TRIM DAILY

PT Trimegah Securities Tbk - www.trimegah.com 1

JCI closed at this years peak, yesterday, after the news about presidential vote
calculation by an independent organisation reveals Jokowi lead with 52.! vote.
"e believe the #arket would further increase, anticipating the official announce$
#ent by the %eneral &lections Co##ission '()*+ on 22 July. "e e,pect property
and banking sector would re#ain outperfor#ing the #arket until -&1.. "e also
note that //C0 booked -121. gain of 21!, slightly below industry average of
22! gain. "ith //C0 lagging perfor#ance, we believe upside potential for the
stock re#ains high. In the property sector, (IJ0, 33I0, /32& and 034I are the
laggards. 5n the flip side, C140 announced 161. #arketing sales of only 75! of
8-1. target. 1he i#pact of gas leakage in 3udir#an 3treet, Central Jakarta, will
be #ini#al as retail gas sales account for only a single digit percentage to total
)%03 sales.
14I9 2aily

14I9 6ighlights
Jul 17, 2014
Jakarta Co#posite Inde, 'JCI+ up by .7.1points or :.5! to 5117.; yesterday.
Inde, #overs were #ostly driven by property construction sector '<2.1=!+,
basic industry sector '<1.>1!+ and consu#er 3ector '<1.:=!+. 1otal transac$
tion value was 4p5.2tr with regular #arket transaction of 4p..5tr. I2? recorded
4p2=1bn net buy by foreign investors. JCI have a profit taking with trading range
5:;5$5152
9arket @iew
*.3. ))I final de#and rose :..! 9o9 in June 'vs consensusA <:.2!+, following
a :.2! drop in 9ay. 5n yearly basis, *.3. ))I final de#and downed fro# 2.:!
-o- to 1.;! -o- in June, #atching with consensus. Chinas %2) grew by >.5!
-o- in second Buarter 'vs consensusA >..!+ fro# >..! -o- in previous Buarter
%lobal "rap
JCI and 1raders )ick
JCI 5,113.9
%lobal Indices
4eksa 2ana 1ri#egah
0sset 9anage#ent
2ual Cisting 'D-3&+
5thers
'*32+ '4p+ Chg !
.5.7 17,2.2.1 :..5 1.:
1C(9
Change :.5!
1ransaction @olu#e '#+ >,..=.;
1ransaction @alue '4pbn+ >,>.5.1
9kt Cap '4ptr+ 5,:51.:
9arket )E& ',+ 1..=
9arket 2iv. -ield '!+ 2.:
)rice Chg !
2ow Jones 1>,17.2 >>.5 :.5
DasdaB .,.2=.: ;.= :.2
Dikkei 15,7>;.7 $15.; $:.1
31 1i#es 7,7:... 17.: :..
813& =,>..> >..2 1.1
6ang 3eng 27,527.7 =7.7 :.7
D0/ Chg !
1ri# (apital ,>1:.= 75 :..:
1ri# (apital < 7,2:7.. 17.2 :..2
1ri# 3yariah 369 1,=.;.= 1... :.
1ra# Consu#ption <1,.7:.5 . :.=2
1ri# (o#b 2 1,;:;. 5.: :.2=
1ri# 3yariah / 2,7:;.7 1:.= :..=
1ri# 2ana 3tabil 2,1:.2 $:. $:.:.
1ri# 2ana 1etap 2 1,=:.= $:.7 $:.:2
1ra# )2)1 *32 1.1 $:.: $:.:7
1ra# 4eguler IDC ;;..> :.: :.::
1ra# 3trategic 8und 1,:>.7 2. :.2=
1ri# (as 2 1,:;:. :.2 :.:2
Chg !
USD IDR
11,=; $7 $:.7
10 yr Indo Govr bond (%)
.1. $:.: $:.7
10 yr US govt bond (%)
2.5 $:.:2 $:.;
Spread (%) 5.=1 :.:: :.>
EIDO
2. :.5 1.>
Foreign YtD (USDmn)
.,>> >. 1.=
Ticker Last S2 S1 R1 R2 Technical Call
JCI 5,11. 5,:5> 5,:;5 5152 51>: )458I1 10(ID%
9))0 2,;;5 2,;:: 2,;=: 7:75 7:5: /5"
40C3 1,175 1,11: 1,17: 11=5 11: /5"
3IC5 17,;>5 17,25 17,;25 1.:5: 1.:>5 /5"
(C/8 1,>;: 1,>25 1,>=5 125 1.5 /5"
%%49 57,>:: 52,:: 57,.:: 5.2>5 5.55: 3pec /uy
1/I% >,>5 >,=>5 >,>5: >;5: :>5 3pec /uy
ID1) 2=,1:: 25,>:: 25,;>5 2=.:: 2=55: /uy
39%4 1>,:5: 1=,:: 1=,;5: 1>15: 1>2:: 1rading /uy
J394 =,75: =,25: =,7:: =7>5 =.:: 1rading /uy
00CI 2=,:>5 25,.:: 25,5: 2=.>5 2==5: 3ell
10?I 1,2:: 1,1=5 1,1;: 1275 1255 3ell
%I00 .7= .2; .7. ..: ..1 3ell

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
2
ANTM: 201 ca!e" c#t $% 55& t' R!1.(tr
0D19 cut its 2:1. cape, by 55! to 4p1.tr fro# initial plan
of 4p..:tr due to low coal price. 9eanwhile, 2:15 cape, is
targeted to reach 4p1.2$1.5tr. 0D19 has obtained bank loans
fro# several banks. 1o support 2:1. perfor#ance, 0D19
targets trading of gold to reach 17ton up <7>! -o- fro#
;.5ton last year, while the sales for ferronickel and alu#ina is
targeted to reach 1k ton and 1=:k ton, respectively.
Source: Investor Dai!

TINS: C#t 201 ca!e" $% 30& t' R!(0$n
1ID3 cut 2:1. cape, by 7:! to 4p.:bn fro# 4p1.2tr,
initially. 1he use of cape, will be focused on i#proving the
productivity and the selling price of tin. 1he source of funds
is bank loans. Source: Investor Dai!

CTRA: )'ste* 1+1 ,arketin- sales '. R!3.5tr.
In 161., C140 posted #arketing sales a#ounting to 4p7.5tr,
75! of the total target of 4p1:tr . C140 has prepared sever$
al new property proFects to achieve the co#panys #arketing
sales target this year. 3everal proFects will be launched this
year including a housing proFect in )ontianak, Citra %arden
0part#ents in Jakarta, /ata# residential cluster, offices in
(e#ayoran as well as a 4esort in /ali. C140 plans to add
budget hotels with a total invest#ent of 4p.::bn. . hotels
will be located in /andung, 3e#arang, Cirebon and -ogya$
karta. "hile the re#aining . hotels in Jakarta, /engkulu and
/anFar#asin, will be begin operation ne,t year. Source:
Investor Dai!

ISAT: /,000 t'0ers t' $e let -'
In order to i#prove its financial perfor#ance, I301 is plan$
ning to let go of about >,::: teleco##unication tower,
e,pected to be co#pleted at the earliest ne,t year. 8or this
year I301 plans to #oderniGe its network, which will con$
su#e the :! of its 2:1. cape, of 4p;.:tr. 1he co#pany
does not e,pect its cape, for 2:15 to e,ceed 2:1.s cape,.
9anage#ent says the sale of towers is not to repay loans,
but to i#prove its financial perfor#ance. Source: "isnis
In#onesia

12I1: 1+1 re3en#es *r'!!e* /.4& 5'5 t'
6S1320,n 'r 4& '. 75 tar-et
25I2 booked 161. revenues of *3272:#n dropped >.=!
-o- '1617A *327.=#n+. 1he result represents .=! of 8-
target of *32=;.#n. 5verburden in 161. reached 17.;#n
'$>! -o-+, while the coal production reached 15.2#n ton '$
2.>! -o-+ and the coal hauling unchanged -o- at H5$=#n
ton. 25I2 allocates 2:1. cape, of *327:#n. Source: Inves-
tor Dai!
Dews of the 2ay

)8AS: C',!letin- the Ac9#isiti'n '. Shale 8as 7iel* in
the 6S
)erusahaan %as Degara ')%03+, through its subsidiary 3aka
&nergi Indonesia, has co#pleted an acBuisition of 7=! partici$
pating interest in the area of shale gas field 8asken in 1e,as,
*3, with an acBuisition value of *32 1>5#n 'around 4p 2tn+.
)%03 will pay cash of *32 125#n to 3wift &nergy Co,
8askens #anaging co#pany, and *32 5:#n for further devel$
op#ent. 8asken 8ield is part of &agle 8ord 3hale, an area of
.7::acre '7.7:ha+ in 3outh 1e,as. 1his acBuisition is part of
)%03 long$ter# strategy, says the C&5. 2o#estically, )%03
has aggressively acBuired nu#erous oil I gas blocs, such as
.1! shares of 3outh &ast 3u#etera bloc '53&3+ and 1::!
shares of *Fung )angkah bloc. Source: Investor Dai!

)8AS: 8as )i!e :"!l'si'n at Jl. S#*ir,an
Cast night 'Jul 1=+, gas pipe near 941 )roFect at Jl. 3udir#an
was e,ploded. Source: $om%as.com
Comment:
&e think that the gas %i%e e'%osion has ver! sma im%act to
earning as retai gas saes contribute# a sma %ortion (ess
than )*+, o- tota saes.

Source: TRIM Research (.u )/ at */:)0-*/:12,

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
7
J'k'0i lea*s 0ith 52.(& acc'r*in- t' a 0e$site tall% ;
!'siti3e .'r $ank an* !r'!ert%
(awalpe#ilu.org reveals on its website that Jokowi leads the
presidential election with 52.! votes. 1he website tracks
actual results fro# polling stations in Indonesia which are
uploaded in the %eneral &lections Co##issions official web$
site 'kpu.go.id+. (awalpe#ilu clai# has processed ;;.5! of
total nu#ber of polling stations by this #orning.
Dews of the 2ay
1he results fro# kawalpe#ilu are relatively in$line with Buick$
count average 'H52!+ fro# so#e reputable agencies. 1hus,
we e,pect the #arket to further increase today, anticipating
official result to be announced by the %eneral &lection Co#$
#ission '()*+ on 22 July.
"ith Jokowi #ight win the election, we are bullish on interest
sensitive sectors 'banking, property+. /anking sector had
increased by 22! in -121., while property sector gained of
..!. 2espite its strong funda#ental and liBuidity, //C0 is the
only laggard in banking sector with -121. gain of only 21!,
slightly below the sector average. /29D, /J19 and /J/4 are
also the laggards in the banking sector. In the property sector,
(IJ0 and 33I0 are the laggards in industrial property, while
/32& and 034I are the laggards in residential property.
)r'!ert% sect'r 12<1ec<13 14<J#l<1 5T1 chan-e
91C0 7: .:: 5!
92CD .:: ..: 1:!
034I .7: 57: 27!
C14) =2: >;: 2>!
C)(4 ;1: 11>: 2;!
2041 .>5 =2: 71!
/32& 12=: 1==: 72!
33I0 =5: =: 72!
(IJ0 1; 2=> 75!
/&31 7;: 5>5 .>!
)"5D 2>: .1= 5.!
2IC2 715 . 55!
0)CD 215 7.; =2!
C140 >5: 12=: =!
3940 >: 1715 =;!
C)C( .=>5 25: >=!
C143 171: 2..: =!
=ankin- sect'r 12<1ec<13 14<J#l<1 5T1 chan-e
/1)D .7:: .17: $.!
/J/4 ;: : $1!
/D%0 ;2: 1:15 1:!
/29D 7>>5 .2;: 1.!
/J19 7>5 .72 15!
//C0 ;=:: 11=5: 21!
//DI 7;5: 515: 7:!
/94I >5: 1:=:: 75!
//1D >: 1215 .:!
//4I >25: 11.:: 5>!
=ankin- sect'r 5T11 !er.'r,ance
)r'!ert% sect'r 5T11 !er.'r,ance
Source: TRIM Research

PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
.
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C09I
JCI >inners ?&@ JCI L'sers ?&@ JCI Aal#e ?R!,n@ JCI A'l#,e ?L't@ JCI 7re9 ?L't@
-12 '4p+ 1;.=5! >,..=.;
-12 '*32+ 27.5;! >,>.5
9oving 0vg 2:day .,;77.; 5,:51.:
9oving 0vg 5:day .,;2.: 1..=
9oving 0vg 2::day .,=11.1 15.:
In*'nesia B Sect'rs CD< ?&@5T1 ?&@
93CI Indonesia =,1:=.2 51.; :.; 2...
JII =;..5 =.7 :.; 1.>
CJ.5 >>.: =.= :. 27.7
J0(8ID Inde, =;.> 2.; :.. 2>.=
J0(ID84 Inde, 1,17:.= .> :. 21.5
J0(9ID& Inde, 1,.>2.7 17.2 :.; 7.:
J0(C5D3 Inde, 2,:;7.. 21.; 1.1 1>.5
J0(1402 Inde, ;17.2 .; 1.: 1>.=
J0(9ID2 Inde, 1,721.> $1.1 $:.1 ;.>
J0(/ID2 Inde, 5=5.7 ;.5 1.> 1>.=
J0()45) Inde, .=5. ;. 2.2 7.2
J0(0%4I Inde, 2,27:.> ;.2 :.. ..2
C',,'*ities CD< ?&@5T1 ?&@
C4/ Inde, 2;=. :. :.2= 5.;
2il B 8as
Crude 5il '*32Ebbl+ 1:1.2 1.2 1.2. 2.
Datural %as ..1 :.: :.5. $2.=
C50C '0ustralia,wk+ >:.2 :.: :.:: $1>.:
C50C '0*3 2aily+ =>.1 $1.7 $1.7 $27.2
In*#strial Metals
0lu#uniu# '*32Etonne+ 1,;=;.: 1..: :.>2 11.
Dickel '*32Etonne+ 1;,7:: $25 $:.17 7.
1in '*32Etonne+ 22,1:: $>5.: $:.7. $1.1
)reci'#s Metal
%old '*32Et oG.+ 1,2;;. 2.> :.21 .1
3ilver '*32Et oG.+ 2:. $:.1 $:.55 >..
S'.t C',,'*ities
C)5 '9alaysia $ 4#Etonne+ 2,7> 77.: 1..1 $;.5
4ubber 'J)-Ekg+ 1,=. 5.1 :.2> $2;.;
Corn '*32Ebu.+ 7> ..7 1.1. $1:..
"heat '*32Ebu.+ 57 :.7 :.:5 $11.1
3oybeans '*32Ebu.+ 1,1> =. :.5> $;.5
4ice 'Indonesia+ '4pEkg+ ,=:: :.: :.:: :.:
@olu#e '#+
Dilai '4pbn+
9kt Cap '4ptr+
9arket )E& ',+
9arket 2iv. -ield '!+
C)5 '9alaysia $ 4#Etonne+
In*ices Re-i'n CD< ?&@
YTD ( %)
9?"5 93CI "ord 1,>51.5 1:.:= :.5 5...
3)? 3I) 5:: 1,;1.= .2; :..2 >.21
6S
1>,17.2 >>.5 :..5 7.7;
DasdaB *3 .,.2=.: ;.5 :.22 5.;>
:#r'!e
&*45 5: &urope 7.7.: ..55 1.7. ...
813& Condon =,>..> >..22 1.11 :.57
20? Jer#an ;,5;.7 17;.; 1... 7.22
C0C 8rance .,7=;.1 =7.>5 1.. 1.>:
39I 3wiss ,=1>.1 .2.>5 :.5: 5.:5
=RIC
/5@&3)0 /raGil 55,>1>.. $25=.7 $:..= .1>
9IC&? 4ussia 1,.>..> $1.:5 $:.:> $1.;1
3&D3&? India 25,5.;.> 721.1 1.2> 2:.=
DI81- India >,=2... ;>. 1.7: 2:.;;
36C59) China 2,:=>.7 $7.: $:.15 $2.7:
3KC59) China 1,1:5.2 $11.57 $1.:7 ..5:
Dikkei Japan 15,7>;.7 $15.; $:.1: $5.=:
1)? Japan 1,2>7.= $:.:; $:.:1 $2.2:
63I 6ong kong 27,527.7 =7.7 :.2> :.;7
(53)I 3.(orea 2,:17.5 :.>= :.:. :.11
10I&? 1aiwan ;,...> $.... $:. 1:.1.
8331I 3ingapore 7,7:... 17.:1 :..: ..77
AS:AN
3&1 1hailand 1,57:.. 5.; :.7; 1>..
)C59) )hilipines =,7..: :.: :.:: 1=.:7
(CCI 9alaysia 1,=.> 1.. :.1: 1.:=
@DID2&? @ietna# 5;.> :.7> :.:= 1=.5
1e3el'!e* ASIA
2ow Jones Industrial
E#rs Re-i'n CD< ?&@
YTD ( %)
*32&*4 &uro :.>7; :.::7 :.7> 1.>7
*32%/) *( :.5. :.::: :.:7 $7.77
*32C68 3witGerland :.; :.::7 :.7: :.>=
*32C02 Canada 1.:>. $:.::2 $:.1> :.;1
*320*2 0ustralia 1.:=> :.::: :.:2 $5.15
*32DK2 Dew Kealand 1.1. :.::> :.=5 $5.;1
*32J)- Japan 1:1.=> $:.:1: $:.:1 $7..:
*32CD- China =.2: ':.::+ ':.:5+ 2..>
*326(2 6ongkong >.>51 :.::1 :.:1 $:.:.
*323%2 3ingapore 1.2.7 $:.::1 $:.1: $1.=2
4upiah Indonesia 11,=; $7.:: $:.72 $7.;
JCI 5,113.9 3.1 0.9&

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TRIM DAILY
5
"orld &cono#ic Calendar
1ate Ti,e C'#ntr% :3ent )eri'* S#r3e% Act#al )ri'r
1.$Jul$1. &C Industrial )roduction 30 9o9 '!+ 9ay $1.2 $1.1 :.>
&C Industrial )roduction "20 -o- '!+ 9ay $$ :.5 1..
JD Industrial )roduction 9o9 '!+ 9ay 8 $$ :.> :.5
15$Jul$1. *3 4etail 3ales 0dvance 9o9 '!+ Jun :.= :.2 :.5
*3 &#pire 9anufacturing Jul 1>.:: 25.=: 1;.2
&C K&" 3urvey &,pectations Jul $$ ..1 5..
%& K&" 3urvey Current 3ituation Jul =>.. =1. =>.>
%& K&" 3urvey &,pectations Jul 2.2 2>.1 2;.
1=$Jul$1. *3 ))I 8inal 2e#and 9o9 '!+ Jun :.2 :.. $:.2
*3 ))I 8inal 2e#and -o- '!+ Jun 1.; 1.; 2.:
*3 Industrial )roduction 9o9 '!+ Jun :.7 :.2 :.5
C6 %2) -o- '!+ 2J >.. >.5 >..
1>$Jul$1. *3 Initial Jobless Clai#s ':::Ls+ 12$Jul 71: $$ 7:.
*3 6ousing 3tarts ':::Ls+ Jun 1:2: $$ 1::1
*3 /uilding )er#its ':::Ls+ Jun 1:75 $$ ;;1
&C C)I 9o9 '!+ Jun :.1 $$ $:.1
&C C)I -o- '!+ Jun 8 :.5 $$ :.5
1$Jul$1. *3 *niv. of 9ichigan Confidence Jul ) 7.: $$ 2.5
*3 Ceading Inde, '!+ Jun :.5 $$ :.5
21$Jul$1. *3 Chicago 8ed Dat 0ctivity Inde, Jun $$ $$ :.21
%& ))I 9o9 '!+ Jun $$ $$ $:.2
%& ))I -o- '!+ Jun $$ $$ $:.
22$Jul$1. *3 C)I 9o9 '!+ Jun :.7 $$ :..
*3 C)I -o- '!+ Jun $$ $$ 2.1
*3 C)I &, 8ood and &nergy -o- '!+ Jun $$ $$ 2.:
*3 &,isting 6o#e 3ales '#n+ Jun $$ $$ ..;
27$Jul$1. &C Consu#er Confidence Jul 0 $$ $$ $>.5
2.$Jul$1. *3 9arkit *3 9anufacturing )9I Jul ) $$ $$ 5>.7
*3 Dew 6o#e 3ales ':::Ls+ Jun $$ $$ 5:.
*3 Dew 6o#e 3ales 9o9 '!+ Jun $$ $$ 1.=
C6 63/C China 9anufacturing )9I Jul ) $$ $$ 5:.>
&C 9arkit &uroGone 9anufacturing )9I Jul ) $$ $$ 51.
%& 9arkitE/9& %er#any 9fg )9I Jul ) $$ $$ 52.:
JD 1rade /alance 'J)- bn+ Jun $$ $$ $;:;.:
JD &,ports -o- '!+ Jun $$ $$ $2.>
JD I#ports -o- '!+ Jun $$ $$ $7.=
25$Jul$1. *3 2urable %oods 5rders Jun $$ $$ $1.:
%& I85 /usiness Cli#ate Jul $$ $$ 1:;.>
%& I85 &,pectations Jul $$ $$ 1:..
JD Dational C)I -o- '!+ Jun $$ $$ 7.>
JD Dational C)I &, 8resh 8ood -o- '!+ Jun $$ $$ 7..
JD 1okyo C)I -o- '!+ Jul $$ $$ 7.:
JD 1okyo C)I &,$8resh 8ood -o- '!+ Jul $$ $$ 2.
2$Jul$1. *3 9arkit *3 Co#posite )9I Jul ) $$ $$ =1
*3 9arkit *3 3ervices )9I Jul ) $$ $$ =1
*3 )ending 6o#e 3ales 9o9 '!+ Jun $$ $$ =.1
*3 )ending 6o#e 3ales -o- '!+ Jun $$ $$ $=.;

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TRIM DAILY
=
Stock (Rp) Cum Date Recording Date Distribuon Date
ID28 1.2 15$Jul$1. 1$Jul$1. :$0ug$1.
CC)I *32:.::1 1>$Jul$1. 22$Jul$1. 12$0ug$1.
0C25 1.5 1>$Jul$1. 22$Jul$1. 12$0ug$1.
)&%& 1: 22$Jul$1. 25$Jul$1. 15$0ug$1.
13)C >5 2.$Jul$1. :5$0ug$1. 1;$0ug$1.
/8ID 122.21 2.$Jul$1. :5$0ug$1. 1;$0ug$1.
9030 1 25$Jul$1. :=$0ug$1. 2:$0ug$1.
2)D3 2: :.$0*%$2:1. :>$0ug$1. 21$0ug$1.
924D 2 :.$0*%$2:1. :>$0ug$1. 21$0ug$1.
%&90 > :.$0*%$2:1. :>$0ug$1. 21$0ug$1.
&1"0 1.=2 :.$0*%$2:1. :>$0ug$1. 21$0ug$1.
CI5D .:: :=$0*%$2:1. 11$0ug$1. 25$0ug$1.
2041 2 :=$0*%$2:1. 11$0ug$1. 25$0ug$1.
C936 2:: :=$0*%$2:1. 11$0ug$1. 25$0ug$1.
3904 5 :$0*%$2:1. 17$0ug$1. 2>$0ug$1.
2%I( 2.5 12$0*%$2:1. 15$0ug$1. 22$0ug$1.
4*I3 >.5 12$0*%$2:1. 15$0ug$1. 2;$0ug$1.
(I03 1.51 12$0*%$2:1. 15$0ug$1. 2;$0ug$1.
J0"0 1. 2;$0*%$2:1. 7$3ep$1. 1>$3ep$1.
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PT Trimegah Securities Tbk - www.trimegah.com
TRIM DAILY
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Corporate 0ction

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

4esearch 1ea#
Se$astian T'$in-, C7A
6ead of 4esearch I Institutional 3ales
'sebastian.tobingMtri#egah.co#+

8rederick 2aniel 1anggela
&Buity 0nalyst
'frederick.danielMtri#egah.co#+

4obby 6afil
&Buity 0nalyst
'robby.hafilMtri#egah.co#+

9elvina "ildasari
&Buity 0nalyst
'#elvina.wildasariMtri#egah.co#+

9aria 4enata
&Buity 0nalyst
'#aria.renataMtri#egah.co#+

%ina Dovrina Dasution, C30
&Buity 0nalyst
'gina.nasutionMtri#egah.co#+

6apiG 3akti 0Gi
4esearch 0ssociate
'hapiG.aGiMtri#egah.co#+

)aula 4uth
4esearch 0ssociate
'paulaMtri#egah.co#+

Joshua D.C. 1Feuw
4esearch 0ssociate
'Foshua.tFeuwMtri#egah.co#+

-e#i#a Daarah Joesoef
4esearch 0ssociate
'naarah.FoesoefMtri#egah.co#+

4ovandi
4esearch 0ssociate
'rovandiMtri#egah.co#+
Institutional 3ales 1ea#
1aniel 10i Se!#tr'
6ead of Institutional &Buity 3ales
'daniel.dwiMtri#egah.co#+

2ewi -usnita
&Buity Institutional 3ales
'dewi.yusnitaMtri#egah.co#+

9eitawati
&Buity Institutional 3ales
'#eitawati.edianingsihMtri#egah.co#+

8achruly 8iater
&Buity Institutional 3ales
'fachruly.fiaterMtri#egah.co#+

6enry 3idarta
&Buity Institutional 3ales
'henry.sidartaMtri#egah.co#+
4aditya 0ndyono
&Buity Institutional 3ales
'raditya.andyonoMtri#egah.co#+

Dancy )ardede
&Buity Institutional 3ales
'nancy.pardedeMtri#egah.co#+
4etail 3ales 1ea#
JAEARTA AR:A
Nathanael =enn% )raset%'
6ead of 4etail &C9
'benny.prasetyoMtri#egah.co#+

0riawan 0nwar
0rtha %raha, Jakarta
'ariawan.anwarMtri#egah.co#+

"indra 2Fulnaily
)luit, Jakarta
'windra.dFulnailyMtri#egah.co#+

9usFi 6artono
9angga 2ua, Jakarta
'#usFi.hartonoMtri#egah.co#+

8erry Kabur
(elapa %ading, Jakarta
'ferry.GaburMtri#egah.co#+

@ery "iFaya
/32, 1angerang
'very.wiFayaMtri#egah.co#+


S6MAT:RA
Juliana &ffendy
9edan, 3u#atera *tara
'Fuliana.effendiMtri#egah.co#+

1antie 4ivi "atie
)ekanbaru, 4iau
'tantierwMtri#egah.co#+

6ari 9ulyono 3oewandi
)ale#bang, 3u#atra 3elatan
'hari.#ulyonoMtri#egah.co#+


:AST IN12N:SIA
"iranto 3unyoto
/ranch 0rea 9anager
'wiranto.sunyotoMtri#egah.co#+

3onny 9ulFadi
3urabaya, Jawa 1i#ur
'sonny.#ulFadiMtri#egah.co#

Di 9ade 2wi 6apsari "iFayanti
2enpasar, /ali
'dwihapsari.wiFayantiMtri#egah.co#+

Ivan Jaka )erdana
9alang, Jawa 1i#ur
'ivan.perdanaMtri#egah.co#+

0gus Jat#iko
/alikpapan, (ali#antan 1i#ur
'agus.Fat#ikoMtri#egah.co#+

0rifin )ribadi
9akasar, 3ulawesi 3elatan
'arifin.pribadiMtri#egah.co#+


C:NTRAL JAAA, AR:A
0gus /a#bang 3useno
3olo, Jawa 1engah
'agus.susenoMtri#egah.co#+

0ndrew Jat#iko
-ogyakarta, 2I -ogyakarta
'andrew.Fat#ikoMtri#egah.co#+

9uha##ad IshaB
3e#arang, Jawa 1engah
#uha##ad.ishaBMtri#egah.co#+


>:ST JAAA
0sep 3aepudin
/andung, Jawa /arat
'asep.saepudinMtri#egah.co#+

0riffianto
Cirebon, Jawa /arat
'ariffiantoMtri#egah.co#+
)T Tri,e-ah Sec#rities T$k
%edung 0rtha %raha 1
th
8loor
Jl. Jend. 3udir#an (av. 52$57
Jakarta 121;:, Indonesia
t. <=2$21 2;2. ;:
f. <=2$21 2;2. ;15:
www.tri#egah.co#
1ISCLAIM:R
1his report has been prepared by )1 1ri#egah 3ecurities 1bk on behalf of itself and its affiliated co#panies and is provided for infor#ation
purposes only. *nder no circu#stances is it to be used or considered as an offer to sell, or a solicitation of any offer to buy. 1his report has
been produced independently and the forecasts, opinions and e,pectations contained herein are entirely those of 1ri#egah 3ecurities.
"hile all reasonable care has been taken to ensure that infor#ation contained herein is not untrue or #isleading at the ti#e of publication,
1ri#egah 3ecurities #akes no representation as to its accuracy or co#pleteness and it should not be relied upon as such. 1his report is
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on this report. Deither 1ri#egah 3ecurities nor any officer or e#ployee of 1ri#egah 3ecurities accept any liability whatsoever for any direct or
conseBuential loss arising fro# any use of this report or its contents. 1ri#egah 3ecurities andEor persons connected with it #ay have acted
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