April 12, 20 11
DAILY
REPORT
Indices - Countries Americas INDU - USA SPX - USA CCMP - USA IBOV - Brazil
Closing
RESEARCH
Net Chg
%Chg
%Ytd
12381.11 1324.46 2771.51 68164.36
1.06 -3.71 (8.91) -553.65
0.01 (0.28) (0.32) (0.81)
6.94 5.31 4.47 (1.65)
14.23 15.50 39.16 11.47
6053.44 4038.7 7204.86 10878.3 22365.93 366.47 6440.11
-2.31 -23.21 -12.16 -34.9 -23.22 -0.47 -17.82
(0.04) (0.57) (0.17) (0.32) (0.10) (0.13) (0.28)
2.60 6.15 4.20 10.34 10.87 3.36 0.06
14.88 12.27 13.13 9.82 10.97 12.69 14.94
9598.49 24303.07 3022.746 8880.27 2122.39 3745.838 1076.33 4227.99 1544 19262.54 3160.44
-121.21 -93 -7.275 -14.27 -5.58 4.027 -6.36 -13.02 -13.49 -188.91 -26.87
(1.25) (0.38) (0.24) (0.16) (0.26) 0.11 (0.59) (0.31) (0.87) (0.97) (0.84)
(6.16) 5.50 7.64 (1.03) 3.48 1.14 4.22 0.64 1.65 (6.08) (0.93)
17.31 13.08 17.47 14.94 12.97 18.82 14.45 13.72 16.97 17.17 11.10
EMEA UKX - United Kingdom CAC - France DAX - Germany IBEX - Spain FTSEMIB - Italia AEX - Netherland SMI - Swiss
Asia / Pacific NKY - Japan HIS - HongKong SHCOMP - Shanghai TWSE - Taiwan KOSPI - Korea JCI - Indonesia SET - Thailand PCOMP - Philippines KLCI - Malaysia SENSEX - India FSSTI - Singapore
Description Market Capitalization (IDR Trillion) Transaction Volume (Million Shares) Transaction Value (IDR million) Value / shares (IDR) Foreign Net (IDR Million) Foreign Participation
Last 3,344.33 2,711.03 3,462.25 1,277.10 224.94 0.32
Commodities Nickel (US$/Ton) Copper (US$/Ton) Tins (US$/Ton) Oil (US$/BBL) (*) Gas (US$/MMBTU) Coal (US$/Ton) (**) Gold (USD/OZ) CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton)
Previous 3,340.35 3,147.49 4,608.79 1,464.27 14,645.35 0.46
Last 27,705.00 9,855.00 33,300.00 109.92 4.21 123.20 1,461.43 1,172.50 3,417.00
Previous 27,600.00 9,875.00 33,050.00 112.79 4.34 122.00 1,463.15 1,160.00 3,399.00
%Chg 0.12 (13.87) (24.88) (12.78) 98.46 (32.13) %Chg 0.38 (0.20) 0.76 (2.54) (2.89) 0.98 (0.12) 1.08 0.53
(*) WTI Cushing (**) McCloskey Newscatle ADR Stocks
Bloomberg Code
Telkom TLK US Indosat IIT US *) per share **) 1 ADR TLK US = 40 ordinary shares TLKM **) 1 ADR IIT US = 50 ordinary shares ISAT
Last % (US$) change 32.62 0.00 30.4 (0.00)
Conv. (Rp) 7,056.52 5,261.02
PASAR HARI INI
P/E
Last (Rp) 7,100 5,300
IHSG Diperkirakan Melemah
BERITA HARI INI
•
UNTR Masih Berpotensi Bertumbuh Signifikan. BUY. Analyst: Akhmad Nurcahyadi
•
Pembagian Dividen Adaro (ADRO) untuk kinerja tahun 2010. BUY. Analyst: Asti Pohan
•
Kangean Energy uji coba aliran gas di lapangan Terang. Analyst: Deo Rawendra No 1 2 3 4 5
Stock IJ IJ IJ IJ IJ
Top Value (IDR) 209,024,712,500 192,053,600,000 189,080,387,584 163,956,736,000 143,414,100,000
No 1 2 3 4 5
Stock IJ IJ IJ IJ IJ
Top Volume (Shares) 369,222,500 216,888,000 106,463,000 102,953,500 90,751,000
No 1 2 3 4 5
Top Gainers SRAJ ABDA AHAP SMMA PTSP
IJ IJ IJ IJ IJ
% change 66.67 23.53 21.05 9.88 7.14
No 1 2 3 4 5
Top Losers ANTA SSTM BABP PTSN PUDP
IJ IJ IJ IJ IJ
% change -19.61 -15.15 -12.9 -6.82 -6.74
BUMI ASII BBRI NIKL BMRI NIKL BTEL DAVO LPKR BJBR
No Leading Movers 1 BBCA IJ 2 TLKM IJ 3 SMMA IJ 4 UNTR IJ 5 INTP IJ SIP IJ No Lagging Movers 1 BBRI IJ 2 DSSA IJ 3 BMRI IJ 4 EXCL IJ 5 ICBP IJ
% change 2.89 2.38 1.47 1.38 0.87 % change -4.33 -1.41 -1.37 -1.01 -0.69
3,750 11,000
Latest Research Report Medco Energi Internasional (MEDC) - Company Update Bank Negara Indonesia (BBNI) - Company Update Kawasan Industri Jababeka (KIJA) - Company Update Pharmaceutical - Sector Update Bakrieland Development (ELTY) - Company Update Timah Tbk (TINS) - Company Update Krakatau Steel (KRAS) - Company Update
Rec HOLD NOT RATED BUY UNDERWEIGHT BUY BUY BUY
Period Mar-11 Mar-11 Mar-11 Mar-11 Mar-11 Mar-11 Mar-11
3,600 9,500 3,450 8,000 3,300 6,500
3,150
5,000
3,000
3,500
2,850 2,700 2-Jun
2,000 22-Aug
11-Nov Volume (RHS) (Bn Shares)
31-Jan JCI (LHS)
Daily Report - April 12, 2011
PASAR
HARI
IHSG Diperkirakan Melemah
INI Hari ini kami perkirakan IHSG akan melemah tertekan oleh sentimen negatif di regional dan juga di global. Semalam, Dow Jones Industrial Average diperdagangkan mixed dan ditutup menguat tipis 1.06 points, atau 0.01%, di level 12,381.11. S&P 500 ditutup melemah 3.71 points, atau 0.3%, di level 1,324.46, sektor energy dan utilities melemah karena aksi profit taking dan sektor consumer menguat. Sementara itu tech-heavy Nasdaq turun 8.91 points, atau 0.3 percent, ditutup di level 2,771.51. The CBOE Volatility Index, sebuah indikator dari kecemasan pasar, turun dibawah level 17. Dari laporan laba Q1 2011, Alcoa Inc setelah bel penutupan melaporkan keuntungan diatas perkiraan, dan outlook 2011 akan positif. Tetapi pendapatan perseroan tidak sesuai harapan pada kuartal ini. Saham Alcoa turun 3,6% ke level US$17,13. Berita emiten lainnya ialah aksi M&A yaitu Endo Pharmaceuticals Holding Inc yang menyatakan akan membeli saham American Medical Systems Holdings Inc senilai US$2,6 miliar sementara Level 3 Communications menyetujui membeli Global Crossing Ltd senilai US$1,9 miliar saham. NYSE Euronext menolak tawaran joint buyout dari grup Nasdaq OMX dan Intercontinental Exchange dan mengatakan ini masih terlalu awal tawaran dari Deutsche Boerse AG. Dari berita makro ekonomi, International Monetary Fund (IMF) memangkas proyeksi pertumbuhan ekonomi di Amerika Serikat dan Jepang. IMF dalam World Economic Outlook menyatakan, strategi pengurangan defisit jangka menengah di Amerika Serikat dan kredibilitas Jepang menurun. IMF memperkirakan Amerika Serikat akan bertumbuh sebesar 2.8% tahun ini, dibawah forecast sebelumnya yaitu 3% dan Jepang diperkirakan akan tumbuh sebesar 1.4%, dibawah forecast sebelumnya yaitu 1.6%. Sementara itu, IMF memproyeksikan China akan bertumbuh sebesar 9.6% tahun ini, dibawah pertumbuhan sebesar 10.24% tahun lalu. IMF juga menyebut, tingginya harga minyak menyebabkan risiko baru terhadap ekspansi ekonomi global. Harga minyak mentah turun setelah para pemimpin Uni Afrika bernegosiasi dengan pemimpin Libya Muammar Qaddafi untuk menghentikan gencatan senjata. Hal ini memicu spekulasi ekspor dari negara Afrika Utara akan kembali pulih. London Brent crude turun 2.1% ditutup di level $123.98/barrel, sementara itu WTI light crude turun 2.5% ditutup di level $109.92/barrel. Tidak ada data perekonimian yang dirilis Senin kemarin, namun hari Selasa ini, Wall Street menantikan agenda dan data perekonomian penting seperti International trade, import & export prices, 3-year Treasury note, dan Treasury budget. Mayoritas bursa saham di Asia dibuka melemah tertekan oleh sentimen negatif dari pemangkasan pertumbuhan Amerika Serikat & Jepang oleh IMF. Yen menguat terhadap mayoritas mata uang lainnya setelah gempa sebesar 6.4 Richter Scale kembali mengguncang Jepang. Sementara itu US dollar juga terus melemah untuk ke empat harinya terhadap Yen dan juga mata uang lainnya setelah timbul spekulasi bahwa Federal Reserve akan menkaji ulang wacana untuk mempertahankan stimulus untuk mensupport U.S. recovery. Analyst: Deo Rawendra (
[email protected])
2
Daily Report - April 12, 2011
BERITA
HARI
Kangean Energy uji coba aliran gas di lapangan Terang
INI Anak usaha PT Energi Mega Persada (ENRG) yakni Kangean Energy Indonesia (KEI), telah menyelesaikan pengujian aliran gas dari sumur-sumur di lapangan gas Terang. KEI telah mencapai banyak kemajuan di Blok Kangean. Sebagian besar dari kenaikan produksi perusahaan dalam setahun ke depan merupakan kontribusi dari Blok Kangean. Kangean Energy sudah mengembangkan lapangan gas Terang tersebut sejak Januari 2010. Kemudian, baru dilanjutkan dengan pembangunan kapal tanker Floating Production Unit (FPU) pada Juli 2010. Lapangan gas Terang sendiri diharapkan dapat memoroduksi gas sebesar 300 juta kaki kubik per hari pada Maret 2012 mendatang. Gas tersebut akan dikumpulkan oleh fasilitas FPU untuk kemudian dijual melalui pipa gas East Java gas pipeline yang telah tersedia kepada pihak pembeli, yakni Perusahaan Listrik Negara (PLN), Petrokimia Gresik (PKG), Pertagas, dan Indogas. ENRG di tahun 2010 mencatatkan revenue sebesar Rp1,249 triliun, diatas perkiraan kami yaitu Rp1,155 triliun. Sementara itu EBITDA perseroan tercatat sebesar Rp372,7 miliar. Kenaikan ini didorong kenaikan harga jual minyak dan gas di akhir 2010. Tren kenaikan harga minyak dunia memberikan dampak positif terhadap kinerja keuangan perseroan di 2010. Kami masih memberikan rekomendasi NEUTRAL untuk ENRG mengingat masih lemahnya pengelolaan keuangan perusahaan yang dapat berdampak pada penurunan kinerja meskipun industri migas secara umum masih memiliki prospek positif. Analyst: Deo Rawendra (
[email protected])
Kinerja dan Proyeksi keuangan ENRG
Penjualan (Rp ml) Laba kotor (Rp ml) Laba operasi (Rp ml) Laba (Rugi) bersih (Rp ml) EPS (Rp) Pertumbuhan EPS (%) Ekuitas (Rp ml) Hutang bersih (Rp ml) Total aset (Rp ml)) Dividen/shm (Rp) Yield dividen (%) Nilai buku/shm (Rp) PER (x) PBV (x) PEG (x) Marjin kotor (%) Marjin usaha (%) Marjin laba bersih (%) ROE (%) ROA (%) Hutang bersih/ekuitas (x)
2008 2009 1,895.1 1,444.4 785.7 183.5 582.6 27.1 (34.9) (1,729.5) (0.9) (42.6) -534.6 -4,855.6 3,711.2 1,741.4 6,132.5 5,651.7 12,626.6 10,252.4 n.a. n.a. n.a. n.a. 91.4 42.9 -148.8 -3.0 1.4 3.0 0.3 0.0 41.5 12.7 30.7 1.9 -1.8 -119.7 -0.9 -99.3 -0.3 -16.9 1.7 3.2
2010E 2011E 1,155.5 1,040.0 150.2 137.3 23.1 26.0 (120.5) 156.0 (3.0) 3.8 93.0 229.5 1,432.8 1,294.8 1,243.4 696.3 11,892.8 11,440.0 n.a. n.a. n.a. n.a. 35.3 31.9 -43.1 33.3 3.6 4.0 -0.5 0.1 13.0 13.2 2.0 2.5 -10.4 15.0 -8.4 12.0 -1.0 1.4 0.9 0.5
3
Daily Report - April 12, 2011
BERITA
HARI
UNTR Masih Berpotensi Bertumbuh Signifikan
INI Hingga kuartal satu tahun ini, salah satu pelaku usaha alat berat, INTR, membukukan penjualan sebanyak 2.200 unit alat berat. Angka tersebut setara dengan 31.4% dari target total penjualan hingga akhir tahun ini sebanyak 7.000unit. Bila membandingkan dengan angka penjualan tahun lalu (realisasi) sebanyak 5.400unit dengan nilai total setara dengan Rp 17.28tn (FY10) maka dengan target penjualan sebanyak 7.000unit tersebut lini usaha construction machinery akan memberikan kontribusi pertumbuhan pendapatan konsolidasian yang lebih tinggi diabndingkan dengan tahun lalu. Lini usaha perusahaan lain yaitu pertambangan, melalui salah satu perusahaannya yaitu TTA, UNTR mentargetkan akan memproduksiu batubara sekitar 1.5juta ton, dengan nilai kandungan sebesar 6.300 kilokalori (kkal), sedangkan tambang lain melalui perusahaan DEJ mentargetkan pertumbuhan produksi menjadi 2.5juta ton. Kinerja pertumbuhan usaha dan fokus untuk tetap mengembangkan lini bisnis batubara termasuk rencana right issue yang mana dana hasil dari aksi korporasi tersebut sekitar 90% akan digunakan untuk keperluan pengembangan bisnis pertambangan UNTR kami lihat berpotensi memberikan tambahan kontribusi bagi total pendapatan perusahaan sekaligus sebagai penyeimbang bagi lini bisnis construction machinery dalam skenario mengalami kontraksi sebagai akibat dampak tsunami di Jepang. Update terakhir yang kami terima mengenai kondisi supply alat berat komatsu, sekitar 1bulan hingga 2 bulan kedepan pihak UNTR mengharapkan akan terjadinya kestabilan supplai. Inventory yang saat ini dimiliki oleh perusahaan diperkirakan akan mencukupi kebutuhan suplai selama 2bulan kedepan. Secara keseluruhan kami masih memiliki sudut pandang yang positif terhadap potensi pertumbuhan pertumbuhan perusahaan di masa yang akan datang dan konsisten dengan rekomendsai BUY dengan target harga Rp 24.500 per lembar saham atau sekitar 2.04% dibawah angka rata rata konsensus sebesar Rp 25.544 per lembar saham. Dengan menggunakan proyeksi pertumbuhan EPS kami menjadi sebesar Rp 1.400 (FY11F) maka target harga kami setara dengan P/E rasio sebesar 17.5x atau terpaut sekitar 1.85x dibawah P/E saat ini sebesar 19.35x. Analyst : Akhmad Nurcahyadi (
[email protected])
4
Daily Report - April 12, 2011
BERITA
HARI
Pembagian Dividen Adaro (ADRO) untuk kinerja tahun 2010
INI Meski belum memperoleh persetujuan dari pemegang saham ADRO, perusahaan baru-naru ini mengumumkan pembagian dividen untuk kinerja tahun 2010 akan senilai USD 75 juta. ADRO rencananya akan menggelar rapat umum pemegang saham pada tanggal 20 April 2011 ini. Masih kurang jelas apakah pembayaran dividen USD 75 juta ini merupakan total pembayaran dividen untuk kinerja tahun 2010. Sementara pada akhir tahun lalu ADRO sempat memberikan dividen interim senilai Rp 9.85 per lembar saham. Apabila total pembayaran dividen ADRO akan senilai USD 75 juta maka dividen final Rp 10.4 per lembar saham. Dengan demikian maka dividen yield ADRO akan sebesar 0.4% yang mana kurang menarik. Sementara untuk perhitungan dividen payout ratio akan berada di 29%. Apabila USD 75 juta merupakan nilai dividen yang akan dibayarkan sebagai dividen final maka perhitungan dividen yield akan sebesar 0.8% dan perhitungan dividen payout ratio akan sebesar 44%. Menurut kami kedua asumsi diatas tidak memberikan nilai dividen yield yang menarik. Untuk kinerja ADRO di tahun ini sendiri kami melihat mempunyai outlook yang positif. Hal tersebut terutama berkaitan dengan prediksi kami akan kenaikan harga batubara di tahun ini dan volume penjualan yang meningkat. Kami memproyeksikan kegiatan penambangan dan penjualan batubara ADRO tidak akan banyak mengalami gangguan dari faktor cuaca, seperti di tahun lalu. Perhitungan harga wajar ADRO setelah proyeksi kinerja berada di Rp 2900 yang mana masih bertaut jauh dari harga penutupan terakhir. Valuasi ADRO secara PE 11F juga masih rendah dibandingkan dengan perusahaan sejenis sehingga kami masih merekomendasikan BUY untuk ADRO. Analyst: Asti Pohan (
[email protected]) BUMI Mineral Resources ITMG Indotambang Megah PTBA Bukit Asam BYAN Bayan Reseouces BRAU Berau Coal ADRO Adaro
PE 10F 221.34 31.76 25.69 136.50 22.07
PE 11F EV/EBITDA 21.50 12.37 10.92 12.05 14.76 18.13 89.96 54.00 27.32 1.07 16.51 25.45
ROA 15.74 32.75 27.95 1.96 37.61 9.49
ROE 44.09 41.18 38.70 6.18 1.02 20.67
5
Daily Report - April 12, 2011
BERITA
HARI
Kinerja dan Proyeksi keuangan ADRO
INI ADRO dalam Rp Juta Penjualan Laba Kotor Laba Operasional Laba Bersih
12M09 12M10 26,938,020 24,689,333 11,037,897 7,732,042 9,928,447 6,774,278 4,367,252 2,207,313
Marjin Kotor Margin Operasional Margin Bersih
Sales (IDR Mn) Gross Profit (IDR Mn) Operating Income (IDR Mn) Net Earning (IDR Mn) EPS (IDR) Basic EPS Growth (%) Equity (DR Mn) Net Debt (IDR Mn) Total Asset (DR Mn) Devidend/Share (IDR) Devidend yield (%) Book Value/Share (IDR) diluted PER (x) with Basic EPS PBV (x) PEG (x) Gross Margin (%) Operating Margin (%) Net Margin (%) ROE (%) ROA (%) Net Debt to Equity (x)
41% 37% 16%
2008A 18,092,502 4,943,230 3,851,625 887,198 27.7 568 14,027,630 10,674,058 33,720,170 #DIV/0! #DIV/0! 4,837.11 94.64 0.54 0.17 27.32 21.29 4.90 6.32 2.63 0.76
31% 27% 9%
YoY % -8% -30% -32% -49% -10% -9% -7%
2009A 2010F 2011E 2012F 26,938,020 24,726,295 29,336,361 35,251,013 11,037,900 8,690,648 11,734,544 14,100,405 9,421,330 7,460,994 10,381,924 12,593,498 4,367,252 3,333,363 4,456,233 5,578,336 136.5 104.2 139.3 174.4 392 (24) 34 25 17,511,940 19,328,622 21,556,738 24,345,906 8,029,252 7,814,084 8,846,330 9,199,220 42,465,410 44,151,947 46,974,328 50,495,377 23.80 52.11 69.66 87.20 0.91 1.99 2.65 3.32 6,038.60 6,665.04 7,433.36 8,395.14 19.23 25.19 18.84 15.05 0.43 0.39 0.35 0.31 0.05 (1.06) 0.56 0.60 40.98 35.15 40.00 40.00 34.97 30.17 35.39 35.73 16.21 13.48 15.19 15.82 24.94 17.25 20.67 22.91 10.28 7.55 9.49 11.05 0.46 0.40 0.41 0.38
6
Daily Report - April 12, 2011 No
Stocks
Sales (IDR Bn) FY09
FY10F
Net Profit (IDR Bn) FY11F
FY09
EPS (IDR)
FY10F
FY11F
FY09
FY10F
Total Assets (IDR Bn) FY11F
2,181.63 1,054.55 1,315.21 1,385.39
FY09
FY10F
Total Equity (IDR Bn) FY11F
FY09
FY10F
FY11F
BVPS
P/E (Times)
PBV (Times)
Price (IDR)
FY09 FY10F FY11F FY09 FY10F FY11F Current Target
1
AALI
7,424.28
7,981.54
8,306.33
1,660.65
2,071.11
7,541.98
9,092.17
10,674.68
6,226.36
7,695.67
2
ADHI
7,714.61
6,931.13
8,114.91
165.53
185.51
260.83
91.96
103.06
144.91
5,629.46
5,231.18
5,798.30
731.20
830.61
3
ADRO
26,938.02
24,726.30
29,336.36
4,367.25
3,333.36
4,456.23
136.54
104.21
139.32
42,465.41
44,151.95
46,974.33
17,511.94
4
AKRA
8,959.84
11,704.31
14,146.03
274.72
306.16
409.26
88.00
87.71
125.27
6,059.00
6,807.40
7,569.79
1,741.00
5
ANTM
8,711.37
8,299.52
11,909.31
604.31
1,423.41
2,390.33
63.35
149.23
250.60
9,940.00
11,172.09
13,035.76
8,148.94
9,344.07
11,207.73 3,326.10 38.67 16.42
9.78 0.74 0.64 0.54 2,400
6
ASII
97,064.00
98,526.00
101,238.88
9,191.00
10,040.00
11,686.96 2,270.50 2,480.24 2,887.10
80,740.00
88,938.00
94,189.36
33,080.00
39,894.00
46,600.10 8,171.94 15.28 19.15 16.45 4.25 4.82 4.13 56,800
7
AUTO
5,265.80
5,371.12
5,572.53
768.26
806.67
863.14
4,644.94
5,419.17
6,322.46
3,382.65
4,100.56
4,970.83 4,393.05
15,000
997.74 1,047.63 1,120.96
9,255.97 3,913.99 21.21 18.40 17.47 6.18 4.95 4.12 22,800
Upside Cons Potential
Rec
Ytd (%)
33,000 26,593
44.74%
BUY
(12.98)
860
1,250 1,058
45.35%
BUY
(5.49)
19,328.62
21,556.74 6,038.60 19.23 25.19 18.84 0.43 0.39 0.35 2,300
2,900 2,889
26.09%
BUY
(9.80)
2,395.47
3,986.95
2,130 1,785
43.92%
BUY
(6.70)
2,550 2,644
6.25%
HOLD
(2.04)
60,950 61,941
7.31%
BUY
4.12
-2.28%
BUY
10.04
9.86%
BUY
10.94
-
NOT RTD
1.94
BUY
17.14
987.11
406.22 10.98
9.80
6.97 2.49 2.19 1.84
464.27 17.27 17.33 12.13 3.27 2.38 1.43 1,480
5.76 14.32 13.38 1.31 2.82 2.32 15,350
-
8
BBCA
22,079.92
22,397.65
28,777.69
6,807.24
8,466.56
11,403.60
276.10
343.40
462.53
282,392.29
334,655.87
385,321.71
27,856.69
40,407.60
56,891.12 1,129.86 22.64 18.20 13.51 5.53 3.81 2.71 7,100
7,800 7,340
9
BBNI
19,446.77
19,806.17
23,129.35
2,484.00
4,073.93
5,439.26
163.00
218.47
291.68
227,497.00
233,727.62
252,692.22
19,143.00
32,397.21
36,410.60 1,026.55 23.31 17.39 13.03 3.77 2.23 1.98 3,950
-
10
BBRI
35,334.13
38,102.65
48,988.20
7,180.99
8,940.62
12,621.73
582.42
725.13 1,023.69
316,947.03
351,733.76
401,683.18
27,257.38
34,090.54
44,030.08 2,210.73 17.77 14.27 10.11 5.36 4.29 3.32 6,150
6,550 6,650
6.50%
4,325
11
BBTN
5,729.94
6,528.65
7,966.09
490.45
823.29
966.38
76.00
94.48
110.90
58,516.06
66,113.33
76,653.79
5,461.52
6,064.11
6,655.97
626.75 20.66 16.62 14.16 2.50 2.26 2.06 1,740
2,000 1,972
14.94%
HOLD
6.10
12
BDMN
17,666.11
20,051.25
20,961.52
1,532.53
2,367.37
2,374.04
186.36
282.15
282.95
98,597.95
105,915.44
114,417.24
7,741.63
9,342.74
10,533.09
922.68 29.51 19.49 19.44 5.69 4.71 4.18 6,450
6,100 6,763
-5.43%
HOLD
13.16
312.37
76.96
292.98 23.00 21.05 17.00 6.04 4.97 4.08 1,840
1,900
-
3.26%
SELL
(1.60)
350
495
-5.41%
SELL
12.12
7,000 7,771
0.72%
HOLD
8.74
280 -59.46%
SELL
57.45
13
BISI
997.43
1,256.52
1,516.93
230.89
252.24
14
BLTA
6,423.96
7,231.23
7,432.29
(2,969.95)
895.23
84.08
104.12
1,858.95
2,111.19
2,423.57
1,171.90
1,424.14
1,736.52
1,127.12 (561.43) 169.23
213.07
23,680.30
24,567.12
25,672.37
5,861.41
5,912.17
6,192.18 1,108.02 (1.25) 4.14
15
BMRI
32,598.96
31,548.58
37,932.69
7,446.90
16
BTEL
3,435.56
4,046.55
4,351.79
98.44
8,012.74
11,249.29
355.12
343.43
482.15
394,616.60
443,466.33
480,212.87
35,108.77
50,622.59
58,411.83 1,504.78 16.75 17.33 12.34 3.95 2.74 2.38 6,950
112.65
153.69
3.46
3.96
5.40
11,436.20
12,682.85
13,437.38
5,036.93
5,145.42
5,331.39
3.29 0.63 0.63 0.60
176.86 43.40 37.92 27.80 0.85 0.83 0.80
370
3,219.30
4,185.10
5,649.90
190.50
355.70
514.10
0.01
0.02
0.03
7,410.90
8,370.20
10,621.80
1,471.00
1,946.10
2,666.80
18
BYAN
7,752.90
10,233.80
12,268.60
136.30
214.90
306.70
40.89
64.47
92.01
7,180.70
8,084.70
9,446.80
2,415.10
3,121.30
3,496.60
631.54
779.45
934.54
69.10
515.06
405.02
34.55
257.53
202.51
2,793.63
2,719.95
2,965.16
1,484.53
1,845.07
2,128.58
14,559,005.00 15,465,421.30 16,467,085.95 1,612,710.00 2,166,700.72 2,330,392.82
98.20
131.93
141.90 5,349,375.00 5,689,776.44 6,074,422.24 2,951,674.00 3,852,634.27 4,126,450.37
179.73
306.34 48.41 30.58 27.52 1.42 1.36 1.29
275
525
476
267.29
5.48 14.90 21.35 1.33 1.29 2.42
300
19
CMNP CPIN
21
CTRA
1,332.37
1,535.95
1,725.82
136.33
215.82
239.77
8.99
14.23
15.81
22
ELSA
3,662,331.00
3,975,452.05
431,268.98
466,233.00
156,998.68
219,177.75
64.76
21.81
30.45 4,210,421.00 4,746,436.86 5,393,600.50 1,924,253.00 1,815,667.53 1,929,926.09
8,553.95
8,810.04
9,409.76
4,647.18
4,862.99
5,102.76
9.75 2.82 2.55 1.88 3,225
150
17 BUMI (USD mn)
20
0.08 21.76 13.93
370
24.03%
BUY
6.61
10,000 16,350 -41.86%
SELL
(4.44)
6.77 1.85 1.49 1.29 1,140
1,450 1,450
27.19%
HOLD
(16.18)
4.58 13.95 15.86 2.50 7.84 8.95 1,980
2,250 1,591
13.64%
BUY
7.61
90.91%
BUY
7.14
650
650 116.67%
BUY
(7.69) (11.46)
724.53 325.26 206.30 144.55 18.36 14.20 12.68 17,200 742.26 39.65
5.32
4,000 3,620
23
ELTY
1,087.00
1,429.64
1,787.05
132.26
155.15
167.51
3.31
3.89
4.20
11,592.63
16,175.15
16,105.31
4,642.53
8,016.57
8,211.47
116.35 57.32 48.86 45.26 1.63 0.95 0.92
139
320
208 130.22%
BUY
24
ENRG
1,444.40
1,155.50
1,040.00
(1,729.50)
(120.50)
156.00
(42.62)
(2.97)
3.84
10,252.40
11,892.80
11,440.00
1,741.40
1,432.80
1,294.80
42.91 (3.00) (43.11) 33.30 2.98 3.63 4.01
129
140
180
8.53%
HOLD
4.03
25
EXCL
13,879.51
15,883.47
18,944.07
1,709.47
2,451.00
2,912.71
200.92
288.08
342.35
27,380.10
29,554.07
31,384.61
8,803.11
10,511.14
12,445.15 1,034.69 27.37 19.09 16.07 5.32 4.45 3.76 5,750
6,950 7,022
20.87%
BUY
4.03
26
GGRM
32,973.08
35,086.12
37,891.27
3,455.70
3,781.16
4,123.21 1,796.10 1,965.26 2,143.04
27,230.97
29,570.98
32,308.85
18,301.54
19,191.06
20,167.08 9,512.23
6.37
5.83
5.34 1.20 1.15 1.09 41,100
47,500 51,250
15.57%
SELL
2.75
760.95
1,143.02
1,371.62
170.42
340.28
431.89
0.02
0.03
0.04
2,038.00
2,150.12
2,398.26
1,581.31
1,693.42
1,941.56
3.60
7.19
9.13 2.87 2.68 2.59 4,900
6,300 5,349
28.57%
BUY
0.51
27 INCO (USD mn)
0.17
28
INDF
37,140.83
38,265.66
40,573.43
2,075.86
2,319.37
2,646.34
236.42
264.15
301.39
40,382.95
44,266.14
46,860.40
10,155.50
11,542.63
13,177.70 1,156.61
8.90 15.14 14.93 1.82 3.04 3.00 5,350
5,600 6,023
4.67%
HOLD
9.74
29
INDY
2,486.60
2,859.60
3,517.30
725.70
909.40
1,132.60
139.37
174.64
217.51
11,683.60
12,010.30
14,772.70
5,332.00
5,433.20
6,682.90 1,023.98 24.04 19.18 15.40 3.27 3.21 2.61 4,050
6,800 5,388
67.90%
BUY
(14.29)
30
INTP
10,576.45
14,135.64
16,962.77
2,746.65
3,219.46
3,611.69
746.12
874.56
981.11
13,276.70
15,489.96
18,434.13
10,680.73
13,265.16
16,129.51 2,902.37 24.33 20.75 18.50 6.25 5.04 4.14 16,700
17,700 18,755
5.99%
BUY
4.70
31
ISAT
18,393.02
19,443.51
20,792.29
1,498.25
1,539.45
1,622.89
275.77
283.35
298.71
54,710.89
56,775.78
54,647.15
17,957.69
18,053.27
19,161.01 3,305.30 17.13 17.65 16.74 1.43 1.50 1.67 5,300
5,500 6,230
3.77%
SELL
(1.85)
32 ITMG (USD mn)
1,508.36
1,650.00
2,159.85
335.55
325.74
593.51
0.30
0.29
0.53
1,593.14
1,316.39
1,812.17
1,182.05
945.30
1,441.09 1,046.13 15.12 18.00
9.66 44.64 55.82 36.62 49,350
53,000 56,729
7.40%
BUY
(2.76)
33
JSMR
3,692.00
4,310.98
4,994.04
992.69
1,284.32
1,595.64
145.98
188.87
234.65
16,174.26
18,647.50
20,047.57
7,183.40
8,079.83
9,197.28 1,056.38 25.86 19.99 16.09 3.57 3.18 2.79 3,375
3,400 4,117
0.74%
HOLD
(1.46)
34
KIJA
392.57
763.05
814.50
16.37
58.73
79.90
1.19
4.26
5.80
3,194.00
3,330.20
3,336.05
1,606.45
1,665.19
1,745.09
116.58 112.80 31.44 23.11 1.15 1.11 1.06
230 152.03%
BUY
2.50
35
KLBF
9,087.35
10,300.24
11,624.02
929.01
1,076.69
1,322.53
91.44
105.97
130.17
6,482.44
7,933.34
9,192.29
4,310.44
5,537.09
6,462.22
424.26 22.15 19.11 15.56 4.77 3.72 3.18 3,675
3,650 3,322
-0.68%
BUY
13.08
36
KRAS
16,913.54
17,761.96
19,002.96
494.67
1,052.34
1,125.87
49.47
105.23
112.59
12,795.80
13,700.37
15,340.47
5,805.84
6,359.77
7,487.00
580.58
1,200 1,200
(1.67)
37
LPKR
2,565.10
3,116.34
3,784.23
388.05
514.50
620.89
22.43
29.74
35.89
12,127.64
15,618.11
16,909.08
4,887.24
7,750.00
8,342.89
282.50 30.32 22.87 18.95 2.41 1.52
38
LSIP
3,199.69
4,040.76
4,725.31
707.49
1,020.30
1,169.51
525.00
747.71
857.06
4,852.28
5,139.58
5,841.29
3,813.47
4,550.77
5,252.48
385.20 16.10 11.30
39
MAPI
4,112.21
4,559.42
5,079.78
164.00
202.80
225.30
98.79
122.17
135.72
3,379.35
3,771.42
4,217.75
1,288.04
1,452.67
1,634.37
805.03
667.80
929.85
944.67
19.23
83.06
30.94
0.01
0.03
0.01
2,040.51
2,278.07
2,553.19
727.65
814.83
649.00
40 MEDC (USD mn)
1.69%
BUY
12.68%
BUY
4.41
9.86 21.94 18.38 15.93 2,425
2,400 2,738
-1.03%
HOLD
(5.64)
4.62 0.45 0.68 0.64 2,875
2,850 3,199
-0.87%
SELL
7.48
0.25 39.53 13.31 35.74 1.04 1.36 1.70 2,850
3,900 3,700
36.84%
HOLD
(15.56) 15.43
MPPA
10,280.46
8,738.39
9,874.38
300.04
5,740.11
630.30
66.44 1,271.09
139.57
10,560.14
10,793.16
11,572.52
3,561.03
8,430.08
9,652.75
42
MYOR
4,777.18
5,135.94
5,655.70
372.16
409.83
472.81
485.84
535.03
617.24
3,246.50
3,641.60
4,068.50
1,581.76
1,741.83
1,952.94 2,064.95
43
PGAS
18,024.28
22,378.07
24,946.80
6,229.00
6,321.07
7,285.30
262.00
260.77
300.55
28,670.40
31,625.38
35,236.69
11,732.08
15,842.41
44
PTBA
8,947.85
8,959.09
11,510.21
2,727.73
2,405.56
3,497.54 1,183.84 1,044.02 1,517.94
8,078.58
9,551.58
12,512.48
5,701.37
45
PTPP
4,203.30
5,699.11
6,903.23
163.30
205.92
266.12
4,125.55
4,934.92
5,248.67
548.00
46
RALS
5,458.75
5,877.72
6,061.95
334.76
486.44
519.88
47.39
68.86
73.60
3,209.21
3,855.37
4,345.48
47
SGRO
1,815.56
2,656.30
2,700.37
286.22
471.31
452.40
149.08
246.66
236.47
2,261.80
2,975.54
3,677.43
48
SMCB
5,943.88
6,939.75
8,515.16
895.75
921.37
1,354.20
117.00
120.24
176.72
7,265.40
7,555.07
43.00
42.54
54.98
3.51
788.55 13.24
11.40 10.66
4.89
-
1.89 1.60 1,180
310
786
41
-
123
-
710
1.40 20.42 1.12 0.95 1.33 1,430
800
99.30%
BUY
9.26 12.15 10.53 2.18 2.86 2.55 11,400
14,500 11,300
2,850
-
27.19%
BUY
6.05
20,499.28
484.00 15.36 15.44 13.39 8.32 6.16 4.76 4,025
5,600 4,849
39.13%
BUY
(9.04)
6,743.06
9,037.82
575.90 14.19 16.09 11.07 29.17 24.67 18.40 22,400
26,500 26,736
18.30%
BUY
(2.40)
1,273.97
1,460.26 2,740.00 20.93 21.15 16.37 0.33 3.42 2.98
710
1,200
810
69.01%
BUY
(11.25)
2,472.62
3,135.77
3,603.32
350.03 13.08 13.07 12.23 1.77 2.03 1.76
800
1,050
990
31.25%
BUY
(5.88)
1,765.58
2,229.32
2,681.21
973.07 17.61 10.64 11.10 2.70 2.14 1.78 3,175
3,200 3,585
0.79%
BUY
-
8,089.22
3,314.89
4,240.12
5,595.32
432.75 20.73 20.17 13.72 5.60 4.38 3.32 2,125
2,050 2,431
-3.53%
SELL
(5.56)
49
SMGR
14,387.85
15,130.58
18,519.82
3,326.49
3,587.26
4,355.08
566.00
604.78
734.23
12,951.30
14,955.15
17,275.43
10,197.75
11,988.38
14,165.66 1,719.69 16.87 15.79 13.01 5.55 4.72 4.00 9,700
12,000 10,950
23.71%
BUY
2.65
50
SMRA
1,197.69
1,542.70
1,794.74
167.34
265.59
331.74
26.00
41.27
51.54
4,460.28
4,951.34
5,342.60
1,717.78
1,903.69
2,135.91
534.63 42.31 26.66 21.34 2.06 1.86 1.65 1,130
1,400 1,305
23.89%
BUY
3.67
51
SOBI
1,470.96
1,980.08
2,188.50
157.55
116.25
164.86
174.32
127.19
180.37
1,262.53
1,591.16
1,625.00
672.91
751.28
866.69
736.22 15.92 21.82 15.38 3.77 3.38 2.93 3,450
2,700
-21.74%
SELL
2.99
52
TINS
7,709.86
8,205.89
9,124.59
313.75
1,394.15
1,912.77
136.20
277.00
380.04
5,433.61
6,485.02
7,700.71
3,834.89
4,886.30
6,101.99
761.95 13.00
5.53 2.32 2.16 1.73 2,900
3,150 2,997
8.62%
BUY
5.45
48,086.13 1,934.02 12.63 12.12 11.46 3.67 3.31 2.98 7,100
7,950 8,497
(10.69)
53
TLKM
64,596.63
66,672.86
69,516.37
11,332.14
11,805.06
12,492.54
562.11
585.57
619.67
97,559.61
105,799.50
113,309.86
38,989.75
43,243.70
54
TOTL
1,730.57
1,443.82
1,588.20
52.03
71.09
87.36
18.92
25.85
31.77
1,289.55
1,335.48
1,445.46
491.83
540.97
610.86
178.85 12.69
55
TRUB
2,727.51
2,960.08
3,255.76
216.40
48.24
58.06
13.92
3.10
3.73
6,601.16
6,506.82
6,322.35
1,958.45
313.80
371.86
125.97
7.58
-
11.97%
BUY
7.55 1.34 1.22 1.08
265
360
335
35.85%
BUY
3.92
6.47 29.00 24.10 0.71 4.46 3.76
58
106
-
82.76%
BUY
(26.58)
14.29%
BUY
2.34
368 101.39%
BUY
(7.69)
9.28
56
TSPC
4,497.93
4,655.36
4,888.13
359.96
369.68
382.62
79.99
82.15
85.03
3,180.34
3,647.34
4,182.93
2,406.82
2,738.07
3,114.91
534.85
9.13 10.96 10.58 1.36 1.48 1.30 1,750
57
UNSP
2,325.28
3,212.57
3,653.96
252.78
349.76
771.90
66.73
89.54
197.62
5,071.80
13,835.09
14,606.99
2,669.84
8,216.53
8,988.43
201.61
7.73 18.93
58
UNTR
29,241.88
32,458.07
35,816.14
3,817.54
4,079.10
4,468.29 1,147.44 1,226.06 1,343.04
24,404.83
32,377.53
36,672.38
13,843.71
19,539.77
24,942.24 4,161.02 16.17 15.13 13.81 4.46 3.16 2.47 22,500
24,500 25,544
8.89%
BUY
(5.46)
59
UNVR
18,246.87
21,920.65
24,142.03
3,044.00
3,500.00
4,073.61
398.95
458.72
533.89
7,384.53
8,498.86
9,419.39
3,396.80
3,746.56
4,143.31
445.19 27.70 27.25 23.41 24.82 25.46 23.02 15,150
15,500 15,449
2.31%
SELL
(8.18)
60
WIKA
6,590.86
6,310.68
7,707.96
189.22
259.46
308.73
32.35
44.35
52.77
5,700.60
5,645.36
6,162.84
1,532.94
1,715.56
1,931.67
262.04 21.33 15.56 13.07 2.63 2.35 2.09
815 -10.45%
HOLD
(1.47)
8.58 2.48 0.81 0.74
360
670
2,000 1,850 725
600
Note 1 Expresses in billions of Rupiah (IDR Bn), unless otherwise stated. 2 JCI members figures in USD$ are only represented for sales, net proft, eps, total assets, total equity and bvps. 3 Banks sales and net profit are correspond to interest income and net earnings.
7
Daily Report - April 12, 2011
RESEARCH TEAM Research Dept.
: +62 21 25543946
Fax No
: +62 21 57935831
E-mail
:
[email protected]
Norico Gaman
ext. 3934
[email protected]
Head of Research Investment Strategy, Oil & Gas, Coal Mining, Manufacturing, Strategic Industries.
Akhmad Nurcahyadi
ext. 3986
[email protected]
Analyst
Consumer Good, Cigarette, Retail, Pharmacy, Automotive, Telecommunication, Heavy Equipment, Shipping.
Maxi Liesyaputra
ext. 3968
[email protected]
Analyst
Property, Infrastructure, Cement, Transportation, Small Caps, Airline.
Asti Pohan
ext. 3987
[email protected]
Analyst
Banking, Multifinance, Insurance, Securities, Agribusiness, Metal Mining.
Deo Rawendra
ext. 2050
[email protected]
Analyst
Energy, Retail, General Industries, Small caps, Media.
Ariawan
ext. 2051
[email protected]
Debt Analyst
Government and Corporate Bonds.
Wisnu Wardana
ext. 2030
[email protected]
Economist
Macro Economic and Financial Market.
Andri Zakarias
ext. 2054
[email protected]
Technical Analyst
Market Strategy, Commodities, Currency, Bond & Stocks.
Desna Wira Sola
ext. 2098
[email protected]
Technical Analyst
Market Strategy, Commodities, Currency, Bond & Stocks.
Nadya Isnaeni
ext. 2073
[email protected]
Data Adm
Research Database.
EQUITIES TEAM ECM
: +62 21 25543946
Fax No
: +62 21 57935831
Ronny Hari
ext. 3929
[email protected]
Equity Division Head
Bedie Roesnadi
ext. 3928
[email protected] Branch Supervision Division Head
Jufrani Amsal
ext. 3957
[email protected]
Channel Development Division Head
Meitawati
ext. 3947 / 3943
[email protected]
Institutional Sales
Fachruly Fiater
ext. 3969 / 3951
[email protected]
Intitutional Sales
Arif Irwanto
ext. 3919 / 3960
[email protected]
Retail Sales
Achmadsyah
ext. 3965 / 3966
[email protected]
Retail Sales
8
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[email protected] (General) Website: http://www.bnisecurities.co.id JAKARTA - Mangga Dua
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MEDAN
PALEMBANG Jl. Jend. Sudirman No. 132, Kotak Pos 165 PLG Phone: (62-711) 3619662 Fax: (62-711) 3619663 e-mail:
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