TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1 Macro: Feb inflation numbers are out today (see our published preview). We expect a 0.13% deflation Vs. consensus’ 0.18% inflation. A deflation would be positive for interest rate sensitive sectors: Banks, Auto, Property, Multi- finance. Note however, that with Rupiah depreciating closer to the psycholog- ical 13,000 mark we may continue to see near-term profit taking. Expect a mixed market movement this week. We also publish BBRI today, reiterate Buy with 13% upside to new TP 14600 while reiterating Buy. Result: JPFA Below TRIM Daily TRIM Highlights Mar 02 2015 Jakarta Composite Index (JCI) down by 1 poin or 0.02% to 5,450 yesterday. Index movers were mostly driven by trade, finance and property construc- tion. Total transaction value was Rp7.0tr. IDX recorded RP211bn net buy by foreign investors. JCI today is expected to continue its weakening trend and trade in 5427-5468 range. Technical Market View China’s central bank cut interest rates on Saturday, as the effort to support economy from slowing growth and deflation risks. The central bank said the 25 basis point cut in the benchmark interest rate to 5.35% - its second cut in just over three months - and a 25 basis point cut in the benchmark saving rate to 2.5% would be effective from Sunday. Global Wrap Technical analysis: trading picks JCI 5,450,3 Global Indices Reksa Dana Trimegah Asset Management Dual Listing (NYSE) Others (USD) (Rp) Chg % 45.1 14,581 -0.69 -1.5 TLKM Change -0.02% Transaction Volume (m) 6,521 Transaction Value (Rpbn) 6,962 Mkt Cap (Rptr) 5,428 Market 2015 P/E (x) 14.4 Market Div. Yield (%) 2.4% Price C hg % Dow Jones 18,132.7 -81.7 -0.4 Nasdaq 4,963.5 -24.4 -0.5 Nikkei 18,797.9 12.1 0.1 ST Times 3,402.9 -23.3 -0.7 FTSE 6,946.7 -3.1 -0.0 Hang Seng 24,823.3 -78.8 -0.3 NAB C hg % Trim Kapital 9,862.4 14 0.1 Trim Kapital + 3,606.4 6.9 0.2 Trim Syariah SHM 1,763.7 -5.1 -0.3 Tram Consumption + 1,589.5 -3.3 -0.2 Trim Komb 2 2,154.3 3.6 0.2 Trim Syariah B 2,487.5 -4.3 -0.2 Trim Dana Stabil 2,211.3 -1.0 -0.0 Trim Dana Tetap 2 1,779.9 0.2 0.0 Tram PDPT USD 1.1 0.0 0.1 Tram Reguler INC 994.7 0.0 0.0 Tram Strategic Fund 1,219.3 0.9 0.1 Trim Kas 2 1,143.0 0.3 0.0 Chg % USD IDR 12,932 101 0.8 10 yr Indo Govr bond (%) 7.06 0.0 0.1 10 yr US govt bond (%) 2.0 -0.02 -0.8 Spread (%) 5.06 0.02 0.9 EIDO 27.6 -0.3 -1.1 Foreign YtD (USDmn) 849 16 2 Stock Price Rating Reason ASRI 670 Buy Stochastic oscillator indicates a potential golden cross. For today ASRI would move upward within the range of 645-720 for today LPKR 1180 Buy LPKR will test its resistance level of 1180 with potential upside for today within the trading range of 1155-1225 HRUM 1655 Buy HRUM remains on a short term bullish pat- tern with the potensial upside to reach its 1700 resistance level. HRUM support- resistance level for today is 1575-1700 ITMG 16900 Buy ITMG remains on a short term bullish pat- tern with the potensial technical rebound today on the range of 16400-17450 ASII 7850 Buy In the short term, ASII has the opportuni- ty for a technical rebound with today’s trading range at 7600-8000 TLKM 2935 Buy Stochastic and RSI indicators indicates further upward movement for TLKM with support-resistance level at 2870-2990
15
Embed
TRIM Daily - Trimegah filemixed market movement this week. We also publish BBRI today, reiterate We also publish BBRI today, reiterate Buy with 13% upside to new TP 14600 while reiterating
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
TRIM DAILY PT Trimegah Securities Tbk - www.trimegah.com 1
Macro: Feb inflation numbers are out today (see our published preview). We
expect a 0.13% deflation Vs. consensus’ 0.18% inflation. A deflation would
be positive for interest rate sensitive sectors: Banks, Auto, Property, Multi-
finance. Note however, that with Rupiah depreciating closer to the psycholog-
ical 13,000 mark we may continue to see near-term profit taking. Expect a
mixed market movement this week. We also publish BBRI today, reiterate
Buy with 13% upside to new TP 14600 while reiterating Buy. Result: JPFA
Below
TRIM Daily
TRIM Highlights
Mar 02 2015
Jakarta Composite Index (JCI) down by 1 poin or 0.02% to 5,450 yesterday.
Index movers were mostly driven by trade, finance and property construc-
tion. Total transaction value was Rp7.0tr. IDX recorded RP211bn net buy by
foreign investors. JCI today is expected to continue its weakening trend and
trade in 5427-5468 range.
Technical Market View
China’s central bank cut interest rates on Saturday, as the effort to support
economy from slowing growth and deflation risks. The central bank said the
25 basis point cut in the benchmark interest rate to 5.35% - its second cut
in just over three months - and a 25 basis point cut in the benchmark saving
rate to 2.5% would be effective from Sunday.
Global Wrap
Technical analysis: trading picks
JCI 5,450,3
Global Indices
Reksa Dana Trimegah Asset Management
Dual Listing (NYSE) Others
(USD) (Rp) Chg %
45.1 14,581 -0.69 -1.5TLKM
Change -0.02%
Transaction Volume (m) 6,521
Transaction Value (Rpbn) 6,962
Mkt Cap (Rptr) 5,428
Market 2015 P/E (x) 14.4
Market Div. Yield (%) 2.4%
Price Chg %
Dow Jones 18,132.7 -81.7 -0.4
Nasdaq 4,963.5 -24.4 -0.5
Nikkei 18,797.9 12.1 0.1
ST Times 3,402.9 -23.3 -0.7
FTSE 6,946.7 -3.1 -0.0
Hang Seng 24,823.3 -78.8 -0.3
NAB Chg %
Trim Kapital 9,862.4 14 0.1
Trim Kapital + 3,606.4 6.9 0.2
Trim Syariah SHM 1,763.7 -5.1 -0.3
Tram Consumption +1,589.5 -3.3 -0.2
Trim Komb 2 2,154.3 3.6 0.2
Trim Syariah B 2,487.5 -4.3 -0.2
Trim Dana Stabil 2,211.3 -1.0 -0.0
Trim Dana Tetap 2 1,779.9 0.2 0.0
Tram PDPT USD 1.1 0.0 0.1
Tram Reguler INC 994.7 0.0 0.0
Tram Strategic Fund 1,219.3 0.9 0.1
Trim Kas 2 1,143.0 0.3 0.0
Chg %
USD IDR 12,932 101 0.8
10 yr Indo Govr bond (%) 7.06 0.0 0.1
10 yr US govt bond (%) 2.0 -0.02 -0.8
Spread (%) 5.06 0.02 0.9
EIDO 27.6 -0.3 -1.1
Foreign YtD (USDmn) 849 16 2
Stock Price Rating Reason
ASRI 670 Buy
Stochastic oscillator indicates a potential golden cross. For today ASRI would move upward within the range of 645-720 for today
LPKR 1180 Buy LPKR will test its resistance level of 1180 with potential upside for today within the
trading range of 1155-1225
HRUM 1655 Buy
HRUM remains on a short term bullish pat-tern with the potensial upside to reach its 1700 resistance level. HRUM support-resistance level for today is 1575-1700
ITMG 16900 Buy ITMG remains on a short term bullish pat-tern with the potensial technical rebound today on the range of 16400-17450
ASII 7850 Buy In the short term, ASII has the opportuni-ty for a technical rebound with today’s trading range at 7600-8000
TLKM 2935 Buy
Stochastic and RSI indicators indicates
further upward movement for TLKM with support-resistance level at 2870-2990
PT Trimegah Securities Tbk - www.trimegah.com TRIM DAILY 2
Result FY14
JPFA: Below consensus
• Net income was down by 44.2%YoY, forming 63.3% of FY consensus; below consensus
• Revenues grew +14.2%YoY; in-line with consensus.
• The company experienced lower gross margin (FY2014 14.0% vs. FY2013 16.9%) resulted from increase in raw material
(+16.6%YoY), labor (+34.4%YoY), and manufacturing expenses (+17.4%YoY) part of the production cost.
LPPF still booked 10.7% SSSG. We noted a declining bank loans by 57% YoY to Rp689bn, result-ing to a -17% interest expense.
7 12-Feb-15 BMRI 19,872 9% 18,978 19,951 95.5% 100.4% In-line Supported by 17.3% yoy growth in net interest income but lower loan growth than industry.
Negative revenues growth due to lower revenues from construction, while revenues from toll road up by +14.5% YoY
9 30-Jan-15 BBNI 10,783 19% 10,923 11,430 101.3% 106.0% In-line Backed by 13.5% yoy growth in non interest income
10 30-Jan-15 BDMN 2,604 -37% 1,474 2,211 56.6% 84.9% Below There was a Rp306bn restructur-ing cost and flat net interest income growth
11 27-Jan-15 BBRI 24,197 14% 24,366 24,487 100.7% 101.2% In-line Backed by 26.5% yoy growth in interest income and 12% growth in fee & other operating income