2

TRIM Daily
Dec 08, 2015
TRIM Highlights
We recently visited META, a company which provides a myriad of infrastructure businesses, taking on tower as its newest venture. On a global scale,
Brent oil plunged 5.3% to USD40.7/bbl, as OPEC continues to maintain its
production in 2016. Indonesian FX reserves slightly dip 0.5% MoM, but on
the flip side, banks are expected to have less liquidity risks as GWM has been
cut. BMRI also plans to revalue its assets, to maintain its CAR at above 17%.
Indonesia remains to be attractive for foreign investors, as we note that
Salim group has joined KMP Malaysia to enter poultry market, IMAS has
team up with Shinhan to provide 4W financing, unnamed Singapore investor
is eyeing Indonesian pharma market and PLN received US$600mn loans from
ADB.
JCI
4,521
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
0.29%
4,061
4,469
4,783
12.9
2.8%
Global Indices
Global Wrap
U.S. stocks fell on Monday, led by the S&P energy index's biggest one-day
percentage drop since late August as oil prices slid to their lowest point in
nearly seven years. U.S. crude oil futures settled down almost 6 percent
while Brent crude futures fell more than 5.3 percent after OPEC's meeting
last week failed to address a growing supply glut.
Technical Market View

Jakarta Composite Index (JCI) up by 13 point or 0.3% to 4521 yesterday.
Index movers were mostly driven by miscelaneous industry (+1.6%), trade
(+1.3%) and basic industry (-1.0%). Total transaction value was Rp4.4tr
(1.5tr non reg.). IDX recorded Rp605bn net buy by foreign investors. We
expect JCI to further upward movement for today with support 4488-4590.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,730.5
5,101.8
19,698.2
2,900.9
6,223.5
22,203.2
-117.1
-40.5
194
21.9
-14.8
-33
-0.7
-0.8
1.0
0.8
-0.2
-0.1
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
Technical analysis: trading picks
10 yr US govt bond (%)
Stock
Foreign YtD (USDmn)
GGRM
Price
50700
Rating
Sell
Reason
Despite the recent open black candle formation, stochastic oscillator will form a dead
cross, in our view. Thus, GGRMs trading range
today is around 49750-51075
C hg
%
27 0.2
0.0 0.2
-0.05 -2.1
6.34 0.07 2.3
20.7
-0.3 -1.7
(2,994)
44 -1.4
13,861
8.57
2.2
Spread (%)
EIDO
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
BBNI
AKRA
5000
6750
Sell
BBNI formed a doji candle, yesterday. we expect a technical correction for SMCB today in
the range of 4945-5150
Buy
AKRA is a long term bullish, it formed a white

long candle with increasing transaction volumes, indicates further upward movement for
today with support and resistance levels of
6375-7050
3030
Buy
TLKM a potential upside today with trading

range 2880-3125
GIAA
305
Trading
Buy
GIAA long term bearish, but in the short term

GIAA will up in support resistant 301-315
ASII
6525
Buy
ASII is a long term bullish with possible upward movement for today between the range
of 6450-6600
TLKM
PT Trimegah Securities Tbk - www.trimegah.com
6,000
Price (LHS)
(Rpbn)
8,000
7,000
5,000
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
TRIM DAILY
0
Dec-15
Nusantara Infrastructure KTA

Nusantara Infrastructure (META IJ; NOT RATED)
Visit Takeaway
We visited Nusantara Infrastructure (META), a holding company of 5 different infrastructure business units which are:
toll road, water purification, port, renewable energy (which is still under construction) and telco tower. META is founded through backdoor listing in 2006, with Eagle Infrastructure Fund (22.3%) as current majority shareholder. As of
9M15, 62% of its revenue came from the toll road SBU, 32% from the telco towers, and 6% from water.
Growing Recurring Income from Toll Road SBU
Together with Cap Asia (Singapore Based PE firm), META formed Margautama Nusantara (74,99% owned by META).
They currently have 4 toll roads; Makassar Harbour toll road(established in 1998, 98.53% ownership, 60k car traffic per
day), Makassar Airport toll road (established in 2008, 99.39% ownership, 45k car traffic per day), BSD Pondok Ranji
(established in 1999, 88.93% ownership, 85k car traffic per day) and JORR 1 (established in 2010, 25% ownership, 10k
car traffic per day) all of which continues to book 15% growth in traffic volume on average. Despite possibly not having
route expansion in the near future, Margautama Nusantara remains optimistic, as they achieved 30% CAGR on operating income growth over the past 5 years and expects to have a stable operating income growth due to the growth of
toll traffic and toll price adjustments which recurr every 2 years.
Early exposure to telco tower business
METAs subsidiary (PT Telekom Infranusantara or PTTI) owned 69% of PT Komet Infra Nusantara or KIN, which is an
independent telecommunication tower operator company. Acquisition of KIN in 2014 by Telekom Infranusantara was
financed through Rp138bn equity and Rp460bn loan (from Providence Equity Partners to PTTI). As of 3Q15, KIN has
864 towers (2015E target: ~1000 towers) with collocation ratio of 1.4 x. KINs towers are mainly located in Sumatera
(46%) and Java (48%). 76% of KINs towers are ground based design, while remaining 24% are rooftop / minipole
design. Major tenants and its contribution to towers revenue are as follows: Telkomsel 30%, Hutchison 23%, XL 19%,
and Indosat 14%. Tower rental contract period was 10-12 years with average monthly rental of Rp 14 mn. The company predicts tower rental rate could tend to flatten in the future. The company still aims to add more towers to reach
economies of scale to improve its margin (recent EBITDA margin ~60%).
Other SBUs
META also has water purification SBU which operates in Cisadane, Medan and Serang. Seaport SBU in Lampung, and
renewable energy SBU in Medan (which is expected to start operation in 1H16) all which are minority owned by META.
Valuation
META is currently trading at 9x 2015 annualize PE (based on 9M15), while the company has only started to book profit
starting in 2012. That said, when we made the PE band, we started at 2013, which yielded a lofty PE average of 50.3x.
However, we note that earnings have grown robustly in the 2013-14, with 2014 net profit booking 53.35% growth.
Annualizing 2015 net profit, this would translate to another robust 45.95% growth in net income.
METAs Corporate Structure
Source: Company
TRIM DAILY
News of the Day

Economy: FX reserves
100.2bn (-0.5% MoM)
slightly
eroded
to
USD
UNTR: 2016 heavy equipment sales expected to drop

by 9.5%
Indonesias official reserve assets position as of end

November 2015 stood at USD 100.2 billion, edged down
USD 50mn from October position. The development was
contributed by foreign exchange receipts, including from
oil and gas revenues and the withdrawal of government
borrowing, which are sufficient to cover the use of foreign
exchange for Government foreign debt payments and to
stabilize Rupiah exchange in accordance with its fundamentals. With these developments, official reserve assets
at the end of November 2015 can adequately cover 7.1
months of imports or 6.9 months of imports and servicing
of Government external debt repayment, well above the
international standards of reserves adequacy at 3 months
of imports. (dini.anggraeni@trimegah.com)
To 1,900 units from 2,100 units in 2015, accoding to Sara

Loebis, Corporate Secretary of UNTR. Sara also cited unexciting commodities prices as the main cause for the
dimmed numbers. To mitigate the downfall in heavy equipment sales, UNTR will focus on post-sales services, as
management targets 6-8% growth from the segment.
Source: Investor Daily
Banks: Breathing Room For Banks in 2016

Liquidity risks are estimated to be better in 2016 due to
the not-yet-expanding distribution of credit and the economic policy to decrease of Bank Indonesias giro wajib
minimum (GWM) or required reserve ratio. According to
Lembaga Penjamin Simpanans comissioner Halim
Alamsyah, due to the better liquidity risks, there is a
possibility for the banks to minimize the interest rates
they impose in 2016. Source: Investor Daily
Consumer sector: Salim Group enters poultry business
By setting up a JV between KMP Private Ltd. (controlled
by Salim Group) and CAB Cakaran Corporation
(Malaysian company), with 90%/10% ownership. Both
parties have signed a MOU on 6 December 2015m, which
will be effective for the next 12 months. Salim group will
be responsible on coordination process with BKPM, administration and further operation in Indonesia. Meanwhile, CAB will be responsible on production, R & D, and
supply chain process. Salim group also aims to acquire
20% shares on CAB Cakaran Corporation. Source: Investor daily.
BMRI: to revaluate asset to keep CAR at 17%
Pahala N Mansury, BMRI Treasury and Market Director,
mentioned that the revaluation is expected to help maintain ita current CAR level at above 17% in 2018 or
2019.The revaluation is expected to increase BMRIs CAR
by 1.5-2 ppt. Previously, the bank has considered to
issue subordinated bonds to raise its tier two capital,
replacing its current subsebt that will mature in 2016, to
increase their CAR. BMRI also decided to continue to
seeking fresh funds from alternative sources other than
the regular third-party funds in 2016, wih Pahala stating
that the bank expected to continue its postponed plan to
issue new securities from its mortgage assets by 1Q16,
raising at least Rp500bn-Rp1tn from the securitization.
To support its loan expansion, BMRI is also considering to
issue senior bond worth US$500-750mn as part of its
funding source. Source: The Jakarta Post
Paperwork ongoing for Jakarta-Bandung HSR

As the project faces permits and funding issues ahead of
its planned mid-December soft launch. Transportation
Ministry, Hermanto Dwiatmoko, stated that the ministry is
currently reviewing proposal for the track routes, which
were submitted by Kereta Cepat Indonesia China (KCIC)
last week. The estimated time needed to issue permits is
30 days after the submission, but, the ministry will require
land-use permit from regional administrations. Another
issue faced by KCIC is acquiring the necessary capital from
the ministry to get a permit to operate facilities for the
public inter-city train. Source: The Jakarta Post
A Singapore firm will invest in Indonesias pharmacy
sector
The company is said to enter with initial investment of
US$15mn. Though the company name has not yet disclosed, but the company is the first company to utilize
nanotechnology in pharmacy industry. Its product is a
medicine used to protect live cells from cancer and to
eliminate cancer. The company had: (1) a data center in
India, (2) 12,000 employees worldwide, (3) 600 researchers, and (4) product marketing in 18 European countries
as well as more than 30 others across the world. Source:
Jakarta Post (patricia.gabriela@trimegah.com)
PT Cikarang Listrikindo to IPO in March16
They planned to release 15% shares to public, and the
proceeds will be used for business expansion. Source:
Bisnis Indonesia
SMRA: will delay IPO of PT Summarecon Investment
Property
No further details are explained yet. Source: Bisnis Indonesia
PLN: received US$600mn direct lending from Asian
Development Bank
Guaranteed by the government. The fund will be used to
further develop transmission and distribution channel in
Sumatera. Source: Investor Daily
TRIM DAILY
News of the Day

Politics: Indonesia will hold historic nationwide
regional elections
Indonesia will hold historic nationwide regional elections
tomorrow with total 269 elections, which consist of nine
gubernatorial elections, 224 local elections for new regents, and 36 local elections for new mayors. No trading
activity for tomorrow as government has declared the
day as a public holiday. Source: Jakarta Post
(yeni.simanjuntak@trimegah.com)
ISAT: to refinance Rp200bn to BCA and Sumitomo
By using its Rp794bn bond payable. Furthermore,
Rp295bn of the bond payable will be used for adding
more capacity in high traffic area through new BSS
(Base Station System), and enlarge the network coverage to acquire new subscribers. The rest Rp299bn will be
used to pay the Government for the rights of using radio
frequency spectrum which will be valid for 1 year.
Source: Investor daily.
IMAS: established JV with Shinhan Card Co.
named Shinhan Indo Finance, which will cover the auto
financing market in Southeast Asia. Furthermore, this
new JV will also enter credit card business in 2H16.
Source: Investor daily.
Government Will Issue 61% Debt in Early 2016.
Ministry of Finance will use Front Loading with 61%
Government Treasury Note issuance in the first semester
of 2016, less than the first semester of 2015 which is
63%, but nominally higher. MOF said it will issue Rp.
532.4 trillion (gross) next year. Foreign currency denominated Government Treasury Note will be raised until
30% gross from the previous 25%. The plan for next
years Sukuk issuance is 24% from Government Treasury Note total gross which is Rp. 127.8 trillion. The
government set up some projects that will be financed
from Sukuk, such as Java Sumatra double railway
project, marriage and Hajj pilgrimage halls rehabilitation
project, and Sumatera, Java, and NTB road widening
projects. (dini.anggraeni@trimegah.com)
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
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Feb-15
Mar-15
0.0
Feb-15
12.0
6.0
Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov- Dec14
15
15 15
15 15
15 15
15
15 15
15 15
Jan-15
0.5
Dec-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
0
-16
20.0
(500)
18.0
(1,000)
-45
-28 -57
-53
-277
-246
-444
-606
16.0
-802
(1,500)
14.0
(2,000)
-2,000
12.0
(2,500)
10.0
-2,500
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
(3,000)
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
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Feb-15
Mar-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
30
1,000
20
50
20
500
10
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
May-15
Mar-15
Mar-15
Jan-15
Feb-15
Dec-14
0
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
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
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Jan-15
Dec-14
700
Dec-14
TINS vs Tin price (LME)

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

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
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
0
Mar-15
0
Feb-15
Nov-15
Nov-15
Oct-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Feb-15
Mar-15
Jan-15
Dec-14
Dec-14
200
Jan-15
200
6,000
Dec-14
9,000
400
40
300
Dec-14
600
TRIM DAILY
World Economic Calendar

Date Time
Country Event
Period
Survey
Actual
Prior
11/26/2015
EC
M3 Money Supply YoY
Oct
4.8
5.3
4.9
11/27/2015
11/30/2015
EC
US
US
Consumer Confidence
Chicago Purchasing Manager
Pending Home Sales MoM
Nov F
Nov
Oct
-54
1.3
-5.9
48.7
54
-6
56.2
-2.3
US
US
US
Dallas Fed Manf. Activity

Markit US Manufacturing PMI
Construction Spending MoM
Nov
Nov F
Oct
-10
52.6
0.6
-4.9
52.8
1
-12.7
52.6
0.6
US
US
ID
ID
ISM Manufacturing
ISM Prices Paid
Nikkei Indonesia PMI Mfg
CPI NSA MoM
Nov
Nov
Nov
Nov
50.5
40
-0.17
48.6
35.5
46.9
0.21
50.1
39
47.8
-0.1
ID
ID
EC
CPI YoY
CPI Core YoY
Markit Eurozone Manufacturing PMI
Nov
Nov
Nov F
4.85
4.91
52.8
4.89
4.77
52.8
6.3
5.0
52.8
EC
CH
CH
CH
Unemployment Rate
Manufacturing PMI
Caixin China PMI Mfg
Caixin China PMI Composite
Oct
Nov
Nov
Nov
10.8
49.8
48.3
--
10.7
49.6
48.6
--
10.8
49.8
48.3
49.9
CH
US
US
Caixin China PMI Services

MBA Mortgage Applications
ADP Employment Change ('000')
Nov
27-Nov
Nov
--190
--0.2
217
52
-182
EC
EC
ID
EC
CPI Estimate YoY

CPI Core YoY
Foreign Reserves (USDbn)
Markit Eurozone Services PMI
Nov
Nov A
Nov
Nov F
0.2
1.1
-54.6
0.1
0.9
-54.2
0.1
1.1
100.7
54.6
EC
EC
EC
Markit Eurozone Composite PMI

Retail Sales MoM
ECB Main Refinancing Rate
Nov F
Oct
3-Dec
54.4
0.2
0.05
54.2
-0.1
0.05
54.4
-0.1
0.1
EC
EC
US
US
ECB Deposit Facility Rate

ECB Marginal Lending Facility
Change in Nonfarm Payrolls ('000')
Change in Manufact. Payrolls ('000')
3-Dec
3-Dec
Nov
Nov
-0.3
0.3
200
0
-0.3
0.3
211
-1
-0.2
0.3
271.0
0
US
US
EC
Unemployment Rate (%)

Trade Balance (USD bn)
GDP SA QoQ (%)
Nov
Oct
3Q P
5.0
-40.5
0.3
5.0
-43.9
--
5.0
-40.8
0.3
EC
CH
CH
GDP SA YoY (%)

Trade Balance (USD bn)
Exports YoY (%)
3Q P
Nov
Nov
1.6
64.15
-5
----
1.6
61.6
-6.9
CH
US
US
CH
Imports YoY (%)

MBA Mortgage Applications
Wholesale Inventories MoM
CPI YoY
Nov
4-Dec
Oct
Nov
11.8
-0.10%
1.4
-----
-18.8
-0.20%
0.50%
1.3
CH
US
US
PPI YoY
Import Price Index MoM (%)
Import Price Index YoY (%)
Nov
Nov
Nov
-5.9
-0.80%
-9.60%
----
-5.9
-0.50%
-10.50%
US
US
US
CH
Initial Jobless Claims ('000')

Continuing Claims ('000')
Bloomberg Consumer Comfort
New Yuan Loans CNY (USD bn)
5-Dec
28-Nov
6-Dec
Nov
268
2153
-965
-----
269
2161
39.6
513.6
CH
CH
CH
Money Supply M2 YoY

Retail Sales YoY
Industrial Production YoY
Nov
Nov
Nov
14
11.1
5.7
----
13.5
11.0
5.6
CH
CH
ID
ID
Industrial Production YTD YoY

Bloomberg GDP Monthly Estimate YoY
Bank Indonesia Reference Rate
Bank Indonesia Lending Facility Rate
Nov
Nov
17-Dec
17-Dec
6.1
----
-----
6.1
6.6
7.5
8.0
7
12/01/2015
12/02/2015
12/03/2015
12/4/2015
12/08/2015
12/9/2015
12/10/2015
12/10/2015
12/12/2015
12/17/2015
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
4,521.4
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
Commodities
C RB Index
Oil & Gas
12.9
-13.50%
5.67%
4,515
4,499
4,886
Ma rket Div. Yield (%) 2.8%
5,416.5
595.7
781.2
676.7
955.2
833.7
2,035.2
813.6
1,123.7
397.4
481.0
1,620.9
+/34.1
2.8
3.7
2.7
6.2
-2.5
-13.7
10.6
17.7
-4.2
1.4
13.1
(%)YTD (%)
0.6
-12.6
0.5
-13.8
0.5
-13.1
0.4
-7.5
0.6
-17.7
-0.3
-39.1
-0.7
-6.6
1.3
-7.4
1.6
-14.0
-1.1
-26.9
0.3
-8.4
0.8
-31.1
178.6
+/-4.7
(%)YTD (%)
-2.55
-22.4
-2.3
-2.3
-0.1
-0.6
-5.28
-5.80
-5.44
-1.13
-28.9
-29.4
-28.7
-15.1
-30.3
-220
-250
-2.00
-2.45
-1.68
-19.1
-42.2
-24.7
Brent Crude Oil (USD/bbl)
40.7
Nymex Oil (USD/bbl)
37.7
Natural Gas
2.1
C OAL (AUS Daily)
52.7
Industrial Metals
Aluminum (USD/tonne)
1,484.3
Nickel (USD/tonne)
8,760
Tin (USD/tonne)
14,600
Precious Metal
Gold (USD/t oz.)
1,075.2
Silver (USD/t oz.)
14.3
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,357
Rubber (JPY/kg)
1,359
C orn (USD/bu.)
373
Wheat (USD/bu.)
483
Soybeans (USD/bu.)
882
JCI Winners (%)
0.3%
Volume (m)
4,061
Value (Rpbn)
4,469
Mkt C ap (Rptr)
4,783
Market 2015 P/E (x) 12.9
-8.9
-0.2
-0.82
-1.35
-9.2
-8.3
65.0
26.4
-8.5
-1.8
-23.8
2.84
1.98
-2.23
-0.36
-2.62
2.9
-17.2
-6.0
-18.2
-13.4
JCI Losers (%)
ASII
CPIN
TLKM
ADRO
BBRI
-2.8
MIKA
BMRI
3.8
-2.3
KLBF
SCMA
2.7
-2.2
TOWR
2.4
ASII
2.0
TLKM
1.0
BBCA
0.8
8.5
AKRA
6.3
LPPF
4.7
BMRI
4.0
BDMN
-8.2
-5.9
+/-8.20
-14.62
(%) Y T D ( %)
-0.48
-1.35
-0.70
0.88
-117.1
-40.46
-0.66
-0.79
-0.52
7.72
1.89
-14.77
134.0
41.62
22.39
0.51
-0.24
1.25
0.88
0.25
8.75
-5.22
11.02
11.32
-1.76
-138
-14.08
-108.0
-16.5
11.93
28.15
-0.30
-0.80
-0.42
-0.21
0.34
1.26
-9.57
24.67
-7.16
-6.25
9.34
59.79
Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
VNINDEX
Japan
Japan
Hong kong
S.Korea
Taiwan
Singapore
19,698.2
1,585.2
22,203.2
1,963.7
8,454.3
2,900.9
193.7
11.19
-33
-10.73
55.7
21.87
0.99
0.71
-0.15
-0.54
0.66
0.76
12.88
12.63
-5.94
2.51
-9.17
-13.80
1,333.6
6,911.9
1,672.0
563.6
0.00
-10.1
4.13
-8.00
0.00
-0.15
0.25
-1.40
-10.96
-4.41
-5.07
3.30
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)
MAYA
MNCN
Indices
Region
MXWO
MSC I Word
1,686.6
SPX
S&P 500
2,077.1
US
Dow Jones Industrial
17,730.5
Nasdaq
US
5,101.8
Europe
EURO 50
Europe
372.5
FTSE
London
6,223.5
DAX
Jerman
10,886.1
C AC
France
4,756.4
SMI
Swiss
8,825.3
BRIC
BOVESPA
Brazil
45,222.7
MIC EX
Russia
1,741.1
SENSEX
India
25,530.1
NIFTY
India
7,765.4
SHC OMP
C hina
3,536.9
SZC OMP
C hina
2,261.4
Developed ASIA
200
287
237
Thailand
Philipines
Malaysia
Vietnam
0.923
0.664
1.000
1.350
1.376
1.505
123.37
6.41
7.751
1.406
13,861
JCI Volume (mn Lot)
400
100
+/0.004
0.003
0.004
0.014
0.013
0.023
0.260
0.01
0.000
0.008
27.0
(%) Y T D ( %)
0.4
15.3
0.4
10.7
0.4
0.0
1.0
12.5
1.0
14.7
1.6
15.8
0.2
3.0
0.1
3.4
0.0
-0.6
0.6
8.2
0.2
11.9
JCI Freq (x)
200
MYRX
153
JPRS
BKSL
127
SRIL
14,728
7,776
TLKM
78
ASII
5,728
147
SSMS
76
BBNI
5,570
BBCA
131
SRIL
73
TLKM
5,539
BBRI
SSMS
120
PPRO
69
SSMS
5,515
-1.2
PGAS
MYRX
98
JPRS
57
KLBF
5,350
-1.2
UNVR
BBNI
75
ANTM
55
BOLT
5,120
-1.2
GGRM
UNVR
71
APLN
53
BMRI
4,761
-0.5
HMSP
LPKR
63
DAJK
52
BBRI
4,642
-2.9
179
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
10
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
645
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
11
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
12
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
13
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
(willinoy.sitorus@trimegah.com)
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
14
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
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legal requirements or the Financial Industry Regulatory Authority, Inc. (FINRA) or other regulatory requirements pertaining to research
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TRIM Daily

Dec 08, 2015

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

10 yr US govt bond (%)

Foreign YtD (USDmn)

JCI Index, Avg 5D MA Value

AKRA is a long term bullish, it formed a white

TLKM a potential upside today with trading

GIAA long term bearish, but in the short term

PT Trimegah Securities Tbk - www.trimegah.com

Nusantara Infrastructure KTA

News of the Day

UNTR: 2016 heavy equipment sales expected to drop

Indonesias official reserve assets position as of end

To 1,900 units from 2,100 units in 2015, accoding to Sara

Banks: Breathing Room For Banks in 2016

Paperwork ongoing for Jakarta-Bandung HSR

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

Crude Oil Brent (RHS)

PT Trimegah Securities Tbk - www.trimegah.com

World Economic Calendar

M3 Money Supply YoY

Dallas Fed Manf. Activity

Caixin China PMI Services

CPI Estimate YoY

Markit Eurozone Composite PMI

ECB Deposit Facility Rate

Unemployment Rate (%)

GDP SA YoY (%)

Imports YoY (%)

Initial Jobless Claims ('000')

Money Supply M2 YoY

Industrial Production YTD YoY

PT Trimegah Securities Tbk - www.trimegah.com

16-Jul-15 Gading Development

28-Aug-15 Solusi Tunas Pratama

WARAN SERI I SOLUSI TUNAS PRATAMA

11-Sep-15 Nirvana Development

WARAN SERI I NIRVANA DEVELOPMENT

11-Dec-15 Bank Sinar Mas