L A P O R A N H A R I A N

05 Januari, 2015

L A P O R A N H A R I A N

RISET

Penutupan Americas INDU Index SPX Index CCMP Index IBOV Index

Prb

%Prb

%Ytd

P/E

17,832.99 2,058.20 4,726.81 48,512.22

9.92 -0.7 -9.242 -1495.19

0.06 -0.03 -0.20 -2.99

0.06 (0.03) (0.20) (2.99)

15.93 18.21 41.84 15.83

6,547.80 4,252.29 9,298.92 10,350.80 19,130.26 422.28 8,983.37

-18.29 -20.46 -280.34 71.3 118.3 -2.19 -51.18

-0.28 -0.48 -2.93 0.69 0.62 -0.52 -0.57

(0.28) (0.48) 0.69 0.62 (0.52) -

18.72 25.43 3.74 21.78 #N/A N/A 21.25 20.42

17,332.91 23,857.82 3,234.68 9,307.26 1,904.92 5,242.77 1,497.67 7,230.57 27,887.90

-117.86 252.78 68.863 38.83 -21.52 15.822 -0.55 44.25 380.36

-0.68 1.07 2.18 0.42 -1.12 0.30 -0.04 0.62 1.38

(0.68) 1.07 (0.00) (0.56) 0.30 1.41

21.25 10.09 15.45 15.39 28.26 21.02 9.79 20.83 19.54

5.44

0.16

EMEA UKX Index CAC Index RTSSTD Index IBEX Index FTSEMIB Index AEX Index SMI Index

Asia / Pacific NKY Index HSI Index SHCOMP Index TWSE Index KOSPI Index JCI Index SET Index PCOMP Index SENSEX Index FSSTI Index

3,370.59

0.16

13.67

Terakhir Sebelumnya 5,241.13 5,228.04 3,839.00 4,720.99 3,439.00 4,356.74 895.81 922.85

%Prb 0.25 -18.68 -21.06 -2.93

Net Asing (IDR Juta)

(4,175.63) 2,495,203.75

-100.17

Komoditas Nikel/Nickel (US$/Ton) Tembaga/Copper (US$/Ton) Timah/Tins (US$/Ton) Minyak/Oil (US$/BBL) (*) Gas (US$/MMBTU) Batu Bara/Coal (US$/Ton) (**) Emas/Gold (USD/OZ) CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton)

Terakhir Sebelumnya 14,830.00 15,150.00 6,255.00 6,300.00 19,645.00 19,400.00 52.69 53.27 3.73 3.76 62.75 61.78 1,187.49 1,189.23 735.00 702.50 2,283.00 2,266.00

%Prb -2.11 -0.71 1.26 -1.09 -0.80 1.54 -0.15 4.63 0.75

Deskripsi Kapitalisasi Pasar (IDR Triliun) Volume Transaksi (Juta Saham) Nilai Transaksi (IDR Juta) Nilai/ saham (IDR)

PERKIRAAN PASAR HARI INI

Penguatan IHSG dibayangi aksi profit taking No 1 2 3 4 5

Stock INDF IJ BMRI IJ SIAP IJ MPPA IJ ADHI IJ

Top Value (IDR) 408,478,300,000 228,513,600,000 137,193,200,000 127,105,400,000 119,549,600,000

No 1 2 3 4 5

Stock BUMI IJ SIAP IJ APOL IJ CPRO IJ BKSL IJ

Top Volume (Shares) 548,555,800.00 298,546,600.00 216,580,300.00 168,998,200.00 112,298,100.00

No 1 2 3 4 5

Top Gainers SIMA IJ HOME IJ VRNA IJ MREI IJ FORU IJ

% change 32.81 20.42 20 17.45 17.14

No 1 2 3 4 5

Top Losers SRAJ IJ INVS IJ IMJS IJ BBMD IJ MFMI IJ

% change -24.84 -17.16 -17.14 -12.5 -11.24

No Leading Movers 1 INDF IJ 2 BBCA IJ 3 GGRM IJ 4 MDIA IJ 5 UNVR IJ

% change 10.37 0.76 1.81 14.29 0.70

No Lagging Movers 1 TOWR IJ 2 ASII IJ 3 SIAP IJ 4 KLBF IJ 5 BBMD IJ

% change -3.37 -0.34 -8.60 -1.09 -12.50 14,990

5,000

12,310

(*) WTI Cushing

4,500

9,630

(**) McCloskey Newscatle

4,000

6,950

3,500

4,270

ADR Stocks Saham Telkom

Bloomberg Code Kode TLK US

Terakhir Terakhir % Konversi (Rp) (US$) Prb (Rp) Last (US$) %Change Conv (Rp) Last (Rp) 44.91 -0.71 14,042.23 2,860.00

3,000 1-Jan

Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id

1,590 11-Mar

20-May Volume (RHS) (Bn Shares)

JCI (LHS)

29-Jul

Laporan Harian ‐ 05 Januari, 2015

P E R K I R A A N P A S A R H A R I I N I Penguatan IHSG dibayangi aksi profit taking

Perdagangan bursa US pekan lalu rata‐rata flat, Dow +0.06% ke level 17,833 sementara Nasdaq ‐0.19% ke level 4,727 dan S&P500 ‐0.04% di level 2,058. Pasar merespon indeks manufaktur yang mengalami perlambatan pada akhir tahun 2014 yang menyentuh level 55.5 per Desember 2014, dibanding November 2014 sebesar 58.7, serta estimasi 57.6. Sementara belanja konstruksi turun ‐0.3% per November 2014, dibawah estimasi +0.3%. Secara keseluruhan kekhawatiran investor masih dalam rentang jangka pendek, dibandingkan proyeksi pertumbuhan yang masih positif pada 2015. Pada kawasan Eropa indeks juga turut melemah, FTSE London ‐0.28% ke level 6,548 DAX Frankfurt ‐0.41% ke level 9,765 dan CAC Paris ‐0.49% ke level 4,252. Bank Sentral Eropa mengindikasikan akan melakukan langkah‐langkah stimulus lebih luas lagi demi menjaga stabilitas pasar. Hal ini diperkirakan akan mendorong pergerakan pasar. Sementara bursa Asia, Nikkei ‐0.40% HangSeng +1.07% dan Shanghai Index +2.19%. Untuk IHSG, jum’at menguat tipis +0.3% ke level 5,242 dengan net sell asing Rp4 miliar. Penguatan sektor dipimpin properti +1.5% dan konsumsi +1.3%, sementara USD/IDR menyentuh level Rp12,250. IHSG hari ini diperkirakan masih akan melanjutkan penguatannya. Meski demikian, dengan kenaikan hingga +117 poin pada perdagangan lima hari terakhir serta net sell asing, investor antisipasi aksi profit taking yang diperkirakan akan terjadi. Inflasi yang melonjak menjadi 8.36% per Desember 2014 dibanding November 2014 sebesar 6.23% juga dapat menjadi pemberat pergerakan indeks. Indeks hari ini diperkirakan akan bergerak pada rentang 5,150‐5,200 dengan potensi penutupan melemah tipis. Saham pilihan BBRI UNTR ADRO LSIP TINS TRAM. Analyst: Dessy Lapagu ([email protected])

2


R I N G K A S A N B E R I T A •

PT Trikomsel Oke Tbk (TRIO) dan Selular Group, distributor dan peritel handset, menganggarkan belanja modal (capital expenditure/capex) sebesar Rp 50‐500 miliar pada 2015. Dana tersebut akan digunakan untuk penambahan jumlah otlet, termasuk pengembangan merek handset.

•

Asia Fibers proyeksikan penjualan 2015 stagnan. Harga polister global pada akhir 2014 sebesar US$ 1.150‐US$ 1.200 per ton, turun 20%‐30% sepanjang tahun tersebut.

•

Waskita Karya bidik kontrak proyek tol Rp 12 triliun. Perseroan terbuka terhadap peluang kerjasama dalam pembangunan proyek tol.

•

PT Alam Sutera Realty Tbk (ASRI), emiten properti, berencana mengalokasikan 50% belanja modal (capital expenditure/capex) tahun ini untuk menambah lahan di Pasar Kemis dan Serpong di Tangerang. Sisanya untuk pengembangan proyek. Tahun ini perseroan menyiapkan total belanja modal sekitar Rp 2,2 triliun.

•

Trafik layanan data tiga operator besar, yakni PT Telekomunikasi Selular (Telkomsel), PT XL Axiata Tbk (EXCL), dan PT Indosat Tbk (ISAT) naik hingga 33% pada tahun baru 2015. Namun, trafik suara (voice) Telkomsel dan XL tercatat turun hingga 4%, sedangkan Indosat naik 9% di periode tersebut.

•

PT Eterindo Wahanatama Tbk (ETWA) memprediksikan penjualan bahan bakar nabati (BBN) jenis biodiesel sepanjang 2014 mencapai 65 ribu metrik ton atau 50% dari target 130 ribu metrik ton. Immanuel Sutarto, Presiden Direktur Eterindo Wahanatama, mengatakan tidak tercapainya target penjualan karena perusahaan menurunkan volume penjualan biodiesel dalam negeri dengan pertimbangan harga.

•

PT Timah Tbk (TINS), emiten pertambangan mineral logam, menargetkan belanja modal (capital expenditure) sebesar Rp 1,1 Triliun tahun ini, lebih rendah dari proyeksi 2014 sebesar Rp 1,4 triliun. Agung Nugroho, Sekretaris Perusahaan Timah, mengatakan alokasi belanja modal perseroan tahun ini akan diorong untuk kegiatan operasional dalam rangka meningkatkan kapasitas produksi.

•

PT Modern International Tbk (MDRN), emiten ritel, melakukan peningkatan penyertaan saham kepada entitas anak yaitu PT Modern Sevel Indonesia sebesar Rp 300 miliar. Direksi perseroan mengatakan peningkatan modal kepada entintas anak pemegang merek 7‐Eleven ini dilakukan guna mengembangkan dan mengelola gerai untuk masa 20 tahun penuh dan masa perpanjangan 10 tahun.

•

PT Metrodata Electronics Tbk optimistis porsi bisnis dari proyek pemerintah bisa meningkat menjadi 10% dari total pendapatan tahun ini. Optimisme ini lantaran manajemen perusahaan itu melihat saat ini pemerintah tengah fokus memperbaiki layanan publik secara online dengan program e‐government dan smart city.

•

Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News

3


A N A L Y S T S T A R G E T P R I C E Market Capitalization Banking BBCA IJ Equity BBNI IJ Equity BBRI IJ Equity BMRI IJ Equity Average

EPS Growth PER 1 Year FY15F

PBV FY15F

PEG DER (x) ROE (%) Ratio

Rec

TP (Rp/share)

Total Return 1 Year in 2013

% of Free Float Shares

255,795,728,750,000 81,774,358,577,100 215,238,438,450,000 210,583,333,303,250

10.50 18.00 15.20 14.50 14.55

15.02 8.10 8.66 9.43 10.30

4.20 1.79 2.72 2.41 2.78

1.43 0.45 0.57 0.65 0.78

0.08 0.10 0.05 0.07 0.08

17.00 24.00 35.00 22.20 24.55

BUY BUY BUY BUY

14,500 7,800 14,000 13,000

1.11 7.43 10.52 2.16 5.30

50.83 39.78 43.25 40.00

92,491 97,870 3,974 17,471 52,952

11.31 11.22 16.05 11.19 12.44

13.96 13.67 8.93 15.36 12.98

2.97 3.40 1.35 2.06 2.44

1.24 1.22 0.56 1.37 1.10

0.01 0.20 0.02 0.42 0.16

21.28 24.88 15.07 13.39 18.65

BUY BUY HOLD HOLD

27,500 18,500 420 2,350

30.43 24.22 7.28 ‐9.58 20.64

35.97 48.99 23.76 19.36

Telecommunication EXCL IJ Equity TLKM IJ Equity Average

38,575,897,814,840 227,303,991,882,000

15.80 10.50 13.15

29.39 9.24 19.31

2.53 3.81 3.17

1.86 0.88 1.37

1.08 0.10 0.59

7.20 16.20 11.70

BUY BUY

5,400 3,250

‐12.77 22.01 4.62

33.52 48.81

Transportation GIAA IJ Equity TAXI IJ Equity Average

10,912,960,072,000 3,132,580,000,000

8.50 13.22 10.86

11.05 20.89 15.97

0.83 3.95 2.39

1.30 1.58 1.44

0.20 1.20 0.70

8.20 18.91 13.56

HOLD BUY

500 1,413

‐25.54 106.05 40.26

27.97 49.00

282,373 8,946 145,659

9.83 44.88 27.36

12.79 29.73 21.26

2.68 1.46 2.07

1.30 0.66 0.98

0.77 2.13 1.45

20.94 10.58 15.76

HOLD HOLD

7,750 3,500

15.22 ‐29.51 ‐2.26

49.91 10.46

PBV FY15F


Cement INTP IJ Equity SMGR IJ Equity SMBR IJ Equity SMCB IJ Equity Average

Automotive ASII IJ Equity IMAS IJ Equity Average

Market Capitalization


Rec

TP (Rp/share)



Construction WIKA IJ Equity ADHI IJ Equity PTPP IJ Equity WSKT IJ Equity TOTL IJ Equity WTON IJ Equity Average

17,986 4,629 14,043 9,680 3,325 10,284 9,991

24.75 25.37 34.95 25.66 21.80 29.62 27.03

23.63 13.13 22.12 20.99 19.81 26.83 21.08

4.63 2.68 5.66 3.66 4.43 5.31 4.39

0.95 0.52 0.63 0.82 0.91 0.91 0.79

0.41 0.95 0.77 0.68 0.12 0.80 0.62

19.59 20.39 25.59 17.43 22.34 19.80 20.86

BUY BUY BUY BUY HOLD HOLD

3,340 3,150 3,450 1,150 1,000 1,270

75.75 56.13 150.95 109.40 #N/A N/A 64.87 91.42

34.73 49.00 43.62 26.55 100.00 34.57

Infrastructure PGAS IJ Equity JSMR IJ Equity Average

146,055 44,200 95,128

4.86 15.60 10.23

13.93 26.13 20.03

3.73 4.23 3.98

2.87 1.67 2.27

0.41 1.23 0.82

26.74 16.19 21.46

HOLD BUY

6,325 7,500

24.76 23.27 24.76

43.03 29.99

8,281 2,927 168 3,616

‐78.92 399.80 792.35 ‐ 13.74

30.80 0.71 17.48 1.37 5.17 0.66 1.49 0.35 0.77 371.08

‐0.39 0.04 0.01 ‐ ‐0.11

1.62 0.48 2.52 1.28 1.47

3.69 8.09 13.50 26.21 12.87

Not Rated HOLD Not Rated Not Rated

‐ 538 ‐ ‐

60.63 132.82 12.63 ‐19.83 46.56

49.14 34.29 39.35 93.46

11,691 7,401 3,579 33,620 20,398 5,258 5,818 7,089 4,893 6,768 25,525 27,116 22,362 6,273 13,414

9.21 20.21 66.49 ‐16.86 21.98 33.95 21.77 34.87 38.37 ‐12.24 15.61 ‐7.60 10.90 37.82 19.60

8.49 7.57 7.94 13.43 13.70 10.41 9.16 12.17 9.32 7.64 13.10 16.82 17.37 8.89 11.14

0.92 0.37 0.12 ‐0.80 0.62 0.31 0.42 0.35 0.24 ‐0.62 0.84 ‐2.21 1.59 0.24 0.17

0.89 0.95 0.35 0.40 0.43 0.51 0.18 0.22 0.55 0.74 0.46 0.61 0.56 0.13 0.50

20.95 14.08 7.53 18.24 19.62 13.87 22.79 17.90 18.73 11.99 30.22 11.57 22.80 11.50 17.27

HOLD HOLD Suspend Coverage BUY HOLD HOLD BUY HOLD BUY HOLD HOLD HOLD BUY BUY

485 395 ‐ 2,260 1,485 780 2,950 748 1,075 435 490 1,225 1,650 418

‐10.75 27.14 ‐51.65 15.06 43.32 20.95 40.80 30.59 9.25 27.57 80.36 8.60 41.14 39.27 22.98

48.23 29.93 66.55 39.88 61.27 43.75 37.34 38.64 68.51 64.04 42.38 82.12 67.69 80.15

Oil & Gas MEDC IJ Equity ELSA IJ Equity RUIS IJ Equity ENRG IJ Equity Average Property ASRI IJ Equity APLN IJ Equity BKSL IJ Equity BSDE IJ Equity CTRA IJ Equity CTRP IJ Equity CTRS IJ Equity BEST IJ Equity SSIA IJ Equity MDLN IJ Equity PWON IJ Equity LPKR IJ Equity SMRA IJ Equity KIJA IJ Equity Average

1.78 1.07 0.60 2.45 2.69 1.44 2.09 2.18 1.75 0.92 3.96 1.95 3.96 1.02 1.99

4


A N A L Y S T S T A R G E T P R I C E Market Capitalization


PBV FY15F


Rec

TP (Rp/share)



Agriculture AALI IJ Equity BWPT IJ Equity LSIP IJ Equity SGRO IJ Equity SIMP IJ Equity SMAR IJ Equity Average

40,825,264,125,000 6,013,779,803,750 15,419,672,560,900 4,025,700,000,000 14,630,086,750,000 19,818,134,225,400

11.49 20.18 13.85 1.09 18.37 25.53 15.09

13.82 2.81 12.40 11.47 12.42 11.48 10.73

2.76 0.61 1.65 1.30 0.67 3.64 1.77

1.20 0.14 0.90 10.52 0.68 0.45 2.31

0.20 2.50 0.15 1.00 0.76 3.04 1.28

19.96 21.64 13.34 11.29 5.36 31.70 17.22

BUY BUY BUY BUY BUY BUY

31,250 835 2,330 2,660 980 9,975

47.06 2.84 23.59 0.77 ‐6.46 19.91 14.62

20.32 37.15 40.52 32.95 21.60 2.80

Metal ANTM IJ Equity INCO IJ Equity TINS IJ Equity Average

9,681,536,900,000 25,337,663,736,000 6,895,237,400,000

n.a 33.49 26.39 10.88

4.98 14.84 8.95 28.44

0.64 1.66 1.09 1.26

n.a 0.44 0.34 2.49

0.54 0.33 0.80 0.75

12.92 11.18 12.19 4.91

HOLD BUY BUY

1,100 4,910 1,395

‐16.70 ‐3.55 ‐3.29 ‐7.85

34.99 20.49 35.00

36,943,786,110,000

12.77 ‐45.79 ‐5.38 2.86 14.33 ‐4.24

9.72 0.81 28.39 7.44 17.90 12.85

0.80 4.83 0.98 1.50 3.50 2.32

0.76 ‐0.02 ‐5.28 2.60 1.25 ‐0.14

0.64 32.57 0.01 0.39 0.74 6.87

8.21

BUY

1,315

‐38.62

40.92

3.45 20.12 19.45 12.81

SELL HOLD BUY

1,195 18,950 16,850

‐56.30 ‐28.99 ‐37.08 ‐40.25

29.51 34.99 29.98

10.65 15.34 15.72 14.05 10.25 40.06 12.33 16.91

35.74 19.01 31.60 23.89 22.00 48.81 21.58 28.95

39.20 2.74 5.19 7.18 3.10 7.94 2.98 9.76

2.71 2.04 2.01 1.70 1.22 1.22 1.75 1.81

0.26 0.54 0.10 1.12 0.89 0.45 0.31 0.52

99.40 13.63 20.60 31.00 16.61 21.50 15.80 31.22

BUY BUY HOLD HOLD BUY BUY HOLD

34,250 7,600 11,800 30,314 3,150 1,450 60,000

27.83 8.79 37.25 57.68 48.06 4.01 11.06 27.81

15.01 49.92 19.47 66.93 53.37 29.25 23.53

Mining ADRO IJ Equity BUMI IJ Equity HRUM IJ Equity ITMG IJ Equity PTBA IJ Equity Average Consumer UNVR IJ Equity INDF IJ Equity ICBP IJ Equity MYOR IJ Equity AISA IJ Equity ROTI IJ Equity GGRM IJ Equity Average

5,704,638,200,000 29,858,268,125,000 25,633,466,831,250

227,180,000,000,000 59,932,985,500,000 58,467,398,600,000 26,206,731,039,500 6,529,800,000,000 7,060,452,000,000 101,976,930,200,000

Market Capitalization


PBV FY14F


Rec

TP (Rp/share)



Pharmaceutical KLBF IJ Equity KAEF IJ Equity Average

75,700,795,343,450 5,286,580,000,000

14.90 19.40 17.40

32.65 21.16 26.90

8.65 2.82 5.74

1.92 1.09 1.61

0.03 0.02 0.02

26.30 12.40 19.35

HOLD HOLD

1,885 1,450

29.77 ‐23.30 3.23

43.37 9.97

Retail RALS IJ Equity MAPI IJ Equity Average

8,272,480,000,000 17,420,000,000,000

9.32 20.10 14.71

28.32 26.60 66.82

3.10 4.26 3.68

3.04 5.24 4.14

0.00 0.91 0.46

12.29 13.20 14.85

HOLD HOLD

830 5,370

22.72 ‐3.62 9.55

40.46 44.00

Poultry CPIN IJ Equity JPFA IJ Equity MAIN IJ Equity Average

62,148,420,000,000 11,460,061,646,000 3,823,785,000,000

17.55 13.58 16.02 15.72

20.72 14.54 16.28 17.18

6.74 3.19 6.65 5.53

1.18 1.07 1.02 1.09

32.42 59.99 55.23 49.21

19.85 3.19 1.71 8.25

BUY BUY BUY

5,110 1,550 3,000

‐3.30 1.32 26.18 8.06

44.47 42.49 44.07

5


RESEARCH TEAM Research Division

: +62 21 25543946

Fax No

: +62 21 57935831

E‐mail

: [email protected]

Norico Gaman

ext. 3934 [email protected]

Head of Research

Investment Strategy

Andri Zakarias


Technical Analyst

Market Strategy, Commodities, Currency, Bond & Stocks

Heru Irvansyah


Economist

I Made Adi Saputra


Fixed Income Analyst

Thendra Crisnanda


Analyst

Automotive, Construction, Property

Yasmin Soulisa


Analyst

Cement, Infrastructure,

Coal Mining, Metal Mining, Plantation, Oil & Gas

Ankga Adiwirasta

ext. 3986 [email protected] Analyst

Consumer Goods, Pharmaceutical, Retail

Richard Jerry


Analyst

Banking, Telecommunication

Dessy Lapagu


Research Assistant

Poultry

Venia Allani Meissalina


Research Assistant

Thennesia Debora


Research Assistant

Indah Lestari


Research Assistant

Transportation

EQUITY TEAM

: +62 21 25543946

Fax No

: +62 21 57935831

CM

Norico Gaman


Equity Division Head (PJS)

Jufrani Amsal


Channel Distribution Division Head

Entis Sutisman


Head of Local Institution

Chandrawati


Head of HO Retail

Yulinda


Institutional Sales

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MAIN OFFICE ‐ JAKARTA PT BNI SECURITIES Sudirman Plaza, Indofood Tower 16th Floor, Jl. Jend. Sudirman Kav. 76‐78 Jakarta 12910, Indonesia Phone: (62‐21) 25543946 (Hunting) Fax: (62‐21) 57935831 e‐mail: [email protected] (General) Website: http://www.bnisecurities.co.id JAKARTA – PT BNI Securities Sudirman Plaza Indofood Tower Lt.16 Jl. Jend. Sudirman Kav. 76‐78 Jakarta 12910 Phone: (62‐21) 25543946 Fax: (62‐21) 57935831 e‐mail: [email protected] JAKARTA ‐ Mangga Dua Pertokoan Mangga Dua Blok E4 No. 7 Jl. Mangga Dua Raya, Jakarta Utara Phone: (62‐21) 6123804‐5,62203890 Fax: (62‐21) 6123806 e‐mail: [email protected] JAKARTA ‐ Puri Indah Ruko Puri Kencana Blok K6 ‐ 2K Lt.2 Puri Kembangan, Jakarta Barat Phone: (62‐21) 58357464 Fax: (62‐21) 58357465 e‐mail: [email protected] JAKARTA ‐ Central Park Central Park, Office Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Grogol Petamburan Phone: (62‐21) 29034215 Fax: (62‐21) 29034216 email: [email protected] BANDUNG Jl. Perintis Kemerdekaan 3 Bandung ‐ 40117 Phone: (62‐22) 4213375 Fax: (62‐22) 4220604 e‐mail: [email protected] YOGYAKARTA Jl. Laksda Adisucipto 137, Yogyakarta ‐ 55282 Phone: (62‐274) 581001‐584032 Fax: (62‐274) 584023 e‐mail: [email protected] SOLO Jl. Honggo Wongso No. 24, Surakarta Phone: (62‐271) 729667, 730525 Fax: (62‐271) 729668 e‐mail: [email protected] SURABAYA Jl. Gubernur Suryo No. 36, Surabaya Phone: (62‐31) 5320912 Fax: (62‐31) 5318425 e‐mail: [email protected]

MALANG Jl. Buring No. 58, Malang Phone: (62‐341) 321214,321213,321430 Fax: (62‐341) 356876 e‐mail: [email protected] DENPASAR Komplek Pertokoan Diponegoro Megah Blok A5‐6 Lantai 2 Jl. Diponegoro No. 100, Denpasar ‐ Bali Phone: (62‐361) 264376, 2753389 Fax: (62‐361) 229170 e‐mail: [email protected] MEDAN Jl. Pemuda No. 12, Medan ‐ 20151 Phone: (62‐61) 4579616 Fax: (62‐61) 4579656 e‐mail: [email protected] PALEMBANG Jl. Jend. Sudirman 132, Palembang ‐ 30126 Phone: (62‐711) 361969 Fax: (62‐711) 319663 e‐mail: [email protected] PEKANBARU Jl. Riau, No. 124, Lt. 2, Pekanbaru Phone: (62‐761) 46757, 839698 Fax: (62‐761) 856279 e‐mail: [email protected] MANADO BNI KLN Megamas, Lt. 3, Kawasan Mega Mas Blok I C1 Jl. Piere Tendean, No. 20, Manado Phone: (62‐431) 847256 Fax: (62‐24) 847256 e‐mail: [email protected] ACEH Kantor Cabang BNI Banda Aceh Lt.2 Jl. KH. Ahmad Dahlan No. 111, Banda Aceh Phone: (62‐651) 31109 Fax: (62‐651) 31107 BANJARMASIN Gd. Bank BNI Antasari Lt. 2 Jl. Pangeran Antasari No. 44 RT 008, Banjarmasin Phone: (62‐511) 3253735 Fax: (62‐651) 3253754 e‐mail: [email protected]

Copyright 2009, BNI Securities. All rights reserved. This research report is prepared for the use of BNI Securities clients and may not be redistributed, retransmitted or disclosed, in whole or in part, or in any form or manner, without the express written consent of BNI Securities. BNI Securities research reports are distributed simultaneously to internal and client websites eligible to receive such research prior to any public dissemination by BNI Securities of the research report or information or opinion contained therein. Any unauthorized use or disclosure is prohibited. Receipt and review of this research report constitutes your agreement not to redistribute, retransmit, or disclose to others the contents, opinions, conclusion, or information contained in this report (including any investment recommendations, estimates or price targets) prior to BNI Securities's public disclosure of such information. The information herein (other than disclosure information relating to BNI Securities and its affiliates) was obtained from various sources and we do not guarantee its accuracy. BNI Securities makes no representations or warranties whatsoever as to the data and information provided in any third party referenced website and shall have no liability or responsibility arising out of or in connection with any such referenced website. his document is not intended to be an offer, or a satisfaction of an offer, to buy or sell relevant securities (i.e. securities mentioned herein or of the same issuer and options, warrants or rights to or interest in any such securities). The information and opinions contained in this document have been compiled from or arrived at in good faith from sources believed to be reliable. No representation or warranty, expressed or implied, is made by BNI SECURITIES or any other member of the BNI Group, including any other member of the BNI Group from whom this document may be received, as to the accuracy or completeness of the information contained herein. All opinions and estimates in this report constitute our judgment as of this date and are subject to change without notice.

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