In the short term, GGRM has the opportunity. for a technical rebound with today s trading range at

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1 TRIM Daily Aug 21, 20 TRIM Highlights Bank Indonesia will introduce restrictions on foreign exchange transactions in a move to shore up the Rupiah, reducing FX swap auction from 2x a week to 1x a week with fixed rate. IDR opens at Rp13,914 on the dollar today. GIIAS, Gaikindo Autoshow has opened yesterday, transaction value at the end of exhibit should be a good proxy for economic cycle. Global Wrap The dollar continue strengthening on expectation of U.S interest rate hike in September. Initial jobless claims relatively stable at 277k Vs 273k in the previous week while home sales increase 2% MoM in July above -1.1% consensus expectation. Technical Market View Jakarta Composite Index (JCI) down by 42 point or 0.9% to 4442 yesterday. Index movers were mostly driven by agriculture, property and finance. Total transaction value was Rp6.3tr. IDX recorded Rp2.6bn net sell by foreign investors (PLIN 2.26tr). Today, JCI is expected to continue its weakening within the support and resistance levels of Technical analysis: trading picks JCI 4,441.9 Change -0.94% Transaction Volume (m) 5,889 Transaction Value (Rpbn) 6,3 Mkt Cap (Rptr) 4,545 Market 20 P/E (x) 11.9 Market Div. Yield (%) 2.4% Global Indices Others TLKM Price Chg % Dow Jones 16, Nasdaq 4, Nikkei 20, ST Times 3, FTSE 6, Hang Seng 22, (USD) (Rp) Chg % , Stock Price Rating Reason Dual Listing (NYSE) PGAS 3335 Buy ASII 6200 Buy In the short term, PGAS has the opportunity for a technical rebound with today s trading range at ASII formed a bullish engulfing, for today ASII potentially to continued move up in the range of Chg % USD IDR 13, yr Indo Govt bond (%) yr US govt bond (%) Spread (%) EIDO Foreign YtD (USDmn) (1,720) UNTR Buy UNTR remains strong with potential upside in the range of for today GGRM Buy TLKM 2870 Sell BMRI 8700 Sell In the short term, GGRM has the opportunity for a technical rebound with today s trading range at TLKM remains in a long term bullish pattern. However, it forms a short term down -trend channel. We expect TLKM to remain on the down-trend and would weak within the range of Despite its long term bullish pattern, BMRI is a Sell as we believe it would form a short term bearish pattern. Today s range is Buy BMRI at level 8450 PT Trimegah Securities Tbk - TRIM DAILY 1

2 News of the Day BI introduce stricter restrictions on forex transactions Amid continuous IDR weakening towards USD with yesterday almost hit the IDR14,000 level, BI has introduced recently stricter restrictions on forex transactions. For every USD purchase above USD25,000/customer per month, forex buyers are now required to explain the reasons for the transactions and produce a tax card (NPWP). The limit was previously set at USD100,000. Also, BI has set a fixed rate, instead of variable rate for the auctions of several BI debt papers to encourage investments in longer-term instruments. BI has also decided to temporarily impose a fixed rate tender and extend the maturity periods for its instruments that include domestic treasury notes (SBN) reverse repo, BI deposit certificates (SDBI), BI certificates (SBI) and forex term deposits. Below are the key points of BI s measures to prop up IDR. Source: The Jakarta Post (willinoy.sitorus@trimegah.com) No Measures 1 Carry out intervenons in FX market to manage IDR volality 2 Purchase domesc treasury notes (SBN) in the secondary market 3 Carry out open market operaon, aimed to shi& daily liquidity to longer term by: A. Changing the aucon mechanism of SBN reverse repo to fixed rate tender from variable rate tender, adjusng the pricing of SBN reverse repo, and extending the maturity period up to 3 months B. Changing the aucon mechanism of BI deposit cerficate (SDBI) 4 Adjust the frequency of FX swap to once a wekk from twice a week 5 Change the aucon mechanism of FX term deposit (TD) to fixed rate tender from variable rate tender, adjust its pricing and extend the maturity period up to 3 months 6 Lower the maximum limit of USD purchase without underlying to reasons USD25,000 per customer per month from USD100,000 per customer per month 7 Coordinate with the government and other central banks to strengthen the FX reserves Source: The Jakarta Post Govt sees light at the end of tunnel amid plunging car sales Jusuf Kalla, VP of Indonesia, said that Gaikindo International Motor Show (GIIAS) held on August reflects economic growth and 4W slump is not permanent and eventually will improve in the next 1-2 years. Gaikindo chairman, Sudirman Rusdi, said the business group expects FY 4W sales to reach 950,000 (-21.4% YoY) compared to previous target of 1.1m units. Right now in August, sales are getting weaker on a MoM basis. Comment: The FY 4W target is achievable in our view. We made a simulation of 4W monthly sales in 2H to have a feel of what numbers need to be produced to reach the FY target. Monthly 4W sales simulation Source: Gaikindo, TRIM research Willinoy Sitorus (willinoy.sitorus@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 2

3 News of the Day Banks: BI expects banks to reduce funds placements in the overnight instruments This will be done through monetary policy optimization, i.e., open market operations, changing auction mechanism of reverse repo, SBI, and deposit facility. Currently, total overnight placements in BI is 42% of Rp225tr total banks placements in BI. Source: Investor Daily South Korean Shinhan Card Co Ltd acquires Salim Group s financing company The South Korean company will acquire the majority stake (50%) of PT Swadharma Indotama Finance (SIF) for KRW 10bn (~USD 8.4mn). The acquisition itself is part of the company s strategy to expand in emerging market countries. Source: Investor Daily (angga.aditya@trimegah.com) E-commerce: Govt assert SNI requirement Gov t asserts the e-commerce players to follow current applicable regulation consisting of use of Indonesian National Standardization or SNI (118 products), user manual in Indonesian language (74 products), and labeling in Indonesian language (145 products). Meanwhile, based on e-commerce Gov t regulation plan (RPP), the Gov t intends to create requirement for the e-commerce players to be registered to Ministerial of Trade and get identity number. The identity number will support easier supervision by Gov t and avoid fraud possibility. Source: Bisnis Indonesia (paula@trimegah.com) BBTN: Ministry of Public Works and Housing prepares Rp9.3tr FLPP budget for 2016 In addition, the ministry also proposes Rp900bn of interest subsidy in However, the budgeted funds will be used only after the FLPP budget is fully utilized. Moreover, the ministry also budgeted Rp137bn interest subsidy for 20 as FLPP budget will be fully utilized by the end of Aug 20. Source: Investor Daily Comment: This reflects the optimism toward the public housing program, and also positive for BBTN since we do not see any supply-side problems. The 2016 FLPP budget implies ~1% additional loan growth and sufficient to cover the financing of ~93k units of public houses (assuming a public house is averagely priced at Rp100mn). Moreover, our calculation suggests that the Rp137bn interest subsidy is also sufficient to cover additional Rp1.4tr subsidized mortgage loans disbursement this year. It is expected to cover 10% of cost of funds (assuming new loans is financed by bonds with ~10% CoF) in order to maintain ~5% NIM from subsidized mortgage segment. Bottom line, this news is positive for BBTN. We have a Buy with Rp1,300 TP. (angga.aditya@trimegah.com) Ministry of Public Works to limit big construction SOEs to take small projects Construction SOE companies such as WIKA, WSKT, and PTPP will not be allowed to take projects less than Rp50bn. Source: Kontan Comment: we see small impact as these companies tend to focus on minimum of Rp0bn projects. Cigarette industry: excise tariff to increase by 7% in FY16 General director of excise and customs stated that cigarette excise tariff may increase by 7% in FY16, in order to fulfill excise tax revenue target of Rp6tr. In the FY16 State Budget, the Government aimed to get Rp1,524tr tax revenue, of which Rp6tr will come from excise tax revenue (vs Rp146tr FY State Budget). However, The ministry of finance predicts that FY excise revenue realization will only be at 95-98%, translating to 12% increase for FY16 excise target. Source: Bisnis Indonesia ATIC: Anabatic Technologies to expand to Philippine After conducting acquisitions in Chennai, Bangalore, India, ATIC officially opens an office in Philippine. The office will focus on offering banking IT services and core banking system. Source: Kontan (paula@trimegah.com) RIMO: RIMO failed to conduct EGM for the 4th time Company intended to hold an EGM on Thursday 20 August but the EGM is delayed again until next week. OJK has not approved the deal as RIMO has yet to fulfill its legal documents. Source: Kontan (wisnu.budhiargo@trimegah.com) SMRA: to IPO subsidiary in end of 20 or early 2016 SMRA intends to IPO Summarecon Investment Property, a subsidiary. SMRA management wants to raise US$200mn for 20% stake. Company has appointed Deutsche Bank as underwriter. SMRA will also launch a bond deal to raise money for Bandung project. Source: Kontan (wisnu.budhiargo@trimegah.com) BIRD: to introduce Mobilio fleet Bluebird officially launched 300 taxis using Honda Mobilio to carry more passenger. Source: Kontan (willinoy.sitorus@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 3

4 News of the Day EXCL: Optimist to launch 4G LTE in 4 big cities by end of 20 To prepare 4G LTE service in 4 big cities (Surabaya, Denpasar, Bandung, and Greater Jakarta), ELCL already invested Rp6.5tr and optimist to launch the service by end of 20. The company said all of EXCL subscribers already can switch its 3G SIM card to new 4G LTE SIM card for free. Source: Bisnis Indonesia (paula@trimegah.com) Comment: According to industry players, a 7% increase in excise tax is still inline with the expectation. However, it will slightly affect the sales volume and companies margin. For GGRM, we have factored a % excise tax hike for FY16. We have a BUY recommendation for GGRM with TP Rp (+13% upside). GGRM is currently trading at 18x FY-16 PE. WIKA: Company announced new contract achievement of Rp11.36tn year to July 65% of the contract comes from Private. Month on Month, WIKA managed to secure Rp960bn new contract on July. This represents 37% of company's guidance of R p t n. S o u r c e : K o n t a n (tim.alamsyah@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 4

5 Table Indo Market PE vs 10yr Bond Yield (X) JCI PE (LHS) Indo 10Yr Bond Yield (RHS) (%) yr Bond Yield Indo (USD) vs US Bond Yield (%) Bond Yield US Ind 5yr Bond Yield Indo in USD Aug- 14 Sep- 14 Oct- 14 Nov- 14 Dec- 14 Jan- Feb- Mar- Apr- May- Jun- Jul- Aug Aug- Aug- Indo Market PE vs Regional (Weekly) Foreign Fund Flow in last 5 & 30 days Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia (x) () (USDmn) Days 30 Days (1,000) , (1,) 12.0 (2,000) 10.0 (2,) -2, INDONESIA PHILIPPINES SOUTH KOREA THAILAND VIETNAM INDIA Oil Price (Brent), Coal Price (Newcastle), Gold CPO Price, Soybean Price (both 1m Futures) Brent Crude Oil (bbl) (LHS) Coal (mt) (LHS) Gold (RHS) CPO Malaysia (LHS) Soybean (RHS) (USD) 110 (USD/ Troy oz.) 1, (MYR Tons) 3,000 (USD Bushels) 1, ,300 2, 1, 90 2,000 1, ,100 1, 1, , Aug- PT Trimegah Securities Tbk - TRIM DAILY 5

6 Table Coal Price (Newcastle) vs Coal Sector CPO Price (1m Futures in Malaysia) vs CPO Sector (USD/MT) 75 Coal (LHS) COAL Sector (RHS) 275 (MYR / Ton) 2, CPO Malaysia (LHS) CPO Sector (RHS) ,400 2, , ,100 2,000 1, , ,700 1, , 50 Aug- INCO, ANTM vs Nickel price (LME) ANTM vs Gold price (Rp) 5,000 INCO (LHS) ANTM (LHS) Nickel LME (RHS) (USD /MT) 25,000 (Rp) 1,300 ANTM (LHS) Gold (RHS) (USD troy oz.) 1,400 4, 1,200 1,300 4,000 3, 3,000 2, 2,000 1, 1,000 20,000,000 10,000 5,000 1,100 1, ,200 1,100 1, Aug- Aug- TINS vs Tin price (LME) GIAA vs Brent Crude Oil (Rp) 1,600 TINS (LHS) Tin LME (RHS) (USD/MT) 25,000 (Rp) 700 GIAA (LHS) Crude Oil Brent (RHS) (USD bbl) 110 1,400 1,200 1, ,000,000 10, , Aug Aug- 40 PT Trimegah Securities Tbk - TRIM DAILY 6

7 World Economic Calendar Date Time Country Event Period Survey Actual Prior 8/13/20 US Monthly Budget Statement (USD bn) Jul US Retail Sales Advance MoM (%) Jul US Retail Sales Ex Auto MoM (%) Jul US Retail Sales Ex Auto and Gas (%) Jul US Import Price Index MoM (%) Jul US Initial Jobless Claims (000's) 8-Aug US Continuing Claims (000's) 1-Aug , ,255 US Bloomberg Consumer Comfort 9-Aug /14/20 US PPI Final Demand MoM (%) Jul US PPI Ex Food and Energy MoM (%) Jul US PPI Final Demand YoY (%) Jul US PPI Ex Food and Energy YoY (%) Jul US Industrial Production MoM (%) Jul US Capacity Utilization (%) Jul US U. of Mich. Sentiment Aug P ID BoP Current Account Balance (USDmn) 2Q -5,375-4,477-3,848 EC GDP SA QoQ (%) 2Q A EC GDP SA YoY (%) 2Q A EC CPI MoM (%) Jul EC CPI YoY (%) Jul F EC CPI Core YoY (%) Jul F /17/20 US Empire Manufacturing Aug /18/20 US Net Long-term TIC Flows (USD bn) Jun US Total Net TIC Flows (USD bn) Jun US Housing Starts (000's) Jul US Building Permits (000's) Jul ID Exports YoY (%) Jul ID Trade Balance (USDmn) Jul 601 1, ID Bank Indonesia Reference Rate (%) 18-Aug /19/20 US MBA Mortgage Applications 14-Aug US CPI MoM (%) Jul US CPI Ex Food and Energy MoM (%) Jul US CPI YoY (%) Jul /20/20 US Initial Jobless Claims (000's) -Aug US Continuing Claims (000's) 8-Aug , US Bloomberg Consumer Comfort 16-Aug US Existing Home Sales (USD mn) Jul US Philadelphia Fed Business Outlook Aug US Leading Index (%) Jul 0.2 (0.2) 0.6 8/21/20 US Markit US Manufacturing PMI Aug P EC Markit Eurozone Manufacturing PMI Aug P EC Markit Eurozone Services PMI Aug P EC Markit Eurozone Composite PMI Aug P EC Consumer Confidence Aug A /24/20 US Chicago Fed Nat Activity Index Jul /25/20 US FHFA House Price Index MoM Jun US Markit US Composite PMI Aug P US Markit US Services PMI Aug P US New Home Sales (000's) Jul US Consumer Confidence Index Aug US Richmond Fed Manufact. Index Aug /27/20 EC M3 Money Supply YoY Jul PT Trimegah Securities Tbk - TRIM DAILY 7

8 Corporate Action Warrant Code Price Exercise Maturity Emiten Description INVS-W Inovisi Infracom WARAN SERI I INOVISI INFRACOM SUGI-W Sugih Energy WARAN SERI II SUGIH ENERGY MCOR-W Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL GAMA-W Gading Development WARAN SERI I GADING DEVELOPMENT SUPR-W Aug- Solusi Tunas Pratama WARAN SERI I SOLUSI TUNAS PRATAMA NIRO-W Sep- Nirvana Development WARAN SERI I NIRVANA DEVELOPMENT BSIM-W Dec- Bank Sinar Mas WARAN SERI I BANK SINAR MAS PT Trimegah Securities Tbk - TRIM DAILY 8

9 Statistics JCI 4,441.9 (42.3) -0.9% YTD (Rp) -.02% Volume (m) 5,889 YTD (USD) 21.55% Value (Rpbn) 6,3 Moving Avg 20day 4,697 Mkt Cap (Rptr) 4,545 Moving Avg 50day 4,833 Market 20 P/E 11.9 Moving Avg 200day 5,4 Market Div. Yield (%) 2.4% Indonesia & Sectors +/- (%)YTD (%) MSC I Indonesia 5, JII LQ JAKFIN Index JAKINFR Index JAKMINE Index JAKCONS Index 2, JAKTRAD Index JAKMIND Index 1, JAKBIND Index JAKPROP Index JAKAGRI Index 1, Commodities +/- (%)YTD (%) CRB Index Oil & Gas Brent Crude Oil (USD/bbl) Nymex Oil (USD/bbl) Natural Gas COAL (AUS Daily) Industrial Metals Aluminum (USD/tonne) 1, Nickel (USD/tonne) 10, Tin (USD/tonne), Precious Metal Gold (USD/t oz.) 1, Silver (USD/t oz.) Soft Commodities CPO (Malaysia - Rm/tonne) - 1, Rubber (JPY/kg) 1, Corn (USD/bu.) Wheat (USD/bu.) Soybeans (USD/bu.) Indices Region +/- (%) YT D (%) MXWO MSC I Word 1, SPX S&P 2, US Dow Jones Industrial 16, Nasdaq US 4, Europe EURO 50 Europe FTSE London 6, DAX Jerman 10, CAC France 4, SMI Swiss 9, BRIC BOVESPA Brazil 46, MIC EX Russia 1, SENSEX India 27, NIFTY India 8, SHCOMP China 3, SZCOMP China 2, Developed ASIA Nikkei Japan 20, TPX Japan 1, HSI Hong kong 22, KOSPI S.Korea 1, TAIEX Taiwan 8, FSSTI Singapore 3, ASEAN SET Thailand 1, PC OMP Philipines 7, KLC I Malaysia 1, VNINDEX Vietnam Kurs Region +/- (%) YT D (%) USDEUR Euro USDGBP UK USDCHF Switzerland USDCAD Canada USDAUD Australia USDNZD New Zealand USDJPY Japan USDCNY China 6.39 (0.01) USDHKD Hongkong USDSGD Singapore Rupiah Indonesia 13, JCI Winners (%) JCI Losers (%) JCI Value - (Rpbn) JCI Volume 0 (mn 1,000Lot) JCI Freq (x) HDTX BIRD BBCA 3 SIAP 937 SRIL 8,546 FAST CPIN BBRI 247 SRIL 194 BBNI 5,898 MEGA AALI BMRI 189 PWON 140 BBRI 4,991 ANJT LPKR SIAP 170 ENRG 112 TLKM 4,674 BNII BBCA TLKM 165 META 91 BMRI 4,457 DNET KLBF BBNI 138 TARA 74 BBCA 4,218 PNBN SMGR SSMS 119 SUGI 74 KLBF 3,222 UNTR BBRI ASII 117 SIMA 64 BOLT 3,122 PGAS ICBP UNVR 78 SSMS 64 SSMS 3,038 ASII UNVR SRIL 68 ASRI 61 PTPP 3,016 PT Trimegah Securities Tbk - TRIM DAILY 9

10 Historical Technical Trading Ideas (1) Ticker Last Technical Call 27- Chg (%) Recommendation JCI 4,857 Weakening MNCN 1,945 Buy BMTR 1,5 Buy GGRM 51,000 Buy JSMR 5,900 Buy ICBP 12,425 Sell BBCA 13,725 Sell 4,771 2,050 1,160 50,000 5,650 12,200 13, % Correct 5.40% Correct 0.43% Correct -1.96% Incorrect -4.24% Incorrect -1.81% Correct -2.00% Correct Ticker Last Technical Call 24- Chg (%) Recommendation JCI 4,903 Profit taking PTPP 4,175 Buy GGRM 53,650 Buy ASRI 535 Buy ADRO 595 Buy ICBP 12,475 Sell MPPA 2,990 Sell 4,857 4,060 51, ,425 2, % Correct -2.75% Incorrect -4.94% Incorrect -3.74% Incorrect -5.88% Incorrect -0.40% Correct -1.17% Correct Ticker Last Technical Call 23- Chg (%) Recommendation JCI 4,907 Strenghtening GGRM 52,000 Buy UNTR 18,375 Buy TLKM 2,865 Buy PWON 440 Buy ASRI 530 Buy ADHI 2,760 Buy 4,903 53,650 18,650 2, , % Incorrect 3.17% Correct 1.50% Correct -0.70% Incorrect -0.91% Incorrect 0.94% Correct -3.44% Incorrect Ticker Last Technical Call 22- Chg (%) Recommendation JCI 4,870 Reebound GGRM 49,550 Buy TLKM 2,825 Buy INCO 2,525 Buy AALI 24,975 Buy ADHI 2,730 Buy PTPP 4,010 Sell 4,907 52,000 2,865 2,380 24,350 2,760 4, % Correct 4.94% Correct 1.42% Correct -5.74% Incorrect -2.50% Incorrect 1.10% Correct 0.75% Incorrect Ticker Last Technical Call - Chg (%) Recommendation JCI 4,902 Strenghtening 4, % Incorrect PGAS 4,240 Buy 4,2-0.59% Incorrect GGRM 49,000 Buy 49, % Incorrect BBNI 5,300 Buy 5, % Incorrect BBRI 10, Buy 10, % Incorrect KLBF 1,695 Buy 1,695 PT ADHI Trimegah Securities Tbk 2, Sell 3.61% Incorrect TRIM DAILY 10 2,730

11 Historical Technical Trading Ideas (2) Ticker Last Technical Call 14- Chg (%) Recommendation JCI 4,894 Strenghtening PGAS 4,085 Buy BBCA 13, Buy UNTR 19,200 Buy ADHI 2, Buy GGRM 47,600 Buy INCO 2,490 Sell 4,902 4,240 13,600 19,300 2,635 49,000 2, % Correct 3.79% Correct 0.74% Correct 0.52% Correct 5.40% Correct 2.94% Correct 1.61% Incorrect Ticker Last Technical Call 13- Chg (%) Recommendation JCI 4,859 Reebound BWPT 407 Buy ADRO 635 Buy BBCA 13,300 Buy BSDE 1,785 Buy MPPA 3,050 Buy SRIL 411 Sell 4, , 1,865 3, % Correct -2.21% Incorrect -2.36% Incorrect 1.50% Correct 4.48% Correct 1.% Correct -3.16% Correct Ticker Last Technical Call 10- Chg (%) Recommendation JCI 4,838 Reebound BBRI 10,300 Buy BWPT 411 Buy MPPA 2,860 Buy LSIP 1,565 Buy WIKA 2,985 Buy ADHI 2,285 Buy 4,859 10, ,050 1,590 3,095 2, % Correct 1.70% Correct -0.97% Incorrect 6.64% Correct 1.60% Correct 3.69% Correct 4.16% Correct Ticker Last Technical Call 9- Chg (%) Recommendation JCI 4,872 Weakening BSDE 1,720 Buy TELE 950 Buy TAXI 1,030 Buy KLBF 1,655 Buy BMRI 9,950 Sell JSMR 5,875 Sell 4,838 1, ,005 1,635 9,900 5, % Correct -2.43% Incorrect -1.21% Incorrect -0.50% Correct -2.98% Correct Ticker Last Technical Call 8- Chg (%) Recommendation JCI 4,906 Rebound 4, % Incorrect BBRI 10,475 Buy 10, % Incorrect BBNI 5,550 Buy 5, % Incorrect SMRA 1,775 Buy 1, % Incorrect WSKT 1,720 Buy 1, % Correct PTPP 3,880 Buy PT Trimegah Securities Tbk - TRIM DAILY 11 ASRI 565 Buy 3, % Correct -0.88% Incorrect

12 Historical Technical Trading Ideas (3) JCI 4,917 Weakening AALI 25,825 Buy LSIP 1,655 Buy TLKM 2,930 Buy ASRI 550 Buy GJTL 860 Buy ASII 7,000 Buy 4,906 25,950 1,620 2, , % Correct 0.48% Correct -2.11% Incorrect -2.05% Incorrect 2.73% Correct -0.58% Incorrect -1.43% Incorrect Ticker Last Technical Call 6- Chg (%) Recommendation JCI 4,983 Weakening AALI 25, Buy LSIP 1,660 Buy TLKM 2,930 Buy ASRI 575 Buy GJTL 850 Buy ASII 7,050 Buy 4,917 25,825 1,655 2, , % Correct 1.27% Correct -0.30% Incorrect 0.00% Incorrect -4.35% Incorrect 1.18% Correct -0.71% Incorrect Ticker Last Technical Call 3- Chg (%) Recommendation JCI 4,945 Strenghtening LSIP 1,585 Buy AALI 25,000 Buy BBNI 5,575 Buy BBRI 10,875 Buy PTPP 3,690 Buy ANTM 675 Sell 4,983 1,660 25, 5,625 10,825 3, % Correct 4.73% Incorrect 2.00% Correct 0.90% Incorrect -0.46% Incorrect 0.95% Incorrect Ticker Last Technical Call 2- Chg (%) Recommendation JCI 5,214 Strenghtening LSIP 1,710 Buy TLKM 2,845 Buy KLBF 1,790 Buy UNVR 43,200 Buy GGRM 47,000 Sell GIAA 485 Sell 5,214 1,710 2,845 1,790 43,200 47, % Incorrect 0.00% Incorrect 0.00% Incorrect Ticker Last Technical Call 1- Chg (%) Recommendation JCI 4,911 Strenghtening 4, % Correct ASII 7,075 Buy 7, % Correct TLKM 2,930 Buy 2, % Correct GGRM 45,100 Buy 45, % Correct BBNI 5,300 Buy 5,300 BBRI 10,350 Buy 10, % Incorrect PGAS 4,3 Sell PT Trimegah Securities Tbk - TRIM DAILY 12 4, % Incorrect

13 Historical Technical Trading Ideas (4) Ticker Last Technical Call 30- Chg (%) Recommendation JCI 4,883 Reebond ASII 6,875 Buy AALI 22,650 Buy BMRI 10,025 Buy BBNI 5,250 Buy ADHI 2,0 Spec Buy PTPP 3,525 Spec Buy 4,911 7,075 22,950 10,050 5,300 2,020 3, % Correct 2.91% Correct 1.32% Correct 0.25% Correct 0.95% Correct 0.25% Correct -1.56% Incorrect Ticker Last Technical Call 29- Chg (%) Recommendation JCI 4,883 Weakining GGRM 43,800 Buy UNTR 20,200 Buy TLKM 2,905 Buy ASRI 580 Buy SSMS 1,850 Buy AALI 22,650 Buy 4,883 43,800 20,200 2, ,850 22, % Incorrect 2.91% Correct 1.32% Correct 0.25% Correct 0.95% Correct 0.25% Correct -1.56% Incorrect Ticker Last Technical Call 25- Chg (%) Recommendation JCI 4,954 Strenghtening JSMR 5,650 Sell ERAA 600 Sell BWPT 418 Sell BKSL 100 Buy BBNI 5, Buy BBRI 10,300 Sell 4,920 5, ,350 10, % Incorrect -1.77% Correct -0.83% Correct -1.00% Incorrect -2.73% Incorrect -0.97% Correct Ticker Last Technical Call 24- Chg (%) Recommendation JCI 4,938 Correction JSMR 5,650 Buy ERAA 600 Buy UNTR 20,325 Buy BWPT 419 Buy BKSL 96 Buy GGRM 45,950 Sell 4,954 5, , , % Correct -0.49% Incorrect -0.24% Incorrect 4.17% Correct -1.41% Correct Ticker Last Technical Call 23- Chg (%) Recommendation JCI 4,959 Strenghtening 4, % Correct ICBP 12,975 Buy 12, % Correct BWPT 378 Buy % Correct RALS 710 Buy % Correct AISA 1,805 Buy 1,8 0.55% Correct MPPA 3,260 Buy PT Trimegah Securities Tbk - TRIM DAILY 13 BBNI 5,600 Sell 3,285 5, % Correct -0.45% Correct

14 Research Team Sebastian Tobing, CFA Head of Research & Institutional Business Gina Novrina Nasution, CSA Technical Analyst Paula Ruth Equity Analyst Angga Aditya Assaf Equity Analyst Willinoy Sitorus Equity Analyst M. Dian Octiana Equity Analyst Wisnu Budhiargo Equity Analyst Tim Alamsyah Equity Analyst Dini Agmivia Anggraeni Fixed Income/Macro Analyst Yeni Simanjuntak On-the-ground Analyst Rovandi Research Associate Institutional Sales Team Daniel Dwi Seputro Head of Institutional Equity Sales Dewi Yusnita Equity Institutional Sales Fachruly Fiater Equity Institutional Sales Raditya Andyono Equity Institutional Sales Meitawati Equity Institutional Sales Henry Sidarta Equity Institutional Sales Nancy Pardede Equity Institutional Sales Retail Sales Team JAKARTA AREA Nathanael Benny Prasetyo Head of Retail ECM Ariawan Anwar Artha Graha, Jakarta Nathanael Benny Prasetyo Palembang, Sumatera Selatan CENTRAL JAVA, AREA Agus Bambang Suseno Solo, Jawa Tengah Windra Djulnaily Pluit, Jakarta Ferry Zabur Kelapa Gading, Jakarta Eddy Sumarli Puri Kencana, Jakarta Very Wijaya BSD, Tangerang EAST INDONESIA Sonny Muljadi Surabaya, Jawa Timur Ni Made Dwi Hapsari Wijayanti Denpasar, Bali Ivan Jaka Perdana Malang, Jawa Timur Arifin Pribadi Makasar, Sulawesi Selatan Mariana Kusuma Wati Semarang, Jawa Tengah WEST JAVA Asep Saepudin Bandung, Jawa Barat Ariffianto Cirebon, Jawa Barat SUMATERA Juliana Effendy Medan, Sumatera Utara Tantie Rivi Watie Pekanbaru, Riau PT Trimegah Securities Tbk - TRIM DAILY 14