PT Trimegah Securities Tbk - www.trimegah.

com
1 DAILY
TRIM Daily
Given the long weekend, still no further update on politics (no clari!cation on VP
candidates), and potential industrial electricity price hike in May (which would be
negative for manufacturers i.e. ASII, GJTL, cement companies), we expect market
to move mixed today. Most of markets attention likely to be focused on: 1) BBTN -
potential M&A by BMRI (EGM will be held in May), 2) Plantation - another biodiesel
tender soon and possibility of El Nino in 2H2014 (we like AALI, LSIP, BWPT, SSMS),
and 3) Potentially good earnings in 1Q 2014 - our picks are BBRI, BBCA. Note that
we also publish ARNA non-rated report today and a takeaway post meeting Medco
on p3 of daily. 1Q14 result: BDMN - Below due to lower than expected NIM.
Jakarta Composite Index (JCI) was up by 2.8 points or 0.1% to 4,873.0 yesterday.
Index movers were mostly driven by Agricultural (+1.11%), Finance (+0.83%),
and Property (+0.43%). Total transaction value was Rp5.8tr with regular market
transaction Rp4.9tr. IDX recorded Rp345bn net buy by foreign investors. Regional
market opened in the negative territory this morning, we expect mild correction for
JCI to remain today with possible to remain weak on the following day. Support and
resistance levels for JCI today are 4815-4910.
JCI 4,873.0
STOCK PRICE Rec Details
TLKM 2320 Buy
We expect TLKM to trade up today in the range of
2280-2355. Buy at level 2315 with target price 2355
(resistance)
ASII 7750 Buy
With stochastic indicator to form a golden cross, we
expect a upware movement for ASII today in the range
of 7600-8000
CPIN 4190 Buy
CPIN remains strong with potential upside in the range
of 4095-4280 for today.
GGRM 49150 Buy
If 49250 break, Buy GGRM at level 49275 with potential
upside to level 49850
BKSL 182 Trading Buy Trading Buy at level 179 and sell at 192
BWPT 1340 Trading Buy Trading Buy at level 1290 and sell at 1370
WIKA 2240 Sell
Based on technical analysis, as its Stochastic Ochilator
formed a dead cross, we expect WIKA to move downward
today within the range of 2180-2325
INDF 7050 Sell
INDF formed a Overbought, we expect a technical
correction for INDF today in the range of 6875-7225
PTPP 1805 Sell
PTPP has experienced 7.76% increase within the past
4 trading days. Based on technical analysis, as its
MACD formed a dead cross, we expect PTPP to move
downward today within the range of 1730-1870
ASRI 560 Sell
ASRI formed a doji candle, yesterday. we expect a
technical correction for ASRI today in the range of
530-580
TRIM Highlights
Market View
Traders Pick
REKSA DANA TRIMEGAH
ASSET MANAGEMENT
NAB Chg %
Trim Kapital 8,252.3 32.5 0.40
Trim Kapital + 3,063.9 12.2 0.40
Trim Syariah SHM 1,529.7 -4.4 -0.29
Tram Consumption + 1,348.0 10.4 0.78
Trim Komb 2 1,824.6 6.0 0.33
Trim Syariah B 2,173.8 -6.2 -0.28
Trim Dana Stabil 2,088.6 2.0 0.10
Trim Dana Tetap 2 1,661.3 1.5 0.09
Tram PDPT USD 1.1 0.0 0.06
Tram Reguler INC 994.7 0.0 0.00
Tram Strategic Fund 1,075.2 2.6 0.25
Trim Kas 2 1,072.0 0.2 0.02
APRIL 17, 2014
Change : 0.06%
Transaction Volume (m) : 5,000.4
Transaction Value (Rpbn) : 5,810.3
Mkt Cap (Rptr) : 4,827.7
Market P/E (x) : 15.4
Market Div. Yield (%) : 2.0
Price Chg %
Dow Jones 16,424.9 162.3 1.0
Nasdaq 4,086.2 52.1 1.3
Nikkei 14,417.7 420.9 3.0
ST Times 3,253.2 6.9 0.2
FTSE 6,584.2 42.6 0.7
Hang Seng 22,696.0 24.8 0.1
GLOBAL INDICES
(USD) (Rp) Chg %
TLKM 41.0 11,707.6 0.82 2.0
DUAL LISTING (NYSE )
Chg %
USD IDR 11,436 8.0 0.1
10 yr Indo Govr bond (%) 7.89 0.0 0.1
10 yr US govt bond (%) 2.6 -0.00 -0.0
Spread (%) 5.26 0.01 0.1
EIDO 28.2 0.4 1.6
Foreign YtD (USDmn) 2,769 30.2 1.1
OTHERS
Global Wrap
In U.S., the U.S. building permits rose downed to a 990mn annual rate in March
(vs consensus: 1,010mn). Meanwhile, the U.S. housing starts rose to a 946 annual
rate in March (vs consensus: 970mn). In China, the China GDP slowed to 7.4%
YoY in 1Q14 (vs consensus: 7.3%) from 7.7% YoY in prior quarter. In Europe, the
Eurozone CPI rose 0.9% MoM (vs consensus: +1.0%), following a 0.3% increase
in prior month.
PT Trimegah Securities Tbk - www.trimegah.com
2 DAILY
Result 1Q14
BDMN booked Rp875bn net pro!t in 1Q14, declined
13% YoY and 16% QoQ. The banks earnings is
below our and consensus estimates, forming 20.8%
and 21.1% of our and consensus FY14 earnings
expectation, respectively.
On the top line, net interest income reached Rp3.4tr,
grew only by 2.7% YoY supported by 16% YoY loan
growth inline with management guidance. Most of the
growth for loan was coming from non mass market
loan. NIM continue to fall to 8.6% from 9.1% in 4Q13
as cost of fund increased. Total income (net revenue)
rose by 1.2% YoY as non interest income declined 3%.
We have HOLD rating for the counter with TP of
Rp4250. The bank is currently traded at 2014 PBV of
1.26x and 2014 PE of 10.3x.
(Rpbn) 1Q13 4Q13 1Q14
QoQ
chg
(%)
YoY chg
(%)
1Q14
YoY chg
(%)
1Q14/
1Q14E
(%)
FY14/
FY14E
(%)
FY14/
cons
(%)
Net Int. Income 3,334 3,496 3,425 (2.0) 2.7 3,425.0 2.7 92.4 22.1 22.9
Total Income 4,456 4,658 4,511 (3.2) 1.2 4,511.0 1.2 86.6 20.6 21.7
Op. Pro!t 1,378 1,417 1,195 (15.7) (13.3) 1,195.0 (13.3) 84.0 20.6 20.6
Net Income 1,005 1,035 875 (15.5) (12.9) 875.0 (12.9) 88.5 20.8 21.1
NIM (%) 10.1 9.1 8.6 (0.5) (1.5) 8.6 (1.5)
ROE (%) 13.6 13.2 10.9 (2.3) (2.7) 10.9 (2.7)
ROA (%) 2.6 2.2 1.9 (0.4) (0.7) 1.9 (0.7)
BDMN
PT Trimegah Securities Tbk - www.trimegah.com
3 DAILY
News of the Day
MEDC: Key Takeaways
Most important positive catalyst: Senoro LNG plant to
start production in 1Q 2015
Senoro LNG plants EPC progress in now 94% completed and
targets !rst LNG production by 1Q2015, a slight delay from
the initial target of 2H 2014. Medco has 30% ownership in
the upstream and 11% ownership in the downstream LNG
plant. Most of Medcos pro!t will be from its ownership in
the upstream, with net production of 93mmscfd (gross of
310mmscfd). At USD100/barrel, the gas will be priced at
USD9.1/mmbtu, higher than current average gas price of
USD6/mmbtu in Indonesia. We believe the strong pro!t
outlook from this project is what drives Bberg consensus
pro!t projection to jump from USD13m in 2014 to USD72m
in 2015.
Second catalyst: get slimmer and simpler
Medco has re-focused itself in its original business: oil and
gas, in the past year. It has divested ownership in power plant
business (from 100% to 49%) and fuel distribution business,
and looking to divest its struggling ethanol project located in
the southern part of Sumatra. We view these efforts positively.
As the company slims down, we believe the company will
also reduce the number of employees, particularly if the cost
recovery can cover some of the expenses related to employee
redundancy program.
EPI: Medco sells non-core assets
Drilling services (EPI) provide well services/workover rigs and
Electric Wireline Logging (EWL) for oil and gas operations.
Medco plans to sell 100% directly to Pertamina. This will
improve its balance sheet and keep the company focused with
its main line of business.
Long-term catalyst: Libya
Medco has 25% ownership (the other 75% owned by Libya
SOEs) in Libya Area 47 oil block, which has 352mmboe of
2P reserves. There is no timeline yet for commercialization
of the !eld and there has been lack of progress in the past
two years (some of which is outside Medcos control, i.e.
change in government). However, we do not think Libya
area 47s potential value is re"ected in Medcos share price
yet. Libyan investment authority bought 25% stake (same
size as Medcos stake) for USD297m in cash back in 2009. A
valuation of USD297m is 52% of Medcos current market cap
of USD576m.
Gas prices: estimated to increase
Current average gas selling price amounts to USD5.41/
mmbtu. The increase of January and February gas contracts
to USD7.79/mmbtu and USD6.5/mmbtu will approximately
raise average gas price to USD6/mmbtu. Medcos earnings
growth this year will result from this gas price increase.
Prices can continue to rise if the two contracts expire. Medcos
biggest costumer, PLN still makes up 50% of gas sales. Other
customers include Pusri which makes up 20% of sales, PGAS
makes up 20% of sales and other companies make up the
remaining 10%.
Valuation
EV/BOE = 35.25x
Gas Sales
Oil and Gas Costs
PT Trimegah Securities Tbk - www.trimegah.com
4 DAILY
News of the Day
LEAD: Seeking 5 new customers
LEAD plans to seek 5 new customers as contingency if their
current contractrs with Total E&P, currently runs until 2017,
is not renewed. Total E&Ps revenue contribution is expected
to drop from 82% to 60%. Target contract value for this year
is at USD170mn. Revenue for 1Q14 is at USD18.2mn, 50%
increase YoY, while its net pro!t increased by 62% YoY to
USD5.7mn. Source: Bisnis Indonesia
Comment:
Revenue growth of 1Q14 of 50% is higher than guidance of
35% for FY14. On average, the current contracts are 2-3 years
long. Total is an old customer of LEAD and with no safety
concerns thus far, we believe the contracts will be extended.
LEADs PE 2014e is at 8.0, compared to WINS at 8.5.
BSDE: Owner buys shares in Dutamas Cemerlang
PT Ekacentra Usaha Maju, 25,27% shareholder at PT Bumi
Serpong Damain Tbk. (BSDE) buys 99,99% shares in PT Karya
Dutamas Cemerlang that is owned by PT Sinar Mas Wisesa.
Ekacentra spent Rp131.2bn in order to receive 119.9mn
shares in a building construction company at Kabupaten
Karawang. This transaction will allow the company to develop
existing projects. Ekacentra intends to increase its investment
portfolio in the property sector. Source: Bisnis Indonesia
SMBR: 1Q14 sales volume up 24.5% YoY
SMBR posted 24.5% YoY increase in 1Q14 cement sales
volume to 305k tons, surpassing the industry growth which
merely stood at 3.5% YoY to 14mn tons. The Company was
reported gaining 0.4% addition in Indonesias cement market
share to 2.2% within the 1Q14. Source: Kontan
Comment:
1Q14 sales volume accounted for 20.3% of our FY14 estimate
at 1.5mn tons.
PT Trimegah Securities Tbk - www.trimegah.com
5 DAILY
Indices Region +/- (%) YTD (%)
18.18 1.10 0.23
19.33 1.05 0.75
-0.92
-2.16
4.24 1.30 0.78
-2.44
-2.45
60.31 1.39 2.55
42.17 0.51 1.46
-0.60
-12.03
5.38
Market Div. Yield (%)
0.3
0.9
1.0
1.3
1.4
2.0
2.3
5.6
7.7
10.6
ASII
TLKM
BBRI
KLBF
SCMA
MNCN
BMRI
PWON
NISP
BBTN
JCI
5.38
5.93
-0.51
2.59
-11.50
-10.42
-2.62
-0.06 -0.00 -0.95
7.11 0.08 3.63
6.88 0.21 2.71
12.68 0.91 7.94
49.52 0.75 13.27
-8.51 -0.46 -1.16
13.80
Market Div. Yield (%)
-0.5
-0.5
-1.2
-1.3
-1.3
-1.4
-1.5
-1.9
-2.7
-2.8
BBCA
GGRM
UNTR
EXCL
LPPF
INDF
CPIN
UNVR
INCO
PGAS
1,018,014
242,268
210,459
204,355
202,199
197,036
165,382
139,653
132,678
130,348
BMRI
TRAM
ASII
SILO
BBCA
BBTN
BBRI
INDF
LSIP
TLKM
JCI ####
474,583
302,162
286,618
279,358
269,923
232,422
218,473
180,022
171,153
160,579
BUMI
DOID
PWON
ENRG
BBTN
TRAM
TMPI
BIPI
NIRO
SSMS
META
Market Div. Yield (%)
32,184
12,336
7,797
7,168
5,128
4,508
4,072
4,064
4,046
3,926
PRAS
BUMI
SSMS
BBTN
BMRI
MNCN
LSIP
PWON
KLBF
WIKA
YTD (Rp) 14.01% 5,000.4 MXWO MSCI Word 1,664.9 18.18 1.10 0.23
YTD (USD) 20.66% 5,810.3 SPX S&P 500 1,862.3 19.33 1.05 0.75
Moving Avg 20day 4,809.8 4,827.7 US
Moving Avg 50day 4,677.5 15.4 16,424.9 162.29 1.00 -0.92
Moving Avg 200day 4,479.6 2.0 Nasdaq US 4,086.2 52.06 1.29 -2.16
Europe
Indonesia & Sectors +/- (%) YTD (%) EURO 50 Europe 330.8 4.24 1.30 0.78
MSCI Indonesia 5,724.6 4.0 0.07 16.63 FTSE London 6,584.2 42.56 0.65 -2.44
12.43 DAX Jerman 9,317.8 144.11 1.57 -2.45
LQ45 823.4 0.3 0.04 15.79 CAC France 4,405.7 60.31 1.39 2.55
JAKFIN Index 653.7 5.4 0.83 20.97 SMI Swiss 8,322.7 42.17 0.51 1.46
9.74 BRIC
-0.16 BOVESPA Brazil 51,200.6 746.2 1.48 -0.60
11.54 MICEX Russia 1,322.6 11.59 0.88 -12.03
12.75 SENSEX India 22,277.2 -207.70 -0.92 5.38
11.41 NIFTY India 6,675.3 -57.80 -0.86 5.93
13.31 SHCOMP China 2,105.1 3.52 0.17 -0.51
JAKPROP Index 435.2 1.9 0.43 29.14 SZCOMP China 1,085.1 -0.90 -0.08 2.59
JAKAGRI Index 2,317.6 25.5 1.11 8.30
Nikkei Japan 14,417.7 420.9 3.01 -11.50
Commodities +/- (%) YTD (%) TPX Japan 1,166.6 30.46 2.68 -10.42
Hong kong 22,696.0 24.75 0.11 -2.62
CRB Index 309.7 0.5 0.16 10.55 KOSPI S.Korea 1,992.2 -0.06 -0.00 -0.95
TAIEX Taiwan 8,923.8 7.11 0.08 3.63
Crude Oil (USD/bbl) 103.8 0.0 0.01 5.43 FSSTI Singapore 3,253.2 6.88 0.21 2.71
7.09 ASEAN
-0.0 -0.07 -14.67 SET Thailand 1,401.8 12.68 0.91 7.94
-13.96 PCOMP Philipines 6,671.2 49.52 0.75 13.27
KLCI Malaysia 1,845.4 -8.51 -0.46 -1.16
Alumunium (USD/tonne) 1,852.5 23.0 1.26 5.15 VNINDEX Vietnam 574.3 -11.80 -2.01 13.80
Nickel (USD/tonne) 17,860 200.0 1.13 28.49
Market Div. Yield (%)
Dow Jones Industrial
Developed ASIA
PWON
JCI
HSI
Indices
YTD (Rp) 14.01% 5,000.4 MXWO MSCI Word 1,664.9
YTD (USD) 20.66% 5,810.3 SPX S&P 500 1,862.3
Moving Avg 20day 4,809.8 4,827.7
Moving Avg 50day 4,677.5 15.4
Moving Avg 200day 4,479.6 2.0
Nilai (Rpbn)
Mkt Cap (Rptr)
4,873.01 2.80 0.06%
Market P/E (x)
Volume (m)
Dow Jones Industrial
JCI
Market Div. Yield (%)
Indonesia & Sectors +/- (%) YTD (%)
MSCI Indonesia 5,724.6 4.0 0.07 16.63 FTSE London 6,584.2
JII 657.9 -1.9 -0.29 12.43 DAX Jerman 9,317.8
LQ45 823.4 0.3 0.04 15.79 CAC France 4,405.7
JAKFIN Index 653.7 5.4 0.83 20.97 SMI Swiss 8,322.7
JAKINFR Index 1,021.0 -2.6 -0.26 9.74
JAKMINE Index 1,427.0 2.0 0.14 -0.16
JAKCONS Index 1,987.7 -17.8 -0.89 11.54 MICEX Russia 1,322.6
JAKTRAD Index 875.9 -1.5 -0.18 12.75 SENSEX India 22,277.2
JAKMIND Index 1,342.5 -0.9 -0.07 11.41 NIFTY India 6,675.3
JAKBIND Index 544.7 -2.0 -0.37 13.31 SHCOMP China 2,105.1
JAKPROP Index 435.2 1.9 0.43 29.14 SZCOMP China 1,085.1
JAKAGRI Index 2,317.6 25.5 1.11 8.30
Commodities +/- (%) YTD (%)
Developed ASIA
CRB Index 309.7 0.5 0.16 10.55 KOSPI S.Korea 1,992.2
Oil & Gas
Crude Oil (USD/bbl) 103.8 0.0 0.01 5.43 FSSTI Singapore 3,253.2
Natural Gas 4.5 -0.0 -0.81 7.09
COAL (AUS Daily) 74.5 -0.0 -0.07 -14.67
COAL (Australia,wk) 72.8 0.0 0.00 -13.96
Industrial Metals
Alumunium (USD/tonne) 1,852.5 23.0 1.26 5.15 VNINDEX Vietnam 574.3
Nickel (USD/tonne) 17,860 200.0 1.13 28.49
Tin (USD/tonne) 23,450 75 0.32 4.92
Precious Metal Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,303.5 3.2 0.25 8.42 USDEUR Euro 0.724
Silver (USD/t oz.) 19.6 0.1 0.74 1.53 USDGBP 0.595
Soft Commodities USDCHF Switzerland 0.882
CPO (Malaysia - Rm/tonne) 2,736.0 44.0 1.63 4.11 USDCAD Canada 1.101
Rubber (JPY/kg) 2,159.8 19.9 0.93 -18.76 USDAUD Australia 1.067
Corn (USD/bu.) 497.5 -6.3 -1.24 17.89 USDNZD New Zealand 1.159
Wheat (USD/bu.) 688.0 -13.8 -1.96 13.67 USDJPY Japan 102.23
Soybeans (USD/bu.) 1,518.8 17.5 1.17 15.71 USDCNY China 6.22
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.754
USDSGD Singapore 1.251
Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,303.5 3.2 0.25 8.42 USDEUR Euro 0.724 -0.000 -0.01 -0.41
Silver (USD/t oz.) 19.6 0.1 0.74 1.53 USDGBP 0.595 -0.002 -0.38 -1.36
USDCHF Switzerland 0.882 0.002 0.19 -1.10
CPO (Malaysia - Rm/tonne) 2,736.0 44.0 1.63 4.11 USDCAD Canada 1.101 0.003 0.30 3.45
-18.76 USDAUD Australia 1.067 -0.001 -0.10 -5.18
17.89 USDNZD New Zealand 1.159 0.002 0.22 -4.97
13.67 USDJPY Japan 102.23 0.310 0.30 -2.87
Soybeans (USD/bu.) 1,518.8 17.5 1.17 15.71 USDCNY China 6.22 0.00 0.02 2.75
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.754 0.000 0.00 0.00
USDSGD Singapore 1.251 -0.002 -0.14 -0.97
Rupiah Indonesia 11,436 8.00 0.07 -6.04
Market Div. Yield (%)
United Kingdom
Statistics
INDONESIA & SECTORS +/- (%) YTD(%)
COMMODITIES +/- (%) YTD(%)
INDICES REGION +/- (%) YTD(%)
KURS REGION +/- (%) YTD(%)
JCI WINNERS (%) JCI LOSERS (%) JCI VOLUME (Lot) JCI FREQ (X)
1,180,193
JCI VALUE (Rpmn)
PT Trimegah Securities Tbk - www.trimegah.com
6 DAILY
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
10-Apr-14 US Initial Jobless Claims (000's) 5-Apr 320 300 332
CH Trade Balance (USD bn) Mar 1.80 7.71 -22.99
CH Exports YoY (%) Mar 4.9 -6.6 -18.1
CH Imports YoY (%) Mar 3.9 -11.3 10.1
JN Machine Orders MoM (%) Feb -2.6 -8.8 13.4
11-Apr-14 US PPI Final Demand MoM (%) Mar 0.1 0.5 -0.1
US Univ. of Michigan Con!dence Apr P 81.0 82.6 80.0
CH CPI YoY (%) Mar 2.4 2.4 2.0
CH PPI YoY (%) Mar -2.2 -2.3 -2.0
14-Apr-14 ID Local Auto Sales (Unit) Mar -- 113,079 111,881
ID Motorcycle Sales (Unit) Mar -- 725,629 679,086
US Retail Sales Advance MoM (%) Mar 0.9 1.1 0.7
EC Industrial Production SA MoM (%) Feb 0.2 0.2 0.0
15-Apr-14 US Empire Manufacturing Apr 8.00 1.29 5.61
US CPI MoM (%) Mar 0.1 0.2 0.1
US CPI YoY (%) Mar 1.4 1.5 1.1
GE ZEW Survey Expectations Apr 45.0 43.2 46.6
16-Apr-14 US Housing Starts (000's) Mar 970 946 920
US Building Permits (000's) Mar 1,010 990 1,014
US Industrial Production MoM (%) Mar 0.5 0.7 1.2
CH GDP YoY (%) 1Q 7.3 7.4 7.7
EC CPI MoM (%) Mar 1.0 0.9 0.3
EC CPI YoY (%) Mar F 0.5 0.5 0.5
JN Industrial Production MoM (%) Feb F -- -2.3 -2.4
17-Apr-14 US Philadelphia Fed Business Outlook Apr 9.5 -- 9.0
US Initial Jobless Claims (000's) 12-Apr 315 -- 300
21-Apr-14 JN Trade Balance (JPY bn) Mar -- -- -800.3
JN Exports YoY (%) Mar -- -- 9.8
JN Imports YoY (%) Mar -- -- 9.0
22-Apr-14 US Existing Home Sales (USD mn) Mar -- -- 4.6
US Existing Home Sales MoM Mar -- -- -0.40
EC Consumer Con!dence Apr A -- -- -9.3
23-Apr-14 US Markit US Manufacturing PMI Apr P -- -- 55.5
US New Home Sales (000's) Mar -- -- 440
US New Home Sales MoM (%) Mar -- -- -3.30
CH HSBC China Manufacturing PMI Apr P 48.2 -- 48.0
EC Markit Eurozone Manufacturing PMI Apr P -- -- 53.0
GE Markit/BME Germany Mfg PMI Apr P -- -- 53.7
24-Apr-14 US Durable Goods Orders (%) Mar 1.0 -- 2.2
GE IFO Business Climate Apr -- -- 110.7
GE IFO Expectations Apr -- -- 106.4
25-Apr-14 US Univ. of Michigan Con!dence Apr F 83.0 -- 82.6
US Markit US Composite PMI Apr P -- -- 55.7
US Markit US Services PMI Apr P -- -- 55.3
JN Natl CPI YoY (%) Mar -- -- 1.5
27-Apr-14 GE Retail Sales MoM (%) Mar -- -- 1.3
GE Retail Sales YoY (%) Mar -- -- 2.0
28-Apr-14 US Pending Home Sales MoM (%) Mar -- -- -0.8
US Pending Home Sales YoY (%) Mar -- -- -10.2
US Dallas Fed Manf. Activity Apr -- -- 4.9
PT Trimegah Securities Tbk - www.trimegah.com
7 DAILY 7
RESEARCH TEAM
Sebastian Tobing, CFA
Head of Research & Institutional Sales
(sebastian.tobing@trimegah.com)
Frederick Daniel Tanggela
Equity Analyst
(frederick.daniel@trimegah.com)
Robby Ha!l
Equity Analyst
(robby.ha!l@trimegah.com)
Melvina Wildasari
Equity Analyst
(melvina.wildasari@trimegah.com)
EQUITY CAPITAL MARKET TEAM
JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Musji Hartono
Mangga Dua, Jakarta
(musji.hartono@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Very Wijaya
BSD, Jakarta
(very.wijaya@trimegah.com)
SUMATRA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Tantie Rivi Watie
Pekanbaru, Riau
(tantierw@trimegah.com)
Hari Mulyono Soewandi
Palembang, Sumatra Selatan
(hari.mulyono@trimegah.com)
Maria Renata
Equity Analyst
(maria.renata@trimegah.com)
Gina Novrina Nasution, CSA
Equity Analyst
(gina.nasution@trimegah.com)
Hapiz Sakti Azi
Research Associate
(hapiz.azi@trimegah.com)
Paula Ruth
Research Associate
(paula@trimegah.com)
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
Agus Jatmiko
Balikpapan, Kalimantan Timur
(agus.jatmiko@trimegah.com)
Ari!n Pribadi
Ujung Pandang, Sulawesi Selatan
(ari!n.pribadi@trimegah.com)
CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Andrew Jatmiko
Yogyakarta, Jawa Tengah
(andrew.jatmiko@trimegah.com)
Muhammad Ishaq
Semarang, Jawa Tengah
muhammad.ishaq@trimegah.com)
Joshua N.C. Tjeuw
Research Associate
(joshua.tjeuw@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Arif!anto
Cirebon, Jawa Barat
(arif!anto@trimegah.com)
INSTITUTIONAL SALES
Daniel Dwi Seputro
Head of Institutional Equity Sales
daniel.dwi@trimegah.com
Dewi Yusnita
Equity Institutional Sales
dewi.yusnita@trimegah.com
Meitawati
Equity Institutional Sales
meitawati.edianingsih@trimegah.com
Fachruly Fiater
Equity Institutional Sales
fachruly.!ater@trimegah.com
Henry Sidarta
Equity Institutional Sales
henry.sidarta@trimegah.com
Raditya Andyono
Equity Institutional Sales
raditya.andyono@trimegah.com
Nancy Pardede
Equity Institutional Sales
nancy.pardede@trimegah.com
DISCLAIMER:
This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its afliated 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 ofcer 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.
PT Trimegah Securities Tbk
Gedung Artha Graha 18
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Floor
Jl. Jend. Sudirman Kav. 52-53
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t. +62-21 2924 9088
f. +62-21 2924 9150
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