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

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RISET

Penutupan Prb %Prb %Ytd P/E

Americas INDU Index 16,976.81 -161.39 -0.94 2.41 15.90 SPX Index 1,958.12 -23.45 -1.18 5.94 18.16 CCMP Index 4,363.45 -62.521 -1.41 4.47 34.39 IBOV Index 55,637.51 -79.85 -0.14 8.02 17.20 EMEA UKX Index 6,738.32 -46.35 -0.68 (0.16) 19.39 CAC Index 4,316.12 -52.94 -1.21 0.47 25.26 RTSSTD Index 9,679.59 -231.59 -2.34 (4.89) 5.39 IBEX Index 10,543.30 -125.1 -1.17 6.32 22.81 FTSEMIB Index 20,603.29 -466.68 -2.21 8.62 #N/A N/A AEX Index 404.84 -3.94 -0.96 0.76 20.94 SMI Index 8,548.08 -68.99 -0.80 4.21 18.95 Asia / Pacific NKY Index 15,116.30 -253.96 -1.65 (7.21) 19.91 HSI Index 23,520.87 -2.41 -0.01 0.92 10.98 SHCOMP Index 2,055.59 -11.685 -0.57 (2.85) 10.05 TWSE Index 9,408.24 -76.49 -0.81 9.25 19.64 KOSPI Index 2,012.78 -8.12 -0.40 0.07 #N/A N/A JCI Index 5,071.20 -42.728 -0.84 18.65 20.49 SET Index 1,535.66 5.24 0.34 18.25 18.05 PCOMP Index 6,867.36 33.32 0.49 16.60 21.72 SENSEX Index 25,561.16 11.44 0.04 20.74 18.71 FSSTI Index 3,306.89 2.46 0.07 4.40 14.01 Sebelumnya %Prb 5,067.06 -0.008 5,504.61 -0.24 6,585.90 -0.27 1,196.43 -0.04 871,517.00 -0.39 Terakhir Sebelumnya %Prb 19,300.00 -0.52 7,078.00 -0.15 22,100.00 0.11 101.20 1.97 3.81 -4.21 70.15 -0.71 1,319.24 -0.03 817.50 -0.31 2,307.00 -0.61 (*) WTI Cushing (**) McCloskey Newscatle Terakhir % Konversi (US$) Prb (Rp)

Saham Kode Last (US$) %Change Conv (Rp) Last (Rp)

Telkom TLK US 44.43 -0.02 12,988.00 2,645.00

*) per share

**) 1 ADR TLK US = 40 ordinary shares TLKM **) 1 ADR IIT US = 50 ordinary shares ISAT

Volume Transaksi (Juta Saham) 4,199.03

Deskripsi Terakhir

Kapitalisasi Pasar (IDR Triliun) 5,027.76

Timah/Tins (US$/Ton) 22,125.00 Nilai Transaksi (IDR Juta) 4,800.98 Nilai/ saham (IDR) 1,143.35 Net Asing (IDR Juta) 530,229.25

Komoditas

Nikel/Nickel (US$/Ton) 19,200.00 Tembaga/Copper (US$/Ton) 7,067.50 Minyak/Oil (US$/BBL) (*) 103.19 Gas (US$/MMBTU) 3.65 Batu Bara/Coal (US$/Ton) (**) 69.65 Emas/Gold (USD/OZ) 1,318.90 CPO PALMROTT(USD/ton) 815.00 CPO MALAYSIA(RM/ton) 2,293.00

ADR Stocks Bloomberg Code

Terakhir (Rp)

PERKIRAAN PASAR HARI INI

IHSG berpotensi melemah tertekan sentimen negatif global

No Stock Top Value (IDR)

1 BBRI IJ 310,396,190,720 2 BMRI IJ 283,520,106,496 3 ASII IJ 223,640,829,952 4 BBCA IJ 170,298,195,968 5 PGAS IJ 135,054,041,088

No Stock Top Volume (Shares)

1 BKSL IJ 566,765,100.00

2 ASRI IJ 218,319,700.00

3 APLN IJ 118,219,400.00

4 BBTN IJ 101,927,600.00

5 LPKR IJ 101,352,300.00

No Top Gainers % change

1 MYTX IJ 18.64

2 RBMS IJ 18.52

3 INPP IJ 11.11

4 BKDP IJ 8.96

5 YULE IJ 8.7

No Top Losers % change

1 GTBO IJ -11.76

2 LAMI IJ -10.43

3 WAPO IJ -8.82

4 CPGT IJ -8.49

5 ASGR IJ -8.43

No Leading Movers % change

1 NISP IJ 6.87

2 KLBF IJ 1.23

3 ADRO IJ 1.96

4 INVS IJ 5.21

5 INCO IJ 1.29

No Lagging Movers % change

1 TLKM IJ -5.81 2 BMRI IJ -4.94 3 BBRI IJ -3.87 4 ASII IJ -2.60 5 UNVR IJ -2.95 1,590 4,270 6,950 9,630 12,310 14,990 3,000 3,500 4,000 4,500 5,000

1-Jan 11-Mar 20-May 29-Jul 7-Oct 16-Dec

Volume (RHS) (Bn Shares) JCI (LHS) Daily Report dapat dilihat di website BNI Securities : www.bnisecurities.co.id

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P E R K I R A A N P A S A R H A R I I N I

IHSG berpotensi melemah tertekan sentimen negatif global

Indeks Dow Jones melemah pada perdagangan hari Kamis (17/7) kemarin. Investor melakukan aksi jual di pasar saham dan memilih instrumen obligasi setelah kabar jatuhnya pesawat sipil Malaysian Airlines di wilayah Ukraina. Beberapa data perekonomian penting yang telah dirilis kemarin antara lain: angka Housing Starts atau pembangunan rumah baru di Amerika Serikat untuk bulan Juni yang menurun 9,3% dibandingkan bulan Mei menjadi 893 ribu unit, sementara ijin pembangunan rumah yang dikeluarkan tercatat 963 ribu atau turun 2,8% MoM. Dari sektor ketenagakerjaan, angka klaim pengangguran baru di minggu lalu tercatat turun 3 ribu klaim dibandingkan minggu sebelumnya menjadi 302 ribu klaim baru. Sementara itu indeks kondisi bisnis umum AS yang diwakili oleh Philadelphia Fed Survey berada di level 23,9 untuk bulan Juli, menguat 6,1 poin dari bulan Juni.

Di Eropa, bursa saham tertekan oleh aksi jual investor ditengah kekhawatiran akan meruncingnya ketegangan antara Ukraina dan Rusia. Data inflasi zona eropa di bulan Juni tercatat 0,1% MoM atau 0,5% YoY, sesuai ekspektasi. Sementara Eurostat merilis data output konstruksi di zona eropa yang turun 1,5% di bulan Mei dan memberikan sinyal bahwa pemulihan ekonomi di zona tersebut masih lemah.

Bursa Asia pagi ini mayoritas dibuka melemah, tertekan oleh sentimen negatif dari jatuhnya pesawat Malaysian Airlines di wilayah konflik Ukraina. Indeks Nikkei berada di teritori negatif ditengah penguatan kembali mata uang Yen terhadap dolar AS. Saham‐saham yang tertekan antara lain saham sektor retail dan teknologi yang berbasis ekspor. IHSG hari ini kami prediksi akan bergerak melemah mengikuti pergerakan bursa regional. Analyst: Yasmin Soulisa ([email protected])

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R I N G K A S A N B E R I T A

• PT BNI Tbk (BBNI) mengestimasi pertumbuhan kredit perseroan secara year to date (ytd) akan tumbuh di bawah rerata industri, atau di bawah 3,28% di semester I 2014. Di semester II, kredit diperkirakan tumbuh lebih tinggi pasca selesainya rangkaian pemilihan presiden (pilpres).

• PT Red Planet Indonesia Tbk (PSKT), melakukan pengembangan bisnis (ekspansi) ke Surabaya, Jawa Timur. Perseroan telah membuka jaringan hotel ke‐7 pada tahun ini.

• PT Telekomunikasi IndonesiaTbk (TLKM), mengincar nilai transaksi layanan pengiriman uang (remitansi/remittance) mencapai Rp 300 miliar pada tahun ini. Nilai tersebut ditargetkan berasal dari Hong Kong, Taiwan, dan Malaysia.

• Erajaya Dorong Penjualan Aksesori Handset dengan Outlet Khusus. Satu outlet Era Plus menelan investasi Rp 500 juta per gerai.

• Jababeka Jajaki Daerah Potensial untuk Kawasan Industri. Perseroan menargetkan pembangunan sekitar 100 kawasan industri dalam 12 tahun mendatang, terutama di Pulau Jawa.

• PT Bank Danamon Tbk menyatakan laba bersih Bank Danamon turun 12% , pada semester pertama 2014. Laba ditahan untuk semester pertama. 2014, Rp1.753 triliun turun 12% dari 2013 Rp1,985 triliun thn lalau 12% karena OJK keluarkan aturan premi asuransi. Penurunan Laba Danamon Diestimasi Berlanjut hingga Akhir Tahun. Pejabat bank mengatakan, penurunan laba bersih dipengaruhi perlambatan pertumbuhan kredit dan peningkatan biaya dana.

• Krakatau Steel Pasok 5.000 Ton Baja untuk Proyek Baru Semen Padang. Pada tahap awal, perseroan berencana mengirim sekitar 850 ton baja pada September 2014.

• Express Transindo Ekspansi Bus dan Taksi Premium Rp 427 Miliar. Diversifikasi armada dilakukan karena potensi demand cukup besar dan pemainnya belum terlalu banyak.

• PT Erajaya Swasembada Tbk (ERAA), membuka outlet ritel dengan konsep baru yang dinamakan Era Plus. Outlet ini memberi porsi besar pada produk aksesori handset dan diharapkan dapat meningkatkan laba perseroan.

• PT Sumberdaya Sewatama, anak usaha PT ABM Investama Tbk (ABMM) di sektor ketenagalistrikan, mengalokasikan dana investasi US$ 29 juta‐US$ 31,9 juta untuk membangun dua Pembangkit Listrik Tenaga Mini Hidro (PLTMH) di Sulawesi Selatan pada tahun ini. Dua pembangkit tersebut akan memiliki kapasitas masing‐masing 5,5 megawatt (MW) dan 9 MW. • PT Bank Tabungan Pensiunan Nasional Tbk (BTPN) mengubah Unit Usaha Syariah (UUS) menjadi Bank Umum Syariah BUS). Hal ini setelah mengakuisisi PT Bank Sahabat Purba Danarta. • PT Darma Henwa Tbk (DEWA) menerima pembayaran dari Lennette Limited untuk divestasi 93,47% kepemilikan di PT DH Energy (DHE). Kedua pihak telah menandatangani extention promissory note pada 15 Juli 2014. Nilai transaksi tersebut sebesar US$11,5 juta. • Source : Investor Daily, Kontan, Indonesia Finance Today, Inilah, Viva News

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

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares Banking BBCA IJ Equity 255,795,728,750,000 10.50 15.02 4.20 1.43 0.08 17.00 BUY 12,000 1.11 50.83 BBNI IJ Equity 81,774,358,577,100 18.00 8.10 1.79 0.45 0.10 24.00 BUY 5,200 7.43 39.78 BBRI IJ Equity 215,238,438,450,000 15.20 8.66 2.72 0.57 0.05 35.00 BUY 12,500 10.52 43.25 BMRI IJ Equity 210,583,333,303,250 14.50 9.43 2.41 0.65 0.07 22.20 BUY 11,500 2.16 40.00 Average 14.55 10.30 2.78 0.78 0.08 24.55 5.30 Cement INTP IJ Equity 85,221 15.54 3.43 9.33 1.67 0.01 22.07 HOLD 25,051 ‐1.64 35.97 SMGR IJ Equity 88,825 15.20 3.87 9.01 1.69 0.20 25.47 BUY 16,850 ‐15.26 48.99 SMBR IJ Equity 4,132 10.36 1.52 27.70 0.37 0.03 14.70 BUY 580 ‐ 23.76 SMCB IJ Equity 20,460 17.08 2.18 26.02 0.66 0.42 12.77 HOLD 2,700 ‐12.32 19.36 Average 49,659 14.55 2.75 18.02 1.10 0.16 18.75 ‐9.76 Telecommunication EXCL IJ Equity 38,575,897,814,840 15.80 29.39 2.53 1.86 1.08 7.20 HOLD 5,000 ‐12.77 33.52 TLKM IJ Equity 227,303,991,882,000 10.50 9.24 3.81 0.88 0.10 16.20 BUY 2,800 22.01 48.81 Average 13.15 19.31 3.17 1.37 0.59 11.70 4.62 Transportation GIAA IJ Equity 10,912,960,072,000 8.50 11.05 0.83 1.30 0.20 8.20 HOLD 500 ‐25.54 27.97 TAXI IJ Equity 3,819,168,000,000 30.00 27.00 5.57 0.90 0.10 32.00 BUY 2,500 106.05 49.00 Average 19.25 19.03 3.20 1.10 0.15 20.10 40.26 Automotive ASII IJ Equity 291,482 14.75 3.37 7.46 1.98 0.80 22.82 HOLD 7,600 ‐6.99 49.85 IMAS IJ Equity 13,177 18.34 2.39 60.96 0.30 1.67 14.95 HOLD 4,950 ‐3.66 10.46 Average 152,329 16.54 2.88 34.21 1.14 1.23 18.88 ‐5.32

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares Construction

WIKA IJ Equity 14,127 19.93 3.94 24.34 0.82 0.41 19.78 HOLD 2,250 ‐17.42 34.65

ADHI IJ Equity 5,503 12.91 3.09 4.98 2.59 0.95 23.91 HOLD 2,925 ‐19.81 49.00

PTPP IJ Equity 8,959 17.33 4.07 23.57 0.74 0.77 23.48 BUY 2,150 7.54 42.84

WSKT IJ Equity 6,654 16.52 2.58 9.42 1.75 0.68 15.62 BUY 800 ‐32.80 32.08

TOTL IJ Equity 2,830 14.43 3.55 0.98 14.68 0.19 24.59 BUY 1,040 #N/A N/A 100.00

WTON IJ Equity 6,667 22.27 4.73 23.25 0.96 0.80 21.23 HOLD 875 ‐46.26 33.84 Average 7,457 17.23 3.66 14.42 3.59 0.63 21.44 15.87 Infrastructure PGAS IJ Equity 126,662 12.95 3.84 ‐0.27 ‐48.20 0.43 29.63 BUY 6,200 11.55 43.03 JSMR IJ Equity 40,460 24.38 3.96 24.19 1.01 1.43 16.26 HOLD 6,450 ‐11.56 29.99 Average 126,662 12.95 3.84 ‐0.27 ‐48.20 0.43 29.63 11.55 Oil & Gas MEDC IJ Equity 8,281 ‐78.92 30.80 0.71 ‐0.39 1.62 3.69 HOLD 1,835 60.63 49.14 ELSA IJ Equity 2,927 399.80 17.48 1.37 0.04 0.48 8.09 HOLD 242 132.82 34.29 RUIS IJ Equity 168 792.35 5.17 0.66 0.01 2.52 13.50 Not Rated ‐ 12.63 39.35 ENRG IJ Equity 3,616 ‐ 1.49 0.35 ‐ 1.28 26.21 Not Rated ‐ ‐19.83 93.46 Average 13.74 0.77 371.08 ‐0.11 1.47 12.87 46.56 Property ASRI IJ Equity 9,746 6.78 1.57 64.04 0.11 0.89 23.16 HOLD 560 ‐52.64 49.71 APLN IJ Equity 5,535 5.85 0.87 11.05 0.53 0.95 14.83 HOLD 285 ‐43.37 29.93 BKSL IJ Equity 4,364 10.90 0.72 ‐36.00 ‐0.30 0.35 6.60 HOLD 210 ‐52.79 65.60 BSDE IJ Equity 28,385 13.86 2.54 ‐23.93 ‐0.58 0.40 18.34 HOLD 1,720 ‐28.69 39.88 CTRA IJ Equity 16,379 13.64 2.45 23.55 0.58 0.43 17.95 HOLD 1,100 ‐30.37 61.24 CTRP IJ Equity 4,520 12.04 1.10 ‐10.92 ‐1.10 0.51 9.17 HOLD 780 ‐49.64 43.75 CTRS IJ Equity 4,917 9.28 2.04 31.03 0.30 0.18 22.00 HOLD 2,800 ‐36.51 37.34 BEST IJ Equity 4,767 6.88 1.60 ‐7.00 ‐0.98 0.22 23.30 HOLD 520 ‐46.07 38.54 SSIA IJ Equity 3,341 4.88 1.29 ‐0.34 ‐14.18 0.55 26.34 HOLD 870 ‐57.23 72.16 MDLN IJ Equity 5,590 3.98 1.16 ‐42.69 ‐0.09 0.74 29.15 HOLD 435 ‐20.53 64.04 PWON IJ Equity 18,638 12.40 3.97 32.38 0.38 0.46 32.02 HOLD 410 ‐8.35 43.45 LPKR IJ Equity 23,539 15.10 2.02 26.89 0.56 0.61 13.34 HOLD 1,225 ‐43.89 82.12 SMRA IJ Equity 17,601 15.11 3.57 4.79 3.16 0.56 23.59 HOLD 1,250 ‐10.21 67.77 KIJA IJ Equity 4,950 7.57 0.96 547.87 0.01 0.65 12.62 HOLD 240 ‐39.25 80.03 Average 10,877 9.88 1.85 44.34 ‐0.83 0.54 19.46 ‐11.20

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

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free

Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares

Agriculture AALI IJ Equity 40,825,264,125,000 20.71 21.45 4.18 1.04 0.34 19.50 BUY 30,150 47.06 20.32 BWPT IJ Equity 6,013,779,803,750 16.71 33.09 2.97 1.98 2.07 8.97 BUY 1,570 2.84 37.15 LSIP IJ Equity 15,419,672,560,900 12.44 20.86 2.53 1.68 0.16 12.14 BUY 2,650 23.59 40.52 SGRO IJ Equity 4,025,700,000,000 1.39 37.95 1.66 27.30 0.80 4.38 HOLD 2,425 0.77 32.95 SIMP IJ Equity 14,630,086,750,000 6.48 29.71 0.87 4.58 0.70 3.38 BUY 1,050 ‐6.46 21.60 SMAR IJ Equity 19,818,134,225,400 11.41 15.95 2.14 1.40 1.22 13.44 BUY 7,850 19.91 2.80 Average 11.52 26.50 2.39 6.33 0.88 10.30 14.62 Metal ANTM IJ Equity 9,681,536,900,000 2.06 29.58 0.82 14.36 0.90 3.18 HOLD 1,300 ‐16.70 34.99 INCO IJ Equity 25,337,663,736,000 6.72 50.87 1.25 7.57 0.33 2.45 HOLD 2,610 ‐3.55 20.49 TINS IJ Equity 6,895,237,400,000 16.01 14.55 1.76 0.91 0.74 12.07 BUY 1,840 ‐3.29 35.00 Average 10.88 28.44 1.26 2.49 0.75 4.91 ‐7.85 Mining ADRO IJ Equity 30,226,734,090,000 6.68 11.88 0.86 1.78 0.75 7.27 HOLD 1,100 ‐38.62 40.92 HRUM IJ Equity 6,421,097,500,000 Not Rated ‐56.30 29.51 ITMG IJ Equity 30,733,960,000,000 6.61 12.06 2.74 1.82 0.42 22.70 HOLD 30,850 ‐28.99 34.99 PTBA IJ Equity 21,370,824,300,000 9.40 11.45 3.07 1.22 0.82 26.82 HOLD 10,300 ‐37.08 29.98 Average 7.56 11.80 2.22 1.61 0.66 18.93 ‐40.25 Consumer UNVR IJ Equity 227,180,000,000,000 10.65 35.74 39.20 2.71 0.26 99.40 BUY 34,250 27.83 15.01 INDF IJ Equity 59,932,985,500,000 15.34 19.01 2.74 2.04 0.54 13.63 BUY 7,600 8.79 49.92 ICBP IJ Equity 58,467,398,600,000 15.72 31.60 5.19 2.01 0.10 20.60 HOLD 10,800 37.25 19.47 MYOR IJ Equity 26,206,731,039,500 14.05 23.89 7.18 1.70 1.12 31.00 HOLD 30,314 57.68 66.93 AISA IJ Equity 6,529,800,000,000 10.25 22.00 3.10 1.22 0.89 16.61 BUY 3,150 48.06 53.37 ROTI IJ Equity 7,060,452,000,000 40.06 48.81 7.94 1.22 0.45 21.50 HOLD 1,300 4.01 29.25 GGRM IJ Equity 101,976,930,200,000 12.33 21.58 2.98 1.75 0.31 15.80 BUY 60,000 11.06 23.53 Average 16.91 28.95 9.76 1.81 0.52 31.22 27.81

Market EPS Growth PER PBV PEG DER (x) ROE (%) Rec TP (Rp/share) Total Return % of Free

Capitalization 1 Year FY14F FY14F Ratio 1 Year in 2013 Float Shares

Pharmaceutical KLBF IJ Equity 75,700,795,343,450 10.67 32.65 8.65 2.12 0.03 26.30 BUY 1,745 29.77 43.37 KAEF IJ Equity 5,286,580,000,000 19.40 21.16 2.82 1.09 0.02 12.40 BUY 995 ‐23.30 9.97 Average 17.40 26.90 5.74 1.61 0.02 19.35 3.23 Retail RALS IJ Equity 8,272,480,000,000 9.32 28.32 3.10 3.04 0.00 12.29 HOLD 1,222 22.72 40.46 MAPI IJ Equity 17,420,000,000,000 20.10 26.60 4.26 5.24 0.91 13.20 HOLD 5,370 ‐3.62 44.00 Average 14.71 66.82 3.68 4.14 0.46 14.85 9.55 Poultry CPIN IJ Equity 68,215,680,000,000 17.55 20.72 6.74 1.18 BUY 4,000 ‐3.30 44.47 JPFA IJ Equity 16,417,205,281,400 13.58 14.54 3.19 1.07 1.81 35.88 BUY 1,740 1.32 42.49 MAIN IJ Equity 5,940,975,000,000 16.02 16.28 6.65 1.02 BUY 3,950 26.18 40.90 Average 15.72 17.18 5.53 1.09 1.81 35.88 8.06

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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 _{ext. 2030 [email protected]} _Economist

I Made Adi Saputra _{ext. 3968 [email protected]} _{Fixed Income Analyst}

Thendra Crisnanda _{ext. 2098 [email protected]} _Analyst _{Automotive, Heavy Equipment,} Property, Infrastructure, Oil and Gas

Yasmin Soulisa _{ext. 3987 [email protected]} Analyst _{Coal and Metal Mining, Plantation} Andri Zakarias _{ext. 2054 [email protected]} Technical Analyst _{Market Strategy, Commodities,}

Currency, Bond & Stocks Ankga Adiwirasta _{ext. 3986 [email protected] Research Analyst} _{Consumer Goods, Pharmaceutical} Venia Allani Meissalina _{ext. 2050 [email protected]} _{Research Assistant}

Dessy Lapagu ext. 2051 [email protected] Research Assistant Poultry

EQUITY TEAM

CM : +62 21 25543946

Fax No : +62 21 57935831

Norico Gaman _{ext. 3934 [email protected]} Equity Division Head (PJS) Jufrani Amsal _{ext. 3957 [email protected]} Channel Distribution Division Head

Entis Sutisman _{ext. 3945 [email protected]} _{Head of Local Institution}

Chandrawati _{ext. 3941 [email protected]} _{Head of HO Retail} Yulinda ext. 3950 [email protected] 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 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.