JCI Index DAILY RESEARCH 5,160 5,140 5,120 5,100 5,080. Last Price Previous day Closed at Previous Day:

Previous Day:

Pada penutupan perdagangan hari Senin (24/11), IHSG naik sebanyak 29,72 poin (0,58%) ke level 5141,76. Ada sebanyak 174 saham yang naik, 130 saham yang mengalami koreksi, dan 91 saham yang stagnan. Sektor-sektor di zona hijau adalah sektor aneka industri naik 1,76%, sektor pertamban-gan naik 1,21%, dan sektor industri dasar naik 1,13%. Sektor di zona merah adalah sektor konstruksi turun 0,44%. Total perdagangan sebanyak Rp 5,045 miliar. LQ45 naik 8,37 poin (0,95%) ke level 886,93. Foreign net buy sebesar Rp 142,93 miliar. Indeks Nikkei naik 0,33%, Indeks Hang Seng menguat 1,95%. Indeks Strait times naik tipis 0,00%.

Today’s Market:

Secara teknikal indeks hari Selasa (25/11) diperkirakan akan bergerak menguat di level 5110-5173. Adanya faktor global dari bank sentral Eropa (ECB) dan Bank Jepang (BOJ) yang berencana mengeluarkan stimulus baru. Selain itu, bank sen-tral China (PBOC) telah menurunkan suku bunga guna men-ingkatkan stabilisasi perekonomian negaranya.

Top Technical Buys: TLKM, PTBA, MAIN, MNCN

Sinarmas Investment Research/+6221 3925550/research@sinarmassekuritas.co.id

DAILY RESEARCH

UNDERVALUED STOCKS 2014: ROTI 1,460

Tu esd a y, N ovem ber 25, 2014

Clo s in g J CI

Tra n s a c tio n Va lue (Rp tn ) Tra n s a c tio n Vo lume (mn s ha re s )

Fo re ig n Ne t Buy (S e ll) (Rp bn ) 14 2.9 3 Fo re ig n Ne t Buy (S e ll) YTD (Rp tn ) 5 2.2 5 a s p e rc e n ta g e o f la s t ye a r's 4.0 8 To ta l Ma rke t Ca p ita liza tion (Rp tn ) 4 ,8 2 4.5 8

Clo s in g 1 Da y Re tu rn % YTD Ch a n g e % 5 ,14 1.8 0 .58 20 .3 8 86 .9 0 .95 24 .7 2 7.8 9 (0 .9 9) 2 2 .1 25 .4 (0 .9 7) 19 .5 17 ,8 17 .9 0 .04 7 .5 2 ,0 69 .4 0 .29 12 .0 4 ,7 54 .9 0 .89 13 .8 6 ,7 29 .8 (0.3 1) (0 .3 ) 17 ,3 5 7.5 0 .33 7 .0 2 3 ,4 3 7 .1 1.9 5 2 .5 3 ,3 45 .3 0 .00 5 .5 1,8 3 3.8 1.3 6 (1.8 ) FO REX Ch a n g e % YTD Ch a n g e % US D/IDR 0 .05 0 .2 EUR/IDR (0 .6 3) 11.0 J P Y/IDR (0.19 ) 12 .4 S GD/IDR (0 .2 6) 3 .1 AUD/IDR 0.5 1 3 .7 GBP /IDR (0.0 1) 5 .5 P ric e 1 Da y Re tu rn % YTD Ch a n g e % CRUDE OIL (US D)/BARREL 75 .8 (0 .9 5) (2 3 .1) COAL (US D) / MT 73 .8 NA (10 .1) NATURAL GAS (US D) / mmBtu 4 .2 (2 .7 0) (2 .3 ) GOLD (US D) / OUNCE 1,19 7 .1 (0 .3 7) (0 .7 ) NICKEL (US D) / MT 16 ,6 5 0.0 0.15 19 .1 TIN (US D) / MT 2 0 ,5 75 .0 1.4 0 (8 .7 ) CP O (MYR) / MT 2 ,2 15.0 0 .09 (16 .5 ) RUBBER (J P Y)/KG 190 .3 0 .37 (3 1.2 ) Ke y In d ic e s S TRAITS TIMES KLS E Ra te (IDR) 12 ,15 3 HANG S ENG DOW J ONES S &P 5 00 NAS DAQ FTS E NIKKEI Co mmo d itie s J CI LQ4 5 EIDO IDX 9 ,32 8 10 ,50 9 19 ,00 8 15 ,04 6 10 3 5 ,14 1.7 6 5.0 4 5 6 ,5 2 1 IDX S ta tis tic s

5,080

5,100

5,120

5,140

5,160

JCI Index

2

CORPORATE & INDUSTRY NEWS

•

PT Pembangunan Perumahan Tbk (PTPP) menyiapkan belanja modal Rp 1,8 triliun. Alokasi tersebut melonjak 286,26% dibandingkan dengan yang dialokasikan untuk tahun ini Rp 466 miliar. Belanja modal ini juga didominasikan oleh proyek properti sebesar Rp 800 miliar. Meskipun suku bunga acuan naik men-jadi 7,75%, perusahaan tetap optimis dengan tidak berpengaruh terhadapa bisnis properti. Hal ini ditopang oleh sektor properti yang masih terus berkembang. Perusahaan juga membidik proyek lain seperti sektor pembangkit, jalan tol, pelabuhan dan proyek lainnya. (Positive) Source: Bisnis Indonesia

•

PT Indosat Tbk (ISAT) mencetak oversubscribed. Total permintaan yang masuk dalam penawaran obli-gasi dan sukuk ISAT dalam masa bookbuilding mencapai Rp 2,6 triliun atau sedikit di atas target yang dipa-tok perusahaan sebesar Rp 2,5 triliun. Tingkat kupon ditetapkan pada level 10% untuk tenor 3 tahun, 10.30% untuk tenor 5 tahun, 10,50% untuk tenor 7 tahun, dan 10,70% untuk tenor 10 tahun. Berdasarkan hasil bookbuilding tersebut, perusahaan akan mengubah porsi nilai emisi dengan memperbesar porsi obli-gasi konvensional dan memperkecill porsi sukuk dari rencana awal. (Positive) Source: Bisnis Indonesia

•

PT Jasa Marga Tbk (JSMR) menjajaki pinjaman Rp 2,8 triliun untuk kebutuhan pekerjaan jalan tol

Medan-Kualanamu-Tebing Tinggi. Perusahaan menargetkan pinjaman tersebut dikantongi pada kuartal I-2015. Sebelumnya, perusahaan berencana menyelesaikan pembentukan perusahaan patungan (JV) bernama PT Jasamarga Kualanamu Tol. Pembentukan JV tersebut sedang dalam tahap finalisasi. (Positive) Source: In-vestor Daily

•

Kohlberg Kravis Roberts & Co LP (KKR) dan Bunge Agribusiness Singapore Pte Ltd berminat mengambil alih 88% saham PT Golden Plantation, anak usaha PT Tiga Pilar Sejahtera (TPS) Food Tbk (AISA). Nilai akuisisi ini diperkirakan sekitar US$ 80-90 juta atau mencapai Rp 1 triliun. Sementara itu, harga IPO Golden Plantation diperkirakan berasa pada kisaran Rp 250-300 per saham. Sesuai rencana, perusahaan akan melepas 800 juta saham atau setara 21,8% dari total modal disetor. Dengan demikian, perusahaan akan memperoleh sekitar Rp 200-240 miliar dari IPO. (Positive) Source: Investor Daily

See important disclaimer at the end of this report

Eddy Wijaya/ Technical Analyst/62 21 3925550

TRADING VIEW

TRADING VIEW Tuesday, November 25 , 2014

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 Buy on Weakness 24975 24825 25150 24650 24825 25150 25300 Stoc osc : downtrend BWPT Buy on Weakness 480 476 485 471 476 485 489 Macd : neutral LSIP Buy on Weakness 2035 2020 2055 2000 2020 2055 2075 Rsi : neutral BANK & FINANCE

BMRI Buy on Weakness 10500 10400 10550 10300 10400 10550 10650 Rsi : reversal BBRI Buy on Weakness 11250 11150 11300 11000 11150 11300 11450 Rsi : reversal BBNI Buy on Weakness 5825 5750 5900 5650 5750 5900 6000 Long legged doji BBCA Trading Sell 13275 13225 13350 13150 13225 13350 13450 Black spinning top CONSUMER GOODS

INDF Trading Buy 6800 6800 6900 6600 6700 6900 7000 Stoc osc : uptrend ICBP Trading Buy 11375 11375 11450 11225 11300 11450 11525 Stoc osc : uptrend GGRM Trading Sell 60050 60050 59200 58350 59200 60850 61700 Stoc osc : downtrend UNVR Buy on Weakness 31500 31350 31650 31250 31350 31650 31800 Dragonfly doji CPIN Trading Buy 4045 4045 4065 4010 4030 4065 4080 Stoc osc : uptrend MAIN Trading Buy 2415 2415 2435 2350 2390 2435 2450 Three white candle BASIC & MISC INDUSTRY

ASII Buy on Weakness 7100 7025 7150 6950 7025 7150 7200 White spinning top SMGR Trading Buy 16300 16300 16400 16000 16150 16400 16650 Stoc osc : overbought INTP Trading Buy 24600 24600 24675 24450 24525 24675 24750 Stoc osc : reversal INFRASTRUCTURE

TLKM Trading Buy 2815 2815 2830 2765 2785 2830 2845 Macd : uptrend PGAS Trading Sell 6125 6125 6050 5950 6050 6225 6300 Stoc osc : downtrend JSMR Buy on Weakness 6925 6850 7000 6800 6850 7000 7100 Rsi : downtrend TBIG Buy on Weakness 9300 9200 9400 9100 9200 9400 9500 Rsi : reversal

RETAIL

MAPI Trading Sell 5375 5300 5425 5250 5300 5425 5550 Black spinning top RALS Buy on Weakness 865 855 880 845 855 880 895 Stoc osc : uptrend ACES Buy on Weakness 810 800 820 790 800 820 835 Rsi : reversal MPPA Trading Buy 3275 3275 3295 3240 3265 3295 3310 Stoc osc : uptrend MINING

PTBA Trading Buy 13300 13300 13450 13000 13150 13450 13600 Long white candle ADRO Buy on Weakness 1090 1080 1100 1060 1080 1100 1120 White spinning top ITMG Trading Buy 18475 18475 18650 18250 18400 18650 18850 Rsi :reversal ANTM Trading Buy 1000 1000 1020 950 970 1020 1050 Falling window TINS Trading Buy 1270 1270 1290 1230 1250 1290 1320 Stoc osc : uptrend UNTR Buy on Weakness 18700 18600 18850 18450 18600 18850 19000 Rsi : reversal PROPERTY

ASRI Buy on Weakness 499 496 503 492 496 503 511 Stoc osc : overbought LPKR Buy on Weakness 1130 1120 1150 1100 1120 1150 1180 Black spinning top CTRA Trading Buy 1305 1305 1335 1245 1275 1335 1370 Rsi : overbought APLN Buy on Weakness 344 340 348 337 340 348 351 Macd : uptrend SMRA Buy on Weakness 1410 1390 1420 1370 1390 1420 1440 White spinning top SSIA Trading Buy 870 870 880 840 860 880 900 Stoc osc : overbought BSDE Trading Buy 1685 1685 1695 1650 1670 1695 1705 Macd : uptrend WIKA Buy on Weakness 3035 3020 3045 3005 3020 3045 3060 Rsi : reversal

4

Global Equity Indices

See important disclaimer at the end of this report

Description YTD Change % 25-Nov-14 Forward 2014 P/E Ratio (Best Est.)

LQ45 24.7 887 Nikkei 225 7.0 17,435 JCI 20.3 5,142 FTSE 100 (0.3) 6,730 ASX 200 (0.7) 5,317 DJIA 7.5 17,818 S&P500 12.0 2,069 STI 5.5 3,341 CAC 40 1.7 4,368 Shanghai Composite 19.7 2,533 DAX 2.4 9,786 KOSPI (1.7) 1,977 Hang Seng 2.5 23,893 Euro Stoxx 3.3 3,212

Description YTD Change % 25-Nov-14 Description YTD Change % 25-Nov-14

AALI (0.5) 24,975 ICBP 11.5 11,375 ADRO 0.0 1,090 IMAS (27.7) 3,545 AKRA 6.7 4,670 INCO 56.6 4,150 ANTM (8.3) 1,000 INDF 3.0 6,800 ASII 4.4 7,100 INDY 0.8 595 ASRI 16.0 499 INTP 23.0 24,600 BBCA 38.3 13,275 ITMG (35.2) 18,475 BBNI 47.5 5,825 JSMR 46.6 6,925 BBRI 55.2 11,250 KLBF 42.4 1,780 BBTN 28.7 1,120 LPKR 24.2 1,130 BDMN 11.8 4,220 LSIP 5.4 2,035 BHIT (9.4) 308 MAIN (23.9) 2,415 BKSL (35.0) 102 MAPI (2.3) 5,375 BMRI 33.8 10,500 MNCN (6.1) 2,465 BMTR (10.8) 1,695 PGAS 36.9 6,125 BSDE 30.6 1,685 PTBA 30.4 13,300 BUMI (68.7) 94 SMCB (1.1) 2,250 BWPT (63.9) 480 SMGR 15.2 16,300 CPIN 19.9 4,045 SSIA 55.4 870 EXCL 2.4 5,325 TLKM 32.2 2,815 GGRM 43.0 60,050 UNTR (1.6) 18,700 GIAA (4.2) 475 UNVR 21.2 31,500

HRUM (43.3) 1,560 JAKPROP INDEX_{JAKBIND INDEX}

Sectors

JAKFIN INDEX

Description

_{JAKCONS INDEX}

Property 5.2

JAKMIND INDEX

Basic Industry 0.6

JAKINFR INDEX

Trade 2.5

JAKAGRI INDEX

Finance 1.3

JAKMINE INDEX

Miscellaneous Industry 2.2

Consumer 5.2

1-mth Return %

Selected Indonesian Equities

16.8 19.2 17.1 14.1 14.9 15.7 17.2 14.5 15.1 10.3 13.7 11.7 11.1 14.7 Tu esday, November 25, 2014

Dividend

Tuesday, November 25, 2014

Ticker Status DPS

(IDR)

Cum Date Ex Date Recording Payment

TURI Final 4 24 November 2014 25 November 2014 27 November 2014 11 December 2014

SMSM Final 60 24 November 2014 25 November 2014 27 November 2014 11 December 2014

BATA Final 16.16 28 November 2014 1 December 2014 3 December 2014 16 December 2014

KPIG Final 10 28 November 2014 1 December 2014 3 December 2014 17 December 2014

INCO Final $0.0101 28 November 2014 1 December 2014 3 December 2014 17 December 2014

UNVR Final 336 2 December 2014 3 December 2014 5 December 2014 12 December 2014

BHIT Final 3 2 December 2014 3 December 2014 5 December 2014 19 December 2014

BBCA Final 50 4 December 2014 5 December 2014 9 December 2014 23 December 2014

HMSP Final 1143 4 December 2014 5 December 2014 9 December 2014 23 December 2014

Rights Issue

Ticker OS:NS Price

(Rp)

Cum Date EX Date Trading (2014)

BWPT 1:6 400 TBA TBA TBA

BBRM 100:43 230 20 November 2014 21 November 2014 27 November-3 Desember

BPFI 10:7 500 1 December 2014 2 December 2014 8 Desember –19 Desember

BNII 9:1 221 5 December 2014 8 December 2014 12 December—18 December

Upcoming IPO

Company Business Price (Rp) Issued

Shares (Mn) Offering date (2014) Listing (2014) Underwriter

PT Karisma Aksara Me-diatama

Book Store Trade & Services

175-240 535.82 TBA TBA BCA Sekuritas

Maybank Kim Eng

PT Soechi Lines Shipping

Transportation

600-800 2,571.43 24 Nov-26 Nov 2 Dec Mandiri Sekuritas RHB OSK Securities PT Intan Baruprana

Finance

Finance 311-383 1,670.48 26 Nov-28 Nov 4 Dec BNI Securities

PT Archi Indonesia Mining 1895-2445 1600 8 Dec-9 Dec 15 Dec CIMB Niaga

Danareksa Mandiri Sekuritas Valbury

6

Global Reference Rates FOREX Rate (USD) Change %

FED Rate 0.25 USDIDR 12,153 (0.05)

BI Rate 7.75 USDEUR 0.80 0.11

ECB Rate 0.05 USDJPY 118 0.14

BOJ Rate 0.10 USDSGD 1.30 0.06

BOE Rate 0.50 USDAUD 1.16 0.14

PBOC Rate 5.60 USDGBP 0.64 0.09

Description October September

Inflation YTD (%) 4.19 3.71 8.00

Inflation YOY (%) 4.83 4.53 0.98

Inflation MOM (%) 0.47 0.27 1.46

Foreign Reserves (USD bn) 111.97 111.16 7.63

GDP YOY Growth Rate 3Q14 (%) 5.01 7.72

GDP Growth Rate 2014 (%) 2.96 8.00

Dual Listed Price (IDR) Change %

TLKM (US) 2,795.19 1.59

ANTM (GR) 845.74 0.00

%

Lending & Deposit Rates

INDOGB 15Y YIELD (%) JIBOR (IDR) (%) LIBOR (GBP) (%) SIBOR (USD) (%) INDOGB 5Y YIELD (%) INDOGB 10Y YIELD (%)

MACRO INDICATORS APBN-P 2014 APBN 2014

GDP Growth (%) 5.5 6.0

Inflation (%) 5.3 5.5

Exchange rate (USD/IDR) 11.600 10,500

3 Months SPN (%) 6.0 5.5

Indonesian Crude Oil (USD/barrel) 105 105

Oil Lifting (barrel/day) 818,000 870,000

Gas Lifting (BOE/day) 1,224,000 1,240,000

Total APBN (IDR tn) 1,635 1,667

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-tice.