Embun Pagi. December 11, Value still locked
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1 Akhmad Nurcahyadi For subscription of our Daily Focus, please contact us at Market Index Last Trade Chg (%) MoM YoY JCI 5, MSCI EM HANG SENG 23, KOSPI 1, FTSE 6, DJIA 17, NASDAQ 4, Key Rates Last Trade Chg (bps) MoM YoY Policy Rate yr yr FX Last Trade Chg (%) MoM YoY USD/IDR 12, USD/KRW 1, USD/JPY USD/CNY Commodities Last Trade Chg (%) MoM YoY WTI Gold 1, Coal Palm Oil Rubber Nickel 16, Copper 6, Tin 20, Value still locked Kemarin, kami menemui manajemen AISA untuk mendapatkan pemahaman yang lebih mendalam mengenai informasi terkini seputar perusahaan. Kedepannya, kami masih meyakini perusahaan akan menjadi salah satu penerima benefit dari potensi pertumbuhan industri sweet and savory snack. Di sisi lain, kami juga melihat pasar dried noodle yang masih akan bertumbuh akan memberikan keuntungan pada AISA (pangsa pasar 21%). Tahun ini perusahaan memperkirakan penjualan segmen tersebut akan berkontribusi sekitar 22% terhadap total pendapatan makanan. Dari sisi bisnis beras, perusahaan juga kami lihat akan tetap mengalami pertumbuhan yang positif, seiring dengan masih tingginya konsumsi beras per kapita di Indonesia (sekitar 114kg/capita). Di tahun 2015, perusahaan memproyeksikan konsumsi beras nasional akan mencapai 39juta tons beras. Perbedaan antara produksi dan konsumsi serta kenaikan harga rata rata beras yang masih terus terjadi juga menurut kami akan menjadi katalis pertumbuhan AISA lainnya. Seiring dengan upaya memperkuat posisinya di pasar, AISA berencana untuk memasuki binis dairy, melalui joint venture. Hal tersebut telah menjadi perhatian perusahaan selama beberapa tahun terakhir, mengingat konsumsi susu per kapita Indonesia yang tercatat masih rendah (sekitar 11.7 liter) dibandingkan dengan beberapa negara tetangga seperti Filipina, Malaysia, Thailand (22.1 liters, 50.9 liters dan 33.7 liters) Perusahaan juga berencana untuk melakukan IPO atas bisnis perkebunannya. Hal ini dilakukan agar AISA dapat lebih focus dan menumbuhkembangkan kedua bisnis tersebut (makanan dan perkebunan). Per Oktober 2014, perusahaan memiliki 7 perkebunan kelapa sawit, dengan total konsesi area seluas 93K ha, dimana 17K ha (19%) diantaranya merupakan area tertanam. Dengan gap tersebut, kami melihat nilai valuasi perusahaan akan mengalami lonjakan saat telah terjadinya masa panen dan penambahan lahan melalui akuisisi yang dilakukan. Target AISA akan menanam 41K ha dengan memperluas konsesi areanya menajdi 200K ha. AISA tercatat cukup menarik (P/E 17.9x) dibandingkan dengan pesaing sejenisnya ICBP. Kami mengusulkan investor agar mencermati AISA. Data Bloomberg menunjukan AISA ditransaksikan pada 12.6x 2015F P/E dibandingkan dengan ICBP sebesar 22.3x 2015F P/E. AISA vs. ICBP JCI Index VS MSCI Emerging Markets (pt) JCI MSCI EM (pt) 1,200 5,500 4,500 1,000 3,500 04/13 01/14 10/ Source: Bloomberg, KDB Daewoo Securities Indonesia
2 Local flashes JSMR: Jasa Marga Siapkan Belanja Modal Rp 4 Triliun. PT Jasa Marga Tbk (JSMR) menyiapkan belanja modal (capital expenditure/ capex) tahun depan sebesar Rp 4 triliun. Operator jalan tol terbesar milik negara itu akan memanfaatkan kas internal sebesar Rp 3 triliun dan pinjaman bank Rp 1 triliun. Jasa Marga berencana menggunakan sebagian besar capex untuk membiayai sejumlah proyek jalan tol. Sebab, kebutuhan dana untuk ekspansi di luar bisnis inti masih sedikit. (Berita Satu) BBTN: Oktober, kredit macet KUR BTN capai 12,7%. Persoalan tingginya kredit macet dalam penyaluran kredit usaha rakyat (KUR) oleh Bank Tabungan Negara (BTN) semakin parah. Rasio kredit bermasalah atau non performing loan (NPL) KUR BTN per Oktober 2014 sudah mencapai 12,7%. Dibandingkan periode yang sama tahun lalu, tingkat NPL KUR BTN tersebut semakin melonjak. Di bulan Oktober 2013, NPL KUR BTN masih di level 9,6%. (Kontan) BMRI: Bank Mandiri Perkuat Segmen Mikro Di Palembang. Bank Mandiri menambah kantor mandiri mitra usaha ke di Palembang untuk memperkuat segmen mikro yang telah digeluti perseroan sejak Bank pelat merah itu menargetkan dapat memiliki jaringan mandiri mitra usaha (MMU) sebanyak jaringan hingga Direktur Micro & Retail Banking Bank Mandiri Hery Gunardi mengatakan pihaknya ingin menjangkau pasar-pasar dan masyarakat di daerah yang lebih luas. (Bisnis Indonesia) BUVA: Bukit Uluwatu Private Placement Rp100 M. PT Bukit Uluwatu Villa Tbk (BUVA) akan menerbitkan saham tambahan melalui penambahan modal tanpa hak memesan efek terlebih dahulu (non-hmetd) atau private placement sebanyak 172 juta lembar saham. Direktur BUVA Hendry Utomo mengatakan, nilai nominal saham Rp100 per saham dan harga pelaksanaan saham tersebut senilai Rp582 per saham. Dengan demikian, total dana segar yang diperoleh perusahaan jasa akomodasi dan perhotelan tersebut mencapai Rp100,1 miliar. (Sindonews) CFIN: Clipan Finance optimistis laba tumbuh 8%. Tren perlambatan pertumbuhan laba yang dialami PT Clipan Finance Indonesia Tbk hingga sembilan bulan ini tidak menciutkan nyali perseroan. Buktinya, perseroan tetap optimistis mengantongi pertumbuhan laba sebesar 8% sampai akhir tahun nanti. Jahja Anwar, Sekretaris Perusahaan Clipan Finance memperkirakan, pertumbuhan pembiayaan dan profit sampai akhir tahun diperkirakan mencapai 8%, seiring dengan kenaikan pendapatannya pada kuartal ketiga ini yang sebesar 8%. (Kontan) PSAB: J Resources Targetkan Produksi Emas Troy Ons Di PT J Resources Tbk. mematok target produksi emas mencapai troy ounce pada akhir 2015, atau hanya naik 2,2% dari target akhir tahun sebanyak troy ons. Direktur J Resouces Edi Permadi mengatakan realisasi produksi emas emiten tambang emas ini sampai November sudah mencapai troy ons atau lebih tinggi dari target awal tahun sebanyak troy ons. (Bisnis Indonesia) FASW: Fajar Surya Revisi Penjualan Jadi Rp5,5 Triliun di Produsen kertas PT Fajar Surya Wisesa Tbk (FASW) menurunkan target penjualan yang awalnya sebesar Rp5,7 triliun menjadi Rp5,5 triliun di Corporate Secretary FASW Marco Hardy mengatakan, kondisi pasar yang sedang mengalami pelemahan, membuat perseroan menurunkan target penjualannya di tahun ini. Hal itu dikarenakan pertumbuhan permintaan kertas mengalami perlambatan. (MetroTV News) 2
3 Technical analysis Recommendation Target price 5,179 Stop-loss 5,128 Close 5,165 Sell On Strength Investor sentiment Indeks regional yang bervariasi serta indeks eropa yang dibuka menguat membantu kenaikan indeks pada perdagangan kemarin. Indikator GC = Golden-cross DC = Dead-cross UP = Up DN = Down NM = Normal Stoch DN MACD DN PSAR DC Volume DN AC = Accumulation Dis = Distribution OB = Overbought OS = Oversold Daily Chart Pada perdagangan kemarin, level support PSAR cukup kuat untuk menahan indeks dan bahkan indeks berbalik arah dan ditutup menguat namun sayangnnya tidak diikuti oleh kenaikan volume transaksi. MACD dan Stochastic menurun dan PSAR telah memberikan signal bearish, kami memperkirakan pergerakan indeks hari ini akan mengalami profit taking dan ditutup turun. Intraday Chart Pada perdagangan kemarin, level indeks terendah ialah pada saat pembukaan kemudian indeks menguat sampai akhir perdagangan. Kami melihat indeks berportensi untuk naik pada pertengahan sesi dan kemudian ditutup turun. Indicator stochastic menunjukan overbought walaupun MACD terus menguat. Chart 1. Daily Chart Chart 2. Intraday chart Source: HOTS, Source: HOTS, 3
4 Stocks on our focus list Recommendation Trading Buy Target price 1,150 Stop-loss 1,110 Entry price 1,130 Close 1,130 Indikator GC = Golden-cross DC = Dead-cross Stoch DN MACD DN PSAR DN Volume UP AC = Accumulation Dis = Distribution PT Lippo Karawaci (LPKR) Pada perdagangan kemarin saham LPKR mulai rebound 1.8% yang didukung oleh kenaikan volume transaksi. Kami melihat masih adanya daya pendorong kenaikan untuk melanjutkan rebound pada hari ini dengan target Strategi yang dapat diterapkan adalah trading dengan level masuk di harga penutupan kemarin dan level jual di 1150 dan level stop loss di Chart 3. LPKR UP = Up DN = Down OB = Overbought OS = Oversold NM = Normal Source: HOTS, 4
5 Recommendation Trading Buy Target price 3,385 Stop-loss 3,090 Entry price Open Market Price Close 3,290 Indikator GC = Golden-cross Stoch GC MACD UP PSAR UP Volume UP AC = Accumulation Wijaya Karya (persero) (WIKA) Pada perdagangan kemarin saham ini membuat rekor tertinggi,dan ditutup di level resistance channelnya. full body chandlestick chart menunjukan minat beli yang besar yang dapat berlanjut pada hari ini dengan target 3385 namun profit taking rentan sekali untuk terjadi. Sehingga strategi yang dipakai adalah trading cepat atau jual ketika menguat. DC = Dead-cross UP = Up DN = Down NM = Normal Dis = Distribution OB = Overbought OS = Oversold Chart 4. WIKA Source: HOTS, 5
6 Recommendation Trading Buy Target price 3,420 Stop-loss 3,150 Entry price Open market price Close 3,310 Indikator GC = Golden-cross DC = Dead-cross UP = Up Stoch GC MACD DN PSAR DN Volume UP AC = Accumulation Dis = Distribution OB = Overbought PP (Persero) (PTPP) Pada perdagangan kemarin saham PTPP belum mengukir rekor tertinggi, namun dengan melihat volume transaksi, dan stochastic yang golden cross, kami perkirakan pada perdagangan hari ini akan membuat rekor tertinggi baru. Strategi yang digunakan adalah trading buy dengan harga pasar buka dengan target harga 3420 namun tetap ingat level stop loss di Chart 5. PTPP DN = Down OS = Oversold NM = Normal Source: HOTS, 6
7 Chart 6. JCI Vs. IDR/USD (pt) JCI Composite Index (L) 5,300 USD/IDR (R) 5,200 5,100 5,000 4,900 4,800 4,700 4,600 9/10 9/24 10/8 10/22 11/5 11/19 12/3 Source: Bloomberg, (IDR) 12,500 12,300 12,100 11,900 11,700 11,500 11,300 Chart 7. JCI performance (absolute vs. relative) (%, %p) Note: Relative to MSCI EM Index Source: Bloomberg, Absolute D 1W 1M 1Y Relative 25.3 Chart 8. Foreigner s net purchase (EM) Chart 9. Energy price (USDmn) 1,200 1, Note: The latest figure for India is December 9 th Source: Bloomberg, Chart 10. Non-ferrous metal price Day 5 Days Korea Taiwan Indonesia ThailandPhilippines India 959 (USD/b) Brent (L) CPO(R) (USD) /14 10/14 11/14 12/14 Source: Bloomberg, Chart 11. Precious metal price (D-3M=100) Copper Nickel Tin Silver Gold Platinum 70 9/14 10/14 11/14 12/14 Source: Bloomberg, 75 9/14 10/14 11/14 12/14 Source: Bloomberg, 7
8 Table. Key valuation metrics Company Name BANKING Ticker Price Market Cap Price Performance (%) P/E(X)* P/B(X)* ROE(%)* (IDR) (IDRbn) 1D 1W 1M 1Y FY13 FY14 FY13 FY14 FY13 FY14 Bank Central Asia Tbk PT BBCA 13, , Bank Mandiri Persero Tbk PT BMRI 10, , Bank Rakyat Indonesia Persero Tbk PT BBRI 11, , Bank Negara Indonesia Persero Tbk PT BBNI 6, , Bank Danamon Indonesia Tbk PT BDMN 4,500 43, Bank Tabungan Pensiunan Nasional Tbk PT BTPN 4,170 24, PROPERTY Surya Semesta Internusa Tbk PT SSIA 1,060 4, Ciputra Property Tbk PT CTRP 870 5, N/A N/A Pakuwon Jati Tbk PT PWON , Alam Sutera Realty Tbk PT ASRI , Bumi Serpong Damai PT BSDE 1,825 33, CONSTRUCTION Total Bangun Persada Tbk PT TOTL 1,105 3, Adhi Karya Persero Tbk PT ADHI 3,040 5, Wijaya Karya Persero Tbk PT WIKA 3,290 20, Pembangunan Perumahan Persero Tbk PT PTPP 3,310 16, Waskita Karya Persero Tbk PT WSKT 1,200 11, RETAIL & CONSUMER Indofood Sukses Makmur Tbk PT INDF 6,600 57, Kalbe Farma Tbk PT KLBF 1,770 82, Mitra Adiperkasa Tbk PT MAPI 5,475 9, Unilever Indonesia Tbk PT UNVR 31, , Indofood CBP Sukses Makmur Tbk PT ICBP 11,800 68, Ramayana Lestari Sentosa Tbk PT RALS 735 5, Mayora Indah Tbk PT MYOR 23,125 20, Ace Hardware Indonesia Tbk PT ACES , Gudang Garam Tbk PT GGRM 59, , Nippon Indosari Corpindo Tbk PT ROTI 1,300 6, AUTOMOTIVE Astra International Tbk PT ASII 7, , Indomobil Sukses Internasional Tbk PT IMAS 3,090 8, Astra Otoparts Tbk PT AUTO 3,845 18, TELECOMMUNICATION Telekomunikasi Indonesia Persero Tbk PT TLKM 2, , XL Axiata Tbk PT EXCL 5,075 43, Indosat Tbk PT ISAT 4,080 22, INFRASTRUCTURE Jasa Marga Persero Tbk PT JSMR 6,950 47, Tower Bersama Infrastructure Tbk PT TBIG 9,525 45, MINING Aneka Tambang Persero Tbk PT ANTM 965 9, N/A Timah Persero Tbk PT TINS 1,200 8, Tambang Batubara Bukit Asam Persero Tbk PTBA 13,150 30, CEMENT Indocement Tunggal Prakarsa Tbk PT INTP 25,200 92, Holcim Indonesia Tbk PT SMCB 2,245 17, Semen Indonesia Persero Tbk PT SMGR 16,550 98, Source: Bloomberg, *Note: Valuation metrics based on Bloomberg consensus estimates 8
9 Sector performance Top 10 market cap performance Name Index Chg (%) Ticker Price Market Cap (IDRbn) Chg (%) Agricultural 2, RODA IJ 475 6, Mining 1, KRAS IJ 505 7, Basic-Industry BEST IJ 735 7, Miscellaneous Industry 1, WSKT IJ , Consumer Goods 2, JKON IJ , Property & Construction WIKA IJ , Infrastructure 1, SIAP IJ 392 9, Finance PTPP IJ , Trade EXCL IJ , Composite 5, MLPL IJ 900 9, Source: Bloomberg Top 5 leading movers Top 5 lagging movers Name Chg (%) Close Name Chg (%) Close BBRI IJ ,550 INCO IJ ,880 BMRI IJ ,775 ITMG IJ ,700 TLKM IJ 1.4 2,835 PNBN IJ ,145 PGAS IJ 2.1 5,975 SRTG IJ ,900 KLBF IJ 2.6 1,770 ADRO IJ ,065 Source: Bloomberg Economic Calendar Time Currency Detail Forecast Previous 2:00am EUR German Final CPI m/m 0.0% 0.0% 2:45am EUR French CPI m/m 0.2% 0.0% 4:00am EUR ECB Monthly Bulletin 4:00am EUR Italian Industrial Production m/m 0.3% -0.9% 5:15am EUR Targeted LTRO 148.2B 82.6B 8:30am USD Core Retail Sales m/m 0.1% 0.3% 8:30am USD Retail Sales m/m 0.4% 0.3% 8:30am USD Unemployment Claims 299K 297K 8:30am USD Import Prices m/m -1.7% -1.3% 10:00am USD Business Inventories m/m 0.2% 0.3% 10:30am USD Natural Gas Storage -45B -22B 1:01pm USD 30-y Bond Auction :30pm JPY Revised Industrial Production m/m 0.2% 0.2% 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 purposed 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, proceedings, action, suits, losses, expenses, damages or costs) which may be brought against or suffered by any person as a results of acting in reliance upon the whole or any part of the contents of this report and neither DWS, its affiliated companies or their respective employees or agents accepts liability for any 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 from which might otherwise arise is hereby expresses disclaimed. 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
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Lebih terperinciEmbun Pagi. February 06, Drawing our attention
February 06, 2015 Betrand Raynaldi +62-21-515-1141 betrand.raynaldi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY
Lebih terperinciEmbun Pagi. Maret 6, Steady record with conservative play
Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,450.9 0.1 2.0
Lebih terperinciEmbun Pagi. June 27, The infrastructures specialist
Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 4,872.4 0.7-2.5 3.5 MSCI EM 1,046.8 0.5 0.0 15.5 HANG SENG 23,197.8 1.4-0.3 11.9 KOSPI 1,995.1-0.5-0.1 8.7 FTSE 6,735.1 0.0-1.2 9.2 DJIA 16,846.1-0.1
Lebih terperinciPerkembangan Hari Ini
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Lebih terperinciEmbun Pagi. July 22, Risk to the upside
Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 5,127.1 0.8 4.9 8.7 MSCI EM 1,063.3 0.0 1.9 11.9 HANG SENG 23,387.1-0.3 1.1 9.5 KOSPI 2,018.5 0.1 2.6 7.3 FTSE 6,728.4-0.3-1.1 1.8 DJIA 17,051.7-0.3
Lebih terperinciEmbun Pagi. March 23, For subscription of our Daily Focus, please contact us at ICBP : Getting stronger than ever
March 23, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,443.1-0.2
Lebih terperinciEmbun Pagi. January 9, Stagnant growth, following automotive industry
Akhmad Nurcahyadi +62-21-515-1141 akhmad.nurcahyadi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,211.8 0.1
Lebih terperinciEmbun Pagi. February 13, Bring investment to Indonesia
February 13, 2015 Mimi Halimin +62-21-515-1141 mimi.halimin@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,343.4
Lebih terperinciEmbun Pagi. Maret 11, The night is darkest before the dawn
Mimi Halimin +62-21-515-1141 mimi.halimin@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,462.9 0.3 2.0 15.7 MSCI
Lebih terperinciEmbun Pagi. March 20, For subscription of our Daily Focus, please contact us at KLBF : The Green Potion
March 20, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,453.9
Lebih terperinciEmbun Pagi. July 21, A day before the finishing line
Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 5,087.0 0.3 4.6 7.3 MSCI EM 1,063.3 0.1 1.8 11.8 HANG SENG 23,454.8-0.3 1.4 10.1 KOSPI 2,019.4 0.4 2.6 7.9 FTSE 6,749.5 0.2-1.3 1.6 DJIA 17,100.2
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Lebih terperinciEmbun Pagi. February 02, Monday Market Snippets
February 02, 2015 Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,289.4 0.5 0.4
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Lebih terperinciEmbun Pagi. November 13, Our view on consumer financing sector
Embun Pagi Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,048.8 0.3
Lebih terperinciR i Danareksa Research Institute
MARKET SCREEN, 22 MEI 2015 R i Danareksa Research Institute Prediksi periode minor (1-5 hari): Sideways menguat Prediksi periode intraday: Sideways melemah Level support-resistance: 5,248.8-5,367.7 Saham
Lebih terperinciEmbun Pagi. March 19, For subscription of our Daily Focus, please contact us at GGRM : Not as bad as it seems
March 19, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,413.2-0.5
Lebih terperinciEmbun Pagi. January 12, Monday Market Snippets
Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,216.7 0.1 1.0 22.5 MSCI EM 961.4
Lebih terperinciEmbun Pagi. November 3, BHIT Income statement (Quarterly)
Embun Pagi Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,089.5 0.6 2.2 14.1
Lebih terperinciEmbun Pagi. March 30, PTBA: Better than peers, but still squeezed. Industry view: Global demand recovery is a must
March 30, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,396.9
Lebih terperinciEmbun Pagi. February 20, Market leader in the furniture business
February 20, 2015 Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,390.4
Lebih terperinciMonday Market Snippets. GDP growth trends and Daewoo forecasts. (YoY, %)
February 09, 2015 Taye Shim +62-21-515-3281 taye.shim@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,342.5 1.2
Lebih terperinciEmbun Pagi. October 20, Forward P/E trends (JCI index) (pt) 6,000 JCI MSCI EM. (pt) 1,200 1,000 5,000 4,000 3, /13 01/14 10/14
Embun Pagi Taye Shim +62-21-515-3281 taye.shim@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,068.6 0.8-3.8 10.6
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MARKET SCREEN, 2 JULI 2015 R i Danareksa Research Institute Prediksi periode minor (1-5 hari): Melemah Prediksi periode intraday: Sideways menguat Level support-resistance: 4,885.1-4,941.9 Saham yang layak
Lebih terperinciEmbun Pagi. February 27, Impact of VAT on toll tariff
February 27, 2015 Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,451.4
Lebih terperinciEmbun Pagi. November 12, Automotive biz should remain Astra s key revenue contributor
Embun Pagi Akhmad Nurcahyadi +62-21-515-1140 Akhmad.nurcahyadi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,032.3
Lebih terperinciEmbun Pagi. October 14, 2014
Embun Pagi Akhmad Nurcahyadi +62-21-515-1140 akhmad.nurcahyadi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,913.1-1.0-3.5
Lebih terperinciSinyal Netral. Technical Analysis Stock Shoot 26 Mei Jakarta Composite Index. Target Potensi bulanan Terendah Tertinggi 5.
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Embun Pagi Taye Shim +62-21-515-3281 taye.shim@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,024.3-1.0-1.2 10.7
Lebih terperinciEmbun Pagi. March 25, SMGR : Opportunities are unfolding. Industry view: Rosier outlook heading forward
March 25, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,447.6
Lebih terperinciEmbun Pagi. November 14, Fly higher or return to the ground?
Embun Pagi Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,048.7 0.0
Lebih terperinciR i Danareksa Research Institute
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Lebih terperinciEmbun Pagi. February 16, Monday Market Snippets
February 16, 2015 Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,374.2 0.6 3.8
Lebih terperinciEmbun Pagi. January 20, Advancing Indonesia s infrastructure proxy
Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,152.1 0.1 0.1
Lebih terperinciEmbun Pagi. January 5, Monday Market Snippets
Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,242.8 0.3 0.8 22.8 MSCI EM 953.7-0.3-3.0-2.4
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Lebih terperinciEmbun Pagi. Jun 26, For subscription of our Daily Focus, please contact us at
Maxi Liesyaputra +62-21-515-1140 maxi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,920.0-0.7-6.9 1.7 MSCI EM
Lebih terperinciR i Danareksa Research Institute
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Lebih terperinciEmbun Pagi. June 26, Stable income for stable growth
Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 4,839.0-0.5-2.0 6.0 MSCI EM 1,041.8-0.6 0.5 18.3 HANG SENG 22,866.7-0.1-0.4 12.5 KOSPI 1,981.8 0.5-1.4 11.1 FTSE 6,733.6-0.8-0.4 11.2 DJIA 16,867.5
Lebih terperinciR i Danareksa Research Institute
MARKET SCREEN, 22 JUNI 2015 R i Danareksa Research Institute Prediksi periode minor (1-5 hari): Menguat Prediksi periode intraday: Sideways menguat Level support-resistance: 4,947.8-5,007.2 Saham yang
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Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 4,845.1-0.6-0.4 1.1 MSCI EM 1,046.2-0.1 1.9 11.3 HANG SENG 23,221.5 0.1 0.5 11.5 KOSPI 1,988.5-0.3-0.3 6.7 FTSE 6,757.8 0.3-1.6 8.4 DJIA 16,851.8
Lebih terperinciEmbun Pagi. Jun 15, For subscription of our Daily Focus, please contact us at Government-led economic growth
Taye Shim +62-21-515-1140 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,935.8 0.1-5.7 0.0 MSCI EM 979.5
Lebih terperinciEmbun Pagi. Jun 23, For subscription of our Daily Focus, please contact us at Another attractive investment
Renaldy Effendy +62-21-515-1140 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,959.3-0.5-6.2
Lebih terperinciEmbun Pagi. March 16, For subscription of our Daily Focus, please contact us at Growing Demand
March 16, 2015 Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,426.5-0.2
Lebih terperinciEmbun Pagi. April 01, PTPP: Beneficiary of a favorable industry outlook. Industry view: We prefer builders over developers
Renaldy Effendy +62-21-515-1141 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,518.7 1.5-0.2
Lebih terperinciR i Danareksa Research Institute
MARKET SCREEN, 3 JUNI 2015 R i Danareksa Research Institute Prediksi periode minor (1-5 hari): Sideways melemah Prediksi periode intraday: Sideways melemah Level support-resistance: 5,172.0-5,236.5 Saham
Lebih terperinciEmbun Pagi. January 2, Positive story continues
Akhmad Nurcahyadi +62-21-515-1141 akhmad.nurcahyadi @dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,226.9 0.9
Lebih terperinciEmbun Pagi. October 15, 2014
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Lebih terperinciEmbun Pagi. February 12, Will be disappointed FY performance
February 12, 2015 Betrand Raynaldi +62-21-515-1141 betrand.raynaldi@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY
Lebih terperinciEmbun Pagi. February 26, MNCN: The leader is back
February 26, 2015 Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,445.1
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Mimi Halimin +62-21-515-1140 mimi.halimin@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,937.6-0.4-6.7 2.0 MSCI
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Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,177.2 0.2 2.0 22.5 MSCI
Lebih terperinciEmbun Pagi. Maret 13, KDB Daewoo Securities "Tactical trading" stocks. Unfolding of a short-term trading opportunity
Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,439.8 0.4 0.8 14.7 MSCI EM 948.5
Lebih terperinciEmbun Pagi. June 25, Too good to be true
Embun Pagi Market Index Last Trade Chg (%) MoM YoY JCI 4,862.2 0.4-2.6 9.6 MSCI EM 1,048.1 0.6-0.1 18.0 HANG SENG 22,880.6 0.3-0.7 14.9 KOSPI 1,974.9 1.0-2.1 10.9 FTSE 6,787.1-0.2-0.2 12.8 DJIA 16,818.1-0.1
Lebih terperinciEmbun Pagi. Jun 30, For subscription of our Daily Focus, please contact us at Preliminary caution
Renaldy Effendy +62-21-515-1140 renaldy.effendy@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,882.6-0.8-5.6
Lebih terperinciEmbun Pagi. October 21, 2014
Embun Pagi Taye Shim +62-21-515-3281 taye.shim@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,040.5 0.2-3.8 9.8
Lebih terperinciEmbun Pagi. Jun 19, For subscription of our Daily Focus, please contact us at The story of Ramadhan
Nur Marini +62-21-515-1140 marini@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 4,945.5 0.0-6.1 1.7 MSCI EM 977.6
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Mimi Halimin +62-21-515-1140 mimi.halimin@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 4,674.1-0.4 13.9-6.2 MSCI
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Embun Pagi Betrand Raynaldi +62-21-515-1141 betrand@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,066.8-0.1
Lebih terperinciEmbun Pagi. September 30, Time to revisit consumer names (Part II) Consumer stocks which we recommend to investors
Embun Pagi Taye Shim +62-21-515-3281 taye.shim@dwsec.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,142.0 0.2-0.1 18.9
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Taye Shim +62-21-515-3281 taye.shim@dwsec-id.com For subscription of our Daily Focus, please contact us at research@dwsec-id.com Market Index Last Trade Chg (%) MoM YoY JCI 5,160.4 0.2 2.0 23.4 MSCI EM
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