SUCORINVEST. Morning Coffee

SUCORINVEST

Morning Coffee

December 16, 2010 COMMODITIES & CURRENCIES Last Oil (USD/bbl) Gas (USD/MMBtu) Nickel (USD/Mt) Tins (USD/Mt) Copper (USD/Mt) Gold (USD/Oz) Coal (USD/Mt) CPO (MYR/Mt) Rubber (USD/kg) IDR SGD/USD HKD/USD JPY/USD EUR/USD MYR/USD PHP/USD THB/USD AUD/USD NZD/USD

88.19 4.24 24,550 25,825 9,095 1,380.8 110.50 3,669.0 539.5 9023 1.3158 7.7763 84.24 1.3227 3.137 43.96 30.13 0.9871 0.7397

%Chg

Description

0.12 (0.02) 0.20 (1.62) (0.76) (1.07) (0.23) (0.30) 0.06 0.80 0.02 0.38 (0.95) 0.13 0.07 0.30 (0.80) (1.32)

WTI Crude Future Natural Gas Future LME 3-mo forward LME 3-mo forward LME 3-mo forward Golds spot Generic 1st ‘IV’ Future Malaysian 3-mo Future S’pore Ribbed Smoked Indonesian Rupiah Singapore Dollar Hong Kong Dollar Japanese Yen Euro Malaysian Ringgit Philippines Peso Thailand Bath Australian Dollar New Zealand Dollar

MAJOR INDEXES Last %Chg Est P/E Description Jakarta Hang Seng Nikkei 225 Shanghai Kuala Lumpur Philipines Straits Times Bangkok SET Dow Jones FTSE 100

3658.3 22975.4 10309.8 2911.4 1509.1 4089.8 3147.2 1035.5 11457.5 5882.2

(0.85) (1.95) (0.07) (0.54) (0.10) (1.41) (0.94) (0.19) (0.17) (0.15)

17.8 14.4 18.1 16.5 16.0 14.9 15.3 14.6 13.4 11.8

Indonesia Hong Kong Japan China Malaysia Philippines Singapore Thailand United States United Kingdom

HIGHLIGHTS Cargill Beli Saham SOBI Pada Harga Rp3500/Saham AISA Beli Pabrik Beras, Lahan Kebun milik grup Wilmar KLBF Tambah Capex 2011 FREN Eksekusi Emisi Saham Baru Rp100 Miliar

MARKET VIEW Kemarin IHSG melemah berfluktuasi (sempat minus 76 poin) dan di tutup minus 31,352 poin di 3658,31 di pimpin oleh saham semua sektor terutama perkebunan, keuangan, barang konsumsi ditengah-tengah keraguan-raguan pelaku pasar akan kekuatan pemulihan ekonomi global setelah laporan data ekonomi Jepang, AS dan kekhawatiran penurunan peringkat utang Spanyol. Investor asing kemarin sebagai net seller sebesar Rp 1091 miliar. Hari ini secara teknikal kami perkirakan IHSG berfluktuasi melemah pada kisaran 3633 - 3677 dengan pertimbangan : empat indikator teknikal bergerak turun, indikator stochastic oscillator bergerak turun (17), weekly macd menjadi dead cross (dari neutral) dan penurunan indek kemarin di ikuti dengan peningkatan volume. Kemarin indek bursa Eropa melemah, dipimpin oleh saham bank setelah Moody’s berkata akan downgrade peringkat utang Spanyol. Kemarin Wall Street melemah, dipimpin oleh saham bank ditengah-tengah kekhawatiran meningkatnya suku bunga pinjaman akan ganggu proses pemnulihan ekonomi. Pagi ini bursa Asia di buka melemah saat harga logam turun dan kekhawatiran valuasi mahal.

ARBITRAGE SHARES Last %Chg TLKM (US$/ADR) ISAT (US$/ADR) ANTM (AUD/receipt) BLTA (SGD/shr)

In IDR Stock Exchange

34.61 (0.26) 7807 New York 30.23 (2.89) 5455 New York 1.36 2426 Australia 0.05 (10.00) 309 Singapore

ECONOMIC BRIEF GDP Growth (YoY%) Inflation (YoY%) BI Rate (%) JIBOR Time Deposit Int (avg) Lending Rate

1 mo 3 mo 1 mo 3 mo IDR USD

Jun-10 6.19 Oct-10 5.67 Prev Mo 6.50 6.30 6.70 6.53 6.60 15.92 6.94

Sep-10 5.82 Nov-10 6.33 Last 6.50 6.22 6.63 6.54 6.62 15.36 6.89

Source: Bloomberg LP

JCI last 5 days, source: Bloomberg LP

TECHNICAL PICKS Ticker

SMCB UNSP TLKM INDF ISAT PTBA WIKA

S1

LAST

2350 2400 380 390 7600 7700 4550 4600 5100 5250 19700 20200 680 690

S2

2425 395 7800 4650 5450 20700 700

R2

RSI

STO

REC

2450 2500 405 410 7850 7900 4700 4725 5600 5800 21300 21900 710 720

R1

55 56 36 37 43 48 58

69 50 20 27 40 18 95

BUY BUY HOLD SELL SELL SELL SELL

1

Morning Coffee

SUCORINVEST December 16, 2010

EXCERPT FROM THE NEWS Cargill Beli Saham SOBI Pada Harga Rp3500/Saham…Cargill International Luxembourg 6 S.a.r.l telah menandatangani perjanjian pembelian sebanyak 777.227.670 lembar atau 85,01% saham SOBI (Rp3350) milik AKRA (Rp1770) dan UOB Kay Hian Pte Ltd senilai USD300 juta atau setara Rp3500/saham. Khusus pembelian dari AKRA masih akan menunggu persetujuan pemegang saham. Cargill membeli semua saham SOBI milik AKRA sebanyak 629.166.945 lembar atau setara 68,82%. Sehingga AKRA akan mengantongi dana sebesar 2,2 triliun atau sebesar Rep580/saham. Dan AKRA akan fokus ke bisnis energi, distribusi kimia dan infrastruktur logistik. Sedangkan dari UOB, Cargill membeli saham SOBI sebanyak 148.060.725 lembar. Bisnis Indonesia, Bloomberg AZ : Sentimen positif dengan pertimbangan harga akuisisi premium 4,55% dari harga pasar, spekulasi tender offer pada harga minimal Rp3500/saham dan Cargill merupakan perusahaan global terkemuka. Saat ini saham SOBI diperdagangkan pada PER11K=18,21 x ; PBV11K=3,55 x dan EV/EBITDA11K=10,44 x (valuasi mahal). Sedangkan saham AKRA diperdagangkan pada PER11K=15,53 x ; PBV11K=2,38 x dan EV/EBITDA11K=9,23 x (valuasi wajar). Jika AKRA membagi separoh dana hasil penjualan saham SOBI sebagai deviden khusus, maka deviden yield sekitar 16%. AISA Beli Pabrik Beras, Lahan Kebun milik grup Wilmar…AISA (Rp790) mendapatkan pinjaman bank sebesar Rp770 miliar bertenor 6 – 7 tahun dan bersuku bunga 6% dari bank asing untuk membiayai transaksi akuisisi lahan perkebunan seluas 12.000 ha di Sumatera milik PT Jatim Raya Perkasa, unit usaha kelompok Wilmar. Sebesar 70% dana akuisisi berasal dari pinjaman bank dan sisanya sebesar 30% akan di biayai dengan obligasi konversi. Selain itu AISA juga telah membeli pabrik beras di Karawang, Jawa Barat milik PT Jatisari Srirejeki (JS) senilai Rp210 miliar. JS di miliki oleh Ganda Sitorus, kerabat keluarga pengendali grup Wilmar. JS akan menerima 14% saham AISA sebagai pembayaran transaksi ini. Bisnis Indonesia AZ : Sentimen positif. Fokus : Isu harga konversi saham terkait pembelian pabrik beras adalah Rp850-Rp900/saham. KLBF Tambah Capex 2011…KLBF (Rp3350) meningkatkan anggaran capex tahun depan dari Rp550 miliar menjadi Rp650 miliar menyusul rencana pembangunan satu pabrik baru di Cikarang atau Tangerang. Bisnis Indonesia, Bloomberg AZ : Sentimen positif. Saat ini saham KLBF diperdagangkan pada PER11K=21,61 x ; PBV11K=5,01 x dan EV/EBITDA11K=13,93 x (valuasi sangat mahal). FREN Eksekusi Emisi Saham Baru Rp100 Miliar…FREN (Rp50) berencana mengeksekusi opsi penerbitan saham konversi tahap pertama senilai Rp100 miliar dari nilai total obligasi konversi sebesar Rp3,8 triliun pada tahun depan. Bisnis Indonesia AZ : Sentimen netral. Fokus : Aliansi dengan Smart Telecom.

2

SUCORINVEST

Morning Coffee TRADING TAB

December 16, 2010

Market Activity Ticker

Prev

IHSG

3690

AALI

Price Chg

Last

S2

-31 3658

3577

26200 -950 25250

Technical Study S1

R1

3618

R2

3695

STO RSI

BB

Relative Ratio

EMA MACD Fibo Classic

Tech. Score

PBV

P/E ‘10

P/E ‘11

BETA

3732

-

-

-

-

2

-

4

3.0

3.4

17.8

na

1.00

23350 24300 26200 27150

-

-

-

-

-

-

4

4.0

5.9

20.9

15.7

1.15

ADRO

2550

0 2550

2475

2525

2575

2575

-

-

-

-

-

-

5

5.0

4.4

28.3

15.0

0.90

AKRA

1740

30 1770

1640

1710

1830

1880

-

3

-

-

-

-

5

4.0

2.8

20.3

15.5

0.96

ANTM

2450

-75 2375

2325

2350

2425

2475

4

-

-

-

-

-

4

4.0

2.6

14.7

12.6

1.68

ASII

52800

0 52800

51450 52150 53150 53450

-

-

-

-

-

-

5

5.0

4.5

16.5

14.3

1.53

BBCA

6500

0 6500

6200

6350

6600

6700

6

-

-

-

8

-

5

6.3

4.9

19.3

16.8

0.95

BBNI

3875

-75 3800

3625

3700

3875

3975

-

-

-

-

-

-

4

4.0

2.9

15.7

13.3

1.36

BBRI

10700

50 10750

10500 10650 10850 10900

BDMN

6250 -150 6100

BLTA

315

BMRI

5900

6300

-

-

-

-

-

-

4

4.0

4.1

14.7

11.9

1.13

6500

-

-

-

-

-

-

4

4.0

2.9

17.5

14.0

1.53

315

300

310

325

330

-

-

-

-

-

-

5

5.0

0.5

na

17.4

1.30

6700 -100 6600

6450

6500

6700

6850

-

-

-

-

-

-

5

5.0

3.5

16.0

13.2

1.31

BNBR

69

BNGA

2175

BTEL

240

BUMI

2975

DEWA

74

0

5700

69

65

67

71

73

-

-

-

-

-

-

5

5.0

0.8

1.6

11.5

1.58

0 2175

0

2050

2100

2200

2250

-

-

-

-

-

-

5

5.0

4.0

26.1

22.5

0.85 1.07

235

230

230

235

240

4

-

-

-

-

-

5

4.5

1.3

59.3

44.6

-25 2950

-5

2850

2900

3000

3050

-

-

-

-

-

-

4

4.0

4.4

20.4

12.1

1.64

71

73

76

77

-

-

-

-

-

-

5

5.0

0.5

na

na

2.07

1

75

ELTY

157

6

163

155

159

166

169

-

-

-

-

-

-

5

5.0

0.7

22.6

17.7

1.90

ENRG

132

-2

130

124

127

133

136

-

-

-

-

2

-

5

3.5

0.9

48.9

14.1

1.92

INCO

4675

-25 4650

4575

4600

4675

4725

-

-

-

-

8

-

5

6.5

3.3

13.5

12.9

1.95

INDF

4675

-25 4650

4575

4600

4675

4725

-

-

-

-

3

-

3

3.0

3.5

15.5

13.7

1.13

15550 15750 16150 16350

INTP

16150 -200 15950

ISAT

5650 -200 5450

ITMG

50700

300 51000

JSMR

3475

-50 3425

KLBF

3525 -175 3350

LSIP

6

-

-

-

-

-

5

5.5

4.8

17.2

14.2

1.31

5800

-

-

-

-

3

-

3

3.0

1.7

27.2

18.5

0.72

49650 50350 51550 52050

-

-

-

-

-

-

5

5.0

8.9

20.7

12.9

1.52

-

-

-

-

-

-

4

4.0

3.1

18.4

15.9

0.94

5100

5250

5600

3350

3375

3475

3550

3125

3250

3500

3625

-

-

-

-

2

-

4

3.0

6.3

26.4

21.8

0.81

11500 11750 12200 12400

-

-

-

-

2

-

4

3.0

3.9

16.9

13.6

1.70

12050

-50 12000

MEDC

3250

-25 3225

3075

3150

3300

3375

4

-

-

-

-

-

4

4.0

1.5

25.5

22.3

1.22

PGAS

4375

-75 4300

4075

4175

4375

4475

-

-

-

-

-

-

4

4.0

8.5

15.6

13.7

1.12

19700 20200 21300 21900

PTBA

21150 -450 20700

SGRO

3050

-50 3000

2900

2950

3050

-

-

-

-

-

-

4

4.0

8.1

22.1

14.1

1.32

3100

-

-

-

-

2

-

5

3.5

2.9

15.2

13.0

1.10

SMCB

2425

0 2425

2350

2375

2450

2500

6

-

-

-

-

-

6

6.0

4.7

19.7

15.6

1.26

SMGR

9300

100 9400

9250

9300

9450

9550

-

-

-

-

-

-

5

5.0

5.0

15.1

13.2

0.86

TINS

2800 -100 2700

2575

2625

2775

2875

-

-

-

-

-

-

4

4.0

3.6

15.2

11.7

1.80

TLKM

7800

7600

7700

7850

7900

7

-

-

-

-

-

5

6.0

3.6

13.1

12.0

0.76

380

390

405

UNSP

395

UNTR

24000

UNVR

15800

WIKA

710

Prev Last S1, S2 R1, R2 STO RSI

: : : : : :

0 7800

410

-

-

-

-

7

-

6

6.5

0.7

19.2

11.4

1.87

-50 23950

0

23450 23700 24100 24250

-

-

-

-

-

-

5

5.0

5.1

19.8

16.5

1.51

0 15800

15150 15450 16000 16250

-

-

-

-

-

-

5

5.0

30.3

33.6

28.9

0.30

3

-

-

-

-

-

4

3.5

2.6

15.6

12.6

0.80

-10

395

700

680

harga saham hari sebelumnya harga saham penutupan kemarin batas support batas resistance Stochastic Oscillator 14 hari (14:3:3) Relative Strength Index 14 hari

690

710

BB EMA MACD Fibo Classic

: : : : :

720

Bollinger Band 20 hari Exponential Moving Average 24, 90, 240 hari MACD (26:12:9) Fibonacci Retracement Nilai yang diberikan analis teknikal berdasar kan analisa klasik

Tech Score : Nilai rata-rata indikator teknikal & analisa klasik PBV : Price Book Value P/E09 ‘10 : Price Earning Ratio (P/E) tahun 2010 dan 2011 berdasarkan Bloomberg Est. consensus Beta : Koefisien pembanding pergerakan saham dengan pergerakan pasar (IHSG)

Penjelasan Tech Score: Strong Buy 9 8

Buy 7

6

Neutral 5

Sell 4

3

Strong Sell 2 1

3

SUCORINVEST

Morning Coffee

December 16, 2010

WHAT TO WATCH Series

Maturity

Tenor year

Coupon %

Price

YTM %

Yield Curve %

Spread bps

Valuation

FR0015

15-Feb-11

0.17

13.40

101.18

5.34

3.66

167.64

BUY

FR0016

15-Aug-11

0.66

13.45

104.98

5.42

5.12

29.83

BUY

(28.83)

SELL

FR0022

15-Sep-11

0.75

12.00

104.80

4.96

5.25

FR0025

15-Oct-11

0.83

10.00

103.36

5.41

5.36

FR0017

15-Jan-12

1.08

13.15

107.69

5.54

5.64

(10.02)

SELL

5.35

BUY

FR0018

15-Jul-12

1.58

13.18

110.76

5.82

6.04

(22.11)

SELL

FR0023

15-Dec-12

2.00

11.00

108.83

6.14

6.29

(14.90)

SELL

FR0033

15-Mar-13

2.25

12.50

114.25

5.51

6.41

(90.76)

SELL

FR0019

15-Jun-13

2.50

14.25

117.98

6.25

6.53

(27.55)

SELL

FR0049

15-Sep-13

2.75

9.00

106.42

6.33

6.63

(29.83)

SELL

FR0020

15-Dec-13

3.00

14.28

120.88

6.41

6.72

(30.90)

SELL

FR0051

15-May-14

3.41

11.25

113.97

6.53

6.86

(32.14)

SELL

FR0026

15-Oct-14

3.83

11.00

115.00

6.43

6.98

(55.14)

SELL

FR0027

15-Jun-15

4.50

9.50

110.75

6.63

7.15

(52.27)

SELL

FR0030

15-May-16

5.41

10.75

115.83

7.12

7.34

(22.33)

SELL

FR0028

15-Jul-17

6.58

10.00

114.25

7.19

7.55

(36.04)

SELL

FR0032

15-Jul-18

7.58

15.00

143.04

7.42

7.70

(27.98)

SELL

FR0038

15-Aug-18

7.66

11.60

122.96

7.55

7.71

(16.34)

SELL

FR0048

15-Sep-18

7.75

9.00

108.50

7.49

7.72

(23.79)

SELL

FR0036

15-Sep-19

8.75

11.50

122.92

7.78

7.85

(6.94)

SELL

FR0031

15-Nov-20

9.92

11.00

121.80

7.75

7.98

(23.74)

SELL

FR0034

15-Jun-21

10.50

12.80

134.82

7.83

8.04

(21.68)

FR0035

15-Jun-22

11.50

12.90

134.33

8.19

8.14

FR0043

15-Jul-22

11.58

10.25

114.50

8.25

FR0046

15-Jul-23

12.58

9.50

108.25

8.39

FR0039

15-Aug-23

12.66

11.75

124.65

8.49

8.24

SELL

4.91

indifferent

8.15

9.71

BUY

8.24

15.49

BUY

24.82

BUY

FR0044

15-Sep-24

13.75

10.00

109.50

8.76

8.33

43.16

BUY

FR0040

15-Sep-25

14.75

11.00

117.50

8.82

8.40

41.61

BUY

FR0037

15-Sep-26

15.75

12.00

125.00

8.97

8.47

49.62

BUY

FR0042

15-Jul-27

16.58

10.25

109.75

9.07

8.53

54.20

BUY

FR0047

15-Feb-28

17.17

10.00

107.27

9.11

8.57

54.25

BUY

FR0052

15-Aug-30

19.66

10.50

111.42

9.19

8.71

48.05

BUY

FR0045

15-May-37

26.41

9.75

103.00

9.41

9.02

39.14

BUY

FR0050

15-Jul-38

27.58

10.50

110.50

9.40

9.07

33.37

BUY

Source: Bloomberg, Sucorinvest Research BUY : Jika YTM berada di atas Yield Curve

SELL :

Jika YTM berada di bawah Yield Curve

Yield Curve

%

&'!" % ('!"

Yield (%)

Yield (%)

indifferent : Jika jarak keduanya kurang dari 5 bps

)

*+

, PRQWK

$

$

Tenor (year)

Source: Bloomberg, Sucorinvest Research

Tenor (year)


4

SUCORINVEST

Morning Coffee

December 16, 2010

-

.

/0!

1'

/'

2

$

$

$

-

47710 45915 48044 42505 42628

Top Volume

111.4 117.25 103 116.51 101

Maturity

FR0052 FR0040 FR0030 FR0027 FR0055

Price

47710 45915 42505 42170 42628

46 21 19 8 6

!" #

#)

3"

TLKM02A ISAT05B SOFN04B BBTN13A JMPD14JM10

Frequency Volume

111.40 117.25 116.51 111.00 101.00

46 21 8 5 6

Corporate Bonds Maturity Price

Top Active

1062 838 161 401 197

42191 42884 41210 41058 44116

103.01 107.25 100.0817 104.45 102.6

Top Volume

Maturity

Price

SOFN04B TLKM02A INDF05 TLKM02B SOFN04C

41210 42191 41808 44018 41575

100.0817 103.01 107.11 105.01 100.3214

1062 838 401 222 197

Source: IDX

#)

3"

Frequency Volume 4 4 3 3 2

82 21 114 16 10

Frequency Volume 3 4 2 2 2

114 82 75 63 53

Source: IDX

"

!

$

$


Government Bonds Maturity Price Frequency Volume

FR0052 FR0040 FR0054 FR0030 FR0055

$

3"


Top Active

!" #

,

$

Source: Bloomberg

`

3"

#)

3"

#)

3"

Source: Bloomberg

5

SUCORINVEST

Morning Coffee

December 16, 2010

#$ 45

#$ 45

$

1

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1'

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1

3"


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1'

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3"


#$ 45

#$ 45

$

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1

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1'

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/'


Indonesia Malaysia China Russia Peru Brazil

Rating S&P Moody’s BB AA+ BBB BBBBBB-

Ba2 A3 A1 Baa1 Baa3 Baa3

2

-

-

/0!

1'

/'

2

-


Fitch

Risk Premium Last Prev Month

Inflation Last Prev Month

BB+ AA+ BBB BBBBBB-

1.03 0.84 1.01 1.70 1.78 1.09

6.33 2.00 5.10 8.10 2.22 5.63

1.65 0.74 1.05 2.12 1.43 0.91

.

5.67 1.80 4.40 7.50 2.10 5.20

Central Bank Rate Last Prev Month Description 6.50 2.75 5.56 7.75 3.00 10.75

6.50 2.75 5.56 7.75 3.00 10.75

Bank Indonesia Reference Rate BNM Spot Reference Central Bank of China Base Rate Russia Interbank Offered Rate 3Mo Peru Central Bank Reference Rate Brazil Central Bank Reference Rate

Source: Bloomberg

6

SUCORINVEST

Morning Coffee

December 16, 2010

AGENDA November - December 2010 13

14

MON

KLBV Pubex

TUE

15

WED

16

THU

FOMC Meeting

17

FRI

MDRN Pubex SMRA Pubex

December 2010 20

MON

FASW - Pubex

21 ESTI - Pubex

TUE

22

WED

TLKM - Div Cum

23

THU

24

FRI

TLKM - Div Ex MPPA - Div Cum

7

SUCORINVEST

Morning Coffee

December 16, 2010

PT SUCORINVEST CENTRAL GANI Head Office: Equity Tower 31st floor Jl. Jend. Sudirman Kav. 52-53 Jakarta 12190 phone: 62 21 2996 0999 fax: 62 21 5797 3938 www.sucorinvest.com Branch Office: SURABAYA Jl. Trunojoyo 67 Surabaya 60264 ph: 031 563 3720 fax: 031 563 3710

MALANG Jl. Ijen 76 Malang 65112 ph: 0341 366 122 fax: 0341 368 002

SEMARANG Graha Sucofindo Lt.4 Jl. Pemuda No.171 Semarang 50132 ph: 024 865 77922 fax: 021 865 77920

Research & Equity Director Adrian Rusmana ext. 101 [email protected] Analyst Frederick Daniel Tanggela ext.105 [email protected]

Analyst Robby Hafil ext. 104 [email protected]

Analyst Gifar Indra Sakti ext. 103 [email protected]

Technical Analyst Tek Djen, Pang ext. 115 (Surabaya) [email protected] Equity Sales Achmad Vicky Ismail ext. 148 [email protected]

JAKARTA Santi Matovani ext. 144 [email protected]

Patricia ext. 168 [email protected] SURABAYA Jenny Komala ext. 107 [email protected]

Adi Triawan ext. 142 [email protected]

Nurrani Hakim ext. 138 [email protected]

MALANG Ariesena ext. 104 [email protected]

SEMARANG Arifin Pribadi Agus K [email protected]

Fixed Income Sales Johanes Johari ext.239 [email protected]

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Albert Nyaman ext. 248 [email protected]

IMPORTANT DISCLOSURES AND DISCLAIMERS This material was prepared by the Sucorinvest Central Gani affiliated named on the cover or inside cover page. It is provided for informational purposes only and does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. While based on information believed to be reliable, on guarantee is given that it is accurate or complete. While we Endeavour to update on a reasonable basis the information and opinions contained herein, there may be regulatory, compliance or other reasons that prevent us from doing so. The opinions, forecast, assumptions, estimates, derived valuation and target price(s) contained in this material as of the date indicated and are subject to change at any time without prior notice. The investments referred to may not be suitable for the specific investment objectives, financial situation or individual needs of recipients and should be not relied upon in substitution for the exercise of independent judgment. The stated price of any securities mentioned herein is as of the date indicated and is not a representation that any transaction can be affected at this price. Neither Sucorinvest Central Gani nor other person shall be liable for any direct, indirect, special, incidental, consequential, punitive and exemplary damages, including lost profits arising in any way from the information contained in this material. This material is for the use of intended recipients only and the contents may not be reproduced, redistributed, or copied in whole or in part for any purpose without Sucorinvest Central Gani’s prior express consent. In any jurisdiction in which distribution to private/retail customers would require registration or licensing of the distributor which the distributor does not currently have, this document is intended solely for distribution to professional and institutional investors.

8

SUCORINVEST. Morning Coffee

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