenue of USD86mn from its biodiesel factory in its first
year of operation (expected: 2016), and will reach
USD175mn when its fully operated. He also mentioned
that factory capacity reached 1,050 tons per day, with its
main consumer PT Pertamina (Persero). Besides biodiesel
factory, TBLA also planned to complete a 8,000 tons TCD
sugar factory and a 12,000 ha sugar cane plantation in
Lampung, as well as increasing its CPO factory capacity
to 90 ton per hour. Source: Bisnis Indonesia
(kevie.aditya@trimegah.com)
DILD to operate 4 new hotels by H2 2015, amounting to 10 total hotels in their portfolio.
By 9M15, recurring income accounts for 10.3% of total
revenue, and targets 20% in 5 years. Source: Bisnis
Indonesia (wisnu.budhiargo@trimegah.com)
TRIM DAILY
Table
Indo Market PE vs 10yr Bond Yield
JCI PE (LHS)
(X)
5yr Bond Yield Indo (USD) vs US Bond Yield
Indo 10Yr Bond Yield (RHS)
(%)
18.0
17.0
4.5
9.5
4.0
9.0
16.0
8.5
Bond Yield US
(%)
10.0
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
Indo Market PE vs Regional (Weekly)

Weekly
Hang Seng
Singapore
Thailand
Philippines
Nov-15
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Mar-15
0.0
Feb-15
6.0
Jul- Aug- Sep- Oct- Nov15
15
15
15
15
Feb-15
0.5
Jan-15
12.0
Nov- Dec- Jan- Feb- Mar- Apr- May- Jun14
14
15
15
15
15
15
15
1.0
6.5
Dec-14
13.0
Dec-14
7.0
Foreign Fund Flow in last 5 & 30 days

Malaysia
Indonesia
5 Days
(USDmn)
30 Days
(x)
22.0
-84
-256
-162
20.0
(500)
-22 -44
-106
-296
-307
-417
18.0
-842
(1,000)
16.0
(1,500)
14.0
12.0
-1,391
(2,000)
-1,932
10.0
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
75
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
(2,500)
8.0
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
70
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
65
1,100
60
55
900
Nov-15
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Feb-15
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
Apr-15
May-15
Apr-15
Feb-15
Mar-15
Feb-15
Jan-15
Dec-14
500
Dec-14
40
Jan-15
700
45
Dec-14
50
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
1,000
30
20
50
10
20
500
10
ANTM (LHS)
Nov-15
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
Feb-15
Dec-14
Dec-14
INCO, ANTM vs Nickel price (LME)

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

1,400
900
1,300
800
1,200
700
1,100
12,000
3,000
600
1,000
10,000
2,500
500
900
2,000
8,000
1,500
6,000
1,000
4,000
200
500
2,000
100
600
500
Nov-15
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
700
Dec-14
Nov-15
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
TINS vs Tin price (LME)
GIAA vs Brent Crude Oil
TINS (LHS)
(Rp)
1,400
800
300
Dec-14
400
Tin LME (RHS)
(USD/MT)
24,000
GIAA (LHS)
Crude Oil Brent (RHS)
(Rp)
700
(USD bbl)
80
21,000
1,200
600
18,000
1,000
60
500
15,000
800
400
12,000
3,000
100
20
0
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
Apr-15
Apr-15
Feb-15
0
Mar-15
Nov-15
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
Feb-15
Jan-15
Dec-14
Dec-14
200
Feb-15
200
6,000
Jan-15
400
40
300
Dec-14
9,000
Dec-14
600
TRIM DAILY
World Economic Calendar

Date Time
11/25/2015
Country Event
Period
US
MBA Mortgage Applications
20-Nov
US
Personal Income (%)
Oct
0.3
0.1
0.1
1.5
-1.2
-1.2
-0.4
US
Durables Ex Transportation (%)
Oct P
0.4
-0.4
US
Initial Jobless Claims ('000')
21-Nov
271
260
271
US
Continuing Claims ('000')
14-Nov
2140
2207
2175
US
FHFA House Price Index MoM
Sep
0.5
0.8
0.3
US
Markit US Composite PMI
Nov P
--
56.1
55
US
Markit US Services PMI
Nov P
55.1
56.5
54.8
41.2
US
U. of Mich. Sentiment
Nov F
11/26/2015
EC
M3 Money Supply YoY
Oct
11/27/2015
EC
Consumer Confidence
Nov F
11/30/2015
US
Chicago Purchasing Manager
Nov
12/12/2015
0.1
Oct
22-Nov
12/10/2015
6.2
0.4
Oct P
Oct
12/09/2015
-3.2
Personal Spending (%)
Bloomberg Consumer Comfort
12/08/2015
-0.4
Durable Goods Orders (%)
New Home Sales ('000')
12/03/2015
Prior
US
US
12/02/2015
Actual
US
US
12/01/2015
Survey
--
40.9
500
495
468
93
91.3
93.1
4.8
5.3
4.9
--
-5.9
-6
54
48.7
56.2
US
Pending Home Sales MoM
Oct
1.3
54
-2.3
US
Dallas Fed Manf. Activity
Nov
-10
-4.9
-12.7
52.6
US
Markit US Manufacturing PMI
Nov F
52.6
52.8
US
Construction Spending MoM
Oct
0.6
0.6
US
ISM Manufacturing
Nov
50.5
48.6
50.1
US
ISM Prices Paid
Nov
40
35.5
39
ID
Nikkei Indonesia PMI Mfg
Nov
--
46.9
47.8
ID
CPI NSA MoM
Nov
0.17
0.21
-0.1
ID
ID
CPI YoY
CPI Core YoY
Nov
Nov
4.85
4.91
4.89
4.77
6.3
5.0
EC
Markit Eurozone Manufacturing PMI
Nov F
52.8
52.8
52.8
EC
Unemployment Rate
Oct
10.8
10.7
10.8
CH
Manufacturing PMI
Nov
49.8
49.6
49.8
CH
Caixin China PMI Mfg
Nov
48.3
48.6
48.3
--
--
49.9
--190
--0.2
217
52
-182
CH
Caixin China PMI Composite
Nov
CH
US
US
Caixin China PMI Services

MBA Mortgage Applications
ADP Employment Change ('000')
Nov
27-Nov
Nov
EC
CPI Estimate YoY
Nov
0.2
0.1
0.1
EC
CPI Core YoY
Nov A
1.1
0.9
1.1
ID
Foreign Reserves (USDbn)
Nov
--
--
100.7
EC
Markit Eurozone Services PMI
Nov F
54.6
54.2
54.6
EC
Markit Eurozone Composite PMI
Nov F
54.4
54.2
54.4
EC
Retail Sales MoM
Oct
0.2
-0.1
-0.1
EC
ECB Main Refinancing Rate
3-Dec
0.05
0.05
0.1
EC
ECB Deposit Facility Rate
3-Dec
-0.3
-0.3
-0.2
0.3
0.3
0.3
--
--
0.3
EC
ECB Marginal Lending Facility
3-Dec
EC
GDP SA QoQ
3Q P
EC
GDP SA YoY
3Q P
--
--
1.6
CH
Trade Balance (USD bn)
Nov
--
--
61.6
CH
Exports YoY
Nov
--
--
-6.9
CH
Imports YoY
Nov
--
--
-18.8
CH
CPI YoY
Nov
--
--
1.3
CH
PPI YoY
Nov
--
--
-5.9
CH
New Yuan Loans CNY (USD bn)
Nov
--
--
513.6
CH
Money Supply M2 YoY
Nov
--
--
13.5
CH
Retail Sales YoY
Nov
--
--
11.0
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
Statistics
JCI
4,537.4
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
(8.5)
-13.19%
5.67%
4,517
4,487
4,894
Ma rket Div. Yield (%) 2.8%
5,420.2
596.6
783.8
679.4
958.4
840.3
2,072.4
800.2
1,091.8
407.0
484.1
1,617.7
+/-0.0
-0.3
-1.2
-1.7
8.7
-12.2
1.5
-5.5
-3.6
-1.5
-3.4
-14.2
(%)YTD (%)
-0.0
-12.6
-0.1
-13.7
-0.1
-12.8
-0.2
-7.1
0.9
-17.4
-1.4
-38.6
0.1
-4.8
-0.7
-8.9
-0.3
-16.5
-0.4
-25.1
-0.7
-7.8
-0.9
-31.2
183.3
+/2.5
(%)YTD (%)
1.36
-20.3
Commodities
C RB Index
Oil & Gas
Brent Crude Oil (USD/bbl)
43.8
Nymex Oil (USD/bbl)
41.1
Natural Gas
2.2
C OAL (AUS Daily)
53.3
Industrial Metals
Aluminum (USD/tonne)
1,476.0
Nickel (USD/tonne)
8,850
Tin (USD/tonne)
14,795
Precious Metal
Gold (USD/t oz.)
1,061.2
Silver (USD/t oz.)
14.1
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,289
Rubber (JPY/kg)
1,347
C orn (USD/bu.)
377
Wheat (USD/bu.)
479
Soybeans (USD/bu.)
898
JCI Winners (%)
-0.2%
Volume (m)
3,367
Value (Rpbn)
3,938
Mkt C ap (Rptr)
4,801
Market 2015 P/E (x) 12.9
1.4
1.1
0.0
-0.1
3.18
2.85
0.74
-0.28
-23.5
-22.9
-24.8
-14.1
-13.0
-130
-230
-0.87
-1.45
-1.53
-19.5
-41.6
-23.7
7.4
0.1
0.70
0.51
-10.4
-9.9
33.0
23.9
6.8
11.5
5.3
1.46
1.81
1.82
2.46
0.59
-0.1
-18.0
-5.0
-18.9
-11.9
JCI Losers (%)
Indices
Region
MXWO
MSC I Word
1,678.2
SPX
S&P 500
2,049.6
US
Dow Jones Industrial
17,477.7
Nasdaq
US
5,037.5
Europe
EURO 50
Europe
372.1
FTSE
London
6,275.0
DAX
Jerman
10,789.2
C AC
France
4,730.2
SMI
Swiss
8,852.1
BRIC
BOVESPA
Brazil
46,393.3
MIC EX
Russia
1,787.2
SENSEX
India
25,886.6
NIFTY
India
7,864.2
SHC OMP
C hina
3,584.8
SZC OMP
C hina
2,243.9
Developed ASIA
Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
VNINDEX
Japan
Japan
Hong kong
S.Korea
Taiwan
Singapore
Kurs
USDEUR
USDGBP
USDC HF
USDC AD
USDAUD
USDNZD
USDJPY
USDC NY
USDHKD
USDSGD
Rupiah
Region
Euro
UK
Switzerland
C anada
Australia
New Zealand
Japan
C hina
Hongkong
Singapore
Indonesia
JCI Value (Rpbn)

-
200
400
Thailand
Philipines
Malaysia
Vietnam
+/-18.00
-29.89
(%) Y T D ( %)
-1.06
-1.84
-1.44
-0.45
-252.0
-85.69
-1.42
-1.67
-1.94
6.36
-12.06
-145.93
-400.8
-175.55
-164.42
-3.14
-2.27
-3.58
-3.58
-1.82
8.65
-4.43
10.03
10.71
-1.46
1,479
17.10
-231.2
-67.2
47.92
54.63
3.29
0.97
-0.89
-0.85
1.35
2.50
-7.23
27.97
-5.86
-5.05
10.82
58.56
19,939.9
1,602.9
22,417.0
1,994.1
8,456.1
2,883.9
1.8
0.68
-63
-15.22
-1.3
0.25
0.01
0.04
-0.28
-0.76
-0.02
0.01
14.26
13.89
-5.03
4.10
-9.15
-14.30
1,340.6
6,994.1
1,673.9
574.4
1.17
-53.0
-2.85
-0.04
0.09
-0.75
-0.17
-0.01
-10.49
-3.27
-4.96
5.27
0.914
0.660
0.993
1.336
1.362
1.495
122.61
6.40
7.750
1.395
13,845
JCI Volume (mn Lot)
600
100
+/-0.028
-0.008
-0.025
0.001
-0.006
-0.011
-0.630
(0.00)
-0.000
-0.017
65.0
(%) Y T D ( %)
-3.0
14.3
-1.3
10.1
-2.5
-0.7
0.1
11.3
-0.4
13.5
-0.7
15.0
-0.5
2.3
-0.0
3.2
-0.0
-0.6
-1.2
7.3
0.5
11.8
JCI Freq (x)
200
MYRX
146
SOCI
TLKM
126
TLKM
12,215
IMAS
TLKM
PTBA
ASII
INCO
BBRI
159
PPRO
111
KLBF
5,238
ISAT
BBNI
105
LCGP
100
TMPO
5,070
-2.8
TBIG
BBCA
102
SOCI
77
PTBA
1.2
-2.7
UNTR
BMRI
102
SUGI
68
PGAS
4,210
MIKA
1.1
-2.6
LPKR
SSMS
95
BKSL
62
ASII
4,085
PGAS
0.9
-2.3
ICBP
MYRX
95
SSMS
60
CPIN
3,917
INTP
0.8
BMRI
GGRM
73
ANTM
57
UNTR
3,882
HMSP
0.6
SMGR
PTBA
59
SMRU
56
BBCA
3,877
SOCI
13.9
SIDO
2.8
TLKM
2.2
EXCL
2.2
GGRM
1.5
BDMN
-10.0
-6.3
-4.3
-3.6
-1.1
-0.9
384
245
5,913
4,585
TRIM DAILY
Historical Technical Trading Ideas (1)

108 out of 147 (73.47%) our technical calls are Correct during 01-30 Nov15
Ticker
JCI
Last
Technical Call
4,561
Profit Taking
HMSP
97,000
Buy
AKRA
6,025
Buy
MPPA
1,900
Buy
BBRI
11,300
Sell
BBNI
4,980
Sell
ASII
6,225
Sell
Ticker
JCI
Last
Technical Call
4,597
Continued Strengtening
BBCA
13,525
GGRM
Buy
51,600
Buy
AKRA
5,950
Buy
TLKM
2,950
Spec Buy
LSIP
1,285
Spec Buy
PWON
460
Ticker
Last
Technical Call
4,586
JCI
Trading Buy
ADRO
585
Buy
BBCA
13,500
Buy
MIKA
2,505
Buy
50,400
Buy
INDF
5,350
Buy
ASII
6,175
Sell
GGRM
Ticker
Last
Technical Call
4,545
WSKT
1,715
Buy
BBCA
13,475
Buy
ADRO
565
Buy
SRIL
379
Buy
MIKA
2,500
Spec Buy
SILO
9,825
Spec Buy
Last
Technical Call
4,541
Profit Taking
JCI
Ticker
JCI
UNVR
37,550
Buy
PWON
450
Buy
SMGR
11,400
Sell
WSKT
1,725
Sell
GGRM
49,500
Sell
LPPF
16,250
Trading Sell
30-Nov-15
Chg (%)
4,446
101,900
6,100
1,875
10,775
4,770
5,925
27-Nov-15
13,150
50,000
6,025
2,960
1,265
457
585
13,525
2,480
51,600
5,475
6,225
1,720
13,500
585
387
2,505
9,775
4,545
36,925
453
10,925
1,715
49,400
16,250
5.05%
Correct
1.24%
Correct
-1.32%
Incorrect
-4.65%
Correct
-4.22%
Correct
-4.82%
Correct
Recommendation
-0.79%
Incorrect
-2.77%
Incorrect
-3.10%
Incorrect
1.26%
Correct
0.34%
Correct
-1.56%
Incorrect
-0.65%
Incorrect
Recommendation
0.25%
Correct
0.00%
Correct
0.19%
Correct
-1.00%
Incorrect
2.38%
Correct
2.34%
Correct
0.81%
Incorrect
Chg (%)
4,586
24-Nov-15
Correct
Chg (%)
4,597
25-Nov-15
-2.50%
Chg (%)
4,561
26-Nov-15
Recommendation
Recommendation
0.88%
Correct
0.29%
Correct
0.19%
Correct
3.54%
Correct
2.11%
Correct
0.20%
Correct
-0.51%
Incorrect
Chg (%)
Recommendation
0.09%
Incorrect
-1.66%
Incorrect
0.67%
Correct
-4.17%
Correct
-0.58%
Correct
-0.20%
Correct
0.00%
TRIM DAILY
JCI
4,561
Profit Taking
PTPP
3,875
Buy
PWON
447
Buy
BBCA
13,150
Buy
UNVR
37,250
Buy
KAEF
960
LPPF
15,975
Ticker
Trading Buy
Buy
Last
Technical Call
JCI
4,519
ASII
6,250
Buy
PWON
439
Buy
MPPA
2,020
Buy
JSMR
5,025
Buy
ISAT
4,925
Trading Buy
LPPF
15,750
Ticker
JCI
Spec Buy
Last
Technical Call
4,498
INTP
20,900
Buy
UNTR
17,050
Buy
433
Buy
2,910
Buy
PWON
PGAS
RALS
725
SMRA
1,415
Spec Buy
Ticker
Last
Technical Call
4,501
JCI
Buy
SMGR
11,100
Buy
TLKM
2,815
Buy
HMSP
95,150
Spec Buy
5,275
Spec Buy
INDF
BBRI
10,900
Trading Sell
ICBP
12,600
Trading Sell
Ticker
JCI
Last
Technical Call
4,442
SMGR
10,800
Buy
UNVR
36,300
Buy
UNTR
17,700
Buy
SMRA
1,435
Spec Buy
LPKR
1,160
Spec Buy
PGAS
2,575
Spec Buy
ADRO
640
Spec Buy
4,541
3,815
450
13,300
37,550
995
16,250
20-Nov-15
6,300
447
2,005
5,025
5,225
15,975
21,025
17,200
439
3,075
725
1,490
11,500
2,850
93,000
5,400
10,950
12,750
4,501
11,100
36,375
17,550
1,440
1,175
2,610
Incorrect
0.67%
Correct
1.14%
Correct
0.81%
Correct
3.65%
Correct
1.72%
Correct
Recommendation
0.94%
Correct
0.80%
Correct
1.82%
Correct
-0.74%
Incorrect
0.00%
Correct
6.09%
Correct
1.43%
Correct
Recommendation
0.47%
Correct
0.60%
Correct
0.88%
Correct
1.39%
Correct
5.67%
Correct
0.00%
Correct
5.30%
Correct
Chg (%)
4,498
17-Nov-15
-1.55%
Chg (%)
4,519
18-Nov-15
Correct
Chg (%)
4,561
19-Nov-15
-0.44%
Recommendation
-0.07%
Incorrect
3.60%
Correct
1.24%
Correct
-2.26%
Incorrect
2.37%
Correct
0.46%
Incorrect
1.19%
Incorrect
Chg (%)
Recommendation
1.32%
Correct
2.78%
Correct
0.21%
Correct
-0.85%
Incorrect
0.35%
Correct
1.29%
Correct
1.36%
Correct
0.78%
Correct
TRIM DAILY
10
JCI
4,473
Continued Weakening
ASII
6,600
Spec Buy
TLKM
2,755
Buy
HMSP
98,025
Buy
SMGR
10,675
Buy
TBIG
6,550
Sell
ISAT
4,825
Sell
Ticker
JCI
Last
Technical Call
4,462
Upward Movement
AALI
18,550
Buy
INTP
19,300
Buy
SMGR
10,150
Buy
TLKM
2,715
Buy
CPIN
2,705
Sell
94,675
Sell
HMSP
Ticker
JCI
Last
Technical Call
4,452
Futher Strengten
AALI
18,000
Spec Buy
LSIP
1,280
Spec Buy
SMGR
10,500
INTP
19,350
CPIN
2,675
HMSP
Ticker
JCI
97,900
Buy
Buy
Trading Sell
Sell
Last
Technical Call
4,451
Rebound
HMSP
100,575
Buy
SMRA
1,370
Buy
WSKT
1,685
Buy
WIKA
2,755
Buy
PWON
435
Spec Buy
SMGR
9,950
Spec Buy
Ticker
Last
Technical Call
4,500
Continued Weakening
JCI
AALI
19,325
Spec Buy
ASII
6,425
Spec Buy
HMSP
97,775
Buy
KLBF
1,440
Trading Sell
LSIP
1,365
Sell
BBRI
10,575
Sell
PGAS
3,000
Sell
4,442
6,425
2,720
95,050
10,800
6,475
4,765
13-Nov-15
18,050
20,000
10,675
2,755
2,725
98,025
18,550
1,285
10,150
19,300
2,705
94,675
97,900
1,390
1,680
2,760
435
10,500
4,451
18,700
6,500
100,575
1,370
1,365
10,450
3,130
Incorrect
-1.27%
Incorrect
-3.03%
Incorrect
1.17%
Correct
-1.15%
Correct
-1.24%
Correct
Recommendation
0.24%
Correct
-2.70%
Incorrect
3.63%
Correct
5.17%
Correct
1.47%
Correct
0.74%
Incorrect
3.54%
Incorrect
Recommendation
0.24%
Correct
3.06%
Correct
0.39%
Correct
-3.33%
Incorrect
-0.26%
Incorrect
1.12%
Correct
-3.29%
Correct
Chg (%)
4,452
10-Nov-15
-2.65%
Chg (%)
4,462
11-Nov-15
Correct
Chg (%)
4,473
12-Nov-15
-0.69%
Recommendation
0.01%
Correct
-2.66%
Incorrect
1.46%
Correct
-0.30%
Incorrect
0.18%
Correct
0.00%
Correct
5.53%
Correct
Chg (%)
Recommendation
-1.08%
Correct
-3.23%
Incorrect
1.17%
Correct
2.86%
Incorrect
-4.86%
Correct
0.00%
Correct
-1.18%
Correct
4.33%
Correct
TRIM DAILY
11
Ticker
JCI
Last
Technical Call
4,567
Continued Weakening
UNVR
37,000
Buy
TLKM
2,735
Buy
CPIN
2,650
Spec Buy
MAIN
1,100
Spec Buy
PGAS
2,925
Sell
ASII
6,600
Sell
Last
Technical Call
JCI
Ticker
4,577
Continued Weakening
PTPP
3,750
Buy
WSKT
1,690
Buy
SMGR
10,650
Buy
TLKM
2,705
Spec Buy
KIJA
236
Spec Buy
ASII
6,500
Sell
Last
Technical Call
4,613
Profit Taking
Ticker
JCI
SILO
10,400
Buy
AALI
20,875
Buy
LSIP
1,500
Buy
BBNI
5,000
Sell
BBRI
11,050
Sell
6,550
Sell
ASII
Ticker
Last
Technical Call
4,533
Futher Strengten
BBNI
4,950
Buy
BBRI
10,700
Buy
SMGR
10,200
Buy
JCI
LSIP
1,425
Spec Buy
SILO
9,750
Spec Buy
TLKM
2,740
Sell
Ticker
Last
Technical Call
JCI
4,465
BBNI
4,815
Buy
BBRI
10,275
Buy
WSKT
1,685
Buy
PTPP
3,705
Buy
SMGR
9,750
Buy
ASII
6,250
Buy
Last
Technical Call
JCI
Ticker
4,455
Rebound
WSKT
1,630
Buy
INDF
5,525
Buy
AALI
19,900
Buy
GGRM
42,950
Spec Buy
ASII
5,900
Spec Buy
WSKT
1,630
Trading Buy
9-Nov-15
Chg (%)
4,500
36,700
2,730
2,630
1,140
2,810
6,425
6-Nov-15
3,710
1,700
10,675
2,735
240
6,600
19,950
1,460
4,945
10,725
6,500
5,000
11,050
10,600
1,500
10,400
2,730
10,700
1,735
3,705
10,200
6,425
1,685
5,825
19,900
43,475
6,250
1,685
3.64%
Correct
-3.93%
Correct
-2.65%
Correct
Recommendation
-0.23%
Correct
-1.07%
Incorrect
0.59%
Correct
0.23%
Correct
1.11%
Correct
1.69%
Correct
1.54%
Incorrect
Recommendation
Correct
-3.13%
Incorrect
-4.43%
Incorrect
-2.67%
Incorrect
-1.10%
Correct
-2.94%
Correct
-0.76%
Correct
Recommendation
1.75%
Correct
1.01%
Correct
3.27%
Correct
3.92%
Correct
5.26%
Correct
6.67%
Correct
-0.36%
Correct
Recommendation
1.53%
4,950
4,465
Incorrect
Chg (%)
4,533
2-Nov-15
-0.75%
Chg (%)
4,613
3-Nov-15
Incorrect
Incorrect
-0.77%
10,075
4-Nov-15
-0.81%
Chg (%)
4,577
Correct
-0.18%
Chg (%)
4,567
5-Nov-15
Recommendation
-1.47%
Correct
2.80%
Correct
4.14%
Correct
2.97%
Correct
0.00%
Correct
4.62%
Correct
2.80%
Correct
Chg (%)
Recommendation
0.22%
Correct
3.37%
Correct
5.43%
Correct
0.00%
Correct
1.22%
Correct
5.93%
Correct
3.37%
Correct
TRIM DAILY
12
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
13
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

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TRIM Daily

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TRIM Daily

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

JCI Index, Avg 5D MA Value

HMSP remains strong with potential upside in

MIKA is a long term bullish, it formed a white

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

Kino Indonesia to have an IPO

By opening 15 new outlets in FY16. The management

Kino Indonesia to have an IPO by selling new shares

HMSP: to rent out 4 warehouses to PMID

PT Trimegah Securities Tbk - www.trimegah.com

Economic package VII to be issued today

News of the Day

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

Tin LME (RHS)

Crude Oil Brent (RHS)

PT Trimegah Securities Tbk - www.trimegah.com

World Economic Calendar

MBA Mortgage Applications

Personal Income (%)

Durables Ex Transportation (%)

Initial Jobless Claims ('000')

Continuing Claims ('000')

FHFA House Price Index MoM

Markit US Composite PMI

Markit US Services PMI

M3 Money Supply YoY

Chicago Purchasing Manager

Personal Spending (%)

Bloomberg Consumer Comfort

Durable Goods Orders (%)

New Home Sales ('000')

Pending Home Sales MoM

Dallas Fed Manf. Activity

Markit US Manufacturing PMI

Construction Spending MoM

ISM Prices Paid

Nikkei Indonesia PMI Mfg

CPI NSA MoM

Markit Eurozone Manufacturing PMI