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

02 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

17,823.07 2,058.90 4,736.05 50,007.41

-160 -21.45 -41.385 -586.41

-0.89 -1.03 -0.87 -1.16

0.00 -

6,566.09 4,272.75 9,298.92 10,279.50 19,011.96 424.47 8,983.37

19.09 27.21 -280.34 0.3 -118.06 2.88 -51.18

0.29 0.64 -2.93 0.00 -0.62 0.68 -0.57

-

17,450.77 23,605.04 3,234.68 9,307.26 1,916.12 5,226.95 1,497.67 7,230.57 27,507.54

-279.07 103.94 68.863 38.83 0.53 48.574 -0.55 44.25 8.12

-1.57 0.44 2.18 0.42 0.03 0.94 -0.04 0.62 0.03

(0.00) 0.03 0.03

-0.96

-0.03

-

15.92 18.22 42.06 16.32

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

18.78 25.55 3.74 21.63 #N/A N/A 21.36 20.42

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

3,365.15

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

Terakhir Sebelumnya 5,228.04 5,179.39 #N/A N/A 3,245.89 #N/A N/A 3,044.08 #VALUE! 937.83

Net Asing (IDR Juta)

2,495,203.75

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)

21.39 9.98 15.45 15.39 28.43 20.96 9.79 20.83 19.27 13.65 %Prb 0.94 #VALUE! #VALUE! #VALUE!

(83,880.25)

-3,074.72

Terakhir Sebelumnya 15,150.00 15,075.00 6,300.00 6,325.00 19,400.00 19,365.00 53.27 54.12 3.76 4.55 62.75 61.78 1,187.08 1,181.98 702.50 740.00 2,266.00 2,284.00

%Prb 0.50 -0.40 0.18 -1.57 -17.36 1.54 0.43 -5.07 -0.79

(*) WTI Cushing (**) McCloskey Newscatle ADR Stocks Saham Telkom

Bloomberg Code Kode TLK US

Terakhir (US$) Last (US$) #N/A

Terakhir % Konversi (Rp) Prb (Rp) %Change Conv (Rp) Last (Rp) -0.35 14,026.95 #N/A

PERKIRAAN PASAR HARI INI

Indeks bursa saham Indonesia diprediksi bergerak menguat terbatas No 1 2 3 4 5

Stock ASII IJ ADHI IJ SIAP IJ TLKM IJ BBRI IJ

Top Value (IDR) 337,082,100,000 288,792,100,000 278,894,600,000 187,212,900,000 177,556,800,000

No 1 2 3 4 5

Stock SIAP IJ CPRO IJ APOL IJ DSFI IJ BUMI IJ

Top Volume (Shares) 601,708,500.00 525,294,700.00 216,489,400.00 183,596,000.00 169,751,100.00

No 1 2 3 4 5

Top Gainers BRAM IJ PLIN IJ MREI IJ SRAJ IJ MDIA IJ

% change 25 25 24.52 21.57 21.39

No 1 2 3 4 5

Top Losers BBLD IJ INVS IJ HOME IJ BTEK IJ YPAS IJ

% change -25 -24.89 -20 -16 -15.25

No Leading Movers 1 EMTK IJ 2 ICBP IJ 3 ASII IJ 4 UNVR IJ 5 PLIN IJ

% change 11.43 4.80 1.02 1.10 25.00

No Lagging Movers 1 BBLD IJ 2 GIAA IJ 3 BBCA IJ 4 INVS IJ 5 RODA IJ

% change -25.00 -4.31 -0.19 -24.89 -7.40 14,990

5,000

12,310

4,500

9,630

4,000

6,950

3,500

4,270

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 ‐ 02 Januari, 2015

P E R K I R A A N P A S A R H A R I I N I Indeks bursa saham Indonesia diprediksi bergerak menguat terbatas

Indeks Dow Jones pada perdagangan Rabu kemarin (31/12/2014) ditutup melemah 0,89% ke level 17.823,07 sementara indeks S&P 500 ditutup melemah 1,03% ke level 2.058,90. Indeks bergerak melemah dikarenakan sepinya sentimen positif yang ada menyongsong tutup tahun. Saham sektor energi menjadi pendorong pelemahan indeks, ditengah pelemahan harga minyak pada perdagangan hari Rabu kemarin. Meski ditutup melemah, indeks S&P selama satu tahun berhasil tumbuh dua digit sebesar 11,4%. Sementara itu, bursa Eropa pada penutupan Rabu kemarin ditutup sebagian besar dalam teritori positif. Indeks FTSE ditutup menguat sebesar 0,29% ke level 6.566,09 sementara indeks CAC 40 ditutup menguat 0,64% ke level 4.272,75. Pasar saham Jerman telah libur pada hari Rabu kemarin. Pasar bergerak menguat merespon sepinya perdagangan saham pada hari Rabu, ditengah pelemahan yang terjadi di nilai tukar euro yang menjadi katalis positif terhadap produk ekspor zona eropa. Sementara itu bursa Asia pada pagi hari ini dibuka dalam teritori negatif. Indeks ASX 200 Australia dibuka menguat 0,07% ke level 5.414,70. Pasar menguat seiring penguatan yang terjadi terhadap harga minyak. Minyak WTI diperdagangkan menguat 1,05 dollar ke level 54,32 dollar per barrel. Sementara indeks Nikkei pada hari ini tidak diperdagangkan dikarenakan libur nasional. Nilai tukar yen terhadap dollar AS melemah ke level 120,06 yang menjadi katalis positif terhadap produk ekspor Jepang. Sementara itu potensi penguatan diprediksi terjadi di bursa saham Indonesia. Sentimen dari penguatan bursa global dan Asia diprediksi berpengaruh terhadap Indeks IHSG. Sementara dari dalam negeri, momentum awal tahun diprediksi memberikan pengaruh positif terhadap IHSG. Indeks diprediksi akan berada di rentang 5.192‐5.244 dengan support di level 5.192, dengan saham pilihan diantaranya BMRI, ASII, BSDE, ADHI, SIAP, TLKM. Analyst: Ankga Adiwirasta ([email protected])

2


R I N G K A S A N B E R I T A •

Induk Bank Mutiara setujui penerbitan saham baru Rp 300 miliar. Penerbitan saham baru tersebut menggunakan skema tanpa hak memesan efek terlebih dahulu (non‐HMETD). Tujuannya, untuk memperkuat permodalan sebesar Rp 300 miliar padai 2015.

•

Garuda tambah utang Rp 1,36 triliun dari BRI. Dengan adanya pinjaman itu, liabilitas jangka pendek Garuda akan bertambah, maka beban biaya bunga juga akan meningkat.

•

Summarecon fokus kembangkan proyek di Bandung. Untuk membiayai pembangunan proyek selama 2015, Summarecon Agung menyiapkan belanja modal (apital expenditure) Rp 1,5 triliun.

•

Bumi Serpong Damai targetkan penjualan Rp 7,4 triliun. Untuk mendorong pencapaian target marketing sales, perseroan akan memasarkan proyek existing dan proyek baru pada 2015.

•

Sawit Sumbermas targetkan laba bersih tumbuh 30% setelah akuisisi. Perseroan memproyeksikan laba bersih hingga akhir 2014 mencapai Rp 735 miliar, tumbuh 16,4% dari 2013.

•

Metrodata proyeksikan pertumbuhan pendapatan 12% tahun ini. Untuk mencapai target pertumbuhan pendapatan, Metrodata menyiapkan belanja modal Rp 100 miliar.

•

PT Wijaya Karya Tbk (WIKA), emiten konstruksi, berencana melakukan penambahan modal yang disetorkan kepada anak usaha perseroan PT Wijaya Karya Realty (Wika Realty), senilai total Rp 300 miliar hingga 2015. Tambahan modal tersebut akan dimanfaatkan untuk mendorong kinerja Wika Realty.

•

Asuransi Jiwa Bersama (AJB) Bumiputera 1912, menargetkan premi sebesar Rp 500 miliar dari produk unit linked di 2015. Produk unit linked yang akan digenjot pemasarannya oleh perusahaan pada tahun depan yakni produk Mitra BP Link.

•

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

6


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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