Kobexindo Tractors Initial Public Offering

Kobexindo Tractors Initial Public Offering Phillip Securities Indonesia Research June 20, 2012

Report Date Core Business IPO Price Shares Offered Maximum Shares Outstanding Use of Proceeds

Underwriter

: : : : : :

:

Phillip Securities Indonesia

20-Jun-12 Miscellaneous Industry IDR380 - 520 858,000,000 shares 30.00% 34% for Business Expansion, 41% for Working Capital, 21% for Bank Debt Repayment, 4% for Equity Investment in Subsidiaries PT Mandiri Sekuritas PT Lautandhana Securindo PT Valbury Asia Securities

Indicative Schedules Book-building Price Fixing Date Date Effective Date from Bapepam Public Offering Listing Date in BEI Initial Ownership Structure Marga Mas Investama, PT Millenium Capital Investment Prima Adiwarna Sejahtera Pandristo Prasetyo Ginarto [email protected] 62-21-57900900

: : : : :

24 May - 15 June 2012 June 18, 2012 June 26, 2012 28 June - 2 July 2012 July 5, 2012

: : :

43.00% 32.00% 25.00%

Overview of the Company The company concentrates in commerce, exports – imports, distribution, and rental of heavy equipments and industrial equipment, including spare parts and vehicle maintenance and also repair services and rental of office space. The company markets excavator, wheel loaders, articulated dump trucks and forklifts produced by Doosan from South Korea, off-road heavy duty dump trucks made by Daewoo, rigid dump trucks made by NHL and electric lift-trucks produced by Jungheinrich. Competitive advantage 1. High-tech products, company efficiency and high level of productivity 2. High Return on Investment (ROI) 3. After-sales service 4. Good customer relationship 5. Good relationship with the principal 6. Wide distribution network 7. Latest Information Technology 8. Strategic Planning Cycle and Balanced Scorecard Business Prospect Because 90 percent of the company’s sales were to the mining industry, Kobexindo would open branches in cities close to mines, according to the company’s management, including cities like Makassar in South Sulawesi and Palembang in South Sumatra. Heavy equipment sales were expected to reach 1.300 units this year from 975 units last year. The company posted total revenue of IDR 39 billion in the first quarter this year. Kobexindo forecasts its revenue to increase to IDR 2 trillion this year from last year’s IDR 1.3 trillion. Its net income rose to IDR 80 billion last year from IDR 20 billion in 2010. As most of the company’s revenue is generated from sales to the mining sector; especially coal mining, the sector plays an important role for the company. At present, Indonesian coal production has been rapidly increasing along with domestic and foreign demand. In 2005, according to the Indonesian coal book, Indonesia produced 165.593 million tons of coal, and in 2011 the figure boosted up to 327 million tons. On the demand point of view, Indonesian domestic coal demand is predicted to rise, mainly driven by increasing demand for power generation, because coal has become a cheaper alternative than other energy-producing materials. The increasing domestic and foreign coal demands would have positive impact on heavy equipment industry.

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

Kobexindo Tractors Indonesia Equities Research June 20, 2012 Production and Demands of Coal In Indonesia (million tons) Production

Potential of Export

Domestic Demands

112

114

113

81

97

72

271

280

255

266

327

347

368

391

416

443

2012F

2013F

2014F

2015F

2016F

2011

328

303

Source: CDMI

Demands on Heavy Equipment In indonesia Heavy Equipment 2011 2012F 2013F 2014F 2015F 2016F Hydraulic Excavator Bulldozer Dump Truck Motor Grader Other Total

3,144 1,462 1,755 658 292 7,311

3,898 5,058 1,813 2,361 2,176 2,473 816 899 363 450 9,066 11,241

6,273 3,067 2,788 1,255 558 13,941

8,124 3,976 3,630 864 691 17,285

10,288 5,144 4,287 1,286 429 21,434

Source: Business Potential and major players of Heavy Equipment in Indonesia

25,000 20,000 15,000 10,000 5,000 0 2011 2012F 2013F 2014F 2015F 2016F Hydraulic Excavator

Bulldozer

Dump Truck

Motor Grader

Other

Total

Source: Business Potential and major players of Heavy Equipment in Indonesia

Industry History The demand for heavy equipment is growing in Indonesia, particularly stimulated by the expansion in mining, agriculture, forestry, and infrastructure. The growing market has attracted some new players to enter Indonesia competing with the established market leader. Some players are not only distributing the equipments, but also plan to invest by building the production facilities with possibility to make Indonesia as their production base for ASEAN. Indonesia’s heavy equipment industry began to revive in early 2000, triggered mainly by the expanding agribusiness and forestry sectors plus construction. Heavy equipment industry recovered strongly in 2010 from deep slump in 2009 when global financial crisis hit almost all sectors including the property and construction sectors, which are among the major users of heavy equipment. Heavy equipment industry was badly hurt by the global financial crisis resulting in a deep fall in the country's production of heavy equipment to 1.814 units in 2009 from 5.914 units in 2008. Main producers of heavy equipment in Indonesia including Komatsu, Caterpillar and Hitachi suffered a setback. The decrease in 2009 came after rapid growth of heavy equipment industry in 2008 boosted by strong demand for heavy equipment from various sector notably coal mining industry and oil palm plantations. Demands were also strong from the construction and property sectors. That year, delivery had to be delayed for up to six months as demands far exceeded production capacity. The impact of the global financial crisis, which struck late 2008 were felt strongly in early 2009. Until the end of 2008, sales of heavy equipment were normal to meet orders already made earlier. In early 2009, however, many orders were shelved as the projects mainly construction and property projects that needed the equipment were also shelved. The main problem was difficulty in securing funds from lenders which tended to be more cautious and selective. The condition, however, changed for the better in entering 2010. Demand for heavy equipment surged again especially as the country managed to go through the difficult period relatively unscathed. Indonesia was among the few countries recording a positive growth in 2009 as unlike many other countries the country's economy is oriented more too domestic market with growth sustained and driven mainly by the consumption sector. In addition, demand for coal rose again especially from China and India, which recorded high economic growth amid the global malaise. The price of crude palm oil also raised prompting expansion of oil palm plantations that need heavy equipment. Heavy equipment industrialists see with optimism the turn of condition in 2010. In the first half of 2010, the country's production of heavy equipment

2 of 9

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

Kobexindo Tractors Indonesia Equities Research June 20, 2012

Heavy Equipment Sales (In Unit)

reached 2.495 units exceeding the production of 1,814 units in the whole of 2009.

Industry Outlook 25.147 20.870 17.360 11.781 6.644

2009

2010

2011

2012F

2013F

Source: UNTR

Net Sales (Billion IDR) 1,500.000

1,306.674

1,000.000

741.768 469.246

500.000

Financial Report

‐ 2009

2010

2011

Net Sales (Billion IDR)

Source: Company

Gross Profit (Billion IDR) 285.05

300.00 200.00 100.00

Gross profit in the last quarter of 2011 was IDR 285.053

71.99

2009

2010

2011

Gross Profit (Billion IDR)

Source: Company

Operating Profit (Billion IDR) 150.00

113.54

100.00 38.93

Net Sales On 31 December 2011, the company sales was IDR 1.306 trillion, rose IDR 564.906 billion or 76.16% compared with the previous year that amounted to IDR 741.768 billion. The increment was due to 77.63% increase in sales volume, owing to the superiority of the company’s products in terms of fuel efficiency and productivity, as well as to the high demand on heavy equipment, especially from mining and plantation industries. The demand on heavy equipment increased by 72% from 567 units in 2010 to 975 units in 2011. Gross Profit

130.31

‐

50.00

In 2012 the sales of heavy equipments is expected to reach 25,000 units or 25% increase compared to last year. The demands are for excavator of 9,000 units, and the rest of around 16,000 units consist of bulldozers, cranes, tractors, dump trucks, and others. Demand from the domestic market is expected to reach 50,000 units by 2015 with assumption of 20% average annual growth. The largest sources of demand (around 65%) will remain the mining sector, followed by agriculture plantation, forestry, and construction along with the acceleration of infrastructure development. Financing industry may see its heavy equipment segment to grow more than 40% in 2012, as the population increases and the national economy condition stays stable.

billion, or an increase of IDR 154.745 billion (118.75%) compared to the previous year that amount to IDR 130.308 billion. The company’s gross profit increased along with the revenue in 2011 which was higher than 2010. In 2010, the gross profit was 17.57% of the revenue, and in 2011 it rose to 21.82% of the revenue. The increase in profit margin was due to the use of Franco site delivery system, in which the company includes delivery charge into product price. The company also conducts cost efficiency measures in the distribution of supplies from the head office. Higher demand also boosted the company’s product selling prices.

38.75

Operating Profit

‐ 2009

2010

2011

Operating Profit (Billion IDR)

Operating profit on 31 December 2011 was IDR 113.542 billion, an increase of IDR 74.789 billion or 192.99% from the operating profit in 2010 that amounted to IDR 38.753 billion. The upsurge in operating profit was due to the increasing

Source: Company

3 of 9



Net Profit (Billion IDR) 100.000

79.946

80.000 60.000 40.000

23.783

20.203

20.000

revenue in 2011 and also lower operating expense. Operating profit margin in 2011 was 8.69% or an increase of 3.47% from 2010 which profit margin was 5.22%. Operating profit margin was up because gross profit margin also stepped up.

Net Profit The company’s net profit as of 31 December 2011 was IDR 79.946 billion, grew IDR 59.743 billion or 295.71% compared to the previous year (31 December 2010) which net profit amounted to IDR 20.203 billion. The improving net profit was due to the increase in sales. The company’s actual revenue in 2011 beat its own expectation.

‐ 2009

2010

2011

Net Profit (Billion IDR) Source : Company

Balance Sheet (Billions IDR)

Balance Sheet Assets The company’s total assets was IDR 1.120 trillion as of 31 December 2011, rose IDR 547.290 billion (95.49%) compared to the same period in 2010 which was IDR 573.150 billion. The increase in asset was due to the increasing accounts receivable, inventory and other items, while the significant increase in cash balance was due to the increase in sales. As of 31 December 2011, the company’s inventory valued at IDR 588.169 billion rose IDR 329.799 billion or 127.65% from the same period in the previous year which was IDR 258.370 billion.

Liabilities

1,200.000 1,000.000 800.000 600.000 400.000 200.000 ‐ Total Asset

2009

2010

2011

442.432 573.150 1,120.440

Total Liabilities 314.641 427.871 912.689 Total Equity

As of 31 December 2011, the company’s liabilities totaled at IDR 912.689 billion, up 113.31% or IDR 484.818 billion from the previous year which liabilities amounted to IDR 427.871 billion. The increase in liabilities was due to the increase in payables which rose 143.23% or IDR 413.038 billion from previously IDR 288.366 billions at the end of 2010 to IDR 701.404 billion at end of 2011. There was also an increase in debt of about 184.61% or IDR 28.188 billion from 31 December 2010 to 31 December 2011. The increase in debt was due to the purchase of Kobexindo Tower.

127.791 145.279 207.751

Source : Company

Equity Total equity as of 31 December 2011 was IDR 207.51 billion, up IDR 62.471 billion or 43.00% from the previous year which equity amounted to IDR 145.280 billion. The increase in equity was due to additional capital of IDR 100 billion obtained by the company. In 2011, the company made dividend payout totaling IDR 117.500 billion, of which IDR 100 billion was in the form of shares.

4 of 9



Company Structure

5 of 9



Company Distribution Network Pekan Baru

Muara Teweh Samarinda

Muara Enim

Pontianak Balik Papan

Jakarta

Banjarmasin

Batu Licin

Jakarta (Head Office) Lemabahan (Product Support Center)

Semarang Surabaya

Source: Company

SWOT Analysis

Source:Concensus

6 of 9


• 11 Branch Store • 1 Product Support Center • 1 Head Office


31-Dec

Financial Highlights 2007 (In Billion IDR) Total Assets Total Liabilities Total Equity Net Sales Gross Profit Operating Profit Earnings before Tax Expense Net Profit Growth Ratio (%) Revenue Net Profit Total Assets Total Liabilities Total Equity Activity Ratio (X) Inventory Turn Over Ratio Inventory Days Receivable Turn Over Ratio Receivable Days Operating Ratio (%) OPM NPM Op.ROE ROA EBITDA EBITDA Margin Financial Ratio Cash Ratio Current Ratio DER Total Debt to Total Assets

400.583 287.024 113.559 388 82 20 9 7

2008

2009

2010

2011

538.472 434.464 104.009 460 82 (1) (9) (10)

442.432 314.64 127.792 469.246 72 39 29 24

573.15 427.871 145.28 741.768 130 39 33 20

1120.44 912.689 207.751 1,306.674 285 114 112 80

n.a n.a n.a n.a n.a

18.53% -245.37% 34.42% 51.37% -8.42%

1.99% -349.01% -17.84% -27.58% 22.87%

58.08% -15.05% 29.55% 35.99% 13.68%

76.16% 295.71% 95.49% 113.31% 43.00%

n.a n.a n.a n.a

1.95 187 3.63 101

1.86 196 3.81 96

2.81 130 5.63 65

2.41 151 7.88 46

21.22% 1.69% 5.79% 1.64% 30.285 7.80%

17.81% -2.08% -9.18% -1.77% 7.738 1.68%

15.34% 5.07% 18.61% 5.38% 48.557 10.35%

17.57% 2.72% 13.91% 3.52% 46.713 6.30%

21.82% 6.12% 38.48% 7.14% 124.207 9.51%

0.97% 106.29% 252.75% 71.65%

2.44% 100.54% 417.85% 80.68%

4.67% 107.48% 246.21% 71.12%

8.87% 114.93% 294.52% 74.65%

5.72% 104.93% 439.32% 81.46%

Source: Company

7 of 9



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.

8 of 9



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]

Kalimantan Barat Jl. Teuku Umar Komplek Pontianak Mal C 23-24 Pontianak, Kalimantan Barat Telp. (62-561) 777 887; Fax. (62-561) 745 103 E-Mail: [email protected]

Lampung Jl. Ikan Tongkol No. 33 Blok 7-8 Teluk Betung - Bandar Lampung, 35223 Telp. (2-721) 474 234; Fax. (62-721) 474 108 E-Mail: [email protected]

Pojok BEI (Phillip Sec Ind. – Univ. Bandar Lampung – BEI) Jl. Z.A Pagar Alam No. 89 Bandar Lampung, 35141 Telp. (62-721) 771 695; Fax. (62-721) 770 261

9 of 9


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

▪ ▪ ▪

: PT. KOBEXINDO TRACTORS TBK. : 20 Juni 2012 s/d 27 Juni 2012 (pkl. 15.00 WIB>) : Rp. 400,- 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. 400,-). Pembayaran tersebut harus dilakukan selambat-lambatnya tanggal 27 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 27 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

Kobexindo Tractors Initial Public Offering

Recommend Documents