RALS indicates positive from stockhastic, for today RALS potentially to move up in the range of

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1 TRIM Daily Jul 06, 2015 TRIM Highlights After Greeks voted no in its referendum to reject further austerity measures (which could lead to a Greece exit from Euro), we saw oil price, S&P and MSCI ex Japan futures all down by 1% overnight while US treasury bond yield down 1%, indicating investors going risk-off. In a risk-off environment, JCI is likely to be under pressure as well, albeit we argue it would fall less than the global markets as actual impact from a Grexit is very small on Indonesia. Company news: both ISAT and EXCL interested in buying LINK Construction 1H new contract updates: TOTL 53%, PTPP 49%, WIKA 34% of full-year target. Global Wrap Greeks said No: 61% voted to reject further austerity measures as condition of a bailout, which is likely to lead to Greece s exit from Euro economic zone. U.S bond market gain as increasing uncertainties in Europe could lead to further delay on Fed Fund Rate hike. US 10-yr govt bond yield down from 2.4% to 2.3% overnight. Technical Market View Jakarta Composite Index (JCI) up by 38 poin or 0.8% to 4982 last friday. Index movers were mostly driven by consumer goods, trade services, and property. Total transaction value was Rp4.1tr. IDX recorded RP163bn net buy by foreign investors. The JCI has experienced 1.2% increased within the past 5 trading days. Based on technical analysis, MACD indicator signals profit taking for today with trading the range of JCI 4,982.9 Change 0.77% Transaction Volume (m) 6,027 Transaction Value (Rpbn) 4,159 Mkt Cap (Rptr) 5,053 Market 2015 P/E (x) 12.8 Market Div. Yield (%) 2.4% Global Indices Others TLKM Price Chg % Dow Jones 17, Nasdaq 5, Nikkei 20, ST Times 3, FTSE 6, Hang Seng 26, (USD) (Rp) Chg % 43.7, Technical analysis: trading picks Stock Price Rating Reason LSIP 1660 Buy RALS 690 Buy ASII is a white long chandle with increasing transaction volumes and positive signal from MACD, indicates further upward movement for today with support and resistance levels of RALS indicates positive from stockhastic, for today RALS potentially to move up in the range of Dual Listing (NYSE) Chg % USD IDR 13, yr Indo Govr bond (%) yr US govt bond (%) Spread (%) EIDO Foreign YtD (USDmn) (1,176) 12-1 BKSL 96 Buy ASRI 575 Buy PTPP 3725 Buy BKSL remains on a long term bullish pattern with the potential upside to reach its 970 resistance level. BKSL supportresistance level for today is ASRI remains on a long term bullish pattern with the potential technical rebound today on the range of Stochastic and RSI indicators indicates further upward movement for PTPP with support-resistance level at PSAB 775 Trading Buy PSAB is a long term bullish and we expect the stock to rebound at the range of as it formed a star pattern yesterday. PT Trimegah Securities Tbk - TRIM DAILY 1

2 News of the Day Telco: Local content regulation released Govt released Ministerial Decree on local content requirement with implementation date: 1 Jan 2017 for 4G LTE FDD (frequency dividion duplex) and 1 Jan 2019 for TDD (time division duplex) considering that the economic scalability for TDD technology will yet mature in the next 1.5 years. According to International Telecommunication Union (ITU) standard, one of TDD ecosystem is on 2300MHz spectrum. According to related Govt official, there is only 1 operator so far in that spectrum, which is Bolt. Meanwhile, FREN already has national license for 30MHz on 2300MHz spectrum and still developing its 4G LTE infrastructure until end of 2016 with investment allocation reaching Rp10tr. Source: Bisnis Indonesia Comment: Positive for NIPS, which is the only local manufacturer of industrial battery for telco BTS. OJK will cut motor vehicles downpayment for selected multifinance To 15-20% by multifinance companies that can keep its NPL below 5%. Source: Kontan Minister of Transport Ignasius Jonan suggested that Pelindo take over Jakarta International Container Port from Hutchison He stated that foreign players can develop newer ports instead. Hutchison has been granted extension since June Currently Hutchison controls 51% and Pelindo controls 49% in JICT. Post extension Pelindo will get 51% plus $250mn cash and $10mn a month. Rent will also increase from US$60mn to US$120mn. Source: Kontan Banks: BI loosens macroprudential policy Phase I Phase II Base station (network) 30% 40% Subscriber station (mobile phone) 20% 40% Source: Bisnis Indonesia Central Bank of Indonesia (BI) loosens macroprudential policy to boost credit growth amidst slowing economy by adjusting minimum reserve requirement policy. Adjustments include the inclusion of marketable securities issued by banks into LDR calculation. The new LDR (which will be called loan-to-funding ratio or LFR) formula will be loan divided by third party deposits and marketable securities issued. BI also raised the LFR ceiling limit to 94% for banks that fulfil the micro and SME requirements in accordance to BI regulation no. /22/PBI/2012 and below 5% micro and SME NPL. According to BI Deputy Governor, Erwin Rijanto, most of Indonesian banks have already fulfil the requirements. Source: Bank Indonesia, Bisnis Indonesia (angga.aditya@trimegah.com) Year to date export and import duty and excise tax revenues stood at Rp77.45tn vs budgeted Rp195tn Overall amount is down 4.2% yoy on the back of significantly lower export duty and import duty. Excise tax and export duty components are significantly below government budget. Source: Kontan Ministry of Finance stated that Government spending in 2016 Budget could reach Rp310tn Year to date budget absorption stood at 9.4% of Rp290.3tn in Draft of the budget may come out in October. Source: Kontan Government green lights 4G-LTE in 1800 MHz range in July Approval has been given by Government since April but implementation will kick of in July. EXCL will start its 4G in Lombok, Java in September and Jakarta in November. TLKM via Telkomsel will promote in Makassar this July. Source: Kontan 48 regions asking for higher stake in expired O&G blocks There are 48 regionally owned enterprise (BUMD) are requesting for their stake portion in O&G blocks in their respective areas. Association of O&G producing region (ADPM) expects regions allowed to have 15% - 50% of O&G expired blocks stakes. Currently the stake given to BUMD is 10%. Source: Bisnis Indonesia (willinoy.sitorus@trimegah.com) Textile Association of Indonesia complains electricity tariff hike Electricity cost is around 20% of upstream textile cost and around 13-% of downstream cost. Source: Kontan Infrastructure: Land-capping Funds to be Used for Stalled Projects The Finance Ministry will issue a regulation to make the use of government land-capping funds more flexible so that the funds can be utilized more effectively in reviving stalled infrastructure projects. The land-capping fund is a fiscal instrument whereby the government caps land prices at a certain level and provides funds to the compensate private investors if there is any unexpected price increases. Source: Jakarta Post (yeni.simanjuntak@trimegah.com) PTPP: Secured Rp13.3tn contract year to date This represents 49% of its full year target and exclude PPRO's portion. Around 15% of total contract comes from Government, 40% SOEs and 45% from private. Company aims to receive Rp2tn injection from government next year. Source: Kontan (tim.alamsyah@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 2

3 News of the Day WIKA: Secured Rp10.4tn new contract year to date Represents 34.2% of full year target thanks to delay in tenders by government. Company is not yet revising its guidance. Government contribution is around 40%, private 35% and SOE 25%. Source: Kontan TOTL: Has secured Rp1.59tn new contracts year to date This is around 53% of full year target of Rp3tn mostly from property projects. Source: Kontan ISAT: Due diligence for LINK acquisition will start on Aug 2015 According to ISAT, it will start due diligence phase to acquire LINK on August The company said that budget allocation to fund the acquisition is yet decided as it is still in the early phase of due diligence. Source: Bisnis Indonesia NRCA: Cut back its infra project target Company now aims infra component to be 10% of its total contract from initial 25%. Its target for 2015 is Rp4.1tn and has secured Rp2.23tn. Company is targeting 8.8% higher revenue in 2015 but lower net income by 17%. Source: Kontan GEMS: To give US$30mn loan to ACE This is a related party transaction, GEMS will provide US$30mn loan to ASM Limited, shareholder of ACE at 10% plus LIBOR. ASM put 10% of its ownership in ACE to GEMS as collateral. GEMS have the right to convert. ACE has also received 135mn loan from SMMA. Source: Kontan MDLN: Is lowering its bond payable amount by Rp250bn MDLN is lowering its bond payable amount to Rp750bn, from Rp1tr. Initially, the company planned to issue bonds worth Rp1tr, broken down to two series with 3 and 5 years tenor. Coupon offered at %. Backed by land in their Jakarta Garden City development in Cakung. The new fund will be used for repaying its Rp250bn loan and funding its capital to acquire new land. Source: Bisnis Indonesia. INDR: Targets this year s revenue to increase 15% YoY Indorama Synthetics (INDR IJ) targets revenue amounting to USD835m this year, up 15% YoY compared to last year s USD726m. Source: Investor Daily (willinoy.sitorus@trimegah.com) INCO: 1H15 export to Japan below 50% of FY15 target Vale Indonesia (INCO IJ) 1H15 export to Japan is below 50% of its FY15 target. Note that INCO expects this year s sales volume to reach 82.5k tonnes (+4.4% YoY). Source: Investor Daily (willinoy.sitorus@trimegah.com) LPKR: Obtained SG$200 mn new loan LPKR has obtained SG$200 mn (~Rp2 tr) new bank loan through its subsidiary in Singapore, Lippo Mall Retail Trust (LMIRT). The interest rate was 2.5% above the SG swap offer rate, with 6 months tenor period. The new loan will be used for refinancing its SG$250 mn bonds payable and LMIRT capital s loan, and for funding its working capital. Source: Kontan PT Trimegah Securities Tbk - TRIM DAILY 3

4 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 Jun- Jul- Aug- Sep- Oct- Nov- Dec- Jan- 15 Feb- 15 Mar- 15 Apr- 15 May- 15 Jun Jul-15 Indo Market PE vs Regional (Weekly) Foreign Fund Flow in last 5 & 30 days Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia (x) (200) (400) (600) (800) (1,000) (1,200) INDONESIA PHILIPPINES (USDmn) SOUTH KOREA THAILAND 5 Days 30 Days 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) (USD/ Troy oz.) 1, 1,300 1,100 (MYR Tons) 3,000 2, 2,000 1, (USD Bushels) 1,300 1,200 1,100 1, , PT Trimegah Securities Tbk - TRIM DAILY 4

5 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 2,300 2,200 2, , ,900 1,800 1,700 1, , 50 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) 1,400 ANTM (LHS) Gold (RHS) (USD troy oz.) 1,400 4, 1,300 1,300 4,000 20,000 1,200 1,200 3, 1,100 1,100 3,000 2, 2,000 1, 1,000 15,000 10,000 5,000 1, , TINS vs Tin price (LME) GIAA vs Brent Crude Oil (Rp) 1,700 TINS (LHS) Tin LME (RHS) (USD/MT) 24,000 (Rp) 700 GIAA (LHS) Crude Oil Brent (RHS) (USD bbl) 120 1, 22, ,300 1, ,000 18,000 16,000, , , PT Trimegah Securities Tbk - TRIM DAILY 5

6 World Economic Calendar Date Time Country Event Period Survey Actual Prior 6/30/2015 US Chicago Purchasing Manager Jun US Consumer Confidence Index Jun EC Unemployment Rate (%) May EC CPI Estimate YoY (%) Jun EC CPI Core YoY (%) Jun A /1/2015 US MBA Mortgage Applications (%) 26-Jun US ADP Employment Change (000's) Jun US Markit US Manufacturing PMI Jun F US Construction Spending MoM (%) May US ISM Manufacturing Jun US ISM Prices Paid Jun ID CPI Core YoY (%) Jun EC Markit Eurozone Manufacturing PMI Jun F CH Manufacturing PMI Jun CH HSBC China Manufacturing PMI Jun F /2/2015 US Change in Nonfarm Payrolls (000's) Jun US Change in Manufact. Payrolls (000's) Jun US Unemployment Rate (%) Jun US Initial Jobless Claims (000's) 27-Jun US Continuing Claims (000's) 20-Jun 2, ,247 US Bloomberg Consumer Comfort 28-Jun US Factory Orders (%) May /3/2015 EC Markit Eurozone Services PMI Jun F EC Markit Eurozone Composite PMI Jun F EC Retail Sales MoM (%) May EC Retail Sales YoY (%) May CH HSBC China Composite PMI Jun CH HSBC China Services PMI Jun /6/2015 US Markit US Composite PMI Jun F US Markit US Services PMI Jun F US ISM Non-Manf. Composite Jun /7/2015 US Trade Balance (USDbn) May ID Foreign Reserves (USD bn) Jun /8/2015 US MBA Mortgage Applications (%) 3-Jul /9/2015 US Initial Jobless Claims (000's) 4-Jul US Continuing Claims (000's) 27-Jun US Bloomberg Consumer Comfort 5-Jul CH CPI YoY (%) Jun CH PPI YoY (%) Jun /10/2015 US Wholesale Inventories MoM (%) May CH New Yuan Loans CNY (USDbn) Jun CH Money Supply M2 YoY (%) Jun /13/2015 CH Trade Balance (USDbn) Jun CH Exports YoY (%) Jun % CH Imports YoY (%) Jun % 7//2015 US Monthly Budget Statement (USD bn) Jun US Retail Sales Advance MoM (%) Jun % US Retail Sales Ex Auto MoM (%) Jun % US Retail Sales Ex Auto and Gas (%) Jun % US Import Price Index MoM (%) Jun % US NFIB Small Business Optimism Jun ID Bank Indonesia Reference Rate (%) -Jul % EC Industrial Production SA MoM (%) May % PT Trimegah Securities Tbk - TRIM DAILY 6

7 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 Jul-15 Bank Windu Kentjana International WARAN SERI I BANK WINDU KENTJANA INTERNATIONAL GAMA-W Jul-15 Gading Development WARAN SERI I GADING DEVELOPMENT SUPR-W Aug-15 Solusi Tunas Pratama WARAN SERI I SOLUSI TUNAS PRATAMA NIRO-W Sep-15 Nirvana Development WARAN SERI I NIRVANA DEVELOPMENT BSIM-W 9 11-Dec-15 Bank Sinar Mas WARAN SERI I BANK SINAR MAS PT Trimegah Securities Tbk - TRIM DAILY 7

8 Statistics JCI 4, % YTD (Rp) -4.67% Volume (m) 6,027 YTD (USD) 37.34% Value (Rpbn) 4,159 Moving Avg 20day 4,931 Mkt Cap (Rptr) 5,053 Moving Avg 50day 5,111 Market 2015 P/E 12.8 Moving Avg 200day 5,200 Market Div. Yield (%) 2.4% Indonesia & Sectors +/- (%)YTD(%) MSC I Indonesia 5, JII LQ JAKFIN Index JAKINFR Index 1, JAKMINE Index 1, JAKCONS Index 2, JAKTRAD Index JAKMIND Index 1, JAKBIND Index JAKPROP Index JAKAGRI Index 2, 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) 12, Tin (USD/tonne), Precious Metal Gold (USD/t oz.) 1, Silver (USD/t oz.) Soft Commodities CPO (Malaysia - Rm/tonne) - 2, Rubber (JPY/kg) 1, Corn (USD/bu.) Wheat (USD/bu.) Soybeans (USD/bu.) 1, Indices Region +/- (%) YT D (%) MXWO MSC I Word 1, SPX S&P 2, US Dow Jones Industrial 17, Nasdaq US 5, Europe EURO 50 Europe FTSE London 6, DAX Jerman 11, CAC France 4, SMI Swiss 8, BRIC BOVESPA Brazil 52, MIC EX Russia 1, SENSEX India 28, NIFTY India 8, SHCOMP China 3, SZCOMP China 2, Developed ASIA Nikkei Japan 20, TPX Japan 1, HSI Hong kong 26, KOSPI S.Korea 2, TAIEX Taiwan 9, 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 USDHKD Hongkong USDSGD Singapore Rupiah Indonesia 13, JCI Winners (%) JCI Losers (%) JCI Value (Rpbn) JCI Volume 0 (mn 1,000Lot) JCI Freq (x) EMTK BUKK SRIL 245 SRIL 703 SRIL 18,059 SCMA SMAR BBRI 243 SIAP 424 ADHI 6,249 LPPF SUPR SSMS 216 ENRG 407 ENRG 5,451 INDF MAYA BBNI 160 BUMI 162 BABP 5,439 CPIN EXCL ADHI 9 BWPT 156 SSMS 4,938 PGAS IMAS BMRI 112 SSMS 116 BBRI 4,053 UNVR ISAT LPKR 97 META 111 KLBF 4,038 KLBF SMGR JSMR 90 LPKR 80 TLKM 3,937 ICBP BBRI SIAP 85 TARA 78 WIKA 3,813 BMRI ASII WIKA 80 BKSL 76 BBNI 3,455 PT Trimegah Securities Tbk - TRIM DAILY 8

9 Historical Technical Trading Ideas (1) Ticker Last Technical Call 3-Jul-15 Chg (%) Recommendation JCI 4,883 Strenghtening LSIP 1,560 Buy AALI 22,650 Buy BBNI 5,250 Buy BBRI 10,375 Buy PTPP 3,525 Buy ANTM 690 Sell 4,911 1,555 22,950 5,300 10,350 3, % Correct -0.32% Incorrect 1.32% Correct 0.95% Incorrect -0.24% Incorrect -1.56% Incorrect -1.45% Correct Ticker Last Technical Call 2- Chg (%) Recommendation JCI 4,883 Strenghtening LSIP 1,560 Buy TLKM 2,905 Buy KLBF 1,710 Buy UNVR 39,625 Buy GGRM 43,800 Sell GIAA 446 Sell 4,911 1,555 2,930 1,675 39, 45, % Correct -0.32% Correct 0.86% Correct -2.05% Incorrect -0.32% Incorrect 2.97% Incorrect -0.22% Correct Ticker Last Technical Call 1-Jul-15 Chg (%) Recommendation JCI 4,883 Strenghtening ASII 6,875 Buy TLKM 2,905 Buy GGRM 43,800 Buy BBNI 5,250 Buy BBRI 10,375 Buy PGAS 4,290 Sell 4,911 7,075 2,930 45,100 5,300 10,350 4, % Correct 2.91% Correct 0.86% Correct 2.97% Correct 0.95% Correct -0.24% Incorrect 0.58% Incorrect 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 2,015 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 PT Trimegah Securities Tbk - TRIM DAILY 9

10 Historical Technical Trading Ideas (2) 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 ICBP 12,975 Buy BWPT 378 Buy RALS 710 Buy AISA 1,805 Buy MPPA 3,260 Buy BBNI 5,600 Sell 4,938 12, ,815 3,285 5, % Correct -0.58% Correct 10.85% Correct -0.70% Correct 0.55% Correct 0.77% Correct -0.45% Correct Ticker Last Technical Call 22- Chg (%) Recommendation JCI 4985 Strenghtening BDMN 4,355 Buy BBCA 13,700 Buy CPIN 3,050 Buy UNTR 20,225 Buy ASII 7,050 Buy ADHI 2,095 Buy 4,959 4,370 13,725 2,995 20,125 7,000 2, % Incorrect 0.34% Correct 0.18% Correct -1.80% Incorrect -0.49% Incorrect -0.71% Incorrect 4.06% Incorrect Ticker Last Technical Call 19- Chg (%) Recommendation JCI Rebound ICBP 13,150 Buy BDMN 4,065 Buy BWPT 372 Buy RALS 700 Buy ASII 7,025 Buy ERAA 550 Spec Buy 4,985 12,950 4, , % Correct -1.52% Incorrect 7.13% Correct 0.71% Correct 0.36% Correct -1.82% Incorrect PT Trimegah Securities Tbk - TRIM DAILY 10

11 Historical Technical Trading Ideas (3) Ticker Last Technical Call 18- Chg (%) Recommendation JCI 4945 Strenghtening UNVR 40,925 Buy BDMN 4,065 Buy BBNI 5,650 Buy MNCN 1,975 Buy GZCO 83 Buy ADHI 2,120 Spec Buy 4,945 41, 4,065 5,525 2, , % Correct 1.41% Correct -2.21% Incorrect 1.27% Correct 2.41% Correct -3.77% Incorrect Ticker Last Technical Call 17- Chg (%) Recommendation JCI Rebound ADRO 780 Buy AALI 22,900 Buy BBRI 10,550 Buy BBNI 5, Buy LSIP 1,610 Buy GIAA 444 Sell 4, , 11,000 5,650 1, % Correct 3.21% Correct -1.75% Incorrect 4.27% Correct 2.73% Correct -1.55% Incorrect 0.90% Incorrect Ticker Last Technical Call 16- Chg (%) Recommendation JCI Continues Weakening UNTR 20,200 Buy GGRM 43, Buy JSMR 6,000 Buy LSIP 1,610 Buy BWPT 391 Sell PWON 389 Sell 4,873 20,200 44,275 5,900 1, % Correct 1.78% Correct -1.67% Incorrect -5.12% Correct 3.34% Incorrect Ticker Last Technical Call 15- Chg (%) Recommendation JCI Profit Taking UNTR 20, Buy LSIP 1,655 Buy AALI 23,200 Buy ASII 7,075 Sell ITMG 13,100 Sell PWON 410 Sell 4,838 20,200 1,610 22,475 6,850 13, % Correct -1.46% Incorrect -2.72% Incorrect -3.13% Incorrect -3.18% Correct -5.12% Correct Ticker Last Technical Call 12- Chg (%) Recommendation JCI Reebound 4,936 0.% Correct BBCA 13,320 Buy 13, % Incorrect BBNI 5,575 Buy 5, % Correct ICBP 13,400 Buy 13, % Incorrect JSMR 6,325 Buy 6, % Incorrect TLKM 2,870 Buy 2, % Incorrect SMGR 12,650 Buy 12, % Incorrect PT Trimegah Securities Tbk - TRIM DAILY 11

12 Historical Technical Trading Ideas (4) Ticker Last Technical Call 11- Chg (%) Recommendation JCI Profit Taking AALI 23,925 Buy LSIP 1,690 Buy BBNI 5,750 Buy BBRI 10,400 Buy SMGR 12,825 Buy TLKM 2,860 Buy 4,929 23,725 1,695 5,575 10,125 12,650 2, % Correct -0.84% Incorrect 0.30% Correct -3.04% Incorrect -2.64% Incorrect -1.36% Incorrect 0.35% Correct Ticker Last Technical Call 10- Chg (%) Recommendation JCI Reebound PWON 384 Buy BBRI 10,475 Buy PGAS 4,190 Buy BBNI 5,800 Strong Buy SMRA 1,680 Strong Buy BWPT 398 Trading Buy 4, ,400 4,200 5,750 1, % Correct 4.17% Correct -0.72% Incorrect 0.24% Correct -0.86% Incorrect 1.19% Correct 4.52% Correct Ticker Last Technical Call 9- Chg (%) Recommendation JCI 5,015 Cont'd Weakening PTBA 9,425 Spec Buy PWON 388 Spec Buy PGAS 4,295 Spec Buy BBRI 11,000 Spec Buy SRIL 344 Trading Buy ENRG 63 Trading Buy 4,900 9, ,190 10, % Correct -3.18% Incorrect -1.03% Incorrect -2.44% Incorrect -4.77% Incorrect -4.36% Incorrect -1.59% Incorrect Ticker Last Technical Call 8- Chg (%) Recommendation JCI 5,096 Cont'd Weakening UNTR 22,200 Buy BBCA 13,650 Buy ICBP 13,450 Buy GGRM 45,200 Buy BBTN 1,150 Buy BBRI 11,300 Buy 5,015 21,850 13,575 12,975 45,200 1,125 11, % Correct -1.58% Incorrect -0.55% Incorrect -3.53% Incorrect -2.17% Incorrect -2.65% Incorrect Ticker Last Technical Call 5- Chg (%) Recommendation JCI 5,096 Cont'd Weakening UNTR 21,700 Buy TLKM 2,825 Buy BBNI 6,200 Buy PTPP 3,980 Buy PWON 416 Buy 5,101 22,200 2,855 6,225 3, % Incorrect 2.30% Correct 1.06% Correct 0.40% Correct -0.75% Correct -2.64% Incorrect PT Trimegah Securities Tbk - TRIM DAILY 12

13 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 13