TRIM DailyPT Trimegah Securities Tbk - TRIM DAILY 1 Plenty of results today. In-line: ASII, LEAD. Below: SMBR, BBTN, UNTR. We would like to highlight that UNTR result would have been

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

Plenty of results today. In-line: ASII, LEAD. Below: SMBR, BBTN, UNTR. We

would like to highlight that UNTR result would have been above if not for the

one-off impairment of its mining assets and most importantly, the receivable

days has come down from 101 days in 9m14 to 90 days in FY14. This should

reduce concerns over bad debt for UNTR. Despite below reported profit, we

expect UNTR shares to respond positively to result. Mitra Keluarga IPO: given

lack of listed companies with sizable free float in healthcare sector, we think

the IPO will be in high demand despite lofty post-IPO valuation of 23-29x

2015 EV/EBITDA.

TRIM Daily

TRIM Highlights

Feb 27 2015

Jakarta Composite Index (JCI) up by 6 poin or 0.12% to 5,451 yesterday.

Index movers were mostly driven by infrastructure, trade and property

construction. Total transaction value was Rp7.8tr. IDX recorded RP1,244bn

net buy by foreign investors. With the last four days fast increase, JCI is

Overbought, in our view. We expect a technical correction for the stock today

with trading range at 5423-5469

Technical Market View

U.S. experienced deflation for the month of January, i.e. -0.7% MoM, trans-

lating -0.1% YoY. This deflation number might allow the Fed to hold the low

interest rate for longer time.

Global Wrap

Technical analysis: trading picks

JCI 5,451.4

Global Indices

Reksa Dana Trimegah Asset Management

Dual Listing (NYSE) Others

(USD) (Rp) Chg %

45.8 14,688 0.25 0.5TLKM

Change 0.12%

Transaction Volume (m) 6,828

Transaction Value (Rpbn) 7,767

Mkt Cap (Rptr) 5,428

Market 2015 P/E (x) 14.4

Market Div. Yield (%) 2.4%

Price Chg %

Dow Jones 18,214.4 -10.2 -0.1

Nasdaq 4,987.9 20.8 0.4

Nikkei 18,785.8 200.6 1.1

ST Times 3,426.2 -14.7 -0.4

FTSE 6,949.7 14.3 0.2

Hang Seng 24,902.1 123.8 0.5

NAB Chg %

Trim Kapital 9,848.8 34 0.4

Trim Kapital + 3,599.5 10.9 0.3

Trim Syariah SHM 1,768.8 2.4 0.1

Tram Consumption +1,592.8 3.6 0.2

Trim Komb 2 2,150.7 5.0 0.2

Trim Syariah B 2,491.8 2.5 0.1

Trim Dana Stabil 2,212.3 1.4 0.1

Trim Dana Tetap 2 1,779.8 1.5 0.1

Tram PDPT USD 1.1 0.0 0.1

Tram Reguler INC 994.7 0.0 0.0

Tram Strategic Fund 1,218.4 4.9 0.4

Trim Kas 2 1,142.7 0.2 0.0

Chg %

USD IDR 12,831 -25 -0.2

10 yr Indo Govr bond (%) 7.06 -0.1 -1.2

10 yr US govt bond (%) 2.0 0.05 2.6

Spread (%) 5.03 -0.14 -3.8

EIDO 27.9 0.1 0.3

Foreign YtD (USDmn) 833 97 13

Stock Price Rating Reason

LSIP 1815 Buy

With increasing transaction volumes LSIP is a Buy on weakness with support and resistance levels of 1790-1860

HRUM 1600 Buy GGRM formed a doji formation, which indi-cates a technical rebound to occur today

within the range of 1540-1700

JSMR 7075 Buy

MACD indicator formed golden cross, ce-menting our view that JSMR would break its 7225 resistance and formed a bullish pattern post today’s technical rebound. We expect the stock to be traded between the range of 6925-7225 for today.

BKSL 146 Buy BKSL will test its resistance level of 151 with potential upside for today within the trading range of 138-151

BBRI 12950 Sell

BBRI formed a doji pattern on the peak of its bullish formation. Thus, we expect a technical correction today at the range 12450-13200

BBNI 6925 Sell

Stochastic oscillator formed a dead cross.

We expect downward movement for today in the range of 6800-7125

PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2

Market cap post IPO : IDR 21 – 26tr

Deal Size : IDR 3.8 – 4.7tr

Shares offered : 262mn shares

As % of enlarged shares : 18% (13% old shares, 5%

new shares)

Bookbuilding period : Feb 27th – Mar 6th

Listing date : Mar 24th

• Indonesia is still lacking of health care infrastructure

compare to other country in South East Asia. It is esti-

mated that every 1.000 of population, there are only 1

hospital beds (vs Thailand 2.1, Singapore 2.0, Vietnam

2.0, and Malaysia 1.9). Thus, private hospital is still

expected to be able to grow rapidly in the future.

• PT. Mitra Keluarga Tbk (Mitra) is the second largest

hospital in Indonesia. It owns 11 hospitals located in

Jabodetabek and Surabaya. Mitra’s growth strategy are

constructing new hospital, increasing patient volume

through capacity expansion and recruiting new medical

professional, offering more sophisticated & complex

services, and improving operating efficiency. The compa-

ny achieved FY2013 revenue of Rp1.7tr (20.3% CAGR in

2011-13; 9M14 11.1%YoY).

• EBITDA growth is 24.6% CAGR in 2011-13. Mitra’s

EBITDA margin for FY2013 is 33.9% (vs. FY2011

29.5%). In 2013, the company booked net income of

Rp399bn (17.4% CAGR in 2011-13; 9M14 25.4% YoY)

with margin of 22.9% (FY2011 18.6%; 9M14 26.8% vs

9M13 23.7%). In 9M14, Mitra has net cash of Rp.929bn.

IPO: PT. Mitra Keluarga Tbk

• Mitra will execute IPO for max. 262mn of shares (18%),

which consists of 73mn new shares and 189mn shares

currently owned by Lion Investments Partners BV. IPO

price range is Rp14,500-Rp18,000 per share, with proceed

totalling Rp1.1tr-Rp1.3tr for funding.

• IPO’s proceed allocations are as follows: Construction of

new hospitals in Jabodetabek and Surabaya (56%),

purchase of medical equipment & IT (20%), future land

acquisition to construct new hospital (16%), and expan-

sion in existing hospitals (8%).

• Bookbuilding is scheduled on February 27th 2015 until

March 6th 2015. Targeted listing date on March 24th

2015.

• Given lack of listing in healthcare sector and sizable

market cap post IPO, we think Mitra Keluarga hospi-

tal IPO will be in high demand despite lofty valua-

tion of 23-29x 2015 EV/EBITDA (post-IPO valuation,

assuming annualized 2014 EBITDA grows by 24% in 2015,

same as CAGR in past three years).

Source: TRIM Research


Result FY14

SMBR: In-line with consensus (100%), but lower than our expectation (85%).

• SMBR booked flattish growth at 5.2% YoY in FY14 net income to Rp328bn (FY13: Rp312bn). The result is below consensus

(80%) and below our FY target (87%).

• Revenues grew by only +4.0% YoY to Rp1.2tr (FY13: Rp1.17tr); in-line with consensus (100%), but lower than our expec-

tation (85%).

• Flattish revenues growth due to stagnant cement sales volume in FY14. SMBR cement sales reached 1.263mn tons in FY14

vs. 1.265mn tons, grew by -0.2% YoY. The sales in FY14 represented only 84% of FY14 target at 1.5mn tons.

• SMBR booked lower margins. Gross margin stood at 30.7% in FY14 vs. 39.6% in FY13. Interest income reached Rp151bn,

double than previous at Rp71bn. Cash stood at Rp2.0tr as of Dec’14 (Dec’13: Rp1.9tr) backed from IPO proceeds that has

not been used due to delay on development of new plant.

• Our current recommendation is a Buy with TP: Rp600. However, we are reviewing our forecast and recommendation on

SMBR.

(Rpbn) 4Q13 3Q14 4Q14 QoQ YoY FY14 YoY 4Q14 / 4Q14E

FY14 / FY14E

FY14 / cons

Revenue 374 314 398 26.6 6.5 1,215 4.0 64.4 84.7 100.2

Gross profit 144 115 132 14.7 (8.0) 372 (19.4) 40.4 65.7 na

Operating profit 103 78 92 17.4 (10.7) 236 (27.8) 34.8 57.7 76.4

Net profit 110 97 108 10.6 (1.8) 328 5.2 69.6 87.4 80.4

Gross margin (%) 38.4 36.6 33.2 (3.4) (5.3) 30.7 (8.9)

Operating margin (%) 27.6 25.0 23.1 (1.8) (4.5) 19.4 (8.6)

Net margin (%) 29.4 31.0 27.1 (3.9) (2.3) 27.0 0.3

• BBTN booked Rp1.1tr net profit as at FY14 (-28.6% y-o-y), translates to Rp361bn net profits in 4Q14 (+66.4% q-o-q). The

negative growth in earnings was due to -2.8% y-o-y growth in net interest income and significant increase in provisioning

expenses (Rp277bn in 4Q14 itself). The net profit realization was below ours and consensus estimates. NIM expanded

slightly to 4.5%.

• In the balance sheet, the company booked higher loan growth than the industry (Rp15.4% y-o-y to Rp115.9tr) which was

still driven by 21% y-o-y growth in subsidized mortgage loans. On the other hand, deposits grew by 10.7% y-o-y on the

back of 22.5% y-o-y growth in current account. This brought LDR to 108.9%.

• In terms of asset quality, total NPL improved to 4.0% or roughly decline by 85bps on the back of significant decline in

subsidized mortgage and non-subsidized mortgage NPL . However, we observe an increase in its special mentions ratio to

13.8% (+180bps) as there was an increase in housing loans special mentions in FY14.

• We are reviewing our numbers for BBTN. Our current call is BUY with Rp1,350TP and the stock is currently trades at 0.9x

2015 PBV.

BBTN: FY14 Results Below ours and consensus

QoQ YoY YoY 4Q14/ FY14/ FY14/

(Rpbn) 4Q13 3Q14 4Q14 Chg Chg FY14 Chg 4Q14F FY14F Cons.

% % % % % %

Net Int. Income 1,505 1,300 1,508 16.0 0.2 5,480 (2.8) 84.6 95.2 93.0

Total Income 1,837 1,493 1,861 24.7 1.3 6,406 (0.5) 91.1 97.2 95.5

Op. Profit 709 307 496 61.3 (30.1) 1,546 (27.6) 87.6 95.7 N/A

Net Income 505 217 361 66.4 (28.6) 1,116 (28.6) 84.4 94.4 94.3

NIM (%) 5.4 4.4 4.5 0.1 (1.0) 4.5 (1.0)

ROE (%) 17.5 8.5 9.1 0.6 (8.3) 9.1 (8.3)

ROA (%) 1.5 0.7 0.8 0.1 (0.8) 0.8 (0.8)


Result FY14

UNTR: FY14 result is below consensus but still positive

• Net profit is clearly below expectation BUT this is due to a IDR 2.7tr impairment of coal mine concessions (UNTR impaired

the value of its mine assets by 23%).

• We suggest investors to focus more on operating profit, which exceeds consensus numbers by 13%.

• More importantly, AR days has improved from 101 days in 9m14 to 90 days in FY14.

UNTR 4Q13 3Q14 4Q14 QoQ YoY FY13 FY14 YoY FY14 /

cons (%)

Sales 13,707

13,277

12,332

-7.1% -10.0% 51,012 53,142

4.2% 97.9%

Gross Profit 2,726

2,897

3,437

18.6% 26.1% 9,517 12,070

26.8% 109.9%

Operating Profit 1,901

2,139

2,244

4.9% 18.0% 6,741 8,866

31.5% 113.3%

Net Profit 1,455

1,491

595

-60.1% -59.1% 4,834 5,370

11.1% 92.0%

Gross Margins (%) 19.9% 21.8% 27.9% 18.7% 22.7% 1.12182

Opr Margins (%) 13.9% 16.1% 18.2% 13.2% 16.7%

Net Margins (%) 10.6% 11.2% 4.8% 9.5% 10.1%


News of the Day

LSIP: Below consensus

• FY2014 core profit increased +44.2%YoY; -9.2%

below consensus. Core margin expanded to 18.6%

(vs. FY2013 14.7%).

• Net income went up by +19.1%YoY; -5.7% lower

than consensus. FY2014 net other income declined to

Rp49bn (-76.5%YoY).

• Operating profit boosted by +45.6%YoY with margin

25.2% (vs. FY2013 19.8%).

• LSIP booked FY2014 topline of Rp4.7tr (+14.3%

YoY); in-line.

• The company is traded at Rp1,835/sh, representing

15PE of 11.5x.

Coal: Domestic consumption to accounts 60% of

production in 2019

Domestic coal consumption is expected to reach 60% in

2019 backed by electricity program and other industries

(fertilizer, cement, textile, paper, etc). Government is

implementing 35,000MW program from period 2015-

2019. The program is expected to add domestic coal

demand by 90mn tons. Based on government’s blueprint

(Rencana Pembangunan Jangka Panjang dan Menengah

Nasional or RPJMN), total coal production by 2019 to

stands at 400mn tons. The target is lower than FY15

target at 425mn tons. Currently, domestic coal consump-

tion accounts for 23% and is expected to reach at 32%.

Coal consumption by 2019 is expected to reach 209mn

ton, while other industries to reach 33mn tons. Source:

Bisnis Indonesia ([email protected])

JSMR: Targeting to earn Rp800bn from non-

highway sector

JSMR is targeting that the non-highway business can

contribute 10% from the company total income. JSMR

target revenues to reach Rp8.0tr in FY15, in which non-

highway sector to generate Rp800mn (+37.22% YoY). In

2014 the non-highway revenue was Rp583bn (+14.7%

YoY) or contribute 6.36% from JSMR’s revenue. JSMR

allocates Rp150bn capex for its subsidiary, Jasa Marga

Properti (JMP). JMP plan to build apartment and trading

building in Bogor and trading building and office building

in Ciledug. Source:Bisnis Indonesia

Banking: single ATM for SOE banks

SOE Ministry announced to integrate the ATM of SOE

banks (BBNI, BBRI, BMRI, and BBTN). Meaning, SOE

banks customers can do transactions via a single ATM.

This is for the purpose of operational efficiency among

SOE banks, which could lead to lower lending rates going

forward. However, there were mixed responds from bank-

ers regarding the connection between ATM and lending

rates. BBRI stated that the ATM fee income sharing among

banks would be quite a debate if this is implemented.

BMRI mentioned that this plan is still questionable in

t e r m s o f s t r a t e g y . S o u r c e : K o n t a n

([email protected])


News of the Day

ASII FY14 results in line

Astra International (ASII IJ) 4Q14 net profit reached

IDR4.7trn (-0.3% q-o-q, -21.2% y-o-y), bringing FY14

figures to IDR19.2trn (-1.2% y-o-y) accounting to 96%

of FY14 consensus. Operating profit increased by 18.9%

q-o-q, however the flat 4Q14 q-o-q earnings went flat

dragged by forex loss and large impairment losses on

mining properties. Source: Company, TRIM research

([email protected])

Figure: Financial highlights

Source: TRIM Research


Table

Indo Market PE vs Regional (Weekly)

Indo Market PE vs 10yr Bond Yield

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

Foreign Fund Flow in last 5 & 30 days

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

CPO Price, Soybean Price (both 1m Futures)

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

2010

2010

2011

2012

2013

2014

2015

(x)

Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia

500

700

900

1,100

1,300

1,500

40

50

60

70

80

90

100

110

120

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD/ Troy oz.)(USD)

Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS)

6.0

6.5

7.0

7.5

8.0

8.5

9.0

12.0

12.5

13.0

13.5

14.0

14.5

15.0

Feb-

14

Mar-

14

Apr-

14

May-

14

Jun-

14

Jul-

14

Aug-

14

Sep-

14

Oct-

14

Nov-

14

Dec-

14

Jan-

15

Feb-

15

(%)(X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS)

0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

Feb-14

Mar-

14

Mar-

14

Apr-

14

Apr-

14

May-14

May-14

Jun-1

4

Jun-1

4

Jul-

14

Jul-

14

Jul-

14

Aug-14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Dec-14

Dec-14

Jan-15

Jan-15

Feb-15

Feb-15

(%) Bond Yield US Ind 5yr Bond Yield Indo in USD

315

55

557

-287

31

389

843

389

718

30 88

2,913

(500)

0

500

1,000

1,500

2,000

2,500

3,000

3,500

IND

ON

ESIA

PH

ILIP

PIN

ES

SO

UTH

KO

REA

TH

AIL

AN

D

VIE

TN

AM

IND

IA

(USDmn) 5 Days 30 Days

500

700

900

1,100

1,300

1,500

1,700

-

500

1,000

1,500

2,000

2,500

3,000

3,500

Mar-

14

Apr-

14

May-14

Jun-1

4

Jul-

14

Aug-14

Sep-1

4

Oct-

14

Nov-1

4

Dec-14

Jan-15

Feb-15

(USD Bushels)(MYR Tons)

CPO Malaysia (LHS) Soybean (RHS)


Table

INCO, ANTM vs Nickel price (LME)

Coal Price (Newcastle) vs Coal Sector

TINS vs Tin price (LME)

ANTM vs Gold price

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

GIAA vs Brent Crude Oil

150

175

200

225

250

275

50

55

60

65

70

75

80

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

(USD/MT)Coal (LHS) COAL Sector (RHS)

50

55

60

65

70

75

80

85

90

95

1,500

1,700

1,900

2,100

2,300

2,500

2,700

2,900

3,100

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(MYR / Ton)

CPO Malaysia (LHS) CPO Sector (RHS)

-

5,000

10,000

15,000

20,000

25,000

-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Feb-14

Mar-14

Apr-14

May-14

May-14

Jun-14

Jul-

14

Jul-

14

Aug-14

Sep-14

Sep-14

Oct-

14

Nov-14

Nov-14

Dec-14

Jan-15

Jan-15

Feb-15

(USD /MT)(Rp)

INCO (LHS) ANTM (LHS) Nickel LME (RHS)

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

1,500

500

600

700

800

900

1,000

1,100

1,200

1,300

1,400

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD troy oz.)(Rp) ANTM (LHS) Gold (RHS)

15,000

16,000

17,000

18,000

19,000

20,000

21,000

22,000

23,000

24,000

25,000

500

700

900

1,100

1,300

1,500

1,700

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD/MT)(Rp) TINS (LHS) Tin LME (RHS)

40

50

60

70

80

90

100

110

120

300

350

400

450

500

550

600

650

700

Feb-14

Mar-

14

Apr-

14

May-14

May-14

Jun-1

4

Jul-

14

Jul-

14

Aug-14

Sep-1

4

Sep-1

4

Oct-

14

Nov-1

4

Nov-1

4

Dec-14

Jan-15

Jan-15

Feb-15

(USD bbl)(Rp)

GIAA (LHS) Crude Oil Brent (RHS)


World Economic Calendar

Date Time Country Event Period Survey Actual Prior

02/19/2015 US Initial Jobless Claims (000's) 14-Feb 290 283 304

US Continuing Claims (000's) 7-Feb 2360 2425 2354

US Bloomberg Consumer Comfort 15-Feb -- 44.6 44.3

US Philadelphia Fed Business Outlook Feb 9 5.2 6.3

US Leading Index Jan 0.3 0.2 0.5

EC Consumer Confidence Feb A -7.5 -6.7 -8.5

02/20/2015 EC Markit Eurozone Manufacturing PMI Feb P 51.5 51.5 51

EC Markit Eurozone Services PMI Feb P 53.0 53.9 52.7

EC Markit Eurozone Composite PMI Feb P 53.0 53.5 52.6

US Markit US Manufacturing PMI Feb P 53.6 54.3 53.9

02/23/2015 US Chicago Fed Nat Activity Index Jan 0.15 0.13 -0.05

US Existing Home Sales (USD mn) Jan 4.95 4.82 5.04

US Dallas Fed Manf. Activity Feb -4 -11.2 -4.4

02/24/2015 US Markit US Composite PMI Feb P -- 56.8 54.4

US Markit US Services PMI Feb P 54.5 57 54.2

US Consumer Confidence Index Feb 99.5 96.4 102.9

US Richmond Fed Manufact. Index Feb 6 -- 6

EC CPI MoM (%) Jan -1.6 -1.6 -0.1

EC CPI YoY (%) Jan F -0.6 -0.6 -0.6

EC CPI Core YoY (%) Jan F 0.6 0.6 0.6

02/25/2015 US MBA Mortgage Applications (%) 20-Feb -- -3.5 -13.2

US New Home Sales (000's) Jan 470 481 481

CH HSBC China Manufacturing PMI Feb P 49.5 50.1 49.7

02/26/2015 US CPI MoM (%) Jan -0.6 -0.7 -0.4

US CPI Ex Food and Energy MoM (%) Jan 0.1 0.2 0%

US CPI YoY (%) Jan -0.1 -0.1 0.8

US Durable Goods Orders (%) Jan 1.6 2.8 -3.4

US Durables Ex Transportation (%) Jan 0.5 0.3 -0.8

US Initial Jobless Claims (000's) 21-Feb 290 313 283

US Continuing Claims (000's) 14-Feb 2394 2401 2425

US FHFA House Price Index MoM (%) Dec 0.5 0.8 0.8

US Bloomberg Consumer Comfort 22-Feb -- 42.7 44.6

EC M3 Money Supply YoY (%) Jan 3.7 4.1 3.6

EC M3 3-month average (%) Jan 3.4 3.6 3.1

EC Consumer Confidence Index Feb F -6.7 -- -6.7

02/27/2015 US GDP Annualized QoQ (%) 4Q S 2.0 -- 2.6

US Personal Consumption (%) 4Q S 4.3 -- 4.3

US GDP Price Index (%) 4Q S 0 -- 0

US Core PCE QoQ (%) 4Q S 1.1 -- 1.1

US Chicago Purchasing Manager Feb 58 -- 59.4

US Pending Home Sales MoM (%) Jan 8.7 -- 8.5

US U. of Mich. Sentiment Feb F 94 -- 93.6


Result FY14

Date Ticker Net

profit

(Rpbn)

YoY TRIM

est.

(Rpbn)

Cons.

(Rpbn)

% of

TRIM

% of

Cons.

Rec Comment

1 25-Feb-15 ADHI 324 -20% 415 295 78.1% 109.8% Below Negative revenus growth by -12% YoY, lower income from JO, and higher interest exp

2 25-Feb-15 WSKT 502 36% 486 422 103.1% 119.0% In-line Income fr JO grew double to Rp197bn vs. Rp102bn

3 24-Feb-15 ARNA 259 1% 226 87.3% Below

4 24-Feb-15 ITMG 2,533 -17% 2,718 2,325 93.2% 91.8% Below

5 17-Feb-15 LPPF 1,419 23% 1,419 1,376 100.0% 97.0% In-line

LPPF still booked 10.7% SSSG. We noted a declining bank loans by 57% YoY to Rp689bn, result-ing to a -17% interest expense.

6 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line Supported by 17.3% yoy growth in net interest income but lower loan growth than industry.

7 6-Feb-15 JSMR 1,403 5% 1,249 1,263 89.0% 90.0% Below

Negative revenues growth due to lower revenues from construction, while revenues from toll road up by +14.5% YoY

8 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in non interest income

9 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below There was a Rp306bn restructur-ing cost and flat net interest income growth

10 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line Backed by 26.5% yoy growth in interest income and 12% growth in fee & other operating income


Corporate Action

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY

MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL

GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I 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

Warrant

Code Price

Exercise Maturity Emiten Description

BEST-W 200 10-Apr-15 Bekasi Fajar Industrial Estate WARAN SERI I BEKASI FAJAR INDUSTRIAL ESTATE

INVS-W 165 8-May-15 Inovisi Infracom WARAN SERI I INOVISI INFRACOM

SUGI-W 100 21-May-15 Sugih Energy WARAN SERI II SUGIH ENERGY

MCOR-W 200 10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL

GAMA-W 105 16-Jul-15 Gading Development WARAN SERI I 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


Statistics

-0.2

-0.2

-0.7

-0.7

-1.2

-1.4

-1.6

-2.9

-2.9

-7.7

BBCA

BMRI

BBNI

GGRM

ASII

PGAS

ADRO

MPPA

BNII

MDIA9.6

3.8

3.6

3.5

2.8

2.8

1.8

1.2

0.4

0.2

LINK

BSDE

BMTR

PNBN

EMTK

PWON

AALI

ICBP

UNVR

BBRI

383

274

258

227

211

206

179

156

138

112

- 200 400 600

LINK

BBRI

TLKM

BMRI

MPPA

ASII

BBCA

PGAS

BSDE

PWON

346

203

166

166

166

154

134

129

112

107

0 200 400

MTFN

PWON

SRIL

ASRI

TRAM

BUMI

NIRO

BKSL

ENRG

META

5,882

5,682

5,647

5,100

4,654

4,552

4,471

4,240

4,238

4,135

SCMA

TLKM

PWON

MPPA

ASII

SSMS

TRAM

BBRI

BSDE

MNCN

JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume (mn Lot) JCI Freq (x)

YTD (Rp) 4.30% 6,828

YTD (USD) 40.03% 7,767

Moving Avg 20day 5,348 5,428

Moving Avg 50day 5,249 14.4

Moving Avg 200day 5,100 2.4%

Indonesia & Sectors +/- (%)YTD (%)

MSCI Indonesia 6,556.7 -9.7 -0.1 5.8

JII 726.8 -0.7 -0.1 5.2

LQ45 950.2 -0.6 -0.1 5.7

JAKFIN Index 788.9 0.2 0.0 7.8

JAKINFR Index 1,134.5 -1.3 -0.1 -2.2

JAKMINE Index 1,300.5 -3.2 -0.2 -5.0

JAKCONS Index 2,259.7 6.9 0.3 3.8

JAKTRAD Index 978.8 7.5 0.8 11.4

JAKMIND Index 1,384.2 -14.0 -1.0 5.9

JAKBIND Index 525.3 -1.4 -0.3 -3.4

JAKPROP Index 580.2 5.3 0.9 10.5

JAKAGRI Index 2,262.1 11.7 0.5 -3.8

Commodities +/- (%)YTD (%)

CRB Index 221.0 -3.0 -1.34 -3.9

Oil & Gas

Brent Crude Oil (USD/bbl) 60.1 -1.6 -2.56 4.8

Nymex Oil (USD/bbl) 48.2 -2.8 -5.53 -9.6

Natural Gas 2.7 -0.2 -6.81 -7.0

COAL (AUS Daily) 67.6 1.1 1.58 9.0

Industrial Metals

Aluminum (USD/tonne) 1,799.3 10.8 0.60 -1.9

Nickel (USD/tonne) 14,380 -5 -0.03 -5.1

Tin (USD/tonne) 18,100 -25 -0.14 -6.7

Precious Metal

Gold (USD/t oz.) 1,210.1 8.6 0.72 2.2

Silver (USD/t oz.) 16.6 0.2 0.93 6.3

Soft Commodities

CPO (Malaysia - Rm/tonne) 2,292 34.0 1.51 0.0

Rubber (JPY/kg) 1,847 15.0 0.82 12.5

Corn (USD/bu.) 380 4.3 1.13 -4.3

Wheat (USD/bu.) 503 5.5 1.10 -14.7

Soybeans (USD/bu.) 1,024 16.3 1.61 0.5

Volume (m)

Value (Rpbn)

Mkt Cap (Rptr)

Market 2015 P/E (x)

Market Div. Yield (%)

CPO (Malaysia - Rm/tonne)

Indices Region +/- (%) YT D (%)

MXWO MSCI Word 1,774.0 -2.87 -0.16 3.76

SPX S&P 500 2,110.7 -3.12 -0.15 2.52

US

18,214.4 -10.2 -0.06 2.20

Nasdaq US 4,987.9 20.75 0.42 5.32

Europe

EURO 50 Europe 390.7 3.93 1.02 14.07

FTSE London 6,949.7 14.35 0.21 5.84

DAX Jerman 11,327.2 116.9 1.04 15.52

CAC France 4,910.6 28.40 0.58 14.93

SMI Swiss 9,049.5 71.87 0.80 0.74

BRIC

BOVESPA Brazil 51,760.5 -50 -0.10 3.51

MICEX Russia 1,760.7 14.43 0.83 26.07

SENSEX India 28,746.7 -261.3 -0.90 4.54

NIFTY India 8,683.9 -83.4 -0.95 4.84

SHCOMP China 3,298.4 69.52 2.15 1.97

SZCOMP China 1,614.7 16.41 1.03 14.10

Nikkei Japan 18,785.8 200.6 1.08 7.65

TPX Japan 1,521.7 14.06 0.93 8.11

HSI Hong kong 24,902.1 123.8 0.50 5.49

KOSPI S.Korea 1,993.1 2.61 0.13 4.04

TAIEX Taiwan 9,622.1 -77.4 -0.80 3.38

FSSTI Singapore 3,426.2 -14.65 -0.43 1.81

ASEAN

SET Thailand 1,593.6 4.22 0.27 6.40

PCOMP Philipines 7,764.4 -79.7 -1.02 7.38

KLCI Malaysia 1,820.9 5.01 0.28 3.38

VNINDEX Vietnam 596.7 4.06 0.69 9.37

Developed ASIA

Dow Jones Industrial

Kurs Region +/- (%) YT D (%)

USDEUR Euro 0.893 0.013 0.01 11.63

USDGBP UK 0.649 0.005 0.01 8.18

USDCHF Switzerland 0.953 0.004 0.00 -4.73

USDCAD Canada 1.252 0.008 0.01 4.29

USDAUD Australia 1.282 0.014 0.01 6.83

USDNZD New Zealand 1.327 0.004 0.00 2.10

USDJPY Japan 119.41 0.550 0.00 -0.33

USDCNY China 6.26 (0.00) (0.00) 0.95

USDHKD Hongkong 7.755 -0.002 -0.00 -0.58

USDSGD Singapore 1.358 0.005 0.00 4.47

Rupiah Indonesia 12,831 -25.00 -0.00 3.58

JCI 5,451.4 6.3 0.1%


Historical Technical Trading Ideas (1)

Ticker Last Trading Ideas 25-Feb-15 Chg (%) Recommendation

JCI 5,417 Profit Taking 5,445 0.52% Incorrect

LSIP 1,825 Buy 1,815 0.55% Correct

PTPP 363 Buy 4,030 -0.62% Incorrect

SMGR 2,910 Buy 15,150 1.51% Correct

ASII 4,055 Buy 8,150 1.88% Correct

BBRI 1,820 Sell 12,925 0.98% Correct

WIKA 685 Sell 3,670 0.55% Incorrect



LSIP 1,825 Buy 1,805 -1.10% Incorrect

BWPT 363 Buy 361 -0.55% Incorrect

TLKM 2,910 Buy 2,905 -0.17% Incorrect

PTPP 4,055 Buy 4,055 0.00% Correct

WSKT 1,820 Sell 1,810 -0.55% Correct

ASRI 685 Sell 675 -1.46% Correct


JCI 5,400 Cont Strenghtening 5,403 0.06% Correct

BMRI 12,075 Buy 11,875 -1.66% Incorrect

BBTN 1,055 Buy 1,045 -0.95% Incorrect

GJTL 1,360 Buy 1,310 -3.68% Incorrect

AKRA 4,870 Buy 4,810 -1.23% Incorrect

ITMG 18,200 Sell 17,750 -2.47% Correct

KLBF 1,790 Sell 1,795 0.28% Correct



BWPT 366 Buy 364 -0.55% Incorrect

GGRM 55,175 Buy 55,000 -0.32% Incorrect

GJTL 1,340 Buy 1,360 1.49% Correct

ADHI 3,410 Buy 3,490 2.35% Correct

BBRI 12,475 Buy 12,725 2.00% Correct

BJBR 910 Sell 945 3.85% Incorrect



BWPT 363 Buy 366 0.83% Correct

SMGR 14,500 Buy 14,775 1.90% Correct

TBIG 8,750 Buy 8,500 -2.86% Incorrect

GGRM 54,950 Buy 55,175 0.41% Correct


MPPA 4,300 Sell 4,420 2.79% Incorrect


JCI 5,325 Cont Weakening 5,338 0.23% Incorrect

BWPT 363 Buy 363 0.00% Correct

SMGR 14,500 Buy 14,675 1.21% Correct

BBRI 12,025 Buy 12,000 -0.21% Incorrect

LEAD 1,985 Buy 1,950 -1.76% Incorrect

ACES 770 Buy 765 -0.65% Incorrect

MPPA 4,200 Sell 4,300 2.38% Correct


JCI 5,374 Cont Strenghtening 5,325 -0.90% Incorrect

TINS 1,070 Buy 1,075 0.47% Correct

UNTR 18,950 Buy 18,750 -1.06% Incorrect

LPKR 1,115 Buy 1,115 0.00% Correct

BBNI 6,675 Buy 6,675 0.00% Correct

MPPA 4,045 Buy 4,200 3.83% Correct

KLBF 1,870 Buy 1,800 -3.74% Incorrect





TINS 1,080 Buy 1,070 -0.93% Inorrect

GGRM 54,950 Buy 55,400 0.82% Correct

LPKR 1,105 Buy 1,115 0.90% Correct

BBNI 6,725 Buy 6,675 -0.74% Incorrect

CPRO 116 Trading Buy 114 -1.72% Incorrect

BKSL 126 Trading Buy 124 -1.59% Correct


JCI 5,337 Profit Taking 5,333 -0.07% Incorrect

GGRM 55,300 Buy 54,950 -0.63% Inorrect

PTPP 3,960 Buy 3,945 -0.38% Incorrect

ANTM 1,070 Sell 1,055 -1.40% Correct

BMRI 11,750 Sell 11,875 1.06% Incorrect

GJTL 1,490 Sell 1,520 2.01% Incorrect

BRAU 90 Trading Sell 89 -1.11% Correct


JCI 5,322 Rebound 5,337 0.28% Correct

ANTM 1,035 Buy 1,070 3.38% Correct



BMRI 11,625 Sell 11,750 1.08% Incorrect

BBNI 6,800 Sell 6,725 -1.10% Correct

BUMI 101 Trading Buy 101 0.00% Correct

BWPT 369 Sell 367 -0.54% Correct


JCI 5,348 Profit Taking 5,321 -0.50% Correct


BSDE 2,095 Buy 2,100 0.24% Correct

BBRI 11,675 Buy 11,650 -0.21% Incorrect

BKSL 117 Buy 126 7.69% Correct

SMGR 14,900 Buy 14,725 -1.17% Inorrect


ADRO 980 Trading Buy 995 1.53% Correct




SMGR 14,775 Buy 14,900 0.85% Correct

GJTL 1,480 Buy 1,485 0.34% Correct

JSMR 7,150 Buy 7,175 0.35% Correct

BBRI 11,650 Buy 11,675 0.21% Correct

CPRO 115 Trading Buy 115 0.00% Correct


JCI 5,279,895 Rebound 5,343 1.19% Correct

JSMR 7,175 Buy 7,150 -0.35% Incorrect

LSIP 1,865 Buy 1,950 4.56% Correct

KLBF 1,835 Buy 1,835 0.00% Correct

PWON 499 Buy 510 2.20% Correct


BRAU 75 Trading Buy 74 -1.33% Incorrect

BBNI 6,450 Buy 6,675 3.49% Correct



ADRO 1,000 Buy 995 -0.50% Incorrect

PGAS 5,375 Buy 5,250 -2.33% Inorrect

ICBP 14,100 Buy 14,075 -0.18% Correct

BBNI 6,500 Sell 6,450 -0.77% Correct

ADHI 3,410 Sell 3,530 3.52% Incorrect

BMRI 11,375 Sell 11,250 -1.10% Correct





BBRI 11750 Buy 11,775 0.21% Correct

SMGR 14,675 Buy 14,775 0.68% Correct

ADRO 990 Buy 1,000 1.01% Correct

PGAS 5,200 Buy 5,375 3.37% Correct


ADHI 3800 Sell 3,410 -10.26% Correct



ACES 755 Buy 750 -0.66% Incorrect

INCO 3,400 Buy 3,365 -1.03% Incorrect

ADRO 995 Buy 990 -0.50% Incorrect

BBRI 11,725 Buy 11,750 0.21% Correct

INDF 7,600 Buy 7,450 -1.97% Incorrect

KLBF 1835 Sell 1,825 -0.54% Correct



ACES 740 Buy 755 2.03% Correct

CTRA 1,440 Buy 1,435 -0.35% Incorrect

SMRA 1,650 Buy 1,620 -1.82% Incorrect

JSMR 7,200 Sell 7,125 -1.04% Correct

BBCA 13,375 Sell 13,350 -0.19% Correct

CPRO 117 Sell 117 0.00% Correct

Ticker Last Trading Ideas 30-Jan-15 Chg (%) Recommendation



LPKR 1,140 Buy 1,135 -0.44% Incorrect

PWON 500 Buy 499 -0.20% Incorrect

MPPA 3600 Sell 3,800 5.56% Incorrect

INCO 3,495 Sell 3,450 -1.29% Correct

CPRO 120 Sell 117 -2.50% Correct


JCI 5,269 Cont' Weakening 5,263 -0.01% Correct


KLBF 1,860 Buy 1,845 -0.81% Incorrect

LSIP 1,845 Buy 1,825 -1.08% Incorrect

AALI 23,675 Buy 23,200 -2.01% Incorrect

GJTL 1,460 Sell 1,445 -1.03% Correct

CPRO 122 Sell 120 -1.64% Correct

INCO 3515 Sell 3,495 -0.57% Correct


JCI 5,277 Cont' Weakening 5,269 -0.15% Correct


SMGR 14,525 Buy 14,475 -0.34% Incorrect


BBRI 11,850 Sell 11,700 -1.27% Correct

GJTL 1,490 Sell 1,460 -2.01% Correct


AKRA 4610 Buy 4,620 0.22% Correct




JCI 5,260 Upside 5,277 0.33% Correct


SMGR 14,475 Buy 14,525 0.35% Correct


BBRI 11,875 Buy 11,925 0.42% Correct

ADHI 3,580 Sell 3,630 1.40% Incorrect

WSKT 1,570 Sell 1,635 4.14% Incorrect



ASII 8,075 Buy 8,025 -0.62% Incorrect

TLKM 2,890 Buy 2,820 -2.42% Incorrect


WSKT 1,590 Sell 1,570 -1.26% Correct

ADHI 3,690 Sell 3,580 -2.98% Correct

NIPS 496 Trading Buy 487 -1.81% Incorrect

BBTN 1,020 Sell 990 -2.94% Correct

PWON 505 Sell 482 -4.55% Correct




SMGR 14,400 Buy 14,475 0.52% Correct


CPRO 119 Buy 117 -1.68% Incorrect


PWON 505 Trading Sell 505 0.00% Incorrect

BBKP 760 Buy 760 0.00% Incorrect

PTPP 3,805 Buy 3,800 -0.13% Correct

ANTM 1,060 Buy 1,060 0.00% Incorrect

ADRO 1020 Sell 1,000 -1.96% Correct





BDMN 4,650 Buy 4,660 0.22% Correct

SMGR 14,100 Buy 14,400 2.13% Correct

TRAM 154 Trading Buy 110 -28.57% Incorrect



JCI 5,166 Strengthening 5,215 0.95% Correct

ADHI 3,570 Buy 3,550 -0.56% Incorrect

INCO 3,490 Buy 3,425 -1.86% Incorrect

BDMN 4,615 Buy 4,650 0.76% Correct

SMGR 14,175 Buy 14,100 -0.53% Incorrect

ENRG 102 Trading Buy 102 0.00% Correct



Research Team

Sebastian Tobing, CFA

Head of Research & Institutional Business

([email protected])

Maria Renata

Equity Analyst

([email protected])

Gina Novrina Nasution, CSA

Technical Analyst

([email protected])

Paula Ruth

Equity Analyst

([email protected])

Angga Aditya Assaf

Equity Analyst

([email protected])

Willinoy Sitorus

Equity Analyst

([email protected])

M. Dian Octiana

Equity Analyst

([email protected])

Dini Agmivia Anggraeni

Fixed Income/Macro Analyst

([email protected])

Yeni Simanjuntak

On-the-ground Analyst

([email protected])

Rovandi

Research Associate

([email protected])

Institutional Sales Team

Daniel Dwi Seputro

Head of Institutional Equity Sales

([email protected])

Dewi Yusnita

Equity Institutional Sales

([email protected])

Meitawati


([email protected])

Fachruly Fiater


([email protected])

Henry Sidarta


([email protected])

Raditya Andyono


([email protected])

Nancy Pardede


([email protected])

Retail Sales Team

JAKARTA AREA

Nathanael Benny Prasetyo

Head of Retail ECM

([email protected])

Ariawan Anwar

Artha Graha, Jakarta

([email protected])

Windra Djulnaily

Pluit, Jakarta

([email protected])

Ferry Zabur

Kelapa Gading, Jakarta

([email protected])

Eddy Sumarli

Puri Kencana, Jakarta

([email protected])

Very Wijaya

BSD, Tangerang

([email protected])

SUMATERA

Juliana Effendy

Medan, Sumatera Utara

([email protected])

Tantie Rivi Watie

Pekanbaru, Riau

([email protected])

Nathanael Benny Prasetyo

Palembang, Sumatera Selatan

([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])

Arifin Pribadi

Makasar, Sulawesi Selatan

([email protected])

CENTRAL JAVA, AREA

Agus Bambang Suseno

Solo, Jawa Tengah

([email protected])

Mariana Kusuma Wati

Semarang, Jawa Tengah

[email protected])

WEST JAVA

Asep Saepudin

Bandung, Jawa Barat

([email protected])

Ariffianto

Cirebon, Jawa Barat

([email protected])

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 company’s equity securities.

Documents

TRIM DailyPT Trimegah Securities Tbk - TRIM DAILY 1 Plenty of results today. In-line: ASII, LEAD. Below: SMBR, BBTN, UNTR. We would like to highlight that UNTR result would have been