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

21 Oktober, 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

PERKIRAAN PASAR HARI INI

P/E

16,399.67 1,904.01 4,316.07 54,302.57

19.26 17.25 57.636 -1421.22

0.12 0.91 1.35 -2.55

(1.07) 3.01 3.34 5.43

14.86 17.11 73.74 16.04

6,267.07 3,991.24 9,257.38 9,915.20 18,540.10 384.40 8,283.31

-43.22 -41.94 -53.39 -41.6 -160.88 -2.66 33.21

-0.68 -1.04 -0.57 -0.42 -0.86 -0.69 0.40

(7.14) (7.09) (9.04) (0.02) (2.25) (4.33) 0.98

15.65 24.48 3.04 19.59 164.61 19.32 19.23

15,062.19 23,070.26 2,356.73 8,663.14 1,911.78 5,040.53 1,526.67 7,057.53 26,429.85

-49.04 47.05 15.544 150.26 -18.28 11.586 -2.04 54.31 321.32

-0.32 0.20 0.66 1.77 -0.95 0.23 -0.13 0.78 1.23

(7.54) (1.01) 11.38 0.60 (4.95) 17.93 17.55 19.83 24.84

19.64 10.05 11.37 15.02 #N/A N/A 19.79 17.71 20.52 18.59

13.32

0.42

0.43

13.27

Terakhir Sebelumnya 5,024.32 5,013.13 4,192.00 4,415.23 6,152.00 7,341.40 1,467.56 1,662.74

%Prb 0.22 -5.06 -16.20 -11.74

IHSG diperkirakan bergerak mixed dengan kecenderungan melemah PERKEMBANGAN INDUSTRI / PERUSAHAAN

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

• PT Charoen Pokphand Indonesia (CPIN) memperoleh pinjaman US$ 350 juta. BUY. Analyst: Dessy Lapagu

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

3,181.05

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

760,617.50

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)

(691,306.00)

-210.03

Terakhir Sebelumnya 15,370.00 15,700.00 6,560.00 6,639.00 19,355.00 19,305.00 82.71 82.75 3.32 3.25 63.30 64.53 1,246.52 1,246.93 737.50 737.50 2,131.00 2,142.00

%Prb -2.10 -1.19 0.26 -0.05 2.15 -1.94 -0.03 0.00 -0.51

(*) WTI Cushing

No 1 2 3 4 5

Stock BBRI IJ TLKM IJ ASII IJ BMRI IJ BBNI IJ

Top Value (IDR) 488,139,456,512 481,179,369,472 472,179,474,432 385,859,846,144 272,457,089,024

No 1 2 3 4 5

Stock TLKM IJ LPKR IJ BKSL IJ ASRI IJ ADRO IJ

Top Volume (Shares) 168,034,000.00 153,565,900.00 148,674,500.00 137,169,100.00 124,940,700.00

No 1 2 3 4 5

Top Gainers TFCO IJ INPP IJ MPMX IJ ICON IJ PGLI IJ

% change 18.46 14.91 9.45 9.2 9

No 1 2 3 4 5

Top Losers TMAS IJ ADMF IJ RIGS IJ ZBRA IJ GMTD IJ

% change -7.8 -5.57 -5 -5 -4.76

No Leading Movers 1 BMRI IJ 2 TLKM IJ 3 EMTK IJ 4 INTP IJ 5 ASII IJ

% change 2.02 1.43 8.59 3.60 0.76

No Lagging Movers 1 UNVR IJ 2 GGRM IJ 3 ICBP IJ 4 EXCL IJ 5 PGAS IJ

% change -2.43 -2.02 -3.51 -3.33 -0.87

(**) McCloskey Newscatle ADR Stocks Saham Telkom *) per share

14,990

Bloomberg Code Kode TLK US

5,000

Terakhir Terakhir % Konversi (Rp) (US$) Prb (Rp) Last (US$) %Change Conv (Rp) Last (Rp) 47.07 1.69 13,840.71 2,845.00

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

29-Jul

Volume (RHS) (Bn Shares)

7-Oct JCI (LHS)

16-Dec

24-Feb

Laporan Harian – 21 Oktober, 2014

P E R K I R A A N P A S A R H A R I I N I IHSG diperkirakan bergerak mixed dengan kecenderungan melemah

Perdagangan bursa US kemarin positif, Dow +0.12% ke level 16,399 Nasdaq +1.35% ke level 4,315 dan S&P500 +0.91% di level 1,904, didukung oleh laporan keuangan kuartalan di atas ekspektasi, salah satunya saham Apple. Pada kawasan Eropa indeks melemah, FTSE London ‐0.68% DAX Frankfurt ‐1.5% CAC Paris ‐1.04%. Pelaku pasar bereaksi terhadap laporan pendapatan perusahaan yang kurang menggembirakan. Sementara data harga produsen Jerman stagnan dibandingkan bulan sebelumnya, namun ‐1% YoY. Data transaksi berjalan zona euro menunjukkan surplus yang mulai berkurang menjadi 18,9 miliar Euro (US$24,1 miliar) per Agustus 2014 dibandingkan bulan Juli 21,3 miliar euro. Sementara di bursa Asia, indeks fluktuatif. Nikkei ‐0.59% HangSeng +0.2% dan Shanghai Index +0.66%. Investor menunggu data PDB dan output industri China. Perekonomian China diperkirakan tumbuh 7.2% pada Juli‐September. Untuk IHSG, senin menguat tipis +0.2% ke level 5,040 dengan net buy asing Rp760 miliar. Penguatan sektor dipimpin perdagangan +1.5% dan aneka industri +0.8%, sementara USD/IDR berada pada posisi Rp12,025. IHSG yang sempat menguat sepanjang perdagangan hingga +72 poin, melemah tipis pada sesi 2 akibat aksi profit taking dari para investor. Euforia pelantikan presiden & wakil presiden terpilih Joko Widodo dan Jusuf Kalla kemarin telah selesai. Saat ini pelaku pasar berfokus pada kabinet Indonesia Hebat yang diharapkan akan diumumkan minggu ini. Kinerja pemerintahan yang baru akan menjadi perhatian utama para investor terutama isu akan adanya kenaikan tingkat suku bunga dan inflasi akibat efek kenaikan harga BBM mendatang. IHSG pada hari ini diperkirakan akan diwarnai aksi profit taking. Fokus investor berikutnya adalah laporan penjualan rumah jadi US. Indeks hari ini diperkirakan akan bergerak pada rentang 4,990‐ 5,100. Saham pilihan BBCA TLKM UNTR SCMA MPPA BEST. Analyst: Dessy Lapagu ([email protected])

2


R I N G K A S A N B E R I T A •

PT Pakuwon Jati Tbk (PWON) ‐ Perseroan mencatatkan marketing sales hingga kuartal III‐2014 mencapai Rp 2 triliun atau sekitar 66,6% dari target akhir tahun senilai Rp 3 triliun. PWON memang hanya mematok target marketing sales yang sama dengan tahun lalu. Hingga saat ini, perolehan marketing sales PWON berasal dari penjualan kondominium di Jakarta dan Surabaya.

•

PT Link Net (LINK) ‐ mengumumkan telah membukukan kenaikan pendapatan sebesar 28,2 persen hingga September 2014 mencapai Rp1,55 triliun dibandingkan periode yang sama tahun lalu Rp1,20 triliun atau meningkat Rp341,1 miliar.

•

PT Bukit Uluwatu Villa Tbk (BUVA) ‐ telah melakukan pembelian kembali saham PT Dialog Mitra Sukses sehingga persentase kepemilikannya menjadi 49%.

•

Dirut PT Semen Indonesia Dwi Soecipto belum tahu kabar dirinya masuk dalam calon kandidat menjadi Menteri Perindustrian (Menperin) untuk pemerintahan Jokowi. Tetapi, jika diminta dirinya siap menduduki kursi Menperin.

•

PT Resources Alam Indonesia Tbk (KKGI) ‐siap mengembangkan bisnis di bidang kelistrikan dengan mengakuisisi PT Khatulistiwa Hidro Energi. PT Khatulistiwa Hidro Energi sendiri saat ini memegang 95% saham PT Bias Petrasia Persada yang bergerak di bidang hidro energi atau pembangkit listrik tenaga air (PLTA).

•

PT Indomobil Sukses International Tbk (IMAS) ‐ belum memutuskan untuk meningkatkan kapasitas produksi motor perseroan tahun depan lantaran masih menunggu kebijakan kenaikan harga bahan bakar minyak bersubsidi.

•

PT Delta Dunia Makmur Tbk (DOID) ‐ hingga kuartal III 2014 telah mencatat produksi batubara milik klien 23,3 juta ton atau turun 4,8% dibanding periode yang sama 2013 sebesar 24,5 juta ton. Realisasi produksi batubara milik klien Delta Dunia hingga September telah 77%‐80% dari proyeksi produksi hingga akhir 2014 yang mencapai 29 juta‐30 juta ton. Pada tahun lalu, Delta Dunia mencatat produksi batubara sebesar 32,3 juta ton.

•

PT Batavia Prosperindo Finance Tbk (BPFI) ‐ berencana melakukan rights issue dengan melepas saham baru sebanyak 700 juta saham dengan harga Rp 500 per saham. Menurut direksi, dari hajatan ini perusahaan akan mendapatkan dana sebesar Rp 350 miliar.

•

Investasi pengembangan kota Ayodhya Tahap II capai Rp 1 Triliun. Dalam pengembangan tahap II proyek tersebut, Alam Sutera akan membangun empat menara apartemen.

•

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

3


P E R K E M B A N G A N I N D U S T R I / P E R U S A H A A N PT Charoen Pokphand Indonesia (CPIN) memperoleh pinjaman US$ 350 juta Analyst: Dessy Lapagu ([email protected])

Berita: PT Charoen Pokphand Indonesia Tbk (CPIN) mendapatkan pinjaman sindikasi perbankan dari tujuh bank yakni Citi Group, ANZ, Bank Central Asia (BCA), CIMB, DBS, Bank Mandiri, dan PT Sumitomo Mitsui Banking Corp. Pinjaman tersebut sejumlah US$350 juta atau sekitar Rp 4,27 triliun, dengan tenor 5 tahun. Pandangan Analis Sumber pendanaan baru ini diharapkan dapat menjadi booster terhadap rencana ekspansi CPIN dalam jangka panjang, selain digunakan untuk membayar kembali pinjaman sindikasi perbankan sebesar US$200 juta di tahun 2011 lalu. Dengan ekspor makanan olahan ke Jepang yang telah berjalan, CPIN diharapkan dapat memperluas pasarnya hingga ke Timur Tengah. Ekspor utama masih pada produk makanan olahan seperti nugget, sosis. Prosek industri pakan ternak yang masih terus bertumbuh menjadikan sektor ini masih menjanjikan. Saat ini CPIN diperdagangkan dengan PE 28x dan PBV 6x dengan rata‐rata industri PE 32x dan PBV 4x. Rekomendasi BUY dengan TP Rp4,570 per saham. Analyst: Dessy Lapagu ([email protected])

4


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 FY14F

PBV 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 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

89,270 96,684 3,906 22,337 53,049

9.33 9.01 27.70 26.02 18.02

15.54 15.20 10.36 17.08 14.55

3.43 3.87 1.52 2.18 2.75

1.67 1.69 0.37 0.66 1.10

0.01 0.20 0.02 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

14.01 5.63 ‐6.13 14.12 4.50

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 HOLD

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

17.96 ‐22.48 ‐2.26

45.11 10.46


PBV FY14F


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

16,172 5,503 11,041 7,926 2,711 7,713 8,511

24.34 4.98 23.57 9.42 0.98 23.25 14.42

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

0.82 2.59 0.74 1.75 14.68 0.96 3.59

0.41 0.95 0.77 0.68 0.12 0.80 0.62

19.78 23.91 23.48 15.62 24.59 21.23 21.44

HOLD BUY BUY HOLD HOLD HOLD

2,950 3,650 2,650 865 860 1,125

27.72 1.38 56.30 3.41 #N/A N/A ‐16.94 14.37

34.73 49.00 42.84 32.24 100.00 33.84

Infrastructure PGAS IJ Equity JSMR IJ Equity Average

139,389 41,820 90,604

‐7.00 20.70 6.85

14.74 25.93 20.34

4.30 4.11 4.20

‐2.11 1.25 ‐0.43

0.40 1.23 0.82

29.16 15.84 22.50

BUY BUY

6,550 7,200

4.43 7.35 4.43

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

10,512 6,991 3,956 29,211 18,426 4,828 4,828 5,441 3,482 5,402 19,553 26,539 18,755 5,200 11,652

64.04 11.05 ‐36.00 ‐23.93 23.55 ‐10.92 31.03 ‐7.00 ‐0.34 ‐42.69 32.38 26.89 4.79 547.87 44.34

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

0.11 0.53 ‐0.30 ‐0.58 0.58 ‐1.10 0.30 ‐0.98 ‐14.18 ‐0.09 0.38 0.56 3.16 0.01 ‐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 0.13 0.50

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 BUY HOLD HOLD BUY HOLD HOLD HOLD HOLD BUY BUY HOLD

560 285 210 1,820 1,100 780 2,800 520 870 435 410 1,225 1,650 240

‐23.80 6.50 ‐47.76 4.21 9.43 ‐10.16 ‐6.07 ‐4.57 ‐17.93 3.81 4.54 ‐11.33 37.91 ‐15.52 ‐5.05

48.19 29.93 65.60 39.88 61.28 43.75 37.34 38.54 69.28 63.09 43.45 82.12 67.77 80.04

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

1.57 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

5


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


PBV FY14F


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

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

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

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

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

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

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

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

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 HOLD BUY

34,250 7,600 10,800 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

16.91

28.95

9.76

1.81

0.52

31.22

PBV FY14F


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

Market Capitalization


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

HOLD HOLD

1,745 1,200

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

4,570 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 Gedung Bank BNI Ruko Grand Puri Niaga Puri Kencana Blok K 6 No. 2J‐2K Puri Kembangan, Jakarta Barat Phone: (62‐21) 58357464 Fax: (62‐21) 58357465 e‐mail: [email protected] JAKARTA ‐ Central Park Central Park, APL Tower Podomoro City Jl. Letjen S. Parman Kav 28, Tanjung Duren Selatan, Petamburan Phone: (62‐21) 29034215 Fax: (62‐21) 29034216 email: [email protected] JAKARTA – Wisma Bumiputera Wisma Bumiputera Lt. 6 Jl. Jend. Sudirman Kav. 75, Jakarta 12910 Phone: (62‐21) 2523349 Fax: (62‐21) 2523350 e‐mail: [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 Lt. 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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