Tuesday, January 27, 2015
DAILY RESEARCH
Sinarmas Investment Research/+6221 3925550/research@sinarmassekuritas.co.id
JCI Index
ID X S ta tis tic s
C lo s in g
J CI
5 ,2 6 0 .0 2
Tra n s a c tio n Va lu e (Rp tn )
5,350
11.7 2 5
Tra n s a c tio n Vo lu me (mn s h a re s )
8 ,4 12
Fo re ig n Ne t Bu y (S e ll) (Rp b n )
5,300
7 7 6 .6 3
Fo re ig n Ne t Bu y (S e ll) YTD (Rp tn )
(0 .5 0 )
a s p e rc e n ta g e o f la s t ye a r's
5,250
(1.16 )
To ta l Ma rke t Ca p ita liza tio n (Rp tn )
5,200
Ke y In d ic e s
Last Price
Previous day
Closed at 5260.02
Previous Day:
J CI
(1.2 0 )
0 .6
9 13 .0
(1.4 6 )
1.6
EIDO
2 7 .7 1
(1.2 1)
1.0
2 4 .7
Today’s Market:
F O R EX
(1.0 4 )
1.5
17 ,6 7 8 .7
0 .0 3
(0 .8 )
S &P 5 0 0
2 ,0 5 7 .1
0 .2 6
(0 .1)
NAS DAQ
4 ,7 7 1.8
0 .2 9
0 .8
DO W J O NES
6 ,8 5 2 .4
0 .2 9
4 .4
NIKKEI
17 ,4 6 8 .5
(0 .2 5 )
1.5
HANG S ENG
2 4 ,8 5 0 .5
0 .2 4
5 .5
FTS E
S TRAITS TIMES
3 ,4 11.5
0 .0 0
1.0
KLS E
1,7 9 6 .4
(0 .3 7 )
2 .0
R a te (ID R )
Y TD
Ch a n g e
%
12 ,5 0 7
0 .3 9
EUR/IDR
14 ,0 5 5
0 .0 7
7 .3
J P Y/IDR
10 6
0 .4 1
(1.7 )
9 ,2 9 7
(0 .0 2 )
0 .9
AUD/IDR
9 ,8 8 0
(0 .5 9 )
2 .7
G BP /IDR
18 ,6 6 5
(1.3 4 )
2 .7
S G D/IDR
CRUDE O IL
(US D)/BARREL
CO AL (US D) / MT
NATURAL G AS
(US D) / mmBtu
P ric e
4 5 .2
5 8 .2
1 Da y
R e tu rn
%
(0 .9 7 )
-
(0 .8 )
Y TD
Ch a n g e
%
(15 .1)
(17 .6 )
2 .9
(3 .5 2 )
0 .6
1,2 8 1.4
(0 .9 8 )
7 .8
NICKEL (US D) / MT
14 ,3 5 0 .0
(3 .3 7 )
(2 .6 )
TIN (US D) / MT
19 ,4 7 5 .0
(0 .15 )
1.0
2 ,2 6 4 .0
(0 .3 5 )
(4 .0 )
G O LD (US D) / O UNCE
CP O (MYR) / MT
RUBBER (J P Y)/KG
See important disclaimer at the end of this report
Ch a n g e
%
US D/IDR
C o mmo d itie s
UNDERVALUED STOCKS 2014:
ROTI 1,460
Y TD
Ch a n g e
%
5 ,2 6 0 .0
IDX
Top Technical Buys:
BBRI, MAIN, TBIG, BJBR
1 Da y
R e tu rn
%
LQ 4 5
Pada penutupan perdagangan hari Senin (26/1), IHSG turun
sebanyak 63,86 poin (1,20%) ke level 5260,02. Ada sebanyak
61 saham yang naik, 241 saham yang mengalami koreksi, dan
74 saham yang stagnan. LQ45 turun 13,49 (1,46%) ke level
913,03. Sektor-sektor di zona hijau adalah sektor consumer
goods naik 2,26%, sektor infrastruktur naik 1,86%, dan sektor
konstruksi naik 1,50%. Total perdagangan sebanyak Rp
11,725 triliun. Foreign net buy sebesar Rp 776 miliar. Indeks
Hang Seng menguat 1,33%. Indeks Strait times melonjak
1,24%. Indeks Nikkei naik 1,06%. Indeks shanghai bertambah
0,26%.
Secara teknikal indeks hari Selasa (27/1) diperkirakan akan
bergerak melemah di level 5225-5300. Membaiknya perekonomian Amerika dan adanya stimulus dari ECB (European
Central bank) turut memberikan sentimen terhadap indeks.
Begitu juga dengan tindakan pemerintah baru Yunani yang
tidak akan memaksa negaranya untuk meninggalkan mata
uang Euro. Sementara itu dari dalam negeri, menantikan
dirilisnya laporan keuangan emiten kuartal IV– 2014.
C lo s in g
4 ,9 6 5 .5 7
19 1.4
2 .3 5
(0 .9 )
WHEAT/BUS HEL
5 3 0 .0
(0 .7 0 )
(11.7 )
CO RN/BUS HEL
3 8 6 .8
0 .7 8
(3 .3 )
Tuesday, January 27, 2015
CORPORATE & INDUSTRY NEWS
•
•
•
•
•
•
PT Saratoga Investama Sedaya Tbk (SRTG) berencana mencari pinjaman US$ 105 juta. Pinjaman tersebut akan dipakai untuk membiayai 70% investasi perusahaan. Tahun ini, perusahaan menyiapkan investasi
sebesar US$ 150 juta. Selain itu, perusahaan akan focus di bidang infrastruktur. Hal ini seiring dengan rencana pemerintah menggenjot proyek infrastruktur. (Positive) Source: Investor Daily
PT Wijaya Karya Tbk (WIKA) mengincar proyek di Malaysia, timor Leste, dan Aljazair Rp 4 triliun tahun
ini. Perusahaan akan menggandeng perusahaan lokal di setiap Negara untuk menggarap proyek tersebut.
Saat ini, perusahaan tengah menggarap pusat perbelanjaan di Malaysia seniali Rp 177,6 miliar. Sementara
itu, di Aljazair perusahaan teklah terlebih dahulu dipercaya sebagai subkontraktor proyek jalan tol. Selain
mengincar tender di Aljazair, Malaysia, dan Timor Leste, perusahaan juga memperluas jaringan kerjanya di
Timur tengah. (Positive) Source: Investro Daily
PT Tiphone Mobile Indonesia Tbk (TELE) menuntaskan akuisisi PT Simpatindo Multi Media senilai US$
32 juta. Perusahaan telah mengonversi waran menjadi 50 ribu saham baru Simpatindo pada 22 Januari
2015. Transaksi akuisisi ini bertujuan untuk memperluas jaringan usaha perusahaan. Sementara itu, terkait pendanaan akuisisi, perusahaan masih menyimpan dana hasil pelepasan 25% saham perusahaan ke PT
PINS Indonesia, anak usaha PT Telekomunikasi Indonesia Tbk (TLKM). Dari akuisisi tersebut perusahaan
memperoleh dana segar sebesar Rp 1,39 triliun. (Positive) Source: Investor Daily
PT Kimia Farma Tbk (KAEF) menargetkan kenaikan margin bersih menjadi 5,3% pada tahun ini. Dengan
kenaikan tersebut, diperkirakan laba bersih tahun ini sebesar Rp 260 miliar, tumbuh 10,6% dari proyeksi
tahun lalu sebesar Rp 235 miliar. Hingga kuartal III tahun 2014, perusahaan mencatatkan margin bersih
sebesar 4,6%. (Neutral) Source: Indonesia Finance Today
PT Indosat Tbk (ISAT) menargetkan kenaikan pendapatan usaha segmen korporasi sebesar 20%. Operator ini akan mengandalkan bisnis machine to machine (M2M) dengan memasarkan 10 layanan baru pada
tahun ini. Manajemen perusahaan mengungkapkan selama tiga tahun terakhir, pendapatan bisnis segmen
korporat dan usaha kecil menengah (UKM) tumbuh di atas 10% per tahun, dengan kontribusi mencapai 25
– 30% terhadap pendapatan perusahaan. (Neutral) Source: Indonesia Finance Today
PT Bank Rakyat Indonesia Tbk (BBRI) mencatatkan laba bersih sebesar Rp 24,2 triliun sepanjang tahun
2014, naik 14,36% dari tahun 2013. Kenaikan laba ini didukung oleh penyaluran kredit yang mencapai Rp
490,4 triliun, tumbuh 13,88% dibandingkan dengan Rp 430,62 triliun pada tahun sebelumnya. Adapun
dana pihak ketiga (DPK) tahun 2014 mencapai Rp 600,4 triliun meningkat 23,45% dari Rp 486,37 triliun di
tahun sebelumnya (Positive) Source: Indonesia Finance Today
See important disclaimer at the end of this report
2
Tuesday, January 27, 2015
TRADING VIEW
Eddy Wijaya/ Technical Analyst/62 21 3925550
TRADING VIEW Tuesday, January 27 , 2015
These recommendations are more based on technical and just for one day trading
RESEARCH DEPARTMENT
TICKER
RECOMMENDATION
PRICE
ENTRY
EXIT
S2
S1
R1
R2
EXPLANATION
AGRICULTURE
AALI
Trading Sell
BWPT
Buy on Weakness
LSIP
Trading Sell
23525
23525
23400
23200
23400
23700
370
360
380
345
360
380
23850 Stoc osc : downtrend
1815
1815
1785
1755
1785
1835
1865 Black spinning top
390 Doji
BANK & FINANCE
BMRI
Buy on Weakness
11100
10950
11250
10800
10950
11250
11350 Black spinning top
BBRI
Trading Buy
11875
11875
12000
11700
11800
12000
12100 White spinning top
BBNI
Buy on Weakness
6100
6000
6175
5900
6000
6175
6250 Stoc osc : uptrend
BBCA
Buy on Weakness
13150
13000
13275
12850
13000
13275
13350 Black spinning top
7825
14350
58000
36350
4050
CONSUMER GOODS
INDF
ICBP
GGRM
UNVR
CPIN
Trading Sell
Trading Sell
Buy on Weakness
Buy on Weakness
Buy on Weakness
7475
14100
57100
35500
4000
7475
14100
56600
35250
3960
7300
13950
57450
35800
4020
7150
13800
56300
35000
3940
7300
13950
56600
35250
3960
7650
14250
57450
35800
4020
MAIN
Buy on Weakness
2130
2120
2155
2100
2120
2155
Stoc osc : downtrend
Black spinning top
Stoc osc : uptrend
Stoc osc : downtrend
Dragonfly doji
2175 White spinning top
BASIC & MISC INDUSTRY
ASII
Trading Sell
8025
8025
8000
7900
8000
8150
SMGR
Buy on Weakness
14475
14400
14600
14300
14400
14600
14750 White spinning top
8250 Stoc osc : downtrend
INTP
Buy on Weakness
22950
22825
23125
22750
22825
23125
23250 White spinning top
INFRASTRUCTURE
TLKM
Trading Sell
2820
2820
2780
2750
2780
2840
2880 Stoc osc : downtrend
PGAS
Buy on Weakness
5250
5150
5350
5050
5150
5350
5500 Black spinning top
JSMR
Trading Buy
7000
7000
7150
6850
6950
7150
7300 Macd : downtrend
TBIG
Trading Buy
9800
9800
9900
9650
9750
9900
10100 Macd : reversal
MAPI
Buy on Weakness
5875
5800
5950
5750
5800
5950
6100 Macd : reversal
RALS
Trading Sell
820
820
810
795
810
835
850 Rsi : downtrend
ACES
Trading Sell
765
765
750
740
750
775
800 Rsi : downtrend
MPPA
Buy on Weakness
3430
3400
3470
3365
3400
3470
3500 Long legged doji
PTBA
Trading Sell
11225
11225
11050
10950
11050
11350
11600 Rsi : downtrend
ADRO
Buy on Weakness
980
970
995
960
970
995
ITMG
Buy on Weakness
15025
14925
15075
14825
14925
15075
ANTM
Buy on Weakness
1030
1020
1040
1000
1020
1040
TINS
Buy on Weakness
1175
1165
1190
1150
1165
1190
1215 Black spinning top
UNTR
Trading Buy
18050
18050
18150
17700
17850
18150
18300 Stoc osc : uptrend
RETAIL
MINING
1020 Black spinning top
15175 Gravestone doji
1060 Black spinning top
PROPERTY
ASRI
Buy on Weakness
595
585
605
575
585
605
LPKR
Buy on Weakness
1095
1075
1120
1055
1075
1120
1140 Rsi : downtrend
CTRA
Buy on Weakness
1430
1410
1445
1395
1410
1445
1460 Black spinning top
APLN
Buy on Weakness
413
408
416
403
408
416
421 Rsi : downtrend
SMRA
Buy on Weakness
1595
1575
1615
1560
1575
1615
1630 Black spinning top
SSIA
Buy on Weakness
1095
1080
1115
1065
1080
1115
1135 Black spinning top
BSDE
Buy on Weakness
2065
2050
2080
2020
2050
2080
2100 White spinning top
WIKA
Buy on Weakness
3550
3540
3580
3520
3540
3580
3625 Macd : downtrend
PTPP
Buy on Weakness
3750
3730
3780
3710
3730
3780
3810 Stoc osc : uptrend
ADHI
Buy on Weakness
3580
3560
3620
3545
3560
3620
3655 Black spinning top
See important disclaimer at the end of this report
625 Black spinning top
3
Tuesday, January 27, 2015
Global Equity Indices
Description
YTD Change %
LQ45
Nikkei 225
JCI
FTSE 100
ASX 200
DJIA
S&P500
STI
CAC 40
Shanghai Composite
DAX
KOSPI
Hang Seng
Euro Stoxx
27-Jan-15
1.6
1.6
0.6
4.4
2.1
(0.8)
(0.1)
1.0
9.4
4.6
10.1
1.5
5.5
8.5
Forward 2014 P/E Ratio (Best Est.)
913
17,733
5,260
6,852
5,524
17,679
2,057
3,399
4,675
3,383
10,798
1,944
24,910
3,414
15.6
19.2
15.3
15.1
15.7
16.0
17.1
13.9
15.0
12.9
14.0
11.2
11.5
14.5
Selected Indonesian Equities
Description
AALI
ADRO
AKRA
ANTM
ASII
ASRI
BBCA
BBNI
BBRI
BBTN
BDMN
BHIT
BKSL
BMRI
BMTR
BSDE
BUMI
BWPT
CPIN
EXCL
GGRM
GIAA
HRUM
YTD Change %
27-Jan-15
(3.0)
(5.8)
8.1
(3.3)
8.1
6.3
0.2
0.0
1.9
(17.8)
11.0
(1.7)
8.7
3.0
30.2
14.4
21.3
(7.5)
5.8
0.7
(5.9)
6.3
(0.3)
23,525
ICBP
980
IMAS
4,455
INCO
1,030
INDF
8,025
INDY
595
INTP
13,150
ITMG
6,100
JSMR
11,875
KLBF
990
LPKR
5,025
LSIP
284
MAIN
113
MAPI
11,100
MNCN
1,855
PGAS
2,065
PTBA
97
SMCB
370
SMGR
4,000
SSIA
4,900
TLKM
57,100
UNTR
590
UNVR
1,655 JAKPROP
INDEX
JAKBIND INDEX
YTD Change %
27-Jan-15
7.6
(2.5)
(2.9)
10.7
(4.5)
(8.2)
(2.3)
(0.7)
1.1
7.4
(4.0)
0.0
15.8
10.2
(12.5)
(10.2)
(9.2)
(10.6)
2.3
(1.6)
4.0
9.9
14,100
3,900
3,520
7,475
487
22,950
15,025
7,000
1,850
1,095
1,815
2,130
5,875
2,800
5,250
11,225
1,985
14,475
1,095
2,820
18,050
35,500
JAKFIN INDEX
Sectors
Description
Description
1-mth Return %
Property
Basic Industry
Trade
Finance
Miscellaneous Industry
Consumer
Infrastructure
Agriculture
Mining
See important disclaimer at the end of this report
6.8
(4.1)
4.1
1.0
6.4
8.2
(2.9)
(1.6)
(3.8)
JAKCONS INDEX
JAKMIND INDEX
JAKINFR INDEX
JAKAGRI INDEX
JAKMINE INDEX
4
Tuesday, January 27, 2015
Dividend
Ticker
BIPI
Status
DPS
(IDR)
Final
1
Cum Date
Ex Date
13 Januari 2015
14 Januari 2015
Recording
Payment
16 Januari 2015
30 Januari 2015
Rights Issue
Ticker
Ratio
Price (Rp)
Cum Date
MAYA
8:1
1150
29 December 2014
30 December 2014
13 January-19 January 2015
WOMF
27:20
135
28 January 2015
29 January 2015
4 February –11 February 2015
Global Reference Rates
EX Date
Trading
FOREX
%
Rate (USD) Change %
FED Rate
0.25
USDIDR
12,492
BI Rate
7.75
USDEUR
0.89
0.02
ECB Rate
0.05
USDJPY
119
(0.11)
BOJ Rate
0.10
USDSGD
1.34
0.05
BOE Rate
0.50
USDAUD
1.26
0.17
PBOC Rate
5.60
USDGBP
0.66
(0.09)
Description
0.12
December
November
Inflation YTD (%)
8.36
5.75
JIBOR (IDR) (%)
8.15
Inflation YOY (%)
8.36
6.23
LIBOR (GBP) (%)
0.96
2.46
1.50
SIBOR (USD) (%)
1.46
111.86
111.14
INDOGB 5Y YIELD (%)
7.07
5.01
INDOGB 10Y YIELD (%)
7.29
2.62
INDOGB 15Y YIELD (%)
7.50
Inflation MOM (%)
Foreign Reserves (USD bn)
GDP YOY Growth Rate 3Q14 (%)
GDP Growth Rate 2014 (%)
Lending & Deposit Rates
Dual Listed
MACRO INDICATORS
Price (IDR) Change %
TLKM (US)
2,673.29
(4.89)
ANTM (GR)
898.50
(1.54)
2014
2015
APBNP
APBN
GDP Growth (%, YoY)
5,5
5,8
Inflation (%, YoY)
5,3
4,4
11.600
11.900
3 Months SPN (%)
6.0
6.0
Indonesian Crude Oil (USD/barrel)
105
105
Oil Lifting ( thousands barrel/day)
818
900
Gas Lifting (thousands, BOE/day)
1.224
1.248
Total State Budget (in IDR trillion)
1,635
1,793
Exchange rate (USD/IDR)
See important disclaimer at the end of this report
5
Tuesday, January 27, 2015
http://www.sinarmassekuritas.co.id
EQUITY RESEARCH
ANALYST
James Wahjudi
Coal and Mining
T: +62 21 3925550 Ext: 611
James.wahjudi@sinarmassekuritas.co.id
ANALYST
Evan Hadiwidjaja
Banking and Cement
T: +62 21 3925550 Ext: 610
Evan.hadiwidjaja@sinarmassekuritas.co.id
JUNIOR ANALYST
Wilbert
Consumer goods and Retail
T: +62 21 3925550 Ext: 273
wilbert@sinarmassekuritas.co.id
TECHNICAL ANALYST
Eddy Wijaya
T: +62 21 3925550 Ext: 159
Eddy.wijaya@sinarmassekuritas.co.id
DISCLAIMER
This material is issued by PT Sinarmas Sekuritas, a member of Indonesia Stock Exchanges, represent the opinion of PT Sinarmas Sekuritas,
derived its judgment from sources deemed reliable, however, PT Sinarmas Sekuritas and its affiliated cannot guarantee its accuracy and
completeness. PT Sinarmas Sekuritas or its affiliates may be involved in transactions contrary to any opinion herein or have positions in the
securities recommended herein and may seek or will seek investment banking or other business relationships with the companies in this
material. PT Sinarmas Sekuritas, its employees and its affiliates, expressly disclaim any and all liability for representation or warranties,
expressed or implied, here in or omission there from or for any loss how so ever arising from any use of this material or its contents or
otherwise arising in connection there with. Opinion expressed in this material are our present view and are subject to change without no-
6