KLBF remains on a long term bullish pattern with the potential technical rebound today on the range of

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1 TRIM Daily Jul 09, 2015 TRIM Highlights There is a flicker of hope in Greece as its PM submitted new bailout proposal but all eyes are now on China, which stock markets have fallen by 30-40% from peak. The sell-off should subside today but not yet clear whether we can see a rebound yet in China. Expect Chinese markets to lead the direction for the region for the rest of this week. Cement sales: SMCB and SMGR grew at 5/7% MoM while INTP down 3%. This may spur further price war by INTP, particularly in east Java. JCI 4,871.6 Change -0.70% Transaction Volume (m) 5,889 Transaction Value (Rpbn) 5,108 Mkt Cap (Rptr) 4,944 Market 2015 P/E (x) 12.5 Market Div. Yield (%) 2.4% Global Wrap Greece officially applied for a 3-year loan to the European Stability Mechanism bailout fund. The European authorities launched an accelerated review of the request. Chinese government tried to fight falling share prices in its stock exchanges by issuing new regulation that prohibits selling by any controlling shareholders and companies executives. Technical Market View Jakarta Composite Index (JCI) down by 34 point or 0.7% to 4971 yesterday. Index movers were mostly driven by misc industry, mining, and agriculture. Total transaction value was Rp5.1tr. IDX recorded Rp60bn net buy by foreign investors. We expect JCI to continued weakening, with today's trading range of Technical analysis: trading picks Stock Price Rating Reason BSDE 1720 Buy TELE 950 Buy TAXI 1030 Buy BSDE fromed a long term bearish pattern. With Tweezer bottom candle BSDE probability a technical rebound in the near term. Today s range is TELE remains on a long term bullish pattern with the potential upside to reach its 925 resistance level. TELE support-resistance level for today is TAXI formed a Doji candle pattern which indicates a technical rebound occur today within the range of Global Indices Others TLKM (USD) (Rp) Chg % , Dual Listing (NYSE) Price Chg % Dow Jones 17, Nasdaq 4, Nikkei 19, ST Times 3, FTSE 6, Hang Seng 23, , Chg % USD IDR 13, yr Indo Govr bond (%) yr US govt bond (%) Spread (%) EIDO Foreign YtD (USDmn) (1,195) 5-0 KLBF 1655 Buy BMRI 9950 Sell KLBF remains on a long term bullish pattern with the potential technical rebound today on 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 JSMR 5875 Sell Despite its long term bullish pattern remains intact, we expect a technical correction for JSMR today in the range of PT Trimegah Securities Tbk - TRIM DAILY 1

2 News of the Day Indonesian Broad Money Supply (M2) analysis MAY 2015 data 5M15 M2 grew by 13.2% YoY The latest data from Bank Indonesia shows the 5M15 broad money supply (M2) grew by 13.2% YoY (+0.3% MoM) to Rp4,288tr. The growth figure is slower than 4M15 s 14.9% YoY (+0.7% MoM). The quasi money, which grew by 15.1% YoY (-0.3% MoM) to Rp3,293tr, is still the main driver of the money supply growth. The largest contribution comes from time deposits (22% YoY, -0.2% MoM growth) and savings (6.7% YoY, -0.6% MoM growth). NFA grew by 12% YoY, while NDA increased by 12.2% YoY 5M15 s Net Foreign Assets (NFA) is shown to grow by 12% YoY to Rp1,189tr, a slight uptick from 4M15. On the other hand, Net Domestic Assets (NDA) growth is slowing further by 14.8% YoY. Looking deeper on the components of NDA, the growth of Public NDA was also slower (+25.6% YoY, prior: 32.9% YoY), while the Private NDA increased by 12.2% YoY or slower than 4M15. The good news may come from claims to private sector which serves as a leading indicator for private sector loan growth. The growth of claims to private sector was higher than previous month s (+12.4% YoY, prior: 11.7%). What does this mean for Indonesian banking sector? The figures indicates the continuing slower loan growth as reflected by relatively stable private NDA YoY. However, this is already in line with our expectation. We expect banks loan growth to be at ~9-10% level this year. Money Supply data from Bank Indonesia (BI) (in Rp bn) May-14 % MoM % YoY Broad Money Supply (M2) 3,789,279 4,274,906 4,288, Narrow Money (M1) 906, , , Currency in circulation 380, , , IDR demand deposits 526, , , Quasi Money 2,860,135 3,301,449 3,293, Time deposits 1,522,823 1,861,822 1,858, Savings 1,095,806 1,176,628 1,169, FX demand deposits 241, , , Securities other than shares 22,417 14,131 14, Factors Affecting Money Supply Net Foreign Assets (NFA) 1,061,751 1,160,777 1,189, Net Domestic Assets (NDA) 2,727,528 3,114,129 3,099, Public NDA 290, , , Private NDA 2,436,755 2,696,685 2,734, Some Components of Private NDA Claims to private sectors 3,188,717 3,539,585 3,585, Claims on state and local govts 5,553 5,748 5, Claims on on public non-financial corps 224, , , Claims to other financial institutions 232, , , Source: BI, TRIM Research Angga Aditya Assaf (angga.aditya@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 2

3 SMGR INTP SMCB SMBR Indonesia Sumatra Java Kalimantan Sulawesi Nusa Tenggara Eastern Indonesia Indonesia News of the Day Based on data published by Indonesian Cement Association (ASI), Jun 15 national sales volume decreased by -6%YoY, while booking flat growth of +1%MoM. Cement sales growth by region Jun 15 (YoY) Jun 15 (MoM) 6M15 (YoY) 30% 25% 20% 15% 10% 5% 0% -5% -10% -15% 3% 2% 0% -4% -5% -4% -4% -3% -7% -8% -10% -8% -3% -7% 2% 21% 27% 0% -6% 1% -4% Source: ASI Looking at Jun 15 sales of 4 listed cement companies, highest growth was booked by SMCB and SMBR (both at ~7% MoM) followed by SMGR (5%YoY). Meanwhile, INTP sales fell by -3%YoY. For 6M15 sales, SMBR posted the biggest growth (26%YoY) compared to other listed cement companies. SMGR, INTP, and SMCB sales declined by -6%YoY, -8%YoY, and -5%YoY respectively. As of June 2015, SMGR still dominates the domestic cement market (48%), followed by INTP, SMCB, and other players. SMBR grabs 3% of the national cement market for that period. Cement sales growth by producer Jun 15 (YoY) Jun 15 (MoM) 6M15 (YoY) 40% 30% 33% 26% 20% 10% 0% -10% -20% -9% 5% -6% -10% -3% -8% -4% 7% 7% -5% -6% 1% -4% Source: ASI Cement market shares by producer as of Jun 2015 Cement market shares by region as of Jun 15 SMCB 16% SMBR 3% Sulawesi 7% Kalimantan 6% Nusa Tenggara 6% Eastern Indonesia 2% Sumatra 21% INTP 33% SMGR 48% Java 58% Paula Ruth Source: ASI (paula@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 3

4 News of the Day 1H15 nation s O&G activities and revenue below expected 1H15 oil and gas (O&G) exploration activities only reached 17% or 26 wells out of its FY15 plan of 157 wells. The main reason is due license and land clearing issues. Note that 1H15 oil lifting is only 763k barrels/day or 92.6% of 2015 state budget target. SKK Migas recorded the nation s O&G revenue in 1H15 amounting to IDR92.5trn, 46.7% of FY15 state budget target of IDR198trn. Source: Bisnis Indonesia, Investor Daily (willinoy.sitorus@trimegah.com) 2W association expects June 2W sales to increase MoM The 2W association (AISI) expects June 2W sales to reach around 550k units, this should be ~17% increase MoM compared to May but still a 27% decline on a YoY basis. Source: Bisnis Indonesia, TRIM Comment: The MoM pick up is mainly due to pre-festive season and annual employee allowance (THR). We expect July numbers to normalize. Any synergies has to be value-added and lucrative to MPMX consolidated business in order to be a positive catalyst for MPMX. MPMX is currently trading at 6.3x/5.1x P/E with 2015 P/BV at 0.6x. Maintain BUY for MPMX at this current juncture with TP of IDR1,200. (willinoy.sitorus@trimegah.com) ISAT: To speed up 4G LTE coverage in whole Indonesia With its network modernized, ISAT claimed that its network is ready to be activated for 4G LTE (speed for upload up to 185Mbps and download up to 41Mbps). Its 4G LTE service was already available in Jakarta, Bandung, Yogyakarta, and Bali. The company plans to provide 4G-LTE through network modernization in other big cities until end of this year and continued to other cities in Source: Investor Daily (paula@trimegah.com) EXCL: Commercially launch 4G LTE 1800Mhz in Lombok EXCL lauched 4G LTE service commercially in Lombok. This is the 1st EXCL s 4G LTE service on 1800Mhz spectrum. Source: Investor Daily (paula@trimegah.com) Investment: Government Prepartes Incentives for KEK Investors Foreign investors who invested in the special economic zones (KEK) would be allowed to build and own properties in those zones, including apartments, hospitals and campuses, unlike in ordinary areas. The government will provide a set of tax incentives, including tax holidays, for investors willing to build their own infrastructure and other supporting facilities in KEKs. Source: Jakarta Post (yeni.simanjuntak@trimegah.com) World Bank cut its Indonesia GDP forecast forecast is cut from 5.2% to 4.7%. Source: Kontan (tim.alamsyah@trimegah.com TAXI: To sell 51% to Saratoga Saratoga Investama Sedaya (SRTG IJ), MPMX and Golden Valley Advisors plans to purchase 51% (1,094m shares) stake in Expres Transindo Utama (TAXI IJ) from Rajawali Corpora. A tender offer process will follow. The transaction will be settled in 90 days since its conditional sale and purchase agreement at 6 July Source: Company Comment: The price detail and portion of the 3 buyers from the 51% stake are not disclosed yet. Given that MPMX balance sheet is a bit overstretched (net gearing of 1.26x in 1Q15) and profitability has been declining, we think it would not be able to take a significant portion in TAXI. SSIA: CEO said global bond issue may be canceled This follows from weak market conditions. SSIA may instead tapped Rupiah bank loan and / or Rupiah bond as m u c h a s R p 1 t n. S o u r c e : K o n t a n (tim.alamsyah@trimegah.com NIRO: Signed an MoU with SILO Cooperate with SILO for new hospital development NIRO signed MoU with SILO regarding new hospitals development in the area of NIRO's projects. Source: Company (paula@trimegah.com) FREN: To provide 4G LTE service in 22 big cities in 2H15 For 2H15, FREN is preparing for 4G LTE coverage in 22 big cities in Indonesia. As of now, FREN s 4G LTE is already available partly (pre-launch) in several cities, e.g. Batam a n d M a k a s s a r. S o u r c e : I n v e s t o r D a i l y (paula@trimegah.com) Sinarmas group have started replacing management of ARMS ARMS will also replace current management of BRAU with i t s o w n k e y p e o p l e. S o u r c e : K o n t a n (tim.alamsyah@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 4

5 News of the Day BSDE: Has posted Rp3.5tn pre-sales number year to June This number represents 46% of BSDE s guidance of Rp7.5tn. Most of the sales comes from housing units in B S D C i t y, S e r p o n g. S o u r c e : c o m p a n y (tim.alamsyah@trimegah.com) SMRA: Booked Rp2.7tr marketing sales in 1H15 In 1H15, SMRA booked Rp2.7tr marketing sales (+12.5% YoY), making 49% of Rp5.5tr full year target. The management stated that its Serpong project (Serpong Midtown and Cluster Alloggio) contributed 95% of the marketing sales. Up to 1H15, the company has realized Rp1.6tr CAPEX, or 40% of Rp4tr full year target. Source: Investor Daily ATIC: To make two acquisitions Anabatic Technologies will buy to IT companies, one Malaysia based. Company has budgeted Rp200bn capex for acquisitions and R&D. Acquisitions should be closed b y S e p t e m b e r. S o u r c e : K o n t a n (tim.alamsyah@trimegah.com SILO: Guides for two acquisitions this year This is part of group's strategy of inorganic expansion. SILO plan to raise new equity via private placement c9% of its capital. Company budgets for $80mn capex to build 1 0 h o s p i t a l s. S o u r c e : K o n t a n (tim.alamsyah@trimegah.com DMAS: Increasing its capex by 25% Company has revised up its budget from Rp1.2tn to Rp1.5tn for land acquisition from 40ha to 140ha. Current land bank stood at 1,482ha. Source: Kontan (tim.alamsyah@trimegah.com SUGI: To refinance its debt Sugih Energy (SUGI IJ) is negotiating with Bank Mayapada for refinancing its IDR100bn debt which is matured in 17 June Source: Bisnis Indonesia (willinoy.sitorus@trimegah.com) PT Trimegah Securities Tbk - TRIM DAILY 5

6 Jul INDONESIA PHILIPPINES SOUTH KOREA THAILAND VIETNAM INDIA Jul-15 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 Jul- 14 Aug- 14 Sep- 14 Oct- 14 Nov- 14 Dec- 14 Jan- 15 Feb- 15 Mar- 15 Apr- 15 May- 15 Jun- 15 Jul Indo Market PE vs Regional (Weekly) Foreign Fund Flow in last 5 & 30 days Weekly Hang Seng Singapore Thailand Philippines Malaysia Indonesia (x) ,000 1, (USDmn) 5 Days 30 Days 1, , () (1,000) (1,) (2,000) (2,) (3,000) -2, 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 6

7 Jul-15 Jul-15 Jul-15 Jul-15 Jul-15 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 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 14, , , PT Trimegah Securities Tbk - TRIM DAILY 7

8 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 /14/2015 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 (%) 14-Jul PT Trimegah Securities Tbk - TRIM DAILY 8

9 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 Dec-15 Bank Sinar Mas WARAN SERI I BANK SINAR MAS PT Trimegah Securities Tbk - TRIM DAILY 9

10 Statistics JCI 4,871.6 (34.5) -0.7% YTD (Rp) -6.80% Volume (m) 5,889 YTD (USD) 21.68% Value (Rpbn) 5,108 Moving Avg 20day 4,923 Mkt Cap (Rptr) 4,944 Moving Avg 50day 5,079 Market 2015 P/E 12.5 Moving Avg 200day 5,196 Market Div. Yield (%) 2.4% Indonesia & Sectors +/- (%)YTD (%) MSCI 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) 10, Tin (USD/tonne) 14, 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.) Indices Region +/- (%) YT D (%) MXWO MSCI Word 1, SPX S&P 2, US Dow Jones Industrial 17, Nasdaq US 4, Europe EURO 50 Europe FTSE London 6, DAX Jerman 10, CAC France 4, SMI Swiss 8, BRIC BOVESPA Brazil 51, MICEX Russia 1, SENSEX India 27, NIFTY India 8, SHCOMP China 3, SZCOMP China 1, Developed ASIA Nikkei Japan 19, TPX Japan 1, HSI Hong kong 23, , KOSPI S.Korea 2, TAIEX Taiwan 8, FSSTI Singapore 3, ASEAN SET Thailand 1, PCOMP Philipines 7, KLCI 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 6.21 (0.00) (0.00) 0.15 USDHKD Hongkong USDSGD Singapore Rupiah Indonesia 13, JCI Winners (%) JCI Losers (%) JCI Value - (Rpbn) JCI Volume 0 (mn 1,000Lot) JCI Freq (x) INPP ADRO SRIL 307 SRIL 776 SRIL 14,469 SMMT INCO TLKM 293 SIAP 487 BOLT 9,041 SMAR CPIN BBRI 261 ENRG 253 TLKM 8,082 JRPT TBIG BBCA 199 BWPT 222 BWPT 6,657 EMTK ASII BBNI 188 PWON 146 ADHI 6,049 SCMA BBNI BMRI 170 ASRI 144 PWON 5,803 WSKT BBRI WSKT 150 SUGI 111 ASII 5,725 UNVR PGAS ASII 145 TLKM 101 BBRI 5,696 TLKM BMRI SILO 124 BRMS 99 PTPP 5,322 BBCA GGRM ADHI 121 META 95 KLBF 5,139 PT Trimegah Securities Tbk - TRIM DAILY 10

11 Historical Technical Trading Ideas (1) Ticker Last Technical Call 24- Chg (%) Recommendation JCI 4,938 Strenghtening 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 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 PT Trimegah Securities Tbk - TRIM DAILY 11

12 Historical Technical Trading Ideas (2) 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 BBCA 13,320 Buy BBNI 5,575 Buy ICBP 13,400 Buy JSMR 6,325 Buy TLKM 2,870 Buy SMGR 12,650 Buy 4,936 13,250 5,625 13,350 6,250 2,850 12, % Correct -0.53% Incorrect 0.90% Correct -0.37% Incorrect -1.19% Incorrect -0.70% Incorrect -0.99% Incorrect 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 PT Trimegah Securities Tbk - TRIM DAILY 12

13 Historical Technical Trading Ideas (3) 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 Ticker Last Technical Call 4- Chg (%) Recommendation JCI 5,131 Cont'd Weakening UNTR 21,550 Buy INCO 3,155 Buy BBRI 11,200 Buy BBNI 6,375 Buy ADHI 2,460 Buy WIKA 3,125 Buy 5,096 21,700 3,085 11,125 6,200 2,440 3, % Correct 0.70% Correct -2.22% Incorrect -0.67% Incorrect -2.75% Incorrect -0.81% Incorrect PT Trimegah Securities Tbk - TRIM DAILY 13

14 Historical Technical Trading Ideas (4) Ticker Last Technical Call 3- Chg (%) Recommendation JCI 5,214 Cont'd Weakening SMGR 13,450 Buy GGRM 47,100 Buy BBRI 11,775 Buy ADHI 2,505 Buy TBIG 9,425 Buy PGAS 4,295 Sell 5,130 13,300 46,000 11,250 2,460 9,150 4, % Correct -1.12% Incorrect -2.34% Incorrect -4.46% Incorrect -1.80% Incorrect -2.92% Incorrect 1.63% Incorrect Ticker Last Technical Call 1- Chg (%) Recommendation JCI 5,216 Cont'd Weakening SMGR 13,450 Buy GGRM 47,100 Buy BBRI 11,775 Buy ADHI 2,505 Buy TBIG 9,425 Buy PGAS 4,295 Sell 5,214 13,475 47,000 11,725 2,445 9,300 4, % Correct 0.19% Correct -0.21% Incorrect -0.42% Incorrect -2.40% Incorrect -1.33% Incorrect 0.47% Correct Ticker Last Technical Call 29- Chg (%) Recommendation JCI 5,237 Reebound SMGR 13,350 Buy BBNI 6,900 Buy BBRI 11,825 Buy ASRI 615 Buy ADHI 2,600 Spec Buy PTPP 4,025 Spec Buy 5,216 13,450 6,875 11, ,505 4, % Incorrect 0.75% Correct -0.36% Incorrect -0.42% Incorrect -2.44% Incorrect -3.65% Incorrect -0.12% Incorrect Ticker Last Technical Call 28- Chg (%) Recommendation JCI 5,254 Cont'd Weakening KLBF 1,740 Buy ADRO 895 Buy ANTM 820 Buy AALI 26,825 Buy BBRI 11,950 Buy WIKA 3,175 Sell 5,237 1, ,225 11,825 3, % Correct 0.86% Correct 0.56% Correct -1.22% Incorrect -2.24% Incorrect -1.05% Incorrect -0.63% Correct Ticker Last Technical Call 27- Chg (%) Recommendation JCI 5,321 Cont'd Weakening UNVR 45,725 Buy TLKM 2,870 Buy PGAS 4,360 Buy SMGR 13,250 Buy SMRA 1,995 Buy CPIN 3,365 Buy 5,253 44, 2,830 4,300 13,175 1,975 3, % Correct -2.68% Incorrect -1.39% Incorrect -1.38% Incorrect -0.57% Incorrect -1.00% Incorrect -3.71% Incorrect PT Trimegah Securities Tbk - TRIM DAILY 14

15 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 15

16 PT Trimegah Securities Tbk Gedung Artha Graha 18 th Floor Jl. Jend. Sudirman Kav Jakarta 12190, Indonesia t f 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 b uy. This report has been produced independently and the forecasts, opinions and expectations contained herein are entirely those of Trimegah Secu rities. 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 whatsoeve r 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 company s equity securities.