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1/7PT Trimegah Securities Tbk - www.trimegah.com 1DAILY

TRIM Daily

Todays results are lackluster, with ITMG and JSMR both below expectations. Our

index target remain 5,120 and we continue to be upbeat on this years outlook.

We may see pro!t taking in near-term and suggest buying on weakness. We

think today focus will continue on CPO sector (AALI, LSIP, BWPT) and consumer

companies buoyed by decent LPPF result yesterday (in-line with consensus). We

also wrote interesting takeaway on KTA (loans without collateral) today. Our Buys

in Bank sector are BBRI, BBNI, BBTN with BBRI (TP 10,500) as top pick.

Jakarta Composite Index (JCI) has been keeping the positive trend since Monday

this week which closed at 4,592.7, rose by 36.5 points or 0.8% yesterday. Index

strengthen were backed by miscellaneous industries sector (+2.11%), infrastructure

utility & transportation sector (+1.33%) and consumer goods sector (+1.11%).

Total transaction value reached Rp7.1tr as foreign investor booked Rp1.1tr net

buy. Transaction value in regular market posted Rp6tr. As global market dropped

yesterday, we expect JCI to drop today between support-resistance levels of 4,535-

4,643

JCI 4,592.7

STOCK PRICE Rec Details

ANTM 1,060 BuyWe expect ANTM to move upward today as stochasticindicator to form a golden cross. ANTMs support-resistance level for today is 1,020-1,105

AALI 23,850 BuyAALI is expected to continue its strengthening withinthe support and resistance levels of 23,300-24,400

MEDC 2,525 Buy MEDC remains strong with potential upside in the rangeof 2,470-2,555 for today.

PTBA 9,350 BuyWith stochastic indicator to form a golden cross, weexpect a upware movement for PTBA today in the rangeof 9,200-9,450

JPFA 1,600 BuyJPFA will further increase today, in our view. Buy atlevel 1,600 with target price 1,670

TINS 1,490 Spec BuySpec Buy TINS at level 1,460 with target price todayat level 1,530

AKRA 4,475 Spec BuySpec Buy AKRA at level 4,375 with target price todayat level 4,550

WIKA 1,995 Spec BuySpec Buy at level 1,970 with target price 2,060(resistance)

KLBF 1,420 Spec BuyMACD indicates positive signal of a potential technicalrebound for KLBF. Spec Buy at level 1,400 with targetprice 1,450 (resistance)

ACES 880 Spec BuySpec Buy ACES at level 870 with target price todayat level 910

TRIM Highlights

Market View

Traders Pick

REKSA DANA TRIMEGAHASSET MANAGEMENT

Trim Kapital 7,743.3 1.54 117.5

Trim Kapital + 2,849.4 1.72 48.2Trim Syariah SHM 1,425.0 0.69 9.7

Tram Consumption + 1,259.3 1.27 15.8

Trim Komb 2 1,718.6 1.32 22.4

Trim Syariah B 2,059.5 0.61 12.4

Trim Dana Stabil 2,067.6 0.02 0.3

Trim Dana Tetap 2 1,644.3 0.01 0.1

Tram PDPT USD 1.0 0.52 0.0

Tram Reguler INC 991.8 0.27 2.7

Tram Strategic Fund 1,022.0 1.11 11.2

Trim Kas 2 1,061.1 0.05 0.5

FEBRUARY 20, 2014

Change : 0.80%

Transaction Volume (m) : 5,203.3

Transaction Value (Rpbn) : 7,051.7

Mkt Cap (Rptr) : 4,552.2

Market P/E (x) : 14.3

Market Div. Yield (%) : 2.1

Dow Jones 16,040.6 -89.8 -0.6

Nasdaq 4,238.0 -34.8 -0.8

Nikkei 14,766.5 -76.7 -0.5

ST Times 3,088.8 18.0 0.6

FTSE 6,796.7 0.3 0.0

Hang Seng 22,664.5 76.8 0.3

GLOBAL INDICES

TLKM 38.8 11,409.9 0.12 0.3

DUAL LISTING (NYSE )

USD IDR 11,778 -70.0 -0.6

10 yr Indo Govr bond (%) 8.36 -0.1 -1.5

10 yr US govt bond (%) 2.7 -0.01 -0.4

Spread (%) 5.62 -0.11 -1.0

EIDO 25.2 -0.1 -0.5

Foreign YtD (USDmn) 624.9 150.4 31.7

OTHERS

Global WrapIn U.S., the U.S. housing starts fell to a 880,000 annual unit rate in January,

lower than market consensus for 950,000. The U.S. building permits declined to a

937,000 unit rate in January, lower than market consensus for 975,000. The U.S.

PPI for total !nal demand rose 0.2% MoM or 1.2% YoY in January, in line with

market consensus

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PT Trimegah Securities Tbk - www.trimegah.com2 DAILY

JSMR: Booked FY13 earnings of Rp1.3tr dropped

21% YoY, below consensus estimates (94%)

2013 earnings reached Rp1.3tr down 21.0% YoY;

representing only 94.3% of FY13 consensus estimates;

below.

Lower earnings booked due to lower revenues and

higher operating expense. Operating expense grew

25.2% YoY to Rp7.6tr.

Meanwhile, revenues reached Rp10.3tr down 12.4%

YoY; representing 124.7% of consensus estimates;

higher.

(Rpbn) 4Q12 3Q13 4Q13QoQ chg

(%)YoY chg

(%) FY13YoY chg

(%)FY13/

Cons (%)

Revenue 3,683 2,315 3,227 39.4 (12.4) 10,295 13.5 124.7

Operating pro!t 768 593 629 6.1 (18.1) 2,663 (10.5) 104.6

Net pro!t 396 262 313 19.6 (21.0) 1,336 (16.6) 94.3

Operating margin (%) 20.9 25.6 19.5 25.9

Net margin (%) 10.8 11.3 9.7 13.0

Result 4Q13

JSMR

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PT Trimegah Securities Tbk - www.trimegah.com 3DAILY

News of the DaySMGR: Tonasa V has started operation

SMGR has of!cially operated its new cement plant, Tonasa

V yesterday. Tonasa V plant is expected to increase Semen

Tonasas production capacity up to 7mn tons p.a (22.0% of

current SMGRs production capacity of 31.8mn tons p.a.).

Last year, Semen Tonasa managed to book 5.5mn tons sales

(+ 20.7% YoY). Source: Bisnis Indonesia

INDF: To create joint-venture with Roxas Holdings Inc.

for sugar product expansion in South East Asia

INDF will distribute sugar produced by Roxas Holdings, its

sister company (also owned by First Paci!c) in Indonesia.

Roxas Holdings is located in the Philippines. Source: Investor

Daily

Comment: Indonesia is a net sugar importer so this makessense.

CTRA: To issue Rp500bn bonds

CTRA through its subsidiary plans to issue Rp500bn worth of

bonds in 1Q14. The bonds which will be issued would have

a 5-year tenor. The funds raised will be used to !nance the

Companys expansion within Jakarta area. Source: Kontan

Comment:Positiv

WSKT: Allocates 2014 capex totaling to Rp860bn

WSKT plans to draw a bank loan amounting to Rp360bn for

funding 2014 capex. WSKT allocates 2014 capex totaling

to Rp860bn whereas WSKT still having the IPO proceed

amounting to Rp250bn. WSKT has Rp5.0tr bank loan facility

from several banks which has been used as much as Rp800bn.

Source: Investor Daily

Comment: WSKT capex is higher than our estimate of

Rp464bn. We are checking with company on their capex

purposes.

ITMG: Posted lower than expected FY13 earnings

ITMG booked FY13 net pro!t of USD230mn, dropped 46% YoY.

This result came 7% lower than our estimate while reaching

11% below the consensus. Top-line came 11% below our

expectation on slightly lower sales volumes of 29.1mn tons

(TRIM Research: 29.5mn tons) and ASP of USD74.9/ton

(TRIM Research: USD75.1/ton). Source: Company

KTA or Loans without collateral

KTA has been around since at least 5 years ago and promoted

through third party, who normally promote the credit

through cold calls and cold texting (unsolicited calls and text

messages). We usually got 5-7 messages offering these loans

daily. This piques our interest so we called several of themto !nd out the procedures to get the loans, credit limit, etc.

Here are our !ndings:

Interest rate is surprisingly low at 1.49% - 1.89%

per month or 17.9 22.7% simple annual rate. This is similar

to micro/small business loans at other banks which range

between 18-24%.

The requirements (ID, credit card data, tax data,

and bank account data) are similar to borrowing at a banks

small business loan division.

NOT shadow-banking. Credits are offered by banks

(mostly foreign banks instituted in Indonesia). The third party

only act as broker of loans.

Max 5x credit limit of existing credit card. Good to

know rule of thumb next time you plan to lend money to your

friend.

Among banks, we reiterate our Buy calls on BBRI, BBTN, and

BBNI with BBRI as top pick (please see Robby Ha!ls Bank

sector report dated 4 Feb 2014).

Value Requirement Bank Interest Rate MaturityProcessPeriod

Limit

Up to IDR1bn ID (KTP), Credit Card, NPWP,

Saving Account book

StandardCharteredBank

Below IDR90mn-1.79% per month

5 years3-5 work-ing days

5x Credit Card

AboveIDR90mn-1.49%per month

Up to IDR1bn ID (KTP), Credit Card, NPWP,Saving Account book

ANZBelow IDR90mn-1.89% per month

5 years3-5 work-ing days

5x Credit Card



DBSBelowIDR90mn-1.89%per month

3 years 7 Days 5x Credit Card

AboveIDR90mn-1.5% permonth


DanamonBank

BelowIDR90mn-1.89%per month

3 Years 7 Days 5x Credit Card


KTA (KREDIT TANPA AGUNAN) OR LOANS WITHOUT COLLATERAL

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PT Trimegah Securities Tbk - www.trimegah.com 5DAILY

World Economic Calendar

Date Time Country Event Period Survey Actual Prior

14-Feb-14 ID BoP Current Account Balance (USD bn) 4Q -- -4.0 -8.5

ID Motorcycle Sales Jan -- 579,361 551,283

ID Local Auto Sales Jan -- 103,494 97,691

US Import Price Index YoY Jan -1.0 -1.5 -1.1

US Industrial Production MoM Jan 0.2 -0.3 0.3

US Univ. of Michigan Con!dence Feb P 80.2 81.2 81.2

CN PPI YoY Jan -1.6 -1.6 -1.4

CN CPI YoY Jan 2.4 2.5 2.5

EC GDP SA QoQ (%) 4Q A 0.2 0.3 0.1

EC GDP SA YoY (%) 4Q A 0.4 0.5 -0.3

GE GDP SA QoQ (%) 4Q P 0.3 0.4 0.3

GE GDP NSA YoY (%) 4Q P 1.3 1.3 1.1

17-Feb-14 JN GDP SA QoQ (%) 4Q P 0.7 0.3 0.3

JN GDP Annualized SA QoQ (%) 4Q P 2.8 1.0 1.1JN Industrial Production YoY (%) Dec F -- 7.1 7.3

18-Feb-14 US NAHB Housing Market Index Feb 56 46 56

US Empire Manufacturing Feb 8.50 4.48 12.51

EC ZEW Survey Expectations Feb -- 68.5 73.3

EC Current Account NSA (EUR bn) Dec -- 33.2 27.2

GE ZEW Survey Current Situation Feb 44 50 41.2

GE ZEW Survey Expectations Feb 61.5 55.7 61.7

19-Feb-14 US Housing Starts (000's) Jan 900 -- 999

US Housing Starts MoM (%) Jan -9.9 -- -9.8

US PPI MoM Jan -- -- 0.4

US PPI YoY Jan -- -- 1.2

US Building Permits (000's) Jan 960 -- 986

US Building Permits MoM Jan -3.1 -- -3.0

20-Feb-14 US CPI MoM (%) Jan 0.2 -- 0.3US CPI Ex Food and Energy MoM (%) Jan 0.1 -- 0.1

US CPI YoY (%) Jan -- -- 1.5

US CPI Ex Food and Energy YoY (%) Jan -- -- 1.7

US Initial Jobless Claims 15-Feb 334 -- 339

US Markit US PMI Preliminary Feb 53.7 -- --

CN HSBC/Markit Flash Mfg PMI Feb -- -- 49.5

EC PMI Manufacturing Feb A -- -- 54

EC PMI Services Feb A -- -- 51.6

EC Consumer Con!dence Feb A -- -- -11.7

GE PMI Manufacturing Feb A -- -- 56.5

GE PMI Services Feb A -- -- 53.1

21-Feb-14 US Existing Home Sales (mn) Jan 4.69 -- 4.87

US Existing Home Sales MoM Jan -3.7 -- 1.0

24-Feb-14 US Chicago Fed Nat Activity Index Jan -- -- 0.16

US Dallas Fed Manf. Activity Feb -- -- 3.8

GE IFO Business Climate Feb -- -- 110.6

GE IFO Expectations Feb -- -- 108.9

EC CPI MoM (%) Jan -- -- 0.3

EC CPI YoY (%) Jan F -- -- --

25-Feb-14 US House Price Index MoM (%) Dec -- -- 0.1

US Consumer Con!dence Index Feb 80.0 -- 80.7

GE GDP SA QoQ (%) 4Q F -- -- 0.4

GE GDP NSA YoY (%) 4Q F -- -- 1.3

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RESEARCH TEAM

Sebastian Tobing, CFA

Head of Research & Institutional Sales

([email protected])

Frederick Daniel Tanggela

Equity Analyst

([email protected])

Robby Ha!l

Equity Analyst

([email protected])

Melvina Wildasari

Equity Analyst([email protected])

EQUITY CAPITAL MARKET TEAM

JAKARTA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Musji Hartono

Mangga Dua, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Very Wijaya

BSD, Jakarta

([email protected])

SUMATRAJuliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Hari Mulyono Soewandi

Palembang, Sumatra Selatan

([email protected])

Maria Renata

Equity Analyst

([email protected])

Gina Novrina Nasution, CSA

Equity Analyst

([email protected])

Hapiz Sakti Azi

Research Associate

([email protected])

Mardhika Rinaldi

Research Associate

([email protected])

EAST INDONESIA

Wiranto Sunyoto

Branch Area Manager

([email protected])

Sonny Muljadi

Surabaya, Jawa Timur

([email protected]

Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali

([email protected])

Ivan Jaka Perdana

Malang, Jawa Timur

([email protected])

Agus Jatmiko

Balikpapan, Kalimantan Timur

([email protected])

Ari!n Pribadi

Ujung Pandang, Sulawesi Selatan

([email protected])

CENTRAL JAVAAgus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Andrew Jatmiko

Yogyakarta, Jawa Tengah

([email protected])

Muhammad Ishaq

Semarang, Jawa Tengah

[email protected])

Rovandi

Research Associate

([email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Arif!anto

Cirebon, Jawa Barat

([email protected])

6

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DISCLAIMER:This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its af!liated companiesand is provided for information purposes only. Under no circumstances is it to be used or considered asan offer to sell, or a solicitation of any offer to buy. This report has been produced independently and theforecasts, opinions and expectations contained herein are entirely those of Trimegah Securities. While allreasonable 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 andit should not be relied upon as such. This report is provided solely for the information of clients of TrimegahSecurities who are expected to make their own investment decisions without reliance on this report. NeitherTrimegah Securities nor any of!cer or employee of Trimegah Securities accept any liability whatsoever forany direct or consequential loss arising from any use of this report or its contents. Trimegah Securities and/orpersons connected with it may have acted upon or used the information herein contained, or the research oranalysis on which it is based, before publication. Trimegah Securities may in future participate in an offeringof the companys equity securities.

PT Trimegah Securities Tbk

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www.trimegah.com

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