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

27 November, 2014

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

17,827.75 2,072.83 4,787.32 55,098.47

12.81 5.8 29.066 -462.34

0.07 0.28 0.61 -0.83

7.55 12.14 14.62 6.97

15.92 18.33 75.91 18.99

6,729.17 4,373.42 10,331.29 10,647.00 19,938.42 423.97 9,058.94

-1.97 -8.89 56.42 -52.6 -71.41 0.79 16.2

-0.03 -0.20 0.55 -0.49 -0.36 0.19 0.18

(0.30) 1.80 1.52 7.36 5.12 5.52 10.43

19.20 26.20 4.32 21.77 483.44 21.38 20.61

17,321.65 24,111.98 2,604.35 9,164.55 1,986.56 5,133.04 1,591.00 7,356.59 28,386.19

-61.93 268.07 36.748 42.16 5.72 14.091 -5.8 69.74 48.14

-0.36 1.12 1.43 0.46 0.29 0.28 -0.36 0.96 0.17

6.32 3.46 23.08 6.42 (1.23) 20.09 22.51 24.90 34.08

21.23 10.42 12.39 15.19 31.82 19.78 17.69 21.18 19.74

3,349.66

4.67

0.14

5.75

13.59

Terakhir Sebelumnya 5,122.66 5,111.69 4,838.00 5,236.04 3,915.00 5,114.04 809.22 976.70

%Prb 0.21 -7.60 -23.45 -17.15

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

260,852.13

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)

389,793.25

-33.08

Terakhir Sebelumnya 16,350.00 16,525.00 6,571.00 6,606.00 20,275.00 20,200.00 73.69 74.14 4.43 4.35 62.65 62.09 1,199.33 1,197.90 755.00 745.00 2,240.00 2,217.00

%Prb -1.06 -0.53 0.37 -0.61 1.82 0.89 0.12 1.34 1.04

PERKIRAAN PASAR HARI INI

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

Stock BBRI IJ TLKM IJ JSMR IJ SIAP IJ EXCL IJ

Top Value (IDR) 200,530,264,064 190,452,793,344 188,068,773,888 154,910,752,768 132,230,209,536

No 1 2 3 4 5

Stock CPRO IJ SIAP IJ BWPT IJ KIJA IJ BUMI IJ

Top Volume (Shares) 846,661,200.00 565,551,900.00 172,291,900.00 169,012,800.00 144,358,300.00

No 1 2 3 4 5

Top Gainers PADI IJ TGKA IJ INDR IJ NIPS IJ NELY IJ

% change 24.51 22.14 20 18.42 13.64

No 1 2 3 4 5

Top Losers CPRO IJ GTBO IJ AHAP IJ MAYA IJ POLY IJ

% change -15.07 -8.91 -7.69 -6.67 -5.68

No Leading Movers 1 ASII IJ 2 BBRI IJ 3 TLKM IJ 4 GGRM IJ 5 UNTR IJ

% change 1.81 1.77 1.08 1.63 2.68

No Lagging Movers 1 EXCL IJ 2 JSMR IJ 3 SCMA IJ 4 INDF IJ 5 TBIG IJ

% change -5.14 -3.25 -2.69 -1.48 -1.86

(*) WTI Cushing

14,990 5,000

(**) McCloskey Newscatle ADR Stocks Saham Telkom

Bloomberg Code Kode TLK US

Terakhir Terakhir % Konversi (Rp) (US$) Prb (Rp) Last (US$) %Change Conv (Rp) Last (Rp) 46.37 2.11 13,804.64 2,815.00

12,310

4,500

9,630

4,000

6,950

3,500

3,000 1-Jan

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

4,270

1,590 11-Mar Volume (RHS) (Bn Shares)

20-May JCI (LHS)

29-Jul

Laporan Harian – 27 November, 2014

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 kemarin menguat, Dow +0.07% ke level 17,828 Nasdaq +0.6% ke level 4,787 dan S&P500 +0.29% di level 2,073. Laporan Durable Goods Order naik +0.4% per Oktober 2014 dari sebelumnya turun ‐0.9%, melebihi ekspektasi ‐0.5% yang merupakan kabar baik bagi investor. Sementara Klaim Pengangguran US naik menjadi 313 ribu per November 2014 dari sebelumnya 292 ribu. Belum ada faktor khusus yang menjelaskan kenaikan tersebut. Untuk Penjualan Rumah Baru US dilaporkan naik menjadi 458 ribu dari sebelumnya 455 ribu. Secara keseluruhan indikator perekonomian US menunjukkan hasil yang baik, menujukkan ketahanan yang cukup kuat. Pada kawasan Eropa indeks bergerak fluktuatif, FTSE London ‐0.03% DAX Frankfurt +0.56% CAC Paris ‐0.21%. Sentimen datang dari GDP US yang naik menjadi 3.9% dari sebelumnya 3.5%. Sementara pada bursa Asia, Nikkei ‐0.35% HangSeng +1.12% dan Shanghai Index +1.42%. Untuk IHSG, rabu menguat tipis +0.3% ke level 5,133 dengan net buy asing Rp261 miliar. Penguatan sektor dipimpin aneka industri +1.6% dan sektor keuangan +0.7%, sementara USD/IDR menyentuh level Rp12,152. Harga minyak dunia diperkirakan akan turun menjelang spekulasi pertemuan OPEC. Pergerakan IHSG hari ini diperkirakan akan naik, namun dibayangi aksi profit taking dari investor, melanjutkan penguatan IHSG kemarin. Fokus investor berikutnya Klaim Pengangguran Jerman, Inflasi Jerman. Indeks hari ini diperkirakan akan bergerak pada rentang 5,110‐5,160 dengan potensi penutupan melemah tipis. Saham pilihan BBNI KLBF EXCL ADRO SIAP TAXI. Analyst: Dessy Lapagu ([email protected])

2


R I N G K A S A N B E R I T A •

Emiten telekomunikasi, PT Telekomunikasi Indonesia Tbk (TLKM) atau Telkom Group, berupaya untuk menjaga potensi penurunan margin profitabilitas sebesar 1%‐2% yang mungkit terjadi tahun depan. Komitmen perseroan untuk mengembangkan bisnis digital services diperkirakan akan menekan laba perseroan.

•

PT Bumi Resources Tbk (BUMI), emiten batu bara thermal terbesar di Indonesia, memproyeksikan kinerja keuangan yang negatif hingga akhir 2014 seiring dengan tren pelemahan harga batu bara. Selain itu, kinerja keuangan perseroan juga masih terbebani beban keuangan yang cukup besar. Perusahaan batubara terbesar di Indonesia milik keluarga Bakrie, akan merestrukturisasi utang secara besar‐besaran mulai tahun depan. Nilai restrukturisasi utang tersebut mencapai US$ 3,7 miliar atau sekitar Rp 45 triliun.

•

Dua emiten penyiaran, PT Surya Citra Media Tbk (SCMA) dan PT Visi Media Asia Tbk (VIVA) mengincar pendapatan iklannya tumbuh sekitar 8%‐11% pada tahun depan. Angka pertumbuhan tidak signifikan, sebab belanja iklan pada tahun depan diperkirakan hanya naik tipis karena kondisi ekonomi.

•

Charoen Pokphand pesimistis laba bersih tahun ini Rp 2 triliun. Selama sembilan bulan tahun ini, laba bersih perseroan tercatat mengalami penurunan hingga 20% dibandingkan periode sembilan bulan tahun lalu.

•

Semen Baturaja siapkan Rp900 miliar untuk tingkatkan kapasitas. Perseroan sedang mencari dana eksternal sebesar Rp 600 miliar untuk menutupi kekurangan terkait biaya investasi pabrik baru.

•

Jasa Marga bentuk anak usaha untuk tol Medan‐Kualanamu. Tol Medan‐Kualanamu merupakan bagian dari ruas tol Medan‐Tebingtinggi, yang masuk dalam tol Trans Sumatera.

•

Emiten distribusi produk teknologi informasi, PT Metrodata Electronics Tbk (MTDL), akan menggandeng tiga hingga empat vendor smartphone tahun depan. Kontribusi dari penjualan smartphone diharapkan bisa mencapai 50% dari capaian 20% tahun ini.

•

PT Salim Ivomas Pratama Tbk (SIMP), emiten produsen hilir minyak sawit, memperoleh pinjaman sebesar Rp 800 miliar dari induk usaha, Indofood Agri Resources Ltd. Menurut direksi perusahaan, pinjaman tersebut akan digunakan untuk membayar utang jatuh tempo.

•

PT Verena Multi Finance Tbk (VRNA) segera melakukan pembayaran pokok Medium Term Notes (MTN) sebesar Rp 200 miliar yang jatuh tempo pada 15 Desember 2014. Dana yang digunakan bersumber dari deposito atau piutang yang dijaminkan.

•

PT Summarecon Agung Tbk (SMRA) memprediksi mampu merealisasikan penjualan pemasaran (marketing sales) unit properti lebih dari Rp 4,5 triliun hingga akhir tahun ini. Lonjakan marketing sales didukung oleh kesuksesan perseroan dalam memasarkan unit Apartemen Midtown Serpong.

•

Porsi kontribusi bisnis ritel yang masih kecil memicu PT Catur Sentosa Adiprana Tbk (CSAP)

3


melanjutkan strategi tahun ini. Untuk target tahun depan perusahaan itu masih ingin fokus menggenjot pasar ritel. •

Tak heran jika mayoritas alokasi dana belanja modal tahun 2015 masuk ke keranjang ekspansi pasar ritel. Catur Sentosa berencana memakai Rp 150 miliar dari total alokasi belanja modal Rp 200 miliar untuk menambah tiga gerai Mitra 10.

•

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

4


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

EPS Growth 1 Year

PER FY14F

PBV FY14F

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

88,442 94,015 3,709 17,318 50,871

13.96 13.67 8.93 15.36 12.98

2.97 3.40 1.35 2.06 2.44

11.31 11.22 16.05 11.19 12.44

1.24 1.22 0.56 1.37 1.10

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

Transportation GIAA IJ Equity TAXI IJ Equity Average

10,912,960,072,000 3,819,168,000,000

8.50 30.00 19.25

11.05 27.00 19.03

289,457 9,706 149,582

13.11 30.47 21.79

2.75 1.58 2.16

Banking BBCA IJ Equity BBNI IJ Equity BBRI IJ Equity BMRI IJ Equity Average Cement INTP IJ Equity SMGR IJ Equity SMBR IJ Equity SMCB IJ Equity Average

Automotive ASII IJ Equity IMAS IJ Equity Average

PEG DER (x) ROE (%) Ratio

Rec

TP (Rp/share)

Total Return 1 Year in 2013

% of Free Float Shares

17.00 24.00 35.00 22.20 24.55

BUY HOLD BUY BUY

12,850 5,200 12,500 11,500

1.11 7.43 10.52 2.16 5.30

50.83 39.78 43.25 40.00

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

1.86 0.88 1.37

1.08 0.10 0.59

7.20 16.20 11.70

HOLD HOLD

5,000 2,800

‐12.77 22.01 4.62

33.52 48.81

0.83 5.57 3.20

1.30 0.90 1.10

0.20 0.10 0.15

8.20 32.00 20.10

HOLD Suspend Coverage

500

‐25.54 106.05 40.26

27.97 49.00

9.83 44.88 27.36

1.33 0.68 1.01

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

Market Capitalization

EPS Growth 1 Year

PER FY14F

PBV FY14F


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

21.66 11.14 19.79 18.01 17.31 25.53 18.91

4.24 2.27 5.06 3.14 3.87 5.05 3.94

24.75 25.37 34.95 25.66 21.80 29.62 27.03

0.88 0.44 0.57 0.70 0.79 0.86 0.71

0.41 0.95 0.77 0.68 0.12 0.80 0.62

Infrastructure PGAS IJ Equity JSMR IJ Equity Average

146,055 44,200 95,128

14.24 24.26 19.25

3.81 3.93 3.87

4.86 15.60 10.23

2.93 1.55 2.24

8,281 2,927 168 3,616

‐78.92 399.80 792.35 ‐ 13.74

30.80 17.48 5.17 1.49 0.77

0.71 1.37 0.66 0.35 371.08

8,803 8,804 8,805 8,806 8,807 8,808 8,809 8,810 8,811 8,812 8,813 8,814 8,815 8,816 8,809

6.38 7.03 6.06 11.34 11.61 9.44 7.82 9.77 6.95 6.96 11.12 14.82 14.17 7.80 9.38

1.34 0.99 0.46 2.07 2.28 1.31 1.78 1.75 1.30 0.83 3.36 1.71 3.23 0.90 1.66

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

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

Rec

TP (Rp/share)



19.59 20.39 25.59 17.43 22.34 19.80 20.86

HOLD BUY HOLD BUY HOLD HOLD

2,950 3,150 2,825 1,150 1,000 1,060

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

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

‐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

0.69 0.35 0.09 ‐0.67 0.53 0.28 0.36 0.28 0.18 ‐0.57 0.71 ‐1.95 1.30 0.21 0.13

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 HOLD HOLD HOLD HOLD BUY BUY

485 395 ‐ 1,820 1,280 780 2,950 520 870 435 465 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

5


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

EPS Growth 1 Year

PER FY14F

PBV FY14F


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

31.17 16.71 9.70 5.13 6.48 92.95 27.02

17.02 21.81 15.37 31.39 24.05 11.00 20.11

3.55 1.96 1.82 1.42 0.81 2.86 2.07

0.55 1.31 1.58 6.12 3.71 0.12 2.23

0.34 2.07 0.16 0.80 0.70 2.38 1.08

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

‐55.71 197.27 16.01 10.88

63.19 29.10 11.43 28.44

0.89 1.90 1.38 1.26

‐1.13 0.15 0.71 2.49

Mining ADRO IJ Equity HRUM IJ Equity ITMG IJ Equity PTBA IJ Equity Average

36,943,786,110,000 5,704,638,200,000 29,858,268,125,000 25,633,466,831,250

50.59 ‐38.53 15.28 9.40 9.19

10.06 19.97 10.35 15.12 13.88

1.00 1.28 2.50 4.06 2.21

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

10.65 15.34 15.72 14.05 10.25 40.06 12.33

35.74 19.01 31.60 23.89 22.00 48.81 21.58

16.91

28.95

Consumer UNVR IJ Equity INDF IJ Equity ICBP IJ Equity MYOR IJ Equity AISA IJ Equity ROTI IJ Equity GGRM IJ Equity Average

Rec

TP (Rp/share)



20.84 8.97 11.88 4.54 3.38 25.96 12.60

BUY BUY BUY HOLD BUY BUY

30,625 1,620 2,180 2,270 985 7,450

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

0.79 0.33 0.74 0.75

1.41 6.55 12.07 4.91

BUY BUY BUY

1,360 4,630 1,695

‐16.70 ‐3.55 ‐3.29 ‐7.85

34.99 20.49 35.00

0.20 ‐0.52 0.68 1.61 0.49

0.73 0.16 0.41 0.74 0.51

9.96 6.41 24.10 24.36 16.21

HOLD HOLD HOLD HOLD

1,230 2,340 30,850 12,000

‐38.62 ‐56.30 ‐28.99 ‐37.08 ‐40.25

40.92 29.51 34.99 29.98

39.20 2.74 5.19 7.18 3.10 7.94 2.98

2.71 2.04 2.01 1.70 1.22 1.22 1.75

0.26 0.54 0.10 1.12 0.89 0.45 0.31

99.40 13.63 20.60 31.00 16.61 21.50 15.80

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

15.01 49.92 19.47 66.93 53.37 29.25 23.53

9.76

1.81

0.52

31.22

Market Capitalization

EPS Growth 1 Year

PER FY14F

PBV FY14F


Pharmaceutical KLBF IJ Equity KAEF IJ Equity Average

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

10.67 19.40 17.40

32.65 21.16 26.90

8.65 2.82 5.74

2.12 1.09 1.61

0.03 0.02 0.02

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

Poultry CPIN IJ Equity JPFA IJ Equity MAIN IJ Equity Average

68,215,680,000,000 16,417,205,281,400 5,940,975,000,000

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

27.81

Rec

TP (Rp/share)



26.30 12.40 19.35

HOLD HOLD

1,745 1,200

29.77 ‐23.30 3.23

43.37 9.97

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

1.81

35.88

BUY BUY BUY

4,570 1,740 4,000

44.47 42.49 40.90

1.81

35.88

‐3.30 1.32 26.18 8.06

6


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, Banking, Telco, Cement, Airline

Heru Irvansyah


Economist

I Made Adi Saputra


Fixed Income Analyst

Thendra Crisnanda


Analyst

Automotive, Heavy Equipment, Property, Infrastructure, Oil and Gas

Yasmin Soulisa


Analyst

Coal and Metal Mining, Plantation

Andri Zakarias


Technical Analyst

Market Strategy, Commodities, Currency, Bond & Stocks

Ankga Adiwirasta

ext. 3986 [email protected] Research Analyst

Venia Allani Meissalina


Research Assistant

Dessy Lapagu


Research Assistant Poultry

Consumer Goods, Pharmaceutical

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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