PT Trimegah Securities Tbk - www.trimegah.

com
1 DAILY
TRIM Daily
Todays results are lackluster, with ITMG and JSMR both below expectations. Our
index target remain 5,120 and we continue to be upbeat on this years outlook.
We may see pro!t taking in near-term and suggest buying on weakness. We
think today focus will continue on CPO sector (AALI, LSIP, BWPT) and consumer
companies buoyed by decent LPPF result yesterday (in-line with consensus). We
also wrote interesting takeaway on KTA (loans without collateral) today. Our Buys
in Bank sector are BBRI, BBNI, BBTN with BBRI (TP 10,500) as top pick.
Jakarta Composite Index (JCI) has been keeping the positive trend since Monday
this week which closed at 4,592.7, rose by 36.5 points or 0.8% yesterday. Index
strengthen were backed by miscellaneous industries sector (+2.11%), infrastructure
utility & transportation sector (+1.33%) and consumer goods sector (+1.11%).
Total transaction value reached Rp7.1tr as foreign investor booked Rp1.1tr net
buy. Transaction value in regular market posted Rp6tr. As global market dropped
yesterday, we expect JCI to drop today between support-resistance levels of 4,535-
4,643
JCI 4,592.7
STOCK PRICE Rec Details
ANTM 1,060 Buy
We expect ANTM to move upward today as stochastic
indicator to form a golden cross. ANTMs support-
resistance level for today is 1,020-1,105
AALI 23,850 Buy
AALI is expected to continue its strengthening within
the support and resistance levels of 23,300-24,400
MEDC 2,525 Buy
MEDC remains strong with potential upside in the range
of 2,470-2,555 for today.
PTBA 9,350 Buy
With stochastic indicator to form a golden cross, we
expect a upware movement for PTBA today in the range
of 9,200-9,450
JPFA 1,600 Buy
JPFA will further increase today, in our view. Buy at
level 1,600 with target price 1,670
TINS 1,490 Spec Buy
Spec Buy TINS at level 1,460 with target price today
at level 1,530
AKRA 4,475 Spec Buy
Spec Buy AKRA at level 4,375 with target price today
at level 4,550
WIKA 1,995 Spec Buy
Spec Buy at level 1,970 with target price 2,060
(resistance)
KLBF 1,420 Spec Buy
MACD indicates positive signal of a potential technical
rebound for KLBF. Spec Buy at level 1,400 with target
price 1,450 (resistance)
ACES 880 Spec Buy
Spec Buy ACES at level 870 with target price today
at level 910
TRIM Highlights
Market View
Traders Pick
REKSA DANA TRIMEGAH
ASSET MANAGEMENT
Trim Kapital 7,743.3 1.54 117.5
Trim Kapital + 2,849.4 1.72 48.2
Trim Syariah SHM 1,425.0 0.69 9.7
Tram Consumption + 1,259.3 1.27 15.8
Trim Komb 2 1,718.6 1.32 22.4
Trim Syariah B 2,059.5 0.61 12.4
Trim Dana Stabil 2,067.6 0.02 0.3
Trim Dana Tetap 2 1,644.3 0.01 0.1
Tram PDPT USD 1.0 0.52 0.0
Tram Reguler INC 991.8 0.27 2.7
Tram Strategic Fund 1,022.0 1.11 11.2
Trim Kas 2 1,061.1 0.05 0.5
FEBRUARY 20, 2014
Change : 0.80%
Transaction Volume (m) : 5,203.3
Transaction Value (Rpbn) : 7,051.7
Mkt Cap (Rptr) : 4,552.2
Market P/E (x) : 14.3
Market Div. Yield (%) : 2.1
Dow Jones 16,040.6 -89.8 -0.6
Nasdaq 4,238.0 -34.8 -0.8
Nikkei 14,766.5 -76.7 -0.5
ST Times 3,088.8 18.0 0.6
FTSE 6,796.7 0.3 0.0
Hang Seng 22,664.5 76.8 0.3
GLOBAL INDICES
TLKM 38.8 11,409.9 0.12 0.3
DUAL LISTING (NYSE )
USD IDR 11,778 -70.0 -0.6
10 yr Indo Govr bond (%) 8.36 -0.1 -1.5
10 yr US govt bond (%) 2.7 -0.01 -0.4
Spread (%) 5.62 -0.11 -1.0
EIDO 25.2 -0.1 -0.5
Foreign YtD (USDmn) 624.9 150.4 31.7
OTHERS
Global Wrap
In U.S., the U.S. housing starts fell to a 880,000 annual unit rate in January,
lower than market consensus for 950,000. The U.S. building permits declined to a
937,000 unit rate in January, lower than market consensus for 975,000. The U.S.
PPI for total !nal demand rose 0.2% MoM or 1.2% YoY in January, in line with
market consensus
PT Trimegah Securities Tbk - www.trimegah.com
2 DAILY
JSMR: Booked FY13 earnings of Rp1.3tr dropped
21% YoY, below consensus estimates (94%)
2013 earnings reached Rp1.3tr down 21.0% YoY;
representing only 94.3% of FY13 consensus estimates;
below.
Lower earnings booked due to lower revenues and
higher operating expense. Operating expense grew
25.2% YoY to Rp7.6tr.
Meanwhile, revenues reached Rp10.3tr down 12.4%
YoY; representing 124.7% of consensus estimates;
higher.
(Rpbn) 4Q12 3Q13 4Q13
QoQ chg
(%)
YoY chg
(%)
FY13
YoY chg
(%)
FY13/
Cons (%)
Revenue 3,683 2,315 3,227 39.4 (12.4) 10,295 13.5 124.7
Operating pro!t 768 593 629 6.1 (18.1) 2,663 (10.5) 104.6
Net pro!t 396 262 313 19.6 (21.0) 1,336 (16.6) 94.3
Operating margin (%) 20.9 25.6 19.5 25.9
Net margin (%) 10.8 11.3 9.7 13.0
Result 4Q13
JSMR
PT Trimegah Securities Tbk - www.trimegah.com
3 DAILY
News of the Day
SMGR: Tonasa V has started operation
SMGR has of!cially operated its new cement plant, Tonasa
V yesterday. Tonasa V plant is expected to increase Semen
Tonasas production capacity up to 7mn tons p.a (22.0% of
current SMGRs production capacity of 31.8mn tons p.a.).
Last year, Semen Tonasa managed to book 5.5mn tons sales
(+ 20.7% YoY). Source: Bisnis Indonesia
INDF: To create joint-venture with Roxas Holdings Inc.
for sugar product expansion in South East Asia
INDF will distribute sugar produced by Roxas Holdings, its
sister company (also owned by First Paci!c) in Indonesia.
Roxas Holdings is located in the Philippines. Source: Investor
Daily
Comment: Indonesia is a net sugar importer so this makes
sense.
CTRA: To issue Rp500bn bonds
CTRA through its subsidiary plans to issue Rp500bn worth of
bonds in 1Q14. The bonds which will be issued would have
a 5-year tenor. The funds raised will be used to !nance the
Companys expansion within Jakarta area. Source: Kontan
Comment: Positiv
WSKT: Allocates 2014 capex totaling to Rp860bn
WSKT plans to draw a bank loan amounting to Rp360bn for
funding 2014 capex. WSKT allocates 2014 capex totaling
to Rp860bn whereas WSKT still having the IPO proceed
amounting to Rp250bn. WSKT has Rp5.0tr bank loan facility
from several banks which has been used as much as Rp800bn.
Source: Investor Daily
Comment: WSKT capex is higher than our estimate of
Rp464bn. We are checking with company on their capex
purposes.
ITMG: Posted lower than expected FY13 earnings
ITMG booked FY13 net pro!t of USD230mn, dropped 46% YoY.
This result came 7% lower than our estimate while reaching
11% below the consensus. Top-line came 11% below our
expectation on slightly lower sales volumes of 29.1mn tons
(TRIM Research: 29.5mn tons) and ASP of USD74.9/ton
(TRIM Research: USD75.1/ton). Source: Company
KTA or Loans without collateral
KTA has been around since at least 5 years ago and promoted
through third party, who normally promote the credit
through cold calls and cold texting (unsolicited calls and text
messages). We usually got 5-7 messages offering these loans
daily. This piques our interest so we called several of them
to !nd out the procedures to get the loans, credit limit, etc.
Here are our !ndings:
Interest rate is surprisingly low at 1.49% - 1.89%
per month or 17.9 22.7% simple annual rate. This is similar
to micro/small business loans at other banks which range
between 18-24%.
The requirements (ID, credit card data, tax data,
and bank account data) are similar to borrowing at a banks
small business loan division.
NOT shadow-banking. Credits are offered by banks
(mostly foreign banks instituted in Indonesia). The third party
only act as broker of loans.
Max 5x credit limit of existing credit card. Good to
know rule of thumb next time you plan to lend money to your
friend.
Among banks, we reiterate our Buy calls on BBRI, BBTN, and
BBNI with BBRI as top pick (please see Robby Ha!ls Bank
sector report dated 4 Feb 2014).
Value Requirement Bank Interest Rate Maturity
Process
Period
Limit
Up to IDR1bn ID (KTP), Credit Card, NPWP,
Saving Account book
Standard
Chartered
Bank
Below IDR90mn
-1.79% per month
5 years
3-5 work-
ing days
5x Credit Card
Above
IDR90mn-1.49%
per month
Up to IDR1bn ID (KTP), Credit Card, NPWP,
Saving Account book
ANZ
Below IDR90mn-
1.89% per month
5 years
3-5 work-
ing days
5x Credit Card
Above
IDR90mn-1.69%
per month
Up to IDR1bn
ID (KTP), Credit Card, NPWP,
Saving Account book
DBS
Below
IDR90mn-1.89%
per month
3 years 7 Days 5x Credit Card
Above
IDR90mn-1.5% per
month
Up to IDR1bn
ID (KTP), Credit Card, NPWP,
Saving Account book
Danamon
Bank
Below
IDR90mn-1.89%
per month
3 Years 7 Days 5x Credit Card
Above
IDR90mn-1.89%
per month
KTA (KREDIT TANPA AGUNAN) OR LOANS WITHOUT COLLATERAL
PT Trimegah Securities Tbk - www.trimegah.com
4 DAILY
Indices Region +/- (%) YTD (%)
-5.50 -0.33 -0.36
-12.01 -0.65 -1.06
-89.84 -0.56 -3.23
1.47
0.34 0.10 2.03
0.28 0.00 0.71
0.27 0.00 1.13
10.39 0.24 1.05
2.53
-8.46
-18.64 -1.24 -1.18
-1.97
Market Div. Yield (%)
1.1
1.2
1.7
1.8
2.2
2.7
4.2
4.9
6.6
25.0
TLKM
UNVR
PGAS
KLBF
ASII
GGRM
BBRI
MNCN
BMTR
INVS
JCI
-1.97
-2.36
23.49 1.11 1.26
1.58 0.14 9.41
-76.7 -0.52 -9.36
-5.48 -0.45 -6.43
-2.75
-3.98 -0.20 -3.40
-0.40
-2.48
1.72
100.65 1.62 6.87
-2.01
3.56 0.62 14.56
Market Div. Yield (%)
-1.1
-1.4
-2.0
-2.1
-2.1
-2.3
-2.4
-3.6
-4.3
-4.9
LPKR
BBCA
BTPN
BDMN
SMAR
AKRA
HERO
WIKA
SMRA
BEST
1,018,014
384,204
296,109
279,916
277,217
212,302
198,017
163,483
160,719
148,648
BBRI
BMRI
TRAM
TLKM
ASII
PGAS
BBNI
GGRM
BBCA
MPPA
JCI ####
763,761
347,272
327,805
252,957
240,313
224,508
216,331
214,994
207,787
196,676
189,226
ENRG
TRAM
BUMI
CNKO
TLKM
SSMS
IATA
LCGP
ELSA
KLBF
DOID
Market Div. Yield (%)
6,392
5,490
5,316
5,300
5,294
4,751
4,078
4,070
3,956
TIFA
BBRI
WIKA
KLBF
SIDO
MNCN
LPPF
TLKM
ASII
BBNI
YTD (Rp) 7.45% 5,203.3 MXWO MSCI Word 1,655.0 -5.50 -0.33 -0.36
YTD (USD) 3.48% 7,051.7 SPX S&P 500 1,828.8 -12.01 -0.65 -1.06
Moving Avg 20day 4,452.3 4,552.2 US
Moving Avg 50day 4,336.2 14.3 16,040.6 -89.84 -0.56 -3.23
Moving Avg 200day 4,529.8 2.1 Nasdaq US 4,238.0 -34.83 -0.82 1.47
Europe
Indonesia & Sectors +/- (%) YTD (%) EURO 50 Europe 334.9 0.34 0.10 2.03
MSCI Indonesia 5,352.2 54.0 1.02 9.04 FTSE London 6,796.7 0.28 0.00 0.71
JII 621.7 6.6 1.08 6.26 DAX Jerman 9,660.1 0.27 0.00 1.13
LQ45 773.5 7.1 0.92 8.78 CAC France 4,341.1 10.39 0.24 1.05
JAKFIN Index 609.5 2.7 0.45 12.80 SMI Swiss 8,410.6 -9.29 -0.11 2.53
JAKINFR Index 997.0 13.1 1.33 7.16 BRIC
-3.49 BOVESPA Brazil 47,150.8 551.1 1.18 -8.46
JAKCONS Index 1,930.9 21.2 1.11 8.35 MICEX Russia 1,485.6 -18.64 -1.24 -1.18
JAKTRAD Index 806.4 7.2 0.89 3.82 SENSEX India 20,723.0 88.76 0.43 -1.97
JAKMIND Index 1,237.4 25.5 2.11 2.69 NIFTY India 6,152.8 25.65 0.42 -2.36
JAKBIND Index 521.0 2.6 0.51 8.37 SHCOMP China 2,142.6 23.49 1.11 1.26
15.93 SZCOMP China 1,157.2 1.58 0.14 9.41
-2.10
Nikkei Japan 14,766.5 -76.7 -0.52 -9.36
Commodities +/- (%) YTD (%) TPX Japan 1,218.5 -5.48 -0.45 -6.43
Hong kong 22,664.5 76.80 0.34 -2.75
CRB Index 301.7 3.2 1.08 7.68 KOSPI S.Korea 1,942.9 -3.98 -0.20 -3.40
TAIEX Taiwan 8,577.0 20.78 0.24 -0.40
Crude Oil (USD/bbl) 103.3 0.9 0.86 4.97 FSSTI Singapore 3,088.8 18.01 0.59 -2.48
Natural Gas 6.1 0.6 10.77 45.37 ASEAN
-10.95 SET Thailand 1,321.0 -5.21 -0.39 1.72
-10.35 PCOMP Philipines 6,294.6 100.65 1.62 6.87
KLCI Malaysia 1,829.5 4.21 0.23 -2.01
-1.29 VNINDEX Vietnam 578.1 3.56 0.62 14.56
Nickel (USD/tonne) 14,515 55.0 0.38 4.42
Tin (USD/tonne) 23,195 45 0.19 3.78
Market Div. Yield (%)
Dow Jones Industrial
Developed ASIA
TLKM
UNVR
PGAS
KLBF
GGRM
BBRI
MNCN
BMTR
JCI
HSI
Indices
YTD (Rp) 7.45% 5,203.3 MXWO MSCI Word 1,655.0
YTD (USD) 3.48% 7,051.7 SPX S&P 500 1,828.8
Moving Avg 20day 4,452.3 4,552.2 US
Moving Avg 50day 4,336.2 14.3
Moving Avg 200day 4,529.8 2.1 Nasdaq US 4,238.0
Europe
Nilai (Rpbn)
Mkt Cap (Rptr)
4,592.65 36.46 0.80%
Market P/E (x)
Volume (m)
Dow Jones Industrial
JCI
Market Div. Yield (%) 1
Indonesia & Sectors +/- (%) YTD (%)
MSCI Indonesia 5,352.2 54.0 1.02 9.04 FTSE London 6,796.7
JII 621.7 6.6 1.08 6.26 DAX Jerman 9,660.1
LQ45 773.5 7.1 0.92 8.78 CAC France 4,341.1
JAKFIN Index 609.5 2.7 0.45 12.80 SMI Swiss 8,410.6
JAKINFR Index 997.0 13.1 1.33 7.16
JAKMINE Index 1,379.4 0.3 0.02 -3.49
JAKCONS Index 1,930.9 21.2 1.11 8.35 MICEX Russia 1,485.6
JAKTRAD Index 806.4 7.2 0.89 3.82 SENSEX India 20,723.0
JAKMIND Index 1,237.4 25.5 2.11 2.69 NIFTY India 6,152.8
JAKBIND Index 521.0 2.6 0.51 8.37 SHCOMP China 2,142.6
JAKPROP Index 390.7 -2.0 -0.50 15.93 SZCOMP China 1,157.2
JAKAGRI Index 2,095.1 18.4 0.89 -2.10
Commodities +/- (%) YTD (%)
Developed ASIA
CRB Index 301.7 3.2 1.08 7.68 KOSPI S.Korea 1,942.9
Oil & Gas TAIEX Taiwan 8,577.0
Crude Oil (USD/bbl) 103.3 0.9 0.86 4.97 FSSTI Singapore 3,088.8
Natural Gas 6.1 0.6 10.77 45.37 ASEAN
COAL (AUS Daily) 77.7 0.3 0.32 -10.95 SET Thailand 1,321.0
COAL (Australia,wk) 75.8 0.0 0.00 -10.35 PCOMP Philipines 6,294.6
Industrial Metals KLCI Malaysia 1,829.5
Alumunium (USD/tonne) 1,739.0 3.3 0.19 -1.29 VNINDEX Vietnam 578.1
Nickel (USD/tonne) 14,515 55.0 0.38 4.42
Tin (USD/tonne) 23,195 45 0.19 3.78
Precious Metal Kurs Region +/- (%) YTD (%)
Gold (USD/t oz.) 1,320.4 -4.0 -0.30 9.82 USDEUR Euro 0.728
Silver (USD/t oz.) 21.9 -0.0 -0.22 12.98 USDGBP 0.600
Soft Commodities USDCHF Switzerland 0.889
CPO (Malaysia - Rm/tonne) 2,708.0 -2.0 -0.07 3.04 USDCAD Canada 1.108
Rubber (JPY/kg) 2,236.3 7.0 0.31 -15.88 USDAUD Australia 1.111
Corn (USD/bu.) 453.8 4.3 0.95 7.52 USDNZD New Zealand 1.209
Wheat (USD/bu.) 620.3 8.3 1.35 2.48 USDJPY Japan 102.31
Soybeans (USD/bu.) 1,354.3 -6.8 -0.50 3.18 USDCNY China 6.08
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.755
USDSGD Singapore 1.263
Rupiah Indonesia 11,778
9.82 USDEUR Euro 0.728 0.001 0.18 0.18
12.98 USDGBP 0.600 0.000 0.02 -0.68
USDCHF Switzerland 0.889 0.001 0.08 -0.34
3.04 USDCAD Canada 1.108 0.013 1.21 4.10
-15.88 USDAUD Australia 1.111 0.003 0.30 -1.27
Corn (USD/bu.) 453.8 4.3 0.95 7.52 USDNZD New Zealand 1.209 0.005 0.37 -0.93
Wheat (USD/bu.) 620.3 8.3 1.35 2.48 USDJPY Japan 102.31 -0.050 -0.05 -2.79
3.18 USDCNY China 6.08 0.01 0.15 0.35
Rice (Indonesia) (Rp/kg) 8,600.0 0.0 0.00 0.00 USDHKD Hongkong 7.755 0.001 0.01 0.01
USDSGD Singapore 1.263 0.002 0.17 0.03
Rupiah Indonesia 11,778 -70.00 -0.59 -3.23
Market Div. Yield (%)
United Kingdom
Statistics
INDONESIA & SECTORS +/- (%) YTD(%)
COMMODITIES +/- (%) YTD(%)
INDICES REGION +/- (%) YTD(%)
KURS REGION +/- (%) YTD(%)
JCI WINNERS (%) JCI LOSERS (%) JCI VALUE (Rpmn) JCI VOLUME (Lot) JCI FREQ (X)
40,272
25,0
PT Trimegah Securities Tbk - www.trimegah.com
5 DAILY
World Economic Calendar
Date Time Country Event Period Survey Actual Prior
14-Feb-14 ID BoP Current Account Balance (USD bn) 4Q -- -4.0 -8.5
ID Motorcycle Sales Jan -- 579,361 551,283
ID Local Auto Sales Jan -- 103,494 97,691
US Import Price Index YoY Jan -1.0 -1.5 -1.1
US Industrial Production MoM Jan 0.2 -0.3 0.3
US Univ. of Michigan Con!dence Feb P 80.2 81.2 81.2
CN PPI YoY Jan -1.6 -1.6 -1.4
CN CPI YoY Jan 2.4 2.5 2.5
EC GDP SA QoQ (%) 4Q A 0.2 0.3 0.1
EC GDP SA YoY (%) 4Q A 0.4 0.5 -0.3
GE GDP SA QoQ (%) 4Q P 0.3 0.4 0.3
GE GDP NSA YoY (%) 4Q P 1.3 1.3 1.1
17-Feb-14 JN GDP SA QoQ (%) 4Q P 0.7 0.3 0.3
JN GDP Annualized SA QoQ (%) 4Q P 2.8 1.0 1.1
JN Industrial Production YoY (%) Dec F -- 7.1 7.3
18-Feb-14 US NAHB Housing Market Index Feb 56 46 56
US Empire Manufacturing Feb 8.50 4.48 12.51
EC ZEW Survey Expectations Feb -- 68.5 73.3
EC Current Account NSA (EUR bn) Dec -- 33.2 27.2
GE ZEW Survey Current Situation Feb 44 50 41.2
GE ZEW Survey Expectations Feb 61.5 55.7 61.7
19-Feb-14 US Housing Starts (000's) Jan 900 -- 999
US Housing Starts MoM (%) Jan -9.9 -- -9.8
US PPI MoM Jan -- -- 0.4
US PPI YoY Jan -- -- 1.2
US Building Permits (000's) Jan 960 -- 986
US Building Permits MoM Jan -3.1 -- -3.0
20-Feb-14 US CPI MoM (%) Jan 0.2 -- 0.3
US CPI Ex Food and Energy MoM (%) Jan 0.1 -- 0.1
US CPI YoY (%) Jan -- -- 1.5
US CPI Ex Food and Energy YoY (%) Jan -- -- 1.7
US Initial Jobless Claims 15-Feb 334 -- 339
US Markit US PMI Preliminary Feb 53.7 -- --
CN HSBC/Markit Flash Mfg PMI Feb -- -- 49.5
EC PMI Manufacturing Feb A -- -- 54
EC PMI Services Feb A -- -- 51.6
EC Consumer Con!dence Feb A -- -- -11.7
GE PMI Manufacturing Feb A -- -- 56.5
GE PMI Services Feb A -- -- 53.1
21-Feb-14 US Existing Home Sales (mn) Jan 4.69 -- 4.87
US Existing Home Sales MoM Jan -3.7 -- 1.0
24-Feb-14 US Chicago Fed Nat Activity Index Jan -- -- 0.16
US Dallas Fed Manf. Activity Feb -- -- 3.8
GE IFO Business Climate Feb -- -- 110.6
GE IFO Expectations Feb -- -- 108.9
EC CPI MoM (%) Jan -- -- 0.3
EC CPI YoY (%) Jan F -- -- --
25-Feb-14 US House Price Index MoM (%) Dec -- -- 0.1
US Consumer Con!dence Index Feb 80.0 -- 80.7
GE GDP SA QoQ (%) 4Q F -- -- 0.4
GE GDP NSA YoY (%) 4Q F -- -- 1.3
PT Trimegah Securities Tbk - www.trimegah.com
6 DAILY
RESEARCH TEAM
Sebastian Tobing, CFA
Head of Research & Institutional Sales
(sebastian.tobing@trimegah.com)
Frederick Daniel Tanggela
Equity Analyst
(frederick.daniel@trimegah.com)
Robby Ha!l
Equity Analyst
(robby.ha!l@trimegah.com)
Melvina Wildasari
Equity Analyst
(melvina.wildasari@trimegah.com)
EQUITY CAPITAL MARKET TEAM
JAKARTA
Nathanael Benny Prasetyo
Head of Retail ECM
(benny.prasetyo@trimegah.com)
Ariawan Anwar
Artha Graha, Jakarta
(ariawan.anwar@trimegah.com)
Windra Djulnaily
Pluit, Jakarta
(windra.djulnaily@trimegah.com)
Musji Hartono
Mangga Dua, Jakarta
(musji.hartono@trimegah.com)
Ferry Zabur
Kelapa Gading, Jakarta
(ferry.zabur@trimegah.com)
Very Wijaya
BSD, Jakarta
(very.wijaya@trimegah.com)
SUMATRA
Juliana Effendy
Medan, Sumatera Utara
(juliana.effendi@trimegah.com)
Tantie Rivi Watie
Pekanbaru, Riau
(tantierw@trimegah.com)
Hari Mulyono Soewandi
Palembang, Sumatra Selatan
(hari.mulyono@trimegah.com)
Maria Renata
Equity Analyst
(maria.renata@trimegah.com)
Gina Novrina Nasution, CSA
Equity Analyst
(gina.nasution@trimegah.com)
Hapiz Sakti Azi
Research Associate
(hapiz.azi@trimegah.com)
Mardhika Rinaldi
Research Associate
(mardhika.rinaldi@trimegah.com)
EAST INDONESIA
Wiranto Sunyoto
Branch Area Manager
(wiranto.sunyoto@trimegah.com)
Sonny Muljadi
Surabaya, Jawa Timur
(sonny.muljadi@trimegah.com
Ni Made Dwi Hapsari Wijayanti
Denpasar, Bali
(dwihapsari.wijayanti@trimegah.com)
Ivan Jaka Perdana
Malang, Jawa Timur
(ivan.perdana@trimegah.com)
Agus Jatmiko
Balikpapan, Kalimantan Timur
(agus.jatmiko@trimegah.com)
Ari!n Pribadi
Ujung Pandang, Sulawesi Selatan
(ari!n.pribadi@trimegah.com)
CENTRAL JAVA
Agus Bambang Suseno
Solo, Jawa Tengah
(agus.suseno@trimegah.com)
Andrew Jatmiko
Yogyakarta, Jawa Tengah
(andrew.jatmiko@trimegah.com)
Muhammad Ishaq
Semarang, Jawa Tengah
muhammad.ishaq@trimegah.com)
Rovandi
Research Associate
(rovandi@trimegah.com)
WEST JAVA
Asep Saepudin
Bandung, Jawa Barat
(asep.saepudin@trimegah.com)
Arif!anto
Cirebon, Jawa Barat
(arif!anto@trimegah.com)
6
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