June 07, 20 11
DAILY
REPORT
Indices - Countries Americas INDU - USA SPX - USA CCMP - USA IBOV - Brazil
Closing
RESEARCH
Net Chg
%Chg
%Ytd
12,089.96 1,286.17 2,702.56 63,067.73
-61.3 -13.99 -30.22 -1272.77
(0.50) (1.08) (1.11) (1.98)
4.43 2.27 1.87 (9.00)
13.27 14.65 22.88 9.61
5,863.16 3,863.40 7,084.57 10,157.70 20,525.04 339.18 6,370.06
8.15 -27.28 -24.46 -128 -284.88 -1.06 -37.33
0.14 (0.70) (0.34) (1.24) (1.37) (0.31) (0.58)
(0.62) 1.54 2.46 3.03 1.74 (4.34) (1.03)
14.26 11.51 12.20 8.88 13.08 10.85 15.61
9,378.04 22,949.56 2,728.02 9,046.28 2,113.47 3,834.20 1,046.16 4,258.90 1,552.14 18,420.11 3,113.73
-2.31 -304.28 22.839 54.92 -0.73 -9.819 -11.7 -38.72 -7.71 43.63 -31.94
(0.02) (1.31) 0.84 0.61 (0.03) (0.26) (1.11) (0.90) (0.49) 0.24 (1.02)
(8.32) (0.37) (2.85) 0.82 3.05 3.53 1.30 1.37 2.19 (10.19) (2.39)
17.14 12.06 15.25 16.05 0.95 18.04 13.31 15.01 16.57 16.69 10.56
Last 3,432.47 4,606.01 2,750.16 597.08 (251.11) 0.31
Previous 3,432.29 4,353.88 3,084.01 708.34 94.54 0.46
EMEA UKX - United Kingdom CAC - France DAX - Germany IBEX - Spain FTSEMIB - Italia AEX - Netherland SMI - Swiss
Asia / Pacific NKY - Japan HIS - HongKong SHCOMP - Shanghai TWSE - Taiwan KOSPI - Korea JCI - Indonesia SET - Thailand PCOMP - Philippines KLCI - Malaysia SENSEX - India FSSTI - Singapore
Description Market Capitalization (IDR Trillion) Transaction Volume (Million Shares) Transaction Value (IDR million) Value / shares (IDR) Foreign Net (IDR Million) Foreign Participation Commodities Nickel (US$/Ton) Copper (US$/Ton) Tins (US$/Ton) Oil (US$/BBL) (*) Gas (US$/MMBTU) Coal (US$/Ton) (**) Gold (USD/OZ) CPO PALMROTT(USD/ton) CPO MALAYSIA(RM/ton)
Last 22,630.00 9,135.00 26,005.00 99.01 4.83 118.65 1,544.45 1,155.00 3,388.00
Previous 22,800.00 9,099.00 26,400.00 100.56 4.74 118.40 1,544.65 1,180.00 3,421.00
%Chg 0.01 5.79 (10.83) (15.71) 365.61 (32.40) %Chg (0.75) 0.40 (1.50) (1.54) 2.03 0.21 (0.01) (2.12) (0.96)
(*) WTI Cushing (**) McCloskey Newscatle ADR Stocks
Bloomberg Code
Telkom TLK US Indosat IIT US *) per share **) 1 ADR TLK US = 40 ordinary shares TLKM **) 1 ADR IIT US = 50 ordinary shares ISAT
Last % (US$) change 35.18 (0.01) 30.16 (0.01)
Latest Research Report Lippo Karawaci (LPKR) - Company Update Kalbe Farma (KLBF) - Company Update AKR Corporindo (AKRA) - Company Update Energi Mega Persada (ENRG) - Company Update Tambang Batubara Bukit Asam (PTBA) - Company Update Telekomunikasi Indonesia (TLKM) - Company Update Indocement Tunggal Prakarsa (INTP) - Company Update
Conv. (Rp) 7,495.98 5,141.07
PASAR HARI INI
P/E
Last (Rp) 7,600 5,200
Indeks akan Bergerak Fluktuatif
BERITA HARI INI
•
Fasilitas Pinjaman Wells Fargo untuk Bank Negara Indonesia (BBNI). NOT RATED. Analyst: Asti Pohan
•
Sektor Property - Kekurangan Pasokan Rumah Domestik. OVERWEIGHT. Analyst: Maxi Liesyaputra
•
MEDC tetap akan kembangkan Sarulla . HOLD. Analyst: Deo Rawendra No 1 2 3 4 5
Stock IJ IJ IJ IJ IJ
Top Value (IDR) 444,800,462,500 204,946,162,500 138,199,950,000 122,829,262,500 110,779,200,000
No 1 2 3 4 5
Stock IJ IJ IJ IJ IJ
Top Volume (Shares) 455,350,000 379,456,000 337,338,500 245,329,500 171,326,500
No 1 2 3 4 5
Top Gainers WICO AHAP PUDP FORU DGIK
IJ IJ IJ IJ IJ
% change 22.67 17.65 12.5 9.91 7.5
No 1 2 3 4 5
Top Losers PTSP JKON GSMF SONA LMSH
IJ IJ IJ IJ IJ
% change -16.67 -10 -9.57 -7.94 -7.14
BUMI ADRO TLKM PGAS BMRI ENRG DEWA BNBR ELTY BHIT
No Leading Movers 1 BUMI IJ 2 GGRM IJ 3 ASII IJ 4 BYAN IJ 5 INTP IJ SIP IJ No Lagging Movers 1 BBRI IJ 2 PGAS IJ 3 BMRI IJ 4 BBNI IJ 5 TLKM IJ
% change 2.45 1.81 1.67 1.57 1.52 % change -4.31 -2.85 -2.72 -1.63 -1.19
3,900
Rec BUY HOLD BUY BUY BUY BUY HOLD
Period Jun-11 May-11 May-11 May-11 May-11 May-11 Apr-11
11,000
3,750 3,600
9,500
3,450
8,000
3,300
6,500
3,150 5,000 3,000 3,500
2,850 2,700 2-Jun
2,000 22-Aug
11-Nov Volume (RHS) (Bn Shares)
31-Jan JCI (LHS)
22-Apr
Daily Report - June 07, 2011
PASAR
HARI
Indeks akan Bergerak Fluktuatif
INI Kemarin indeks mengalami koreksi setelah menguat pada Jumat lalu. Sementara untuk hari ini kami lihat katalis untuk dapat mengangkat indeks sangat minim. Semalam Dow Jones mencatat penurunan selama empat hari perdagangan berturut-turut karena kekhawatiran pemulihan ekonomi akan terhambat. Harga minyak kembali menembus di bawah US$100 per barel di posisi US$99,01 per barel. Buruknya data ketenagakerjaan di Amerika Serikat dengan tingkat pengangguran mencapai 9,1% pada bulan Mei 2011, naik dari 9,0% pada April 2011 masih berimbas terhadap bursa AS. Sebagian besar bursa Eropa kemarin juga mengalami pelemahan. Sentimen negatif lainnya adalah pelemahan harga berbagai komoditas logam seperti nikel dan timah. Penurunan yang cukup signifikan juga terjadi pada harga CPO karena cuaca yang panas mengakibatkan para petani AS mempercepat penanaman komoditas perkebunan. Sementara bursa regional Asia Pasifik bergerak variatif pada pagi ini dengan pergerakan yang tidak signifikan. Sehingga kami perkirakan pada hari ini indeks akan bergerak fluktuatif dengan potensi untuk dapat melanjutkan penurunannya. Analyst: Maxi Liesyaputra (
[email protected]).
BERITA
HARI
Sektor Property Kekurangan Pasokan Rumah Domestik
INI Saat ini Indonesia masih kekurangan pasokan 13 juta rumah baru untuk masyarakatnya. Jumlah ini meningkat dari jumlah kekurangan pasokan rumah di 2009 yang mencapai 8 juta unit. Data tersebut berdasarkan hasil sensus penduduk yang dilakukan oleh Badan Pusat Statistik (BPS) pada tahun 2010 lalu. Kebutuhan rumah bagi masyarakat terus meningkat setiap tahunnya. Kementrian Perumahan Rakyat (Kemenpera) memerlukan pemetaan lokasi-lokasi yang memiliki potensi untuk pengembangan program perumahan. Oleh karena itu, Kemenpera melakukan kerjasama dengan Badan Koordinasi Survei Dan Pemetaan Nasional (Bakosurtanal) untuk pemanfaatan bersama dan pengembangan informasi geospasial untuk mendukung kegiatan pembangunan perumahan dan kawasan permukiman. Terkait bantuan pembiayaan perumahan, Kemenpera telah membentuk Badan Layanan Umum Pusat Pembiayaan Perumahan (BLU PPP) yang akan bekerjasama dengan pihak perbankan. Makin meningkatnya ketertinggalan pemenuhan kebutuhan rumah bagi masyarakat memberikan potensi yang besar bagi para pemain di sektor property. Peningkatan kebutuhan tersebut terutama akibat pertambahan jumlah penduduk. Tingginya populasi penduduk di Indonesia serta wilayah negara yang luas menjadi pasar yang sangat menarik bagi para pengembang perumahan nasional. Masih banyak wilayah di Indonesia yang membutuhkan pengembangan perumahan, terutama di daerah-daerah terpencil. Pemerintah juga berupaya untuk meningkatkan pemenuhan kebutuhan rumah melalui penyediaan pendanaan bagi masyarakat antara lain melalui bank pembangunan daerah (BPD). 2
Daily Report - June 07, 2011
BERITA
HARI
Sektor Property...
INI Dengan potensi pertumbuhan yang tinggi untuk sektor property terutama dari pembangunan perumahan masyarakat yang juga ditunjang oleh berbagai jenis properti lainnya seperti pusat perbelanjaan dan hotel, rekomendasi kami untuk sektor properti adalah OVERWEIGHT. Analyst: Maxi Liesyaputra (
[email protected]).
Fasilitas Pinjaman Wells Fargo untuk Bank Negara Indonesia (BBNI)
BBNI baru saja mengantungi fasilitas pinjaman sebesar USD 50 juta dari Wells Fargo dengan fasilitas tenor dua tahun. BBNI rencananya akan mempergunakan dana pinjaman tersebut untuk menambah kemampuan likuiditas valas dan untuk menambah ketersediaan dana jangka pendek. Fasilitas ini juga dimaksudkan untuk memenuhi kebutuhan operasional Cabang BNI di London yakni untuk memenuhi ketentuan Financial Service Autority. Kami tidak melihat keuntungan bisnis yang berarti dari pinjaman tersebut mengingat jumlah dana yang dipinjamkan hanya sebesar Rp 425 miliar. Kami menilai pinjaman tersebut hanya sebagai bantuan likuiditas guna memenuhi ketentuan financial service authority. Kinerja BBNI di tahun ini masih kami prediksikan akan baik terutama dengan kemampuan perusahaan memberikan kredit yang meningkat baik di tahun ini dengan baik. Selain itu, kami juga melihat di tahun ini BBNI akan mengeluarkan biaya pendanaan yang terbatas kenaikannya mengingat BBNI dapat dikatakan kelebihan likuiditas dengan masih rendahnya tingkat rasio pinjaman terhadap simpanan. Rasio kecukupan modal BBNI setelah right issue juga masih kuat. Kami tidak memberikan rekomendasi dan perhitungan harga wajar untuk BBNI berkaitan dengan adanya benturan kepentingan. Rekomendasi: NOT RATED. Analyst: Asti Pohan (
[email protected])
Kinerja dan Proyeksi keuangan BBNI
BBNI Financial Statement Sumarry 2008A 2009A 2010A 2011F 2012F Total Asset 201,741 227,497 248,581 276,445 324,954 Outstanding Loan 111,994 120,843 136,357 162,611 198,405 Third Party Fund 163,164 188,469 194,375 217,700 261,240 Equity 15,431 19,143 33,135 37,674 42,643 Interest Income 16,628 19,447 18,837 24,392 27,181 Net Interest Income 9,912 11,133 11,721 16,772 19,344 Operating Income 13,461 15,428 18,782 24,074 27,388 Net Earning 1,222 2,484 4,102 5,975 7,060 EPS diluted in Real IDR 80 163 266 312 369 EPS Growth 35.59 103.75 63.19 17.34 18.15 PEG % 1.06 0.36 0.59 2.18 2.08 Net Interest Income Margin (%) 59.61 57.25 62.22 68.76 71.17 Operating Margin (%) 80.95 79.33 99.71 98.70 100.76 Net Earning Margin (%) 7.35 12.77 21.78 24.50 25.97 Dividen per Share 8.00 53.79 87.78 103.00 121.70 Book Value per Share 806 1,000 1,731 1,968 2,228 Price to Book Value 4.71 3.80 2.20 1.93 1.71 ROA 0.61% 1.09% 1.65% 2% 2% ROE 7.92% 12.98% 12.38% 16% 17%
2013F 358,274 235,844 292,589 44,614 35,117 22,975 32,222 9,031 472 27.93 1.35 65.42 91.76 25.72 155.69 2,331 1.63 3% 20%
3
Daily Report - June 07, 2011
BERITA
HARI
MEDC tetap akan kembangkan Sarulla
INI Minggu lalu diberitakan Perusahaan Listrik Negara (PLN) berencana mengambilalih proyek pembangkit listrik tenaga panas bumi (PLTP) Sarulla di Sumatera Utara yang merupakan salah satu proyek PT Medco Energi International Tbk (MEDC). PLN menilai tidak ada kejelasan mengenai nasib proyek tersebut. PLN sudah tidak sabar menunggu proyek itu karena tidak jalan juga. PLN memang berhak mengambil alih proyek dimana secara hukum proyek itu berada di bawah PLN. Namun demikian MEDC telah membantah pengambilalihan proyek Sarulla oleh PLN melalui keterangan resmi. MEDC tetap berkomitmen untuk mengembangkan potensi panas bumi Sarulla bersama dengan anggota konsorsium lainnya, yaitu Ormat Technologies, Itochu Corporation, dan Kyuden International Corporation. MEDC pada tanggal 10 Maret 2011 lalu telah mendapatkan persetujuan dari Menteri Energi dan Sumber Daya Mineral (ESDM) atas tarif dasar listrik sebesar AS$ 6,79 sen/kWh, sebagai tindak lanjut dari penandatanganan Konfirmasi Perjanjian dengan PT PLN Persero pada 26 April 2010. Sebagai bagian penting dari persyaratan pelaksanaan proyek, Perseroan dengan anggota konsorsium lainnya saat ini sedang melakukan pembahasan akhir atas perubahan dua perjanjian pokok yang diperlukan, yaitu Amandemen Kontrak Kerja Sama Operasi (JOC) dengan PT Pertamina Geothermal Energy (PGE) dan Kontrak Penjualan Energi (ESC) dengan PLN, yang ditargetkan akan selesai pada akhir Juni 2011. Apabila konsorsium dapat menandatangani JOC dengan PGE dan ESC dengan PLN sesuai dengan waktu yang ditargetkan, maka konsorsium akan dapat merealisasikan proyek tersebut sehingga Pembangkit Listrik Tenaga Panas Bumi Unit-1 dengan kapasitas 1x110 MW akan dapat dimulai operasi komersialisasinya akhir 2014, sesuai dengan target yang telah disepakati dalam ESC. Selanjutnya, Unit-2 pada 2015 dan Unit-3 pada 2016. Sampai dengan diperolehnya persetujuan tarif oleh Menteri ESDM pada 10 Maret 2011, konsorsium telah melakukan preinvestment sekitar AS$ 20 juta untuk melakukan pekerjaan engineering design, pemboran 2 sumur workover, persetujuan AMDAL, tender drilling program untuk pengeboran 33 sumur baru, beberapa program CSR di lokasi, dan persiapan pembebasan lahan. MEDC sangat optimis dengan kemajuan Proyek ini. Proyek yang membutuhkan biaya investasi sejumlah AS$ 1,5 miliar didukung oleh Japan Bank for International Cooperation (JBIC) dan Asian Development Bank (ADB) yang telah bersedia memberikan komitmen pendanaan proyek sebesar AS$ 1 miliar. Kami melihat kinerja MEDC untuk tahun 2011 ini secara financial dan operasional tidak akan bertambah secara signifikan. Kami merekomendasikan HOLD untuk MEDC dengan target harga Rp 3,900 untuk 12 bulan kedepan. Analyst: Deo Rawendra (
[email protected])
4
Daily Report - June 07, 2011
BERITA
HARI
Kinerja dan Proyeksi keuangan MEDC
INI (Mn US$) Cash and cash equivalents Total Current Assets Total Non-Current Assets Total Assets Total Current Liabilities Total Non-Current Liabilities Total Liabilities Total Equity Total Liabilities & Equity Revenue Cost of Revenue Operating Income Interest Expense Income Tax Expense Minority Interests Net Income Revenue Growth YoY Operating Cost/Revenue Operating Income Growth YoY Net Income Growth YoY Net Margin Operating Margin Return on Assets Return on Equity Current Ratio (x) Quick Ratio (x) Sales Turnover (x) Debt to Assets (x) Debt to Equity (x) Interest Coverage Ratio (x) Price/Earnings Price/Book Value
2009A 253.03 791.22 1,249.29 2,040.51 509.16 803.70 1,312.86 727.65 2,040.51 667.80 361.22 72.20 50.14 28.17 3.15 19.23 -48.08% 54.09% -79.15% -93.14% 2.88% 10.81% 0.94% 2.64% 1.55 1.48 0.33 0.64 1.80 1.44 39.53 1.04
2010A 178.86 1,021.84 1,256.23 2,278.07 500.32 962.92 1,463.24 814.83 2,278.07 929.85 539.34 114.49 77.41 127.67 5.10 83.06 39.24% 58.00% 58.58% 331.88% 8.93% 12.31% 3.65% 10.19% 2.04 1.97 0.41 0.64 1.80 1.48 13.31 1.36
2011E 250.88 1,150.71 1,402.48 2,553.19 436.91 1,467.29 1,904.20 649.00 2,553.20 944.67 552.66 130.49 79.73 53.08 5.71 30.94 1.59% 58.50% 13.97% -62.75% 3.28% 13.81% 1.21% 4.77% 2.63 2.49 0.37 0.75 2.93 1.64 35.74 1.70
2012F 282.08 1,007.46 1,394.51 2,401.97 515.04 1,240.50 1,755.55 646.42 2,401.97 987.01 572.49 148.18 81.08 50.76 6.42 28.63 4.48% 58.00% 13.56% -7.47% 2.90% 15.01% 1.19% 4.43% 1.96 1.86 0.41 0.73 2.72 1.83 45.03 1.99
2013F 484.92 1,316.44 1,428.79 2,745.24 593.65 1,364.03 1,957.68 787.55 2,745.23 1,070.63 615.64 173.58 87.75 58.55 7.24 33.19 8.47% 57.50% 17.14% 15.91% 3.10% 16.21% 1.21% 4.21% 2.22 2.11 0.39 0.71 2.49 1.98 41.78 1.76
5
Daily Report - June 07, 2011 No
Stocks
Sales (IDR Bn) FY09
FY10F
Net Profit (IDR Bn) FY11F
FY09
FY10F
EPS (IDR) FY11F
FY09
FY10F
Total Assets (IDR Bn) FY11F
2,181.63 1,054.55 1,315.21 1,385.39
FY09
FY10F
Total Equity (IDR Bn) FY11F
FY09
FY10F
1
AALI
7,424.28
7,981.54
8,306.33
1,660.65
2,071.11
7,541.98
9,092.17
10,674.68
6,226.36
7,695.67
2
ADHI
7,714.61
6,931.13
8,114.91
165.53
185.51
260.83
91.96
103.06
144.91
5,629.46
5,231.18
5,798.30
731.20
830.61
FY11F
BVPS
P/E (Times)
PBV (Times)
Price (IDR)
FY09 FY10F FY11F FY09 FY10F FY11F Current Target
9,255.97 3,913.99 21.21 18.40 17.47 6.18 4.95 4.12 23,600 987.11
406.22 10.98
9.80
6.97 2.49 2.19 1.84
Upside Cons Potential
Rec
Ytd (%)
33,000 25,967
39.83%
BUY
(7.43)
770
1,250 1,063
62.34%
BUY
(15.38)
3
ADRO
26,938.02
24,726.30
29,336.36
4,367.25
3,333.36
4,456.23
136.54
104.21
139.32
42,465.41
44,151.95
46,974.33
17,511.94
19,328.62
21,556.74 6,038.60 19.23 25.19 18.84 0.43 0.39 0.35 2,475
2,900 2,717
17.17%
BUY
(2.10)
4
AKRA
8,959.84
11,704.31
14,146.03
274.72
306.16
409.26
88.00
87.71
125.27
6,059.00
6,807.40
7,569.79
1,741.00
2,395.47
3,986.95
2,130 1,926
17.68%
BUY
14.23
5
ANTM
8,711.37
8,299.52
11,909.31
604.31
1,423.41
2,390.33
63.35
149.23
250.60
9,940.00
11,172.09
13,035.76
8,148.94
9,344.07
11,207.73 3,326.10 38.67 16.42
9.78 0.74 0.64 0.54 2,150
2,550 2,654
18.60%
HOLD
(12.24)
6
ASII
97,064.00
98,526.00
101,238.88
9,191.00
10,040.00
11,686.96 2,270.50 2,480.24 2,887.10
80,740.00
88,938.00
94,189.36
33,080.00
39,894.00
46,600.10 8,171.94 15.28 19.15 16.45 4.25 4.82 4.13 59,300
60,950 63,447
2.78%
BUY
10.79
7
AUTO
5,265.80
5,371.12
5,572.53
768.26
806.67
863.14
4,644.94
5,419.17
6,322.46
3,382.65
4,100.56
4,970.83 4,393.05
15,000
-6.83%
HOLD
18.52
8
BBCA
22,079.92
22,397.65
28,777.69
6,807.24
8,466.56
11,403.60
282,392.29
334,655.87
385,321.71
27,856.69
40,407.60
56,891.12 1,129.86 22.64 18.20 13.51 5.53 3.81 2.71 7,150
7,800 7,542
9.09%
HOLD
12.81
9
BBNI
19,446.77
19,806.17
23,129.35
2,484.00
4,073.93
5,439.26
10
BBRI
35,334.13
38,102.65
48,988.20
7,180.99
8,940.62
12,621.73
997.74 1,047.63 1,120.96 276.10
464.27 17.27 17.33 12.13 3.27 2.38 1.43 1,810
5.76 14.32 13.38 1.31 2.82 2.32 16,100
-
343.40
462.53
163.00
218.47
291.68
227,497.00
233,727.62
252,692.22
19,143.00
32,397.21
36,410.60 1,026.55 23.31 17.39 13.03 3.77 2.23 1.98 3,775
-
-
NOT RTD
(2.58)
582.42
725.13 1,023.69
316,947.03
351,733.76
401,683.18
27,257.38
34,090.54
44,030.08 2,210.73 17.77 14.27 10.11 5.36 4.29 3.32 6,350
7,000 7,258
10.24%
BUY
22.28 (0.61)
4,757
11
BBTN
5,729.94
6,528.65
7,966.09
490.45
823.29
966.38
76.00
94.48
110.90
58,516.06
66,113.33
76,653.79
5,461.52
6,064.11
6,655.97
626.75 20.66 16.62 14.16 2.50 2.26 2.06 1,630
2,000 1,865
22.70%
BUY
12
BDMN
17,666.11
20,051.25
20,961.52
1,532.53
2,367.37
2,374.04
186.36
282.15
282.95
98,597.95
105,915.44
114,417.24
7,741.63
9,342.74
10,533.09
922.68 29.51 19.49 19.44 5.69 4.71 4.18 6,100
6,100 6,691
0.00%
HOLD
9.05
13
BISI
997.43
1,256.52
1,516.93
230.89
252.24
312.37
76.96
84.08
104.12
1,858.95
2,111.19
2,423.57
1,171.90
1,424.14
1,736.52
292.98 23.00 21.05 17.00 6.04 4.97 4.08 1,560
1,900
-
21.79%
SELL
(16.58)
350
495
-2.78%
SELL
9.09
7,500 8,333
7.14%
BUY
9.52
233 -59.46%
SELL
57.45
BUY
14.05
14
BLTA
6,423.96
7,231.23
7,432.29
(2,969.95)
895.23
1,127.12 (561.43) 169.23
213.07
23,680.30
24,567.12
25,672.37
5,861.41
5,912.17
6,192.18 1,108.02 (1.25) 4.14
15
BMRI
32,598.96
31,548.58
37,932.69
7,446.90
8,012.74
11,249.29
355.12
343.43
482.15
394,616.60
443,466.33
480,212.87
35,108.77
50,622.59
58,411.83 1,504.78 16.75 17.33 12.34 3.95 2.74 2.38 7,000
16
BTEL
3,435.56
4,046.55
4,351.79
98.44
112.65
153.69
3.46
3.96
5.40
11,436.20
12,682.85
13,437.38
5,036.93
5,145.42
5,331.39
17 BUMI (USD mn)
3,219.30
4,185.10
5,649.90
190.50
355.70
514.10
0.01
0.02
0.03
7,410.90
8,370.20
10,621.80
1,471.00
1,946.10
2,666.80
18
BYAN
7,752.90
10,233.80
12,268.60
136.30
214.90
306.70
40.89
64.47
92.01
7,180.70
8,084.70
9,446.80
2,415.10
3,121.30
3,496.60
19
CMNP
631.54
779.45
934.54
69.10
515.06
405.02
34.55
257.53
202.51
2,793.63
2,719.95
2,965.16
1,484.53
1,845.07
2,128.58
1,612,710.00 2,166,700.72 2,330,392.82
14,559,005.00 15,465,421.30 16,467,085.95
176.86 43.40 37.92 27.80 0.85 0.83 0.80 0.08 21.76 13.93
724.53 325.26 206.30 144.55 18.36 14.20 12.68 18,550
10,000
-46.09%
SELL
3.06
742.26 39.65
6.77 1.85 1.49 1.29 1,220
1,450 1,100
18.85%
HOLD
(10.29)
4.58 13.95 15.86 2.50 7.84 8.95 1,930
2,250 2,125
16.58%
BUY
4.89
26.51%
BUY
18.57 (12.31)
98.20
131.93
141.90
5,349,375.00
5,689,776.44
1,332.37
1,535.95
1,725.82
136.33
215.82
239.77
8.99
14.23
15.81
8,553.95
8,810.04
22
ELSA
3,662,331.00
3,975,452.05
431,268.98
466,233.00
156,998.68
219,177.75
64.76
21.81
30.45
4,210,421.00
4,746,436.86
23
ELTY
1,087.00
1,429.64
1,787.05
132.26
155.15
167.51
3.31
3.89
4.20
11,592.63
16,175.15
8,211.47
24
ENRG
1,444,368.70
1,249,710.40
2,149,501.89 (1,729,449.80)
(62,318.80)
126,426.10 (112.54)
(1.56)
3.16 10,252,391.60 11,762,035.60 13,772,575.89 1,774,424.70 5,887,032.80 8,162,461.08
115.46 (1.61) (79.69) 34.85 1.57 0.84 0.54
5,393,600.50 1,924,253.00 1,815,667.53 1,929,926.09 16,105.31
4,642.53
8,016.57
-
306.34 48.41 30.58 27.52 1.42 1.36 1.29
415
525
500
267.29
5.48 14.90 21.35 1.33 1.29 2.42
285
650
330 128.07%
BUY
116.35 57.32 48.86 45.26 1.63 0.95 0.92
161
320
204
98.76%
BUY
2.55
210
210
213
0.00%
BUY
69.35
25
EXCL
13,879.51
15,883.47
18,944.07
1,709.47
2,451.00
2,912.71
342.35
27,380.10
29,554.07
31,384.61
8,803.11
10,511.14
12,445.15 1,034.69 27.37 19.09 16.07 5.32 4.45 3.76 5,950
6,950 7,070
16.81%
BUY
69.35
26
GGRM
32,973.08
35,086.12
37,891.27
3,455.70
3,781.16
4,123.21 1,796.10 1,965.26 2,143.04
27,230.97
29,570.98
32,308.85
18,301.54
19,191.06
20,167.08 9,512.23
6.37
5.83
5.34 1.20 1.15 1.09 45,400
47,500 51,625
4.63%
SELL
13.50
760.95
1,143.02
1,371.62
170.42
340.28
431.89
0.02
0.03
0.04
2,038.00
2,150.12
2,398.26
1,581.31
1,693.42
1,941.56
3.60
7.19
9.13 2.87 2.68 2.59 4,725
6,300 5,502
33.33%
BUY
(0.59)
37,140.83
38,265.66
40,573.43
2,075.86
2,319.37
2,646.34
236.42
264.15
301.39
40,382.95
44,266.14
46,860.40
10,155.50
11,542.63
13,177.70 1,156.61
8.90 15.14 14.93 1.82 3.04 3.00 5,400
5,600 6,119
3.70%
HOLD
10.77
27 INCO (USD mn)
288.08
5,102.76
179.73
5.32
CPIN
4,862.99
150
15.94%
CTRA
4,647.18
370
4,000 3,965
20
9,409.76
360
9.75 2.82 2.55 1.88 3,450
21
200.92
6,074,422.24 2,951,674.00 3,852,634.27 4,126,450.37
3.29 0.63 0.63 0.60
0.17
28
INDF
29
INDY
2,486.60
2,859.60
3,517.30
725.70
909.40
1,132.60
139.37
174.64
217.51
11,683.60
12,010.30
14,772.70
5,332.00
5,433.20
6,682.90 1,023.98 24.04 19.18 15.40 3.27 3.21 2.61 4,175
6,800 5,154
62.87%
BUY
(11.64)
30
INTP
10,576.45
14,135.64
16,962.77
2,746.65
3,219.46
3,611.69
746.12
874.56
981.11
13,276.70
15,489.96
18,434.13
10,680.73
13,265.16
16,129.51 2,902.37 24.33 20.75 18.50 6.25 5.04 4.14 17,550
17,700 18,918
0.85%
BUY
10.03
31
ISAT
18,393.02
19,443.51
20,792.29
1,498.25
1,539.45
1,622.89
275.77
283.35
298.71
54,710.89
56,775.78
54,647.15
17,957.69
18,053.27
19,161.01 3,305.30 17.13 17.65 16.74 1.43 1.50 1.67 5,200
5,500 6,214
5.77%
SELL
(3.70)
32 ITMG (USD mn)
1,508.36
1,650.00
2,159.85
335.55
325.74
593.51
0.30
0.29
0.53
1,593.14
1,316.39
1,812.17
1,182.05
945.30
1,441.09 1,046.13 15.12 18.00
9.66 44.64 55.82 36.62 47,100
53,000 54,807
12.53%
BUY
(6.41)
33
JSMR
3,692.00
4,310.98
4,994.04
992.69
1,284.32
1,595.64
145.98
188.87
234.65
16,174.26
18,647.50
20,047.57
7,183.40
8,079.83
9,197.28 1,056.38 25.86 19.99 16.09 3.57 3.18 2.79 3,375
3,400 4,129
0.74%
HOLD
(1.46)
34
KIJA
392.57
763.05
814.50
16.37
58.73
79.90
1.19
4.26
5.80
3,194.00
3,330.20
3,336.05
1,606.45
1,665.19
1,745.09
116.58 112.80 31.44 23.11 1.15 1.11 1.06
230 144.09%
BUY
5.83
35
KLBF
9,087.35
10,300.24
11,624.02
929.01
1,076.69
1,322.53
91.44
105.97
130.17
6,482.44
7,933.34
9,192.29
4,310.44
5,537.09
6,462.22
424.26 22.15 19.11 15.56 4.77 3.72 3.18 3,425
3,750 3,212
HOLD
5.38
36
KRAS
16,913.54
17,761.96
19,002.96
494.67
1,052.34
1,125.87
49.47
105.23
112.59
12,795.80
13,700.37
15,340.47
5,805.84
6,359.77
7,487.00
580.58
1,200 1,340
(6.67)
37
LPKR
2,565.10
3,116.34
3,784.23
388.05
514.50
620.89
22.43
29.74
35.89
12,127.64
15,618.11
16,909.08
4,887.24
7,750.00
8,342.89
282.50 30.32 22.87 18.95 2.41 1.52
38
LSIP
3,199.69
4,040.76
4,725.31
707.49
1,020.30
1,169.51
525.00
747.71
857.06
4,852.28
5,139.58
5,841.29
3,813.47
4,550.77
5,252.48
385.20 16.10 11.30
9.86 21.94 18.38 15.93 2,425
39
MAPI
4,112.21
4,559.42
5,079.78
164.00
202.80
225.30
98.79
122.17
135.72
3,379.35
3,771.42
4,217.75
1,288.04
1,452.67
1,634.37
805.03
4.62 0.45 0.68 0.64 3,350
667.80
929.85
944.67
19.23
83.06
30.94
0.01
0.03
0.01
2,040.51
2,278.07
2,553.19
727.65
814.83
649.00
28.11
54.36
68.46
7,641,364.00
8,196,543.00
66.44 1,271.09
139.57
10,560.14
10,793.16
40 MEDC (USD mn)
3.51
11.40 10.66
4.89
-
1.89 1.60 1,120 -
660
0.25 39.53 13.31 35.74 1.04 1.36 1.70 2,600
BUY
21.21%
HOLD
(2.94)
2,400 2,907
-1.03%
HOLD
(5.64)
2,850 3,775 -14.93%
SELL
25.23
3,900 3,650
50.00%
HOLD
(22.96)
1,150 1,075
22.34%
BUY
-
2,850
108.03%
BUY
10.58
3,923,845.00
4,855,907.00
5,860,061.64
385,617.00
730,218.00
919,586.22
MPPA
10,280.46
8,738.39
9,874.38
300.04
5,740.11
630.30
43
MYOR
4,777.18
5,135.94
5,655.70
372.16
409.83
472.81
485.84
535.03
617.24
3,246.50
3,641.60
4,068.50
1,581.76
1,741.83
1,952.94 2,064.95
9.26 12.15 10.53 2.18 2.86 2.55 12,850
13,500 11,875
5.06%
BUY
19.53
44
PGAS
18,024.28
22,378.07
24,946.80
6,229.00
6,321.07
7,285.30
262.00
260.77
300.55
28,670.40
31,625.38
35,236.69
11,732.08
15,842.41
20,499.28
484.00 15.36 15.44 13.39 8.32 6.16 4.76 3,975
5,600 4,693
40.88%
BUY
(10.17)
45
PTBA
8,947.85
8,959.09
11,510.21
2,727.73
2,405.56
3,497.54 1,183.84 1,044.02 1,517.94
8,078.58
9,551.58
12,512.48
5,701.37
6,743.06
9,037.82
575.90 14.19 16.09 11.07 29.17 24.67 18.40 21,400
26,500 26,404
23.83%
BUY
(6.75)
46
PTPP
4,203.30
5,699.11
6,903.23
163.30
205.92
4,125.55
4,934.92
5,248.67
548.00
1,273.97
1,460.26 2,740.00 20.93 21.15 16.37 0.33 3.42 2.98
660
1,200
715
81.82%
BUY
(17.50)
830
1,050
(2.35)
43.00
42.54
54.98
8,430.08
9,652.75
788.55 13.24
940
7.14%
822
800
MNCN
3,561.03
7.47 17.29 16.80 0.59 2.32 2.54
9.49%
42
11,572.52
356.22
310
41
266.12
8,218,859.68 4,886,467.00 5,436,116.00 6,074,001.39
-
127
1.40 20.42 1.12 0.95 1.33 1,370
-
47
RALS
5,458.75
5,877.72
6,061.95
334.76
486.44
519.88
47.39
68.86
73.60
3,209.21
3,855.37
4,345.48
2,472.62
3,135.77
3,603.32
350.03 13.08 13.07 12.23 1.77 2.03 1.76
911
26.51%
BUY
48
SGRO
1,815.56
2,656.30
2,700.37
286.22
471.31
452.40
149.08
246.66
236.47
2,261.80
2,975.54
3,677.43
1,765.58
2,229.32
2,681.21
973.07 17.61 10.64 11.10 2.70 2.14 1.78 3,450
3,200 3,927
-7.25%
BUY
8.66
49
SMCB
5,943.88
6,939.75
8,515.16
895.75
921.37
1,354.20
117.00
120.24
176.72
7,265.40
7,555.07
8,089.22
3,314.89
4,240.12
5,595.32
432.75 20.73 20.17 13.72 5.60 4.38 3.32 2,225
2,050 2,450
-7.87%
SELL
(0.04)
50
SMGR
14,387.85
15,130.58
18,519.82
3,326.49
3,587.26
4,355.08
566.00
604.78
734.23
12,951.30
14,955.15
17,275.43
10,197.75
11,988.38
14,165.66 1,719.69 16.87 15.79 13.01 5.55 4.72 4.00 9,550
12,000 11,038
25.65%
BUY
1.06
51
SMRA
1,197.69
1,542.70
1,794.74
167.34
265.59
331.74
26.00
41.27
51.54
4,460.28
4,951.34
5,342.60
1,717.78
1,903.69
2,135.91
534.63 42.31 26.66 21.34 2.06 1.86 1.65 1,150
1,400 1,298
21.74%
BUY
5.50
52
SOBI
1,470.96
1,980.08
2,188.50
157.55
116.25
164.86
174.32
127.19
180.37
1,262.53
1,591.16
1,625.00
672.91
751.28
866.69
736.22 15.92 21.82 15.38 3.77 3.38 2.93 2,950
2,700
-8.47%
SELL
(11.94)
761.95 13.00
-
53
TINS
7,709.86
8,205.89
9,124.59
313.75
1,394.15
1,912.77
136.20
277.00
380.04
5,433.61
6,485.02
7,700.71
3,834.89
4,886.30
6,101.99
5.53 2.32 2.16 1.73 2,600
3,200 3,220
23.08%
HOLD
(5.45)
54
TLKM
64,596.63
66,672.86
69,516.37
11,332.14
11,805.06
12,492.54
562.11
585.57
619.67
97,559.61
105,799.50
113,309.86
38,989.75
43,243.70
48,086.13 1,934.02 12.63 12.12 11.46 3.67 3.31 2.98 7,600
7,950 8,492
4.61%
BUY
(4.40)
7.58
55
TOTL
1,730.57
1,443.82
1,588.20
52.03
71.09
87.36
18.92
25.85
31.77
1,289.55
1,335.48
1,445.46
491.83
540.97
610.86
178.85 12.69
7.55 1.34 1.22 1.08
290
360
385
24.14%
BUY
19.68
56
TRUB
2,727.51
2,960.08
3,255.76
216.40
48.24
58.06
13.92
3.10
3.73
6,601.16
6,506.82
6,322.35
1,958.45
313.80
371.86
125.97
6.47 29.00 24.10 0.71 4.46 3.76
9.28
68
106
-
55.88%
BUY
(13.92)
2,000
-
-4.76%
BUY
22.81
386 -34.07%
SELL
16.67
57
TSPC
4,497.93
4,655.36
4,888.13
359.96
369.68
382.62
79.99
82.15
85.03
3,180.34
3,647.34
4,182.93
2,406.82
2,738.07
3,114.91
534.85
9.13 10.96 10.58 1.36 1.48 1.30 2,100
58
UNSP
2,325.28
3,212.57
3,653.96
252.78
349.76
771.90
66.73
89.54
197.62
5,071.80
13,835.09
14,606.99
2,669.84
8,216.53
8,988.43
201.61
7.73 18.93
8.58 2.48 0.81 0.74
455
300
59
UNTR
29,241.88
32,458.07
35,816.14
3,817.54
4,079.10
4,468.29 1,147.44 1,226.06 1,343.04
24,404.83
32,377.53
36,672.38
13,843.71
19,539.77
24,942.24 4,161.02 16.17 15.13 13.81 4.46 3.16 2.47 22,750
24,500 24,814
7.69%
BUY
0.59
60
UNVR
18,246.87
21,920.65
24,142.03
3,044.00
3,500.00
4,073.61
398.95
458.72
533.89
7,384.53
8,498.86
9,419.39
3,396.80
3,746.56
4,143.31
445.19 27.70 27.25 23.41 24.82 25.46 23.02 14,900
15,500 14,579
4.03%
HOLD
(9.70)
61
WIKA
6,590.86
6,310.68
7,707.96
189.22
259.46
308.73
32.35
44.35
52.77
5,700.60
5,645.36
6,162.84
1,532.94
1,715.56
1,931.67
262.04 21.33 15.56 13.07 2.63 2.35 2.09
7.14%
HOLD
5.39
700
750
818
Note 1 Expresses in billions of Rupiah (IDR Bn), unless otherwise stated. 2 JCI members figures in USD$ are only represented for sales, net proft, eps, total assets, total equity and bvps. 3 Banks sales and net profit are correspond to interest income and net earnings.
6
Daily Report - June 07, 2011
RESEARCH TEAM Research Dept.
: +62 21 25543946
Fax No
: +62 21 57935831
E-mail
:
[email protected]
Norico Gaman
ext. 3934
[email protected]
Head of Research Investment Strategy, Oil & Gas, Coal Mining, Manufacturing, Strategic Industries.
Akhmad Nurcahyadi
ext. 3986
[email protected]
Analyst
Consumer Good, Cigarette, Retail, Pharmacy, Automotive, Telecommunication, Heavy Equipment, Shipping.
Maxi Liesyaputra
ext. 3968
[email protected]
Analyst
Property, Infrastructure, Cement, Transportation, Small Caps, Airline.
Asti Pohan
ext. 3987
[email protected]
Analyst
Banking, Multifinance, Insurance, Securities, Agribusiness, Metal Mining.
Deo Rawendra
ext. 2050
[email protected]
Analyst
Energy, Retail, General Industries, Small caps, Media.
Ariawan
ext. 2051
[email protected]
Debt Analyst
Government and Corporate Bonds.
Wisnu Wardana
ext. 2030
[email protected]
Economist
Macro Economic and Financial Market.
Andri Zakarias
ext. 2054
[email protected]
Technical Analyst
Market Strategy, Commodities, Currency, Bond & Stocks.
Desna Wira Sola
ext. 2098
[email protected]
Technical Analyst
Market Strategy, Commodities, Currency, Bond & Stocks.
Nadya Isnaeni
ext. 2073
[email protected]
Data Adm
Research Database.
EQUITIES TEAM ECM
: +62 21 25543946
Fax No
: +62 21 57935831
Ronny Hari
ext. 3929
[email protected]
Equity Division Head
Bedie Roesnadi
ext. 3928
[email protected] Branch Supervision Division Head
Jufrani Amsal
ext. 3957
[email protected]
Channel Development Division Head
Meitawati
ext. 3947 / 3943
[email protected]
Institutional Sales
Fachruly Fiater
ext. 3969 / 3951
[email protected]
Intitutional Sales
Arif Irwanto
ext. 3919 / 3960
[email protected]
Retail Sales
Achmadsyah
ext. 3965 / 3966
[email protected]
Retail Sales
7
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 - Mangga Dua
MALANG
Pertokoan Mangga Dua Blok E4 No. 7
Jl. Buring No. 58 Malang Phone: (62-341) 321214, 321213, 341430 Fax: (62-341) 356876 e-mail:
[email protected]
Jl. Mangga Dua, Jakarta Utara Phone: (62-21) 62203890 (Hunting) Fax: (62-21) 6123806 e-mail:
[email protected]
DENPASAR
JAKARTA - Wisma 46 Wisma BNI 46 Lantai 31 Kota BNI Jl.Jend Sudirman Kav.1 Jakarta 10220 Phone: 021- 2515266 Fax.021-5749837 e-mail:
[email protected]
Pertokoan Diponegoro Megah Blok. A5-A6, Lt. 2 Jl. Diponegoro No. 100 Denpasar - Bali Phone: (62-361) 264376 Fax: (62-361) 229170 e-mail:
[email protected]
JAKARTA - Puri Indah Puri Niaga 3 Blok M8 No. 1B Puri Kembangan, Jakarta Barat Phone: (62-21) 58357464 Fax: (62-21) 58357465 e-mail:
[email protected]
Jl. Pemuda No. 12 Phone: (62-61) 4579616 Fax: (62-61) 4579656 e-mail:
[email protected]
BANDUNG Jl. Perintis Kemerdekaan No. 3 Phone: (62-22) 4213375 Fax: (62-22) 4213376 e-mail:
[email protected] YOGYAKARTA Gedung BNI, Jl. Laksda Adi Sucipto No.137 Phone: (62-274) 581001 Fax: (62-274) 584023 e-mail:
[email protected] SOLO Jl. Slamet Riyadi No. 348 Phone: (62-271) 729667 Fax: (62-271) 729668 e-mail:
[email protected] SURABAYA Jl. Pemuda No. 36 Phone: (62-31) 5320912 Fax: (62-31) 5318425 e-mail:
[email protected]
MEDAN
PALEMBANG Jl. Jend. Sudirman No. 132, Kotak Pos 165 PLG Phone: (62-711) 3619662 Fax: (62-711) 3619663 e-mail:
[email protected] PEKANBARU BNI Cabang Pasar Pusat Jl.Jend Sudirman No.365 Pekanbaru 28282 Phone: (62-761) 46757, 839698 Fax: (62-761) 856279 e-mail:
[email protected] SEMARANG Thamrin Square Blok B5 Jl.MH Thamrin No.5 Semarang Phone: (62-24) 3566414-5, 64126413-7 Fax: (62-24) 3581713 e-mail:
[email protected] ACEH Jl.KH Akhmad Dahlan No.111 Lt.2 Banda Aceh Phone: (62-651) 31109 Fax: (62-651) 31107
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