JCI Index DAILY RESEARCH 5,200 5,190 5,180 5,170 5,160. Last Price Previous day Closed at Previous Day:

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Previous Day:

Pada penutupan perdagangan hari Selasa (2/12), IHSG naik sebanyak 11,50 poin (0,22%) ke level 5175,79. Ada sebanyak 156 saham yang naik, 121 saham yang mengalami koreksi, dan 100 saham yang stagnan. LQ45 naik 2,879 poin (0,32%) ke level 893,58. Sektor-sektor di zona hijau adalah sektor konstruksi naik 1,10%, sektor keuangan naik 0,53%, dan sek-tor pertambangan naik 0,49%. Seksek-tor-seksek-tor di zona merah adalah sektor aneka industri turun 1,53%, sektor agrikultur turun 0,70%, dan sektor manufaktur turun 0,28%. Total perdagangan sebanyak Rp 6.338 miliar. Foreign net buy sebe-sar Rp 161,76 miliar. Indeks Hang Seng bertambah 1,23%. Indeks Strait times naik 0,62%. Indeks Nikkei naik 0,42%. Indeks shanghai melonjak 3,11%.

Today’s Market:

Secara teknikal indeks hari Rabu (3/12) diperkirakan akan bergerak mixed di level 5157-5191. Dari Amerika akan mer-ilis data construction spending yang naik ke level 1,1% MoM (estimasi 0,28% MoM). Sedangkan dari China merilis data non manufacturing PMI yang diperkirakan ke level 53,9 (estimasi 49,45)dan akan dirilis juga data HSBC China services PMI yang diperkirakan ke level 52,52 dari sebelumnya di level 52,9.

Top Technical Buys: PGAS, SIDO, MPPA, KLBF

Sinarmas Investment Research/+6221 3925550/[email protected]

DAILY RESEARCH

UNDERVALUED STOCKS 2014: ROTI 1,460

See important disclaimer at the end of this report

W ed n esd a y, Decem ber 03, 2014

Clo s in g J CI Tra n s a c tio n Va lu e (Rp tn ) Tra n s a c tio n Vo lu me (mn s h a re s ) Fore ig n Ne t Bu y (S e ll) (Rp b n ) 16 1.7 6 Fore ig n Ne t Bu y (S e ll) YTD (Rp tn) 5 4.2 3 a s p e rc e n ta ge o f la s t ye a r's 4.2 3

Tota l Ma rke t Ca p ita liza tio n (Rp tn) 4 ,8 56 .6 1

Clo s in g 1 Da y Re tu rn % YTD Ch a n g e % 5 ,17 5 .8 0 .2 2 2 1.1 8 9 3 .6 0 .3 2 25 .7 2 7 .7 0 0 .2 5 2 1.3 2 5 .2 0 .8 8 18 .7 17 ,8 7 9 .6 0 .5 8 7 .9 2 ,0 6 6 .6 0 .6 4 11.8 4 ,7 5 5 .8 0 .6 0 13 .9 6 ,7 4 2.1 1.2 9 (0 .1) 17 ,6 6 3 .2 0 .4 2 9 .2 2 3,3 6 7 .5 1.2 3 1.5 3 ,3 0 5 .6 0 .0 0 4 .9 1,7 8 6 .0 0 .4 3 (4 .3 ) FO REX Ch a n g e % YTD Ch a n g e % US D/IDR (0 .0 8 ) (0 .9 ) EUR/IDR (0 .0 8 ) 10 .1 J P Y/IDR (0 .3 4 ) 12 .5 S GD/IDR 0 .01 2 .7 AUD/IDR 0 .21 5 .2 GBP /IDR 0 .4 0 4 .6 P ric e 1 Da y Re tu rn % YTD Ch a n g e % CRUDE OIL (US D)/BARREL 6 6 .9 (3 .0 7 ) (3 1.3 ) COAL (US D) / MT 7 3.1 (0 .4 8 ) (11.1) NATURAL GAS (US D) / mmBtu 3 .9 (3 .3 2 ) (9 .1)

GOLD (US D) / OUNCE 1,19 8 .3 (1.14 ) (0 .6 )

NICKEL (US D) / MT 16 ,3 3 0 .0 0 .18 17 .2 TIN (US D) / MT 2 0,3 0 0 .0 0 .2 5 (8 .8 ) CP O (MYR) / MT 2 ,10 0 .0 (2 .19 ) (19 .0 ) RUBBER (J P Y)/KG 18 4 .5 - (3 4 .1) WHEAT/BUS HEL 6 0 6 .8 5 .11 0 .0 CORN/BUS HEL 3 7 5 .5 (0 .0 7 ) (12 .9 ) 5 ,17 5.7 9 6 .3 3 8 7 ,17 6

IDX S ta tis tic s

Co mmo d itie s J CI LQ4 5 EIDO IDX 9 ,39 1 10 ,3 9 4 19 ,2 9 9 15 ,2 6 6 10 3 Ke y In d ic e s S TRAITS TIMES KLS E Ra te (IDR) 12 ,27 1 HANG S ENG DOW J ONES S &P 5 00 NAS DAQ FTS E NIKKEI

5,160

5,170

5,180

5,190

5,200

JCI Index

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CORPORATE & INDUSTRY NEWS

•

PT Garuda Indonesia Tbk (GIAA) menyiapkan belanja modal US$ 200 juta. Dana akan dialokasikan

un-tuk mendatangkan 23 unit pesawat. Perusahaan akan membeli 18 unit pesawat unun-tuk Garuda dan 5 unit untuk anak usahanya, PT Citilink Indonesia. Belanja modal tahun depan akan didanai dari kas internal dan eksternal. (Neutral) Source: Investor Daily

•

PT Sri Rejeki Isman Tbk (SRIL) memasuki bisnis ritel dengan investasi US$ 100 juta. Perusahaan akan memperluas bisnisnya tersebut ke sektor ritel fashion. Perusahaan siap berinvestasi sebesar US$ 50-100 juta atau hingga Rp 1,2 triliun. Perusahaan akan mengembangkan bisnis tersebut secara bertahap dalam 3 tahun ke depan. Perusahaan juga berencana mengakuisisi merek-merek pakaian jadi lokal maupun global serta mengembangkan brand milik sendiri dan akan membangun juga toko-toko ritel. Dengan demikian, perusahaan menargetkan dapat menggenjot laba bersih melalui peningkatan produk bernilai tambah dan diharapkan juga dapat menjadi perusahaan tekstil dan garmen yang terintegrasi dari hulu ke hilir. (Positive) Source: Investor Daily

•

PT Indofarma Tbk (INAF) menargetkan bisnis makanan dan minuman kesehatan buatan perusahaan asal Kanada, Clarovita Nutrition Inc menambah pendapatan sekita Rp 20 miliar tahun depan. Clarovita Nutri-tion adalah produsen makanan dan minuman yang banyak menggunakan bahan baku protein nabati. Be-berapa produknya seperti cemilan rasa barbeque, cokelat dan spaghetti dan produk minuman yakni susu dan es krim. Selain itu juga perusahaan akan menjual obat ke Timor Leste melalui PT Kimia Farma Tbk (KAEF). (Positive) Source: Kontan

•

PT Bank Negara Indonesia (Persero) Tbk (BBNI) memberikan kemudahan kepada Shell Indonesia un-tuk pembayaran pajak secara realtime online melalui fasilitas BNI e-Tax Kepabeanan. Shell Indonesia dapat menyelesaikan pembayaran pajak atas pemberitahuan impor barang (PIB) melalui fasilitas BNI e-Tax karena terhubung langsung dengan sistem perpajakan pemerintah dan kepabeanan. Jumlah nasabah peng-guna BNI e-Tax hingga kuartal III 2014 adalah 700 korporasi. Sedangkan jumlah pajak yang dibayarkan melalui BNI e-Tax selama 2014 (hingga kuartal III 2014) adalah sebesar Rp 72 triliun (tumbuh rata-rata sebesar 140% setiap tahun). (Positive) Source: Investor Daily

•

PT Sentul City Tbk (BKSL) akan menggenjot harga jual properti sebesar 15% mulai tahun depan. Hal ini disebabkan oleh kenaikan harga bahan bakar (BBM) dan juga kenaikan inflasi serta upah pekerja. Tahun depan, perusahaan berencana meluncurkan 9-10 proyek baru. Perusahaan telah menyiapakan anggaran belanja sekitar Rp 750 miliar untuk membiayai sejumlah proyek. Perusahaan akan mengawali tahun 2015 dengan merealisasikan pengembangan superblock di Sentul City. Kemudian, perusahaan berencana mengembangkan Central Business District (CBD) dan meluncurkan tahap tiga proyek Green Mountain di Sentul. (Positive) Source: Kontan

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Eddy Wijaya/ Technical Analyst/62 21 3925550

TRADING VIEW

See important disclaimer at the end of this report TRADING VIEW Wednesday, Desember 03 , 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 23200 23050 23400 22850 23050 23400 23600 Rsi : reversal BWPT Trading Buy 470 470 480 430 450 480 500 Stoc osc : reversal LSIP Trading Sell 1910 1910 1890 1865 1890 1930 1950 Macd : downtrend BANK & FINANCE

BMRI Trading Buy 10750 10750 10825 10550 10650 10825 10900 Macd : uptrend BBRI Buy on Weakness 11650 11600 11725 11500 11600 11725 11850 Doji

BBNI Buy on Weakness 6225 6175 6250 6125 6175 6250 6300 Long legged doji BBCA Trading Buy 13200 13200 13300 12950 13100 13300 13425 Rsi : uptrend CONSUMER GOODS

INDF Buy on Weakness 6675 6625 6725 6550 6625 6725 6800 Dragonfly doji ICBP Trading Buy 11400 11400 11525 11200 11300 11525 11650 Long legged doji GGRM Buy on Weakness 61125 61025 61200 60950 61025 61200 61500 Rsi : uptrend UNVR Trading Sell 31275 31200 31425 31050 31200 31425 31650 Stoc osc : downtrend CPIN Buy on Weakness 4115 4105 4130 4095 4105 4130 4150 Stoc osc : overbought MAIN Buy on Weakness 2515 2500 2540 2480 2500 2540 2560 Rsi : reversal BASIC & MISC INDUSTRY

ASII Trading Sell 7000 7000 6950 6850 6950 7100 7150 Rsi : downtrend SMGR Buy on Weakness 16500 16400 16600 16300 16400 16600 16700 Rsi : downtrend INTP Buy on Weakness 25425 25350 25550 25250 25350 25550 25725 Black spinning top INFRASTRUCTURE

TLKM Trading Sell 2875 2875 2850 2835 2850 2890 2910 Black spinning top PGAS Trading Buy 6050 6050 6100 5900 6000 6100 6225 Stoc osc : reversal JSMR Trading Buy 6850 6850 6900 6725 6800 6900 7000 White spinning top TBIG Buy on Weakness 9375 9325 9450 9250 9325 9450 9550 Stoc osc : uptrend

RETAIL

MAPI Trading Buy 5650 5650 5700 5450 5550 5700 5800 Rsi : uptrend RALS Trading Sell 805 805 795 785 795 810 825 Macd : downtrend ACES Buy on Weakness 805 795 815 780 795 815 825 Rsi : reversal MPPA Trading Buy 3375 3375 3425 3250 3325 3425 3550 Stoc osc : uptrend MINING

PTBA Trading Sell 12825 12825 12700 12600 12700 12950 13050 Stoc osc : downtrend ADRO Trading Buy 1085 1085 1100 1055 1070 1100 1130 White spinning top ITMG Trading Sell 18125 18125 18050 17900 18050 18250 18500 Stoc osc : downtrend ANTM Buy on Weakness 985 975 1000 960 975 1000 1020 Long legged doji TINS Buy on Weakness 1215 1205 1225 1195 1205 1225 1235 Rsi : reversal UNTR Buy on Weakness 17950 17850 18100 17750 17850 18100 18250 Doji PROPERTY

ASRI Trading Buy 570 570 585 540 555 585 600 Rsi : reversal LPKR Trading Buy 1175 1175 1190 1140 1160 1190 1200 Rsi : reversal CTRA Trading Buy 1355 1355 1365 1325 1340 1365 1375 Morning star APLN Buy on Weakness 362 356 368 350 356 368 374 White spinning top SMRA Take profit 1560 - 1580 1530 1550 1580 1600 Macd : overbought SSIA Take profit 1000 - 1020 970 990 1020 1035 Rsi : overbought BSDE Take profit 1835 - 1850 1805 1820 1850 1880 Inverted hammer WIKA Trading Buy 3215 3215 3250 3160 3190 3250 3275 Morning star PTPP Trading Buy 3250 3250 3280 3210 3230 3280 3300 Stoc osc : overbought ADHI Trading Buy 2845 2845 2855 2820 2835 2855 2880 Rsi : uptrend

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Global Equity Indices

Description YTD Change % 3-Dec-14 Forward 2014 P/E Ratio (Best Est.)

LQ45 25.7 894 Nikkei 225 9.2 17,782 JCI 21.1 5,176 FTSE 100 (0.1) 6,742 ASX 200 (0.5) 5,327 DJIA 7.9 17,880 S&P500 11.8 2,067 STI 4.9 3,322 CAC 40 2.1 4,388 Shanghai Composite 30.6 2,764 DAX 4.0 9,934 KOSPI (1.9) 1,973 Hang Seng 1.5 23,654 Euro Stoxx 4.2 3,238

Description YTD Change % 3-Dec-14 Description YTD Change % 3-Dec-14 AALI (7.6) 23,200 ICBP 11.8 11,400 ADRO (0.5) 1,085 IMAS (32.1) 3,325 AKRA 5.1 4,600 INCO 47.2 3,900 ANTM (9.6) 985 INDF 1.1 6,675 ASII 2.9 7,000 INDY (6.8) 550 ASRI 32.6 570 INTP 28.4 25,675 BBCA 37.5 13,200 ITMG (36.4) 18,125 BBNI 57.6 6,225 JSMR 45.0 6,850 BBRI 60.7 11,650 KLBF 43.6 1,795 BBTN 32.8 1,155 LPKR 29.1 1,175 BDMN 13.5 4,285 LSIP (1.0) 1,910 BHIT (10.0) 306 MAIN (20.8) 2,515 BKSL (27.4) 114 MAPI 2.7 5,650 BMRI 36.9 10,750 MNCN (6.7) 2,450 BMTR (17.1) 1,575 PGAS 35.2 6,050 BSDE 42.2 1,835 PTBA 25.7 12,825 BUMI (71.3) 86 SMCB 0.9 2,295 BWPT (64.7) 470 SMGR 16.6 16,500 CPIN 21.9 4,115 SSIA 78.6 1,000 EXCL (6.2) 4,880 TLKM 35.0 2,875 GGRM 45.5 61,125 UNTR (5.5) 17,950 GIAA 12.9 560 UNVR 20.3 31,275

HRUM (40.0) 1,650 JAKPROP INDEX_{JAKBIND INDEX}

Sectors

JAKFIN INDEX

Description

_{JAKCONS INDEX}

Property 9.5

JAKMIND INDEX

Basic Industry 4.3

JAKINFR INDEX

Trade 2.7

JAKAGRI INDEX

Finance 2.6

JAKMINE INDEX

Miscellaneous Industry 2.5 Consumer 1.4 Infrastructure 0.3 Agriculture 2.1 Mining (1.3) 1-mth Return %

Selected Indonesian Equities

17.0 19.5 17.3 14.2 14.9 15.7 17.2 14.4 15.3 11.4 13.9 11.7 11.0 14.8

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Dividend

W ed n esd a y, D ec em ber 03, 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 Golden Plantation Plantation Agriculture

250-300 800 15 Dec– 17 Dec 23 Dec CIMB Securities

PT Soechi Lines Shipping Transportation

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

PT Intan Baruprana Fi-nance

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 PT Bank Agris Banking

Finance

105-115 900 12 Dec—16 Dec 22 Dec Indo Premier Securities

PT Impack Pratama in-dustry

Manufacture Indsutries

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Global Reference Rates FOREX Rate (USD) Change %

FED Rate 0.25 USDIDR 12,287 (0.13)

BI Rate 7.75 USDEUR 0.81 (0.04)

ECB Rate 0.05 USDJPY 119 (0.14)

BOJ Rate 0.10 USDSGD 1.31 (0.02)

BOE Rate 0.50 USDAUD 1.19 0.51

PBOC Rate 5.60 USDGBP 0.64 (0.03) Description November October

Inflation YTD (%) 5.75 4.19 8.00

Inflation YOY (%) 6.23 4.83 0.97

Inflation MOM (%) 1.50 0.47 1.46

Foreign Reserves (USD bn) 111.97 111.16 7.63

GDP YOY Growth Rate 3Q14 (%) 5.01 7.73

GDP Growth Rate 2014 (%) 2.96 8.00

Dual Listed Price (IDR) Change % TLKM (US) 2,832.15 (1.07)

ANTM (GR) 852.31 5.66 %

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.