Daily Focus

Oct 27, 2016 

Indonesia 

Daily Focus 

Christine Natasya +62-21-515-1140 natasya@dwsec-id.com 

To subscribe to our Daily Focus, please contact us at research@dwsec-id.com 

Market Index 

Last Trade Chg (%) MoM YoY 

JCI 5,399.7 0.0 -0.4 15.5 

MSCI Indonesia 26.2 -0.3 1.2 19.6 

MSCI EM 910.6 -0.8 0.8 6.4 

HANG SENG 23,325.4 -1.0 0.0 1.8 

KOSPI 2,013.9 0.4 -2.4 -1.5 

FTSE 6,958.1 -0.9 3.1 10.2 

DJIA 18,199.3 0.2 -0.3 3.3 

NASDAQ 5,250.3 -0.6 -0.4 5.0 

Valuation 

2016F P/E (x) P/B (x) ROE (%) 

JCI 17.7 2.5 17.7 

Key Rates 

Last Trade Chg (bps) MoM YoY 

BI 7-Day RR 4.75 -25 -25 -50* 

3yr 6.78 1 15 -180 

10yr 7.08 2 18 -159 

*since introduced in Aug 2016 

FX 


USD/IDR 13,004.00 0.0 -0.3 -4.7 

USD/KRW 1,134.02 0.1 3.3 0.3 

USD/JPY 104.47 0.2 4.0 -13.3 

USD/CNY 6.77 0.1 1.7 6.7 

KBLI: Government’s projects to spillover 

Government plans to increase national electrification ratio 

Indonesian government is planning to raise Indonesia’s electrification ratio from 

88.3% in 2015 to 99.7% in 2025, especially raising the electricity in rural area. We 

believe the lack of electrification is caused by a power shortage. Therefore, 

Indonesia government through PLN (State’s electricity company/ Perusahaan 

Listrik Negara) needs to increase the power capacity by 35,000MW. PLN will build 

power plants to produce ±10,000MW with the remaining ±25,000MW to be 

offered to Independent Power Producers (IPP). 

Bright prospects for cable companies 

We believe the 35,000MW project will give a bright prospect for cable companies 

such as Supreme Cable (SCCO IJ; Not rated) and KMI Wire and Cable Tbk (KBLI IJ; 

Not rated) given that the project requires a huge investment which amounting to 

>IDR1,100tr. The mega project demands a construction of power generators, 

transmission network, main sub stations and distribution network as well as an 

estimated of 300,000 km of aluminum conductors. Since PLN is allocated to 

receive the highest amount of state capital investment (PMN/ Penanaman Modal 

Negara) which amounting to c.IDR23tr in 2016F, we believe in government’s 

commitment to raise the nation’s electrification ratio on the back of its top 

priority for government infrastructure project. 

Cheap valuation 

We conservatively assume that KBLI could deliver another IDR150bn in the 

second half of 2016 (fourth quarter usually books highe r profit compared than 

previous years) to exceed ±IDR300bn net profit (EPS 2016F: IDR72) which should 

translate to 4x 2016F PER. 

Commodities 


WTI 49.2 -1.6 8.7 -0.8 

Gold 1,267.1 -0.5 -4.5 8.6 

Coal 40.0 0.0 0.0 -4.5 

Palm Oil 737.5 -3.1 -0.3 13.9 

Rubber 132.3 0.0 2.9 34.5 

Nickel 10,225.0 1.2 -2.9 -2.2 

Copper 4,740.0 0.1 -1.0 -9.2 

Tin 20,425.0 0.6 2.9 31.0 

KBLI quarterly gross margin 

% 

1 7 

1 5 

1 6 .9 

JCI Index VS MSCI Emerging Markets 

(pt) JCI MSCI EM (pt) 

5,500 

1,100 

950 

4,500 

800 

1 3 

1 1 

9 

7 

5 

7 

3,500 

650 

09/13 06/14 03/15 12/15 09/16 

Source: Bloomberg, Daewoo Securities Research Indonesia 

Daewoo (pt) Securities Indonesia JCI Research MSCI EM (pt) 

5,500 

1,100

Indonesia Daily Focus 

Oct 27, 2016 

Local flash 

BBCA: 3Q16, BCA profit rose 13.2%. PT Bank Central Asia Tbk posted a net profit 

growth in the third quarter of 2016 by 13.2% to IDR15.12 trillion compared to third 

quarter of 2015. Jahja Setiaatmadja, President Director of PT Bank Central Asia Tbk 

said net profit growth was continuing to grow amid a slowdown in credit demand due 

to several reasons, among others, higher demand for loans in the second quarter of 

2016 became one of the drivers of revenue and is also related with net profit. (Bisnis 

Indonesia) 

TOTL: Total targeting IDR4 trillion new contract next year. PT Total Bangun Persada 

Tbk (TOTL) seemed quite optimistic to face 2017. Company has been targeting growth 

in new contracts approximately 33.33% from this year. Acquisition of the company's 

new contract is expected to increase from IDR3 trillion to IDR4 trillion. "The increase is 

due to many projects completed in 2017," said Mahmilan Sugiyo Warsana, Corporate 

Secretary of PT Total Bangun Persada Tbk. (Kontan) 

PPRO: PP Properti revenue grew 51.4%. Performance of PT PP Properti Tbk (PPRO) 

recorded an increase in the third quarter of 2016. Company's profit grew 51.4% to 

IDR1.56 trillion compared to the same period last year of IDR1.03 trillion. The 

acquisition is equivalent to 86.19% of this year's target of IDR1.81 trillion. (Kontan) 

AKRA: Revenue down, but profit margins rose. The performance of PT AKR 

Corporindo Tbk (AKRA) is still slowing. In the first nine months of this year, AKRA 

scored revenue of IDR10.9 trillion. It is down 27.14% compared to the same period last 

year of IDR15.03 trillion. However, AKRA managed to cut the cost and posted foreign 

exchange gain that make co's profits stable. AKRA Financial expenses also declined 

from IDR84.2 billion to IDR61.7 billion. Thus, in the period, net profit reached 

IDR793.19 billion, edged down 6.16% yoy. (Kontan) 

ADRO: EGAT will buy shares of Adaro Indonesia of USD325 million. Electricity 

Generating Authority of Thailand (EGAT) plans to buy 12% stake in coal producer, PT 

Adaro Indonesia, a subsidiary of PT Adaro Energy Tbk (ADRO). This transaction value is 

estimated at USD325 million. The investment plan Thai government-owned power 

company has already received approval from the Thai government on Tuesday (25/10). 

(Kontan) 

TPIA: Chandra Asri profit soared in the third quarter. PT Chandra Asri Petrochemical 

Tbk (TPIA) recorded a net profit growth of almost 6-fold in the third quarter of 2016. If 

the same period last year the company is only able to pocket profits of USD30.99 

million, now it rose to USD216.66 million. It also higher than company's target, 

USD200 million. "This increase was mainly benefited from strong product margins and 

sales volumes were higher than the new capacity of company's Ethylene Cracker," said 

Suryandi, Director of PT Chandra Asri Petrochemical Tbk. (Kontan) 

KRAS: KS ready to operate again steel mill. PT Krakatau Steel Tbk (KS) is ready to 

operate again three steel mills upstream, if the price of gas down to USD3 per million 

metric British thermal unit (mmbtu) from the current price USD7.3 per mmbtu. The 

three factories aresponge iron, slab, and billet. The three plants were forced to shut in 

2014, following the high prices of gas and lower world steel prices. (BeritaSatu) 

Daewoo Securities Indonesia Research 

2


Oct 27, 2016 

Summary 

Technical analysis 

Tasrul +62-21-515-1140 tasrul@dwsec-id.com 

Jakarta Composite Index (JCI) – Limited Upside 

Item Data Item Data 

Close (Oct 26, 2016) 5,399.68(+0.03%)Trading range 5,382-5,421 

Average index performance (%) 

3.87Target 

Period 123 - Daily 5,420 

r-squared 0.8083 - Weekly 5,441 

Volatility (+/-, %) 0.50 - Monthly 5,484 

Volatility (+/-, point) 26.97Stop loss 5,382 

Source: Daewoo Securities Indonesia Research 

Figure 1. Daily trend - Uptrend 

^JKSE- Daily10/26/2016Open5387.7, Hi 5406.58, Lo5381.7, Close 5399.68(0.0%)Upper Band=5,706.97, Channel_prd=5,553.64, Lower Band=5,400.32, VWAP=5,385.06, VWAP=5,404.11, 

5,706.97 

5,553.64 

5,421 

5,404.11 

5,400.32 

5,399.68 

5,385.06 

5,299.63 

Optimization Trading System - ©2010 

^JKSE- Volume =19,892,484,096.00, Avg.Volume =8,551,741,440.00 19,892,484,096 

8,551,741,440 


Apr May Jun Jul Aug Sep Oct 

Created with AmiBroker - advanced charting and technical analysis software. http://www.amibroker.com 



3


Oct 27, 2016 

Figure 2. Daily MFI optimized & RSI optimized 

^JKSE- MFI Smoothed=23.41 

23.4122 

^JKSE- RSI Smoothed=41.91 

41.9064 

^JKSE- Daily10/26/2016Open5387.7, Hi 5406.58, Lo5381.7, Close 5399.68(0.0%)VWAP=5,331.70, VWAP=5,404.11, VWAP=5,382.94 

5,421 

5,404.11 

5,399.68 

5,382.94 

5,331.7 


^JKSE- Volume =19,892,484,096.00, Avg.Volume =8,551,741,440.00 19,892,484,096 

8,551,741,440 


May Jun Jul Aug Sep Oct 

Created with AmiBroker - advanced charting and technical analysis software. http://www.amibroker.com 


Figure 3. Daily, target : 5,420 Figure 4. Weekly, target : 5,441 Figure 5. Monthly,target : 5,484 

^ J K S E - D a i l y 1 0 / 2 6 / 2 0 1 6 O p e n 5 3 8 7 . 7 , H i 5 4 0 6 . 5 8 , L o 5 3 8 1 . 7 , 

5 , 4 4 7 . 8 5 

5 , 4 3 4 . 3 7 

5 , 4 2 0 . 8 8 

5 , 4 0 7 . 4 

5 , 3 9 9 . 6 8 

^ J K S E - W e e k l y 1 0 / 2 6 / 2 0 1 6 O p e n 5 4 1 5 . 4 8 , H i 5 4 3 6 . 2 1 , 

5 , 5 4 3 . 0 5 

5 , 5 0 9 . 3 5 

5 , 4 7 5 . 6 6 

5 , 4 4 1 . 9 6 

5 , 4 0 8 . 2 7 

5 , 3 9 9 . 6 8 

5 , 3 7 4 . 5 7 

5 , 3 4 0 . 8 7 

5 , 3 0 7 . 1 8 

5 , 2 7 3 . 4 8 

^ J K S E - M o n th l y 1 0 / 2 6 / 2 0 1 6 O p e n 5 4 0 3 . 8 6 , H i 5 4 8 2 . 8 4 , 

x 

5 , 7 2 4 . 2 1 

5 , 6 4 4 . 3 1 

5 , 5 6 4 . 4 1 

5 , 4 8 4 . 5 1 

5 , 4 0 4 . 6 2 

5 , 3 9 9 . 6 8 

5 , 3 2 4 . 7 2 

5 , 2 4 4 . 8 2 

5 , 1 6 4 . 9 2 

5 , 0 8 5 . 0 2 

5 , 3 9 3 . 9 2 

5 , 3 8 0 . 4 3 

5 , 3 6 6 . 9 5 

5 , 3 5 3 . 4 6 

5 , 3 3 9 . 9 8 

^ J K S E - V o l u m e = 1 9 , 8 9 2 , 4 8 4 , 0 9 6 . 0 0 , A v g . V o l u m e = 8 , 5 5 1 , 7 4 1 , 4 4 0 . 0 01 9 , 8 9 2 , 4 8 4 , 0 9 6 

^ J K S E - V o l u m e = 3 6 , 5 7 1 , 9 3 4 , 7 2 0 . 0 0 , A v g . V o l u m e = 3 1 , 5 6 0 , 0 7 9 , 3 6 0 . 0 0 

^ J K S E - V o l u m e = 1 5 0 , 7 9 6 , 1 7 3 , 3 1 2 . 0 0 , A v g . V o l u m e = 1 0 6 , 1 3 4 , 7 9 8 , 3 316 5. 00, 7 9 6 , 1 7 3 , 3 1 2 

8 , 5 5 1 , 7 4 1 , 4 4 0 

3 6 , 5 7 1 , 9 3 4 , 7 2 0 

3 1 , 5 6 0 , 0 7 9 , 3 6 0 

1 0 6 , 1 3 4 , 7 9 8 , 3 3 6 

O p ti m i z a ti o n T r a d i n g S y ste m - © 2 0 1 0 

S e p 

O c t 

C r e a te d w ith A m iB r o ke r - a d v a n c e d c h a r tin g a n d te c h n ic a l a n a ly s is s o f tw a r e . h ttp ://w w w .a m ib r o ke r .c o m 

O p ti m i z a ti o n T r a d i n g S y ste m - © 2 0 1 0 

J u l 

O c t 


O p ti m i z a ti o n T ra d i n g S y ste m - © 2 0 1 0 

2 0 1 4 2 0 1 5 2 0 1 6 


Source: Daewoo Securities Indonesia Research Source: Daewoo Securities Indonesia Research Source: Daewoo Securities Indonesia Research 


4


Oct 27, 2016 

Chart 6. JCI Vs. USD/IDR 

Chart 7. JCI performance (absolute vs. relative) 

(pt) JCI (L) USD/IDR (R) 

5,700 

(IDR) 

14,000 

(%, %p) 

20 

Absolute 

Relative 

5,500 

13,800 

16 

15.5 

5,300 

5,100 

4,900 

4,700 

4,500 

4,300 

7/27 8/10 8/24 9/7 9/21 10/5 10/19 

13,600 

13,400 

13,200 

13,000 

12,800 

12 

8 

4 

0 

-4 

10.0 

0.0 

0.9 

0.1 

-0.2 -0.4 -0.3 

1D 1W 1M 1Y 

Source: Bloomberg, Daewoo Securities Indonesia Research 

Note: Relative to MSCI EM Index 


Chart 8. Foreigner’s net purchase (EM) 

(USDmn) 

50 

0 

-50 

-100 

-150 

-200 

0 

-9 

-82 

18 

-88 

26 

Note: The latest figure for India are Oct, 25 th 


-31 

1 Day 5 Days 

-101 

-13 -8 

-76 

Korea Taiwan Indonesia Thailand Philippines India 

-160 

Chart 9. Energy price 

(D-3M=100) 

150 

CPO WTI Coal 

140 

130 

120 

110 

100 

90 

80 

70 

7/16 8/16 8/16 9/16 9/16 10/16 10/16 


Chart 10. Non-ferrous metal price 

Chart 11. Precious metal price 

((D-3M=100) Copper Nickel Tin 

120 

105 

Silver Gold Platinum 

110 

100 

100 

90 

95 

90 

85 

80 

7/16 8/16 8/16 9/16 9/16 10/16 10/16 


80 

7/16 8/16 8/16 9/16 9/16 10/16 10/16 



5


Oct 27, 2016 

Table. Key valuation metrics 

Company Name 

Ticker 

Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)* 

(IDR) (IDRbn) 1D 1W 1M 1Y FY16 FY17 FY16 FY17 FY16 FY17 

Jakarta Composite Index JCI 5,400 5,832,856 0.0 -0.2 0.9 15.1 17.7 15.0 2.5 2.3 17.6 18.2 

FINANCIALS 

Bank Central Asia BBCA 15,500 382,153 0.0 -3.0 1.0 13.6 17.4 15.4 3.1 2.7 18.8 18.1 

Bank Mandiri Persero BMRI 11,075 258,417 -0.9 -2.6 -4.9 15.7 12.0 10.5 1.6 1.4 13.9 14.1 

Bank Rakyat Indonesia Persero BBRI 12,075 297,880 -0.6 -0.6 0.4 4.1 10.4 9.1 1.9 1.6 19.0 18.9 

Bank Negara Indonesia Persero BBNI 5,450 101,635 -0.5 0.9 -1.4 2.8 8.0 6.9 1.1 1.0 13.9 14.6 

Bank Tabungan Negara Persero BBTN 1,935 20,492 -0.3 0.8 -1.3 63.3 10.2 8.8 0.9 0.9 9.5 10.1 

CONSUMER 

HM Sampoerna HMSP 3,990 464,109 -0.5 -2.2 -1.0 12.5 34.8 31.1 12.6 11.2 36.8 38.2 

Gudang Garam GGRM 65,250 125,547 0.0 -1.5 2.0 40.8 16.5 14.5 2.8 2.5 17.6 17.9 

Indofood CBP Sukses Makmur ICBP 9,525 111,080 -0.8 0.8 1.9 39.1 27.5 24.2 5.7 5.1 21.4 21.7 

Indofood Sukses Makmur INDF 8,525 74,853 0.0 -0.3 -2.6 36.9 16.8 14.4 2.3 2.1 15.1 15.7 

Kalbe Farma KLBF 1,750 82,031 1.7 1.2 2.0 19.5 32.1 28.7 6.2 5.6 20.1 20.5 

Unilever Indonesia UNVR 44,500 339,535 0.2 0.4 -0.8 15.1 46.6 41.3 57.5 52.9 129.8 136.2 

AGRICULTURAL 

Astra Agro Lestari AALI 15,600 30,025 0.0 -1.3 0.3 -19.7 15.8 13.7 1.8 1.6 11.4 12.1 

PP London Sumatera Indonesia LSIP 1,550 10,575 0.0 0.3 1.3 3.7 14.6 12.8 1.3 1.2 8.9 9.6 

Sawit Sumbermas Sarana SSMS 1,520 14,478 -0.3 5.6 -7.3 -23.6 17.7 12.8 3.6 3.0 20.9 22.0 

INFRASTRUCTURE 

XL Axiata EXCL 2,330 24,903 -3.7 -1.3 -6.8 -28.2 21.0 14.2 1.1 1.0 3.9 5.9 

Jasa Marga JSMR 4,590 31,212 0.2 1.5 -1.9 -13.0 18.5 20.2 2.4 2.2 12.4 11.2 

Perusahaan Gas Negara PGAS 2,560 62,058 -1.5 2.4 -9.9 -15.8 10.4 10.4 1.4 1.3 13.4 12.7 

Tower Bersama Infrastructure TBIG 6,000 28,779 -1.2 -1.6 -1.2 -21.1 18.3 15.8 6.4 5.4 41.5 38.3 

Telekomunikasi Indonesia TLKM 4,190 422,352 -0.2 -0.2 -1.2 50.1 18.4 16.9 4.3 3.9 23.2 23.7 

Soechi Lines SOCI 414 2,922 -1.0 -0.5 -1.4 -16.4 3.2 N/A N/A N/A 12.7 N/A 

Garuda Indonesia GIAA 384 9,934 0.0 -3.0 -11.1 17.1 17.4 11.7 2.3 2.1 11.9 16.4 

BASIC-INDUSTRIES 

Semen Indonesia SMGR 10,075 59,760 -0.7 1.0 -3.1 -5.8 13.1 11.8 1.9 1.7 15.1 15.3 

Charoen Pokphand Indonesia CPIN 3,580 58,705 -0.8 0.3 4.7 39.3 16.7 14.1 3.4 2.9 21.4 21.8 

Indocement Tunggal Prakarsa INTP 16,700 61,477 0.0 -0.6 -7.7 -20.6 14.5 13.2 2.2 2.0 15.1 15.7 

Japfa Comfeed Indonesia JPFA 1,750 19,968 0.0 2.0 15.1 328.9 13.2 11.7 2.3 2.1 17.7 19.8 

MINING 

Indo Tambangraya Megah ITMG 14,400 16,271 4.9 2.5 37.5 52.0 11.4 10.4 1.4 1.4 12.8 13.8 

Adaro Energy ADRO 1,555 49,738 2.0 1.6 29.6 128.7 17.1 14.9 1.2 1.2 6.8 7.3 

Aneka Tambang ANTM 840 20,186 0.6 1.8 30.2 117.6 N/A 76.2 1.1 1.2 0.5 1.2 

Vale Indonesia INCO 2,640 26,232 -1.5 -7.4 -2.6 8.2 40.6 22.5 1.1 1.0 2.7 4.8 

Tambang Batubara Bukit Asam PTBA 12,675 29,205 3.3 1.2 28.7 73.0 12.0 11.6 2.4 2.1 20.3 19.2 

TRADE 

United Tractors UNTR 21,150 78,892 1.9 5.2 23.0 4.2 15.5 14.5 1.8 1.7 12.2 12.3 

AKR Corporindo AKRA 6,850 27,344 -1.8 -0.7 3.4 19.1 19.8 17.7 3.5 3.1 18.6 18.5 

Global Mediacom BMTR 815 11,572 -1.8 -6.9 -4.7 -19.7 10.8 8.2 N/A N/A N/A N/A 

Matahari Department Store LPPF 17,675 51,574 -3.4 -6.6 -7.5 1.4 20.3 18.1 17.7 13.7 98.2 81.2 

Media Nusantara Citra MNCN 2,110 30,123 -0.9 -0.5 5.5 17.5 15.4 13.6 2.7 2.4 18.0 18.8 

Matahari Putra Prima MPPA 1,880 10,111 -4.3 3.3 -2.8 -22.5 29.9 31.4 3.4 3.1 9.6 9.1 

Surya Citra Media SCMA 2,670 39,040 -1.1 2.7 -3.6 -12.9 20.9 18.5 9.0 7.7 46.9 46.0 

Siloam International Hospital SILO 10,800 12,486 3.8 1.6 3.8 -11.8 92.0 68.3 6.1 5.8 6.4 7.3 

PROPERTY 

Bumi Serpong Damai BSDE 2,180 41,958 -0.9 -1.8 0.9 23.5 15.8 13.8 1.8 1.6 11.8 12.3 

Adhi Karya ADHI 2,210 7,869 -2.6 -4.7 -5.2 -5.8 9.8 7.5 1.2 1.0 13.0 15.1 

Alam Sutera Realty ASRI 448 8,803 -2.2 -2.2 -5.5 8.2 9.0 6.5 1.1 1.0 11.7 15.6 

Ciputra Development CTRA 1,545 23,832 0.0 -4.0 -3.1 30.6 16.3 13.2 2.3 2.0 15.1 15.8 

Lippo Karawaci LPKR 890 20,539 -1.7 -3.3 -20.5 -31.3 14.3 13.1 1.1 1.0 8.7 8.8 

Pembangunan Perumahan PTPP 4,070 19,709 -1.9 -3.1 -4.0 4.9 16.4 13.1 3.2 2.7 21.1 22.2 

Pakuwon Jati PWON 745 35,879 1.4 4.2 15.5 63.7 15.3 12.0 3.3 2.6 23.3 24.5 

Summarecon Agung SMRA 1,695 24,453 -0.3 -2.9 -0.6 0.0 29.4 24.2 3.2 3.0 12.6 13.5 

Wijaya Karya WIKA 2,650 16,295 0.0 -1.9 5.6 -15.3 16.0 12.7 2.6 2.3 17.3 19.4 

Waskita Karya WSKT 2,580 35,019 -0.4 -1.1 -2.6 49.1 17.9 13.3 2.8 2.3 16.8 18.0 

MISCELLANEOUS 

Astra International ASII 8,200 331,965 0.3 -2.1 -2.7 30.2 17.6 16.1 2.7 2.5 15.6 15.6 


*Note: Valuation metrics based on Bloomberg consensus estimates 


6


Oct 27, 2016 

Sector performance 

Top 10 market cap performance 

Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%) 

Agricultural 1,827.3 0.2 BUMI IJ 202 7,399 34.7 

Mining 1,298.6 2.2 GEMS IJ 1780 10,471 11.25 

Basic-Industry 541.2 1.3 TPIA IJ 18425 60,562 10.66 

Miscellaneous Industry 1,361.6 0.2 HERO IJ 1380 5,773 10.40 

Consumer Goods 2,480.4 -0.1 FASW IJ 2770 6,864 8.63 

Property & Construction 562.7 -0.6 SMMA IJ 8650 55,080 7.45 

Infrastructure 1,096.9 -0.4 BRPT IJ 1355 9,458 7.1 

Finance 799.7 -0.2 BTPN IJ 2870 16,762 7.09 

Trade 864.7 -0.2 ROTI IJ 1725 8,732 5.5 

Composite 5,399.7 0.0 ITMG IJ 14400 16,271 4.92 

Source: Bloomberg 

Top 5 leading movers 

Top 5 lagging movers 

Name Chg (%) Close Name Chg (%) Close 

TPIA IJ 10.7 18,425 HMSP IJ -0.5 3,990 

SMMA IJ 7.5 8,650 BMRI IJ -0.9 11,075 

BUMI IJ 34.7 202 BNII IJ -7.0 370 

UNTR IJ 1.9 21,150 BBRI IJ -0.6 12,075 

KLBF IJ 1.7 1,750 LPPF IJ -3.4 17,675 

Source: Bloomberg 

Economic Calendar 

Time Currency Detail Forecast Previous 

4:45am NZD Trade Balance -1125M -1265M 

7:30am AUD Import Prices q/q -0.7% -1.0% 

1:00pm CHF UBS Consumption Indicator 1.53 

2:00pm EUR Spanish Unemployment Rate 19.3% 20.0% 

3:00pm EUR M3 Money Supply y/y 5.1% 5.1% 

3:00pm EUR Private Loans y/y 1.9% 1.8% 

3:30pm GBP Prelim GDP q/q 0.3% 0.7% 

3:30pm GBP Index of Services 3m/3m 0.8% 0.6% 

5:00pm GBP CBI Realized Sales -2 -8 

7:30pm USD Core Durable Goods Orders m/m 0.2% -0.2% 

7:30pm USD Unemployment Claims 261K 260K 

7:30pm USD Durable Goods Orders m/m 0.1% 0.1% 

9:00pm USD Pending Home Sales m/m 1.2% -2.4% 

9:30pm USD Natural Gas Storage 71B 77B 

Note: Time is based on Indonesian local time 

Source: Forex Factory 

Disclaimers 

This report is prepared strictly for private circulation only to clients of PT Daewoo Securities Indonesia (DWS). It is purpo sed only to person having 

professional experience in matters relating to investments. The information contained in this report has been taken from sources which we deem reliable. No 

warranty (express or implied) is made to the accuracy or completeness of the information. All opinions and estimates included in this report constitute our 

judgments as of this date, without regards to its fairness, and are subject to change without notice. However, none of DWS and/or its affiliated companies 

and/or their respective employees and/or agents makes any representation or warranty (express or implied) or accepts any responsibility or liability as to, or 

in relation to, the accuracy or completeness of the information and opinions contained in this report or as to any information contained in this report or any 

other such information or opinions remaining unchanged after the issue thereof. We expressly disclaim any responsibility or liability (express or implied) of 

DWS, its affiliated companies and their respective employees and agents whatsoever and howsoever arising (including, without limitation for any claims, 

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errors, omissions or misstatements, negligent or otherwise, in the report and any liability in respect of the report or any inaccuracy therein or omission there 

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This document is not an offer to sell or a solicitation to buy any securities. This firms and its affiliates and their officers and employees may have a position, 

make markets, act as principal or engage in transaction in securities or related investments of any company mentioned herein, may perform services for or 

solicit business from any company mentioned herein, and may have acted upon or used any of the recommendations herein before they have been provided 

to you. © PT Daewoo Securities Indonesia 2015. 


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