TRIM DAILY TRADERS

Aug 15, 2013 TRIM Highlight

BANK INDONESIA (BI) ESTIMATES AVERAGE MORTGAGE RATE TO SLIGHTLY RISE BY 0.04% QOQ TO 11.12% IN 3Q13. ACCORDING TO BI, KPR AND KPA RATE SHOULD BE WITHIN THE RANGE OF 9.19%-13.6% IN 3Q13. ADDITIONALLY, CONSUMPTION LOAN DEMAND WERE REPORTED INCREASING ON QUARTERLY BASED IN 2Q13 DESPITE ANNOUNCEMENT OF THE NEW LTV REGULATION WHICH WILL BE IMPLEMENTED IN SEP13

Market View
Jakarta Composite Index (JCI) closed up 1.0% or 47.3 points at 4,699.7, yesterday. Transaction values on regular market reached Rp3.9tr with 160 stocks advanced, 108 stocks declined, and 99 stocks unchanged. Foreign investors booked net buy of Rp18bn resulting in YTD13 net sell amounting to Rp1.7tr. The JCI increase was driven by miscellaneous industry sector (+1.8%), nancial sector (+1.3%), infrastructure sector (+1.1%), and property sector (+1.1%). JCI is a long term bullish. After increasing in two days to 4,699 level, we expect potential upside for JCI today. JCI support-resistance level for today is 4,658-4,735

3.54
JCI
Change Transaction Volume (m) Transaction Value (Rpbn) Mkt Cap (Rptr) Market P/E (x) Market Div. Yield (%) : : : : : :

YoY is the growth of Indonesias domestic airlines passengers in 1H13

Traders Picks
Stock Price Rec
TLKM 11,900 BuyOW

4,699.7
1.02% 4,248.0 4,590.0 4,655.0 18.9 2.0

Detail
TLKM is a long term bullish and formed a white candle. Stochastic indicates a positive signal for today with support and resistance levels of 11,500-12,200 GGRM remains on a long term bullish pattern with the potensial upside to reach its 43,600 resistance level. We expect further upward movement for today within the range of 41,500-43,600 With the last three days fast increase, BKSL is Overbought, in our view. But we believe the stock still have a potential movement. BKSL trading range at 250-285 SSIA is a long term bearish. We expect SSIA to move between positive and negative territories today. However, SSIA is a Buy given its positive pattern. Todays range between 900-970 UNTR is a long term bullish However, UNTR is a Sell as Stochastic Oscillator formed a dead cross with support and resistance levels of 17,500-19,200 for today

GGRM

42,700 Buy

Global Indices Chg

Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng
*) Market Tutup

(%)
-0.7 -0.4 1.3 0.1 -0.4 0.0

BKSL

270 Buy

SSIA

950 Spec Buy

15,337.7 3,669.3 14,050.2 3,248.7 6,587.4 22,541.1

-113.4 -15.2 183.2 4.5 -24.5 0.0

UNTR

18,600 Sell

Reksa Dana Trimegah Asset Management

Produk Aug 14, 2013 8,101.3 3,026.7 1,501.8 1,276.9 1,755.3 2,110.7 2,014.0 1,612.3 1.0 988.2 1,041.6 1,033.3 % 0.76 0.96 0.52 1.09 0.73 0.49 -0.22 -0.10 0.02 -0.31 -0.42 0.01 Chg 60.8 28.8 7.7 13.7 12.6 10.3 -4.5 -1.7 0.0 -3.1 -4.4 0.1

The views expressed above are based on technical analysis (short-term) and do not re ect the fundamental value of the scrip.

News of the Day

World Market Wrap :
US Weekly Mortgage Applications decreased by -4.7% which is below from last week (+0.2%). EU 2Q13 Frances GDP increased 0.5% QoQ (1Q13: -0.2%), above consensus expectation (+0.2%). 2Q13 Germany GDP increased 0.7% QoQ (1Q13: +0.1%), higher than consensus expectation (+0.6%). Jul13 UK Jobless Claims Change decreased 29.2K (Jun13: -21.2K), better than consensus expectation (-15.0K). Asia Jul13 South Korea Unemployment Rate still at 3.2% (Jun13: +3.2%), in line with consensus expectation (+3.2%).

Trim Kapital Trim Kapital + Trim Syariah SHM Tram Consumption + Trim Komb 2 Trim Syariah B Trim Dana Stabil Trim Dana Tetap 2 Tram PDPT USD Tram Reguler INC Tram Strategic Fund Trim Kas 2

Please contact Trimegah Asset Management

Dual Listing (NYSE) Chg

TLKM 45.6 11,743.7 0.04

(%)
0.1

TRIM Daily Traders Aug 15, 2013 News of the Day

Property: Mortgage rates to slightly rise in 3Q13
Bank Indonesia (BI) estimates average mortgage rate to slightly rise by 0.04% QoQ to 11.12% in 3Q13. According to BI, KPR and KPA rate should be within the range of 9.19%-13.6% in 3Q13. Additionally, consumption loan demand were reported increasing on quarterly based in 2Q13 despite announcement of the new LTV regulation which will be implemented in Sep13 (2Q13 net balance weighted (SBT) in mortgage segment stood at 34.2% vs. 1Q13 of 24.1%). BI anticipates KPR and KPA to remain a priority for banks amongst other types of consumer credit. Source: Bisnis Indonesia

WIKA: Wika Beton will issue MTN up to Rp300bn for expansion

PT Wika Beton, a subsidiary of WIKA (78.4% stake), plans to issue several medium term notes (MTN) with total value around Rp250300bn in Sep13. The proceeds will be used to acquire a pre-cast company in Batam with production capacity reaching 100 tons p.a. Currently, Wika Betons production capacity reaches 2mn tons p.a. Wika Beton plans to sell 20% stake to public through IPO with target proceeds amount to Rp1.0tr in 4Q13. Source: Investor Daily

BWPT: Allocates Rp240bn for expansions

BWPT allocates Rp240bn for planting area expansion until 2017. The company plans to plant a 2,400ha of new planting area. The planting process will start in 2H13 with estimated cost of Rp80100bn for 1,000ha.The company is targeting 2013 CPO (crude palm oil) production to reach 160K tons (+25.0% YoY) while the sales of CPO to reach 304K tons. However, CPO production reached 75K tons as of Jun13 and sales of CPO reached 76K tons (+22.0%YoY), while average selling price in 1H13 reached Rp7.64mn/ton (-16.8% YoY). Source: Investor Daily

ISAT: Plans to repay its Rp4.8tr debt until Jun14

ISAT has repaid its debt worth of Rp7.0tr during Jun12 to Jun13. However, the company plans to repay another Rp4.8tr debt until Jun14. For the source of funds, ISAT will use bank loans or bonds issuance. By Jun13 ISATs outstanding debt reached Rp23.9tr. ISAT booked 1H13 net loss of Rp231.2bn, lower than loss in 1H12 of Rp180.5bn (+28.1%YoY) due to loss on forex which amounted to Rp241bn and depreciation cost of Rp595bn. Source: Investor Daily

JSMR: Amount of Debt Increases due to Construction Projects

JSMR results in 1H13 shows a 35.31% increase in debt YoY from Rp3.03tn to Rp.4.1tn, consisting of short-term debt amounted to Rp282.41bn and long-term debt of Rp3.88tn. The amount of debt increase is still in accordance to their target, which is 70% of their projects this year will be nanced from bank loans and the rest from cash. Amount of capex allocated in 2013 is Rp6.9tn. Maturing bonds in 2013 of Rp1.77tn will be paid off by issuing new bonds worth Rp2.1tn in September, the remaining Rp.400bn of the bonds will be allocated to build new toll roads. Source: Kontan

PWON: To boost their 2013s recurring income

PWON plans to increase their recurring income which will contribute to 50% of their revenues in 2013. Until 1H13, PWONs recurring income reached 44% of their revenues, with the remaining revenues coming from their development revenues. Their recurring income come from high occupancy rates in shopping centers like Kota Kasablanka which has occupancy rate of 94%, Gandaria City and Tunjungan Plaza each with occupancy rate of 98% and 99%. They target revenues of Rp2.9tn in 2013, up 52.6% YoY. In 1H13 revenues has reached Rp1.5tn, up 47% YoY, while net income is increasing by 75% YoY to Rp635bn. Source: Kontan

02

TRIM Daily Traders Aug 15, 2013 Statistics JCI

YTD YTD (Rp)(Rp) YTD YTD (USD) (USD) Moving AvgAvg 20day Moving 20day Moving AvgAvg 50day Moving 50day Moving AvgAvg 200day Moving 200day Indonesia & Sectors Indonesia & Sectors MSCI Indonesia JII MSCI Indonesia JII LQ45 LQ45 JAKFIN Index JAKFIN Index JAKINFR Index JAKINFR Index JAKMINE Index JAKCONS Index JAKCONS Index JAKTRAD Index JAKTRAD Index JAKMIND Index JAKBIND Index JAKBIND Index JAKPROP Index JAKPROP Index JAKAGRI Index Commodities

4,699.7
8.87% 8.87% 0.73% 0.73% 4,657.6 4,657.6 4,698.9 4,698.9 4,641.8 4,641.8

47.34

Indices Region 1.02% Indices IndicesRegion Region

5,454.0 5,454.0 640.0 640.0 786.3 786.3 600.1 600.1 1,027.3 1,027.3 1,389.7 2,018.5 2,018.5 866.0 866.0 1,227.9 537.3 537.3 453.7 453.7 1,635.0

4,248.0 MXWO MSCI Word MSCI Word 4,248.0 MXWO 1,527.0 Volume (m) 4,590.0 4,590.0 SPX SPX S&P 500S&P 500 1,685.4 Nilai (Rpbn) 4,655.0 4,655.0 US US Mkt Cap (Rptr) Dow Industrial Jones Industrial 15,337.7 18.9 18.9 Market P/E (x) Dow Jones 2.0 NasdaqUS US Market Div. Yield (%) 2.0 Nasdaq 3,669.3 Europe Europe YTD Europe +/- +/- (%) (%) YTD (%) (%) EURO 50 74.9 1.39 5.26 FTSE London 74.9 5.26 7.60 FTSE DAX London Jerman 6,587.4 6.6 1.39 1.04 6.6 7.60 6.97 DAX CAC Jerman France 8,438.1 9.8 1.04 1.26 9.8 6.97 9.08 CAC SMI France Swiss 4,114.2 7.6 1.26 0.01 7.6 9.08 SMI BRIC Swiss 8,078.3 11.3 0.01 0.01 13.20 11.3 13.20 BRIC BOVESPA -0.3 0.01 -0.00 -25.43 Brazil -0.3 -25.43 BOVESPA 17.4 -0.00 0.01 28.90 MICEX Brazil Russia 50,895.9 17.4 28.90 MICEX Russia India 1,423.9 7.9 0.01 0.01 16.87 SENSEX 7.9 0.01 16.87-8.13 SENSEX 19,367.6 NIFTY India India 21.9 -8.13 2.05 NIFTYSHCOMP India China 5,742.3 4.1 0.02 0.01 4.1 0.01 2.05 SHCOMP China 2,100.1 5.0 0.01 38.93 SZCOMP China 5.0 38.93 SZCOMP China 1,012.8 Developed ASIA -6.6 0.01 -0.00 -20.74 ASIA -6.6 -0.00 -20.74 Developed Nikkei Japan NikkeiTPX Japan Japan 14,050.2 +/(%) YTD (%)

+/1,527.0 1,685.4
15,337.7 3,669.3 308.6 6,587.4 8,438.1 4,114.2 8,078.3 50,895.9 1,423.9 19,367.6 5,742.3 2,100.1 1,012.8 14,050.2 1,171.3 22,541.1 1,923.9 7,951.3 3,248.7 1,460.6 6,656.6 1,793.7 503.6

+/(%) YTD (%) +/- (%) (%) YTD (%) (%) YTD -0.15 -0.01 14.09 -8.77 -0.52 18.17

-113.35 -15.17 0.83 -24.51 22.36 21.70 41.82 295.37 16.01 137.75 43.00 -6.02 -2.17 183.16 14.19 0.00 10.88 -34.94 4.54 1.55 101.99 -1.36 5.84

-0.73 -0.41 0.27 -0.37 0.27 0.53 0.52 0.58 1.14 0.72 0.75 -0.29 -0.21 1.32 1.23 0.00 0.57 -0.44 0.14 0.11 1.56 -0.08 1.17

17.04 21.52 10.35 11.69 10.85 12.99 18.41 -16.50 -3.45 -0.30 -2.76 -7.45 14.94 35.16 36.23 -0.51 -3.66 3.27 2.58 4.94 14.52 6.20 21.71

Commodities
CRB Index OilOil & Gas Crude (USD/bbl) Crude Oil (USD/bbl) Natural Gas COAL (AUS Daily) COAL (Australia,wk) Industrial Metals Alumunium (USD/tonne) Tin (USD/tonne) Nickel (USD/tonne) Tin (USD/tonne) Tin (USD/tonne) Tin (USD/tonne) Precious Metal Gold (USD/t oz.) Silver (USD/t oz.) Soft Commodities CPO (Malaysia - Rm/tonne) CPO (Netherland USD/Tonne) CPO (Malaysia - Rm/tonne) CPO (Netherland - USD/Tonne) CPOCPO (Netherland - USD/Tonne) (Netherland - USD/Tonne) Rubber (JPY/kg) Corn (USD/bu.) Wheat (USD/bu.) Soybeans (USD/bu.) (Indonesia) (Rp/kg) Rice Rice (Indonesia) (Rp/kg)
LPKR LPKR LPKR LPKR LPKR BBRI JCI Winners (%) BBRI BBRI BBRI BBRI TRAM TRAM TRAM BBCA YTD (%) TRAM -6.02 TRAM KLBF KLBF 14.09 BMRI 7.4 KLBF 18.17 KLBF KLBF TLKM GGRM 5.4 TLKM TLKM 183.16 TLKM 17.04TLKM KLBF 4.1 TBIG TBIG 14.19 21.52 TBIG LPKR TBIG 2.7 BMRI TBIG BMRI BMRI 2.4 10.35 LPPF BMRI 11.69 BMRI ASIIASII 4.54 CPIN ASII 2.4 10.85 ASII 12.99 ASII PNBN 2.3 1.55
18.41
TLKM

+/290.0 106.9 106.9 3.3 80.1 76.1 2.0 0.0 0.0 0.1 0.9 0.0

(%)

YTD (%)

0.68 0.02 0.02 1.74 1.14 0.00 0.59 0.66 1.05 0.66 0.66 0.66 0.98 2.08

1,862.3 11.0 21,950 145 14,895 155.0 21,950 145 21,950 145 21,950 145 1,333.6 21.8 13.0 0.4

HSI Hong kong -1.68 KOSPI S.Korea -1.68 TAIEX Taiwan 16.37 FSSTI Singapore 16.37 FSSTI Singapore 3 -0.27 ASEAN -0.27-14.61 SET Thailand Philipines -14.61-16.05 PCOMP KLCI Malaysia -16.05 -9.00 VNINDEX Vietnam -9.00-12.69 -6.20 -12.69 -6.20 -6.20 -6.20 Kurs Region

+/-

(%)

YTD (%)

2,330.0 2,330.0 855.0 855.0 2,677.8 464.8 630.5 1,269.5 8,750.0 8,750.0

4.0 4.0 0.0 0.0 0.6 9.5 2.3 11.8 0.0 0.0

0.17 0.17 0.00 0.00 0.02 2.09 0.36 0.93 0.00 0.00

-20.42 USDEUR -20.42 -27.79 USDGBP -27.79 USDCHF 0.43 USDCAD 0.43 USDCAD 5.56 USDAUD 5.56 USDAUD Australia -19.56 USDNZD -19.56 -33.44 USDJPY -33.44 -18.96 -18.96 USDCNY -10.52 -10.52 USDHKD 2.94 USDSGD Sin 2.94 USDSGD Rupiah
LPKR

Euro United Kingdom Switzerland Canada Australia 1.096 New Zealand Japan China Hongkong Singapore Indonesia

0.754 0.645 0.936 1.034 1.096 1.245 98.14 6.120 7.756 1.270 10,297

0.000 -0.002 0.003 -0.000 -0.001 -0.011 -0.060 -0.002 0.000 0.002 -10.000

0.05 -0.34 0.28 -0.01 -0.08 -0.86 -0.06 -0.04 0.00 0.16 -0.10

-0.47 4.83 2.20 4.24 13.96 3.19 13.13 -1.78 0.07 3.94 5.15

JCI Losers (%)

-0.30
16.2 -2.76
LPKR BBRI TRAM

LPKR JCI LPKR Value (Rpmn)

JCI Volume (Lot)

PNLF
LPKR TRAM KLBF

BHIT JCI Freq (x)

(%)

-8.4 -7.0

LPKRBRMS BBRISMMA

-0.29

-7.45 14.94 35.16 36.23 -0.51 -3.66 3.27 2.58 4.94 14.52 6.20 21.71

LPKR LPKR TRAM TRAM TRAM LPKR 1,018,014 TRAM TRAM KLBFKLBF KLBF BBRI 208,942 KLBF KLBF
TRAM KLBF TLKM TBIG 195,957 166,108 140,731

BHIT
832,290 419,162 280,947 222,781 214,029 206,210 184,731 183,287
LSIP KLBF BHIT LPKR PNLF ERAA SAME 9,743

LPKR TRAM KLBF META ASRI

PNLF 4,063
3,536 PNLF ERAA

-4.2 TRAMAMRT -2.9 KLBFINCO -2.7 TLKMSMAR -2.5 TBIGADRO -1.7BMRISCMA -0.7 ASIIINTP -0.6 -0.3 SMGR UNVR

1.32 1.23

KLBF TLKM TBIG BMRI ASII

ERAA
2,823

2,940

0.27

MNCN
2,581

138,947

0.27 0.53 0.52

0.14 0.11 1.56 1.17

SUGI BRMS
PNBN BIPI BKSL

101.99
1.9

-16.50 -3.45 -0.30

ASII

5.84 1.7

BMRI 111,079 PNBNPNBN PNBN PNBN ASII 95,571 BIPI BIPI PNBN BIPI PGAS 89,111 BIPI BKSLBKSL BKSL BIPI PNLF 85,350 BKSL BKSL

MNCN MNCN 2,410 2,350

PNBN BIPI BKSL

165,215 148,733 144,664

BMRI TLKM

TLKM
2,237

2,313

TLKM

JCI

4,700

03

RESEARCH TEAM

Frederick Daniel
Head of Equity Research (frederick.daniel@trimegah.com) Gina Novrina Nasution, CSA Equity Analyst (gina.nasution@trimegah.com) Rovandi Research Assistant (rovandi@trimegah.com) Robby Ha l Equity Analyst (robby.ha l@trimegah.com) Maria Renata Equity Analyst (maria.renata@trimegah.com) Melvina Wildasari Equity Analyst (melvina.wildasari@trimegah.com) Dyah Mardiasih Equity Analyst (dyah.mardiasih@trimegah.com)

EQUITY CAPITAL MARKET TEAM

Nathanael Benny Prasetyo

Head of Retail ECM (benny.prasetyo@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 Makassar, Sulawesi Selatan (ari n.pribadi@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) Greater Jakarta 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 Kebon Jeruk, Jakarta (very.wijaya@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)

West Java Asep Saepudin Bandung, Jawa Barat (asep.saepudin@trimegah.com) Arif anto Cirebon, Jawa Barat (arif anto@trimegah.com)

PT Trimegah Securities Tbk 18th Fl, Artha Graha Building Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190, INDONESIA Tel : (6221) 2924 9088 Fax : (6221) 2924 9163

DISCLAIMER
This report has been prepared by PT Trimegah Securities Tbk on behalf of itself and its af liated 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 of cer 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.