KDB Daewoo Indonesia Daily Focus (February 15, 2016)
Research Team (research@dwsec-id.com)

Market Indicator
JCI: 4,714.39 (-1.28%)
EIDO: 22.61 (-0.09%)
DJIA: 15,973.84 (+2.00%)
FTSE100: 5,707.60 (+3.08%)
USD/IDR: 13,490 (+0.20%)
10yr GB yield: 7.98% (+3bps)
Oil Price: 29.44 (+12.32%)
Foreign net purchase: IDR24.3bn

Market Comment by Dang Maulida (dangmaulida@dwsec-id.com)
The JCI is expected to trade higher today on several positive sentiments over the weekend. a) world oil price closed up by 12.3% to USD29.4/barrel on higher possibility for OPEC to cut production, b) China is expected to re-open positive Lunar New Year holiday, also on PBOC’s chairman dismissal of possible capital control tightening, c) stable Indonesia macro indicators with USDIDR at IDR13,490 (vs. IDR13,463 previous close), and 10 yr-government bonds at 7.97% (vs. 7.95% previous close), d) improving Indonesia 4Q15 BoP of surplus USD5.1bn (vs. deficit of USD2.9bn in 3Q15).

Foreign net purchase on single stocks (HOTS screen #0141)
TOP BUY: ASII, BBCA, JSMR, BBTN, SMRA
TOP SELL: BMRI, TLKM, LPPF, BBRI, AKRA

Most actively traded stocks (HOTS screen #0102)
TLKM, ASII, BBRI, BMRI, BBCA

Daily write up
Aneka Tambang $ANTM: The forgotten hand of Midas by Franky Rivan (franky@dwsec-id.com)
-Gold prices have shown a strong inverse relationship with the US government bond yield.
-As the Fed continues its dovish stance, we suspect higher gold prices will also continue.
-We feel the bullish trend in gold will be beneficial to Antam as room for Antam to monetize its gold deposits will be even greater with higher prices.
-We find Antam’s valuations to be compelling, as shares are trading at 0.3x P/B, below its -1 SD at 0.6x, which we feel is overly harsh.

<Market Headlines>

"If you lied to the directorate general of taxation by hiding your money and income in overseas bank accounts, you will be caught." -Glenn Polii (Tax expert)

Ceramics markets improved (Kontan)
During January 2016 alone, ceramics sales rose 15% -20% than the same period in 2015.

Bukit Asam is chasing coal production target (Kontan)
$PTBA is targeting to produce 25.75mn tonnes coal by the end of this year (+ 34% vs. last year's production realization at 19.24mn tonnes).

Pakuwon Jati ($PWON IJ) is ready for IDR500bn land acquisition (Investor Daily)
PWON is ready to invest IDR400-500bn for land acquisition in 2016 to maintain landbank availability.

Perusahaan Gas Negara ($PGAS IJ) is vigorous to develop SPBG (Investor Daily)
PGAS plans to develop 60 gas refueling stations (SPBG) until 2019 through subsidiary, PT Gagas Energi Indsonesia.

For Eagle High Plantation ($BWPT IJ) acquisition, FGV involves the holding company (Investor Daily)
Felda Global Ventures Holding Bhd (FGV) involves its holding company, Federal Land Development Authority (Felda), in the negotiation process of BWPT share acquisition.

Soechi Lines ($SOCI) gets ship building contract worth IDR279bn (Investor Daily)
SOCI gets ship building contract worth IDR279bn for three units from Transportation Ministry

2016 estimates: Bank BTN ($BBTN) aimes net profit of IDR2.4tr (Bisnis Indonesia)
BBTN aimes net profit of IDR2.4tr this year, or an increase of 29.6% YoY.

BOP surplus, Open space of monetary easing (Media Indonesia)
Indonesia's balance of payments (BOP) recorded a surplus in the fourth quarter 2015 amounted to USD5,1bn, after the previous quarter was a deficit of USD4,6bn.

KUR entrepreneurial focus to East Indonesia (Media Indonesia)
Distribution of People's Business Credit (KUR) intensified the Ministry of Cooperatives and SMEs in Eastern Indonesia. Previously, the absorption of KUR for entrepreneurship development in the last year the highest recorded in Sulawesi Tengah (99%), Kalimantan Timur (96%), Java Tengah (96%), Kalimantan Barat (94.8%), and Sulawesi Selatan (91, 9%).

(Jakarta Post)
Lethargic US aims to woo ASEAN
Government calls for rate cuts as risk looms large
Intelligent robots threaten millions of jobs
Economic improvements trigger capital inflow
Local players need to improve in face of tighter competition
Slow progress in smelters puts planned export ban into question

(Jakarta Globe)
Trade minister continues talks with France over its planned palm oil import tax
Go-jek driver not shot, but struck with buttstock of a gun: Jakarta police
Susi set to tell foreign cold storage to head east
President Joko to take lead on counter-terrorism at US-Asean summit
Good or bad? Observers react as Indonesia eases FDI restrictions
Jakarta police reported to Ombudsman for ‘maladministration’
ADB announces USD10bn funding for Indonesia over the next five years
Police to hand over Jessica’s dossiers to prosecutors next week
Human rights or local values? Same-sex emoticons draw ire in Indonesia