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
William Simadiputra
[email protected]
(33.6)
Sumber: Perusahaan
William Simadiputra
[email protected]
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
Earnings Table (Rpm)
Ciputra Surya
Rp1,510 Kode: CTRS
Mkt Cap : Rp2.3tr
Earnings Table (Rpm) FY10
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
Operating Margin (%)
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
Richardo Putra Waluyo
[email protected]
SMGR: Result Inline
Ciputra Development
Rp710 Kode: CTRA
Mkt Cap : Rp10,7tr
Earnings Table (Rpm)
Semen Gresik
Rp12,350 Kode: SMGR
Mkt Cap : Rp73,2tr
Earnings Table (Rpm)
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
Richardo Putra Waluyo
[email protected]
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
Operating Margin (%)
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
Earnings Table (Rpm) FY11
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
Operating Margin (%)
17.9
18.9
Net Margin (%)
13.1
14.0
Sumber: Perusahaan
• • •
Richardo Putra Waluyo
[email protected]
UNVR: In-line Unilever Indonesia
Rp19,550 Kode: UNVR
Mkt Cap : Rp149,2tr
Earnings Table (Rpm) FY10
Revenue
Rp720 Kode: CTRP
Earnings Table (Rpm)
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
Operating Margin (%)
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
Earnings Table (Rpm)
Revenue Gross Profit
ACES: Pertumbuhan Margin Sangat Baik Ace Hardware Indonesia
Rp4,250 Kode: ACES
Mkt Cap : Rp7.3tr
Earnings Table (Rpm) FY10
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
Operating Margin (%)
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.