Bank Jatim Initial Public Offering

Bank Jatim Initial Public Offering Phillip Securities Indonesia Research June 25, 2012

ank Pembangunan Daerah Jawa Timur, commonly known as Bank Jatim, was incorporated on August 17, 1961 in Surabaya. In 1990, the company obtained the permit to operate as a foreign exchange bank, as stipulated by Bank Indonesia decree No.23/28/KEP/DIR dated August 2, 1990. Currently, The East Java Provincial Government is the majority shareholder with 64.33% stake and the rest of 35.7% is owned by East Java Municipal Government. Since its establishment in 1961, Bank Jatim has been the leader in supporting local economic growth and the primary loan source in East Java.

B

Business Overview Bank Jatim had two main business activites: conventional banking and Sharia banking. Activities in convensional banking include deposits, foreign trade transaction services, and other banking services such as RTGS, SMS Banking, Pick Up Service, Safe Deposit Box, Bank Guarantee, and Phone Banking/Call Center. Bank Jatim provides several types of loan facilities to ensure profitability. Loan interests and deposits have been two of the revenue sources for the company. Consumer credits and demand deposits have also been significant contributors to the company’s revenue. Until 2011, Bank Jatim operated 108 branch offices, and 262 units of ATM. To strengthen its business activities, Bank Jatim has developed consumer-based information technology (IT) systems, such as FOS (Financing Operating System), Virtual Account Program, MIS dashboard for Islamic business units, and SPP Batch System. For 2012, Bank Jatim focuses on achieving 16.95% growth in third party funds, 24% growth in loans of which 80% is expected from small and medium enterprises and 20% from corporations, 93.86% in Loan to Deposit Growth (LDR), as well as maintaining the Operating Expenses to Operating Income ratio at below 70%.

Company Background and Historical Events • • • • • •

1961 – Established as PT Bank Pembangunan Daerah Djawa Timur. 1976 – Upgraded from local company to Local state owned compay (BUMD) 1990 – Obtained permit to operate as a foreign exchange bank. 1999 – Incorporated into regional development bank. 2007 – Due to expansion target, the company launched Sharia business unit. 2012 – Up to April 2012, Bank Jatim has 40 branch offices, 1 Sharia branch office, 167 deposit offices, 57 deposit vehicles, 261 automatic teller machines and 1 cash deposit machine.

Phillip Securities Indonesia

Report Date

25-Jun-12

Core Business

:

Banking

IPO Price Shares Offered Warrant Offered Maximum Shares Outstanding

: : : :

IDR 430 - 670 2,983,537,000 shares 20.00%

Use of IPO Proceeds

:

Underwriter

:

Support Loan Growth (80%), Expand Branch Offices (10%) and Working Capital (10%) PT Bahana Securities PT Mandiri Securities

Indicative Schedules Book-building Effective Date Offering Period Allotment Listing Date

: : : : :

19-26 June-12 29-June-12 3 - 5 July-12 9-July-12 11-July-12

: :

64.30% 35.70%

: : : : : :

51.50% 28.50% 30.00% 20.00% 18.00% 2.00%

Ownership Structure (Pre-IPO) The Province of East Java Cities and regencies of East Java Ownership Structure (Post-IPO) The Province of East Java Cities and regencies of E. Java Public Real Public ESOP (employee allocation) MESOP

Peers Bank Jatim Bank Jabar Banten (BJBR) Bank Mandiri (BMRI) Bank Rakyat Indonesia (BBRI) Bank Central Asia (BBCA) Industry

P/E (2012) 8.00-10.40x (Est.)* 7.8x 12.3x 9.9x 17.4x 17.61x

* Underwriter Estimated

Peers Bank Jatim Bank Jabar Banten (BJBR) Bank Mandiri (BMRI) Bank Rakyat Indonesia (BBRI) Bank Central Asia (BBCA)

PBV (2012) 1.1-1.7x (Est)* 1.59x 2.34x 2.58x 3.98x

* Underwriter Estimated

Please see the back page for rating definition, analysts certification, and important disclosure. Phillip Securities Indonesia (PSI) may seek to do business with companies coverage in its reports. As a result investors, should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision

Bank Jatim Indonesia Equities Research June 25, 2012

Macroeconomic Conditions

GDP Growth

Indonesian GDP increased by 6.5 percent in Q4-2011. The major driver of growth in Q4-2011 was investment, which grew by a seasonally adjusted 5.2% in the quarter. Private consumption, although slowing slightly, remained supportive. On the production side, manufacturing and trade, hotels and restaurants were the main drivers of growth. Manufacturing growth was 6.2 percent in 2011, the strongest annual growth since 2004, driven by the food, beverage, tobacco, transport equipment and machinery sectors. Looking towards the rest of 2012, in line with recent data releases, the baseline scenario remains one which there is a moderation in eternal demand but domestic drivers of growth are supportive the downgrade in forecast growth in Indonesia’s major trading partner economies to a slight dampening of the recent strong growth in industrial sectors such as manufacturing while net exports are expected to contribute of around 1.5 percentage points in 2011. So far Indonesia’s growth is projected to moderate in 2012 to 6.1 percent before moving up to 6.4 percent in 2013.

7.0 6.3 6.0

5.7

6.6

6.5

6.2

6.0

6.1

5.5 4.6

5.0 4.0 3.0 2.0 1.0 2005

2006

2007

2008

2009

2010

2011

2012E

2013E

Source: World Bank, CEIC 4

Inflation (%)

3 2

Investment in infrastructure by the private sector and state-ownedfirms could start to increase, as outlined in the MP3EI. A Land Law for Public Use (approved by Parliament in December 2011) should helping acquiring land for public infrastructure, easing a serious constraint. Domestic commercial banks, which have excess liquidity, have expressed interest in financing infrastructure development, and the sovereign investment-grade ratings are expected to facilitate a greater volume of long-term financing. Meantime inflows of foreign direct and portfolio investment are expected to keep the overall balance of payments in surplus through the forecast period. The Rupiah could soften this year against the US dollar in light of the current account deficit and higher inflation. Inflation during the forecast period depends in part on the timing and size of increases in fuel prices. The year-average rate for 2012 is projected at 5.5%, on the assumption that fuel prices will be lifted later this year. If fuel prices are increased later than anticipated, inflation would likely be lower than forecast this year and higher than projected in 2013.

1 0 ‐1

Jan Apr Sep Dec Jan Apr Sep Dec Jan Apr Sep Dec Jan Feb Mar Apr May 2010 2011 2012 2009

‐2 General/Headline ‐3 14

Administered Price

5.9

12

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Customer Care (62-21) 57 900 900 www.poems.co.id | www.poems.web.id

6.7

6.2

5.8

6.1

10

5

8 6.4 5.4

6

6.1

5.2 5.7

4

4.7

2 0

2006

2007 National

2008

2009

2010

East Java

Source: BPS and underwriter

Indonesia: Investment Flows 30 25

FDI

20

Domestic 19

15

The government has made infrastructure development a key priority in both its Medium-Term Development Plan 2010–2014 and the longer-term MP3EI. Several transport projects financed through the budget are scheduled to get under way this year, including expansion of Jakarta’s main airport, construction of highways and ports, and the building of transport infrastructure in Eastern Provinces.

Volatile Goods

Regional Real GDP Growth (%)

2005

Moreover, the central bank has upgraded macro-prudential measures to reduce short-term and speculative capital inflows and mitigate the risks of sudden outflows. These include gradually replacing short-term Bank Indonesia certificates with government bonds for liquidity management, reinstating limits on short-term offshore borrowing by banks to a maximum of 30% of their capital, increasing banks’ foreign currency reserve requirements, and requiring an underlying economic exchange for any foreign currency transaction above USD 100,000.

Core

Source: World Bank, CEIC

16

10

10

9 5 0

15

11

6 3

2

2005

2006

4

2007

Source: CEIC and underwriter

2

2008

4

2009

7

9

6 2

2010

2011

QI 2012


Industry Analysis

Gross NPL & Coverage Ratio, 2005-2011

The unfavorable yields on the government and BI’s papers has encouraged banks to reallocate their earnings asset mix, leaning toward higher yielding loans, in order to prevent margins from deterioration. As the end of the February 2012, the proportion of non-credit to earnings asset mix recorded at 33%, or equivalent to IDR 1.1 trillion, this signals urgency to grow the loan portfolio, particularly for those banks with excess liquidity and ability to reallocate the earnings asset mix away from the lower yielding government and BI papers.

160

9

8.3

147.7

8

140

7

138.7

120

120.6

125.9

NPL Coverage (RHS) (%) 6

102.2

100

4.6 80

3.8

3.8

71.3

60

5

NPL (%)

82.2

4

2.9

2.6

3

40

2

20

Intensifying competition in lending is not only coming from within the banking sector but also from alternative financing and leasing. The availability of alternative financing such as bonds, which are currently offered at fixed long-term competitive rates, has pressured lending rates to come down. For consumer loans the central bank’s recent regulation on lower loan-to-value policy for auto and housing products effective June this year, is a disadvantage to banks as leasing companies are not covered by the policy and hence have greater flexibility to lend out. Over the past years, Indonesia’s private loans have grown by 200711 CAGR of 21.8% to reach IDR 2,230 trillion. In 2011, mortgages recorded nearly 30% y-y growth, followed by SME loans, corporate and consumer loans. The influx of direct investment and massive capacity expansion as well as higher working capital requirement should bode well for loans in the productive segment, which accounted for nearly 70% of the sector’s loan portfolio. Likewise, the increase in minimum wages and low rates will help support growth in consumer loans.

1

0

0

2005

2006

2007

2008

2010

2011

Corporate Bonds Issuances, 2009-2012F (IDT Tn)

60

55

50

45 38

40 30

30 20 10 0

2009 2010 2011 Source: Bank Indonesia and Underwriter

2012F

Loan Movement, 2007-2013, (CAGR 2007-11 of 21.8%) 35 30

Meanwhile, Bank Indonesia (BI) will continue to focus on intervening and monitoring liquidity through other non-monetary policies by offering Repo and Reverse Repo via net open market operations. It is interesting to note that the government’s effort to trim down the short term capital flows in order to prevent short term volatility has been reflected in lowering the SBI outstanding amount to IDR 96 trillion at end April 2012, down by 55% over the 12 months period. Interestingly, foreign ownership in SBI dipped to IDR 4 trillion at end April 2012 from IDR 87 trillion a year earlier. The SBI rate has continued down trending to reach the current level of 3.8% from its peak of 7.4% in May last year. As a consequence, there has been a shift in fund allocation towards longer-term maturity government bonds from short term SBI. Going forward, the SBI facility will gradually be converted and transferred to the government’s Treasury bills.

0

3,186

Total Loans (RHS) 29.5

25

Loan Growth y‐y (%)

25.5

3,000

2,669

2,500

24.1

22.1

3,500

19.7

20

2,000

1,796 1,354

15

2,230

1,471

19.4

1,500

1,046

10

1,000

8.7

5

500 ‐

2007

2008

2009

2010

2011

2012F

2013F

Source: Bank Indonesia and Underwriter

CAR and Capital Base, 2005-2011 450

25 405

21.3

20

19.3

19.3

323 17.4

16.8

15

238

17.2

400 350

16.1

300 250

269

200

211

10 183

150

144

5

100

0

0

50

2005

2006

2007 CAR (%)

2008

2009 Capital (IDR Tn)



2009


Despite this strong loan growth, loan quality has improved consistently with a decline NPL to 2.6% in 2011 from peak 8.3% in 2005. This has reflected more prudent banking fundamentals. The central bank has taken some measures to prevent NPL ballooning by increasing the minimum down payment to avoid a bubble burst in the auto and mortgage loan segment. Solid CAR of 16.1%, way above the central bank’s minimum of 8,0%, should ensure the potential default risk and support operating losses.

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7

2010

2011


Financial Analysis

1.2

The secured loans to civil servants have helped to maintain the company’s superior loan quality that has consistently recorded NPL at below 1%, far lower than the industry average of 2.6% as per December 2011. Its expansion into micro loans (KUR) should not impact loan quality as 70% of the principal is ultimately government guaranteed through designated insurance companies. Importantly, tight credit checking across all segments by the loan committee is likely to ensure that new loans added are of good quality. As a consequence, the company’s gross NPL will be maintained at below 1% and therefore the need for limited provisioning will help support its future earnings growth. Although Bank Jatim’s fee based income is relatively small, accounting for approximately of 5.8% of the 2011 operating income, the potential growth is substantial via: 1) higher administrative fees on monthly deposit account, 2) increased bank guarantee and remittance fees, 3) commensurate increases in loan related fees, and 4) income coming from using joint ATM with other banks. Currently, the company has waived fees from using joint ATM network, reversing this will help the bank to grow fee based income going forward.

Gross NPL Movement, 2007-2011 (%) 1.05 0.97

1 0.8

0.72

0.69

0.65

0.6 0.4 0.2 0

2007

2008

2009

2010

Source: Company and Underwriter

DPS and Payout Ratio, 2012F – 2014F 56

50

45

45

41

55

40

55

35 35

54

30 55

25

53

All this time, the bank has been managing civil servants payroll for regional government of East Java, which by end-2011 has grown to more than 450 thousand accounts. By number of ATM cards, the bank has about 680 thousand accounts at the end of 2011. Over time, the bank has earned its reputation as the lender of choice for certain group of borrowers, by participating in a number of government subsidized loan programs. Among its subsidized loan products are KKP-E, special loan program for food and energy for farmers and fishermen, KUPS, special loan program for cow breeders, and KUR, special loan program for non-bankable customers. In KKP-E and KUPS program, farmers, and fishermen borrowing rate can be as low as 5-7%, with the government subsidizing the other 5-7%. Bank Jatim’s strong local brand and loyal customer base may provide a strong foundation for its future growth strategy.

2011

20

52.5

15 10

52

5 0

51

2012F

2013F Dividend Payout Ratio (%)

2014F DPS (IDR)

Source: Company and Underwriter 40

Net Profit and ROE, 2007 -2011

1000 850

35

35.3 28.3

30

900 800

28.4

700

28.6

26.7

25

600

517

479

20

860

500

404

400

15

300

10

2012 earnings are envisaged to grow by 11%, stemming mainly from interest income. The relatively slower growth in earnings is also due to the absence of provisioning in 2011 due to the implementation of changes in accounting principal in complying with Indonesia’s GAPP (PSAK) 50 and 55. Adding back this provisioning in 2011, Bank Jatim’s earning would have grown by 18% y-y. Meanwhile as part of the regional bank’s commitment the company has maintained a high dividend payout. Over the past years, the bank has declared payout of around 55% and this trend is likely to continue in the years ahead.

200

5

100

0

0

2007

2008

2009

Net Profit (IDR bn)

2010

2011

ROE (%)

Source: Company and Underwriter

Net Interest Margin (NIM): FY11 (%) BBKP

4.1

BMRI

4.6

BBTN

4.7

BBCA

5

BBNI

5.4

BBRI

8

BJBR

8.3

BDMN

9.3

BJTM

10.1

BTPN

12.1

0

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2

4

6

8

10

12

14

Bank Jatim Indonesia Equities Research June 25, 2012 Source: Company and Underwriter

Financial Statement 2011 BALANCE SHEET (IDR bn) Loans Fixed Asset (net) Total Assets Growth (%)

Total Liabilities Growth (%)

Total Equity Growth (%)

PROFIT and LOSS (IDR bn) Interest Income Interest Expense Net Interest Income Total Operating Income Operating Expenses Operating Profit Pre Tax Profit Net Profit RATIOS ROA ROE NIM Loan to Deposit Ratio Loan to Funding Ratio Cost Efficiency Ratio CIR Gross NPL NPL Coverage CAR- Total CAR-Tier I MAJOR ASSUMPTIONS (%) Loan Growth Deposit Growth Operating Income Growth Operating Profit Growth Net Profit Growth Payout Ratio

2012F

2013F

2014F

16,135

19,728

24,041

28,946

176

458

466

472

24,847

28,896

33,604

39,200

24.32

16.30

16.29

16.65

21,586

23,018

27,297

32,392

25.28

6.63

18.59

18.67

3,260

5,878

6,307

6,808

18.33

80.31

7.30

7.94

2,755

2,959

3,371

3,936

816

822

900

1,083

1,939

2,137

2,471

2,853

2,336

2,720

3,146

954

1,065

1,220

1,406

1,171

1,255

1,468

1,696

1,188

1,257

1,471

1,698

860

952

1,114

1,286

3.8

3.5

3.6

3.5

28.6

20.8

18.3

19.6

8

8

7.8

7.7

80.1

90.6

92.1

92.9

76

88.2

90

91.2

44.9

45.6

44.8

44.7

44.9

46.3

46

46.1

1

0.8

0.8

0.9

64.4

69.7

72.9

73

16

24.4

21.8

19.2

15

23.5

20.8

18.1

23.3

22.3

21.9

20.4

24.2

8.1

19.8

19.4

0.5

9.9

16.4

15.7

2

7.2

17

15.5

1.2

10.7

17

15.5

55

55

55

52.5

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SWOT Analysis

Strength

Weakness

■ Supported by extensive office

■ Human Resources should be added. ■ Need to balance between loan distribution and short term funding . ■ Should do more in loan diversification.

network. ■ Competitive funding composition. ■ Experienced Management team. ■ Loyal customers

Bank Jatim

Opportunity

Threat

■ GDP growth in East Java is one of the fastest among regions in recent years. ■ Massive investment in infrastructure in East Java. ■ East Java, with large population is one of the advantage for market expansion.

■ Previous regulations that affected banks' business structure and earnings. ■ Competitors by banks and financial institutions in East Java. ■ Fuel price hike, which is still uncertain, could potentially be negative for the banking industry.

Source: Research Phillips Securities Indonesia and Underwriter

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Research Team | Telp: +62-21-57900800 | E-mail: [email protected] Armand Dharmasana Gunawan Sutanto Aditya Perdana Putra Pandristo Prasetyo Ginarto Venty Arnesya

Ratings for Sectors: Overweight : Expect the industry to perform better than the primary market index (JCI) over the next 12 months. Neutral : Expect the industry to perform in line with the primary market index (JCI) over the next 12 months. Underweight : Expect the industry to under perform the primary market index (JCI) over the next 12 months.

Ratings for Stocks: Buy : We expect this stock to give total return (price appreciation + dividend yield) of above 15% over the next 12 months. Hold : We expect this stock to give total return of between -15% and 15% over the next 12 months. Sell : We expect this stock to give total return of -15% or lower over the next 12 months.

Analyst Certification The research analyst(s) primarily responsible for the preparation of this research report hereby certify that all of the views expressed in this research report accurately reflect their personal views about any and all of the subject securities or issuers. The research analyst(s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report.

Disclaimers This document has been prepared for general circulation based on information obtained from sources believed to be reliable but we do not make any representations as to its accuracy or completeness. Phillip Securities Indonesia (PSI) accepts no liability whatsoever for any direct or consequential loss arising from any use of this document or any solicitations of an offer to buy or sell any securities. PSI and its directors, officials and/or employees may have positions in, and may effect transactions in securities mentioned herein from time to time in the open market or otherwise, and may receive brokerage fees or act as principal or agent in dealings with respect to these companies. PSI may also seek investment banking business with companies covered in its research reports. As a result investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

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ANZ Tower Level 23B, Jl. Jendral Sudirman Kav 33A, Jakarta, 10220 - Indonesia Telp. (62-21) 57 900 800, Fax. (62-21) 57 900 809, Email : [email protected] Website: www.phillip.co.id | www.poems.co.id | www.poems.web.id Jakarta Komp. Ruko Mega Grosir Cempaka Mas Jl. Let. Jend. Soeprapto Blok D No. 7 Jakarta, 10640 Telp. (62-21) 4288 5051 / 52; Fax. (62-21) 4288 5049 E-Mail: [email protected]

Mangga Dua Ruko Bahan Bangunan Mangga Dua Blok F1/8 Jl. Mangga Dua Selatan Jakarta 10730 Telp. (62-21) 6220 3589; Fax. (62-21) 6220 3602 E-Mail: [email protected]

Rukan Sentra Latumenten Jl.Prof.Dr Latumenten no.50 Blk AA 12 Jakarta, 11460 Telp. (62-21) 5694 1781; Fax. (62-21) 5694 1791 E-Mail: [email protected]

Roxy Pusat Niaga Roxy Mas Blok B2/2 Jl. KH. Hasyim Ashari - Jakarta Barat Telp. (62-21) 6386 8308; Fax. (62-21) 6333 420 E-Mail: [email protected]

Pantai Indah Kapuk Jl. Pantai Indah Barat Rukan Ekslusif BGM Blok B-6 Telp. (62-21) 5694 5791/92/93; Fax. (62-21) 56945790 E-Mail: [email protected]

Taman Palem Rukan Malibu Blok H No. 23 Cengkareng, Jakbar 11730 Telp. (62-21) 5694 5055 / 5077; Fax. (62-21) 5694 5013; E-Mail: [email protected]

Sunter Jl. Mitra Boulevard Blok D No. 5 Sunter Jakarta, 14350 Telp. (62-21) 6530 2729; Fax. (62-21) 6583 7463 E-Mail: [email protected]

Kelapa Gading Jl. Boulevard Raya Blok WB2/27 Kelapa Gading Jakarta Utara Telp. (62-21) 7070 0050/4587/9264; Fax. (62-21) 453 2939; EMail: [email protected]

Citra Garden 2 Komp. Citra Niaga Blok A No.18 Citra Garden 2 - Kalideres, JakBar Telp. (62-21) 5436 0175; Fax. (62-21) 5436 0174

Puri Indah Puri Tirta, Kompleks Puri Kencana, Blok L6 No.88I Kembangan, Jakarta Barat Telp. (62-21) 58 00 999; Fax. (62-21) 58 300 999

Tanah Abang Pusat Grosir Metro Tanah Abang (PGMTA) Lantai 6, Jl.Fachrudin Tanah Abang - Jakarta Pusat 10250 Telp : (021) 3003 6745 / 3003 6746; Fax : (021) 3003 6748 Jawa Tengah Purwokerto Jln. Perintis Kemerdekaan No. 38 Purwokerto - Jawa Tengah, 53110 Telp. (62-281) 626 899; Fax. (62-281) 891 150 E-Mail: [email protected]

Solo Jl. Veteran 140 / 2-3 Solo, Jawa Tengah Telp. (62-271) 655 567, 667 168; Fax. (62-271) 647 288 E-Mail: [email protected]

Semarang Jl. Karang Wulan Timur No. 2 - 4 Semarang Indonesia Telp. (62-24) 355 5959; Fax. (62-24) 351 3194 E-Mail: [email protected]

Tegal Kompleks Nirmala Square Blok C no.7 Jl. Yos Sudarso - Tegal 52121 Telp. (62-283) 340773; Fax. (62-283) 340774

Jawa Barat Komp.Paskal Hypersquare Blok C-21 Jl Pasirkaliki 25-27 Bandung Telp. (62-22) 8606 0690; Fax. (62-22) 8606 0765 E-Mail: [email protected]

Bali Jln. Melati No. 45 Blok E Denpasar - Bali, 80233 Telp. (62-361) 238 987; Fax. (62-361) 229 803 E-Mail: [email protected]

Jawa Timur Jln. Flores No. 11 Surabaya, 60281 Telp. (62-31) 501 5777; Fax. (62-31) 501 0567 E-Mail: [email protected]

Batam Kompleks Mahkota Raya Blok A no. 10 Batam Centre, Kota Batam 29456, Kepri Telp. (62-778) 748 3337/3030/3131; Fax. (62-778) 748 3117; E-Mail: [email protected]

Jambi Jln. GR. Djamin Datuk Bagindo No. 56A Jambi, 36142 Telp. (0741) 707 8260, 7555 699 E-Mail: [email protected]

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FORMULIR APLIKASI IPO SAHAM Nama Saham / Emiten Tanggal Penawaran Umum Harga Penawaran

▪ ▪ ▪

: PT. BANK JATIM TBK. : 28 Juni 2012 s/d 2 Juli 2012 (pkl. 12.00 WIB>) : Rp. 430,- per saham

A. Persyaratan Aplikasi IPO Saham : (Mohon persyaratan ini dibaca, difahami dan dilaksanakan)) 1.

Nasabah melakukan pembayaran pemesanan saham secara penuh yaitu senilai jumlah saham yang dipesan dikalikan dengan harga per saham (Rp. 430,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 2 Juli 2012 pukul 12.00 Wib (in good funds) dengan menyetor langsung ke Rekening Dana Investor (RDI) milik masing-masing Nasabah.

2. 3.

4. 5.

4.

5. 6. 7. 8.

Nasabah mengisi Formulir Aplikasi IPO Saham pada huruf B dibawah ini dengan lengkap, jelas dan benar dan menanda-tanganinya. Formulir Aplikasi IPO Saham yang sudah ditanda-tangani berikut foto copy KTP atau SIM yang masih berlaku, diserahkan kepada Kantor Cabang (bagi Nasabah dari Kantor Cabang) atau kepada Sales ( bagi Nasabah yang menggunakan jasa Sales) atau langsung kepada PT. Phillip Securities Indonesia Kantor Pusat u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] (bagi Nasabah Kantor Pusat). Kantor Cabang dan Sales wajib membuat Rekapitulasi Pesanan Nasabah yang memuat : i). Nama Nasabah, ii). Kode Nasabah, iii). Jumlah Pesanan dalam lembar saham dan lot, iv). Nilai pesanan dalam Rupiah dan v). Keterangan tentang pembayaran. Rekapitulasi Pesanan Nasabah berikut foto copy KTP atau SIM Nasabah, diserahkan / dikirimkan kepada PT. Phillip Securities Indonesia Kantor Pusat (u.p Divisi Corporate Finance melalui Fax No. 0 2 1 - 5 7 9 0 0 8 0 9 atau melalui email [email protected] dengan tembusan kepada [email protected], selambat-lambatnya tanggal 2 Juli 2012 pukul 12.00 Wib. Dalam hal Formulir Pemesanan Pembelian Saham (FPPS) Asli yang diperoleh dari Lead Underwriter jumlahnya terbatas, maka pelayanan kepada Nasabah akan dilaksanakan berdasarkan urutan waktu masuknya pesanan kepada Divisi Corporate Finance (first come first served). Formulir Aplikasi IPO Saham yang telah ditanda-tangani tidak dapat dibatalkan namun bukan berarti bahwa pesanan Nasabah akan dipenuhi semua, karena penjatahan merupakan keputusan dan wewenang mutlak dari Penjamin Pelaksana Emisi (Lead Underwriter). Untuk informasi hasil Penjatahan, silahkan menghubungi Divisi Corporate Finance melalui telepon No. 0 2 1 – 5 7 9 0 0 8 0 0 Pengembalian uang pemesanan (refund) dilaksanakan paling lambat 2 (dua) hari kerja setelah refund diterima in good funds dari Lead Underwriter. Refund tersebut akan ditransfer ke Rekening Dana Investor (RDI) milik masing-masing Nasabah. PT. Phillip Securities Indonesia tidak bertanggung-jawab dan tidak akan menindak-lanjuti pesanan Nasabah apabila tidak memenuhi persyaratan di atas, antara lain Dana Pembayaran di dalam Rekening Dana Investor (RDI) milik Nasabah tidak tersedia atau tidak mencukupi, data / informasi / Rekapitulasi Pesanan Nasabah / Foto copy KTP atau SIM Nasabah yang disampaikan tidak benar (salah) dan atau tidak jelas / tidak terbaca.

B. Formulir Aplikasi IPO Saham (Mohon agar diisi dengan lengkap dan jelas) ▪

Nama & Kode Nasabah

:

▪

No. KTP.

:

▪

Alamat sesuai KTP.

:

▪

No. Telp./HP/Fax

:

▪

Alamat email

:

▪

Jumlah Pesanan

:

▪

Total Nilai Pemesanan

: Rp.

Kode :

lembar

(

lot)

Tempat dan Tanggal : ....….…………,………….., …… Kantor Cabang / Sales :

Nasabah :

(…………………………………….)

(…………………………………….)

Nama & Tanda-tangan

Nama & Tanda-tangan

Bank Jatim Initial Public Offering

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