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

22 Juli, 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

17,051.73 1,973.63 4,424.70 57,633.92

-48.45 -4.59 -7.442 621.02

-0.28 -0.23 -0.17 1.09

2.87 6.78 5.94 11.89

15.87 18.29 35.16 17.81

6,728.44 4,304.74 9,300.57 10,482.00 20,431.20 403.71 8,513.96

-21.01 -30.57 -257.28 -45 -305.92 -0.69 2.53

-0.31 -0.71 -2.69 -0.43 -1.48 -0.17 0.03

(0.31) 0.20 (8.61) 5.70 7.72 0.48 3.79

19.33 25.19 5.18 22.68 #N/A N/A 21.02 18.85

15,310.73 23,387.14 2,054.48 9,440.97 2,021.56 5,127.12 1,538.55 6,874.88 25,715.17

95.02 -67.65 -4.588 40 3.06 40.109 5.14 21.81 73.61

0.62 -0.29 -0.22 0.43 0.15 0.79 0.34 0.32 0.29

(6.02) 0.35 (2.91) 9.63 0.51 19.96 18.47 16.72 21.47

20.17 10.91 10.04 19.70 #N/A N/A 20.74 18.07 21.74 18.59

3.74

0.11

4.64

14.04

Terakhir Sebelumnya 5,082.86 5,044.10 4,807.17 3,368.24 5,448.70 3,921.45 1,133.45 1,164.24

%Prb 0.008 0.43 0.39 -0.03

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

3,314.27

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

(22,799.63)

472,755.38

-1.05

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 18,825.00 18,660.00 7,025.00 6,985.00 22,200.00 22,100.00 104.59 103.13 3.57 3.58 68.15 69.65 1,311.57 1,312.55 820.00 820.00 2,296.00 2,309.00

%Prb 0.88 0.57 0.45 1.42 -0.26 -2.15 -0.07 0.00 -0.56

PERKIRAAN PASAR HARI INI

IHSG masih berpotensi menguat terpengaruh sentimen dalam negeri No 1 2 3 4 5

Stock BBRI IJ BMRI IJ TRAM IJ ADHI IJ ASII IJ

Top Value (IDR) 409,418,858,496 340,540,751,872 283,117,092,864 199,980,711,936 190,460,313,600

No 1 2 3 4 5

Stock BKSL IJ APLN IJ ASRI IJ META IJ ENRG IJ

Top Volume (Shares) 440,566,000.00 230,185,000.00 175,380,600.00 153,591,000.00 129,055,500.00

No 1 2 3 4 5

Top Gainers MYTX IJ RBMS IJ INPP IJ BKDP IJ YULE IJ

% change 18.64 18.52 11.11 8.96 8.7

No 1 2 3 4 5

Top Losers GTBO IJ LAMI IJ WAPO IJ CPGT IJ ASGR IJ

% change -11.76 -10.43 -8.82 -8.49 -8.43

No Leading Movers 1 NISP IJ 2 KLBF IJ 3 ADRO IJ 4 INVS IJ 5 INCO IJ

% change 6.87 1.23 1.96 5.21 1.29

No Lagging Movers 1 TLKM IJ 2 BMRI IJ 3 BBRI IJ 4 ASII IJ 5 UNVR IJ

% change -5.81 -4.94 -3.87 -2.60 -2.95

(*) WTI Cushing

14,990

(**) McCloskey Newscatle ADR Stocks

5,000

Bloomberg Code

Terakhir Terakhir % Konversi (Rp) (US$) Prb (Rp) Last (US$) %Change Conv (Rp) Last (Rp) 46.67 0.02 13,493.46 2,695.00

Saham Kode Telkom TLK US *) per share **) 1 ADR TLK US = 40 ordinary shares TLKM

12,310

4,500

9,630

4,000

6,950

3,500

4,270

3,000 1-Jan

**) 1 ADR IIT US = 50 ordinary shares ISAT

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

1,590 11-Mar

20-May Volume (RHS) (Bn Shares)

29-Jul

7-Oct JCI (LHS)

16-Dec

Laporan Harian – 22 Juli, 2014

P E R K I R A A N P A S A R H A R I I N I IHSG masih berpotensi menguat terpengaruh sentimen dalam negeri

Perdagangan bursa US kemarin mayoritas melemah Dow ditutup ‐ 0.28% ke level 17,052 Nasdaq ‐0.16% ke level 4,425 serta S&P500 ‐ 0.21% ke level 1,974. Indeks global terkoreksi masih akibat ketegangan yang terjadi di Jalur Gaza serta fokus ketidakstujuan masyarakat dunia terhadap sikap Presiden Vladimr Putin dalam menyikapi kecelakaan Malaysia Airlines. Pada kawasan Eropa, DAX Frankfurt ‐1.11% CAC Paris +0.7% dan FTSE London ‐0.32%. Meski demikian, negara‐negara Eropa mencoba untuk tetap menjaga situasi kondusif, terlebih 20‐30% ekspor Eropa ditujukan ke Russia, sehingga ketegangan ini dikhawatirkan akan mempengaruhi perekonomian di Eropa. Pada bursa Asia, indeks fluktuatif. Nikkei +0.69% HangSeng ‐0.29% dan Shanghai ‐0.25%. Untuk IHSG, senin menguat sepanjang perdagangan dan ditutup +0.8% ke level 5,127 dengan net sell asing Rp23 miliar. Penguatan terjadi di semua sektor dan dipimpin oleh property +2.6% serta industri dasar +1.1%. Untuk perdagangan hari ini IHSG diperkirakan masih akan terus menguat, investor masih melakukan akumulasi beli menjelang pengumuman hasil pengumuman pemilu presiden oleh KPU hari ini 22 Juli 2014. Investor disarankan melakukan trading jangka pendek terlebih belum ada faktor signifikan yang akan mengangkat IHSG. Fokus investor berikutnya adalah inflasi US dan laporan penjualan rumah jadi US. Indeks hari ini diperkirakan akan bergerak pada rentang 5,100‐5,140 dengan saham pilihan BBCA ASII SMGR KLBF ADHI CTRP. Analyst: Dessy Lapagu ([email protected])

2


R I N G K A S A N B E R I T A •

Anak Usaha Nusa Konstruksi Bangun Pabrik Pembangkit Rp 260 Miliar. Proyek pertama Inti Duta Energi berupa pembangkit listrik mini hidro menurut rencana akan dibangun di Jawa dengan kapasitas 5 megawatt.

•

Bukit Asam mencatat kenaikan volume penjualan batubara sebesar 1,01% menjadi 8,83 juta ton pada semester I 2014 dibanding periode yang sama 2013 sebesar 8,74 juta ton.

•

Jasa Marga Siapkan Rp 6 Triliun Bangun Tol Medan‐Tebing Tinggi. Saat ini perseroan masih dalam proses penjajakan dengan beberapa perbankan nasional untuk mendapatkan pinjaman sindikasi.

•

Bank Tabungan Pensiunan Nasional Syariah (BTPN Syariah), anak usaha PT Bank Tabungan Pensiunan Nasional Tbk (BTPN), mengumumkan bahwa sistem core banking yang diimplementasikan oleh Anabatic Technologies telah mulai dioperasikan minggu ini. Sistem core banking ini merupakan bagian dari solusi teknologi informasi (TI) Temenos yang dikenal sebagai T24 yang diperuntukkan bagi perbankan syariah.

•

PT Indosat Tbk (ISAT), emiten telekomunikasi, telah menyiapkan kapasitas jaringan untuk semua jenis layanannya khusus mengantisipasi potensi kenaikan trafik telekomunikasi selama musim Lebaran 2014. Untuk layanan voice/suara disiapkan kapasitas sebesar 1,08 milyar menit percakapan/hari atau 18 juta Erlang/hari. Untuk kapasitas layanan SMS disiapkan 1,45 milyar SMS/hari dan untuk kapasitas layanan data disiapkan 335 TeraByte/hari.

•

Kebutuhan dana tunai oleh masyarakat saat Lebaran menjadi prioritas pelayanan PT Bank Rakyat Indonesia (Persero) Tbk (BBRI). Pada Lebaran kali ini, yang diperkirakan jatuh pada tanggal 28‐29 Juli 2014, BRI menyiagakan dana tunai sebesar Rp 25,5 triliun.

•

PT Bank Tabungan Negara (BTN) menyebutkan rasio kredit macet atau NPL semester pertama tahun ini sebesar 5,01%.

•

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 PBV 1 Year FY14F FY14F

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

12,000 5,200 12,500 11,500

1.11 7.43 10.52 2.16 5.30

50.83 39.78 43.25 40.00

85,221 88,825 4,132 20,460 49,659

15.54 15.20 10.36 17.08 14.55

3.43 3.87 1.52 2.18 2.75

9.33 9.01 27.70 26.02 18.02

1.67 1.69 0.37 0.66 1.10

0.01 0.20 0.03 0.42 0.16

22.07 25.47 14.70 12.77 18.75

HOLD BUY BUY HOLD

25,051 16,850 580 2,700

‐1.64 ‐15.26 ‐ ‐12.32 ‐9.76

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

HOLD BUY

5,000 2,800

‐12.77 22.01 4.62

33.52 48.81

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

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 BUY

500 2,500

‐25.54 106.05 40.26

27.97 49.00

291,482 13,177 152,329

14.75 18.34 16.54

3.37 2.39 2.88

7.46 60.96 34.21

1.98 0.30 1.14

0.80 1.67 1.23

22.82 14.95 18.88

HOLD HOLD

7,600 4,950

‐6.99 ‐3.66 ‐5.32

49.85 10.46

Rec

TP (Rp/share)



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

Automotive ASII IJ Equity IMAS IJ Equity Average

Market Capitalization

EPS Growth PER PBV 1 Year FY14F FY14F

PEG DER (x) ROE (%) Ratio

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

14,127 5,503 8,959 6,654 2,830 6,667 7,457

19.93 12.91 17.33 16.52 14.43 22.27 17.23

3.94 3.09 4.07 2.58 3.55 4.73 3.66

24.34 4.98 23.57 9.42 0.98 23.25 14.42

0.82 2.59 0.74 1.75 14.68 0.96 3.59

0.41 0.95 0.77 0.68 0.19 0.80 0.63

19.78 23.91 23.48 15.62 24.59 21.23 21.44

HOLD HOLD BUY BUY BUY HOLD

2,250 2,925 2,150 800 1,040 875

‐17.42 ‐19.81 7.54 ‐32.80 #N/A N/A ‐46.26 15.87

34.65 49.00 42.84 32.08 100.00 33.84

Infrastructure PGAS IJ Equity JSMR IJ Equity Average

126,662 40,460 126,662

12.95 24.38 12.95

3.84 3.96 3.84

‐0.27 24.19 ‐0.27

‐48.20 1.01 ‐48.20

0.43 1.43 0.43

29.63 16.26 29.63

BUY HOLD

6,200 6,450

11.55 ‐11.56 11.55

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

HOLD HOLD Not Rated Not Rated

1,835 242 ‐ ‐

60.63 132.82 12.63 ‐19.83 46.56

49.14 34.29 39.35 93.46

9,746 5,535 4,364 28,385 16,379 4,520 4,917 4,767 3,341 5,590 18,638 23,539 17,601 4,950 10,877

6.78 5.85 10.90 13.86 13.64 12.04 9.28 6.88 4.88 3.98 12.40 15.10 15.11 7.57 9.88

1.57 0.87 0.72 2.54 2.45 1.10 2.04 1.60 1.29 1.16 3.97 2.02 3.57 0.96 1.85

64.04 0.11 11.05 0.53 ‐36.00 ‐0.30 ‐23.93 ‐0.58 23.55 0.58 ‐10.92 ‐1.10 31.03 0.30 ‐7.00 ‐0.98 ‐0.34 ‐14.18 ‐42.69 ‐0.09 32.38 0.38 26.89 0.56 4.79 3.16 547.87 0.01 44.34 ‐0.83

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 0.65 0.54

23.16 14.83 6.60 18.34 17.95 9.17 22.00 23.30 26.34 29.15 32.02 13.34 23.59 12.62 19.46

HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD HOLD

560 285 210 1,720 1,100 780 2,800 520 870 435 410 1,225 1,250 240

‐52.64 ‐43.37 ‐52.79 ‐28.69 ‐30.37 ‐49.64 ‐36.51 ‐46.07 ‐57.23 ‐20.53 ‐8.35 ‐43.89 ‐10.21 ‐39.25 ‐11.20

49.71 29.93 65.60 39.88 61.24 43.75 37.34 38.54 72.16 64.04 43.45 82.12 67.77 80.03

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

4


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

EPS Growth PER PBV PEG DER (x) ROE (%) 1 Year FY14F FY14F Ratio

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

20.71 16.71 12.44 1.39 6.48 11.41 11.52

21.45 33.09 20.86 37.95 29.71 15.95 26.50

4.18 2.97 2.53 1.66 0.87 2.14 2.39

1.04 1.98 1.68 27.30 4.58 1.40 6.33

0.34 2.07 0.16 0.80 0.70 1.22 0.88

19.50 8.97 12.14 4.38 3.38 13.44 10.30

BUY BUY BUY HOLD BUY BUY

30,150 1,570 2,650 2,425 1,050 7,850

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

2.06 6.72 16.01 10.88

29.58 50.87 14.55 28.44

0.82 1.25 1.76 1.26

14.36 7.57 0.91 2.49

0.90 0.33 0.74 0.75

3.18 2.45 12.07 4.91

HOLD HOLD BUY

1,300 2,610 1,840

‐16.70 ‐3.55 ‐3.29 ‐7.85

34.99 20.49 35.00

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

30,226,734,090,000 6,421,097,500,000 30,733,960,000,000 21,370,824,300,000

6.68

11.88

0.86

1.78

0.75

7.27

1,100

6.61 9.40 7.56

12.06 11.45 11.80

2.74 3.07 2.22

1.82 1.22 1.61

0.42 0.82 0.66

HOLD Not Rated 22.70 HOLD 26.82 HOLD 18.93

‐38.62 ‐56.30 ‐28.99 ‐37.08 ‐40.25

40.92 29.51 34.99 29.98

10.65 15.34 15.72 14.05 10.25 40.06 12.33

35.74 39.20 19.01 2.74 31.60 5.19 23.89 7.18 22.00 3.10 48.81 7.94 21.58 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

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

16.91

28.95

1.81

0.52

31.22

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

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

Average Market Capitalization

9.76

EPS Growth PER PBV PEG DER (x) ROE (%) 1 Year FY14F FY14F Ratio

BUY BUY HOLD HOLD BUY HOLD BUY

30,850 10,300

34,250 7,600 10,800 30,314 3,150 1,300 60,000

27.81 Rec

TP (Rp/share)



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

26.30 12.40 19.35

BUY BUY

1,745 995

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

1,222 5,370

22.72 ‐3.62 9.55

40.46 44.00

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

1.81

35.88

BUY BUY BUY

4,000 1,740 3,950

44.47 42.49 40.90

1.81

35.88

‐3.30 1.32 26.18 8.06

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, 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

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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