OSO SECURITIES. OSO Daily 11 Desember 2014 JCI 5, %

OSO SECURITIES

OSO Daily 11 Desember 2014

MEMBER OF INDONESIA STOCK EXCHANGE

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JCI 5,165.40 Previous 5,122.31 Highest 5,168.73 Volbn 6.75 NetForg 1DIDRbn (48.61) Return YTD (%) 20.85 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 2,292.74 MINING 1,406.69 MISC INDUSTRY 1,245.99 BASIC INDUSTRY 547.62 CONSUMER GOODS 2,104.45 PROPERTY 506.32 INFRASTRUKTUR 1,147.10 FINANCE 718.45 MANUFAKTURE 1,299.94 TRADE 853.34 LQ 45 880.91 SRI-KEHATI 292.60 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)

+43.09

+0.84%

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

Chg%

5,121.57 5,448.00 5,147.99 48,827.82 0.30 YTD%

17,533.15 2,026.14 4,684.03 27.08

(1.51) (1.64) (1.73) (0.04)

5.77 9.62 12.15 18.56

6,500.04 4,227.91 9,799.73

(0.45) (0.84) 0.06

(3.69) (1.58) 2.59

17,412.58 2,940.01 9,032.16 1,945.56 1,765.52 3,325.81 27,831.10 23,524.52 Last 2,292.27 1,386.28 1,254.65 551.80 2,113.56 514.84 1,163.23 728.49 1,307.57 856.12 890.07 296.38 Last 61.62 16,325.00 20,250.00 1,229.66 6,415.00 2,140.00 62.15 Last 12,338 10,269 15,291 9,395 104 19,359 CB Rate (%) 0.25 0.05 0.50 0.10 5.60 Last 5.80 7.80 7.99 6.23 1.50 7.75 5.01 111.1436

(2.25) 2.93 (1.06) (1.29) 1.58 0.18 0.12 0.16 Chg% (0.02) (1.45) 0.69 0.76 0.43 1.68 1.41 1.40 0.59 0.33 1.04 1.29 Chg% 1.12 (1.30) (1.44) 0.24 (1.00) 1.57 (2.28) Chg% (0.06) (0.63) (0.33) (0.43) (0.56) (0.14) CPI YoY (%) 1.70 0.30 1.30 2.90 1.40 Chg% 0.00 0.76 0.38

6.88 38.94 4.88 (3.27) (5.43) 5.00 31.46 0.94 YTD% 7.12 (3.01) 4.12 14.78 18.60 52.77 25.02 34.82 13.64 10.21 25.16 27.06 YTD% (37.39) 17.45 (9.40) 1.99 (12.84) (18.57) (26.54) YTD% (1.35) 5.71 9.59 2.41 11.79 3.90 GDP YoY (%) 2.40 0.80 3.00 (1.30) 7.30 YTD% (3.54) (2.78) (5.53)

NAV/Unit 1,034.83 1,052.53 1,011.87

1 Mth (%) 4.65 4.92 2.83

Sumber : Bloomberg

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

Market Review kemarin (10/12) IHSG mengalami rebound. IHSG menguat 0.84% atau naik 43.09 poin menjadi 5,165.40. Penguatan seiring dengan ekspektasi para pelaku pasar terhadap hasil rapat gubernur BI akan menetapkan BI rate di level 7.75% di tengah China yang mengalami deflasi sebesar 0.2% pada bulan November. Hanya sektor agrikulture dan pertambangan yang mengalami pelemahan. Investor asing mencatatkan net sell sebesar Rp48 miliar. Global Market Sementara itu, indeks di bursa Wall Street pada perdagangan semalam ditutup melemah tajam, di mana Indeks Dow Jones turun 1.51% di level 17,533.15 dan Indeks S&P mengalami koreksi 1.64% menjadi 2,026.14, Indeks Nasdaq berhasil melemah 1.73% menjadi 4,684.03. Sentimen kekuatiran melambatnya ekonomi global serta harga minyak dunia yang terus mengalami penurunan terendah dalam 5 tahun memicu aksi jual di bursa Global. JCI Prediction Hari ini kami perkirakan IHSG bergerak variatif dengan kecenderungan melemah. Negatifnya bursa AS membuat bursa Asia mengalami koreksi pagi ini. Secara teknikal, IHSG berada di atas area middle bollinger bands. Indikator MACD hampir bergerak menurun, indikator stochastic oscillator telah berada di area netral. Kami perkirakan IHSG akan berada pada kisaran support 5,120 dan resistance 5,185. Highlight News  UNSP Restrukturisasi Utang US$ 680 Juta  Putusan PKPU Beri Prospek Cerah untuk BTEL  Ekspansi Gerai ACES  SUPR Dapat Pinjaman US$ 790 Juta  BMRI Targetkan Jaringan Mikro Capai 4.300 Unit  Hingga Desember, APEX Dapat Kontrak US$ 614 Juta  KIJA Baru Menyerap 46%  JSMR Siapkan Capex Rp 4 Triliun

OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE


Today News 

UNSP Restrukturisasi Utang US$ 680 Juta PT Bakrie Sumatera Plantations Tbk (UNSP) tengah mencari cara untuk mengurangi utang. Saat ini manajemen UNSP tengah berunding dengan para kreditur untuk restrukturisasi utang dimana total utang UNSP dalam mata uang asing mencapai US$ 680 juta. Utang UNSP terdiri atas pinjaman sebesar US$ 200 juta dari Credit Suisse dan equity-linked notes senilai US$ 80 juta. Pinjaman ini digunakan untuk pengembangan usaha di sektor hulu. UNSP juga memiliki pinjaman konsorsium US$ 400 juta. Perseroan berharap proses negosiasi utang ini bisa selesai pada kuartal pertama tahun depan. Sumber: Kontan



Putusan PKPU Beri Prospek Cerah untuk BTEL Direktur Utama PT Bakrie Telecom Tbk (BTEL) mengatakan putusan Pengadilan Niaga mengenai Penundaan Kewajiban Pembayaran Utang (PKPU) terhadap BTEL memberikan prospek cerah terhadap bisnis Perusahaan ke depan. Majelis hakim pengadilan niaga telah mengesahkan rencana perdamaian antara BTEL dengan para krediturnya dalam sidang yang telah dilaksanakan pada 9 Desember 2014. Perdamaian antara BTEL dengan kreditor secara garis besar memprioritaskan utang ke pemerintah dan kreditur kecil. Sebagian utang dikonversi menjadi MCB (Mandatory Convertible Bonds) yang dikonversikan menjadi saham BTEL Rp200 per lembar saham dan penjadwalan kembali rencana pembayaran utang. Sumber: Investor Daily



Ekspansi Gerai ACES PT Ace Hardware Indonesia Tbk (ACES) memperluas pasar dengan membuka gerai baru. Tahun ini, emiten ritel ini telah membuka 14 gerai baru. Alhasil, total gerai ACES mencapai 109 gerai. Tahun depan ACES akan membuka 15-20 gerai. Akan tetapi, tantangan ACES adalah dengan bertambahnya pemain baru yaitu IKEA dan Courts. Sumber: Kontan



SUPR Dapat Pinjaman US$ 790 Juta PT Solusi Tunas Pratama Tbk (SUPR) mendapatkan pinjaman sebesar US$ 790 juta dari konsorsium bank internasional. Perseroan telah menandatangani perjanjian fasilitas pinjaman sindikasi pada 8 Desember 2014. Para kreditor telah sepakat memberikan pinjaman berjangka sebesar US$ 140 juta dan fasilitas pinjaman jangka panjang sebesar US$ 650 juta. Sumber: Investor Daily



BMRI Targetkan Jaringan Mikro Capai 4.300 Unit PT Bank Mandiri Tbk (BMRI) meresmikan operasional kantor Mandiri Mitra Usaha ke-2.900 di Palembang. Jaringan Mandiri Mitra Usaha melayani nasabah segmen mikro yang tersebar di seluruh wilayah Indonesia. Jaringan tersebut terdiri dari 12 Micro Business District Center (MBDC), 155 Micro Business Cluster (MBC), 875 KCP MMU, 1.127 Unit MMU, 717 Kios MMU, 13 Sentra KSM dan jaringan terkini yang dimiliki oleh Bank Mandiri adalah layanan Mobil Mitra Usaha (MobilMU). Perseroan diharapkan sampai dengan akhir tahun 2014 akan menyalurkan pembiayaan ke sektor usaha mikro sebesar Rp 37 triliun. Jumlah tersebut tumbuh 37% dibandingkan dengan periode yang sama tahun lalu. Sementara jumlah nasabah tabungan mikro perseroan hingga Oktober tahun 2014 sudah mencapai 1,9 juta nasabah tabungan. Sumber: Liputan6.com

OSO SECURITIES MEMBER OF INDONESIA STOCK EXCHANGE




Hingga Desember, APEX Dapat Kontrak US$ 614 Juta PT Apexindo Pratama Duta Tbk (APEX) berhasil mendapatkan kontrak sebesar US$ 614 juta hingga Desember tahun ini. Sebagian besar kontrak Apexindo berasal dari pengeboran lepas pantai (offshore), yaitu 80% dari total nilai kontrak. sebagian besar kontrak yang didapat perseroan berjangka panjang. Kontrak-kontrak pengeboran juga sebagian besar dilakukan di dalam negeri. Kontrak yang akan selesai tahun depan sebesar US$ 150 juta – US$ 200 juta. Sumber: Investor Daily



KIJA Baru Menyerap 46% PT Kawasan Industri Jababeka Tbk (KIJA) baru menyerap belanja modal Rp350 miliar dari total anggaran awal Rp750 miliar yang disiapkan pada tahun ini. Hingga saat ini realisasi belanja modal KIJA hanya mencapai sekitar 46,66%. Rp 400 miliar yang belum diserap akan digunakan untuk akuisisi lahan. Hingga akhir tahun ini, KIJA menargetkan dapat mengakuisisi 500 Ha lahan baru di Kendal yang akan menjadi proyek pengembangan kota mandiri kedua yang dikelola Perseroan setelah Jababeka. Sumber: Bisnis Indonesia



JSMR Siapkan Capex Rp 4 Triliun PT Jasa Marga Tbk (JSMR) menyiapkan capex tahun depan sebesar Rp 4 triliun. Operator jalan tol terbesar milik negara itu akan memanfaatkan kas internal sebesar Rp 3 triliun dan pinjaman bank Rp 1 triliun. Jasa Marga berencana menggunakan sebagian besar capex untuk membiayai sejumlah proyek jalan tol. Sebab kebutuhan dana untuk ekspansi di luar bisnis inti masih sedikit. Sumber: Investor Daily

OSO SECURITIES



Trading Idea BKSL Rp. 115 Saham ini hampir break V pattern dimana indikator RS masih bergerak menguat dan stochastic baru membentuk golden cross.

Recommendation: Buy on Breakout Buy on Breakout untuk BKSL jika break 115 dengan target price di level 128 dalam jangka waktu dekat. Support di level 110 dan cutloss jika break level 108.

WSKT Rp. 1200 WSKT telah break resistance di level 1160 dan berpotensi naik kembali dimana indikator RSI baru crossover MA 10 dan stochastic baru membentuk golden cross.

Recommendation: Speculative Buy Speculative Buy untuk WSKT dengan target price di level 1220 dalam jangka pendek. Support di level 1160 dan cutloss jika break level 1150.

WIKA Rp. 3290 Saham ini masih bergerak uptrend dimana indikator RSI baru crossover MA 10 dan stochastic baru membentuk golden cross.

Recommendation: Speculative Buy Speculative Buy untuk WIKA dengan target price di level 3330. Support di level 3200 dan cutloss jika break level 3190.

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 3,040 3.61 1,065 0.96 4,570 3.49 965 0.76 7,150 3.20 580 2.06 13,300 4.40 6,025 2.01 11,550 3.12 1,170 1.05 4,500 1.34 10,775 2.59 1,460 1.82 1,825 2.27 4,000 6.02 1,295 2.82 5,075 3.10 59,700 3.62 1,715 1.24 11,800 5.08 3,880 1.69 6,600 2.29 25,200 3.99 16,700 1.57 6,950 4.77 1,770 9.43 1,130 1.77 15,500 #N/A N/A 1,955 1.91 2,265 3.79 5,975 4.48 13,150 3.56 3,310 7.46 510 4.94 3,290 15.53 16,550 4.36 1,560 4.47 1,115 2.72 9,525 10.67 2,835 4.31 17,400 1.80 31,100 43.36 3,290 4.86 1,200 4.80

P/E (x) 2015F 13.36 14.77 10.77 18.56 18.40 13.06 8.24 17.27 9.88 10.57 8.09 11.74 11.18 12.51 13.20 18.78 13.58 34.39 18.70 13.88 22.26 12.08 12.16 16.40 8.29 25.92 32.35 16.27 22.78 12.21 14.03 14.22 14.37 23.38 12.48 26.97 15.73 17.07 14.01 24.50 16.72 10.81 38.46 24.45 22.12

PEG (0.54) 0.18 (0.00) (27.45) #VALUE! (687.41) (0.65) 0.99 0.39 1.07 45.28 18.48 0.73 (0.55) 0.08 (5.47) 0.26 #VALUE! 2.85 (0.22) 16.50 (0.00) (0.69) 3.45 (0.16) (1.95) 3.72 1.17 0.70 (0.42) 13.20 1.49 (0.39) 0.91 0.31 (1.17) 1.63 0.62 1.06 0.66 1.87 (0.64) 4.20 1.81 209.96

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) 10.81 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 27,125 3,130 1,230 5,175 890 7,575 580 13,125 6,300 12,475 1,185 3,805 11,775 2,045 2,025 4,425 1,340 6,475 66,625 1,425 11,975 4,740 7,950 25,975 23,000 7,225 1,765 1,230 17,850 2,180 2,835 6,450 13,850 3,095 540 3,635 17,650 1,605 1,510 9,250 2,925 20,850 29,550 3,145 1,095

Up-Side Recommendation (Down-Side) (%) 13.49 2.96 15.49 13.24 (7.77) 5.94 0.00 (1.32) 4.56 8.01 1.28 (15.44) 9.28 40.07 10.96 10.63 3.47 27.59 11.60 (16.91) 1.48 22.16 20.45 3.08 37.72 3.96 (0.28) 8.85 15.16 11.51 25.17 7.95 5.32 (6.50) 5.88 10.49 6.65 2.88 35.43 (2.89) 3.17 19.83 (4.98) (4.41) (8.75)

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

Market Cap (Tn) 37.64 5.48 34.07 17.89 9.20 289.46 11.40 327.91 112.36 284.93 12.36 43.13 251.42 20.73 33.53 65.59 19.64 43.31 114.87 4.64 68.81 38.55 57.95 92.77 18.87 47.26 82.97 26.08 45.23 13.34 32.34 144.84 30.30 16.03 24.56 48.11 98.17 22.51 2.39 45.69 285.77 64.90 237.29 20.23 11.66

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 5,165 23,900 3,040 1,065 4,570 965 7,150 580 13,300 6,025 11,550 1,170 4,500 10,775 1,460 1,825 4,000 1,295 5,075 59,700 1,715 11,800 3,880 6,600 25,200 16,700 6,950 1,770 1,130 15,500 1,955 2,265 5,975 13,150 3,310 510 3,290 16,550 1,560 1,115 9,525 2,835 17,400 31,100 3,290 1,200

Open

High

5,122 23,675 2,965 1,090 4,500 970 7,100 575 13,150 5,925 11,175 1,135 4,440 10,600 1,435 1,840 4,035 1,295 4,925 59,025 1,715 11,850 3,985 6,600 25,225 17,600 6,850 1,740 1,105 15,475 1,940 2,180 5,900 13,200 3,180 500 3,250 16,550 1,570 1,115 9,500 2,785 17,750 31,025 3,115 1,140

5,169 23,925 3,045 1,100 4,575 985 7,200 590 13,375 6,075 11,600 1,185 4,520 10,800 1,460 1,855 4,070 1,305 5,125 59,750 1,720 11,850 3,985 6,650 25,225 17,750 7,000 1,770 1,130 15,500 1,975 2,265 6,000 13,400 3,320 515 3,305 16,675 1,580 1,125 9,525 2,840 17,750 31,125 3,295 1,200

Low 5,122 23,675 2,965 1,060 4,475 965 7,075 570 13,150 5,925 11,175 1,130 4,435 10,550 1,420 1,810 3,990 1,275 4,895 59,025 1,685 11,725 3,855 6,600 24,775 16,550 6,825 1,735 1,105 15,025 1,940 2,180 5,875 13,150 3,180 499 3,250 16,500 1,545 1,110 9,475 2,785 17,325 31,000 3,115 1,140

Year-to-Date (YtD%) 20.85% -4.78% 101.32% -2.29% 4.46% -11.47% 5.15% 34.88% 38.54% 52.53% 59.31% 34.48% 19.21% 37.26% -23.16% 41.47% 18.52% 72.67% -2.40% 42.14% -37.64% 15.69% 46.42% 0.00% 26.00% -41.40% 47.09% 41.60% 24.18% 40.91% 1.30% -13.71% 33.52% 28.92% 185.34% 88.89% 25.33% 16.96% 100.00% -23.63% 64.22% 33.11% -8.42% 19.62% 108.23% 196.30%

MA5

RSI Rec

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

Trading Trading OverBought Trading Oversold Trading Trading OverBought Trading Trading Trading Trading OverBought Trading Oversold OverBought Trading Trading Oversold Trading OverBought OverBought Trading Trading Trading Oversold Trading Trading Trading Trading Trading Oversold Oversold Trading OverBought OverBought Trading Trading OverBought Trading Trading Trading Trading Trading OverBought OverBought

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

Bollinger Band Pivot Point Lower Middle Upper 5,036 5,123 5,211 5,144 22,775 23,950 25,100 23,800 2,465 2,775 3,080 3,005 985 1,070 1,150 1,080 4,465 4,605 4,750 4,530 915 965 1,010 970 6,875 7,050 7,250 7,125 412 520 625 580 12,850 13,150 13,475 13,250 5,650 5,950 6,275 6,000 10,875 11,300 11,725 11,375 1,085 1,125 1,165 1,155 4,035 4,245 4,455 4,475 10,350 10,525 10,725 10,675 1,440 1,620 1,795 1,445 1,480 1,705 1,930 1,835 3,775 4,005 4,240 4,025 1,115 1,265 1,420 1,295 4,805 5,100 5,400 5,000 58,550 60,725 62,925 59,375 1,380 1,590 1,795 1,710 10,875 11,350 11,800 11,800 3,765 3,970 4,170 3,925 6,525 6,650 6,800 6,625 23,650 24,700 25,750 25,100 17,475 18,350 19,200 17,150 6,475 6,800 7,100 6,900 1,675 1,750 1,825 1,755 1,010 1,115 1,220 1,120 14,850 15,275 15,700 15,375 1,870 1,965 2,055 1,955 2,220 2,380 2,545 2,225 5,875 6,050 6,200 5,950 12,000 12,850 13,725 13,225 2,750 3,040 3,330 3,250 426 484 540 505 3,145 3,305 3,465 3,275 15,500 16,175 16,825 16,575 1,215 1,425 1,635 1,565 1,065 1,115 1,160 1,115 9,150 9,400 9,650 9,500 2,700 2,795 2,890 2,810 17,175 18,300 19,425 17,550 30,500 31,300 32,125 31,075 2,840 3,050 3,255 3,205 950 1,065 1,180 1,170

Support 1 2 5,120 5,097 23,675 23,550 2,965 2,925 1,060 1,040 4,485 4,430 960 950 7,075 7,000 570 560 13,125 13,025 5,900 5,850 11,150 10,950 1,125 1,100 4,430 4,390 10,575 10,425 1,430 1,405 1,810 1,790 3,980 3,945 1,280 1,265 4,885 4,775 59,000 58,650 1,700 1,675 11,775 11,675 3,870 3,795 6,575 6,575 25,000 24,650 16,550 15,950 6,825 6,725 1,740 1,720 1,105 1,095 15,250 14,900 1,930 1,920 2,180 2,140 5,875 5,825 13,050 12,975 3,175 3,110 497 490 3,245 3,220 16,475 16,400 1,550 1,530 1,110 1,100 9,500 9,450 2,785 2,755 17,375 17,125 31,000 30,950 3,115 3,025 1,140 1,110

Resistance Stop Loss 1 2 Level 5,167 5,191 5,021 23,925 24,050 23,200 3,045 3,085 2,880 1,100 1,120 1,025 4,585 4,630 4,365 980 990 935 7,200 7,250 6,900 590 600 550 13,350 13,475 12,825 6,050 6,150 5,750 11,575 11,800 10,775 1,180 1,210 1,085 4,515 4,560 4,325 10,825 10,925 10,275 1,470 1,485 1,385 1,855 1,880 1,760 4,060 4,105 3,885 1,310 1,325 1,245 5,125 5,225 4,705 59,725 60,100 57,775 1,735 1,745 1,650 11,900 11,925 11,500 4,000 4,055 3,740 6,625 6,675 6,475 25,450 25,550 24,275 17,750 18,350 15,700 7,000 7,075 6,625 1,775 1,790 1,695 1,130 1,145 1,075 15,725 15,850 14,675 1,965 1,990 1,890 2,265 2,310 2,105 6,000 6,075 5,725 13,300 13,475 12,775 3,315 3,390 3,060 515 520 483 3,300 3,330 3,170 16,650 16,750 16,150 1,585 1,600 1,505 1,125 1,130 1,085 9,550 9,550 9,325 2,840 2,865 2,715 17,800 17,975 16,875 31,125 31,200 30,475 3,295 3,385 2,980 1,200 1,230 1,095

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

Buy Buy

Buy

Buy Buy Buy

Buy Buy

Buy Buy

Buy

OSO SECURITIES



Economic Calendar Date 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 08-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 09-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 10-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 11-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-14 12-Des-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% 17.60% €21.9B €23.1B -0.50% €-4.6B -0.70% 1.10% -0.10% 1.70% 98.1 -1.30% 3.90% 48.4 4.834M 0.40% 0.21% 1.07% 8.10% 1.40% -0.20% -2.70% 37.7 -1.00% -0.80% £ -2.024B 7.30% 4.11% 1.454M $ -56.8B -6.40%

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 11 Desember 2014 JCI 5, %

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