OSO SECURITIES. OSO Daily 09 Desember 2014 JCI 5, %

OSO SECURITIES

OSO Daily 09 Desember 2014

MEMBER OF INDONESIA STOCK EXCHANGE

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JCI 5,144.01 Previous 5,187.99 Highest 5,207.21 Volbn 7.10 NetForg 1DIDRbn (391.79) Return YTD (%) 20.35 Indices Countries Americas Dow Jones United States S&P 500 United States Nasdaq United States EIDO United States EMEA FTSE 100 United Kingdom CAC 40 France D DAX Germany Asia Pacific Nikkei Japanese Shanghai China TWSE Taiwan KOSPI Korea KLSE Malaysia ST – Times Singapore Sensex India Hangseng Hongkong Sectoral Previous AGRICULTURE 2,333.30 MINING 1,440.72 MISC INDUSTRY 1,247.48 BASIC INDUSTRY 554.28 CONSUMER GOODS 2,129.01 PROPERTY 514.30 INFRASTRUKTUR 1,159.00 FINANCE 728.80 MANUFAKTURE 1,311.89 TRADE 864.58 LQ 45 893.78 SRI-KEHATI 296.77 Commodities Oil (USD/bbl) Nickel (USD/mtrc ton) Tins (USD/mtrc ton) Gold (USD tr.oz) Copper (USD/mtrc ton) CPO (MYR/ton) Coal (USD/ton) Currencies IDR / USD IDR / AUD IDR / EUR IDR /SGD IDR / JPY IDR / GBP Global Macro Economics United States Euro Area United Kingdom Japan China Domestic Macro Economics Jibor GovBonds (5y) GovBonds (10y) Inflasi YoY Inflasi MoM BI Rate GDP Growth YoY Foreign Reserve (Bn)

-43.98

-0.84%

Lowest Val IDR bn Mkt Cap IDRtr NetForgYTDIDRbn Month to date (%) Last

Chg%

5,124.54 5,381.89 5,132.07 49,337.59 (0.11) YTD%

17,852.48 2,060.31 4,740.69 27.08

(0.59) (0.73) (0.84) (1.74)

7.70 11.47 13.51 18.56

6,672.15 4,375.48 10,014.99

(1.05) (1.00) (0.72)

(1.14) 1.85 4.85

17,935.64 3,020.26 9,187.29 1,978.95 1,740.84 3,302.12 28,119.40 24,047.67 Last 2,299.27 1,407.22 1,245.77 552.07 2,106.89 505.42 1,153.63 721.95 1,303.44 862.11 884.28 293.76 Last 62.89 16,680.00 20,455.00 1,201.23 6,405.00 2,148.00 62.15 Last 12,390 10,253 15,191 9,361 102 19,286 CB Rate (%) 0.25 0.05 0.50 0.10 5.60 Last 5.80 7.69 7.87 6.23 1.50 7.75 5.01 111.1436

0.08 2.81 (0.21) (0.39) (0.49) (0.67) (1.19) 0.19 Chg% (1.46) (2.33) (0.14) (0.40) (1.04) (1.73) (0.46) (0.94) (0.64) (0.29) (1.06) (1.01) Chg% (0.25) (0.71) 1.26 (0.19) (0.71) 0.61 (2.28) Chg% (0.73) 0.49 0.17 (0.21) 0.11 (0.14) CPI YoY (%) 1.70 0.30 1.30 2.90 1.60 Chg% 0.00 0.35 0.18

10.09 42.74 6.69 (1.61) (6.76) 4.25 32.82 3.18 YTD% 7.44 (1.55) 3.38 14.84 18.23 49.98 23.99 33.61 13.28 10.98 24.35 25.94 YTD% (36.10) 20.00 (8.48) (0.37) (12.98) (18.26) (26.54) YTD% (1.77) 5.87 10.31 2.78 13.34 4.29 GDP YoY (%) 2.40 0.80 3.00 (1.30) 7.30 YTD% (3.54) (4.19) (6.95)

NAV/Unit 1,026.00 1,049.22 1,011.80

1 Mth (%) 3.30 3.98 2.43

Sumber : Bloomberg

Mutual Fund Oso Sustainability Fund Oso Syariah Equity Fund Oso Socent Fund

Market Review Awal pekan ini (08/12) IHSG mengalami pelemahan. IHSG terkoreksi 0.84% atau turun 43.98 poin menjadi 5,144.01. IHSG terkena aksi profit di tengah rilisnya data ekonomi China Balance of Trade yang mengalami kenaikan dari US$45.41 miliar menjadi US$54.5 miliar. Selain itu, Japan merilis Current Account yang mengalami penurunan dari sebelumnya dan GDP Growth Rate QoQ Final yang masih dibawah estimasi menekan laju bursa Nikkei. Seluruh sektor yang ada di BEI mengalami penurunan dengan sektor pertambangan yang mengalami penurunan terdalam. Investor asing mencatatkan net sell sebesar Rp391 miliar. Global Market Sementara itu, indeks di bursa Wall Street pada perdagangan semalam ditutup mengalami pelemahan, di mana Indeks Dow Jones turun 0.59% di level 17,852.48, Indeks S&P mengalami koreksi 0.73% menjadi 2,060.31 dan Indeks Nasdaq mengalami pelemahan 0.84% menjadi 4,740.69. Minimnya rilis data ekonomi membuat pelaku pasar melakukan profit taking di tengah kekuatiran pertumbuhan perekonmian global dan harga minyak yang berada di level terendahnya membuat saham-saham dari sektor energy mengalami tekanan. JCI Prediction Hari ini kami perkirakan IHSG bergerak melanjutkan pelemahan. Secara teknikal, IHSG berada di atas area middle bollinger bands. Indikator MACD hamper membentuk dead cross, indikator stochastic oscillator telah membentuk dead cross pada area overbought yang mengindikasikan pelemahan. Kami perkirakan IHSG akan berada pada kisaran support 5,105 dan resistance 5,200. Highlight News  Harga IPO Impact Pratama Rp 3.800  Anak Usaha BUMN Diprioritaskan IPO  Merger INAF dan KAEF akan Diputuskan Pekan Ini  Pendapatan PSAB Melonjak 210.41% YoY  Pefindo Pangkas Peringkat MYOR  ISAT Turunkan Emisi Sukuk Ijarah  SMRA Siapkan Capex Rp 1 Triliun  Target BKSL Kurang Rp 550 Miliar

OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE


Today News 

Harga IPO Impact Pratama Rp 3.800 PT Impack Pratama Industri segera melantai di BEI. Perseroan menawarkan harga antara Rp 3.200 hingga Rp 3.900 per saham. Berdasarkan prospektus awal, saham yang akan dilepas 40%, terdiri dari 10% saham baru dan 30% saham divestasi. Pada akhirnya harga IPO ditetapkan Rp 3.800 per saham. Namun, jumlah saham yang dilepas kemungkinan tidak mencapai 40%. 36% dari dana IPO untuk pembayaran sebagian pembelian tanah, 24% untuk entitas anak dan 40% ke modal kerja. Impack Pratama merupakan perusahaan yang bergerak di bidang produksi produk plastik, perdagangan plastik untuk kebutuhan konsumen dan real estat. Sumber: Kontan



Anak Usaha BUMN Diprioritaskan IPO Pemerintah memprioritaskan anak usaha BUMN untuk melaksanakan IPO saham pada 2015. Beberapa anak usaha BUMN yang layak IPO antara lain PT PP Properti, PT Garuda Maintenance Facility Aero Asia (GMF), PT Perkebunan Nusantara (PTPN) VII, dan PT PLN Batam. Pemerintah ingin menawarkan perusahaan yang memiliki value tinggi kepada masyarakat. Sumber: Investor Daily



Merger INAF dan KAEF akan Diputuskan Pekan Ini Rencana merger antara PT Indofarma Tbk (INAF) dan PT Kimia Farma Tbk (KAEF) yang terkatung-katung sejak 2010, tampaknya bakal ada titik terang di penghujung tahun ini. Pemerintah mengaku siap memutuskan penggabungan KAEF dan INAF pekan ini. Hingga kuartal III-2014, INAF memang masih membukukan kerugian hingga Rp35 miliar. Namun, Perseroan optimistis bisa membalikkan keadaaan dan mengincar laba Rp1 miliar pada akhir tahun. Adapun, kinerja KAEF sepanjang 9 bulan pertama tahun ini mencatatkan laba bersih Rp145 miliar atau naik 19,64% YoY. Sumber: Bisnis Indonesia



Pendapatan PSAB Melonjak 210.41% YoY PT J Resources Asia Pasifik Tbk (PSAB) mencatatkan peningkatan kinerja keuangan secara signifikan per kuartal III-2014 dengan membukukan kenaikan pendapatan sebesar 210,41% YoY. Perseroan berhasil mencetak laba bersih senilai US$12,14 juta setelah pada periode yang sama tahun lalu harus merugi hingga US$31,55 juta. Melonjaknya pendapatan tersebut dikarenakan pada tahun ini Perseroan berhasil menambah satu customer yakni Metalor Technologies Singapore Pte. Ltd. yang menyumbang pendapatan sebesar US$145,98 juta atau 72% dari total penjualan. Sumber: Bisnis Indonesia



Pefindo Pangkas Peringkat MYOR Pefindo menurunkan peringkat PT Mayora Indah Tbk (MYOR) menjadi negatif dari sebelumnya di level stabil. Ini adalah antisipasi melemahnya rasio struktur permodalan dan proteksi arus kas MYOR sebagai dampak dari melandainya profitabilitas dan utang yang lebih besar dari perkiraan. Sumber: Bisnis Indonesia

OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE




ISAT Turunkan Emisi Sukuk Ijarah PT Indosat Tbk (ISAT) resmi mengubah porsi emisi obligasi konvensional dan sukuk ijarah senilai total Rp2,5 triliun. Perseroan turunkan nilai emisi sukuk ijarah berkelanjutan I sebesar 36,67% menjadi Rp190 miliar dari awalnya Rp300 miliar. Adapun, emisi obligasi konvensional dinaikkan menjadi Rp2,31 triliun dari awalnya Rp2,2 triliun. Porsi emisi diubah karena investor kurang meminati penerbitan sukuk ijarah. Sumber: Bisnis Indonesia



SMRA Siapkan Capex Rp 1 Triliun PT Summarecon Agung Tbk (SMRA) menyiapkan belanja modal sebesar Rp1 triliun tahun depan, untuk ekspansi lahan di sejumlah daerah. Nilai belanja modal itu lebih rendah dari tahun ini yang sebesar Rp1,5 triliun. Dana itu akan digunakan untuk membeli lahan di Bandung, Bogor, Bekasi, Tangerang, Yogyakarta, Jawa Tengah, Jawa Timur, Sulawesi, dan Sumatera Selatan. Lahan itu akan dikembangkan menjadi mixed use. Per kuartal III-2014, Perseroan bukukan pendapatan tumbuh 19,16% YoY dan laba bersih naik 0.42% YoY. Sumber: Bisnis Indonesia



Target BKSL Kurang Rp 550 Miliar PT Sentul City Tbk (BKSL) masih membutuhkan Rp550 miliar untuk mengejar target pendapatan prapenjualan 2014 yang totalnya sebesar Rp2 triliun. Hingga November, Perseroan telah meraih Rp1,45 triliun atau 72% dari total target marketing sales tahun ini. Untuk memaksimalkan pencapaian target hingga akhir tahun, Perseroan akan fokus meningkatkan penjualan existing product. Sumber: Bisnis Indonesia

OSO SECURITIES



Trading Idea IATA Rp. 81 Saham ini telah break MA 45 dan MA 100 sekaligus serta hampir break upper Bollinger band. Indikator RSI baru crossover MA 10 dan MACD serta stochastic baru membentuk golden cross.

Recommendation: Buy on Breakout Buy on Breakout untuk IATA jika break 81 dengan target price di level 85 dalam jangka waktu dekat. Support di level 80 dan cutloss jika break level 79.

ADES Rp. 1370 Walaupun saham ini masih bergerak dalam pola minor downtrend, akan tetapi kemarin saham ini menunjukkan hampir break pola minor downtrend. Hal ini terlihat dari indikator RS yang telah break downtrend line dan stochastic baru membentuk golden cross.

Recommendation: Buy on Breakout Buy on Breakout untuk ADES jika break 1370 dengan target price di level 1385 dalam jangka pendek. Support di level 1360 dan cutloss jika break level 1350.

BUMI Rp. 70 Saham ini memang masih bergerak dalam pola minor downtrend, akan tetapi telah terbentuk positive divergence walaupun indikator RS dan stochastic masih bergerak melemah dan telah berada di area oversold.

Recommendation: Speculative Buy Speculative Buy untuk BUMI dengan target price terdekat di level 77. Support di level 70 dan cutloss jika break level 68.

Rating Definitions Buy On Breakout Buy On Weakness Speculative Buy Sell On Strength

: Buying when the stock prices breach up the predetermined resistance level : Buying when the stock prices reach the potential bottoming area : Buying stock that yields around 1:1 reward-to-risk ratio and usually has no significant indication to rise : Selling when the stock prices are experiencing technical rebound

OSO SECURITIES



Fundamental Analysis (LQ 45) Ticker AALI ADHI ADRO AKRA ANTM ASII ASRI BBCA BBNI BBRI BBTN BDMN BMRI BMTR BSDE CPIN CTRA EXCL GGRM HRUM ICBP INCO INDF INTP ITMG JSMR KLBF LPKR LPPF LSIP MNCN PGAS PTBA PTPP PWON SCMA SMGR SMRA TAXI TBIG TLKM UNTR UNVR WIKA WSKT

Last Price

P/BV (x)

23,900 3.48 2,945 3.49 1,095 0.99 4,535 3.46 960 0.75 7,100 3.18 575 2.04 13,275 4.39 5,975 1.99 11,325 3.06 1,135 1.01 4,420 1.32 10,550 2.54 1,470 1.83 1,840 2.29 4,080 6.14 1,300 2.83 4,890 2.99 59,875 3.63 1,690 1.22 11,600 4.99 3,980 1.73 6,625 2.30 25,100 3.97 17,975 1.69 6,875 4.72 1,725 9.19 1,155 1.81 15,650 #N/A N/A 1,975 1.92 2,250 3.77 5,975 4.46 13,100 3.55 3,140 7.08 497 4.81 3,230 15.25 16,625 4.38 1,495 4.28 1,110 2.71 9,600 10.76 2,805 4.26 17,550 1.82 31,150 43.43 3,120 4.61 1,110 4.44

P/E (x) 2015F 13.36 14.31 11.03 18.92 18.31 12.97 8.17 17.24 9.80 10.37 7.79 11.54 10.95 12.60 13.30 19.15 13.63 33.14 18.76 13.62 21.88 12.34 12.28 16.33 8.89 25.47 31.53 16.63 23.00 12.34 13.85 14.17 14.32 22.18 12.16 26.48 15.81 16.45 13.95 24.69 16.54 10.84 38.41 23.18 20.46

PEG (0.54) 0.18 (0.00) (27.24) #VALUE! (682.60) (0.65) 0.99 0.39 1.05 43.93 18.15 0.71 (0.56) 0.08 (5.58) 0.26 #VALUE! 2.86 (0.22) 16.22 (0.00) (0.69) 3.44 (0.17) (1.93) 3.67 1.20 0.71 (0.42) 13.12 1.48 (0.38) 0.86 0.30 (1.15) 1.64 0.59 1.05 0.67 1.85 (0.64) 4.20 1.72 194.21

BETA 0.08 2.02 0.33 1.17 0.48 1.38 1.92 1.21 1.68 1.64 1.58 0.65 1.62 1.41 1.45 1.97 2.12 0.62 0.95 0.11 1.27 0.47 1.19 1.15 0.47 0.72 1.31 1.87 1.39 0.29 1.22 1.02 0.52 1.87 1.91 0.84 1.35 2.03 1.22 0.58 1.10 0.73 0.99 1.53 2.13

ROA (%)

ROE (%)

DER (x)

16.95 28.06 0.28 3.52 23.12 0.95 3.79 9.64 0.83 4.71 14.17 1.08 (2.28) (4.04) 0.53 9.19 24.35 0.77 4.38 12.20 0.89 3.14 23.71 0.11 2.63 19.95 0.59 3.72 29.18 0.26 0.95 11.02 1.63 1.71 10.08 0.98 2.65 22.19 0.45 2.94 6.35 0.47 15.37 30.69 0.40 12.17 19.85 0.29 5.63 17.68 0.43 (1.62) (5.39) 1.16 9.84 17.14 0.44 5.23 8.02 11.12 18.95 0.16 5.19 6.78 0.13 4.52 15.11 1.16 20.07 22.85 0.01 14.66 21.63 4.79 15.37 1.23 18.16 24.94 0.07 4.10 10.10 0.61 49.17 #N/A N/A #VALUE! 12.83 15.44 15.40 23.09 0.07 17.66 32.86 0.41 17.03 29.65 0.01 4.08 25.07 0.77 14.23 36.08 0.46 33.28 49.24 0.00 18.45 26.70 0.20 8.14 23.92 0.56 6.18 17.82 1.14 7.91 38.63 3.25 11.27 23.94 0.31 10.44 18.46 0.12 37.26 96.71 0.23 4.29 16.60 0.41 4.06 16.77 0.68

EAT 1 Year Growth (%) (25.26) 91.88 (328,068.05) (0.92) (86.04) (0.02) (27.08) 20.54 28.50 11.08 0.22 0.74 17.41 (53.61) 109.28 (5.89) 65.13 (62.68) 7.85 (68.21) 1.71 (514,285.71) (23.43) 5.25 (46.32) (16.70) 10.67 16.05 49.20 (31.22) 1.33 8.98 (34.83) 35.85 51.45 (28.48) 10.82 33.00 15.45 43.91 10.15 (16.34) 10.65 19.20 0.15

Fair Value 27,075 3,105 1,230 5,125 895 7,575 580 13,125 6,300 12,475 1,185 3,785 11,775 2,045 2,025 4,425 1,340 6,475 66,850 1,430 11,975 4,740 7,900 25,750 23,125 7,150 1,775 1,235 17,850 2,180 2,860 6,425 13,725 3,100 535 3,635 17,650 1,605 1,510 9,250 2,925 21,025 29,575 3,145 1,095

Up-Side Market Cap Recommendation (Down-Side) (%) (Tn) 13.28 5.43 12.33 13.01 (6.77) 6.69 0.87 (1.13) 5.44 10.15 4.41 (14.37) 11.61 39.12 10.05 8.46 3.08 32.41 11.65 (15.38) 3.23 19.10 19.25 2.59 28.65 4.00 2.90 6.93 14.06 10.38 27.11 7.53 4.77 (1.27) 7.65 12.54 6.17 7.36 36.04 (3.65) 4.28 19.80 (5.06) 0.80 (1.35)

Buy Buy Buy Buy Sell Buy Hold Sell Buy Buy Hold Sell Buy Buy Buy Buy Hold Buy Buy Sell Hold Buy Buy Hold Buy Hold Hold Buy Buy Buy Buy Buy Hold Sell Buy Buy Buy Buy Buy Sell Hold Buy Sell Hold Sell

37.64 5.30 35.02 17.75 9.16 287.43 11.30 327.30 111.43 279.38 11.99 42.36 246.17 20.87 33.80 66.90 19.72 41.73 115.20 4.57 67.64 39.55 58.17 92.40 20.31 46.75 80.86 26.65 45.67 13.48 32.12 144.84 30.18 15.21 23.94 47.23 98.61 21.57 2.38 46.05 282.74 65.46 237.67 19.19 10.78

OSO SECURITIES



Technical Analysis (LQ 45) Ticker JCI AALI ADHI ADRO AKRA ANTM ASII ASRI BBCA BBNI BBRI BBTN BDMN BMRI BMTR BSDE CPIN CTRA EXCL GGRM HRUM ICBP INCO INDF INTP ITMG JSMR KLBF LPKR LPPF LSIP MNCN PGAS PTBA PTPP PWON SCMA SMGR SMRA TAXI TBIG TLKM UNTR UNVR WIKA WSKT

Last 5,144 23,900 2,945 1,095 4,535 960 7,100 575 13,275 5,975 11,325 1,135 4,420 10,550 1,470 1,840 4,080 1,300 4,890 59,875 1,690 11,600 3,980 6,625 25,100 17,975 6,875 1,725 1,155 15,650 1,975 2,250 5,975 13,100 3,140 497 3,230 16,625 1,495 1,110 9,600 2,805 17,550 31,150 3,120 1,110

Open

High

5,198 24,400 3,045 1,125 4,530 965 7,175 600 13,275 6,125 11,400 1,160 4,430 10,750 1,525 1,830 4,125 1,340 4,950 59,600 1,725 11,850 4,125 6,700 25,250 18,000 7,000 1,790 1,180 15,725 2,025 2,320 6,025 13,450 3,220 520 3,250 16,700 1,540 1,115 9,550 2,875 17,675 31,700 3,200 1,155

5,207 24,550 3,060 1,135 4,560 970 7,175 605 13,400 6,200 11,500 1,165 4,430 10,775 1,535 1,870 4,130 1,340 4,985 60,075 1,730 11,875 4,125 6,700 25,500 18,150 7,000 1,800 1,190 15,850 2,030 2,340 6,025 13,450 3,260 520 3,300 16,775 1,545 1,125 9,650 2,875 17,900 31,700 3,205 1,165

Low 5,125 23,750 2,930 1,090 4,490 950 7,050 570 13,225 5,925 11,275 1,130 4,400 10,475 1,465 1,805 4,070 1,290 4,890 59,600 1,680 11,550 3,970 6,600 24,925 17,675 6,850 1,715 1,145 15,350 1,975 2,250 5,925 13,100 3,100 495 3,190 16,500 1,475 1,105 9,500 2,795 17,425 31,050 3,100 1,090

Year-to-Date (YtD%) 20.35% -4.78% 95.03% 0.46% 3.66% -11.93% 4.41% 33.72% 38.28% 51.27% 56.21% 30.46% 17.09% 34.39% -22.63% 42.64% 20.89% 73.33% -5.96% 42.56% -38.55% 13.73% 50.19% 0.38% 25.50% -36.93% 45.50% 38.00% 26.92% 42.27% 2.33% -14.29% 33.52% 28.43% 170.69% 84.07% 23.05% 17.49% 91.67% -23.97% 65.52% 31.71% -7.63% 19.81% 97.47% 174.07%

MA5

RSI Rec

Negatif Negatif Negatif Negatif Positif Positif Positif Negatif Negatif Positif Positif Negatif Negatif Negatif Positif Negatif Negatif Negatif Positif Positif Negatif Negatif Negatif Negatif Positif Positif Negatif Negatif Negatif Negatif Negatif Positif Negatif Negatif Positif Negatif Negatif Positif Negatif Positif Negatif Positif Positif Negatif Negatif Negatif

OverBought Trading OverBought Trading Oversold Trading Trading Strong Sell OverBought OverBought OverBought OverBought OverBought Trading Oversold OverBought Trading OverBought Oversold Trading OverBought OverBought OverBought Trading OverBought Oversold OverBought Trading OverBought Trading Trading Oversold Trading Trading Strong Sell OverBought Trading OverBought OverBought Trading Trading Trading Trading Trading OverBought Strong Sell

MACD Trend Positif Negatif Positif Positif Negatif Positif Negatif Positif Positif Positif Positif Positif Positif Positif Negatif Positif Positif Positif Positif Negatif Positif Positif Positif Positif Positif Positif Positif Positif Positif Positif Negatif Positif Negatif Positif Positif Positif Positif Positif Positif Positif Negatif Positif Negatif Positif Positif Positif

Bollinger Band Pivot Point Lower Middle Upper 4,994 5,110 5,226 5,168 22,625 23,875 25,125 24,150 2,425 2,730 3,040 2,995 985 1,070 1,150 1,110 4,490 4,620 4,750 4,530 905 960 1,010 960 6,775 7,025 7,275 7,125 399 505 610 590 12,675 13,100 13,525 13,300 5,600 5,950 6,275 6,050 10,725 11,250 11,775 11,375 1,080 1,125 1,165 1,150 4,020 4,210 4,405 4,420 10,325 10,525 10,725 10,650 1,480 1,655 1,825 1,500 1,445 1,675 1,905 1,835 3,720 3,980 4,240 4,100 1,080 1,250 1,420 1,320 4,865 5,125 5,400 4,930 58,800 60,850 62,875 59,800 1,360 1,565 1,770 1,705 10,875 11,275 11,675 11,725 3,700 3,945 4,185 4,050 6,475 6,650 6,825 6,650 22,975 24,475 26,000 25,200 17,350 18,550 19,750 17,950 6,350 6,750 7,150 6,925 1,655 1,745 1,835 1,760 985 1,105 1,220 1,170 14,450 15,150 15,850 15,650 1,860 1,960 2,060 2,000 2,265 2,410 2,550 2,290 5,875 6,050 6,200 6,000 11,975 12,825 13,650 13,275 2,675 3,000 3,325 3,180 416 478 540 510 3,120 3,295 3,475 3,245 15,225 16,050 16,850 16,650 1,175 1,400 1,620 1,515 1,055 1,120 1,185 1,115 9,025 9,350 9,675 9,575 2,660 2,785 2,905 2,840 17,350 18,450 19,550 17,650 30,175 31,225 32,275 31,400 2,775 3,020 3,265 3,155 925 1,050 1,175 1,130

Support 1 2 5,130 5,086 23,750 23,350 2,930 2,865 1,090 1,065 4,500 4,460 955 940 7,075 7,000 570 555 13,200 13,125 5,925 5,775 11,250 11,150 1,130 1,115 4,410 4,390 10,500 10,350 1,465 1,430 1,805 1,770 4,075 4,040 1,295 1,270 4,875 4,835 59,500 59,325 1,685 1,655 11,575 11,400 3,975 3,895 6,625 6,550 24,900 24,625 17,750 17,475 6,875 6,775 1,715 1,675 1,145 1,125 15,450 15,150 1,975 1,945 2,240 2,200 5,950 5,900 13,100 12,925 3,100 3,020 496 483 3,185 3,135 16,525 16,375 1,485 1,445 1,105 1,095 9,500 9,425 2,800 2,760 17,375 17,175 31,100 30,750 3,110 3,050 1,095 1,055

Resistance Stop Loss 1 2 Level 5,212 5,251 5,009 24,550 24,950 23,000 3,060 3,125 2,820 1,135 1,155 1,050 4,570 4,600 4,390 975 980 925 7,200 7,250 6,900 605 625 545 13,375 13,475 12,925 6,200 6,325 5,700 11,475 11,600 10,975 1,165 1,185 1,095 4,440 4,450 4,325 10,800 10,950 10,175 1,535 1,570 1,405 1,870 1,900 1,745 4,135 4,160 3,980 1,345 1,370 1,250 4,970 5,025 4,760 59,975 60,275 58,425 1,735 1,755 1,630 11,900 12,050 11,225 4,130 4,205 3,835 6,725 6,750 6,450 25,475 25,775 24,250 18,225 18,425 17,225 7,025 7,075 6,675 1,800 1,845 1,645 1,190 1,215 1,105 15,950 16,150 14,925 2,030 2,055 1,915 2,330 2,380 2,165 6,050 6,100 5,800 13,450 13,625 12,725 3,260 3,340 2,975 520 535 476 3,295 3,355 3,085 16,800 16,925 16,125 1,555 1,585 1,420 1,125 1,135 1,075 9,650 9,725 9,275 2,880 2,920 2,715 17,850 18,125 16,900 31,750 32,050 30,300 3,215 3,260 3,005 1,170 1,205 1,040

Recommendation Sell Sell Sell Hold Speculative Speculative Hold Sell Sell Hold Hold Sell Sell Hold Speculative Sell Hold Sell Buy Hold Sell Sell Sell Hold Hold Buy Sell Hold Sell Hold Sell Buy Sell Hold Hold Sell Hold Hold Sell Speculative Sell Speculative Hold Hold Sell Sell

Buy Buy

Buy

Buy Buy

OSO SECURITIES



Economic Calendar Date 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 8-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 9-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 10-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 11-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14 12-Dec-14

Agenda Japan Current Account Japan GDP Growth Rate QoQ Final Japan GDP Growth Annualized Final Japan Loan Growth YoY China Balance of Trade China Exports YoY China Imports YoY Japan Eco Watchers Survey: Outlook Japan Eco Watchers Survey: Current Germany Industrial Production YoY Germany Industrial Production MoM Indonesia Retail Sales YoY Germany Balance of Trade Germany Current Account Germany Exports MoM Germany Imports MoM France Balance of Trade UK Manufacturing Production MoM UK Industrial Production YoY UK Industrial Production MoM UK Manufacturing Production YoY US NFIB Business Optimism Index US Redbook MoM US Redbook YoY US IBD/TIPP Economic Optimism US JOLTs Job Openings US Wholesale Inventories MoM US 52-Week Bill Auction US 3-Year Note Auction Japan BSI Large Manufacturing QoQ China Inflation Rate YoY China Inflation Rate MoM China PPI YoY Japan Consumer Confidence France Industrial Production YoY France Industrial Production MoM China New Yuan Loans UK Balance of Trade US MBA Mortgage Applications US MBA 30-Year Mortgage Rate US EIA Crude Oil Stocks Change US Monthly Budget Statement Japan Machinery Orders MoM Germany Inflation Rate YoY Final Germany Inflation Rate MoM Final Indonesia Interest Rate Decision France Inflation Rate YoY France Inflation Rate MoM Italy Industrial Production YoY Italy Industrial Production MoM US Continuing Jobless Claims US Export Price Index MoM US Import Price Index MoM US Initial Jobless Claims US Retail Sales MoM US Retail Sales YoY US Retail Sales ex Autos MoM US Business Inventories MoM US EIA Natural Gas Stocks Change Japan Industrial Production YoY - Final Japan Industrial Production MoM-Final China Industrial Production YoY China Retail Sales YoY Germany Wholesale Price Index MoM France Current Account Spanyol Inflation Rate YoY - Final Spanyol Inflation Rate MoM - Final Italy Inflation Rate YoY - Final Italy Inflation Rate MoM - Final US PPI MoM US PPI YoY US Reuters Michigan Consumer Sentiment Prel

Sumber :Trading economic & Bloomberg

Country JPY JPY JPY JPY CNY CNY CNY JPY JPY EUR EUR IDR EUR EUR EUR EUR EUR GBP GBP GBP GBP USD USD USD USD USD USD USD USD JPY CNY CNY CNY JPY EUR EUR CNY GBP USD USD USD USD JPY EUR EUR IDR EUR EUR EUR EUR USD USD USD USD USD USD USD USD USD JPY JPY CNY CNY EUR EUR EUR EUR EUR EUR USD USD USD

Actual ¥833.4B -0.50% -1.90% 2.70% $54.5B 4.70% -6.70% 44 41.5 0.80% 0.20%

Prior ¥ 963B -1.90% -7.30% 2.40% $ 45.41B 11.60% 4.60% 46.6 44 -0.10% 1.1% (R) 17.90% € 21.9B € 22.3B 5.50% 5.40% € -4.7B 0.40% 1.50% 0.60% 2.90% 96.1 -0.60% 4.80% 46.4 4.735M 0.30% 0.14% 1.00% 12.7 1.60% 0.00% -2.20% 38.9 -0.30% 0.00% CNY 548.3B £ -2.838B -7.30% 4.08% -3.689M $ -121.7B 2.90% 0.80% -0.30% 7.75% 0.50% 0.00% -2.90% -0.90% 2362K -1% -1.30% 297K 0.30% 4.10% 0.30% 0.30% -22Bcf 0.80% 2.90% 7.70% 11.50% -0.60% € -1.2B -0.10% 0.50% 0.10% 0.10% 0.20% 1.50% 88.8

Concensus ¥ 366.3B -0.40% -1.60% $ 43.5B 8.20% 3.90%

0.10% € 18.10 -1% -1.50% 0.20% 1.80% 0.20% 3.20%

4.823M 0.30%

1.60% 0% -2.40%

0.30% CNY 630B

$ -111.7B -2.40% 0.60% 0.00% 0.50% -0.10% -0.70% 0.30% -0.20% -1.60% 0.30% 0.20% 0.30% -1% 7.50% 11.50%

-0.40% -0.10% 0.20% -0.20% -0.10% 1.60% 89.1

OSO SECURITIES



DIVIDEN No Name 1 PEMBANGUNAN GRAHA LESTARI INDAH Tbk 2 SURYA TOTO INDONESIA Tbk 3 ADARO ENERGY Tbk

Code PGLI TOTO ADRO

Cum- Date 8-Dec-14 9-Dec-14 24-Dec-14

Ex-Date Pay -Date Ammount (IDR) 9-Dec-14 29-Dec-14 2.00 10-Dec-14 30-Dec-14 50.00 29-Dec-14 16-Jan-15 USD 0.00094

RUPS

Code PTSN LTLS ARTI RAJA GIAA SIMM BULL SRAJ NIPS CENT SUPR BJBR TLKM SSMS ESSA TBIG MASA BRAU OKAS BSWD MAYA BEKS GMCW BCIC CNKO

Agenda RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS RUPS

Date 10-Dec-14 10-Dec-14 10-Dec-14 11-Dec-14 12-Dec-14 12-Dec-14 15-Dec-14 15-Dec-14 17-Dec-14 17-Dec-14 18-Dec-14 19-Dec-14 19-Dec-14 22-Dec-14 22-Dec-14 22-Dec-14 22-Dec-14 22-Dec-14 23-Dec-14 29-Dec-14 29-Dec-14 29-Dec-14 30-Dec-14 30-Dec-14 8-Jan-15

IPO No Company 1 PT Impack Pratama Industri 2 PT Intan Baruprana Finance 3 PT Bank Agris 4 PT Golden Plantation 5 PT Karisma Aksara Mediatama 6 PT Archi Indonesia

Time 10.00 14.00 15.00 10.00 9.00 9.30 10.00 15.00 10.00 14.00 11.00 14.00 14.00 9.00 10.00 10.30 14.00

Place VIP Meeting Room I Kantor Pusat PT Sat Nusapersada Tbk Jalan Pelita VI No. 99, Batam PT. Lautan Luas Tbk Graha Indramas LT. 10 JL. AIP II KS Tubun Raya No.77 Jakarta 11410 Gedung Ratu Prabu 1 Jl. TB Simatupang Kav. 20 Jakarta Selatan 12560 Jasmine III Room, Intercontinental Jakarta Midplaza Hotel Jl. Jend. Sudirman Kav. 10-11 Jakarta 10220 Ruang Auditorium, Gedung Manajemen Garuda Indonesia Area Perkantoran Bandar Udara Internasional Soekarno-Hatta Cengkareng Gedung Bank Yudha Bhakti, Lantai 5 Jl. Raya Darmo 54-56, Surabaya Sampoerna Strategic Square, North Tower Ruang Anggrek 1, lantai 3A Jl. Jenderal Sudirman Kav. 45-46 Jakarta 12930 Mayapada Tower I Lt. 3 Jl. Jend. Sudirman Kav. 28 Jakarta 12920 Ruang Meeting I, PT Nipress Tbk Jl. Raya Narogong KM. 26, Cileungsi, Bogor Mercure Convention Center Jl. Pantai Indah, Ancol Jakarta Baycity Jakarta Utara 14430 Hotel Mulia,Casablanca Room Lt.5 Jl. Asia Afrika, Jakarta 10270 Ballroom Hyatt Jl. Sumatera No. 51 Bandung Hotel Ritz Carlton Pacific Place Jl. Jend. Sudirman No. 52-53 Jakarta Selatan 12190 Ballroom 3A, The Ritz Carlton, Pacific Place SCBD Jl. Jend. Sudirman Kav.52-53, Jakarta 12190 Hotel Mulia Leatris Room, Mezzanine Floor Jl. Asia Afrika Senayan Jakarta 10270 The Ritz-Carlton Jakarta, Mega Kuningan-Ballroom 3 dan 5 Jl. DR Ide Anak Agung Gde Agung Kav. E1.1 No. 1 Kawasan Mega Kuningan, Jakarta 12950 The Financial Club Graha Niaga Lt.27 Jl. Jend Sudirman Kav.58 Jakarta

14.00 Financial Club, Gedung Graha Niaga Lt. 27 Jl. Jend. Sudirman Kav. 58 Jakarta Selatan 12190 16.00 PT Bank Of India Indonesia Tbk lt. IV Jl. Samanhudi No. 37, Pasar Baru Jakarta 10710 15.00 Bank Mayapada Learning Centre Ruang Serbaguna Menara Topas Lantai 16 Jl. MH. Thamrin No. 19 Jakarta Pusat 9.00 Financial Club,Graha Niaga Lt. 27 Jl. Jend. Sudirman Kav. 58 Jakarta Selatan 12190

Business Line Manufacture & Industries Finance Banking & Finance Agriculture Books Store Trade & Service Mining

Underwriter Ciptadana Securities BNI Securities Indo Premier Securities CIMB Securities BCA Sekuritas dan Maybank Kim Eng CIMB Niaga, Danareksa, Mandiri Sekuritas, Valbury

Listing Date 17-Dec-14 18-Dec-14 22-Dec-14 23-Dec-14 -

IPO Price Shares (Mn) 3800 193.35 311-383 1,670.48 105-115 900.00 250-300 800.00 175-240 532.82 1895-2445 1,600.00

OSO SECURITIES



RESEARCH TEAM Supriyadi ([email protected]) Andri Goklas ([email protected]) Fanny Suherman ([email protected]) Mohammad Alfi Syahr ([email protected])

Head of Research

+62 21 2991 5300

Research Analyst

+62 21 2991 5300

Research Analyst

+62 21 2991 5300

Research Analyst

+62 21 2991 5300

HEAD OFFICE

Cyber 2 Tower, 22nd Floor Jl. HR. Rasuna Said Blok X-5 No. 13 Jakarta Selatan 12950 Tel: +62-21-299-15-300 Fax : +62-21-290-21-497 BRANCHES Semarang Jl. Dr. Cipto No. 96 C - D Semarang, Jawa Tengah Tel: 024 - 3575511

Yogyakarta Galeri Investasi UIN Sunan Kalijaga Jl. Marsda Adisucipto Yogyakarta 55281 Tel: +62-274 55 31 63 Fax: +62-274 55 31 63

Akastiebi STIE Bisnis Indonesia Kampus Kebayoran AKA Building Jl. Bangka Raya No.2 Kebayoran Baru Jakarta Selatan Tel: +62-21 717 945 52 (General) Fax: +62 –21 717 944 65

Solo Solo Centre Point Jl. SlametRiyadi 373, Ruko A7B, Purwosari, Solo JawaTengah Tel: +62-271 717 909 Fax: +62-271 710 689

Bandung Grand Royal Panghegar lnt 2,10-11 JL. Merdeka No 2 Bandung, Jawa Barat Tel: +62-22 424 0269 (General) Fax +62-22 424 0279

Surabaya Jl. Dr. Sutomo No. 97C Fl. 5th,Surabaya JawaTimur Tel: +62-31 563 0234 (Hunting) Fax: +62-31 5630 26

Bali Shopping Archade A-4 JL. PantaiKuta The Stones Hotel Bali, Indonesia Tel: 0361-754020, 0361-757037 Fax : 0361–754779

Jember Jember Business Centre (JBC) Jl. Trunojoyo No. 26 Blok A-8, Jember JawaTimur Tel: +62-331 421050 (Hunting) Fax: +62-331 420320

Medan Mandiri Building Fl. VII Jl. Imam Bonjol No. 16 D Medan, Sumatera Utara Tel: +62-614539955 Fax: +62-614529427

Makasar Jl. Pengayoman no.118 (sampingcarefour) Makassar, Sulawesi Selatan Tel: 0411 - 439 050 Fax. 0411 - 431 373

Malang Ruko Borobudur Bisnis Center Jl. Terusan Borobudur Kav. 5 Malang, JawaTimur Tel: 0341 - 407771

DISCLAIMER This report has been prepared by PT OSO Securities on behalf of itself and its affiliated companies and is provided for information purposes only. Under no circumstance.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 PT. OSO Securities. We expressly disclaim any responsibility or liability (express or implied) of PT. OSO Securities, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, proceedings, action , suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither PT. OSO Securities, its affiliated companiesor their respective employees or agents accepts liability for any errors, omissions or mis-statements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there from which might otherwise arise is hereby expresses disclaimed. The information contained in this report is not be taken as any recommendation made by PT. OSO Securities or any other person to enter into any agreement with regard to any investment mentioned in this document. This report is prepared for general circulation. It does not have regards tothe specific person who may receive this report. In considering any investments you should make your own independent assessment and seek your own professional financial and legal advice.

OSO SECURITIES. OSO Daily 09 Desember 2014 JCI 5, %

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