28 % TRIM DAILY TRADERS Mar 30, TRIM Highlight

TRIM DAILY TRADERS Mar 30, 2012

TRIM Highlight BBCA MEMBUKUKAN LABA BERSIH SEBESAR RP10.8TR, TUMBUH 27.6% YOY DAN INLINE DENGAN ESTIMASI KONSENSUS (+7.9%). PENOPANG PERTUMBUHAN PERIODE TERSEBUT ADALAH PERTUMBUHAN KREDIT SEBESAR 31.4%, KENAIKAN NIM MENJADI 5.7% DAN PEMBALIKAN CADANGAN SEBESAR RP569M. REKOMENDASI DAN TP AKAN KAMI REVIEW KEMBALI, TP LAMA ADALAH RP8200 DENGAN REKOMENDASI HOLD

Market View IHSG akhirnya dapat ditutup positif tipis sebesar 0.36% menuju level 4.105,16 setelah sepanjang sesi berada di zona negatif. Dengan nilai transaksi di pasar reguler sebesar Rp3.95tr, Investor Asing kembali mencatat Net Buy sebesar Rp471m. Saham – saham properti bergerak naik dengan KIJA mencatat gain terbesar diikuti oleh ELTY, ASRI dan LPKR. Saham Big Caps pun mulai menunjukkan kekuatannya seperti AALI, ASII, GGRM dan BBRI. Hari terakhir terkait keputusan kenaikan BBM berpotensi menjadi pemicu Aksi Taking Profit terlebih lagi Senin depan adalah pengumuman inflasi. Kami prediksi IHSG akan cenderung melemah dengan rentang 4.060 – 4.100.

Traders’ Picks Stock

Price Rec

BBCA

8.050 SellOS

ADHI

BWPT CFIN CPIN

28

%

adalah kenaikan laba bersih FY11 BBCA senilai Rp10.8tr dari 8.4tr pada FY10. Angka ini inline dengan concensus (+7.9%).

JCI Detail

Laba bersih meningkat 28% YoY namun masih Inline dengan Concensus (selisih 7%, lebih tinggi Actual) 760 Accumulate ADHI mulai menunjukkan pergerakan naik setelah volum meningkat dan telah melewati titik tengah dari pergerakan selama 52 Minggu 1.650 SellOS Laba bersih naik 32% dan Inline dengan Concensus 500 TradingBuy Laba bersih FY11 naik 37.63% dan Inline dengan Concensus 2.700 TradingSell Laba bersih FY11 naik 6.4% dan Inline dengan Concensus

Rekomendasi ini berdasarkan analisis teknikal (jangka pendek) dan dapat berbeda dengan rekomendasi analisis fundamental (jangka panjang)

4,105.2

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

: : : : : :

0.36% 4,021.3 4,667.2 3,861.5 12.6 3.5

Global Indices

Dow Jones Nasdaq Nikkei ST Times FTSE Hang Seng

13,145.8 3,095.4 10,114.8 2,994.1 5,742.0 20,609.4

Chg

(%)

19.6 -9.6 -67.8 -21.9 -67.0 -276.0

0.1 -0.3 -0.7 -0.7 -1.2 -1.3

*) Market Tutup

Reksa Dana Trimegah Asset Management

News of the Day World Market Wrap : •

•

•

US Klaim pengangguran menurun dibanding data sebelumnya namun lebih tinggi dibanding estimasi. Hal ini sedikit menambah sentimen negatif setelah bursa di Amerika Serikat mencatat pergerakan terbaik sejak 1998 di kuartal pertama EU Spanyol akan segera mengumumkan anggaran tahunan dan pasar memperkirakan Spanyol akan memasuki masa resesi yang membawa sentimen negatif untuk zona Eropa Asia China dan India masih berusaha mempertahankan untuk mengimpor minyak dari Iran dan mencari cara untuk lepas dari sanksi Amerika Serikat dan Eropa

Produk

29 Mar 2012

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

%

7,631.3 0.75 2,864.5 0.87 1,356.8 0.43 1,138.8 0.25 1,544.7 0.98 1,953.0 0.11 1,868.1 0.04 1,512.9 0.02 1.1 0.34 1,036.4 -0.11 1,069.1 0.23 1,000.0 0.00

Chg 57.0 24.6 5.8 2.8 15.0 2.2 0.7 0.4 0.0 -1.1 2.4 0.0

Silakan Menghubungi Trimegah Asset Management

Dual Listing (NYSE)

ISAT TLKM

28.0 30.2

5,140.6 6,921.7

Chg

(%)

0.2 0.1

0.8 0.5

TRIM Daily Traders Mar 30, 2012 Topics of the Day BWPT : Laba bersih Meningkat 32%

BBCA: Laba Bersih FY11 Tumbuh 27.6% YoY

Bank Central Asia

Rp8,050 Kode: BBCA

Mkt Cap : Rp196.5tr

Earnings Table (Rpm) FY10 Net Int. Inc. Non. Int. Inc.

Rp1,650 Kode: BWPT

Earnings Table (Rpm) FY11 Chg (%) 4Q10

12,937 16,837 7,345

BW Plantation Mkt Cap : Rp6.7tr

7,213

4Q11Chg (%)

FY10

FY11 Chg (%) 4Q10

4Q11Chg (%)

30.1 3,855

4,459

15.7

Revenue

712

888

24.7

294

227

(22.6)

-1.8 1,601

2,064

28.9

Gross Profit

467

614

31.4

196

177

(9.3)

Op. Profit

10,400 13,297

27.9 2,758

3,890

41.0

Operating Profit

371

483

30.2

159

124

(22.0)

Net Profit

8,479 10,820

27.6 2,370

3,165

33.5

Net Profit

244

320

31.5

101

85

(15.9)

5.3

5.7

Gross Margin (%)

65.6

69.1

66.6

78.0

NIM (%)

5.3

5.7

ROA (%)

3.5

3.8

3.5

3.8

Opr Margin (%)

52.1

54.4

54.1

54.5

ROE (%)

33.3

33.5

33.3

33.5

Net Margin (%)

34.2

36.1

34.5

37.5

Sumber: Perusahaan

•

•

•

Sumber: Perusahaan

Kinerja FY11 BBCA diatas ekpektasi kami (+14%), namun sesuai dengan konsensus (7.9%). Laba bersih FY11 tumbuh 27.6% YoY ditopang oleh peningkatan bunga bersih sebesar 30.1% YoY dan pembalikan pencadangan sebesar Rp569M. Kredit tumbuh 31.4% YoY, jauh diatas rata-rata industri sebesar 24.5%. Segmen kredit dengan pertumbuhan tertinggi adalah segmen consumer dengan pertumbuhan 37.6% YoY disusul oleh segmen komersial dan korporasi dengan pertumbuhan masing-masing sebesar 31.1% dan 27.6%.Di sisi pendanaan, DPK tumbuh 16.5% dan porsi CASA membesar dari 75.5% menjadi 77%. Kami akan review kembali target harga dan rekomendasi untuk BBCA. Rekomendasi lama kami adalah Buy dengan target harga Rp8200. BBCA saat ini diperdagangkan dengan PBV 4.7x, jauh diatas rata-rata industri sebesar 2.4x. Namun profitabilitas BBCA jauh lebih tinggi dengan ROE 33% vs industri 24%. Robby Hafil robby.hafi[email protected]

SGRO : Laba Bersih Meningkat 20% Sampoerna Agro

Rp3.600 Kode: SGRO

Mkt Cap : Rp6,8tr

Earnings Table (Rpm)

Revenue

FY10

FY11 Chg (%) 4Q10

4Q11Chg (%)

2,951

3,142

6.5

943

625

Gross Profit

843

1,061

25.9

359

147

(59.2)

Operating Profit

649

749

15.3

290

107

(63.3)

20.2

205

81

(60.6)

38.1

23.4

Net Profit

457

550

Gross Margin (%)

28.6

33.8

Opr Margin (%)

22.0

23.8

30.8

17.0

Net Margin (%)

15.5

17.5

21.8

12.9

William Simadiputra [email protected]

TBLA : Laba Bersih Meningkat 70% Tunas Baru Lampung

Rp630 Kode: TBLA

Mkt Cap : Rp3,1tr

Earnings Table (Rpm) FY10

FY11 Chg (%) 4Q10

2,951

3,732

Gross Profit

641

1,243

93.9

318

204

(36.0)

Operating Profit

350

614

75.7

194

120

(38.0)

69.7

(56.6)

Revenue

26.5 1,025

4Q11Chg (%) 768

Net Profit

248

421

123

53

Gross Margin (%)

21.7

33.3

31.0

26.5

Opr Margin (%)

11.8

16.5

18.9

15.6

Net Margin (%)

8.4

11.3

12.0

6.9

(25.1)

Sumber: Perusahaan


(33.6)

Sumber: Perusahaan


02

TRIM Daily Traders Mar 30, 2012 Topics of the Day PJAA: Pendapatan Flat laba Naik 14%

CTRS: CW I Surabaya Membuat Margin Terus Tumbuh

Pembangunan Jaya Ancol

Rp1,000 Kode: PJAA

Mkt Cap : Rp1.6tr


Ciputra Surya

Rp1,510 Kode: CTRS

Mkt Cap : Rp2.3tr


FY11

Chg (%)

FY10

FY11

Chg (%)

Revenue

922

933

1.2

Gross Profit

387

420

8.7

Revenue

593

805

35.6

Gross Profit

229

398

74.0

Operating Profit

198

204

2.8

Net Profit

142

162

14.4

Operating Profit

105

233

120.8

87

165

Gross Margin (%)

41.9

45.1

89.0

Gross Margin (%)

38.5

49.4

Operating Margin (%)

21.5

Net Margin (%)

15.4

21.8


17.8

28.9

17.4

Net Margin (%)

14.7

20.5

Sumber: Perusahaan

Net Profit

Sumber: Perusahaan

Richardo Putra Waluyo [email protected]

CTRA: Grup Ciputra Unjuk Gigi


SMGR: Result Inline

Ciputra Development

Rp710 Kode: CTRA

Mkt Cap : Rp10,7tr


Semen Gresik

Rp12,350 Kode: SMGR

Mkt Cap : Rp73,2tr


FY10

FY11 Chg (%) 4Q10

1,693

2,178

28.7

640

651

1.7

14.2 4,052

4,768

Gross Profit

735

1,043

41.9

279

332

19.0

Gross Profit

6,810

7,487

9.9 1,775

2,205

24.2

Operating Profit

342

499

46.0

159

149

(6.3)

Operating Profit

4,490

4,838

7.8 1,157

1,436

24.2

25.9

(31.2)

Net Profit

3,634

3,925

8.0

895

1,165

30.1

47.5

45.7

48.9

46.2

Revenue

4Q11Chg (%)

FY10 Revenue

FY11 Chg (%) 4Q10

14,344 16,379

4Q11Chg (%)

Net Profit

258

325

138

95

Gross Margin (%)

43.4

47.9

43.6

51.0

Gross Margin (%)

Opr Margin (%)

20.2

22.9

24.8

22.9

Opr Margin (%)

31.3

29.5

31.9

30.1

Net Margin (%)

15.2

14.9

21.6

14.6

Net Margin (%)

25.3

24.0

24.7

24.4

Sumber: Perusahaan

17.7

Sumber: Perusahaan


Michele Gabriela [email protected]

02

TRIM Daily Traders Mar 30, 2012 Topics of the Day JSMR: Result Inline

CTRP: Penjualan Kondo CW II Mendongkrak Pendapatan

Jasa Marga

Rp4,950 Kode: JSMR

Mkt Cap : Rp33.7tr

Earnings Table (Rpm) FY11 Chg (%) 4Q10

4Q11Chg (%)

Revenue

4,379

4,960

13.3 1,168

1,365

16.9

Gross Profit

2,732

3,159

15.6

655

806

23.0

Operating Profit

1,988

2,281

14.7

306

359

Net Profit

1,193

1,339

12.2

230

290

62.4

63.7

Opr Margin (%)

45.4

46.0

Net Margin (%)

27.3

27.0

FY10

FY11

Chg (%)

Revenue

356

440

23.7

Gross Profit

228

280

22.8

17.6

Operating Profit

109

134

23.0

26.1

Net Profit

155

159

2.1

Gross Margin (%)

64.0

63.6


30.5

30.4

Net Margin (%)

43.7

36.1

Sumber: Perusahaan

Sumber: Perusahaan

Michele Gabriela [email protected]

KLBF: In-line Kalbe Farma

Rp3,525 Kode: KLBF

Mkt Cap : Rp35,8tr


Chg (%)

10,227

10,912

6.7

Gross Profit

5,116

5,551

8.5

Operating Profit

1,835

2,059

12.2

Net Profit

1,344

1,523

13.3

Gross Margin (%)

50.0

50.9


17.9

18.9

Net Margin (%)

13.1

14.0

Sumber: Perusahaan

• • •


UNVR: In-line Unilever Indonesia

Rp19,550 Kode: UNVR

Mkt Cap : Rp149,2tr


Revenue

Rp720 Kode: CTRP


FY10

Gross Margin (%)

Ciputra Property Mkt Cap : Rp4.4tr

FY10

FY11

Chg (%)

Revenue

19,690

23,469

19.2

Gross Profit

10,205

12,006

17.6

Operating Profit

4,543

5,454

20.1

Net Profit

3,385

4,164

23.0

Gross Margin (%)

51.8

51.2


23.1

23.2

Net Margin (%)

17.2

17.7

Sumber: Perusahaan

Pendapatan dan net profit in-line. Efisiensi kerja meningkat dengan kenaikan operating margin 100bps dan net profit 90bps. Belum ada katalis pertumbuhan yang signifikan tahun ini

• •

Penjualan dan pendapatan in-line Premium sudah cukup tinggi Ivan Chamdani [email protected]

Ivan Chamdani [email protected]

04

TRIM Daily Traders Mar 30, 2012 Topics of the Day CPIN: In-line Margin Menipis Charoen Pokphand Indonesia

Rp2,700 Kode: CPIN

Mkt Cap : Rp44.3tr


Revenue Gross Profit

ACES: Pertumbuhan Margin Sangat Baik Ace Hardware Indonesia

Rp4,250 Kode: ACES

Mkt Cap : Rp7.3tr


FY11

Chg (%)

15,078

17,958

19.1

3,754

3,924

4.5

Gross Profit

Revenue

Operating Profit

2,837

3,009

6.1

Operating Profit

Net Profit

6.4

FY10

FY11 Chg (%) 4Q10

4Q11Chg (%)

1,641

2,406

46.6

482

697

44.4

709

1,136

60.3

208

346

66.4

209

363

73.7

71

121

71.8

66.7

57

92

63.6

43.1

49.6

2,220

2,363

Net Profit

168

280

Gross Margin (%)

24.9

21.9

Gross Margin (%)

43.2

47.2


18.8

16.8

Opr Margin (%)

13.4

15.4

14.6

18.5

Net Margin (%)

14.7

13.2

Net Margin (%)

10.2

11.6

11.7

13.3

Sumber: Perusahaan

• •

Sumber: Perusahaan,

Sales dan Net profit in-line dengan consensus. Margin menipis karena kenaikan bahan baku pangan, dan beberapa kejadian gagal panen juga tidak mendorong sales. Harga ayam untuk produk ayam olahan naik. Ivan Chamdani [email protected]

• •

Revenue melebihi perkiraan kami (+7.5%) dan net profit juga (+14.3%) Ekspansi 31,116 sqm dan bonus besar karyawan mendorong Ivan Chamdani [email protected]

05

TRIM Daily Traders Mar 30, 2012 Statistics JCI

4,105.2

YTD (Rp) YTD (USD) Moving Avg 20day Moving Avg 50day Moving Avg 200day

14.6

0.36%

7.41% Volume (m) 7.41% Nilai (Rpbn) 4,018.6 Mkt Cap (Rptr) 3,985.7 Market P/E (x) 3,851.1 Market Div. Yield (%)

4,021.3 4,667.2 3,861.5 12.6 3.5

Indices

Region

MXWO SPX

MSCI Word S&P 500

+/-

(%)

YTD (%)

1,305.4 1,403.3

-7.0 -2.3

-0.54 -0.2

10.39 11.58

US Dow Jones Industrial Nasdaq

13,145.8

19.6

0.15

7.60

US

3,095.4

-9.6

-0.3

18.82

Europe London Jerman France Swiss

260.7 5,742.0 6,875.2 3,381.1 6,176.3

-3.4 -67.0 -123.7 -49.0 -74.2

-1.27 -1.15 -1.77 -1.43 -1.19

6.62 3.05 16.56 7.00 4.04

Brazil Russia India India China China

64,872.0 1,494.9 17,058.6 5,178.9 2,252.2 895.1

-207.4 -25.5 -63.0 -15.9 -32.7 -14.5

-0.32 -1.68 -0.37 -0.31 -1.43 -1.60

14.30 6.61 10.38 11.99 2.40 3.28

Japan Japan Hong kong S.Korea Taiwan Singapore

10,114.8 857.7 20,609.4 2,014.4 7,872.7 2,994.1

-67.8 -6.7 -276.0 -17.3 -165.4 -21.9

-0.67 -0.77 -1.32 -0.85 -2.06 -0.73

19.63 17.72 11.80 10.33 11.32 13.14

Thailand Philipines Malaysia Vietnam

1,203.9 5,085.2 1,585.4 439.6

-0.1 17.6 1.7 -6.7

-0.01 0.35 0.11 -1.50

17.42 16.31 3.57 25.05

+/-

(%)

YTD (%)

-0.002 0.007 0.001 -0.002 -0.001 0.001 -0.440 0.001 -0.000 0.001 34.00

-0.11 0.43 0.12 -0.19 -0.06 0.06 -0.53 0.01 -0.01 0.10 0.37

2.63 2.67 -3.39 -2.44 1.70 5.16 7.22 0.18 -0.04 -2.92 1.26

Europe Indonesia & Sectors MSCI Indonesia JII LQ45 JAKFIN Index JAKINFR Index JAKMINE Index JAKCONS Index JAKTRAD Index JAKMIND Index JAKBIND Index JAKPROP Index JAKAGRI Index

+/4,973.7 579.3 708.5 507.9 745.1 2,759.9 1,328.3 721.4 1,314.6 438.6 278.4 2,422.8

Commodities

17.7 1.7 2.5 1.3 2.5 -13.5 6.0 -1.3 20.8 -0.8 6.0 19.4 +/-

CRB Index

(%) YTD (%) 0.36 0.30 0.35 0.00 0.00 -0.00 0.00 -0.00 0.02 -0.00 0.02 0.01

4.49 7.88 5.20 3.28 6.53 8.98 0.94 23.91 0.26 7.43 21.45 12.90

(%) YTD (%)

305.9

-5.5

-1.78

0.21

102.8 2.1 102.8 101.1 104.4

-2.6 -0.0 2.7 1.2 0.0

-2.50 -1.92 2.70 1.20 0.00

4.00 -28.10 -5.95 -7.83 -4.92

2,102.5 17,150 22,700

-35.3 -425.0 275.0

-1.65 -2.42 1.23

5.28 -8.34 18.23

Oil & Gas Crude Oil Natural Gas COAL (Rotterdam) COAL (Amsterdam) COAL (Australia,wk) Industrial Metals Alumunium Nickel Tin Precious Metal Gold Silver

1,652.2 32.0

-5.7 0.2

-0.34 0.51

5.45 14.77

Soft Commodities CPO (Malaysia) CPO (Netherland) Rubber Corn Wheat Soybeans Rice (Indonesia)

3,483.0 1,160.0 3,778.8 604.0 612.5 1,355.5 8,500.0

-17.0 -5.0 -40.3 -16.3 -18.3 -12.0 0.0

-0.49 -0.43 -1.05 -2.62 -2.89 -0.88 0.00

9.70 11.54 17.43 -6.57 -6.17 13.10 3.66

JCI Winners Stock MYOH EXCL PNBN BSDE AALI ASII GGRM BBRI TLKM BBNI

JCI Losers Price

5,350 5,100 830 1,320 23,100 72,950 54,350 7,000 7,050 3,975

EURO 50 FTSE DAX CAC SMI BRIC BOVESPA MICEX SENSEX NIFTY SHCOMP SZCOMP Developed ASIA Nikkei TPX HIS KOSPI TAIEX FSSTI ASEAN SET PCOMP KLCI VNINDEX *) Market Tutup

Kurs

Region

EURUSD GBPUSD USDCHF USDCAD AUDUSD NZDUSD USDJPY USDCNY USDHKD USDSGD Rupiah

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

1.330 1.596 0.906 0.996 1.038 0.817 82.5 6.306 7.764 1.259 9,183

JCI Last Day

(%)

Stock

Price

(%)

18.89 5.15 3.75 3.13 2.90 1.96 1.49 1.45 0.71 0.63

MAPI EMTK ICBP BRAU PGAS BUMI BMRI BBCA UNTR ADRO

6,500 4,250 5,250 540 3,750 2,375 6,800 8,050 32,400 1,920

-3.70 -3.41 -2.78 -1.82 -1.32 -1.04 -0.73 -0.62 -0.61 -0.52

Value BBRI ASII BMRI SSIA INDF GGRM TLKM LPKR AALI DILD

(Rpbn) 278,597 237,910 202,787 155,147 132,976 116,605 113,669 105,410 101,155 99,595

Volume DILD ELTY KIJA SSIA ASRI LPKR MDLN BKSL ENRG LCGP

Nilai (Lot) 643,268 528,436 329,174 311,069 273,829 268,136 261,119 195,350 168,374 145,163

Freq SSIA LMPI DILD INDF MNCN BBRI ASII RICY INTA LCGP

(x) 3,164 2,919 2,527 2,427 2,313 2,152 1,981 1,975 1,831 1,816

06

RESEARCH TEAM Michele Gabriela Equity Analyst ([email protected])

Richardo Putra Waluyo Equity Analyst ([email protected])

William Simadiputra Equity Analyst ([email protected])

Ivan Chamdani Equity Analyst ([email protected])

Muhamad Makky Dandytra Technical Analyst ([email protected])

T Heldy Arifien Technical Analyst ([email protected])

Windra Djulnaily Pluit, Jakarta ([email protected])

Ferry Zabur Kelapa Gading, Jakarta ([email protected])

Ariawan Anwar Artha Graha, Jakarta ([email protected])

Nathanael Benny Prasetyo Mangga Dua, Jakarta ([email protected])

Very Wijaya Kebon Jeruk, Jakarta ([email protected])

Untung Wijaya Semarang, Jawa Tengah ([email protected])

Sonny Muljadi Surabaya, Jawa Timur ([email protected])

Juliana Effendy Medan, Sumatera Utara ([email protected])

Ni Made Dwi Hapsari Wijayanti Denpasar, Bali ([email protected])

Philip Fernando Suwandi Makassar, Sulawesi Selatan ([email protected])

Agus Jatmiko Balikpapan, Kalimantan Timur ([email protected])

Asep Saepudin Bandung, Jawa Barat ([email protected])

Donny Kristanto Setiadi Palembang, Sumatra Selatan ([email protected])

Tantie Rivi Watie Pekanbaru, Riau ([email protected])

Agus Bambang Suseno Solo, Jawa Tengah ([email protected])

Untung Wijaya Yogyakarta, Jawa Tengah ([email protected])

Ariffianto Cirebon, Jawa Barat (ariffi[email protected])

Rr. Putri Ayu Erikusuma Malang, Jawa Timur ([email protected])

Rovandi Research Assistant ([email protected])

EQUITY CAPITAL MARKET TEAM Nathanael Benny Prasetyo Head of Retail ECM ([email protected])

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 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 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 officer 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 company’s equity securities.

28 % TRIM DAILY TRADERS Mar 30, TRIM Highlight

Recommend Documents