Previous Day:

Pada penutupan perdagangan hari Selasa (29/4), IHSG naik

sebanyak 0,923 poin (0,02%) ke level 4819,68. Ada sebanyak
164 saham yang naik, 108 saham yang mengalami koreksi,
dan 96 saham yang stagnan. Total perdagangan hari ini seban-
yak Rp 5,221 triliun. LQ45 turun 1,64 poin (-0,20%) ke level
812,09. Sektor-sektro di zona hijau adalah sektor agrikultur
naik 1,74%, sektor perdagangan naik 0,98%, dan sektor con-
sumer goods naik 0,84%. Sektor-sektor di zona merah adalah
sektor infrastruktur turun 1,67%, sektor aneka industri turun
1,35%, dan sektor pertambangan turun 0,91%. Foreign net
sell sebesar Rp 497,94 miliar. Indeks Nikkei turun 0,98%.
Indeks Straits Times jatuh 0,15%. Indeks Hang Seng naik
1,45%. Indeks Shanghai naik 0,82%.

Todays Market:

Secara teknikal indeks hari Rabu (30/4) diperkirakan akan
bergerak mixed di level 4783-4858. Bank Indonesia mengesti-
masikan neraca perdagangan Maret 2014 surplus lebih dari
US$ 800 juta menunjukan perbaikan perdagangan bulan Ma-
ret 2014 merupakan penopang surplus perdagangan kuartal I
-2014. Hal ini dapat memberikan sentimen positif terhadap
indeks hari ini.


















Top Technical Buys:
PTPP, UNTR, BBCA, BWPT
Sinarmas Investment Research/ 62 21 3925550/research@sinarmassekuritas.co.id DAILY RESEARCH
UNDERVALUED STOCKS 2014:
MYOR 34,600
ROTI 1,330

Closing
JCI
Transaction Value (Rp tn)
Transaction Volume (mn shares)
Foreign Net Buy (Sell) (Rp bn) (497.94)
Foreign Net Buy (Sell) YTD (Rp tn) 33.52
as percentage of last year's 0.44
Total Market Capitalization (Rp tn) 4,477.38
Closing
1 Day
Return %
YTD
Change
%
4,819.68 0.02 12.8
812.09 (0.20) 14.2
27.57 2.22 20.7
25.18 1.53 18.4
16,535.37 0.53 (0.2)
1,878.33 0.48 1.6
4,103.54 0.72 (1.7)
6,769.91 1.04 0.3
14,288.23 (0.98) (11.7)
22,132.53 1.45 (3.7)
3,242.71 (0.15) 2.2
1,859.34 0.19 (0.4)
FOREX Change
YTD
Change
%
USD/IDR (22.50) 5.6
EUR/IDR (92.20) 5.2
JPY/IDR (0.01) 2.9
SGD/IDR (20.43) 4.8
AUD/IDR 22.01 1.5
GBP/IDR 4.41 3.7
Price
1 Day
Return %
YTD
Change
%
CRUDE OIL
(USD)/BARREL 100.49 (0.78) 2.1
COAL (USD) / MT 76.90 0.07 (5.9)
NATURAL GAS
(USD) / mmBtu 4.84 0.08 14.3
GOLD (USD) / OUNCE 1,295.30 (0.05) 7.4
NICKEL (USD) / MT 18,199.00 0.27 30.9
TIN (USD) / MT 23,166.00 (0.13) 3.7
CPO (MYR) / MT 2,690.00 (0.99) 2.4
RUBBER (JPY)/KG 206.00 0.83 (26.4)
WHEAT/BUSHEL 7.06 (0.32) 16.6
CORN/BUSHEL 5.15 (0.10) 22.1
4,819.68
5.221
5,179
IDX Statistics
Commodities
JCI
LQ45
EIDO
IDX
9,180.43
10,699.25
19,403.39
Key Indices
STRAITS TIMES
KLSE
Rate (IDR)
11,526.30
15,923.25
112.48
HANG SENG
DOW JONES
S&P 500
NASDAQ
FTSE
NIKKEI
See important disclaimer at the end of this report
Wednesday, April 30, 2014
4,795
4,805
4,815
4,825
JCI Index
Last Price Previous day Closed at 4819.68
2

CORPORATE NEWS
PT Intiland Development Tbk (DILD) membukukan kenaikan laba bersih 51,82% di kuartal I-2014 men-
capai Rp 121,52 miliar dibandingkan periode yang sama di tahun sebelumnya Rp 80,04 miliar. Kenaikan
laba bersih ditopang lonjakan pendapatan usaha. Pendapatan usaha pada kuartal I-2014 naik sebesar 8%
menjadi Rp 452,60 miliar. (Positive) Source: Indonesia Finance Today
PT Waskita Karya Tbk (WSKT) akan investasi Rp 5 triliun untuk membangun superblock di Surabaya,
Jawa Timur. Pengerjaan konstruksi akan dilakukan secara bertahap oleh perusahaan dalam kurun waktu
lima tahun kedepan. (Positive) Source: Indonesia Finance Today
PT Jasa Marga Tbk (JSMR) membukukan kenaikan laba bersih 16,74% menjadi Rp 376,05 miliar dari pe-
riode yang sama tahun sebelumnya Rp 322,1 miliar. Kenaikan laba ini ditopang oleh kemampuan perusa-
haan menekan beban. Beban usaha perusahaan menyusut 22,48% dari Rp 1,69 triliun menjadi Rp 1,31 tril-
iun. (Positive) Source: Kontan
PT Summarecon Agung Tbk (SMRA) mengantongi pinjaman Rp 2,21 triliun dari PT Bank Central Asia
Tbk (BBCA) dan PT Bank Mandiri Tbk (BMRI). Fasilitas tersebut dijamin dengan asset tanah dan bangunan
milik perusahaan yang tersebar di Jakarta, Banten, dan Bali. (Positive) Source: Investor Daily

See important disclaimer at the end of this report
Wednesday, April 30, 2014
3

Eddy Wijaya/ Technical Analyst/62 21 3925550 TRADING VIEW
See important disclaimer at the end of this report
Wednesday, April 30, 2014
By: Rheza, Tiesha, RichardRESEARCH DEPARTMENT By: Eddy Wijaya (+6221-3925550)
TICKER RECOMMENDATION PRICE ENTRY EXIT S2 S1 R1 R2 EXPLANATION
AGRICULTURE
AALI Buy on Weakness 29000 28600 29400 28200 28600 29400 29800 Rsi : uptrend
BWPT Trading Buy 1400 1400 1415 1380 1390 1415 1430 Macd : uptrend
LSIP Buy on Weakness 2450 2420 2480 2400 2420 2480 2510 Rsi : uptrend
BANK & FINANCE
BMRI Buy on Weakness 9800 9725 9900 9650 9725 9900 10000 Macd : downtrend
BBRI Buy on Weakness 9775 9700 9850 9650 9700 9850 9950 Stoc osc : downtrend
BBNI Trading Sell 4835 4835 4805 4795 4805 4845 4885 Falling window
BBCA Trading Buy 11000 11000 11100 10800 10900 11100 11225 Rsi : reversal
CONSUMER GOODS
INDF Buy on Weakness 7025 6950 7050 6850 6950 7050 7150 White spinning top
ICBP Buy on Weakness 10000 9900 10100 9800 9900 10100 10200 Stoc osc :uptrend
GGRM Trading Buy 55750 55750 56200 54900 55350 56200 56600 Rsi : uptrend
UNVR Buy on Weakness 29000 28900 29300 28650 28900 29300 29600 Macd : downtrend
CPIN Trading Sell 3825 3825 3805 3785 3805 3835 3855 Macd : downtrend
MAIN Buy on Weakness 2975 2960 3000 2940 2960 3000 3040 Black spinning top
BASIC & MISC INDUSTRY
ASII Trading Sell 7475 7475 7400 7300 7400 7550 7650 Black spinning top
SMGR Trading Sell 14975 14975 14800 14600 14800 15050 15200 Macd : downtrend
INTP Trading Sell 21875 21875 21700 21500 21700 22000 22250 Black spinning top
INFRASTRUCTURE
TLKM Trading Sell 2270 2270 2250 2225 2250 2290 2305 Macd : downtrend
PGAS Trading Sell 5300 5300 5250 5200 5250 5350 5400 Macd : death cross
JSMR Buy on Weakness 5850 5800 5925 5750 5800 5925 6000 Black spinning top
TBIG Buy on Weakness 6300 6200 6350 6100 6200 6350 6450 Inverted hammer
RETAIL
MAPI Buy on Weakness 6100 6050 6150 6000 6050 6150 6225 Gravestone doji
RALS Trading Sell 1235 1235 1225 1210 1225 1245 1260 Black spinning top
ACES Trading Sell 750 750 740 730 740 760 780 Macd : downtrend
MPPA Buy on Weakness 2765 2745 2770 2725 2745 2770 2790 Stoc osc : downtrend
MINING
PTBA Trading Sell 9800 9800 9700 9600 9700 9900 10000 Falling window
ADRO Buy on Weakness 1125 1115 1140 1100 1115 1140 1160 Black spinning top
ITMG Trading Sell 24875 24875 24800 24700 24800 25000 25100 Gravestone doji
ANTM Buy on Weakness 1200 1180 1220 1160 1180 1220 1240 Long legged doji
TINS Buy on Weakness 1545 1530 1560 1510 1530 1560 1590 Rsi : downtrend
UNTR Trading Buy 21900 21900 22100 21350 21600 22100 22250 Morning star
PROPERTY
ASRI Buy on Weakness 535 525 540 515 525 540 560 White spinning top
LPKR Buy on Weakness 1070 1060 1070 1050 1060 1070 1090 White spinning top
CTRA Trading Sell 1030 1030 1010 980 1010 1045 1060 Macd : downtrend
APLN Trading Sell 263 263 261 258 261 267 273 Macd : downtrend
SMRA Buy on Weakness 1090 1080 1100 1060 1080 1100 1120 White spinning top
SSIA Buy on Weakness 850 835 865 815 835 865 880 Long legged doji
BSDE Buy on Weakness 1565 1550 1580 1540 1550 1580 1600 Rsi : reversal
WIKA Buy on Weakness 2295 2285 2315 2270 2285 2315 2330 White spinning top
PTPP Buy on Weakness 1830 1820 1850 1800 1820 1850 1880 Rsi : reversal
ADHI Buy on Weakness 2975 2950 3000 2920 2950 3000 3050 Black spinning top




4

Global Equity Indices
Description YTD Change % 30-Apr-14 Forward 2014 P/E Ratio (Best Est.)
LQ45 14.2 812
Nikkei 225 (11.7) 14,390
JCI 12.8 4,820
FTSE 100 0.3 6,770
ASX 200 2.4 5,480
DJIA (0.2) 16,535
S&P500 1.6 1,878
STI 2.2 3,238
CAC 40 4.7 4,498
Shanghai Composite (4.5) 2,020
DAX 0.3 9,584
KOSPI (2.0) 1,972
Hang Seng (3.7) 22,454
Euro Stoxx 3.2 3,209
Description YTD Change % 30-Apr-14 Description YTD Change % 30-Apr-14
AALI 15.5 29,000 ICBP (2.0) 10,000
ADRO 3.2 1,125 IMAS (2.2) 4,790
AKRA 9.0 4,770 INCO 36.2 3,610
ANTM 10.1 1,200 INDF 6.4 7,025
ASII 9.9 7,475 INDY 3.4 610
ASRI 24.4 535 INTP 9.4 21,875
BBCA 14.6 11,000 ITMG (12.7) 24,875
BBNI 22.4 4,835 JSMR 23.8 5,850
BBRI 34.8 9,775 KLBF 22.0 1,525
BBTN 32.8 1,155 LPKR 17.6 1,070
BDMN 13.9 4,300 LSIP 26.9 2,450
BHIT (9.7) 307 MAIN (6.3) 2,975
BKSL 8.9 171 MAPI 10.9 6,100
BMRI 24.8 9,800 MNCN 2.5 2,690
BMTR 13.9 2,165 PGAS 18.4 5,300
BSDE 21.3 1,565 PTBA (3.9) 9,800
BUMI (35.3) 194 SMCB 24.8 2,840
BWPT 5.3 1,400 SMGR 5.8 14,975
CPIN 13.3 3,825 SSIA 51.8 850
EXCL (7.1) 4,830 TLKM 6.6 2,270
GGRM 32.7 55,750 UNTR 15.3 21,900
GIAA (7.7) 458 UNVR 11.5 29,000
HRUM (14.2) 2,360 JAKPROP INDEX
JAKBIND INDEX
Sectors JAKFIN INDEX
Description
JAKCONS INDEX
Property (2.0) JAKMIND INDEX
Basic Industry (3.6) JAKINFR INDEX
Trade (0.4) JAKAGRI INDEX
Finance 1.6 JAKMINE INDEX
Miscellaneous Industry 1.3
Consumer (0.2)
Infrastructure 2.0
Agriculture 5.5
Mining 5.8
1-mth Return %
Selected Indonesian Equities
14.9
16.2
15.1
13.9
15.4
14.8
16.0
14.3
14.3
7.9
13.5
7.6
10.4
13.9
See important disclaimer at the end of this report
Wednesday, April 30, 2014
5

Dividend
Upcoming IPO
See important disclaimer at the end of this report
Company Business Offering
Date
Share
in Rp.
Price in Rp. Listing Date
PT Dwi Aneka Jaya Kemasindo Kemasan
PT Puradelta Lestari Properti 205-255
Ticker Status DPS (Rp) Cum Date Ex Date Recording Payment
MPPA Final 186 5 Mei 2014 6 Mei 2014 8 Mei 2014 19 Mei 2014
AISA Final 75.5 8 Mei 2014 9 Mei 2014 13 Mei 2014 30 Mei 2014
SDRA Final 11 9 Mei 2014 12 Mei 2014 14 Mei 2014 2 Juni 2014
AALI Final 355 9 Mei 2014 12 Mei 2014 14 Mei 2014 2 Juni 2014
EXCL Final TBA 13 Mei 2014 14 Mei 2014 19 Mei 2014 4 Juni 2014
UNTR Final 340 14 Mei 2014 16 Mei 2014 20 Mei 2014 5 Juni 2014
MLPL Final 21.2 16 Mei 2014 19 Mei 2014 21 Mei 2014 5 Juni 2014
ASGR Final 44 16 Mei 2014 19 Mei 2014 21 Mei 2014 6 Juni 2014
ROTI Final 3.12 19 Mei 2014 20 Mei 2014 22 Mei 2014 5 Juni 2014
AUTO Final 61.5 21 Mei 2014 22 Mei 2014 26 Mei 2014 11 Juni 2014
LPPF Final 157.7 11 Juni 2014 12 Juni 2014 16 Juni 2014 30 Juni 2014
MLPT Final 1.60 5 Mei 2014 6 Mei 2014 8 Mei 2014 22 Mei 2014
MFMI Final 1.60 5 Mei 2014 6 Mei 2014 8 Mei 2014 19 Mei 2014
Ticker NS:OS Price (Rp) Cum Date Ex Date Recording Trading
IBST 2:11 3176 28 April 2014 29 April 2014 2 Mei 2014 6 Mei-13 Mei 2014
Rights Issue
Wednesday, April 30, 2014
6


Global Reference Rates FOREX Rate (USD) Change %
FED Rate 0.25 USDIDR 11,526 0.20
BI Rate 7.50 USDEUR 0.72 0.01
ECB Rate 0.25 USDJPY 103 0.10
BOJ Rate 0.10 USDSGD 1.26 0.02
BOE Rate 0.50 USDAUD 1.08 (0.17)
PBOC Rate 6.00 USDGBP 0.59 0.00
Description March February
Inflation YTD (%) 1.41 1.33 8.40
Inflation YOY (%) 7.32 7.75 0.92
Inflation MOM (%) 0.08 0.26 1.46
Foreign Reserves (USD bn) 102.60 7.65
GDP YOY Growth Rate Q42013 (%) 5.72 7.94
GDP Growth Rate 2013 (%) 5.78 8.42
GDP YOY (USD bn) 878.04
Dual Listed Price (IDR) Change %
TLKM (US) 2,189.94 (5.00)
ANTM (GR) 1,034.65 0.00
%
Lending & Deposit Rates
INDOGB 15Y YIELD (%)
JIBOR (IDR) (%)
LIBOR (GBP) (%)
SIBOR (USD) (%)
INDOGB 5Y YIELD (%)
INDOGB 10Y YIELD (%)
MACRO INDICATORS RAPBN 2014 APBN-P 2013 APBN 2013
GDP (%) 5.8-6.1 6.3 6.8
Inflation (%) 4.5-5.5 7.2 4.9
IDR/USD (IDR) 10,000-10,500 9,600 9,300
SBI3 Months (%) 5.5 5.0 5.0
Crude Oil (USD/brl) 106 108 100
Oil Production (bpd) 870,000 840,000 900,000
Total APBN (IDR tn) 1,240 1,726 1,683
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.
Wednesday, April 30, 2014