20151208_2

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TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1

We recently visited META, a company which provides a myriad of infrastruc-ture businesses, taking on tower as its newest venture !n a global scale,"rent oil plunged #$% to &'()*+bbl, as !E. continues to maintain itsproduction in /*10 ndonesian 23 reserves slightly dip *#% MoM, but onthe flip side, banks are e4pected to have less li5uidity risks as 6WM has beencut "M7 also plans to revalue its assets, to maintain its .A7 at above 1+%ndonesia remains to be attractive for foreign investors, as we note that'alim group has 8oined 9M Malaysia to enter poultry market, MA' hasteam up with 'hinhan to provide )W financing, unnamed 'ingapore investoris eyeing ndonesian pharma market and :; received &'<0**mn loans fromA("

T7M (aily

T7M =ighlights

Dec 08, 2015

>akarta .omposite nde4 ?>.@ up by 1$ point or *$% to )#/1 yesterday

nde4 movers were mostly driven by miscelaneous industry ?10%@, trade

?1$%@ and basic industry ?-1*%@ Total transaction value was 7p))tr

?1#tr non reg@ (3 recorded 7p0*#bn net buy by foreign investors We

e4pect >. to further upward movement for today with support ))BB-)#C*

Technical Market Diew

&' stocks fell on Monday, led by the ' energy inde4Fs biggest one-daypercentage drop since late August as oil prices slid to their lowest point innearly seven years &' crude oil futures settled down almost 0 percentwhile "rent crude futures fell more than #$ percent after !E.Fs meetinglast week failed to address a growing supply glut

6lobal Wrap

Technical analysisG trading picks

.hange */C%

Transaction Dolume ?m@ ),*01

Transaction Dalue ?7pbn@ ),)0C

Mkt .ap ?7ptr@ ),+B$

Market /*1# E ?4@ 1/C

Market (iv Hield ?%@ /B%

JCI 4,521

6lobal ndices

(ual :isting ?;H'E@

Stock Price Rating Reason

667M #*+** 'ell

(espite the recent open black candle for-

mation, stochastic oscillator will form a dead

cross, in our view Thus, 667MIs trading range

today is around )C+#*-#1*+#

""; #*** 'ell

""; formed a do8i candle, yesterday we e4-

pect a technical correction for 'M." today in

the range of )C)#-#1#*

A97A 0+#* "uy

A97A is a long term bullish, it formed a white

long candle with increasing transaction vol-

umes, indicates further upward movement for

today with support and resistance levels of

0$+#-+*#*

T:9M $*$* "uyT:9M a potential upside today with trading

range /BB*-$1/#

6AA $*#Trading

"uy

6AA long term bearish, but in the short term

6AA will up in support resistant $*1-$1#

A' 0#/# "uy

A' is a long term bullish with possible up-

ward movement for today between the range

of 0)#*-00**

rice .hg %

(ow >ones 1+,+$*# -11+1 -*+

;asda5 #,1*1B -)*# -*B

;ikkei 1C,0CB/ 1C) 1*

'T Times /,C**C /1C *B

2T'E 0,//$# -1)B -*/

=ang 'eng //,/*$/ -$$ -*1

.hg %

USD IDR 1$,B01 /+ */

10 yr Indo Govt bond (%) B#+ ** */

10 yr US govt bond (%) // -**# -/1

Spread (%) 0$) **+ /$

EIDO /*+ -*$ -1+

Foreign YtD (USDmn) (2,994) )) -1)

>. nde4, Avg #( MA Dalue

*

1,***

/,***

$,***

),***

#,***

0,***

+,***

B,***

/,***

$,***

),***

#,***

0,***

- - - - - - -

(Rpbn)Avg. 5 Da !A "ra#ing $a%&e (R'S) Price ('S)

7/23/2019 20151208_2


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;usantara nfrastructure 9TA

&santara In*rastr&ct&re (!+"A IJ -" RA"+D)

$isit "akeaa

We visited ;usantara nfrastructure ?META@, a holding company of # different infrastructure business units which areG

toll road, water purification, port, renewable energy ?which is still under construction@ and telco tower META is found-

ed through backdoor listing in /**0, with Eagle nfrastructure 2und ?//$%@ as current ma8ority shareholder As of

CM1#, 0/% of its revenue came from the toll road '"&, $/% from the telco towers, and 0% from water

/roing Rec&rring Inco0e *ro0 "o%% Roa# S

Together with .ap Asia ?'ingapore "ased E firm@, META formed Margautama ;usantara ?+),CC% owned by META@

They currently have ) toll roadsJ Makassar =arbour toll road?established in 1CCB, CB#$% ownership, 0*k car traffic per

day@, Makassar Airport toll road ?established in /**B, CC$C% ownership, )#k car traffic per day@, "'( K ondok 7an8i

?established in 1CCC, BBC$% ownership, B#k car traffic per day@ and >!77 1 ?established in /*1*, /#% ownership, 1*k

car traffic per day@ all of which continues to book 1#% growth in traffic volume on average (espite possibly not having

route e4pansion in the near future, Margautama ;usantara remains optimistic, as they achieved $*% .A67 on operat-

ing income growth over the past # years and e4pects to have a stable operating income growth due to the growth oftoll traffic and toll price ad8ustments which recurr every / years

+ar% e3pos&re to te%co toer b&siness

METAIs subsidiary ?T Telekom nfranusantara or TT@ owned 0C% of T 9omet nfra ;usantara or 9;, which is an

independent telecommunication tower operator company Ac5uisition of 9; in /*1) by Telekom nfranusantara was

financed through 7p1$Bbn e5uity and 7p)0*bn loan ?from rovidence E5uity artners to TT@ As of $L1#, 9; has

B0) towers ?/*1#E targetG 1*** towers@ with collocation ratio of 1) 4 9;Is towers are mainly located in 'umatera

?)0%@ and >ava ?)B%@ +0% of 9;Is towers are ground based design, while remaining /)% are rooftop minipole

design Ma8or tenants and its contribution to towersI revenue are as followsG Telkomsel $*%, =utchison /$%, 3: 1C%,

and ndosat 1)% Tower rental contract period was 1*-1/ years with average monthly rental of 7p 1) mn The compa-

ny 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 E"T(A margin 0*%@

-ter Ss

META also has water purification '"& which operates in .isadane, Medan and 'erang 'eaport '"& in :ampung, and

renewable energy '"& in Medan ?which is e4pected to start operation in 1=10@ all which are minority owned by META

$a%&ation

META is currently trading at C4 /*1# annualiNe E ?based on CM1#@, while the company has only started to book profit

starting in /*1/ That said, when we made the E band, we started at /*1$, which yielded a lofty E average of #*$4

=owever, we note that earnings have grown robustly in the /*1$-1), with /*1) net profit booking #$$#% growth

AnnualiNing /*1# net profit, this would translate to another robust )#C#% growth in net income

Source: Compa!

!+"As Corporate Str&ct&re

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;ews of the (ay

+cono06 78 reserves s%igt% ero#e# to SD

199.2bn (:9.5; !o!)

ndonesiaIs official reserve assets position as of end

;ovember /*1# stood at &'( 1**/ billion, edged down

&'( #*mn from !ctober position The development was

contributed by foreign e4change receipts, including from

oil and gas revenues and the withdrawal of government

borrowing, which are sufficient to cover the use of foreign

e4change for 6overnment foreign debt payments and to

stabiliNe 7upiah e4change in accordance with its funda-

mentals With these developments, official reserve assets

at the end of ;ovember /*1# can ade5uately cover +1

months of imports or 0C months of imports and servicing

of 6overnment e4ternal debt repayment, well above the

international standards of reserves ade5uacy at $ months

of imports "#ii.aggraei$trimegah.com%

anks6 reating Roo0 7or anks in 291<

:i5uidity risks are estimated to be better in /*10 due to

the not-yet-e4panding distribution of credit and the eco-

nomic policy to decrease of "ank ndonesiaIs giro wa8ib

minimum ?6WM@ or re5uired reserve ratio According to

:embaga en8amin 'impananIs comissioner =alim

Alamsyah, due to the better li5uidity risks, there is a

possibility for the banks to minimiNe the interest rates

they impose in /*10 Source: I&estor Dai'!

Cons&0er sector6 Sa%i0 /ro&p enters po&%tr b&si:ness

"y setting up a >D between 9M rivate :td ?controlled

by 'alim 6roup@ and .A" .akaran .orporation

?Malaysian company@, with C*%1*% ownership "oth

parties have signed a M!& on 0 (ecember /*1#m, which

will be effective for the ne4t 1/ months 'alim group will

be responsible on coordination process with "9M, ad-

ministration and further operation in ndonesia Mean-

while, .A" will be responsible on production, 7 (, and

supply chain process 'alim group also aims to ac5uire

/*% shares on .A" .akaran .orporation Source: I&es-

tor #ai'!.

!RI6 to reva%&ate asset to keep CAR at 1=;

ahala ; Mansury, "M7 Treasury and Market (irector,

mentioned that the revaluation is e4pected to help main-

tain ita current .A7 level at above 1+% in /*1B or

/*1CThe revaluation is e4pected to increase "M7Is .A7

by 1#-/ ppt reviously, the bank has considered to

issue subordinated bonds to raise its tier two capital,

replacing its current subsebt that will mature in /*10, to

increase their .A7 "M7 also decided to continue to

seeking fresh funds from alternative sources other than

the regular third-party funds in /*10, wih ahala stating

that the bank e4pected to continue its postponed plan toissue new securities from its mortgage assets by 1L10,

raising at least 7p#**bn-7p1tn from the securitiNation

To support its loan e4pansion, "M7 is also considering to

issue senior bond worth &'<#**-+#*mn as part of its

funding source Source: The (akarta Post

"R6 291< eav e>&ip0ent sa%es e3pecte# to #rop

b ?.5;

To 1,C** units from /,1** units in /*1#, accoding to 'ara

:oebis, .orporate 'ecretary of &;T7 'ara also cited une4-

citing commodities prices as the main cause for the

dimmed numbers To mitigate the downfall in heavy e5uip-

ment sales, &;T7 will focus on post-sales services, as

management targets 0-B% growth from the segment

Source: I&estor Dai'!

Paperork ongoing *or Jakarta:an#&ng 'SR

As the pro8ect faces permits and funding issues ahead of

its planned mid-(ecember soft launch Transportation

Ministry, =ermanto (wiatmoko, stated that the ministry is

currently reviewing proposal for the track routes, which

were submitted by 9ereta .epat ndonesia .hina ?9..@last week The estimated time needed to issue permits is

$* days after the submission, but, the ministry will re5uire

land-use permit from regional administrations Another

issue faced by 9.. is ac5uiring the necessary capital from

the ministry to get a permit to operate facilities for the

public inter-city train Source: The (akarta Post

A Singapore *ir0 i%% invest in In#onesias par0ac

sector

The company is said to enter with initial investment of

&'<1#mn Though the company name has not yet dis-

closed, but the company is the first company to utiliNenanotechnology in pharmacy industry ts product is a

medicine used to protect live cells from cancer and to

eliminate cancer The company hadG ?1@ a data center in

ndia, ?/@ 1/,*** employees worldwide, ?$@ 0** research-

ers, and ?)@ product marketing in 1B European countries

as well as more than $* others across the world Source:

(akarta Post "patricia.gabrie'a$trimegah.com%

P" Cikarang istrikin#o to IP- in !arc1<

They planned to release 1#% shares to public, and the

proceeds will be used for business e4pansion Source:

)isis I#oesia

S!RA6 i%% #e%a IP- o* P" S&00arecon Invest0ent

Propert

;o further details are e4plained yet Source: )isis I#o-

esia

P6 receive# S@<990n #irect %en#ing *ro0 Asian

Deve%op0ent ank

6uaranteed by the government The fund will be used to

further develop transmission and distribution channel in

'umatera Source: I&estor Dai'!

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;ews of the (ay

Po%itics6 In#onesia i%% o%# istoric nationi#e

regiona% e%ections

ndonesia will hold historic nationwide regional electionstomorrow with total /0C elections, which consist of nine

gubernatorial elections, //) local elections for new re-

gents, and $0 local elections for new mayors ;o trading

activity for tomorrow as government has declared the

day as a public holiday. Source: (akarta Post

"!ei.sima*utak$trimegah.com%

ISA"6 to re*inance Rp299bn to CA an# S&0ito0o

"y using its 7p+C)bn bond payable 2urthermore,

7p/C#bn of the bond payable will be used for adding

more capacity in high traffic area through new "''

?"ase 'tation 'ystem@, and enlarge the network cover-

age to ac5uire new subscribers The rest 7p/CCbn will be

used to pay the 6overnment for the rights of using radio

fre5uency spectrum which will be valid for 1 year

Source: I&estor #ai'!.

I!AS6 estab%ise# J$ it Sinan Car# Co.

named 'hinhan ndo 2inance, which will cover the auto

financing market in 'outheast Asia 2urthermore, this

new >D will also enter credit card business in /=10

Source: I&estor #ai'!.

/overn0ent i%% Iss&e <1; Debt in +ar% 291<.

Ministry of 2inance will use 2ront :oading with 01%

6overnment Treasury ;ote issuance in the first semester

of /*10, less than the first semester of /*1# which is

0$%, but nominally higher M!2 said it will issue 7p

#$/) trillion ?gross@ ne4t year 2oreign currency denom-

inated 6overnment Treasury ;ote will be raised until

$*% gross from the previous /#% The plan for ne4t

yearIs 'ukuk issuance is /)% from 6overnment Treas-

ury ;ote total gross which is 7p 1/+B trillion The

government set up some pro8ects that will be financed

from 'ukuk, such as >ava K 'umatra double railway

pro8ect, marriage and =a88 pilgrimage halls rehabilitation

pro8ect, and 'umatera, >ava, and ;T" road wideningpro8ects "#ii.aggraei$trimegah.com%

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Table

In#o !arket P+ vs Regiona% (eek%)

In#o !arket P+ vs 19r on# Bie%#

-i% Price (rent), Coa% Price (ecast%e), /o%#

7oreign 7&n# 7%o in %ast 5 9 #as

5r on# Bie%# In#o (SD) vs S on# Bie%#

CP- Price, Sobean Price (bot 10 7&t&res)

-10 -)#

-B*/

-#$ -/B

-0*0

-/)0-/++

-/,#**

-)))

-#+

-/,***

?$,***@

?/,#**@

?/,***@

?1,#**@

?1,***@

?#**@

*

; ( ! ; E ' A

= : ; E '

! & T =

9 ! 7 E A

T = A : A ; (

D E T ; A M

; ( A

(SD0n) 5 Das 9 Das

0*

0#

+*

+#

B*

B#

C*

C#

1**

1/*

1$*

1)*

1#*

10*

1+*

1B*

(ec-1) >an-1# 2eb-1# Mar-1# Apr-1# May-1# >un-1# >ul-1# Aug-1# 'ep-1# !ct-1# ;ov-1# (ec-1#

(;)(8) JCI P+ ('S) In#o 19Br on# Bie%# (R'S)

**

*#

1*

1#

/*

/#

$*

$#

)*

)#

( e c - 1

)

( e c - 1

)

> a n - 1

#

2 e b - 1

#

2 e b - 1

#

M a r - 1

#

A p r - 1

#

M a y - 1

#

M a y - 1

#

> u n - 1

#

> u l - 1

#

> u l - 1

#

A u g - 1

#

' e p - 1

#

' e p - 1

#

! c t - 1

#

; o v - 1

#

; o v - 1

#

(;) on# Bie%# S In# 5r on# Bie%# In#o in SD

#**

+**

C**

1,1**

1,$**

1,#**

)*

)#

#*

##

0*

0#

+*

+#

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

a y - 1 #

a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(SDE "ro oF.)(SD)

rent Cr&#e -i% (bb%) ('S) Coa% (0t) ('S) /o%# (R'S)

#**

0**

+**

B**

C**

1,***

1,1**

-

#**

1,***

1,#**

/,***

/,#**

$,***

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

A p r - 1 #

a y - 1 #

> u n - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

(SD

&se%s)(!BR "ons)

CP- !a%asia ('S) Sobean (R'S)

0*

B*

1**

1/*

1)*

10*

1B*

/**

//*

/ * 1 *

/ * 1 *

/ * 1 *

/ * 1 1

/ * 1 1

/ * 1 /

/ * 1 /

/ * 1 $

/ * 1 $

/ * 1 )

/ * 1 )

/ * 1 #

/ * 1 #

(3)

eek% 'ang Seng Singapor e "ai%an# Pi%ippine s !a%asia In #one sia

7/23/2019 20151208_2


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Table

IC-, A"! vs icke% price (!+)

Coa% Price (ecast%e) vs Coa% Sector

"IS vs "in price (!+)

A"! vs /o%# price

CP- Price (10 7&t&res in !a%asia) vs CP- Sector

/IAA vs rent Cr&#e -i%

*

#*

1**

1#*

/**

/#*

-

1*

/*

$*

)*

#*

0*

+*

B*

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

A p r - 1 #

M a y - 1 #

> u n - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

(SDE!")

Coa% ('S) C-A Sector (R'S)

*

1*

/*

$*

)*

#*

0*

+*

B*

C*

-

#**

1,***

1,#**

/,***

/,#**

$,***

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

a y - 1 #

a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(!BR E "on)

CP- !a%asia ('S) CP- Sector (R'S)

-

/,***

),***

0,***

B,***

1*,***

1/,***

1),***

10,***

1B,***

-

#**

1,***

1,#**

/,***

/,#**

$,***

$,#**

),***

),#**

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

a y - 1 #

a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(SD E!")(Rp)

IC- ('S) A"! ('S) icke% !+ (R'S)

#**

0**

+**

B**

C**

1,***

1,1**

1,/**

1,$**

1,)**

*

1**

/**

$**

)**

#**

0**

+**

B**

C**

1,***

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

a y - 1 #

a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(SD tro oF.)(Rp)A"! ('S) /o%# (R'S)

-

$,***

0,***

C,***

1/,***

1#,***

1B,***

/1,***

/),***

*

/**

)**

0**

B**

1,***

1,/**

1,)**

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

M a y - 1 #

M a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

A u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(SDE!")(Rp) "IS ('S) "in !+ (R'S)

*

/*

)*

0*

B*

*

1**

/**

$**

)**

#**

0**

+**

( e c - 1 )

( e c - 1 )

> a n - 1 #

2 e b - 1 #

M a r - 1 #

M a r - 1 #

A p r - 1 #

M a y - 1 #

M a y - 1 #

> u n - 1 #

> u l - 1 #

> u l - 1 #

A u g - 1 #

' e p - 1 #

' e p - 1 #

! c t - 1 #

; o v - 1 #

; o v - 1 #

(SD bb%)(Rp)

/IAA ('S) Cr&#e -i% rent (R'S)

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World Economic .alendar

Date "i0e Co&ntr +vent Perio# S&rve Act&a% Prior

11/0/*1# E. M$ Money 'upply HoH !ct )B #$ )C

11/+/*1# E. .onsumer .onfidence ;ov 2 -- -#C -0

11$*/*1# &' .hicago urchasing Manager ;ov #) )B+ #0/

&' ending =ome 'ales MoM !ct 1$ #) -/$

&' (allas 2ed Manf Activity ;ov -1* -)C -1/+

1/*1/*1# &' Markit &' Manufacturing M ;ov 2 #/0 #/B #/0

&' .onstruction 'pending MoM !ct *0 1 *0

&' 'M Manufacturing ;ov #*# )B0 #*1

&' 'M rices aid ;ov )* $## $C

( ;ikkei ndonesia M Mfg ;ov -- )0C )+B

( . ;'A MoM ;ov *1+ */1 -*1

( . HoH ;ov )B# )BC 0$

( . .ore HoH ;ov )C1 )++ #*

E. Markit EuroNone Manufacturing M ;ov 2 #/B #/B #/BE. &nemployment 7ate !ct 1*B 1*+ 1*B

.= Manufacturing M ;ov )CB )C0 )CB

.= .ai4in .hina M Mfg ;ov )B$ )B0 )B$

.= .ai4in .hina M .omposite ;ov -- -- )CC

.= .ai4in .hina M 'ervices ;ov -- -- #/

1/*//*1# &' M"A Mortgage Applications /+-;ov -- -*/ --

&' A( Employment .hange ?F***F@ ;ov 1C* /1+ 1B/

E. . Estimate HoH ;ov */ *1 *1

E. . .ore HoH ;ov A 11 *C 11

1/*$/*1# ( 2oreign 7eserves ?&'(bn@ ;ov -- -- 1**+

E. Markit EuroNone 'ervices M ;ov 2 #)0 #)/ #)0

E. Markit EuroNone .omposite M ;ov 2 #)) #)/ #))

E. 7etail 'ales MoM !ct */ -*1 -*1

E. E." Main 7efinancing 7ate $-(ec **# **# *1

E. E." (eposit 2acility 7ate $-(ec -*$ -*$ -*/

E. E." Marginal :ending 2acility $-(ec *$ *$ *$

1/)/*1# &' .hange in ;onfarm ayrolls ?F***F@ ;ov /** /11 /+1*

&' .hange in Manufact ayrolls ?F***F@ ;ov * -1 *

&' &nemployment 7ate ?%@ ;ov #* #* #*

&' Trade "alance ?&'( bn@ !ct -)*# -)$C -)*B

1/*B/*1# E. 6( 'A LoL ?%@ $L *$ -- *$

E. 6( 'A HoH ?%@ $L 10 -- 10

.= Trade "alance ?&'( bn@ ;ov 0)1# -- 010

.= E4ports HoH ?%@ ;ov -# -- -0C

.= mports HoH ?%@ ;ov 11B -- -1BB

1/C/*1# &' M"A Mortgage Applications )-(ec -- -- -*/*%

&' Wholesale nventories MoM !ct *1*% -- *#*%

.= . HoH ;ov 1) -- 1$

.= HoH ;ov -#C -- -#C

1/1*/*1# &' mport rice nde4 MoM ?%@ ;ov -*B*% -- -*#*%

&' mport rice nde4 HoH ?%@ ;ov -C0*% -- -1*#*%

&' nitial >obless .laims ?F***F@ #-(ec /0B -- /0C

&' .ontinuing .laims ?F***F@ /B-;ov /1#$ -- /101

&' "loomberg .onsumer .omfort 0-(ec -- -- $C0

1/1*/*1# .= ;ew Huan :oans .;H ?&'( bn@ ;ov C0# -- #1$0

.= Money 'upply M/ HoH ;ov 1) -- 1$#

1/1//*1# .= 7etail 'ales HoH ;ov 111 -- 11*.= ndustrial roduction HoH ;ov #+ -- #0

.= ndustrial roduction HT( HoH ;ov 01 -- 01

.= "loomberg 6( Monthly Estimate HoH ;ov -- -- 00

1/1+/*1# ( "ank ndonesia 7eference 7ate 1+-(ec -- -- +#

( "ank ndonesia :ending 2acility 7ate 1+-(ec -- -- B*

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY B

.orporate Action

Co#ePrice

+3ercise!at&rit +0iten Description

;D'-W 10# B-May-1# novisi nfracom WA7A; 'E7 ;!D' ;27A.!M

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"'M-W 1)C 11-(ec-1# "ank 'inar Mas WA7A; 'E7 "A;9 ';A7 MA'

arrant

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY C

'tatistics

JCI Ainners (;) JCI osers (;) JCI $a%&e (Rpbn) JCI $o%&0e (0n ot) JCI 7re> (3)

HT( ?7p@ -1$#*% ),*01

HT( ?&'(@ #0+% ),)0C

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>A9";( nde4 $C+) -)/ -11 -/0C>A97! nde4 )B1* 1) *$ -B)

>A9A67 nde4 1,0/*C 1$1 *B -$11

Co00o#ities GE: (;) "D (;

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-i% /as

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;atural 6as /1 -*1 -#)) -/B+

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In#&stria% !eta%s

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Tin ?&'(tonne@ 1),0** -/#* -10B -/)+

Precio&s !eta%

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'ilver ?&'(t oN@ 1)$ -*/ -1$# -B$

So*t Co00o#ities

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'oybeans ?&'(bu@ BB/ -/$B -/0/ -1$)

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&'(E&7 Euro *C/$ ***) *) 1#$

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7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 1*

=istorical Technical Trading deas ?1@

19 o&t o* 14= (=.4=;) o&r tecnica% ca%%s are Correct #&ring 91:9 ov15

"icker ast "ecnica% Ca%% 9:ov:15 Cg (;) Reco00en#ation

>. ),#01 rofit Taking),))0

-/#*% .orrect

=M' C+,*** "uy1*1,C**

#*#% .orrect

A97A 0,*/# "uy0,1**

1/)% .orrect

MA 1,C** "uy1,B+#

-1$/% ncorrect

""7 11,$** 'ell1*,++#

-)0#% .orrect

""; ),CB* 'ell),++*

-)//% .orrect

A' 0,//# 'ell#,C/#

-)B/% .orrect

"icker ast "ecnica% Ca%% 2=:ov:15 Cg (;) Reco00en#ation

>. ),#C+.ontinued 'treng-

tening ),#01-*+C% ncorrect

"".A 1$,#/# "uy1$,1#*

-/++% ncorrect

667M #1,0** "uy#*,***

-$1*% ncorrect

A97A #,C#* "uy0,*/#

1/0% .orrect

T:9M /,C#* 'pec "uy/,C0*

*$)% .orrect

:' 1,/B# 'pec "uy1,/0#

-1#0% ncorrect

W!; )0* Trading "uy)#+

-*0#% ncorrect

"icker ast "ecnica% Ca%% 2<:ov:15 Cg (;) Reco00en#ation

>. ),#B0.ontinued 'treng-

tening ),#C+*/#% .orrect

A(7! #B# "uy

#B#

***% .orrect

"".A 1$,#** "uy1$,#/#

*1C% .orrect

M9A /,#*# "uy/,)B*

-1**% ncorrect

667M #*,)** "uy#1,0**

/$B% .orrect

;(2 #,$#* "uy#,)+#

/$)% .orrect

A' 0,1+# 'ell0,//#

*B1% ncorrect


>. ),#)#.ontinued 'treng-

tening ),#B0*BB% .orrect

W'9T 1,+1# "uy1,+/*

*/C% .orrect

"".A 1$,)+# "uy1$,#**

*1C% .orrect

A(7! #0# "uy#B#

$#)% .orrect

'7: $+C "uy$B+

/11% .orrect

M9A /,#** 'pec "uy/,#*#

*/*% .orrect

':! C,B/# 'pec "uyC,++#

-*#1% ncorrect


>. ),#)1 rofit Taking),#)#

**C% ncorrect

&;D7 $+,##* "uy$0,C/#

-100% ncorrect

W!; )#* "uy)#$

*0+% .orrect

'M67 11,)** 'ell 1*,C/# -)1+% .orrect

W'9T 1,+/# 'ell1,+1#

-*#B% .orrect

667M )C,#** 'ell)C,)**

-*/*% .orrect

:2 10,/#* Trading 'ell10,/#*

***%

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 11

=istorical Technical Trading deas ?/@

>. ),#01 rofit Taking),#)1

-*))% .orrect

T $,B+# "uy$,B1#

-1##% ncorrect

W!; ))+ "uy)#*

*0+% .orrect

"".A 1$,1#* "uy1$,$**

11)% .orrect

&;D7 $+,/#* "uy$+,##*

*B1% .orrect

9AE2 C0* Trading "uyCC#

$0#% .orrect

:2 1#,C+# "uy10,/#*

1+/% .orrect


>. ),#1C .ontinued 'trengtening),#01

*C)% .orrect

A' 0,/#* "uy0,$**

*B*% .orrect

W!; )$C "uy))+

1B/% .orrect

MA /,*/* "uy/,**#

-*+)% ncorrect

>'M7 #,*/# "uy#,*/#

***% .orrect

'AT ),C/# Trading "uy#,//#

0*C% .orrect

:2 1#,+#* 'pec "uy1#,C+#

1)$% .orrect

"icker ast "ecnica% Ca%% 1?:ov:15 Cg (;) Reco00en#ation

>. ),)CB .ontinued 'trengtening),#1C

*)+% .orrect

;T /*,C** "uy/1,*/#

*0*% .orrect

&;T7 1+,*#* "uy1+,/**

*BB% .orrect

W!; )$$ "uy)$C

1$C% .orrect

6A' /,C1* "uy$,*+#

#0+% .orrect

7A:' +/# "uy+/#

***% .orrect

'M7A 1,)1# 'pec "uy1,)C*

#$*% .orrect


>. ),#*1 .ontinued 'trengtening),)CB

-**+% ncorrect

'M67 11,1** "uy11,#**

$0*% .orrect

T:9M /,B1# "uy/,B#*

1/)% .orrect

=M' C#,1#* 'pec "uy

C$,***

-//0% ncorrect

;(2 #,/+# 'pec "uy#,)**

/$+% .orrect

""7 1*,C** Trading 'ell1*,C#*

*)0% ncorrect

." 1/,0** Trading 'ell1/,+#*

11C% ncorrect

"icker ast "ecnica% Ca%% 1=:ov:15 Cg (;) Reco00en#ation

>. ),))/ .ontinued 'trengtening),#*1

1$/% .orrect

'M67 1*,B** "uy11,1**

/+B% .orrect

&;D7 $0,$** "uy$0,$+#

*/1% .orrect

&;T7 1+,+** "uy1+,##*

-*B#% ncorrect

'M7A 1,)$# 'pec "uy1,))*

*$#% .orrect

:97 1,10* 'pec "uy1,1+#

1/C% .orrect

6A' /,#+# 'pec "uy/,01*

1$0% .orrect

A(7! 0)* 'pec "uy0)#

*+B% .orrect

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 1/

=istorical Technical Trading deas ?$@

>. ),)+$ .ontinued Weakening),))/

-*0C% .orrect

A' 0,0** 'pec "uy0,)/#

-/0#% ncorrect

T:9M /,+## "uy/,+/*

-1/+% ncorrect

=M' CB,*/# "uyC#,*#*

-$*$% ncorrect

'M67 1*,0+# "uy1*,B**

11+% .orrect

T"6 0,##* 'ell0,)+#

-11#% .orrect

'AT ),B/# 'ell),+0#

-1/)% .orrect


>. ),)0/ &pward Movement),)+$

*/)% .orrect

AA: 1B,##* "uy1B,*#*

-/+*% ncorrect

;T 1C,$** "uy/*,***

$0$% .orrect

'M67 1*,1#* "uy1*,0+#

#1+% .orrect

T:9M /,+1# "uy/,+##

1)+% .orrect

.; /,+*# 'ell/,+/#

*+)% ncorrect

=M' C),0+# 'ellCB,*/#

$#)% ncorrect


>. ),)#/ 2uther 'trengten),)0/

*/)% .orrect

AA: 1B,*** 'pec "uy1B,##*

$*0% .orrect

:' 1,/B* 'pec "uy

1,/B#

*$C% .orrect

'M67 1*,#** "uy1*,1#*

-$$$% ncorrect

;T 1C,$#* "uy1C,$**

-*/0% ncorrect

.; /,0+# Trading 'ell/,+*#

11/% .orrect

=M' C+,C** 'ellC),0+#

-$/C% .orrect


>. ),)#1 7ebound),)#/

**1% .orrect

=M' 1**,#+# "uyC+,C**

-/00% ncorrect

'M7A 1,$+* "uy1,$C*

1)0% .orrect

W'9T 1,0B# "uy 1,0B* -*$*% ncorrect

W9A /,+## "uy/,+0*

*1B% .orrect

W!; )$# 'pec "uy)$#

***% .orrect

'M67 C,C#* 'pec "uy1*,#**

##$% .orrect


>. ),#** .ontinued Weakening),)#1

-1*B% .orrect

AA: 1C,$/# 'pec "uy1B,+**

-$/$% ncorrect

A' 0,)/# 'pec "uy0,#**

11+% .orrect

=M' C+,++# "uy1**,#+#

/B0% ncorrect

9:"2 1,))* Trading 'ell 1,$+* -)B0% .orrect

:' 1,$0# 'ell1,$0#

***% .orrect

""7 1*,#+# 'ell1*,)#*

-11B% .orrect

6A' $,*** 'ell$,1$*

)$$% .orrect

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 1$

=istorical Technical Trading deas ?)@

"icker ast "ecnica% Ca%% ?:ov:15 Cg (;) Reco00en#ation

>. ),#0+ .ontinued Weakening),#**

-1)+% .orrect

&;D7 $+,*** "uy$0,+**

-*B1% ncorrect

T:9M /,+$# "uy/,+$*

-*1B% ncorrect

.; /,0#* 'pec "uy/,0$*

-*+#% ncorrect

MA; 1,1** 'pec "uy1,1)*

$0)% .orrect

6A' /,C/# 'ell/,B1*

-$C$% .orrect

A' 0,0** 'ell0,)/#

-/0#% .orrect

"icker ast "ecnica% Ca%% <:ov:15 Cg (;) Reco00en#ation

>. ),#++ .ontinued Weakening),#0+

-*/$% .orrect

T $,+#* "uy$,+1*

-1*+% ncorrect

W'9T 1,0C* "uy1,+**

*#C% .orrect

'M67 1*,0#* "uy 1*,0+# */$% .orrect

T:9M /,+*# 'pec "uy/,+$#

111% .orrect

9>A /$0 'pec "uy/)*

10C% .orrect

A' 0,#** 'ell0,0**

1#)% ncorrect


>. ),01$ rofit Taking),#++

-*++% .orrect

':! 1*,)** "uy1*,*+#

-$1$% ncorrect

AA: /*,B+# "uy1C,C#*

-))$% ncorrect

:' 1,#** "uy1,)0*

-/0+% ncorrect

""; #,*** 'ell),C)#

-11*% .orrect

""7 11,*#* 'ell1*,+/#

-/C)% .orrect

A' 0,##* 'ell0,#**

-*+0% .orrect


>. ),#$$ 2uther 'trengten),01$

1+#% .orrect

""; ),C#* "uy#,***

1*1% .orrect

""7 1*,+** "uy11,*#*

$/+% .orrect

'M67 1*,/** "uy1*,0**

$C/% .orrect

:' 1,)/# 'pec "uy1,#**

#/0% .orrect

':! C,+#* 'pec "uy1*,)**

00+% .orrect

T:9M /,+)* 'ell/,+$*

-*$0% .orrect

"icker ast "ecnica% Ca%% :ov:15 Cg (;) Reco00en#ation

>. ),)0# .ontinued 'trengtening ),#$$ 1#$% .orrect

""; ),B1# "uy),C#*

/B*% .orrect

""7 1*,/+# "uy1*,+**

)1)% .orrect

W'9T 1,0B# "uy1,+$#

/C+% .orrect

T $,+*# "uy$,+*#

***% .orrect

'M67 C,+#* "uy1*,/**

)0/% .orrect

A' 0,/#* "uy0,)/#

/B*% .orrect


>. ),)## 7ebound),)0#

*//% .orrect

W'9T 1,0$* "uy1,0B#

$$+% .orrect

;(2 #,#/# "uy#,B/#

#)$% .orrect

AA: 1C,C** "uy1C,C**

***% .orrect

667M )/,C#* 'pec "uy)$,)+#

1//% .orrect

A' #,C** 'pec "uy0,/#*

#C$% .orrect

W'9T 1,0$* Trading "uy1,0B#

$$+% .orrect

7/23/2019 20151208_2


PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 1)

7esearch Team

Sebastian "obing, C7A

=ead of 7esearch nstitutional "usiness

?sebastiantobingPtrimegahcom@

6ina ;ovrina ;asution, .'A

Technical Analyst

?ginanasutionPtrimegahcom@

aula 7uth

E5uity Analyst

?paulaPtrimegahcom@

Angga Aditya Assaf

E5uity Analyst

?anggaadityaPtrimegahcom@

Willinoy 'itorus

E5uity Analyst

?willinoysitorusPtrimegahcom@

M (ian !ctiana

E5uity Analyst

?dianoctianaPtrimegahcom@

Wisnu "udhiargo

E5uity Analyst

?wisnubudhiargoPtrimegahcom@

atricia 6abriela

E5uity Analyst

?patriciagabrielaPtrimegahcom@

9evie Aditya

E5uity Analyst

?kevieadityaPtrimegahcom@

>ennifer Happly

E5uity Analyst

?8enniferyapplyPtrimegahcom@

(ini Agmivia Anggraeni

2i4ed ncomeMacro Analyst

?dinianggraeniPtrimegahcom@

Heni 'iman8untak

!n-the-ground Analyst

?yenisiman8untakPtrimegahcom@

7ovandi

7esearch Associate

?rovandiPtrimegahcom@

nstitutional 'ales Team

Danie% Di Sep&tro

=ead of nstitutional E5uity 'ales

?danieldwiPtrimegahcom@

(ewi Husnita

E5uity nstitutional 'ales

?dewiyusnitaPtrimegahcom@

Meitawati


?meitawatiedianingsihPtrimegahcom@

2achruly 2iater


?fachrulyfiaterPtrimegahcom@

=enry 'idarta


?henrysidartaPtrimegahcom@

7aditya Andyono


?radityaandyonoPtrimegahcom@

;ancy ardede


?nancypardedePtrimegahcom@

7etail 'ales Team

JAHAR"A AR+A

atanae% enn Praseto

=ead of 7etail E.M

?bennyprasetyoPtrimegahcom@

Ariawan Anwar

Artha 6raha, >akarta

?ariawananwarPtrimegahcom@

Windra (8ulnaily

luit, >akarta?windrad8ulnailyPtrimegahcom@

2erry Oabur

9elapa 6ading, >akarta

?ferryNaburPtrimegahcom@

Eddy 'umarli

uri 9encana, >akarta

?eddysumarliPtrimegahcom@

Dery Wi8aya

"'(, Tangerang

?verywi8ayaPtrimegahcom@

S!A"+RA

>uliana Effendy

Medan, 'umatera &tara

?8ulianaeffendiPtrimegahcom@

Tantie 7ivi Watie

ekanbaru, 7iau?tantierwPtrimegahcom@

+AS" ID-+SIA

'onny Mul8adi

'urabaya, >awa Timur

?sonnymul8adiPtrimegahcom

;i Made (wi =apsari Wi8ayanti

(enpasar, "ali

?dwihapsariwi8ayantiPtrimegahcom@

van >aka erdana

Malang, >awa Timur

?ivanperdanaPtrimegahcom@

Arifin ribadi

Makasar, 'ulawesi 'elatan

?arifinpribadiPtrimegahcom@

C+"RA JA$A, AR+A

Agus "ambang 'useno

'olo, >awa Tengah

?agussusenoPtrimegahcom@

Mariana 9usuma Wati'emarang, >awa Tengah

MarianakusumaPtrimegahcom@

+S" JA$A

Asep 'aepudin

"andung, >awa "arat

?asepsaepudinPtrimegahcom@

Ariffianto

.irebon, >awa "arat

?ariffiantoPtrimegahcom@

7/23/2019 20151208_2


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20151208_2

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