Global Teleshop Initial Public Offering

Global Teleshop Initial Public Offering Phillip Securities Indonesia Research June 21, 2012

G

lobal Teleshop (GT) is a retailer and distributor of consumer electronics and telecommunication devices that operates its own shops in Indonesia. The company was initially established as Pro Empower Perkasa in 2007. Between 2009 – 2011, the company added more business activities, all of which has significant impacts on its revenue and assets. At the beginning of 2011, the company changed its name to Global Teleshop, PT. Initially, the company was an Authorized Service Vendor (ASV) for Nokia mobile phones. In 2011, GT established a computers and telecommunication devices retail business unit as an authorized dealer for Telkomsel, a brand name of GSM and UMTS Mobile phone network operator in Indonesia. Global Teleshop sells and distributes well-known brands of computers and telecommunication devices such as Blackberry, iPhone, Samsung, HTC, Nokia, Sony and Acer at 313 shops the company owns and operates. Aside from selling computers and telecommunication devices to retail customers, GT also provides after sales service for Nokia and Apple products. The company also provide mobile phone SIM card starter packs and credit vouchers to retail customers at own stores and kiosks. The company’s business can be categorized into two divisions: Retail Business and Distribution Business. The retail business unit engages in the sales of and after-sales service for telecommunication products, while the distribution business unit distributes cellular phone SIM cards and credit vouchers.

Company Background and Historical Events • • •

•

• • • • •

1997 – The first company to operate Nokia Professional Centre in Asia Pacific. 2002 – The first company to apply Global Point of Sales in every store the company owns in Indonesia. 2003 – The first company to operate Nokia Sales and Care Centre (NSCC) in Indonesia. The company was appointed as authorized dealer for Telkomsel. 2004 – The first telecommunication device retailer in Indonesia that has cellular technology training centre for its employees. 2007 – The first retail cellular phone company in Indonesia to implement Customer Service Standards. 2008 – The first cellular phone retailer in Indonesia that held Warehouse Sale. 2009 – Signed Service Vendor Appointment with Nokia. 2010 – Formed a strategic alliance with Trikomsel Oke Tbk (TRIO). 2011 – Changed company name to Global Teleshop. The company also became Apple Premium Reseller in the same year. GT also became authorized dealer for Telkomsel, with FMCG concept. Still in 2011, the company established the first Blackberry Lifestyle Store in Indonesia.

Phillip Securities Indonesia

Report Date

21-Jun-12

Core Business

:

Retail Consumer Electronics

IPO Price Shares Offered Maximum Shares Outstanding

: : :

IDR 1,000 – 1,150 111,112,000 shares 10.00%

Use of IPO Proceeds

:

Working Capital (60%) Debt Repayment (40%)

Underwriter

:

PT Equator Securities PT Lautandhana Securindo

Dividend Payout

:

25%

: : : : :

19-20 June-12 28-June-12 02 - 04 July 12 05-July-12 10-July-12

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

Ownership Structure (Pre-IPO) Trilinium, PT. Global Perkasa Mandiri, PT.

: :

80.00% 20.00%

Ownership Structure (Post-IPO) Trilinium, PT. Global Perkasa Mandiri, PT. Public

Peers

: : :

72.00% 18.00% 10.00%

PER 2012E (x)

Global Teleshop (GT) Erajaya Swasembada (ERAA) Trikomsel (TRIO) Tiphone Mobile Indonesia (TELE) Industry Average

9.16 12.42 N/A N/A 11.44

(Source: Underwriter)

Highlights: -

Wide Product Distribution Network Strong Brand Awareness Comprehensive Product Portfolio

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

Global Teleshop Indonesia Equities Research June 21, 2012 Indonesia Consumer Confidence Index

Industry Overview Indonesia’s retail electronics industry is dominantly driven by consumer spending, inflation, personal income and household consumption. The latest consumer confidence index (Indeks Kepercayaan Konsumen / IKK) survey shows an increasing consumer puchasing power in various major cities in the country. The IKK figure for May 2012 was 109.0, compared to 102.5 in April. Personal loans and credit card usage also supported retail businesses and boosted consumptions. According to the data from Indonesia’s Credit Card Association (Asosiasi Kartu Kredit Indonesia / AKKI), the value of credit card transactions in 2011 rose 12.3% (yoy) to IDR 182.6 trillion, from IDR 158.7 trillion in 2010.

Consumer Confidence Index 125.0 120.0 115.0 110.0 105.0 100.0 95.0 90.0 85.0

Indonesia has the third largest number of mobile phone subscribers in Asia. The cellular phone industry continues growing rapidly, along with the change in trend from voicebased telecommunication to data-based communication through email, the internet and the popular Blackberry Messenger which is provided by most cellular network operators in Indonesia. Indonesia’s cellular phone market is still very promising in both mobile phone and smart phone segments, as product innovation and new features continues developing. In fact, the uses of mobile phones and smart phones has become a lifestyle that is associated with social status and consumerism culture. Such lifestyle shortens mobile phone replacement cycle. According to one of the material presented at the public expose of one of GTs competitors, Erajaya Swasembada (ERAA), the cycle of cellular phone replacement in Indonesia has becoming shorter in recent years. Smart phone users tend to replace the units they use every 14 months in 2011, while in 2008 – every 22 months. Mobile phone users tend to replace the units they use every 7.1 months in 2011.

Source: Bank Indonesia, Underwriter

Cellular Phone Replacement Cycle

25

Smartphone 20

Mobile Phone

22.3 18.4

15

16.2 14.2

10

12.2

11.5 9.6 7.1

5

0 2008A

2009A

2010A

2011P

Source: Underwriter, Frost & Sullivan, ERAA.

Cellular phone market in Indonesia remains dominated by mobile phone. However, the rapid growth of smart phone sales is the primary key to the overall growth of cellular phone market. According to data compiled by Frost & Sullivan, smart phone sales volume is estimated to significantly rise 75.2% per annum (CAGR) from 7.2 million units in 2011E to 22.1 million units in 2012E. According to the data compiled by MarkPlus Insight for Netizen Indonesia 2011, electronic gadgets ownership in Indonesia is still dominated by smart phones (57.4%), followed by notebooks (44.3%), mobile phones (28.1%), PC (26.1%), netbook (12.0%), tablet PC (1.4%), multimedia player (1.1%) and smart TV (0.2%).

Electronic Gadget Ownership in Indonesia 70.0% 60.0% 50.0%

57.4%

44.3%

40.0% 30.0%

28.1%

26.1%

20.0% 12.0% 10.0% 1.4%

1.1%

0.2%

0.0%

Source: Underwriter, MarkPlus Insight.

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

SIM Card starter pack and cellular phone credit voucher distribution business in Indonesia has promising future prospect, supported by the increasing number of population and shift of trend, from voice cellular service to data cellular service on smart phones. According to a presentation material compiled by Indosat, a telecommunication and information service provider in Indonesia, Telkomsel as the company’s network operator partner has dominant market share of 46% of the total of 240 million cellular phone subscribers in Indonesia.

Global Teleshop Indonesia Equities Research June 21, 2012

Indonesia’s Economic Growth

Indonesia’s Personal Consumption Expenditure 1080

1040

The inflation rate in Indonesia was reported at 4.5% in April of 2012. From 1997 until 2010, the average inflation rate in Indonesia was 13.26% reaching an historical high of 82.40% in September of 1998 and a record low of -1.17% in March of 2000. Retail Sales in Indonesia declined 0.6% in January of 2012 over the previous month. This is expected as retail’s peak seasons are during Christmas and Eid al-Fitr. From 2004 until 2011, Indonesia's average Retail Sales was 1.38% reaching an historical high of 26.00% in October of 2006 and a record low of -22.30% in November of 2006. Business confidence in Indonesia improved to 108.37 in the first quarter of 2012 from 106.92 in the fourth quarter of 2011. Quarterly Business Tendency Index (BTI) published by the Central Bureau of Statistics and Bank Indonesia measures the expectations of an entrepreneurs about business conditions and economy in general. The survey covers the sample of around 1,800 managers from large and medium companies from different sectors of the economy.

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1,031.00

1020

994.7

1000 980

940

970.5

960

920

The country’s private consumption expenditure has been growing steadily in the last five quarters. Private consumption expenditure in the last quarter of 2011 totaled at a seasonally adjusted IDR 1,057.2 trillion, while in Q3-2011 it summed up to IDR 1,031.00 trillion, from under 1 trillion Rupiah in Q2-2011. Consumer confidence in Indonesia declined to 108.1 in the first quarter of 2012 from 108.4 in the fourth quarter of 2011. The quarterly Consumer Tendency Index (CTI) published by the Central Bureau of Statistics measures household perceptions about economic conditions and consumer consumption behavior. The survey covers a sample of 1,250 households in the greater Jakarta area. In the capital region, household expenditure is expected to rise in the coming Q2-2012, with the Consumer Tendency Index estimated at 112.56 from previously 110.23 in Q1-2012. Household expenditure for clothings accounted for more than 9.3% of the total household expenditure in Q4-2011, while in Q1-2012 clothings item summed up to 6.53% of the total household expenditure in greater Jakarta area.

1,057.20

Indonesia PCE (IDR Trillion)

1060

945.6

Indonesia’s gross domestic product (GDP) has been well supported by private consumption expenditure in the last few years. The gross domestic product in Indonesia expanded 6.3% in the first quarter of 2012 over the same quarter in the previous year. Historically, from 2000 until 2011, Indonesia's average annual GDP Growth was 5.27 percent reaching an historical high of 7.16 percent in December of 2004 and a record low of 1.56 percent in December of 2001.

900 880 2010 (Q4)

2011 (Q1)

2011 (Q2)

2011 (Q3)

2011 (Q4)

Source: Indonesia Central Bureau of Statistics

Indonesia’s Gross Domestic Product Indonesia GDP Growth Rate

7.00%

6.00%

6.10%

6.00%

6.20%

4.60%

5.00% 4.00% 3.00% 2.00% 1.00% 0.00% 1

2

3

4


Jakarta Capital Region Household Expenditure (Q1-2012) Household Expenditure Jakarta (Q1‐2012) Food 10.23% Utilities 10.69%

Others 18.63%

Clothing 6.53%

Fuel 9.45%

Leisure 7.43% Transportation 10.31% Education 9.74%


Health 6.62%

Home 10.38%

Global Teleshop Indonesia Equities Research June 21, 2012 Business Units

Business Overview

Retail Business • Telecommunication Devices • Computers • After‐Sales Service

Product Portfolio With the inclusion of Apple Premium Reseller and after-sales service units into the company’s core business, GT has been able to offer a wide range of cellular phone products of various brands, among others Blackberry, Samsung, Nokia, HTC, Apple, Sony Mobile and LG Mobile through its one stop shopping stores. GT provides various cellular phone types, such as feature-phone, smart phone, tablet PC and cell phone accessories at its outlets. Besides, the company also sells Apple computers.

Distribution Business Operator’s Products: • SIM Cards • Credit Vouchers

Retail Business Unit The retail business unit of Global Teleshop (GT) markets the products through Own Stores and Branded Stores. Own Stores are outlets fully owned and operated by the company. GT has two types of Own Stores: Global Teleshop, which has average store area between 40m2 to 125m2, and Global Teleshop Superstore, with the average store area of 150m2. In opening and operating Branded Stores, GT collaborates with its product suppliers through cross-subsidies mechanism in the form of rent or competitive discounted prices. The Branded Stores only market products of the respective brand at each store, such as Nokia, LG Mobile, Apple, Samsung and Blackberry. On average, a Branded Store has an area of 40m2 – 125 m2. Besides marketing its products at Own Stores and Branded Stores, the company also sells its products through other modern retailers such as Electronic Solution and Electronic City, as well as at exhibitions.

Source: Company, Underwriter

Number of Stores – 2011 GT Own Store

Retail Branded Store

After Sales Service Points SIM Card Starter Pack and Credit Voucher

172

GT Super Store

11

Shop in Shop*

20

Apple LG Nokia Samsung Blackberry

21 6 5 2 1

Nokia Care Global Care Apple Care Own shop GraPARI Kiosks

21 8 2 32 12

Total

Distribution Business Unit GT distributes Telkomsel’s SIM Starter Packs and cellular phone credit refill vouchers through sub-dealers, resellers and retailers. The cell phone credit refill vouchers come with the nominal values starting from IDR 5,000 to IDR 100,000, in the form of physical voucher card or electronic vouchers. Up to the date of this report, GT has more than 37,500 resellers or retailers, 32 own shops, and 12 GraPARI kiosks that sells cell phone credit vouchers.

313


Sales Contribution by Brand (2011) LG 4.70%

Others 6.50%

Distribution Network at Strategic Locations As per the end of 2011, GT has 313 stores spread across the country at strategic locations and major cities in Java, Sumatera, Bali, Kalimantan and Sulawesi. Each retail Own Store and Branded Store generally has 5 employees, while after-sales outlets and SIM Starter Packs / Voucher outlet has 9 – 11 employees. Most of the revenue derives from sales at outlets located in Java, comprising 66% of the total revenue. The largest contribution, which is 33%, derives from

Apple 6.30% Blackberry 44.30%

Nokia 14.80%

Samsung 23.40%

Sales Distribution Network Currently the company has 1,106 internal sales personnel and 507 third party distributors. Products are sold in various methods, including door-to-door, retail, through call center and at the company’s 58 representative offices throughout the country. The internal sales effort contributed 70% of the total new subscribers in 2011.


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Financial Highlights

Revenue by Business Units

Revenue Grows 21.3% per Annum The company’s revenue is projected to grow 21.3% per year (CAGR) from IDR 3 trillion in 2012 to IDR 4.4 trillion in 2014. The revenue performance is supported by the wide variety of cellular phone products, the fast cellular phone technology development, and the shorter cycle of cellular phone replacement.

10,000

Retail Cellular Phone, Computer and Accessories After‐sales Service Total Revenue

9,000

8,000

7,000

6,000

Supported by Prominent Brands Sales of 4 prominent brands, i.e.: Blackberry, Samsung, Nokia and Apple is expected to become the driving factor for the company’s revenue from retail business in three years to come. The growing sales of these prominent brands will be boosted by innovations in technology and features embeded in the smart phone products, such as iPhone, Samsung Galaxy and tablet PC. Gross Profit Margin Remains Stable, in Line with Industry Expectation GT’s gross profit margin dropped significantly from 56.4% in 2010 to 13.4% in 2011. However, the decline is only fitting, in line with the core business transformation from authorized service centre to distributor and retailer. In the next 3 years, the gross profit margin is estimated to remain stable at between 11.9% - 12.2%, driven by wide product portfolio and brand portfolio. High Salary Cost, Rent and Credit Card Cost Operating costs in retail industry is still dominated by salary and rent. High salary and store rental rate tend to hurt operating profit margin and EBITDA. Besides, credit card costs arising from various special deal programs also soars as the volume of credit card transactions rise. In 2012 – 2014, the underwriter estimates salary, rent and credit card transactions will contribute to 38%, 16% and 18% to the overall operating cost. Hence operating profit margin is projected to fall to between 5.9% - 6.7% and EBITDA to between 6.3% - 6.9%. Ultra-Thin Net Profit Margin In 2011, GT’s net profit margin fell from 4.4% to 4.2% as operating profit eroded and loan intererest soared from IDR 41 million in 2010 to IDR 33 billion in 2011. For the next three years, net profit margin is expected to be at 4.0%.

4,428

5,000

3,000


1,806

1,862 24

2,000

1,409 1,152

607

41 5

1,000

37

5 ‐

4 ‐

1,231

1,831

2,179

2,593

2009A

2010A

2011A

2012E

2013E

2014E

‐


Gross Profit Margin 60.0

600 532 56.4

50.0

500 440 400

40.0

359

30.0

300 249

20.0

200

100

13.4

10.0

11.9

12.2

12.0

2012E

2013E

2014E

23 0.0

0 2010A

2011A Gross Profit

Gross Profit Margin


Operating Cost 100% 17.9%

16.5%

16.1%

16.8%

16.3%

80%

33.1%

3.3%

70%

1.9% 0.3%

6.0% 4.3%

5.9% 5.5%

6.0% 5.9%

28.3%

8.2% 4.1% 13.8%

18.3%

17.5%

17.8%

17.8%

16.1%

16.3%

16.1%

39.6%

39.2%

38.0%

37.9%

2011A

2012E

2013E

2014E

60% 50% 40% 30%

64.7% 50.5%

20% 10% 0% 2009A Salary

Rent

2010A

Credit Card


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27

26

90%

Soaring Interest Bearing Debt Due to Expansion In 2011, the company’s interest bearing debt ratio jumped to a significant 2.7x level, as short-term loan of IDR 495 billion was obtained from lender Bank Mandiri (Persero) (BMRI). The loan was used to fund cellular phone transactions, operator’s products, multimedia products and cellular accessories. The significant increase in interest bearing debt was only fitting, as the company required fundings in order to expand its retail business. In the future, GT is commited to maintain DER below the covenant limit which is 3x, as required in the bank loan agreement.

28

3,615 3,009

4,000

Depreciation

Advertising

Others

Global Teleshop Indonesia Equities Research June 21, 2012 Balance Sheet (In Million IDR) 2007 Asset Current Asset Fixed Asset Total Asset Liabilities Short-term Liabilities Long-term Liabilities Total Liabilities Equity Capital Stock Issued and Fully Paid Capital Total Equity Total Liabilities and Equity

2008

2009

2010

2011

1,790 49 1,839

1,237 33 1,270

11,856 1,334 13,190

12,606 3,882 16,488

851,760 41,682 893,442

754 754

130 130

10,774 1,096 11,870

11,914 1,442 13,356

708,988 4,830 713,818

5,000 1,250 1,085 1,839

5,000 1,250 1,140 1,270

5,000 1,250 1,320 13,190

5,000 1,250 3,132 16,488

400,000 100,000 179,624 893,442

Source: Company

Income Statement (in Million IDR) 2007 (In Billion IDR) Revenue 1,154 Gross Profit 320 Net Income -165

2008 1,129 194 54

2009 5,428 3,380 180

2010

2011

40,960 23,085 1,812

1,862,113 249,288 77,576

Source: Company

Solvability 2007 Solvability Debt/Equity Debt/Asset Asset/Liability

0.69 0.41 2.37

2008

2009

0.11 0.10 9.52

Source: Company

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8.99 0.90 1.10

2010 4.26 0.81 1.06

2011 3.97 0.80 1.20

Global Teleshop Indonesia Equities Research June 21, 2012 SWOT Analysis

Strength

Weakness

Strong Brand Awareness. Wide product portfolio. Wide Distribution Network High dividend payout (25%)

Relatively low profit margin. Relatively high debt to equity ratio Relying on product manufacturers in terms of innovation.

Global Teleshop

Opportunity Growing population and potential cellular users Growing GDP Growing Consumption Expenditure Faster cellular phone replacement cycle

Failure to obtain and market competitive products in time Foreign Exchange (USD/IDR) Fluctuation Competitions from similar cellular shops Telecommunication regulation changes and adherence.

Source: Phillip Securities Indonesia – Research Department

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Threat


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

▪ ▪ ▪

: PT. GLOBAL TELESHOP TBK. : 26 Juni 2012 s/d 29 Juni 2012 (pkl. 15.00 WIB) : Rp. 1.150,- 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. 1.150,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 29 Juni 2012 pukul 15.00 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 29 Juni 2012 pukul 15.00 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

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