OSO SECURITIES. OSO Daily 20 April 2015 JCI 5, %

OSO SECURITIES

OSO Daily 20 April 2015

MEMBER OF INDONESIA STOCK EXCHANGE

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JCI 5,410.64 Previous 5,420.73 Highest 5,428.93 Volbn 7.17 NetForg 1DIDRbn (576.85) Return YTD (%) 3.51 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 2,229.36 MINING 1,271.43 MISC INDUSTRY 1,382.00 BASIC INDUSTRY 486.28 CONSUMER GOODS 2,258.70 PROPERTY 579.66 INFRASTRUKTUR 1,067.87 FINANCE 818.09 MANUFAKTURE 1,342.07 TRADE 976.52 LQ 45 942.23 SRI-KEHATI 317.32 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) Mutual Fund Oso Sustainability Fund Oso Syariah Equity Fund Oso Socent Fund Source: Bloomberg

-10.08

-0.18%

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

Chg%

5,410.64 5,772.51 4,460.28 4,327.29 (1.96) YTD%

17,826.30 2,081.18 4,931.81 27.58

(1.54) (1.13) (1.52) (0.33)

0.02 1.08 4.13 0.51

6,994.63 5,143.26 11,688.70

(0.93) (1.55) (2.58)

6.53 20.37 19.20

19,652.88 4,287.30 9,570.93 2,143.50 1,845.86 3,525.19 28,539.06 27,653.12 Last 2,255.79 1,267.84 1,368.52 484.63 2,262.22 573.65 1,074.81 813.22 1,338.56 978.54 938.76 316.44 Last 56.38 12,555.00 14,850.00 1,205.33 6,060.00 2,184.00 61.80 Last 12,850 10,040 13,905 9,552 108 19,285 CB Rate (%) 0.25 0.05 0.50 0.10 5.60 Last 5.65 7.42 7.53 6.38 0.17 7.5 5.01 111.6 NAV/Unit 1,053.25 1,054.47 1,021.54

(1.17) 2.20 (0.89) 0.17 (0.11) (0.18) (0.44) (0.31) Chg% 1.19 (0.28) (0.98) (0.34) 0.16 (1.04) 0.65 (0.60) (0.26) 0.21 (0.37) (0.28) Chg% 1.15 (2.26) (0.97) 0.09 0.00 0.51 (0.96) Chg% 0.07 (0.69) (1.64) (0.58) (0.26) (1.12) CPI YoY (%) 1.30 0.30 1.00 2.90 1.40 Chg% 0.18 0.12 0.24

12.62 32.54 2.83 11.90 4.80 4.76 3.78 17.15 YTD% (4.05) (7.39) 4.70 (10.86) 3.87 9.29 (7.37) 11.15 0.25 11.37 4.47 5.63 YTD% 5.84 (17.13) (23.45) 1.73 (3.81) (4.67) (1.98) YTD% (3.60) 1.09 8.33 (1.85) (4.13) 0.01 GDP YoY (%) 2.40 0.80 3.00 (1.30) 7.30 YTD% (4.34) (3.66) (3.37)

1 Mth (%) (2.10) (2.28) 5.92

Market Review Akhir pekan lalu (17/04) IHSG bergerak mixed dan ditutup berakhir melemah. IHSG melemah sebesar 0.18% di level 5,410.64. Pelemahan IHSG terimbas dari pelemahan bursa global pada hari sebelumnya serta sepinya sentimen positif dari dalam negeri. Sedangkan, indeks China mengalami penguatan selama 2 hari berturut-turut pasca rilisnya GDP China yang mengalami penurunan sehingga memicu spekulasi investor pemerintah China akan menambah kebijakan pelonggaran moneter untuk mendorong perekonomian negara tersebut. Investor asing kembali mencatatkan net sell sebesar Rp576 miliar. Global Market Sementara itu, indeks di bursa Wall Street pada perdagangan akhir pekan ditutup melemah cukup signifikan, di mana Indeks Dow Jones turun 1.54% ke level 17,826.30, Indeks S&P mengalami pelemahan 1.13% menjadi 2,081.18 serta Indeks Nasdaq mengalami pelemahan 1.52% menjadi 4,931.81. Investor mencermati pertemuan Menkeu Yunani dengan IMF di tengah meningkatnya krisis yang terjadi di Yunani. Di samping itu, kabar dari Pemerintah China yang memperlonggar aturan shortselling dan membatasi over-the-counter margin perdagangan. JCI Prediction Hari ini kami perkirakan IHSG bergerak variatif dengan kecenderungan melemah. Secara teknikal, IHSG berada di bawah MA 50 dan berada di bawah middle bollinger bands. Indikator MACD bergerak menurun dengan histogram negaitf memanjang dan indikator stochastic oscillator berada juga bergerak melemah. Kami perkirakan IHSG akan berada pada kisaran support 5,350 dan resistance 5,450. Highlight News  Produksi CPO ANJT di Q1 Capai 32.265 Ton  Marketing Sales LPCK Hingga Kuartal I Capai Rp1.276 Triliun  VIVA Jajaki Pinjaman Valas  Laba KAEF Kuartal I Naik 73%  Indosat Tunjuk 5 Underwriter  CTRA Raih Rp1,74 Triliun  PTBA Siap Merestrukturisasi Anak  SSMS Anggarkan Belanja Modal US$ 45 Juta

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Today News Produksi CPO ANJT di Q1 Capai 32.265 Ton Produksi CPO PT Austindo Nusantara Jaya Tbk (ANJT) hingga kuartal pertama tahun ini mencapai 32.265 ton dimana jumlah penjualan hingga periode tersebut mencapai 42.454 ton. Harga rata-rata jual CPO sebesar US$613 per ton. Investasi proyek tahap 1 sebesar US$12,2 juta dan tahap 2 sebesar US$15,6 juta. Target operasi komersial yakni pada kuartal ke empat tahun ini beroperasinya proses pengolahan sagu basah dan kuartal kedua tahun 2016 operasi komersial secara penuh. Marketing Sales LPCK Hingga Kuartal I Capai Rp1.276 Triliun PT Lippo Cikarang Tbk (LPCK) membukukan marketing sales sebesar Rp1,276 triliun hingga kuartal pertama tahun ini. Penjualan apartemen menjadi kontributor terbesar yakni mencapai Rp793 miliar diikuti penjualan industrial DS-8 sebesar Rp234 miliar. Sementara itu penjualan residensial sebesar Rp194 miliar, komersial Rp38 miliar dan industrial Rp17 miliar. Untuk diketahui target marketing sales perseroan sepanjang 2015 ini mencapai Rp2,50 triliun dimana target dai penjualan apartemen sebesar Rp1,00 triliun diikuti residensial Rp850 miliar, industrial DS-8 sebesar Rp500 miliar, komersial Rp100 miliar dan industrial Rp50 miliar. VIVA Jajaki Pinjaman Valas PT Visi Media Asia Tbk (VIVA), tengah menjajaki pinjaman bank luar negeri untuk melunasi utang jatuh tempo tahun ini senilai Rp572,24 miliar. Perseroan harus bayar cicilan 5% dari nilai pokok pinjaman tiap kuartal. Tiap kuartal perseroan harus membayar US$11 juta. Laba KAEF Kuartal I Naik 73% PT Kimia Farma (Persero) Tbk (KAEF), membukukan pertumbuhan laba hingga 73% menjadi Rp40 miliar-Rp45 miliar pada kuartal I/2015 dibandingkan dengan Rp23 miliar pada periode sama 2014. Laba bersih tersebut diperoleh dari penjualan sekitar Rp1,5 triliun yang telah dibukukan oleh perusahaan. Indosat Tunjuk 5 Underwriter PT Indosat Tbk (ISAT) sudah memberi mandat obligasi Rp2 triliun kepada lima perusahaan sekuritas. Kelima perusahaan sekuritas itu yakni PT BNI Securities, PT BCA Sekuritas, PT CIMB Securities Indonesia, PT Indo Premier Securities, dan PT HSBC Securities Indonesia. Lima perusahaan tersebut dinyatakan memenangi beauty contest. Obli gasi tahap II itu mengantongi peringkat AAA (idn) dari Fitch Ratings dan peringkat AAA dari Pefindo. CTRA Raih Rp1,74 Triliun PT Ciputra Development Tbk (CTRA) mengantongi pendapatan pra penjualan (marketing sales) pada kuartal I/2015 sebesar Rp1,74 triliun, atau 16,5% dari target sepanjang tahun ini. Pendapatan tersebut sebagian besar disumbangkan dari penjualan proyek di kawasan Jabodetabek dan sekitarnya. Marketing sales perseroan mengalami pertumbuhan 28,2%. PTBA Siap Merestrukturisasi Anak PT Bukit Asam Tbk (PTBA) merealisasikan restrukturisasi kepemilikan saham di anak usaha, PT Bukit Asam Banko. Restrukturisasi ini untuk menyesuaikan pengelolaan tambang dengan beleid pemerintah yang baru. Selama ini, Bukit Asam Banko mendapatkan mandat mengurusi konsesi pertambangan batubara di Banko, Sumatera Selatan (Sumsel). Perseroan memiliki 65% saham Bukit Asam Banko. SSMS Anggarkan Belanja Modal US$ 45 Juta PT Sawit Sumbermas Sarana Tbk (SSMS) ingin terus menjaga perkembangan bisnisnya. Tahun ini, perseroan menganggarkan belanja modal atau capital expenditure (capex) antara US$ 40 juta-US$ 45 juta. Di situ, perseroan mengalokasikan US$ 30 juta untuk penanaman lahan baru. Selain itu, SSMS akan menggunakan sisanya, yakni US$ 10 jutaUS$ 15 juta untuk perawatan tanaman dan kebutuhan lain.

Sumber: Kontan, Investor Daily, Bisnis Indonesia

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Trading Idea GGRM Saham ini membentuk candle white belt hold diikuti dengan buying volume yang meningkat. Indikator stochastic hampir membentuk golden cross. Indikator ROC berpotensi mengalami penguatan.

Recommendation: Trading Buy Target Price: 53000 Support: 49850 Cutloss: 49225

PGAS Saham ini juga membentuk candle belt hold. Indikator RSI bergerak menguat, sedangkan indicator MFI juga bergerak mengalami penguatan.

Recommendation: Trading Buy Target Price: 4780 Suport: 4400 Cutloss: 4325

ERAA Saham ini berada pada area bottom line. Beberapa indicator teknikal seperti, stochastic, RSI, MACD dan ROC telah berada pada area oversold.

Recommendation: Spec Buy Target Price: 900 Suport: 840 Cutloss: 810

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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 23,100 3,125 960 5,325 880 7,975 640 14,750 7,050 13,000 1,200 4,880 12,000 1,540 2,135 3,595 1,440 4,415 50,500 1,380 14,350 2,990 7,350 22,900 15,050 6,875 1,860 1,325 18,300 1,540 2,575 4,555 10,750 4,000 500 3,335 13,800 1,830 1,155 9,250 2,805 23,000 38,125 3,580 1,785

P/BV (x) 3.19 3.23 0.86 3.87 0.70 3.38 2.06 4.68 2.23 3.29 1.04 1.43 2.73 1.92 2.55 5.40 2.95 2.70 2.94 1.01 5.94 1.30 2.51 3.40 1.47 4.74 9.29 1.93 300.68 1.45 4.08 3.11 2.73 8.11 3.90 14.15 3.40 4.80 2.78 10.96 4.06 2.34 63.25 5.51 6.11

P/E (x) 2015F 11.79 11.68 9.34 17.99 8.99 13.97 8.11 16.85 9.70 10.41 6.99 10.88 10.87 14.16 13.22 15.71 13.51 22.00 14.11 13.43 23.54 8.95 12.84 13.91 8.31 22.21 29.17 16.50 22.50 9.02 14.61 11.44 12.09 20.89 9.61 23.01 12.61 17.20 13.31 20.12 15.30 13.47 41.57 22.27 22.24

PEG 0.37 (0.86) (0.00) 1.06 #VALUE! (14.36) 0.46 1.41 0.64 0.97 (0.40) (0.54) 1.54 1.93 0.27 (1.10) 0.47 #VALUE! 0.75 (7.28) 1.87 0.00 0.32 3.07 (0.58) 0.91 5.71 0.11 1.62 0.61 4.90 (0.43) 0.91 1.38 0.08 3.05 4.08 0.70 (1.94) 5.97 11.45 1.44 6.97 4.57 0.96

BETA 0.08 2.09 0.28 1.21 0.52 1.41 2.09 1.20 1.60 1.64 1.56 0.77 1.68 1.58 1.40 2.08 2.22 0.71 0.99 0.02 1.30 0.61 1.21 1.20 0.33 0.67 1.25 1.95 1.23 0.16 1.30 0.97 0.43 1.92 1.91 0.96 1.29 2.08 1.28 0.57 1.08 0.69 1.01 1.62 2.19

ROA ROE (%) (%) 14.94 23.49 3.21 19.74 2.72 6.54 5.51 15.94 (3.53) (6.27) 8.52 21.37 7.00 19.46 3.14 23.29 2.68 20.22 3.39 27.43 0.81 9.39 1.37 8.13 2.50 20.91 3.04 6.86 15.07 29.84 9.55 16.75 6.11 19.21 (1.71) (6.09) 9.85 17.22 0.09 0.14 11.28 19.53 7.47 9.85 4.75 15.82 19.00 22.09 15.20 22.28 4.68 14.88 17.39 23.61 7.38 17.93 44.73 #N/A N/A 11.02 13.25 15.17 21.63 13.66 27.21 15.22 25.22 3.94 24.33 19.30 50.06 33.27 47.02 17.10 24.78 9.63 28.17 4.59 13.99 6.39 32.66 10.89 22.81 9.13 15.37 42.53 129.63 4.32 17.73 4.70 19.20

DER (x) 0.39 1.16 0.68 0.77 0.67 0.73 1.08 0.12 0.39 0.59 1.68 0.90 0.52 0.64 0.28 0.60 0.54 1.83 0.55 0.24 0.10 1.05 0.01 1.35 0.03 0.64 3.88 0.36 0.68 0.26 0.80 0.63 0.00 0.16 0.80 1.96 4.04 0.33 0.07 0.27 0.76 1.11

EAT 1 Year Fair Value Growth38.99 (%) 25,675 (20.17) 3,920 (195,184.68) 1,090 24.16 5,175 #N/A N/A 1,065 (1.17) 7,725 25.17 670 15.62 14,250 19.05 7,250 13.57 13,725 (28.53) 1,235 (35.57) 4,275 9.16 12,825 15.56 2,055 37.37 2,380 (30.67) 3,865 35.09 1,500 #N/A N/A 5,800 24.01 63,500 (99.03) 1,215 17.22 14,825 3,900,000.00 4,155 64.29 8,450 5.20 24,500 (11.76) 19,600 36.56 7,800 7.32 1,855 107.39 1,260 23.26 19,000 18.79 2,030 4.17 2,905 (25.00) 5,650 12.72 12,000 26.44 4,590 122.07 580 10.99 3,695 3.60 15,575 26.86 1,945 (10.82) 1,070 5.65 9,725 1.63 3,075 11.11 22,000 7.28 33,300 7.81 3,815 35.86 1,975

Up-Side (Down-Side) (%) 11.15 25.44 13.54 (2.82) 21.02 (3.13) 4.69 (3.39) 2.84 5.58 2.92 (12.40) 6.88 33.44 11.48 7.51 4.17 31.37 25.74 (11.96) 3.31 38.96 14.97 6.99 30.23 13.45 (0.27) (4.91) 3.83 31.82 12.82 24.04 11.63 14.75 16.00 10.79 12.86 6.28 (7.36) 5.14 9.63 (4.35) (12.66) 6.56 10.64

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

Market Cap (Tn) 36.38 5.63 30.71 20.98 8.39 322.86 12.58 363.66 131.47 320.70 12.68 46.77 280.00 21.87 41.09 58.95 21.84 37.68 97.17 3.73 83.67 29.71 64.54 84.30 17.01 46.75 87.19 30.58 53.40 10.51 36.76 110.42 24.77 19.37 24.08 48.76 81.85 26.40 2.48 44.37 282.74 85.79 290.89 22.01 17.36

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 5,411 23,100 3,125 960 5,325 880 7,975 640 14,750 7,050 13,000 1,200 4,880 12,000 1,540 2,135 3,595 1,440 4,415 50,500 1,380 14,350 2,990 7,350 22,900 15,050 6,875 1,860 1,325 18,300 1,540 2,575 4,555 10,750 4,000 500 3,335 13,800 1,830 1,155 9,250 2,805 23,000 38,125 3,580 1,785

Open

High

5,418 23,000 3,070 960 5,100 890 8,025 655 14,900 7,100 13,125 1,175 4,975 12,075 1,560 2,150 3,650 1,465 4,445 49,225 1,380 14,300 2,990 7,450 22,675 15,200 6,875 1,850 1,450 18,750 1,500 2,580 4,330 10,750 3,990 500 3,400 13,750 1,850 1,050 9,500 2,805 23,075 38,250 3,550 1,750

5,429 23,200 3,140 980 5,350 890 8,075 655 14,900 7,150 13,175 1,210 4,975 12,075 1,580 2,170 3,685 1,465 4,450 51,200 1,400 14,350 3,015 7,450 23,050 15,375 6,925 1,870 1,450 19,175 1,560 2,590 4,590 10,775 4,020 505 3,410 13,875 1,880 1,165 9,500 2,815 23,400 38,650 3,600 1,785

Low 5,411 22,750 3,060 960 5,100 880 7,950 640 14,750 7,050 12,975 1,175 4,840 11,925 1,540 2,135 3,595 1,430 4,375 49,200 1,365 14,275 2,980 7,350 22,675 15,000 6,825 1,845 1,320 18,300 1,495 2,550 4,330 10,675 3,955 498 3,335 13,700 1,815 1,050 9,250 2,800 23,000 38,125 3,545 1,745

Year-to-Date (YtD%) 3.51% -4.74% -10.20% -7.69% 29.25% -17.37% 7.41% 14.29% 12.38% 15.57% 11.59% -0.41% 7.85% 11.37% 8.07% 18.28% -4.89% 15.20% -9.25% -16.80% -16.87% 9.54% -17.52% 8.89% -8.40% -2.11% -2.48% 1.64% 29.90% 22.00% -18.52% 1.38% -24.08% -14.00% 11.89% -2.91% -4.71% -14.81% 20.39% -1.28% -4.64% -2.09% 32.56% 18.03% -2.72% 21.43%

MA5

RSI Rec

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

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

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

Bollinger Band Pivot Point Lower Middle Upper 5,371 5,451 5,531 5,417 22,475 23,975 25,475 23,025 2,885 3,080 3,270 3,100 940 965 985 965 4,700 5,175 5,650 5,225 845 895 940 885 7,925 8,175 8,425 8,000 520 600 675 650 14,200 14,775 15,350 14,825 6,950 7,125 7,300 7,100 12,875 13,050 13,225 13,075 1,110 1,180 1,255 1,190 4,705 4,975 5,250 4,920 11,850 12,100 12,375 12,025 1,580 1,725 1,870 1,555 1,975 2,100 2,225 2,150 3,340 3,550 3,765 3,630 1,325 1,425 1,525 1,450 4,130 4,295 4,455 4,420 48,050 51,300 54,575 50,025 1,390 1,475 1,565 1,380 13,900 14,425 14,950 14,325 2,995 3,225 3,455 2,995 7,325 7,400 7,475 7,400 20,800 22,175 23,550 22,825 14,925 16,625 18,350 15,150 6,925 7,075 7,250 6,875 1,805 1,845 1,880 1,855 1,200 1,335 1,475 1,385 17,500 18,725 19,950 18,625 1,520 1,690 1,865 1,525 2,580 2,760 2,940 2,575 4,395 4,785 5,175 4,450 10,175 10,625 11,100 10,750 3,625 3,830 4,035 3,990 492 515 535 500 3,245 3,375 3,505 3,370 12,750 13,475 14,175 13,775 1,570 1,785 2,000 1,845 775 940 1,110 1,105 9,050 9,375 9,700 9,375 2,760 2,850 2,945 2,805 20,600 22,075 23,575 23,125 38,000 38,975 39,975 38,300 3,320 3,490 3,665 3,570 1,660 1,735 1,805 1,765

Support 1 2 5,405 5,399 22,825 22,575 3,060 3,020 950 945 5,100 4,970 880 875 7,950 7,875 640 635 14,750 14,675 7,025 7,000 12,975 12,875 1,170 1,155 4,860 4,785 11,975 11,875 1,530 1,515 2,125 2,115 3,580 3,540 1,435 1,415 4,395 4,345 48,875 48,025 1,365 1,345 14,300 14,250 2,975 2,960 7,350 7,300 22,600 22,450 14,950 14,775 6,825 6,775 1,845 1,830 1,325 1,255 18,100 17,750 1,490 1,460 2,560 2,535 4,315 4,190 10,700 10,650 3,965 3,925 497 494 3,330 3,295 13,700 13,600 1,810 1,780 1,045 990 9,250 9,125 2,800 2,790 22,850 22,725 37,925 37,775 3,540 3,515 1,750 1,725

Resistance Stop Loss Level 1 2 5,423 5,435 5,318 23,275 23,475 22,225 3,140 3,180 2,975 970 985 930 5,350 5,475 4,895 890 895 860 8,075 8,125 7,775 655 665 625 14,900 14,975 14,450 7,125 7,200 6,875 13,175 13,275 12,675 1,205 1,225 1,140 4,995 5,050 4,710 12,125 12,175 11,700 1,570 1,595 1,490 2,160 2,185 2,080 3,670 3,720 3,490 1,470 1,485 1,395 4,470 4,495 4,280 50,875 52,025 47,300 1,400 1,415 1,325 14,375 14,400 14,025 3,010 3,030 2,915 7,450 7,500 7,200 22,975 23,200 22,125 15,325 15,525 14,550 6,925 6,975 6,675 1,870 1,880 1,805 1,455 1,515 1,235 18,975 19,500 17,500 1,555 1,590 1,435 2,600 2,615 2,495 4,575 4,710 4,130 10,800 10,850 10,475 4,030 4,055 3,865 505 510 486 3,405 3,445 3,245 13,875 13,950 13,400 1,875 1,910 1,750 1,160 1,220 975 9,500 9,625 9,000 2,815 2,820 2,750 23,250 23,525 22,375 38,450 38,825 37,200 3,595 3,625 3,460 1,790 1,805 1,700

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

Buy Buy Buy Buy

Buy Buy Buy Buy Buy Buy Buy Buy Buy

Buy Buy Buy Buy Buy

Buy

Buy

OSO SECURITIES



Calender Economics Date 20-Apr-15 20-Apr-15 20-Apr-15 20-Apr-15 20-Apr-15 20-Apr-15 20-Apr-15 20-Apr-15 21-Apr-15 21-Apr-15 21-Apr-15 21-Apr-15 21-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 22-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 23-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15 24-Apr-15

Agenda Country Japan Reuters Tankan Index APR JPY Japan Tertiary Industry Index MoM JPY Germany PPI MoM MAR EUR Germany PPI YoY MAR EUR Spanyol Balance of Trade FEB EUR Euro Area Construction Output YoY FEB EUR Germany Bundesbank Monthly Report EUR US Chicago Fed National Activity Index MAR USD Japan Coincident Index Final FEB JPY Japan Leading Composite Index Final FEB JPY Euro Area Zew Economic Sentiment Index APR EUR Germany ZEW Current Conditions APR EUR Germany Zew Economic Sentiment Index APR EUR Japan Balance of Trade MAR JPY Japan Exports YoY MAR JPY Japan Imports YoY MAR JPY UK MPC Meeting Minutes GBP Italy Retail Sales MoM FEB EUR Italy Retail Sales YoY FEB EUR US House Price Index MoM FEB USD Euro Area Consumer Confidence Flash APR EUR US Existing Home Sales MAR USD US Existing Home Sales Change MoM MAR USD Japan Foreign Bond Investment 18/APR JPY Japan Stock Investment by Foreigners 18/APR JPY Japan Markit/JMMA Manufacturing PMI Flash APR JPY China HSBC Manufacturing PMI Flash APR CNY Germany GFK Consumer Confidence MAY EUR France Business Confidence APR EUR France Markit Comp PMI Flash APR 2015 EUR France Markit Manufacturing PMI Flash APR EUR France Markit Services PMI Flash APR EUR Spanyol Unemployment Rate Q1 EUR Germany Markit Comp PMI Flash APR 2015 EUR Germany Markit/BME Manufacturing PMI Flash APR EUR Germany Markit Services PMI Flash APR EUR Euro Area Markit Comp PMI Flash APR 2015 EUR Euro Area Markit Manufacturing PMI Flash APR EUR Euro Area Markit Services PMI Flash APR EUR UK Public Sector Net Borrowing MAR GBP UK Retail Sales MoM MAR GBP UK Retail Sales YoY MAR GBP Italy Current Account FEB EUR US Continuing Jobless Claims 11/APR USD US Initial Jobless Claims 18/APR USD US Markit Manufacturing PMI Flash APR USD US New Home Sales MAR USD US New Home Sales MoM MAR USD US EIA Natural Gas Stocks Change 18/APR USD US Kansas Fed Manufacturing Index APR USD Euro Area Eurogroup meeting EUR Japan BoJ Nakaso Speech JPY Germany IFO Business Climate APR EUR Germany IFO Current Conditions APR EUR Germany IFO Expectations APR EUR US Durable Goods Orders MoM MAR USD US Durable Goods Orders Ex Defense MoM USD US Durable Goods Orders Ex Transportation MAR USD

Sumber :Trading economic

Actual 12 0.30%

Prior 16 1.40% 0.10% -2.10% € -2.6B 3.00% -0.11 113.3 105.5 62.4 55.1 54.8 ¥ -425B 2.40% -3.60% 0.10% 1.70% 0.30% -3.7 4.88M 1.20% ¥215.1B ¥ 1042.1B 50.3 49.6 10 99 51.5 48.8 52.4 23.70% 55.4 52.8 55.4 54 52.2 54.2 £ -6.22B 0.70% 5.70% € 45 M 2268K 294K 55.7 539K 7.70% 63Bcf -2

107.9 112 103.9 -1.40% -1.00% -0.40%

Concensus

0.20% -1.60% € -2.0B

110.5 105.3 56 55.5 ¥ 50B 8.50% -12.80%

-3 5.05M 3.00%

10.2 100 49.3 52.5 23.60% 53 55.5 54.4 52.6 54.5 0.40% 5.40%

290K 55.5 518K

108.4 112.4 104.5 0.60% 0.40%

OSO SECURITIES



RUPS

Code Agenda TRIS RUPS PTRO RUPS CINT RUPS SCMA RUPS UNTR RUPS EMTK RUPS GLOB RUPS

Date 20-Apr-15 20-Apr-15 20-Apr-15 21-Apr-15 21-Apr-15 22-Apr-15 23-Apr-15

Time Place 9.00 Ruang Seminar 1 Indonesia Stock Exchange Building Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 10.00 Segara Ballroom, Hotel Dharmawangsa Jl. Brawijaya Raya No. 26 Kebayoran Baru, Jakarta 12160 13.00 Ruang Seminar 1 Indonesia Stock Exchange Building Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 14.00 Ruang Studio SCTV lantai 8, SCTV Tower, Senayan City Jl. Asia Afrika Lot. 19 Jakarta 10270 14.00 JW Marriot Hotel, Dua Mutiara 1 & 2 Room Level 2 Jl. DR Ide Anak Agung Gde Agung Kav. E.1.2 No. 1&2 Kawasan Mega Kuningan, Jakarta 12950 14.00 SCTV Studio, Lantai 8, SCTV Tower, Senayan City Jl. Asia Afrika Lot. 19, Jakarta 10270 9.00 Hotel Gran Mahakam, Jakarta Selatan

Dividend No 1 2 3 4

Name ACSET INDONUSA Tbk KIMIA FARMA (PERSERO) Tbk BANK CENTRAL ASIA Tbk ASTRA AGRO LESTARI Tbk

Code ACST KAEF BBCA AALI

Cum- Date 15-Apr-15 15-Apr-15 16-Apr-15 21-Apr-15

Ex-Date 16-Apr-15 16-Apr-15 17-Apr-15 22-Apr-15

Pay -Date Ammount (IDR) 4-May-15 42.00 8-May-15 8.45 13-May-15 98.00 15-May-15 472.00

OSO SECURITIES



RESEARCH TEAM Supriyadi ([email protected]) Andri Goklas ([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

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 20 April 2015 JCI 5, %

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