Trimegeh 20151119 PDF

TRIM Daily
Nov 19, 2015
TRIM Highlights
Expect market to strengthen today as EIDO increased by +1%. PGAS share
price increased +11% yesterday as market took opportunity on its lag vs JCI
in the past 1 month knowing that 4Q15 results will be a surprise in our view.
We went to HOKIs pubex yesterday, and come up with summaries; valuation
range of 13-16x P/E FY16F (vs AISA 14x), IPO fund will be used to pay its
payables, while inventory is expected to increase. Negative development on
ISAT from news about additional license cost to be paid to majority shareholder (Ooredo) if ISAT achieved positive net profit.
JCI
4,497.9
C hange
Transaction Volume (m)
Transaction Value (Rpbn)
Mkt C ap (Rptr)
Market 2015 P/E (x)
Market Div. Yield (%)
-0.07%
3,387
4,443
4,748
12.9
2.8%
Global Indices
Global Wrap
Fed minutes released on Wednesday continued to flag December as a likely
time for interest rates to rise after seven years near zero, with two expressing confidence they will be able to pull off a rate hike smoothly despite fears
of an abrupt market reaction. Investors reacted by increasing the odds for a
rate increase next month to 72%, from 64%.
Dow Jones
Nasdaq
Nikkei
ST Times
FTSE
Hang Seng
Price
C hg
17,737.2
5,075.2
19,649.2
2,886.1
6,279.0
22,188.3
247.7
89.2
19
-30.7
10.2
-76
1.4
1.8
0.1
-1.1
0.2
-0.3
Technical Market View

Jakarta Composite Index (JCI) down by 3 point to 4498 yesterday. Index
movers were mostly driven by basic infrastructure (+1.5% basic industry
(+1.2%) and trade (-0.9%). Total transaction value was Rp4.4tr. JCI
recorded RP3.4bn net sell by foreign investors. JCI today is expected to
strenghtening trend and trade in 4435-4505 range
Dual Listing (NYSE)

USD IDR
10 yr Indo Govt bond (%)
10 yr US govt bond (%)
Technical analysis: trading picks

Stock
SMGR
Price
11500
Rating
Buy
After broke resisten at level 11200, SMGR

formed a white candle pattern on the peak of
its downtrend channel formation. SMGR with
trading range at 11200-12050
UNTR
17050
Buy
PWON
433
Buy
PWON formed a white candle yesterday,

PWON have a potential upwrd movement at
trading range 415-445
PGAS
2910
Buy
We
believe
PGAS
have
a
continues
strenghtening at range level 2850-3100
RALS
725
Buy
RALS long term bullish, white long candle with

increased volume. RALS today will trade in
range 705-745
1415
Spread (%)
EIDO
Foreign YtD (USDmn)
Reason
UNTR a potential upside today with trading

range 16700-17550
SMRA
C hg
%
73 0.5
-0.0 -0.3
0.01 0.2
6.34 -0.03 -0.5
20.9
0.2 1.0
(2,901)
-0 0.0
13,819
8.61
2.3
MACD indicates positive signal of a potential

Spec Buy technical rebound for SMRA. SMRA today trading range is around 1380-1510
PT Trimegah Securities Tbk - www.trimegah.com
JCI Index, Avg 5D MA Value

Avg. 5 Day MA Trading Value (RHS)
Price (LHS)
6,000
(Rpbn)
8,000
7,000
5,000
6,000
5,000
4,000
4,000
3,000
3,000
2,000
1,000
2,000
Nov-14
Jan-15 Mar-15 May-15
Jul-15
0
Sep-15 Nov-15
TRIM DAILY
IPO: PT Buyung Poetra Sembada (HOKI)

Buyung Poetra Sembada
Market cap post IPO
Rp991.2-1,180bn
Deal Size
Rp298.2-355bn
Offering Price Range
Rp420-500/share
Shares Offered
Max 710mn shares (30.08%)
Book Bulding Period

Listing Date
18-26 November 2015

16 December 2015
Established in 2003, PT Buyung Poetra Sembada (HOKI) operates as a branded rice production & distribution
company, specifically the "Topikoki" brand (83% of revenue), located in Cipinang Central Rice Market, Jakarta. Other brands are Rumah Limas, Belida, and BPS. HOKI als produces and distributes private label rice
products in Indonesia with several partners; Indomaret, Hypermart, Giant, Hero, Lotte Mart, etc. In 1H15,
the top 5 customers are Indomaret, HERO, MPPA, Trans Retail, and Lotte Mart.
The current business model of HOKI is buying low quality rice and then giving value-added process to get
high quality rice. The production process consist of cleaning, paddy separating, whitening, polishing, destoning, and packaging. According to AC Nielsen survey, HOKI has 35% modern trade rice sales market
share.
HOKI plans to expand the company's production process from the use of paddy as raw materials, to reduce
dependency on rice as raw materials. HOKI will buy premium quality paddy, instead of rice, and process it to
become the superior branded rice quality. Based on management's past experience in Palembang, the upstream plan will bring 10% gross profit margin expansion.
The funds obtained from IPO would be used to increase working capital. Post IPO, HOKI will be able to pay
off its 205 suppliers much more quickly, which should ensure greater rice supplies. This should help to guarantee supplies during the current El Nino period. Additionally, HOKI plans to build silos for paddy storage and
we are looking at higher inventory turnover to a maximum average of 85 days.
HOKI's turnover days 1H15, : 68 receivable days, 131 payable days, and 81 inventory days. The company
reached Rp45.9bn Net profit 1H15 (314% increase YoY) with operating income only Rp23.9bn and Rp28bn
from gain on short term investment. Core profit 1H15 Rp16.7bn (50% increase YoY). HOKI expects net income Rp55bn 2015F, Rp76bn 2016F, and Rp100bn 2017F.
By using market cap post IPO range of Rp991-1,180bn, this translates to 13-16x range of 2016F P/E (vs
AISA trades at 14x 2016F P/E).
From 30.08% shares offered, 2% out of it (max 14.2 mn shares) will be allocated for ESA (employee stock
allocation) program.
TRIM DAILY
News of the Day

Banks: lowered minimum RRR does not mean lower
lending rates
KPPU will focus on branded generics and licensed

drugs
Bankers view the lower minimum RRR positively but they

are still maintaining lending rates. This is due to unchanged benchmark interest rate at 7.5%. Current concern remains on weak loan demand, not on liquidity.
Source: Bisnis Indonesia (angga.aditya@trimegah.com)
This is related to the high price of branded generics and

licensed drugs in market as Government does not regulate
the prices. In FY14, pharmaceuticals in Indonesia recorded
Rp 52trn, expected to grow by 11.8% YoY in 2015F.
Source: Bisnis Indonesia (patricia.gabriela@trimegah.com)
Media: ad spending picks up in 3Q15 on government programs
Indian firm to take RI to arbitration court
According to Nielsen Indonesia, ad spending growth on a

YoY basis in 2Q15 was 6% (vs. 12% in 2Q14 due to
political campaign). In 3Q15, the government appeared
to be the biggest ad spender during July-September
period. The government has spent Rp4.58tn on ads until
9M15 (-15% decrease from last year) despite the amount
was much higher than consumer goods ad spending. Hair
care segment, which is the biggest spender among consumer goods segments, spent only Rp3.35tn. Source:
The Jakarta Post
Telco: Govt to announce in 1Q16 the tender winner
for 2,100Mhz spectrum (block 11 & 12 @5Mhz)
These two 3G blocks were previously owned by Axis,
which were submitted back to Govt after Axis acquisition
by EXCL. Telkomsel (TLKM) and EXCL target to acquired
2 blocks, while ISAT and Tri intends to own 1 block.
Telkomsel aims to add spectrum as its spectrum already
more densed than other operators due to high number of
subscribers on the same size of bandwidth. Refarming
(rearrangement) plan for 2,100Mhz will still depend on
which telco operator win the tender. If the winner is
owner of block 10 (EXCL), then there is no need for
refarming. Spectrums beauty contest requirement is still
being discussed whether to include non-existing operators (operators which does not own other existing blocks
in 2,100Mhz, i.e. FREN, Bolt (KBLV), and Sampoerna
Telekomunikasi Indonesia) or not. Source: Bisnis Indonesia, Kontan
Politics : Rizal Ramli said reshuffle would be happen this year
Contrast with Vice President Jusuf Kallas statement last
week, Maritime Affairs Minister Rizal Ramli said that
cabinet reshuffle part II would likely happen by end of
this year. Last week, Jusuf Kalla said cabinet reshuflle
would not be happen until end of this year because government focus on regional elections (Pilkada) which will
be held simultaneously across the country in December
and several important occasions abroad which should be
attended
by
Jokowi
and
JK.
Source:
Tempo
(yeni.simanjuntak@trimegah.com)
Indian Metals and Ferro Alloys Ltd (IMFA) has taken the
Indonesian government to the international arbitration
court for being unable to develop its mining areas due to
overlapping mining permits, a senior government figure has
said. IMFA reportedly demanded Rp7.7tn (US$600mn) for
being unable to operate in the areas, and has submitted its
appeal to Permanent Court of Arbitration in the Hague. The
dispute emerge after IMFA purchased a mining operation
permit in Kalimantan, valued at US$8.7mn in 2010, only to
find out that several other permits have been issued by
other local administrators, which claimed that parts of the
mining area were located within their territories. Source:
The Jakarta Post
Kadin to arm up with China to develop ports in eastern areas
Indonesian Chamber of Commerce and Industry (Kadin) is
cooperating with the Development Committee of China on
the construction of international standard seaports in Indonesias eastern regions. According to Yogi Prayanto, Kadin
Deputy Chairman for Maritime Affairs and Fisheries, MoUs
between Kadin and Chinas Development Committee, between Indonesias Sorong Port and Chinas North Bay Shatin Port has been signed. Yogi also mentioned that Kadin
was convinced that the funds from the state budget would
not be adequate to build infrastructure, so the private
sector should take the initiative in the development of ports
and shipyards. Source: The Jakarta Post
TRIO: in talks with creditors regarding loan restructuring
The company is still in discussion with its lender to restructure its Rp6.4tn total bank loans, of which Rp2.1tn and
Rp1.9tn will be matured this year and next year respectively. Further details are undisclosed yet except the standstill
and forbearances scheme proposal as well as business plan
disclosure to the creditors. TRIO also still has two bonds
payable amounting Rp1.15tn and Rp1tn maturing in 2016
and
2017
respectively.
Source:
Bisnis
Indonesia
(angga.aditya@trimegah.com)
TRIM DAILY
News of the Day

OECD cuts subsidy for steam power plants
SMRA: to benefit from proposed high speed train
Organization Economic Cooperation & Development

(OECD) decided to cut 85% financing for future coal
projects, as its emission causes Earth temperature to
increase. South Korea and Japan will be among the
countries to limit coal projects investment in the future.
This is negative for coal as demand might be cut further.
Source: Bisnis Indonesia
And to be launched on the 21st of november 2015. Will

launch a total of 600 units for phase 1, and takes up 8Ha
(2.6% of total land). Initial marketing sales target set at
Rp500bn,
with
Rp300bn
capex.
Source:
Kontan
(wisnu.budhiargo@trimegah.com)
Comment:
ISAT will will get exclusive right to use global assets owned
by Ooredo, e.g. sponsorhip assets, media marketing,
intellectual copyrights, and creative datas. According to
companys disclosure, ISAT will pay license cost annually
based on following provisions:
Negative for coal sector as lower demand will also result

in further price cut. Newcastle coal price is at US$53.75/
ton per yesterday closing, falls 14% YTD. This will in turn
be negative also for mining contractors (i.e. UNTR and
DOID) as it might result in volume and tariff cut. We
have accounted 5% decline in coal production tariff in
2015 and 2016 (flat afterwards), so we remain confident
DOID will be able to reach net revenue of US$593mn and
US$182mn EBITDA in 2016. DOID is currently trading at
2 . 9 / 2 . 4 x
2 0 1 6 - 1 7 E
E V / E B I T D A
(kevie.aditya@trimegah.com)
DOID: 10M15 volumes in-line with our estimates
DOID recorded a 3.1mt coal production and 24.0mbcm
overburden volume, making up 10M15 numbers to
27.9mt and 225.5mbcm respectively. Average strip ratio
in October 2015 was at 7.7x.
Comment:
This is in-line with our full-year estimates (85% and 84%
of our coal production and overburden volume estimates,
accordingly). (kevie.aditya@trimegah.com)
ISAT: Ooredo to do affiliated transaction with ISAT
1) the license cost will be paid annually calculated from

ISATs revenue in audited financial statement;
2) licensecost will only be paid if the company achieved
positive net profit (audited and annouced financial statement) after accounting the license payment;
3) lichse cost will be paid based on certain percentage from
the companys operational revenue which will not exceed
1.3% of the companys operational revenue (cellular, fixed
line, fixed data (MIDI), and fiber; not include revenue from
Lintasarta and tower business). Source: Company, Investor Daily
Comment:
We are checking with the company on details but at least
the initial reaction would be negative. It is not clear how
much indosat can benefit from intl assets since we expect
growth to come from domestic. Assuming no benefit, the
impact to our 2016 profit is -35% lower (assuming 2016E
EBITDA margin down by 1.3% to 41.2%).
SMCB: Sold its Holcim Malaysia to Lafarge

At RMB330mn, or equivalent to Rp1.03tn. SMCB will sell
all its holding on Holcim Malaysia (HMSB), which will be
paid in USD. The transaction is effective as of 16 November 2015. Source: Bisnis Indonesia
Comment:
Given the selling of HMSB, this would provide SMCB with
additional funding to finance the acquisition of Semen
Andalas (Lafarge in Indonesia).
ACST: Sold 434m2 in Menteng on affiliated transaction
To PT Cross Plus Indonesia and PT Loka Cipta Kreasi,
which own 12.27% and 5.83% of ACST, respectively. The
transaction is valued at Rp4.65bn, under rights to use
(HGB) certificate with total surface area of 434m2.
Source: Bisnis Indonesia
TRIM DAILY
Table
Indo Market PE vs 10yr Bond Yield
JCI PE (LHS)
(X)
18.0
5yr Bond Yield Indo (USD) vs US Bond Yield
Indo 10Yr Bond Yield (RHS)
17.0
(%)
10.0
4.5
9.5
4.0
9.0
16.0
8.5
Bond Yield US
(%)
Ind 5yr Bond Yield Indo in USD
3.5
3.0
2.5
15.0
8.0
2.0
7.5
14.0
1.5
7.0
1.0
Indo Market PE vs Regional (Weekly)

Weekly
Hang Seng
Singapore
Thailand
Philippines
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Mar-15
Jan-15
0.0
Feb-15
12.0
6.0
Nov- Dec- Jan- Feb- Mar- Apr- May- Jun- Jul- Aug- Sep- Oct- Nov14 14
15
15 15
15 15
15 15
15
15 15
15
Dec-14
0.5
Nov-14
6.5
Dec-14
13.0
Foreign Fund Flow in last 5 & 30 days

Malaysia
Indonesia
(x)
22.0
5 Days
(USDmn)
30 Days
0
-19 -6
-78
20.0
(200)
18.0
(400)
-82
-145
-297
-479
16.0
-497
-550
(600)
14.0
-660
(800)
-742
12.0
(1,000)
10.0
-1,051
Oil Price (Brent), Coal Price (Newcastle), Gold

Brent Crude Oil (bbl) (LHS)
Coal (mt) (LHS)
(USD/ Troy oz.)
85
INDIA
VIETNAM
CPO Price, Soybean Price (both 1m Futures)
Gold (RHS)
(USD)
THAILAND
PHILIPPINES
INDONESIA
2015
2015
2014
2014
2013
2013
2012
2012
2011
2011
2010
2010
2010
6.0
SOUTH KOREA
(1,200)
8.0
CPO Malaysia (LHS)
Soybean (RHS)
(USD
Bushels)
1,100
(MYR Tons)
3,000
1,500
80
2,500
1,000
2,000
900
1,500
800
1,000
700
500
600
500
1,300
75
70
1,100
65
60
900
55
50
700
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Feb-15
Mar-15
Jan-15
Dec-14
Oct-15
Nov-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Jan-15
Feb-15
Dec-14
Dec-14
500
Nov-14
40
Nov-14
45
TRIM DAILY
Table
Coal Price (Newcastle) vs Coal Sector
Coal (LHS)
CPO Price (1m Futures in Malaysia) vs CPO Sector

CPO Malaysia (LHS)
COAL Sector (RHS)
CPO Sector (RHS)
(MYR / Ton)
(USD/MT)
80
250
3,000
90
80
70
200
2,500
70
60
2,000
50
60
150
50
1,500
40
40
100
30
30
1,000
20
50
20
500
10
10
ANTM (LHS)
Oct-15
Nov-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
May-15
Mar-15
Mar-15
Jan-15
Feb-15
Dec-14
Dec-14
0
Nov-14
INCO, ANTM vs Nickel price (LME)

INCO (LHS)
Oct-15
Sep-15
Aug-15
Jul-15
Jun-15
May-15
Apr-15
Mar-15
Jan-15
Nov-14
Feb-15
0
Dec-14
ANTM vs Gold price
Nickel LME (RHS)
(Rp)
4,500
(USD /MT)
18,000
4,000
16,000
3,500
14,000
ANTM (LHS)
(Rp)
1,000
Gold (RHS)
(USD troy oz.)

1,400
900
1,300
800
1,200
700
3,000
1,100
12,000
600
2,500
1,000
10,000
500
900
2,000
8,000
1,500
6,000
1,000
4,000
200
500
2,000
100
600
500
TINS (LHS)
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Jan-15
Dec-14
Dec-14
700
Nov-14
TINS vs Tin price (LME)

(Rp)
1,400
800
300
Nov-15
Oct-15
Sep-15
Sep-15
Jul-15
Aug-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Feb-15
Mar-15
Jan-15
Dec-14
Dec-14
Nov-14
400
GIAA vs Brent Crude Oil

Tin LME (RHS)
(USD/MT)
24,000
GIAA (LHS)
Crude Oil Brent (RHS)
(Rp)
700
(USD bbl)
100
21,000
1,200
600
80
18,000
1,000
500
15,000
800
60
400
12,000
600
9,000
400
300
6,000
200
3,000
100
40
20
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Feb-15
Jan-15
0
Dec-14
0
Dec-14
Nov-15
Oct-15
Sep-15
Sep-15
Aug-15
Jul-15
Jul-15
Jun-15
May-15
May-15
Apr-15
Mar-15
Mar-15
Jan-15
Feb-15
Dec-14
Dec-14
Nov-14
Nov-14
200
TRIM DAILY
World Economic Calendar

Date Time
11/10/2015
11/11/2015
11/12/2015
11/13/2015
11/16/2015
11/17/2015
11/17/2015
11/18/2016
11/19/2015
11/23/2015
11/24/2015
11/25/2015
Country Event
Period
Survey
Actual
Prior
US
NFIB Small Business Optimism
Oct
96.5
96.1
96.1
US
Import Price Index MoM (%)
Oct
-0.3
-0.1
-0.1
US
Wholesale Inventories MoM (%)
Sep
0.1
0.5
0.1
US
MBA Mortgage Applications (%)
6-Nov
--
-1.3
-0.8
US
Initial Jobless Claims ('000')
7-Nov
US
Continuing Claims ('000')
31-Oct
270
276
276
2165
2174
2163
US
Bloomberg Consumer Comfort
8-Nov
--
41.6
41.1
EC
Industrial Production SA MoM
Sep
-0.1
-0.3
-0.5
EC
Industrial Production WDA YoY
Sep
1.3
1.7
0.9
US
Monthly Budget Statement (USDbn)
Oct
-132
-136.5
-121.7
US
Retail Sales Advance MoM (%)
Oct
0.3
0.1
0.1
US
Retail Sales Ex Auto MoM (%)
Oct
0.4
0.2
-0.3
US
Retail Sales Ex Auto and Gas (%)
Oct
0.4
0.3
0.0
US
PPI Final Demand MoM (%)
Oct
0.2
-0.4
-0.5
US
PPI Ex Food and Energy MoM (%)
Oct
0.1
-0.1
-0.3
US
PPI Final Demand YoY (%)
Oct
-1.2
-1.6
-1.1
0.8
US
PPI Ex Food and Energy YoY (%)
Oct
0.5
0.1
US
U. of Mich. Sentiment
Nov P
91.5
93.1
90
EC
Trade Balance SA (USDbn)
Sep
19.3
20.1
19.8
EC
Trade Balance NSA (USDbn)
Sep
16
20.5
11.2
EC
GDP SA QoQ (%)
3Q A
0.4
0.3
0.4
EC
GDP SA YoY (%)
3Q A
1.7
1.6
1.5
US
Empire Manufacturing
Nov
-6.3
-10.74
-11.4
ID
Trade Balance (USDmn)
Oct
725
1019
1017
ID
EC
Exports YoY (%)

CPI MoM (%)
Oct
Oct
-16.78
0.1
-20.98
0.1
-18.0
0.2
EC
CPI YoY (%)
Oct F
0.1
0.0
EC
CPI Core YoY (%)
Oct F
1.1
1.0
US
CPI MoM (%)
Oct
0.2
0.2
-0.2
US
CPI Ex Food and Energy MoM (%)
Oct
0.2
0.2
0.2
US
CPI YoY (%)
Oct
0.1
0.2
0.0
US
US
ID
Industrial Production MoM (%)

Capacity Utilization
Bank Indonesia Reference Rate
Oct
Oct
17-Nov
0.1
77.5
7.5
-0.2
77.5
7.5
-0.2
77.5
7.5
ID
Bank Indonesia Lending Facility Rate
17-Nov
8.0
US
Net Long-term TIC Flows (USDbn)
Sep
--
33.6
20.4
US
Total Net TIC Flows (%)
Sep
--
-175.1
-9.2
US
MBA Mortgage Applications
13-Nov
--
6.2
-1.3
US
Housing Starts ('000')
Oct
1160
1060
1,206
US
Building Permits ('000')
Oct
1147
1150
1103
US
Initial Jobless Claims ('000')
14-Nov
270
--
276
US
Continuing Claims ('000')
7-Nov
2170
--
2174
US
Bloomberg Consumer Comfort
15-Nov
--
--
41.6
US
Philadelphia Fed Business Outlook
Nov
-0.8
--
-4.5
US
Leading Index
Oct
0.5
--
-0.2
US
Chicago Fed Nat Activity Index
Oct
--
--
-0.37
US
Markit US Manufacturing PMI
Nov P
54
--
54.1
US
Existing Home Sales (USDmn)
Oct
5.4
--
5.55
US
Advance Goods Trade Balance (USDbn)
Oct
-61.9
--
-58.6
US
GDP Annualized QoQ
3Q S
--
1.5
US
Personal Consumption
3Q S
--
--
3.2
US
GDP Price Index
3Q S
1.2
--
1.2
US
MBA Mortgage Applications
20-Nov
--
--
--
TRIM DAILY
Corporate Action
Warrant
Code
Price
Exercise
INVS-W
165
SUGI-W
100
MCOR-W
200
Maturity Emiten
8-May-15 Inovisi Infracom
21-May-15 Sugih Energy
Description
WARAN SERI I INOVISI INFRACOM
WARAN SERI II SUGIH ENERGY
10-Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL
GAMA-W
105
16-Jul-15 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
WARAN SERI I GADING DEVELOPMENT
TRIM DAILY
Statistics
JCI
4,497.9
YTD (Rp)
YTD (USD)
Moving Avg 20day
Moving Avg 50day
Moving Avg 200day
Indonesia & Sectors
MSC I Indonesia
JII
LQ45
JAKFIN Index
JAKINFR Index
JAKMINE Index
JAKC ONS Index
JAKTRAD Index
JAKMIND Index
JAKBIND Index
JAKPROP Index
JAKAGRI Index
(3.0)
-13.95%
5.67%
4,534
4,446
4,936
Ma rket Div. Yield (%) 2.8%
5,318.4
593.8
773.4
668.6
929.9
881.7
2,042.1
811.8
1,102.3
402.8
473.1
1,638.9
+/18.2
4.5
2.4
-1.7
14.1
0.7
-13.1
-7.3
5.1
4.9
-3.3
-11.6
(%)YTD (%)
0.3
-14.2
0.8
-14.1
0.3
-13.9
-0.2
-8.6
1.5
-19.9
0.1
-35.6
-0.6
-6.2
-0.9
-7.6
0.5
-15.7
1.2
-25.9
-0.7
-9.9
-0.7
-30.3
183.6
+/-0.1
(%)YTD (%)
-0.06
-20.2
0.6
0.1
-0.0
0.3
1.31
0.20
-1.01
0.56
-23.0
-23.5
-19.1
-13.3
-2.0
-125
-100
-0.14
-1.37
-0.68
-19.9
-40.7
-24.7
0.1
-0.1
0.01
-0.64
-9.7
-9.7
36.0
-0.2
-0.3
-4.3
-6.3
1.69
-0.02
-0.07
-0.87
-0.72
-5.4
-26.4
-8.9
-18.1
-15.8
Commodities
C RB Index
Oil & Gas
Brent Crude Oil (USD/bbl)
44.1
Nymex Oil (USD/bbl)
40.8
Natural Gas
2.3
C OAL (AUS Daily)
53.8
Industrial Metals
Aluminum (USD/tonne)
1,468.5
Nickel (USD/tonne)
8,980
Tin (USD/tonne)
14,600
Precious Metal
Gold (USD/t oz.)
1,068.7
Silver (USD/t oz.)
14.1
Soft Commodities
C PO
PO (Malaysia
(Malaysia- Rm/tonne)
- Rm/tonne) 2,168
Rubber (JPY/kg)
1,208
C orn (USD/bu.)
362
Wheat (USD/bu.)
483
Soybeans (USD/bu.)
858
JCI Winners (%)
-0.1%
Volume (m)
3,387
Value (Rpbn)
4,443
Mkt C ap (Rptr)
4,748
Market 2015 P/E (x) 12.9
JCI Losers (%)
MAYA
BBRI
-9.8
SMMA
TLKM
-5.3
EXCL
PGAS
2.4
-4.2
CTRA
SMGR
INTP
1.6
-4.1
AKRA
ASII
TLKM
1.2
-3.2
GGRM
BMRI
ICBP
1.2
-2.8
UNTR
BBRI
0.5
-2.7
UNVR
0.4
ASII
0.4
11.5
SMGR
3.6
BDMN
3.0
INDF
-2.3
-0.4
Nikkei
TPX
HSI
KOSPI
TAIEX
FSSTI
ASEAN
SET
PC OMP
KLC I
Kurs
VNINDEX
USDEUR
USDGBP
USDC HF
USDC AD
USDAUD
USDNZD
USDJPY
USDC NY
USDHKD
USDSGD
Rupiah
JCI Value (Rpbn)
-10.0
PGAS
Indices
Region
MXWO
MSC I Word
1,691.6
SPX
S&P 500
2,083.6
US
Dow Jones Industrial
17,737.2
Nasdaq
US
5,075.2
Europe
EURO 50
Europe
379.3
FTSE
London
6,279.0
DAX
Jerman
10,960.0
C AC
France
4,906.7
SMI
Swiss
8,991.0
BRIC
BOVESPA
Brazil
47,435.6
MIC EX
Russia
1,810.5
SENSEX
India
25,482.5
NIFTY
India
7,731.8
SHC OMP
C hina
3,568.5
SZC OMP
C hina
2,189.9
Developed ASIA
100
281
200
Japan
Japan
Hong kong
S.Korea
Taiwan
Singapore
19,649.2
1,586.5
22,188.3
1,962.9
8,340.5
2,886.1
Thailand
1,376.8
Philipines
6,825.4
Malaysia
1,656.5
Region
Vietnam
603.3
Euro
0.938
UK
0.656
Switzerland
1.020
C anada
1.330
Australia
1.406
New Zealand
1.545
Japan
123.64
C hina
6.38
Hongkong
7.750
Singapore
1.421
Indonesia
13,819
JCI Volume (mn Lot)
300
0
BIPI
50
99
100
+/15.45
33.14
(%) Y T D ( %)
0.92
-1.06
1.62
1.20
247.7
89.19
1.42
1.79
-0.48
7.16
-0.55
10.21
-11.1
-30.59
38.38
-0.14
0.16
-0.10
-0.62
0.43
10.75
-4.37
11.77
14.84
0.08
188
23.25
-382.0
-105.8
-36.33
-41.30
0.40
1.30
-1.48
-1.35
-1.01
-1.85
-5.14
29.63
-7.33
-6.65
10.32
54.74
18.5
0.42
-76
-0.70
-79.0
-30.70
0.09
0.03
-0.34
-0.04
-0.94
-1.05
12.60
12.72
-6.00
2.47
-10.39
-14.24
-13.35 -0.96
-8.07
0.0
0.00
-5.60
-5.03 -0.30
-5.95
D ( %)
+/- (%)
-1.71
-0.28 Y T 10.58
-0.001
-0.2
17.3
-0.001
-0.2
9.4
0.005
0.5
2.0
-0.002
-0.1
10.9
0.000
0.0
17.2
-0.001
-0.0
18.8
0.190
0.2
3.2
0.01
0.1
3.0
-0.000
-0.0
-0.6
-0.003
-0.2
9.3
73.0
0.5
11.6
JCI Freq (x)
150
PGAS
9,089
PPRO
93
GSMF
5,472
ANTM
92
ASII
5,330
ASRI
89
SSMS
4,828
MYRX
87
BWPT
4,808
107
BWPT
85
UNTR
4,705
SSMS
106
NIRO
84
SMGR
4,691
LPPF
GGRM
103
TLKM
84
TLKM
4,551
HMSP
BBNI
96
PGAS
67
BBRI
4,453
BBCA
BBCA
91
TARA
67
GGRM
239
190
150
134
4,216
TRIM DAILY
Historical Technical Trading Ideas (1)
Ticker
Last
Technical Call
JCI
4,589
strengthened
PTPP
3,805
Buy
GGRM
43,425
Buy
SMRA
1,420
Buy
BBRI
10,550
Buy
BBTN
1,095
Buy
SRIL
Ticker
JCI
NIRO
392
Trd. Buy
Last
Technical Call
4,589
strengthened
128
Buy
DMAS
230
Buy
SMCB
1,100
Buy
ITMG
10,500
Buy
SRIL
392
Buy
3,000
Sell
Last
Technical Call
JCI
4,487
strengthened
TLKM
2,740
Buy
TBIG
PGAS
Ticker
6,400
Buy
PWON
397
Buy
ASRI
398
Buy
ASII
6,125
Sell
PGAS
2,950
Sell
Last
Technical Call
4,589
strengthened
Ticker
JCI
TINS
710
Buy
INCO
2,310
Buy
BBNI
5,025
Sell
BBRI
10,550
Sell
PWON
416
Buy
SMGR
10,550
Buy
Ticker
JCI
Last
Technical Call
4,344
strengthened
AALI
20,325
Buy
BMRI
8,200
Buy
367
Buy
BBNI
4,400
Buy
ITMG
10,000
Sell
SMGR
10,050
Spec Buy
PWON
12-Oct-15
Chg (%)
4,612
3,830
43,700
1,440
10,675
1,105
397
9-Oct-15
130
231
1,105
10,850
397
2,995
2,710
6,450
390
377
6,325
2,890
730
2,410
5,025
10,675
420
10,700
4,446
20,000
8,900
383
4,535
10,175
10,075
0.66%
Correct
0.63%
Correct
1.41%
Correct
1.18%
Correct
0.91%
Correct
1.28%
Correct
Recommendation
0.48%
Correct
1.56%
Correct
0.43%
Correct
0.45%
Correct
3.33%
Correct
1.28%
Correct
-0.17%
Correct
Recommendation
0.10%
Correct
-1.09%
Incorrect
0.78%
Correct
-1.76%
Incorrect
-5.28%
Incorrect
3.27%
Incorrect
-2.03%
Correct
Chg (%)
4,612
6-Oct-15
Correct
Chg (%)
4,491
7-Oct-15
0.48%
Chg (%)
4,612
8-Oct-15
Recommendation
Recommendation
0.48%
Correct
2.82%
Correct
4.33%
Correct
0.00%
Incorrect
1.18%
Incorrect
0.96%
Correct
1.42%
Correct
Chg (%)
Recommendation
2.35%
Correct
-1.60%
Incorrect
8.54%
Correct
4.36%
Correct
3.07%
Correct
1.75%
Incorrect
0.25%
Correct
TRIM DAILY
10
Ticker
Last
Technical Call
JCI
4,208
strengthened
ITMG
9,725
Spec Buy
PWON
339
Spec Buy
ANTM
481
Spec Buy
PTPP
3,585
Buy
GGRM
44,450
Buy
SSMS
1,730
Buy
Ticker
Last
Technical Call
JCI
4,255
Weakening
PTPP
3,580
Buy
ASII
5,275
Buy
AALI
19,300
Buy
TINS
680
Buy
2,545
Buy
43,300
Buy
INCO
GGRM
Ticker
Last
Technical Call
JCI
4,224
strengthened
TLKM
2,645
Buy
TBIG
6,550
Buy
ROTI
1,175
Buy
UNVR
38,000
INCO
2,185
Trd. Buy
TINS
640
Trd. Buy
Ticker
Buy
Last
Technical Call
JCI
4,178
strengthened
PTPP
3,475
Buy
BBNI
4,070
Buy
BBRI
8,350
Buy
5,300
Buy
GGRM
ASII
42,750
Sell
UNTR
16,900
Sell
Last
Technical Call
JCI
Ticker
4,121
Weakening
PTPP
3,410
Buy
ROTI
1,145
Buy
TBIG
6,400
Buy
AKRA
5,875
Sell
BBTN
1,000
Sell
LSIP
1,400
Sell
5-Oct-15
4,344
10,000
367
481
3,700
46,600
1,795
2-Oct-15
4,208
3,585
5,125
19,100
665
2,480
44,450
1-Oct-15
4,255
2,630
6,500
1,180
38,800
2,545
680
30-Sep-15
4,224
3,465
4,135
8,650
5,225
42,000
17,475
29-Sep-15
4,178
3,475
1,125
6,400
5,950
995
1,415
Chg (%)
3.23%
Recommendation
Correct
2.83%
Correct
8.26%
Correct
0.00%
Correct
3.21%
Correct
4.84%
Correct
3.76%
Correct
Chg (%)
-1.11%
Recommendation
Correct
0.14%
Correct
-2.84%
Incorrect
-1.04%
Incorrect
-2.21%
Incorrect
-2.55%
Incorrect
2.66%
Correct
Chg (%)
Recommendation
0.73%
Correct
-0.57%
Incorrect
-0.76%
Incorrect
0.43%
Correct
2.11%
Correct
16.48%
Correct
6.25%
Correct
Chg (%)
Recommendation
1.09%
Correct
-0.29%
Incorrect
1.60%
Correct
3.59%
Correct
-1.42%
Incorrect
-1.75%
Correct
3.40%
Incorrect
Chg (%)
Recommendation
1.41%
Incorrect
1.91%
Correct
-1.75%
Incorrect
0.00%
Correct
1.28%
Incorrect
-0.50%
Correct
1.07%
Incorrect
TRIM DAILY
11
Ticker
Last
Technical Call
JCI
4,209
Rebound
TLKM
2,655
Buy
PTPP
3,470
Buy
BBNI
4,110
Buy
BBRI
8,550
Buy
ADRO
585
Buy
AKRA
6,000
Sell
Last
Technical Call
JCI
4,244
Weakening
ITMG
9,500
Buy
TBIG
6,550
Buy
LSIP
1,320
Buy
AALI
17,925
Buy
INCO
1,870
Buy
TINS
620
Buy
Last
Technical Call
JCI
4,344
Weakening
LSIP
1,260
Buy
ASII
5,800
Buy
TBIG
Ticker
Ticker
6,800
Buy
ADRO
595
Buy
SRIL
373
Buy
BWPT
254
Sell
Last
Technical Call
JCI
Ticker
4,376
Rebound
TLKM
2,730
Buy
AALI
18,100
Buy
ASII
5,800
Buy
BBNI
4,330
Buy
DILD
625
Buy
ROTI
1,175
Buy
Last
Technical Call
Ticker
JCI
4,380
Weakening
ROTI
1,175
Buy
SCMA
2,780
Buy
GGRM
42,825
Buy
TLKM
2,690
Buy
EXCL
2,395
Sell
895
Sell
WTON
28-Sep-15
4,121
2,600
3,410
3,940
8,300
550
5,875
25-Sep-15
4,209
9,150
6,500
1,400
17,950
2,080
645
23-Sep-15
4,244
1,320
5,500
6,550
580
377
246
22-Sep-15
4,344
2,700
17,900
5,800
4,300
610
1,150
21-Sep-15
4,376
1,175
2,800
43,025
2,730
2,415
885
Chg (%)
Recommendation
-2.11%
Incorrect
-2.07%
Incorrect
-1.73%
Incorrect
-4.14%
Incorrect
-2.92%
Incorrect
-5.98%
Incorrect
-2.08%
Correct
Chg (%)
Recommendation
-0.82%
Correct
-3.68%
Incorrect
-0.76%
Incorrect
6.06%
Correct
0.14%
Correct
11.23%
Correct
4.03%
Correct
Chg (%)
Recommendation
-2.29%
Correct
4.76%
Correct
-5.17%
Incorrect
-3.68%
Incorrect
-2.52%
Incorrect
1.07%
Correct
-3.15%
Correct
Chg (%)
Recommendation
-0.73%
Incorrect
-1.10%
Incorrect
-1.10%
Incorrect
0.00%
Correct
-0.69%
Incorrect
-2.40%
Incorrect
-2.13%
Incorrect
Chg (%)
Recommendation
-0.10%
Correct
0.00%
Correct
0.72%
Correct
0.47%
Correct
1.49%
Correct
0.84%
Correct
-1.12%
Correct
TRIM DAILY
12
Ticker
Last
Technical Call
JCI
4,378
strengthened
BBNI
4,350
Buy
SCMA
2,700
Buy
UNVR
39,100
Buy
640
Buy
WIKA
2,725
Sell
ROTI
1,180
Sell
Last
Technical Call
4,333
Rebound
TINS
Ticker
JCI
UNTR
18,850
Buy
TLKM
2,720
Buy
BBNI
4,315
Buy
PWON
348
Buy
SMGR
9,700
Buy
ASII
5,900
Buy
Last
Technical Call
JCI
4,347
Weakening
AKRA
5,575
Buy
UNTR
18,200
Buy
BBNI
4,360
Buy
BMRI
8,700
Buy
WIKA
2,675
Sell
MPPA
2,290
Sell
Last
Technical Call
JCI
4,390
Weakening
BBNI
4,450
Buy
Ticker
Ticker
BBCA
12,100
Buy
AKRA
5,750
Buy
SMRA
1,330
Buy
19,975
Sell
2,665
Sell
Last
Technical Call
JCI
4,360
Rebond
LSIP
1,170
Buy
INTP
PGAS
Ticker
BWPT
275
Buy
KLBF
1,550
Buy
AALI
18,000
Sell
ADRO
565
PGAS
2,685
Spec. Buy
Sell
18-Sep-15
4,380
4,285
2,780
39,100
620
2,710
1,175
17-Sep-15
4,378
18,675
2,680
4,350
351
9,700
5,925
16-Sep-15
4,333
5,575
18,850
4,315
8,650
2,660
2,245
15-Sep-15
4,347
4,360
11,950
5,575
1,300
19,300
2,620
14-Sep-15
4,390
1,210
275
1,545
18,125
570
2,665
Chg (%)
Recommendation
0.04%
Correct
-1.49%
Incorrect
2.96%
Correct
0.00%
Correct
-3.13%
Incorrect
-0.55%
Correct
-0.42%
Correct
Chg (%)
Recommendation
1.06%
Correct
-0.93%
Incorrect
-1.47%
Correct
0.81%
Incorrect
0.86%
Incorrect
0.00%
Correct
0.42%
Correct
Chg (%)
Recommendation
-0.34%
Correct
0.00%
Correct
3.57%
Correct
-1.03%
Incorrect
-0.57%
Incorrect
-0.56%
Correct
-1.97%
Correct
Chg (%)
Recommendation
-0.98%
Correct
-2.02%
Correct
-1.24%
Correct
-3.04%
Incorrect
-2.26%
Incorrect
-3.38%
Correct
-1.69%
Correct
Chg (%)
Recommendation
0.69%
Correct
3.42%
Correct
0.00%
Correct
-0.32%
Incorrect
0.69%
Incorrect
0.88%
Correct
-0.74%
Correct
TRIM DAILY
13
Research Team
Sebastian Tobing, CFA
Head of Research & Institutional Business
(sebastian.tobing@trimegah.com)
Gina Novrina Nasution, CSA
Technical Analyst
(gina.nasution@trimegah.com)
M. Dian Octiana
Equity Analyst
(dian.octiana@trimegah.com)
Jennifer Yapply
Equity Analyst
(jennifer.yapply@trimegah.com)
Paula Ruth
Equity Analyst
(paula@trimegah.com)
Wisnu Budhiargo
Equity Analyst
(wisnu.budhiargo@trimegah.com)
Dini Agmivia Anggraeni

Fixed Income/Macro Analyst
(dini.anggraeni@trimegah.com)
Angga Aditya Assaf

Equity Analyst
(angga.aditya@trimegah.com)
Patricia Gabriela
Equity Analyst
(patricia.gabriela@trimegah.com)
Yeni Simanjuntak
On-the-ground Analyst
(yeni.simanjuntak@trimegah.com)
Willinoy Sitorus
Equity Analyst
(willinoy.sitorus@trimegah.com)
Kevie Aditya
Equity Analyst
(kevie.aditya@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
Institutional Sales Team

Daniel Dwi Seputro
Head of Institutional Equity Sales
(daniel.dwi@trimegah.com)
Dewi Yusnita
Equity Institutional Sales
(dewi.yusnita@trimegah.com)
Fachruly Fiater
(fachruly.fiater@trimegah.com)
Raditya Andyono
(raditya.andyono@trimegah.com)
Meitawati
(meitawati.edianingsih@trimegah.com)
Henry Sidarta
(henry.sidarta@trimegah.com)
Nancy Pardede
(nancy.pardede@trimegah.com)
Retail Sales Team

JAKARTA AREA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
SUMATERA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Tantie Rivi Watie

Pekanbaru, Riau
(tantierw@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
EAST INDONESIA
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Eddy Sumarli
Puri Kencana, Jakarta
(eddy.sumarli@trimegah.com)
Very Wijaya
BSD, Tangerang
(very.wijaya@trimegah.com)
Ni Made Dwi Hapsari Wijayanti

Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
CENTRAL JAVA, AREA

Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Mariana Kusuma Wati
Semarang, Jawa Tengah
Mariana.kusuma@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Ariffianto
Cirebon, Jawa Barat
(ariffianto@trimegah.com)
Arifin Pribadi
Makasar, Sulawesi Selatan
(arifin.pribadi@trimegah.com)
TRIM DAILY
14
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 companys equity securities.
This report was prepared, approved, published and distributed by PT Trimegah Securities Tbk located outside of the United States (a non-US
Group Company). This report is distributed in the U.S. by Enclave Capital LLC (Enclave Capital), a U.S. registered broker dealer, on behalf of
PT Trimegah Securities Tbk only to major U.S. institutional investors (as defined in Rule 15a-6 under the U.S. Securities Exchange Act of 1934
(the Exchange Act)) pursuant to the exemption in Rule 15a-6 and any transaction effected by a U.S. customer in the securities described in
this report must be effected through Enclave Capital. Neither the report nor any analyst who prepared or approved the report is subject to U.S.
legal requirements or the Financial Industry Regulatory Authority, Inc. (FINRA) or other regulatory requirements pertaining to research
reports or research analysts. No non-US Group Company is registered as a broker-dealer under the Exchange Act or is a member of the
Financial Industry Regulatory Authority, Inc. or any other U.S. self-regulatory organization.

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TRIM Daily

Nov 19, 2015

Technical Market View

Dual Listing (NYSE)

Technical analysis: trading picks

After broke resisten at level 11200, SMGR

PWON formed a white candle yesterday,

RALS long term bullish, white long candle with

UNTR a potential upside today with trading

MACD indicates positive signal of a potential

PT Trimegah Securities Tbk - www.trimegah.com

JCI Index, Avg 5D MA Value

Jan-15 Mar-15 May-15

IPO: PT Buyung Poetra Sembada (HOKI)

Market cap post IPO

Offering Price Range

Max 710mn shares (30.08%)

Book Bulding Period

18-26 November 2015

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

KPPU will focus on branded generics and licensed

Bankers view the lower minimum RRR positively but they

This is related to the high price of branded generics and

Media: ad spending picks up in 3Q15 on government programs

Indian firm to take RI to arbitration court

According to Nielsen Indonesia, ad spending growth on a

PT Trimegah Securities Tbk - www.trimegah.com

News of the Day

SMRA: to benefit from proposed high speed train

Organization Economic Cooperation & Development

And to be launched on the 21st of november 2015. Will

Negative for coal sector as lower demand will also result

ISAT: Ooredo to do affiliated transaction with ISAT

1) the license cost will be paid annually calculated from

SMCB: Sold its Holcim Malaysia to Lafarge

PT Trimegah Securities Tbk - www.trimegah.com

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

Indo 10Yr Bond Yield (RHS)

Ind 5yr Bond Yield Indo in USD

Indo Market PE vs Regional (Weekly)

Foreign Fund Flow in last 5 & 30 days

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

Coal (mt) (LHS)

(USD/ Troy oz.)

CPO Price, Soybean Price (both 1m Futures)

CPO Malaysia (LHS)

PT Trimegah Securities Tbk - www.trimegah.com

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

COAL Sector (RHS)

CPO Sector (RHS)

INCO, ANTM vs Nickel price (LME)

ANTM vs Gold price

Nickel LME (RHS)

(USD troy oz.)

TINS vs Tin price (LME)

GIAA vs Brent Crude Oil

Crude Oil Brent (RHS)

PT Trimegah Securities Tbk - www.trimegah.com

World Economic Calendar

NFIB Small Business Optimism

Import Price Index MoM (%)